GTJ Reit (GTTJ) 10-Q 12 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 11, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Entity Registrant Name	GTJ REIT, Inc.
Entity Central Index Key	1,368,757
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		13,788,674

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Real estate, at cost:
Land	$ 187,943	$ 171,958
Buildings and improvements	253,126	196,290
Total real estate, at cost	441,069	368,248
Less: accumulated depreciation and amortization	(34,211)	(28,317)
Net real estate held for investment	406,858	339,931
Cash and cash equivalents	14,830	8,299
Rental income in excess of amount billed	14,718	13,747
Acquired lease intangible assets, net	16,950	15,619
Assets of discontinued operations	246	139
Other assets	19,232	17,022
Total assets	472,834	394,757
Liabilities:
Mortgage notes payable	342,711	201,280
Revolving credit facility		43,841
Accounts payable and accrued expenses	2,019	1,751
Dividends payable	1,241	1,098
Acquired lease intangible liabilities, net	7,086	7,846
Liabilities of discontinued operations	1,720	2,098
Other liabilities	4,126	4,178
Total liabilities	$ 358,903	$ 262,092
Commitments and contingencies
Equity:
Common stock, $.0001 par value; 100,000,000 shares authorized; 13,788,674 and 13,729,228 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively	$ 1	$ 1
Additional paid-in capital	139,321	138,857
Distributions in excess of net income	(94,662)	(82,069)
Total stockholders’ equity	44,660	56,789
Noncontrolling interest	69,271	75,876
Total equity	113,931	132,665
Total liabilities and equity	$ 472,834	$ 394,757
Series A Preferred Stock [Member]
Equity:
Preferred stock, value
Series B Preferred Stock, Non-Voting [Member]
Equity:
Preferred stock, value

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	13,788,674	13,729,228
Common stock, shares outstanding	13,788,674	13,729,228
Series A Preferred Stock [Member]
Preferred stock par, value (in dollars per share)	$ 0.0001	$ 0.0001
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)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	6,500,000	6,500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Rental income	$ 10,272	$ 8,664	$ 29,876	$ 24,434
Tenant reimbursements	2,044	1,464	5,797	4,423
Total revenues	12,316	10,128	35,673	28,857
Expenses:
Property operating expenses	2,317	1,916	7,141	5,805
General and administrative	1,152	1,054	4,903	4,963
Acquisition costs		353	614	936
Depreciation and amortization	3,250	2,360	9,234	6,980
Total expenses	6,719	5,683	21,892	18,684
Operating income	5,597	4,445	13,781	10,173
Interest expense	(3,607)	(2,650)	(10,333)	(7,151)
Loss on extinguishment of debt			(14,876)
Other	3	(100)	(42)	(27)
Income (loss) from continuing operations	1,993	1,695	(11,470)	2,995
Discontinued Operations:
Income (loss) from discontinued operations	5	(130)	(107)	(181)
Net income (loss)	1,998	1,565	(11,577)	2,814
Less: Net income (loss) attributable to noncontrolling interest	585	545	(3,945)	944
Net income (loss) attributable to common stockholders	$ 1,413	$ 1,020	$ (7,632)	$ 1,870
Income (loss) per common share attributable to common stockholders - basic and diluted:
Income (loss) from continuing operations, net of noncontrolling interest	$ 0.10	$ 0.08	$ (0.55)	$ 0.15
Income (loss) from discontinued operations	0	(0.01)	0	(0.01)
Net income (loss) attributable to common stockholders	$ 0.10	$ 0.07	$ (0.55)	$ 0.14
Weighted average common shares outstanding – basic and diluted	13,788,674	13,729,521	13,765,326	13,700,638

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Stockholders' Equity - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional-Paid-In-Capital [Member]	Distributions in Excess of Net Income [Member]	Total Stockholders' Equity [Member]	Noncontrolling Interest [Member]
Beginning Balance at Dec. 31, 2014	$ 132,665	$ 1	$ 138,857	$ (82,069)	$ 56,789	$ 75,876
Beginning Balance (in shares) at Dec. 31, 2014		13,729,228
Common stock dividends	(4,961)			(4,961)	(4,961)
Stock-based compensation	464		464		464
Net issuance of restricted shares		59,446
Distributions to noncontrolling interest	(2,660)					(2,660)
Net loss	(11,577)			(7,632)	(7,632)	(3,945)
Ending Balance at Sep. 30, 2015	$ 113,931	$ 1	$ 139,321	$ (94,662)	$ 44,660	$ 69,271
Ending Balance (in shares) at Sep. 30, 2015		13,788,674

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (11,577)	$ 2,814
Loss from discontinued operations	107	181
Net (loss) income from continuing operations	(11,470)	2,995
Adjustments to reconcile net (loss) income from continuing operations to net cash provided by operating activities
Depreciation	5,963	4,292
Amortization of intangible assets and deferred charges	3,389	1,874
Stock-based compensation	464	300
Loss on extinguishment of debt	14,876
Changes in operating assets and liabilities:
Rental income in excess of amount billed	(971)	(1,385)
Other assets	770	(531)
Accounts payable and accrued expenses	267	(149)
Other liabilities	(123)	(1,328)
Net cash provided by operating activities	13,165	6,068
Cash flow from investing activities:
Cash paid for property acquisitions	(76,170)	(40,697)
Cash paid for property improvements	(1,609)	(2,220)
Deal pursuit costs		(1,045)
Restricted Cash	(1,503)
Net cash used in investing activities	(79,282)	(43,962)
Cash flow from financing activities:
Proceeds from mortgage notes payable	272,200	13,033
Financing costs on debt	(6,588)
Return of good faith deposit for mortgage note payable	3,097
Repayment due to extinguishment of mortgage debt	(143,363)
Payment of mortgage principal	(860)	(853)
Repayment of revolving credit facility	(55,941)
Proceeds from revolving credit facility	12,100	29,818
Cash distributions to noncontrolling interests	(2,588)	(1,777)
Cash dividends paid	(4,818)	(3,556)
Net cash provided by financing activities	73,239	36,665
Cash flow from discontinued operations:
Operating activities	(591)	(92)
Net increase (decrease) in cash and cash equivalents	6,531	(1,321)
Cash and cash equivalents at the beginning of period	8,299	6,323
Cash and cash equivalents at the end of period	14,830	5,002
Supplemental cash flow information:
Cash paid for interest	$ 9,485	$ 7,019

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2015
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, New Jersey and Connecticut. The Company elected to be treated as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended. 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 “Operating Partnership”) owned and controlled by the Company, acquired all outstanding ownership interests of a portfolio consisting of 25 commercial properties (the “Acquired Properties”) located in New York, New Jersey and Connecticut, in exchange for 33.29% of the outstanding limited partnership interests in the Operating Partnership. The outstanding limited partnership interest was increased to 33.78% due to post-closing adjustments. 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, 2015, subject to certain anti-dilutive and other provisions contained in the governing agreements, the limited partnership interests in the Operating Partnership may be convertible in the aggregate, into approximately 1.9 million shares of the Company’s common stock and approximately 5.1 million shares of Series B preferred stock. As of September 30, 2015, the Operating Partnership owned 45 properties consisting of approximately 5.3 million square feet of office and industrial space on 335 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 Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of Presentation: The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the financial statements of the Company, its wholly owned subsidiaries, and the Operating Partnership, as the Company makes all operating and financial decisions for (i.e., exercises control over) the Operating Partnership. All material intercompany transactions have been eliminated. The ownership interests of the other investors in the Operating Partnership are presented as non-controlling 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, 2014, audited consolidated financial statements, as previously filed with the SEC on Form 10-K on March 27, 2015, and other public information. Certain reclassifications of prior period amounts have been made in the financial statements in order to conform to the 2015 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 value of the real estate purchased is allocated to the acquired tangible assets (generally consisting of land, buildings and building improvements, and tenant improvements) and identified intangible assets and liabilities (generally consisting of above-market and below-market leases and the origination value of in-place leases) in accordance with GAAP. We utilize methods similar to those used by independent appraisers in estimating the fair value of acquired assets and liabilities. The fair value of the tangible assets of an acquired property considers the value of the property “as-if-vacant.” In allocating purchase price to identified intangible assets liabilities of an acquired property, the value of above-market and below-market leases is estimated based on the differences between contractual rentals and estimated market rents over the applicable lease term discounted back to the date of acquisition utilizing a discount rate adjusted for the credit risk associated with the respective tenants. Fixed-rate-renewal options have been included in the calculation of the fair value of acquired leases where applicable. The aggregate value of in-place leases is measured based on the avoided costs associated with lack of revenue over market oriented lease-up period, the avoided leasing commissions, and other avoided costs common in similar leasing transactions. Mortgage notes payable assumed in connection with acquisitions are recorded at their fair value using current market interest rates for similar debt at the time of acquisitions. 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 $0.3 million for the nine months ended September 30, 2015. As of September 30, 2015, above-market and in-place leases of approximately $2.6 million and $14.4 million (net of accumulated amortization), respectively, are included in acquired lease intangible assets, net in the accompanying condensed consolidated balance sheets. As of December 31, 2014, above-market and in-place leases of approximately $2.5 million and $13.1 million (net of accumulated amortization), respectively, are included in the acquired lease intangible assets, net in the accompanying condensed consolidated balance sheets. As of September 30, 2015, and December 31, 2014, approximately $7.1 million and $7.8 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 2015, the next five years and thereafter related to the net increase to rental revenue from the amortization of the acquired above-market and below-market lease intangibles and the increase to amortization expense of the in-place lease intangibles for properties owned at September 30, 2015 (in thousands): Increase to Net amortization rental revenues expense Remainder of 2015 $ 69 $ 837 2016 464 2,649 2017 357 2,018 2018 379 1,853 2019 464 1,480 2020 564 1,151 Thereafter 2,160 4,440 $ 4,457 $ 14,428 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. These assessments could have a direct impact on net income, because an impairment loss is recognized in the period the assessment is made. Management has determined that there were no indicators of impairment relating to its long-lived assets at September 30, 2015. 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 additional contingent rental revenue in the form of percentage rents and increases based on the consumer price index, subject to certain maximums and minimums. 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 (loss) per share. Basic earnings (loss) 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 (loss) 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 (loss) per share and stock option awards were excluded from the computation of diluted earnings (loss) 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, 2015 and December 31, 2014, the Company had restricted cash in the amount of $2.6 million and $1.0 million, respectively, which was included in other assets on the condensed consolidated balance sheets. Fair Value Measurement: The Company determines fair value in accordance with ASC Topic 820, “Fair Value Measurement.” This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. Fair value is defined as the price that would be received to sell an asset or 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, 2015, and December 31, 2014, the Company had determined that no liabilities are required in connection with uncertain tax positions. As of September 30, 2015, the Company’s tax returns for the prior three years are subject to review by the Internal Revenue Service. Concentrations of Credit Risk: Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, which from time-to-time exceed the federal depository insurance coverage. Beginning January 1, 2013, all noninterest bearing transaction accounts deposited at an insured depository institution are insured by the Federal Deposit Insurance Corporation up to the standard maximum deposit amount of $250,000. Management believes that the Company is not exposed to any significant credit risk due to the credit worthiness of 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 In September 2015, the FASB issued ASU No. 2015-16, “Business Combination (Topic 805): Simplifying the Accounting for Measurement Period Adjustments.” ASU 2015-16 requires adjustments to provisional amounts that are identified during the measurement period to be recognized in the reporting period in which the adjustment amounts are determined. This includes any effect on earnings of changes in depreciation, amortization, or other income effects as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. ASU 2015-16 requires an entity to disclose the nature and amount of measurement-period adjustments recognized in the current period, including separately the amounts in current-period income statement line items that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal periods and interim periods within those fiscal periods beginning after December 15, 2015. The adoption of ASU 2015-16 is not expected to have a material impact on the Company’s consolidated financial statements. In August 2015, the FASB issued ASU 2015-15, “Interest – Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” ASU 2015-15 clarifies that an entity can defer and present debt issuance costs related to line-of-credit arrangements as an asset that can subsequently be amortized ratably over the team of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU 2015-15 is effective for fiscal periods and interim periods within those fiscal periods beginning after December 15, 2015. The adoption of ASU 2015-15 is not expected to have a material impact on the Company’s consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” ASU 2015-03 is intended to simplify the presentation of debt issuance costs by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by ASU 2015-03. ASU 2015-03 is effective for fiscal periods and interim periods within those fiscal periods beginning after December 15, 2015. The adoption of ASU 2015-03 is not expected to have a material impact on the Company’s consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810) – Amendments to the Consolidation Analysis.” ASU 2015-02 amends the consolidation requirements in Accounting Standards Codification (“ASC”) 810 “Consolidation” and changes the required consolidation analysis. The amendments in ASU No. 2015-02 affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. The amendments impact limited partnerships and legal entities, the evaluation of fees paid to a decision maker or service provider of a variable interest, the effect of fee arrangements on the primary beneficiary determination, the effect of related parties on the primary beneficiary determination, and certain investment funds. ASU No. 2015-02 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. The Company is currently evaluating the impact of its pending adoption of ASU 2015-02 on its consolidated financial statements. In January 2015, the FASB issued ASU No. 2015-01, “Income Statement – Extraordinary and Unusual Items.” ASU 2015-01 eliminates the concept of extraordinary items. However, the presentation and disclosure requirements for items that are either unusual in nature of infrequent in occurrence remain and will be expanded to include items that are both unusual in nature and infrequent in occurrence. ASU 2015-01 is effective for periods beginning after December 15, 2015. The adoption of ASU 2015-01 is not expected to have a material impact on the Company’s consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The amendments in ASU 2014-15 are intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. Under GAAP, financial statements are prepared under the presumption that the reporting organization will continue to operate as a going concern, except in limited circumstances. The going concern basis of accounting is critical to financial reporting because it establishes the fundamentals of measuring and classifying assets and liabilities. This ASU provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations in financial statement footnotes. This accounting standard is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the impact of its pending adoption of ASU 2014-15 on its consolidated financial statements. During June 2014, the FASB issued ASU No. 2014-12, “Accounting for Share-Based Payments when the Terms of an Award Profile 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. The adoption of 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, 2017, 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 2018. 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 standards update is effective for annual filings beginning on or after December 15, 2014. Early adoption is permitted. The adoption of ASU 2014-08 has had no impact to the Company in 2015. 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, 2015
Real Estate [Abstract]
Real Estate	3. REAL ESTATE: On January 20, 2015, the Company acquired a 92,500 square foot single story office/flex/warehouse building located on 12 acres of land in Rocky Hill, CT for $12.4 million. The purchase was financed from the Company’s revolving credit facility with Capital One, N.A. Permanent financing of $8.0 million closed in February 2015 as part of the $233.1 million financing with American General Life Insurance Company and affiliates described in further detail in Note 5. The permanent financing is for a 10-year term loan maturing March 1, 2025, that requires interest only payments at the rate of 4.05% per annum. On March 13, 2015, the Company completed the acquisition of six properties totaling approximately 681,754 square feet in Piscataway, NJ. The aggregate net purchase price including closing costs was $64.6 million. The acquisition was funded from a combination of $25.5 million from the net proceeds of the Company’s February 20, 2015, AIG Loan and the remaining $39.1 million from a cross-collateralized mortgage (the “Allstate Loan”) from Allstate Life Insurance Company, Allstate Life Insurance Company of New York and American Heritage Life Insurance Company. The Allstate Loan Agreement provided a secure facility with a 10-year term loan. During the first three years of the term of the loan, it requires interest only payments at the rate of 4% per annum. Following this interest-only period until the loan matures on April 1, 2025, payments will be based on a 30-year amortization schedule. The acquired assets and liabilities associated with the Rocky Hill and Piscataway 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.

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2015
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 income (loss) from discontinued operations for the three and nine months ended September 30, 2015 and 2014, respectively (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Revenues from discontinued operations $ — $ — $ — $ — Income (loss) from discontinued operations $ 5 $ (130 ) $ (107 ) $ (181 ) 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, 2015 2014 Assets: Cash $ 244 $ 138 Accounts receivable, net 2 1 $ 246 $ 139 Liabilities: Accounts payable and accrued expenses $ 14 $ 13 Insurance reserve 407 741 Pension withdrawal liability 1,274 1,320 Other liabilities 25 24 $ 1,720 $ 2,098

Mortgage Notes Payable

Mortgage Notes Payable	9 Months Ended
	Sep. 30, 2015
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, 2015 December 31, 2014 Maturity Hartford Life Insurance Company 5.05 % $ — $ 45,500 7/1/2017 Athene Annuity & Life Company 3.00 % 15,000 15,000 3/1/2018 John Hancock Life Insurance Company 6.17 % — 61,834 3/1/2018 Genworth Life Insurance Company 3.20 % 28,450 29,046 4/30/2018 People’s United Bank 5.23 % 2,410 2,459 10/1/2020 United States Life Insurance Company 5.76 % — 22,710 4/1/2018 Hartford Accident & Indemnity Company 6.07 % 9,151 9,231 3/1/2020 People’s United Bank 4.18 % 15,500 15,500 10/15/2024 American International Group 4.05 % 233,100 — 3/1/2025 Allstate Corporation 4.00 % 39,100 — 4/1/2025 $ 342,711 $ 201,280 Mortgage notes payable includes $0.2 million of premium on the debt assumed in connection with the acquisition of the Windsor Locks, CT property in April 2014. The premium is being amortized as a reduction to interest expense over the life of the underlying debt. AIG Loan Agreement On February 20, 2015 (the “Closing Date”), the Company refinanced the current outstanding debt on certain properties and placed new financing on others by entering into a Loan Agreement (the “Loan Agreement”) with American General Life Insurance Company, the Variable Life Insurance Company, the United States Life Insurance Company in the City of New York, American Home Assurance Company and Commerce and Industry Insurance Company. The Loan Agreement provides a secured loan in the principal amount of $233.1 million (the “AIG Loan”). The AIG Loan is a 10-year term loan that requires interest only payments at the rate of 4.05% per annum. During the period from April 1, 2015, to February 1, 2025, payments of interest only will be payable in arrears with the entire principal balance plus any accrued and unpaid interest due and payable on March 1, 2025. The Company’s obligation to pay the interest, principal and other amounts under the Loan Agreement are evidenced by the secured promissory notes executed on the Closing Date (the “Notes”). The Notes are secured by certain mortgages encumbering 28 properties in New York, New Jersey and Connecticut. Using the proceeds available under the AIG Loan, the Company repaid approximately $199.9 million of its outstanding indebtedness and fees including (i) $68.6 million to John Hancock Life Insurance Company, (ii) $56.0 million to Capital One, N.A., (iii) $50.2 million to Hartford Accident and Indemnity Company, and (iv) $25.1 million to United States Life Insurance Company thereby paying off and terminating those obligations. The loss on the extinguishment of debt of $14.9 million includes approximately $15.7 million in prepayment premiums and other fees. Allstate Loan Agreement On March 13, 2015, in connection with the acquisition of six properties in Piscataway, NJ, the Company closed on a $39.1 million cross-collateralized mortgage (the “Allstate Loan”) from Allstate Life Insurance Company, Allstate Life Insurance Company of New York and American Heritage Life Insurance Company. The Allstate Loan agreement provided a secured facility with a 10-year term loan. During the first three years of the term of the loan, it requires interest only payments at the rate of 4% per annum. Following this period until the loan matures on April 1, 2025, payments will be based on a 30-year amortization schedule. 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 2015, the next five years and thereafter are as follows (in thousands): Remainder of 2015 $ 219 2016 893 2017 4,076 2018 42,108 2019 789 2020 8,825 Thereafter 285,801 Total $ 342,711

Secured Revolving Credit Facili

Secured Revolving Credit Facility	9 Months Ended
	Sep. 30, 2015
Line Of Credit Facility [Abstract]
Secured Revolving Credit Facility	6. SECURED REVOLVING CREDIT FACILITY: On April 8, 2014, the Company obtained a $45.0 million Line of Credit with Capital One, N.A. The capacity was increased to $60.0 million on November 20, 2014. Using proceeds available from the AIG Loan, the Company repaid the outstanding balance on the revolving credit facility of approximately $56.0 million, thereby paying off and terminating the revolving credit facility.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2015
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, 2015, the Company has a total of 13,788,674 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, 2015, or December 31, 2014. Dividend Distributions: The following table presents dividends declared by the Company on its common stock during the nine months ended September 30, 2015: Record Payment Dividend Declaration Date Date Date Per Share March 26, 2015 March 31, 2015 April 15, 2015 $ 0.09 (1) March 26, 2015 March 31, 2015 April 15, 2015 $ 0.09 June 18, 2015 June 30, 2015 July 15, 2015 $ 0.09 August 11, 2015 September 30, 2015 October 15, 2015 $ 0.09 (1) This represents a supplemental 2014 dividend. The total distributions paid in 2015 were the result of cash flows from operations. 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, 2015, the Company had 386,850 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. On March 26, 2015, the Company issued 43,010 restricted shares of common stock, with a value of approximately $400,000 (based upon an estimated value of $9.30) 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, 2015, the Company issued an aggregate of 16,436 restricted shares of common stock with a value of approximately $175,000 (based upon an estimated value of $10.65 per share) under the Plan to non-managing members of the Board of Directors. The shares vested immediately upon issuance. Management has determined the value of a share of common stock to be $10.65 based on a valuation completed June 10, 2015 with the assistance of an independent third-party for the purpose 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, 2015 and 2014, the Company’s total stock compensation expense was approximately $464,000 and $300,000, respectively. As of September 30, 2015, there was approximately $409,000 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, 2014 34,089 $ 8.74 New shares issued through September 30, 2015 59,446 $ 9.67 Vested (49,238 ) $ 8.93 Non-vested shares outstanding as of September 30, 2015 44,297 $ 9.24 The following is an amortization schedule of the total unamortized shares of restricted stock outstanding as of September 30, 2015: Non-vested Shares Amortization Schedule Number of Shares 2015 (3 months) 7,052 2016 18,163 2017 10,600 2018 5,890 2019 2,353 2020 239 Total Non-vested Shares 44,297

Earnings (Loss) per Share

Earnings (Loss) per Share	9 Months Ended
	Sep. 30, 2015
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, 2015 and 2014 (in thousands, except share and per share data): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Numerator: Income (loss) from continuing operations, net of noncontrolling interest $ 1,408 $ 1,150 $ (7,525 ) $ 2,051 Income (loss) from discontinued operations 5 (130 ) (107 ) (181 ) Net income (loss) attributable to common stockholders $ 1,413 $ 1,020 $ (7,632 ) $ 1,870 Denominator: Weighted average common shares outstanding – basic and diluted 13,788,674 13,729,521 13,765,326 13,700,638 Basic and Diluted Per Share Information: Net income (loss) per share – basic and diluted $ 0.10 $ 0.07 $ (0.55 ) $ 0.14

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	9. RELATED PARTY TRANSACTIONS: Paul Cooper is the Chief Executive Officer and Chairman of the Company. Louis Sheinker is President, Chief Operating Officer, Secretary 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, 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 $246,000 with aggregate lease payments totaling $1.8 million. 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. Mr. Cooper passed away on May 20, 2015. Under the terms of the separation agreement, Mr. Cooper’s heirs are entitled to receive the balance of the payments under such agreement. 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. Douglas Cooper, a director of the Company, is a partner of Ruskin, Moscou, Faltischek, P.C. (“RMF”), which previously acted as counsel to the Company. Fees paid to RMF for the nine months ended September 30, 2015 and 2014, were immaterial. Effective as of January 15, 2015, following his resignation from the offices of the Company’s Secretary and Treasurer, Douglas Cooper entered into Separation Agreement and General Release (the “Agreement”). The Agreement provides for a severance payment to Mr. Cooper in the aggregate amount of approximately $77,800. The Severance Agreement contains other provisions that are customary in agreements of this nature.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
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, 2015 and December 31, 2014, the remaining liability was approximately $1.3 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, 2015
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, 2015 December 31, 2014 Carrying Estimated Carrying Estimated Value Value Value Value Financial assets: Cash and cash equivalents $ 14,830 $ 14,830 $ 8,299 $ 8,299 Accounts receivable 1,064 1,064 432 432 Financial liabilities: Accounts payable and accrued expenses $ 2,019 $ 2,019 $ 1,751 $ 1,751 Revolving credit facility — — 43,841 43,841 Mortgage notes payable 342,711 343,458 201,280 202,121 Pension withdrawal liability 1,274 1,272 1,320 1,330

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the financial statements of the Company, its wholly owned subsidiaries, and the Operating Partnership, as the Company makes all operating and financial decisions for (i.e., exercises control over) the Operating Partnership. All material intercompany transactions have been eliminated. The ownership interests of the other investors in the Operating Partnership are presented as non-controlling 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, 2014, audited consolidated financial statements, as previously filed with the SEC on Form 10-K on March 27, 2015, and other public information. Certain reclassifications of prior period amounts have been made in the financial statements in order to conform to the 2015 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 value of the real estate purchased is allocated to the acquired tangible assets (generally consisting of land, buildings and building improvements, and tenant improvements) and identified intangible assets and liabilities (generally consisting of above-market and below-market leases and the origination value of in-place leases) in accordance with GAAP. We utilize methods similar to those used by independent appraisers in estimating the fair value of acquired assets and liabilities. The fair value of the tangible assets of an acquired property considers the value of the property “as-if-vacant.” In allocating purchase price to identified intangible assets liabilities of an acquired property, the value of above-market and below-market leases is estimated based on the differences between contractual rentals and estimated market rents over the applicable lease term discounted back to the date of acquisition utilizing a discount rate adjusted for the credit risk associated with the respective tenants. Fixed-rate-renewal options have been included in the calculation of the fair value of acquired leases where applicable. The aggregate value of in-place leases is measured based on the avoided costs associated with lack of revenue over market oriented lease-up period, the avoided leasing commissions, and other avoided costs common in similar leasing transactions. Mortgage notes payable assumed in connection with acquisitions are recorded at their fair value using current market interest rates for similar debt at the time of acquisitions. 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 $0.3 million for the nine months ended September 30, 2015. As of September 30, 2015, above-market and in-place leases of approximately $2.6 million and $14.4 million (net of accumulated amortization), respectively, are included in acquired lease intangible assets, net in the accompanying condensed consolidated balance sheets. As of December 31, 2014, above-market and in-place leases of approximately $2.5 million and $13.1 million (net of accumulated amortization), respectively, are included in the acquired lease intangible assets, net in the accompanying condensed consolidated balance sheets. As of September 30, 2015, and December 31, 2014, approximately $7.1 million and $7.8 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 2015, the next five years and thereafter related to the net increase to rental revenue from the amortization of the acquired above-market and below-market lease intangibles and the increase to amortization expense of the in-place lease intangibles for properties owned at September 30, 2015 (in thousands): Increase to Net amortization rental revenues expense Remainder of 2015 $ 69 $ 837 2016 464 2,649 2017 357 2,018 2018 379 1,853 2019 464 1,480 2020 564 1,151 Thereafter 2,160 4,440 $ 4,457 $ 14,428
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. These assessments could have a direct impact on net income, because an impairment loss is recognized in the period the assessment is made. Management has determined that there were no indicators of impairment relating to its long-lived assets at September 30, 2015.
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 additional contingent rental revenue in the form of percentage rents and increases based on the consumer price index, subject to certain maximums and minimums. 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 (loss) per share. Basic earnings (loss) 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 (loss) 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 (loss) per share and stock option awards were excluded from the computation of diluted earnings (loss) 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, 2015 and December 31, 2014, the Company had restricted cash in the amount of $2.6 million and $1.0 million, respectively, which was included in other assets on the condensed consolidated balance sheets.
Fair Value Measurement	Fair Value Measurement: The Company determines fair value in accordance with ASC Topic 820, “Fair Value Measurement.” This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. Fair value is defined as the price that would be received to sell an asset or 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, 2015, and December 31, 2014, the Company had determined that no liabilities are required in connection with uncertain tax positions. As of September 30, 2015, the Company’s tax returns for the prior three years are subject to review by the Internal Revenue Service.
Concentrations of Credit Risk	Concentrations of Credit Risk: Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, which from time-to-time exceed the federal depository insurance coverage. Beginning January 1, 2013, all noninterest bearing transaction accounts deposited at an insured depository institution are insured by the Federal Deposit Insurance Corporation up to the standard maximum deposit amount of $250,000. Management believes that the Company is not exposed to any significant credit risk due to the credit worthiness of 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 In September 2015, the FASB issued ASU No. 2015-16, “Business Combination (Topic 805): Simplifying the Accounting for Measurement Period Adjustments.” ASU 2015-16 requires adjustments to provisional amounts that are identified during the measurement period to be recognized in the reporting period in which the adjustment amounts are determined. This includes any effect on earnings of changes in depreciation, amortization, or other income effects as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. ASU 2015-16 requires an entity to disclose the nature and amount of measurement-period adjustments recognized in the current period, including separately the amounts in current-period income statement line items that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal periods and interim periods within those fiscal periods beginning after December 15, 2015. The adoption of ASU 2015-16 is not expected to have a material impact on the Company’s consolidated financial statements. In August 2015, the FASB issued ASU 2015-15, “Interest – Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” ASU 2015-15 clarifies that an entity can defer and present debt issuance costs related to line-of-credit arrangements as an asset that can subsequently be amortized ratably over the team of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU 2015-15 is effective for fiscal periods and interim periods within those fiscal periods beginning after December 15, 2015. The adoption of ASU 2015-15 is not expected to have a material impact on the Company’s consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” ASU 2015-03 is intended to simplify the presentation of debt issuance costs by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by ASU 2015-03. ASU 2015-03 is effective for fiscal periods and interim periods within those fiscal periods beginning after December 15, 2015. The adoption of ASU 2015-03 is not expected to have a material impact on the Company’s consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810) – Amendments to the Consolidation Analysis.” ASU 2015-02 amends the consolidation requirements in Accounting Standards Codification (“ASC”) 810 “Consolidation” and changes the required consolidation analysis. The amendments in ASU No. 2015-02 affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. The amendments impact limited partnerships and legal entities, the evaluation of fees paid to a decision maker or service provider of a variable interest, the effect of fee arrangements on the primary beneficiary determination, the effect of related parties on the primary beneficiary determination, and certain investment funds. ASU No. 2015-02 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. The Company is currently evaluating the impact of its pending adoption of ASU 2015-02 on its consolidated financial statements. In January 2015, the FASB issued ASU No. 2015-01, “Income Statement – Extraordinary and Unusual Items.” ASU 2015-01 eliminates the concept of extraordinary items. However, the presentation and disclosure requirements for items that are either unusual in nature of infrequent in occurrence remain and will be expanded to include items that are both unusual in nature and infrequent in occurrence. ASU 2015-01 is effective for periods beginning after December 15, 2015. The adoption of ASU 2015-01 is not expected to have a material impact on the Company’s consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The amendments in ASU 2014-15 are intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. Under GAAP, financial statements are prepared under the presumption that the reporting organization will continue to operate as a going concern, except in limited circumstances. The going concern basis of accounting is critical to financial reporting because it establishes the fundamentals of measuring and classifying assets and liabilities. This ASU provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations in financial statement footnotes. This accounting standard is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the impact of its pending adoption of ASU 2014-15 on its consolidated financial statements. During June 2014, the FASB issued ASU No. 2014-12, “Accounting for Share-Based Payments when the Terms of an Award Profile 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. The adoption of 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, 2017, 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 2018. 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 standards update is effective for annual filings beginning on or after December 15, 2014. Early adoption is permitted. The adoption of ASU 2014-08 has had no impact to the Company in 2015. 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 Accoun19

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2015
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 2015, the next five years and thereafter related to the net increase to rental revenue from the amortization of the acquired above-market and below-market lease intangibles and the increase to amortization expense of the in-place lease intangibles for properties owned at September 30, 2015 (in thousands): Increase to Net amortization rental revenues expense Remainder of 2015 $ 69 $ 837 2016 464 2,649 2017 357 2,018 2018 379 1,853 2019 464 1,480 2020 564 1,151 Thereafter 2,160 4,440 $ 4,457 $ 14,428

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2015
Discontinued Operations And Disposal Groups [Abstract]
Schedule of Income (Loss) from Discontinued Operations	The following table sets forth the detail of the Company’s income (loss) from discontinued operations for the three and nine months ended September 30, 2015 and 2014, respectively (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Revenues from discontinued operations $ — $ — $ — $ — Income (loss) from discontinued operations $ 5 $ (130 ) $ (107 ) $ (181 )
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, 2015 2014 Assets: Cash $ 244 $ 138 Accounts receivable, net 2 1 $ 246 $ 139 Liabilities: Accounts payable and accrued expenses $ 14 $ 13 Insurance reserve 407 741 Pension withdrawal liability 1,274 1,320 Other liabilities 25 24 $ 1,720 $ 2,098

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2015
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, 2015 December 31, 2014 Maturity Hartford Life Insurance Company 5.05 % $ — $ 45,500 7/1/2017 Athene Annuity & Life Company 3.00 % 15,000 15,000 3/1/2018 John Hancock Life Insurance Company 6.17 % — 61,834 3/1/2018 Genworth Life Insurance Company 3.20 % 28,450 29,046 4/30/2018 People’s United Bank 5.23 % 2,410 2,459 10/1/2020 United States Life Insurance Company 5.76 % — 22,710 4/1/2018 Hartford Accident & Indemnity Company 6.07 % 9,151 9,231 3/1/2020 People’s United Bank 4.18 % 15,500 15,500 10/15/2024 American International Group 4.05 % 233,100 — 3/1/2025 Allstate Corporation 4.00 % 39,100 — 4/1/2025 $ 342,711 $ 201,280
Schedule of Principal Repayments	Scheduled principal repayments for the remainder of 2015, the next five years and thereafter are as follows (in thousands): Remainder of 2015 $ 219 2016 893 2017 4,076 2018 42,108 2019 789 2020 8,825 Thereafter 285,801 Total $ 342,711

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2015
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, 2015: Record Payment Dividend Declaration Date Date Date Per Share March 26, 2015 March 31, 2015 April 15, 2015 $ 0.09 (1) March 26, 2015 March 31, 2015 April 15, 2015 $ 0.09 June 18, 2015 June 30, 2015 July 15, 2015 $ 0.09 August 11, 2015 September 30, 2015 October 15, 2015 $ 0.09 (1) This represents a supplemental 2014 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, 2014 34,089 $ 8.74 New shares issued through September 30, 2015 59,446 $ 9.67 Vested (49,238 ) $ 8.93 Non-vested shares outstanding as of September 30, 2015 44,297 $ 9.24
Amortization Schedule of Total Unamortized Shares of Restricted Stock Outstanding	The following is an amortization schedule of the total unamortized shares of restricted stock outstanding as of September 30, 2015: Non-vested Shares Amortization Schedule Number of Shares 2015 (3 months) 7,052 2016 18,163 2017 10,600 2018 5,890 2019 2,353 2020 239 Total Non-vested Shares 44,297

Earnings (Loss) per Share (Tabl

Earnings (Loss) per Share (Tables)	9 Months Ended
	Sep. 30, 2015
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, 2015 and 2014 (in thousands, except share and per share data): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Numerator: Income (loss) from continuing operations, net of noncontrolling interest $ 1,408 $ 1,150 $ (7,525 ) $ 2,051 Income (loss) from discontinued operations 5 (130 ) (107 ) (181 ) Net income (loss) attributable to common stockholders $ 1,413 $ 1,020 $ (7,632 ) $ 1,870 Denominator: Weighted average common shares outstanding – basic and diluted 13,788,674 13,729,521 13,765,326 13,700,638 Basic and Diluted Per Share Information: Net income (loss) per share – basic and diluted $ 0.10 $ 0.07 $ (0.55 ) $ 0.14

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2015
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, 2015 December 31, 2014 Carrying Estimated Carrying Estimated Value Value Value Value Financial assets: Cash and cash equivalents $ 14,830 $ 14,830 $ 8,299 $ 8,299 Accounts receivable 1,064 1,064 432 432 Financial liabilities: Accounts payable and accrued expenses $ 2,019 $ 2,019 $ 1,751 $ 1,751 Revolving credit facility — — 43,841 43,841 Mortgage notes payable 342,711 343,458 201,280 202,121 Pension withdrawal liability 1,274 1,272 1,320 1,330

Organization and Description 25

Organization and Description of Business - Additional Information (Detail) shares in Millions, ft² in Millions	Jan. 17, 2013Property	Sep. 30, 2015ft²aPropertyshares
Organization And Description Of Business [Line Items]
Number of commercial properties acquired | Property	25
Operating Partnership [Member]
Organization And Description Of Business [Line Items]
Ownership interest in partnership units (as a percent)	33.29%
Increase in outstanding limited partnership interest (as a percent)	33.78%
Number of shares of common stock that can be issued on conversion of interest in limited partnership		1.9
Number of properties owned | Property		45
Leasable area owned by the company (in square feet) | ft²		5.3
Area of land in New York, New Jersey, and Connecticut (in acres) | a		335
Operating Partnership [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		5.1

Summary of Significant Accoun26

Summary of Significant Accounting Policies - Additional Information 1 (Detail)	9 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)Segment	Dec. 31, 2014USD ($)
Summary of Significant Accounting Policies [Line Items]
Net impact to rental revenues due to the amortization of above and below market leases	$ 300,000
Amortization to above market leases	2,600,000	$ 2,500,000
Amortization to below market leases	7,100,000	7,800,000
Amortization of in place leases	$ 14,400,000	13,100,000
Number of reportable segments | Segment	1
Restricted cash	$ 2,600,000	1,000,000
Uncertain tax positions	0	$ 0
Standard maximum deposit insurance amount	$ 250,000
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%

Summary of Significant Accoun27

Summary of Significant Accounting Policies - Schedule of Projected Impact of Above Market Below Market and In-Place Lease Intangibles (Detail) $ in Thousands	Sep. 30, 2015USD ($)
Net increase to rental revenues:
Remainder of 2015	$ 69
2,016	464
2,017	357
2,018	379
2,019	464
2,020	564
Thereafter	2,160
Net increase to rental revenues	4,457
Increase to amortization expense:
Remainder of 2015	837
2,016	2,649
2,017	2,018
2,018	1,853
2,019	1,480
2,020	1,151
Thereafter	4,440
Increase to amortization expense	$ 14,428

Summary of Significant Accoun28

Summary of Significant Accounting Policies - Additional Information 2 (Detail)	9 Months Ended
	Sep. 30, 2015
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 Inform

Real Estate - Additional Information (Detail)	Mar. 13, 2015USD ($)ft²Property	Feb. 20, 2015USD ($)	Jan. 20, 2015USD ($)ft²a	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Business Acquisition [Line Items]
Mortgage notes payable				$ 342,711,000	$ 201,280,000
AIG Loan [Member]
Business Acquisition [Line Items]
Principal amount		$ 233,100,000
Permanent financing period		10 years
Permanent financing interest rate		4.05%
Rocky Hill CT [Member]
Business Acquisition [Line Items]
Date of acquisition				Jan. 20, 2015
Building acquired (in square feet) | ft²			92,500
Area of land (in acres) | a			12
Payments to acquire real estate			$ 12,400,000
Rocky Hill CT [Member] | AIG Loan [Member]
Business Acquisition [Line Items]
Mortgage notes payable			$ 8,000,000
Principal amount		$ 233,100,000
Permanent financing period			10 years
Permanent financing interest rate			4.05%
Loan agreement maturity date				Mar. 1, 2025
Piscataway, NJ [Member]
Business Acquisition [Line Items]
Date of acquisition				Mar. 13, 2015
Building acquired (in square feet) | ft²	681,754
Payments to acquire real estate	$ 64,600,000
Number of properties acquired | Property	6
Net proceeds from loan financing	$ 25,500,000
Piscataway, NJ [Member] | Allstate Loan [Member]
Business Acquisition [Line Items]
Mortgage notes payable	$ 39,100,000
Permanent financing period	10 years
Permanent financing interest rate	4.00%
Loan agreement maturity date				Apr. 1, 2025
Payment term based on amortization schedule	30 years

Discontinued Operations - Sched

Discontinued Operations - Schedule of Income (Loss) from Discontinued Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Discontinued Operations And Disposal Groups [Abstract]
Income (loss) from discontinued operations	$ 5	$ (130)	$ (107)	$ (181)

Discontinued Operations - Sch31

Discontinued Operations - Schedule of Carrying Amounts of Major Classes of Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets:
Cash	$ 244	$ 138
Accounts receivable, net	2	1
Assets	246	139
Liabilities:
Accounts payable and accrued expenses	14	13
Insurance reserve	407	741
Pension withdrawal liability	1,274	1,320
Other liabilities	25	24
Liabilities	$ 1,720	$ 2,098

Mortgage Notes Payable - Summar

Mortgage Notes Payable - Summary of Company's Mortgage Notes Payable (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Mortgage notes payable	$ 342,711	$ 201,280
Hartford Life Insurance Company, Loan [Member]
Debt Instrument [Line Items]
Interest Rate	5.05%
Mortgage notes payable		45,500
Maturity	Jul. 1, 2017
Athene Annuity And Life Assurance Company, Loan [Member]
Debt Instrument [Line Items]
Interest Rate	3.00%
Mortgage notes payable	$ 15,000	15,000
Maturity	Mar. 1, 2018
John Hancock Life Insurance Company, Loan [Member]
Debt Instrument [Line Items]
Interest Rate	6.17%
Mortgage notes payable		61,834
Maturity	Mar. 1, 2018
Genworth Life Insurance Company, Loan [Member]
Debt Instrument [Line Items]
Interest Rate	3.20%
Mortgage notes payable	$ 28,450	29,046
Maturity	Apr. 30, 2018
People's United Bank, Loan [Member]
Debt Instrument [Line Items]
Interest Rate	5.23%
Mortgage notes payable	$ 2,410	2,459
Maturity	Oct. 1, 2020
United States Life Insurance Company, Loan [Member]
Debt Instrument [Line Items]
Interest Rate	5.76%
Mortgage notes payable		22,710
Maturity	Apr. 1, 2018
Hartford Accident and Indemnity Company, Loan [Member]
Debt Instrument [Line Items]
Interest Rate	6.07%
Mortgage notes payable	$ 9,151	9,231
Maturity	Mar. 1, 2020
4.18% People's United Bank, Loan [Member]
Debt Instrument [Line Items]
Interest Rate	4.18%
Mortgage notes payable	$ 15,500	$ 15,500
Maturity	Oct. 15, 2024
American International Group, Loan [Member]
Debt Instrument [Line Items]
Interest Rate	4.05%
Mortgage notes payable	$ 233,100
Maturity	Mar. 1, 2025
Allstate Corporation, Loan [Member]
Debt Instrument [Line Items]
Interest Rate	4.00%
Mortgage notes payable	$ 39,100
Maturity	Apr. 1, 2025

Mortgage Notes Payable - Additi

Mortgage Notes Payable - Additional Information (Detail)	Mar. 13, 2015USD ($)Property	Feb. 20, 2015USD ($)Property	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Apr. 30, 2014USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ 14,876,000
Mortgage notes payable			$ 342,711,000	$ 201,280,000
Windsor Locks, CT [Member]
Debt Instrument [Line Items]
Mortgage notes payable, premiums on debt assumed					$ 200,000
Piscataway, NJ [Member]
Debt Instrument [Line Items]
Number of properties acquired | Property	6
John Hancock Life Insurance Company, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable				61,834,000
Interest Rate			6.17%
Loan agreement maturity date			Mar. 1, 2018
United States Life Insurance Company, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable				$ 22,710,000
Interest Rate			5.76%
Loan agreement maturity date			Apr. 1, 2018
Allstate Corporation, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable			$ 39,100,000
Interest Rate			4.00%
Loan agreement maturity date			Apr. 1, 2025
Allstate Corporation, Loan [Member] | Piscataway, NJ [Member]
Debt Instrument [Line Items]
Permanent financing period	10 years
Mortgage notes payable	$ 39,100,000
Interest Rate	4.00%
Payment term based on amortization schedule	30 years
Loan agreement maturity date			Apr. 1, 2025
AIG Loan [Member]
Debt Instrument [Line Items]
Principal amount		$ 233,100,000
Permanent financing period		10 years
Permanent financing interest rate		4.05%
Debt instrument, payment terms			During the period from April 1, 2015, to February 1, 2025, payments of interest only will be payable in arrears with the entire principal balance plus any accrued and unpaid interest due and payable on March 1, 2025.
Number of collateralized properties | Property		28
Repayments of outstanding indebtedness		$ 199,900,000
Loss on extinguishment of debt		14,900,000
Prepayment premiums and other fees		15,700,000
AIG Loan [Member] | Line of Credit with Capital One, N.A. [Member]
Debt Instrument [Line Items]
Repayments of outstanding indebtedness		56,000,000
AIG Loan [Member] | John Hancock Life Insurance Company, Loan [Member]
Debt Instrument [Line Items]
Repayments of outstanding indebtedness		68,600,000
AIG Loan [Member] | Hartford Accident & Indemnity Company, Loan [Member]
Debt Instrument [Line Items]
Repayments of outstanding indebtedness		50,200,000
AIG Loan [Member] | United States Life Insurance Company, Loan [Member]
Debt Instrument [Line Items]
Repayments of outstanding indebtedness		$ 25,100,000

Mortgage Notes Payable - Schedu

Mortgage Notes Payable - Schedule of Principal Repayments (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Remainder of 2015	$ 219
2,016	893
2,017	4,076
2,018	42,108
2,019	789
2,020	8,825
Thereafter	285,801
Total	$ 342,711	$ 201,280

Secured Revolving Credit Faci35

Secured Revolving Credit Facility - Additional Information (Detail) - USD ($)	Feb. 20, 2015	Sep. 30, 2015	Nov. 20, 2014	Apr. 08, 2014
Line of Credit with Capital One, N.A. [Member]
Line Of Credit Facility [Line Items]
Line of Credit facility, maximum borrowing capacity			$ 60,000,000	$ 45,000,000
Line of Credit facility, Agreement date		Apr. 8, 2014
AIG Loan [Member]
Line Of Credit Facility [Line Items]
Repayments of outstanding indebtedness	$ 199,900,000
AIG Loan [Member] | Line of Credit with Capital One, N.A. [Member]
Line Of Credit Facility [Line Items]
Repayments of outstanding indebtedness	$ 56,000,000

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	Jun. 19, 2015	Mar. 26, 2015	Jun. 19, 2014	Jun. 04, 2014	Jun. 06, 2013	Mar. 21, 2013	Sep. 30, 2015	Sep. 30, 2014	Jun. 10, 2015	Dec. 31, 2014
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)							$ 0.0001			$ 0.0001
Shares of common stock issued							13,788,674			13,729,228
Shares of common stock outstanding							13,788,674			13,729,228
Number of shares of common stock which may be awarded							1,000,000
Number of shares available for future issuance							386,850
Common stock value per share									$ 10.65
Stock compensation expense							$ 464,000	$ 300,000
Unamortized stock compensation							$ 409,000
Restricted Stock [Member]
Stockholders' Equity Note [Line Items]
Awards issued (in shares)						50,002
Value of restricted shares issued						$ 320,000
Awards issued (in dollars per share)							$ 9.67
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.
Non-management Member of Board [Member] | Restricted Stock [Member]
Stockholders' Equity Note [Line Items]
Awards issued (in shares)	16,436		8,820		9,378	3,126
Value of restricted shares issued	$ 175,000		$ 60,000		$ 60,000	$ 20,000
Awards issued (in dollars per share)	$ 10.65		$ 6.80		$ 6.40	$ 6.40
Executives [Member] | Restricted Stock [Member]
Stockholders' Equity Note [Line Items]
Awards issued (in shares)		43,010		44,704		46,876
Value of restricted shares issued		$ 400,000		$ 304,000		$ 300,000
Awards issued (in dollars per share)		$ 9.30		$ 6.80		$ 6.40
Vesting period						4 years
Shares granted to vest, description		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.		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.
Series A Preferred Stock [Member]
Stockholders' Equity Note [Line Items]
Shares of preferred stock authorized							10,000,000			10,000,000
Par value per share (in dollars per share)							$ 0.0001			$ 0.0001
Preferred stock, shares outstanding							0			0
Series B Preferred Stock, Non-Voting [Member]
Stockholders' Equity Note [Line Items]
Shares of preferred stock authorized							6,500,000			6,500,000
Par value per share (in dollars per share)							$ 0.0001			$ 0.0001
Preferred stock, voting rights							There are no voting rights associated with the Series B preferred stock.
Preferred stock, shares outstanding							0			0

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Dividends Declared on Common Stock (Detail)	9 Months Ended
	Sep. 30, 2015$ / shares
Supplemental 2014 dividend [Member]
Stockholders' Equity Note [Line Items]
Declaration Date	Mar. 26, 2015
Record Date	Mar. 31, 2015
Payment Date	Apr. 15, 2015
Dividend Per Share	$ 0.09
March 31, 2015 [Member]
Stockholders' Equity Note [Line Items]
Declaration Date	Mar. 26, 2015
Record Date	Mar. 31, 2015
Payment Date	Apr. 15, 2015
Dividend Per Share	$ 0.09
June 30, 2015 [Member]
Stockholders' Equity Note [Line Items]
Declaration Date	Jun. 18, 2015
Record Date	Jun. 30, 2015
Payment Date	Jul. 15, 2015
Dividend Per Share	$ 0.09
September 30, 2015 [Member]
Stockholders' Equity Note [Line Items]
Declaration Date	Aug. 11, 2015
Record Date	Sep. 30, 2015
Payment Date	Oct. 15, 2015
Dividend Per Share	$ 0.09

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Restricted Stock Activity (Detail) - Restricted Stock [Member]	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested at beginning of period, Shares	34,089
New shares issued through September 30, 2015	59,446
Vested, Shares	(49,238)
Non-vested at end of period, Shares	44,297
Non-vested at beginning of period, Weighted Average Grant Date Fair Value | $ / shares	$ 8.74
New shares issued through September 30, 2015, Weighted Average Grant Date Fair Value | $ / shares	9.67
Vested, Weighted Average Grant Date Fair Value | $ / shares	8.93
Non-vested at end of period, Weighted Average Grant Date Fair Value | $ / shares	$ 9.24

Stockholders' Equity - Amortiza

Stockholders' Equity - Amortization Schedule of Total Unamortized Shares of Restricted Stock Outstanding (Detail) - Restricted Stock [Member] - shares	Sep. 30, 2015	Dec. 31, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
2015 (3 months)	7,052
2,016	18,163
2,017	10,600
2,018	5,890
2,019	2,353
2,020	239
Total Non-vested Shares	44,297	34,089

Earnings (Loss) per Share - Add

Earnings (Loss) per Share - Additional Information (Detail) - shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Number of common share equivalents	0	0

Earnings (Loss) per Share - Sch

Earnings (Loss) per Share - Schedule of Computation of Basic and Diluted Earnings per Share Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator:
Income (loss) from continuing operations, net of noncontrolling interest	$ 1,408	$ 1,150	$ (7,525)	$ 2,051
Income (loss) from discontinued operations	5	(130)	(107)	(181)
Net income (loss) attributable to common stockholders	$ 1,413	$ 1,020	$ (7,632)	$ 1,870
Denominator:
Weighted average common shares outstanding – basic and diluted	13,788,674	13,729,521	13,765,326	13,700,638
Basic and Diluted Per Share Information:
Net income (loss) per share – basic and diluted	$ 0.10	$ 0.07	$ (0.55)	$ 0.14

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	Jan. 15, 2015USD ($)	Nov. 04, 2014USD ($)ft²	Jan. 16, 2014USD ($)	Sep. 30, 2015USD ($)Installment	Dec. 11, 2013USD ($)
Lighthouse [Member]
Related Party Transactions [Line Items]
Lease termination date				Jan. 16, 2014
Lease termination fee			$ 150,000
Lighthouse Sixty, LP [Member]
Related Party Transactions [Line Items]
Current annual base rent under lease agreement				$ 246,000
Aggregate lease payments				$ 1,800,000
Lease expiration year				2,020
Chairman Emeritus [Member]
Related Party Transactions [Line Items]
Aggregate payment to related party					$ 360,000
Number of annual installments under separation agreement | Installment				3
Annual installments under separation agreement				$ 120,000
Garden 1,101
Related Party Transactions [Line Items]
Investment in limited partnership		$ 1,800,000
Limited Liability Company [Member]
Related Party Transactions [Line Items]
Building acquired (in square feet) | ft²		90,000
Former Secretary and Treasurer [Member]
Related Party Transactions [Line Items]
Annual installments under separation agreement	$ 77,800

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Commitments and Contingencies [Line Items]
Pension withdrawal liability	$ 1,274,000	$ 1,320,000
Divestiture [Member]
Commitments and Contingencies [Line Items]
Pension withdrawal liability	1,300,000	$ 1,300,000
Monthly installment payment for pension withdrawal liability	$ 8,100
Term of payment	20 years
Term ending year	2,032

Fair Value - Schedule of Fair V

Fair Value - Schedule of Fair Value of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Financial assets:
Cash and cash equivalents	$ 14,830	$ 8,299	$ 5,002	$ 6,323
Accounts receivable	1,064	432
Financial liabilities:
Accounts payable and accrued expenses	2,019	1,751
Revolving credit facility		43,841
Mortgage notes payable	342,711	201,280
Pension withdrawal liability	1,274	1,320
Estimate of Fair Value Measurement [Member]
Financial assets:
Cash and cash equivalents	14,830	8,299
Accounts receivable	1,064	432
Financial liabilities:
Accounts payable and accrued expenses	2,019	1,751
Pension withdrawal liability	1,272	1,330
Line of Credit with Capital One, N.A. [Member]
Financial liabilities:
Revolving credit facility		43,841
Line of Credit with Capital One, N.A. [Member] | Estimate of Fair Value Measurement [Member]
Financial liabilities:
Revolving credit facility		43,841
Mortgages [Member]
Financial liabilities:
Mortgage notes payable	342,711	201,280
Mortgages [Member] | Estimate of Fair Value Measurement [Member]
Financial liabilities:
Mortgage notes payable	$ 343,458	$ 202,121