One Liberty Properties Announces Results of Operations for the Quarter and Year Ended December 31, 2003.

Business Editors/Real Estate Writers

GREAT NECK, N.Y.--(BUSINESS WIRE)--March 11, 2004

One Liberty Properties, Inc. (NYSE: OLP) today announced that for the fiscal year ended December 31, 2003, revenues increased by 26% and net income applicable to common shareholders increased by 54.6% compared to revenues and net income applicable to common shareholders for the preceding fiscal year ended December 31, 2002. The Company reported revenues, net income and net income applicable to common shareholders of $19,796,000, $8,525,000 and $7,488,000, or $1.18 per share on a diluted basis, respectively, for the fiscal year ended December 31, 2003. Net income and net income applicable to common shareholders gives effect to the Company's equity in earnings of unconsolidated joint ventures of $2,411,000. For the year ended December 31, 2002, One Liberty reported revenues of $15,705,000, net income of $5,880,000 and net income applicable to common shareholders of $4,843,000, or $1.04 per share on a diluted basis. Net income for the 2002 fiscal year includes the Company's equity in earnings of unconsolidated joint ventures of $1,078,000. The weighted average number of common shares outstanding on a diluted basis was 6,361,000 and 4,644,000 for the years ended December 31, 2003 and 2002, respectively.

For the quarter ended December 31, 2003, One Liberty reported revenues of $5,514,000, net income of $2,165,000 and net income applicable to common shareholders of $1,906,000, or $.23 per common share on a diluted basis. Net income for the quarter ended December 31, 2003 gives effect to the Company's equity in earnings of unconsolidated joint ventures of $577,000. This compares with revenues of $4,308,000, net income of $1,828,000 and net income applicable to common shareholders of $1,569,000, or $.28 per common share on a diluted basis for the quarter ended December 31, 2002. Net income for the quarter ended December 31, 2002 gives effect to equity in earnings of unconsolidated joint ventures of $319,000. The weighted average number of common shares outstanding on a diluted basis was 8,301,000 and 5,644,000 for the three months ended December 31, 2003 and 2002, respectively.

One Liberty also reported that funds from operations applicable to common shareholders increased by 51.8% to $11,776,000, or $1.85 per common share on a diluted basis, for the year ended December 31, 2003 as compared to $7,757,000, or $1.67 per common share on a diluted basis for the year ended December 31, 2002. Funds from operations applicable to common shareholders for the three months ended December 31, 2003 was $3,235,000, or $.39 per common share on a diluted basis, as compared to $2,399,000, or $.43 per common share on a diluted basis, for the three months ended December 31, 2002. Funds from operations, calculated in accordance with the NAREIT definition, adds back to net income depreciation of properties, One Liberty's share of depreciation in unconsolidated joint ventures and amortization of deferred leasing costs and deducts gains on sale of real estate and cash distributions to preferred shareholders. All of One Liberty's preferred shares were redeemed or converted to common stock effective December 30, 2003.

Commenting on the results of operations, Jeffrey Fishman, President and Chief Executive Officer of One Liberty, stated that the increase in revenues year over year and quarter over quarter was primarily due to the increase in rental revenues, resulting from the acquisition of eight properties between September 2002 and September 2003. On the expense side, Mr. Fishman noted that property acquisitions and related financing activities and a general increase in the level of the Company's business caused expenses to increase year over year and quarter over quarter by 25.7% and 41.7%, respectively. Specifically, depreciation expense increased due to the acquisition of additional properties, interest on mortgages payable increased as a result of increased mortgage loans placed on properties and mortgages assumed in connection with property acquisitions, interest-line of credit increased as funds were borrowed from time to time to facilitate property acquisitions, general and administrative expenses increased, due in large measure to professional expenses incurred in connection with property acquisitions, mortgage financings and other expenses related to the increased level of the Company's business and for corporate governance compliance.

Commenting further, Mr. Fishman noted that positively impacting the Company's results of operations in both the current year and the current quarter was a 124% and 81% increase in the Company's equity in earnings of unconsolidated joint ventures. The increase is a direct result of the acquisition of nine megaplex movie theaters and one retail property by joint ventures in which the Company has a 50% interest, between April 2002 and July 2003.

Mr. Fishman noted that at December 31, 2003 the Company had approximately $46,000,000 in cash and cash equivalents, as well as the entire unused credit line of $30,000,000, available for property acquisitions. Mr. Fishman stated that "the use of these funds for property acquisitions, should increase our revenues, net income and net income per share for 2004. In terms of property acquisition activities, we recently closed on and announced the purchase of a 16 screen megaplex stadium theater located in Chula Vista, California for a purchase price of approximately $11,500,000 and have one additional property under contract. We are also involved in negotiations for other property acquisitions, but we cannot project if any of these negotiations will result in executed contracts or in property acquisitions or the timing of any acquisition".

One Liberty Properties is a real estate investment trust and invests primarily in improved commercial real estate under long term net lease.

Certain information contained in this press release, including information with respect to factors which may improve our future results of operations and future acquisitions, together with other statements and information publicly disseminated by One Liberty Properties, Inc. is forward looking within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities and Exchange Act of 1934 as amended. We intend such forward looking statements to be covered by the safe harbor provision for forward looking statements contained in the private securities litigation reform act of 1995 and include this statement for the purpose of complying with these safe harbor provisions. Information regarding certain important factors that could cause actual outcomes or other events to differ materially from any such forward looking statements will appear in the Company's Form 10-K for the year ended December 31, 2003. You should not rely on forward looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could materially affect actual results, performance or achievements.

               ONE LIBERTY PROPERTIES, INC. (NYSE: OLP)
             (Amounts in Thousands, Except Per Share Data)

                     Three Months Ended           Year Ended
                        December 31,              December 31,
                    --------------------      --------------------
                     2003         2002         2003           2002
                   --------     --------     --------       --------
Revenues           $ 5,514      $ 4,308      $19,796        $15,705

Expenses             3,926        2,770       13,696         10,892
                   --------     --------     --------       --------

Earnings before
 equity in
 earnings of
 unconsolidated
 joint ventures
 and gain on sale    1,588        1,538        6,100          4,813

Equity in earnings
 of unconsolidated
 joint ventures        577          319        2,411          1,078

Gain (loss) on sale
 of real estate and
 available-for-sale
 securities              -          (29)          14            (11)
                   --------     --------     --------       --------

Net income         $ 2,165      $ 1,828      $ 8,525        $ 5,880
                   ========     ========     ========       ========

Calculation of net
 income applicable
 to common
 stockholders:
Net income         $ 2,165      $ 1,828     $  8,525         $5,880
Less:
 distributions
 on preferred
 stock                 259          259        1,037          1,037
                   --------     --------     --------       --------

Net income
 applicable to
 common
 stockholders      $ 1,906      $ 1,569     $  7,488        $ 4,843
                   ========     ========     ========       ========

Net income per
 common share:
     Basic         $   .23      $   .28     $   1.18        $  1.05
                   ========     ========     ========       ========
     Diluted       $   .23      $   .28     $   1.18        $  1.04
                   ========     ========     ========       ========

Funds from
 operations
 applicable to
 common
 stockholders(a)   $ 3,235      $ 2,399     $ 11,776        $ 7,757
                   ========     ========     ========       ========

Funds from
 operations per
 common share:
     Diluted       $   .39      $   .43     $   1.85        $  1.67
                   ========     ========     ========       ========

Weighted average
 number of common
 shares
 outstanding:
     Basic           8,267        5,622        6,329          4,614
                   ========     ========     ========       ========
     Diluted         8,301        5,644        6,361          4,644
                   ========     ========     ========       ========
______________________________________________________________________
   (a) Funds from operations applicable to common stockholders is
       summarized in the following table:

   Net income      $ 2,165      $ 1,828      $ 8,525        $ 5,880
   Add:
    depreciation
    of properties    1,054          691        3,473          2,617
   Add: our share
    of depreciation
    in
    unconsolidated
    joint ventures     253          110          790            268
   Add: amortization
    of capitalized
    leasing expenses    22            -           39              -
   Deduct: gain
    (loss) on sale of
    real estate          -           29          (14)            29
   Deduct: preferred
    distributions     (259)        (259)      (1,037)        (1,037)
                   --------     --------     --------       --------

   Funds from
    operations
    applicable to
    common
    stockholders   $ 3,235      $ 2,399     $ 11,776        $ 7,757
                   ========     ========     ========       ========