GTJ Reit (GTTJ) 10-K 21 Mar 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 12, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Registrant Name	GTJ REIT, INC.
Entity Central Index Key	0001368757
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Annual Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		13,326,965
Entity Public Float			$ 0
Entity Tax Identification Number	20-5188065
Entity File Number	333-136110
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	1399 Franklin Avenue
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Garden City
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11530
City Area Code	516
Local Phone Number	693-5500
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Auditor Name	Baker Tilly US, LLP
Auditor Location	New York, New York
Auditor Firm ID	23

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real estate, at cost:
Land	$ 223,308	$ 197,745
Buildings and improvements	312,275	310,425
Total real estate, at cost	535,583	508,170
Less: accumulated depreciation and amortization	(104,163)	(93,785)
Net real estate held for investment	431,420	414,385
Cash and cash equivalents	27,913	59,504
Restricted cash	1,400	986
Rental income in excess of amount billed	16,123	15,825
Acquired lease intangible assets, net	5,836	4,726
Investment in unconsolidated affiliate	3,753	3,814
Right-of-use asset - operating lease, net	2,555	2,816
Other assets	18,237	19,061
Total assets	507,237	521,117
Liabilities:
Mortgage notes payable, net	369,423	345,466
Term loan payable, net	49,783	49,700
Secured revolving credit facility	40,000	40,000
Accounts payable and accrued expenses	5,234	7,533
Dividends payable	1,333	1,333
Acquired lease intangible liabilities, net	1,079	1,801
Right-of-use liability - operating lease	2,739	2,973
Other liabilities	6,032	6,160
Total liabilities	475,623	454,966
Commitments and contingencies (Note 9)
Equity:
Common stock, $.0001 par value; 100,000,000 shares authorized; 13,326,965 and 13,333,757 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively	1	1
Additional paid-in capital	132,217	141,812
Distributions in excess of net income	(107,330)	(107,082)
Total stockholders’ equity	24,888	34,731
Noncontrolling interest	6,726	31,420
Total equity	31,614	66,151
Total liabilities and equity	507,237	521,117
Series A Preferred Stock [Member]
Equity:
Preferred stock, value
Series B Preferred Stock, Non-Voting [Member]
Equity:
Preferred stock, value

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	13,326,965	13,333,757
Common stock, shares outstanding	13,326,965	13,333,757
Series A Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	500,000	500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series B Preferred Stock, Non-Voting [Member]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	6,500,000	6,500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Rental income	$ 75,273	$ 65,534
Total revenues	75,273	65,534
Operating Expenses:
Property operating expenses	15,489	14,829
General and administrative	11,795	12,617
Depreciation and amortization	13,794	12,948
Total operating expenses	41,078	40,394
Operating income before gain on sale of real estate	34,195	25,140
Gain on sale of real estate		14,593
Operating income	34,195	39,733
Interest expense	(24,570)	(19,453)
Equity in earnings of unconsolidated affiliate	189	153
Other income, net	1,450	1,559
Net income	11,264	21,992
Less: Net income attributable to noncontrolling interest	1,779	6,567
Net income attributable to common stockholders	$ 9,485	$ 15,425
Net income per common share attributable to common stockholders - basic earnings per share	$ 0.71	$ 1.15
Net income per common share attributable to common stockholders - diluted earnings per share	$ 0.7	$ 1.15
Weighted average common shares outstanding - basic	13,331,273	13,356,688
Weighted average common shares outstanding - diluted	13,516,162	13,442,087

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional-Paid-In-Capital [Member]	Distributions in Excess of Net Income [Member]	Total Stockholders' Equity [Member]	Noncontrolling Interests [Member]
Beginning Balance at Dec. 31, 2021	$ 76,204	$ 1	$ 155,192	$ (112,897)	$ 42,296	$ 33,908
Beginning Balance (in shares) at Dec. 31, 2021		13,333,335
Common stock dividends	(9,610)			(9,610)	(9,610)
Repurchases - common stock	(2,000)		(2,000)		(2,000)
Repurchases - common stock (in shares)		(99,850)
Purchases - LP interests	(16,800)		(16,800)		(16,800)
Stock-based compensation	1,504		1,504		1,504
Stock-based compensation (in shares)		100,272
Distributions to noncontrolling interest	(5,139)					(5,139)
Net income	21,992			15,425	15,425	6,567
Reallocation of equity			3,916		3,916	(3,916)
Ending Balance at Dec. 31, 2022	66,151	$ 1	141,812	(107,082)	34,731	31,420
Ending Balance (in shares) at Dec. 31, 2022		13,333,757
Common stock dividends	(9,733)			(9,733)	(9,733)
Repurchases - common stock	(2,067)		(2,067)		(2,067)
Repurchases - common stock (in shares)		(101,955)
Purchases - LP interests	(32,214)		(32,214)		(32,214)
Stock-based compensation	1,914		1,914		1,914
Stock-based compensation (in shares)		95,163
Distributions to noncontrolling interest	(3,701)					(3,701)
Net income	11,264			9,485	9,485	1,779
Reallocation of equity			22,772		22,772	(22,772)
Ending Balance at Dec. 31, 2023	$ 31,614	$ 1	$ 132,217	$ (107,330)	$ 24,888	$ 6,726
Ending Balance (in shares) at Dec. 31, 2023		13,326,965

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 11,264	$ 21,992
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of real estate		(14,593)
Gain on settlement of pension withdrawal liability		(127)
Depreciation	10,461	9,891
Amortization of intangible assets and deferred charges	4,664	4,036
Stock-based compensation	1,914	1,504
(Income) from insurance recovery or write-off of a portion of property related to casualty loss, net		(677)
Non-cash lease expense	27	64
Rental income (in excess of) less than amount billed	(1,065)	839
Income from equity investment in unconsolidated affiliate	(189)	(153)
Distributions from unconsolidated affiliate	242	100
Changes in operating assets and liabilities:
Other assets	(794)	(4,523)
Accounts payable and accrued expenses	(1,861)	3,411
Other liabilities	1,049	35
Net cash provided by operating activities	25,712	21,799
CASH FLOWS FROM INVESTING ACTIVITIES:
Expenditures for improvements to real estate	(2,438)	(7,253)
Cash paid for property acquisition	(29,007)
Proceeds from disposition of property, net		28,400
Return on capital from unconsolidated affiliate	8
Proceeds of recovery of a portion of property related to casualty loss		642
Net cash (used in) provided by investing activities	(31,437)	21,789
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from mortgage notes payable	25,000	225,000
Financing costs from mortgage notes payable	(535)	(7,888)
Payment of mortgage notes payable		(233,100)
Proceeds from revolving credit facility		40,000
Loan costs from revolving credit facility		(514)
Payment of mortgage principal	(1,792)	(1,298)
Purchase of limited partnership interest	(32,214)	(16,800)
Repurchases of common stock	(2,067)	(2,000)
Extinguishment of pension withdrawal liability		(684)
Cash distributions to noncontrolling interests	(4,111)	(4,874)
Cash dividends paid	(9,733)	(9,610)
Net cash used in financing activities	(25,452)	(11,768)
Net (decrease) increase in cash, cash equivalents and restricted cash	(31,177)	31,820
Cash and cash equivalents including restricted cash of $986 and $1,047, respectively, at the beginning of period	60,490	28,670
Cash and cash equivalents including restricted cash of $1,400 and $986, respectively, at the end of period	29,313	60,490
SUPPLEMENTAL DISCLOSURE CASH FLOW INFORMATION:
Cash paid for interest	22,912	17,700
Non-cash expenditures for real estate	63	500
Right-of-use asset and liability	$ 2,739	$ 2,973

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Cash Flows [Abstract]
Restricted cash, at the beginning of period	$ 986	$ 1,047
Restricted cash, at the end of period	$ 1,400	$ 986

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	1. ORGANIZATION AND DESCRIPTION OF BUSINESS: GTJ REIT, Inc. (the “Company” or “GTJ REIT”) was incorporated on June 26, 2006, under the Maryland General Corporation Law. The Company is focused primarily on the acquisition, ownership, management, and operation of commercial real estate. The Company has elected to be treated as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended (the “Code”) and elected December 31 as its fiscal year end. Under the REIT operating structure, the Company is permitted to deduct the dividends paid to its stockholders when determining its taxable income. Assuming dividends equal or exceed the Company’s taxable income, the Company generally will not be required to pay federal corporate income taxes on such income. Any references to square footage, acreage, property count, or occupancy percentages, and any amounts derived from these values in these notes to the consolidated financial statements are unaudited. On January 17, 2013, the Company closed on a business combination with Wu/Lighthouse Portfolio, LLC, in which a limited partnership (the “Operating Partnership”) owned and controlled by the Company, acquired all outstanding ownership interests of a portfolio consisting of 25 commercial properties (the “Acquired Properties”) located in New York, New Jersey and Connecticut, in exchange for 33.29 % of the outstanding limited partnership interest in the Operating Partnership. The outstanding limited partnership interest in the Operating Partnership exchanged for the Acquired Properties was increased to 33.78 % due to post-closing adjustments. The subsequent redemption of certain shares of GTJ REIT common stock and the purchase of a portion of the outstanding limited partnership interest resulted in a net decrease to the outstanding limited partnership interest in the Operating Partnership to 16.69 %. As a result of this transaction, the Company’s then existing 7 properties and the subsequent acquisition of 19 properties and the sale of 2 properties from 2014 through 2023, the Company owned an 83.31 % interest in a total of 49 properties consisting of approximately 6.3 million square feet of primarily industrial properties on approximately 399 acres of land in New York, New Jersey, Connecticut, Delaware and North Carolina as of December 31, 2023. At December 31, 2023, subject to certain anti-dilutive and other provisions contained in the governing agreements, the limited partnership interest in the Operating Partnership may be converted in the aggregate, into approximately 1.5 million shares of the Company’s common stock and approximately 1.2 million shares of the Company’s Series B preferred stock. During 2020, the Company agreed upon certain rent relief requests, most often in the form of rent deferral requests, as a result of COVID-19. Not all tenant requests resulted in amended agreements, nor did the Company forego its contractual rights under its lease agreements. These rent relief requests from the Company’s tenants did not have a material impact on the Company’s results of operations, financial condition or cash flows as of and for the years ended December 31, 2023 and December 31, 2022. The rent relief requests resulted in the total payments required by the modified contract being substantially the same or less than the total payments required by the original contract. Therefore, the Company has elected to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under lease accounting pronouncements as though enforceable rights and obligations for the concessions existed, regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract. The effects of the COVID-19 pandemic did not impact the Company’s results of operations, financial condition and cash flows for the years ended December 31, 2023 and December 31, 2022.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of Presentation: The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the financial statements of the Company and its wholly owned subsidiaries. If the Company determines that it has an interest in a variable interest entity within the meaning of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation , the Company will consolidate the entity when it is determined to be the primary beneficiary of the entity. Our Operating Partnership meets the criteria of a variable interest entity. The Company is the primary beneficiary and, accordingly, we consolidate our Operating Partnership. All material intercompany transactions have been eliminated in consolidation. The ownership interests of the other investors in the Operating Partnership are recorded as noncontrolling interests. None of the prior year amounts have been reclassified for consistency with the current year presentation. Use of Estimates: The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, and related disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. All of these estimates reflect management’s best judgment about current economic and market conditions and their effects based on information available as of the date of these consolidated financial statements. If such conditions persist longer or deteriorate further than expected, it is reasonably possible that the judgments and estimates could change, which may result in impairments of certain assets. Significant estimates include the useful lives of long- lived assets including property, equipment and intangible assets, impairment of assets, collectability of receivables, contingencies, stock-based compensation, and fair value of assets and liabilities acquired in business combinations. Real Estate: Real estate assets are stated at cost, less accumulated depreciation and amortization. All costs related to the improvement or replacement of real estate properties, including interest expense on development properties, are capitalized. Acquisition-related costs are capitalized for asset acquisitions. Additions, renovations, and improvements that enhance and/or extend the useful life of a property are also capitalized. Expenditures for ordinary maintenance, repairs, and improvements that do not materially prolong the normal useful life of an asset, are charged to operations as incurred. The Company capitalizes all direct costs of real estate under development until the end of the development period. In addition, the Company capitalizes the indirect cost of insurance and real estate taxes allocable to real estate under development during the development period. The Company also capitalizes interest using the avoided cost method for real estate under development during the development period. The Company will cease the capitalization of these costs when development activities are substantially completed and the property is available for occupancy by tenants, but no later than one year from the completion of major construction activity at which time the property is placed in service and depreciation commences. If the Company suspends substantially all activities related to development of a qualifying asset, the Company will cease capitalization of these costs until activities are resumed. The Company had no real estate under development as of December 31, 2023, or December 31, 2022. Upon the acquisition of real estate properties, the relative fair value of the real estate purchased is allocated to the acquired tangible assets (generally consisting of land, buildings and building improvements, and tenant improvements) and identified intangible assets and liabilities (generally consisting of above-market and below-market leases and the origination value of in-place leases) in accordance with GAAP. We utilize methods similar to those used by independent appraisers in estimating the fair value of acquired assets and liabilities. The fair value of the tangible assets of an acquired property considers the value of the property “as-if-vacant.” In allocating the purchase price to identified intangible assets and liabilities of an acquired property, the value of above-market and below-market leases is estimated based on the differences between contractual rentals and the estimated market rents over the applicable lease term discounted back to the date of acquisition utilizing a discount rate adjusted for the credit risk associated with the respective tenants. The aggregate value of in-place leases is measured based on the avoided costs associated with lack of revenue over a market-oriented lease-up period, the avoided leasing commissions, and other avoided costs common in similar leasing transactions. Mortgage notes payable assumed in connection with acquisitions are recorded at their fair value using current market interest rates for similar debt at the time of acquisitions. The capitalized above-market lease values are amortized as a reduction of rental revenue over the remaining term of the respective leases and the capitalized below-market lease values are amortized as an increase to rental revenue over the remaining term of the respective leases. The value of in-place leases is based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during expected lease-up periods, current market conditions, and costs to execute similar leases. The values of in-place leases are amortized over the remaining term of the respective leases and are included in depreciation and amortization in the accompanying consolidated statements of operations. If a tenant vacates its space prior to its contractual expiration date, any unamortized balance of the related intangible assets or liabilities is recorded as income or expense in the period. The total net impact to rental revenues due to the amortization of above-market and below-market leases was a net increase in rental revenue of approximately $ 0.6 million for both the years ended December 31, 2023 and December 31, 2022. As of December 31, 2023, approximately $ 0.8 million and $ 5.0 million (net of accumulated amortization) relating to above-market and in-place leases, respectively, are included in acquired lease intangible assets, net in the accompanying consolidated balance sheets. As of December 31, 2022, approximately $ 0.2 million and $ 4.5 million (net of accumulated amortization) relating to above-market and in-place leases, respectively, are included in acquired lease intangible assets, net in the accompanying consolidated balance sheets. As of December 31, 2023, and 2022, $ 1.1 million and $ 1.8 million (net of accumulated amortization), respectively, relating to below-market leases is included in acquired lease intangible liabilities, net in the accompanying consolidated balance sheets. The following table presents the projected increase (decrease) to rental revenue from the amortization of the acquired above-market and below-market lease intangibles and the increase to amortization expense of the in-place lease intangibles for properties owned at December 31, 2023, over the next five years and thereafter (in thousands): Net increase (decrease) to rental revenues Increase to amortization expense 2024 $ 420 $ 1,094 2025 64 928 2026 ( 13 ) 798 2027 4 564 2028 4 440 Thereafter ( 218 ) 1,195 $ 261 $ 5,019 Investment in Unconsolidated Affiliate: The Company has an investment in an entity that is accounted for under the equity method of accounting. The equity method of accounting is used when an investor has influence, but not control, over the investee. The Company records its share of the profits and losses of the investee in the period when these profits and losses are also reflected in the accounts of the investee. On February 28, 2018, the Company purchased a 50 % interest in Two CPS Developers LLC (the “Investee”) for $ 5.25 million. The Company has the ability to exercise significant influence over the Investee, does not have a controlling interest in the Investee, and the Investee is not a variable interest entity. Therefore, the Company accounts for this investment under the equity method of accounting. The Company recorded income of $ 0.2 million from this investment for each of the years ended December 31, 2023 and 2022. The Company recognizes income for distributions in excess of its investment where there is no recourse to the Company and no intention or obligation to contribute additional capital. For investments in which there is recourse to the Company or an obligation or intention to contribute additional capital exists, distributions in excess of the investment are recorded as a liability. When characterizing distributions from equity investees within the Company’s consolidated statement of cash flows, all distributions received are first applied as returns on investment to the extent there are cumulative earnings related to the respective investment and are classified as cash inflows from operating activities. If cumulative distributions are in excess of cumulative earnings, distributions are considered a return of investment. In such cases, the distribution is classified as cash inflows from investing activities. The Company periodically reviews its investments in unconsolidated joint ventures for other-than-temporary losses in investment value. Any decline that is not expected to be recovered based on the underlying assets of the investment is considered other than temporary and an impairment charge is recorded as a reduction in the carrying value of the investment. During the periods presented there were no impairment charges related to the Company’s investment in unconsolidated affiliate. The total assets and liabilities of the Company’s investment in unconsolidated affiliate as of December 31, 2023 were $ 16.5 million and $ 9.0 million, respectively. Total revenues and expenses of the Company’s investment in unconsolidated affiliate for the year ended December 31, 2023 were $ 1.8 million and $ 1.4 million, respectively. The total assets and liabilities of the Company’s investment in unconsolidated affiliate as of December 31, 2022 were $ 17.0 million and $ 9.4 million, respectively. Total revenues and expenses of the Company’s investment in unconsolidated affiliate for the year ended December 31, 2022 were $ 1.6 million and $ 1.3 million, respectively. Depreciation and Amortization: The Company uses the straight-line method for depreciation and amortization. Properties and property improvements are depreciated over their estimated useful lives, which range from 5 to 40 years . Furniture, fixtures, and equipment are depreciated over estimated useful lives that range from 5 to 10 years . Tenant improvements are amortized over the shorter of the remaining non-cancellable term of the related leases or their useful lives. Deferred Charges: Deferred charges consist principally of leasing commissions, which are amortized over the life of the related tenant leases, and financing costs relating to our revolving credit facility, which are amortized over the terms of the respective debt agreements. These deferred charges are included in other assets on the consolidated balance sheets. If leases or loans are terminated, the unamortized charges are expensed. Real Estate Impairment: Management reviews each real estate investment for impairment whenever events or circumstances indicate that the carrying value of a real estate investment may not be recoverable. Significant management judgment is involved in determining if impairment indicators exist, assessing investments for recoverability, and, if required, measuring the fair value of the real estate investments. The review of recoverability is based on an estimate of the undiscounted future cash flows that are expected to result from the real estate investment’s use and eventual disposition. Such cash flow analyses consider assumptions such as expected future market rents, future revenue, market capitalization rates and holding periods, as well as the effects of leasing demand, competition and other factors. If an impairment event exists due to the projected inability to recover the carrying value of a real estate investment, an impairment loss is recorded to the extent that the carrying value exceeds estimated fair value. Management is required to make subjective assessments as to whether there are impairments in the value of the Company’s real estate holdings. These assessments could have a direct impact on net income, because an impairment loss is recognized in the period that the assessment is made. Management has determined that there was no impairment relating to its long-lived assets for the years ended December 31, 2023 and 2022. Reportable Segments: As of December 31, 2023, the Company primarily operated in one reportable segment, commercial real estate. Revenue Recognition: Rental income includes the base rent that each tenant is required to pay in accordance with the terms of their respective leases reported on a straight-line basis over the term of the lease. In order for management to determine, in its judgment, that the unbilled rent receivable applicable to each specific property is collectible, management reviews billed and unbilled rent receivables and takes into consideration the tenant’s payment history and financial condition. If the Company determines that the collectability of a tenant’s lease payments is not probable, the write-off of the entire tenant receivable, including straight-line rent receivable, is presented as a reduction of revenue rather than an operating expense on the consolidated statements of operations. Rental income related to tenants where the collectability of lease payments is not deemed probable will be recorded on a cash basis. Some of the leases provide for additional contingent rental revenue in the form of percentage rents and increases based on the consumer price index, subject to certain maximums and minimums. For the year ended December 31, 2023, the Company determined that collectability of one tenant’s lease payments was not probable and, therefore, the Company recorded a write-off of the entire tenant receivable in the amount of $ 0.3 million and placed the tenant on the cash basis as of June 30, 2023. In February 2024, the Company entered into a settlement agreement with tenant and received $ 0.6 million in full settlement of amounts due. Substantially all of the Company’s properties are subject to long-term net leases under which the tenant is typically responsible to pay for its pro rata share of real estate taxes, insurance, and ordinary maintenance and repairs for the property. Property operating expense recoveries from tenants of common area maintenance, real estate taxes, and other recoverable costs are recognized as revenues in the period that the related expenses are incurred. Tenant receivables at December 31, 2023 and 2022 were $ 0.5 million and $ 0.6 million, respectively, and are included in other assets in the accompanying consolidated balance sheets. Lease Accounting: As lessor, the Company has made an accounting policy election to account for lease concessions related to the effects of COVID-19 consistent with how those concessions would be accounted for under Topic 842, which is as though the enforceable rights and obligations for those concessions existed regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract. The Company elected to utilize the practical expedient provided by Accounting Standards Update (“ASU”) 2018-11 related to the separation of lease and non-lease components and as a result, revenues related to leases are reported on one line in the presentation within the consolidated statements of operations. The Company elected not to evaluate whether certain sales taxes and other similar taxes are lessor costs or lessee costs. Instead, these costs will be accounted for as if they are lessee costs. Consequently, the Company excludes from the consideration in the contract and from variable payments not included in the consideration in the contract all collections from lessees of taxes within the scope of the election and provides certain disclosures. The accounting policy election includes sales, use, value added, and some excise taxes but excludes real estate taxes. The following table presents additional disclosures regarding the Company’s rental income for the twelve months ended December 31, 2023 and 2022 (in thousands): 2023 2022 Fixed lease revenue $ 62,415 $ 53,042 Variable lease revenue 12,858 12,492 Total lease revenue $ 75,273 $ 65,534 As lessee, the Company elected to utilize the practical expedient in the implementation of ASU 2016-02 related to not separating non-lease components from the associated lease component. The Company is a party to an office lease, effective October 1, 2021, having a term of ten years , with future lease obligations aggregating to $ 3.2 million and $ 3.5 million as of December 31, 2023 and December 31, 2022 respectively (see Note 9). The Company has recorded a right-of-use asset and corresponding right-of-use liability at the present value of the remaining future minimum lease payments, based upon an incremental borrowing rate of 3.86 %, of $ 3.1 million , as of October 1, 2021. The following table presents the future lease obligations of the Company’s office lease on December 31, 2023, over the next five years and thereafter (in thousands): 2024 $ 353 2025 363 2026 374 2027 385 2028 397 Thereafter 1,299 Total future minimum lease payments 3,171 Less imputed interest 432 Total right-of-use liability – operating lease $ 2,739 The following table presents additional disclosures regarding the Company’s office leases for the years ended December 31, 2023 and 2022 (in thousands): 2023 2022 Operating lease costs $ 340 $ 308 Variable lease costs 33 29 Total lease costs $ 373 $ 337 Earnings Per Share Information: The Company presents both basic and diluted earnings per share. Basic earnings per share excludes dilution and is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the 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, where such exercise or conversion would result in a lower per share amount. Restricted stock was included in the computation of basic and diluted earnings per share. Stock option awards were included in the computation of diluted earnings per share in 2023 and 2022 because the option awards were dilutive. Cash and Cash Equivalents: The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Restricted Cash: Restricted cash includes reserves used to pay real estate taxes, leasing costs and capital improvements. Fair Value Measurement: The Company determines fair value in accordance with ASC 820-10-05 for financial assets and liabilities. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. Assets and liabilities disclosed at fair values are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are defined by ASC 820-10-35, are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities. Determining which category an asset or liability falls within the hierarchy requires significant judgment, and the Company evaluates its hierarchy disclosures each quarter. The three-tier fair value hierarchy is as follows: Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Valuations based on unobservable inputs reflecting management’s own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. Income Taxes: The Company is organized and conducts its operations to qualify as a REIT for Federal income tax purposes. Accordingly, the Company is generally not subject to Federal income taxation on the portion of its distributable income that qualifies as REIT taxable income, to the extent that it distributes at least 90 % of its REIT taxable income to its stockholders and complies with certain other requirements as defined in the Code. The Company also participates in certain activities conducted by entities which elected to be treated as taxable subsidiaries under the Code. As such, the Company is subject to federal, state, and local taxes on the income from these activities. The Company accounts for income taxes of the taxable subsidiaries under the asset and liability method as required by the provisions of ASC 740-10-30. Under this method, deferred tax assets and liabilities are established based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not. ASC 740-10-65 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-65, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740-10-65 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of December 31, 2023, and 2022, the Company had determined that no liabilities are required in connection with unrecognized tax positions. As of December 31, 2023, the Company’s tax returns for the prior three years are subject to review by the Internal Revenue Service. Any interest and penalties would be expensed as incurred. Concentrations of Credit Risk: Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, which from time to time exceed the federal depository insurance coverage. All non-interest bearing transaction accounts deposited at an insured depository institution are insured by the Federal Deposit Insurance Corporation up to the standard maximum deposit insurance amount of $ 250,000 . Management believes that the Company is not exposed to any significant credit risk due to the credit worthiness of the financial institutions. Rental income of $ 9.5 million, derived from five leases with the City of New York, represented 13 % of the Company’s total rental income for the year ended December 31, 2023. Rental income of $ 9.5 million, derived from five leases with the City of New York, represented 15 % of the Company’s total rental income for the year ended December 31, 2022. Rental income of $ 10.9 million, derived from six leases with Federal Express, represented 15 % of the Company’s total rental income for the year ended December 31, 2023. Rental income of $ 9.0 million, derived from four leases with Federal Express, represented 14 % of the Company’s total rental income for the year ended December 31, 2022. Rental income of $ 7.7 million, derived from one lease with Avis Rent-A-Car Systems, Inc.(“Avis”), represented 10 % of the Company’s total rental income for the year ended December 31, 2023. Rental income of $ 3.4 million, derived from one lease with Avis, represented 5 % of the Company’s total rental income for the year ended December 31, 2022. On October 31, 2022, Avis signed a ten-year option to extend its lease for the premises located at 23-85 87th Street, East Elmhurst, New York. Stock-Based Compensation: The Company has a stock-based compensation plan, which is described below in Note 6. The Company accounts for stock-based compensation in accordance with ASC 718, which establishes accounting for stock-based awards. Under the provisions of ASC 718, share-based compensation cost is measured at the grant date, based on the fair value of the award, and is expensed at the grant date (for the portion that vests immediately) or ratably over the respective vesting periods. The impact of the forfeiture of awards is recognized as forfeitures occur. Recently Issued Accounting Pronouncements: In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) – Improvements to Income Tax Disclosures.” The guidance requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on the income taxes paid. The guidance is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. ASU 2023-09 applies to all entities subject to income taxes. For public business entities, the new requirements will be effective for annual periods beginning after December 15, 2024. For entities other than public business entities, the requirements will be effective for annual periods beginning after December 15, 2025. The guidance will be applied on a prospective basis, with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently assessing the impact this guidance will have on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures,” which amends disclosure requirements about a public company’s reportable segments and addresses requests from investors for additionally detailed information about a reportable segment’s expenses. A public entity should apply the amendments provided by ASU 2023-07 retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently assessing the impact this guidance will have on its consolidated financial statements. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848),” which modifies ASC 848 (ASU 2020-04 discussed below), which was intended to provide relief related to “contracts and transactions that reference LIBOR or a reference rate that is expected to be discontinued as a result of reference rate reform.” ASU 2021-01 expands the scope of ASC 848 to include all affected derivatives and give reporting entities the ability to apply certain aspects of the contract modification and hedge accounting expedients to derivative contracts affected by the discounting transition. ASU 2021-01 also adds implementation guidance to clarify which optional expedients in ASC 848 may be applied to derivative instruments that do not reference LIBOR or a reference rate that is expected to be discontinued, but that are being modified as a result of the discounting transition. The Company does not have any derivative transactions to which this ASU applied. As a result, the implementation of this ASU did not have a material effect on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The guidance provided optional expedients and exceptions for applying generally accepted accounting principles when accounting for contract modifications, hedging relationships and other transactions impacted by rate reform, subject to meeting certain criteria. ASU 2020-04 was effective as of March 12, 2020. The Company has a credit line facility to which this ASU was applied beginning in 2022. The adoption of ASU 2020-04 did not have a material impact on the Company's consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments.” The guidance required organizations to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The new guidance affects organizations that hold financial assets and net investments in leases that are not accounted for at fair value with changes in fair value reported in net income. The new guidance affects loans, debt securities, trade receivables, net investments in leases, off balance sheet exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. ASU 2016-13 was effective for public business entities that meet the definition of an SEC filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 31, 2019, including interim periods within those periods, and for all other entities for fiscal years beginning after December 31, 2022, including interim periods within those fiscal years. The adoption of ASU 2016-13 did not have a material impact on the Company’s condensed consolidated financial statements.

Real Estate

Real Estate	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Real Estate	3. REAL ESTATE: The changes in real estate for the years ended December 31, 2023 and 2022 are as follows (in thousands): 2023 2022 Balance at beginning of year $ 508,170 $ 514,789 Property acquisitions 25,563 — Property disposition — ( 14,017 ) Improvements 1,850 7,398 Balance at end of year $ 535,583 $ 508,170 The changes in accumulated depreciation and amortization related to real estate held for investment, for the years ended December 31, 2023 and 2022 are as follows (in thousands): 2023 2022 Balance at beginning of year $ 93,785 $ 84,190 Property disposition — ( 211 ) Depreciation and amortization for year 10,378 9,806 Balance at end of year $ 104,163 $ 93,785 East New York, New York On October 26, 2021, the Company (through its Operating Partnership) acquired for cash a vacant 58,003 square-foot single story warehouse/industrial building in East New York, New York for $ 13.6 million, exclusive of closing costs. On November 9, 2022, the Company sold this property for $ 29.4 million, exclusive of closing costs, resulting in a net gain of approximately $ 14.6 million. Charlotte, North Carolina On January 18, 2023, the Company (through its Operating Partnership) acquired for cash a 435,600 square-foot parcel of land and land improvements located in Charlotte, North Carolina for $ 28.7 million, exclusive of closing costs, which is subject to a 10-year lease to FedEx Ground expiring on July 31, 2032 . Purchase Price Allocations: The purchase price of the above acquisition was allocated to the acquired assets and assumed liabilities based on their estimated relative fair values at the date of acquisition. The following table summarizes the Company’s allocation of the purchase prices of assets acquired and liabilities assumed during 2023 and 2022 (in thousands): 2023 2022 Land $ 17,383 $ — Land Improvements 8,029 $ — Acquired lease intangibles assets 2,655 $ — Other assets 940 $ — Total Consideration $ 29,007 $ — Casualty Loss: The Company incurred a weather-related casualty loss of approximately $ 396,000 related to one of its properties during 2021. The loss was insured and the Company has recorded insurance reimbursements of approximately $ 677,000 related to this loss in 2022. The casualty loss and related insurance reimbursements are included in other income, net, on the accompanying consolidated statements of operations.

Mortgage Notes Payable

Mortgage Notes Payable	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Mortgage Notes Payable	4. MORTGAGE NOTES PAYABLE: The following table sets forth a summary of the Company’s mortgage notes payable (in thousands): Principal Principal Outstanding as of Outstanding as of Loan Interest Rate December 31, 2023 December 31, 2022 Maturity People’s United Bank 4.18 % 14,710 15,084 10/15/2024 Allstate Life Insurance Company 4.00 % 34,808 35,638 4/1/2025 United States Life Insurance Company 3.82 % 39,000 39,000 1/1/2028 United States Life Insurance Company 4.25 % 32,632 33,000 4/1/2028 Transamerica Life Insurance Company 3.45 % 8,037 8,257 4/1/2030 American International Group 2022 4.63 % 225,000 225,000 9/1/2032 Transamerica Life Insurance Company 2023 5.40 % 25,000 — 8/1/2033 Subtotal 379,187 355,979 Unamortized loan costs ( 9,764 ) ( 10,513 ) Total $ 369,423 $ 345,466 Amortization of deferred mortgage loan costs was $ 1.3 million and $ 1.1 million for the years ended December 31, 2023 and December 31, 2022, respectively, and is included in interest expense in the accompanying consolidated statements of operations. People’s United Bank Loan Agreement: In connection with the acquisition in 2014 of an 84,000 square foot parking lot in Long Island City, Queens, NY, a wholly owned subsidiary of the Operating Partnership entered into a mortgage loan agreement with People’s United Bank in the aggregate amount of $ 15.5 million. The loan has a ten-year term and bears interest at 4.18 %. Payments for the first seven years were interest only. Payments over the remaining three years of the term are based on a 25 -year amortization schedule, with a balloon payment of $ 14.4 million due at maturity . American International Group Loan Agreement: On February 20, 2015, the Operating Partnership refinanced the outstanding debt on certain properties and placed new financing on others by entering into loan agreements (collectively, the “AIG Loan Agreements”) with American General Life Insurance Company, the Variable Annuity Life Insurance Company, the United States Life Insurance Company in the City of New York, American Home Assurance Company and Commerce and Industry Insurance Company. The AIG Loan Agreements provided a secured loan in the principal amount of $ 233.1 million (the “AIG Loan”). The AIG Loan was a 10 -year term loan that required interest only payments at the rate of 4.05 % per annum. During the period from April 1, 2015, to February 1, 2025, payments of interest only were payable in arrears with the entire principal balance plus any accrued and unpaid interest due and payable on March 1, 2025. The Operating Partnership’s obligation to pay the interest, principal and other amounts under the Loan Agreement were evidenced by the secured promissory notes executed on February 20, 2015 (the “AIG Notes”). The AIG Notes were secured by certain mortgages encumbering 28 properties in New York, New Jersey and Connecticut. The outstanding indebtedness and fees were repaid on August 5, 2022 in connection with the American International Group 2022 Loan Agreement (as defined below) which terminated the Company’s loan obligations under the AIG Loan Agreements. Allstate Life Insurance Company Loan Agreement: On March 13, 2015, in connection with the acquisition of six properties in Piscataway, NJ, the Operating Partnership closed on a $ 39.1 million cross-collateralized mortgage (the “Allstate Loan”) from Allstate Life Insurance Company, Allstate Life Insurance Company of New York and American Heritage Life Insurance Company. The Allstate Loan Agreement provides a secured facility with a 10 -year term loan. During the first three years of the term of the loan, it required interest only payments at the rate of 4 % per annum. Following this period until the loan matures on April 1, 2025 , payments will be based on a 30 -year amortization schedule with a balloon payment of $ 33.7 million due at maturity. United States Life Insurance Company Loan Agreement: On December 20, 2017 (the “Closing Date”), four wholly owned subsidiaries of the Operating Partnership (collectively, the “U.S. Life Borrowers”) entered in a loan agreement (the “U.S. Life Loan Agreement”) with the United States Life Insurance Company in the City of New York (the “Lender”). The U.S. Life Loan Agreement provides for a secured loan facility in the principal amount of $ 39.0 million (the “Loan Facility”). The Loan Facility is a 10 -year term loan that requires interest only payments at the rate of 3.82 % per annum. During the period from February 1, 2018 to December 1, 2027, payments of interest only on the principal balance of the U.S. Life Note (as defined below) will be payable in arrears, with the entire principal balance due and payable on January 1, 2028 , the loan maturity date. Subject to certain conditions, the U.S. Life Borrowers may prepay the outstanding loan amount in whole on or after January 1, 2023, by providing advance notice of the prepayment to the Lender and remitting a prepayment premium equal to the greater of 1 % of the then outstanding principal amount of the Loan Facility or the then present value of the U.S. Life Note (as defined below). The U.S. Life Borrowers paid the Lender a one-time application fee of $ 50,000 in connection with the Loan Facility. The U.S. Life Borrowers’ obligation to pay the principal, interest and other amounts under the Loan Facility are evidenced by the secured promissory note executed by the U.S. Life Borrowers as of the Closing Date (the “U.S. Life Note”). The U.S. Life Note is secured by certain mortgages encumbering the U.S. Life Borrowers’ properties (a total of four properties) located in New York, New Jersey and Delaware. In the event of default, the initial rate of interest on the U.S. Life Note will increase to the greatest of (i) 18 % per annum, (ii) a per annum rate equal to 4 % over the prime established rate, or (iii) a per annum rate equal to 5 % over the original interest rate, all subject to the applicable state or federal laws. The U.S. Life Note contains other terms and provisions that are customary for instruments of this nature. United States Life Insurance Company Loan Agreement: On March 21, 2018, four wholly owned subsidiaries of the Operating Partnership refinanced the current outstanding debt on certain properties by entering into a loan agreement with the United States Life Insurance Company in the City of New York. The loan agreement provides for a secured loan facility in the principal amount of $ 33.0 million. The loan facility is a ten-year term loan that requires interest only payments at the rate of 4.25 % per annum on the principal balance for the first five (5) years of the term and principal and interest payments (amortized over a 30-year period) during the second five years of the term. The entire principal balance is due and payable on April 1, 2028, the loan maturity date. Transamerica Life Insurance Company Loan Agreement: On March 24, 2020, two wholly owned subsidiaries of the Operating Partnership entered into a loan agreement with Transamerica Life Insurance Company. The loan agreement provides for a cross-defaulted, cross-collateralized portfolio of commercial mortgage loans in the aggregate principal amount of $ 8.4 million. The loan is evidenced by secured promissory notes. Each note is made by one of the borrowers and the combined principal amounts of the notes are equal to the amount of the loan. The term of each note is ten years and requires (i) interest-only payments at the rate of 3.45 % per annum on the principal balance of the note until April 1, 2022, and (ii) principal and interest payments (amortized over a 25-year period commencing at the end of the interest-only period) from May 1, 2022 through March 1, 2030. The entire principal balance of each note is due and payable on April 1, 2030, the loan maturity date . Subject to the terms of the loan agreement, each note may be prepaid in whole upon not less than 30 days’ prior written notice to the lender. Subject to certain exceptions, upon prepayment, the borrowers must remit a prepayment premium equal to the greater of (i) 1 % of the prepayment amount and (ii) a yield protection amount calculated in accordance with the terms of the notes. If a default exists, the outstanding principal balance of the notes shall, at the option of the lender, bear interest at a rate equal to the lesser of (i) 10 % per annum over the note rate and (ii) the highest rate of interest permitted to be paid or collected by applicable law with respect to the loan. The notes contain other terms and provisions that are customary for instruments of this nature. American International Group 2022 Loan Agreement: On August 5, 2022, certain subsidiaries of the Operating Partnership (collectively, the “Borrowers”) refinanced the AIG Loan by entering into new loan agreements (collectively the “American International Group 2022 Loan Agreement”) with AIG Asset Management (U.S.), LLC, as administrative agent, and the other lenders, American General Life Insurance Company, the Variable Annuity Life Insurance Company and the United States Life Insurance Company in the City of New York in a transaction that was accounted for as a loan modification. In connection with the modification, the Company incurred loan related costs of approximately $ 7.9 million, inclusive of a prepayment fee of $ 5.1 million under the prior AIG Loan Agreements. The American International Group 2022 Loan Agreement provides for secured loans in the aggregate principal amount of $ 225.0 million (collectively, the “2022 AIG Loans”), consisting of a loan secured by certain properties in New York in the principal amount of $ 144.3 million and a loan secured by certain properties in Connecticut and New Jersey in the principal amount of $ 80.7 million. The 2022 AIG Loans require the Borrowers to make monthly interest-only payments at the rate of 4.63 % per annum with the entire principal balance plus any accrued and unpaid interest due and payable on September 1, 2032 . The 2022 AIG Loans are secured by certain mortgages encumbering 25 properties in New York, New Jersey and Connecticut. Transamerica Life Insurance Company 2023 Loan Agreement: On July 31, 2023, three wholly owned subsidiaries of the Operating Partnership entered into a loan agreement with Transamerica Life Insurance Company. The loan agreement provides for a cross-defaulted, cross-collateralized portfolio of commercial mortgage loans in the aggregate principal amount of $ 25.0 million. The loan is evidenced by secured promissory notes. Each note is made by one of the borrowers and the combined principal amounts of the notes are equal to the amount of the loan. The term of each note is ten years and requires (i) interest-only payments at the rate of 5.4 % per annum on the principal balance of the note until August 1, 2026, and (ii) principal and interest payments (amortized over a 30-year period commencing at the end of the interest-only period) from September 1, 2026 through July 1, 2033. The entire principal balance of each note is due and payable on August 1, 2033, the loan maturity date. Subject to the terms of the loan agreement, each note may be prepaid in whole upon not less than 30 days’ prior written notice to the lender. Subject to certain exceptions, upon prepayment, the borrowers must remit a prepayment premium equal to the greater of (i) 1 % of the prepayment amount and (ii) a yield protection amount calculated in accordance with the terms of the notes. If a default exists, the outstanding principal balance of the notes shall, at the option of the lender, bear interest at a rate equal to the lesser of (i) 10 % per annum over the note rate and (ii) the highest rate of interest permitted to be paid or collected by applicable law with respect to the loan. The notes contain other terms and provisions that are customary for instruments of this nature. In connection with the loan agreements, the Company is required to comply with certain covenants. As of December 31, 2023, the Company was in compliance with all covenants. Principal Repayments: Scheduled principal repayments during the next five years and thereafter are as follows (in thousands): 2024 $ 16,374 2025 34,778 2026 980 2027 1,252 2028 69,820 Thereafter 255,983 Total $ 379,187

Secured Revolving Credit Facili

Secured Revolving Credit Facility & Term Loan Payable	12 Months Ended
	Dec. 31, 2023
Line of Credit Facility [Abstract]
Secured Revolving Credit Facility & Term Loan Payable	5. SECURED REVOLVING CREDIT FACILITY & TERM LOAN PAYABLE: Key Bank Loan Agreement : On December 2, 2015, the Operating Partnership entered into a Credit Agreement (the “Key Bank Credit Agreement”) with Keybank National Association and Keybanc Capital Markets Inc., as lead arranger (collectively, “Key Bank”). The Key Bank Credit Agreement contemplated a $ 50.0 million revolving line of credit facility, with an initial term of two years , with a one-year extension option, subject to certain other customary conditions. Through the exercise of additional extension options, the Operating Partnership extended the maturity date of the secured revolving credit facility through June 30, 2022. On October 22, 2021, the Operating Partnership entered into a First Amended and Restated Credit Agreement (the “Amended and Restated Credit Agreement”) with Key Bank and the other lenders parties thereto (collectively, the “Lenders”). The maturity date of the secured revolving credit facility was extended from June 30, 2022 under the Amended and Restated Credit Agreement. The Amended and Restated Credit Agreement provided for a $ 60 million senior secured credit facility (the “Credit Facility”), consisting of (i) a $ 10 million revolving line of credit facility, with an initial term of three years and two one-year extension options, subject to certain other customary conditions (the “Revolver”) and (ii) a $ 50 million term loan facility, with an initial term of four years and a one-year extension option and subject to certain other customary conditions, which was funded in a single advance on October 22, 2021 (the “Term Loan”). Up to $ 10 million of the total commitments under the Credit Facility will be available for the issuance of letters of credit and swing line loans. Loan costs paid in connection with the Credit Facility were $ 0.5 million. So long as no default or event of default has occurred and is continuing, the Operating Partnership shall have the right, from time to time, to request an increase in the size of the Term Loan, request an additional incremental term loan facility, or increase commitments under the Revolver, collectively in an aggregate amount that would not cause the Credit Facility to exceed $ 125 million (the “Accordion”). Accordion commitments can be committed at closing or any time thereafter and the Accordion commitments will be syndicated on a best-efforts basis. Prior to the First Amendment (defined below), loans drawn down by the Operating Partnership under the Credit Facility were required to specify, at the Operating Partnership’s option, whether they were base rate loans or LIBOR rate loans. Borrowings under the Credit Facility bore interest at a rate equal to, at the Operating Partnership’s option, either (1) the applicable average LIBOR rate as shown in Reuters Screen LIBOR01 Page (or any successor service, or commercially available source providing such quotations); provided if the rate shown on Reuters Screen LIBOR01 Page (or any successor service) was less than zero, such rate was deemed to be zero, or (2) a base rate determined by reference to the greatest of (a) the fluctuating annual rate of interest announced from time to time by Key Bank as its “prime rate,” (b) 0.50 % above the federal funds effective rate, or (c) then applicable LIBOR for an interest period of one (1) month plus 1.00 % per annum; provided that in no event would the Base Rate be less than zero, and in each case of clauses (1) and (2), plus an applicable margin, depending upon the overall leverage of the properties and whether the loan was under the Revolver or Term Loan facilities. Base Rate loans and LIBOR rate loans could be converted to loans of the other type, subject to certain conversion conditions. Each Revolver loan will be evidenced by a separate promissory note. The Operating Partnership agreed to pay to the Lenders an unused fee under the Revolver in the amount calculated as 0.20 % for usage less than 50% and 0.15 % for usage 50% or greater, calculated as a per diem rate, multiplied by the excess of the total commitment over the outstanding principal amount of the loans under the total Revolver commitment at the time of the calculation. The Operating Partnership has the right to reduce the amount of loan commitments under the Revolver or terminate the Revolver in accordance with the terms and conditions of the Amended and Restated Credit Agreement. Due to the revolving nature of the Revolver, amounts prepaid under the Revolver may be borrowed again, provided availability under the Amended and Restated Credit Agreement permits. Amounts repaid under the Term Loan may not be re-borrowed. The Amended and Restated Credit Agreement contemplates (i) mandatory prepayments by the Operating Partnership of any borrowings under the Credit Facility in excess of the total allowable commitment, among other events, and (ii) optional prepayments, at any time without any fees or penalty, in whole or in part, subject to payments of any amounts due associated with the prepayment of LIBOR rate contracts. The Operating Partnership’s obligations under the Credit Facility are secured by (i) perfected first priority lien and security interest to be held by Key Bank for the benefit of the Lenders in certain of the property, rights and interests of the Operating Partnership, the guarantors and their subsidiaries now existing and as may be acquired, and (ii) any new real estate or any interest therein or to refinance indebtedness secured thereby, financed by the Credit Facility, in whole or in part, which shall be subject to approval by Key Bank in its reasonable discretion, which will serve as additional collateral for the Credit Facility. Any subsidiaries that are not prohibited from being guarantors shall be guarantors. The parties to the Amended and Restated Credit Agreement also entered into several side agreements, including, the Joinder Agreements, the Assignment of Interests, the Acknowledgments, the Mortgages, the Guaranty, and other agreements and instruments to facilitate the transactions contemplated under the Amended and Restated Credit Agreement. Such agreements contain terms and provisions that are customary for instruments of this nature. The Operating Partnership’s continuing ability to borrow under the Credit Facility will be subject to its ongoing compliance with various affirmative and negative covenants, including, among others, with respect to maximum consolidated leverage ratio, minimum consolidated fixed charge coverage ratio, minimum liquidity, minimum consolidated tangible net worth, minimum debt yield, maximum distributions, minimum occupancy, permitted investments and restrictions on indebtedness. The Amended and Restated Credit Agreement contains events of default and remedies customary for loan transactions of this sort including, among others, those related to a default in the payment of principal or interest, an inaccuracy of a representation or warranty, and a default with regard to performance of certain covenants. The Amended and Restated Credit Agreement includes customary representations and warranties of the Operating Partnership, which must continue to be true and correct in all material respects as a condition to future draws. In addition, the Amended and Restated Credit Agreement also includes customary events of default (in certain cases subject to customary cure), in the event of which, amounts outstanding under the Credit Facility may be accelerated. The contemplated uses of proceeds under the Amended and Restated Credit Agreement include the (i) payment of closing costs in connection with the Amended and Restated Credit Agreement, (ii) repayment of indebtedness, (iii) acquisitions, development and capital improvements, (iv) general corporate and working capital purposes, and (v) purchase contract deposits and, subject to the terms and conditions of the Amended and Restated Credit Agreement, stock repurchases. On August 5, 2022 (the “Closing Date”), the Operating Partnership entered into a First Amendment (the “First Amendment”) to the First Amended and Restated Credit Agreement with Key Bank, as agent and lender, First Financial Bank, as lender, and the Company and certain direct and indirect subsidiaries of the Company as guarantors. The First Amendment amended the First Amended and Restated Credit Agreement to, among other things, (i) increase the amount available under the Revolver from $ 10 million to $ 40 million, (ii) extend the maturity date of the Revolver from October 22, 2024 to August 5, 2025 , (iii) extend the maturity date of the Term Loan from October 22, 2025 to August 5, 2026 , (iv) replace the interest rate option based on LIBOR with interest rate options based on the Secured Overnight Financing Rate (“SOFR”), including term SOFR and daily simple SOFR, and (v) add certain subsidiaries of the Operating Partnership as guarantors, and mortgages encumbering properties owned by such subsidiaries as collateral. In connection with the First Amendment, the Company incurred loan related costs of $ 0.5 million, which are included as a component of other assets in the accompanying consolidated balance sheet. As amended by the First Amendment, the Amended and Restated Credit Agreement provides for a $ 90 million Credit Facility, consisting of (i) a $ 40 million Revolver, with an initial term of three years from the Closing Date and two one-year extension options, subject to certain other customary conditions and (ii) a $ 50 million Term Loan, with an initial term of four years from the Closing Date and a one-year extension option and subject to certain other customary conditions, which was funded in a single advance on October 22, 2021. In connection with the release of certain encumbered properties as collateral upon disposition, the net disposition proceeds must be used to pay down the Credit Facility and any amounts applied to reduce the outstanding amount of the Revolver will result in a pro rata reduction in the amount available under the Revolver (subject to certain conditions). As amended by the First Amendment, loans drawn down by the Operating Partnership under the Credit Facility must specify, at the Operating Partnership’s option, whether they are base rate loans, daily simple SOFR rate loans or term SOFR rate loans. Borrowings under the Credit Facility bear interest at a rate equal to, at the Operating Partnership’s option, either (1) daily simple SOFR plus 0.1 % (but in no case shall the rate be less than zero), (2) term SOFR plus 0.1 % (but in no case shall the rate be less than zero) (“Adjusted Term SOFR”), or (3) a base rate determined by reference to the greatest of (a) the fluctuating annual rate of interest announced from time to time by Key Bank as its “prime rate,” (b) 0.50 % above the federal funds effective rate, (c) Adjusted Term SOFR for a one month tenor plus 1.0 % and (d) 1.0 %, and in each case of clauses (1), (2) and (3), plus an applicable margin, depending upon the overall leverage of the properties and whether the loan is under the Revolver or Term Loan facilities. Base rate loans and SOFR rate loans may be converted to loans of the other type, subject to certain conversion conditions. Outstanding borrowings under the Term Loan were $ 50.0 million as of December 31, 2023 and December 31, 2022, and are a SOFR rate borrowing. The interest rate on the Term Loan as of December 31, 2023 was 7.76 %. Unamortized loan costs for the Term Loan were $ 0.2 million and $ 0.3 million as of December 31, 2023 and December 31, 2022, respectively, and are included in term loan payable, net in the accompanying consolidated balance sheet. Outstanding borrowings under the Revolver with Key Bank were $ 40.0 million as of December 31, 2023 and December 31, 2022. The interest rate on the Revolver as of December 31, 2023 was 7.81 %. Unamortized loan costs for the Revolver were $ 0.3 million and $ 0.5 million as of December 31, 2023 and December 31, 2022, respectively, and are included in other assets in the accompanying consolidated balance sheets. Amortization of loan costs with Key Bank were $ 0.3 million and $ 0.2 million for the years ended December 31, 2023 and December 31, 2022, respectively. Amortization of loan costs is included in interest expense in the accompanying consolidated statements of operations. As of December 31, 2023, the Operating Partnership was in compliance with all covenants required in connection with the Amended and Restated Credit Agreement.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Stockholders' Equity	6. STOCKHOLDERS’ EQUITY: Preferred Stock: The Company is authorized to issue 10,000,000 shares of preferred stock, $ .0001 par value per share. Voting and other rights and preferences may be determined from time to time by the Board of Directors of the Company. The Company has designated 500,000 shares of preferred stock as Series A preferred stock, $ .0001 par value per share. In addition, the Company has designated 6,500,000 shares of preferred stock as Series B preferred stock, $ .0001 par value per share. There are no voting rights associated with the Series B preferred stock. There was no Series A preferred stock or Series B preferred stock outstanding as of December 31, 2023 and December 31, 2022. Common Stock: The Company is authorized to issue 100,000,000 shares of common stock, $ .0001 par value per share. As of December 31, 2023, and 2022, the Company had a total of 13,326,965 and 13,333,757 shares of common stock issued and outstanding, respectively. On November 9, 2023, the Company purchased 6,944 shares of common stock pursuant to a certain Order dated September 19, 2023 of the United States Bankruptcy Court for the Eastern District of New York at a purchase price of $ 9.65 per share for a total consideration of approximately $ 67,010 from the Chapter 7 estate of a stockholder. On June 2, 2023, the Company purchased 95,011 shares of common stock pursuant to its share redemption program at a purchase price of $ 21.05 per share for a total consideration of approximately $ 2.0 million. On December 1, 2022, the Company purchased 49,925 shares of common stock pursuant to its share redemption program at a purchase price of $ 20.03 per share for a total consideration of approximately $ 1.0 million. On June 3, 2022, the Company purchased 49,925 shares of common stock pursuant to its share redemption program at a purchase price of $ 20.03 per share for a total consideration of approximately $ 1.0 million. Dividend Distributions: The following table presents dividends declared by the Company on its common stock during 2023 and 2022: Record Payment Dividend Declaration Date Date Date Per Share March 15, 2022 March 31, 2022 April 15, 2022 $ 0.32 (1) March 15, 2022 March 31, 2022 April 18, 2022 $ 0.10 June 9, 2022 June 30, 2022 July 15, 2022 $ 0.10 August 2, 2022 September 30, 2022 October 14, 2022 $ 0.10 November 2, 2022 December 31, 2022 January 13, 2023 $ 0.10 March 14, 2023 March 31, 2023 April 14, 2023 $ 0.33 (2) March 14, 2023 March 31, 2023 April 17, 2023 $ 0.10 June 8, 2023 June 30, 2023 July 14, 2023 $ 0.10 August 1, 2023 September 30, 2023 October 16, 2023 $ 0.10 November 7, 2023 December 31, 2023 January 12, 2024 $ 0.10 (1) Represents a supplemental 2021 dividend. (2) Represents a supplemental 2022 dividend. In order to qualify as a REIT, the Company must distribute at least 90 % of its taxable income and must distribute 100 % of its taxable income in order not to be subject to corporate federal income taxes on retained income. The Company anticipates it will distribute all of its taxable income to its stockholders. Because taxable income differs from cash flow from operations due to non-cash revenues or expenses (such as depreciation) and timing differences for the recognition of income and the deduction of expenses, in certain circumstances, the Company may generate operating cash flow in excess of its distributions or, alternatively, may be required to borrow to make sufficient distribution payments. Noncontrolling Interest: On September 19, 2023, the Operating Partnership, pursuant to a certain Order dated September 19, 2023 of the United States Bankruptcy Court for the Eastern District of New York, purchased 15,202 Common and Class B limited partner units of the Operating Partnership for cash consideration of $ 32,214,363 from the Chapter 7 estate of a limited partner. On November 16, 2022, the Operating Partnership, pursuant to a certain Order dated October 6, 2022 of the United States Bankruptcy Court for the Eastern District of New York, purchased 6,421 Class B limited partner units of the Operating Partnership for cash consideration of $ 16,799,424 from the Chapter 7 estate of a limited partner. Stock-Based Compensation: On June 11, 2007, the Board of Directors approved the Company’s 2007 Incentive Award Plan (the “2007 Plan”). The 2007 Plan covered directors, officers, key employees and consultants of the Company. The purposes of the 2007 Plan was to further the growth, development, and financial success of the Company and to obtain and retain the services of the individuals considered essential to the long-term success of the Company. The 2007 Plan provided for awards in the form of restricted shares, incentive stock options, non-qualified stock options and stock appreciation rights. The aggregate number of shares of common stock which may have been awarded under the 2007 Plan was 1,000,000 shares. The 2007 Plan expired by its terms on June 11, 2017 . The 2017 Incentive Award Plan (the “2017 Plan”) was adopted by the Board and became effective on April 24, 2017 , subject to the approval of the Company’s stockholders which was obtained on June 8, 2017. The 2017 Plan has intended purposes to further the growth, development, and financial success of the Company and to obtain and retain the services of those individuals considered essential to the long-term success of the Company. The 2017 Plan provides for awards in the form of stock, stock units, incentive stock options, non-qualified stock options and stock appreciation rights. The aggregate number of shares of common stock which may be awarded under the 2017 Plan is 2,000,000 shares. On July 25, 2020, the Board approved an amendment to the 2017 Plan to permit the transfer of awards that have been exercised, or the shares of common stock underlying such awards which have been issued, and all restrictions applicable to such shares of common stock have lapsed. As of December 31, 2023, the Company had 1,030,891 shares available for future issuance under the 2017 Plan. Dividends paid on restricted shares are recorded as dividends on shares of the Company’s common stock whether or not they are vested. In accordance with ASC 718-10-35, the Company measures the compensation costs for these shares as of the date of the grant and the expense is recognized in earnings, at the grant date (for the portion that vests immediately) and then ratably over the respective vesting periods. The following table presents shares issued by the Company under the 2007 Plan and the 2017 Plan: Shares Issued Under the 2007 Plan Grant Total Value Approximate Date Shares Issued Per Share Value of Shares Vesting Period April 30, 2012 55,149 $ 6.80 $ 375,000 3 Years (2) June 7, 2012 5,884 $ 6.80 $ 40,000 Immediately (1) March 21, 2013 46,876 $ 6.40 $ 300,000 3 Years (2) March 21, 2013 3,126 $ 6.40 $ 20,000 Immediately (1) June 6, 2013 9,378 $ 6.40 $ 60,000 Immediately (1) June 4, 2014 44,704 $ 6.80 $ 304,000 5 years (2) June 19, 2014 8,820 $ 6.80 $ 60,000 Immediately (1) March 26, 2015 43,010 $ 9.30 $ 400,000 5 years (2) June 19, 2015 16,436 $ 10.65 $ 175,000 Immediately (1) March 24, 2016 47,043 $ 10.40 $ 489,000 5 years (2) June 9, 2016 14,424 $ 10.40 $ 150,000 Immediately (1) May 22, 2017 34,482 $ 11.60 $ 400,000 9 years (2) May 31, 2017 7,929 $ 11.60 $ 92,000 Immediately (3) June 8, 2017 15,516 $ 11.60 $ 180,000 Immediately (1) Shares Issued Under the 2017 Plan Grant Total Value Approximate Date Shares Issued Per Share Value of Shares Vesting Period June 7, 2018 42,918 $ 11.65 $ 500,000 9 Years (2) June 7, 2018 15,020 $ 11.65 $ 175,000 Immediately (1) June 5, 2019 64,654 $ 11.60 $ 750,000 9 Years (2) June 5, 2019 15,085 $ 11.60 $ 175,000 Immediately (1) June 4, 2020 72,834 $ 12.70 $ 925,000 9 Years (2) June 4, 2020 16,530 $ 12.70 $ 210,000 Immediately (1) June 10, 2021 123,947 $ 11.90 $ 1,475,000 9 Years (2) June 10, 2021 22,686 $ 11.90 $ 270,000 Immediately (1) June 9, 2022 85,398 $ 18.15 $ 1,550,000 9 Years (2) June 9, 2022 14,874 $ 18.15 $ 270,000 Immediately (1) June 8, 2023 78,548 $ 16.55 $ 1,300,000 9 Years (2) June 8, 2023 16,615 $ 16.55 $ 275,000 Immediately (1) (1) Shares issued to non-management members of the Board of Directors. (2) Shares issued to certain executives of the Company. (3) Shares issued to current and former executives of the Company in connection with the exercise of previously issued options. On November 8, 2016, 200,000 non-qualified stock options were granted to key officers of the Company under the 2007 Plan and had a three-year vesting period. For this grant, the exercise price was $ 10.40 per share and was equal to the value per share based upon a valuation of the shares conducted by an independent third party for the purpose of valuing shares of the Company’s common stock. The fair value of these stock options was based upon the Black-Scholes option pricing model, calculated at the grant date. On July 1, 2022, 400,000 non-qualified stock options were granted to key officers of the Company and had a three-year vesting period. For this grant, the exercise price was $ 18.15 per share and was equal to the value per share based upon a valuation of the shares conducted by an independent third party for the purpose of valuing shares of the Company’s common stock. The fair value of these stock options was based upon the Black-Scholes option pricing model, calculated at the grant date. The input assumptions used in this model were the Company's share value of $ 18.15 described above at December 31, 2021, the expected life ( 6.5 years), risk-free rate ( 3.0325 %), volatility ( 23.06 %) and dividend yield ( 3.967 %). All options expire ten years from the date of grant. For the year ended December 31, 2023, there was $ 0.4 million of stock compensation expense relating to these options. For the year ended December 31, 2022, there was $ 0.2 million of stock compensation expense relating to these options. The Board of Directors has determined the value of a share of common stock at December 31, 2023 to be $ 22.50 based on a valuation completed with the assistance of an independent third party for purposes of valuing shares of the Company’s common stock pursuant to the 2017 Plan. For the years ended December 31, 2023 and 2022, the Company’s total stock-based compensation in the statement of equity was approximately $ 1,914,000 and $ 1,504,000 , respectively. As of December 31, 2023, there was approximately $ 2,415,000 of unamortized stock compensation related to restricted stock. The cost is expected to be recognized over a weighted average period of 2.3 years. At December 31, 2023, 600,000 stock options were outstanding, of which 333,334 were vested and 266,666 were non-vested, and 1,011,896 shares of restricted stock were outstanding, 849,951 of which were vested. The following is a summary of restricted stock activity: Weighted Average Grant Date Fair Shares Value Non-vested shares outstanding as of December 31, 2022 166,480 $ 14.20 New shares issued through December 31, 2023 95,163 16.55 Vested ( 99,698 ) 15.68 Non-vested shares outstanding as of December 31, 2023 161,945 $ 14.91 The following is a vesting schedule of the non-vested shares of restricted stock outstanding as of December 31, 2023: Number of Shares 2024 50,831 2025 37,472 2026 27,441 2027 19,423 2028 13,002 2029 7,859 Thereafter 5,917 Total Non-vested Shares 161,945

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Earnings per Share	7. EARNINGS PER SHARE: Basic earnings per common share (“Basic EPS”) is computed by dividing the net income attributable to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings per common share (“Diluted EPS”) is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares and dilutive common share equivalents then outstanding. Diluted EPS reflects the potential dilution that could occur if option contracts were exercised and converted into common stock. There were 184,889 and 85,399 common share equivalents related to stock options in the twelve months ended December 31, 2023 and 2022, respectively. These common share equivalents related to stock options are presented in Diluted EPS. The following table sets forth the computation of basic and diluted earnings per share information for the years ended December 31, 2023 and 2022 (in thousands, except share and per share data): 2023 2022 Numerator: Net income attributable to common stockholders $ 9,485 $ 15,425 Denominator: Weighted average common shares outstanding – basic 13,331,273 13,356,688 Weighted average common shares outstanding – diluted 13,516,162 13,442,087 Basic and Diluted Per Share Information: Net income per share – basic $ 0.71 $ 1.15 Net income per share – diluted $ 0.70 $ 1.15

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	8. RELATED PARTY TRANSACTIONS: Green Holland Management LLC: Paul Cooper, the Chairman and Chief Executive Officer of the Company, and Louis Sheinker, the President, Secretary and Chief Operating Officer of the Company, each hold interests in a real estate brokerage firm, Green Holland Management LLC ("GHM"). Paul Cooper and Louis Sheinker each own fifty percent ( 50 %) of the interests in GHM. In October 2022, the Company sold a property to a buyer that was introduced to the property by a broker working for GHM. GHM received a brokerage commission of $ 600,000 . In January 2023, the Company purchased a property and was introduced to the property by a broker working for GHM, resulting in $ 574,000 of brokerage commissions. In November 2023, GHM sold its interest in The Rochlin Organization to Adam Rochlin and The Rochlin Organization. The Rochlin Organization: Paul Cooper and Louis Sheinker each hold minority ownership interests in a real estate brokerage firm through their ownership of GHM in which they do not engage in management activities, The Rochlin Organization ("Rochlin"). 612 Wortman Avenue: Rochlin acted as the exclusive broker for one of the Company’s properties. In 2013, Rochlin introduced a new tenant to the property, resulting in the execution of a lease agreement and a subsequent lease modification and Rochlin earning brokerage commissions. In subsequent years, the tenant expanded square footage and exercised renewal options, resulting in Rochlin earning additional brokerage commissions. In July 2020, Rochlin introduced an additional tenant to the property, resulting in the execution of a lease agreement and Rochlin earning a brokerage commission of approximately $ 406,000 on the aggregate contractual rents of approximately $ 21,000,000 . In June 2023, a successor of the original tenant concluded negotiations to extend their current lease and also expand the premises which resulted in approximately $ 1,500,000 of brokerage commissions for Rochlin on the aggregate contractual rents of approximately $ 32,300,000 . 625 Wortman Avenue: In October 2021, as a result of a prior introduction to a property, the Company purchased the property resulting in approximately $ 402,000 in brokerage commissions for Rochlin. 23-85 87th Street: In October 2022, Rochlin acted as the exclusive broker for this property. The tenant signed an extension agreement which resulted in approximately $ 2,900,000 of brokerage commissions on the aggregate contractual rents of approximately $ 82,500,000 . Lighthouse Sixty, L.P.: The Company’s former executive and administrative offices, located at 60 Hempstead Avenue, West Hempstead, New York, were being leased from Lighthouse Sixty, L.P., a partnership of which Paul Cooper and Louis Sheinker are managing members of the general partner. The lease agreement expired in 2020 . The Company continued to occupy the premises on a month-to-month basis at a monthly operating lease cost of approximately $ 27,000 through October 31, 2021. In December 2020, The Rochlin Organization represented the Company in the negotiation of a lease with a third-party for its offices resulting in the payment of $ 155,000 of brokerage commissions. The Company moved its offices to this new location in October, 2021.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. COMMITMENTS AND CONTINGENCIES: Legal Matters: The Company is involved in lawsuits and other disputes which arise in the ordinary course of business. However, management believes that these matters will not have a material adverse effect, individually or in the aggregate, on the Company’s financial position or results of operations. Divestiture: On February 16, 2012, the Company received a notice from the Joint Industry Board of the Electrical Industry claiming a pension withdrawal liability in the amount of $ 1.5 million in connection with the divestiture of Shelter Electric. The Company determined the liability was probable and the Company agreed to pay the obligation in monthly installments of approximately $ 8,100 over a twenty-year term. In September 2022, the Company entered into a settlement agreement whereby the remaining liability for this obligation of approximately $ 811,000 was paid with a settlement payment of approximately $ 684,000 . As a result, the Company recorded a gain on settlement of pension withdrawal liability of approximately $ 127,000 and is included in other income on the Company’s consolidated statements of operations for the year ended December 31, 2022. Environmental Matters: As of December 31, 2023, three of the Company’s six former bus depot sites have received final regulatory closure, satisfying outstanding clean-up obligations related to legacy site contamination issues. Three sites continue with on-going cleanup, monitoring and reporting activities. The Company has determined that there is no liability needed for these on-going activities on the accompanying consolidated balance sheets. Real Property Used By the Company in Its Business On December 11, 2020, the Company signed a ten-year four-month lease, with one five-year option to extend the lease , as tenant with Steel Garden LLC, as landlord, for the premises located at 1399 Franklin Avenue, Suite 100, Garden City, New York. The lease commencement date was October 1, 2021 (see Note 2). The monthly minimum rent for the first year of the lease term was $ 27,755 with 3 % annual rental increases, and the Company was entitled to four months of free minimum rent.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value	10. FAIR VALUE: Fair Value of Financial Instruments: The fair value of the Company’s financial instruments is determined based upon applicable accounting guidance. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance requires disclosure of the level within the fair value hierarchy in which the fair value measurements fall, including measurements using quoted prices in active markets for identical assets or liabilities (Level 1), quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active (Level 2), and significant valuation assumptions that are not readily observable in the market (Level 3). The fair values of cash and cash equivalents, restricted cash, rent and other receivables, dividends payable, accounts payable and accrued expenses approximated their carrying value because of the short-term nature based on Level 1 inputs. The fair values of mortgage notes payable are based on the discounted cash flow method using current treasury rates and commercial loan spreads, which are Level 2 inputs. The fair values of secured revolving credit facility and term loan payable are based on borrowing rates available to the Company, which are Level 2 inputs. The carrying values of term loan payable and mortgage notes payable are stated at their principal balances below. The following table summarizes the carrying values and the estimated fair values of the financial instruments (in thousands): December 31, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Value Value Value Value Financial assets: Cash and cash equivalents $ 27,913 $ 27,913 $ 59,504 $ 59,504 Restricted cash 1,400 1,400 986 986 Rent and other receivables 569 569 1,476 1,476 Financial liabilities: Dividends payable $ 1,333 $ 1,333 $ 1,333 $ 1,333 Accounts payable and accrued expenses 5,234 5,234 7,533 7,533 Secured revolving credit facility 40,000 40,000 40,000 40,000 Term loan payable 50,000 50,000 50,000 50,000 Mortgage notes payable 379,187 345,009 355,979 326,788

Other Retirement Benefits

Other Retirement Benefits	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Other Retirement Benefits	11. OTHER RETIREMENT BENEFITS: Other Retirement Benefits: The Company sponsors retirement benefits under a defined contribution 401(k) plan which covers all employees who have completed one year of service and are at least 21 years of age. Contributions to this plan and charged to benefit costs for the years ended December 31, 2023 and 2022 were approximately $ 65,000 and $ 56,000 , respectively. In November 2016, the Board of Directors of the Company approved the implementation of a profit-sharing contribution component to its existing 401(k) plan. Contributions to this component of the plan and charged to benefits costs for the years ended December 31, 2023 and 2022 were approximately $ 80,000 and $ 75,000 , respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	12. INCOME TAXES: The Company elected to be taxed as a REIT under the Code. A REIT will generally not be subject to federal income taxation on that portion of its income that qualifies as REIT taxable income, to the extent that it distributes at least 90 % of its taxable income to its stockholders and complies with certain other requirements. It is management’s intention to adhere to these requirements and maintain the Company’s REIT status. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable minimum tax and may not be able to qualify as a REIT for four subsequent taxable years). Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and federal income and excise taxes on its undistributed taxable income. In addition, taxable income from non-REIT activities managed through taxable REIT subsidiaries are subject to federal, state, and local income taxes. Income from “qualified dividends” payable to U.S. stockholders that are individuals, trusts and estates are generally subject to tax at preferential rates. Dividends payable by REITs, however, generally are not eligible for the preferential tax rates applicable to qualified dividend income. Although these rules do not adversely affect the taxation of REITs or dividends payable by REITs, to the extent that the preferential rates continue to apply to regular corporate qualified dividends, investors who are individuals, trusts and estates may perceive investments in REITs to be relatively less attractive than investments in the stocks of non-REIT corporations that pay dividends, which could materially and adversely affect the value of the shares of REITs, including the value of our common stock. Reconciliation between GAAP Net Income and Federal Taxable Income: The following table reconciles GAAP income from continuing operations to taxable income for the years ended December 31, 2023 and 2022 (in thousands): 2023 2022 Net income $ 11,264 $ 21,992 GAAP net (income) of taxable subsidiaries ( 605 ) ( 747 ) GAAP net income from REIT operations 10,659 21,245 Operating expense book deductions greater than tax 4,099 4,643 Book depreciation in excess of tax depreciation 4,872 4,022 GAAP amortization of intangibles in excess of tax 821 689 Straight-line rent adjustments ( 1,054 ) 879 Mortgage refinance costs tax deductions greater than book — ( 5,665 ) Gain on sale of real estate — ( 14,593 ) Casualty gain not taxable — ( 677 ) (Income) allocable to noncontrolling interest ( 5,226 ) ( 3,677 ) Estimated taxable income $ 14,171 $ 6,866 We have determined for income tax purposes that the 2023 and 2022 regular dividends were considered ordinary dividend distributions. The total distributions paid in both 2023 and 2022 were the result of cash flows from operations. Taxable REIT Subsidiaries: The Company is subject to federal, state, and local income taxes on the income from its Taxable REIT subsidiaries (“TRS”) activities, which include all the discontinued operations of Shelter Express, Inc. and subsidiaries. There were no provisions for (benefit from) income taxes from discontinued operations for the years ended December 31, 2023 and 2022. The TRS entities have approximately $ 18.0 million of net operating loss carry-forwards at December 31, 2023, which begin to expire in 2027 . The Company has recorded a full valuation allowable against the deferred income tax assets as it does not consider realization of such assets to be more likely than not. The Company has determined that any changes in the value of the deferred income tax assets would have no impact on the Company’s consolidated financial statements inasmuch as it would be offset by a full valuation allowance.

Future Minimum Rent Schedule

Future Minimum Rent Schedule	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Future Minimum Rent Schedule	13. FUTURE MINIMUM RENT SCHEDULE: Future minimum contractual lease payments to be received by the Company (without taking into account straight-line rent or amortization of intangibles) as of December 31, 2023, under operating leases for the next five years and thereafter are as follows (in thousands): 2024 $ 63,127 2025 62,385 2026 61,509 2027 44,707 2028 37,212 Thereafter 98,335 Total $ 367,275 The lease agreements generally contain provisions for the reimbursement of real estate taxes and operating expenses, as well as fixed increases in rent.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	14. SUBSEQUENT EVENTS: Distributions On March 12, 2024 , our Board of Directors declared a supplemental cash dividend of $ 0.66 per share of common stock, payable with respect to the year ended December 31, 2023, to stockholders of record as of the close of business on March 31, 2024 , payable on April 12, 2024 . On March 12, 2024 , our Board of Directors declared a quarterly cash dividend of $ 0.12 per share of common stock, payable with respect to the first quarter ended March 31, 2024, to common stockholders of record as of the close of business on March 31, 2024 , payable on April 15, 2024 . Proceeds from Mortgage Notes Payable On March 15, 2024, three wholly owned subsidiaries of the Operating Partnership entered into a loan agreement with American General Life Insurance Company. The loan agreement provides for a cross-defaulted, cross collateralized portfolio of commercial mortgage loans in the aggregate principal amount of $ 125.0 million.

Schedule III- Consolidated Real

Schedule III- Consolidated Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III- Consolidated Real Estate and Accumulated Depreciation	GTJ REIT, Inc Schedule III- Consolidated Real Estate and Accumulated Depreciation (in thousands) Initial Cost to Cost Capitalized Subsequent to Acquisition Gross Amount at Property Encumbrances Land Buildings & Improvements Improvements Land Buildings & Improvements Total Accumulated Depreciation Date of Construction Date Acquired New York Industrial: 103 Fairview Park Drive, Elmsford, NY E 3,416 9,972 754 3,416 10,727 14,143 3,167 1988 1/17/2013 412 Fairview Park Drive, Elmsford, NY B 3,237 572 — 3,237 572 3,809 157 n/a 1/17/2013 401 Fieldcrest Drive, Elmsford, NY B 3,008 7,097 — 3,008 7,097 10,105 2,010 n/a 1/17/2013 404 Fieldcrest Drive, Elmsford, NY E 2,275 7,822 387 2,275 8,209 10,484 2,445 1996 1/17/2013 36 Midland Ave, Port Chester, NY B 2,428 6,409 499 2,428 6,908 9,336 2,113 1979 1/17/2013 100-110 Midland Ave, Port Chester, NY B 5,390 16,463 3,346 5,390 19,809 25,199 5,028 1979 1/17/2013 199 Ridgewood Drive, Elmsford, NY B 827 1,916 431 827 2,347 3,174 604 1992 1/17/2013 203 Ridgewood Drive, Elmsford, NY B 948 2,265 — 948 2,265 3,213 664 1986 1/17/2013 8 Slater Street, Port Chester, NY B 1,997 4,640 1,319 1,997 5,959 7,956 1,636 1984 1/17/2013 612 Wortman Ave, Brooklyn, NY (2) 8,907 117 4,284 8,907 4,401 13,308 4,070 1965 3/26/2007 165-25 147th Ave, Jamaica, NY B 360 3,821 856 360 4,677 5,037 4,677 1952 3/26/2007 114-15 Guy Brewer Blvd, Jamaica, NY B 23,100 6 2,067 23,100 2,073 25,173 2,073 1965 3/26/2007 49-19 Rockaway Beach Blvd, Far Rockaway, NY B 74 783 31 74 814 888 814 1931 3/26/2007 85-01 24th Ave, East Elmhurst, NY B 38,210 937 2,343 38,210 3,280 41,490 3,268 1954 3/26/2007 23-85 87th Street, East Elmhurst, NY (2) 14,506 323 1,168 14,637 1,360 15,997 1,207 1966 3/26/2007 28-20 Borden Ave, Long Island City, NY A 26,678 98 567 26,678 665 27,343 181 1992 7/2/2014 606 Cozine Ave, Brooklyn, NY D 3,304 6,469 — 3,304 6,469 9,773 3,306 1969 5/10/2016 201 Neelytown Road, Montgomery, NY D 4,751 27,906 — 4,751 27,906 32,657 5,484 2017 8/31/2017 Retail: 112 Midland Ave, Port Chester, NY B 786 422 — 786 422 1,208 146 1980 3/26/2007 Total NY: 144,202 98,038 18,052 144,333 115,960 260,293 43,050 New Jersey Industrial: 100 American Road, Morris Plains, NJ B 2,275 12,538 1,674 2,275 14,212 16,487 3,979 1986 1/17/2013 200 American Road, Morris Plains, NJ B 725 5,361 224 725 5,585 6,310 1,583 2004 1/17/2013 300 American Road, Morris Plains, NJ E 1,466 6,628 670 1,466 7,298 8,764 2,082 1987 1/17/2013 400 American Road, Morris Plains, NJ B 1,724 9,808 1,038 1,724 10,846 12,570 3,206 1990 1/17/2013 500 American Road, Morris Plains, NJ E 1,711 8,111 440 1,711 8,551 10,262 2,462 1988 1/17/2013 20 East Halsey Road, Parsippany, NJ F 1,898 1,402 5,830 1,898 7,232 9,130 2,052 1970 4/23/2014 1110 Centennial Ave, Piscataway, NJ C 790 1,937 289 790 2,226 3,016 693 1979 3/13/2015 11 Constitution Ave, Piscataway, NJ C 1,780 8,999 599 1,780 9,598 11,378 2,243 1989 3/13/2015 21 Constitution Ave, Piscataway, NJ C 6,187 18,855 150 6,187 19,005 25,192 4,842 2004 3/13/2015 4 Corporate Place, Piscataway, NJ C 2,145 1,744 144 2,145 1,888 4,033 643 1974 3/13/2015 8 Corporate Place, Piscataway, NJ C 2,666 4,381 55 2,666 4,436 7,102 1,376 1977 3/13/2015 1938 Olney Avenue, Cherry Hill, NJ D 1,176 5,357 — 1,176 5,357 6,533 1,750 1966 7/27/2017 Office/Data Center: 25 Corporate Place, Piscataway, NJ C 2,269 8,343 — 2,269 8,343 10,612 2,275 1985 3/13/2015 Total NJ: 26,812 93,464 11,113 26,812 104,577 131,389 29,186 Connecticut Industrial: 466 Bridgeport Ave, Shelton, CT F 833 867 3,266 833 4,133 4,966 1,951 1982 1/17/2013 470 Bridgeport Ave, Shelton, CT B 2,660 4,807 619 4,156 5,426 9,582 2,185 1973 1/17/2013 15 Progress Drive, Shelton, CT 984 3,411 308 984 3,719 4,703 1,160 1980 1/17/2013 33 Platt Road, Shelton, CT B 3,196 5,402 — 3,196 5,402 8,598 3,019 1972 10/15/2014 950-974 Bridgeport Ave, Milford, CT G 1,551 3,524 48 1,551 3,572 5,123 1,052 1946 1/17/2013 12 Cascade Blvd, Orange, CT B 1,688 3,742 159 1,688 3,901 5,589 1,064 1987 1/17/2013 15 Executive Blvd., Orange, CT B 1,974 5,357 1,182 1,974 6,539 8,513 2,387 1983 1/17/2013 25 Executive Blvd., Orange, CT B 438 1,481 59 438 1,540 1,978 429 1983 1/17/2013 22 Marsh Hill Rd, Orange, CT B 1,462 2,915 731 1,462 3,646 5,108 1,251 1989 1/17/2013 269 Lambert Rd, Orange, CT B 1,666 3,516 230 1,666 3,746 5,412 1,357 1986 1/17/2013 110 Old County Circle, Windsor Locks, CT G 1,572 11,797 1,247 1,572 13,044 14,616 4,186 2003 4/8/2014 120 Old County Circle, Windsor Locks, CT G 200 — 5,941 200 5,941 6,141 1,068 2018 4/8/2014 4 Meadow Street, Norwalk, CT B 856 3,034 541 856 3,575 4,431 1,257 1992 8/22/2014 777 Brook Street, Rocky Hill, CT B 2,456 8,658 430 2,456 9,088 11,544 2,799 1969 1/14/2015 35 Executive Blvd., Orange, CT (1) B 1,080 8,909 ( 3,879 ) 1,080 5,030 6,110 555 2020 1/17/2013 Total CT: 22,616 67,420 10,882 24,112 78,302 102,414 25,720 Delaware Industrial: 300 McIntire Drive, Newark, DE D 2,488 13,033 403 2,488 13,436 15,924 5,555 1999 6/1/2016 Total DE: 2,488 13,033 403 2,488 13,436 15,924 5,555 North Carolina Industrial: 1000 Exchange Street, Charlotte, NC 25,563 - - 25,563 - 25,563 652 n/a 1/18/2023 Total NC: 25,563 - - 25,563 - 25,563 652 Grand Total: 221,681 271,955 40,450 223,308 312,275 535,583 104,163 (1) Due to the demolition of the property located at 35 Executive Boulevard, Orange, Connecticut, a $ 7.5 million write down was recorded during 2018. This property was formerly classified as Office but subsequently changed to Industrial due to the construction of a new Industrial building. (2) Secured by the Credit Facility with Keybank National Association and Keybanc Capital Markets Inc. 2023 2022 Balance at beginning of year $ 508,170 $ 514,789 Property acquisitions 25,563 — Property disposition — ( 14,017 ) Improvements 1,850 7,398 Balance at end of year $ 535,583 $ 508,170 2023 2022 Balance at beginning of year $ 93,785 $ 84,190 Property disposition — ( 211 ) Depreciation and amortization for year 10,378 9,806 Balance at end of year $ 104,163 $ 93,785 Lender Principal Outstanding A—People’s United Bank $ 14,710 B—American International Group 2022 225,000 C—Allstate Corporation 34,808 D—United States Life Insurance Company 39,000 E—United States Life Insurance Company 32,632 F—Transamerica Life Insurance Company 8,037 G—Transamerica Life Insurance Company 25,000 Total $ 379,187

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the financial statements of the Company and its wholly owned subsidiaries. If the Company determines that it has an interest in a variable interest entity within the meaning of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation , the Company will consolidate the entity when it is determined to be the primary beneficiary of the entity. Our Operating Partnership meets the criteria of a variable interest entity. The Company is the primary beneficiary and, accordingly, we consolidate our Operating Partnership. All material intercompany transactions have been eliminated in consolidation. The ownership interests of the other investors in the Operating Partnership are recorded as noncontrolling interests. None of the prior year amounts have been reclassified for consistency with the current year presentation.
Use of Estimates	Use of Estimates: The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, and related disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. All of these estimates reflect management’s best judgment about current economic and market conditions and their effects based on information available as of the date of these consolidated financial statements. If such conditions persist longer or deteriorate further than expected, it is reasonably possible that the judgments and estimates could change, which may result in impairments of certain assets. Significant estimates include the useful lives of long- lived assets including property, equipment and intangible assets, impairment of assets, collectability of receivables, contingencies, stock-based compensation, and fair value of assets and liabilities acquired in business combinations.
Real Estate	Real Estate: Real estate assets are stated at cost, less accumulated depreciation and amortization. All costs related to the improvement or replacement of real estate properties, including interest expense on development properties, are capitalized. Acquisition-related costs are capitalized for asset acquisitions. Additions, renovations, and improvements that enhance and/or extend the useful life of a property are also capitalized. Expenditures for ordinary maintenance, repairs, and improvements that do not materially prolong the normal useful life of an asset, are charged to operations as incurred. The Company capitalizes all direct costs of real estate under development until the end of the development period. In addition, the Company capitalizes the indirect cost of insurance and real estate taxes allocable to real estate under development during the development period. The Company also capitalizes interest using the avoided cost method for real estate under development during the development period. The Company will cease the capitalization of these costs when development activities are substantially completed and the property is available for occupancy by tenants, but no later than one year from the completion of major construction activity at which time the property is placed in service and depreciation commences. If the Company suspends substantially all activities related to development of a qualifying asset, the Company will cease capitalization of these costs until activities are resumed. The Company had no real estate under development as of December 31, 2023, or December 31, 2022. Upon the acquisition of real estate properties, the relative fair value of the real estate purchased is allocated to the acquired tangible assets (generally consisting of land, buildings and building improvements, and tenant improvements) and identified intangible assets and liabilities (generally consisting of above-market and below-market leases and the origination value of in-place leases) in accordance with GAAP. We utilize methods similar to those used by independent appraisers in estimating the fair value of acquired assets and liabilities. The fair value of the tangible assets of an acquired property considers the value of the property “as-if-vacant.” In allocating the purchase price to identified intangible assets and liabilities of an acquired property, the value of above-market and below-market leases is estimated based on the differences between contractual rentals and the estimated market rents over the applicable lease term discounted back to the date of acquisition utilizing a discount rate adjusted for the credit risk associated with the respective tenants. The aggregate value of in-place leases is measured based on the avoided costs associated with lack of revenue over a market-oriented lease-up period, the avoided leasing commissions, and other avoided costs common in similar leasing transactions. Mortgage notes payable assumed in connection with acquisitions are recorded at their fair value using current market interest rates for similar debt at the time of acquisitions. The capitalized above-market lease values are amortized as a reduction of rental revenue over the remaining term of the respective leases and the capitalized below-market lease values are amortized as an increase to rental revenue over the remaining term of the respective leases. The value of in-place leases is based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during expected lease-up periods, current market conditions, and costs to execute similar leases. The values of in-place leases are amortized over the remaining term of the respective leases and are included in depreciation and amortization in the accompanying consolidated statements of operations. If a tenant vacates its space prior to its contractual expiration date, any unamortized balance of the related intangible assets or liabilities is recorded as income or expense in the period. The total net impact to rental revenues due to the amortization of above-market and below-market leases was a net increase in rental revenue of approximately $ 0.6 million for both the years ended December 31, 2023 and December 31, 2022. As of December 31, 2023, approximately $ 0.8 million and $ 5.0 million (net of accumulated amortization) relating to above-market and in-place leases, respectively, are included in acquired lease intangible assets, net in the accompanying consolidated balance sheets. As of December 31, 2022, approximately $ 0.2 million and $ 4.5 million (net of accumulated amortization) relating to above-market and in-place leases, respectively, are included in acquired lease intangible assets, net in the accompanying consolidated balance sheets. As of December 31, 2023, and 2022, $ 1.1 million and $ 1.8 million (net of accumulated amortization), respectively, relating to below-market leases is included in acquired lease intangible liabilities, net in the accompanying consolidated balance sheets. The following table presents the projected increase (decrease) to rental revenue from the amortization of the acquired above-market and below-market lease intangibles and the increase to amortization expense of the in-place lease intangibles for properties owned at December 31, 2023, over the next five years and thereafter (in thousands): Net increase (decrease) to rental revenues Increase to amortization expense 2024 $ 420 $ 1,094 2025 64 928 2026 ( 13 ) 798 2027 4 564 2028 4 440 Thereafter ( 218 ) 1,195 $ 261 $ 5,019
Investment in Unconsolidated Affiliates	Investment in Unconsolidated Affiliate: The Company has an investment in an entity that is accounted for under the equity method of accounting. The equity method of accounting is used when an investor has influence, but not control, over the investee. The Company records its share of the profits and losses of the investee in the period when these profits and losses are also reflected in the accounts of the investee. On February 28, 2018, the Company purchased a 50 % interest in Two CPS Developers LLC (the “Investee”) for $ 5.25 million. The Company has the ability to exercise significant influence over the Investee, does not have a controlling interest in the Investee, and the Investee is not a variable interest entity. Therefore, the Company accounts for this investment under the equity method of accounting. The Company recorded income of $ 0.2 million from this investment for each of the years ended December 31, 2023 and 2022. The Company recognizes income for distributions in excess of its investment where there is no recourse to the Company and no intention or obligation to contribute additional capital. For investments in which there is recourse to the Company or an obligation or intention to contribute additional capital exists, distributions in excess of the investment are recorded as a liability. When characterizing distributions from equity investees within the Company’s consolidated statement of cash flows, all distributions received are first applied as returns on investment to the extent there are cumulative earnings related to the respective investment and are classified as cash inflows from operating activities. If cumulative distributions are in excess of cumulative earnings, distributions are considered a return of investment. In such cases, the distribution is classified as cash inflows from investing activities. The Company periodically reviews its investments in unconsolidated joint ventures for other-than-temporary losses in investment value. Any decline that is not expected to be recovered based on the underlying assets of the investment is considered other than temporary and an impairment charge is recorded as a reduction in the carrying value of the investment. During the periods presented there were no impairment charges related to the Company’s investment in unconsolidated affiliate. The total assets and liabilities of the Company’s investment in unconsolidated affiliate as of December 31, 2023 were $ 16.5 million and $ 9.0 million, respectively. Total revenues and expenses of the Company’s investment in unconsolidated affiliate for the year ended December 31, 2023 were $ 1.8 million and $ 1.4 million, respectively. The total assets and liabilities of the Company’s investment in unconsolidated affiliate as of December 31, 2022 were $ 17.0 million and $ 9.4 million, respectively. Total revenues and expenses of the Company’s investment in unconsolidated affiliate for the year ended December 31, 2022 were $ 1.6 million and $ 1.3 million, respectively.
Depreciation and Amortization	Depreciation and Amortization: The Company uses the straight-line method for depreciation and amortization. Properties and property improvements are depreciated over their estimated useful lives, which range from 5 to 40 years . Furniture, fixtures, and equipment are depreciated over estimated useful lives that range from 5 to 10 years . Tenant improvements are amortized over the shorter of the remaining non-cancellable term of the related leases or their useful lives.
Deferred Charges	Deferred Charges: Deferred charges consist principally of leasing commissions, which are amortized over the life of the related tenant leases, and financing costs relating to our revolving credit facility, which are amortized over the terms of the respective debt agreements. These deferred charges are included in other assets on the consolidated balance sheets. If leases or loans are terminated, the unamortized charges are expensed.
Real Estate Impairment	Real Estate Impairment: Management reviews each real estate investment for impairment whenever events or circumstances indicate that the carrying value of a real estate investment may not be recoverable. Significant management judgment is involved in determining if impairment indicators exist, assessing investments for recoverability, and, if required, measuring the fair value of the real estate investments. The review of recoverability is based on an estimate of the undiscounted future cash flows that are expected to result from the real estate investment’s use and eventual disposition. Such cash flow analyses consider assumptions such as expected future market rents, future revenue, market capitalization rates and holding periods, as well as the effects of leasing demand, competition and other factors. If an impairment event exists due to the projected inability to recover the carrying value of a real estate investment, an impairment loss is recorded to the extent that the carrying value exceeds estimated fair value. Management is required to make subjective assessments as to whether there are impairments in the value of the Company’s real estate holdings. These assessments could have a direct impact on net income, because an impairment loss is recognized in the period that the assessment is made. Management has determined that there was no impairment relating to its long-lived assets for the years ended December 31, 2023 and 2022.
Reportable Segments	Reportable Segments: As of December 31, 2023, the Company primarily operated in one reportable segment, commercial real estate.
Revenue Recognition	Revenue Recognition: Rental income includes the base rent that each tenant is required to pay in accordance with the terms of their respective leases reported on a straight-line basis over the term of the lease. In order for management to determine, in its judgment, that the unbilled rent receivable applicable to each specific property is collectible, management reviews billed and unbilled rent receivables and takes into consideration the tenant’s payment history and financial condition. If the Company determines that the collectability of a tenant’s lease payments is not probable, the write-off of the entire tenant receivable, including straight-line rent receivable, is presented as a reduction of revenue rather than an operating expense on the consolidated statements of operations. Rental income related to tenants where the collectability of lease payments is not deemed probable will be recorded on a cash basis. Some of the leases provide for additional contingent rental revenue in the form of percentage rents and increases based on the consumer price index, subject to certain maximums and minimums. For the year ended December 31, 2023, the Company determined that collectability of one tenant’s lease payments was not probable and, therefore, the Company recorded a write-off of the entire tenant receivable in the amount of $ 0.3 million and placed the tenant on the cash basis as of June 30, 2023. In February 2024, the Company entered into a settlement agreement with tenant and received $ 0.6 million in full settlement of amounts due. Substantially all of the Company’s properties are subject to long-term net leases under which the tenant is typically responsible to pay for its pro rata share of real estate taxes, insurance, and ordinary maintenance and repairs for the property. Property operating expense recoveries from tenants of common area maintenance, real estate taxes, and other recoverable costs are recognized as revenues in the period that the related expenses are incurred. Tenant receivables at December 31, 2023 and 2022 were $ 0.5 million and $ 0.6 million, respectively, and are included in other assets in the accompanying consolidated balance sheets.
Lease Accounting	Lease Accounting: As lessor, the Company has made an accounting policy election to account for lease concessions related to the effects of COVID-19 consistent with how those concessions would be accounted for under Topic 842, which is as though the enforceable rights and obligations for those concessions existed regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract. The Company elected to utilize the practical expedient provided by Accounting Standards Update (“ASU”) 2018-11 related to the separation of lease and non-lease components and as a result, revenues related to leases are reported on one line in the presentation within the consolidated statements of operations. The Company elected not to evaluate whether certain sales taxes and other similar taxes are lessor costs or lessee costs. Instead, these costs will be accounted for as if they are lessee costs. Consequently, the Company excludes from the consideration in the contract and from variable payments not included in the consideration in the contract all collections from lessees of taxes within the scope of the election and provides certain disclosures. The accounting policy election includes sales, use, value added, and some excise taxes but excludes real estate taxes. The following table presents additional disclosures regarding the Company’s rental income for the twelve months ended December 31, 2023 and 2022 (in thousands): 2023 2022 Fixed lease revenue $ 62,415 $ 53,042 Variable lease revenue 12,858 12,492 Total lease revenue $ 75,273 $ 65,534 As lessee, the Company elected to utilize the practical expedient in the implementation of ASU 2016-02 related to not separating non-lease components from the associated lease component. The Company is a party to an office lease, effective October 1, 2021, having a term of ten years , with future lease obligations aggregating to $ 3.2 million and $ 3.5 million as of December 31, 2023 and December 31, 2022 respectively (see Note 9). The Company has recorded a right-of-use asset and corresponding right-of-use liability at the present value of the remaining future minimum lease payments, based upon an incremental borrowing rate of 3.86 %, of $ 3.1 million , as of October 1, 2021. The following table presents the future lease obligations of the Company’s office lease on December 31, 2023, over the next five years and thereafter (in thousands): 2024 $ 353 2025 363 2026 374 2027 385 2028 397 Thereafter 1,299 Total future minimum lease payments 3,171 Less imputed interest 432 Total right-of-use liability – operating lease $ 2,739 The following table presents additional disclosures regarding the Company’s office leases for the years ended December 31, 2023 and 2022 (in thousands): 2023 2022 Operating lease costs $ 340 $ 308 Variable lease costs 33 29 Total lease costs $ 373 $ 337
Earnings Per Share Information	Earnings Per Share Information: The Company presents both basic and diluted earnings per share. Basic earnings per share excludes dilution and is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the 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, where such exercise or conversion would result in a lower per share amount. Restricted stock was included in the computation of basic and diluted earnings per share. Stock option awards were included in the computation of diluted earnings per share in 2023 and 2022 because the option awards were dilutive.
Cash and Cash Equivalents	Cash and Cash Equivalents: The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents.
Restricted Cash	Restricted Cash: Restricted cash includes reserves used to pay real estate taxes, leasing costs and capital improvements.
Fair Value Measurement	Fair Value Measurement: The Company determines fair value in accordance with ASC 820-10-05 for financial assets and liabilities. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. Assets and liabilities disclosed at fair values are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are defined by ASC 820-10-35, are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities. Determining which category an asset or liability falls within the hierarchy requires significant judgment, and the Company evaluates its hierarchy disclosures each quarter. The three-tier fair value hierarchy is as follows: Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Valuations based on unobservable inputs reflecting management’s own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.
Income Taxes	Income Taxes: The Company is organized and conducts its operations to qualify as a REIT for Federal income tax purposes. Accordingly, the Company is generally not subject to Federal income taxation on the portion of its distributable income that qualifies as REIT taxable income, to the extent that it distributes at least 90 % of its REIT taxable income to its stockholders and complies with certain other requirements as defined in the Code. The Company also participates in certain activities conducted by entities which elected to be treated as taxable subsidiaries under the Code. As such, the Company is subject to federal, state, and local taxes on the income from these activities. The Company accounts for income taxes of the taxable subsidiaries under the asset and liability method as required by the provisions of ASC 740-10-30. Under this method, deferred tax assets and liabilities are established based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not. ASC 740-10-65 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-65, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740-10-65 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of December 31, 2023, and 2022, the Company had determined that no liabilities are required in connection with unrecognized tax positions. As of December 31, 2023, the Company’s tax returns for the prior three years are subject to review by the Internal Revenue Service. Any interest and penalties would be expensed as incurred.
Concentrations of Credit Risk	Concentrations of Credit Risk: Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, which from time to time exceed the federal depository insurance coverage. All non-interest bearing transaction accounts deposited at an insured depository institution are insured by the Federal Deposit Insurance Corporation up to the standard maximum deposit insurance amount of $ 250,000 . Management believes that the Company is not exposed to any significant credit risk due to the credit worthiness of the financial institutions. Rental income of $ 9.5 million, derived from five leases with the City of New York, represented 13 % of the Company’s total rental income for the year ended December 31, 2023. Rental income of $ 9.5 million, derived from five leases with the City of New York, represented 15 % of the Company’s total rental income for the year ended December 31, 2022. Rental income of $ 10.9 million, derived from six leases with Federal Express, represented 15 % of the Company’s total rental income for the year ended December 31, 2023. Rental income of $ 9.0 million, derived from four leases with Federal Express, represented 14 % of the Company’s total rental income for the year ended December 31, 2022. Rental income of $ 7.7 million, derived from one lease with Avis Rent-A-Car Systems, Inc.(“Avis”), represented 10 % of the Company’s total rental income for the year ended December 31, 2023. Rental income of $ 3.4 million, derived from one lease with Avis, represented 5 % of the Company’s total rental income for the year ended December 31, 2022. On October 31, 2022, Avis signed a ten-year option to extend its lease for the premises located at 23-85 87th Street, East Elmhurst, New York.
Stock-Based Compensation	Stock-Based Compensation: The Company has a stock-based compensation plan, which is described below in Note 6. The Company accounts for stock-based compensation in accordance with ASC 718, which establishes accounting for stock-based awards. Under the provisions of ASC 718, share-based compensation cost is measured at the grant date, based on the fair value of the award, and is expensed at the grant date (for the portion that vests immediately) or ratably over the respective vesting periods. The impact of the forfeiture of awards is recognized as forfeitures occur.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements: In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) – Improvements to Income Tax Disclosures.” The guidance requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on the income taxes paid. The guidance is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. ASU 2023-09 applies to all entities subject to income taxes. For public business entities, the new requirements will be effective for annual periods beginning after December 15, 2024. For entities other than public business entities, the requirements will be effective for annual periods beginning after December 15, 2025. The guidance will be applied on a prospective basis, with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently assessing the impact this guidance will have on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures,” which amends disclosure requirements about a public company’s reportable segments and addresses requests from investors for additionally detailed information about a reportable segment’s expenses. A public entity should apply the amendments provided by ASU 2023-07 retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently assessing the impact this guidance will have on its consolidated financial statements. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848),” which modifies ASC 848 (ASU 2020-04 discussed below), which was intended to provide relief related to “contracts and transactions that reference LIBOR or a reference rate that is expected to be discontinued as a result of reference rate reform.” ASU 2021-01 expands the scope of ASC 848 to include all affected derivatives and give reporting entities the ability to apply certain aspects of the contract modification and hedge accounting expedients to derivative contracts affected by the discounting transition. ASU 2021-01 also adds implementation guidance to clarify which optional expedients in ASC 848 may be applied to derivative instruments that do not reference LIBOR or a reference rate that is expected to be discontinued, but that are being modified as a result of the discounting transition. The Company does not have any derivative transactions to which this ASU applied. As a result, the implementation of this ASU did not have a material effect on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The guidance provided optional expedients and exceptions for applying generally accepted accounting principles when accounting for contract modifications, hedging relationships and other transactions impacted by rate reform, subject to meeting certain criteria. ASU 2020-04 was effective as of March 12, 2020. The Company has a credit line facility to which this ASU was applied beginning in 2022. The adoption of ASU 2020-04 did not have a material impact on the Company's consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments.” The guidance required organizations to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The new guidance affects organizations that hold financial assets and net investments in leases that are not accounted for at fair value with changes in fair value reported in net income. The new guidance affects loans, debt securities, trade receivables, net investments in leases, off balance sheet exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. ASU 2016-13 was effective for public business entities that meet the definition of an SEC filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 31, 2019, including interim periods within those periods, and for all other entities for fiscal years beginning after December 31, 2022, including interim periods within those fiscal years. The adoption of ASU 2016-13 did not have a material impact on the Company’s condensed consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Projected Impact of Above Market Below Market and In-Place Lease Intangibles	The following table presents the projected increase (decrease) to rental revenue from the amortization of the acquired above-market and below-market lease intangibles and the increase to amortization expense of the in-place lease intangibles for properties owned at December 31, 2023, over the next five years and thereafter (in thousands): Net increase (decrease) to rental revenues Increase to amortization expense 2024 $ 420 $ 1,094 2025 64 928 2026 ( 13 ) 798 2027 4 564 2028 4 440 Thereafter ( 218 ) 1,195 $ 261 $ 5,019
Schedule Of Additional Disclosures Regarding Rental Income	The following table presents additional disclosures regarding the Company’s rental income for the twelve months ended December 31, 2023 and 2022 (in thousands): 2023 2022 Fixed lease revenue $ 62,415 $ 53,042 Variable lease revenue 12,858 12,492 Total lease revenue $ 75,273 $ 65,534
Schedule of Future Lease Obligations of Office Lease	The following table presents the future lease obligations of the Company’s office lease on December 31, 2023, over the next five years and thereafter (in thousands): 2024 $ 353 2025 363 2026 374 2027 385 2028 397 Thereafter 1,299 Total future minimum lease payments 3,171 Less imputed interest 432 Total right-of-use liability – operating lease $ 2,739
Schedule of Additional Disclosures Regarding Office Leases	The following table presents additional disclosures regarding the Company’s office leases for the years ended December 31, 2023 and 2022 (in thousands): 2023 2022 Operating lease costs $ 340 $ 308 Variable lease costs 33 29 Total lease costs $ 373 $ 337

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Schedule of Changes in Real Estate	The changes in real estate for the years ended December 31, 2023 and 2022 are as follows (in thousands): 2023 2022 Balance at beginning of year $ 508,170 $ 514,789 Property acquisitions 25,563 — Property disposition — ( 14,017 ) Improvements 1,850 7,398 Balance at end of year $ 535,583 $ 508,170
Schedule of Changes in Accumulated Depreciation and Amortization Related to Real Estate Held for Investment	The changes in accumulated depreciation and amortization related to real estate held for investment, for the years ended December 31, 2023 and 2022 are as follows (in thousands): 2023 2022 Balance at beginning of year $ 93,785 $ 84,190 Property disposition — ( 211 ) Depreciation and amortization for year 10,378 9,806 Balance at end of year $ 104,163 $ 93,785
Schedule of Allocation of Purchase Prices of Assets Acquired and Liabilities Assumed	The following table summarizes the Company’s allocation of the purchase prices of assets acquired and liabilities assumed during 2023 and 2022 (in thousands): 2023 2022 Land $ 17,383 $ — Land Improvements 8,029 $ — Acquired lease intangibles assets 2,655 $ — Other assets 940 $ — Total Consideration $ 29,007 $ —

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Summary of Company's Mortgage Notes Payable	The following table sets forth a summary of the Company’s mortgage notes payable (in thousands): Principal Principal Outstanding as of Outstanding as of Loan Interest Rate December 31, 2023 December 31, 2022 Maturity People’s United Bank 4.18 % 14,710 15,084 10/15/2024 Allstate Life Insurance Company 4.00 % 34,808 35,638 4/1/2025 United States Life Insurance Company 3.82 % 39,000 39,000 1/1/2028 United States Life Insurance Company 4.25 % 32,632 33,000 4/1/2028 Transamerica Life Insurance Company 3.45 % 8,037 8,257 4/1/2030 American International Group 2022 4.63 % 225,000 225,000 9/1/2032 Transamerica Life Insurance Company 2023 5.40 % 25,000 — 8/1/2033 Subtotal 379,187 355,979 Unamortized loan costs ( 9,764 ) ( 10,513 ) Total $ 369,423 $ 345,466
Scheduled of Principal Repayments	Scheduled principal repayments during the next five years and thereafter are as follows (in thousands): 2024 $ 16,374 2025 34,778 2026 980 2027 1,252 2028 69,820 Thereafter 255,983 Total $ 379,187

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Dividends Declared on Common Stock	The following table presents dividends declared by the Company on its common stock during 2023 and 2022: Record Payment Dividend Declaration Date Date Date Per Share March 15, 2022 March 31, 2022 April 15, 2022 $ 0.32 (1) March 15, 2022 March 31, 2022 April 18, 2022 $ 0.10 June 9, 2022 June 30, 2022 July 15, 2022 $ 0.10 August 2, 2022 September 30, 2022 October 14, 2022 $ 0.10 November 2, 2022 December 31, 2022 January 13, 2023 $ 0.10 March 14, 2023 March 31, 2023 April 14, 2023 $ 0.33 (2) March 14, 2023 March 31, 2023 April 17, 2023 $ 0.10 June 8, 2023 June 30, 2023 July 14, 2023 $ 0.10 August 1, 2023 September 30, 2023 October 16, 2023 $ 0.10 November 7, 2023 December 31, 2023 January 12, 2024 $ 0.10 (1) Represents a supplemental 2021 dividend. (2) Represents a supplemental 2022 dividend.
Schedule of Shares Issued Under the 2007 Plan and 2017 Plan	The following table presents shares issued by the Company under the 2007 Plan and the 2017 Plan: Shares Issued Under the 2007 Plan Grant Total Value Approximate Date Shares Issued Per Share Value of Shares Vesting Period April 30, 2012 55,149 $ 6.80 $ 375,000 3 Years (2) June 7, 2012 5,884 $ 6.80 $ 40,000 Immediately (1) March 21, 2013 46,876 $ 6.40 $ 300,000 3 Years (2) March 21, 2013 3,126 $ 6.40 $ 20,000 Immediately (1) June 6, 2013 9,378 $ 6.40 $ 60,000 Immediately (1) June 4, 2014 44,704 $ 6.80 $ 304,000 5 years (2) June 19, 2014 8,820 $ 6.80 $ 60,000 Immediately (1) March 26, 2015 43,010 $ 9.30 $ 400,000 5 years (2) June 19, 2015 16,436 $ 10.65 $ 175,000 Immediately (1) March 24, 2016 47,043 $ 10.40 $ 489,000 5 years (2) June 9, 2016 14,424 $ 10.40 $ 150,000 Immediately (1) May 22, 2017 34,482 $ 11.60 $ 400,000 9 years (2) May 31, 2017 7,929 $ 11.60 $ 92,000 Immediately (3) June 8, 2017 15,516 $ 11.60 $ 180,000 Immediately (1) Shares Issued Under the 2017 Plan Grant Total Value Approximate Date Shares Issued Per Share Value of Shares Vesting Period June 7, 2018 42,918 $ 11.65 $ 500,000 9 Years (2) June 7, 2018 15,020 $ 11.65 $ 175,000 Immediately (1) June 5, 2019 64,654 $ 11.60 $ 750,000 9 Years (2) June 5, 2019 15,085 $ 11.60 $ 175,000 Immediately (1) June 4, 2020 72,834 $ 12.70 $ 925,000 9 Years (2) June 4, 2020 16,530 $ 12.70 $ 210,000 Immediately (1) June 10, 2021 123,947 $ 11.90 $ 1,475,000 9 Years (2) June 10, 2021 22,686 $ 11.90 $ 270,000 Immediately (1) June 9, 2022 85,398 $ 18.15 $ 1,550,000 9 Years (2) June 9, 2022 14,874 $ 18.15 $ 270,000 Immediately (1) June 8, 2023 78,548 $ 16.55 $ 1,300,000 9 Years (2) June 8, 2023 16,615 $ 16.55 $ 275,000 Immediately (1) (1) Shares issued to non-management members of the Board of Directors. (2) Shares issued to certain executives of the Company. (3) Shares issued to current and former executives of the Company in connection with the exercise of previously issued options.
Summary of Restricted Stock Activity	The following is a summary of restricted stock activity: Weighted Average Grant Date Fair Shares Value Non-vested shares outstanding as of December 31, 2022 166,480 $ 14.20 New shares issued through December 31, 2023 95,163 16.55 Vested ( 99,698 ) 15.68 Non-vested shares outstanding as of December 31, 2023 161,945 $ 14.91
Summary of Vesting Schedule of Non-vested Shares of Restricted Stock Outstanding	The following is a vesting schedule of the non-vested shares of restricted stock outstanding as of December 31, 2023: Number of Shares 2024 50,831 2025 37,472 2026 27,441 2027 19,423 2028 13,002 2029 7,859 Thereafter 5,917 Total Non-vested Shares 161,945

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings per Share Information	The following table sets forth the computation of basic and diluted earnings per share information for the years ended December 31, 2023 and 2022 (in thousands, except share and per share data): 2023 2022 Numerator: Net income attributable to common stockholders $ 9,485 $ 15,425 Denominator: Weighted average common shares outstanding – basic 13,331,273 13,356,688 Weighted average common shares outstanding – diluted 13,516,162 13,442,087 Basic and Diluted Per Share Information: Net income per share – basic $ 0.71 $ 1.15 Net income per share – diluted $ 0.70 $ 1.15

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Assets and Liabilities	The following table summarizes the carrying values and the estimated fair values of the financial instruments (in thousands): December 31, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Value Value Value Value Financial assets: Cash and cash equivalents $ 27,913 $ 27,913 $ 59,504 $ 59,504 Restricted cash 1,400 1,400 986 986 Rent and other receivables 569 569 1,476 1,476 Financial liabilities: Dividends payable $ 1,333 $ 1,333 $ 1,333 $ 1,333 Accounts payable and accrued expenses 5,234 5,234 7,533 7,533 Secured revolving credit facility 40,000 40,000 40,000 40,000 Term loan payable 50,000 50,000 50,000 50,000 Mortgage notes payable 379,187 345,009 355,979 326,788

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Reconciliation of GAAP Income (Loss) from Continuing Operations to Taxable Income (Loss)	The following table reconciles GAAP income from continuing operations to taxable income for the years ended December 31, 2023 and 2022 (in thousands): 2023 2022 Net income $ 11,264 $ 21,992 GAAP net (income) of taxable subsidiaries ( 605 ) ( 747 ) GAAP net income from REIT operations 10,659 21,245 Operating expense book deductions greater than tax 4,099 4,643 Book depreciation in excess of tax depreciation 4,872 4,022 GAAP amortization of intangibles in excess of tax 821 689 Straight-line rent adjustments ( 1,054 ) 879 Mortgage refinance costs tax deductions greater than book — ( 5,665 ) Gain on sale of real estate — ( 14,593 ) Casualty gain not taxable — ( 677 ) (Income) allocable to noncontrolling interest ( 5,226 ) ( 3,677 ) Estimated taxable income $ 14,171 $ 6,866

Future Minimum Rent Schedule (T

Future Minimum Rent Schedule (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Summary of Future Minimum Contractual Lease Payments to be Received	Future minimum contractual lease payments to be received by the Company (without taking into account straight-line rent or amortization of intangibles) as of December 31, 2023, under operating leases for the next five years and thereafter are as follows (in thousands): 2024 $ 63,127 2025 62,385 2026 61,509 2027 44,707 2028 37,212 Thereafter 98,335 Total $ 367,275

Organization and Description _2

Organization and Description of Business - Additional Information (Detail) - Operating Partnership [Member] - Wu/Lighthouse Portfolio, LLC [Member] ft² in Millions		12 Months Ended
	Jan. 17, 2013 Property	Dec. 31, 2023 a ft² Property shares	Dec. 31, 2013
Organization And Description Of Business [Line Items]
Number of commercial properties acquired	25	19
Ownership interest in partnership units (as a percent)	33.29%	83.31%	33.78%
Number of existing properties		7
Number of real estate properties sold		2
Number of properties owned		49
Leasable area owned by the company | ft²		6.3
Area of land in New York, New Jersey, Connecticut, Delaware and North Carolina | a		399
Number of shares of common stock that can be issued on conversion of interest in limited partnership | shares		1,500,000
Series B Preferred Stock, Non-Voting [Member]
Organization And Description Of Business [Line Items]
Number of shares of preferred stock that can be issued on conversion of interest in limited partnership | shares		1.2
Subsequent redemptions of certain shares [Member]
Organization And Description Of Business [Line Items]
Ownership interest in partnership units (as a percent)		16.69%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail)			12 Months Ended
	Oct. 31, 2022	Feb. 28, 2018 USD ($)	Dec. 31, 2023 USD ($) Lease Segment	Dec. 31, 2022 USD ($) Lease	Oct. 01, 2021 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Net impact to rental revenues due to the amortization of above market and below market leases			$ 600,000	$ 600,000
Amortization to below market leases			1,079,000	1,801,000
Income (loss) from investment			189,000	153,000
Assets			507,237,000	521,117,000
Assets of investments in unconsolidated affiliates			16,500,000	17,000,000
Liabilities			475,623,000	454,966,000
Liabilities of investments in unconsolidated affiliates			9,000,000	9,400,000
Revenues			75,273,000	65,534,000
Expenses			41,078,000	40,394,000
Impairment related to long-lived assets			$ 0	0
Number of reportable segments | Segment			1
Write off of tenant receivable			$ 300,000
Settlement agreement with tenant and received			600,000
Aggregate future lease obligations			3,171,000
Incremental borrowing rate					3.86%
Right-of-use asset - operating lease, net			2,555,000	2,816,000	$ 3,100,000
Right-of-use liability - operating lease			$ 2,739,000	2,973,000	$ 3,100,000
Operating Lease, Liability, Statement of Financial Position [Extensible List]					us-gaap:OtherLiabilitiesMember
Income Tax Holiday, Description			The Company is organized and conducts its operations to qualify as a REIT for Federal income tax purposes. Accordingly, the Company is generally not subject to Federal income taxation on the portion of its distributable income that qualifies as REIT taxable income, to the extent that it distributes at least 90% of its REIT taxable income to its stockholders and complies with certain other requirements as defined in the Code.
Unrecognized tax positions			$ 0	0
Standard maximum deposit insurance amount			250,000
Annual rental lease rent			$ 75,273,000	$ 65,534,000
Avis Rent A Car Systems, Inc. [Member]
Summary Of Significant Accounting Policies [Line Items]
Lease term of contract	10 years
Lease option to extend description	ten-year option to extend
Customer Concentration Risk [Member] | Sales Revenue Net [Member] | Federal Express [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of operating leases | Lease			6	4
Annual rental lease rent			$ 10,900,000	$ 9,000,000
Percentage of rental income			15%	14%
Customer Concentration Risk [Member] | Sales Revenue Net [Member] | Avis Rent A Car Systems, Inc. [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of operating leases | Lease			1	1
Annual rental lease rent			$ 7,700,000	$ 3,400,000
Percentage of rental income			10%	5%
Customer Concentration Risk [Member] | Sales Revenue Net [Member] | New York [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of operating leases | Lease			5	5
Annual rental lease rent			$ 9,500,000	$ 9,500,000
Percentage of rental income			13%	15%
Accounting Standards Update 2016-02 [Member]
Summary Of Significant Accounting Policies [Line Items]
Lease term of contract					10 years
Aggregate future lease obligations			$ 3,200,000	$ 3,500,000
Two CPS Developers LLC [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of interest purchased		50%
Business combination, consideration transferred		$ 5,250,000
Income (loss) from investment			$ 200,000
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Proportion of taxable income distributed to stockholders			90%	90%
Minimum [Member] | Properties and Property Improvements [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life			5 years
Minimum [Member] | Furniture, Fixtures and Equipment [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life			5 years
Maximum [Member] | Properties and Property Improvements [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life			40 years
Maximum [Member] | Furniture, Fixtures and Equipment [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life			10 years
Above Market Lease [Member]
Summary Of Significant Accounting Policies [Line Items]
Acquired lease intangible assets, net			$ 800,000	$ 200,000
In-place Lease [Member]
Summary Of Significant Accounting Policies [Line Items]
Acquired lease intangible assets, net			5,019,000	4,500,000
Buildings and Improvements [Member]
Summary Of Significant Accounting Policies [Line Items]
Real estate under development			0	0
Investments in Unconsolidated Affiliates [Member]
Summary Of Significant Accounting Policies [Line Items]
Revenues			1,800,000	1,600,000
Expenses			1,400,000	1,300,000
Other Assets [Member]
Summary Of Significant Accounting Policies [Line Items]
Tenant receivables			$ 500,000	$ 600,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Projected Impact of Above Market Below Market and In-Place Lease Intangibles (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Net increase (decrease) to rental revenues:
2024	$ 420
2025	64
2026	(13)
2027	4
2028	4
Thereafter	(218)
Net increase (decrease) to rental revenues	261
In-place Lease [Member]
Increase to amortization expense:
2024	1,094
2025	928
2026	798
2027	564
2028	440
Thereafter	1,195
Increase to amortization expense	$ 5,019	$ 4,500

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule Of Additional Disclosures Regarding Rental Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Fixed lease revenue	$ 62,415	$ 53,042
Variable lease revenue	12,858	12,492
Total lease revenue	$ 75,273	$ 65,534

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Schedule of Future Lease Obligations of Office Lease (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Oct. 01, 2021
Accounting Policies [Abstract]
2024	$ 353
2025	397
2026	363
2027	374
2028	385
Thereafter	1,299
Total future minimum lease payments	3,171
Less imputed interest	432
Right-of-use liability - operating lease	$ 2,739	$ 2,973	$ 3,100

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Schedule of Additional Disclosures Regarding Office Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Operating lease costs	$ 340	$ 308
Variable lease costs	33	29
Total lease costs	$ 373	$ 337

Real Estate - Schedule of Chang

Real Estate - Schedule of Changes in Real Estate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Real Estate [Abstract]
Balance at beginning of year	$ 508,170	$ 514,789
Property acquisitions	25,563
Property disposition		(14,017)
Improvements	1,850	7,398
Balance at end of year	$ 535,583	$ 508,170

Real Estate - Schedule of Cha_2

Real Estate - Schedule of Changes in Accumulated Depreciation and Amortization Related to Real Estate Held for Investment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Real Estate [Abstract]
Balance at beginning of year	$ 93,785	$ 84,190
Property disposition		(211)
Depreciation and amortization for year	10,378	9,806
Balance at end of year	$ 104,163	$ 93,785

Real Estate - Additional Inform

Real Estate - Additional Information (Detail)			12 Months Ended
	Jan. 18, 2023 USD ($) ft²	Nov. 09, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Oct. 26, 2021 USD ($) ft²
Real Estate [Line Items]
Total Consideration					$ 29,007,000
Property sold		$ 29,400,000
Gain on sale of real estate		$ 14,600,000	$ 14,593,000
Other (Expense) Income [Member]
Real Estate [Line Items]
Weather-related casualty loss on property				$ 396,000
Insurance reimbursement on weather-related casualty loss on property			$ 677,000
New York [Member] | Warehouse/Industrial Building [Member]
Real Estate [Line Items]
Leasable area owned by the company | ft²						58,003
Total Consideration						$ 13,600,000
Charlotte, North Carolina [Member] | Land and Land Improvements [Member]
Real Estate [Line Items]
Leasable area owned by the company | ft²	435,600
Total Consideration	$ 28,700,000
Lease term of contract	10 years
Lease Expiration Date	Jul. 31, 2032

Real Estate - Schedule of Alloc

Real Estate - Schedule of Allocation of Purchase Prices of Assets Acquired and Liabilities Assumed (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
Real Estate [Abstract]
Land	$ 17,383
Land Improvements	8,029
Acquired lease intangibles assets	2,655
Other assets	940
Total Consideration	$ 29,007

Mortgage Notes Payable - Summar

Mortgage Notes Payable - Summary of Company's Mortgage Notes Payable (Detail) - USD ($) $ in Thousands		12 Months Ended
	Dec. 20, 2017	Dec. 31, 2023	Jul. 31, 2023	Dec. 31, 2022	Mar. 21, 2018
Debt Instrument [Line Items]
Mortgage notes payable		$ 379,187		$ 355,979
Unamortized loan costs		(9,764)		(10,513)
Mortgage notes payable, net		369,423		345,466
4.18% People's United Bank, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 14,710		15,084
Interest Rate		4.18%
Maturity		Oct. 15, 2024
Allstate Life Insurance Company, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 34,808		35,638
Interest Rate		4%
Maturity		Apr. 01, 2025
3.82 % United States Life Insurance Company, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable	$ 39,000	$ 39,000		39,000
Interest Rate	3.82%	3.82%
Maturity	Jan. 01, 2028	Jan. 01, 2028
4.25 % United States Life Insurance Company, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 32,632		33,000	$ 33,000
Interest Rate		4.25%
Maturity		Apr. 01, 2028
3.45% Transamerica Life Insurance Company, Loan Two [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 8,037		8,257
Interest Rate		3.45%
Maturity		Apr. 01, 2030
American International Group 2022, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 225,000		225,000
Interest Rate		4.63%
Maturity		Sep. 01, 2032
Transamerica Life Insurance Company 2023, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 25,000	$ 25,000	$ 0
Interest Rate		5.40%
Maturity		Aug. 01, 2033

Mortgage Notes Payable - Additi

Mortgage Notes Payable - Additional Information (Detail)								12 Months Ended
	Jul. 31, 2023 USD ($) Item	Aug. 05, 2022 USD ($) Property	Mar. 24, 2020 USD ($) Item	Mar. 21, 2018 USD ($) Item	Dec. 20, 2017 USD ($) Item Property	Mar. 13, 2015 USD ($)	Feb. 20, 2015 USD ($) Property	Dec. 31, 2023 USD ($) Property	Dec. 31, 2022 USD ($)	Dec. 31, 2014 USD ($) ft²
Debt Instrument [Line Items]
Amortization of deferred mortgage loan costs								$ 1,300,000	$ 1,100,000
Mortgage notes payable								$ 379,187,000	355,979,000
Number of wholly-owned subsidiaries of the UPREIT | Item	3		2	4	4
3.45% Transamerica Life Insurance Company, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable			$ 8,400,000
Permanent financing interest rate			3.45%
Permanent financing period			10 years
Debt instrument, payment terms								principal balance of the note until April 1, 2022, and (ii) principal and interest payments (amortized over a 25-year period commencing at the end of the interest-only period) from May 1, 2022 through March 1, 2030. The entire principal balance of each note is due and payable on April 1, 2030, the loan maturity date
3.45% Transamerica Life Insurance Company, Loan [Member] | Event of Default [Member]
Debt Instrument [Line Items]
Event of default, description								If a default exists, the outstanding principal balance of the notes shall, at the option of the lender, bear interest at a rate equal to the lesser of (i) 10% per annum over the note rate and (ii) the highest rate of interest permitted to be paid or collected by applicable law with respect to the loan.
3.45% Transamerica Life Insurance Company, Loan [Member] | Minimum [Member]
Debt Instrument [Line Items]
Loan Prepayment Premium Percentage,upon providing advance notice of prepayment			1%
4.25 % United States Life Insurance Company, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable				$ 33,000,000				$ 32,632,000	33,000,000
Permanent financing interest rate				4.25%
Permanent financing period				10 years
Debt instrument, payment terms								the principal balance for the first five (5) years of the term and principal and interest payments (amortized over a 30-year period) during the second five years of the term. The entire principal balance is due and payable on April 1, 2028, the loan maturity date.
Interest Rate								4.25%
Maturity								Apr. 01, 2028
3.82 % United States Life Insurance Company, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable					$ 39,000,000			$ 39,000,000	39,000,000
Permanent financing period					10 years
Debt instrument, payment terms								During the period from February 1, 2018 to December 1, 2027, payments of interest only on the principal balance of the U.S. Life Note (as defined below) will be payable in arrears, with the entire principal balance due and payable on January 1, 2028, the loan maturity date.
Number of collateralized properties | Property					4
Interest Rate					3.82%			3.82%
Maturity					Jan. 01, 2028			Jan. 01, 2028
Application fee to lender					$ 50,000
Event of default, description								In the event of default, the initial rate of interest on the U.S. Life Note will increase to the greatest of (i) 18% per annum, (ii) a per annum rate equal to 4% over the prime established rate, or (iii) a per annum rate equal to 5% over the original interest rate, all subject to the applicable state or federal laws.
3.82 % United States Life Insurance Company, Loan [Member] | Minimum [Member]
Debt Instrument [Line Items]
Loan Prepayment Premium Percentage,upon providing advance notice of prepayment					1%
3.82 % United States Life Insurance Company, Loan [Member] | Minimum [Member] | Event of Default [Member]
Debt Instrument [Line Items]
Increase in debt instrument interest rate upon default					18%
American International Group 2022, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable								$ 225,000,000	225,000,000
Interest Rate								4.63%
Maturity								Sep. 01, 2032
Transamerica Life Insurance Company 2023, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable	$ 25,000,000							$ 25,000,000	0
Permanent financing interest rate	5.40%
Permanent financing period	10 years
Debt instrument, payment terms								principal balance of the note until August 1, 2026, and (ii) principal and interest payments (amortized over a 30-year period commencing at the end of the interest-only period) from September 1, 2026 through July 1, 2033. The entire principal balance of each note is due and payable on August 1, 2033, the loan maturity date.
Interest Rate								5.40%
Maturity								Aug. 01, 2033
Transamerica Life Insurance Company 2023, Loan [Member] | Event of Default [Member]
Debt Instrument [Line Items]
Event of default, description								If a default exists, the outstanding principal balance of the notes shall, at the option of the lender, bear interest at a rate equal to the lesser of (i) 10% per annum over the note rate and (ii) the highest rate of interest permitted to be paid or collected by applicable law with respect to the loan.
Transamerica Life Insurance Company 2023, Loan [Member] | Minimum [Member]
Debt Instrument [Line Items]
Loan Prepayment Premium Percentage,upon providing advance notice of prepayment	1%
Allstate Life Insurance Company, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable								$ 34,808,000	$ 35,638,000
Interest Rate								4%
Maturity								Apr. 01, 2025
Prime Rate [Member] | 3.82 % United States Life Insurance Company, Loan [Member] | Event of Default [Member]
Debt Instrument [Line Items]
Debt instrument Interest rate upon default					4%
Original Interest Rate [Member] | 3.82 % United States Life Insurance Company, Loan [Member] | Event of Default [Member]
Debt Instrument [Line Items]
Debt instrument interest rate over original interest rate upon default					5%
Note Rate [Member] | 3.45% Transamerica Life Insurance Company, Loan [Member] | Event of Default [Member]
Debt Instrument [Line Items]
Debt instrument Interest rate upon default			10%
Note Rate [Member] | Transamerica Life Insurance Company 2023, Loan [Member] | Event of Default [Member]
Debt Instrument [Line Items]
Debt instrument Interest rate upon default	10%
Piscataway, NJ [Member]
Debt Instrument [Line Items]
Number of properties acquired | Property								6
Piscataway, NJ [Member] | Allstate Life Insurance Company, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable								$ 39,100,000
Permanent financing period						10 years
Payment term based on amortization schedule						30 years
Debt Instrument, balloon payment due upon maturity						$ 33,700,000
Interest Rate						4%
Maturity						Apr. 01, 2025
AIG Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable							$ 233,100,000
Permanent financing interest rate							4.05%
Permanent financing period							10 years
Debt instrument, payment terms								During the period from April 1, 2015, to February 1, 2025, payments of interest only were payable in arrears with the entire principal balance plus any accrued and unpaid interest due and payable on March 1, 2025.
Number of collateralized properties | Property							28
Maturity							Aug. 05, 2022
AIG Loan [Member] | American International Group 2022, Loan [Member]
Debt Instrument [Line Items]
Interest Rate		4.63%
Maturity		Sep. 01, 2032
Loan related costs		$ 7,900,000
Prepayment fee		5,100,000
Debt instrument, principal amount		$ 225,000,000
Debt instrument, interest rate terms								monthly interest-only payments
Number of properties secured | Property		25
AIG Loan [Member] | New York [Member] | American International Group 2022, Loan [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount		$ 144,300,000
AIG Loan [Member] | Connecticut And New Jersey | American International Group 2022, Loan [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount		$ 80,700,000
People's United Bank Loan Agreement [Member]
Debt Instrument [Line Items]
Leasable area owned by the company | ft²										84,000
Mortgage notes payable										$ 15,500,000
Permanent financing interest rate										4.18%
Permanent financing period										10 years
Payment term based on amortization schedule										25 years
Debt instrument, payment terms								Payments for the first seven years were interest only. Payments over the remaining three years of the term are based on a 25-year amortization schedule, with a balloon payment of $14.4 million due at maturity
Debt Instrument, balloon payment due upon maturity										$ 14,400,000

Mortgage Notes Payable - Schedu

Mortgage Notes Payable - Schedule of Principal Repayments (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2024	$ 16,374
2025	34,778
2026	980
2027	1,252
2028	69,820
Thereafter	255,983
Total	$ 379,187	$ 355,979

Secured Revolving Credit Faci_2

Secured Revolving Credit Facility & Term Loan Payable - Additional Information (Detail) - USD ($) $ in Thousands				12 Months Ended
	Aug. 05, 2022	Oct. 22, 2021	Dec. 02, 2015	Dec. 31, 2023	Dec. 31, 2022
Line Of Credit Facility [Line Items]
Credit facility, outstanding				$ 40,000	$ 40,000
Unamortized loan costs				9,764	10,513
First Amendment [Member]
Line Of Credit Facility [Line Items]
Line of Credit facility, maximum borrowing capacity	$ 10,000
Revolving Line of Credit Facility [Member] | Other Assets [Member]
Line Of Credit Facility [Line Items]
Unamortized loan costs				300	500
Revolving Line of Credit Facility [Member] | First Amendment [Member]
Line Of Credit Facility [Line Items]
Extension of maturity date	Oct. 22, 2024
Term Loan [Member] | First Amendment [Member]
Line Of Credit Facility [Line Items]
Extension of maturity date	Oct. 22, 2025
Key Bank [Member]
Line Of Credit Facility [Line Items]
Credit facility, outstanding				$ 40,000	40,000
Key Bank [Member] | First Amendment [Member]
Line Of Credit Facility [Line Items]
Line of Credit facility, maximum borrowing capacity	$ 40,000
Key Bank [Member] | First Amendment [Member] | Other Assets [Member]
Line Of Credit Facility [Line Items]
Loan related costs	$ 500
Key Bank [Member] | Revolving Line of Credit Facility [Member]
Line Of Credit Facility [Line Items]
Interest Rate				7.81%
Key Bank [Member] | Revolving Line of Credit Facility [Member] | First Amendment [Member]
Line Of Credit Facility [Line Items]
Extension of maturity date	Aug. 05, 2025
Key Bank [Member] | Term Loan [Member] | First Amendment [Member]
Line Of Credit Facility [Line Items]
Extension of maturity date	Aug. 05, 2026
Key Bank [Member] | Operating Partnership [Member]
Line Of Credit Facility [Line Items]
Line of Credit facility, maximum borrowing capacity			$ 50,000
Line of Credit facility term			2 years
Line of Credit facility extended maturity period			1 year
Line of Credit facility description				line of credit facility, with an initial term of two years, with a one-year extension option, subject to certain other customary conditions.
Key Bank [Member] | Operating Partnership [Member] | Interest Expense [Member]
Line Of Credit Facility [Line Items]
Unamortized loan costs				$ 300	200
Key Bank [Member] | Operating Partnership [Member] | Amended and Restated Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Line of Credit facility, maximum borrowing capacity		$ 60,000		$ 90,000
Line of Credit facility description		The maturity date of the secured revolving credit facility was extended from June 30, 2022 under the Amended and Restated Credit Agreement. The Amended and Restated Credit Agreement provided for a $60 million senior secured credit facility (the “Credit Facility”), consisting of (i) a $10 million revolving line of credit facility, with an initial term of three years and two one-year extension options, subject to certain other customary conditions (the “Revolver”) and (ii) a $50 million term loan facility, with an initial term of four years and a one-year extension option and subject to certain other customary conditions, which was funded in a single advance on October 22, 2021 (the “Term Loan”).		the Amended and Restated Credit Agreement provides for a $90 million Credit Facility, consisting of (i) a $40 million Revolver, with an initial term of three years from the Closing Date and two one-year extension options, subject to certain other customary conditions and (ii) a $50 million Term Loan, with an initial term of four years from the Closing Date and a one-year extension option and subject to certain other customary conditions, which was funded in a single advance on October 22, 2021.
Applicable margin range on credit facility		1%
Credit facility capacity available for issuance of letters of credit and swing line loans		$ 10,000
Loan costs paid with Credit facility		500
Maximum borrowing capacity under incremental credit facility		$ 125,000
Line of credit facility, interest rate description				Borrowings under the Credit Facility bore interest at a rate equal to, at the Operating Partnership’s option, either (1) the applicable average LIBOR rate as shown in Reuters Screen LIBOR01 Page (or any successor service, or commercially available source providing such quotations); provided if the rate shown on Reuters Screen LIBOR01 Page (or any successor service) was less than zero, such rate was deemed to be zero, or (2) a base rate determined by reference to the greatest of (a) the fluctuating annual rate of interest announced from time to time by Key Bank as its “prime rate,” (b) 0.50% above the federal funds effective rate, or (c) then applicable LIBOR for an interest period of one (1) month plus 1.00% per annum; provided that in no event would the Base Rate be less than zero, and in each case of clauses (1) and (2), plus an applicable margin, depending upon the overall leverage of the properties and whether the loan was under the Revolver or Term Loan facilities.
Key Bank [Member] | Operating Partnership [Member] | Amended and Restated Credit Agreement [Member] | Usage Less Than 50% [Member]
Line Of Credit Facility [Line Items]
Line of Credit facility, commitment fee percentage		0.20%
Key Bank [Member] | Operating Partnership [Member] | Amended and Restated Credit Agreement [Member] | Usage 50% or Greater [Member]
Line Of Credit Facility [Line Items]
Line of Credit facility, commitment fee percentage		0.15%
Key Bank [Member] | Operating Partnership [Member] | First Amendment [Member]
Line Of Credit Facility [Line Items]
Applicable margin range on credit facility				1%
Line of credit facility, interest rate description				Borrowings under the Credit Facility bear interest at a rate equal to, at the Operating Partnership’s option, either (1) daily simple SOFR plus 0.1% (but in no case shall the rate be less than zero), (2) term SOFR plus 0.1% (but in no case shall the rate be less than zero) (“Adjusted Term SOFR”), or (3) a base rate determined by reference to the greatest of (a) the fluctuating annual rate of interest announced from time to time by Key Bank as its “prime rate,” (b) 0.50% above the federal funds effective rate, (c) Adjusted Term SOFR for a one month tenor plus 1.0% and (d) 1.0%, and in each case of clauses (1), (2) and (3), plus an applicable margin, depending upon the overall leverage of the properties and whether the loan is under the Revolver or Term Loan facilities.
Key Bank [Member] | Operating Partnership [Member] | Revolving Line of Credit Facility [Member] | Amended and Restated Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Line of Credit facility, maximum borrowing capacity		$ 10,000		$ 40,000
Line of Credit facility term		4 years		4 years
Line of Credit facility extended maturity period		1 year		1 year
Key Bank [Member] | Operating Partnership [Member] | Term Loan [Member] | Amended and Restated Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Line of Credit facility, maximum borrowing capacity		$ 50,000		$ 50,000
Line of Credit facility extended maturity period		1 year		1 year
Key Bank [Member] | Operating Partnership [Member] | Daily Simple SOFR [Member] | First Amendment [Member]
Line Of Credit Facility [Line Items]
Applicable margin range on credit facility				0.10%
Key Bank [Member] | Operating Partnership [Member] | Term SOFR [Member] | First Amendment [Member]
Line Of Credit Facility [Line Items]
Applicable margin range on credit facility				0.10%
Key Bank [Member] | Operating Partnership [Member] | Adjusted Term SOFR [Member] | First Amendment [Member]
Line Of Credit Facility [Line Items]
Applicable margin range on credit facility				1%
Key Bank [Member] | Operating Partnership [Member] | Federal Reserve Bank Of Cleveland [Member] | Amended and Restated Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Applicable margin range on credit facility		0.50%
Key Bank [Member] | Operating Partnership [Member] | Federal Reserve Bank Of Cleveland [Member] | First Amendment [Member]
Line Of Credit Facility [Line Items]
Applicable margin range on credit facility				0.50%
Term Loan [Member]
Line Of Credit Facility [Line Items]
Interest Rate				7.76%
Term Loan [Member] | Term Loan Payable [Member]
Line Of Credit Facility [Line Items]
Unamortized loan costs				$ 200	300
Term Loan [Member] | SOFR [Member]
Line Of Credit Facility [Line Items]
Outstanding borrowings				$ 50,000	$ 50,000

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)									12 Months Ended
	Nov. 09, 2023	Sep. 19, 2023	Jun. 02, 2023	Dec. 01, 2022	Nov. 16, 2022	Jul. 01, 2022	Jun. 03, 2022	Nov. 08, 2016	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stockholders' Equity Note [Line Items]
Shares of preferred stock authorized									10,000,000	10,000,000
Par value per share (in dollars per share)									$ 0.0001	$ 0.0001
Shares of common stock authorized for issuance									100,000,000	100,000,000
Common stock, par value (in dollars per share)									$ 0.0001	$ 0.0001
Shares of common stock issued									13,326,965	13,333,757
Shares of common stock outstanding									13,326,965	13,333,757
Repurchases - common stock									$ 2,067,000	$ 2,000,000
Percentage of taxable income which should be distributed to be qualified as REIT									90%
Options expiration period									10 years
Stock compensation expense									$ 1,914,000	1,504,000
Common stock value per share									$ 22.5
Unamortized stock compensation									$ 2,415,000
Outstanding at the end of the period (in shares)									1,011,896
Non-vested (in shares)									266,666
Vested (in shares)									849,951
Stock Options [Member]
Stockholders' Equity Note [Line Items]
Stock options outstanding									600,000
Vested (in shares)									333,334
Restricted Stock [Member]
Stockholders' Equity Note [Line Items]
Weighted average period for recognition									2 years 3 months 18 days
Vested (in shares)									99,698
Non-employee Directors and Key Officers [Member]
Stockholders' Equity Note [Line Items]
Stock compensation expense									$ 400,000	$ 200,000
Key Officers [Member] | Non-qualified Stock Options [Member]
Stockholders' Equity Note [Line Items]
Share price											$ 18.15
Stock options granted						400,000
Vesting period						3 years
Stock options granted exercise price						$ 18.15
Expected life											6 years 6 months
Risk-free rate											3.0325%
Volatility											23.06%
Dividend yield											3.967%
2007 Incentive Award Plan [Member]
Stockholders' Equity Note [Line Items]
Number of shares of common stock which may be awarded									1,000,000
Share-based compensation award plan , expiration date									Jun. 11, 2017
2007 Incentive Award Plan [Member] | Key Officers [Member] | Non-qualified Stock Options [Member]
Stockholders' Equity Note [Line Items]
Stock options granted								200,000
Vesting period								3 years
Stock options granted exercise price								$ 10.4
2017 Incentive Award Plan [Member]
Stockholders' Equity Note [Line Items]
Number of shares of common stock which may be awarded									2,000,000
Plan effective date									Apr. 24, 2017
Number of shares available for future issuance									1,030,891
Federal Income Taxes [Member]
Stockholders' Equity Note [Line Items]
Percentage of taxable income which should be distributed in order not to be subject to corporate federal income taxes on retained income									100%
Certain Order dated September 19, 2023 of the United States Bankruptcy Court [Member]
Stockholders' Equity Note [Line Items]
Number of shares purchased	6,944
Share price	$ 9.65
Repurchases - common stock	$ 67,010
Share Redemption Program [Member]
Stockholders' Equity Note [Line Items]
Number of shares purchased			95,011	49,925			49,925
Share price			$ 21.05	$ 20.03			$ 20.03
Repurchases - common stock			$ 2,000,000	$ 1,000,000			$ 1,000,000
Series A Preferred Stock [Member]
Stockholders' Equity Note [Line Items]
Shares of preferred stock authorized									500,000	500,000
Par value per share (in dollars per share)									$ 0.0001	$ 0.0001
Preferred stock, shares outstanding									0	0
Series B Preferred Stock, Non-Voting [Member]
Stockholders' Equity Note [Line Items]
Shares of preferred stock authorized									6,500,000	6,500,000
Par value per share (in dollars per share)									$ 0.0001	$ 0.0001
Preferred stock, voting rights									There are no voting rights associated with the Series B preferred stock.
Preferred stock, shares outstanding									0	0
Class B Limited Partner Units
Stockholders' Equity Note [Line Items]
Number of shares purchased		15,202			6,421
Repurchases - common stock		$ 32,214,363			$ 16,799,424

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Dividends Declared on Common Stock (Detail) - $ / shares	Nov. 07, 2023	Jun. 08, 2023	Mar. 14, 2023	Nov. 02, 2022	Aug. 02, 2022	Jun. 09, 2022	Mar. 15, 2022	Aug. 03, 2021
12 Months Ended 12/31/21 [Member]
Stockholders' Equity Note [Line Items]
Declaration Date							Mar. 15, 2022
Record Date							Mar. 31, 2022
Payment Date							Apr. 15, 2022
Dividend Per Share							$ 0.32
3 Months Ended 3/31/22 [Member]
Stockholders' Equity Note [Line Items]
Declaration Date							Mar. 15, 2022
Record Date							Mar. 31, 2022
Payment Date							Apr. 18, 2022
Dividend Per Share							$ 0.10
6 Months Ended 6/30/22 [Member]
Stockholders' Equity Note [Line Items]
Declaration Date						Jun. 09, 2022
Record Date						Jun. 30, 2022
Payment Date						Jul. 15, 2022
Dividend Per Share						$ 0.10
9 Months Ended 9/30/22 [Member]
Stockholders' Equity Note [Line Items]
Declaration Date					Aug. 02, 2022
Record Date					Sep. 30, 2022
Payment Date					Oct. 14, 2022
Dividend Per Share					$ 0.10
3 Months Ended 12/31/22 [Member]
Stockholders' Equity Note [Line Items]
Declaration Date				Nov. 02, 2022
Record Date				Dec. 31, 2022
Payment Date				Jan. 13, 2023
Dividend Per Share				$ 0.10
12 Months Ended 12/31/22 [Member]
Stockholders' Equity Note [Line Items]
Declaration Date			Mar. 14, 2023
Record Date			Mar. 31, 2023
Payment Date			Apr. 14, 2023
Dividend Per Share			$ 0.33
3 Months Ended 3/31/23 [Member]
Stockholders' Equity Note [Line Items]
Declaration Date			Mar. 14, 2023
Record Date			Mar. 31, 2023
Payment Date			Apr. 17, 2023
Dividend Per Share			$ 0.10
6 Months Ended 6/30/23 [Member]
Stockholders' Equity Note [Line Items]
Declaration Date		Jun. 08, 2023
Record Date		Jun. 30, 2023
Payment Date		Jul. 14, 2023
Dividend Per Share		$ 0.10
9 Months Ended 9/30/23 [Member]
Stockholders' Equity Note [Line Items]
Declaration Date								Aug. 01, 2023
Record Date								Sep. 30, 2023
Payment Date								Oct. 16, 2023
Dividend Per Share								$ 0.10
12 Months Ended 12/31/23 [Member]
Stockholders' Equity Note [Line Items]
Declaration Date	Nov. 07, 2023
Record Date	Dec. 31, 2023
Payment Date	Jan. 12, 2024
Dividend Per Share	$ 0.10

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Shares Issued under 2007 and 2017 Plan (Detail)	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
2007 Plan | Award Granted on April 30, 2012 [Member] | Certain Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Apr. 30, 2012
Total Shares Issued | shares	55,149
Value Per Share | $ / shares	$ 6.80
Approximate Value of Shares | $	$ 375,000
Vesting period	3 years
2007 Plan | Award Granted on June 7, 2012 [Member] | Non-management Members of Board of Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 07, 2012
Total Shares Issued | shares	5,884
Value Per Share | $ / shares	$ 6.80
Approximate Value of Shares | $	$ 40,000
Vesting Period	Immediately
2007 Plan | Award Granted on March 21, 2013 [Member] | Certain Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Mar. 21, 2013
Total Shares Issued | shares	46,876
Value Per Share | $ / shares	$ 6.40
Approximate Value of Shares | $	$ 300,000
Vesting period	3 years
2007 Plan | Award Granted on March 21, 2013 [Member] | Non-management Members of Board of Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Mar. 21, 2013
Total Shares Issued | shares	3,126
Value Per Share | $ / shares	$ 6.40
Approximate Value of Shares | $	$ 20,000
Vesting Period	Immediately
2007 Plan | Award Granted on June 6, 2013 [Member] | Non-management Members of Board of Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 06, 2013
Total Shares Issued | shares	9,378
Value Per Share | $ / shares	$ 6.40
Approximate Value of Shares | $	$ 60,000
Vesting Period	Immediately
2007 Plan | Award Granted on June 4, 2014 [Member] | Certain Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 04, 2014
Total Shares Issued | shares	44,704
Value Per Share | $ / shares	$ 6.80
Approximate Value of Shares | $	$ 304,000
Vesting period	5 years
2007 Plan | Award Granted on June 19, 2014 [Member] | Non-management Members of Board of Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 19, 2014
Total Shares Issued | shares	8,820
Value Per Share | $ / shares	$ 6.80
Approximate Value of Shares | $	$ 60,000
Vesting Period	Immediately
2007 Plan | Award Granted on March 26, 2015 [Member] | Certain Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Mar. 26, 2015
Total Shares Issued | shares	43,010
Value Per Share | $ / shares	$ 9.30
Approximate Value of Shares | $	$ 400,000
Vesting period	5 years
2007 Plan | Award Granted on June 19, 2015 [Member] | Non-management Members of Board of Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 19, 2015
Total Shares Issued | shares	16,436
Value Per Share | $ / shares	$ 10.65
Approximate Value of Shares | $	$ 175,000
Vesting Period	Immediately
2007 Plan | Award Granted on March 24, 2016 [Member] | Certain Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Mar. 24, 2016
Total Shares Issued | shares	47,043
Value Per Share | $ / shares	$ 10.40
Approximate Value of Shares | $	$ 489,000
Vesting period	5 years
2007 Plan | Award Granted on June 9, 2016 [Member] | Non-management Members of Board of Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 09, 2016
Total Shares Issued | shares	14,424
Value Per Share | $ / shares	$ 10.40
Approximate Value of Shares | $	$ 150,000
Vesting Period	Immediately
2007 Plan | Award Granted on May 22, 2017 [Member] | Certain Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	May 22, 2017
Total Shares Issued | shares	34,482
Value Per Share | $ / shares	$ 11.60
Approximate Value of Shares | $	$ 400,000
Vesting period	9 years
2007 Plan | Award Granted on May 31, 2017 [Member] | Current and Former Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	May 31, 2017
Total Shares Issued | shares	7,929
Value Per Share | $ / shares	$ 11.60
Approximate Value of Shares | $	$ 92,000
Vesting Period	Immediately
2007 Plan | Award Granted on June 8, 2017 [Member] | Non-management Members of Board of Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 08, 2017
Total Shares Issued | shares	15,516
Value Per Share | $ / shares	$ 11.60
Approximate Value of Shares | $	$ 180,000
Vesting Period	Immediately
2017 Plan | Award Granted on June 7, 2018 [Member] | Certain Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 07, 2018
Total Shares Issued | shares	42,918
Value Per Share | $ / shares	$ 11.65
Approximate Value of Shares | $	$ 500,000
Vesting period	9 years
2017 Plan | Award Granted on June 7, 2018 [Member] | Non-management Members of Board of Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 07, 2018
Total Shares Issued | shares	15,020
Value Per Share | $ / shares	$ 11.65
Approximate Value of Shares | $	$ 175,000
Vesting Period	Immediately
2017 Plan | Award Granted on June 5, 2019 [Member] | Certain Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 05, 2019
Total Shares Issued | shares	64,654
Value Per Share | $ / shares	$ 11.60
Approximate Value of Shares | $	$ 750,000
Vesting period	9 years
2017 Plan | Award Granted on June 5, 2019 [Member] | Non-management Members of Board of Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 05, 2019
Total Shares Issued | shares	15,085
Value Per Share | $ / shares	$ 11.60
Approximate Value of Shares | $	$ 175,000
Vesting Period	Immediately
2017 Plan | Award Granted on June 4, 2020 [Member] | Certain Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 04, 2020
Total Shares Issued | shares	72,834
Value Per Share | $ / shares	$ 12.70
Approximate Value of Shares | $	$ 925,000
Vesting period	9 years
2017 Plan | Award Granted on June 4, 2020 [Member] | Non-management Members of Board of Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 04, 2020
Total Shares Issued | shares	16,530
Value Per Share | $ / shares	$ 12.70
Approximate Value of Shares | $	$ 210,000
Vesting Period	Immediately
2017 Plan | Award Granted on June 10, 2021 [Member] | Certain Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 10, 2021
Total Shares Issued | shares	123,947
Value Per Share | $ / shares	$ 11.90
Approximate Value of Shares | $	$ 1,475,000
Vesting period	9 years
2017 Plan | Award Granted on June 10, 2021 [Member] | Non-management Members of Board of Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 10, 2021
Total Shares Issued | shares	22,686
Value Per Share | $ / shares	$ 11.90
Approximate Value of Shares | $	$ 270,000
Vesting Period	Immediately
2017 Plan | Award Granted on June 9, 2022 [Member] | Certain Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 09, 2022
Total Shares Issued | shares	85,398
Value Per Share | $ / shares	$ 18.15
Approximate Value of Shares | $	$ 1,550,000
Vesting period	9 years
2017 Plan | Award Granted on June 9, 2022 [Member] | Non-management Members of Board of Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 09, 2022
Total Shares Issued | shares	14,874
Value Per Share | $ / shares	$ 18.15
Approximate Value of Shares | $	$ 270,000
Vesting Period	Immediately
2017 Plan | Award Granted on June 8, 2023 [Member] | Certain Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 08, 2023
Total Shares Issued | shares	78,548
Value Per Share | $ / shares	$ 16.55
Approximate Value of Shares | $	$ 1,300,000
Vesting period	9 years
2017 Plan | Award Granted on June 8, 2023 [Member] | Non-management Members of Board of Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 08, 2023
Total Shares Issued | shares	16,615
Value Per Share | $ / shares	$ 16.55
Approximate Value of Shares | $	$ 275,000
Vesting Period	Immediately

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Restricted Stock Activity (Detail)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested, Shares	(849,951)
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested at beginning of period, Shares	166,480
Non-vested, new shares issued, Shares	95,163
Vested, Shares	(99,698)
Non-vested at end of period, Shares	161,945
Non-vested at beginning of period, Weighted Average Grant Date Fair Value | $ / shares	$ 14.20
Non-vested, new shares issued, Weighted Average Grant Date Fair Value | $ / shares	16.55
Vested, Weighted Average Grant Date Fair Value | $ / shares	15.68
Non-vested at end of period, Weighted Average Grant Date Fair Value | $ / shares	$ 14.91

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Vesting Schedule of Non-vested Shares of Restricted Stock Outstanding (Detail) - Restricted Stock [Member] - shares	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
2024	50,831
2025	37,472
2026	27,441
2027	19,423
2028	13,002
2029	7,859
Thereafter	5,917
Total Non-vested Shares	161,945	166,480

Earnings per Share - Additional

Earnings per Share - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Number of common share equivalents	184,889	85,399

Earnings per Share - Schedule o

Earnings per Share - Schedule of Computation of Basic and Diluted Earnings per Share Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income attributable to common stockholders	$ 9,485	$ 15,425
Denominator:
Weighted average common shares outstanding - basic	13,331,273	13,356,688
Weighted average common shares outstanding - diluted	13,516,162	13,442,087
Basic and Diluted Per Share Information:
Net income per share - basic	$ 0.71	$ 1.15
Net income per share - diluted	$ 0.7	$ 1.15

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	1 Months Ended						12 Months Ended
	Jun. 30, 2023	Jan. 31, 2023	Oct. 31, 2022	Oct. 31, 2021	Dec. 31, 2020	Jul. 31, 2020	Dec. 31, 2023	Dec. 31, 2022
Related Party Transactions [Line Items]
Brokerage commissions							$ 75,273,000	$ 65,534,000
Aggregate contractual rents							3,171,000
Operating lease costs							340,000	$ 308,000
Green Holland Management LLC [Member]
Related Party Transactions [Line Items]
Brokerage commissions on sale of property			$ 600,000
Brokerage commissions on purchase of property		$ 574,000
Rochlin Organization ("TRO") [Member]
Related Party Transactions [Line Items]
Brokerage commissions	$ 1,500,000		2,900,000			$ 406,000
Aggregate contractual rents			$ 82,500,000			$ 21,000,000	32,300,000
Payment of brokerage commissions					$ 155,000
Brokerage commissions on purchase of property				$ 402,000
Lighthouse Sixty, LP [Member]
Related Party Transactions [Line Items]
Operating lease costs							$ 27,000
Lease expiration year							2020
Paul Cooper [Member] | Green Holland Management LLC [Member]
Related Party Transactions [Line Items]
Partnership percentage in limited liability real estate brokerage firm			50%
Louis Sheinker [Member] | Green Holland Management LLC [Member]
Related Party Transactions [Line Items]
Partnership percentage in limited liability real estate brokerage firm			50%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)		1 Months Ended	12 Months Ended
	Dec. 11, 2020 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2023 USD ($) Bus_Depot	Dec. 31, 2022 USD ($)	Feb. 16, 2012 USD ($)
Commitments and Contingencies [Line Items]
Number of bus depot sites received final regulatory closure | Bus_Depot			3
Number of former bus depot sites | Bus_Depot			6
Number of bus depot sites continuing monitoring and reporting activities associated with environmental cleanup efforts | Bus_Depot			3
Environmental matters liability on-going activities			$ 0
Steel Garden LLC [Member]
Commitments and Contingencies [Line Items]
Lease term of contract	10 years 4 months
Lease option to extend term	5 years
Lease option to extend description	one five-year option to extend the lease
Lease commencement date	Oct. 01, 2021
Monthly minimum rent	$ 27,755
Annual rental increase percentage	3%
Free minimum rental period	4 months
Divestiture [Member] | Shelter Electric Maintenance Corporation
Commitments and Contingencies [Line Items]
Pension withdrawal liability		$ 811,000			$ 1,500,000
Monthly installment payment for pension withdrawal liability			$ 8,100
Defined benefit plan, benefit obligation, payment for settlement		$ 684,000
Gains Losses on settlement of pension withdrawal liability				$ 127,000
Term of payment			20 years

Fair Value - Schedule of Fair V

Fair Value - Schedule of Fair Value of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial assets:
Cash and cash equivalents	$ 27,913	$ 59,504
Restricted cash	1,400	986	$ 1,047
Rent and other receivables	569	1,476
Financial liabilities:
Dividends payable	1,333	1,333
Accounts payable and accrued expenses	5,234	7,533
Secured revolving credit facility	40,000	40,000
Term loan payable	50,000	50,000
Mortgage notes payable	379,187	355,979
Estimate of Fair Value Measurement [Member]
Financial assets:
Cash and cash equivalents	27,913	59,504
Restricted cash	1,400	986
Rent and other receivables	569	1,476
Financial liabilities:
Dividends payable	1,333	1,333
Accounts payable and accrued expenses	5,234	7,533
Secured revolving credit facility	40,000	40,000
Term loan payable	50,000	50,000
Mortgages [Member]
Financial liabilities:
Mortgage notes payable	379,187	355,979
Mortgages [Member] | Estimate of Fair Value Measurement [Member]
Financial liabilities:
Mortgage notes payable	$ 345,009	$ 326,788

Other Retirement Benefits - Add

Other Retirement Benefits - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined Contribution Plan Disclosure [Line Items]
Contributions to the plan and charged to benefit costs	$ 65,000	$ 56,000
Defined Contribution 401(k) Plan for Non-Union Employees [Member]
Defined Contribution Plan Disclosure [Line Items]
Minimum period of service of employees to be eligible to participate in plan	1 year
Minimum age of employees to be eligible to participate in plan	21 years
Profit Sharing Contribution Component 401(k) Plan [Member]
Defined Contribution Plan Disclosure [Line Items]
Contributions to the plan and charged to benefit costs	$ 80,000	$ 75,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Taxable years not able to qualify as REIT if company fails in any taxable year		4 years
Provisions for (benefit from) income taxes	$ 0	$ 0
Net operating loss carry-forwards	$ 18,000,000
Operating loss carryforwards remainder begin to expire	2027
Minimum [Member]
Operating Loss Carryforwards [Line Items]
Proportion of taxable income distributed to stockholders	90%	90%

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of GAAP Income (Loss) from Continuing Operations to Taxable Income (Loss) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Net income	$ 11,264	$ 21,992
GAAP net (income) of taxable subsidiaries	(605)	(747)
GAAP net income from REIT operations	10,659	21,245
Operating expense book deductions greater than tax	4,099	4,643
Book depreciation in excess of tax depreciation	4,872	4,022
GAAP amortization of intangibles in excess of tax amortization	821	689
Straightline rent adjustments	(1,054)	879
Mortgage refinance costs tax deductions greater than book		(5,665)
Gain on sale of real estate		(14,593)
Casualty gain not taxable		(677)
(Income) allocable to noncontrolling interest	(5,226)	(3,677)
Estimated taxable income	$ 14,171	$ 6,866

Future Minimum Rent Schedule -

Future Minimum Rent Schedule - Summary of Future Minimum Contractual Lease Payments to be Received (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Abstract]
2024	$ 63,127
2025	62,385
2026	61,509
2027	44,707
2028	37,212
Thereafter	98,335
Total	$ 367,275

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ / shares in Units, $ in Thousands	Mar. 14, 2024 USD ($) Item	Mar. 12, 2024 $ / shares	Jul. 31, 2023 Item	Mar. 24, 2020 Item	Mar. 21, 2018 Item	Dec. 20, 2017 Item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Subsequent Event [Line Items]
Number of wholly owned subsidiaries | Item			3	2	4	4
Mortgage notes payable | $							$ 379,187	$ 355,979
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of wholly owned subsidiaries | Item	3
Subsequent Event [Member] | American General Life Insuance Company [Member]
Subsequent Event [Line Items]
Mortgage notes payable | $	$ 125,000
Subsequent Event [Member] | Supplemental Cash Dividend [Member]
Subsequent Event [Line Items]
Cash dividend declared per share | $ / shares		$ 0.66
Dividend declared date		Mar. 12, 2024
Dividend record date		Mar. 31, 2024
Dividend payment date		Apr. 12, 2024
Subsequent Event [Member] | Quarterly Cash Dividend [Member]
Subsequent Event [Line Items]
Cash dividend declared per share | $ / shares		$ 0.12
Dividend declared date		Mar. 12, 2024
Dividend record date		Mar. 31, 2024
Dividend payment date		Apr. 15, 2024

Schedule III - Consolidated Rea

Schedule III - Consolidated Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 221,681
Initial Cost to Company, Buildings & Improvements		271,955
Cost Capitalized Subsequent to Acquisition, Improvements		40,450
Gross Carrying Value of Land, Buildings & Improvements, Total		535,583	$ 508,170	$ 514,789
Gross Carrying Value, Land		223,308
Gross Carrying Value, Buildings & Improvements		312,275
Accumulated Depreciation		104,163	$ 93,785	$ 84,190
New York [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		144,202
Initial Cost to Company, Buildings & Improvements		98,038
Cost Capitalized Subsequent to Acquisition, Improvements		18,052
Gross Carrying Value of Land, Buildings & Improvements, Total		260,293
Gross Carrying Value, Land		144,333
Gross Carrying Value, Buildings & Improvements		115,960
Accumulated Depreciation		43,050
New York [Member] | 103 Fairview Park Drive, Elmsford, NY [Member] | United States Life Insurance Company [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		3,416
Initial Cost to Company, Buildings & Improvements		9,972
Cost Capitalized Subsequent to Acquisition, Improvements		754
Gross Carrying Value of Land, Buildings & Improvements, Total		14,143
Gross Carrying Value, Land		3,416
Gross Carrying Value, Buildings & Improvements		10,727
Accumulated Depreciation		$ 3,167
Date of Construction		1988
Date Acquired		Jan. 17, 2013
New York [Member] | 412 Fairview Park Drive, Elmsford, NY [Member] | American International Group 2022 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 3,237
Initial Cost to Company, Buildings & Improvements		572
Gross Carrying Value of Land, Buildings & Improvements, Total		3,809
Gross Carrying Value, Land		3,237
Gross Carrying Value, Buildings & Improvements		572
Accumulated Depreciation		$ 157
Date Acquired		Jan. 17, 2013
New York [Member] | 401 Fieldcrest Drive, Elmsford, NY [Member] | American International Group 2022 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 3,008
Initial Cost to Company, Buildings & Improvements		7,097
Gross Carrying Value of Land, Buildings & Improvements, Total		10,105
Gross Carrying Value, Land		3,008
Gross Carrying Value, Buildings & Improvements		7,097
Accumulated Depreciation		$ 2,010
Date Acquired		Jan. 17, 2013
New York [Member] | 404 Fieldcrest Drive, Elmsford, NY [Member] | United States Life Insurance Company [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 2,275
Initial Cost to Company, Buildings & Improvements		7,822
Cost Capitalized Subsequent to Acquisition, Improvements		387
Gross Carrying Value of Land, Buildings & Improvements, Total		10,484
Gross Carrying Value, Land		2,275
Gross Carrying Value, Buildings & Improvements		8,209
Accumulated Depreciation		$ 2,445
Date of Construction		1996
Date Acquired		Jan. 17, 2013
New York [Member] | 36 Midland Ave, Port Chester, NY [Member] | American International Group 2022 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 2,428
Initial Cost to Company, Buildings & Improvements		6,409
Cost Capitalized Subsequent to Acquisition, Improvements		499
Gross Carrying Value of Land, Buildings & Improvements, Total		9,336
Gross Carrying Value, Land		2,428
Gross Carrying Value, Buildings & Improvements		6,908
Accumulated Depreciation		$ 2,113
Date of Construction		1979
Date Acquired		Jan. 17, 2013
New York [Member] | 100-110 Midland Ave, Port Chester, NY | American International Group 2022 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 5,390
Initial Cost to Company, Buildings & Improvements		16,463
Cost Capitalized Subsequent to Acquisition, Improvements		3,346
Gross Carrying Value of Land, Buildings & Improvements, Total		25,199
Gross Carrying Value, Land		5,390
Gross Carrying Value, Buildings & Improvements		19,809
Accumulated Depreciation		$ 5,028
Date of Construction		1979
Date Acquired		Jan. 17, 2013
New York [Member] | 199 Ridgewood Drive, Elmsford, NY [Member] | American International Group 2022 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 827
Initial Cost to Company, Buildings & Improvements		1,916
Cost Capitalized Subsequent to Acquisition, Improvements		431
Gross Carrying Value of Land, Buildings & Improvements, Total		3,174
Gross Carrying Value, Land		827
Gross Carrying Value, Buildings & Improvements		2,347
Accumulated Depreciation		$ 604
Date of Construction		1992
Date Acquired		Jan. 17, 2013
New York [Member] | 203 Ridgewood Drive, Elmsford, NY [Member] | American International Group 2022 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 948
Initial Cost to Company, Buildings & Improvements		2,265
Gross Carrying Value of Land, Buildings & Improvements, Total		3,213
Gross Carrying Value, Land		948
Gross Carrying Value, Buildings & Improvements		2,265
Accumulated Depreciation		$ 664
Date of Construction		1986
Date Acquired		Jan. 17, 2013
New York [Member] | 8 Slater Street, Port Chester, NY [Member] | American International Group 2022 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 1,997
Initial Cost to Company, Buildings & Improvements		4,640
Cost Capitalized Subsequent to Acquisition, Improvements		1,319
Gross Carrying Value of Land, Buildings & Improvements, Total		7,956
Gross Carrying Value, Land		1,997
Gross Carrying Value, Buildings & Improvements		5,959
Accumulated Depreciation		$ 1,636
Date of Construction		1984
Date Acquired		Jan. 17, 2013
New York [Member] | 612 Wortman Ave, Brooklyn, NY [Member] | American International Group 2022 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	[1]	$ 8,907
Initial Cost to Company, Buildings & Improvements	[1]	117
Cost Capitalized Subsequent to Acquisition, Improvements	[1]	4,284
Gross Carrying Value of Land, Buildings & Improvements, Total	[1]	13,308
Gross Carrying Value, Land	[1]	8,907
Gross Carrying Value, Buildings & Improvements	[1]	4,401
Accumulated Depreciation	[1]	$ 4,070
Date of Construction	[1]	1965
Date Acquired	[1]	Mar. 26, 2007
New York [Member] | 165-25 147th Ave, Jamaica, NY [Member] | American International Group 2022 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 360
Initial Cost to Company, Buildings & Improvements		3,821
Cost Capitalized Subsequent to Acquisition, Improvements		856
Gross Carrying Value of Land, Buildings & Improvements, Total		5,037
Gross Carrying Value, Land		360
Gross Carrying Value, Buildings & Improvements		4,677
Accumulated Depreciation		$ 4,677
Date of Construction		1952
Date Acquired		Mar. 26, 2007
New York [Member] | 114-15 Guy Brewer Blvd, Jamaica, NY [Member] | American International Group 2022 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 23,100
Initial Cost to Company, Buildings & Improvements		6
Cost Capitalized Subsequent to Acquisition, Improvements		2,067
Gross Carrying Value of Land, Buildings & Improvements, Total		25,173
Gross Carrying Value, Land		23,100
Gross Carrying Value, Buildings & Improvements		2,073
Accumulated Depreciation		$ 2,073
Date of Construction		1965
Date Acquired		Mar. 26, 2007
New York [Member] | 49-19 Rockaway Beach Blvd, Far Rockaway, NY [Member] | American International Group 2022 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 74
Initial Cost to Company, Buildings & Improvements		783
Cost Capitalized Subsequent to Acquisition, Improvements		31
Gross Carrying Value of Land, Buildings & Improvements, Total		888
Gross Carrying Value, Land		74
Gross Carrying Value, Buildings & Improvements		814
Accumulated Depreciation		$ 814
Date of Construction		1931
Date Acquired		Mar. 26, 2007
New York [Member] | 85-01 24th Ave, East Elmhurst, NY [Member] | American International Group 2022 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 38,210
Initial Cost to Company, Buildings & Improvements		937
Cost Capitalized Subsequent to Acquisition, Improvements		2,343
Gross Carrying Value of Land, Buildings & Improvements, Total		41,490
Gross Carrying Value, Land		38,210
Gross Carrying Value, Buildings & Improvements		3,280
Accumulated Depreciation		$ 3,268
Date of Construction		1954
Date Acquired		Mar. 26, 2007
New York [Member] | 23-85 87th Street, East Elmhurst, NY [Member] | American International Group 2022 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	[1]	$ 14,506
Initial Cost to Company, Buildings & Improvements	[1]	323
Cost Capitalized Subsequent to Acquisition, Improvements	[1]	1,168
Gross Carrying Value of Land, Buildings & Improvements, Total	[1]	15,997
Gross Carrying Value, Land	[1]	14,637
Gross Carrying Value, Buildings & Improvements	[1]	1,360
Accumulated Depreciation	[1]	$ 1,207
Date of Construction	[1]	1966
Date Acquired	[1]	Mar. 26, 2007
New York [Member] | 28-20 Borden Ave, Long Island City, NY [Member] | People's United Bank [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 26,678
Initial Cost to Company, Buildings & Improvements		98
Cost Capitalized Subsequent to Acquisition, Improvements		567
Gross Carrying Value of Land, Buildings & Improvements, Total		27,343
Gross Carrying Value, Land		26,678
Gross Carrying Value, Buildings & Improvements		665
Accumulated Depreciation		$ 181
Date of Construction		1992
Date Acquired		Jul. 02, 2014
New York [Member] | 606 Cozine Ave, Brooklyn, NY [Member] | United States Life Insurance Company [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 3,304
Initial Cost to Company, Buildings & Improvements		6,469
Gross Carrying Value of Land, Buildings & Improvements, Total		9,773
Gross Carrying Value, Land		3,304
Gross Carrying Value, Buildings & Improvements		6,469
Accumulated Depreciation		$ 3,306
Date of Construction		1969
Date Acquired		May 10, 2016
New York [Member] | 201 Neelytown Road, Montgomery, NY [Member] | United States Life Insurance Company [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 4,751
Initial Cost to Company, Buildings & Improvements		27,906
Gross Carrying Value of Land, Buildings & Improvements, Total		32,657
Gross Carrying Value, Land		4,751
Gross Carrying Value, Buildings & Improvements		27,906
Accumulated Depreciation		$ 5,484
Date of Construction		2017
Date Acquired		Aug. 31, 2017
New York [Member] | 112 Midland Ave, Port Chester, NY [Member] | American International Group 2022 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 786
Initial Cost to Company, Buildings & Improvements		422
Gross Carrying Value of Land, Buildings & Improvements, Total		1,208
Gross Carrying Value, Land		786
Gross Carrying Value, Buildings & Improvements		422
Accumulated Depreciation		$ 146
Date of Construction		1980
Date Acquired		Mar. 26, 2007
New Jersey [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 26,812
Initial Cost to Company, Buildings & Improvements		93,464
Cost Capitalized Subsequent to Acquisition, Improvements		11,113
Gross Carrying Value of Land, Buildings & Improvements, Total		131,389
Gross Carrying Value, Land		26,812
Gross Carrying Value, Buildings & Improvements		104,577
Accumulated Depreciation		29,186
New Jersey [Member] | 100 American Road, Morris Plains, NJ [Member] | American International Group 2022 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		2,275
Initial Cost to Company, Buildings & Improvements		12,538
Cost Capitalized Subsequent to Acquisition, Improvements		1,674
Gross Carrying Value of Land, Buildings & Improvements, Total		16,487
Gross Carrying Value, Land		2,275
Gross Carrying Value, Buildings & Improvements		14,212
Accumulated Depreciation		$ 3,979
Date of Construction		1986
Date Acquired		Jan. 17, 2013
New Jersey [Member] | 200 American Road, Morris Plains, NJ [Member] | American International Group 2022 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 725
Initial Cost to Company, Buildings & Improvements		5,361
Cost Capitalized Subsequent to Acquisition, Improvements		224
Gross Carrying Value of Land, Buildings & Improvements, Total		6,310
Gross Carrying Value, Land		725
Gross Carrying Value, Buildings & Improvements		5,585
Accumulated Depreciation		$ 1,583
Date of Construction		2004
Date Acquired		Jan. 17, 2013
New Jersey [Member] | 300 American Road, Morris Plains, NJ [Member] | United States Life Insurance Company [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 1,466
Initial Cost to Company, Buildings & Improvements		6,628
Cost Capitalized Subsequent to Acquisition, Improvements		670
Gross Carrying Value of Land, Buildings & Improvements, Total		8,764
Gross Carrying Value, Land		1,466
Gross Carrying Value, Buildings & Improvements		7,298
Accumulated Depreciation		$ 2,082
Date of Construction		1987
Date Acquired		Jan. 17, 2013
New Jersey [Member] | 400 American Road, Morris Plains, NJ [Member] | American International Group 2022 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 1,724
Initial Cost to Company, Buildings & Improvements		9,808
Cost Capitalized Subsequent to Acquisition, Improvements		1,038
Gross Carrying Value of Land, Buildings & Improvements, Total		12,570
Gross Carrying Value, Land		1,724
Gross Carrying Value, Buildings & Improvements		10,846
Accumulated Depreciation		$ 3,206
Date of Construction		1990
Date Acquired		Jan. 17, 2013
New Jersey [Member] | 500 American Road, Morris Plains, NJ [Member] | United States Life Insurance Company [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 1,711
Initial Cost to Company, Buildings & Improvements		8,111
Cost Capitalized Subsequent to Acquisition, Improvements		440
Gross Carrying Value of Land, Buildings & Improvements, Total		10,262
Gross Carrying Value, Land		1,711
Gross Carrying Value, Buildings & Improvements		8,551
Accumulated Depreciation		$ 2,462
Date of Construction		1988
Date Acquired		Jan. 17, 2013
New Jersey [Member] | 20 East Halsey Road, Parsippany, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 1,898
Initial Cost to Company, Buildings & Improvements		1,402
Cost Capitalized Subsequent to Acquisition, Improvements		5,830
Gross Carrying Value of Land, Buildings & Improvements, Total		9,130
Gross Carrying Value, Land		1,898
Gross Carrying Value, Buildings & Improvements		7,232
Accumulated Depreciation		$ 2,052
Date of Construction		1970
Date Acquired		Apr. 23, 2014
New Jersey [Member] | 1110 Centennial Ave, Piscataway, NJ [Member] | Allstate Corporation [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 790
Initial Cost to Company, Buildings & Improvements		1,937
Cost Capitalized Subsequent to Acquisition, Improvements		289
Gross Carrying Value of Land, Buildings & Improvements, Total		3,016
Gross Carrying Value, Land		790
Gross Carrying Value, Buildings & Improvements		2,226
Accumulated Depreciation		$ 693
Date of Construction		1979
Date Acquired		Mar. 13, 2015
New Jersey [Member] | 11 Constitution Ave, Piscataway, NJ [Member] | Allstate Corporation [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 1,780
Initial Cost to Company, Buildings & Improvements		8,999
Cost Capitalized Subsequent to Acquisition, Improvements		599
Gross Carrying Value of Land, Buildings & Improvements, Total		11,378
Gross Carrying Value, Land		1,780
Gross Carrying Value, Buildings & Improvements		9,598
Accumulated Depreciation		$ 2,243
Date of Construction		1989
Date Acquired		Mar. 13, 2015
New Jersey [Member] | 21 Constitution Ave, Piscataway, NJ [Member] | Allstate Corporation [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 6,187
Initial Cost to Company, Buildings & Improvements		18,855
Cost Capitalized Subsequent to Acquisition, Improvements		150
Gross Carrying Value of Land, Buildings & Improvements, Total		25,192
Gross Carrying Value, Land		6,187
Gross Carrying Value, Buildings & Improvements		19,005
Accumulated Depreciation		$ 4,842
Date of Construction		2004
Date Acquired		Mar. 13, 2015
New Jersey [Member] | 4 Corporate Place, Piscataway, NJ [Member] | Allstate Corporation [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 2,145
Initial Cost to Company, Buildings & Improvements		1,744
Cost Capitalized Subsequent to Acquisition, Improvements		144
Gross Carrying Value of Land, Buildings & Improvements, Total		4,033
Gross Carrying Value, Land		2,145
Gross Carrying Value, Buildings & Improvements		1,888
Accumulated Depreciation		$ 643
Date of Construction		1974
Date Acquired		Mar. 13, 2015
New Jersey [Member] | 8 Corporate Place, Piscataway, NJ [Member] | Allstate Corporation [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 2,666
Initial Cost to Company, Buildings & Improvements		4,381
Cost Capitalized Subsequent to Acquisition, Improvements		55
Gross Carrying Value of Land, Buildings & Improvements, Total		7,102
Gross Carrying Value, Land		2,666
Gross Carrying Value, Buildings & Improvements		4,436
Accumulated Depreciation		$ 1,376
Date of Construction		1977
Date Acquired		Mar. 13, 2015
New Jersey [Member] | 1938 Olney Avenue, Cherry Hill, NJ [Member] | United States Life Insurance Company [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 1,176
Initial Cost to Company, Buildings & Improvements		5,357
Gross Carrying Value of Land, Buildings & Improvements, Total		6,533
Gross Carrying Value, Land		1,176
Gross Carrying Value, Buildings & Improvements		5,357
Accumulated Depreciation		$ 1,750
Date of Construction		1966
Date Acquired		Jul. 27, 2017
New Jersey [Member] | 25 Corporate Place, Piscataway, NJ [Member] | Allstate Corporation [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 2,269
Initial Cost to Company, Buildings & Improvements		8,343
Gross Carrying Value of Land, Buildings & Improvements, Total		10,612
Gross Carrying Value, Land		2,269
Gross Carrying Value, Buildings & Improvements		8,343
Accumulated Depreciation		$ 2,275
Date of Construction		1985
Date Acquired		Mar. 13, 2015
Connecticut [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 22,616
Initial Cost to Company, Buildings & Improvements		67,420
Cost Capitalized Subsequent to Acquisition, Improvements		10,882
Gross Carrying Value of Land, Buildings & Improvements, Total		102,414
Gross Carrying Value, Land		24,112
Gross Carrying Value, Buildings & Improvements		78,302
Accumulated Depreciation		25,720
Connecticut [Member] | 466 Bridgeport Ave, Shelton, CT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		833
Initial Cost to Company, Buildings & Improvements		867
Cost Capitalized Subsequent to Acquisition, Improvements		3,266
Gross Carrying Value of Land, Buildings & Improvements, Total		4,966
Gross Carrying Value, Land		833
Gross Carrying Value, Buildings & Improvements		4,133
Accumulated Depreciation		$ 1,951
Date of Construction		1982
Date Acquired		Jan. 17, 2013
Connecticut [Member] | 470 Bridgeport Ave, Shelton, CT [Member] | American International Group 2022 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 2,660
Initial Cost to Company, Buildings & Improvements		4,807
Cost Capitalized Subsequent to Acquisition, Improvements		619
Gross Carrying Value of Land, Buildings & Improvements, Total		9,582
Gross Carrying Value, Land		4,156
Gross Carrying Value, Buildings & Improvements		5,426
Accumulated Depreciation		$ 2,185
Date of Construction		1973
Date Acquired		Jan. 17, 2013
Connecticut [Member] | 15 Progress Drive, Shelton, CT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 984
Initial Cost to Company, Buildings & Improvements		3,411
Cost Capitalized Subsequent to Acquisition, Improvements		308
Gross Carrying Value of Land, Buildings & Improvements, Total		4,703
Gross Carrying Value, Land		984
Gross Carrying Value, Buildings & Improvements		3,719
Accumulated Depreciation		$ 1,160
Date of Construction		1980
Date Acquired		Jan. 17, 2013
Connecticut [Member] | 33 Platt Road, Shelton, CT [Member] | American International Group 2022 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 3,196
Initial Cost to Company, Buildings & Improvements		5,402
Gross Carrying Value of Land, Buildings & Improvements, Total		8,598
Gross Carrying Value, Land		3,196
Gross Carrying Value, Buildings & Improvements		5,402
Accumulated Depreciation		$ 3,019
Date of Construction		1972
Date Acquired		Oct. 15, 2014
Connecticut [Member] | 950-974 Bridgeport Ave, Milford, CT [Member] | American International Group 2022 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 1,551
Initial Cost to Company, Buildings & Improvements		3,524
Cost Capitalized Subsequent to Acquisition, Improvements		48
Gross Carrying Value of Land, Buildings & Improvements, Total		5,123
Gross Carrying Value, Land		1,551
Gross Carrying Value, Buildings & Improvements		3,572
Accumulated Depreciation		$ 1,052
Date of Construction		1946
Date Acquired		Jan. 17, 2013
Connecticut [Member] | 12 Cascade Blvd, Orange, CT [Member] | American International Group 2022 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 1,688
Initial Cost to Company, Buildings & Improvements		3,742
Cost Capitalized Subsequent to Acquisition, Improvements		159
Gross Carrying Value of Land, Buildings & Improvements, Total		5,589
Gross Carrying Value, Land		1,688
Gross Carrying Value, Buildings & Improvements		3,901
Accumulated Depreciation		$ 1,064
Date of Construction		1987
Date Acquired		Jan. 17, 2013
Connecticut [Member] | 15 Executive Blvd., Orange, CT [Member] | American International Group 2022 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 1,974
Initial Cost to Company, Buildings & Improvements		5,357
Cost Capitalized Subsequent to Acquisition, Improvements		1,182
Gross Carrying Value of Land, Buildings & Improvements, Total		8,513
Gross Carrying Value, Land		1,974
Gross Carrying Value, Buildings & Improvements		6,539
Accumulated Depreciation		$ 2,387
Date of Construction		1983
Date Acquired		Jan. 17, 2013
Connecticut [Member] | 25 Executive Blvd., Orange, CT [Member] | American International Group 2022 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 438
Initial Cost to Company, Buildings & Improvements		1,481
Cost Capitalized Subsequent to Acquisition, Improvements		59
Gross Carrying Value of Land, Buildings & Improvements, Total		1,978
Gross Carrying Value, Land		438
Gross Carrying Value, Buildings & Improvements		1,540
Accumulated Depreciation		$ 429
Date of Construction		1983
Date Acquired		Jan. 17, 2013
Connecticut [Member] | 22 Marsh Hill Rd, Orange, CT [Member] | American International Group 2022 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 1,462
Initial Cost to Company, Buildings & Improvements		2,915
Cost Capitalized Subsequent to Acquisition, Improvements		731
Gross Carrying Value of Land, Buildings & Improvements, Total		5,108
Gross Carrying Value, Land		1,462
Gross Carrying Value, Buildings & Improvements		3,646
Accumulated Depreciation		$ 1,251
Date of Construction		1989
Date Acquired		Jan. 17, 2013
Connecticut [Member] | 269 Lambert Rd, Orange, CT [Member] | American International Group 2022 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 1,666
Initial Cost to Company, Buildings & Improvements		3,516
Cost Capitalized Subsequent to Acquisition, Improvements		230
Gross Carrying Value of Land, Buildings & Improvements, Total		5,412
Gross Carrying Value, Land		1,666
Gross Carrying Value, Buildings & Improvements		3,746
Accumulated Depreciation		$ 1,357
Date of Construction		1986
Date Acquired		Jan. 17, 2013
Connecticut [Member] | 110 Old County Circle, Windsor Locks, CT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 1,572
Initial Cost to Company, Buildings & Improvements		11,797
Cost Capitalized Subsequent to Acquisition, Improvements		1,247
Gross Carrying Value of Land, Buildings & Improvements, Total		14,616
Gross Carrying Value, Land		1,572
Gross Carrying Value, Buildings & Improvements		13,044
Accumulated Depreciation		$ 4,186
Date of Construction		2003
Date Acquired		Apr. 08, 2014
Connecticut [Member] | 4 Meadow Street, Norwalk, CT [Member] | American International Group 2022 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 856
Initial Cost to Company, Buildings & Improvements		3,034
Cost Capitalized Subsequent to Acquisition, Improvements		541
Gross Carrying Value of Land, Buildings & Improvements, Total		4,431
Gross Carrying Value, Land		856
Gross Carrying Value, Buildings & Improvements		3,575
Accumulated Depreciation		$ 1,257
Date of Construction		1992
Date Acquired		Aug. 22, 2014
Connecticut [Member] | 777 Brook Street, Rocky Hill, CT [Member] | American International Group 2022 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 2,456
Initial Cost to Company, Buildings & Improvements		8,658
Cost Capitalized Subsequent to Acquisition, Improvements		430
Gross Carrying Value of Land, Buildings & Improvements, Total		11,544
Gross Carrying Value, Land		2,456
Gross Carrying Value, Buildings & Improvements		9,088
Accumulated Depreciation		$ 2,799
Date of Construction		1969
Date Acquired		Jan. 14, 2015
Connecticut [Member] | 120 Old County Circle, Windsor Locks, CT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 200
Cost Capitalized Subsequent to Acquisition, Improvements		5,941
Gross Carrying Value of Land, Buildings & Improvements, Total		6,141
Gross Carrying Value, Land		200
Gross Carrying Value, Buildings & Improvements		5,941
Accumulated Depreciation		$ 1,068
Date of Construction		2018
Date Acquired		Apr. 08, 2014
Connecticut [Member] | 35 Executive Blvd., Orange, CT [Member] | American International Group 2022 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	[2]	$ 1,080
Initial Cost to Company, Buildings & Improvements	[2]	8,909
Cost Capitalized Subsequent to Acquisition, Improvements	[2]	(3,879)
Gross Carrying Value of Land, Buildings & Improvements, Total	[2]	6,110
Gross Carrying Value, Land	[2]	1,080
Gross Carrying Value, Buildings & Improvements	[2]	5,030
Accumulated Depreciation	[2]	$ 555
Date of Construction	[2]	2020
Date Acquired	[2]	Jan. 17, 2013
Delaware [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 2,488
Initial Cost to Company, Buildings & Improvements		13,033
Cost Capitalized Subsequent to Acquisition, Improvements		403
Gross Carrying Value of Land, Buildings & Improvements, Total		15,924
Gross Carrying Value, Land		2,488
Gross Carrying Value, Buildings & Improvements		13,436
Accumulated Depreciation		5,555
Delaware [Member] | 300 McIntire Drive, Newark, DE [Member] | United States Life Insurance Company [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		2,488
Initial Cost to Company, Buildings & Improvements		13,033
Cost Capitalized Subsequent to Acquisition, Improvements		403
Gross Carrying Value of Land, Buildings & Improvements, Total		15,924
Gross Carrying Value, Land		2,488
Gross Carrying Value, Buildings & Improvements		13,436
Accumulated Depreciation		$ 5,555
Date of Construction		1999
Date Acquired		Jun. 01, 2016
North Carolina [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		$ 25,563
Gross Carrying Value of Land, Buildings & Improvements, Total		25,563
Gross Carrying Value, Land		25,563
Accumulated Depreciation		652
North Carolina [Member] | 1000 Exchange Street, Charlotte, NC
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land		25,563
Gross Carrying Value of Land, Buildings & Improvements, Total		25,563
Gross Carrying Value, Land		25,563
Accumulated Depreciation		$ 652
Date Acquired		Jan. 18, 2023
[1] Secured by the Credit Facility with Keybank National Association and Keybanc Capital Markets Inc. Due to the demolition of the property located at 35 Executive Boulevard, Orange, Connecticut, a $ 7.5 million write down was recorded during 2018. This property was formerly classified as Office but subsequently changed to Industrial due to the construction of a new Industrial building.

Schedule III - Consolidated R_2

Schedule III - Consolidated Real Estate and Accumulated Depreciation (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2018
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Balance at beginning of year	$ 508,170	$ 514,789
Property acquisitions	25,563
Property disposition		(14,017)
Improvements	1,850	7,398
Balance at end of year	535,583	508,170
Balance at beginning of year	93,785	84,190
Property disposition		(211)
Depreciation and amortization for year	10,378	9,806
Balance at end of year	104,163	$ 93,785
Principal Outstanding	379,187
People's United Bank [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Principal Outstanding	14,710
American International Group 2022 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Principal Outstanding	225,000
Allstate Corporation [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Principal Outstanding	34,808
United States Life Insurance Company [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Principal Outstanding	39,000
United States Life Insurance Company [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Principal Outstanding	32,632
Transamerica Life Insurance Company {Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Principal Outstanding	8,037
Transamerica Life Insurance Company [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Principal Outstanding	25,000
Connecticut [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Balance at end of year	102,414
Balance at end of year	$ 25,720
Connecticut [Member] | 35 Executive Blvd., Orange, CT [Member] | American International Group 2022 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Write-down of carrying value related to demolished asset			$ 7,500