GTJ Reit (GTTJ) 10-Q 9 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 06, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Registrant Name	GTJ REIT, INC.
Entity Central Index Key	0001368757
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		13,345,980
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
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

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Real estate, at cost:
Land	$ 223,308	$ 223,308
Buildings and improvements	312,845	312,275
Total real estate, at cost	536,153	535,583
Less: accumulated depreciation and amortization	(109,349)	(104,163)
Net real estate held for investment	426,804	431,420
Cash and cash equivalents	49,581	27,913
Restricted cash	973	1,400
Rental income in excess of amount billed	16,121	16,123
Acquired lease intangible assets, net	5,197	5,836
Investment in unconsolidated affiliate	3,788	3,753
Right-of-use asset - operating lease, net	2,422	2,555
Other assets	17,667	18,237
Total assets	522,553	507,237
Liabilities:
Mortgage notes payable, net	490,369	369,423
Secured revolving credit facility	0	40,000
Term loan payable, net	0	49,783
Accounts payable and accrued expenses	4,327	5,234
Dividends payable	1,602	1,333
Acquired lease intangible liabilities, net	717	1,079
Right-of-use liability - operating lease	2,614	2,739
Other liabilities	5,503	6,032
Total liabilities	505,132	475,623
Commitments and contingencies (Note 9)
Equity:
Common stock, $.0001 par value; 100,000,000 shares authorized; 13,345,980 and 13,326,965 shares issued and outstanding at and June 30, 2024 and December 31, 2023	1	1
Additional paid-in capital	131,171	132,217
Distributions in excess of net income	(118,080)	(107,330)
Total stockholders’ equity	13,092	24,888
Noncontrolling interest	4,329	6,726
Total equity	17,421	31,614
Total liabilities and equity	522,553	507,237
Series A Preferred Stock [Member]
Equity:
Preferred stock, value
Series B Preferred Stock, Non-Voting [Member]
Equity:
Preferred stock, value

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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	13,345,980	13,326,965
Common stock, shares outstanding	13,345,980	13,326,965
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

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Rental income	$ 19,346	$ 18,579	$ 39,318	$ 37,138
Total revenues	19,346	18,579	39,318	37,138
Operating Expenses:
Property operating expenses	3,732	3,611	7,626	7,227
General and administrative	8,341	4,143	11,120	6,640
Depreciation and amortization	3,477	3,459	6,966	6,808
Total operating expenses	15,550	11,213	25,712	20,675
Operating income	3,796	7,366	13,606	16,463
Interest expense	(6,665)	(5,981)	(13,338)	(11,848)
Equity in earnings of unconsolidated affiliate	55	34	110	73
Other income	700	210	1,051	643
Net (loss) income	(2,114)	1,629	1,429	5,331
Less: Net (loss) income attributable to noncontrolling interest	(381)	466	182	1,568
Net (loss) income attributable to common stockholders	$ (1,733)	$ 1,163	$ 1,247	$ 3,763
Net (loss) income per common share attributable to common stockholders - basic earnings per share	$ (0.13)	$ 0.09	$ 0.09	$ 0.28
Net (loss) income per common share attributable to common stockholders - diluted earnings per share	$ (0.13)	$ 0.09	$ 0.09	$ 0.28
Weighted average common shares outstanding – basic	13,328,389	13,327,529	13,327,677	13,330,626
Weighted average common shares outstanding – diluted	13,328,389	13,363,179	13,512,566	13,366,275

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' 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 Interest [Member]
Beginning Balance at Dec. 31, 2022	$ 66,151	$ 1	$ 141,812	$ (107,082)	$ 34,731	$ 31,420
Beginning Balance (in shares) at Dec. 31, 2022		13,333,757
Common stock dividends	(5,734)			(5,734)	(5,734)
Stock-based compensation	311		311		311
Distributions to noncontrolling interest	(2,565)					(2,565)
Net income (loss)	3,702			2,600	2,600	1,102
Ending Balance at Mar. 31, 2023	61,865	$ 1	142,123	(110,216)	31,908	29,957
Ending Balance (in shares) at Mar. 31, 2023		13,333,757
Beginning Balance at Dec. 31, 2022	66,151	$ 1	141,812	(107,082)	34,731	31,420
Beginning Balance (in shares) at Dec. 31, 2022		13,333,757
Net income (loss)	5,331
Ending Balance at Jun. 30, 2023	60,526	$ 1	140,941	(110,386)	30,556	29,970
Ending Balance (in shares) at Jun. 30, 2023		13,333,909
Beginning Balance at Mar. 31, 2023	61,865	$ 1	142,123	(110,216)	31,908	29,957
Beginning Balance (in shares) at Mar. 31, 2023		13,333,757
Common stock dividends	(1,333)			(1,333)	(1,333)
Repurchases - common stock	(2,000)		(2,000)		(2,000)
Repurchases - common stock (in shares)		(95,011)
Stock-based compensation	966		966		966
Stock-based compensation (in shares)		95,163
Distributions to noncontrolling interest	(601)					(601)
Net income (loss)	1,629			1,163	1,163	466
Reallocation of equity			(148)		(148)	148
Ending Balance at Jun. 30, 2023	60,526	$ 1	140,941	(110,386)	30,556	29,970
Ending Balance (in shares) at Jun. 30, 2023		13,333,909
Beginning Balance at Dec. 31, 2023	31,614	$ 1	132,217	(107,330)	24,888	6,726
Beginning Balance (in shares) at Dec. 31, 2023		13,326,965
Common stock dividends	(10,395)			(10,395)	(10,395)
Stock-based compensation	313		313		313
Distributions to noncontrolling interest	(2,082)					(2,082)
Net income (loss)	3,543			2,980	2,980	563
Reallocation of equity			(52)		(52)	52
Ending Balance at Mar. 31, 2024	22,993	$ 1	132,478	(114,745)	17,734	5,259
Ending Balance (in shares) at Mar. 31, 2024		13,326,965
Beginning Balance at Dec. 31, 2023	31,614	$ 1	132,217	(107,330)	24,888	6,726
Beginning Balance (in shares) at Dec. 31, 2023		13,326,965
Net income (loss)	1,429
Ending Balance at Jun. 30, 2024	17,421	$ 1	131,171	(118,080)	13,092	4,329
Ending Balance (in shares) at Jun. 30, 2024		13,345,980
Beginning Balance at Mar. 31, 2024	22,993	$ 1	132,478	(114,745)	17,734	5,259
Beginning Balance (in shares) at Mar. 31, 2024		13,326,965
Common stock dividends	(1,602)			(1,602)	(1,602)
Repurchases - common stock	(2,693)		(2,693)		(2,693)
Repurchases - common stock (in shares)		(107,425)
Stock-based compensation	1,160		1,160		1,160
Stock-based compensation (in shares)		126,440
Distributions to noncontrolling interest	(323)					(323)
Net income (loss)	(2,114)			(1,733)	(1,733)	(381)
Reallocation of equity			226		226	(226)
Ending Balance at Jun. 30, 2024	$ 17,421	$ 1	$ 131,171	$ (118,080)	$ 13,092	$ 4,329
Ending Balance (in shares) at Jun. 30, 2024		13,345,980

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 1,429	$ 5,331
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	5,227	5,194
Amortization of intangibles and deferred charges	2,754	2,272
Stock-based compensation	1,473	1,277
Non-cash lease expense	8	14
Rental income (in excess of) amount billed	(6)	(382)
Distributions from unconsolidated affiliate	75	100
Income from equity investment in unconsolidated affiliate	(110)	(73)
Changes in operating assets and liabilities:
Other assets	(401)	25
Accounts payable and accrued expenses	(895)	(2,866)
Other liabilities	(532)	2,792
Net cash provided by operating activities	9,022	13,684
CASH FLOWS FROM INVESTING ACTIVITIES:
Expenditures for improvements to real estate	(582)	(1,002)
Deposit for property acquisition	(500)
Expenditures for property acquisitions		(29,007)
Net cash used in investing activities	(1,082)	(30,009)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of mortgage principal	(1,260)	(797)
Repurchase of common stock	(2,693)	(2,000)
Financing deposits and costs		(280)
Financing costs from mortgage notes payable	(3,624)	(54)
Proceeds from mortgage notes payable	125,000
Payment of revolving credit facility	(40,000)
Payment of term loan payable	(50,000)
Cash distributions to noncontrolling interest	(2,394)	(3,287)
Cash dividends paid	(11,728)	(7,067)
Net cash provided by (used in) financing activities	13,301	(13,485)
Net increase (decrease) in cash and cash equivalents, including restricted cash	21,241	(29,810)
Cash and cash equivalents including restricted cash of $1,400 and $986, respectively, at the beginning of period	29,313	60,490
Cash and cash equivalents including restricted cash of $973 and $1,283, respectively, at the end of period	50,554	30,680
SUPPLEMENTAL DISCLOSURE CASH FLOW INFORMATION:
Cash paid for interest	11,971	11,144
Non-cash expenditures for real estate	51	565
Right-of-use asset and liability	$ 2,614	$ 2,857

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Statement of Cash Flows [Abstract]
Restricted cash, at the beginning of period	$ 1,400	$ 1,283	$ 986
Restricted cash, at the end of period	$ 973	$ 1,400	$ 1,283

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2024
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 located in New York, New Jersey, Connecticut, Delaware and North Carolina. Any references to square footage, property count, or occupancy percentages, and any amounts derived from these values in these notes to the condensed consolidated financial statements, are outside the scope of our independent registered public accounting firm’s review. 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”). The Company 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. 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 redemptions of certain shares of GTJ REIT common stock and purchases of a portion of the outstanding limited partnership interest have resulted in a net decrease to the outstanding limited partnership interest in the Operating Partnership to 16.80 % as of June 30, 2024. 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 June 30, 2024, the Company currently owns a 83.20 % interest in a total of 49 properties consisting of approximately 6.3 million square feet (unaudited) of primarily industrial properties on approximately 399 acres (unaudited) of land in New York, New Jersey, Connecticut, Delaware and North Carolina. The Operating Partnership also owns, through a joint venture, a 50 % interest in a state-of-the-art industrial building in Piscataway, New Jersey. At June 30, 2024, 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 or approximately 1.2 million shares of the Company’s Series B preferred stock based upon the class of units owned.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of Presentation: The accompanying unaudited condensed 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, its wholly owned subsidiaries, and the Operating Partnership, as the Company makes all operating and financial decisions for (i.e., exercises control over) the Operating Partnership. All material intercompany transactions have been eliminated. The ownership interests of the other investors in the Operating Partnership are presented as noncontrolling interests. The accompanying unaudited condensed consolidated interim financial information has been prepared according to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. The Company’s management believes that the disclosures presented in these unaudited condensed consolidated financial statements are adequate to make the information presented not misleading. In management’s opinion, all adjustments and eliminations, consisting only of normal recurring adjustments, necessary to present fairly the financial position and results of operations for the reported periods have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. The accompanying unaudited condensed consolidated interim financial information should be read in conjunction with the Company’s December 31, 2023, audited consolidated financial statements, as previously filed with the SEC on Form 10-K on March 21, 2024. Use of Estimates: The preparation of the Company’s condensed 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 condensed 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 condensed 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 and asset acquisitions. Reclassification: None of the prior year amounts have been reclassified for consistency with the current year presentation. 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 improve the value 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 June 30, 2024 and December 31, 2023. Upon the acquisition of real estate properties, the accumulated cost 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) on a relative fair value basis in accordance with GAAP. The Company utilizes 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 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. Fixed-rate renewal options have been included in the calculation of the fair value of acquired leases where applicable. The value of in-place leases is based on the Company’s evaluation of the specific characteristics of each tenant’s lease. The aggregate value of in-place leases is measured based upon factors which include the avoided costs associated with lack of revenue over a market-oriented lease-up period, current market conditions, 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 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 condensed consolidated statements of operations. If a tenant terminates its lease 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 and below-market leases was a net increase of approximately $ 0.3 million for both the six months ended June 30, 2024 and June 30, 2023. The total amortization of in-place leases was $ 0.6 million and $ 0.7 million for the six months ended June 30, 2024 and June 30, 2023, respectively. As of June 30, 2024, above-market and in-place leases of $ 0.8 million and $ 4.4 million (net of accumulated amortization), respectively, are included in acquired lease intangible assets, net in the accompanying condensed consolidated balance sheets. As of December 31, 2023, above-market and in-place leases of approximately $ 0.8 million and $ 5.0 million (net of accumulated amortization), respectively, are included in acquired lease intangible assets, net in the accompanying condensed consolidated balance sheets. As of June 30, 2024, and December 31, 2023, approximately $ 0.7 million and $ 1.1 million (net of accumulated amortization), respectively, relating to below-market leases are included in acquired lease intangible liabilities, net in the accompanying condensed consolidated balance sheets. The following table presents the projected impact for the remainder of 2024, the next five years and thereafter related to the net increase 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 June 30, 2024 (in thousands): Net increase (decrease) to rental revenues Increase to amortization expense Remainder of 2024 $ 120 $ 517 2025 64 928 2026 ( 13 ) 798 2027 4 564 2028 4 440 2029 ( 46 ) 372 Thereafter ( 171 ) 823 $ ( 38 ) $ 4,442 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 from this investment of $ 0.1 million for the six months ended June 30, 2024 and less than $ 0.1 million for the six months ended June 30, 2023. The total assets and liabilities of the Company’s investment in unconsolidated affiliate as of June 30, 2024 were $ 16.3 million and $ 8.8 million, respectively. Total revenues and expenses of the Company’s investment in unconsolidated affiliate for the six months ended June 30, 2024 were approximately $ 0.9 million and $ 0.7 million, respectively. 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 six months ended June 30, 2023 were $ 0.8 million and $ 0.7 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. 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 at June 30, 2024 or December 31, 2023. 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 the Company’s secured revolving credit facility, which are amortized over the terms of the respective debt agreements. These deferred charges are included in other assets on the condensed consolidated balance sheets. If leases or loans are terminated, the unamortized charges are expensed. Debt Issuance Costs: Debt issuance costs relate to the Company’s mortgage notes payable, which are amortized over the term of the respective debt agreements. These debt issuance costs are included in mortgage notes payable, net on the condensed consolidated balance sheets. If mortgage notes payable are extinguished, the unamortized charges are expensed. Reportable Segments: As of June 30, 2024, the Company operates 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, then 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 condensed 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 upon the consumer price index, subject to certain maximums and minimums. For the six months ended June 30, 2024, the Company determined that collectability of one former tenant's outstanding lease payments was not probable and, therefore, the Company recorded a write-off of the entire tenant receivable in the amount of $ 0.1 million and placed the tenant on the cash basis as of March 31, 2024. In addition, the Company received $ 0.6 million in February 2024 in full settlement of amounts due from a previous tenant that was placed on the cash basis during 2023. 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 included in revenues in the period that the related expenses are incurred. Tenant receivables at June 30, 2024 and December 31, 2023 were $ 1.1 million and $ 0.5 million, respectively, and are included in other assets in the accompanying condensed consolidated balance sheets. Future minimum contractual lease payments to be received by the Company (without taking into account straight-line rent, amortization of intangibles and tenant reimbursements) as of June 30, 2024, under operating leases for the remainder of 2024, the next five years, and thereafter are as follows (in thousands): Remainder of 2024 $ 31,384 2025 62,829 2026 62,010 2027 45,222 2028 37,743 2029 29,130 Thereafter 69,706 Total $ 338,024 Lease Accounting: As lessor, 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 within the condensed 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 six months ended June 30, 2024 and 2023 (in thousands): 2024 2023 Fixed lease revenue $ 32,434 $ 30,822 Variable lease revenue 6,884 6,316 Total lease revenue $ 39,318 $ 37,138 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. As lessee, the Company is a party to an office lease, effective October 1, 2021, having a term of ten years , with future lease obligations aggregating $ 3.0 million and $ 3.2 million as of June 30, 2024 and December 31, 2023, 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 approximately $ 3.1 million as of October 1, 2021. The following table presents the future lease obligations of the Company’s office lease for the remainder of 2024, the next five years, and thereafter (in thousands): Remainder of 2024 $ 177 2025 363 2026 374 2027 385 2028 397 2029 409 Thereafter 890 Total future minimum lease payments 2,995 Less imputed interest 381 Total right-of-use liability - operating lease $ 2,614 The following table presents additional disclosures regarding the Company’s office leases for the six months ended June 30, 2024 and 2023 (in thousands): 2024 2023 Operating lease costs $ 176 $ 169 Variable lease costs 6 15 Total lease costs $ 182 $ 184 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 attributable 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 and stock options were included in the computation of diluted earnings per share. 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 reserves are required under certain loan agreements and include reserves used to pay real estate taxes, leasing costs and capital improvements. Fair Value Measurement: The Company determines fair value in accordance with Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurement.” 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 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, and accounting in interim periods and requires increased disclosures. As of June 30, 2024, and December 31, 2023, the Company had determined that no liabilities are required in connection with uncertain tax positions. As of June 30, 2024, 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. Beginning January 1, 2013, all interest and noninterest bearing transaction accounts deposited at an insured depository institution are insured by the Federal Deposit Insurance Corporation up to the standard maximum deposit amount of $ 250,000 . Management believes that the Company is not exposed to any significant credit risk due to the credit worthiness of these financial institutions. For the six months ended June 30, 2024, rental income of $ 4.8 million derived from five leases with the City of New York represented 12 % of the Company’s rental income. For the six months ended June 30, 2023, rental income of $ 4.8 million derived from five leases with the City of New York represented 13 % of the Company’s rental income. For the six months ended June 30, 2024, rental income of $ 5.8 million derived from six leases with Federal Express represented 15 % of the Company’s rental income. For the six months ended June 30, 2023, rental income of $ 5.3 million derived from five leases with Federal Express represented 14 % of the Company’s rental income. For the six months ended June 30, 2024, rental income of $ 3.9 million derived from one lease with Avis Rent-A-Car Systems, Inc. ("Avis") represented 10 % of the Company’s rental income. For the six months ended June 30, 2023, rental income of $ 3.9 million derived from one lease with Avis represented 10 % of the Company’s rental income. 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 Topic 718, “Compensation – Stock Compensation,” which establishes accounting for stock-based awards exchanged for employee services. Under the provisions of ASC Topic 718, share-based compensation cost is measured at the grant date or service-inception date (if it precedes the grant date), based on the fair value of the award. Share-based compensation is expensed at the grant date (for awards or portion of awards that vested immediately), or ratably over the respective vesting periods, determined from the start of the grant date or service-inception date through the date of vesting. Recently Issued Accounting Pronouncements: In December 2023, the Financial Accounting Standards Board ("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.

Real Estate

Real Estate	6 Months Ended
	Jun. 30, 2024
Real Estate [Abstract]
Real Estate	3. REAL ESTATE: 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, NC for $ 28.7 million, exclusive of closing costs, which is subject to a 10-year lease to FedEx Ground expiring on July 31, 2032 . There were no real estate acquisitions during the six months ended June 30, 2024. The following table summarizes the Company’s allocation of the purchase price, including closing costs, of assets acquired during the six months ended June 30, 2023: Purchase Price Allocation Land $ 17,383 Land improvements 8,029 Acquired lease intangible assets (1) 2,655 Other assets 940 Total consideration $ 29,007 (1) Acquired lease intangible assets include both in-place and above-market lease allocations.

Mortgage Notes Payable

Mortgage Notes Payable	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 December 31, 2023 Maturity People’s United Bank 4.18 % 14,518 14,710 10/15/2024 Allstate Life Insurance Company 4.00 % 34,381 34,808 4/1/2025 United States Life Insurance Company 3.82 % 39,000 39,000 1/1/2028 United States Life Insurance Company 4.25 % 32,348 32,632 4/1/2028 Transamerica Life Insurance Company 3.45 % 7,924 8,037 4/1/2030 American General Life Insurance Company 6.12 % 124,756 — 4/1/2031 American International Group 2022 4.63 % 225,000 225,000 9/1/2032 Transamerica Life Insurance Company 2023 5.40 % 25,000 25,000 8/1/2033 Subtotal 502,927 379,187 Unamortized loan costs ( 12,558 ) ( 9,764 ) Total $ 490,369 $ 369,423 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 . Allstate 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 provided 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 is 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 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 General Life Insurance Company: On March 15, 2024, three wholly owned subsidiaries of the Operating Partnership refinanced the current outstanding debt on certain properties by entering 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. The loan is a seven-year term loan that requires payments based on a 30-year amortization schedule at the rate of 6.12 % per annum with the entire principal balance plus any accrued and unpaid interest due and payable on April 1, 2031. Subject to certain conditions, the outstanding loan amounts can be prepaid in whole on or before October 1, 2030, by providing advance notice of prepayment to the lender and remitting a prepayment premium equal to the greater of (i) 1.0 % of the then outstanding principal amount of the loan or (ii) the then present value of the monthly payments of interest only which would be due from the prepayment date through October 1, 2030 based on the principal amount of the loan being prepaid on the prepayment date and assuming an interest rate per annum in the amount, if any, by which the interest rate exceeds the Yield Maintenance Treasury Rate (as defined in the Loan Agreement). The Company used a portion of the proceeds from the refinancing to pay off $ 90 million of indebtedness that was outstanding under its senior secured credit facility with Keybank National Association, consisting of $ 40 million under the revolving credit facility and $ 50 million under the term loan. American International Group 2022 Loan Agreement: On August 5, 2022, certain subsidiaries of the Operating Partnership (collectively, the “Borrowers”) refinanced the current outstanding debt on certain properties (the "prior AIG Loan Agreements") 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 all loan agreements, the Company is required to comply with certain covenants. As of June 30, 2024, the Company was in compliance with all covenants. Principal Repayments: Scheduled principal repayments for the remainder of 2024, the next five years and thereafter are as follows (in thousands): Remainder of 2024 $ 16,105 2025 36,341 2026 2,641 2027 3,019 2028 71,697 2029 2,656 Thereafter 370,468 Total $ 502,927

Secured Revolving Credit Facili

Secured Revolving Credit Facility & Term Loan Payable	6 Months Ended
	Jun. 30, 2024
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 condensed 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. On March 15, 2024, the outstanding balances of $ 50.0 million under the Term Loan and $ 40.0 million under the Revolver were both paid in full. There were no outstanding borrowings under the Term Loan as of June 30, 2024. There were outstanding borrowings under the Term Loan of $ 50.0 million as of December 31, 2023, which were SOFR rate borrowings. There are no unamortized loan costs for the Term Loan as of June 30, 2024. Unamortized loan costs for the Term Loan as of December 31, 2023 were $ 0.2 million and are included in term loan payable, net in the accompanying condensed consolidated balance sheet. There were no outstanding borrowings under the Revolver with Key Bank as of June 30, 2024. There were outstanding borrowings under the Revolver with Key Bank of $ 40.0 million as of December 31, 2023, which were SOFR rate borrowings. Unamortized loan costs for the Revolver were $ 0.2 million and $ 0.3 million as of June 30, 2024 and December 31, 2023, respectively, and are included in other assets in the accompanying condensed consolidated balance sheets. Amortization of loan costs with Key Bank were $ 0.1 million for both the three months ended June 30, 2024 and June 30, 2023. Amortization of loan costs with Key Bank were $ 0.3 million and $ 0.1 million for the six months ended June 30, 2024 and June 30, 2023, respectively. Amortization of loan costs is included in interest expense in the accompanying condensed consolidated statements of operations. As of June 30, 2024, the Operating Partnership was in compliance with all covenants required in connection with the Amended and Restated Credit Agreement.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2024
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 (the “Board”) 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 June 30, 2024, or December 31, 2023. Common Stock: The Company is authorized to issue 100,000,000 shares of common stock, $ .0001 par value per share. As of June 30, 2024, and December 31, 2023, the Company had a total of 13,345,980 and 13,326,965 shares of common stock issued and outstanding, respectively. On June 26, 2024, the Company withheld 30,797 shares of common stock pursuant to its 2017 Incentive Award Plan (the "2017 Plan") from certain officers of the Company and a member of the Board at a price of $ 22.50 per share for a total consideration of approximately $ 0.7 million to satisfy tax withholding obligations payable upon the vesting of restricted stock. On June 5, 2024, the Company purchased 76,628 shares of common stock pursuant to its share redemption program at a purchase price of $ 26.10 per share for a total consideration of approximately $ 2.0 million. 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. Dividend Distributions: The following table presents dividends declared by the Company on its common stock during the six months ended June 30, 2024: Declaration Record Payment Dividend Date Date Date Per Share March 12, 2024 March 31, 2024 April 12, 2024 $ 0.66 (1) March 12, 2024 March 31, 2024 April 15, 2024 $ 0.12 June 13, 2024 June 30, 2024 July 12, 2024 $ 0.12 (1) This represents a 2023 supplemental dividend. 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. Stock Based Compensation: The Company had a 2007 Incentive Award Plan (the “2007 Plan”) that had the intended purpose of furthering the growth, development, and financial success of the Company and obtaining and retaining the services of those 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 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 the intended purpose of furthering the growth, development, and financial success of the Company and obtaining and retaining 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 June 30, 2024, the Company had 904,451 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. On November 8, 2016, 200,000 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 $ 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. All options expire ten years from the date of grant. For both the six months ended June 30, 2024 and June 30, 2023 there was $ 0.2 million of stock compensation expense relating to these options. 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) June 13, 2024 111,776 $ 22.50 $ 2,515,000 9 Years (2) June 13, 2024 14,664 $ 22.50 $ 330,000 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. 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 stock pursuant to the 2017 Plan. For the six months ended June 30, 2024 and 2023, the Company’s total stock-based compensation in the statement of equity was approximately $ 1.5 million and $ 1.3 million, respectively. As of June 30, 2024, there was approximately $ 3,980,000 of unamortized stock compensation related to restricted stock. That cost is expected to be recognized over a weighted average period of 2.4 years. At June 30, 2024, 600,000 stock options were outstanding, of which 200,000 were vested and 400,000 were non-vested, and 1,107,539 shares of restricted stock were outstanding, 886,011 of which are 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, 2023 161,945 $ 14.91 New shares issued through June 30, 2024 126,440 $ 22.50 Vested ( 66,857 ) $ 20.09 Non-vested shares outstanding as of June 30, 2024 221,528 $ 17.96 The following is a vesting schedule of the non-vested shares of restricted stock outstanding as of June 30, 2024: Number of Shares Remainder of 2024 35,561 2025 59,429 2026 42,995 2027 31,100 2028 21,875 2029 14,461 Thereafter 16,107 Total Non-vested Shares 221,528

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings per Share	7. EARNINGS PER SHARE: In accordance with ASC Topic 260 “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 and convertible securities then outstanding. There were 184,889 and 35,650 common share equivalents related to stock options in the six months ended June 30, 2024 and 2023, respectively, presented in Diluted EPS. For the three months ended June 30, 2024, common share equivalents are no t included in Diluted EPS since they would have been anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share information for the three and six months ended June 30, 2024 and 2023 (in thousands, except share and per share data): Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Numerator: Net (loss) income attributable to common stockholders $ ( 1,733 ) $ 1,163 $ 1,247 $ 3,763 Denominator: Weighted average common shares outstanding – basic 13,328,389 13,327,529 13,327,677 13,330,626 Weighted average common shares outstanding – diluted 13,328,389 13,363,179 13,512,566 13,366,275 Basic and Diluted Per Share Information: Net income per share – basic $ ( 0.13 ) $ 0.09 $ 0.09 $ 0.28 Net income per share – diluted $ ( 0.13 ) $ 0.09 $ 0.09 $ 0.28

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
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 a 50 % interest in a real estate brokerage firm, Green Holland Management LLC ("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. The Rochlin Organization: Paul Cooper and Louis Sheinker each held minority ownership interests in a real estate brokerage firm, The Rochlin Organization ("Rochlin") through their ownership of GHM. Paul Cooper and Louis Sheinker did not engage in management activities for Rochlin. In November 2023, GHM sold its interest in The Rochlin Organization to Adam Rochlin and The Rochlin Organization. 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 . 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 .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
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. Environmental Matters: As of June 30, 2024, 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 believes each of the six sites remain in compliance with existing local, state and federal obligations. 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 $ 27,755.21 with 3 % annual rental increases, and the Company was entitled to four months of free minimum rent.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2024
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): June 30, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Value Value Value Value Financial assets: Cash and cash equivalents $ 49,581 $ 49,581 $ 27,913 $ 27,913 Restricted cash 973 973 1,400 1,400 Rent and other receivables 1,103 1,103 569 569 Financial liabilities: Dividends payable 1,602 1,602 1,333 1,333 Accounts payable and accrued expenses 4,327 4,327 5,234 5,234 Secured revolving credit facility — — 40,000 40,000 Term loan payable — — 50,000 50,000 Mortgage notes payable 502,927 464,358 379,187 345,009

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	11. SUBSEQUENT EVENTS: On August 6, 2024 , our Board of Directors declared a quarterly cash dividend of $ 0.12 per share of common stock, payable with respect to the third quarter ended September 30, 2024, to common stockholders of record as of the close of business on September 30, 2024 , payable on October 11, 2024 .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The accompanying unaudited condensed 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, its wholly owned subsidiaries, and the Operating Partnership, as the Company makes all operating and financial decisions for (i.e., exercises control over) the Operating Partnership. All material intercompany transactions have been eliminated. The ownership interests of the other investors in the Operating Partnership are presented as noncontrolling interests. The accompanying unaudited condensed consolidated interim financial information has been prepared according to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. The Company’s management believes that the disclosures presented in these unaudited condensed consolidated financial statements are adequate to make the information presented not misleading. In management’s opinion, all adjustments and eliminations, consisting only of normal recurring adjustments, necessary to present fairly the financial position and results of operations for the reported periods have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. The accompanying unaudited condensed consolidated interim financial information should be read in conjunction with the Company’s December 31, 2023, audited consolidated financial statements, as previously filed with the SEC on Form 10-K on March 21, 2024.
Use of Estimates	Use of Estimates: The preparation of the Company’s condensed 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 condensed 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 condensed 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 and asset acquisitions.
Reclassification	Reclassification: None of the prior year amounts have been reclassified for consistency with the current year presentation.
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 improve the value 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 June 30, 2024 and December 31, 2023. Upon the acquisition of real estate properties, the accumulated cost 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) on a relative fair value basis in accordance with GAAP. The Company utilizes 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 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. Fixed-rate renewal options have been included in the calculation of the fair value of acquired leases where applicable. The value of in-place leases is based on the Company’s evaluation of the specific characteristics of each tenant’s lease. The aggregate value of in-place leases is measured based upon factors which include the avoided costs associated with lack of revenue over a market-oriented lease-up period, current market conditions, 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 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 condensed consolidated statements of operations. If a tenant terminates its lease 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 and below-market leases was a net increase of approximately $ 0.3 million for both the six months ended June 30, 2024 and June 30, 2023. The total amortization of in-place leases was $ 0.6 million and $ 0.7 million for the six months ended June 30, 2024 and June 30, 2023, respectively. As of June 30, 2024, above-market and in-place leases of $ 0.8 million and $ 4.4 million (net of accumulated amortization), respectively, are included in acquired lease intangible assets, net in the accompanying condensed consolidated balance sheets. As of December 31, 2023, above-market and in-place leases of approximately $ 0.8 million and $ 5.0 million (net of accumulated amortization), respectively, are included in acquired lease intangible assets, net in the accompanying condensed consolidated balance sheets. As of June 30, 2024, and December 31, 2023, approximately $ 0.7 million and $ 1.1 million (net of accumulated amortization), respectively, relating to below-market leases are included in acquired lease intangible liabilities, net in the accompanying condensed consolidated balance sheets. The following table presents the projected impact for the remainder of 2024, the next five years and thereafter related to the net increase 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 June 30, 2024 (in thousands): Net increase (decrease) to rental revenues Increase to amortization expense Remainder of 2024 $ 120 $ 517 2025 64 928 2026 ( 13 ) 798 2027 4 564 2028 4 440 2029 ( 46 ) 372 Thereafter ( 171 ) 823 $ ( 38 ) $ 4,442
Investment in Unconsolidated Affiliate	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 from this investment of $ 0.1 million for the six months ended June 30, 2024 and less than $ 0.1 million for the six months ended June 30, 2023. The total assets and liabilities of the Company’s investment in unconsolidated affiliate as of June 30, 2024 were $ 16.3 million and $ 8.8 million, respectively. Total revenues and expenses of the Company’s investment in unconsolidated affiliate for the six months ended June 30, 2024 were approximately $ 0.9 million and $ 0.7 million, respectively. 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 six months ended June 30, 2023 were $ 0.8 million and $ 0.7 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.
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 at June 30, 2024 or December 31, 2023.
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 the Company’s secured revolving credit facility, which are amortized over the terms of the respective debt agreements. These deferred charges are included in other assets on the condensed consolidated balance sheets. If leases or loans are terminated, the unamortized charges are expensed.
Debt Issuance Costs	Debt Issuance Costs: Debt issuance costs relate to the Company’s mortgage notes payable, which are amortized over the term of the respective debt agreements. These debt issuance costs are included in mortgage notes payable, net on the condensed consolidated balance sheets. If mortgage notes payable are extinguished, the unamortized charges are expensed.
Reportable Segments	Reportable Segments: As of June 30, 2024, the Company operates 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, then 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 condensed 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 upon the consumer price index, subject to certain maximums and minimums. For the six months ended June 30, 2024, the Company determined that collectability of one former tenant's outstanding lease payments was not probable and, therefore, the Company recorded a write-off of the entire tenant receivable in the amount of $ 0.1 million and placed the tenant on the cash basis as of March 31, 2024. In addition, the Company received $ 0.6 million in February 2024 in full settlement of amounts due from a previous tenant that was placed on the cash basis during 2023. 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 included in revenues in the period that the related expenses are incurred. Tenant receivables at June 30, 2024 and December 31, 2023 were $ 1.1 million and $ 0.5 million, respectively, and are included in other assets in the accompanying condensed consolidated balance sheets. Future minimum contractual lease payments to be received by the Company (without taking into account straight-line rent, amortization of intangibles and tenant reimbursements) as of June 30, 2024, under operating leases for the remainder of 2024, the next five years, and thereafter are as follows (in thousands): Remainder of 2024 $ 31,384 2025 62,829 2026 62,010 2027 45,222 2028 37,743 2029 29,130 Thereafter 69,706 Total $ 338,024
Lease Accounting	Lease Accounting: As lessor, 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 within the condensed 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 six months ended June 30, 2024 and 2023 (in thousands): 2024 2023 Fixed lease revenue $ 32,434 $ 30,822 Variable lease revenue 6,884 6,316 Total lease revenue $ 39,318 $ 37,138 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. As lessee, the Company is a party to an office lease, effective October 1, 2021, having a term of ten years , with future lease obligations aggregating $ 3.0 million and $ 3.2 million as of June 30, 2024 and December 31, 2023, 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 approximately $ 3.1 million as of October 1, 2021. The following table presents the future lease obligations of the Company’s office lease for the remainder of 2024, the next five years, and thereafter (in thousands): Remainder of 2024 $ 177 2025 363 2026 374 2027 385 2028 397 2029 409 Thereafter 890 Total future minimum lease payments 2,995 Less imputed interest 381 Total right-of-use liability - operating lease $ 2,614 The following table presents additional disclosures regarding the Company’s office leases for the six months ended June 30, 2024 and 2023 (in thousands): 2024 2023 Operating lease costs $ 176 $ 169 Variable lease costs 6 15 Total lease costs $ 182 $ 184
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 attributable 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 and stock options were included in the computation of diluted earnings per share.
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 reserves are required under certain loan agreements and include 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 Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurement.” 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 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, and accounting in interim periods and requires increased disclosures. As of June 30, 2024, and December 31, 2023, the Company had determined that no liabilities are required in connection with uncertain tax positions. As of June 30, 2024, 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. Beginning January 1, 2013, all interest and noninterest bearing transaction accounts deposited at an insured depository institution are insured by the Federal Deposit Insurance Corporation up to the standard maximum deposit amount of $ 250,000 . Management believes that the Company is not exposed to any significant credit risk due to the credit worthiness of these financial institutions. For the six months ended June 30, 2024, rental income of $ 4.8 million derived from five leases with the City of New York represented 12 % of the Company’s rental income. For the six months ended June 30, 2023, rental income of $ 4.8 million derived from five leases with the City of New York represented 13 % of the Company’s rental income. For the six months ended June 30, 2024, rental income of $ 5.8 million derived from six leases with Federal Express represented 15 % of the Company’s rental income. For the six months ended June 30, 2023, rental income of $ 5.3 million derived from five leases with Federal Express represented 14 % of the Company’s rental income. For the six months ended June 30, 2024, rental income of $ 3.9 million derived from one lease with Avis Rent-A-Car Systems, Inc. ("Avis") represented 10 % of the Company’s rental income. For the six months ended June 30, 2023, rental income of $ 3.9 million derived from one lease with Avis represented 10 % of the Company’s rental income.
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 Topic 718, “Compensation – Stock Compensation,” which establishes accounting for stock-based awards exchanged for employee services. Under the provisions of ASC Topic 718, share-based compensation cost is measured at the grant date or service-inception date (if it precedes the grant date), based on the fair value of the award. Share-based compensation is expensed at the grant date (for awards or portion of awards that vested immediately), or ratably over the respective vesting periods, determined from the start of the grant date or service-inception date through the date of vesting.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements: In December 2023, the Financial Accounting Standards Board ("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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Schedule of Projected Impact of Above Market Below Market and In-Place Lease Intangibles	The following table presents the projected impact for the remainder of 2024, the next five years and thereafter related to the net increase 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 June 30, 2024 (in thousands): Net increase (decrease) to rental revenues Increase to amortization expense Remainder of 2024 $ 120 $ 517 2025 64 928 2026 ( 13 ) 798 2027 4 564 2028 4 440 2029 ( 46 ) 372 Thereafter ( 171 ) 823 $ ( 38 ) $ 4,442
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, amortization of intangibles and tenant reimbursements) as of June 30, 2024, under operating leases for the remainder of 2024, the next five years, and thereafter are as follows (in thousands): Remainder of 2024 $ 31,384 2025 62,829 2026 62,010 2027 45,222 2028 37,743 2029 29,130 Thereafter 69,706 Total $ 338,024
Schedule Of Additional Disclosures Regarding Rental Income	The following table presents additional disclosures regarding the Company’s rental income for the six months ended June 30, 2024 and 2023 (in thousands): 2024 2023 Fixed lease revenue $ 32,434 $ 30,822 Variable lease revenue 6,884 6,316 Total lease revenue $ 39,318 $ 37,138
Schedule of Future Lease Obligations of Office Lease	The following table presents the future lease obligations of the Company’s office lease for the remainder of 2024, the next five years, and thereafter (in thousands): Remainder of 2024 $ 177 2025 363 2026 374 2027 385 2028 397 2029 409 Thereafter 890 Total future minimum lease payments 2,995 Less imputed interest 381 Total right-of-use liability - operating lease $ 2,614
Schedule of Additional Disclosures Regarding Office Leases	The following table presents additional disclosures regarding the Company’s office leases for the six months ended June 30, 2024 and 2023 (in thousands): 2024 2023 Operating lease costs $ 176 $ 169 Variable lease costs 6 15 Total lease costs $ 182 $ 184

Real Estate (Tables)

Real Estate (Tables)	6 Months Ended
	Jun. 30, 2024
Real Estate [Abstract]
Schedule of Allocation of Purchase Price Including Closing Cost of Assets	The following table summarizes the Company’s allocation of the purchase price, including closing costs, of assets acquired during the six months ended June 30, 2023: Purchase Price Allocation Land $ 17,383 Land improvements 8,029 Acquired lease intangible assets (1) 2,655 Other assets 940 Total consideration $ 29,007 (1) Acquired lease intangible assets include both in-place and above-market lease allocations.

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 December 31, 2023 Maturity People’s United Bank 4.18 % 14,518 14,710 10/15/2024 Allstate Life Insurance Company 4.00 % 34,381 34,808 4/1/2025 United States Life Insurance Company 3.82 % 39,000 39,000 1/1/2028 United States Life Insurance Company 4.25 % 32,348 32,632 4/1/2028 Transamerica Life Insurance Company 3.45 % 7,924 8,037 4/1/2030 American General Life Insurance Company 6.12 % 124,756 — 4/1/2031 American International Group 2022 4.63 % 225,000 225,000 9/1/2032 Transamerica Life Insurance Company 2023 5.40 % 25,000 25,000 8/1/2033 Subtotal 502,927 379,187 Unamortized loan costs ( 12,558 ) ( 9,764 ) Total $ 490,369 $ 369,423
Scheduled of Principal Repayments	Scheduled principal repayments for the remainder of 2024, the next five years and thereafter are as follows (in thousands): Remainder of 2024 $ 16,105 2025 36,341 2026 2,641 2027 3,019 2028 71,697 2029 2,656 Thereafter 370,468 Total $ 502,927

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Dividends Declared on Common Stock	The following table presents dividends declared by the Company on its common stock during the six months ended June 30, 2024: Declaration Record Payment Dividend Date Date Date Per Share March 12, 2024 March 31, 2024 April 12, 2024 $ 0.66 (1) March 12, 2024 March 31, 2024 April 15, 2024 $ 0.12 June 13, 2024 June 30, 2024 July 12, 2024 $ 0.12 (1) This represents a 2023 supplemental 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) June 13, 2024 111,776 $ 22.50 $ 2,515,000 9 Years (2) June 13, 2024 14,664 $ 22.50 $ 330,000 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, 2023 161,945 $ 14.91 New shares issued through June 30, 2024 126,440 $ 22.50 Vested ( 66,857 ) $ 20.09 Non-vested shares outstanding as of June 30, 2024 221,528 $ 17.96
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 June 30, 2024: Number of Shares Remainder of 2024 35,561 2025 59,429 2026 42,995 2027 31,100 2028 21,875 2029 14,461 Thereafter 16,107 Total Non-vested Shares 221,528

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2024
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 three and six months ended June 30, 2024 and 2023 (in thousands, except share and per share data): Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Numerator: Net (loss) income attributable to common stockholders $ ( 1,733 ) $ 1,163 $ 1,247 $ 3,763 Denominator: Weighted average common shares outstanding – basic 13,328,389 13,327,529 13,327,677 13,330,626 Weighted average common shares outstanding – diluted 13,328,389 13,363,179 13,512,566 13,366,275 Basic and Diluted Per Share Information: Net income per share – basic $ ( 0.13 ) $ 0.09 $ 0.09 $ 0.28 Net income per share – diluted $ ( 0.13 ) $ 0.09 $ 0.09 $ 0.28

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2024
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): June 30, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Value Value Value Value Financial assets: Cash and cash equivalents $ 49,581 $ 49,581 $ 27,913 $ 27,913 Restricted cash 973 973 1,400 1,400 Rent and other receivables 1,103 1,103 569 569 Financial liabilities: Dividends payable 1,602 1,602 1,333 1,333 Accounts payable and accrued expenses 4,327 4,327 5,234 5,234 Secured revolving credit facility — — 40,000 40,000 Term loan payable — — 50,000 50,000 Mortgage notes payable 502,927 464,358 379,187 345,009

Organization and Description _2

Organization and Description of Business - Additional Information (Detail) - Operating Partnership [Member] - Wu/Lighthouse Portfolio, LLC [Member] shares in Millions, ft² in Millions		6 Months Ended	12 Months Ended
	Jan. 17, 2013 Property	Jun. 30, 2024 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%	83.20%	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		1.5
Percentage of ownership owned in joint venture		50%
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)		16.80%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail)		1 Months Ended	3 Months Ended			6 Months Ended		12 Months Ended
	Feb. 28, 2018 USD ($)	Feb. 29, 2024 USD ($)	Jun. 30, 2024 USD ($) Lease	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($) Lease	Jun. 30, 2024 USD ($) Lease Segment	Jun. 30, 2023 USD ($) Lease	Dec. 31, 2023 USD ($)	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						$ 300,000	$ 300,000
Amortization of in-place leases						600,000	700,000
Amortization to below market leases			$ 717,000			717,000		$ 1,079,000
Income (loss) from investment			55,000		$ 34,000	110,000	73,000
Assets			522,553,000			522,553,000		507,237,000
Assets of investments in unconsolidated affiliates			16,300,000			16,300,000		16,500,000
Liabilities			505,132,000			505,132,000		475,623,000
Liabilities of investments in unconsolidated affiliates			8,800,000			8,800,000		9,000,000
Revenues			19,346,000		18,579,000	39,318,000	37,138,000
Expenses			15,550,000		11,213,000	25,712,000	20,675,000
Impairment related to long-lived assets						$ 0		0
Number of reportable segments | Segment						1
Write off of tenant receivable				$ 100,000
Settlement agreement with tenant and received		$ 600,000
Aggregate future lease obligations			2,995,000			$ 2,995,000
Incremental borrowing rate									3.86%
Right-of-use asset - operating lease, net			2,422,000			2,422,000		2,555,000	$ 3,100,000
Right-of-use liability - operating lease			2,614,000			$ 2,614,000		2,739,000	$ 3,100,000
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]									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.
Uncertain tax positions			0			$ 0		0
Standard maximum deposit insurance amount			250,000			250,000
Annual rental lease rent			19,346,000		$ 18,579,000	39,318,000	$ 37,138,000
Accounting Standards Update 2016-02 [Member]
Summary Of Significant Accounting Policies [Line Items]
Lease term of contract									10 years
Aggregate future lease obligations			$ 3,000,000			$ 3,000,000		$ 3,200,000
Avis Rent A Car Systems, Inc. [Member] | Customer Concentration Risk [Member] | Sales Revenue Net [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of operating leases | Lease			1		1	1	1
Annual rental lease rent						$ 3,900,000	$ 3,900,000
Percentage of rental income						10%	10%
New York [Member] | Customer Concentration Risk [Member] | Sales Revenue Net [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of operating leases | Lease			5		5	5	5
Annual rental lease rent						$ 4,800,000	$ 4,800,000
Percentage of rental income						12%	13%
Federal Express [Member] | Customer Concentration Risk [Member] | Sales Revenue Net [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of operating leases | Lease			6		5	6	5
Annual rental lease rent						$ 5,800,000	$ 5,300,000
Percentage of rental income						15%	14%
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			5 years
Minimum [Member] | Furniture, Fixtures and Equipment [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life			5 years			5 years
Maximum [Member] | Properties and Property Improvements [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life			40 years			40 years
Maximum [Member] | Furniture, Fixtures and Equipment [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life			10 years			10 years
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						$ 100,000
Two CPS Developers LLC [Member] | Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Income (loss) from investment							$ 100,000
Above Market Lease [Member]
Summary Of Significant Accounting Policies [Line Items]
Acquired lease intangible assets, net			$ 800,000			800,000		$ 800,000
In-place Lease [Member]
Summary Of Significant Accounting Policies [Line Items]
Acquired lease intangible assets, net			4,442,000			4,442,000		5,000,000
Buildings and Improvements [Member]
Summary Of Significant Accounting Policies [Line Items]
Real estate under development			0			0		0
Investments in Unconsolidated Affiliates [Member]
Summary Of Significant Accounting Policies [Line Items]
Revenues						900,000	800,000
Expenses						700,000	$ 700,000
Other Assets [Member]
Summary Of Significant Accounting Policies [Line Items]
Tenant receivables			$ 1,100,000			$ 1,100,000		$ 500,000

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	Jun. 30, 2024	Dec. 31, 2023
Net increase to rental revenues:
Remainder of 2024	$ 120
2025	64
2026	(13)
2027	4
2028	4
2029	(46)
Thereafter	(171)
Net increase to rental revenues	(38)
In-place Lease [Member]
Increase to amortization expense:
Remainder of 2024	517
2025	928
2026	798
2027	564
2028	440
2029	372
Thereafter	823
Increase to amortization expense	$ 4,442	$ 5,000

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Future Minimum Contractual Lease Payments to be Received (Detail) $ in Thousands	Jun. 30, 2024 USD ($)
Accounting Policies [Abstract]
Remainder of 2024	$ 31,384
2025	62,829
2026	62,010
2027	45,222
2028	37,743
2029	29,130
Thereafter	69,706
Total	$ 338,024

Summary Of Significant Accoun_7

Summary Of Significant Accounting Policies - Schedule Of Additional Disclosures Regarding Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounting Policies [Abstract]
Fixed lease revenue			$ 32,434	$ 30,822
Variable lease revenue			6,884	6,316
Total lease revenue	$ 19,346	$ 18,579	$ 39,318	$ 37,138

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Schedule of Future Lease Obligations of Office Lease (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Oct. 01, 2021
Accounting Policies [Abstract]
Remainder of 2024	$ 177
2025	363
2026	374
2027	385
2028	397
2029	409
Thereafter	890
Total future minimum lease payments	2,995
Less imputed interest	381
Right-of-use liability - operating lease	$ 2,614	$ 2,739	$ 3,100

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Schedule of Additional Disclosures Regarding Office Leases (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Accounting Policies [Abstract]
Operating lease costs	$ 176	$ 169
Variable lease costs	6	15
Total lease costs	$ 182	$ 184

Real Estate - Schedule of Alloc

Real Estate - Schedule of Allocation of Purchase Price Including Closing Cost of Assets (Detail) $ in Thousands	Jun. 30, 2023 USD ($)
Real Estate [Abstract]
Land	$ 17,383
Land improvements	8,029
Acquired lease intangible assets	2,655
Other assets	940
Total consideration	$ 29,007

Real Estate - Additional Inform

Real Estate - Additional Information (Detail) $ in Thousands	Jan. 18, 2023 USD ($) ft²	Jun. 30, 2023 USD ($)
Real Estate [Line Items]
Total Consideration		$ 29,007
Land and Land Improvements [Member] | North Carolina [Member]
Real Estate [Line Items]
Leasable area owned by the company | ft²	435,600
Total Consideration	$ 28,700
Lease term of contract	10 years
Lease expiration date	Jul. 31, 2032

Mortgage Notes Payable - Summar

Mortgage Notes Payable - Summary of Company's Mortgage Notes Payable (Detail) - USD ($) $ in Thousands		6 Months Ended
	Dec. 20, 2017	Jun. 30, 2024	Dec. 31, 2023	Jul. 31, 2023	Mar. 24, 2020	Mar. 21, 2018
Debt Instrument [Line Items]
Mortgage notes payable		$ 502,927	$ 379,187
Unamortized loan costs		(12,558)	(9,764)
Mortgage notes payable, net		490,369	369,423
4.18% People's United Bank, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 14,518	14,710
Interest Rate		4.18%
Maturity		Oct. 15, 2024
Allstate Life Insurance Company, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 34,381	34,808
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		$ 32,348	32,632			$ 33,000
Interest Rate		4.25%
Maturity		Apr. 01, 2028
3.45% Transamerica Life Insurance Company, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 7,924	8,037		$ 8,400
Interest Rate		3.45%
Maturity		Apr. 01, 2030
6.12% American General Life Insurance Company [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 124,756	0
Interest Rate		6.12%
Maturity		Apr. 01, 2031
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	$ 25,000
Interest Rate		5.40%
Maturity		Aug. 01, 2033

Mortgage Notes Payable - Additi

Mortgage Notes Payable - Additional Information (Detail)								6 Months Ended	12 Months Ended
	Mar. 15, 2024 USD ($) Item	Jul. 31, 2023 USD ($) Item	Aug. 05, 2022 USD ($) Property	Mar. 24, 2020 USD ($) Item	Mar. 21, 2018 USD ($) Item	Dec. 20, 2017 USD ($) Property Item	Mar. 13, 2015 USD ($)	Jun. 30, 2024 USD ($) Property	Dec. 31, 2014 USD ($) ft²	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Mortgage notes payable								$ 502,927,000		$ 379,187,000
Number of wholly-owned subsidiaries of the UPREIT | Item	3	3		2	4	4
Allstate Life Insurance Company, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable								$ 34,381,000		34,808,000
Maturity								Apr. 01, 2025
Interest Rate								4%
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
Maturity						Jan. 01, 2028		Jan. 01, 2028
Interest Rate						3.82%		3.82%
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%
3.82 % United States Life Insurance Company, Loan [Member] | Prime Rate [Member] | Event of Default [Member]
Debt Instrument [Line Items]
Debt instrument Interest rate upon default						4%
3.82 % United States Life Insurance Company, Loan [Member] | Original Interest Rate [Member] | Event of Default [Member]
Debt Instrument [Line Items]
Debt instrument interest rate over original interest rate upon default						5%
4.25 % United States Life Insurance Company, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable					$ 33,000,000			$ 32,348,000		32,632,000
Permanent financing interest rate					4.25%
Permanent financing period					10 years
Debt instrument, payment terms								the principal balance for the first five 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.
Maturity								Apr. 01, 2028
Interest Rate								4.25%
3.45% Transamerica Life Insurance Company, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable				$ 8,400,000				$ 7,924,000		8,037,000
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
Maturity								Apr. 01, 2030
Interest Rate								3.45%
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%
3.45% Transamerica Life Insurance Company, Loan [Member] | Note Rate [Member] | Event of Default [Member]
Debt Instrument [Line Items]
Debt instrument Interest rate upon default				10%
Transamerica Life Insurance Company 2023, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 25,000,000						$ 25,000,000		25,000,000
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
Maturity								Aug. 01, 2033
Interest Rate								5.40%
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%
Transamerica Life Insurance Company 2023, Loan [Member] | Note Rate [Member] | Event of Default [Member]
Debt Instrument [Line Items]
Debt instrument Interest rate upon default		10%
American International Group 2022, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable								$ 225,000,000		$ 225,000,000
Maturity								Sep. 01, 2032
Interest Rate								4.63%
American International Group 2022, Loan [Member] | A I G Loans
Debt Instrument [Line Items]
Maturity			Sep. 01, 2032
Interest Rate			4.63%
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
American General Life Insurance Company [Member]
Debt Instrument [Line Items]
Mortgage notes payable	$ 125,000,000
Permanent financing period	7 years
Payment term based on amortization schedule	30 years
Debt instrument, payment terms								The loan is a seven-year term loan that requires payments based on a 30-year amortization schedule at the rate of 6.12% per annum with the entire principal balance plus any accrued and unpaid interest due and payable on April 1, 2031.
Interest Rate	6.12%
Debt instrument, principal amount	$ 90,000,000
American General Life Insurance Company [Member] | Minimum [Member]
Debt Instrument [Line Items]
Loan Prepayment Premium Percentage,upon providing advance notice of prepayment	1%
Revolving Line of Credit Facility [Member] | American General Life Insurance Company [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount	$ 40,000,000
Term Loan [Member] | American General Life Insurance Company [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount	$ 50,000,000
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
Maturity							Apr. 01, 2025
Interest Rate							4%
New York [Member] | American International Group 2022, Loan [Member] | A I G Loans
Debt Instrument [Line Items]
Debt instrument, principal amount			$ 144,300,000
Connecticut And New Jersey | American International Group 2022, Loan [Member] | A I G Loans
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	Jun. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Remainder of 2024	$ 16,105
2025	36,341
2026	2,641
2027	3,019
2028	71,697
2029	2,656
Thereafter	370,468
Total	$ 502,927	$ 379,187

Secured Revolving Credit Faci_2

Secured Revolving Credit Facility & Term Loan Payable - Additional Information (Detail) - USD ($)					3 Months Ended		6 Months Ended
	Mar. 15, 2024	Aug. 05, 2022	Oct. 22, 2021	Dec. 02, 2015	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Mar. 31, 2023
Line Of Credit Facility [Line Items]
Unamortized loan costs					$ 12,558,000		$ 12,558,000		$ 9,764,000
Credit facility, outstanding					0		0		40,000,000
First Amendment [Member]
Line Of Credit Facility [Line Items]
Line of Credit facility, maximum borrowing capacity		$ 10,000,000
Revolving Line of Credit Facility [Member]
Line Of Credit Facility [Line Items]
Payment of outstanding	$ 40,000,000
Revolving Line of Credit Facility [Member] | Other Assets [Member]
Line Of Credit Facility [Line Items]
Unamortized loan costs					200,000		200,000		300,000
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
Operating Partnership [Member] | Amended and Restated Credit Agreement [Member] | LIBOR [Member]
Line Of Credit Facility [Line Items]
Applicable margin range on credit facility			1%
Key Bank [Member]
Line Of Credit Facility [Line Items]
Credit facility, outstanding					0		$ 0			$ 40,000,000
Key Bank [Member] | First Amendment [Member]
Line Of Credit Facility [Line Items]
Line of Credit facility, maximum borrowing capacity		$ 40,000,000
Key Bank [Member] | First Amendment [Member] | Other Assets [Member]
Line Of Credit Facility [Line Items]
Loan related costs		$ 500,000
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				$ 50,000,000
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					100,000	$ 100,000	$ 300,000	$ 100,000
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			$ 60,000,000		90,000,000		$ 90,000,000
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.
Credit facility capacity available for issuance of letters of credit and swing line loans			$ 10,000,000
Loan costs paid with Credit facility			500,000
Key Bank [Member] | Operating Partnership [Member] | Amended and Restated Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity under incremental credit facility			$ 125,000,000
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] | Amended and Restated Credit Agreement [Member] | Federal Reserve Bank Of Cleveland [Member]
Line Of Credit Facility [Line Items]
Applicable margin range on credit facility			0.50%
Key Bank [Member] | Operating Partnership [Member] | First Amendment [Member]
Line Of Credit Facility [Line Items]
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.
Applicable margin range on credit facility							1%
Key Bank [Member] | Operating Partnership [Member] | First Amendment [Member] | Federal Reserve Bank Of Cleveland [Member]
Line Of Credit Facility [Line Items]
Applicable margin range on credit facility							0.50%
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			$ 10,000,000		40,000,000		$ 40,000,000
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			$ 50,000,000		50,000,000		$ 50,000,000
Line of Credit facility term			4 years
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%
Term Loan [Member]
Line Of Credit Facility [Line Items]
Payment of outstanding	$ 50,000,000
Term Loan [Member] | SOFR [Member]
Line Of Credit Facility [Line Items]
Outstanding borrowings					0		$ 0		50,000,000
Term Loan [Member] | Term Loan Payable [Member]
Line Of Credit Facility [Line Items]
Unamortized loan costs					$ 0		$ 0		$ 200,000

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)								3 Months Ended		6 Months Ended
	Jun. 26, 2024	Jun. 05, 2024	Nov. 09, 2023	Sep. 19, 2023	Jun. 02, 2023	Jul. 01, 2022	Nov. 08, 2016	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Stockholders' Equity Note [Line Items]
Shares of preferred stock authorized								10,000,000		10,000,000		10,000,000
Par value per share (in dollars per share)								$ 0.0001		$ 0.0001		$ 0.0001
Shares of common stock authorized for issuance								100,000,000		100,000,000		100,000,000
Common stock, par value (in dollars per share)								$ 0.0001		$ 0.0001		$ 0.0001
Shares of common stock issued								13,345,980		13,345,980		13,326,965
Shares of common stock outstanding								13,345,980		13,345,980		13,326,965
Repurchases - common stock								$ 2,693,000	$ 2,000,000
Options expiration period										10 years
Stock compensation expense										$ 1,500,000	$ 1,300,000
Common stock value per share												$ 22.5
Unamortized stock compensation								$ 3,980,000		$ 3,980,000
Restricted stock, issued										1,107,539
Vested (in shares)										886,011
Stock Options [Member]
Stockholders' Equity Note [Line Items]
Stock options outstanding								600,000		600,000
Vested (in shares)										200,000
Non-vested (in shares)								400,000		400,000
Restricted Stock [Member]
Stockholders' Equity Note [Line Items]
Weighted average period for recognition										2 years 4 months 24 days
Vested (in shares)										66,857
Non-vested (in shares)								221,528		221,528		161,945
Key Officers [Member] | Non-qualified Stock Options [Member]
Stockholders' Equity Note [Line Items]
Stock options granted						400,000	200,000
Vesting period						3 years	3 years
Stock options granted exercise price						$ 18.15	$ 10.40
Non-employee Directors and Key Officers [Member]
Stockholders' Equity Note [Line Items]
Stock compensation expense										$ 200,000	$ 200,000
2007 Incentive Award Plan [Member]
Stockholders' Equity Note [Line Items]
Number of shares of common stock which may be awarded								1,000,000		1,000,000
Share-based compensation award plan , expiration date										Jun. 11, 2017
2017 Incentive Award Plan [Member]
Stockholders' Equity Note [Line Items]
Number of shares purchased	30,797
Share price	$ 22.5
Repurchases - common stock	$ 700,000
Number of shares of common stock which may be awarded								2,000,000		2,000,000
Plan effective date										Apr. 24, 2017
Number of shares available for future issuance								904,451		904,451
Share Redemption Program [Member]
Stockholders' Equity Note [Line Items]
Number of shares purchased		76,628			95,011
Share price		$ 26.1			$ 21.05
Repurchases - common stock		$ 2,000,000			$ 2,000,000
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
Series A Preferred Stock [Member]
Stockholders' Equity Note [Line Items]
Shares of preferred stock authorized								500,000		500,000		500,000
Par value per share (in dollars per share)								$ 0.0001		$ 0.0001		$ 0.0001
Preferred stock, shares outstanding								0		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		6,500,000
Par value per share (in dollars per share)								$ 0.0001		$ 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		0
Class B Limited Partner Units
Stockholders' Equity Note [Line Items]
Number of shares purchased				15,202
Repurchases - common stock				$ 32,214,363

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Dividends Declared on Common Stock (Detail) - $ / shares	Jun. 13, 2024	Mar. 12, 2024
12 Months Ended 12/31/22 [Member]
Stockholders' Equity Note [Line Items]
Declaration Date		Mar. 12, 2024
Record Date		Mar. 31, 2024
Payment Date		Apr. 12, 2024
Dividend Per Share		$ 0.66
3 Months Ended 3/31/23 [Member]
Stockholders' Equity Note [Line Items]
Declaration Date		Mar. 12, 2024
Record Date		Mar. 31, 2024
Payment Date		Apr. 15, 2024
Dividend Per Share		$ 0.12
6 Months Ended 6/30/2024 [Member]
Stockholders' Equity Note [Line Items]
Declaration Date	Jun. 13, 2024
Record Date	Jun. 30, 2024
Payment Date	Jul. 12, 2024
Dividend Per Share	$ 0.12

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Shares Issued under 2007 and 2017 Plan (Detail)	6 Months Ended
	Jun. 30, 2024 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	$ 6.8
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	$ 6.8
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	$ 10.4
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	$ 11.6
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	$ 12.7
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
2017 Plan | Award Granted on June 13, 2024 [Member] | Certain Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 13, 2024
Total Shares Issued | shares	111,776
Value Per Share | $ / shares	$ 22.50
Approximate Value of Shares | $	$ 2,515,000
Vesting period	9 years
2017 Plan | Award Granted on June 13, 2024 [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. 13, 2024
Total Shares Issued | shares	14,664
Value Per Share | $ / shares	$ 22.50
Approximate Value of Shares | $	$ 330,000
Vesting Period	Immediately

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Restricted Stock Activity (Detail)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested, Shares	(886,011)
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested at beginning of period, Shares	161,945
Non-vested, new shares issued, Shares	126,440
Vested, Shares	(66,857)
Non-vested at end of period, Shares	221,528
Non-vested at beginning of period, Weighted Average Grant Date Fair Value | $ / shares	$ 14.91
Non-vested, new shares issued, Weighted Average Grant Date Fair Value | $ / shares	22.50
Vested, Weighted Average Grant Date Fair Value | $ / shares	20.09
Non-vested at end of period, Weighted Average Grant Date Fair Value | $ / shares	$ 17.96

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Vesting Schedule of Non-vested Shares of Restricted Stock Outstanding (Detail) - Restricted Stock [Member] - shares	Jun. 30, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Remainder of 2024	35,561
2025	59,429
2026	42,995
2027	31,100
2028	21,875
2029	14,461
Thereafter	16,107
Total Non-vested Shares	221,528	161,945

Earnings per Share - Additional

Earnings per Share - Additional Information (Detail) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Number of common share equivalents	0	184,889	35,650

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	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net (loss) income attributable to common stockholders	$ (1,733)	$ 1,163	$ 1,247	$ 3,763
Denominator:
Weighted average common shares outstanding – basic	13,328,389	13,327,529	13,327,677	13,330,626
Weighted average common shares outstanding – diluted	13,328,389	13,363,179	13,512,566	13,366,275
Basic and Diluted Per Share Information:
Net income per share – basic	$ (0.13)	$ 0.09	$ 0.09	$ 0.28
Net income per share – diluted	$ (0.13)	$ 0.09	$ 0.09	$ 0.28

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	1 Months Ended				3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jan. 31, 2023	Oct. 31, 2022	Jul. 31, 2020	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transactions [Line Items]
Brokerage commissions					$ 19,346,000	$ 18,579,000	$ 39,318,000	$ 37,138,000
Aggregate contractual rents					2,995,000		2,995,000
Operating lease costs							176,000	$ 169,000
Green Holland Management LLC [Member]
Related Party Transactions [Line Items]
Brokerage commissions on purchase of property		$ 574,000
Brokerage commissions on sale of property			$ 600,000
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		$ 32,300,000
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)		6 Months Ended
	Dec. 11, 2020 USD ($)	Jun. 30, 2024 Bus_Depot
Commitments and Contingencies [Line Items]
Number of bus depot sites received final regulatory closure		3
Number of former bus depot sites		6
Number of bus depot sites continuing monitoring and reporting activities associated with environmental cleanup efforts		3
Number of bus depot sites compliance with environmental cleanup efforts		6
Steel Garden LLC [Member]
Commitments and Contingencies [Line Items]
Lease term of contract	10 years 4 months
Lease option to extend description	one five-year option to extend the lease
Lease option to extend term	5 years
Lease commencement date	Oct. 01, 2021
Monthly minimum rent | $	$ 27,755.21
Annual rental increase percentage	3%
Free minimum rental period	4 months

Fair Value - Schedule of Fair V

Fair Value - Schedule of Fair Value of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Financial assets:
Cash and cash equivalents	$ 49,581	$ 27,913
Restricted cash	973	1,400	$ 1,283	$ 986
Rent and other receivables	1,103	569
Financial liabilities:
Dividends payable	1,602	1,333
Accounts payable and accrued expenses	4,327	5,234
Secured revolving credit facility	0	40,000
Term loan payable		50,000
Mortgage notes payable	502,927	379,187
Estimate of Fair Value Measurement [Member]
Financial assets:
Cash and cash equivalents	49,581	27,913
Restricted cash	973	1,400
Rent and other receivables	1,103	569
Financial liabilities:
Dividends payable	1,602	1,333
Accounts payable and accrued expenses	4,327	5,234
Secured revolving credit facility		40,000
Term loan payable		50,000
Mortgages [Member]
Financial liabilities:
Mortgage notes payable	502,927	379,187
Mortgages [Member] | Estimate of Fair Value Measurement [Member]
Financial liabilities:
Mortgage notes payable	$ 464,358	$ 345,009

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event - Quarterly Cash Dividend [Member]	Aug. 06, 2024 $ / shares
Subsequent Event [Line Items]
Dividend declared date	Aug. 06, 2024
Cash dividend declared per share	$ 0.12
Dividend record date	Sep. 30, 2024
Dividends Payable, Date to be Paid	Oct. 11, 2024