And Acquires a Stadium Movie Theatre GREAT NECK, N.Y., Nov. 19 /PRNewswire/ -- One Liberty Properties, Inc. (Amex: OLP; OLP Pr) announced that on November 16, 2001 it formed a 50/50 joint venture with an affiliate of Deutsche Bank A.G. (NYSE: DB) and that the venture, through a wholly owned subsidiary, acquired an approximately 80,000 square foot, 20 screen stadium movie theatre located in Norwalk (Los Angeles), California for a consideration of approximately $12.5 million. The joint venture intends to pursue additional equity and/or debt investments involving stadium movie theatres. The property is triple net-leased on a long-term basis to American Multi-Cinema, Inc. which is a subsidiary of AMC Entertainment, Inc. (NYSE: AEN). The lease is guaranteed by AMC Entertainment, Inc. According to AMC, it is a leader in the theatrical exhibition industry and at the end of fiscal year 2001, the worldwide circuit of AMC Theatres operated 180 theatres with 2,768 screens in 21 states and the District of Columbia, Canada, France, Hong Kong, Japan, Portugal, Spain, and Sweden. Jeffrey Fishman, President 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. Mr. Fishman further commented that the joint venture formalizes One Liberty's strong relationship with this institutional investor. One Liberty is a New York-based REIT that specializes in the acquisition and ownership of net leased single tenant real estate, with both short and long term leases. One Liberty's leases generally provide that all operating expenses and most or all other property related expenses, are paid for by the tenant, while contractual rental income escalates. For more information on One Liberty, please visit our website at http://www.1liberty.com. 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. MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X40031651 SOURCE One Liberty Properties, Inc. -0- 11/19/2001 /CONTACT: Mark Lundy of One Liberty Properties, Inc., +1-516-466-3100/ /Web site: http://www.1liberty.com / (OLP DB AEN) CO: One Liberty Properties, Inc.; Deutsche Bank A.G.; American Multi-Cinema, Inc.; AMC Entertainment, Inc. ST: New York, California IN: RLT ENT FLM FIN SU: JVN RLE -0- Nov/19/2001 22:29 GMT
One Liberty Properties, Inc. Forms Joint Venture
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