GTJ Reit (GTTJ) 10-Q 9 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 07, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Trading Symbol	CK0001368757
Entity Registrant Name	GTJ REIT, Inc.
Entity Central Index Key	1,368,757
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		13,569,664

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Real estate, at cost:
Land	$ 197,839	$ 199,782
Buildings and improvements	304,771	322,404
Total real estate, at cost	502,610	522,186
Less: accumulated depreciation and amortization	(52,082)	(55,136)
Net real estate held for investment	450,528	467,050
Cash and cash equivalents	13,345	8,423
Restricted cash	3,945	3,471
Rental income in excess of amount billed	14,937	16,261
Acquired lease intangible assets, net	13,247	14,576
Investment in unconsolidated affiliate	5,250	1,209
Asset held for sale	17,466
Other assets	9,778	10,551
Total assets	528,496	521,541
Liabilities:
Mortgage notes payable, net	361,161	370,194
Secured revolving credit facility	55,000	35,857
Accounts payable and accrued expenses	2,811	3,608
Dividends payable	1,357	1,359
Acquired lease intangible liabilities, net	5,431	5,867
Liabilities related to asset held for sale	20
Other liabilities	6,851	7,070
Total liabilities	432,631	423,955
Commitments and contingencies (Note 8)
Equity:
Common stock, $.0001 par value; 100,000,000 shares authorized; 13,569,664 and 13,594,125 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively	1	1
Additional paid-in capital	161,059	161,812
Distributions in excess of net income	(103,729)	(103,025)
Total stockholders’ equity	57,331	58,788
Noncontrolling interest	38,534	38,798
Total equity	95,865	97,586
Total liabilities and equity	528,496	521,541
Series A Preferred Stock [Member]
Equity:
Preferred stock, value
Series B Preferred Stock, Non-Voting [Member]
Equity:
Preferred stock, value

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	13,569,664	13,594,125
Common stock, shares outstanding	13,569,664	13,594,125
Series A Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	500,000	500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series B Preferred Stock, Non-Voting [Member]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	6,500,000	6,500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Rental income	$ 11,690	$ 10,878	$ 23,270	$ 21,743
Tenant reimbursements	2,606	1,705	5,424	3,768
Total revenues	14,296	12,583	28,694	25,511
Operating Expenses:
Property operating expenses	2,930	2,202	6,207	4,834
General and administrative	2,073	2,605	3,921	4,305
Acquisition costs		62		161
Depreciation and amortization	3,579	3,203	7,223	6,350
Total expenses	8,582	8,072	17,351	15,650
Operating income	5,714	4,511	11,343	9,861
Interest expense	(4,728)	(3,958)	(9,254)	(7,905)
Equity in gains (losses) of unconsolidated affiliate			2,458	(198)
Other income (expense)	(9)	(301)	51	(411)
Net income from operations	977	252	4,598	1,347
Less: Net income attributable to noncontrolling interest	312	164	1,499	550
Net income attributable to common stockholders	$ 665	$ 88	$ 3,099	$ 797
Net income per common share attributable to common stockholders - basic and diluted earnings per share	$ 0.05	$ 0.01	$ 0.23	$ 0.06
Weighted average common shares outstanding – basic	13,581,655	13,640,027	13,587,192	13,629,514
Weighted average common shares outstanding – diluted	13,603,552	13,661,510	13,609,089	13,650,997

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Stockholders' Equity - 6 months ended Jun. 30, 2018 - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional-Paid-In-Capital [Member]	Distributions in Excess of Net Income [Member]	Total Stockholders' Equity [Member]	Noncontrolling Interest [Member]
Beginning Balance at Dec. 31, 2017	$ 97,586	$ 1	$ 161,812	$ (103,025)	$ 58,788	$ 38,798
Beginning Balance (in shares) at Dec. 31, 2017		13,594,125
Common stock dividends	(3,803)			(3,803)	(3,803)
Repurchases - common stock	(1,035)		(1,035)		(1,035)
Repurchases - common stock (in shares)		(82,399)
Stock-based compensation	513		513		513
Issuance of shares		57,938
Distributions to noncontrolling interest	(1,994)					(1,994)
Net income from operations	4,598			3,099	3,099	1,499
Reallocation of equity			(231)		(231)	231
Ending Balance at Jun. 30, 2018	$ 95,865	$ 1	$ 161,059	$ (103,729)	$ 57,331	$ 38,534
Ending Balance (in shares) at Jun. 30, 2018		13,569,664

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income from operations	$ 4,598	$ 1,347
Adjustments to reconcile net income from operations to net cash provided by operating activities:
Depreciation	5,438	4,705
Amortization of intangible assets and deferred charges	2,058	1,940
Stock-based compensation	513	525
Rental income in excess of amount billed	(341)	(113)
(Income) loss from equity investment in unconsolidated affiliate	(2,458)	198
Proceeds from sale of property from unconsolidated affiliate	1,842
Changes in operating assets and liabilities:
Other assets	(588)	(492)
Accounts payable and accrued expenses	(777)	414
Other liabilities	(1,172)	(36)
Net cash provided by operating activities	9,113	8,488
CASH FLOWS FROM INVESTING ACTIVITIES:
Expenditures for improvements to real estate	(3,097)	(6,219)
Investment in unconsolidated affiliate	(5,250)
Return of capital from unconsolidated affiliate	1,825
Contract deposits		(1,720)
Net cash used in investing activities	(6,522)	(7,939)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from mortgage notes payable	33,000
Loan costs from mortgage notes payable	(781)
Proceeds from revolving credit facility	19,143	1,085
Payment of mortgage principal	(41,726)	(3,458)
Repurchases of common stock	(1,035)
Cash distributions to noncontrolling interests	(1,991)	(4,810)
Cash dividends paid	(3,805)	(4,085)
Net cash provided by (used in) financing activities	2,805	(11,268)
Net increase (decrease) in cash and cash equivalents	5,396	(10,719)
Cash and cash equivalents including restricted cash of $3,471 and $2,584, respectively, at the beginning of period	11,894	18,516
Cash and cash equivalents including restricted cash of $3,945 and $2,290, respectively, at the end of period	17,290	7,797
SUPPLEMENTAL DISCLOSURE CASH FLOW INFORMATION:
Cash paid for interest	8,581	7,395
Non-cash expenditures for real estate	951
Taxes paid	$ 42	$ 61

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
Statement Of Cash Flows [Abstract]
Restricted cash, beginning of period	$ 3,471	$ 2,290	$ 2,584
Restricted cash, end of period	$ 3,945	$ 3,471	$ 2,290

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Description of Business	1. ORGANIZATION AND DESCRIPTION OF BUSINESS: GTJ REIT, Inc. (the “Company” or “GTJ REIT”) was incorporated on June 26, 2006, under the Maryland General Corporation Law. The Company is focused primarily on the acquisition, ownership, management, and operation of commercial real estate located in New York, New Jersey, Connecticut and Delaware. The Company has elected to be treated as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended (the “Code”). The Company elected December 31 as its fiscal year end. Under the REIT operating structure, the Company is permitted to deduct the dividends paid to its stockholders when determining its taxable income. Assuming dividends equal or exceed the Company’s taxable income, the Company generally will not be required to pay federal corporate income taxes on such income. On January 17, 2013, the Company closed on a 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 exchanged for the Acquired Properties was increased to 33.78% due to post-closing adjustments, and to 34.48% due to the redemption of certain shares of GTJ REIT, Inc. common stock. The acquisition was recorded as a business combination and accordingly the purchase price was allocated to the assets acquired and liabilities assumed at fair value. At June 30, 2018, subject to certain anti-dilutive and other provisions contained in the governing agreements, the limited partnership interests in the Operating Partnership may be convertible in the aggregate, into approximately 1.9 million shares of the Company’s common stock and approximately 5.2 million shares of the Company’s Series B preferred stock. As of June 30, 2018, the Operating Partnership owned and operated 49 properties consisting of approximately 6.0 million square feet of primarily industrial and office space on approximately 400 acres of land in New York, New Jersey, Connecticut and Delaware.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of Presentation: The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the financial statements of the Company, its wholly owned subsidiaries, and the Operating Partnership, as the Company makes all operating and financial decisions for (i.e., exercises control over) the Operating Partnership. All material intercompany transactions have been eliminated. The ownership interests of the other investors in the Operating Partnership are presented as non-controlling interests. The accompanying unaudited condensed consolidated interim financial information has been prepared according to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. The Company’s management believes that the disclosures presented in these unaudited condensed consolidated financial statements are adequate to make the information presented not misleading. In management’s opinion, all adjustments and eliminations, consisting only of normal recurring adjustments, necessary to present fairly the financial position and results of operations for the reported periods have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. The accompanying unaudited condensed consolidated interim financial information should be read in conjunction with the Company’s December 31, 2017, audited consolidated financial statements, as previously filed with the SEC on Form 10-K on March 29, 2018, and other public information. The Company has determined that redemptions of Company shares result in a reallocation between the Operating Partnership’s non-controlling interest (“OP NCI”) and Additional Paid-in-Capital (“APIC”). During the six months ended June 30, 2018, the Company decreased its APIC with an offsetting increase to OP NCI of approximately $0.2 million. Use of Estimates: The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, and related disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. All of these estimates reflect management’s best judgment about current economic and market conditions and their effects based on information available as of the date of these condensed consolidated financial statements. If such conditions persist longer or deteriorate further than expected, it is reasonably possible that the judgments and estimates could change, which may result in impairments of certain assets. Significant estimates include the useful lives of long lived assets including property, equipment and intangible assets, impairment of assets, collectability of receivables, contingencies, stock-based compensation, and fair value of assets and liabilities acquired in business combinations. Real Estate: Real estate assets are stated at cost, less accumulated depreciation and amortization. All costs related to the improvement or replacement of real estate properties, including interest expense on development properties, are capitalized. 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 estimated market rents over the applicable lease term discounted back to the date of acquisition utilizing a discount rate adjusted for the credit risk associated with the respective tenants. The aggregate value of in-place leases is measured based on the avoided costs associated with lack of revenue over a market oriented lease-up period, the avoided leasing commissions, and other avoided costs common in similar leasing transactions. Mortgage notes payable assumed in connection with acquisitions are recorded at their fair value using current market interest rates for similar debt at the time of acquisitions. Effective 2018, acquisition related costs are capitalized. The capitalized above-market lease values are amortized as a reduction of rental revenue over the remaining term of the respective leases and the capitalized below-market lease values are amortized as an increase to rental revenue over the remaining term of the respective leases. The value of in-place leases is based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during expected lease-up periods, current market conditions, and costs to execute similar leases. The values of in-place leases are amortized over the remaining term of the respective leases. If a tenant terminates its lease prior to its contractual expiration date, any unamortized balance of the related intangible assets or liabilities is recorded as income or expense in the period. The total net impact to rental revenues due to the amortization of above and below-market leases was a net increase of approximately $0.3 million and $0.2 million for the six months ended June 30, 2018 and 2017, respectively. As of June 30, 2018, above-market and in-place leases of approximately $1.3 million and $12.0 million (net of accumulated amortization), respectively, are included in acquired lease intangible assets, net in the accompanying condensed consolidated balance sheets. As of December 31, 2017, above-market and in-place leases of approximately $1.5 million and $13.1 million (net of accumulated amortization), respectively, are included in the acquired lease intangible assets, net in the accompanying condensed consolidated balance sheets. As of June 30, 2018 and December 31, 2017, approximately $5.4 million and $5.9 million (net of accumulated amortization), respectively, relating to below-market leases are included in acquired lease intangible liabilities, net in the accompanying condensed consolidated balance sheets. The following table presents the projected impact for the remainder of 2018, the next five years and thereafter related to the net increase to rental revenue from the amortization of the acquired above-market and below-market lease intangibles and the increase to amortization expense of the in-place lease intangibles for properties owned at June 30, 2018 (in thousands): Increase to Net increase to amortization rental revenues expense Remainder of 2018 $ 275 $ 1,104 2019 560 1,955 2020 660 1,627 2021 510 1,400 2022 534 1,344 2023 635 1,189 Thereafter 974 3,345 $ 4,148 $ 11,964 Investment in Unconsolidated Affiliates: The company has investments in other entities that have been accounted for under the equity method of accounting. The equity method of accounting is used when an investor has influence, but not control, over the investee. The Company records its share of the profits and losses of the investee in the period when theses profits and losses are also reflected in the accounts of the investee. On February 28, 2018, the Company purchased a 50% interest in Two CPS Developers LLC (the “Investee”) for $5.25 million. The Company has the ability to exercise significant influence over the Investee, does not have a controlling interest in the Investee, and the Investee is not a variable interest entity. Therefore, the Company has accounted for this investment under the equity method of accounting. The Company did not record any income or loss from this investment for the three months and six months ended June 30, 2018, respectively, as the property owned by the investee was under development. Assets Held for Sale: On April 25, 2018, the Company entered into a purchase and sale agreement for the sale of the property located at 8 Farm Springs Road, Farmington, Connecticut. The transaction closed on July 16, 2018. In accordance with Accounting Standards Update (“ASU”) No. 2014-08, the sale will not be considered a discontinued operation. The property has been classified as held for sale as of June 30, 2018, as shown in the following table (in thousands): June 30, 2018 Farm Springs Road Real estate, net $ 15,162 Deferred leasing costs, net 628 Rental income in excess of amounts billed and other assets 1,676 Asset held for sale $ 17,466 Accounts payable and accrued expenses 20 Liabilities related to asset held for sale $ 20 Depreciation and Amortization: The Company uses the straight-line method for depreciation and amortization. Properties and property improvements are depreciated over their estimated useful lives, which range from 5 to 40 years. Furniture, fixtures, and equipment are depreciated over estimated useful lives that range from 5 to 10 years. Tenant improvements are amortized over the shorter of the remaining non-cancellable term of the related leases or their useful lives. Asset Impairment: Management reviews each real estate investment for impairment whenever events or circumstances indicate that the carrying value of a real estate investment may not be recoverable. The review of recoverability is based on an estimate of the undiscounted future cash flows that are expected to result from the real estate investment’s use and eventual disposition. Such cash flow analyses consider factors such as expected future operating income, trends and prospects, as well as the effects of leasing demand, competition and other factors. If an impairment event exists due to the projected inability to recover the carrying value of a real estate investment, an impairment loss is recorded to the extent that the carrying value exceeds estimated fair value. Management is required to make subjective assessments as to whether there are impairments in the value of the Company’s real estate holdings. These assessments could have a direct impact on net income, because an impairment loss is recognized in the period the assessment is made. Management has determined that there was no impairment related to its long-lived assets at June 30, 2018. 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. Deferred financing costs relating to the secured revolving credit facility and deferred leasing charges are included in other assets on the condensed consolidated balance sheets. Deferred financing costs related to mortgage notes payable are included as a reduction of mortgage notes payable, net on the condensed consolidated balance sheets. Reportable Segments: The Company operates in one reportable segment, commercial real estate. Revenue Recognition: Rental income includes the base rent that each tenant is required to pay in accordance with the terms of their respective leases reported on a straight-line basis over the term of the lease. In order for management to determine, in its judgment, that the unbilled rent receivable applicable to each specific tenant is collectible, management reviews billed and unbilled rent receivables on a quarterly basis and takes into consideration the tenant’s payment history and financial condition. Some of the leases provide for additional contingent rental revenue in the form of 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 its pro rata share of real estate taxes, insurance, and ordinary maintenance and repairs. Property operating expense recoveries from tenants of common area maintenance, real estate taxes, and other recoverable costs are recognized as revenues in the period that the related expenses are incurred. Earnings Per Share Information: The Company presents both basic and diluted earnings per share. Basic earnings per share excludes dilution and is computed by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower per share amount. Restricted stock and stock options were included in the computation of diluted earnings per share. Cash and Cash Equivalents: The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Restricted Cash: Restricted cash represents reserves used to pay real estate taxes, insurance, repairs, leasing costs and capital improvements. Fair Value Measurement: The Company determines fair value in accordance with Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurement.” This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. Assets and liabilities disclosed at fair values are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are defined by ASC 820-10-35, are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities. Determining which category an asset or liability falls within the hierarchy requires significant judgment, and the Company evaluates its hierarchy disclosures each quarter. The three-tier fair value hierarchy is as follows: Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Valuations based on unobservable inputs reflecting management’s own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. Income Taxes: The Company is organized and conducts its operations to qualify as a REIT for federal income tax purposes. Accordingly, the Company is generally not subject to federal income taxation on the portion of its distributable income that qualifies as REIT taxable income, to the extent that it distributes at least 90% of its REIT taxable income to its stockholders and complies with certain other requirements as defined in the Code. The Company also participates in certain activities conducted by entities which elected to be treated as taxable subsidiaries under the Code. As such, the Company is subject to federal, state, and local taxes on the income from these activities. The Company accounts for income taxes under the asset and liability method as required by the provisions of ASC 740-10-30. Under this method, deferred tax assets and liabilities are established based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not. ASC 740-10-65 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-65, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740-10-65 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of June 30, 2018, and December 31, 2017, the Company had determined that no liabilities are required in connection with uncertain tax positions. As of June 30, 2018, 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. The recently enacted Tax Cuts and Jobs Act (the “Act”) is a complex revision to the U.S. federal income tax laws with impacts on different categories of taxpayers and industries, and will require subsequent rulemaking and interpretation in a number of areas. The long-term impact of the Act on the overall economy, government revenues, our tenants, our Company, and the real estate industry cannot be reliably predicted at this time. Furthermore, the Act may impact certain of our tenants’ operating results, financial condition, and future business plans. There can be no assurance that the Act will not impact our operating results, financial condition, and future business operations. Concentrations of Credit Risk: Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, which from time-to-time exceed the federal depository insurance coverage. Beginning January 1, 2013, all noninterest bearing transaction accounts deposited at an insured depository institution are insured by the Federal Deposit Insurance Corporation up to the standard maximum deposit amount of $250,000. Management believes that the Company is not exposed to any significant credit risk due to the credit worthiness of the financial institutions. Annual contractual rent of $9.7 million derived from five leases with the City of New York, represents approximately 21% of the Company’s total 2018 contractual rental income. Stock-Based Compensation: The Company has a stock-based compensation plan, which is described below in Note 5. The Company accounts for stock-based compensation in accordance with ASC 718, “Compensation – Stock Compensation,” which establishes accounting for stock-based awards exchanged for employee services. Under the provisions of ASC 718, share-based compensation cost is measured at the grant date or service-inception date (if it precedes the grant date), based on the fair value of the award. Share-based compensation is expensed at the grant date (for awards or portion of awards that vested immediately), or ratably over the respective vesting periods, determined from the start of the grant date or service-inception date through the date of vesting. New Accounting Pronouncements: In July 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-11, “Leases (Topic 842): Targeted Improvements,” which amended ASC Topic 842, to provide a practical expedient to lessors to elect to not separate non-lease components from the associated leases. The Company is currently assessing the impact this guidance will have on its consolidated financial statements. In July 2018, the FASB issued ASU 2018-10, “Codification Improvements to Topic 842, Leases.” These amendments provide clarifications and corrections to ASU 2016-02, Leases (Topic 842). The Company is currently assessing the impact this guidance will have on it consolidated financial statements. In July 2018, the FASB issued ASU 2018-09, “Codification Improvements.” These amendments provide clarifications and corrections to certain ASC subtopics including the following: 220-10 (Income Statement – Reporting Comprehensive Income – Overall), 470-50 (Debt – Modifications and Extinguishments), 480-10 (Distinguishing Liabilities from Equity – Overall), 718-740 (Compensation – Stock Compensation – Income Taxes), 805-740 (Business Combinations – Income Taxes), 815-10 (Derivatives and Hedging – Overall), and 820-10 (Fair Value Measurement – Overall). The Company is currently assessing the impact this guidance will have on its consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, “Compensation - Stock Compensation (Topic 718) – Improvements to Nonemployee Share-Based Payment Accounting.” These amendments provide specific guidance for transactions for acquiring goods and services from nonemployees and specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (i) financing to the issuer or (ii) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers. This guidance is effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption is permitted but not earlier than the adoption of Topic 606. The Company does not believe that this guidance will have a material effect on its consolidated financial statements as it has not historically issued share-based payments in exchange for goods or services to be consumed within its operations. In March 2018, the FASB issued ASU No. 2018-05, “Income Taxes (Topic 740) – Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118”, which allowed public companies to record provisional amounts in earnings for the year ended December 31, 2017 due to the complexities involved in accounting for the enactment of the Tax Cuts and Jobs Act. ASU 2018-05 was effective upon issuance. The Company did not recognize any estimated income tax effects of the Tax Cuts and Jobs Act in its 2017 consolidated financial statements in accordance with SEC Staff Accounting Bulletin No. 118. In May 2017, the FASB issued ASU No. 2017-09, “Compensation – Stock Compensation (Topic 718) - Scope of Modification Accounting.” ASU 2017-09 clarifies Topic 718 such that an entity must apply modification accounting to changes in the terms or conditions of a share-based payment award unless all of the following criteria are met: (a) the fair value of the modified award is the same as the fair value of the original award immediately before the modification, (b) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the modification, and (c) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the modification. The amendments are effective for all entities for fiscal years beginning after December 15, 2017, including interim periods within those years. The adoption of ASU 2017-09 did not have a material impact on the Company’s consolidated financial statements. In February 2017, the FASB issued ASU No. 2017-05, “Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) - Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets.” ASU 2017-05 was issued to clarify the scope of Subtopic 610-20 and to add guidance for partial sales of nonfinancial assets, including partial sales of real estate. ASU 2017-05 clarifies the scope of Subtopic 610-20 by defining the term “in substance nonfinancial asset.” If substantially all of the fair value of the assets (recognized and unrecognized) promised to a counterparty in a contract is concentrated in nonfinancial assets, a financial asset in the same arrangement would still be considered part of an “in substance nonfinancial asset”. Additionally, ASU 2017-05 indicates an entity should identify each distinct nonfinancial asset (e.g., real estate and inventory) or in substance nonfinancial asset promised to a counterparty and derecognize each asset when a counterparty obtains control of it. ASU 2017-05 requires an entity to derecognize a distinct nonfinancial asset or distinct in substance nonfinancial asset in a partial sale transaction when two criteria are met: 1) the entity does not have (or ceases to have) a controlling financial interest in the legal entity that holds the asset in accordance with Topic 810, and 2) the entity transfers control of the asset in accordance with Topic 606. The effective date and transition requirements of ASU 2017-05 are the same as Topic 606. The amendments are effective for public entities for annual reporting periods beginning after December 15, 2017, including interim periods within those periods. The adoption of ASU 2017-05 did not have a material impact on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805) - Clarifying the Definition of a Business.” ASU 2017-01 provides new guidance that changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets is not a business. ASU 2017-01 also requires a business to include at least one substantive process. ASU 2017-01 is effective for public business entities for fiscal years beginning after December 15, 2017 and has been adopted by the Company effective January 1, 2018. It is expected that the standard will reduce the number of future real estate acquisitions accounted for as a business combination and therefore, reduce the amount of acquisition costs that will be expensed. The adoption of ASU 2017-01 will result in a reduction of expensed acquisition costs and a corresponding increase to net income. There were no acquisitions during the six months ended June 30, 2018. In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230) - Restricted Cash.” ASU 2016-18 updates Topic 230 to require cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total cash amounts on the statement of cash flows. Consequently, transfers between cash and restricted cash will not be presented as a separate line item in the operating, investing or financing sections of the cash flow statement. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years and should be applied retrospectively. Upon the adoption of ASU 2016-18, the Company reclassified $0.3 million of its cash inflows from investing activities to change in cash and restricted cash in its historical presentation of cash flows for the six months ended June 30, 2017. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments.” ASU 2016-15 clarifies how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments are intended to reduce diversity in practice. The ASU contains additional guidance clarifying when an entity should separate cash receipts and cash payments and classify them into more than one class of cash flows (including when reasonable judgment is required to estimate and allocate cash flows) versus when an entity should classify the aggregate amount into one class of cash flows on the basis of predominance. The amendments are effective for public business entities for annual periods beginning after December 15, 2017 and interim periods within those annual periods. The adoption of ASU 2016-15 did not have a material impact on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, “Compensation – Stock Compensation (Topic 718) - Improvements to Employee Share-Based Payment Accounting.” ASU 2016-09 requires all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) to be recognized as income tax expense or benefit in the income statement. The tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity should also recognize excess tax benefits, and assess the need for a valuation allowance, regardless of whether the benefits reduce taxes payable in the current period. Off-balance sheet accounting for net operating losses stemming from excess tax benefits would no longer be required and instead such net operating losses would be recognized when they arise. Existing net operating losses that are currently tracked off balance sheet would be recognized, net of a valuation allowance if required, through an adjustment to opening retained earnings in the period of adoption. ASU 2016-09 also requires excess tax benefits to be classified along with other income tax cash flows as an operating activity in the statement of cash flows. The amendments are effective for public business entities for annual periods beginning after December 15, 2016 and interim periods within those annual periods. The adoption of ASU 2016-09 did not have a material impact on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-07, “Investments – Equity Method and Joint Ventures (Topic 323) - Simplifying the Transition to the Equity Method of Accounting.” ASU 2016-07 requires an investor to initially apply the equity method of accounting from the date it qualifies for that method, such as the date the investor obtains significant influence over the operating and financial policies of an investee. It eliminates the previous requirement to retroactively adjust the investment and record a cumulative catch up for the periods that the investment had been held, but did not qualify for the equity method of accounting. ASU 2016-07 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied p

Mortgage Notes Payable

Mortgage Notes Payable	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Mortgage Notes Payable	3. MORTGAGE NOTES PAYABLE: The following table sets forth a summary of the Company’s mortgage notes payable (in thousands): Principal Principal Outstanding as of Outstanding as of Loan Interest Rate June 30, 2018 December 31, 2017 Maturity Athene Annuity & Life Company 3.00 % $ — $ 15,000 3/1/2018 Genworth Life Insurance Company 3.20 % — 26,574 4/30/2018 Hartford Accident & Indemnity Company 5.20 % 6,000 6,000 3/1/2020 People’s United Bank 5.23 % 2,210 2,249 10/1/2020 People’s United Bank 4.18 % 15,500 15,500 10/15/2024 American International Group 4.05 % 233,100 233,100 3/1/2025 Allstate Corporation 4.00 % 38,987 39,100 4/1/2025 United States Life Insurance Company 3.82 % 39,000 39,000 1/1/2028 United States Life Insurance Company 4.25 % 33,000 — 4/1/2028 Subtotal 367,797 376,523 Unamortized loan costs (6,636 ) (6,329 ) Total $ 361,161 $ 370,194 Athene Annuity & Life Company: On February 27, 2018, the Company paid its mortgage note payable with Athene Annuity & Life Company in the amount of $15.0 million from funds available from its secured revolving credit facility with Key Bank. Genworth Life Insurance Company: On March 21, 2018, the Company paid its mortgage note payable with Genworth Life Insurance Company in the amount of $26.4 million from the proceeds of its loan agreement with the United States Life Insurance Company. Hartford Accident & Indemnity Loan: In connection with the April 2014 acquisition of the Windsor Locks, CT property, a wholly owned subsidiary of the Operating Partnership assumed a $9.0 million mortgage that bore interest at 6.07%. A principal payment of $3.0 million was made in February 2017, and the interest rate was reduced to 5.20%. The balance of the loan matures March 2020. American International Group Loan Agreement: On February 20, 2015 (the “Loan Closing Date”), the Operating Partnership 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 Operating Partnership’s obligation to pay the interest, principal and other amounts under the Loan Agreement are evidenced by the secured promissory notes executed on the Loan 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 Operating Partnership repaid approximately $199.9 million of its outstanding indebtedness and fees including (i) $68.6 million to John Hancock Life Insurance Company, (ii) $56.0 million to Capital One, N.A., (iii) $50.2 million to Hartford Accident and Indemnity Company, and (iv) $25.1 million to United States Life Insurance Company thereby paying off and terminating those obligations. Allstate Loan Agreement: On March 13, 2015, in connection with the acquisition of six properties in Piscataway, NJ, the Operating Partnership closed on a $39.1 million cross-collateralized mortgage (the “Allstate Loan”) from Allstate Life Insurance Company, Allstate Life Insurance Company of New York and American Heritage Life Insurance Company. The Allstate Loan agreement provided a secured facility with a 10-year term loan. During the first three years of the term of the loan, it required interest only payments at the rate of 4% per annum. Following this period until the loan matures on April 1, 2025, payments will be based on a 30-year amortization schedule. United States Life Insurance Company Loan Agreement: On December 20, 2017 (the “Closing Date”), four wholly owned subsidiaries of the Operating Partnership (collectively, the “U.S. Life Borrowers”) entered in a loan agreement (the “U.S. Life Loan Agreement”) with the United States Life Insurance Company in the City of New York (the “Lender”). The U.S. Life Loan Agreement provides for a secured loan facility in the principal amount of $39.0 million (the “Loan Facility”). The Loan Facility is a 10-year term loan that requires interest only payments at the rate of 3.82% per annum. During the period from February 1, 2018 to December 1, 2027, payments of interest only on the principal balance of the Note (as defined below) will be payable in arrears, with the entire principal balance due and payable on January 1, 2028, the loan maturity date. Subject to certain conditions, the U.S Life Borrowers may prepay the outstanding loan amount in whole on or about January 1, 2022, by providing advance notice of the prepayment to the Lender and remitting a prepayment premium equal to the greater of 1% of the then outstanding principal amount of the Loan Facility or the then present value of the Note. The U.S Life Borrowers paid the Lender a one-time application fee of $50,000 in connection with the Loan Facility. The U.S. Life Borrowers obligation to pay the principal, interest and other amounts under the Loan Facility are evidenced by the secured promissory note executed by the U.S. Life Borrowers as of the Closing Date (the “Note”). The Note is secured by certain mortgages encumbering the U.S Life Borrowers’ properties (a total of four properties) located in New York, New Jersey and Delaware. In the event of default, the initial rate of interest on the Note will increase to the greatest of (i) 18% per annum, (ii) a per annum rate equal to 4% over the prime established rate, or (iii) a per annum rate equal to 5% over the original interest rate, all subject to the applicable state or federal laws. The Note contains other terms and provisions that are customary for instruments of this nature. Approximately $37.5 million from the loan proceeds were used to reduce the Company’s obligation under its secured revolving credit facility with Key Bank. United States Life Insurance Company Loan Agreement: On March 21, 2018, four wholly owned subsidiaries of the Operating Partnership refinanced the current outstanding debt on certain properties by entering into a loan agreement with the United States Life Insurance Company in the City of New York. The loan agreement provides for a secured loan facility in the principal amount of $33.0 million. The loan facility is a ten-year term loan that requires interest only payments at the rate of 4.25% per annum on the principal balance for the first five (5) years of the term and principal and interest payments (amortized over a 30-year period) during the second five (5) years of the term. The entire principal balance is due and payable on April 1, 2028, the loan maturity date. The Company used a portion of the proceeds from the loan facility to repay the remaining balance of a mortgage loan from Genworth Life Insurance Company. The mortgage notes payable are collateralized by certain of the properties and require monthly interest payments until maturity and are generally non-recourse. Some of the loans also require amortization of principal. As of June 30, 2018, scheduled principal repayments for the remainder of 2018, the next five years and thereafter are as follows (in thousands): Remainder of 2018 $ 382 2019 789 2020 8,825 2021 852 2022 1,157 2023 1,573 Thereafter 354,219 Total $ 367,797

Secured Revolving Credit Facili

Secured Revolving Credit Facility	6 Months Ended
	Jun. 30, 2018
Line Of Credit Facility [Abstract]
Secured Revolving Credit Facility	4 . : On December 2, 2015, the Operating Partnership entered into a Credit Agreement (the “Key Bank Credit Agreement”) with Keybank National Association and Keybanc Capital Markets Inc., as lead arranger (collectively, “Key Bank”). The Key Bank Credit Agreement contemplated a $50.0 million revolving line of credit facility, with an initial term of two years, with a one-year extension option, subject to certain other customary conditions. Loans drawn down by the Operating Partnership under the facility will need to specify, at the Operating Partnership’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 Key Bank as its “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 interest 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 Operating Partnership 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 Operating Partnership 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 Operating Partnership 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 Key Bank Credit Agreement contemplates (i) mandatory prepayments by the Operating Partnership 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 Operating Partnership’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 Operating Partnership, the Guarantors (as defined below) and their subsidiaries now existing and as may be acquired (collectively, the “Collateral”). GTJ REIT, Inc., and each party to the Guaranty are collectively referred to as the “Guarantors.” The parties to the Key Bank 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 Key Bank Credit Agreement. Such agreements contain terms and provisions that are customary for instruments of this nature. The Operating Partnership’s continuing ability to borrow under the 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 Key Bank 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. In addition, the Key Bank 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 Key Bank Credit Agreement includes customary representations and warranties of the Operating Partnership which must continue to be true and correct in all material respects as a condition to future draws. On July 27, 2017, the Operating Partnership increased its line of credit facility with Key Bank from $50.0 million to $88.0 million. The $38.0 million increase could only be used for the acquisition of certain properties specified in the second amendment to the Key Bank Credit Agreement (including earnest money deposits) and the payment of customary closing costs. In addition, the maturity date under the Key Bank Credit Agreement was extended from December 1, 2017 to February 28, 2018, with an additional extension option to June 30, 2019, subject to the satisfaction of certain conditions. On December 20, 2017, the Operating Partnership refinanced certain properties acquired with its secured line of credit facility with Key Bank. As of result, the secured line of credit facility with Key Bank was reduced to $50.5 million, with the excess over $50.0 million only available for the purchase of a specified property. On February 27, 2018, the Operating Partnership increased its secured line of credit facility with Key Bank from $50.5 million to $55.0 million. In addition, the Operating Partnership exercised its option to extend the maturity date of the secured revolving line of credit facility with Key Bank to June 30, 2019. The contemplated uses of proceeds under the Key Bank Credit Agreement include, among others, repayment of indebtedness, funding of acquisitions, development and capital improvements, as well as working capital expenditures. Outstanding borrowings under the secured revolving credit facility with Key Bank as of June 30, 2018 and December 31, 2017 were $55.0 million and $35.9 million, respectively, which are considered LIBOR rate loans. In connection with the Key Bank Credit Agreement, the Operating Partnership is required to comply with certain covenants. As of June 30, 2018, the Operating Partnership was in compliance with all covenants.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Stockholders' Equity	5. STOCKHOLDERS’ EQUITY: Common Stock: The Company is authorized to issue 100,000,000 shares of common stock, $.0001 par value per share. As of June 30, 2018, and December 31, 2017, the Company had a total of 13,569,664 and 13,594,125 shares issued and outstanding, respectively. Preferred Stock: The Company is authorized to issue 10,000,000 shares of preferred stock, $.0001 par value per share. Voting and other rights and preferences may be determined from time to time by the Board of Directors (the “Board”) of the Company. The Company has designated 500,000 shares of preferred stock as Series A preferred stock, $.0001 par value per share. In addition, the Company has designated 6,500,000 shares of preferred stock as Series B preferred stock, $.0001 par value per share. There are no voting rights associated with the Series B preferred stock. There was no Series A preferred stock or Series B preferred stock outstanding as of June 30, 2018, or December 31, 2017. Dividend Distributions: The following table presents dividends declared by the Company on its common stock during the six months ended June 30, 2018: Declaration Record Payment Dividend Date Date Date Per Share March 22, 2018 March 31, 2018 April 13, 2018 $ 0.10 March 22, 2018 March 31, 2018 April 16, 2018 $ 0.08 (1) June 7, 2018 June 30, 2018 July 13, 2018 $ 0.10 (1) This represents a 2017 supplemental dividend. The total distributions paid in 2018 were the result of cash flows from operations. Purchase of Securities: On November 8, 2016, the Board approved a share redemption program (the “Program”) authorizing redemption of the Company’s shares of common stock (the “Shares”), subject to certain conditions and limitations. The following is a summary of terms and provisions of the Program: • the Company will redeem the Shares on a semi-annual basis (each redemption period ending on May 31 st th • the Program will be open to all stockholders (other than current directors, officers and employees, subject to certain exceptions), indefinitely with no specific end date (although the Board may choose to amend, suspend or terminate the Program at any time by providing 30 days advance notice to stockholders). • stockholders can tender their Shares for redemption at any time during the period in which the Program is open; stockholders can also withdraw tendered Shares at any time prior to 10 days before the end of the applicable semi-annual period. • if the annual volume limitation is reached in any given semi-annual period or the Company determines to redeem fewer Shares than have been submitted for redemption in any particular semi-annual period due to the insufficiency of funds, the Company will redeem Shares on a pro rata • the redemption price for the Shares will be paid in cash no later than 3 business days following the last calendar day of the applicable semi-annual period. • the Program will be terminated if the Shares are listed on a national securities exchange or included for quotation in a national securities market, or in the event a secondary market for the Shares develops or if the Company merges with a listed company. • the Company’s transfer agent, American Stock Transfer & Trust Company, LLC, will act as the redemption agent in connection with the Program. On March 22, 2018, the Company received its annual valuation as of December 31, 2017. The annual valuation resulted in an adjustment to the redemption price under the Program from $12.55 to $12.92 per share. The Company has filed a Current Report on Form 8-K with the SEC on March 27, 2018 and mailed to its stockholders an announcement of the redemption price adjustment. The redemption price of $12.92 per share was effective for the semi-annual period which began December 1, 2017 and will remain effective until such time as the Board determines a new estimated per share Net Asset Value (“NAV”). Our stockholders are permitted to withdraw any redemption requests upon written notice to us at any time prior to ten (10) days before the end of the applicable semi-annual period. On January 22, 2018, MacKenzie Realty Capital, Inc. and MacKenzie NY Real Estate 2 Corp. (“Mackenzie”) commenced a tender offer to purchase up to 750,000 shares of the Company’s common stock, par value $0.0001 per share, for cash at a purchase price equal to $6.50 per share. The offer and withdrawal rights expired at 11:59 p.m., Pacific Time, on March 2, 2018. No shares were tendered pursuant to the tender offer. On January 26, 2018, the Company commenced a self-tender offer to purchase up to 750,000 shares of the Company’s common stock, par value $0.0001 per share, for cash at a purchase price equal to $7.00 per share. The offer and withdrawal rights expired at 12:00 midnight, New York City Time, on March 5, 2018. The Program was temporarily suspended during this offer as required by SEC rules. No repurchases of shares were made under the Program during the offer and for 10 business days thereafter. Pursuant to the self-tender offer, 5,000 shares were tendered and the Company purchased these shares for $35,000 on March 8, 2018. The suspension of the Program was terminated on March 20, 2018 and thereafter the Company recommenced purchases under the Program. On June 5, 2018, the Company redeemed 77,399 shares of the Company’s common stock, $.0001 per share, at a redemption price of $12.92 per share, for aggregate consideration of $999,995. The Company received redemption requests during the most recently completed semi-annual period (December 1, 2017 to May 31, 2018) exceeding the Program’s $1 million per year limit. As a result, the Company was unable to purchase all shares presented for redemption. The Company honored the requests it received on a pro rata basis in accordance with the policy on priority of redemptions set forth in the Program, subject to giving certain priorities in accordance with the Program. Redemptions under the Program are limited to an aggregate of $1 million during any calendar year. Because this limit has been met for the 2018 calendar year, the Company will not redeem any shares during the current semi-annual period (June 1, 2018 to November 30, 2018). The Company will resume redemptions under the Program for the semi-annual period running from December 1, 2018 to May 31, 2019. Any unsatisfied portions of redemption requests received during the most recently completed semi-annual period and any redemption requests received during the current semi-annual period will be treated as requests for redemption for the semi-annual period running from December 1, 2018 to May 31, 2019, unless such requests are withdrawn in accordance with the terms of the Program. Stock Based Compensation: The Company had a 2007 Incentive Award Plan (the “2007 Plan”) that had intended purposes to further the growth, development, and financial success of the Company and to obtain and retain the services of those individuals considered essential to the long-term success of the Company. The 2007 Plan provided for awards in the form of restricted shares, incentive stock options, non-qualified stock options and stock appreciation rights. The aggregate number of shares of common stock which may have been awarded under the 2007 Plan was 1,000,000 shares. The 2007 Plan expired by its terms on June 11, 2017. The 2017 Incentive Award Plan (the “2017 Plan”) was adopted by the Board and effective on April 24, 2017, subject to the approval of the Company’s stockholders, which was obtained on June 8, 2017. The 2017 Plan has intended purposes to further the growth, development, and financial success of the Company and to obtain and retain the services of those individuals considered essential to the long-term success of the Company. The 2017 Plan provides for awards in the form of stock, stock units, incentive stock options, non-qualified stock options and stock appreciation rights. The aggregate number of shares of common stock which may be awarded under the 2017 Plan is 2,000,000 shares. As of June 30, 2018, the Company had 1,942,062 shares available for future issuance under the 2017 Plan. Dividends paid on restricted shares are recorded as dividends on shares of the Company’s common stock whether or not they are vested. In accordance with ASC 718-10-35, the Company measures the compensation costs for these shares as of the date of the grant and the expense is recognized in earnings, at the grant date (for the portion that 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. On November 8, 2016, 200,000 options were granted to key officers of the Company and had a three-year vesting period. In 2017, 200,000 options were exercised. All options expire ten years from the date of grant. For the six months ended June 30, 2018 and 2017, the stock compensation expense relating to these stock options was approximately $55,000 and $71,000, respectively. 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 2007 Plan. The shares issued on June 7, 2012 have a value of approximately $40,000 (based upon an estimated value of $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 (based upon an estimated value of $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 (based upon an estimated value of $6.40 per share), under the 2007 Plan. A total of 3,126 of these shares, with a value of approximately $20,000 (based upon an estimated value of $6.40 per share), were granted to non-management members of the Board, and vested immediately. The remaining 46,876 shares, with a value of approximately $300,000 (based upon an estimated value of $6.40 per share), were granted to certain executives of the Company, and vested ratably over a four-year period. One fourth of the shares vested on the grant date and the remaining shares vested in equal installments on the next three anniversary dates of the grant. On June 6, 2013, the Company issued an aggregate of 9,378 restricted shares of common stock, with a value of approximately $60,000 (based upon an estimated value of $6.40 per share), under the 2007 Plan. These shares were granted to non-management members of the Board 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 per share), were granted under the 2007 Plan to certain executives of the Company. One sixth of the shares vested 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 2007 Plan to non-management 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 per share), under the 2007 Plan to certain executives of the Company. One sixth of the shares vested 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 2007 Plan to non-management members of the Board of Directors. The shares vested immediately upon issuance. On March 24, 2016, the Company issued 47,043 restricted shares of common stock, with a value of approximately $489,000 (based upon an estimated value of $10.40 per share), under the 2007 Plan to certain executives of the Company. One sixth of the shares vested immediately upon issuance and the remaining shares vest in equal installments on the next five anniversary dates of the grant. On June 9, 2016, the Company issued an aggregate of 14,424 restricted shares of common stock with a value of approximately $150,000 (based upon an estimated value of $10.40 per share) under the 2007 Plan to non-management members of the Board of Directors. The shares vested immediately upon issuance. On May 22, 2017, the Company issued an aggregate of 34,482 restricted shares of common stock with a value of approximately $400,000 (based upon an estimated value of $11.60 per share) under the 2007 Plan to certain executives of the Company. One-tenth of the shares vested immediately upon issuance and the remaining shares vest in equal installments on the next nine anniversary dates of the grant. On May 31, 2017, the Company issued an aggregate of 7,929 shares of common stock under the 2007 Plan to certain current and former executives of the Company in connection with the exercise of previously issued options. The shares vested immediately upon issuance. On June 8, 2017, the Company issued an aggregate of 15,516 restricted shares of common stock with a value of approximately $180,000 (based upon an estimated value of $11.60 per share) under the 2007 Plan to non-management members of the Board of Directors. The shares vested immediately upon issuance. On June 8, 2018, the Company issued an aggregate of 42,918 restricted shares of common stock with a value of approximately $500,000 (based upon an estimated value of $11.65 per share) under the 2017 Plan to certain executives of the Company. One-tenth of the shares vested immediately upon issuance and the remaining shares vest in equal installments on the next nine anniversary dates of the grant. On June 8, 2018, the Company issued an aggregate of 15,020 restricted shares of common stock with a value of approximately $175,000 (based upon an estimated value of $11.65 per share) under the 2017 Plan to non-management members of the Board of Directors. The shares vested immediately upon issuance. The Board of Directors has determined the value of a share of common stock to be $11.65 based on a valuation completed March 27, 2018, with the assistance of an independent third-party for the purpose of valuing shares of the Company’s common stock pursuant to the 2017 Plan. This value is not necessarily indicative of the fair market value of a share of the Company’s common stock. For the six months ended June 30, 2018 and 2017, the Company’s total stock compensation expense was approximately $513,000 and $525,000, respectively. As of June 30, 2018, there was approximately $650,000 of unamortized stock compensation related to restricted stock. That cost is expected to be recognized over a weighted average period of 2.3 years. As of June 30, 2018, there were 210,000 stock options that are outstanding, 76,666 of which are exercisable, and 500,725 shares of restricted stock are outstanding, 442,915 of which are vested. The following is a summary of restricted stock activity: Weighted Average Grant Date Fair Shares Value Non-vested shares outstanding as of December 31, 2017 40,381 $ 10.73 New shares issued through June 30, 2018 57,938 11.65 Vested (40,509 ) 11.37 Non-vested shares outstanding as of June 30, 2018 57,810 $ 11.24 The following is an amortization schedule of the total unamortized shares of restricted stock outstanding as of June 30, 2018: Non-vested Shares Amortization Schedule Number of Shares 2018 (6 months) 11,254 2019 16,590 2020 10,167 2021 6,557 2022 4,745 2023 3,531 Thereafter 4,966 Total Non-vested Shares 57,810

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Earnings per Share	6. EARNINGS PER SHARE: In accordance with ASC Topic 260 “Earnings Per Share,” basic earnings per common share (“Basic EPS”) is computed by dividing the net income attributable to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings per common share (“Diluted EPS”) is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares and dilutive common share equivalents and convertible securities then outstanding. There are 21,897 and 21,483 common share equivalents in the six months ended June 30, 2018 and 2017, respectively, presented in diluted earnings per share. The following table sets forth the computation of basic and diluted earnings per share information for the three and six months ended June 30, 2018 and 2017 (in thousands, except share and per share data): Three Months Ended Six Months Ended June 30, 2018 June 30, 2018 2018 2017 2018 2017 Numerator: Net income attributable to common stockholders $ 665 $ 88 $ 3,099 $ 797 Denominator: Weighted average common shares outstanding – basic 13,581,655 13,640,027 13,587,192 13,629,514 Weighted average common shares outstanding – diluted 13,603,552 13,661,510 13,609,089 13,650,997 Basic and Diluted Per Share Information: Net income per share – basic and diluted $ 0.05 $ 0.01 $ 0.23 $ 0.06

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions	7. RELATED PARTY TRANSACTIONS: Paul Cooper, the Chairman and Chief Executive Officer of the Company, and Louis Sheinker, the President, Secretary and Chief Operating Officer of the Company, each hold passive, minority 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 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. In December 2016, the tenant concluded negotiations to expand by an additional 35,000 square feet which resulted in approximately $10,000 of brokerage commissions on the additional lease modification value of $332,000. The Company’s executive and administrative offices, located at 60 Hempstead Avenue, West Hempstead, NY, are leased from Lighthouse Sixty, L.P., a partnership of which Paul Cooper and Louis Sheinker are managing members of the general partner. This lease agreement expires in 2020 and has a current annual base rent of $271,000 with aggregate lease payments totaling $1.8 million. On November 4, 2014, the Company invested $1.8 million for a limited partnership interest in Garden 1101 Stewart, L.P. (“Garden 1101”). Garden 1101 was formed for the purpose of acquiring a 90,000 square foot office building in Garden City, NY that was subsequently converted to a medical office building. The general partners of Garden 1101 include the members of Green Holland Ventures, Paul Cooper and Louis Sheinker. On February 9, 2018, the property acquired by Garden 1101 was sold and the Company received a distribution from the partnership of $3.7 million which resulted in a realized gain from unconsolidated affiliate of $2.5 million.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. COMMITMENTS AND CONTINGENCIES: Legal Matters: The Company is involved in lawsuits and other disputes which arise in the ordinary course of business. However, management believes that these matters will not have a material adverse effect, individually or in the aggregate, on the Company’s financial position or results of operations. Divestiture: The Company has a pension withdrawal liability relating to a previous divestiture. As of June 30, 2018, and December 31, 2017, the remaining liability was approximately $1.1 million, and is included in other liabilities on the accompanying condensed consolidated balance sheets. The liability is payable in monthly installments of approximately $8,100, including interest, over a twenty-year term ending in 2032. Environmental Matters: As of June 30, 2018, three of the Company’s six former bus depot sites have received final regulatory closure, satisfying outstanding clean-up obligations related to legacy site contamination issues. Three sites continue with on-going cleanup, monitoring and reporting activities. We believe each of the six sites remain in compliance with existing local, state and federal obligations.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value	9. FAIR VALUE: Fair Value of Financial Instruments: The fair value of the Company’s financial instruments is determined based upon applicable accounting guidance. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance requires disclosure of the level within the fair value hierarchy in which the fair value measurements fall, including measurements using quoted prices in active markets for identical assets or liabilities (Level 1), quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active (Level 2), and significant valuation assumptions that are not readily observable in the market (Level 3). The fair values of cash and cash equivalents, restricted cash, 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): June 30, 2018 December 31, 2017 Carrying Estimated Carrying Estimated Value Value Value Value Financial assets: Cash and cash equivalents $ 13,345 $ 13,345 $ 8,423 $ 8,423 Restricted cash 3,945 3,945 3,471 3,471 Accounts receivable 437 437 159 159 Financial liabilities: Accounts payable and accrued expenses $ 2,811 $ 2,811 $ 3,608 $ 3,608 Secured revolving credit facility 55,000 55,000 35,857 35,857 Mortgage notes payable 367,797 355,299 376,523 371,920 Pension withdrawal liability 1,098 1,089 1,131 1,139

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	10. SUBSEQUENT EVENTS: Sale of Real Estate On July 16, 2018, the Company sold the property located at 8 Farm Springs Road, Farmington, Connecticut for $20.4 million, resulting in an aggregate net gain of approximately $4.6 million, net of $0.6 million in costs. In connection with the sale of the property, the Company reduced its outstanding borrowings under its secured revolving credit facility with Key Bank by $15.0 million. Secured Revolving Credit Facility On July 31, 2018, the Operating Partnership decreased its secured line of credit facility with Key Bank from $55.0 million to $50.0 million. In addition, the maturity date of the secured revolving credit facility with Key Bank was extended from June 30, 2019 to June 30, 2020 and the applicable margin for LIBOR rate loans and base rate loans applicable to the secured revolving credit facility with Key Bank was reduced by 50 basis points (bps).

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the financial statements of the Company, its wholly owned subsidiaries, and the Operating Partnership, as the Company makes all operating and financial decisions for (i.e., exercises control over) the Operating Partnership. All material intercompany transactions have been eliminated. The ownership interests of the other investors in the Operating Partnership are presented as non-controlling interests. The accompanying unaudited condensed consolidated interim financial information has been prepared according to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. The Company’s management believes that the disclosures presented in these unaudited condensed consolidated financial statements are adequate to make the information presented not misleading. In management’s opinion, all adjustments and eliminations, consisting only of normal recurring adjustments, necessary to present fairly the financial position and results of operations for the reported periods have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. The accompanying unaudited condensed consolidated interim financial information should be read in conjunction with the Company’s December 31, 2017, audited consolidated financial statements, as previously filed with the SEC on Form 10-K on March 29, 2018, and other public information. The Company has determined that redemptions of Company shares result in a reallocation between the Operating Partnership’s non-controlling interest (“OP NCI”) and Additional Paid-in-Capital (“APIC”). During the six months ended June 30, 2018, the Company decreased its APIC with an offsetting increase to OP NCI of approximately $0.2 million.
Use of Estimates	Use of Estimates: The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, and related disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. All of these estimates reflect management’s best judgment about current economic and market conditions and their effects based on information available as of the date of these condensed consolidated financial statements. If such conditions persist longer or deteriorate further than expected, it is reasonably possible that the judgments and estimates could change, which may result in impairments of certain assets. Significant estimates include the useful lives of long lived assets including property, equipment and intangible assets, impairment of assets, collectability of receivables, contingencies, stock-based compensation, and fair value of assets and liabilities acquired in business combinations.
Real Estate	Real Estate: Real estate assets are stated at cost, less accumulated depreciation and amortization. All costs related to the improvement or replacement of real estate properties, including interest expense on development properties, are capitalized. 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 estimated market rents over the applicable lease term discounted back to the date of acquisition utilizing a discount rate adjusted for the credit risk associated with the respective tenants. The aggregate value of in-place leases is measured based on the avoided costs associated with lack of revenue over a market oriented lease-up period, the avoided leasing commissions, and other avoided costs common in similar leasing transactions. Mortgage notes payable assumed in connection with acquisitions are recorded at their fair value using current market interest rates for similar debt at the time of acquisitions. Effective 2018, acquisition related costs are capitalized. The capitalized above-market lease values are amortized as a reduction of rental revenue over the remaining term of the respective leases and the capitalized below-market lease values are amortized as an increase to rental revenue over the remaining term of the respective leases. The value of in-place leases is based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during expected lease-up periods, current market conditions, and costs to execute similar leases. The values of in-place leases are amortized over the remaining term of the respective leases. If a tenant terminates its lease prior to its contractual expiration date, any unamortized balance of the related intangible assets or liabilities is recorded as income or expense in the period. The total net impact to rental revenues due to the amortization of above and below-market leases was a net increase of approximately $0.3 million and $0.2 million for the six months ended June 30, 2018 and 2017, respectively. As of June 30, 2018, above-market and in-place leases of approximately $1.3 million and $12.0 million (net of accumulated amortization), respectively, are included in acquired lease intangible assets, net in the accompanying condensed consolidated balance sheets. As of December 31, 2017, above-market and in-place leases of approximately $1.5 million and $13.1 million (net of accumulated amortization), respectively, are included in the acquired lease intangible assets, net in the accompanying condensed consolidated balance sheets. As of June 30, 2018 and December 31, 2017, approximately $5.4 million and $5.9 million (net of accumulated amortization), respectively, relating to below-market leases are included in acquired lease intangible liabilities, net in the accompanying condensed consolidated balance sheets. The following table presents the projected impact for the remainder of 2018, the next five years and thereafter related to the net increase to rental revenue from the amortization of the acquired above-market and below-market lease intangibles and the increase to amortization expense of the in-place lease intangibles for properties owned at June 30, 2018 (in thousands): Increase to Net increase to amortization rental revenues expense Remainder of 2018 $ 275 $ 1,104 2019 560 1,955 2020 660 1,627 2021 510 1,400 2022 534 1,344 2023 635 1,189 Thereafter 974 3,345 $ 4,148 $ 11,964
Investment in Unconsolidated Affiliates	Investment in Unconsolidated Affiliates: The company has investments in other entities that have been accounted for under the equity method of accounting. The equity method of accounting is used when an investor has influence, but not control, over the investee. The Company records its share of the profits and losses of the investee in the period when theses profits and losses are also reflected in the accounts of the investee. On February 28, 2018, the Company purchased a 50% interest in Two CPS Developers LLC (the “Investee”) for $5.25 million. The Company has the ability to exercise significant influence over the Investee, does not have a controlling interest in the Investee, and the Investee is not a variable interest entity. Therefore, the Company has accounted for this investment under the equity method of accounting. The Company did not record any income or loss from this investment for the three months and six months ended June 30, 2018, respectively, as the property owned by the investee was under development.
Assets Held for Sale	Assets Held for Sale: On April 25, 2018, the Company entered into a purchase and sale agreement for the sale of the property located at 8 Farm Springs Road, Farmington, Connecticut. The transaction closed on July 16, 2018. In accordance with Accounting Standards Update (“ASU”) No. 2014-08, the sale will not be considered a discontinued operation. The property has been classified as held for sale as of June 30, 2018, as shown in the following table (in thousands): June 30, 2018 Farm Springs Road Real estate, net $ 15,162 Deferred leasing costs, net 628 Rental income in excess of amounts billed and other assets 1,676 Asset held for sale $ 17,466 Accounts payable and accrued expenses 20 Liabilities related to asset held for sale $ 20
Depreciation and Amortization	Depreciation and Amortization: The Company uses the straight-line method for depreciation and amortization. Properties and property improvements are depreciated over their estimated useful lives, which range from 5 to 40 years. Furniture, fixtures, and equipment are depreciated over estimated useful lives that range from 5 to 10 years. Tenant improvements are amortized over the shorter of the remaining non-cancellable term of the related leases or their useful lives.
Asset Impairment	Asset Impairment: Management reviews each real estate investment for impairment whenever events or circumstances indicate that the carrying value of a real estate investment may not be recoverable. The review of recoverability is based on an estimate of the undiscounted future cash flows that are expected to result from the real estate investment’s use and eventual disposition. Such cash flow analyses consider factors such as expected future operating income, trends and prospects, as well as the effects of leasing demand, competition and other factors. If an impairment event exists due to the projected inability to recover the carrying value of a real estate investment, an impairment loss is recorded to the extent that the carrying value exceeds estimated fair value. Management is required to make subjective assessments as to whether there are impairments in the value of the Company’s real estate holdings. These assessments could have a direct impact on net income, because an impairment loss is recognized in the period the assessment is made. Management has determined that there was no impairment related to its long-lived assets at June 30, 2018.
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. Deferred financing costs relating to the secured revolving credit facility and deferred leasing charges are included in other assets on the condensed consolidated balance sheets. Deferred financing costs related to mortgage notes payable are included as a reduction of mortgage notes payable, net on the condensed consolidated balance sheets.
Reportable Segments	Reportable Segments: The Company operates in one reportable segment, commercial real estate.
Revenue Recognition	Revenue Recognition: Rental income includes the base rent that each tenant is required to pay in accordance with the terms of their respective leases reported on a straight-line basis over the term of the lease. In order for management to determine, in its judgment, that the unbilled rent receivable applicable to each specific tenant is collectible, management reviews billed and unbilled rent receivables on a quarterly basis and takes into consideration the tenant’s payment history and financial condition. Some of the leases provide for additional contingent rental revenue in the form of 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 its pro rata share of real estate taxes, insurance, and ordinary maintenance and repairs. Property operating expense recoveries from tenants of common area maintenance, real estate taxes, and other recoverable costs are recognized as revenues in the period that the related expenses are incurred.
Earnings Per Share Information	Earnings Per Share Information: The Company presents both basic and diluted earnings per share. Basic earnings per share excludes dilution and is computed by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower per share amount. Restricted stock and stock options were included in the computation of diluted earnings per share.
Cash and Cash Equivalents	Cash and Cash Equivalents: The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents.
Restricted Cash	Restricted Cash: Restricted cash represents reserves used to pay real estate taxes, insurance, repairs, leasing costs and capital improvements.
Fair Value Measurement	Fair Value Measurement: The Company determines fair value in accordance with Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurement.” This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. Assets and liabilities disclosed at fair values are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are defined by ASC 820-10-35, are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities. Determining which category an asset or liability falls within the hierarchy requires significant judgment, and the Company evaluates its hierarchy disclosures each quarter. The three-tier fair value hierarchy is as follows: Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Valuations based on unobservable inputs reflecting management’s own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.
Income Taxes	Income Taxes: The Company is organized and conducts its operations to qualify as a REIT for federal income tax purposes. Accordingly, the Company is generally not subject to federal income taxation on the portion of its distributable income that qualifies as REIT taxable income, to the extent that it distributes at least 90% of its REIT taxable income to its stockholders and complies with certain other requirements as defined in the Code. The Company also participates in certain activities conducted by entities which elected to be treated as taxable subsidiaries under the Code. As such, the Company is subject to federal, state, and local taxes on the income from these activities. The Company accounts for income taxes under the asset and liability method as required by the provisions of ASC 740-10-30. Under this method, deferred tax assets and liabilities are established based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not. ASC 740-10-65 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-65, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740-10-65 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of June 30, 2018, and December 31, 2017, the Company had determined that no liabilities are required in connection with uncertain tax positions. As of June 30, 2018, 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. The recently enacted Tax Cuts and Jobs Act (the “Act”) is a complex revision to the U.S. federal income tax laws with impacts on different categories of taxpayers and industries, and will require subsequent rulemaking and interpretation in a number of areas. The long-term impact of the Act on the overall economy, government revenues, our tenants, our Company, and the real estate industry cannot be reliably predicted at this time. Furthermore, the Act may impact certain of our tenants’ operating results, financial condition, and future business plans. There can be no assurance that the Act will not impact our operating results, financial condition, and future business operations.
Concentrations of Credit Risk	Concentrations of Credit Risk: Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, which from time-to-time exceed the federal depository insurance coverage. Beginning January 1, 2013, all noninterest bearing transaction accounts deposited at an insured depository institution are insured by the Federal Deposit Insurance Corporation up to the standard maximum deposit amount of $250,000. Management believes that the Company is not exposed to any significant credit risk due to the credit worthiness of the financial institutions. Annual contractual rent of $9.7 million derived from five leases with the City of New York, represents approximately 21% of the Company’s total 2018 contractual rental income.
Stock-Based Compensation	Stock-Based Compensation: The Company has a stock-based compensation plan, which is described below in Note 5. The Company accounts for stock-based compensation in accordance with ASC 718, “Compensation – Stock Compensation,” which establishes accounting for stock-based awards exchanged for employee services. Under the provisions of ASC 718, share-based compensation cost is measured at the grant date or service-inception date (if it precedes the grant date), based on the fair value of the award. Share-based compensation is expensed at the grant date (for awards or portion of awards that vested immediately), or ratably over the respective vesting periods, determined from the start of the grant date or service-inception date through the date of vesting.
New Accounting Pronouncements	New Accounting Pronouncements: In July 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-11, “Leases (Topic 842): Targeted Improvements,” which amended ASC Topic 842, to provide a practical expedient to lessors to elect to not separate non-lease components from the associated leases. The Company is currently assessing the impact this guidance will have on its consolidated financial statements. In July 2018, the FASB issued ASU 2018-10, “Codification Improvements to Topic 842, Leases.” These amendments provide clarifications and corrections to ASU 2016-02, Leases (Topic 842). The Company is currently assessing the impact this guidance will have on it consolidated financial statements. In July 2018, the FASB issued ASU 2018-09, “Codification Improvements.” These amendments provide clarifications and corrections to certain ASC subtopics including the following: 220-10 (Income Statement – Reporting Comprehensive Income – Overall), 470-50 (Debt – Modifications and Extinguishments), 480-10 (Distinguishing Liabilities from Equity – Overall), 718-740 (Compensation – Stock Compensation – Income Taxes), 805-740 (Business Combinations – Income Taxes), 815-10 (Derivatives and Hedging – Overall), and 820-10 (Fair Value Measurement – Overall). The Company is currently assessing the impact this guidance will have on its consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, “Compensation - Stock Compensation (Topic 718) – Improvements to Nonemployee Share-Based Payment Accounting.” These amendments provide specific guidance for transactions for acquiring goods and services from nonemployees and specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (i) financing to the issuer or (ii) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers. This guidance is effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption is permitted but not earlier than the adoption of Topic 606. The Company does not believe that this guidance will have a material effect on its consolidated financial statements as it has not historically issued share-based payments in exchange for goods or services to be consumed within its operations. In March 2018, the FASB issued ASU No. 2018-05, “Income Taxes (Topic 740) – Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118”, which allowed public companies to record provisional amounts in earnings for the year ended December 31, 2017 due to the complexities involved in accounting for the enactment of the Tax Cuts and Jobs Act. ASU 2018-05 was effective upon issuance. The Company did not recognize any estimated income tax effects of the Tax Cuts and Jobs Act in its 2017 consolidated financial statements in accordance with SEC Staff Accounting Bulletin No. 118. In May 2017, the FASB issued ASU No. 2017-09, “Compensation – Stock Compensation (Topic 718) - Scope of Modification Accounting.” ASU 2017-09 clarifies Topic 718 such that an entity must apply modification accounting to changes in the terms or conditions of a share-based payment award unless all of the following criteria are met: (a) the fair value of the modified award is the same as the fair value of the original award immediately before the modification, (b) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the modification, and (c) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the modification. The amendments are effective for all entities for fiscal years beginning after December 15, 2017, including interim periods within those years. The adoption of ASU 2017-09 did not have a material impact on the Company’s consolidated financial statements. In February 2017, the FASB issued ASU No. 2017-05, “Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) - Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets.” ASU 2017-05 was issued to clarify the scope of Subtopic 610-20 and to add guidance for partial sales of nonfinancial assets, including partial sales of real estate. ASU 2017-05 clarifies the scope of Subtopic 610-20 by defining the term “in substance nonfinancial asset.” If substantially all of the fair value of the assets (recognized and unrecognized) promised to a counterparty in a contract is concentrated in nonfinancial assets, a financial asset in the same arrangement would still be considered part of an “in substance nonfinancial asset”. Additionally, ASU 2017-05 indicates an entity should identify each distinct nonfinancial asset (e.g., real estate and inventory) or in substance nonfinancial asset promised to a counterparty and derecognize each asset when a counterparty obtains control of it. ASU 2017-05 requires an entity to derecognize a distinct nonfinancial asset or distinct in substance nonfinancial asset in a partial sale transaction when two criteria are met: 1) the entity does not have (or ceases to have) a controlling financial interest in the legal entity that holds the asset in accordance with Topic 810, and 2) the entity transfers control of the asset in accordance with Topic 606. The effective date and transition requirements of ASU 2017-05 are the same as Topic 606. The amendments are effective for public entities for annual reporting periods beginning after December 15, 2017, including interim periods within those periods. The adoption of ASU 2017-05 did not have a material impact on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805) - Clarifying the Definition of a Business.” ASU 2017-01 provides new guidance that changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets is not a business. ASU 2017-01 also requires a business to include at least one substantive process. ASU 2017-01 is effective for public business entities for fiscal years beginning after December 15, 2017 and has been adopted by the Company effective January 1, 2018. It is expected that the standard will reduce the number of future real estate acquisitions accounted for as a business combination and therefore, reduce the amount of acquisition costs that will be expensed. The adoption of ASU 2017-01 will result in a reduction of expensed acquisition costs and a corresponding increase to net income. There were no acquisitions during the six months ended June 30, 2018. In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230) - Restricted Cash.” ASU 2016-18 updates Topic 230 to require cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total cash amounts on the statement of cash flows. Consequently, transfers between cash and restricted cash will not be presented as a separate line item in the operating, investing or financing sections of the cash flow statement. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years and should be applied retrospectively. Upon the adoption of ASU 2016-18, the Company reclassified $0.3 million of its cash inflows from investing activities to change in cash and restricted cash in its historical presentation of cash flows for the six months ended June 30, 2017. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments.” ASU 2016-15 clarifies how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments are intended to reduce diversity in practice. The ASU contains additional guidance clarifying when an entity should separate cash receipts and cash payments and classify them into more than one class of cash flows (including when reasonable judgment is required to estimate and allocate cash flows) versus when an entity should classify the aggregate amount into one class of cash flows on the basis of predominance. The amendments are effective for public business entities for annual periods beginning after December 15, 2017 and interim periods within those annual periods. The adoption of ASU 2016-15 did not have a material impact on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, “Compensation – Stock Compensation (Topic 718) - Improvements to Employee Share-Based Payment Accounting.” ASU 2016-09 requires all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) to be recognized as income tax expense or benefit in the income statement. The tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity should also recognize excess tax benefits, and assess the need for a valuation allowance, regardless of whether the benefits reduce taxes payable in the current period. Off-balance sheet accounting for net operating losses stemming from excess tax benefits would no longer be required and instead such net operating losses would be recognized when they arise. Existing net operating losses that are currently tracked off balance sheet would be recognized, net of a valuation allowance if required, through an adjustment to opening retained earnings in the period of adoption. ASU 2016-09 also requires excess tax benefits to be classified along with other income tax cash flows as an operating activity in the statement of cash flows. The amendments are effective for public business entities for annual periods beginning after December 15, 2016 and interim periods within those annual periods. The adoption of ASU 2016-09 did not have a material impact on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-07, “Investments – Equity Method and Joint Ventures (Topic 323) - Simplifying the Transition to the Equity Method of Accounting.” ASU 2016-07 requires an investor to initially apply the equity method of accounting from the date it qualifies for that method, such as the date the investor obtains significant influence over the operating and financial policies of an investee. It eliminates the previous requirement to retroactively adjust the investment and record a cumulative catch up for the periods that the investment had been held, but did not qualify for the equity method of accounting. ASU 2016-07 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively to increases in the level of ownership interest or degree of influence that result in the application of the equity method. The adoption of ASU 2016-07 did not have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued 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 of ASU 2016-02 is not expected to have a material impact on the Company’s consolidated financial statements. As a lessee, the Company is a party to an office lease with future lease obligations aggregating to $705,522 as of June 30, 2018, for which the Company expects to record right-of-use assets upon the adoption of ASU 2016-02. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” 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 an entity expects to receive 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. ASU 2014-09 does not apply to the Company’s lease revenues but will apply to reimbursed tenant costs after ASU 2016-02 is adopted. Additionally, this guidance modifies disclosures regarding the nature, timing, amount and uncertainty of revenue and cash flows arising from contracts with customers. Entities may adopt ASU 2014-09 using either a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients or a retrospective approach with the cumulative effect recognized at the date of adoption. ASU 2014-09 is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company has determined that the majority of its revenue falls outside the scope of this guidance and does not anticipate any significant changes to the timing of the Company’s revenue recognition. The Company implemented the standard using the modified retrospective approach. However, there was no cumulative effect recognized in retained earnings at the date of application.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Schedule of Projected Impact of Above Market Below Market and In-Place Lease Intangibles	The following table presents the projected impact for the remainder of 2018, the next five years and thereafter related to the net increase to rental revenue from the amortization of the acquired above-market and below-market lease intangibles and the increase to amortization expense of the in-place lease intangibles for properties owned at June 30, 2018 (in thousands): Increase to Net increase to amortization rental revenues expense Remainder of 2018 $ 275 $ 1,104 2019 560 1,955 2020 660 1,627 2021 510 1,400 2022 534 1,344 2023 635 1,189 Thereafter 974 3,345 $ 4,148 $ 11,964
Schedule of Property Classified as Held for Sale	The property has been classified as held for sale as of June 30, 2018, as shown in the following table (in thousands): June 30, 2018 Farm Springs Road Real estate, net $ 15,162 Deferred leasing costs, net 628 Rental income in excess of amounts billed and other assets 1,676 Asset held for sale $ 17,466 Accounts payable and accrued expenses 20 Liabilities related to asset held for sale $ 20

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Summary of Company's Mortgage Notes Payable	The following table sets forth a summary of the Company’s mortgage notes payable (in thousands): Principal Principal Outstanding as of Outstanding as of Loan Interest Rate June 30, 2018 December 31, 2017 Maturity Athene Annuity & Life Company 3.00 % $ — $ 15,000 3/1/2018 Genworth Life Insurance Company 3.20 % — 26,574 4/30/2018 Hartford Accident & Indemnity Company 5.20 % 6,000 6,000 3/1/2020 People’s United Bank 5.23 % 2,210 2,249 10/1/2020 People’s United Bank 4.18 % 15,500 15,500 10/15/2024 American International Group 4.05 % 233,100 233,100 3/1/2025 Allstate Corporation 4.00 % 38,987 39,100 4/1/2025 United States Life Insurance Company 3.82 % 39,000 39,000 1/1/2028 United States Life Insurance Company 4.25 % 33,000 — 4/1/2028 Subtotal 367,797 376,523 Unamortized loan costs (6,636 ) (6,329 ) Total $ 361,161 $ 370,194
Schedule of Principal Repayments	As of June 30, 2018, scheduled principal repayments for the remainder of 2018, the next five years and thereafter are as follows (in thousands): Remainder of 2018 $ 382 2019 789 2020 8,825 2021 852 2022 1,157 2023 1,573 Thereafter 354,219 Total $ 367,797

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Schedule of Dividends Declared on Common Stock	The following table presents dividends declared by the Company on its common stock during the six months ended June 30, 2018: Declaration Record Payment Dividend Date Date Date Per Share March 22, 2018 March 31, 2018 April 13, 2018 $ 0.10 March 22, 2018 March 31, 2018 April 16, 2018 $ 0.08 (1) June 7, 2018 June 30, 2018 July 13, 2018 $ 0.10 (1) This represents a 2017 supplemental dividend. The total distributions paid in 2018 were the result of cash flows from operations.
Summary of Restricted Stock Activity	The following is a summary of restricted stock activity: Weighted Average Grant Date Fair Shares Value Non-vested shares outstanding as of December 31, 2017 40,381 $ 10.73 New shares issued through June 30, 2018 57,938 11.65 Vested (40,509 ) 11.37 Non-vested shares outstanding as of June 30, 2018 57,810 $ 11.24
Amortization Schedule of Total Unamortized Shares of Restricted Stock Outstanding	The following is an amortization schedule of the total unamortized shares of restricted stock outstanding as of June 30, 2018: Non-vested Shares Amortization Schedule Number of Shares 2018 (6 months) 11,254 2019 16,590 2020 10,167 2021 6,557 2022 4,745 2023 3,531 Thereafter 4,966 Total Non-vested Shares 57,810

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings per Share Information	The following table sets forth the computation of basic and diluted earnings per share information for the three and six months ended June 30, 2018 and 2017 (in thousands, except share and per share data): Three Months Ended Six Months Ended June 30, 2018 June 30, 2018 2018 2017 2018 2017 Numerator: Net income attributable to common stockholders $ 665 $ 88 $ 3,099 $ 797 Denominator: Weighted average common shares outstanding – basic 13,581,655 13,640,027 13,587,192 13,629,514 Weighted average common shares outstanding – diluted 13,603,552 13,661,510 13,609,089 13,650,997 Basic and Diluted Per Share Information: Net income per share – basic and diluted $ 0.05 $ 0.01 $ 0.23 $ 0.06

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Assets and Liabilities	The following table summarizes the carrying values and the estimated fair values of the financial instruments (in thousands): June 30, 2018 December 31, 2017 Carrying Estimated Carrying Estimated Value Value Value Value Financial assets: Cash and cash equivalents $ 13,345 $ 13,345 $ 8,423 $ 8,423 Restricted cash 3,945 3,945 3,471 3,471 Accounts receivable 437 437 159 159 Financial liabilities: Accounts payable and accrued expenses $ 2,811 $ 2,811 $ 3,608 $ 3,608 Secured revolving credit facility 55,000 55,000 35,857 35,857 Mortgage notes payable 367,797 355,299 376,523 371,920 Pension withdrawal liability 1,098 1,089 1,131 1,139

Organization and Description 24

Organization and Description of Business - Additional Information (Detail) shares in Millions, ft² in Millions	Jan. 17, 2013Property	Jun. 30, 2018ft²aPropertyshares	Dec. 31, 2013
Organization And Description Of Business [Line Items]
Number of commercial properties acquired | Property	25
Operating Partnership [Member]
Organization And Description Of Business [Line Items]
Ownership interest in partnership units (as a percent)	33.29%		33.78%
Number of shares of common stock that can be issued on conversion of interest in limited partnership | shares		1.9
Number of properties owned and operated | Property		49
Leasable area owned by the company | ft²		6
Area of land in New York, New Jersey, Connecticut, and Delaware | a		400
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		5.2
Due to redemption of certain shares [Member] | Operating Partnership [Member]
Organization And Description Of Business [Line Items]
Ownership interest in partnership units (as a percent)		34.48%

Summary of Significant Accoun25

Summary of Significant Accounting Policies - Additional Information (Detail)	Feb. 28, 2018USD ($)	Jun. 30, 2018USD ($)Lease	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)SegmentLease	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Summary of Significant Accounting Policies [Line Items]
Offsetting increase (decrease) to Operating Partnership's non-controlling interest				$ 200,000
Net impact to rental revenues due to the amortization of above and below market leases				300,000	$ 200,000
Amortization to below market leases		$ 5,431,000		5,431,000		$ 5,867,000
Equity in gains (losses) of unconsolidated affiliate				$ 2,458,000	(198,000)
Number of reportable segments | Segment				1
Income Tax Holiday, Description				The Company is organized and conducts its operations to qualify as a REIT for federal income tax purposes. Accordingly, the Company is generally not subject to federal income taxation on the portion of its distributable income that qualifies as REIT taxable income, to the extent that it distributes at least 90% of its REIT taxable income to its stockholders and complies with certain other requirements as defined in the Code.
Uncertain tax positions		0		$ 0		$ 0
Standard maximum deposit insurance amount		250,000		250,000
Annual contractual lease rent		11,690,000	$ 10,878,000	23,270,000	21,743,000
Reclassification of cash inflow from investing activities				(6,522,000)	(7,939,000)
Change In Cash and Restricted Cash Due to Adoption of ASU 2016-18 [Member]
Summary of Significant Accounting Policies [Line Items]
Reclassification of cash inflow from investing activities					$ 300,000
Accounting Standards Update 2016-02 [Member]
Summary of Significant Accounting Policies [Line Items]
Aggregate future lease obligations		$ 705,522		705,522
Accounting Standards Update 2014-09 [Member]
Summary of Significant Accounting Policies [Line Items]
Cumulative effect recognized in retained earnings				$ 0
Customer Concentration Risk [Member] | Sales Revenue Net [Member]
Summary of Significant Accounting Policies [Line Items]
Number of operating leases | Lease		5		5
Annual contractual lease rent				$ 9,700,000
Percentage of contractual rental income				21.00%
Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Proportion Of Taxable Income Distributed to stockholders				90.00%		90.00%
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
Two CPS Developers LLC [Member]
Summary of Significant Accounting Policies [Line Items]
Percentage of interest purchased	50.00%
Business combination, consideration transferred	$ 5,250,000
Equity in gains (losses) of unconsolidated affiliate		$ 0		$ 0
Above Market Lease [Member]
Summary of Significant Accounting Policies [Line Items]
Acquired lease intangible assets, net		1,300,000		1,300,000		$ 1,500,000
In-place Lease [Member]
Summary of Significant Accounting Policies [Line Items]
Acquired lease intangible assets, net		$ 11,964,000		$ 11,964,000		$ 13,100,000

Summary of Significant Accoun26

Summary of Significant Accounting Policies - Schedule of Projected Impact of Above Market Below Market and In-Place Lease Intangibles (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Net increase to rental revenues:
Remainder of 2018	$ 275
2,019	560
2,020	660
2,021	510
2,022	534
2,023	635
Thereafter	974
Net increase to rental revenues	4,148
In-place Lease [Member]
Increase to amortization expense:
Remainder of 2018	1,104
2,019	1,955
2,020	1,627
2,021	1,400
2,022	1,344
2,023	1,189
Thereafter	3,345
Increase to amortization expense	$ 11,964	$ 13,100

Summary of Significant Accoun27

Summary of Significant Accounting Policies - Schedule of Property Classified as Held for Sale (Detail) $ in Thousands	Jun. 30, 2018USD ($)
Accounting Policies [Abstract]
Real estate, net	$ 15,162
Deferred leasing costs, net	628
Rental income in excess of amounts billed and other assets	1,676
Asset held for sale	17,466
Accounts payable and accrued expenses	20
Liabilities related to asset held for sale	$ 20

Mortgage Notes Payable - Summar

Mortgage Notes Payable - Summary of Company's Mortgage Notes Payable (Detail) - USD ($) $ in Thousands	Dec. 20, 2017	Jun. 30, 2018	Mar. 21, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Mortgage notes payable		$ 367,797		$ 376,523
Unamortized loan costs		(6,636)		(6,329)
Mortgage notes payable, net		$ 361,161		370,194
Athene Annuity And Life Assurance Company, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable				15,000
Interest Rate		3.00%
Maturity		Mar. 1, 2018
Genworth Life Insurance Company, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable				26,574
Interest Rate		3.20%
Maturity		Apr. 30, 2018
Hartford Accident and Indemnity Company, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 6,000		6,000
Interest Rate		5.20%
Maturity		Mar. 1, 2020
5.23% People's United Bank, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 2,210		2,249
Interest Rate		5.23%
Maturity		Oct. 1, 2020
4.18% People's United Bank, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 15,500		15,500
Interest Rate		4.18%
Maturity		Oct. 15, 2024
American International Group, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 233,100		233,100
Interest Rate		4.05%
Maturity		Mar. 1, 2025
Allstate Corporation, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 38,987		39,100
Interest Rate		4.00%
Maturity		Apr. 1, 2025
3.82 % United States Life Insurance Company, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable	$ 39,000	$ 39,000		$ 39,000
Interest Rate	3.82%	3.82%
Maturity	Jan. 1, 2028	Jan. 1, 2028
4.25 % United States Life Insurance Company, Loan [member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 33,000	$ 33,000
Interest Rate		4.25%
Maturity		Apr. 1, 2028

Mortgage Notes Payable - Additi

Mortgage Notes Payable - Additional Information (Detail)	Mar. 21, 2018USD ($)Item	Feb. 27, 2018USD ($)	Dec. 20, 2017USD ($)PropertyItem	Mar. 13, 2015	Feb. 20, 2015USD ($)Property	Feb. 28, 2017USD ($)	Apr. 30, 2014USD ($)	Jun. 30, 2018USD ($)Property	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Mortgage notes payable								$ 367,797,000	$ 376,523,000
Number of wholly-owned subsidiaries of the UPREIT | Item	4		4
Piscataway, NJ [Member]
Debt Instrument [Line Items]
Number of properties acquired | Property								6
Hartford Accident & Indemnity Company, Loan [Member]
Debt Instrument [Line Items]
Business acquisition, assumed mortgage							$ 9,000,000
Mortgage, bears interest rate						5.20%	6.07%
Repayments of outstanding indebtedness						$ 3,000,000
Mortgage, maturity date								Mar. 31, 2020
Allstate Corporation, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable								$ 38,987,000	39,100,000
Interest Rate								4.00%
Maturity								Apr. 1, 2025
Allstate Corporation, Loan [Member] | Piscataway, NJ [Member]
Debt Instrument [Line Items]
Mortgage notes payable								$ 39,100,000
Permanent financing period				10 years
Interest Rate				4.00%
Payment term based on amortization schedule				30 years
Maturity				Apr. 1, 2025
3.82 % United States Life Insurance Company, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable			$ 39,000,000					$ 39,000,000	$ 39,000,000
Permanent financing period			10 years
Debt instrument, payment terms								During the period from February 1, 2018 to December 1, 2027, payments of interest only on the principal balance of the Note (as defined below) will be payable in arrears, with the entire principal balance due and payable on January 1, 2028, the loan maturity date.
Number of collateralized properties | Property			4
Interest Rate			3.82%					3.82%
Maturity			Jan. 1, 2028					Jan. 1, 2028
Application fee to lender			$ 50,000
Event of default, description								In the event of default, the initial rate of interest on the Note will increase to the greatest of (i) 18% per annum, (ii) a per annum rate equal to 4% over the prime established rate, or (iii) a per annum rate equal to 5% over the original interest rate, all subject to the applicable state or federal laws.
3.82 % United States Life Insurance Company, Loan [Member] | Minimum [Member]
Debt Instrument [Line Items]
Loan Prepayment Premium Percentage,upon providing advance notice of prepayment			1.00%
3.82 % United States Life Insurance Company, Loan [Member] | Minimum [Member] | Event of Default [Member]
Debt Instrument [Line Items]
Increase in debt instrument interest rate upon default			18.00%
3.82 % United States Life Insurance Company, Loan [Member] | Prime Rate [Member] | Event of Default [Member]
Debt Instrument [Line Items]
Debt instrument Interest rate upon default			4.00%
3.82 % United States Life Insurance Company, Loan [Member] | Original Interest Rate [Member] | Event of Default [Member]
Debt Instrument [Line Items]
Debt instrument interest rate over original interest rate upon default			5.00%
3.82 % United States Life Insurance Company, Loan [Member] | Secured Revolving Credit Facility [Member] | Key Bank [Member]
Debt Instrument [Line Items]
Repayments of outstanding indebtedness			$ 37,500,000
4.25 % United States Life Insurance Company, Loan [member]
Debt Instrument [Line Items]
Mortgage notes payable	$ 33,000,000							$ 33,000,000
Permanent financing period	10 years
Permanent financing interest rate	4.25%
Debt instrument, payment terms	the principal balance for the first five (5) years of the term and principal and interest payments (amortized over a 30-year period) during the second five (5) years of the term. The entire principal balance is due and payable on April 1, 2028, the loan maturity date.
Interest Rate								4.25%
Maturity								Apr. 1, 2028
AIG Loan [Member]
Debt Instrument [Line Items]
Repayments of outstanding indebtedness					$ 199,900,000
Mortgage notes payable					$ 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
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] | Hartford Accident & Indemnity Company, Loan [Member]
Debt Instrument [Line Items]
Repayments of outstanding indebtedness					50,200,000
AIG Loan [Member] | John Hancock Life Insurance Company, Loan [Member]
Debt Instrument [Line Items]
Repayments of outstanding indebtedness					68,600,000
AIG Loan [Member] | United States Life Insurance Company, Loan [Member]
Debt Instrument [Line Items]
Repayments of outstanding indebtedness					$ 25,100,000
Athene Annuity & Life Company [Member] | Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Mortgage notes payable paid		$ 15,000,000
Genworth Life Insurance Company, Loan [Member] | Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Mortgage notes payable paid	$ 26,400,000

Mortgage Notes Payable - Schedu

Mortgage Notes Payable - Schedule of Principal Repayments (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Remainder of 2018	$ 382
2,019	789
2,020	8,825
2,021	852
2,022	1,157
2,023	1,573
Thereafter	354,219
Total	$ 367,797	$ 376,523

Secured Revolving Credit Faci31

Secured Revolving Credit Facility - Additional Information (Detail) - USD ($)	Jul. 27, 2017	Dec. 02, 2015	Jun. 30, 2018	Feb. 27, 2018	Dec. 31, 2017	Dec. 20, 2017
Line Of Credit Facility [Line Items]
Credit facility, outstanding			$ 55,000,000		$ 35,857,000
Key Bank [Member] | Operating Partnership [Member]
Line Of Credit Facility [Line Items]
Line of Credit facility, maximum borrowing capacity	$ 88,000,000	$ 50,000,000		$ 55,000,000		$ 50,500,000
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
Increase in line of credit facility available for property acquisition	$ 38,000,000
Line of credit facility, maturity date	Feb. 28, 2018		Jun. 30, 2019
Line of credit facility, additional extension option maturity date			Jun. 30, 2019
Key Bank [Member] | Operating Partnership [Member] | Maximum [Member]
Line Of Credit Facility [Line Items]
Swing loan			$ 5,000,000
Key Bank [Member] | Operating Partnership [Member] | Federal Reserve Bank Of Cleveland
Line Of Credit Facility [Line Items]
Applicable margin range on credit facility			0.50%
Key Bank [Member] | Operating Partnership [Member] | LIBOR [Member]
Line Of Credit Facility [Line Items]
Credit facility, outstanding			$ 55,000,000		$ 35,900,000
Key Bank [Member] | Operating Partnership [Member] | LIBOR [Member] | Minimum [Member]
Line Of Credit Facility [Line Items]
Applicable margin range on credit facility			3.00%
Key Bank [Member] | Operating Partnership [Member] | LIBOR [Member] | Maximum [Member]
Line Of Credit Facility [Line Items]
Applicable margin range on credit facility			3.50%
Key Bank [Member] | Operating Partnership [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] | Operating Partnership [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. 08, 2018

Jun. 05, 2018

Mar. 08, 2018

Jan. 26, 2018

Jan. 22, 2018

Jun. 08, 2017

May 31, 2017

May 22, 2017

Nov. 08, 2016

Jun. 09, 2016

Mar. 24, 2016

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

Jun. 30, 2018

Jun. 30, 2017

Dec. 31, 2017

Mar. 27, 2018

Mar. 22, 2018

Nov. 30, 2017

Stockholders' Equity Note [Line Items]

Shares of common stock authorized for issuance

100,000,000

100,000,000

Common stock, par value (in dollars per share)

$ 0.0001

$ 0.0001

Shares of common stock issued

13,569,664

13,594,125

Shares of common stock outstanding

13,569,664

13,594,125

Shares of preferred stock authorized

10,000,000

10,000,000

Par value per share (in dollars per share)

$ 0.0001

$ 0.0001

Yearly maximum redemption value

$ 1,000,000

Advance notice required to provide to shareholders amend suspend or terminate share redemption program

30 days

Advance notice required to provide by shareholders to withdraw tendered shares

10 days

Maximum period allowed for paying redemption price in cash

3 days

Stock redemption description

each redemption period ending on May 31st and November 30th of each year

Percentage of stock redemption program price per share in net assets value

90.00%

Repurchases - common stock

$ 1,035,000

Options expiration period

10 years

Stock options exercised

200,000

Stock compensation expense

$ 513,000

$ 525,000

Shares granted to vest, description

one fourth vested each year on the following dates: April 30, 2013, April 30, 2014, and April 30, 2015.

Common stock value per share

$ 11.65

Unamortized stock compensation

$ 650,000

Outstanding at the end of the period (in shares)

500,725

Vested (in shares)

442,915

Restricted Stock [Member]

Stockholders' Equity Note [Line Items]

Awards issued (in dollars per share)

$ 11.65

Weighted average period for recognition

2 years 3 months 18 days

Vested (in shares)

40,509

Stock Options [Member]

Stockholders' Equity Note [Line Items]

Stock options outstanding

210,000

Stock options exercisable

76,666

Non-employee Directors and Key Officers [Member] | Stock Options [Member]

Stockholders' Equity Note [Line Items]

Stock compensation expense

$ 55,000

$ 71,000

Non-employee Directors [Member]

Stockholders' Equity Note [Line Items]

Stock options granted

10,000

55,000

Key Officers [Member]

Stockholders' Equity Note [Line Items]

Stock options granted

200,000

Vesting period

3 years

2007 Incentive Award Plan [Member]

Stockholders' Equity Note [Line Items]

Number of shares of common stock which may be awarded

1,000,000

Share-based compensation award plan , expiration date

Jun. 11, 2017

2007 Incentive Award Plan [Member] | Restricted Stock [Member]

Stockholders' Equity Note [Line Items]

Awards issued (in shares)

50,002

Value of restricted shares issued

$ 320,000

Awards issued (in dollars per share)

$ 6.40

Shares granted to vest, description

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

2007 Incentive Award Plan [Member] | Executives [Member]

Stockholders' Equity Note [Line Items]

Aggregate shares of common stock issued

7,929

2007 Incentive Award Plan [Member] | Executives [Member] | Restricted Stock [Member]

Stockholders' Equity Note [Line Items]

Vesting period

4 years

4 years

Awards issued (in shares)

34,482

47,043

43,010

44,704

46,876

55,149

Value of restricted shares issued

$ 400,000

$ 489,000

$ 400,000

$ 304,000

$ 300,000

$ 375,000

Awards issued (in dollars per share)

$ 11.60

$ 10.40

$ 9.30

$ 6.80

$ 6.40

$ 6.80

Shares granted to vest, description

One-tenth of the shares vested immediately upon issuance and the remaining shares vest in equal installments on the next nine anniversary dates of the grant.

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

2007 Incentive Award Plan [Member] | Non-management Member of Board [Member] | Restricted Stock [Member]

Stockholders' Equity Note [Line Items]

Awards issued (in shares)

15,516

14,424

16,436

8,820

9,378

3,126

5,884

Value of restricted shares issued

$ 180,000

$ 150,000

$ 175,000

$ 60,000

$ 60,000

$ 20,000

$ 40,000

Awards issued (in dollars per share)

$ 11.60

$ 10.40

$ 10.65

$ 6.80

$ 6.40

$ 6.40

$ 6.80

2017 Incentive Award Plan [Member]

Stockholders' Equity Note [Line Items]

Number of shares of common stock which may be awarded

2,000,000

Plan effective date

Apr. 24, 2017

Number of shares available for future issuance

1,942,062

2017 Incentive Award Plan [Member] | Executives [Member] | Restricted Stock [Member]

Stockholders' Equity Note [Line Items]

Awards issued (in shares)

42,918

Value of restricted shares issued

$ 500,000

Awards issued (in dollars per share)

$ 11.65

Shares granted to vest, description

One-tenth of the shares vested immediately upon issuance and the remaining shares vest in equal installments on the next nine anniversary dates of the grant.

2017 Incentive Award Plan [Member] | Non-management Member of Board [Member] | Restricted Stock [Member]

Stockholders' Equity Note [Line Items]

Awards issued (in shares)

15,020

Value of restricted shares issued

$ 175,000

Awards issued (in dollars per share)

$ 11.65

Share Redemption Program [Member]

Stockholders' Equity Note [Line Items]

Common stock, par value (in dollars per share)

$ 0.0001

Common stock redemption price per share

$ 12.92

$ 12.92

$ 12.55

Common stock redeemed, shares

77,399

Common stock redeemed, value

$ 999,995

Stock redemption requests period, description

The Company received redemption requests during the most recently completed semi-annual period (December 1, 2017 to May 31, 2018) exceeding the Program’s $1 million per year limit.

Minimum redemption value per year limit requested

$ 1,000,000

Stock redemption requests period, start date

Dec. 1, 2017

Stock redemption requests period, end date

May 31, 2018

Aggregate redemption value

$ 1,000,000

Stock non-redemption period, description

this limit has been met for the 2018 calendar year, the Company will not redeem any shares during the current semi-annual period (June 1, 2018 to November 30, 2018).

Stock redemption period, description

The Company will resume redemptions under the Program for the semi-annual period running from December 1, 2018 to May 31, 2019.

Stock non-redemption period, start date

Jun. 1, 2018

Stock non-redemption period, end date

November 30, 2018

Stock redemption period, start date

December 1, 2018

Stock redemption period, end date

May 31, 2019

Mackenzie Tender Offer [Member]

Stockholders' Equity Note [Line Items]

Common stock, par value (in dollars per share)

$ 0.0001

Share price

$ 6.50

Number of shares tendered

0

Offer expiration date

Mar. 2, 2018

Mackenzie Tender Offer [Member] | Maximum [Member]

Stockholders' Equity Note [Line Items]

Number of common stock offered

750,000

Self-Tender Offer [Member]

Stockholders' Equity Note [Line Items]

Common stock, par value (in dollars per share)

$ 0.0001

Share price

$ 7

Number of shares tendered

5,000

0

Offer expiration date

Mar. 5, 2018

Repurchases - common stock

$ 35,000

Self-Tender Offer [Member] | Maximum [Member]

Stockholders' Equity Note [Line Items]

Number of common stock offered

750,000

Series A Preferred Stock [Member]

Stockholders' Equity Note [Line Items]

Shares of preferred stock authorized

500,000

500,000

Par value per share (in dollars per share)

$ 0.0001

$ 0.0001

Preferred stock, shares outstanding

0

0

Series B Preferred Stock, Non-Voting [Member]

Stockholders' Equity Note [Line Items]

Shares of preferred stock authorized

6,500,000

6,500,000

Par value per share (in dollars per share)

$ 0.0001

$ 0.0001

Preferred stock, voting rights

There are no voting rights associated with the Series B preferred stock.

Preferred stock, shares outstanding

0

0

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Dividends Declared on Common Stock (Detail) - $ / shares	3 Months Ended		12 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
3 Months Ended 3/31/18 [Member]
Stockholders' Equity Note [Line Items]
Declaration Date		Mar. 22, 2018
Record Date		Mar. 31, 2018
Payment Date		Apr. 13, 2018
Dividend Per Share		$ 0.10
12 Months Ended 12/31/17 [Member]
Stockholders' Equity Note [Line Items]
Declaration Date			Mar. 22, 2018
Record Date			Mar. 31, 2018
Payment Date			Apr. 16, 2018
Dividend Per Share			$ 0.08
3 Months Ended 06/30/18 [Member]
Stockholders' Equity Note [Line Items]
Declaration Date	Jun. 7, 2018
Record Date	Jun. 30, 2018
Payment Date	Jul. 13, 2018
Dividend Per Share	$ 0.10

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Restricted Stock Activity (Detail)	6 Months Ended
	Jun. 30, 2018$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested, Shares	(442,915)
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested at beginning of period, Shares	40,381
New shares issued through June 30, 2018	57,938
Vested, Shares	(40,509)
Non-vested at end of period, Shares	57,810
Non-vested at beginning of period, Weighted Average Grant Date Fair Value | $ / shares	$ 10.73
New shares issued through June 30, 2018, Weighted Average Grant Date Fair Value | $ / shares	11.65
Vested, Weighted Average Grant Date Fair Value | $ / shares	11.37
Non-vested at end of period, Weighted Average Grant Date Fair Value | $ / shares	$ 11.24

Stockholders' Equity - Amortiza

Stockholders' Equity - Amortization Schedule of Total Unamortized Shares of Restricted Stock Outstanding (Detail) - Restricted Stock [Member] - shares	Jun. 30, 2018	Dec. 31, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
2018 (6 months)	11,254
2,019	16,590
2,020	10,167
2,021	6,557
2,022	4,745
2,023	3,531
Thereafter	4,966
Total Non-vested Shares	57,810	40,381

Earnings per Share - Additional

Earnings per Share - Additional Information (Detail) - shares	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share [Abstract]
Number of common share equivalents	21,897	21,483

Earnings per Share - Schedule o

Earnings per Share - Schedule of Computation of Basic and Diluted Earnings per Share Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Numerator:
Net income attributable to common stockholders	$ 665	$ 88	$ 3,099	$ 797
Denominator:
Weighted average common shares outstanding – basic	13,581,655	13,640,027	13,587,192	13,629,514
Weighted average common shares outstanding – diluted	13,603,552	13,661,510	13,609,089	13,650,997
Basic and Diluted Per Share Information:
Net income per share – basic and diluted	$ 0.05	$ 0.01	$ 0.23	$ 0.06

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	Feb. 09, 2018USD ($)	Nov. 04, 2014USD ($)ft²	Dec. 31, 2016USD ($)ft²	Nov. 30, 2015USD ($)ft²	Jan. 31, 2014USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2013USD ($)
Related Party Transactions [Line Items]
Realized gain from unconsolidated affiliate						$ 2,458,000	$ (198,000)
Rochlin Organization ("TRO") [Member]
Related Party Transactions [Line Items]
Brokerage cash commissions			$ 10,000	$ 12,000	$ 95,000			$ 60,000
Lease value, total			$ 332,000	$ 200,000	$ 2,100,000			$ 1,015,000
Additional area of real estate property leased | ft²			35,000	35,000
Lighthouse Sixty, LP [Member]
Related Party Transactions [Line Items]
Current annual base rent under lease agreement						271,000
Aggregate lease payments						$ 1,800,000
Lease expiration year						2,020
Garden 1101 [Member]
Related Party Transactions [Line Items]
Investment in limited partnership		$ 1,800,000
Building acquired | ft²		90,000
Initial distribution received from partnership, sale of the partnership assets	$ 3,700,000
Realized gain from unconsolidated affiliate	$ 2,500,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2018USD ($)Bus_Depot	Dec. 31, 2017USD ($)
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]
Commitments and Contingencies [Line Items]
Pension withdrawal liability | $	$ 1,100,000	$ 1,100,000
Monthly installment payment for pension withdrawal liability | $	$ 8,100
Term of payment	20 years
Term ending year	2,032

Fair Value - Schedule of Fair V

Fair Value - Schedule of Fair Value of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Financial assets:
Cash and cash equivalents	$ 13,345	$ 8,423
Restricted cash	3,945	3,471	$ 2,290	$ 2,584
Accounts receivable	437	159
Financial liabilities:
Accounts payable and accrued expenses	2,811	3,608
Secured revolving credit facility	55,000	35,857
Mortgage notes payable	367,797	376,523
Pension withdrawal liability	1,098	1,131
Estimate of Fair Value Measurement [Member]
Financial assets:
Cash and cash equivalents	13,345	8,423
Restricted cash	3,945	3,471
Accounts receivable	437	159
Financial liabilities:
Accounts payable and accrued expenses	2,811	3,608
Secured revolving credit facility	55,000	35,857
Pension withdrawal liability	1,089	1,139
Mortgages [Member]
Financial liabilities:
Mortgage notes payable	367,797	376,523
Mortgages [Member] | Estimate of Fair Value Measurement [Member]
Financial liabilities:
Mortgage notes payable	$ 355,299	$ 371,920

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($)	Jul. 31, 2018	Jul. 16, 2018	Jul. 27, 2017	Jun. 30, 2018	Feb. 27, 2018	Dec. 20, 2017	Dec. 02, 2015
Key Bank [Member] | Operating Partnership [Member]
Subsequent Event [Line Items]
Line of Credit facility, maximum borrowing capacity			$ 88,000,000		$ 55,000,000	$ 50,500,000	$ 50,000,000
Line of credit facility, maturity date			Feb. 28, 2018	Jun. 30, 2019
Subsequent Event [Member]
Subsequent Event [Line Items]
Sale of real estate		$ 20,400,000
Aggregate net gain on sale of real estate		4,600,000
Subsequent Event [Member] | Key Bank [Member]
Subsequent Event [Line Items]
Outstanding borrowings, reduced		15,000,000
Subsequent Event [Member] | Key Bank [Member] | Operating Partnership [Member]
Subsequent Event [Line Items]
Line of Credit facility, maximum borrowing capacity	$ 50,000,000
Line of credit facility, maturity date	Jun. 30, 2020
Subsequent Event [Member] | Key Bank [Member] | Operating Partnership [Member] | LIBOR [Member] | Secured Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Reduction of applicable margin on credit facility	0.50%
Subsequent Event [Member] | Key Bank [Member] | Operating Partnership [Member] | Base Rate [Member] | Secured Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Reduction of applicable margin on credit facility	0.50%
Subsequent Event [Member] | Real Estate [Member]
Subsequent Event [Line Items]
Net of cost on sale of real estate		$ 600,000