GTJ Reit (GTTJ) 10-K 29 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 24, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Trading Symbol	CK0001368757
Entity Registrant Name	GTJ REIT, Inc.
Entity Central Index Key	1,368,757
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		13,820,434
Entity Public Float			$ 0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Real estate, at cost:
Land	$ 187,943	$ 171,958
Buildings and improvements	254,822	196,290
Total real estate, at cost	442,765	368,248
Less: accumulated depreciation and amortization	(36,412)	(28,317)
Net real estate held for investment	406,353	339,931
Cash and cash equivalents	15,005	8,437
Rental income in excess of amount billed	15,172	13,747
Acquired lease intangible assets, net	16,036	15,619
Other assets	19,743	17,023
Total assets	472,309	394,757
Liabilities:
Mortgage notes payable	342,465	201,280
Revolving credit facility		43,841
Accounts payable and accrued expenses	2,513	1,764
Dividends payable	2,488	1,098
Acquired lease intangible liabilities, net	6,833	7,846
Other liabilities	6,179	6,263
Total liabilities	$ 360,478	$ 262,092
Commitments and contingencies (Note 9)
Equity:
Common stock, $.0001 par value; 100,000,000 shares authorized; 13,820,434 and 13,729,228 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively	$ 1	$ 1
Additional paid-in capital	139,385	138,857
Distributions in excess of net income	(96,081)	(82,069)
Total stockholders’ equity	43,305	56,789
Noncontrolling interest	68,526	75,876
Total equity	111,831	132,665
Total liabilities and equity	$ 472,309	$ 394,757
Series A Preferred Stock [Member]
Equity:
Preferred stock, value
Series B Preferred Stock, Non-Voting [Member]
Equity:
Preferred stock, value

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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	13,820,434	13,729,228
Common stock, shares outstanding	13,820,434	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

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Rental income	$ 40,181	$ 33,406
Tenant reimbursements	7,547	5,936
Total revenues	47,728	39,342
Expenses:
General and administrative	6,416	6,195
Acquisition costs	619	1,006
Property operating expenses	9,407	7,745
Depreciation and amortization	12,317	9,428
Total expenses	28,759	24,374
Operating income	18,969	14,968
Interest expense	(13,983)	(9,960)
Loss on extinguishment of debt	(14,876)
Other	(95)	(132)
(Loss) income from operations	(9,985)	4,876
Net (loss) income attributable to noncontrolling interest	(3,422)	1,641
Net (loss) income attributable to common stockholders	$ (6,563)	$ 3,235
(Loss) income per common share attributable to common stockholders-basic and diluted:
(Loss) income attributable to common stockholders	$ (0.48)	$ 0.24
Weighted average common shares outstanding-basic and diluted	13,772,429	13,707,844

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional-Paid-In-Capital [Member]	Distributions in Excess of Net Income [Member]	Total Stockholders' Equity [Member]	Noncontrolling Interests [Member]
Beginning Balance at Dec. 31, 2013	$ 134,436	$ 1	$ 138,516	$ (80,641)	$ 57,876	$ 76,560
Beginning Balance (in shares) at Dec. 31, 2013		13,678,704
Distributions – common stock	(4,663)			(4,663)	(4,663)
Repurchases – common stock	(20)		(20)		(20)
Stock-based compensation	361		361		361
Net issuance of restricted shares		50,524
Distributions to noncontrolling interest	(2,325)					(2,325)
Net income (loss)	4,876			3,235	3,235	1,641
Ending Balance at Dec. 31, 2014	132,665	$ 1	138,857	(82,069)	56,789	75,876
Ending Balance (in shares) at Dec. 31, 2014		13,729,228
Distributions – common stock	(7,449)			(7,449)	(7,449)
Stock-based compensation	528		528		528
Net issuance of restricted shares		91,206
Distributions to noncontrolling interest	(3,928)					(3,928)
Net income (loss)	(9,985)			(6,563)	(6,563)	(3,422)
Ending Balance at Dec. 31, 2015	$ 111,831	$ 1	$ 139,385	$ (96,081)	$ 43,305	$ 68,526
Ending Balance (in shares) at Dec. 31, 2015		13,820,434

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
(Loss) income from operations	$ (9,985)	$ 4,876
Adjustments to reconcile (loss) income from operations to net cash provided by operating activities
Depreciation	8,001	6,961
Amortization of intangible assets and deferred charges	4,554	2,419
Stock-based compensation	528	361
Loss on extinguishment of debt	14,876
Changes in operating assets and liabilities:
Rental income in excess of amount billed	(1,351)	(1,896)
Other assets	828	(1,892)
Accounts payable and accrued expenses	749	(219)
Other liabilities	(805)	(601)
Net cash provided by operating activities	17,395	10,009
Cash flow from investing activities:
Cash paid for property acquisitions	(76,170)	(49,556)
Cash paid for property improvements	(3,305)	(1,626)
Investment in limited partnership		(1,825)
Contract deposits	(238)	(2,500)
Restricted cash	(2,186)
Net cash used in investing activities	(81,899)	(55,507)
Cash flow from financing activities:
Proceeds from mortgage notes payable	272,200	15,500
Financing costs on debt	(6,876)
Good faith deposit for mortgage note payable		(3,297)
Return of good faith deposit for mortgage note payable	3,297
Repayment due to extinguishment of mortgage note payable	(143,363)
Payment of mortgage principal	(1,079)	(1,693)
Repayment of bridge loan / revolving credit facility	(55,941)	(13,032)
Proceeds from revolving credit facility	12,100	56,873
Cash distributions to noncontrolling interests	(3,207)	(2,325)
Cash dividends paid	(6,059)	(4,659)
Repurchases of common stock		(20)
Net cash provided by financing activities	71,072	47,347
Net increase in cash and cash equivalents	6,568	1,849
Cash and cash equivalents at the beginning of period	8,437	6,588
Cash and cash equivalents at the end of period	15,005	8,437
Supplemental cash flow information:
Cash paid for interest	12,944	9,635
Cash paid for income taxes		1
Reconciliation of cash paid for acquisition:
Acquisition of real estate	76,170	58,556
Assumption of mortgage notes payable		(9,000)
Net cash paid for acquisition	$ 76,170	$ 49,556

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 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 primarily on the acquisition, ownership, management, and operation of commercial real estate located in the New York tri-state area. The Company has elected to be treated as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended and elected December 31 as its fiscal year end. Under the REIT operating structure, the Company is permitted to deduct the dividends paid to its stockholders when determining its taxable income. Assuming dividends equal or exceed the Company’s taxable income, the Company generally will not be required to pay Federal corporate income taxes on such income. 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 interest in the Operating Partnership. The outstanding limited partnership interest in the Operating Partnership 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. As a result of this acquisition, the six properties acquired in 2014, and seven properties acquired in 2015, the Company currently beneficially owns a 66.22% interest in a total of 45 properties consisting of approximately 5.3 million square feet of industrial, office and other properties on 335 acres of land in New York, New Jersey, and Connecticut. At December 31, 2015, subject to certain anti-dilutive and other provisions contained in the governing agreements, the limited partnership interest in the Operating Partnership may be converted in the aggregate, into approximately 2.0 million shares of the Company’s common stock and approximately 5.1 million shares of Series B preferred stock. Prior to 2013, the Company had 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. The operations of these entities are reported in the consolidated financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of Presentation: The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the financial statements of the Company, 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 in consolidation. Certain prior period amounts have been reclassified to conform to the 2015 financial statement presentation. The ownership interests of the other investors in the Operating Partnership are recorded as noncontrolling interests. Use of Estimates: The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, and related disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. All of these estimates reflect management’s best judgment about current economic and market conditions and their effects based on information available as of the date of these consolidated financial statements. If such conditions persist longer or deteriorate further than expected, it is reasonably possible that the judgments and estimates could change, which may result in impairments of certain assets. Significant estimates include the useful lives of long- lived assets including property, equipment and intangible assets, impairment of assets, collectability of receivables, contingencies, stock-based compensation, and fair value of assets and liabilities acquired in business combinations. Real Estate: Real estate assets are stated at cost, less accumulated depreciation and amortization. All costs related to the improvement or replacement of real estate properties 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 the purchase price to identified intangible assets and liabilities of an acquired property, the value of above-market and below-market leases is estimated based on the differences between contractual rentals and the estimated market rents over the applicable lease term discounted back to the date of acquisition utilizing a discount rate adjusted for the credit risk associated with the respective tenants. 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 a market oriented lease-up period, the avoided leasing commissions, and other avoided costs common in similar leasing transactions. Mortgage notes payable assumed in connection with acquisitions are recorded at their fair value using current market interest rates for similar debt at the time of acquisitions. 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 vacates its space prior to its contractual expiration date, any unamortized balance of the related intangible assets or liabilities is recorded as income or expense in the period. The total net impact to rental revenues due to the amortization of above and below-market leases was a net increase in rental revenue of approximately $0.4 million for the year ended December 31, 2015. As of December 31, 2015, approximately $2.4 million and $13.6 million (net of accumulated amortization) relating to above-market and in-place leases, respectively, are included in acquired lease intangible assets, net in the accompanying consolidated balance sheets. As of December 31, 2014, approximately $2.5 million and $13.1 million (net of accumulated amortization) relating to above-market and in-place leases, respectively, are included in acquired lease intangible assets, net in the accompanying consolidated balance sheets. As of December 31, 2015 and 2014, approximately $6.8 million and 7.8 million, respectively, (net of accumulated amortization) relating to below-market leases is included in acquired lease intangible liabilities, net in the accompanying consolidated balance sheets. The following table presents the projected increase to rental revenue from the amortization of the acquired above-market and below-market lease intangibles and the increase to amortization expense of the in-place lease intangibles for properties owned at December 31, 2015, over the next five years and thereafter (in thousands): Increase to Net amortization rental revenues expense 2016 $ 464 $ 2,649 2017 357 2,018 2018 379 1,853 2019 464 1,480 2020 564 1,151 Thereafter 2,160 4,439 $ 4,388 $ 13,590 Depreciation and Amortization: The Company uses the straight-line method for depreciation and amortization. Properties and property improvements are depreciated over their estimated useful lives, which range from 5 to 40 years. Furniture, fixtures, and equipment are depreciated over estimated useful lives that range from 5 to 10 years. Tenant improvements are amortized over the shorter of the remaining non-cancellable term of the related leases or their useful lives. Deferred Charges: Deferred charges consist principally of leasing commissions, which are amortized over the life of the related tenant leases, and financing costs, which are amortized over the terms of the respective debt agreements. These deferred charges are included in other assets on the consolidated balance sheets. If leases are terminated, the unamortized charges are expensed. 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 that the assessment is made. Management has determined that there were no indicators of impairment relating to its long-lived assets at December 31, 2015. Reportable Segments: As of December 31, 2015, the Company primarily operated in one reportable segment, commercial real estate. Revenue Recognition: Rental income includes the base rent that each tenant is required to pay in accordance with the terms of their respective leases reported on a straight-line basis over the term of the lease. In order for management to determine, in its judgment, that the unbilled rent receivable applicable to each specific property is collectible, management reviews billed and unbilled rent receivables 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 for the property. 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 available 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, repairs, leasing costs and capital improvements. Additionally, the Company has a $1.0 million certificate of deposit as collateral for a Letter of Credit in connection with a performance guarantee to complete certain site improvements at 20 East Halsey Road in Parsippany, New Jersey. At December 31, 2015 and 2014, the Company had restricted cash of $3.8 million and $1.1 million, respectively, which is included in other assets on the consolidated balance sheets. Fair Value Measurement: The Company determines fair value in accordance with Accounting Standards Codification (“ASC”) 820-10-05 for financial assets and liabilities. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. Fair value is defined as the price that would be received to sell an asset or 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 December 2015 and 2014, the Company had determined that no liabilities are required in connection with unrecognized tax positions. As of December 31, 2015, the Company’s tax returns for the prior three years are subject to review by the Internal Revenue Service. Any interest and penalties would be expensed as incurred. Concentrations of Credit Risk: Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, which from time-to-time exceed the federal depository insurance coverage. Beginning January 1, 2013, all noninterest bearing transaction accounts deposited at an insured depository institution are insured by the Federal Deposit Insurance Corporation up to the standard maximum deposit insurance amount of $250,000. Management believes that the Company is not exposed to any significant credit risk due to the credit worthiness of the financial institutions. 2015 contractual rent of $8.8 million, derived from four leases with the City of New York, represented 22% of the Company’s total contractual rental income. Stock-Based Compensation: The Company has a stock-based compensation plan, which is described below in Note 6. The Company accounts for stock-based compensation in accordance with ASC 718, which establishes accounting for stock-based awards exchanged for employee services. Under the provisions of ASC 718, share-based compensation cost is measured at the grant date, based on the fair value of the award, and is expensed at the grant date (for the portion that vests immediately) or ratably over the respective vesting periods. New Accounting Pronouncements: In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU’) No. 2016-02, “Leases (Topic No. 842).” ASU 2016-02 requires lessees to recognize at the commencement date, a lease liability, which is the lessee’s obligation to make lease payments arising from a lease and measure it on a discounted basis. A lessee must recognize an asset when it represents a lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. ASU 2016-02 is effective for fiscal periods and interim periods within those fiscal periods beginning after December 15, 2018. Early adoption is permitted. The adoption is not expected to have a material impact on the Company’s consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 is intended to improve the recognition and measurement of financial instruments. The new guidance requires equity investments, except for those accounted for under the equity method of accounting, or those that result in consolidation of the investee, to be measured at fair value with changes in fair value recognized in net income. ASU 2016-01 requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or accompanying notes to the financial statements. The new guidance eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. Under ASU 2016-01, a reporting company will be required to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. ASU 2016-01 is effective for fiscal periods and interim periods within those fiscal periods beginning December 15, 2017. The Company is currently evaluating the impact of its pending adoption of ASU 2015-02 on its consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.” ASU 2015-17 eliminates the guidance in Topic 740, Income Taxes, that required an entity to separate deferred tax liabilities and assets between current and noncurrent amounts in a classified balance sheet. The amendments require that all deferred tax liabilities and assets of the same tax jurisdiction or a tax filing group, as well as a related valuation allowance, be offset as a single noncurrent amount in a classified balance sheet. Prior U.S. GAAP required that in a classified balance sheet, deferred tax liabilities and assets be separated into a current and a noncurrent amount on the basis of the classification of the related asset or liability. If deferred tax liabilities and assets did not relate to a specific asset or liability, such as a carryforward, they were classified according to the expected reversal date of the temporary difference. ASU 2015-17 is effective for fiscal periods and interim periods within those fiscal periods after December 15, 2016. The adoption is not expected to have a material impact on the Company’s consolidated financial statements. 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 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 subsequently be amortized ratably over the term 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 the 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. Adoption of ASU 2015-02 is not expected to have a material impact on the Company’s 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. 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. ASU 2014-12 is not expected to have a material impact on the Company’s consolidated financial statements. During May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transaction methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which the standard will be adopted in 2017. In April 2014, the FASB issued 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in ASU 2014-08 change the criteria for reporting a discontinued operation and require new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. Only disposals representing a strategic shift in operations should be presented as discontinued operations. This accounting standards update is effective for annual filings beginning on or after December 15, 2014. Early adoption is permitted. The Company has restated certain prior period’s results of operations to be in compliance with ASU 2014-08. The adoption of ASU 2014-08 did not have a material impact on the Company’s consolidated financial statements.

Real Estate

Real Estate	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Real Estate	3. REAL ESTATE: The changes in real estate for the years ended December 31, 2015 and 2014 are as follows (in thousands): 2015 2014 Balance at beginning of year $ 368,248 $ 309,465 Change in 2014 acquisitions initial allocation 24 — Property acquisitions 71,210 56,109 Improvements 3,283 2,674 Balance at end of year $ 442,765 $ 368,248 The changes in accumulated depreciation, exclusive of amounts relating to equipment, transportation equipment, and furniture and fixtures, for the years ended December 31, 2015 and 2014 are as follows (in thousands): 2015 2014 Balance at beginning of year $ 28,317 $ 21,449 Depreciation for year 8,095 6,868 Balance at end of year $ 36,412 $ 28,317 Rocky Hill, CT: On January 14, 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 AIG Loan financing described in further detail in Note 4. The permanent financing is for a 10-year term loan maturing March 1, 2025 that requires interest only payments at 4.05% per annum. Piscataway, NJ: On March 13, 2015, the Company completed the acquisition of six properties totaling approximately 700,000 square feet in Piscataway, NJ. The aggregate 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 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 secured facility with a 10-year loan term. During the first three years of the loan, it requires interest only payments at the rate of 4% per annum. Following the interest only period until the loan matures on April 1, 2025, payments will be based on a 30-year amortization schedule. Purchase Price Allocations: The purchase prices of the above acquisitions were allocated to the acquired assets and assumed liabilities based on their estimated fair values at the date of acquisition. The preliminary measurements of fair value reflected below are subject to change. The Company expects to finalize the valuations and complete the purchase price allocations with one year from the dates of acquisition. The following table summarizes the Company’s allocations of the purchase prices of assets acquired and liabilities assumed during 2015 and 2014 (in thousands): 2015 2014 Land $ 18,293 $ 34,400 Building and Improvements 52,917 21,733 Acquired lease intangibles assets, net 4,487 2,733 Other assets and costs 473 1,095 Mark to market on debt assumed — (311 ) Total Consideration $ 76,170 $ 59,650

Mortgage Notes Payable

Mortgage Notes Payable	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Mortgage Notes Payable	4. MORTGAGE NOTES PAYABLE: The following table sets forth a summary of the Company’s mortgage notes payable (in thousands): Principal Principal Outstanding as of Outstanding as of Loan Interest Rate December 31, 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 % 28,248 29,046 4/30/2018 People’s United Bank 5.23 % 2,392 2,459 10/1/2020 United States Life Insurance Company 5.76 % — 22,710 4/1/2018 Hartford Accident & Indemnity Company 6.07 % 9,125 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 $ 342,465 $ 201,280 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 “AIG 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 AIG 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 “AIG Notes”). The AIG 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 these obligations. The loss on extinguishment of debt of $14.9 million includes approximately $15.7 million in prepayment premiums and other fees, less the write-off of prior loan costs. 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. Hartford Loan Agreement: On July 1, 2010, two wholly owned subsidiaries of the Operating Partnership (collectively, the “Hartford Borrowers”) entered into a non-recourse fixed-rate mortgage loan agreement with Hartford Life Insurance Company, Hartford Life and Accident Insurance Company and Hartford Life and Annuity Insurance Company (collectively, the “Hartford Lenders”) pursuant to which the Hartford Lenders made a term loan to the Hartford Borrowers in the aggregate principal amount of $45.5 million. The loan was evidenced by promissory notes in the principal amounts of $25.0 million, $10.5 million, and $10.0 million. The obligations were secured by, among other things, a first priority mortgage lien on two properties. The outstanding principal balance of the loan bore interest at the fixed rate of 5.05% per annum. The Hartford Borrowers were required to make monthly payments of interest only in the amount of $191,479. The outstanding indebtedness and fees were paid off on February 20, 2015 in connection with the AIG Loan which terminated the Company’s loan obligations. Athene (formerly Aviva) Loan Agreement: On February 22, 2013, a wholly owned subsidiary of the Operating Partnership, entered into a $15.0 million mortgage note with Aviva Life and Annuity Company. The loan bears interest at a rate of 3% per annum and requires monthly payments of interest. The principal is payable when the loan matures on March 1, 2018. Approximately $10.1 million from the proceeds was used to satisfy in full the obligations under the Company’s secured revolving credit facility then in place with Manufacturers and Traders Trust Company. The remaining proceeds were used for general working capital and other corporate purposes and partner distributions. The loan is secured by a mortgage on a property. The obligations under this loan agreement are also guaranteed by the Operating Partnership. Genworth Loan Agreement: On April 3, 2013, four wholly owned subsidiaries of the Operating Partnership (collectively, the “Genworth Borrower”) entered into mortgage loan agreements with Genworth Life Insurance Company (the “Genworth Lender”), in the aggregate principal amount of $29.5 million. The loan bears interest at a rate of 3.20% and matures on April 30, 2018. The loan is evidenced by promissory notes of $14.4 million (the “New York Note”) and $15.1 million (the “New Jersey Note”), hereinafter referred to as the (“Notes”). The New York Note required 12 monthly payments of interest only starting June 1, 2013. Beginning June 1, 2014, monthly payments of principal and interest in the amount of approximately $70,000 are required until the New York Note becomes due and payable. The New Jersey Note required 12 monthly payments of interest starting June 1, 2013. Beginning June 1, 2014, monthly payments of principal and interest in the amount of approximately $73,000 are required until such New Jersey Note becomes due and payable. The Notes are secured by, among other things, property owned by the Genworth Borrower. The proceeds from the loans were used to satisfy in full obligations to John Hancock Life Insurance Company under a prior mortgage agreement (discussed further below). The Genworth Borrower and the Operating Partnership agreed to indemnify the Genworth Lender against certain claims and guaranty certain obligations of the Genworth Borrower pursuant to certain Environmental Indemnity Agreements. Certain obligations under the loan agreements are also guaranteed by the Operating Partnership. In connection with the loan agreements, the Genworth Borrower is required to comply with certain covenants. As of December 31, 2015, the Genworth Borrower was in compliance with all covenants. People’s United Bank Loan Agreement: In connection with the acquisition of an 84,000 square foot parking lot in Long Island City, Queens, NY, a wholly owned subsidiary of the Operating Partnership entered into a mortgage loan agreement with People’s United Bank in the aggregate amount of $15.5 million. The loan has a ten-year term and bears interest at 4.18%. Payments for the first seven years are interest only. Payments over the remaining three years of the term are based on a 25 year amortization schedule, with a balloon payment of $14.4 million due at maturity. Loan Assumptions: Certain of the properties acquired discussed above were encumbered by certain mortgage indebtedness. Concurrent with the acquisition of these properties, the Company, the Operating Partnership and the entity owners of the properties acquired entered into certain loan assumption and modification documents to facilitate the acquisition of the properties acquired. Below is a summary of the material terms of the arrangement with each lender. United States Life Insurance Company Loan: Six wholly owned subsidiaries of the Operating Partnership, (collectively, the “USLIC Borrowers”) previously entered into mortgage loans with The United States Life Insurance Company in the City of New York (“USLIC”), in the aggregate original principal amount of $23.5 million (the “ The USLIC Mortgage Loan was secured by the properties owned by the USLIC Borrowers and bore interest at a rate of 5.76%. The Company was required to make payments of principal and interest until the loan matured. The loan was scheduled to mature on April 1, 2018. After September 8, 2014, the USLIC Mortgage Loan could be prepaid subject to a prepayment fee. The obligations under this loan agreement were also guaranteed by GTJ REIT. The outstanding indebtedness and fees were paid off on February 20, 2015 in connection with the AIG Loan which terminated the Company’s loan obligations. John Hancock Loan: Certain wholly owned subsidiaries of the Operating Partnership, (collectively, the “John Hancock Borrowers”), entered into a mortgage loan agreement with John Hancock Life Insurance Company (U.S.A.). The John Hancock Loan was secured by mortgages covering the properties owned by the John Hancock Borrowers. The obligations under this loan agreement were also guaranteed by GTJ REIT. A portion of the John Hancock Loan matured on March 1, 2013 (the “5 Year Notes”) and was refinanced as part of the Genworth Loan Agreement discussed above. The $61.0 million remaining portion of the John Hancock Loan was scheduled to mature on March 1, 2018 (the “10 Year Notes”). The 5 Year Notes bore interest at a rate of 5.44%. The 10 Year Notes bore interest at 6.17%. The outstanding indebtedness and fees were paid off on February 20, 2015 in connection with the AIG Loan which terminated the Company’s loan obligations. People’s United Bank Loan: Wu/LH 15 Progress Drive L.L.C., a wholly owned subsidiary of the Operating Partnership, entered into a $2.7 million mortgage loan with the bank, on September 30, 2010. The loan is secured by the properties located at 15 Progress Road and 30 Commerce Drive, Shelton, Connecticut and bears interest at a rate of 5.23%. The Company is required to make monthly payments of principal and interest until the loan matures on October 1, 2020. The obligations under this loan agreement are also guaranteed by GTJ REIT. Hartford Accident & Indemnity Loan: In connection with the April 2014 acquisition of a property in Windsor Locks, CT, a wholly owned subsidiary of the Operating Partnership assumed a $9.0 million mortgage that bears interest at 6.07%. The payments are interest only. A principal payment of $3.0 million is due in March 2017 with the balance of the loan maturing in March 2020. Principal Repayments: Scheduled principal repayments during the next five years and thereafter are as follows (in thousands): 2016 $ 893 2017 4,049 2018 42,108 2019 789 2020 8,825 Thereafter 285,801 Total $ 342,465

Secured Revolving Credit Facili

Secured Revolving Credit Facility	12 Months Ended
	Dec. 31, 2015
Line Of Credit Facility [Abstract]
Secured Revolving Credit Facility	5. SECURED REVOLVING CREDIT FACILITY: Capital One Loan Agreement: On April 8, 2014, the Company entered into a loan agreement (the “Loan Agreement”) with Capital One, N.A. The Loan Agreement was for a $45.0 million senior revolving credit facility, secured by certain properties located in New York City by means of, among other things, negative pledges relating to such properties. The intended uses of the proceeds of this facility included funding of the acquisitions of additional properties as well as working capital expenditures. On November 20, 2014, the above-referenced parties executed an amendment to the Loan Agreement to increase the credit facility from $45.0 million to $60.0 million. The additional credit facility extension was underwritten by People's United Bank. The terms and provisions of the extension were substantially the same as the one under the original credit facility. The parties also entered into several side agreements and instruments to facilitate the transactions contemplated under the foregoing amendment. On February 20, 2015, the Company secured a loan facility in the principal amount of $233.1 million. Using proceeds available under the loan facility, the Company repaid the outstanding balance and fees on the revolving credit facility of approximately $56.0 million, thereby paying off and terminating the revolving credit facility. Key Bank Loan Agreement : On December 2, 2015, the Company entered into a Credit Agreement (the “Credit Agreement”) with Keybank National Association and Keybanc Capital Markets Inc., as lead arranger (collectively, “Key Bank”). The Credit Agreement contemplated a $50.0 million revolving line of credit facility, with an initial term of two years, with a one-year extension option, subject to certain other customary conditions. Loans drawn down by the Company under the facility will need to specify, at the Company’s option, whether they are Base Rate loans or LIBOR Rate loans. The Base Rate loans will bear a base rate of interest calculated as the greater of: (a) the fluctuating annual rate of interest announced from time to time by the Lenders as their “prime rate,” (b) 0.5% above the rate announced by the Federal Reserve Bank of Cleveland (or Federal Funds Effective Rate), or (c) LIBOR plus 100 basis points (bps). The LIBOR Rate loans will bear at a rate of LIBOR rate plus 300 to 350 bps, depending upon the overall leverage of the properties. Each revolving credit loan under the facility will be evidenced by separate promissory note(s). The Company agreed to pay to Key Bank a facility unused fee in the amount calculated as 0.30% for usage less than 50% and 0.20% for usage 50% or greater, calculated as a per diem rate, multiplied by the excess of the total commitment over the outstanding principal amount of the loans under the facility at the time of the calculation. Key Bank has the right to reduce the amount of loan commitments under the facility provided, among other things, they give an advance written notice of such reductions and that in no event the total commitment under the facility is less than $25.0 million. The Company may at its option convert any of the revolving credit loans into a revolving credit loan of another type which loan will then bear interest as a base rate loan or a LIBOR rate loan, subject to certain conversion conditions. In addition, Key Bank also agreed to extend, from time to time, as the Company may request, upon an advance written notice, swing loans in the total amount not to exceed $5.0 million. Such loans, if and when extended, will also be evidenced by separate promissory note(s). Due to the revolving nature of the facility, amounts prepaid under the facility may be borrowed again. The Credit Agreement contemplates (i) mandatory prepayments by the Company of any borrowings under the facility in excess of the total allowable commitment, among other events, and (ii) optional prepayments, without any penalty or premium, in whole or in part, subject to payments of any amounts due associated with the prepayment of LIBOR rate contracts. The Company’s obligations under the facility are secured by a first priority lien and security interest to be held by the agents for Key Bank, in certain of the property, rights and interests of the Company, the Guarantors (as defined below) their subsidiaries now existing and as may be acquired (collectively, the “Collateral”). GTJ REIT, Inc., GTJ GP, LLC, and each party to the Guaranty are collectively referred to as the “Guarantors.” The parties to the Credit Agreement also entered into several side agreements, including, the Joinder Agreements, the Assignment of Interests, the Acknowledgments, the Mortgages, the Guaranty, and other agreements and instruments to facilitate the transactions contemplated under the Credit Agreement. Such agreements contain terms and provisions that are customary for instruments of this nature. The Company’s continuing ability to borrow under the facility will be subject to its ongoing compliance with various affirmative and negative covenants, including, among others, with respect to liquidity, minimum occupancy, total indebtedness and minimum net worth. The Credit Agreement contains events of default and remedies customary for loan transactions of this sort including, among others, those related to a default in the payment of principal or interest, a material inaccuracy of a representation or warranty, and a default with regard to performance of certain covenants. The Credit Agreement includes customary representations and warranties of the Company which must continue to be true and correct in all material respects as a condition to future draws. In addition, the Credit Agreement also includes customary events of default (in certain cases subject to customary cure), in the event of which, amounts outstanding under the facility may be accelerated. The contemplated uses of proceeds under the Credit Agreement include, among others, repayment of indebtedness, funding of acquisitions, development and capital improvements, as well as working capital expenditures. As of December 31, 2015, there were no outstanding borrowings under the revolving credit facility.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Stockholders' Equity	6. STOCKHOLDERS’ EQUITY: 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. Common Stock: The Company is authorized to issue 100,000,000 shares of common stock, $.0001 par value per share. As of December 31, 2015 and 2014, the Company had a total of 13,820,434 and 13,729,228 shares issued and outstanding, respectively. Dividend Distributions: The following table presents dividends declared by the Company on its common stock during 2015 and 2014: Record Payment Dividend Declaration Date Date Date Per Share March 20, 2014 December 31, 2013 April 15, 2014 0.02 (1) March 20, 2014 March 31, 2014 April 15, 2014 0.08 June 19, 2014 June 30, 2014 July 15, 2014 0.08 August 12, 2014 September 30, 2014 October 15, 2014 0.08 November 12, 2014 December 31, 2014 January 15, 2015 0.08 March 26, 2015 March 31, 2015 April 15, 2015 0.09 (2) 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 November 10, 2015 December 31, 2015 January 15, 2016 0.09 November 10, 2015 December 31, 2015 January 22, 2016 0.09 (3) (1 ) Represents a supplemental 2013 dividend. (2) Represents a supplemental 2014 dividend. (3 ) Represents a supplemental 2015 dividend. In order to qualify as a REIT, the Company must distribute at least 90% of its taxable income and must distribute 100% of its taxable income in order not to be subject to corporate federal income taxes on retained income. The Company anticipates it will distribute all of its taxable income to its stockholders. Because taxable income differs from cash flow from operations due to non-cash revenues or expenses (such as depreciation), in certain circumstances, the Company may generate operating cash flow in excess of its distributions or, alternatively, may be required to borrow to make sufficient distribution payments. Stock Based Compensation: On June 11, 2007, the Board of Directors approved the Company’s 2007 Incentive Award Plan (the “Plan”). The Plan covers directors, officers, key employees and consultants of the Company. The purposes of the Plan are to further the growth, development, and financial success of the Company and to obtain and retain the services of the individuals considered essential to the long-term success of the Company. The 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 December 31, 2015, the Company had 386,847, shares available for future issuance of awards under the Plan. Dividends paid on restricted shares are recorded as dividends on shares of the Company’s common stock whether or not they are vested. In accordance the ASC 718-10-35, the Company measures the compensation costs for these shares as of the date of the grant and the expense is recognized in earnings, at the grant date (for the portion that vest immediately) and then ratably over the respective vesting periods. On February 7, 2008, 55,000 options were granted to non-employee directors and vested immediately and 200,000 options were granted to key officers of the Company and had a three year vesting period. On June 9, 2011, the Company granted 10,000 options to a non-employee director which vested immediately. No options were exercised during 2014 or 2015. All options expire ten years from the date of grant. For the years ended December 31, 2015 and 2014, there was no stock compensation expense relating to these stock option grants. On April 30, 2012, and June 7, 2012, the Company issued an aggregate of 55,149 and 5,884 restricted shares of common stock, respectively, under the Plan. The shares issued on June 7, 2012 have a value of approximately $40,000 ($6.80 per share), were granted to non-management members of the Board of Directors, and vested immediately. The shares issued on April 30, 2012 have a value of approximately $375,000 ($6.80 per share), were granted to certain executives of the Company, and vest ratably over a four year period. One fourth of the shares granted to the executives vested on the grant date and one fourth vested each year on the following dates: April 30, 2013, April 30, 2014, and April 30, 2015. 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 granted to the executives vested on the grant date and one fourth will vest each year on the following dates: March 21, 2014, March 21, 2015, and March 21, 2016. 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 $10.40 based on a valuation completed March 16, 2016, 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 years ended December 31, 2015 and 2014, the Company’s total stock compensation expense was approximately $528,000 and $361,000, respectively. As of December 31, 2015, there was approximately $345,000 of unamortized stock compensation related to restricted stock. At December 31, 2015, 265,000 stock options were outstanding, all of which were exercisable, and 323,393 shares of restricted stock were outstanding, 286,148 of which were vested.

Earnings (Loss) per Share

Earnings (Loss) per Share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings (Loss) per Share	7. EARNINGS (LOSS) PER SHARE: In accordance with ASC 260-10-45, basic earnings per common share (“Basic EPS”) is computed by dividing the net (loss) income by the weighted-average number of common shares outstanding. Diluted earnings per common share (“Diluted EPS”) is computed by dividing net income (loss) 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 diluted earnings per share. The following table sets forth the computation of basic and diluted earnings per share information for the years ended December 31, 2015 and 2014 (in thousands, except share and per share data): 2015 2014 Numerator: Net (loss) income attributable to common stockholders $ (6,563 ) $ 3,235 Denominator: Weighted average common shares outstanding – basic and diluted 13,772,429 13,707,844 Basic and Diluted Per Share Information: Net (loss) income per share – basic and diluted $ (0.48 ) $ 0.24

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	8. RELATED PARTY TRANSACTIONS: Paul Cooper, the Chairman and Chief Executive Officer, and Louis Sheinker, the President, Secretary and Chief Operating Officer, each hold passive, minority ownership interests in a real estate brokerage firm, The Rochlin Organization. The firm acted as the exclusive broker for one of the Company’s properties. In 2013, the firm introduced a new tenant to the property, resulting in the execution of a lease agreement and a subsequent lease modification. The firm earned aggregate brokerage cash commissions of approximately $60,000 based on a total lease value of $1,015,000. In January 2014, the new tenant expanded further which resulted in approximately $95,000 of brokerage commissions on the additional lease modification value of $2,100,000. In November 2015, the tenant concluded negotiations to expand by an additional 35,000 square feet which resulted in approximately $12,000 of brokerage commissions on the additional lease modification value of $200,000. The Company formerly was subject to a lease agreement with Lighthouse 444 Limited Partnership, the former owner of the building at 444 Merrick Road, Lynbrook, NY in which Paul Cooper and Louis Sheinker were managing members of the general partner. The lease was terminated on January 16, 2014 in exchange for a $150,000 termination fee paid by the Company. Additionally, Lighthouse Sixty, LP, owner of the building at 60 Hempstead Avenue, West Hempstead, NY, and of which Paul Cooper and Louis Sheinker are managing members of the general partner, have a lease agreement with the Company expiring in 2020 for office and storage space at a current annual base rent of approximately $282,000 with aggregate lease payments totaling $1.8 million. On December 11, 2013, the Company and Jerome Cooper, the former 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 purposes 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 and Louis Sheinker. The investment is included in other assets on the consolidated balance sheets.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. COMMITMENTS AND CONTINGENCIES: Legal Matters: The Company is involved in lawsuits and other disputes which arise in the ordinary course of business. However, management believes that these matters will not have a material adverse effect, individually or in the aggregate, on the Company’s financial position or results of operations. Letter of Credit: On November 4, 2015, the Company posted a $957,708 Letter of Credit with Bank of America, N.A., in connection with a performance guarantee to complete certain site improvements at 20 East Halsey Road in Parsippany, New Jersey. The Township of Parsippany-Troy Hills is the beneficiary. The amount of the Letter of Credit can be reduced with the Township’s approval upon the completion of specific milestones by the Company. The term is for one year plus applicable extensions. Divestiture: On February 16, 2012, the Company received a notice from the Joint Industry Board of the Electrical Industry claiming a pension withdrawal liability in the amount of $1.5 million in connection with the divestiture of Shelter Electric. The Company determined the liability was probable and the Company agreed to pay the obligation in monthly installments of approximately $8,000 over a twenty-year term. As of December 31, 2015 and 2014, the present value of this obligation was approximately $1.3 million and $1.3 million, respectively, and is included in other liabilities on the accompanying consolidated balance sheets. Environmental Matters: As of December 31, 2015, three of the Company’s six former bus depot sites received final regulatory closure, satisfying outstanding clean-up obligations related to legacy site contamination issues. Three sites continue with on-going cleanup, monitoring and reporting activities. Each of the six sites remain in compliance with existing local, state and federal obligations. .

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value	10. 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 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): December 31, 2015 December 31, 2014 Carrying Estimated Carrying Estimated Value Value Value Value Financial assets: Cash and cash equivalents $ 15,005 $ 15,005 $ 8,437 $ 8,437 Accounts receivable 772 772 433 433 Financial liabilities: Accounts payable and accrued expenses $ 2,513 $ 2,513 $ 1,764 $ 1,764 Revolving credit facility — — 43,841 43,841 Mortgage notes payable 342,465 338,432 201,280 202,121 Pension withdrawal liability 1,258 1,243 1,320 1,330

Other Retirement Benefits

Other Retirement Benefits	12 Months Ended
	Dec. 31, 2015
Compensation And Retirement Disclosure [Abstract]
Other Retirement Benefits	11. OTHER RETIREMENT BENEFITS: Other Retirement Benefits: The Company sponsors retirement benefits under a defined contribution 401(k) plan which covers all employees who have completed one year of service and are at least 21 years of age. Contributions to this plan and charged to benefit costs for the years ended December 31, 2015 and 2014 were $32,000 and $30,000, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	12. INCOME TAXES: The Company elected to be taxed as a REIT under the Internal Revenue Code. A REIT will generally not be subject to federal income taxation on that portion of its income that qualifies as REIT taxable income, to the extent that it distributes at least 90% of its taxable income to its stockholders and complies with certain other requirements. It is management’s intention to adhere to these requirements and maintain the Company’s REIT status. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable minimum tax and may not be able to qualify as a REIT for four subsequent taxable years). Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and federal income and excise taxes on its undistributed taxable income. In addition, taxable income from non-REIT activities managed through taxable REIT subsidiaries are subject to federal, state, and local income taxes. Reconciliation between GAAP (Loss) Income From Continuing Operations and Federal Taxable (Loss) Income: The following table reconciles GAAP (loss) income from continuing operations to taxable (loss) income for the years ended December 31, 2015 and 2014 (in thousands): 2015 2014 (Loss) income from operations $ (9,985 ) $ 4,876 Less: GAAP net income of taxable subsidiaries 277 221 GAAP net (loss) income from REIT operations (10,262 ) 4,655 Operating expense book deductions (less) greater than tax (6 ) (198 ) Book depreciation in excess of tax depreciation 4,818 3,414 GAAP amortization of intangibles in excess of tax amortization 2,977 1,861 Straightline rent adjustments (1,351 ) (1,896 ) Acquisition costs capitalized for tax 619 1,006 Loss (income) allocable to noncontrolling interest 122 (3,561 ) Estimated taxable (loss) income subject to the dividend requirement $ (3,083 ) $ 5,281 We have determined for income tax purposes that the 2015 regular and 2015 supplemental dividends were considered non-dividend distributions. The 2014 supplemental dividend, which was declared and paid in 2015 was considered an ordinary dividend. Taxable REIT Subsidiaries: The Company is subject to federal, state, and local income taxes on the income from its Taxable REIT subsidiaries (“TRS”) activities, which include all the discontinued operations of Shelter Express, Inc. and subsidiaries. There were no provisions for (benefit from) income taxes from discontinued operations for the years ended December 31, 2015 and 2014. The TRS entities have approximately $20.0 million of net operating loss carry-forwards and $9.0 million of capital loss carryforwards at December 31, 2015. The Company has recorded a full valuation allowable against the deferred income tax assets as it does not consider realization of such assets to be likely.

Future Minimum Rent Schedule

Future Minimum Rent Schedule	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Future Minimum Rent Schedule	13. FUTURE MINIMUM RENT SCHEDULE: Future minimum contractual lease payments to be received by the Company (without taking into account straight-line rent or amortization of intangibles) as of December 31, 2015 under operating leases for the next five years and thereafter are as follows (in thousands): 2016 $ 39,055 2017 36,811 2018 35,541 2019 31,103 2020 28,256 Thereafter 137,946 Total $ 308,712 The lease agreements generally contain provisions for reimbursement of real estate taxes and operating expenses over base year amounts, as well as fixed increases in rent.

Selected Quarterly Data

Selected Quarterly Data	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Data	14. SELECTED QUARTERLY DATA (Unaudited): The summarized selected quarterly data for the years ended December 31, 2015 and 2014 are as follows (in thousands except per share data). Year March 31 June 30 September 30 December 31 2015 Revenues $ 11,357 $ 12,000 $ 12,316 $ 12,055 Net (loss) income attributable to common stockholders (9,945 ) 900 1,413 1,069 Per common share (basic and diluted)(a) (0.72 ) 0.07 0.10 0.08 2014 Revenues 9,274 9,455 10,128 10,485 Net income attributable to common stockholders 42 808 1,020 1,365 Per common share (basic and diluted)(a) $ 0.00 $ 0.06 $ .07 $ 0.10 (a) Differences between the sum of the four quarterly per share amounts and the annual per share amount are attributable to the effect of the weighted average outstanding share calculations for the respective periods.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	15. SUBSEQUENT EVENTS: On February 8, 2016, in connection with a settlement agreement with certain parties resolving litigation, the Operating Partnership agreed to purchase 200,302 shares of GTJ REIT, Inc. stock for approximately $1.2 million.

Schedule III- Consolidated Real

Schedule III- Consolidated Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2015
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Schedule III- Consolidated Real Estate and Accumulated Depreciation	GTJ REIT, Inc Schedule III- Consolidated Real Estate and Accumulated Depreciation (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at December 31, 2015 Property Encumbrances Land Buildings & Improvements Improvements Land Buildings & Improvements Total Accumulated Depreciation Date of Construction Date Acquired New York Industrial: 103 Fairview Park Drive, Elmsford, NY B 3,416 9,972 — 3,416 9,972 13,388 888 1988 1/17/2013 412 Fairview Park Drive, Elmsford, NY F 3,237 572 — 3,237 572 3,809 43 n/a 1/17/2013 401 Fieldcrest Drive, Elmsford, NY F 3,008 7,097 — 3,008 7,097 10,105 548 n/a 1/17/2013 404 Fieldcrest Drive, Elmsford, NY B 2,275 7,822 — 2,275 7,822 10,097 670 1996 1/17/2013 36 Midland Ave, Port Chester, NY F 2,428 6,409 311 2,428 6,720 9,148 551 1979 1/17/2013 100-110 Midland Ave, Port Chester, NY F 5,390 16,463 25 5,390 16,488 21,878 1,322 1979 1/17/2013 199 Ridgewood Drive, Elmsford, NY F 827 1,916 — 827 1,916 2,743 181 1992 1/17/2013 203 Ridgewood Drive, Elmsford, NY F 948 2,265 — 948 2,265 3,213 202 1986 1/17/2013 8 Slater Street, Port Chester, NY F 1,997 4,640 240 1,997 4,880 6,877 434 1984 1/17/2013 612 Wortman Ave, Brooklyn, NY F 8,907 117 4,094 8,907 4,211 13,118 3,085 1965 3/26/2007 165-25 147th Ave, Jamaica, NY F 360 3,821 856 360 4,677 5,037 4,676 1952 3/26/2007 114-15 Guy Brewer Blvd, Jamaica, NY F 23,100 6 2,067 23,100 2,073 25,173 2,073 1965 3/26/2007 49-19 Rockaway Beach Blvd, Far Rockaway, NY F 74 783 31 74 814 888 807 1931 3/26/2007 85-01 24th Ave, East Elmhurst, NY F 38,210 937 2,343 38,210 3,280 41,490 2,929 1954 3/26/2007 23-85 87th Street, East Elmhurst, NY F 14,506 323 763 14,517 1,075 15,592 1,047 1966 3/26/2007 28-20 Borden Ave, Long Island City, NY E 26,678 98 11 26,678 109 26,787 37 n/a 7/2/2014 Retail: 112 Midland Ave, Port Chester, NY F 786 422 — 786 422 1,208 64 1980 3/26/2007 Total NY: 136,147 63,663 10,741 136,158 74,393 210,551 19,557 New Jersey Industrial: 100 American Road, Morris Plains, NJ F 2,275 12,538 312 2,275 12,850 15,125 1,050 1986 1/17/2013 200 American Road, Morris Plains, NJ F 725 5,361 42 725 5,403 6,128 466 2004 1/17/2013 300 American Road, Morris Plains, NJ B 1,466 6,628 47 1,466 6,675 8,141 545 1987 1/17/2013 400 American Road, Morris Plains, NJ F 1,724 9,808 96 1,724 9,904 11,628 910 1990 1/17/2013 500 American Road, Morris Plains, NJ B 1,711 8,111 — 1,711 8,111 9,822 660 1988 1/17/2013 20 East Halsey Road, Parsippany, NJ 1,898 1,402 1,712 1,898 3,114 5,012 121 1970 4/23/2014 1110 Centennial Ave, Piscataway, NJ G 790 1,937 — 790 1,937 2,727 54 1979 3/13/2015 11 Constitution Ave, Piscataway, NJ G 1,780 8,999 4 1,780 9,003 10,783 207 1989 3/13/2015 21 Constitution Ave, Piscataway, NJ G 6,187 18,855 — 6,187 18,855 25,042 470 2002 3/13/2015 4 Corporate Place, Piscataway, NJ G 2,145 1,744 66 2,145 1,810 3,955 99 1974 3/13/2015 8 Corporate Place, Piscataway, NJ G 2,666 4,381 — 2,666 4,381 7,047 138 1977 3/13/2015 Office: 25 Corporate Place, Piscataway, NJ G 2,269 8,343 — 2,269 8,343 10,612 215 1985 3/13/2015 Total NJ: 25,636 88,107 2,279 25,636 90,386 116,022 4,935 Connecticut Industrial: 466 Bridgeport Ave, Shelton, CT 833 867 1,094 833 1,961 2,794 65 1982 1/17/2013 470 Bridgeport Ave, Shelton, CT F 2,660 4,807 42 2,660 4,849 7,509 421 1973 1/17/2013 15 Progress Drive, Shelton, CT C 984 3,411 — 984 3,411 4,395 308 1980 1/17/2013 33 Platt Road, Shelton, CT F 3,196 5,402 — 3,196 5,402 8,598 504 1972 10/15/2014 950-974 Bridgeport Ave, Milford, CT F 1,551 3,524 32 1,551 3,556 5,107 305 1946 1/17/2013 12 Cascade Blvd, Orange, CT F 1,688 3,742 — 1,688 3,742 5,430 303 1987 1/17/2013 15 Executive Blvd., Orange, CT F 1,974 5,357 661 1,974 6,018 7,992 571 1983 1/17/2013 25 Executive Blvd., Orange, CT F 438 1,481 33 438 1,514 1,952 113 1983 1/17/2013 22 Marsh Hill Rd, Orange, CT F 1,462 2,915 — 1,462 2,915 4,377 220 1989 1/17/2013 269 Lambert Rd, Orange, CT F 1,666 3,516 201 1,666 3,717 5,383 385 1986 1/17/2013 110 Old County Circle, Windsor Locks, CT D 1,572 11,797 — 1,572 11,797 13,369 925 2003 4/8/2014 112 Old County Road, Windsor Locks, CT 200 — — 200 — 200 — n/a 4/8/2014 4 Meadow Street, Norwalk, CT F 856 3,034 250 856 3,284 4,140 210 1992 8/22/2014 777 Brook Street, Rocky Hill, CT F 2,456 8,658 — 2,456 8,658 11,114 299 1969 1/14/2015 Office: 8 Farm Springs Road, Farmington, CT A 3,533 16,248 3,832 3,533 20,080 23,613 6,258 1980 2/28/2008 35 Executive Blvd., Orange, CT F 1,080 8,909 230 1,080 9,139 10,219 1,033 1988 1/17/2013 Total CT: 26,149 83,668 6,375 26,149 90,043 116,192 11,920 Grand Total: 187,932 235,438 19,395 187,943 254,822 442,765 36,412 Lender Principal Outstanding A—Athene Life and Annuity $ 15,000 B—Genworth Life Insurance Company 28,248 C—People’s United Bank 2,392 D—Hartford Accident 9,125 E—People’s United Bank 15,500 F—American International Group 233,100 G—Allstate Corporation 39,100 Total $ 342,465

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the financial statements of the Company, 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 in consolidation. Certain prior period amounts have been reclassified to conform to the 2015 financial statement presentation. The ownership interests of the other investors in the Operating Partnership are recorded as noncontrolling interests.
Use of Estimates	Use of Estimates: The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, and related disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. All of these estimates reflect management’s best judgment about current economic and market conditions and their effects based on information available as of the date of these consolidated financial statements. If such conditions persist longer or deteriorate further than expected, it is reasonably possible that the judgments and estimates could change, which may result in impairments of certain assets. Significant estimates include the useful lives of long- lived assets including property, equipment and intangible assets, impairment of assets, collectability of receivables, contingencies, stock-based compensation, and fair value of assets and liabilities acquired in business combinations.
Real Estate	Real Estate: Real estate assets are stated at cost, less accumulated depreciation and amortization. All costs related to the improvement or replacement of real estate properties 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 the purchase price to identified intangible assets and liabilities of an acquired property, the value of above-market and below-market leases is estimated based on the differences between contractual rentals and the estimated market rents over the applicable lease term discounted back to the date of acquisition utilizing a discount rate adjusted for the credit risk associated with the respective tenants. 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 a market oriented lease-up period, the avoided leasing commissions, and other avoided costs common in similar leasing transactions. Mortgage notes payable assumed in connection with acquisitions are recorded at their fair value using current market interest rates for similar debt at the time of acquisitions. 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 vacates its space prior to its contractual expiration date, any unamortized balance of the related intangible assets or liabilities is recorded as income or expense in the period. The total net impact to rental revenues due to the amortization of above and below-market leases was a net increase in rental revenue of approximately $0.4 million for the year ended December 31, 2015. As of December 31, 2015, approximately $2.4 million and $13.6 million (net of accumulated amortization) relating to above-market and in-place leases, respectively, are included in acquired lease intangible assets, net in the accompanying consolidated balance sheets. As of December 31, 2014, approximately $2.5 million and $13.1 million (net of accumulated amortization) relating to above-market and in-place leases, respectively, are included in acquired lease intangible assets, net in the accompanying consolidated balance sheets. As of December 31, 2015 and 2014, approximately $6.8 million and 7.8 million, respectively, (net of accumulated amortization) relating to below-market leases is included in acquired lease intangible liabilities, net in the accompanying consolidated balance sheets. The following table presents the projected increase to rental revenue from the amortization of the acquired above-market and below-market lease intangibles and the increase to amortization expense of the in-place lease intangibles for properties owned at December 31, 2015, over the next five years and thereafter (in thousands): Increase to Net amortization rental revenues expense 2016 $ 464 $ 2,649 2017 357 2,018 2018 379 1,853 2019 464 1,480 2020 564 1,151 Thereafter 2,160 4,439 $ 4,388 $ 13,590
Depreciation and Amortization	Depreciation and Amortization: The Company uses the straight-line method for depreciation and amortization. Properties and property improvements are depreciated over their estimated useful lives, which range from 5 to 40 years. Furniture, fixtures, and equipment are depreciated over estimated useful lives that range from 5 to 10 years. Tenant improvements are amortized over the shorter of the remaining non-cancellable term of the related leases or their useful lives.
Deferred Charges	Deferred Charges: Deferred charges consist principally of leasing commissions, which are amortized over the life of the related tenant leases, and financing costs, which are amortized over the terms of the respective debt agreements. These deferred charges are included in other assets on the consolidated balance sheets. If leases are terminated, the unamortized charges are expensed.
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 that the assessment is made. Management has determined that there were no indicators of impairment relating to its long-lived assets at December 31, 2015.
Reportable Segments	Reportable Segments: As of December 31, 2015, the Company primarily operated in one reportable segment, commercial real estate.
Revenue Recognition	Revenue Recognition: Rental income includes the base rent that each tenant is required to pay in accordance with the terms of their respective leases reported on a straight-line basis over the term of the lease. In order for management to determine, in its judgment, that the unbilled rent receivable applicable to each specific property is collectible, management reviews billed and unbilled rent receivables 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 for the property. 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 available 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, repairs, leasing costs and capital improvements. Additionally, the Company has a $1.0 million certificate of deposit as collateral for a Letter of Credit in connection with a performance guarantee to complete certain site improvements at 20 East Halsey Road in Parsippany, New Jersey. At December 31, 2015 and 2014, the Company had restricted cash of $3.8 million and $1.1 million, respectively, which is included in other assets on the consolidated balance sheets.
Fair Value Measurement	Fair Value Measurement: The Company determines fair value in accordance with Accounting Standards Codification (“ASC”) 820-10-05 for financial assets and liabilities. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. Fair value is defined as the price that would be received to sell an asset or 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 December 2015 and 2014, the Company had determined that no liabilities are required in connection with unrecognized tax positions. As of December 31, 2015, the Company’s tax returns for the prior three years are subject to review by the Internal Revenue Service. Any interest and penalties would be expensed as incurred.
Concentrations of Credit Risk	Concentrations of Credit Risk: Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, which from time-to-time exceed the federal depository insurance coverage. Beginning January 1, 2013, all noninterest bearing transaction accounts deposited at an insured depository institution are insured by the Federal Deposit Insurance Corporation up to the standard maximum deposit insurance amount of $250,000. Management believes that the Company is not exposed to any significant credit risk due to the credit worthiness of the financial institutions. 2015 contractual rent of $8.8 million, derived from four leases with the City of New York, represented 22% of the Company’s total contractual rental income.
Stock-Based Compensation	Stock-Based Compensation: The Company has a stock-based compensation plan, which is described below in Note 6. The Company accounts for stock-based compensation in accordance with ASC 718, which establishes accounting for stock-based awards exchanged for employee services. Under the provisions of ASC 718, share-based compensation cost is measured at the grant date, based on the fair value of the award, and is expensed at the grant date (for the portion that vests immediately) or ratably over the respective vesting periods.
New Accounting Pronouncements	New Accounting Pronouncements: In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU’) No. 2016-02, “Leases (Topic No. 842).” ASU 2016-02 requires lessees to recognize at the commencement date, a lease liability, which is the lessee’s obligation to make lease payments arising from a lease and measure it on a discounted basis. A lessee must recognize an asset when it represents a lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. ASU 2016-02 is effective for fiscal periods and interim periods within those fiscal periods beginning after December 15, 2018. Early adoption is permitted. The adoption is not expected to have a material impact on the Company’s consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 is intended to improve the recognition and measurement of financial instruments. The new guidance requires equity investments, except for those accounted for under the equity method of accounting, or those that result in consolidation of the investee, to be measured at fair value with changes in fair value recognized in net income. ASU 2016-01 requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or accompanying notes to the financial statements. The new guidance eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. Under ASU 2016-01, a reporting company will be required to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. ASU 2016-01 is effective for fiscal periods and interim periods within those fiscal periods beginning December 15, 2017. The Company is currently evaluating the impact of its pending adoption of ASU 2015-02 on its consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.” ASU 2015-17 eliminates the guidance in Topic 740, Income Taxes, that required an entity to separate deferred tax liabilities and assets between current and noncurrent amounts in a classified balance sheet. The amendments require that all deferred tax liabilities and assets of the same tax jurisdiction or a tax filing group, as well as a related valuation allowance, be offset as a single noncurrent amount in a classified balance sheet. Prior U.S. GAAP required that in a classified balance sheet, deferred tax liabilities and assets be separated into a current and a noncurrent amount on the basis of the classification of the related asset or liability. If deferred tax liabilities and assets did not relate to a specific asset or liability, such as a carryforward, they were classified according to the expected reversal date of the temporary difference. ASU 2015-17 is effective for fiscal periods and interim periods within those fiscal periods after December 15, 2016. The adoption is not expected to have a material impact on the Company’s consolidated financial statements. 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 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 subsequently be amortized ratably over the term 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 the 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. Adoption of ASU 2015-02 is not expected to have a material impact on the Company’s 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. 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. ASU 2014-12 is not expected to have a material impact on the Company’s consolidated financial statements. During May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transaction methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which the standard will be adopted in 2017. In April 2014, the FASB issued 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in ASU 2014-08 change the criteria for reporting a discontinued operation and require new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. Only disposals representing a strategic shift in operations should be presented as discontinued operations. This accounting standards update is effective for annual filings beginning on or after December 15, 2014. Early adoption is permitted. The Company has restated certain prior period’s results of operations to be in compliance with ASU 2014-08. The adoption of ASU 2014-08 did not have a material impact on the Company’s consolidated financial statements.

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Schedule of Projected Impact of Above Market Below Market and In-Place Lease Intangibles	The following table presents the projected 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 December 31, 2015, over the next five years and thereafter (in thousands): Increase to Net amortization rental revenues expense 2016 $ 464 $ 2,649 2017 357 2,018 2018 379 1,853 2019 464 1,480 2020 564 1,151 Thereafter 2,160 4,439 $ 4,388 $ 13,590

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Schedule of Changes in Real Estate	The changes in real estate for the years ended December 31, 2015 and 2014 are as follows (in thousands): 2015 2014 Balance at beginning of year $ 368,248 $ 309,465 Change in 2014 acquisitions initial allocation 24 — Property acquisitions 71,210 56,109 Improvements 3,283 2,674 Balance at end of year $ 442,765 $ 368,248
Schedule of Changes in Accumulated Depreciation, Exclusive of Amounts Relating to Equipment, Transportation Equipment, and Furniture and Fixtures	The changes in accumulated depreciation, exclusive of amounts relating to equipment, transportation equipment, and furniture and fixtures, for the years ended December 31, 2015 and 2014 are as follows (in thousands): 2015 2014 Balance at beginning of year $ 28,317 $ 21,449 Depreciation for year 8,095 6,868 Balance at end of year $ 36,412 $ 28,317
Schedule of Preliminary Allocations of the Purchase Prices of Assets Acquired and Liabilities Assumed	The following table summarizes the Company’s allocations of the purchase prices of assets acquired and liabilities assumed during 2015 and 2014 (in thousands): 2015 2014 Land $ 18,293 $ 34,400 Building and Improvements 52,917 21,733 Acquired lease intangibles assets, net 4,487 2,733 Other assets and costs 473 1,095 Mark to market on debt assumed — (311 ) Total Consideration $ 76,170 $ 59,650

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 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 % 28,248 29,046 4/30/2018 People’s United Bank 5.23 % 2,392 2,459 10/1/2020 United States Life Insurance Company 5.76 % — 22,710 4/1/2018 Hartford Accident & Indemnity Company 6.07 % 9,125 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 $ 342,465 $ 201,280
Schedule of Principal Repayments	Scheduled principal repayments during the next five years and thereafter are as follows (in thousands): 2016 $ 893 2017 4,049 2018 42,108 2019 789 2020 8,825 Thereafter 285,801 Total $ 342,465

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Schedule of Dividends Declared on Common Stock	The following table presents dividends declared by the Company on its common stock during 2015 and 2014: Record Payment Dividend Declaration Date Date Date Per Share March 20, 2014 December 31, 2013 April 15, 2014 0.02 (1) March 20, 2014 March 31, 2014 April 15, 2014 0.08 June 19, 2014 June 30, 2014 July 15, 2014 0.08 August 12, 2014 September 30, 2014 October 15, 2014 0.08 November 12, 2014 December 31, 2014 January 15, 2015 0.08 March 26, 2015 March 31, 2015 April 15, 2015 0.09 (2) 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 November 10, 2015 December 31, 2015 January 15, 2016 0.09 November 10, 2015 December 31, 2015 January 22, 2016 0.09 (3) (1 ) Represents a supplemental 2013 dividend. (2) Represents a supplemental 2014 dividend. (3 ) Represents a supplemental 2015 dividend.

Earnings (Loss) per Share (Tabl

Earnings (Loss) per Share (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2015 and 2014 (in thousands, except share and per share data): 2015 2014 Numerator: Net (loss) income attributable to common stockholders $ (6,563 ) $ 3,235 Denominator: Weighted average common shares outstanding – basic and diluted 13,772,429 13,707,844 Basic and Diluted Per Share Information: Net (loss) income per share – basic and diluted $ (0.48 ) $ 0.24

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2015 December 31, 2014 Carrying Estimated Carrying Estimated Value Value Value Value Financial assets: Cash and cash equivalents $ 15,005 $ 15,005 $ 8,437 $ 8,437 Accounts receivable 772 772 433 433 Financial liabilities: Accounts payable and accrued expenses $ 2,513 $ 2,513 $ 1,764 $ 1,764 Revolving credit facility — — 43,841 43,841 Mortgage notes payable 342,465 338,432 201,280 202,121 Pension withdrawal liability 1,258 1,243 1,320 1,330

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of Reconciliation of GAAP (Loss) Income from Continuing Operations to Taxable (Loss) Income	The following table reconciles GAAP (loss) income from continuing operations to taxable (loss) income for the years ended December 31, 2015 and 2014 (in thousands): 2015 2014 (Loss) income from operations $ (9,985 ) $ 4,876 Less: GAAP net income of taxable subsidiaries 277 221 GAAP net (loss) income from REIT operations (10,262 ) 4,655 Operating expense book deductions (less) greater than tax (6 ) (198 ) Book depreciation in excess of tax depreciation 4,818 3,414 GAAP amortization of intangibles in excess of tax amortization 2,977 1,861 Straightline rent adjustments (1,351 ) (1,896 ) Acquisition costs capitalized for tax 619 1,006 Loss (income) allocable to noncontrolling interest 122 (3,561 ) Estimated taxable (loss) income subject to the dividend requirement $ (3,083 ) $ 5,281

Future Minimum Rent Schedule (T

Future Minimum Rent Schedule (Tables)	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Schedule of Future Minimum Contractual Lease Payments to be Received by Company under Operating Leases	Future minimum contractual lease payments to be received by the Company (without taking into account straight-line rent or amortization of intangibles) as of December 31, 2015 under operating leases for the next five years and thereafter are as follows (in thousands): 2016 $ 39,055 2017 36,811 2018 35,541 2019 31,103 2020 28,256 Thereafter 137,946 Total $ 308,712

Selected Quarterly Data (Tables

Selected Quarterly Data (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Summary of Selected Quarterly Data	The summarized selected quarterly data for the years ended December 31, 2015 and 2014 are as follows (in thousands except per share data). Year March 31 June 30 September 30 December 31 2015 Revenues $ 11,357 $ 12,000 $ 12,316 $ 12,055 Net (loss) income attributable to common stockholders (9,945 ) 900 1,413 1,069 Per common share (basic and diluted)(a) (0.72 ) 0.07 0.10 0.08 2014 Revenues 9,274 9,455 10,128 10,485 Net income attributable to common stockholders 42 808 1,020 1,365 Per common share (basic and diluted)(a) $ 0.00 $ 0.06 $ .07 $ 0.10 (a) Differences between the sum of the four quarterly per share amounts and the annual per share amount are attributable to the effect of the weighted average outstanding share calculations for the respective periods.

Organization and Description 33

Organization and Description of Business - Additional Information (Detail) shares in Millions, ft² in Millions	Jan. 17, 2013Property	Dec. 31, 2015ft²aPropertyshares	Dec. 31, 2013	Dec. 31, 2014Property
Organization And Description Of Business [Line Items]
Number of commercial properties acquired | Property	25	7		6
Operating Partnership [Member]
Organization And Description Of Business [Line Items]
Ownership interest in partnership units (as a percent)	33.29%	66.22%	33.78%
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
Number of shares of common stock that can be issued on conversion of interest in limited partnership | shares		2
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 | shares		5.1

Summary of Significant Accoun34

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)SegmentLease	Dec. 31, 2014USD ($)
Summary of Significant Accounting Policies [Line Items]
Net impact to rental revenues due to the amortization of above and below market leases	$ 400,000
Amortization to below market leases	$ 6,833,000	$ 7,846,000
Number of reportable segments | Segment	1
Restricted cash	$ 3,800,000	1,100,000
Unrecognized tax positions	0	0
Standard maximum deposit insurance amount	250,000
Contractual lease rent	$ 40,181,000	33,406,000
Customer Concentration Risk [Member] | Sales Revenue Net [Member]
Summary of Significant Accounting Policies [Line Items]
Number of operating leases | Lease	4
Contractual lease rent	$ 8,800,000
Percentage of contractual rental income	22.00%
Certificate of Deposits [Member] | Letter Of Credit
Summary of Significant Accounting Policies [Line Items]
Certificate of deposit as collateral for letter of credit	$ 1,000,000
Minimum [Member] | Properties and Property Improvements [Member]
Summary of Significant Accounting Policies [Line Items]
Estimated useful life	5 years
Minimum [Member] | Furniture, Fixtures and Equipment [Member]
Summary of Significant Accounting Policies [Line Items]
Estimated useful life	5 years
Maximum [Member] | Properties and Property Improvements [Member]
Summary of Significant Accounting Policies [Line Items]
Estimated useful life	40 years
Maximum [Member] | Furniture, Fixtures and Equipment [Member]
Summary of Significant Accounting Policies [Line Items]
Estimated useful life	10 years
Above Market Lease [Member]
Summary of Significant Accounting Policies [Line Items]
Acquired lease intangible assets, net	$ 2,400,000	2,500,000
In-place Lease [Member]
Summary of Significant Accounting Policies [Line Items]
Acquired lease intangible assets, net	$ 13,590,000	$ 13,100,000

Summary of Significant Accoun35

Summary of Significant Accounting Policies - Schedule of Projected Impact of Above Market Below Market and In-Place Lease Intangibles (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Net increase to rental revenues:
2,016	$ 464
2,017	357
2,018	379
2,019	464
2,020	564
Thereafter	2,160
Net increase to rental revenues	4,388
In-place Lease [Member]
Increase to amortization expense:
2,016	2,649
2,017	2,018
2,018	1,853
2,019	1,480
2,020	1,151
Thereafter	4,439
Increase to amortization expense	$ 13,590	$ 13,100

Real Estate - Schedule of Chang

Real Estate - Schedule of Changes in Real Estate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Real Estate [Abstract]
Balance at beginning of year	$ 368,248	$ 309,465
Change in 2014 acquisitions initial allocation	24
Property acquisitions	71,210	56,109
Improvements	3,283	2,674
Balance at end of year	$ 442,765	$ 368,248

Real Estate - Schedule of Cha37

Real Estate - Schedule of Changes in Accumulated Depreciation, Exclusive of Amounts Relating to Equipment, Transportation Equipment, and Furniture and Fixtures (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Real Estate [Abstract]
Balance at beginning of year	$ 28,317	$ 21,449
Depreciation for year	8,095	6,868
Balance at end of year	$ 36,412	$ 28,317

Real Estate - Additional Inform

Real Estate - Additional Information (Detail)	Mar. 13, 2015USD ($)ft²Property	Feb. 20, 2015USD ($)	Jan. 14, 2015USD ($)ft²a	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Business Acquisition [Line Items]
Mortgage notes payable				$ 342,465,000	$ 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. 14, 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	700,000
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

Real Estate - Schedule of Preli

Real Estate - Schedule of Preliminary Allocations of the Purchase Prices of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Real Estate [Abstract]
Land	$ 18,293	$ 34,400
Building and Improvements	52,917	21,733
Acquired lease intangibles assets, net	4,487	2,733
Other assets and costs	473	1,095
Mark to market on debt assumed		(311)
Total Consideration	$ 76,170	$ 59,650

Mortgage Notes Payable - Summar

Mortgage Notes Payable - Summary of Company's Mortgage Notes Payable (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Mortgage notes payable	$ 342,465	$ 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	$ 28,248	29,046
Maturity	Apr. 30, 2018
People's United Bank, Loan [Member]
Debt Instrument [Line Items]
Interest Rate	5.23%
Mortgage notes payable	$ 2,392	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	$ 9,125	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 ($)ft²Property	Feb. 20, 2015USD ($)Property	Apr. 09, 2014USD ($)	Apr. 03, 2013USD ($)Item	Feb. 22, 2013USD ($)	Sep. 30, 2010USD ($)	Jul. 01, 2010USD ($)Item	Dec. 31, 2015USD ($)ft²PropertyItem	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt								$ 14,876,000
Mortgage notes payable								342,465,000	$ 201,280,000
Manufacturers And Traders Trust Company [Member]
Debt Instrument [Line Items]
Repayments of outstanding indebtedness								$ 10,100,000
People's United Bank Loan Agreement [Member]
Debt Instrument [Line Items]
Permanent financing period								10 years
Permanent financing interest rate								4.18%
Debt instrument, payment terms								Payments for the first seven years are interest only. Payments over the remaining three years of the term are based on a 25 year amortization schedule, with a balloon payment of $14.4 million due at maturity.
Mortgage notes payable								$ 15,500,000
Payment term based on amortization schedule								25 years
Leasable area owned by the company (in square feet) | ft²								84,000
Debt Instrument, balloon payment due upon maturity								$ 14,400,000
United States Life Insurance Company Loan [Member]
Debt Instrument [Line Items]
Interest Rate								5.76%
Loan agreement maturity date								Apr. 1, 2018
Number of wholly-owned subsidiaries of the UPREIT | Item								6
New borrowings								$ 23,500,000
People's United Bank Loan [Member]
Debt Instrument [Line Items]
Interest Rate								5.23%
Loan agreement maturity date								Oct. 1, 2020
New borrowings						$ 2,700,000
Hartford Accident & Indemnity Company, Loan [Member]
Debt Instrument [Line Items]
Business acquisition, assumed mortgage			$ 9,000,000
Mortgage, bears interest rate			6.07%
Mortgage, principal payment			$ 3,000,000
Mortgage, initial maturity date								Mar. 31, 2017
Mortgage, maturity date								Mar. 31, 2020
Piscataway, NJ [Member]
Debt Instrument [Line Items]
Number of properties acquired | Property	6
Leasable area owned by the company (in square feet) | ft²	700,000
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
New York Note [Member] | Genworth Loan Agreement [Member]
Debt Instrument [Line Items]
Debt instrument, payment terms								12 monthly payments of interest only starting June 1, 2013
New borrowings				$ 14,400,000
Monthly payments of principal and interest								$ 70,000
Debt Instrument, Date of First Required Payment								Jun. 1, 2014
New Jersey Note [Member] | Genworth Loan Agreement [Member]
Debt Instrument [Line Items]
Debt instrument, payment terms								12 monthly payments of interest starting June 1, 2013
New borrowings				$ 15,100,000
Monthly payments of principal and interest								$ 73,000
Debt Instrument, Date of First Required Payment								Jun. 1, 2014
5 Year Notes [Member] | John Hancock Loan [Member]
Debt Instrument [Line Items]
Permanent financing period								5 years
Interest Rate								5.44%
Loan agreement maturity date								Mar. 1, 2013
10 Year Notes [Member] | John Hancock Loan [Member]
Debt Instrument [Line Items]
Permanent financing period								10 years
Interest Rate								6.17%
Loan agreement maturity date								Mar. 1, 2018
Remaining portion of loan		$ 61,000,000
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 [Member] | Aviva Life and Annuity [Member] | Farm Springs Road, LLC [Member]
Debt Instrument [Line Items]
Interest Rate								3.00%
Loan agreement maturity date								Mar. 1, 2018
New borrowings					$ 15,000,000
Mortgage Notes Payable [Member] | Genworth Loan Agreement [Member]
Debt Instrument [Line Items]
Interest Rate				3.20%
Loan agreement maturity date				Apr. 30, 2018
Number of wholly-owned subsidiaries of the UPREIT | Item				4
New borrowings				$ 29,500,000
Mortgage Notes Payable [Member] | Hartford Loan Agreement [Member]
Debt Instrument [Line Items]
Interest Rate								5.05%
Number of wholly-owned subsidiaries of the UPREIT | Item							2
New borrowings							$ 45,500,000
Monthly payments of interest								$ 191,479
Number of properties | Property								2
Mortgage Notes Payable [Member] | Hartford Loan Agreement [Member] | Hartford Life Insurance Company, Loan [Member]
Debt Instrument [Line Items]
New borrowings							25,000,000
Mortgage Notes Payable [Member] | Hartford Loan Agreement [Member] | Hartford Life and Accident Insurance Company [Member]
Debt Instrument [Line Items]
New borrowings							10,500,000
Mortgage Notes Payable [Member] | Hartford Loan Agreement [Member] | Hartford Life and Annuity Insurance Company [Member]
Debt Instrument [Line Items]
New borrowings							$ 10,000,000

Mortgage Notes Payable - Schedu

Mortgage Notes Payable - Schedule of Principal Repayments (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
2,016	$ 893
2,017	4,049
2,018	42,108
2,019	789
2,020	8,825
Thereafter	285,801
Total	$ 342,465	$ 201,280

Secured Revolving Credit Faci43

Secured Revolving Credit Facility - Additional Information (Detail) - USD ($)	Dec. 02, 2015	Feb. 20, 2015	Dec. 31, 2015	Dec. 31, 2014
Line Of Credit Facility [Line Items]
Credit facility, outstanding				$ 43,841,000
Capital One, N.A. [Member]
Line Of Credit Facility [Line Items]
Line of Credit facility, Agreement date			Apr. 8, 2014
Repayments of outstanding indebtedness		$ 56,000,000
Capital One, N.A. [Member] | Secured Loan [Member]
Line Of Credit Facility [Line Items]
Principal amount		$ 233,100,000
Key Bank [Member]
Line Of Credit Facility [Line Items]
Line of Credit facility, maximum borrowing capacity	$ 50,000,000
Line of Credit facility term	2 years
Line of Credit facility extended maturity period	1 year
Line Of Credit facility description			Line of credit facility, with an initial term of two years, with a one-year extension option, subject to certain other customary conditions.
Minimum principal amount			$ 25,000,000
Credit facility, outstanding			0
Key Bank [Member] | Maximum [Member]
Line Of Credit Facility [Line Items]
Swing loan			$ 5,000,000
Key Bank [Member] | LIBOR [Member] | Minimum [Member]
Line Of Credit Facility [Line Items]
Applicable margin range on credit facility			3.00%
Key Bank [Member] | LIBOR [Member] | Maximum [Member]
Line Of Credit Facility [Line Items]
Applicable margin range on credit facility			3.50%
Key Bank [Member] | If less than 50% of facility used [Member]
Line Of Credit Facility [Line Items]
Line of Credit facility, commitment fee percentage			0.30%
Key Bank [Member] | If more than 50% of facility used [Member]
Line Of Credit Facility [Line Items]
Line of Credit facility, commitment fee percentage			0.20%

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	Jun. 07, 2012	Apr. 30, 2012	Jun. 09, 2011	Feb. 07, 2008	Dec. 31, 2015	Dec. 31, 2014	Mar. 16, 2016
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											13,820,434	13,729,228
Shares of common stock outstanding											13,820,434	13,729,228
Percentage of taxable income which should be distributed to be qualified as REIT											90.00%
Number of shares of common stock which may be awarded											1,000,000
Number of shares available for future issuance											386,847
Stock options exercised											0	0
Stock compensation expense											$ 528,000	$ 361,000
Shares granted to vest, description											one fourth vested each year on the following dates: April 30, 2013, April 30, 2014, and April 30, 2015.
Unamortized stock compensation											$ 345,000
Stock Options [Member]
Stockholders' Equity Note [Line Items]
Stock options outstanding and exercisable											265,000
Subsequent Event [Member]
Stockholders' Equity Note [Line Items]
Common stock value per share													$ 10.40
Restricted Stock [Member]
Stockholders' Equity Note [Line Items]
Awards issued (in shares)						50,002
Value of restricted shares issued						$ 320,000
Shares granted to vest, description											One fourth of the shares granted to the executives vested on the grant date and one fourth will vest each year on the following dates: March 21, 2014, March 21, 2015, and March 21, 2016.
Outstanding at the end of the period (in shares)											323,393
Vested (in shares)											286,148
Non-employee Directors and Key Officers [Member]
Stockholders' Equity Note [Line Items]
Stock compensation expense											$ 0	$ 0
Non-employee Directors [Member]
Stockholders' Equity Note [Line Items]
Stock options granted									10,000	55,000
Options expiration period									10 years
Key Officers [Member]
Stockholders' Equity Note [Line Items]
Stock options granted										200,000
Vesting period										3 years
Executives [Member] | Restricted Stock [Member]
Stockholders' Equity Note [Line Items]
Vesting period						4 years		4 years
Awards issued (in shares)		43,010		44,704		46,876		55,149
Value of restricted shares issued		$ 400,000		$ 304,000		$ 300,000		$ 375,000
Awards issued (in dollars per share)		$ 9.30		$ 6.80		$ 6.40		$ 6.80
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.
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	5,884
Value of restricted shares issued	$ 175,000		$ 60,000		$ 60,000	$ 20,000	$ 40,000
Awards issued (in dollars per share)	$ 10.65		$ 6.80		$ 6.40	$ 6.40	$ 6.80
Federal Income Taxes [Member]
Stockholders' Equity Note [Line Items]
Percentage of taxable income which should be distributed in order not to be subject to corporate federal income taxes on retained income											100.00%
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
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.

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Dividends Declared on Common Stock (Detail) - $ / shares	3 Months Ended		6 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Stockholders' Equity Note [Line Items]
Declaration Date	Mar. 26, 2015	Mar. 20, 2014	Jun. 18, 2015	Jun. 19, 2014	Aug. 11, 2015	Aug. 12, 2014	Nov. 10, 2015	Nov. 12, 2014
Record Date	Mar. 31, 2015	Mar. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2015	Dec. 31, 2014
Payment Date	Apr. 15, 2015	Apr. 15, 2014	Jul. 15, 2015	Jul. 15, 2014	Oct. 15, 2015	Oct. 15, 2014	Jan. 15, 2016	Jan. 15, 2015
Dividend Per Share	$ 0.09	$ 0.08	$ 0.09	$ 0.08	$ 0.09	$ 0.08	$ 0.09	$ 0.08
Supplemental 2013 dividend [Member]
Stockholders' Equity Note [Line Items]
Declaration Date									Mar. 20, 2014
Record Date									Dec. 31, 2013
Payment Date									Apr. 15, 2014
Dividend Per Share									$ 0.02
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
Supplemental 2015 dividend [Member]
Stockholders' Equity Note [Line Items]
Declaration Date							Nov. 10, 2015
Record Date							Dec. 31, 2015
Payment Date							Jan. 22, 2016
Dividend Per Share							$ 0.09

Earnings (Loss) per Share - Add

Earnings (Loss) per Share - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 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								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Numerator:
Net (loss) income attributable to common stockholders	$ 1,069	$ 1,413	$ 900	$ (9,945)	$ 1,365	$ 1,020	$ 808	$ 42	$ (6,563)	$ 3,235
Denominator:
Weighted average common shares outstanding-basic and diluted									13,772,429	13,707,844
Basic and Diluted Per Share Information:
Net (loss) income per share – basic and diluted	$ 0.08	$ 0.10	$ 0.07	$ (0.72)	$ 0.10	$ 0.07	$ 0.06	$ 0	$ (0.48)	$ 0.24

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	Nov. 04, 2014USD ($)ft²	Jan. 16, 2014USD ($)	Nov. 30, 2015USD ($)ft²	Jan. 31, 2014USD ($)	Dec. 31, 2015USD ($)Installment	Dec. 31, 2013USD ($)	Dec. 11, 2013USD ($)
Rochlin Organization (“TRO”) [Member]
Related Party Transactions [Line Items]
Brokerage cash commissions			$ 12,000	$ 95,000		$ 60,000
Lease value, total			$ 200,000	$ 2,100,000		$ 1,015,000
Additional area of real estate property leased | ft²			35,000
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					$ 282,000
Aggregate lease payments					$ 1,800,000
Lease expiration year					2,020
Former 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 1101 [Member]
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

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Nov. 04, 2015USD ($)	Dec. 31, 2015USD ($)Bus_Depot	Dec. 31, 2014USD ($)	Feb. 16, 2012USD ($)
Commitments and Contingencies [Line Items]
Number of bus depot sites received final regulatory closure		3
Number of former bus depot sites		6
Number of bus depot sites continuing monitoring and reporting activities associated with environmental cleanup efforts		3
Number of bus depot sites compliance with environmental cleanup efforts		6
Divestiture [Member] | Shelter Electric [Member]
Commitments and Contingencies [Line Items]
Pension withdrawal liability | $		$ 1,300,000	$ 1,300,000	$ 1,500,000
Monthly installment payment for pension withdrawal liability | $		$ 8,000
Term of payment		20 years
Letter Of Credit | Bank of America, N.A. [Member]
Commitments and Contingencies [Line Items]
Letters of credit, amount | $	$ 957,708
Line of Credit facility term	1 year
Line Of Credit facility description		The amount of the Letter of Credit can be reduced with the Township’s approval upon the completion of specific milestones by the Company. The term is for one year plus applicable extensions.

Fair Value - Schedule of Fair V

Fair Value - Schedule of Fair Value of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Financial assets:
Cash and cash equivalents	$ 15,005	$ 8,437	$ 6,588
Accounts receivable	772	433
Financial liabilities:
Accounts payable and accrued expenses	2,513	1,764
Revolving credit facility		43,841
Mortgage notes payable	342,465	201,280
Pension withdrawal liability	1,258	1,320
Estimate of Fair Value Measurement [Member]
Financial assets:
Cash and cash equivalents	15,005	8,437
Accounts receivable	772	433
Financial liabilities:
Accounts payable and accrued expenses	2,513	1,764
Pension withdrawal liability	1,243	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	342,465	201,280
Mortgages [Member] | Estimate of Fair Value Measurement [Member]
Financial liabilities:
Mortgage notes payable	$ 338,432	$ 202,121

Other Retirement Benefits - Add

Other Retirement Benefits - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Defined Contribution Plan Disclosure [Line Items]
Contributions to the plan and charged to benefit costs	$ 32,000	$ 30,000
Defined Contribution 401(k) Plan for Non-Union Employees [Member]
Defined Contribution Plan Disclosure [Line Items]
Minimum period of service of employees to be eligible to participate in plan	1 year
Minimum age of employees to be eligible to participate in plan	21 years

Income Taxes - Schedule of Reco

Income Taxes - Schedule of Reconciliation of GAAP (Loss) Income from Continuing Operations to Taxable (Loss) Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
(Loss) income from operations	$ (9,985)	$ 4,876
Less: GAAP net income of taxable subsidiaries	277	221
GAAP net (loss) income from REIT operations	(10,262)	4,655
Operating expense book deductions (less) greater than tax	(6)	(198)
Book depreciation in excess of tax depreciation	4,818	3,414
GAAP amortization of intangibles in excess of tax amortization	2,977	1,861
Straightline rent adjustments	(1,351)	(1,896)
Acquisition costs capitalized for tax	619	1,006
Loss (income) allocable to noncontrolling interest	122	(3,561)
Estimated taxable (loss) income subject to the dividend requirement	$ (3,083)	$ 5,281

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Taxable years not able to qualify as REIT if company fails in any taxable year	4 years
Provisions for (benefit from) income taxes	$ 0	$ 0
Net operating loss carry-forwards	20,000,000
Capital loss carryforwards	$ 9,000,000

Future Minimum Rent Schedule -

Future Minimum Rent Schedule - Schedule of Future Minimum Contractual Lease Payments to be Received by Company under Operating Leases (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Operating Leases Future Minimum Payments Receivable [Abstract]
2,016	$ 39,055
2,017	36,811
2,018	35,541
2,019	31,103
2,020	28,256
Thereafter	137,946
Total	$ 308,712

Selected Quarterly Data - Summa

Selected Quarterly Data - Summary of Selected Quarterly Data (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Selected Quarterly Financial Information [Abstract]
Revenues	$ 12,055	$ 12,316	$ 12,000	$ 11,357	$ 10,485	$ 10,128	$ 9,455	$ 9,274	$ 47,728	$ 39,342
Net (loss) income attributable to common stockholders	$ 1,069	$ 1,413	$ 900	$ (9,945)	$ 1,365	$ 1,020	$ 808	$ 42	$ (6,563)	$ 3,235
Per common share (basic and diluted)	$ 0.08	$ 0.10	$ 0.07	$ (0.72)	$ 0.10	$ 0.07	$ 0.06	$ 0	$ (0.48)	$ 0.24

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - Operating Partnership [Member] $ in Millions	Feb. 08, 2016USD ($)shares
Subsequent Event [Line Items]
Shares agreed to be purchased for litigation settlement | shares	200,302
Shares agreed to be purchased for litigation settlement value | $	$ 1.2

Schedule III - Consolidated Rea

Schedule III - Consolidated Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 187,932
Initial Cost to Company, Buildings & Improvements	235,438
Cost Capitalized Subsequent to Acquisition, Improvements	19,395
Gross Carrying Value, Land	187,943
Gross Carrying Value, Buildings & Improvements	254,822
Gross Carrying Value of Land, Buildings & Improvements, Total	442,765	$ 368,248	$ 309,465
Accumulated Depreciation	36,412	$ 28,317	$ 21,449
New York [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	136,147
Initial Cost to Company, Buildings & Improvements	63,663
Cost Capitalized Subsequent to Acquisition, Improvements	10,741
Gross Carrying Value, Land	136,158
Gross Carrying Value, Buildings & Improvements	74,393
Gross Carrying Value of Land, Buildings & Improvements, Total	210,551
Accumulated Depreciation	19,557
New York [Member] | 103 Fairview Park Drive, Elmsford, NY [Member] | Genworth Life Insurance Company [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	3,416
Initial Cost to Company, Buildings & Improvements	9,972
Gross Carrying Value, Land	3,416
Gross Carrying Value, Buildings & Improvements	9,972
Gross Carrying Value of Land, Buildings & Improvements, Total	13,388
Accumulated Depreciation	$ 888
Date of Construction	1,988
Date Acquired	Jan. 17, 2013
New York [Member] | 412 Fairview Park Drive, Elmsford, NY [Member] | American International Group [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 3,237
Initial Cost to Company, Buildings & Improvements	572
Gross Carrying Value, Land	3,237
Gross Carrying Value, Buildings & Improvements	572
Gross Carrying Value of Land, Buildings & Improvements, Total	3,809
Accumulated Depreciation	$ 43
Date Acquired	Jan. 17, 2013
New York [Member] | 401 Fieldcrest Drive, Elmsford, NY [Member] | American International Group [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 3,008
Initial Cost to Company, Buildings & Improvements	7,097
Gross Carrying Value, Land	3,008
Gross Carrying Value, Buildings & Improvements	7,097
Gross Carrying Value of Land, Buildings & Improvements, Total	10,105
Accumulated Depreciation	$ 548
Date Acquired	Jan. 17, 2013
New York [Member] | 404 Fieldcrest Drive, Elmsford, NY [Member] | Genworth Life Insurance Company [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 2,275
Initial Cost to Company, Buildings & Improvements	7,822
Gross Carrying Value, Land	2,275
Gross Carrying Value, Buildings & Improvements	7,822
Gross Carrying Value of Land, Buildings & Improvements, Total	10,097
Accumulated Depreciation	$ 670
Date of Construction	1,996
Date Acquired	Jan. 17, 2013
New York [Member] | 36 Midland Ave, Port Chester, NY [Member] | American International Group [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 2,428
Initial Cost to Company, Buildings & Improvements	6,409
Cost Capitalized Subsequent to Acquisition, Improvements	311
Gross Carrying Value, Land	2,428
Gross Carrying Value, Buildings & Improvements	6,720
Gross Carrying Value of Land, Buildings & Improvements, Total	9,148
Accumulated Depreciation	$ 551
Date of Construction	1,979
Date Acquired	Jan. 17, 2013
New York [Member] | 100-110 Midland Ave, Port Chester, NY | American International Group [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 5,390
Initial Cost to Company, Buildings & Improvements	16,463
Cost Capitalized Subsequent to Acquisition, Improvements	25
Gross Carrying Value, Land	5,390
Gross Carrying Value, Buildings & Improvements	16,488
Gross Carrying Value of Land, Buildings & Improvements, Total	21,878
Accumulated Depreciation	$ 1,322
Date of Construction	1,979
Date Acquired	Jan. 17, 2013
New York [Member] | 199 Ridgewood Drive, Elmsford, NY [Member] | American International Group [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 827
Initial Cost to Company, Buildings & Improvements	1,916
Gross Carrying Value, Land	827
Gross Carrying Value, Buildings & Improvements	1,916
Gross Carrying Value of Land, Buildings & Improvements, Total	2,743
Accumulated Depreciation	$ 181
Date of Construction	1,992
Date Acquired	Jan. 17, 2013
New York [Member] | 203 Ridgewood Drive, Elmsford, NY [Member] | American International Group [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 948
Initial Cost to Company, Buildings & Improvements	2,265
Gross Carrying Value, Land	948
Gross Carrying Value, Buildings & Improvements	2,265
Gross Carrying Value of Land, Buildings & Improvements, Total	3,213
Accumulated Depreciation	$ 202
Date of Construction	1,986
Date Acquired	Jan. 17, 2013
New York [Member] | 8 Slater Street, Port Chester, NY [Member] | American International Group [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,997
Initial Cost to Company, Buildings & Improvements	4,640
Cost Capitalized Subsequent to Acquisition, Improvements	240
Gross Carrying Value, Land	1,997
Gross Carrying Value, Buildings & Improvements	4,880
Gross Carrying Value of Land, Buildings & Improvements, Total	6,877
Accumulated Depreciation	$ 434
Date of Construction	1,984
Date Acquired	Jan. 17, 2013
New York [Member] | 612 Wortman Ave, Brooklyn, NY [Member] | American International Group [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 8,907
Initial Cost to Company, Buildings & Improvements	117
Cost Capitalized Subsequent to Acquisition, Improvements	4,094
Gross Carrying Value, Land	8,907
Gross Carrying Value, Buildings & Improvements	4,211
Gross Carrying Value of Land, Buildings & Improvements, Total	13,118
Accumulated Depreciation	$ 3,085
Date of Construction	1,965
Date Acquired	Mar. 26, 2007
New York [Member] | 165-25 147th Ave, Jamaica, NY [Member] | American International Group [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 360
Initial Cost to Company, Buildings & Improvements	3,821
Cost Capitalized Subsequent to Acquisition, Improvements	856
Gross Carrying Value, Land	360
Gross Carrying Value, Buildings & Improvements	4,677
Gross Carrying Value of Land, Buildings & Improvements, Total	5,037
Accumulated Depreciation	$ 4,676
Date of Construction	1,952
Date Acquired	Mar. 26, 2007
New York [Member] | 114-15 Guy Brewer Blvd, Jamaica, NY [Member] | American International Group [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 23,100
Initial Cost to Company, Buildings & Improvements	6
Cost Capitalized Subsequent to Acquisition, Improvements	2,067
Gross Carrying Value, Land	23,100
Gross Carrying Value, Buildings & Improvements	2,073
Gross Carrying Value of Land, Buildings & Improvements, Total	25,173
Accumulated Depreciation	$ 2,073
Date of Construction	1,965
Date Acquired	Mar. 26, 2007
New York [Member] | 49-19 Rockaway Beach Blvd, Far Rockaway, NY [Member] | American International Group [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 74
Initial Cost to Company, Buildings & Improvements	783
Cost Capitalized Subsequent to Acquisition, Improvements	31
Gross Carrying Value, Land	74
Gross Carrying Value, Buildings & Improvements	814
Gross Carrying Value of Land, Buildings & Improvements, Total	888
Accumulated Depreciation	$ 807
Date of Construction	1,931
Date Acquired	Mar. 26, 2007
New York [Member] | 85-01 24th Ave, East Elmhurst, NY [Member] | American International Group [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 38,210
Initial Cost to Company, Buildings & Improvements	937
Cost Capitalized Subsequent to Acquisition, Improvements	2,343
Gross Carrying Value, Land	38,210
Gross Carrying Value, Buildings & Improvements	3,280
Gross Carrying Value of Land, Buildings & Improvements, Total	41,490
Accumulated Depreciation	$ 2,929
Date of Construction	1,954
Date Acquired	Mar. 26, 2007
New York [Member] | 23-85 87th Street, East Elmhurst, NY [Member] | American International Group [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 14,506
Initial Cost to Company, Buildings & Improvements	323
Cost Capitalized Subsequent to Acquisition, Improvements	763
Gross Carrying Value, Land	14,517
Gross Carrying Value, Buildings & Improvements	1,075
Gross Carrying Value of Land, Buildings & Improvements, Total	15,592
Accumulated Depreciation	$ 1,047
Date of Construction	1,966
Date Acquired	Mar. 26, 2007
New York [Member] | 28-20 Borden Ave, Long Island City, NY [Member] | People's United Bank [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 26,678
Initial Cost to Company, Buildings & Improvements	98
Cost Capitalized Subsequent to Acquisition, Improvements	11
Gross Carrying Value, Land	26,678
Gross Carrying Value, Buildings & Improvements	109
Gross Carrying Value of Land, Buildings & Improvements, Total	26,787
Accumulated Depreciation	$ 37
Date Acquired	Jul. 2, 2014
New York [Member] | 112 Midland Ave, Port Chester, NY [Member] | American International Group [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 786
Initial Cost to Company, Buildings & Improvements	422
Gross Carrying Value, Land	786
Gross Carrying Value, Buildings & Improvements	422
Gross Carrying Value of Land, Buildings & Improvements, Total	1,208
Accumulated Depreciation	$ 64
Date of Construction	1,980
Date Acquired	Mar. 26, 2007
New Jersey [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 25,636
Initial Cost to Company, Buildings & Improvements	88,107
Cost Capitalized Subsequent to Acquisition, Improvements	2,279
Gross Carrying Value, Land	25,636
Gross Carrying Value, Buildings & Improvements	90,386
Gross Carrying Value of Land, Buildings & Improvements, Total	116,022
Accumulated Depreciation	4,935
New Jersey [Member] | 100 American Road, Morris Plains, NJ [Member] | American International Group [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	2,275
Initial Cost to Company, Buildings & Improvements	12,538
Cost Capitalized Subsequent to Acquisition, Improvements	312
Gross Carrying Value, Land	2,275
Gross Carrying Value, Buildings & Improvements	12,850
Gross Carrying Value of Land, Buildings & Improvements, Total	15,125
Accumulated Depreciation	$ 1,050
Date of Construction	1,986
Date Acquired	Jan. 17, 2013
New Jersey [Member] | 200 American Road, Morris Plains, NJ [Member] | American International Group [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 725
Initial Cost to Company, Buildings & Improvements	5,361
Cost Capitalized Subsequent to Acquisition, Improvements	42
Gross Carrying Value, Land	725
Gross Carrying Value, Buildings & Improvements	5,403
Gross Carrying Value of Land, Buildings & Improvements, Total	6,128
Accumulated Depreciation	$ 466
Date of Construction	2,004
Date Acquired	Jan. 17, 2013
New Jersey [Member] | 300 American Road, Morris Plains, NJ [Member] | Genworth Life Insurance Company [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,466
Initial Cost to Company, Buildings & Improvements	6,628
Cost Capitalized Subsequent to Acquisition, Improvements	47
Gross Carrying Value, Land	1,466
Gross Carrying Value, Buildings & Improvements	6,675
Gross Carrying Value of Land, Buildings & Improvements, Total	8,141
Accumulated Depreciation	$ 545
Date of Construction	1,987
Date Acquired	Jan. 17, 2013
New Jersey [Member] | 400 American Road, Morris Plains, NJ [Member] | American International Group [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,724
Initial Cost to Company, Buildings & Improvements	9,808
Cost Capitalized Subsequent to Acquisition, Improvements	96
Gross Carrying Value, Land	1,724
Gross Carrying Value, Buildings & Improvements	9,904
Gross Carrying Value of Land, Buildings & Improvements, Total	11,628
Accumulated Depreciation	$ 910
Date of Construction	1,990
Date Acquired	Jan. 17, 2013
New Jersey [Member] | 500 American Road, Morris Plains, NJ [Member] | Genworth Life Insurance Company [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,711
Initial Cost to Company, Buildings & Improvements	8,111
Gross Carrying Value, Land	1,711
Gross Carrying Value, Buildings & Improvements	8,111
Gross Carrying Value of Land, Buildings & Improvements, Total	9,822
Accumulated Depreciation	$ 660
Date of Construction	1,988
Date Acquired	Jan. 17, 2013
New Jersey [Member] | 20 East Halsey Road, Parsippany, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,898
Initial Cost to Company, Buildings & Improvements	1,402
Cost Capitalized Subsequent to Acquisition, Improvements	1,712
Gross Carrying Value, Land	1,898
Gross Carrying Value, Buildings & Improvements	3,114
Gross Carrying Value of Land, Buildings & Improvements, Total	5,012
Accumulated Depreciation	$ 121
Date of Construction	1,970
Date Acquired	Apr. 23, 2014
New Jersey [Member] | 1110 Centennial Ave, Piscataway, NJ [Member] | Allstate Corporation [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 790
Initial Cost to Company, Buildings & Improvements	1,937
Gross Carrying Value, Land	790
Gross Carrying Value, Buildings & Improvements	1,937
Gross Carrying Value of Land, Buildings & Improvements, Total	2,727
Accumulated Depreciation	$ 54
Date of Construction	1,979
Date Acquired	Mar. 13, 2015
New Jersey [Member] | 11 Constitution Ave, Piscataway, NJ [Member] | Allstate Corporation [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,780
Initial Cost to Company, Buildings & Improvements	8,999
Cost Capitalized Subsequent to Acquisition, Improvements	4
Gross Carrying Value, Land	1,780
Gross Carrying Value, Buildings & Improvements	9,003
Gross Carrying Value of Land, Buildings & Improvements, Total	10,783
Accumulated Depreciation	$ 207
Date of Construction	1,989
Date Acquired	Mar. 13, 2015
New Jersey [Member] | 21 Constitution Ave, Piscataway, NJ [Member] | Allstate Corporation [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 6,187
Initial Cost to Company, Buildings & Improvements	18,855
Gross Carrying Value, Land	6,187
Gross Carrying Value, Buildings & Improvements	18,855
Gross Carrying Value of Land, Buildings & Improvements, Total	25,042
Accumulated Depreciation	$ 470
Date of Construction	2,002
Date Acquired	Mar. 13, 2015
New Jersey [Member] | 4 Corporate Place, Piscataway, NJ [Member] | Allstate Corporation [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 2,145
Initial Cost to Company, Buildings & Improvements	1,744
Cost Capitalized Subsequent to Acquisition, Improvements	66
Gross Carrying Value, Land	2,145
Gross Carrying Value, Buildings & Improvements	1,810
Gross Carrying Value of Land, Buildings & Improvements, Total	3,955
Accumulated Depreciation	$ 99
Date of Construction	1,974
Date Acquired	Mar. 13, 2015
New Jersey [Member] | 8 Corporate Place, Piscataway, NJ [Member] | Allstate Corporation [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 2,666
Initial Cost to Company, Buildings & Improvements	4,381
Gross Carrying Value, Land	2,666
Gross Carrying Value, Buildings & Improvements	4,381
Gross Carrying Value of Land, Buildings & Improvements, Total	7,047
Accumulated Depreciation	$ 138
Date of Construction	1,977
Date Acquired	Mar. 13, 2015
New Jersey [Member] | 25 Corporate Place, Piscataway, NJ [Member] | Allstate Corporation [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 2,269
Initial Cost to Company, Buildings & Improvements	8,343
Gross Carrying Value, Land	2,269
Gross Carrying Value, Buildings & Improvements	8,343
Gross Carrying Value of Land, Buildings & Improvements, Total	10,612
Accumulated Depreciation	$ 215
Date of Construction	1,985
Date Acquired	Mar. 13, 2015
Connecticut [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 26,149
Initial Cost to Company, Buildings & Improvements	83,668
Cost Capitalized Subsequent to Acquisition, Improvements	6,375
Gross Carrying Value, Land	26,149
Gross Carrying Value, Buildings & Improvements	90,043
Gross Carrying Value of Land, Buildings & Improvements, Total	116,192
Accumulated Depreciation	11,920
Connecticut [Member] | 466 Bridgeport Ave, Shelton, CT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	833
Initial Cost to Company, Buildings & Improvements	867
Cost Capitalized Subsequent to Acquisition, Improvements	1,094
Gross Carrying Value, Land	833
Gross Carrying Value, Buildings & Improvements	1,961
Gross Carrying Value of Land, Buildings & Improvements, Total	2,794
Accumulated Depreciation	$ 65
Date of Construction	1,982
Date Acquired	Jan. 17, 2013
Connecticut [Member] | 470 Bridgeport Ave, Shelton, CT [Member] | American International Group [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 2,660
Initial Cost to Company, Buildings & Improvements	4,807
Cost Capitalized Subsequent to Acquisition, Improvements	42
Gross Carrying Value, Land	2,660
Gross Carrying Value, Buildings & Improvements	4,849
Gross Carrying Value of Land, Buildings & Improvements, Total	7,509
Accumulated Depreciation	$ 421
Date of Construction	1,973
Date Acquired	Jan. 17, 2013
Connecticut [Member] | 15 Progress Drive, Shelton, CT [Member] | People's United Bank [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 984
Initial Cost to Company, Buildings & Improvements	3,411
Gross Carrying Value, Land	984
Gross Carrying Value, Buildings & Improvements	3,411
Gross Carrying Value of Land, Buildings & Improvements, Total	4,395
Accumulated Depreciation	$ 308
Date of Construction	1,980
Date Acquired	Jan. 17, 2013
Connecticut [Member] | 33 Platt Road, Shelton, CT [Member] | American International Group [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 3,196
Initial Cost to Company, Buildings & Improvements	5,402
Gross Carrying Value, Land	3,196
Gross Carrying Value, Buildings & Improvements	5,402
Gross Carrying Value of Land, Buildings & Improvements, Total	8,598
Accumulated Depreciation	$ 504
Date of Construction	1,972
Date Acquired	Oct. 15, 2014
Connecticut [Member] | 950-974 Bridgeport Ave, Milford, CT [Member] | American International Group [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,551
Initial Cost to Company, Buildings & Improvements	3,524
Cost Capitalized Subsequent to Acquisition, Improvements	32
Gross Carrying Value, Land	1,551
Gross Carrying Value, Buildings & Improvements	3,556
Gross Carrying Value of Land, Buildings & Improvements, Total	5,107
Accumulated Depreciation	$ 305
Date of Construction	1,946
Date Acquired	Jan. 17, 2013
Connecticut [Member] | 12 Cascade Blvd, Orange, CT [Member] | American International Group [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,688
Initial Cost to Company, Buildings & Improvements	3,742
Gross Carrying Value, Land	1,688
Gross Carrying Value, Buildings & Improvements	3,742
Gross Carrying Value of Land, Buildings & Improvements, Total	5,430
Accumulated Depreciation	$ 303
Date of Construction	1,987
Date Acquired	Jan. 17, 2013
Connecticut [Member] | 15 Executive Blvd., Orange, CT [Member] | American International Group [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,974
Initial Cost to Company, Buildings & Improvements	5,357
Cost Capitalized Subsequent to Acquisition, Improvements	661
Gross Carrying Value, Land	1,974
Gross Carrying Value, Buildings & Improvements	6,018
Gross Carrying Value of Land, Buildings & Improvements, Total	7,992
Accumulated Depreciation	$ 571
Date of Construction	1,983
Date Acquired	Jan. 17, 2013
Connecticut [Member] | 25 Executive Blvd., Orange, CT [Member] | American International Group [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 438
Initial Cost to Company, Buildings & Improvements	1,481
Cost Capitalized Subsequent to Acquisition, Improvements	33
Gross Carrying Value, Land	438
Gross Carrying Value, Buildings & Improvements	1,514
Gross Carrying Value of Land, Buildings & Improvements, Total	1,952
Accumulated Depreciation	$ 113
Date of Construction	1,983
Date Acquired	Jan. 17, 2013
Connecticut [Member] | 22 Marsh Hill Rd, Orange, CT [Member] | American International Group [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,462
Initial Cost to Company, Buildings & Improvements	2,915
Gross Carrying Value, Land	1,462
Gross Carrying Value, Buildings & Improvements	2,915
Gross Carrying Value of Land, Buildings & Improvements, Total	4,377
Accumulated Depreciation	$ 220
Date of Construction	1,989
Date Acquired	Jan. 17, 2013
Connecticut [Member] | 269 Lambert Rd, Orange, CT [Member] | American International Group [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,666
Initial Cost to Company, Buildings & Improvements	3,516
Cost Capitalized Subsequent to Acquisition, Improvements	201
Gross Carrying Value, Land	1,666
Gross Carrying Value, Buildings & Improvements	3,717
Gross Carrying Value of Land, Buildings & Improvements, Total	5,383
Accumulated Depreciation	$ 385
Date of Construction	1,986
Date Acquired	Jan. 17, 2013
Connecticut [Member] | 110 Old County Circle, Windsor Locks, CT [Member] | Hartford Accident [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,572
Initial Cost to Company, Buildings & Improvements	11,797
Gross Carrying Value, Land	1,572
Gross Carrying Value, Buildings & Improvements	11,797
Gross Carrying Value of Land, Buildings & Improvements, Total	13,369
Accumulated Depreciation	$ 925
Date of Construction	2,003
Date Acquired	Apr. 8, 2014
Connecticut [Member] | 112 Old County Road, Windsor Locks, CT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 200
Gross Carrying Value, Land	200
Gross Carrying Value of Land, Buildings & Improvements, Total	$ 200
Date Acquired	Apr. 8, 2014
Connecticut [Member] | 4 Meadow Street, Norwalk, CT [Member] | American International Group [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 856
Initial Cost to Company, Buildings & Improvements	3,034
Cost Capitalized Subsequent to Acquisition, Improvements	250
Gross Carrying Value, Land	856
Gross Carrying Value, Buildings & Improvements	3,284
Gross Carrying Value of Land, Buildings & Improvements, Total	4,140
Accumulated Depreciation	$ 210
Date of Construction	1,992
Date Acquired	Aug. 22, 2014
Connecticut [Member] | 777 Brook Street, Rocky Hill, CT [Member] | American International Group [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 2,456
Initial Cost to Company, Buildings & Improvements	8,658
Gross Carrying Value, Land	2,456
Gross Carrying Value, Buildings & Improvements	8,658
Gross Carrying Value of Land, Buildings & Improvements, Total	11,114
Accumulated Depreciation	$ 299
Date of Construction	1,969
Date Acquired	Jan. 14, 2015
Connecticut [Member] | 8 Farm Springs Road, Farmington, CT [Member] | Athene Life and Annuity [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 3,533
Initial Cost to Company, Buildings & Improvements	16,248
Cost Capitalized Subsequent to Acquisition, Improvements	3,832
Gross Carrying Value, Land	3,533
Gross Carrying Value, Buildings & Improvements	20,080
Gross Carrying Value of Land, Buildings & Improvements, Total	23,613
Accumulated Depreciation	$ 6,258
Date of Construction	1,980
Date Acquired	Feb. 28, 2008
Connecticut [Member] | 35 Executive Blvd., Orange, CT [Member] | Athene Life and Annuity [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,080
Initial Cost to Company, Buildings & Improvements	8,909
Cost Capitalized Subsequent to Acquisition, Improvements	230
Gross Carrying Value, Land	1,080
Gross Carrying Value, Buildings & Improvements	9,139
Gross Carrying Value of Land, Buildings & Improvements, Total	10,219
Accumulated Depreciation	$ 1,033
Date of Construction	1,988
Date Acquired	Jan. 17, 2013

Schedule III - Consolidated R58

Schedule III - Consolidated Real Estate and Accumulated Depreciation (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Principal Outstanding	$ 342,465	$ 201,280
Athene Life and Annuity [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Principal Outstanding	15,000
Genworth Life Insurance Company [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Principal Outstanding	28,248	29,046
People's United Bank [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Principal Outstanding	2,392	$ 2,459
Hartford Accident [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Principal Outstanding	9,125
People's United Bank [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Principal Outstanding	15,500
American International Group [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Principal Outstanding	233,100
Allstate Corporation [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Principal Outstanding	$ 39,100