ONE LIBERTY PROPERTIES INC — Director's Dealing 2012

Jan 18, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ONE LIBERTY PROPERTIES INC (OLP)
CIK: 0000712770
Period of Report: 2012-01-16

Reporting Person: GOULD FREDRIC H (Director, Chairman of Board)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-01-16	Common Stock	A	7400	—	Acquired	408643	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	141	Indirect
Common Stock	13415	Indirect
Common Stock	4044	Indirect
Common Stock	150355	Indirect
Common Stock	70417	Indirect
Common Stock	13977	Indirect
Common Stock	1476238	Indirect

Footnotes

F1: These shares were issued as restricted stock effective as of January 16, 2012, under the issuer's 2009 Incentive Plan. The shares vest January 15, 2017. The award is exempt from Section 16(b) under Rule 16b-3(d)(1).

F2: Reporting person is the sole shareholder of this corporation.

F3: Reporting person is a partner in this partnership.

F4: Reporting person is a trustee of this pension trust.

F5: Reporting person disclaims any beneficial interest in shares held directly by reporting person's spouse. Total includes 13,663 shares of issuer held by the Gould Shenfeld Family Foundation, of which reporting person's spouse is a director.

F6: Reporting person is a director of the Gould Shenfeld Family Foundation.

F7: Reporting person, the sole member of a limited liability company which is a general partner of Gould Investors L.P. and an executive officer of the corporate managing general partner of Gould Investors L.P., indirectly owns shares reported directly by Gould Investors L.P. This represents all shares of issuer owned by Gould Investors L.P. Includes shares acquired through issuer's dividend reinvestment plan.