One liberty properties, inc



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ONE LIBERTY PROPERTIES, INC.

60 Cutter Mill Road – Suite 303

Great Neck, New York 11021
Telephone 516.466.3100

Telecopier 516.466.3132


ONE LIBERTY PROPERTIES JOINT VENTURE

ACQUIRES A STADIUM MOVIE THEATRE

Great Neck, New York – May 20, 2002 - One Liberty Properties, Inc. (ASE:OLP;OLP Pr) announced that on May 17, 2002 its joint venture, OLP Holdings, LLC, acquired an approximately 75,000 square foot, 20 screen movie theatre with stadium-style seating located in Beavercreek (a suburb of Dayton), Ohio for a consideration of approximately $9.725 million. The property is triple net-leased on a long-term basis to Regal Cinemas, Inc. Regal is a subsidiary of Regal Entertainment Group, Inc. (NYSE:RGC), the largest motion picture exhibitor in the world with 5,886 screens in 561 theatres.


The theatre is located adjacent to the ring road serving the over 1,000,000 square foot Mall at Fairfield Commons. The theatre was acquired from Glimcher Properties Limited Partnership, the main operating subsidiary of Glimcher Realty Trust (NYSE:GRT). Glimcher is the owner of The Mall at Fairfield Commons.
OLP Holdings, LLC is a joint venture of One Liberty Properties, Inc., DB Real Estate-Private Equity, an affiliate of Deutsche Bank Group (NYSE:DB), and MTC Investors LLC, an affiliate of a shopping center owner, developer and operator. The joint venture previously acquired two other stadium movie theatres. The first is a stadium movie theatre leased to American Multi-Cinema, Inc., a subsidiary of AMC Entertainment, Inc. and located in Norwalk (a suburb of Los Angeles), California and the second is a stadium movie theatre leased to Regal Cinemas, Inc., a subsidiary of Regal Entertainment Group and located in Austell (a suburb of Atlanta), Georgia. The joint venture intends to pursue additional investments involving stadium movie theatres and currently has one additional stadium movie theatre under contract.
Jeffrey Fishman, President and Chief Executive Officer of One Liberty, commented that "the acquisition of this asset continues the Company's stated objective of seeking opportunistic acquisitions of improved net leased real property leased to quality tenants."
One Liberty is a New York-based REIT that specializes in the acquisition and ownership of a diverse portfolio of real estate properties under long term net leases. One Liberty's leases generally provide for contractual rent increases with substantially all operating expenses paid by the tenant. For more information on One Liberty, please visit our website at www.1Liberty.com.
DB Real Estate - Private Equity, a division of DB Real Estate, is responsible for acquiring and managing high-yield, opportunistic real estate equity investments. DB Real Estate is part of Deutsche Asset Management, the global investment management business of Deutsche Bank. DB Real Estate acquires and manages investments in commercial and residential property and real estate securities on behalf of its institutional and high-net worth clients globally. Headquartered in New York, DB Real Estate employs more than 700 dedicated real estate professionals in 15 offices around the world.
Materials included in this filing may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Statements that include the words "may," "will," "would," "could," "should," "believes," "estimates," "projects," "potential," "expects," "plans," "anticipates," "intends," "continues," "forecast," "designed," "goal," or the negative of those words or other comparable words should be considered uncertain and forward-looking.
Contact: Mark Lundy - 516.466.3100


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