X0202 4 2008-02-29 0000712770 ONE LIBERTY PROPERTIES INC OLP 0001187901 GOULD FREDRIC H 60 CUTTER MILL ROAD SUITE 303 GREAT NECK NY 11021 1 1 0 0 Chariman of Board Common Stock 2008-02-29 4 A 0 3000 0 A 312100 D Common Stock 930389 I By partnership Common Stock 124 I By corporation Common Stock 11640 I By partnership Common Stock 3510 I By pension trust Common Stock 154695 I By pension fund Common Stock 47566 I By spouse The total includes shares owned in an IRA acount. The 3,000 shares were awarded to reporting person under the 2003 Incentive Plan. The shares vest February 28, 2013. The award is exempt from Section 16(b) under Rule 16(b)-3. 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. Includes shares purchased under issuer's dividend reinvestment plan. Reporting person is the sole shareholder of this corporation. Reporting person is a partner in this partnership. Reporting person is a trustee of this pension trust. Reporting person is a trustee of this pension trust. Reporting person disclaims any beneficial interest in these shares. Fredric H. Gould 2008-02-29