One Liberty Properties Joint Venture Acquires a Stadium Movie

                     Theatre  
  GREAT NECK, N.Y., May 21 /PRNewswire-FirstCall/ -- One Liberty Properties, 
Inc. (Amex: OLP; OLP Pr) announced that on May 20, 2002 its joint venture, OLP 
Holdings, LLC, acquired an approximately 88,000 square foot, 24 screen movie 
theatre with stadium-style seating located in Morrow (a suburb of Atlanta), 
Georgia for a consideration of approximately $14.1 million. The theatre is 
commonly referred to as the AMC Southlake Pavilion 24 Theatre.  The property 
is triple net-leased on a long-term basis to American Multi-Cinema, Inc., a 
subsidiary of AMC Entertainment, Inc. (NYSE: AEN). 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.  
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 three other stadium movie 
theatres.  The first is a stadium movie theatre also leased to American Multi- 
Cinema, Inc., a subsidiary of AMC Entertainment, Inc. and located in Norwalk 
(a suburb of Los Angeles), California.  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, and the third is a stadium 
movie theatre also leased to Regal Cinemas, Inc. and located in Beavercreek (a 
suburb of Dayton), Ohio.  The joint venture intends to pursue additional 
investments involving stadium movie theatres.  
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 
http://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.  
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SOURCE  One Liberty Properties, Inc.  


    -0-                             05/21/2002 
    /CONTACT:  Mark Lundy of One Liberty, +1-516-466-3100 / 


(AEN DB)  
CO:  One Liberty Properties, Inc.; AMC Entertainment, Inc.; OLP Holdings, LLC 
ST:  New York 
IN:  REA FIN ENT FLM 
SU:  JVN TNM  
-0- May/23/2002 15:22 GMT