GTJ Reit (GTTJ) 10-Q 14 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Nov. 14, 2014
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Entity Registrant Name	'GTJ REIT, Inc.	'
Entity Central Index Key	'0001368757	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	13,729,228

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Real estate, at cost:	'	'
Land	$167,386	$135,238
Buildings and improvements	190,490	174,227
Total real estate, at cost	357,876	309,465
Less: accumulated depreciation and amortization	-25,741	-21,449
Net real estate held for investment	332,135	288,016
Cash and cash equivalents	5,002	6,323
Rental income in excess of amount billed	13,236	11,851
Acquired lease intangible assets, net	15,554	16,528
Assets of discontinued operations	148	461
Other assets	11,842	9,010
Total assets	377,917	332,189
Liabilities:	'	'
Mortgage notes payable	199,541	178,930
Revolving credit facility	29,818	'
Accounts payable and accrued expenses	1,792	1,941
Dividends payable	1,103	1,094
Acquired lease intangible liabilities, net	8,100	8,882
Liabilities of discontinued operations	2,257	2,481
Other liabilities	3,098	4,425
Total liabilities	245,709	197,753
Commitments and contingencies	'	'
Equity:	'	'
Common stock, $.0001 par value; 100,000,000 shares authorized; 13,729,228 and 13,678,704 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	1	1
Additional paid-in capital	138,816	138,516
Distributions in excess of net income	-82,336	-80,641
Total stockholders’ equity	56,481	57,876
Noncontrolling interest	75,727	76,560
Total equity	132,208	134,436
Total liabilities and equity	377,917	332,189
Series A Preferred Stock [Member]	'	'
Equity:	'	'
Preferred stock, value	'	'
Series B Preferred Stock, Non Voting [Member]	'	'
Equity:	'	'
Preferred stock, value	'	'

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	13,729,228	13,678,704
Common stock, shares outstanding	13,729,228	13,678,704
Series A Preferred Stock [Member]	'	'
Preferred stock par, value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized	10,000,000	10,000,000
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)	$0.00	$0.00
Preferred stock, shares authorized	6,500,000	6,500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues:	'	'	'	'
Rental income	$8,664	$7,828	$24,434	$21,897
Tenant reimbursements	1,464	1,443	4,423	3,924
Total revenues	10,128	9,271	28,857	25,821
Expenses:	'	'	'	'
Property operating expenses	1,916	1,536	5,805	5,196
General and administrative	1,054	1,223	4,963	4,511
Depreciation and amortization	2,360	2,278	6,980	7,068
Total expenses	5,330	5,037	17,748	16,775
Operating income	4,798	4,234	11,109	9,046
Interest expense	-2,650	-2,164	-7,151	-6,276
Acquisition costs	-353	125	-936	-5,133
Other	-100	140	-27	1,018
Income (loss) from continuing operations	1,695	2,335	2,995	-1,345
Discontinued Operations:	'	'	'	'
Loss from discontinued operations, including loss on disposal of $ 1,963 for the nine months ended September 30, 2013	-130	-311	-181	-4,120
Net income (loss)	1,565	2,024	2,814	-5,465
Less: Net income attributable to noncontrolling interest	545	671	944	1,154
Net income (loss) attributable to common stockholders	$1,020	$1,353	$1,870	($6,619)
Income (loss) per common share attributable to common stockholders - basic and diluted:	'	'	'	'
Income (loss) from continuing operations, net of noncontrolling interest	$0.08	$0.12	$0.15	($0.18)
Loss from discontinued operations	($0.01)	($0.02)	($0.01)	($0.30)
Net income (loss) attributable to common stockholders	$0.07	$0.10	$0.14	($0.48)
Weighted average common shares outstanding – basic and diluted	13,729,521	13,678,704	13,700,638	13,664,354

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Operations (Parenthetical) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
Income Statement [Abstract]	'
Loss on disposal	$1,963

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Statement Of Income And Comprehensive Income [Abstract]	'	'	'	'
Net income (loss):	$1,565	$2,024	$2,814	($5,465)
Available-for-sale securities:	'	'	'	'
Net change in unrealized gains	'	8	'	100
Comprehensive income (loss)	1,565	2,032	2,814	-5,365
Less: Net income attributable to noncontrolling interest	545	671	944	1,154
Comprehensive income (loss) attributable to common stockholders	$1,020	$1,361	$1,870	($6,519)

Condensed_Consolidated_Stateme3

Condensed Consolidated Statement of Stockholders' Equity (USD $)	Total	Common Stock [Member]	Additional-Paid-In-Capital [Member]	Distributions in Excess of Net Income [Member]	Total Stockholders' Equity [Member]	Noncontrolling Interest [Member]
In Thousands, except Share data
Beginning Balance at Dec. 31, 2013	$134,436	$1	$138,516	($80,641)	$57,876	$76,560
Beginning Balance (in shares) at Dec. 31, 2013	'	13,678,704	'	'	'	'
Common stock dividends	-3,565	'	'	-3,565	-3,565	'
Stock-based compensation	300	'	300	'	300	'
Net issuance of restricted shares	'	50,524	'	'	'	'
Distributions to noncontrolling interest	-1,777	'	'	'	'	-1,777
Net income	2,814	'	'	1,870	1,870	944
Ending Balance at Sep. 30, 2014	$132,208	$1	$138,816	($82,336)	$56,481	$75,727
Ending Balance (in shares) at Sep. 30, 2014	'	13,729,228	'	'	'	'

Condensed_Consolidated_Stateme4

Condensed Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net income (loss):	$2,814	($5,465)
Loss from discontinued operations, including loss on disposal of $1,963 for the nine months ended September 30, 2013	181	4,120
Net income (loss) from continuing operations	2,995	-1,345
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by operating activities	'	'
Depreciation	4,292	3,750
Amortization of intangible assets and deferred charges	1,874	3,069
Stock-based compensation	300	355
Changes in operating assets and liabilities:	'	'
Rental income in excess of amount billed	-1,385	-2,834
Other assets	-531	-2,007
Accounts payable and accrued expenses	-149	941
Other liabilities	-1,328	1,335
Net cash provided by operating activities	6,068	3,264
Cash flow from investing activities:	'	'
Cash paid for property acquisitions	-40,697	-911
Cash paid for property improvements	-2,220	-811
Deal pursuit costs	-1,045	-513
Purchase of marketable securities	'	-2
Proceeds from sale of marketable securities	'	33
Net cash (used in) investing activities	-43,962	-2,204
Cash flow from financing activities:	'	'
Repayment of revolving credit facility	'	-5,000
Proceeds from mortgage notes payable	13,033	16,775
Payment of mortgage principal	-853	-700
Cash distributions to noncontrolling interests	-1,777	-2,587
Cash dividends paid	-3,556	-4,556
Proceeds from revolving credit facility	29,818	'
Repurchases of common stock	'	-115
Net cash provided by financing activities	36,665	3,817
Cash flow from discontinued operations:	'	'
Operating activities	-92	-1,752
Net (decrease) increase in cash and cash equivalents	-1,321	3,125
Cash and cash equivalents at the beginning of period	6,323	3,349
Cash and cash equivalents at the end of period	5,002	6,474
Supplemental cash flow information:	'	'
Cash paid for interest	7,019	6,093
Cash paid for income taxes	'	1
Reconciliation of cash paid for acquisition:	'	'
Acquisition of real estate	49,697	197,990
Assumption of mortgage notes payable	-9,000	-118,485
Issuance of UPREIT limited partnership interests	'	-79,505
Acquisition of other assets and liabilities	'	911
Net cash paid for acquisition	$40,697	$911

Condensed_Consolidated_Stateme5

Condensed Consolidated Statements of Cash Flows (Parenthetical) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
Statement Of Cash Flows [Abstract]	'
Loss on disposal	$1,963

Organization_and_Description_o

Organization and Description of Business	9 Months Ended
	Sep. 30, 2014
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 23, 2006, under Maryland General Corporation Law. The Company is focused on the acquisition, ownership, management, and operation of commercial real estate located in the New York tri-state area.
	The Company elected to be treated as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended and elected December 31st 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 transaction with Wu/Lighthouse Portfolio, LLC, in which a limited partnership (the “UPREIT”) 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 interests in the UPREIT; the owner of all 32 properties. The acquisition was recorded as a business combination and accordingly the purchase price was allocated to the assets acquired and liabilities assumed at fair value. At September 30, 2014, subject to certain anti-dilutive and other provisions contained in the governing agreements, the limited partnership interests in the UPREIT may be convertible in the aggregate, into approximately 1.8 million shares of the Company’s common stock and approximately 5.0 million shares of Series B preferred stock.
	As of September 30, 2014, the UPREIT owned 37 properties consisting of approximately 3.2 million square feet of office and industrial properties on 248 acres of land in New York, New Jersey, and Connecticut.
	Prior to 2013, the Company operated a group of outdoor maintenance, shelter cleaning, and electrical contracting businesses, as well as a parking garage facility. During 2011, the Board voted to divest these operations which were sold in 2012 and 2013. Accordingly, the operations of these entities, including any impact of insurance claims associated with those entities, are reported as discontinued operations in the condensed consolidated statements of operations.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2014
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 UPREIT, as the Company makes all operating and financial decisions for (i.e., exercises control over) the UPREIT. All material intercompany transactions have been eliminated. The ownership interests of the other investors in the UPREIT 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, 2013 audited consolidated financial statements, as previously filed with the SEC on Form 10-K on March 21, 2014, and other public information.
	Certain reclassifications of prior period amounts, including the presentation of the Consolidated Statement of Comprehensive (Loss) Income required by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 205 - “Presentation of Financial Statements,” have been made in the financial statements in order to conform to the 2014 presentation.
	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 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, and stock-based compensation.
	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 are capitalized. Additions, renovations, and improvements that enhance and/or extend the useful life of a property are also capitalized. Expenditures for ordinary maintenance, repairs, and improvements that do not materially prolong the normal useful life of an asset are charged to operations as incurred.
	Upon the acquisition of real estate properties, the fair values of the real estate purchased are allocated to the acquired tangible assets (generally consisting of land, buildings, and building improvements) and identified intangible assets and liabilities (generally consisting of above-market and below-market leases and the origination value of in-place leases) in accordance with GAAP. 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 purchase price to identified intangible assets and liabilities of an acquired property, the values of above-market and below-market leases are estimated based on the differences between (i) contractual rentals and the estimated market rents over the applicable lease term discounted back to the date of acquisition utilizing a discount rate adjusted for the credit risk associated with the respective tenants and (ii) the estimated cost of acquiring such leases giving effect to the Company’s history of providing tenant improvements and paying leasing commissions, offset by a vacancy period during which such space would be leased. The aggregate value of in-place leases is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates over (ii) the estimated fair value of the property “as-if-vacant,” determined as set forth above.
	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. Acquisition related costs are expensed as incurred. The capitalized above-market lease values are amortized as a reduction of rental revenue over the remaining term of the respective leases and the capitalized below-market lease values are amortized as an increase to rental revenue over the remaining term of the respective leases. The value of in-place leases is based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during expected lease-up periods, current market conditions, and costs to execute similar leases. The values of in place leases are amortized over the remaining term of the respective leases. 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 $0.2 million for the nine months ended September 30, 2014.
	As of September 30, 2014, approximately $2.8 million and $12.8 million (net of accumulated amortization) relating to above market and in place leases, respectively, are included in acquired lease intangible assets, net in the accompanying condensed consolidated balance sheets. As of December 31, 2013, approximately $3.3 million and $13.3 million (net of accumulated amortization) relating to above and in place leases, respectively, are included in the acquired lease intangible assets, net in the accompanying condensed consolidated balance sheets. As of September 30, 2014 and December 31, 2013, approximately $8.1 million and $8.9 million, respectively, (net of accumulated amortization) 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 2014, the next five years and thereafter related to the 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 September 30, 2014 (in thousands):
				Increase to
		Net increase to		amortization
		rental revenues		expense
	Remainder of 2014	$	82	$	658
	2015		381		2,488
	2016		573		1,702
	2017		466		1,144
	2018		488		1,109
	2019		564		939
	Thereafter		2,724		4,799
		$	5,278	$	12,839
	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.
	Asset 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. 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 factors such as expected future operating income, trends and prospects, 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 its real estate holdings. Management has determined that there were no indicators of impairment relating to its long-lived assets at September 30, 2014.
	Deferred Charges:
	Deferred charges consist principally of leasing commissions, which are amortized ratably over the life of the related tenant leases, and financing costs, which are amortized over the terms of the respective debt agreements. These deferred charges are included in other assets on the consolidated balance sheets.
	Reportable Segments:
	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 tenant is collectible, management reviews billed and unbilled rent receivables on a quarterly basis and takes into consideration the tenant’s payment history and financial condition. Some of the leases provide for increases based on the consumer price index.
	Substantially all of the Company’s properties are subject to long-term net leases under which the tenant is typically responsible to pay for their pro rata share of real estate taxes, insurance, and ordinary maintenance and repairs.
	Property operating expense recoveries from tenants of common area maintenance, real estate, and other recoverable costs are recognized as revenues in the period that the related expenses are incurred.
	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 (loss) 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 was included in the computation of diluted earnings per share and stock option awards were excluded from the computation of diluted earnings per share because the option awards would have been antidilutive for the periods presented.
	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 represents reserves used to pay real estate taxes, insurance, and tenant improvements. At September 30, 2014 and December 31, 2013, the Company had restricted cash in the amount of $1.4 million and $1.3 million, respectively, which was included in other assets on the condensed consolidated balance sheets. The amount for September 2014 includes a collateral deposit of $0.5 million to lock in an interest rate for a loan that closed in October 2014.  The deposit was returned to the Company upon the loan closing.
	Fair Value Measurement:
	The Company determines fair value in accordance with ASC Topic 820, “Fair Value Measurement” for financial assets and liabilities. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures.
	Fair value is defined as the price that would be received to sell an asset or 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.
	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.
	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, accounting in interim periods and requires increased disclosures. As of September 30, 2014, and December 31, 2013, the Company had determined that no liabilities are required in connection with unrecognized tax positions.
	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. Management believes that the Company is not exposed to any significant credit risk due to the credit worthiness of the financial institutions.
	Stock-Based Compensation:
	The Company has a stock-based compensation plan, which is described below in Note 7. The Company accounts for stock-based compensation in accordance with ASC 718, “Compensation – Stock Compensation,” which establishes accounting for stock-based awards exchanged for employee services. Under the provisions of ASC 718-10-35, share-based compensation cost is measured at the grant date, based on the fair value of the award, and is expensed at the grant date (for the portion that vests immediately) or ratably over the respective vesting periods.
	New Accounting Pronouncements
	During June 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” ASU 2014-12 provides explicit guidance on how to account for share-based payments that require a specific performance target to be achieved which may be achieved after an employee completes the requisite service period. ASU 2014-12 is effective for periods beginning after December 15, 2015 and may be applied either prospectively or retrospectively. ASU 2014-12 is not expected to have a material impact on the Company’s consolidated financial statements.
	During May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transaction methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which the standard will be adopted in 2017.
	In April 2014, the FASB issued 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in ASU 2014-08 change the criteria for reporting a discontinued operation and require new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. Only disposals representing a strategic shift in operations should be presented as discontinued operations. This accounting standard update is effective for annual filings beginning on or after December 15, 2014. Early adoption is permitted. The impact of the adoption of ASU 2014-08 on the Company’s results of operations, financial position, cash flows and disclosures will be based on the Company’s future disposal activity.

Real_Estate

Real Estate	9 Months Ended
	Sep. 30, 2014
Real Estate [Abstract]	'
Real Estate	'
	3. REAL ESTATE:
	On April 9, 2014, the Company acquired a 226,000 square foot building located on 15.1 acres of land in Windsor Locks, CT for $14.2 million, subject to the assumption of a $9 million mortgage that bears interest at 6.07%. A principal payment of $3 million is due in March 2017, with the balance of the loan maturing in March 2020. The equity was financed from the Company’s revolving credit line facility with Capital One. The distribution facility is triple net leased to Ford Motor Company.
	On April 23, 2014, the Company acquired a 75,000 square foot industrial building located on 7.8 acres of land in Parsippany, NJ for $3.3 million. The purchase was financed from the Company’s revolving credit line facility with Capital One.
	On July 2, 2014, the Company acquired an 84,000 square foot parking lot in Long Island City, Queens, NY for $28.5 million that is leased to FedEx Ground. The acquisition was financed, in part, by a $13 million bridge loan with Capital One and the equity financed from the Company’s revolving credit facility. Permanent financing of $15.5 million closed in October 2014 with People’s United Bank and replaced the bridge loan.  The permanent financing is for 10 years at an interest rate of 4.18%. Payments for the first seven years are interest only. Payments over the remaining three years of the term are based on a 25 year amortization schedule.
	On August 22, 2014, the Company acquired a 50,000 square foot distribution center in Norwalk, CT for $4.2 million that is leased to FedEx Corporation. The purchase was financed from the Company’s revolving credit line facility with Capital One.
	The acquired assets and liabilities associated with the Long Island City and Norwalk properties are based upon management’s best available information at the time of the preparation of the condensed consolidated financial statements. However, the business acquisition accounting for these properties are not complete and accordingly, such estimates of the value of acquired assets and liabilities are provisional until the valuations are finalized. Therefore, the provisional measurements of fair value reflected are subject to change and such changes could be significant. The Company expects to finalize the valuations and complete the purchase price allocations as soon as practical, but no later than one year from the respective acquisition dates.
	On October 15, 2014, the Company acquired a 125,000 square foot industrial building in Shelton, CT for $9.5 million that is leased to Sikorsky Aircraft Corporation. The purchase was financed from the Company’s revolving credit line facility with Capital One.
	On November 4, 2014, the Company invested $1.8 million in exchange for a limited partnership interest in Garden 1101 Stewart, L.P. (“Garden 1101”). Garden 1101 was formed for the purpose of acquiring a 90,000 square foot office building in Garden City, NY that will be converted to a medical office building. The general partners of Garden 1101 include the members of Green Holland Ventures; Paul Cooper, the Chief Executive Officer and Chairman of the Company and Louis Sheinker, the President and Chief Operating Officer of the Company. The investment in Garden 1101 was financed from the Company’s revolving credit line facility with Capital One.
	As disclosed in Note 1, effective January 17, 2013, the Company, through the UPREIT, acquired from Wu/Lighthouse Portfolio, LLC all of the outstanding ownership interests in 25 commercial properties located in New York, New Jersey and Connecticut in exchange for 33.29% of the outstanding limited partnership interests in the UPREIT. The Acquired Properties had a gross asset value of approximately $198 million, subject to approximately $118 million in aggregate outstanding mortgage indebtedness, which was assumed by the UPREIT. In addition, the Company acquired other assets and assumed certain liabilities in connection with the transaction. Paul Cooper, the Company’s Chairman and Chief Executive Officer was a 6% owner and principal of Wu/Lighthouse Portfolio, Louis Sheinker, the Company’s President and Chief Operating Officer and a director was a 6.666% owner and principal of Wu/Lighthouse Portfolio, and Jerome Cooper the Company’s Chairman Emeritus owned a .666% interest.

Discontinued_Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2014
Discontinued Operations And Disposal Groups [Abstract]	'
Discontinued Operations	'
	4. DISCONTINUED OPERATIONS:
	On May 2, 2013, Shelter Express Corp., a wholly owned subsidiary of the Company, completed the sale of all of the issued and outstanding shares of capital stock of Shelter Electric Maintenance Corp. (“SEM”).
	The following table sets forth the detail of the Company’s loss from discontinued operations for the three and nine months ended September 30, 2014 and 2013, respectively (in thousands):
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2014			2013			2014			2013
	Revenues from discontinued operations	$	—		$	—		$	—		$	1,486
	Loss from discontinued operations including a loss on	$	(130	)	$	(311	)	$	(181	)	$	(4,120	)
	disposal of $ 1,963 for the nine months ended September 30, 2013
	The carrying amounts of the major classes of assets and liabilities of the Company’s discontinued operations are as follows (in thousands):
		September 30,			December 31,
		2014			2013
	Assets:
	Cash	$	147		$	265
	Accounts receivable, net		1			55
	Other assets		—			141
		$	148		$	461
	Liabilities:
	Accounts payable and accrued expenses	$	37		$	42
	Insurance reserve		862			955
	Pension withdrawal liability		1,334			1,379
	Other liabilities		24			105
		$	2,257		$	2,481

Mortgage_Notes_Payable

Mortgage Notes Payable	9 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Mortgage Notes Payable	'
	5. 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			September 30, 2014		December 31, 2013		Maturity
	Hartford Life Insurance Company			5.05	%	$	45,500	$	45,500	7/1/17
	Athene Annuity & Life Company			3	%	$	15,000		15,000	3/1/18
	John Hancock Life Insurance Company			6.17	%	$	62,169		63,094	3/1/18
	Genworth Life Insurance Company			3.2	%	$	29,242		29,500	4/30/18
	People’s United Bank			5.23	%	$	2,475		2,517	10/1/20
	United States Life Insurance Company			5.76	%	$	22,865		23,319	4/1/18
	Hartford Accident & Indemnity Company			6.07	%	$	9,257	—		3/1/20
	Capital One Bridge Loan		30 Day Libor + 3.00%			$	13,033	—		9/2/14
						$	199,541	$	178,930
	The Capital One Bridge Loan was repaid on October 3, 2014 though the permanent financing of 28-20 Borden Avenue with People’s United Bank for $15.5 million at an interest rate of 4.18% and maturing in October 2024.
	Mortgage notes payable includes $2.6 million of premiums on the debt assumed in connection with the acquisition of various properties. The premiums are being amortized as a reduction to interest expense over the lives of the underlying debt.
	The mortgage notes payable are collateralized by certain of the properties and require monthly interest payments until maturity and are generally non-recourse. Some of the loans also require amortization of principal. Scheduled principal repayments for the remainder of 2014, the next five years and thereafter are as follows (in thousands):
	Remainder of 2014	$	13,562
	2015		2,183
	2016		2,293
	2017		5,669
	2018		167,663
	2019		82
	Thereafter		8,089
	Total	$	199,541

Secured_Revolving_Credit_Facil

Secured Revolving Credit Facility	9 Months Ended
	Sep. 30, 2014
Line Of Credit Facility [Abstract]	'
Secured Revolving Credit Facility	'
	6. SECURED REVOLVING CREDIT FACILITY:
	On April 8, 2014, the Company obtained a $45 million Line of Credit with Capital One, N.A. The revolving credit facility is secured by negative pledges on four properties and is available for the acquisition of real estate, property improvements and general working capital purposes. The facility matures on April 8, 2016, subject to a one year extension option and bears interest using, as defined, (i) LIBOR plus a margin of 200 basis points to 335 basis points depending upon the Company’s leverage ratio, as defined, or (ii) base rate plus an applicable margin, depending upon the Company’s leverage ratio, as defined, with no amortization. The principal amount of the line of credit facility and all interest, fees, and other amounts owing under the line of credit are guaranteed by the Company and the UPREIT. As of September 30, 2014 the outstanding balance of the credit facility was $ 29.8 million.

Stockholders_Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2014
Equity [Abstract]	'
Stockholders' Equity	'
	7. STOCKHOLDERS’ EQUITY:
	Common Stock:
	The Company is authorized to issue 100,000,000 shares of common stock, $.0001 par value per share. As of September 30, 2014, the Company has a total of 13,729,228 shares issued and outstanding.
	Preferred Stock:
	The Company is authorized to issue 10,000,000 shares of Series A preferred stock, $.0001 par value per share. Voting and other rights and preferences as may be determined from time to time by the Board of Directors. In addition, the Company is authorized to issue 6,500,000 shares of Series B preferred stock, $.0001 par value per share. There are no voting rights associated with the Series B preferred stock. There was no preferred stock outstanding as of September 30, 2014, or December 31, 2013.
	Dividend Distributions:
	The following table presents dividends declared by the Company on its common stock during the nine months ended September 30, 2014:
			Record		Payment		Dividend
	Declaration Date		Date		Date		Per Share
	March 20, 2014		December 31, 2013		April 15, 2014		$	0.02	-1
	March 20, 2014		March 31, 2014		April 15, 2014		$	0.08
	June 19, 2014		30-Jun-14		15-Jul-14		$	0.08
	12-Aug-14		30-Sep-14		15-Oct-14		$	0.08
	-1	This represents a supplemental 2013 dividend.
	Stock Based Compensation:
	The Company has a 2007 Incentive Award Plan (the “Plan”) that has intended purposes to further the growth, development, and financial success of the Company and to obtain and retain the services of those individuals considered essential to the long-term success of the Company. The Plan may provide 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 be awarded under the Plan is 1,000,000 shares. As of September 30, 2014, the Company had 446,296 shares available for future issuance of awards under the Plan.
	On March 21, 2013, the Company issued an aggregate of 50,002 restricted shares of common stock, with a value of approximately $320,000, under the Plan. A total of 3,126 of these shares, with a value of approximately $20,000 ($6.40 per share), were granted to non-management members of the Board of Directors, and vested immediately. The remaining 46,876 shares, with a value of approximately $300,000 ($6.40 per share), were granted to certain executives of the Company, and vest ratably over a four year period. One fourth of the shares vested on the grant date and the remaining shares vest in equal installments on the next three anniversary dates of the grant.
	On June 6, 2013, the Company issued an aggregate of 9,378 restricted shares of common stock, with a value of approximately $60,000 ($6.40 per share), under the Plan. These shares were granted to non-management members of the Board of Directors and vested immediately.
	On June 4, 2014, 44,704 restricted shares of common stock, with a value of approximately $304,000 (based upon an estimated value of $6.80) were granted to certain executives of the Company. One sixth of the shares vest immediately upon issuance and the remaining shares vest in equal installments on the next five anniversary dates of the grant.
	On June 19, 2014, the Company issued an aggregate of 8,820 restricted shares of common stock with a value of approximately $60,000 (based upon an estimated value of $6.80 per share) under the Plan to non-managing members of the Board of Directors. The shares vested immediately upon issuance.
	In September 2014, management determined the value of a share of common stock to be $9.30 based on a valuation completed with the assistance of an independent third-party for the purposes of valuing shares of the Company’s common stock pursuant to The Plan.  This value is not necessarily indicative of the fair market value of a share of the Company’s common stock.
	For the nine months ended September 30, 2014 and 2013, the Company’s total stock compensation expense was approximately $ 300,000 and $ 335,000, respectively. As of September 30, 2014, there was approximately $ 344,760 of unamortized stock compensation related to restricted stock.
	The following is a summary of restricted stock activity:
						Weighted Average
						Grant Date Fair
		Shares				Value
	Non-vested shares outstanding as of December 31, 2013		24,632			$	6.54
	New shares issued through September 30, 2014		53,524			$	9.3
	Vested		(36,454	)		$	8.22
	Non-vested shares outstanding as of September 30, 2014		41,702			$	8.62
	The following is a vesting schedule of the total non-vested shares of restricted stock outstanding as of September 30, 2014:
	Non-vested Shares Vesting Schedule		Number of Shares
	2014 (3 months)			7,614
	2015			18,773
	2016			8,040
	2017			4,388
	2018			2,266
	2019			621
	Total Non-vested Shares			41,702

Earnings_Loss_per_Share

Earnings (Loss) per Share	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Earnings (Loss) per Share	'
	8. EARNINGS (LOSS) 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 (loss) 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 (loss) attributable to common stockholders by the weighted-average number of common shares and dilutive common share equivalents and convertible securities then outstanding. There were no common share equivalents for any of the periods presented in dilutive earnings per share.
	The following table sets forth the computation of basic and diluted earnings per share information for the three and nine months ended September 30, 2014 and 2013 (in thousands, except share and per share data):
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2014			2013			2014			2013
	Numerator:
	Income (loss) from continuing operations, net of noncontrolling interest	$	1,150		$	1,664		$	2,051		$	(2,499	)
	Loss from discontinued operations, including loss on disposal of $1,963 for the nine months ended September 30, 2013		(130	)		(311	)		(181	)		(4,120	)
	Net income (loss) attributable to common stockholders	$	1,020		$	1,353		$	1,870		$	(6,619	)
	Denominator:
	Weighted average common shares outstanding – basic and diluted		13,729,521			13,678,704			13,700,638			13,664,354
	Basic and Diluted Per Share Information:
	Net income (loss) per share – basic and diluted	$	0.07		$	0.1		$	0.14		$	(0.48	)

Related_Party_Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions	'
	9. RELATED PARTY TRANSACTIONS:
	Douglas Cooper, an officer and director of the Company, is a partner of Ruskin, Moscou, Faltischek, P.C. (“RMF”), and RMF has acted as counsel to the Company. Fees paid to RMF for the nine months ended September 30, 2014 and 2013 were negligible and $.3 million, respectively, representing fees and expenses for various divestitures, the Wu/Lighthouse transaction, and general corporate matters.
	Paul Cooper is the Chief Executive Officer and Chairman of the Company. Louis Sheinker is President, Chief Operating Officer and a director of the Company. The Company formerly was subject to a lease agreement with Lighthouse 444 Limited Partnership (“Lighthouse”), the owner of the building at 444 Merrick Road, Lynbrook, NY in which Paul Cooper and Louis Sheinker were managing members of the general partner. The lease was terminated on January 16, 2014 in exchange for a $150,000 termination fee paid by the Company. Additionally, Lighthouse Sixty, LP, owner of the building at 60 Hempstead Avenue, West Hempstead, NY, and of which Paul Cooper and Louis Sheinker are managing members of the general partner, have a lease agreement with the Company expiring in 2020 for office and storage space at a current annual base rent of approximately $234,000.
	On December 11, 2013, the Company and Jerome Cooper, Chairman Emeritus, entered into a separation agreement. The agreement provides for the payment to Mr. Cooper of an aggregate of $360,000; payable in three equal annual installments of $120,000, commencing January 1, 2014.
	On November 4, 2014, the Company invested $1.8 million for a limited partnership interest in Garden 1101 Stewart, L.P. (“Garden 1101”). Garden 1101 was formed for the purpose of acquiring a 90,000 square foot office building in Garden City, NY that will be converted to a medical office building. The general partners of Garden 1101 include the members of Green Holland Ventures; Paul Cooper, the Chief Executive Officer and Chairman of the Company and Louis Sheinker, the President and Chief Operating Officer of the Company.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2014
Commitments And Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	10. COMMITMENTS AND CONTINGENCIES:
	Legal Matters:
	The Company is involved in lawsuits and other disputes which arise in the ordinary course of business; however, management believes that these matters will not have a material adverse effect, individually or in the aggregate, on the Company’s financial position or results of operations.
	Divestiture:
	The Company has a pension withdrawal liability relating to a previous divestiture. As of September 30, 2014 and December 31, 2013, the remaining liability was approximately $1.3 million and $1.4 million, respectively, and is included in liabilities of discontinued operations on the accompanying condensed consolidated balance sheets. The liability is payable in monthly installments of approximately $8,100, including interest, over a twenty-year term ending in 2032.

Fair_Value

Fair Value	9 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value	'
	11. FAIR VALUE:
	Fair Value of Financial Instruments:
	The fair value of the Company’s financial instruments are 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, accounts receivable, accounts payable and accrued expenses, available-for-sale securities and secured revolving credit facility approximated their carrying value because of the short-term nature based on Level 1 inputs. The fair values of mortgage notes payable and pension withdrawal liability are based on borrowing rates available to the Company, which are Level 2 inputs. The following table summarizes the carrying values and the estimated fair values of the financial instruments (in thousands):
		September 30, 2014				December 31, 2013
		Carrying		Estimated		Carrying		Estimated
		Value		Value		Value		Value
	Financial assets:
	Cash and cash equivalents	$	5,002	$	5,002	$	6,323	$	6,323
	Accounts receivable		891		891	772		772
	Financial liabilities:
	Accounts payable and accrued expenses	$	1,792	$	1,792	$	1,941	$	1,941
	Revolving credit facility		29,818		29,818		—		—
	Mortgage notes payable		199,541		199,086		178,930		180,664
	Pension withdrawal liability		1,334		1,297		1,379		1,249

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2014
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 UPREIT, as the Company makes all operating and financial decisions for (i.e., exercises control over) the UPREIT. All material intercompany transactions have been eliminated. The ownership interests of the other investors in the UPREIT 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, 2013 audited consolidated financial statements, as previously filed with the SEC on Form 10-K on March 21, 2014, and other public information.
	Certain reclassifications of prior period amounts, including the presentation of the Consolidated Statement of Comprehensive (Loss) Income required by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 205 - “Presentation of Financial Statements,” have been made in the financial statements in order to conform to the 2014 presentation.
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 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, and stock-based compensation.
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 are capitalized. Additions, renovations, and improvements that enhance and/or extend the useful life of a property are also capitalized. Expenditures for ordinary maintenance, repairs, and improvements that do not materially prolong the normal useful life of an asset are charged to operations as incurred.
	Upon the acquisition of real estate properties, the fair values of the real estate purchased are allocated to the acquired tangible assets (generally consisting of land, buildings, and building improvements) and identified intangible assets and liabilities (generally consisting of above-market and below-market leases and the origination value of in-place leases) in accordance with GAAP. 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 purchase price to identified intangible assets and liabilities of an acquired property, the values of above-market and below-market leases are estimated based on the differences between (i) contractual rentals and the estimated market rents over the applicable lease term discounted back to the date of acquisition utilizing a discount rate adjusted for the credit risk associated with the respective tenants and (ii) the estimated cost of acquiring such leases giving effect to the Company’s history of providing tenant improvements and paying leasing commissions, offset by a vacancy period during which such space would be leased. The aggregate value of in-place leases is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates over (ii) the estimated fair value of the property “as-if-vacant,” determined as set forth above.
	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. Acquisition related costs are expensed as incurred. The capitalized above-market lease values are amortized as a reduction of rental revenue over the remaining term of the respective leases and the capitalized below-market lease values are amortized as an increase to rental revenue over the remaining term of the respective leases. The value of in-place leases is based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during expected lease-up periods, current market conditions, and costs to execute similar leases. The values of in place leases are amortized over the remaining term of the respective leases. 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 $0.2 million for the nine months ended September 30, 2014.
	As of September 30, 2014, approximately $2.8 million and $12.8 million (net of accumulated amortization) relating to above market and in place leases, respectively, are included in acquired lease intangible assets, net in the accompanying condensed consolidated balance sheets. As of December 31, 2013, approximately $3.3 million and $13.3 million (net of accumulated amortization) relating to above and in place leases, respectively, are included in the acquired lease intangible assets, net in the accompanying condensed consolidated balance sheets. As of September 30, 2014 and December 31, 2013, approximately $8.1 million and $8.9 million, respectively, (net of accumulated amortization) 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 2014, the next five years and thereafter related to the 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 September 30, 2014 (in thousands):
				Increase to
		Net increase to		amortization
		rental revenues		expense
	Remainder of 2014	$	82	$	658
	2015		381		2,488
	2016		573		1,702
	2017		466		1,144
	2018		488		1,109
	2019		564		939
	Thereafter		2,724		4,799
		$	5,278	$	12,839
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.
Asset Impairment	'
	Asset 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. 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 factors such as expected future operating income, trends and prospects, 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 its real estate holdings. Management has determined that there were no indicators of impairment relating to its long-lived assets at September 30, 2014.
Deferred Charges	'
	Deferred Charges:
	Deferred charges consist principally of leasing commissions, which are amortized ratably over the life of the related tenant leases, and financing costs, which are amortized over the terms of the respective debt agreements. These deferred charges are included in other assets on the consolidated balance sheets.
Reportable Segments	'
	Reportable Segments:
	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 tenant is collectible, management reviews billed and unbilled rent receivables on a quarterly basis and takes into consideration the tenant’s payment history and financial condition. Some of the leases provide for increases based on the consumer price index.
	Substantially all of the Company’s properties are subject to long-term net leases under which the tenant is typically responsible to pay for their pro rata share of real estate taxes, insurance, and ordinary maintenance and repairs.
	Property operating expense recoveries from tenants of common area maintenance, real estate, and other recoverable costs are recognized as revenues in the period that the related expenses are incurred.
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 (loss) 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 was included in the computation of diluted earnings per share and stock option awards were excluded from the computation of diluted earnings per share because the option awards would have been antidilutive for the periods presented.
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 represents reserves used to pay real estate taxes, insurance, and tenant improvements. At September 30, 2014 and December 31, 2013, the Company had restricted cash in the amount of $1.4 million and $1.3 million, respectively, which was included in other assets on the condensed consolidated balance sheets. The amount for September 2014 includes a collateral deposit of $0.5 million to lock in an interest rate for a loan that closed in October 2014.  The deposit was returned to the Company upon the loan closing.
Fair Value Measurement	'
	Fair Value Measurement:
	The Company determines fair value in accordance with ASC Topic 820, “Fair Value Measurement” for financial assets and liabilities. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures.
	Fair value is defined as the price that would be received to sell an asset or 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.
	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.
	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, accounting in interim periods and requires increased disclosures. As of September 30, 2014, and December 31, 2013, the Company had determined that no liabilities are required in connection with unrecognized tax positions.
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. Management believes that the Company is not exposed to any significant credit risk due to the credit worthiness of the financial institutions.
Stock-Based Compensation	'
	Stock-Based Compensation:
	The Company has a stock-based compensation plan, which is described below in Note 7. The Company accounts for stock-based compensation in accordance with ASC 718, “Compensation – Stock Compensation,” which establishes accounting for stock-based awards exchanged for employee services. Under the provisions of ASC 718-10-35, share-based compensation cost is measured at the grant date, based on the fair value of the award, and is expensed at the grant date (for the portion that vests immediately) or ratably over the respective vesting periods.
New Accounting Pronouncements	'
	New Accounting Pronouncements
	During June 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” ASU 2014-12 provides explicit guidance on how to account for share-based payments that require a specific performance target to be achieved which may be achieved after an employee completes the requisite service period. ASU 2014-12 is effective for periods beginning after December 15, 2015 and may be applied either prospectively or retrospectively. ASU 2014-12 is not expected to have a material impact on the Company’s consolidated financial statements.
	During May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transaction methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which the standard will be adopted in 2017.
	In April 2014, the FASB issued 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in ASU 2014-08 change the criteria for reporting a discontinued operation and require new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. Only disposals representing a strategic shift in operations should be presented as discontinued operations. This accounting standard update is effective for annual filings beginning on or after December 15, 2014. Early adoption is permitted. The impact of the adoption of ASU 2014-08 on the Company’s results of operations, financial position, cash flows and disclosures will be based on the Company’s future disposal activity.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2014
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 2014, the next five years and thereafter related to the 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 September 30, 2014 (in thousands):
				Increase to
		Net increase to		amortization
		rental revenues		expense
	Remainder of 2014	$	82	$	658
	2015		381		2,488
	2016		573		1,702
	2017		466		1,144
	2018		488		1,109
	2019		564		939
	Thereafter		2,724		4,799
		$	5,278	$	12,839

Discontinued_Operations_Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2014
Discontinued Operations And Disposal Groups [Abstract]	'
Schedule of (Loss) from Discontinued Operations	'
	The following table sets forth the detail of the Company’s loss from discontinued operations for the three and nine months ended September 30, 2014 and 2013, respectively (in thousands):
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2014			2013			2014			2013
	Revenues from discontinued operations	$	—		$	—		$	—		$	1,486
	Loss from discontinued operations including a loss on	$	(130	)	$	(311	)	$	(181	)	$	(4,120	)
	disposal of $ 1,963 for the nine months ended September 30, 2013
Schedule of Carrying Amounts of Major Classes of Assets and Liabilities	'
	The carrying amounts of the major classes of assets and liabilities of the Company’s discontinued operations are as follows (in thousands):
		September 30,			December 31,
		2014			2013
	Assets:
	Cash	$	147		$	265
	Accounts receivable, net		1			55
	Other assets		—			141
		$	148		$	461
	Liabilities:
	Accounts payable and accrued expenses	$	37		$	42
	Insurance reserve		862			955
	Pension withdrawal liability		1,334			1,379
	Other liabilities		24			105
		$	2,257		$	2,481

Mortgage_Notes_Payable_Tables

Mortgage Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2014
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			September 30, 2014		December 31, 2013		Maturity
	Hartford Life Insurance Company			5.05	%	$	45,500	$	45,500	7/1/17
	Athene Annuity & Life Company			3	%	$	15,000		15,000	3/1/18
	John Hancock Life Insurance Company			6.17	%	$	62,169		63,094	3/1/18
	Genworth Life Insurance Company			3.2	%	$	29,242		29,500	4/30/18
	People’s United Bank			5.23	%	$	2,475		2,517	10/1/20
	United States Life Insurance Company			5.76	%	$	22,865		23,319	4/1/18
	Hartford Accident & Indemnity Company			6.07	%	$	9,257	—		3/1/20
	Capital One Bridge Loan		30 Day Libor + 3.00%			$	13,033	—		9/2/14
						$	199,541	$	178,930
Schedule of Principal Repayments	'
	Scheduled principal repayments for the remainder of 2014, the next five years and thereafter are as follows (in thousands):
	Remainder of 2014	$	13,562
	2015		2,183
	2016		2,293
	2017		5,669
	2018		167,663
	2019		82
	Thereafter		8,089
	Total	$	199,541

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2014
Equity [Abstract]	'
Schedule of Dividends Declared on Common Stock	'
	The following table presents dividends declared by the Company on its common stock during the nine months ended September 30, 2014:
			Record		Payment		Dividend
	Declaration Date		Date		Date		Per Share
	March 20, 2014		December 31, 2013		April 15, 2014		$	0.02	-1
	March 20, 2014		March 31, 2014		April 15, 2014		$	0.08
	June 19, 2014		30-Jun-14		15-Jul-14		$	0.08
	12-Aug-14		30-Sep-14		15-Oct-14		$	0.08
	-1	This represents a supplemental 2013 dividend.
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, 2013		24,632			$	6.54
	New shares issued through September 30, 2014		53,524			$	9.3
	Vested		(36,454	)		$	8.22
	Non-vested shares outstanding as of September 30, 2014		41,702			$	8.62
Vesting Schedule of Total Non-Vested Shares of Restricted Stock Outstanding	'
	The following is a vesting schedule of the total non-vested shares of restricted stock outstanding as of September 30, 2014:
	Non-vested Shares Vesting Schedule		Number of Shares
	2014 (3 months)			7,614
	2015			18,773
	2016			8,040
	2017			4,388
	2018			2,266
	2019			621
	Total Non-vested Shares			41,702

Earnings_Loss_per_Share_Tables

Earnings (Loss) per Share (Tables)	9 Months Ended
	Sep. 30, 2014
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 nine months ended September 30, 2014 and 2013 (in thousands, except share and per share data):
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2014			2013			2014			2013
	Numerator:
	Income (loss) from continuing operations, net of noncontrolling interest	$	1,150		$	1,664		$	2,051		$	(2,499	)
	Loss from discontinued operations, including loss on disposal of $1,963 for the nine months ended September 30, 2013		(130	)		(311	)		(181	)		(4,120	)
	Net income (loss) attributable to common stockholders	$	1,020		$	1,353		$	1,870		$	(6,619	)
	Denominator:
	Weighted average common shares outstanding – basic and diluted		13,729,521			13,678,704			13,700,638			13,664,354
	Basic and Diluted Per Share Information:
	Net income (loss) per share – basic and diluted	$	0.07		$	0.1		$	0.14		$	(0.48	)

Fair_Value_Tables

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2014
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):
		September 30, 2014				December 31, 2013
		Carrying		Estimated		Carrying		Estimated
		Value		Value		Value		Value
	Financial assets:
	Cash and cash equivalents	$	5,002	$	5,002	$	6,323	$	6,323
	Accounts receivable		891		891	772		772
	Financial liabilities:
	Accounts payable and accrued expenses	$	1,792	$	1,792	$	1,941	$	1,941
	Revolving credit facility		29,818		29,818		—		—
	Mortgage notes payable		199,541		199,086		178,930		180,664
	Pension withdrawal liability		1,334		1,297		1,379		1,249

Organization_and_Description_o1

Organization and Description of Business - Additional Information (Detail)	0 Months Ended	9 Months Ended
In Millions, unless otherwise specified	Jan. 17, 2013	Sep. 30, 2014
	Property	sqft
		acre
		Property
Organization And Description Of Business [Line Items]	'	'
Number of commercial properties acquired	25	'
UPREIT [Member]	'	'
Organization And Description Of Business [Line Items]	'	'
Number of properties owned	32	37
Ownership interest in partnership units (as a percent)	33.29%	'
Number of shares of common stock that can be issued on conversion of interest in limited partnership	'	1.8
Leasable area owned by the company (in square feet)	'	3,200,000
Area of land in New York, New Jersey, and Connecticut (in acres)	'	248
UPREIT [Member] | 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	'	5

Summary_of_Significant_Account3

Summary of Significant Accounting Policies - Additional Information 1 (Detail) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
	Segment
Summary of Significant Accounting Policies [Line Items]	'	'
Net impact to rental revenues due to the amortization of above and below market leases	$200,000	'
Amortization to above market leases	2,800,000	3,300,000
Amortization to below market leases	12,800,000	13,300,000
Amortization of in place leases	8,100,000	8,900,000
Number of reportable segments	1	'
Restricted cash	1,400,000	1,300,000
Unrecognized tax positions	0	0
Minimum [Member]	'	'
Summary of Significant Accounting Policies [Line Items]	'	'
Percentage of REIT taxable income to stockholders	90.00%	'
Likelihood percentage of recognition of tax benefit upon settlement	50.00%	'
Interest Rate Lock Commitments [Member]	'	'
Summary of Significant Accounting Policies [Line Items]	'	'
Cash deposit collateralized for bank loan	$500,000	'

Summary_of_Significant_Account4

Summary of Significant Accounting Policies - Schedule of Projected Impact of Above Market Below Market and In-Place Lease Intangibles (Detail) (USD $)	Sep. 30, 2014
In Thousands, unless otherwise specified
Net increase to rental revenues:	'
Remainder of 2014	$82
2015	381
2016	573
2017	466
2018	488
2019	564
Thereafter	2,724
Net increase to rental revenues	5,278
Increase to amortization expense:	'
Remainder of 2014	658
2015	2,488
2016	1,702
2017	1,144
2018	1,109
2019	939
Thereafter	4,799
Increase to amortization expense	$12,839

Summary_of_Significant_Account5

Summary of Significant Accounting Policies - Additional Information 2 (Detail)	9 Months Ended
	Sep. 30, 2014
Minimum [Member] | Properties and Property Improvements [Member]	'
Property, Plant and Equipment [Line Items]	'
Estimated useful life	'5 years
Minimum [Member] | Furniture, Fixtures and Equipment [Member]	'
Property, Plant and Equipment [Line Items]	'
Estimated useful life	'5 years
Maximum [Member] | Properties and Property Improvements [Member]	'
Property, Plant and Equipment [Line Items]	'
Estimated useful life	'40 years
Maximum [Member] | Furniture, Fixtures and Equipment [Member]	'
Property, Plant and Equipment [Line Items]	'
Estimated useful life	'10 years

Real_Estate_Additional_Informa

Real Estate - Additional Information (Detail) (USD $)

Sep. 30, 2014

Dec. 31, 2013

Jan. 17, 2013

Jan. 17, 2013

Sep. 30, 2014

Jan. 17, 2013

Jan. 17, 2013

Jan. 17, 2013

Apr. 09, 2014

Sep. 30, 2014

Apr. 23, 2014

Sep. 30, 2014

Jul. 02, 2014

Sep. 30, 2014

Aug. 22, 2014

Sep. 30, 2014

Sep. 30, 2014

Oct. 15, 2014

Nov. 04, 2014

Property

UPREIT [Member]

UPREIT [Member]

Paul Cooper [Member]

Principal of Wu/LightHouse Portfolio, Louis Sheinker [Member]

Principal of Wu/Lighthouse Portfolio and Jerome Cooper [Member]

Windsor Locks, CT [Member]

Windsor Locks, CT [Member]

Parsippany, NJ [Member]

Parsippany, NJ [Member]

Long Island City, Queens, NY [Member]

Long Island City, Queens, NY [Member]

Norwalk, CT [Member]

Norwalk, CT [Member]

Shelton, CT [Member]

Shelton, CT [Member]

Garden 1101 Stewart, L.P [Member]

sqft

sqft

Industrial Building

Industrial Building

sqft

sqft

Subsequent Event [Member]

Subsequent Event [Member]

acre

acre

acre

sqft

sqft

sqft

Business Acquisition [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Date of acquisition

'

'

'

'

'

'

'

'

'

9-Apr-14

'

23-Apr-14

'

2-Jul-14

'

22-Aug-14

15-Oct-14

'

'

Building acquired (in square feet)

'

'

'

'

3,200,000

'

'

'

226,000

'

75,000

'

84,000

'

50,000

'

'

125,000

90,000

Area of land (in acres)

'

'

'

'

248

'

'

'

15.1

'

7.8

'

'

'

'

'

'

'

'

Payments to acquire real estate

'

'

'

'

'

'

'

'

$14,200,000

'

$3,300,000

'

$28,500,000,000

'

$4,200,000

'

'

$9,500,000

'

Business acquisition, assumed mortgage

'

'

'

'

'

'

'

'

9,000,000

'

'

'

'

'

'

'

'

'

'

Mortgage, bears interest rate

'

'

'

'

'

'

'

'

6.07%

'

'

'

'

'

'

'

'

'

'

Mortgage, principal payment

'

'

'

'

'

'

'

'

3,000,000

'

'

'

'

'

'

'

'

'

'

Mortgage, initial maturity date

'

'

'

'

'

'

'

'

'

31-Mar-17

'

'

'

'

'

'

'

'

'

Mortgage, maturity date

'

'

'

'

'

'

'

'

'

31-Mar-20

'

'

'

'

'

'

'

'

'

Bridge loan

'

'

'

'

'

'

'

'

'

'

'

'

13,000,000,000

'

'

'

'

'

'

Mortgage notes payable

199,541,000

178,930,000

'

'

'

'

'

'

'

'

'

'

15,500,000,000

'

'

'

'

'

'

Permanent financing Period

'

'

'

'

'

'

'

'

'

'

'

'

'

'10 years

'

'

'

'

'

Permanent financing Interest Rate

'

'

'

'

'

'

'

'

'

'

'

'

4.18%

'

'

'

'

'

'

Payment remaining, term based amortization schedule

'

'

'

'

'

'

'

'

'

'

'

'

'

'25 years

'

'

'

'

'

Debt instrument, payment terms

'

'

'

'

'

'

'

'

'

'

'

'

'

'Payments for the first seven years are interest only. Payments over the remaining three years of the term are based on a 25 year amortization schedule.

'

'

'

'

'

Invested to acquire limited partnership interest

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,800,000

Number of commercial properties acquired

'

'

25

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Acquired properties, gross asset value

'

'

198,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding mortgage indebtedness

'

'

$118,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership interest (as a percent)

'

'

'

'

'

6.00%

6.67%

0.67%

'

'

'

'

'

'

'

'

'

'

'

Ownership interest in partnership units (as a percent)

'

'

'

33.29%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Discontinued_Operations_Schedu

Discontinued Operations - Schedule of (Loss) from Discontinued Operations (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Discontinued Operations And Disposal Groups [Abstract]	'	'	'	'
Revenues from discontinued operations	'	'	'	$1,486
Loss from discontinued operations, including loss on disposal of $ 1,963 for the nine months ended September 30, 2013	($130)	($311)	($181)	($4,120)

Discontinued_Operations_Schedu1

Discontinued Operations - Schedule of (Loss) from Discontinued Operations (Parenthetical) (Detail) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
Discontinued Operations And Disposal Groups [Abstract]	'
Loss on disposal	$1,963

Discontinued_Operations_Schedu2

Discontinued Operations - Schedule of Carrying Amounts of Major Classes of Assets and Liabilities (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets:	'	'
Cash	$147	$265
Accounts receivable, net	1	55
Other assets	'	141
Assets	148	461
Liabilities:	'	'
Accounts payable and accrued expenses	37	42
Insurance reserve	862	955
Pension withdrawal liability	1,334	1,379
Other liabilities	24	105
Liabilities	$2,257	$2,481

Mortgage_Notes_Payable_Summary

Mortgage Notes Payable - Summary of Company's Mortgage Notes Payable (Detail) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Debt Instrument [Line Items]	'	'
Mortgage notes payable	$199,541	$178,930
Hartford Life Insurance Company [Member]	'	'
Debt Instrument [Line Items]	'	'
Interest Rate	5.05%	'
Mortgage notes payable	45,500	45,500
Maturity	1-Jul-17	'
Athene Annuity And Life Assurance Company [Member]	'	'
Debt Instrument [Line Items]	'	'
Interest Rate	3.00%	'
Mortgage notes payable	15,000	15,000
Maturity	1-Mar-18	'
John Hancock Life Insurance Company [Member]	'	'
Debt Instrument [Line Items]	'	'
Interest Rate	6.17%	'
Mortgage notes payable	62,169	63,094
Maturity	1-Mar-18	'
Genworth Life Insurance Company [Member]	'	'
Debt Instrument [Line Items]	'	'
Interest Rate	3.20%	'
Mortgage notes payable	29,242	29,500
Maturity	30-Apr-18	'
People's United Bank [Member]	'	'
Debt Instrument [Line Items]	'	'
Interest Rate	5.23%	'
Mortgage notes payable	2,475	2,517
Maturity	1-Oct-20	'
United States Life Insurance Company [Member]	'	'
Debt Instrument [Line Items]	'	'
Interest Rate	5.76%	'
Mortgage notes payable	22,865	23,319
Maturity	1-Apr-18	'
Hartford Accident and Indemnity Company [Member]	'	'
Debt Instrument [Line Items]	'	'
Interest Rate	6.07%	'
Mortgage notes payable	9,257	'
Maturity	1-Mar-20	'
Capital One Bridge Loan [Member]	'	'
Debt Instrument [Line Items]	'	'
Floating Interest Rate	'30 Day Libor + 3.00%	'
Mortgage notes payable	$13,033	'
Maturity	2-Sep-14	'

Mortgage_Notes_Payable_Additio

Mortgage Notes Payable - Additional Information (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2014	Oct. 03, 2014	Oct. 03, 2014
			Capital One Bridge Loan [Member]	Capital One Bridge Loan [Member]	Subsequent Event [Member]	Subsequent Event [Member]
				28-20 Borden Avenue [Member]	28-20 Borden Avenue [Member]	Capital One Bridge Loan [Member]
				People's United Bank [Member]	People's United Bank [Member]	28-20 Borden Avenue [Member]
						People's United Bank [Member]
Debt Instrument [Line Items]	'	'	'	'	'	'
Mortgage repayment date	'	'	'	'	'	3-Oct-14
Permanent financing	$199,541,000	$178,930,000	$13,033,000	'	$15,500,000	'
Permanent financing Interest Rate	'	'	'	'	4.18%	'
Mortgage loan maturity date	'	'	2-Sep-14	31-Oct-24	'	'
Mortgage notes payable, premiums on debt assumed	$2,600,000	'	'	'	'	'

Mortgage_Notes_Payable_Schedul

Mortgage Notes Payable - Schedule of Principal Repayments (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Debt Disclosure [Abstract]	'	'
Remainder of 2014	$13,562	'
2015	2,183	'
2016	2,293	'
2017	5,669	'
2018	167,663	'
2019	82	'
Thereafter	8,089	'
Total	$199,541	$178,930

Secured_Revolving_Credit_Facil1

Secured Revolving Credit Facility - Additional Information (Detail) (USD $)	Sep. 30, 2014	Sep. 30, 2014	Apr. 08, 2014	Apr. 08, 2014	Apr. 08, 2014
In Thousands, unless otherwise specified		Capital One, N.A. [Member]	Capital One, N.A. [Member]	LIBOR [Member]	LIBOR [Member]
			Property	Minimum [Member]	Maximum [Member]
Line Of Credit Facility [Line Items]	'	'	'	'	'
Credit facility, outstanding	$29,818	'	$45	'	'
Line of Credit facility, Agreement date	'	8-Apr-14	'	'	'
Number of properties secured by revolving credit facility	'	'	4	'	'
Line of Credit facility, maturity date	'	8-Apr-16	'	'	'
Line of Credit facility extended maturity period	'	'1 year	'	'	'
Applicable margin range on credit facility	'	'	'	2.00%	3.35%
Line of Credit facility description	'	'The facility matures on April 8, 2016, subject to a one year extension option and bears interest using, as defined, (i) LIBOR plus a margin of 200 basis points to 335 basis points depending upon the Company’s leverage ratio, as defined, or (ii) base rate plus an applicable margin, depending upon the Company’s leverage ratio, as defined, with no amortization. The principal amount of the line of credit facility and all interest, fees, and other amounts owing under the line of credit are guaranteed by the Company and the UPREIT.	'	'	'

Stockholders_Equity_Additional

Stockholders' Equity - Additional Information (Detail) (USD $)

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Mar. 21, 2013

Sep. 30, 2014

Jun. 19, 2014

Jun. 06, 2013

Mar. 21, 2013

Jun. 04, 2014

Mar. 21, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Restricted Stock [Member]

Restricted Stock [Member]

Non-management Member of Board [Member]

Non-management Member of Board [Member]

Non-management Member of Board [Member]

Executives [Member]

Executives [Member]

Series A Preferred Stock [Member]

Series A Preferred Stock [Member]

Series B Preferred Stock, Non Voting [Member]

Series B Preferred Stock, Non Voting [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Stockholders' Equity Note [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares of common stock authorized for issuance

100,000,000

'

100,000,000

'

'

'

'

'

'

'

'

'

'

'

Par value per share (in dollars per share)

$0.00

'

$0.00

'

'

'

'

'

'

'

'

'

'

'

Shares of common stock issued

13,729,228

'

13,678,704

'

'

'

'

'

'

'

'

'

'

'

Shares of common stock outstanding

13,729,228

'

13,678,704

'

'

'

'

'

'

'

'

'

'

'

Shares of preferred stock authorized

'

'

'

'

'

'

'

'

'

'

10,000,000

10,000,000

6,500,000

6,500,000

Par value per share (in dollars per share)

'

'

'

'

'

'

'

'

'

'

$0.00

$0.00

$0.00

$0.00

Preferred stock, shares outstanding

'

'

'

'

'

'

'

'

'

'

0

0

0

0

Number of shares of common stock which may be awarded

1,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares available for future issuance

446,296

'

'

'

'

'

'

'

'

'

'

'

'

'

Awards issued (in shares)

'

'

'

50,002

'

8,820

9,378

3,126

44,704

46,876

'

'

'

'

Value of restricted shares issued

'

'

'

$320,000

'

$60,000

$60,000

$20,000

$304,000

$300,000

'

'

'

'

Awards issued (in dollars per share)

'

'

'

'

$9.30

$6.80

$6.40

$6.40

$6.80

$6.40

'

'

'

'

Vesting period

'

'

'

'

'

'

'

'

'

'4 years

'

'

'

'

Shares granted to vest, description

'

'

'

'

'One fourth of the shares vested on the grant date and the remaining shares vest in equal installments on the next three anniversary dates of the grant.

'

'

'

'One sixth of the shares vest immediately upon issuance and the remaining shares vest in equal installments on the next five anniversary dates of the grant.

'

'

'

'

'

Common stock value per share

$9.30

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock compensation expense

300,000

335,000

'

'

'

'

'

'

'

'

'

'

'

'

Unamortized stock compensation

$344,760

'

'

'

'

'

'

'

'

'

'

'

'

'

Stockholders_Equity_Schedule_o

Stockholders' Equity - Schedule of Dividends Declared on Common Stock (Detail) (USD $)	9 Months Ended
	Sep. 30, 2014
December 31, 2013 [Member]	'
Stockholders' Equity Note [Line Items]	'
Declaration Date	20-Mar-14
Record Date	31-Dec-13
Payment Date	15-Apr-14
Dividend Per Share	$0.02
March 31, 2014 [Member]	'
Stockholders' Equity Note [Line Items]	'
Declaration Date	20-Mar-14
Record Date	31-Mar-14
Payment Date	15-Apr-14
Dividend Per Share	$0.08
June 30, 2014 [Member]	'
Stockholders' Equity Note [Line Items]	'
Declaration Date	19-Jun-14
Record Date	30-Jun-14
Payment Date	15-Jul-14
Dividend Per Share	$0.08
September 30, 2014 [Member]	'
Stockholders' Equity Note [Line Items]	'
Declaration Date	12-Aug-14
Record Date	30-Sep-14
Payment Date	15-Oct-14
Dividend Per Share	$0.08

Stockholders_Equity_Summary_of

Stockholders' Equity - Summary of Restricted Stock Activity (Detail) (Restricted Stock [Member], USD $)	9 Months Ended
	Sep. 30, 2014
Restricted Stock [Member]	'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'
Non-vested at beginning of period, Shares	24,632
New shares issued through September 30, 2014	53,524
Vested, Shares	-36,454
Non-vested at end of period, Shares	41,702
Non-vested at beginning of period, Weighted Average Grant Date Fair Value	$6.54
New shares issued through September, 2014, Weighted Average Grant Date Fair Value	$9.30
Vested, Weighted Average Grant Date Fair Value	$8.22
Non-vested at end of period, Weighted Average Grant Date Fair Value	$8.62

Stockholders_Equity_Vesting_Sc

Stockholders' Equity - Vesting Schedule of Total Non-Vested Shares of Restricted Stock Outstanding (Detail) (Restricted Stock [Member])	Sep. 30, 2014	Dec. 31, 2013
Restricted Stock [Member]	'	'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'	'
2014 (3 months)	7,614	'
2015	18,773	'
2016	8,040	'
2017	4,388	'
2018	2,266	'
2019	621	'
Total Non-vested Shares	41,702	24,632

Earnings_Loss_per_Share_Additi

Earnings (Loss) per Share - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Earnings Per Share [Abstract]	'	'	'	'
Number of common share equivalents	0	0	0	0

Earnings_Loss_per_Share_Schedu

Earnings (Loss) per Share - Schedule of Computation of Basic and Diluted Earnings per Share Information (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Numerator:	'	'	'	'
Income (loss) from continuing operations, net of noncontrolling interest	$1,150	$1,664	$2,051	($2,499)
Loss from discontinued operations, including loss on disposal of $ 1,963 for the nine months ended September 30, 2013	-130	-311	-181	-4,120
Net income (loss) attributable to common stockholders	$1,020	$1,353	$1,870	($6,619)
Denominator:	'	'	'	'
Weighted average common shares outstanding – basic and diluted	13,729,521	13,678,704	13,700,638	13,664,354
Basic and Diluted Per Share Information:	'	'	'	'
Net income (loss) per share – basic and diluted	$0.07	$0.10	$0.14	($0.48)

Earnings_Loss_per_Share_Schedu1

Earnings (Loss) per Share - Schedule of Computation of Basic and Diluted Earnings per Share Information (Parenthetical) (Detail) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
Earnings Per Share [Abstract]	'
Loss on disposal	$1,963

Related_Party_Transactions_Add

Related Party Transactions - Additional Information (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Nov. 04, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Dec. 11, 2013
			Subsequent Event [Member]	RMF [Member]	Lighthouse [Member]	Lighthouse Sixty, LP [Member]	Jerome Cooper [Member]	Jerome Cooper [Member]
			Garden 1101 Stewart, L.P [Member]				Installment
			sqft
Related Party Transactions [Line Items]	'	'	'	'	'	'	'	'
Fees paid to related party	'	'	'	$300,000	'	'	'	'
Lease expiration date	'	'	'	'	16-Jan-14	'	'	'
Lease termination fee	'	'	'	'	150,000	'	'	'
Current annual base rent under lease agreement	'	'	'	'	'	234,000	'	'
Lease expiration year	'	'	'	'	'	'2020	'	'
Aggregate payment to related party	'	'	'	'	'	'	'	360,000
Number of annual installments under separation agreement	'	'	'	'	'	'	3	'
Annual installments under separation agreement	'	'	'	'	'	'	120,000	'
Buildings and improvements	$190,490,000	$174,227,000	$1,800,000	'	'	'	'	'
Building acquired (in square feet)	'	'	90,000	'	'	'	'	'

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail) (USD $)	9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Commitments and Contingencies [Line Items]	'	'
Pension withdrawal liability	$1,334,000	$1,379,000
Divestiture [Member]	'	'
Commitments and Contingencies [Line Items]	'	'
Pension withdrawal liability	1,300,000	1,400,000
Monthly installment payments including interest, for pension withdrawal liability	$8,100	'
Term of payment	'20 years	'
Term ending year	'2032	'

Fair_Value_Schedule_of_Fair_Va

Fair Value - Schedule of Fair Value of Financial Assets and Liabilities (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Financial liabilities:	'	'
Revolving credit facility	$29,818	'
Carrying Value [Member]	'	'
Financial assets:	'	'
Cash and cash equivalents	5,002	6,323
Accounts receivable	891	772
Financial liabilities:	'	'
Accounts payable and accrued expenses	1,792	1,941
Revolving credit facility	29,818	'
Estimated Fair Value [Member]	'	'
Financial assets:	'	'
Cash and cash equivalents	5,002	6,323
Accounts receivable	891	772
Financial liabilities:	'	'
Accounts payable and accrued expenses	1,792	1,941
Revolving credit facility	29,818	'
Mortgage notes payable [Member] | Carrying Value [Member]	'	'
Financial liabilities:	'	'
Mortgage notes payable	199,541	178,930
Mortgage notes payable [Member] | Estimated Fair Value [Member]	'	'
Financial liabilities:	'	'
Mortgage notes payable	199,086	180,664
Pension withdrawal liability [Member] | Carrying Value [Member]	'	'
Financial liabilities:	'	'
Mortgage notes payable	1,334	1,379
Pension withdrawal liability [Member] | Estimated Fair Value [Member]	'	'
Financial liabilities:	'	'
Mortgage notes payable	$1,297	$1,249