SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 10-Q

          [X] Quarterly Report Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

                  For the quarterly period ended March 31, 2000

                                       OR

          [ ] Transition Report Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

                         Commission File Number 0-11083

                          ONE LIBERTY PROPERTIES, INC.
                          ----------------------------

             (Exact name of registrant as specified in its charter)

         MARYLAND                                          13-3147497
         ------------------------------------------------------------
       (State or other jurisdiction of              (I.R.S. Employer
         incorporation or organization)         Identification Number)

         60 Cutter Mill Road, Great Neck, New York              11021
         ------------------------------------------------------------
        (Address of principal executive offices)            (Zip Code)

       Registrant's telephone number, including area code: (516) 466-3100
                                                           --------------

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
stock, as of the latest practicable date.

As of May 1, 2000,  the  Registrant  had  2,989,075  shares of Common  Stock and
654,658 shares of Redeemable Convertible Preferred Stock outstanding.

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.

                           Yes   X           No
                               ----             ----

<PAGE>


Part I - FINANCIAL INFORMATION

Item 1.    Financial Statements
<TABLE>
<CAPTION>

                  ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                  (Amounts in Thousands, Except Per Share Data)

                                                                                      March 31,      December 31,
                                                                                        2000             1999
                                                                                        ----             ----
                                                                                    (Unaudited)
<S>                                                                                   <C>              <C>

Assets
   Real estate investments, at cost
   Land                                                                               $21,014            $16,639
   Buildings                                                                           77,380             59,269
                                                                                       ------             ------
                                                                                       98,394             75,908
           Less accumulated depreciation                                                5,460              5,138
                                                                                        -----              -----
                                                                                       92,934             70,770

   Cash and cash equivalents                                                            4,251             11,247
   Unbilled rent receivable                                                             1,870              1,737
   Rent, interest, deposits and other receivables                                         906                733
   Note receivable - officer                                                              240                 80
   Investment in BRT Realty Trust-(related party)                                         225                240
   Deferred financing costs                                                             1,027                732
   Other   (including available-for-sale securities of
         $338 and $352)                                                                   402                410
                                                                                          ---                ---

           Total assets                                                              $101,855            $85,949
                                                                                     ========            =======

Liabilities and Stockholders' Equity
   Liabilities:
        Mortgages payable                                                             $50,578            $35,735
        Accrued expenses and other liabilities                                            335                412
        Dividends payable                                                               1,156                  -
                                                                                       ------             ------

           Total liabilities                                                           52,069             36,147
                                                                                       ------             ------

Commitments and contingencies                                                               -                  -


Stockholders' equity:
        Redeemable  convertible  preferred stock,
        $1 par value; $1.60 cumulative annual
        dividend; 2,300 shares authorized;
        655 shares issued; liquidation and
         redemption values of $16.50 (Note 3)                                          10,802             10,802
        Common stock, $1 par value; 25,000
         shares authorized; 2,980 shares issued
         and outstanding                                                                2,980              2,980
        Paid-in capital                                                                31,338             31,338
        Accumulated other comprehensive income - net
           unrealized gain on available-for-sale securities                                33                 33
        Accumulated undistributed net income                                            4,633              4,649
                                                                                       ------             ------

           Total stockholders' equity                                                  49,786             49,802
                                                                                       ------             ------

           Total liabilities and stockholders' equity                                $101,855            $85,949
                                                                                     ========            =======



     See accompanying notes to consolidated financial statements.
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

                  ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                        CONSOLIDATED STATEMENTS OF INCOME
                  (Amounts in Thousands, Except Per Share Data)
                                   (Unaudited)

                                                                               Three Months Ended
                                                                                    March 31,
                                                                        2000                        1999
                                                                        ----                        ----
<S>                                                                    <C>                        <C>

Revenues:
   Rental income                                                       $2,448                     $2,040
   Interest and other income                                              111                        148
                                                                          ---                        ---

                                                                        2,559                      2,188
                                                                        -----                      -----

Expenses:
   Depreciation and amortization                                          454                        390
   Interest - mortgages payable                                           749                        569
   Leasehold rent                                                          72                         72
   General and administrative                                             291                        216
                                                                          ---                        ---
                                                                        1,566                      1,247
                                                                        -----                      -----

Income before gain on sale                                                993                        941
Gain on sale of real estate and
   available-for-sale securities, net                                     147                         10
                                                                          ---                        ---

Net income                                                             $1,140                       $951
                                                                       ======                       ====

Calculation of net income applicable to common stockholders:
Net income                                                             $1,140                       $951
Less: dividends and accretion (1999)
   on preferred stock                                                     262                        362
                                                                          ---                        ---

Net income applicable to
   common stockholders                                                  $ 878                        $589
                                                                        =====                        ====

Weighted average number of common shares outstanding:
     Basic                                                              2,980                       2,947
                                                                        =====                       =====
     Diluted                                                            2,980                       2,947
                                                                        =====                       =====

Net income per common share:
     Basic                                                         $      .29                  $      .20
                                                                   ==========                  ==========
     Diluted                                                       $      .29                  $      .20
                                                                   ==========                  ==========

Cash distributions per share:

   Common Stock                                                    $      .30                  $      .30
                                                                   ==========                  ==========

   Preferred Stock                                                 $      .40                  $      .40
                                                                   ==========                  ==========

   See accompanying notes to consolidated financial statements.

</TABLE>


<PAGE>

<TABLE>
<CAPTION>


                  ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

                 For the three month period ended March 31, 2000
                      and the year ended December 31, 1999
                             (Amounts in Thousands)
                                   (Unaudited)

                                                                               Net Unrealized
                                                                               Gain (loss) on    Accumulated
                                  Preferred      Common          Paid-in       Available-for-   Undistributed
                                    Stock         Stock          Capital     Sale Securities     Net Income          Total
                                    -----         -----          -------     ---------------     ----------          -----
<S>                                 <C>          <C>             <C>                 <C>           <C>              <C>

Balances, January 1, 1999           $    -       $2,940          $30,965             $100          $4,490           $38,495

Distributions -
   common stock                          -            -                -                -          (3,552)           (3,552)
Distributions -
   preferred stock                       -            -                -                -          (1,168)          (1,168)
Preferred stock                     10,802            -                -                           10,802
Accretion on
   preferred stock                       -            -              (79)               -               -              (79)
Preferred shares converted
   to common stock                       -            1                7                -               -                8
Shares issued through
   dividend reinvestment plan            -           39              445                -               -              484
     Net income                          -            -                -                -           4,879            4,879
     Other comprehensive income-
      net unrealized loss on
      available-for-sale securities      -            -                -              (67)              -              (67)
                                                                                                                       ----
Comprehensive income                     -            -                -                -               -            4,812
                                    ----------    ---------       ---------         ---------      --------         -------

Balances, December 31, 1999         10,802        2,980           31,338               33           4,649            49,802

Distributions -
   common stock                          -            -                -                -            (894)             (894)
Distributions -
   preferred stock                       -            -                -                -            (262)             (262)
Net income and
     comprehensive income                -            -                -                -           1,140             1,140
                                    ---------     ---------      --------         ---------     -----------           -----
Balances,
   March 31, 2000                  $10,802       $2,980          $31,338             $ 33           $4,633          $49,786
                                   =======       ======          =======             ====           ======          =======


See accompanying notes to consolidated financial statements.
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

                  ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                             (Amounts in Thousands)
                                   (Unaudited)
                                                                                                     Three Months Ended
                                                                                                          March 31,
                                                                                                2000                  1999
                                                                                                ----                  ----
<S>                                                                                           <C>                     <C>

Cash flows from operating activities:
   Net income                                                                                 $  1,140                $  951
   Adjustments to reconcile net income
     to net cash provided by operating activities:
   Gain on sale of real estate and
     available-for-sale securities, net                                                           (147)                  (10)
   Increase in rental income from straight-lining of rent                                         (133)                 (138)
   Depreciation and amortization                                                                   454                   390
   Changes in assets and liabilities:
   Increase in rent, interest,
     deposits and other receivables                                                               (179)                  (52)
   (Decrease) increase in accrued expenses and other liabilities                                   (66)                  228
                                                                                                   ----                  ---

           Net cash provided by operating activities                                             1,069                 1,369
                                                                                                 -----                 -----

Cash flows from investing activities:
   Additions to real estate                                                                    (23,123)              (10,207)
   Net proceeds from sale of real estate                                                           697                     -
   Purchase of available-for-sale securities                                                         -                  (662)
   Net proceeds from sale of available-for-sale securities                                          21                   254
   Collection of mortgages receivable                                                                -                     5
   Payments to minority interest by subsidiary                                                     (13)                   (5)
                                                                                                   ----                   ---

           Net cash used in investing activities                                               (22,418)              (10,615)
                                                                                               --------              --------

Cash flows from financing activities:
   Proceeds from mortgages payable                                                              15,000                     -
   Repayment of mortgages payable                                                                 (156)                 (117)
   Payment of financing costs                                                                     (331)                  (21)
   Cash distributions - common stock                                                                 -                  (883)
   Cash distributions - preferred stock                                                              -                  (323)
   Note receivable - officer                                                                      (160)                    -
   Issuance of shares through dividend reinvestment plan                                             -                    81
   Repurchase of preferred stock, which was cancelled                                                -                   (39)
                                                                                                ------                ------

           Net cash provided by (used in) financing activities                                  14,353                (1,302)
                                                                                                ------                 -----

           Net decrease in cash and cash equivalents                                            (6,996)              (10,548)

Cash and cash equivalents at beginning of period                                                11,247                19,090
                                                                                                ------                ------

Cash and cash equivalents at end of period                                                     $ 4,251               $ 8,542
                                                                                               =======               =======

Supplemental disclosures of cash flow information:
   Cash paid during the period for interest expense                                           $    749              $    570

Supplemental schedule of non cash investing and financing activities:
   Assumption of mortgage payable in connection
     with purchase of real estate                                                             $      -              $  1,065

 See accompanying notes to consolidated financial statements.
</TABLE>

<PAGE>


                  One Liberty Properties, Inc. and Subsidiaries
                   Notes to Consolidated Financial Statements


Note 1 - Basis of Preparation

The accompanying interim unaudited consolidated financial statements as of March
31, 2000 and for the three  months  ended  March 31,  2000 and 1999  reflect all
normal, recurring adjustments which are, in the opinion of management, necessary
for a fair presentation of the results for such interim periods.  The results of
operations  for the  three  months  ended  March  31,  2000 are not  necessarily
indicative of the results for the full year.

The  preparation  of the  financial  statements  in  conformity  with  generally
accepted  accounting  principles  requires  management  to  make  estimates  and
assumptions that affect the amounts reported in the financial statements. Actual
results could differ from those estimates.

The  consolidated  financial  statements  include  the  accounts  of One Liberty
Properties,  Inc., its wholly-owned  subsidiaries  and a majority-owned  limited
liability  company.  Material  intercompany  balances and transactions have been
eliminated.  One Liberty  Properties,  Inc.,  its  subsidiaries  and the limited
liability company are hereinafter referred to as the "Company".

Certain amounts reported in previous consolidated financial statements have been
reclassified in the accompanying consolidated financial statements to conform to
the current year's presentation.

These statements  should be read in conjunction with the consolidated  financial
statements  and related notes which are included in the Company's  Annual Report
on Form 10-K for the year ended December 31, 1999.

Note 2 - Earnings Per Common Share

For the three months ended March 31, 2000 and 1999 basic  earnings per share was
determined  by dividing net income  applicable  to common  stockholders  for the
period by the  weighted  average  number of shares of Common  Stock  outstanding
during each period.

Diluted  earnings per share reflects the potential  dilution that could occur if
securities or other  contracts to issue Common Stock were exercised or converted
into Common  Stock or resulted in the  issuance of Common Stock that then shared
in the earnings of the Company. For the three month periods ended March 31, 2000
and 1999  diluted  earnings  per share was  determined  by  dividing  net income
applicable  to common  stockholders  for the period by the total of the weighted
average number of

<PAGE>
                  One Liberty Properties, Inc. and Subsidiaries
                   Notes to Consolidated Financial Statements
                                   (Continued)

Note 2 - Earnings Per Common Share (Continued)

shares of Common Stock  outstanding  plus the dilutive  effect of the  Company's
outstanding  options  (206 and 46 for the three  months ended March 31, 2000 and
1999, respectively) using the treasury stock method. The Preferred Stock was not
considered for the purpose of computing diluted earnings per share because their
assumed conversion is antidilutive.

Options to purchase 128,000 shares of Common Stock at $12.375, $14.50 and $13.50
per share (which were granted  during March 1999,  1998 and 1997,  respectively)
were not included in the  computation of diluted  earnings per share because the
exercise price of these options are greater than the average market price of the
common  shares  as of  March  31,  2000  and,  therefore,  the  effect  would be
antidilutive.

Note 3 - Preferred and Common Stock Dividend Distributions

On March 15, 2000 the Board of Directors  declared  quarterly cash distributions
of $.30  and $.40  per  share  on the  Company's  common  and  preferred  stock,
respectively,  payable on April 3, 2000 to  stockholders  of record on March 28,
2000.

Note 4 - Revolving Credit Facility

On March 24,  2000,  the Company  consummated  a  $15,000,000  Revolving  Credit
Facility ("Facility") with European American Bank ("EAB"). The Facility provides
that the Company pay  interest at EAB's prime rate on funds  borrowed  under the
Facility and an unused  facility fee of 1/4 of 1%. The Company paid  $175,000 in
fees and closing costs which are being  amortized over the term of the loan. The
Facility  matures  on March 24,  2002 with an option to extend  the term for one
year. The Facility is guaranteed by all of the Company's  subsidiaries which own
unencumbered properties.

The Facility  will be used  primarily to finance the  acquisition  of commercial
real  estate.  The Company is required to comply  with  certain  covenants.  Net
proceeds  received from the sale or refinance of  properties  are required to be
used to repay  amounts  outstanding  under the  Facility  if  proceeds  from the
Facility were used to purchase the property.


<PAGE>



                  One Liberty Properties, Inc. and Subsidiaries
                   Notes to Consolidated Financial Statements
                                   (Continued)

Note 5 - Property Acquisitions

During the three  months  ended  March 31,  2000,  the  Company  acquired  three
properties  for  a  total  consideration  of  approximately  $23,123,000.  First
mortgages  totaling  $15,000,000  were placed on two of these properties and the
balance was paid in cash.

On April 11, 2000, an additional  property was purchased for a consideration  of
approximately $11,500,000.  The property was financed at closing by taking title
to an existing first mortgage with a balance of approximately $9,000,000 and the
balance was funded from the Company's revolving credit facility.



<PAGE>


Item 2.  Management's Discussion And Analysis Of Financial Condition And
         Results Of Operations

Liquidity and Capital Resources

The  Company's  primary  sources  of  liquidity  are cash  and cash  equivalents
($4,251,000 at March 31, 2000),  the $15,000,000  revolving  credit facility and
cash generated from operating activities.  On March 24, 2000 the Company entered
into an agreement  with European  American Bank ("EAB") to provide a $15,000,000
revolving credit facility  ("Facility").  The Facility will be used primarily to
finance the acquisition of commercial real estate. The Facility matures on March
24, 2002 with an option to extend through March 24, 2003.  Borrowings  under the
Facility bear  interest at EAB's prime rate and there is an unused  facility fee
of one-quarter of 1%. The Company is required to comply with certain  covenants.
Net proceeds  received from the sale or refinance of properties  are required to
be used to repay  amounts  outstanding  under the Facility if proceeds  from the
Facility were used to purchase the  property.  The Facility is guaranteed by all
Company  subsidiaries  which own  unencumbered  properties.  The Company had not
drawn down any funds under the credit agreement as of March 31, 2000.

During the three  months  ended  March 31,  2000,  the  Company  acquired  three
properties  for  a  total  consideration  of  approximately  $23,123,000.  First
mortgages  totaling  $15,000,000  were placed on two of these properties and the
balance of $8,123,000 was paid in cash.

In April 2000, the Company acquired a property located in Hanover,  Pennsylvania
for a consideration of approximately $11,500,000, of which $2,500,000 was funded
from the  Facility.  The  Company  assumed a mortgage  note with an  outstanding
balance of approximately  $9,000,000 which was  collateralized  by the property.
The building is triple net leased on a long term basis to a large  manufacturing
company.

The Company is currently in discussions concerning the acquisition of additional
net leased  properties.  Cash provided from  operations  and the Company's  cash
position will provide funds for cash distributions to shareholders and operating
expenses.  These  sources  of funds as well as funds  available  from the credit
facility will provide funds for future property  acquisitions.  It will continue
to be the Company's policy to make sufficient cash distributions to shareholders
in order for the Company to maintain  its real estate  investment  trust  status
under the Internal Revenue Code.


<PAGE>




Results of Operations

Three Months Ended March 31, 2000 and 1999

Rental  income  increased by $408,000 to  $2,448,000  for the three months ended
March 31, 2000 as compared to the three  months  ended March 31, 1999  primarily
due to the  acquisition of three  properties in 2000 and the inclusion of rental
income on four properties acquired in 1999 for a full quarter.

Interest and other income  decreased by $37,000 to $111,000 for the three months
March 31, 2000  primarily due to a decrease in interest  earned on cash and cash
equivalents  available  for  investment  as a result  of the  cash  used to fund
property acquisitions.

The increase in depreciation and  amortization  expense of $64,000 for the three
months ended March 31, 2000 to $454,000  primarily  results from depreciation on
the seven properties acquired during 2000 and 1999.

The  increase in  interest-mortgages  payable to $749,000  for the three  months
ended March 31, 2000 from  $569,000 for the three months ended March 31, 1999 is
due to mortgages placed on six of the properties acquired during 2000 and 1999.

General and  administrative  expenses  increased  by $75,000 to $287,000 for the
three  months  ended March 31,  2000.  This  increase  was  primarily  due to an
increase in payroll and payroll related expenses.

Gain on sale of real estate and  available-for-sale  securities during the three
months ended March 31, 2000 results substantially from a gain of $156,000 on the
sale of a property located in South Carolina.



<PAGE>




Item 3. - Quantitative and Qualitative Disclosures About Market Risks

The Company has considered  the effects of  derivatives  and exposures to market
risk relating to interest rate, foreign currency exchange rate,  commodity price
and equity  price risk.  The Company 's mortgages  payable  bear fixed  interest
rates and  therefore  there is no  material  market risk  associates  with these
instruments.



                        Part II - Other Information

Item 6. - Exhibits and Reports on Form 8-K

On February 18, 2000,  the Company filed a current  report on Form 8-K to report
the acquisition on February 10, 2000 of a property  located in Plano,  Texas for
approximately  $7,650,000.  In  connection  with the  acquisition,  the  Company
obtained a $5,000,000 first mortgage. Audited financial statements and unaudited
pro forma financial  statements  relating to this acquisition were filed on Form
8-K/A on April 24, 2000.

On March 31, 2000, the Company filed a current report on Form 8-K to report that
on March  24,  2000 the  Company  consummated  a  $15,000,000  revolving  credit
facility with European American Bank.

On April 11, 2000,  the Company filed a current report on Form 8-K to report the
acquisition  on March  29,  2000 of a  property  located  in El Paso,  Texas for
approximately  $14,066,000.  In  connection  with the  acquisition,  the Company
obtained  a  $10,000,000  first  mortgage.   Audited  financial  statements  and
unaudited pro forma financial statements relating to this acquisition were filed
on Form 8-K/A on May 11, 2000.

On May 2, 2000,  the  Company  filed a current  report on Form 8-K to report the
acquisition on April 11, 2000 of a property located in Hanover, Pennsylvania for
approximately $11,463,000.  The property was financed at closing by taking title
to an  existing  first  mortgage  with a balance  of  approximately  $9,000,000.
Audited  financial  statements  and  unaudited  pro forma  financial  statements
relating to this acquisition were filed on Form 8-K/A on May 11, 2000.



<PAGE>



                         ONE LIBERTY PROPERTIES, INC.


                                SIGNATURES



Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.



                       One Liberty Properties, Inc.
                       ----------------------------
                               (Registrant)






May 15, 2000               /s/ Jeffrey Fishman
------------               -------------------
 Date                      Jeffrey Fishman
                           President





May 15, 2000               /s/ David W. Kalish
------------               -------------------
 Date                      David W. Kalish
                           Vice President and
                           Chief Financial Officer
[{"type": "10-Q", "sequence": "1", "description": "FORM 10-Q", "secsgml_size_bytes": 34386}]
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SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 10-Q

          [X] Quarterly Report Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

                  For the quarterly period ended March 31, 2000

                                       OR

          [ ] Transition Report Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

                         Commission File Number 0-11083

                          ONE LIBERTY PROPERTIES, INC.
                          ----------------------------

             (Exact name of registrant as specified in its charter)

         MARYLAND                                          13-3147497
         ------------------------------------------------------------
       (State or other jurisdiction of              (I.R.S. Employer
         incorporation or organization)         Identification Number)

         60 Cutter Mill Road, Great Neck, New York              11021
         ------------------------------------------------------------
        (Address of principal executive offices)            (Zip Code)

       Registrant's telephone number, including area code: (516) 466-3100
                                                           --------------

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
stock, as of the latest practicable date.

As of May 1, 2000,  the  Registrant  had  2,989,075  shares of Common  Stock and
654,658 shares of Redeemable Convertible Preferred Stock outstanding.

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.

                           Yes   X           No
                               ----             ----
Part I - FINANCIAL INFORMATION

Item 1.    Financial Statements
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                  (Amounts in Thousands, Except Per Share Data)

                                                                                      March 31,      December 31,
                                                                                        2000             1999
                                                                                        ----             ----
                                                                                    (Unaudited)
Assets
   Real estate investments, at cost
   Land                                                                               $21,014            $16,639
   Buildings                                                                           77,380             59,269
                                                                                       ------             ------
                                                                                       98,394             75,908
           Less accumulated depreciation                                                5,460              5,138
                                                                                        -----              -----
                                                                                       92,934             70,770

   Cash and cash equivalents                                                            4,251             11,247
   Unbilled rent receivable                                                             1,870              1,737
   Rent, interest, deposits and other receivables                                         906                733
   Note receivable - officer                                                              240                 80
   Investment in BRT Realty Trust-(related party)                                         225                240
   Deferred financing costs                                                             1,027                732
   Other   (including available-for-sale securities of
         $338 and $352)                                                                   402                410
                                                                                          ---                ---

           Total assets                                                              $101,855            $85,949
                                                                                     ========            =======

Liabilities and Stockholders' Equity
   Liabilities:
        Mortgages payable                                                             $50,578            $35,735
        Accrued expenses and other liabilities                                            335                412
        Dividends payable                                                               1,156                  -
                                                                                       ------             ------

           Total liabilities                                                           52,069             36,147
                                                                                       ------             ------

Commitments and contingencies                                                               -                  -

Stockholders' equity:
        Redeemable  convertible  preferred stock,
        $1 par value; $1.60 cumulative annual
        dividend; 2,300 shares authorized;
        655 shares issued; liquidation and
         redemption values of $16.50 (Note 3)                                          10,802             10,802
        Common stock, $1 par value; 25,000
         shares authorized; 2,980 shares issued
         and outstanding                                                                2,980              2,980
        Paid-in capital                                                                31,338             31,338
        Accumulated other comprehensive income - net
           unrealized gain on available-for-sale securities                                33                 33
        Accumulated undistributed net income                                            4,633              4,649
                                                                                       ------             ------

           Total stockholders' equity                                                  49,786             49,802
                                                                                       ------             ------

           Total liabilities and stockholders' equity                                $101,855            $85,949
                                                                                     ========            =======

     See accompanying notes to consolidated financial statements.
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                        CONSOLIDATED STATEMENTS OF INCOME
                  (Amounts in Thousands, Except Per Share Data)
                                   (Unaudited)

                                                                               Three Months Ended
                                                                                    March 31,
                                                                        2000                        1999
                                                                        ----                        ----
Revenues:
   Rental income                                                       $2,448                     $2,040
   Interest and other income                                              111                        148
                                                                          ---                        ---

                                                                        2,559                      2,188
                                                                        -----                      -----

Expenses:
   Depreciation and amortization                                          454                        390
   Interest - mortgages payable                                           749                        569
   Leasehold rent                                                          72                         72
   General and administrative                                             291                        216
                                                                          ---                        ---
                                                                        1,566                      1,247
                                                                        -----                      -----

Income before gain on sale                                                993                        941
Gain on sale of real estate and
   available-for-sale securities, net                                     147                         10
                                                                          ---                        ---

Net income                                                             $1,140                       $951
                                                                       ======                       ====

Calculation of net income applicable to common stockholders:
Net income                                                             $1,140                       $951
Less: dividends and accretion (1999)
   on preferred stock                                                     262                        362
                                                                          ---                        ---

Net income applicable to
   common stockholders                                                  $ 878                        $589
                                                                        =====                        ====

Weighted average number of common shares outstanding:
     Basic                                                              2,980                       2,947
                                                                        =====                       =====
     Diluted                                                            2,980                       2,947
                                                                        =====                       =====

Net income per common share:
     Basic                                                         $      .29                  $      .20
                                                                   ==========                  ==========
     Diluted                                                       $      .29                  $      .20
                                                                   ==========                  ==========

Cash distributions per share:

   Common Stock                                                    $      .30                  $      .30
                                                                   ==========                  ==========

   Preferred Stock                                                 $      .40                  $      .40
                                                                   ==========                  ==========

   See accompanying notes to consolidated financial statements.
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

                 For the three month period ended March 31, 2000
                      and the year ended December 31, 1999
                             (Amounts in Thousands)
                                   (Unaudited)

                                                                               Net Unrealized
                                                                               Gain (loss) on    Accumulated
                                  Preferred      Common          Paid-in       Available-for-   Undistributed
                                    Stock         Stock          Capital     Sale Securities     Net Income          Total
                                    -----         -----          -------     ---------------     ----------          -----
Balances, January 1, 1999           $    -       $2,940          $30,965             $100          $4,490           $38,495

Distributions -
   common stock                          -            -                -                -          (3,552)           (3,552)
Distributions -
   preferred stock                       -            -                -                -          (1,168)          (1,168)
Preferred stock                     10,802            -                -                           10,802
Accretion on
   preferred stock                       -            -              (79)               -               -              (79)
Preferred shares converted
   to common stock                       -            1                7                -               -                8
Shares issued through
   dividend reinvestment plan            -           39              445                -               -              484
     Net income                          -            -                -                -           4,879            4,879
     Other comprehensive income-
      net unrealized loss on
      available-for-sale securities      -            -                -              (67)              -              (67)
                                                                                                                       ----
Comprehensive income                     -            -                -                -               -            4,812
                                    ----------    ---------       ---------         ---------      --------         -------

Balances, December 31, 1999         10,802        2,980           31,338               33           4,649            49,802

Distributions -
   common stock                          -            -                -                -            (894)             (894)
Distributions -
   preferred stock                       -            -                -                -            (262)             (262)
Net income and
     comprehensive income                -            -                -                -           1,140             1,140
                                    ---------     ---------      --------         ---------     -----------           -----
Balances,
   March 31, 2000                  $10,802       $2,980          $31,338             $ 33           $4,633          $49,786
                                   =======       ======          =======             ====           ======          =======

See accompanying notes to consolidated financial statements.
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                             (Amounts in Thousands)
                                   (Unaudited)
                                                                                                     Three Months Ended
                                                                                                          March 31,
                                                                                                2000                  1999
                                                                                                ----                  ----
Cash flows from operating activities:
   Net income                                                                                 $  1,140                $  951
   Adjustments to reconcile net income
     to net cash provided by operating activities:
   Gain on sale of real estate and
     available-for-sale securities, net                                                           (147)                  (10)
   Increase in rental income from straight-lining of rent                                         (133)                 (138)
   Depreciation and amortization                                                                   454                   390
   Changes in assets and liabilities:
   Increase in rent, interest,
     deposits and other receivables                                                               (179)                  (52)
   (Decrease) increase in accrued expenses and other liabilities                                   (66)                  228
                                                                                                   ----                  ---

           Net cash provided by operating activities                                             1,069                 1,369
                                                                                                 -----                 -----

Cash flows from investing activities:
   Additions to real estate                                                                    (23,123)              (10,207)
   Net proceeds from sale of real estate                                                           697                     -
   Purchase of available-for-sale securities                                                         -                  (662)
   Net proceeds from sale of available-for-sale securities                                          21                   254
   Collection of mortgages receivable                                                                -                     5
   Payments to minority interest by subsidiary                                                     (13)                   (5)
                                                                                                   ----                   ---

           Net cash used in investing activities                                               (22,418)              (10,615)
                                                                                               --------              --------

Cash flows from financing activities:
   Proceeds from mortgages payable                                                              15,000                     -
   Repayment of mortgages payable                                                                 (156)                 (117)
   Payment of financing costs                                                                     (331)                  (21)
   Cash distributions - common stock                                                                 -                  (883)
   Cash distributions - preferred stock                                                              -                  (323)
   Note receivable - officer                                                                      (160)                    -
   Issuance of shares through dividend reinvestment plan                                             -                    81
   Repurchase of preferred stock, which was cancelled                                                -                   (39)
                                                                                                ------                ------

           Net cash provided by (used in) financing activities                                  14,353                (1,302)
                                                                                                ------                 -----

           Net decrease in cash and cash equivalents                                            (6,996)              (10,548)

Cash and cash equivalents at beginning of period                                                11,247                19,090
                                                                                                ------                ------

Cash and cash equivalents at end of period                                                     $ 4,251               $ 8,542
                                                                                               =======               =======

Supplemental disclosures of cash flow information:
   Cash paid during the period for interest expense                                           $    749              $    570

Supplemental schedule of non cash investing and financing activities:
   Assumption of mortgage payable in connection
     with purchase of real estate                                                             $      -              $  1,065

 See accompanying notes to consolidated financial statements.
One Liberty Properties, Inc. and Subsidiaries
                   Notes to Consolidated Financial Statements

Note 1 - Basis of Preparation

The accompanying interim unaudited consolidated financial statements as of March
31, 2000 and for the three  months  ended  March 31,  2000 and 1999  reflect all
normal, recurring adjustments which are, in the opinion of management, necessary
for a fair presentation of the results for such interim periods.  The results of
operations  for the  three  months  ended  March  31,  2000 are not  necessarily
indicative of the results for the full year.

The  preparation  of the  financial  statements  in  conformity  with  generally
accepted  accounting  principles  requires  management  to  make  estimates  and
assumptions that affect the amounts reported in the financial statements. Actual
results could differ from those estimates.

The  consolidated  financial  statements  include  the  accounts  of One Liberty
Properties,  Inc., its wholly-owned  subsidiaries  and a majority-owned  limited
liability  company.  Material  intercompany  balances and transactions have been
eliminated.  One Liberty  Properties,  Inc.,  its  subsidiaries  and the limited
liability company are hereinafter referred to as the "Company".

Certain amounts reported in previous consolidated financial statements have been
reclassified in the accompanying consolidated financial statements to conform to
the current year's presentation.

These statements  should be read in conjunction with the consolidated  financial
statements  and related notes which are included in the Company's  Annual Report
on Form 10-K for the year ended December 31, 1999.

Note 2 - Earnings Per Common Share

For the three months ended March 31, 2000 and 1999 basic  earnings per share was
determined  by dividing net income  applicable  to common  stockholders  for the
period by the  weighted  average  number of shares of Common  Stock  outstanding
during each period.

Diluted  earnings per share reflects the potential  dilution that could occur if
securities or other  contracts to issue Common Stock were exercised or converted
into Common  Stock or resulted in the  issuance of Common Stock that then shared
in the earnings of the Company. For the three month periods ended March 31, 2000
and 1999  diluted  earnings  per share was  determined  by  dividing  net income
applicable  to common  stockholders  for the period by the total of the weighted
average number of
One Liberty Properties, Inc. and Subsidiaries
                   Notes to Consolidated Financial Statements
                                   (Continued)

Note 2 - Earnings Per Common Share (Continued)

shares of Common Stock  outstanding  plus the dilutive  effect of the  Company's
outstanding  options  (206 and 46 for the three  months ended March 31, 2000 and
1999, respectively) using the treasury stock method. The Preferred Stock was not
considered for the purpose of computing diluted earnings per share because their
assumed conversion is antidilutive.

Options to purchase 128,000 shares of Common Stock at $12.375, $14.50 and $13.50
per share (which were granted  during March 1999,  1998 and 1997,  respectively)
were not included in the  computation of diluted  earnings per share because the
exercise price of these options are greater than the average market price of the
common  shares  as of  March  31,  2000  and,  therefore,  the  effect  would be
antidilutive.

Note 3 - Preferred and Common Stock Dividend Distributions

On March 15, 2000 the Board of Directors  declared  quarterly cash distributions
of $.30  and $.40  per  share  on the  Company's  common  and  preferred  stock,
respectively,  payable on April 3, 2000 to  stockholders  of record on March 28,
2000.

Note 4 - Revolving Credit Facility

On March 24,  2000,  the Company  consummated  a  $15,000,000  Revolving  Credit
Facility ("Facility") with European American Bank ("EAB"). The Facility provides
that the Company pay  interest at EAB's prime rate on funds  borrowed  under the
Facility and an unused  facility fee of 1/4 of 1%. The Company paid  $175,000 in
fees and closing costs which are being  amortized over the term of the loan. The
Facility  matures  on March 24,  2002 with an option to extend  the term for one
year. The Facility is guaranteed by all of the Company's  subsidiaries which own
unencumbered properties.

The Facility  will be used  primarily to finance the  acquisition  of commercial
real  estate.  The Company is required to comply  with  certain  covenants.  Net
proceeds  received from the sale or refinance of  properties  are required to be
used to repay  amounts  outstanding  under the  Facility  if  proceeds  from the
Facility were used to purchase the property.
One Liberty Properties, Inc. and Subsidiaries
                   Notes to Consolidated Financial Statements
                                   (Continued)

Note 5 - Property Acquisitions

During the three  months  ended  March 31,  2000,  the  Company  acquired  three
properties  for  a  total  consideration  of  approximately  $23,123,000.  First
mortgages  totaling  $15,000,000  were placed on two of these properties and the
balance was paid in cash.

On April 11, 2000, an additional  property was purchased for a consideration  of
approximately $11,500,000.  The property was financed at closing by taking title
to an existing first mortgage with a balance of approximately $9,000,000 and the
balance was funded from the Company's revolving credit facility.
Item 2.  Management's Discussion And Analysis Of Financial Condition And
         Results Of Operations

Liquidity and Capital Resources

The  Company's  primary  sources  of  liquidity  are cash  and cash  equivalents
($4,251,000 at March 31, 2000),  the $15,000,000  revolving  credit facility and
cash generated from operating activities.  On March 24, 2000 the Company entered
into an agreement  with European  American Bank ("EAB") to provide a $15,000,000
revolving credit facility  ("Facility").  The Facility will be used primarily to
finance the acquisition of commercial real estate. The Facility matures on March
24, 2002 with an option to extend through March 24, 2003.  Borrowings  under the
Facility bear  interest at EAB's prime rate and there is an unused  facility fee
of one-quarter of 1%. The Company is required to comply with certain  covenants.
Net proceeds  received from the sale or refinance of properties  are required to
be used to repay  amounts  outstanding  under the Facility if proceeds  from the
Facility were used to purchase the  property.  The Facility is guaranteed by all
Company  subsidiaries  which own  unencumbered  properties.  The Company had not
drawn down any funds under the credit agreement as of March 31, 2000.

During the three  months  ended  March 31,  2000,  the  Company  acquired  three
properties  for  a  total  consideration  of  approximately  $23,123,000.  First
mortgages  totaling  $15,000,000  were placed on two of these properties and the
balance of $8,123,000 was paid in cash.

In April 2000, the Company acquired a property located in Hanover,  Pennsylvania
for a consideration of approximately $11,500,000, of which $2,500,000 was funded
from the  Facility.  The  Company  assumed a mortgage  note with an  outstanding
balance of approximately  $9,000,000 which was  collateralized  by the property.
The building is triple net leased on a long term basis to a large  manufacturing
company.

The Company is currently in discussions concerning the acquisition of additional
net leased  properties.  Cash provided from  operations  and the Company's  cash
position will provide funds for cash distributions to shareholders and operating
expenses.  These  sources  of funds as well as funds  available  from the credit
facility will provide funds for future property  acquisitions.  It will continue
to be the Company's policy to make sufficient cash distributions to shareholders
in order for the Company to maintain  its real estate  investment  trust  status
under the Internal Revenue Code.
Results of Operations

Three Months Ended March 31, 2000 and 1999

Rental  income  increased by $408,000 to  $2,448,000  for the three months ended
March 31, 2000 as compared to the three  months  ended March 31, 1999  primarily
due to the  acquisition of three  properties in 2000 and the inclusion of rental
income on four properties acquired in 1999 for a full quarter.

Interest and other income  decreased by $37,000 to $111,000 for the three months
March 31, 2000  primarily due to a decrease in interest  earned on cash and cash
equivalents  available  for  investment  as a result  of the  cash  used to fund
property acquisitions.

The increase in depreciation and  amortization  expense of $64,000 for the three
months ended March 31, 2000 to $454,000  primarily  results from depreciation on
the seven properties acquired during 2000 and 1999.

The  increase in  interest-mortgages  payable to $749,000  for the three  months
ended March 31, 2000 from  $569,000 for the three months ended March 31, 1999 is
due to mortgages placed on six of the properties acquired during 2000 and 1999.

General and  administrative  expenses  increased  by $75,000 to $287,000 for the
three  months  ended March 31,  2000.  This  increase  was  primarily  due to an
increase in payroll and payroll related expenses.

Gain on sale of real estate and  available-for-sale  securities during the three
months ended March 31, 2000 results substantially from a gain of $156,000 on the
sale of a property located in South Carolina.
Item 3. - Quantitative and Qualitative Disclosures About Market Risks

The Company has considered  the effects of  derivatives  and exposures to market
risk relating to interest rate, foreign currency exchange rate,  commodity price
and equity  price risk.  The Company 's mortgages  payable  bear fixed  interest
rates and  therefore  there is no  material  market risk  associates  with these
instruments.

                        Part II - Other Information

Item 6. - Exhibits and Reports on Form 8-K

On February 18, 2000,  the Company filed a current  report on Form 8-K to report
the acquisition on February 10, 2000 of a property  located in Plano,  Texas for
approximately  $7,650,000.  In  connection  with the  acquisition,  the  Company
obtained a $5,000,000 first mortgage. Audited financial statements and unaudited
pro forma financial  statements  relating to this acquisition were filed on Form
8-K/A on April 24, 2000.

On March 31, 2000, the Company filed a current report on Form 8-K to report that
on March  24,  2000 the  Company  consummated  a  $15,000,000  revolving  credit
facility with European American Bank.

On April 11, 2000,  the Company filed a current report on Form 8-K to report the
acquisition  on March  29,  2000 of a  property  located  in El Paso,  Texas for
approximately  $14,066,000.  In  connection  with the  acquisition,  the Company
obtained  a  $10,000,000  first  mortgage.   Audited  financial  statements  and
unaudited pro forma financial statements relating to this acquisition were filed
on Form 8-K/A on May 11, 2000.

On May 2, 2000,  the  Company  filed a current  report on Form 8-K to report the
acquisition on April 11, 2000 of a property located in Hanover, Pennsylvania for
approximately $11,463,000.  The property was financed at closing by taking title
to an  existing  first  mortgage  with a balance  of  approximately  $9,000,000.
Audited  financial  statements  and  unaudited  pro forma  financial  statements
relating to this acquisition were filed on Form 8-K/A on May 11, 2000.
ONE LIBERTY PROPERTIES, INC.

                                SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                       One Liberty Properties, Inc.
                       ----------------------------
                               (Registrant)

May 15, 2000               /s/ Jeffrey Fishman
------------               -------------------
 Date                      Jeffrey Fishman
                           President

May 15, 2000               /s/ David W. Kalish
------------               -------------------
 Date                      David W. Kalish
                           Vice President and
                           Chief Financial Officer