GTJ Reit (GTTJ) 10-Q 6 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 04, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Registrant Name	GTJ REIT, INC.
Entity Central Index Key	0001368757
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		13,627,220
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Tax Identification Number	20-5188065
Entity File Number	333-136110
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	60 Hempstead Avenue
Entity Address, City or Town	West Hempstead
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11552
City Area Code	516
Local Phone Number	693-5500

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Real estate, at cost:
Land	$ 197,745	$ 197,745
Buildings and improvements	301,085	300,063
Total real estate, at cost	498,830	497,808
Less: accumulated depreciation and amortization	(69,725)	(64,950)
Net real estate held for investment	429,105	432,858
Cash and cash equivalents	38,240	26,853
Restricted cash	2,568	2,232
Rental income in excess of amount billed	15,821	15,253
Acquired lease intangible assets, net	8,793	9,713
Investment in unconsolidated affiliate	4,052	4,096
Other assets	13,926	13,804
Total assets	512,505	504,809
Liabilities:
Mortgage notes payable, net	363,537	361,332
Secured revolving credit facility	50,000	40,000
Accounts payable and accrued expenses	3,834	4,306
Dividends payable	1,363	1,353
Acquired lease intangible liabilities, net	3,684	4,120
Other liabilities	6,772	8,049
Total liabilities	429,190	419,160
Commitments and contingencies (Note 8)
Equity:
Common stock, $.0001 par value; 100,000,000 shares authorized; 13,627,220 and 13,537,856 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively	1	1
Additional paid-in capital	160,872	160,308
Distributions in excess of net income	(111,707)	(109,889)
Total stockholders’ equity	49,166	50,420
Noncontrolling interest	34,149	35,229
Total equity	83,315	85,649
Total liabilities and equity	512,505	504,809
Series A Preferred Stock [Member]
Equity:
Preferred stock, value
Series B Preferred Stock, Non-Voting [Member]
Equity:
Preferred stock, value

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
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	13,627,220	13,537,856
Common stock, shares outstanding	13,627,220	13,537,856
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, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Rental income	$ 14,398	$ 13,974	$ 28,715	$ 28,134
Total revenues	14,398	13,974	28,715	28,134
Operating Expenses:
Property operating expenses	2,962	2,824	5,927	5,893
General and administrative	2,625	2,355	4,516	4,191
Depreciation and amortization	3,169	3,182	6,339	6,466
Total operating expenses	8,756	8,361	16,782	16,550
Operating income	5,642	5,613	11,933	11,584
Interest expense	(4,342)	(4,550)	(8,669)	(9,026)
Equity in earnings of unconsolidated affiliate	33	85	56	162
Other (loss) income	(7)	53	13	108
Net income	1,326	1,201	3,333	2,828
Less: Net income attributable to noncontrolling interest	421	386	1,080	912
Net income attributable to common stockholders	$ 905	$ 815	$ 2,253	$ 1,916
Net income per common share attributable to common stockholders - basic and diluted earnings per share	$ 0.07	$ 0.06	$ 0.17	$ 0.14
Weighted average common shares outstanding – basic	13,564,370	13,536,021	13,551,113	13,552,750
Weighted average common shares outstanding – diluted	13,601,818	13,557,108	13,588,561	13,573,837

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional-Paid-In-Capital [Member]	Distributions in Excess of Net Income [Member]	Total Stockholders' Equity [Member]	Noncontrolling Interest [Member]
Beginning Balance at Dec. 31, 2018	$ 89,715	$ 1	$ 161,219	$ (107,730)	$ 53,490	$ 36,225
Beginning Balance (in shares) at Dec. 31, 2018		13,569,664
Common stock dividends	(2,578)			(2,578)	(2,578)
Stock-based compensation	88		88		88
Distributions to noncontrolling interest	(1,357)					(1,357)
Net income	1,627			1,101	1,101	526
Ending Balance at Mar. 31, 2019	87,495	$ 1	161,307	(109,207)	52,101	35,394
Ending Balance (in shares) at Mar. 31, 2019		13,569,664
Beginning Balance at Dec. 31, 2018	89,715	$ 1	161,219	(107,730)	53,490	36,225
Beginning Balance (in shares) at Dec. 31, 2018		13,569,664
Net income	2,828
Ending Balance at Jun. 30, 2019	85,738	$ 1	160,104	(109,746)	50,359	35,379
Ending Balance (in shares) at Jun. 30, 2019		13,537,856
Beginning Balance at Mar. 31, 2019	87,495	$ 1	161,307	(109,207)	52,101	35,394
Beginning Balance (in shares) at Mar. 31, 2019		13,569,664
Common stock dividends	(1,354)			(1,354)	(1,354)
Repurchases - common stock	(1,322)		(1,322)		(1,322)
Repurchases - common stock (in shares)		(111,547)
Stock-based compensation	436		436		436
Issuance of shares		79,739
Distributions to noncontrolling interest	(718)					(718)
Net income	1,201			815	815	386
Reallocation of equity			(317)		(317)	317
Ending Balance at Jun. 30, 2019	85,738	$ 1	160,104	(109,746)	50,359	35,379
Ending Balance (in shares) at Jun. 30, 2019		13,537,856
Beginning Balance at Dec. 31, 2019	85,649	$ 1	160,308	(109,889)	50,420	35,229
Beginning Balance (in shares) at Dec. 31, 2019		13,537,856
Common stock dividends	(2,708)			(2,708)	(2,708)
Stock-based compensation	80		80		80
Distributions to noncontrolling interest	(1,437)					(1,437)
Net income	2,007			1,348	1,348	659
Ending Balance at Mar. 31, 2020	83,591	$ 1	160,388	(111,249)	49,140	34,451
Ending Balance (in shares) at Mar. 31, 2020		13,537,856
Beginning Balance at Dec. 31, 2019	85,649	$ 1	160,308	(109,889)	50,420	35,229
Beginning Balance (in shares) at Dec. 31, 2019		13,537,856
Net income	3,333
Ending Balance at Jun. 30, 2020	83,315	$ 1	160,872	(111,707)	49,166	34,149
Ending Balance (in shares) at Jun. 30, 2020		13,627,220
Beginning Balance at Mar. 31, 2020	83,591	$ 1	160,388	(111,249)	49,140	34,451
Beginning Balance (in shares) at Mar. 31, 2020		13,537,856
Common stock dividends	(1,363)			(1,363)	(1,363)
Stock-based compensation	484		484		484
Issuance of shares		89,364
Distributions to noncontrolling interest	(723)					(723)
Net income	1,326			905	905	421
Ending Balance at Jun. 30, 2020	$ 83,315	$ 1	$ 160,872	$ (111,707)	$ 49,166	$ 34,149
Ending Balance (in shares) at Jun. 30, 2020		13,627,220

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 3,333	$ 2,828
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	4,806	4,841
Amortization of intangible assets and deferred charges	1,775	1,932
Stock-based compensation	564	524
Rental income in excess of amount billed	(558)	66
Distributions from unconsolidated affiliate	56	166
Income from equity investment in unconsolidated affiliate	(56)	(162)
Changes in operating assets and liabilities:
Other assets	(1,123)	207
Accounts payable and accrued expenses	(307)	(628)
Other liabilities	(1,154)	(19)
Net cash provided by operating activities	7,336	9,755
CASH FLOWS FROM INVESTING ACTIVITIES:
Expenditures for improvements to real estate	(1,188)	(2,896)
Return of capital from unconsolidated affiliate	44	743
Net cash used in investing activities	(1,144)	(2,153)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from mortgage notes payable	8,400
Loan costs from mortgage notes payable	(246)
Proceeds from revolving credit facility	10,000
Repurchase of common stock		(1,322)
Payment of mortgage principal	(6,407)	(390)
Cash distributions to noncontrolling interests	(2,155)	(2,071)
Cash dividends paid	(4,061)	(3,935)
Net cash provided by (used in) financing activities	5,531	(7,718)
Net increase in cash and cash equivalents	11,723	(116)
Cash and cash equivalents including restricted cash of $2,232 and $3,895, respectively, at the beginning of period	29,085	25,070
Cash and cash equivalents including restricted cash of $2,568 and $4,754, respectively, at the end of period	40,808	24,954
SUPPLEMENTAL DISCLOSURE CASH FLOW INFORMATION:
Cash paid during the period for interest, net of amount capitalized of $96 for 2020 and $62 for 2019	8,181	8,499
Non-cash expenditures for real estate	278	266
Right-of-use assets, operating leases obtained in exchange for operating lease liabilities	145	415
Cash paid for income taxes	$ 43	$ 16

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Statement Of Cash Flows [Abstract]
Restricted cash, at the beginning of period	$ 2,232	$ 3,895
Restricted cash, at the end of period	2,568	4,754
Cash paid for interest, capitalized amount	$ 96	$ 62

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2020
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 34.67% 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, 2020, subject to certain anti-dilutive and other provisions contained in the governing agreements, the limited partnership interests in the Operating Partnership may be converted in the aggregate, into approximately 1.9 million shares of the Company’s common stock and approximately 5.3 million shares of the Company’s Series B preferred stock. As of June 30, 2020, the Operating Partnership owned and operated 48 properties consisting of approximately 5.8 million square feet of primarily industrial space on approximately 389 acres of land in New York, New Jersey, Connecticut and Delaware. The Operating Partnership also owns, through a joint venture, a 50% interest in a recently constructed state-of-the-art industrial building in Piscataway, New Jersey. On March 11, 2020, the World Health Organization declared COVID-19, a respiratory illness caused by the novel coronavirus, a pandemic, and on March 13, 2020, the United States declared a national emergency with respect to COVID-19. The COVID-19 pandemic has caused state and local governments within New York, New Jersey, Connecticut, Delaware and elsewhere to institute quarantines, “shelter in place” rules and restrictions on travel, the types of business that may continue to operate, and/or the types of construction projects that may continue. The Company continues to monitor its operations and government recommendations and has made modifications to its normal operations, including having its employees work remotely. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law to provide widespread emergency relief for the economy and to provide aid to corporations. The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, increased limitations on qualified charitable contributions, and technical corrections to tax depreciation methods for qualified improvement property. The effects of the COVID-19 pandemic did not significantly impact the Company’s results of operations, financial condition and cash flows for the six months ended June 30, 2020. However, the COVID-19 outbreak may materially affect the Company’s financial condition and results of operations going forward, including but not limited to, its real estate rental revenues. The Company derives revenues primarily from rents and reimbursement payments received from tenants under leases at the Company’s properties. The Company’s operating results therefore depend materially on the ability of its tenants to make required rental payments. Given the Company’s concentration in the Northeast United States, its entire portfolio could remain subject to quarantines, “shelter in place” rules, and various other restrictions for the foreseeable future. The extent to which the COVID-19 pandemic impacts the businesses of the Company’s tenants, and the Company’s results of operations, financial condition and cash flows will depend on future developments which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and such containment measures, among others. While the extent of the outbreak and its impact on the Company and its tenants is uncertain, a prolonged crisis could result in continued disruptions in the credit and financial markets, a continued rise in unemployment rates, and an overall worsening of global and U.S. economic conditions. The COVID-19 pandemic is negatively impacting almost every industry directly or indirectly, including industries in which the Company and its tenants operate. The factors described above, as well as additional factors that the Company may not currently be aware of, could materially negatively impact the Company’s ability to collect rent and could lead to termination of leases by tenants, tenant bankruptcies, decreases in demand for properties, difficulties in accessing capital, impairment of the Company’s long-lived assets and other impacts that could materially and adversely affect the Company’s business, results of operations, financial condition and ability to pay distributions to stockholders. A prolonged outbreak could have a material adverse impact on the financial results and business operations of the Company. As of June 30, 2020, the Company agreed upon certain rent relief requests, most often in the form of rent deferral requests, as a result of COVID-19. Not all tenant requests resulted in modification agreements, nor did the Company forego its contractual rights under its lease agreements. These rent relief requests from the Company’s tenants did not have a material impact on the Company’s results of operations, financial condition or cash flows as of June 30, 2020. The rent relief requests resulted in the total payments required by the modified contract being substantially the same or less than the total payments required by the original contract. Therefore, the Company has elected to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under lease accounting pronouncements as though enforceable rights and obligations for the concessions existed, regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract. Consequently, for concessions related to the effects of the COVID-19 pandemic, the Company did not analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
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, 2019, audited consolidated financial statements, as previously filed with the SEC on Form 10-K on March 24, 2020. 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, 2020, there were no redemptions of Company shares, and therefore, no reallocation was required. During the six months ended June 30, 2019, the Company redeemed 73,637 shares, resulting in a decrease to APIC with an offsetting increase to OP NCI of approximately $0.3 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. Reclassification: None of the prior year amounts have been reclassified for consistency with the current year presentation. Real Estate: Real estate assets are stated at cost, less accumulated depreciation and amortization. All costs related to the improvement or replacement of real estate properties, including interest expense on development properties, are capitalized. Acquisition related costs are capitalized for asset acquisitions. Additions, renovations, and improvements that 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. The Company capitalizes all direct costs of real estate under development until the end of the development period. In addition, the Company capitalizes the indirect cost of insurance and real estate taxes allocable to real estate under development during the development period. The Company also capitalizes interest using the avoided cost method for real estate under development during the development period. The Company will cease the capitalization of these costs when development activities are substantially completed and the property is available for occupancy by tenants, but no later than one year from the completion of major construction activity at which time the property is placed in service and depreciation commences. If the Company suspends substantially all activities related to development of a qualifying asset, the Company will cease capitalization of these costs until activities are resumed. Real estate under development was $5.8 million and $5.6 million as of June 30, 2020 and December 31, 2019, respectively, and is included in buildings and improvements on the Company’s balance sheet. Upon the acquisition of real estate properties, the relative 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) on a relative fair value basis in accordance with GAAP. The Company utilizes methods similar to those used by independent appraisers in estimating the fair value of acquired assets and liabilities. The fair value of the tangible assets of an acquired property considers the value of the property “as-if-vacant.” In allocating the purchase price to identified intangible assets and liabilities of an acquired property, the value of above-market and below-market leases is estimated based on the differences between contractual rentals and estimated market rents over the applicable lease term discounted back to the date of acquisition utilizing a discount rate adjusted for the credit risk associated with the respective tenants. Fixed-rate renewal options have been included in the calculation of the fair value of acquired leases where applicable. The 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. The capitalized above-market lease values are amortized as a reduction of rental revenue over the remaining term of the respective leases and the capitalized below-market lease values are amortized as an increase to rental revenue over the remaining term of the respective leases. The value of in-place leases is based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during expected lease-up periods, current market conditions, and costs to execute similar leases. The values of in-place leases are amortized over the remaining term of the respective leases. If a tenant terminates its lease prior to its contractual expiration date, any unamortized balance of the related intangible assets or liabilities is recorded as income or expense in the period. The total net impact to rental revenues due to the amortization of above and below-market leases was a net increase of approximately $0.3 million for each of the six months ended June 30, 2020 and 2019. As of June 30, 2020, above-market and in-place leases of approximately $0.7 million and $8.1 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, 2019, above-market and in-place leases of approximately $0.8 million and $8.9 million (net of accumulated amortization), respectively, are included in acquired lease intangible assets, net in the accompanying condensed consolidated balance sheets. As of June 30, 2020, and December 31, 2019, approximately $3.7 million and $4.1 million (net of accumulated amortization), respectively, relating to below-market leases are included in acquired lease intangible liabilities, net in the accompanying condensed consolidated balance sheets. The following table presents the projected impact for the remainder of 2020, 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, 2020 (in thousands): Net increase to Increase to rental revenues amortization expense Remainder of 2020 $ 330 $ 814 2021 510 1,400 2022 533 1,344 2023 635 1,189 2024 497 903 2025 148 733 Thereafter 329 1,709 $ 2,982 $ 8,092 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 accounts for this investment under the equity method of accounting. The Company recorded income of approximately $0.1 million from this investment for the six months ended June 30, 2020 and 2019, respectively. Depreciation and Amortization: The Company uses the straight-line method for depreciation and amortization. Properties and property improvements are depreciated over their estimated useful lives, which range from 5 to 40 years. Furniture, fixtures, and equipment are depreciated over estimated useful lives that range from 5 to 10 years. Tenant improvements are amortized over the shorter of the remaining non-cancellable term of the related leases or their useful lives. 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, 2020. Deferred Charges: Deferred charges consist principally of leasing commissions, which are amortized over the life of the related tenant leases, and financing costs, relating to the Company’s revolving credit facility, which are amortized over the terms of the respective debt agreements. These deferred charges are included in other assets on the consolidated balance sheets. If leases are terminated, the unamortized charges are expensed. 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. Rental income related to tenants where the collectability of lease payments is not deemed probable will be recorded on a cash basis. If the Company determines that the collectability of a tenant’s lease payments is not probable, the write-off of the entire tenant receivable, including straight-line rent receivable, is presented as a reduction of revenue rather than an operating expense on the statement of operations. 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 for the property. Property operating expense recoveries from tenants of common area maintenance, real estate taxes, and other recoverable costs are included in revenues in the period that the related expenses are incurred. Future minimum contractual lease payments to be received by the Company (without taking into account straight-line rent, amortization of intangibles and tenant reimbursements) as of June 30, 2020, under operating leases for the remainder of 2020, the next five years, and thereafter are as follows (in thousands): Remainder of 2020 $ 23,099 2021 45,652 2022 41,232 2023 35,481 2024 29,193 2025 26,503 Thereafter 57,623 Total $ 258,783 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 includes reserves used to pay real estate taxes, leasing costs and capital improvements. Restricted cash for prior periods included an additional reserve to pay for a construction bond. Fair Value Measurement: The Company determines fair value in accordance with Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurement.” This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. Assets and liabilities disclosed at fair values are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are defined by ASC 820-10-35, are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities. Determining which category an asset or liability falls within the hierarchy requires significant judgment, and the Company evaluates its hierarchy disclosures each quarter. The three-tier fair value hierarchy is as follows: Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Valuations based on unobservable inputs reflecting management’s own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. Income Taxes: The Company is organized and conducts its operations to qualify as a REIT for federal income tax purposes. Accordingly, the Company is generally not subject to federal income taxation on the portion of its distributable income that qualifies as REIT taxable income, to the extent that it distributes at least 90% of its REIT taxable income to its stockholders and complies with certain other requirements as defined in the Code. The Company also participates in certain activities conducted by entities which elected to be treated as taxable subsidiaries under the Code. As such, the Company is subject to federal, state, and local taxes on the income from these activities. The Company accounts for income taxes under the asset and liability method as required by the provisions of ASC 740-10-30. Under this method, deferred tax assets and liabilities are established based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not. ASC 740-10-65 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-65, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740-10-65 also provides guidance on de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods and requires increased disclosures. As of June 30, 2020, and December 31, 2019, the Company had determined that no liabilities are required in connection with uncertain tax positions. As of June 30, 2020, 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 Tax Cuts and Jobs Act (the “Act”) enacted in 2017 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 Act may impact certain of the Company’s tenants’ operating results, financial condition, and future business plans. There can be no assurance that the Act will not impact the Company’s 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 interest and noninterest bearing transaction accounts deposited at an insured depository institution are insured by the Federal Deposit Insurance Corporation up to the standard maximum deposit amount of $250,000. Management believes that the Company is not exposed to any significant credit risk due to the credit worthiness of the financial institutions. For the six months ended June 30, 2020, rental income of $4.8 million derived from five leases with the City of New York represents approximately 17% of the Company’s 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 Topic 718, “Compensation – Stock Compensation,” which establishes accounting for stock-based awards exchanged for employee services. Under the provisions of ASC Topic 718, share-based compensation cost is measured at the grant date or service-inception date (if it precedes the grant date), based on the fair value of the award. Share-based compensation is expensed at the grant date (for awards or portion of awards that vested immediately), or ratably over the respective vesting periods, determined from the start of the grant date or service-inception date through the date of vesting. Recent Accounting Pronouncements: Lease Accounting In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, “Leases (Topic No. 842).” ASU 2016-02 requires lessees to recognize, at the commencement date, a lease liability for all leases with a term greater than 12 months, 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 but updated to align with certain changes to the lessee model and the new revenue recognition standard. In addition, under the new guidance, if the Company determines that collectability of lease payments is not probable, the write-off of the entire tenant receivable, including straight-line rent receivable, is presented as a reduction of revenue rather than an operating expense on the statement of operations. Rental income related to tenants where the collectability of lease payments is not probable will be recorded on a cash basis. The new lease accounting permits companies to utilize certain practical expedients in the implementation of the new standard. The Company has elected to utilize a package of three practical expedients for all leases which includes, (i) not reassessing expired or existing contracts as to whether they are or contain leases; (ii) not reassessing lease classification of existing leases; and (iii) not reassessing the amount of capitalized initial direct costs for existing leases. ASU 2016-02 also specifies that upon adoption, lessors will no longer be able to capitalize and amortize certain leasing related costs and instead will only be permitted to capitalize and amortize incremental direct leasing costs. Subsequent to adoption, there was no change in the capitalization of costs as compared to what we have historically capitalized. ASU 2016-02 initially provided for one retrospective transition method for lessors; however, a second transition method was subsequently provided by ASU 2018-11 as described below. In July 2018, the FASB issued ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements,” which amended ASU 2016-02 to provide entities with an additional optional transition method to adopt ASU 2016-02. ASU 2018-11 simplifies transition requirements and, for lessors, provides a practical expedient for the separation of non-lease components from lease components. Specifically, ASU 2018-11 provides an option to apply the transition provisions of the new standard at its adoption date instead of at the earliest comparative period presented in the financial statements. In addition, ASU 2018-11 provides a practical expedient, by class of underlying asset, that permits lessors to make a policy election not to separate non-lease components from the associated lease component, and, instead, to account for those components as a single component if the non-lease components would otherwise be accounted for under the new revenue guidance (Topic 606). If certain conditions are met, the single component is to be accounted for under either Topic 842 or Topic 606 depending on which component(s) are predominant. In July 2018, the FASB issued ASU No. 2018-10, “Codification Improvements to Topic 842, Leases.” These amendments provide clarifications and corrections to ASU 2016-02, Leases (Topic 842). In December 2018, the FASB issued ASU No. 2018-20, “Leases, (Topic 842): Narrow-Scope Improvements for Lessors”. These amendments clarify or simplify certain narrow aspects of ASC 842 for lessors. This ASU modifies ASU No. 2016-02 to permit lessors, as an accounting policy election, not to evaluate whether certain sales taxes and other similar taxes are lessor costs or lessee costs. Instead, those lessors will account for those costs as if they are lessee costs. Consequently, a lessor making this election will exclude from the consideration in the contract and from variable payments not included in the consideration in the contract all collections from lessees of taxes within the scope of the election and will provide certain disclosures (the accounting policy election includes sales, use, value added, and some excise taxes but excludes real estate taxes). The Company has elected not to evaluate whether the aforementioned costs are lessor or lessee costs. This ASU also provides that certain lessor costs require lessors to exclude from variable payments, and therefore revenue, specifically lessor costs paid by lessees directly to third parties. The amendments also require lessors to account for costs excluded from the consideration of a contract that are paid by the lessor and reimbursed by the lessee as variable payments. A lessor will record those reimbursed costs as revenue. The adoption of ASU 2018-20 did not have a material impact on the Company’s consolidated financial statements. ASU 2016-02 is effective for fiscal periods and interim periods within those fiscal periods beginning after December 15, 2018. The Company adopted ASU 2016-02 (as amended by subsequent ASUs) effective January 1, 2019 utilizing the new transition method described in ASU 2018-11 and the package of three practical expedients provided by ASU 2016-02 as described above. As lessor, the Company has more than sixty (60) leases primarily with industrial tenants and a significant majority of its leases are on a triple-net basis. The Company’s leases will continue to be classified as operating leases and the adoption of ASU 2016-02 did not have a material impact on the Company’s financial position or results from operations. The Company has elected to use the practical expedient related to the separation of lease and non-lease components provided by ASU 2018-11. The Company has determined that the effect of electing this lessor practical expedient is that revenues related to leases will be reported on one line in the presentation within the consolidated statement of operations. The timing of revenue recognition is expected to be the same for the majority of the Company’s new leases as compared to similar existing leases. As lessee, the Company has elected to utilize the practical expedients in the implementation of ASU 2016-02 related to not separating non-lease components from the associated lease component. As lessee, the Company is a party to an office lease with future lease obligations aggregating to approximately $145,000 and $289,000 as of June 30, 2020 and December 31, 2019, respectively. The Company has recorded a right-of-use asset and corresponding right-of use liability at the present value of the remaining minimum rental payments, based upon an incremental borrowing rate of 5.256%, of approximately $541,000 as of January 1, 2019. The Company did not record any cumulative effect of change in accounting principle upon the adoption of ASC Topic 842 as lessor or lessee. Other Accounting Topics In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles when accounting for contract modifications, hedging relationships and other transactions impacted by rate reform, subject to meeting certain criteria. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. The Company had no transactions to which the ASU was applied since adoption and we are considering the impact of reference rate reform on our consolidated financial statements. In June 2018, the FASB issued ASU No. 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 was permitted but not earlier than the adoption of Topic 606. The adoption of ASU 2018-07 did not have a material impact on the Company’s consolidated financial statements.

Mortgage Notes Payable

Mortgage Notes Payable	6 Months Ended
	Jun. 30, 2020
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, 2020 December 31, 2019 Maturity Hartford Accident & Indemnity Company 5.20 % $ - $ 6,000 3/1/2020 People’s United Bank 5.23 % 2,046 2,089 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 Life Insurance Company 4.00 % 37,573 37,937 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 33,000 4/1/2028 Transamerica Life Insurance Company 3.45 % 5,980 - 4/1/2030 Transamerica Life Insurance Company 3.45 % 2,420 - 4/1/2030 Subtotal 368,619 366,626 Unamortized loan costs (5,082 ) (5,294 ) Total $ 363,537 $ 361,332 People’s United Bank Loan Agreement: In connection with the acquisition in 2014 of an 84,000 square foot parking lot in Long Island City, Queens, NY, a wholly owned subsidiary of the Operating Partnership entered into a mortgage loan agreement with People’s United Bank in the aggregate amount of $15.5 million. The loan has a ten-year 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. Allstate Loan Agreement: On March 13, 2015, in connection with the acquisition of six properties in Piscataway, NJ, the Operating Partnership closed on a $39.1 million cross-collateralized mortgage (the “Allstate Loan”) from Allstate Life Insurance Company, Allstate Life Insurance Company of New York and American Heritage Life Insurance Company. The Allstate Loan agreement provided a secured facility with a 10-year term loan. During the first three years of the term of the loan, it required interest-only payments at the rate of 4% per annum. Following this period until the loan matures on April 1, 2025, payments will be based on a 30-year amortization schedule with a balloon payment of $33.8 million due at maturity. United States Life Insurance Company Loan Agreement: On December 20, 2017 (the “Closing Date”), four wholly owned subsidiaries of the Operating Partnership (collectively, the “U.S. Life Borrowers”) entered in a loan agreement (the “U.S. Life Loan Agreement”) with the United States Life Insurance Company in the City of New York (the “Lender”). The U.S. Life Loan Agreement provides for a secured loan facility in the principal amount of $39.0 million (the “Loan Facility”). The Loan Facility is a 10-year term loan that requires interest-only payments at the rate of 3.82% per annum. During the period from February 1, 2018 to December 1, 2027, payments of interest only on the principal balance of the Note (as defined below) will be payable in arrears, with the entire principal balance due and payable on January 1, 2028, the loan maturity date. Subject to certain conditions, the U.S. Life Borrowers may prepay the outstanding loan amount in whole on or after January 1, 2023, by providing advance notice of the prepayment to the Lender and remitting a prepayment premium equal to the greater of 1 % of the then outstanding principal amount of the Loan Facility or the then present value of the 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. 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 Transamerica Life Insurance Company Loan Agreement: On March 24, 2020, two wholly owned subsidiaries of the Operating Partnership entered into a loan agreement with Transamerica Life Insurance Company. The loan agreement provides for a cross-defaulted, cross-collateralized portfolio of commercial mortgage loans in the aggregate principal amount of $8.4 million. The loan is evidenced by secured promissory notes. Each note is made by one of the borrowers and the combined principal amounts of the notes are equal to the amount of the loan. The term of each note is ten (10) years and requires (i) interest-only payments at the rate of 3.45% per annum on the principal balance of the note until April 1, 2022 and (ii) principal and interest payments (amortized over a 25-year period commencing at the end of the interest-only period) from May 1, 2022 through March 1, 2030. The entire principal balance of each note is due and payable on April 1, 2030, the loan maturity date. Subject to the terms of the loan agreement, each note may be prepaid in whole upon not less than 30 days’ prior written notice to the lender. Subject to certain exceptions, upon prepayment, the borrowers must remit a prepayment premium equal to the greater of (i) 1% of the prepayment amount and (ii) a yield protection amount calculated in accordance with the terms of the notes. If a default exists, the outstanding principal balance of the notes shall, at the option of the lender, bear interest at a rate equal to the lesser of (i) 10% per annum over the note rate and (ii) the highest rate of interest permitted to be paid or collected by applicable law with respect to the loan. The notes contain other terms and provisions that are customary for instruments of this nature. Assumption of Loans: Certain of the Company’s acquired properties were encumbered by certain mortgage indebtedness. Concurrent with the acquisition of these properties, the Company, the Operating Partnership and the entity owners of the properties acquired entered into certain loan assumption and modification documents to facilitate the acquisition of the properties acquired. Below is a summary of the material terms of the arrangement with each lender. 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%. On February 25, 2020, the Company paid the remaining mortgage balance of $6.0 million from its existing cash balances. People’s United Bank Loan: Wu/LH 15 Progress Drive L.L.C., a wholly owned subsidiary of the Operating Partnership, entered into a $2.7 million mortgage loan on September 30, 2010. The loan is secured by the properties located at 15 Progress Road and 30 Commerce Drive, Shelton, Connecticut and bears interest at a rate of 5.23%. The Operating Partnership is required to make monthly payments of principal and interest until the loan matures on October 1, 2020. The obligations under this loan agreement are also guaranteed by GTJ REIT. In connection with the loan agreements, the Company is required to comply with certain covenants. As of June 30, 2020, the Company was in compliance with all covenants. The mortgage notes payable are collateralized by certain 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 3 0 , 20 20 , s cheduled principal repa yments for the remainder of 20 20 , the next five years and thereafter are as follows (in thousands): Remainder of 2020 $ 2,418 2021 852 2022 1,300 2023 1,794 2024 16,343 2025 267,878 Thereafter 78,034 Total $ 368,619

Secured Revolving Credit Facili

Secured Revolving Credit Facility	6 Months Ended
	Jun. 30, 2020
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 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 initially bore a base rate of interest calculated as the sum of (i) 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); plus (ii) 200 250 300 350 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. 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. On July 31, 2018, the Operating Partnership reduced its 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 50 100 250 300 On September 11, 2019, the Operating Partnership entered into an amendment to the Key Bank Credit Agreement which reduced the applicable margin for LIBOR-rate loans and base-rate loans by 10 50 100 140 190 240 290 On March 27, 2020, the Operating Partnership drew down $10.0 million under the secured revolving credit facility with Key Bank. The Operating Partnership increased its borrowings under the secured revolving credit facility with Key Bank as a precautionary measure in order to increase liquidity and preserve financial flexibility in light of current uncertainty resulting from the COVID-19 pandemic. 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, 2020, and December 31, 2019 were $50.0 million and $40.0 million, respectively, which are considered LIBOR-rate loans. As of June 30, 2020, the Operating Partnership was in compliance with all covenants required in connection with the Key Bank Credit Agreement.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Stockholders' Equity	5. STOCKHOLDERS’ EQUITY: Preferred Stock: The Company is authorized to issue 10,000,000 shares of preferred stock, $.0001 par value per share. Voting and other rights and preferences may be determined from time to time by the Board of Directors (the “Board”) of the Company. The Company has designated 500,000 shares of preferred stock as Series A preferred stock, $.0001 par value per share. In addition, the Company has designated 6,500,000 shares of preferred stock as Series B preferred stock, $.0001 par value per share. There are no voting rights associated with the Series B preferred stock. There was no Series A preferred stock or Series B preferred stock outstanding as of June 30, 2020, or December 31, 2019. Common Stock: The Company is authorized to issue 100,000,000 shares of common stock, $.0001 Dividend Distributions: The following table presents dividends declared by the Company on its common stock during the six months ended June 30, 2020: Declaration Record Payment Dividend Date Date Date Per Share March 17, 2020 March 31, 2020 April 15, 2020 $ 0.10 (1) March 17, 2020 March 31, 2020 April 17, 2020 $ 0.10 June 4, 2020 June 30, 2020 July 10, 2020 $ 0.10 (1) This represents a 2019 supplemental dividend. The cash flows from operations were sufficient to pay the dividends declared and paid to date in 2020. Purchase of Securities: Share Redemption Program 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 basis in accordance with the policy on priority of redemptions set forth in the Program. • 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. Pursuant to the Program, on December 5, 2017, the Company redeemed 79,681 Shares at a redemption price of $12.55 per Share, for aggregate consideration of $999,996.55. Pursuant to the Program, on June 5, 2018, the Company redeemed 77,399 Shares at a redemption price of $12.92 per Share, for aggregate consideration of $999,995.08. Pursuant to the Program, on June 5, 2019, the Company redeemed 73,637 Shares at a redemption price of $13.58 per Share, for aggregate consideration of $999,990.46. 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. The Company treats any unsatisfied portions of redemption requests as requests for redemption in the next semi-annual period. Redemptions under the Program are limited to an aggregate of $1 million during any calendar year. Because this limit was met for the 2019 calendar year when the Company redeemed shares on June 5, 2019, the Company did not redeem any shares for the semi-annual period running from June 1, 2019 to November 30, 2019. On March 17, 2020, the Board unanimously approved the Company’s annual valuation as of December 31, 2019. The annual valuation resulted in an adjustment to the redemption price under the Program from $13.58 to $13.99 per share. The redemption price of $13.99 per share will be effective until such time as the Board determines a new estimated per share Net Asset Value (“NAV”). The Company’s 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 March 27, 2020, the Company’s Board unanimously approved suspending repurchases under the Program effective as of May 1, 2020. The Board determined that it was in the best interests of the Company to suspend the Program in order to preserve financial flexibility in light of current uncertainty resulting from the COVID-19 pandemic. The Board will reassess the Company’s ability to recommence the Program in future periods and will notify stockholders of any such recommencement. Any unprocessed requests will automatically roll over to be considered for repurchase when the Company reopens the Program, unless such requests are withdrawn in accordance with the terms of the Program. Tender Offers: On February 15, 2019, MacKenzie Badger Acquisition Co. 4, LLC, MPF DeWaay Premier Fund 3, LLC, MPF Northstar Fund, LP, MPF Northstar Fund 2, LP and Mackenzie Capital Management, LP commenced a tender offer to purchase up to 100,000 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 11:59 p.m., Pacific Time, on March 22, 2019. No shares were tendered pursuant to the tender offer. On February 15, 2019, the Company commenced a self-tender offer to purchase up to 100,000 shares of the Company’s common stock, par value $0.0001 per share, for cash at a purchase price equal to $8.50 per share. The offer and withdrawal rights expired at 12:00 midnight, New York City Time, on April 5, 2019. The Program was temporarily suspended during this offer as required by SEC rules. No repurchases were made under the Program during the offer and for ten (10) business days thereafter. Pursuant to the self-tender offer, 37,910 shares were tendered and the Company purchased these shares for $322,235 on April 9, 2019. The suspension of the Program was terminated on April 22, 2019, and thereafter the Company recommenced purchases under the Program. On February 13, 2020, the Company commenced a self-tender offer to purchase up to 425,531 shares of the Company’s common stock, par value $0.0001 per share, for cash at a purchase price equal to $11.75 per share. On March 30, 2020, the Company announced that it had terminated the offer as a result of conditions to the offer not having been satisfied resulting from the COVID-19 pandemic. As a result of this termination, no shares were purchased in the offer and all shares previously tendered and not withdrawn were promptly returned to tendering holders. Stock Based Compensation: The Company had a 2007 Incentive Award Plan (the “2007 Plan”) that had the intended purpose of furthering the growth, development, and financial success of the Company and obtaining and retaining the services of those individuals considered essential to the long-term success of the Company. The 2007 Plan provided for awards in the form of restricted shares, incentive stock options, non-qualified stock options and stock appreciation rights. The aggregate number of shares of common stock which may have been awarded under the 2007 Plan was 1,000,000 shares. The 2007 Plan expired by its terms on June 11, 2017. The 2017 Incentive Award Plan (the “2017 Plan”) was adopted by the Board and became effective on April 24, 2017, subject to the approval of the Company’s stockholders, which was obtained on June 8, 2017. The 2017 Plan has the intended purpose of furthering the growth, development, and financial success of the Company and obtaining and retaining the services of those individuals considered essential to the long-term success of the Company. The 2017 Plan provides for awards in the form of stock, stock units, incentive stock options, non-qualified stock options and stock appreciation rights. The aggregate number of shares of common stock which may be awarded under the 2017 Plan is 2,000,000 shares. As of June 30, 2020, the Company had 1,772,959 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 June 9, 2011, the Company granted 10,000 options to a non-employee director which vested immediately. On November 8, 2016, 200,000 non-qualified stock options were granted to key officers of the Company and had a three-year All options expire ten years from the date of grant. For the three months ended June 30, 2020, there was no stock compensation expense relating to these stock options as these options have fully vested. For the six months ended June 30, 2019, the stock compensation expense relating to these stock options was approximately $55,000. The following table presents shares issued by the Company under the 2007 Plan and the 2017 Plan: Shares Issued Under the 2007 Plan Grant Total Value Approximate Date Shares Issued Per Share Value of Shares Vesting Period April 30, 2012 55,149 $ 6.80 $ 375,000 3 Years (2) June 7, 2012 5,884 $ 6.80 $ 40,000 Immediately (1) March 21, 2013 46,876 $ 6.40 $ 300,000 3 Years (2) March 21, 2013 3,126 $ 6.40 $ 20,000 Immediately (1) June 6, 2013 9,378 $ 6.40 $ 60,000 Immediately (1) June 4, 2014 44,704 $ 6.80 $ 304,000 5 years (2) June 19, 2014 8,820 $ 6.80 $ 60,000 Immediately (1) March 26, 2015 43,010 $ 9.30 $ 400,000 5 years (2) June 19, 2015 16,436 $ 10.65 $ 175,000 Immediately (1) March 24, 2016 47,043 $ 10.40 $ 489,000 5 years (2) June 9, 2016 14,424 $ 10.40 $ 150,000 Immediately (1) May 22, 2017 34,482 $ 11.60 $ 400,000 9 years (2) May 31, 2017 7,929 $ 11.60 $ 92,000 Immediately (3) June 8, 2017 15,516 $ 11.60 $ 180,000 Immediately (1) Shares Issued Under the 2017 Plan Grant Total Value Approximate Date Shares Issued Per Share Value of Shares Vesting Period June 7, 2018 42,918 $ 11.65 $ 500,000 9 Years (2) June 7, 2018 15,020 $ 11.65 $ 175,000 Immediately (1) June 5, 2019 64,654 $ 11.60 $ 750,000 9 Years (2) June 5, 2019 15,085 $ 11.60 $ 175,000 Immediately (1) June 4, 2020 72,834 $ 12.70 $ 925,000 9 Years (2) June 4, 2020 16,530 $ 12.70 $ 210,000 Immediately (1) (1) Shares issued to non-management members of the Board of Directors. (2) Shares issued to certain executives of the Company. (3) Shares issued to current and former executives of the Company in connection with the exercise of previously issued options. The Board of Directors has determined the value of a share of common stock to be $12.70 based on a valuation completed on March 13, 2020, 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, 2020 and 2019, the Company’s total stock compensation expense was approximately $564,000 and $524,000, respectively. As of June 30, 2020, there was approximately $1,407,000 of unamortized stock compensation related to restricted stock. That cost is expected to be recognized over a weighted average period of 2.6 years. As of June 30, 2020, there were 210,000 stock options that are outstanding, 210,000 of which are exercisable, and 669,828 shares of restricted stock are outstanding, of which 553,901 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, 2019 72,306 $ 11.57 New shares issued through June 30, 2020 89,364 $ 12.70 Vested (45,743 ) $ 12.38 Non-vested shares outstanding as of June 30, 2020 115,927 $ 12.13 The following is a vesting schedule of the non-vested shares of restricted stock outstanding as of June 30, 2020: Number of Shares Remainder of 2020 18,152 2021 29,366 2022 21,363 2023 16,075 2024 11,972 2025 8,506 Thereafter 10,493 Total Non-vested Shares 115,927

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2020
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 37,448 and 21,087 common share equivalents in the six months ended June 30, 2020 and 2019, respectively, presented in Diluted EPS. The following table sets forth the computation of basic and diluted earnings per share information for the six months ended June 30, 2020 and 2019 (in thousands, except share and per share data): Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Numerator: Net income attributable to common stockholders $ 905 $ 815 $ 2,253 $ 1,916 Denominator: Weighted average common shares outstanding – basic 13,564,370 13,536,021 13,551,113 13,552,750 Weighted average common shares outstanding – diluted 13,601,818 13,557,108 13,588,561 13,573,837 Basic and Diluted Per Share Information: Net income per share – basic and diluted $ 0.07 $ 0.06 $ 0.17 $ 0.14

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2020
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 and the firm earning brokerage cash commissions. In subsequent years, the tenant has expanded square footage and exercised renewal options, resulting in the firm earning additional brokerage commissions. 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 on December 31, 2020 and has a current annual base rent of $289,000 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 in 2018. A gain of approximately $108,000 is included in equity in earnings of unconsolidated affiliate on the consolidated statement of operations for the six months ended June 30, 2019.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
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, 2020, and December 31, 2019, the remaining liability was approximately $1.0 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 Environmental Matters: As of June 30, 2020, three of the Company’s six former bus depot sites have received final regulatory closure, satisfying outstanding clean-up obligations related to legacy site contamination issues. Three sites continue with on-going cleanup, monitoring and reporting activities. The Company believes each of the six sites remain in compliance with existing local, state and federal obligations.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2020
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, rent and other receivables, accounts payable and accrued expenses approximated their carrying value because of the short-term nature based on Level 1 inputs. The fair values of mortgage notes payable 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, 2020 December 31, 2019 Carrying Estimated Carrying Estimated Value Value Value Value Financial assets: Cash and cash equivalents $ 38,240 $ 38,240 $ 26,853 $ 26,853 Restricted cash 2,568 2,568 2,232 2,232 Rent and other receivables 1,907 1,907 517 517 Financial liabilities: Accounts payable and accrued expenses $ 3,834 $ 3,834 $ 4,306 $ 4,306 Secured revolving credit facility 50,000 50,000 40,000 40,000 Mortgage notes payable 368,619 389,840 366,626 367,856 Pension withdrawal liability 962 1,088 996 1,051

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	10. SUBSEQUENT EVENTS The Company has evaluated events from June 30, 2020 through the date the financial statements were issued. There were no subsequent events that need to be disclosed.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
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, 2019, audited consolidated financial statements, as previously filed with the SEC on Form 10-K on March 24, 2020. 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, 2020, there were no redemptions of Company shares, and therefore, no reallocation was required. During the six months ended June 30, 2019, the Company redeemed 73,637 shares, resulting in a decrease to APIC with an offsetting increase to OP NCI of approximately $0.3 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.
Reclassification	Reclassification: None of the prior year amounts have been reclassified for consistency with the current year presentation.
Real Estate	Real Estate: Real estate assets are stated at cost, less accumulated depreciation and amortization. All costs related to the improvement or replacement of real estate properties, including interest expense on development properties, are capitalized. Acquisition related costs are capitalized for asset acquisitions. Additions, renovations, and improvements that 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. The Company capitalizes all direct costs of real estate under development until the end of the development period. In addition, the Company capitalizes the indirect cost of insurance and real estate taxes allocable to real estate under development during the development period. The Company also capitalizes interest using the avoided cost method for real estate under development during the development period. The Company will cease the capitalization of these costs when development activities are substantially completed and the property is available for occupancy by tenants, but no later than one year from the completion of major construction activity at which time the property is placed in service and depreciation commences. If the Company suspends substantially all activities related to development of a qualifying asset, the Company will cease capitalization of these costs until activities are resumed. Real estate under development was $5.8 million and $5.6 million as of June 30, 2020 and December 31, 2019, respectively, and is included in buildings and improvements on the Company’s balance sheet. Upon the acquisition of real estate properties, the relative 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) on a relative fair value basis in accordance with GAAP. The Company utilizes methods similar to those used by independent appraisers in estimating the fair value of acquired assets and liabilities. The fair value of the tangible assets of an acquired property considers the value of the property “as-if-vacant.” In allocating the purchase price to identified intangible assets and liabilities of an acquired property, the value of above-market and below-market leases is estimated based on the differences between contractual rentals and estimated market rents over the applicable lease term discounted back to the date of acquisition utilizing a discount rate adjusted for the credit risk associated with the respective tenants. Fixed-rate renewal options have been included in the calculation of the fair value of acquired leases where applicable. The 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. The capitalized above-market lease values are amortized as a reduction of rental revenue over the remaining term of the respective leases and the capitalized below-market lease values are amortized as an increase to rental revenue over the remaining term of the respective leases. The value of in-place leases is based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during expected lease-up periods, current market conditions, and costs to execute similar leases. The values of in-place leases are amortized over the remaining term of the respective leases. If a tenant terminates its lease prior to its contractual expiration date, any unamortized balance of the related intangible assets or liabilities is recorded as income or expense in the period. The total net impact to rental revenues due to the amortization of above and below-market leases was a net increase of approximately $0.3 million for each of the six months ended June 30, 2020 and 2019. As of June 30, 2020, above-market and in-place leases of approximately $0.7 million and $8.1 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, 2019, above-market and in-place leases of approximately $0.8 million and $8.9 million (net of accumulated amortization), respectively, are included in acquired lease intangible assets, net in the accompanying condensed consolidated balance sheets. As of June 30, 2020, and December 31, 2019, approximately $3.7 million and $4.1 million (net of accumulated amortization), respectively, relating to below-market leases are included in acquired lease intangible liabilities, net in the accompanying condensed consolidated balance sheets. The following table presents the projected impact for the remainder of 2020, 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, 2020 (in thousands): Net increase to Increase to rental revenues amortization expense Remainder of 2020 $ 330 $ 814 2021 510 1,400 2022 533 1,344 2023 635 1,189 2024 497 903 2025 148 733 Thereafter 329 1,709 $ 2,982 $ 8,092
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 accounts for this investment under the equity method of accounting. The Company recorded income of approximately $0.1 million from this investment for the six months ended June 30, 2020 and 2019, respectively.
Depreciation and Amortization	Depreciation and Amortization: The Company uses the straight-line method for depreciation and amortization. Properties and property improvements are depreciated over their estimated useful lives, which range from 5 to 40 years. Furniture, fixtures, and equipment are depreciated over estimated useful lives that range from 5 to 10 years. Tenant improvements are amortized over the shorter of the remaining non-cancellable term of the related leases or their useful lives.
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, 2020.
Deferred Charges	Deferred Charges: Deferred charges consist principally of leasing commissions, which are amortized over the life of the related tenant leases, and financing costs, relating to the Company’s revolving credit facility, which are amortized over the terms of the respective debt agreements. These deferred charges are included in other assets on the consolidated balance sheets. If leases are terminated, the unamortized charges are expensed.
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. Rental income related to tenants where the collectability of lease payments is not deemed probable will be recorded on a cash basis. If the Company determines that the collectability of a tenant’s lease payments is not probable, the write-off of the entire tenant receivable, including straight-line rent receivable, is presented as a reduction of revenue rather than an operating expense on the statement of operations. 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 for the property. Property operating expense recoveries from tenants of common area maintenance, real estate taxes, and other recoverable costs are included in revenues in the period that the related expenses are incurred. Future minimum contractual lease payments to be received by the Company (without taking into account straight-line rent, amortization of intangibles and tenant reimbursements) as of June 30, 2020, under operating leases for the remainder of 2020, the next five years, and thereafter are as follows (in thousands): Remainder of 2020 $ 23,099 2021 45,652 2022 41,232 2023 35,481 2024 29,193 2025 26,503 Thereafter 57,623 Total $ 258,783
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 includes reserves used to pay real estate taxes, leasing costs and capital improvements. Restricted cash for prior periods included an additional reserve to pay for a construction bond.
Fair Value Measurement	Fair Value Measurement: The Company determines fair value in accordance with Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurement.” This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. Assets and liabilities disclosed at fair values are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are defined by ASC 820-10-35, are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities. Determining which category an asset or liability falls within the hierarchy requires significant judgment, and the Company evaluates its hierarchy disclosures each quarter. The three-tier fair value hierarchy is as follows: Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Valuations based on unobservable inputs reflecting management’s own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.
Income Taxes	Income Taxes: The Company is organized and conducts its operations to qualify as a REIT for federal income tax purposes. Accordingly, the Company is generally not subject to federal income taxation on the portion of its distributable income that qualifies as REIT taxable income, to the extent that it distributes at least 90% of its REIT taxable income to its stockholders and complies with certain other requirements as defined in the Code. The Company also participates in certain activities conducted by entities which elected to be treated as taxable subsidiaries under the Code. As such, the Company is subject to federal, state, and local taxes on the income from these activities. The Company accounts for income taxes under the asset and liability method as required by the provisions of ASC 740-10-30. Under this method, deferred tax assets and liabilities are established based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not. ASC 740-10-65 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-65, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740-10-65 also provides guidance on de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods and requires increased disclosures. As of June 30, 2020, and December 31, 2019, the Company had determined that no liabilities are required in connection with uncertain tax positions. As of June 30, 2020, 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 Tax Cuts and Jobs Act (the “Act”) enacted in 2017 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 Act may impact certain of the Company’s tenants’ operating results, financial condition, and future business plans. There can be no assurance that the Act will not impact the Company’s 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 interest and noninterest bearing transaction accounts deposited at an insured depository institution are insured by the Federal Deposit Insurance Corporation up to the standard maximum deposit amount of $250,000. Management believes that the Company is not exposed to any significant credit risk due to the credit worthiness of the financial institutions. For the six months ended June 30, 2020, rental income of $4.8 million derived from five leases with the City of New York represents approximately 17% of the Company’s rental income.
Stock-Based Compensation	Stock-Based Compensation: The Company has a stock-based compensation plan which is described below in Note 5. The Company accounts for stock-based compensation in accordance with ASC Topic 718, “Compensation – Stock Compensation,” which establishes accounting for stock-based awards exchanged for employee services. Under the provisions of ASC Topic 718, share-based compensation cost is measured at the grant date or service-inception date (if it precedes the grant date), based on the fair value of the award. Share-based compensation is expensed at the grant date (for awards or portion of awards that vested immediately), or ratably over the respective vesting periods, determined from the start of the grant date or service-inception date through the date of vesting.
Recent Accounting Pronouncements	Recent Accounting Pronouncements: Lease Accounting In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, “Leases (Topic No. 842).” ASU 2016-02 requires lessees to recognize, at the commencement date, a lease liability for all leases with a term greater than 12 months, 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 but updated to align with certain changes to the lessee model and the new revenue recognition standard. In addition, under the new guidance, if the Company determines that collectability of lease payments is not probable, the write-off of the entire tenant receivable, including straight-line rent receivable, is presented as a reduction of revenue rather than an operating expense on the statement of operations. Rental income related to tenants where the collectability of lease payments is not probable will be recorded on a cash basis. The new lease accounting permits companies to utilize certain practical expedients in the implementation of the new standard. The Company has elected to utilize a package of three practical expedients for all leases which includes, (i) not reassessing expired or existing contracts as to whether they are or contain leases; (ii) not reassessing lease classification of existing leases; and (iii) not reassessing the amount of capitalized initial direct costs for existing leases. ASU 2016-02 also specifies that upon adoption, lessors will no longer be able to capitalize and amortize certain leasing related costs and instead will only be permitted to capitalize and amortize incremental direct leasing costs. Subsequent to adoption, there was no change in the capitalization of costs as compared to what we have historically capitalized. ASU 2016-02 initially provided for one retrospective transition method for lessors; however, a second transition method was subsequently provided by ASU 2018-11 as described below. In July 2018, the FASB issued ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements,” which amended ASU 2016-02 to provide entities with an additional optional transition method to adopt ASU 2016-02. ASU 2018-11 simplifies transition requirements and, for lessors, provides a practical expedient for the separation of non-lease components from lease components. Specifically, ASU 2018-11 provides an option to apply the transition provisions of the new standard at its adoption date instead of at the earliest comparative period presented in the financial statements. In addition, ASU 2018-11 provides a practical expedient, by class of underlying asset, that permits lessors to make a policy election not to separate non-lease components from the associated lease component, and, instead, to account for those components as a single component if the non-lease components would otherwise be accounted for under the new revenue guidance (Topic 606). If certain conditions are met, the single component is to be accounted for under either Topic 842 or Topic 606 depending on which component(s) are predominant. In July 2018, the FASB issued ASU No. 2018-10, “Codification Improvements to Topic 842, Leases.” These amendments provide clarifications and corrections to ASU 2016-02, Leases (Topic 842). In December 2018, the FASB issued ASU No. 2018-20, “Leases, (Topic 842): Narrow-Scope Improvements for Lessors”. These amendments clarify or simplify certain narrow aspects of ASC 842 for lessors. This ASU modifies ASU No. 2016-02 to permit lessors, as an accounting policy election, not to evaluate whether certain sales taxes and other similar taxes are lessor costs or lessee costs. Instead, those lessors will account for those costs as if they are lessee costs. Consequently, a lessor making this election will exclude from the consideration in the contract and from variable payments not included in the consideration in the contract all collections from lessees of taxes within the scope of the election and will provide certain disclosures (the accounting policy election includes sales, use, value added, and some excise taxes but excludes real estate taxes). The Company has elected not to evaluate whether the aforementioned costs are lessor or lessee costs. This ASU also provides that certain lessor costs require lessors to exclude from variable payments, and therefore revenue, specifically lessor costs paid by lessees directly to third parties. The amendments also require lessors to account for costs excluded from the consideration of a contract that are paid by the lessor and reimbursed by the lessee as variable payments. A lessor will record those reimbursed costs as revenue. The adoption of ASU 2018-20 did not have a material impact on the Company’s consolidated financial statements. ASU 2016-02 is effective for fiscal periods and interim periods within those fiscal periods beginning after December 15, 2018. The Company adopted ASU 2016-02 (as amended by subsequent ASUs) effective January 1, 2019 utilizing the new transition method described in ASU 2018-11 and the package of three practical expedients provided by ASU 2016-02 as described above. As lessor, the Company has more than sixty (60) leases primarily with industrial tenants and a significant majority of its leases are on a triple-net basis. The Company’s leases will continue to be classified as operating leases and the adoption of ASU 2016-02 did not have a material impact on the Company’s financial position or results from operations. The Company has elected to use the practical expedient related to the separation of lease and non-lease components provided by ASU 2018-11. The Company has determined that the effect of electing this lessor practical expedient is that revenues related to leases will be reported on one line in the presentation within the consolidated statement of operations. The timing of revenue recognition is expected to be the same for the majority of the Company’s new leases as compared to similar existing leases. As lessee, the Company has elected to utilize the practical expedients in the implementation of ASU 2016-02 related to not separating non-lease components from the associated lease component. As lessee, the Company is a party to an office lease with future lease obligations aggregating to approximately $145,000 and $289,000 as of June 30, 2020 and December 31, 2019, respectively. The Company has recorded a right-of-use asset and corresponding right-of use liability at the present value of the remaining minimum rental payments, based upon an incremental borrowing rate of 5.256%, of approximately $541,000 as of January 1, 2019. The Company did not record any cumulative effect of change in accounting principle upon the adoption of ASC Topic 842 as lessor or lessee. Other Accounting Topics In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles when accounting for contract modifications, hedging relationships and other transactions impacted by rate reform, subject to meeting certain criteria. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. The Company had no transactions to which the ASU was applied since adoption and we are considering the impact of reference rate reform on our consolidated financial statements. In June 2018, the FASB issued ASU No. 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 was permitted but not earlier than the adoption of Topic 606. The adoption of ASU 2018-07 did not have a material impact on the Company’s consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2020
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 2020, 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, 2020 (in thousands): Net increase to Increase to rental revenues amortization expense Remainder of 2020 $ 330 $ 814 2021 510 1,400 2022 533 1,344 2023 635 1,189 2024 497 903 2025 148 733 Thereafter 329 1,709 $ 2,982 $ 8,092
Summary of Future Minimum Contractual Lease Payments to be Received	Future minimum contractual lease payments to be received by the Company (without taking into account straight-line rent, amortization of intangibles and tenant reimbursements) as of June 30, 2020, under operating leases for the remainder of 2020, the next five years, and thereafter are as follows (in thousands): Remainder of 2020 $ 23,099 2021 45,652 2022 41,232 2023 35,481 2024 29,193 2025 26,503 Thereafter 57,623 Total $ 258,783

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020 December 31, 2019 Maturity Hartford Accident & Indemnity Company 5.20 % $ - $ 6,000 3/1/2020 People’s United Bank 5.23 % 2,046 2,089 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 Life Insurance Company 4.00 % 37,573 37,937 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 33,000 4/1/2028 Transamerica Life Insurance Company 3.45 % 5,980 - 4/1/2030 Transamerica Life Insurance Company 3.45 % 2,420 - 4/1/2030 Subtotal 368,619 366,626 Unamortized loan costs (5,082 ) (5,294 ) Total $ 363,537 $ 361,332
Schedule of Principal Repayments	As of June 3 0 , 20 20 , s cheduled principal repa yments for the remainder of 20 20 , the next five years and thereafter are as follows (in thousands): Remainder of 2020 $ 2,418 2021 852 2022 1,300 2023 1,794 2024 16,343 2025 267,878 Thereafter 78,034 Total $ 368,619

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020: Declaration Record Payment Dividend Date Date Date Per Share March 17, 2020 March 31, 2020 April 15, 2020 $ 0.10 (1) March 17, 2020 March 31, 2020 April 17, 2020 $ 0.10 June 4, 2020 June 30, 2020 July 10, 2020 $ 0.10 (1) This represents a 2019 supplemental dividend.
Schedule of Shares Issued Under the 2007 Plan and 2017 Plan	The following table presents shares issued by the Company under the 2007 Plan and the 2017 Plan: Shares Issued Under the 2007 Plan Grant Total Value Approximate Date Shares Issued Per Share Value of Shares Vesting Period April 30, 2012 55,149 $ 6.80 $ 375,000 3 Years (2) June 7, 2012 5,884 $ 6.80 $ 40,000 Immediately (1) March 21, 2013 46,876 $ 6.40 $ 300,000 3 Years (2) March 21, 2013 3,126 $ 6.40 $ 20,000 Immediately (1) June 6, 2013 9,378 $ 6.40 $ 60,000 Immediately (1) June 4, 2014 44,704 $ 6.80 $ 304,000 5 years (2) June 19, 2014 8,820 $ 6.80 $ 60,000 Immediately (1) March 26, 2015 43,010 $ 9.30 $ 400,000 5 years (2) June 19, 2015 16,436 $ 10.65 $ 175,000 Immediately (1) March 24, 2016 47,043 $ 10.40 $ 489,000 5 years (2) June 9, 2016 14,424 $ 10.40 $ 150,000 Immediately (1) May 22, 2017 34,482 $ 11.60 $ 400,000 9 years (2) May 31, 2017 7,929 $ 11.60 $ 92,000 Immediately (3) June 8, 2017 15,516 $ 11.60 $ 180,000 Immediately (1) Shares Issued Under the 2017 Plan Grant Total Value Approximate Date Shares Issued Per Share Value of Shares Vesting Period June 7, 2018 42,918 $ 11.65 $ 500,000 9 Years (2) June 7, 2018 15,020 $ 11.65 $ 175,000 Immediately (1) June 5, 2019 64,654 $ 11.60 $ 750,000 9 Years (2) June 5, 2019 15,085 $ 11.60 $ 175,000 Immediately (1) June 4, 2020 72,834 $ 12.70 $ 925,000 9 Years (2) June 4, 2020 16,530 $ 12.70 $ 210,000 Immediately (1) (1) Shares issued to non-management members of the Board of Directors. (2) Shares issued to certain executives of the Company. (3) Shares issued to current and former executives of the Company in connection with the exercise of previously issued options.
Summary of Restricted Stock Activity	The following is a summary of restricted stock activity: Weighted Average Grant Date Fair Shares Value Non-vested shares outstanding as of December 31, 2019 72,306 $ 11.57 New shares issued through June 30, 2020 89,364 $ 12.70 Vested (45,743 ) $ 12.38 Non-vested shares outstanding as of June 30, 2020 115,927 $ 12.13
Summary of Vesting Schedule of Non-vested Shares of Restricted Stock Outstanding	The following is a vesting schedule of the non-vested shares of restricted stock outstanding as of June 30, 2020: Number of Shares Remainder of 2020 18,152 2021 29,366 2022 21,363 2023 16,075 2024 11,972 2025 8,506 Thereafter 10,493 Total Non-vested Shares 115,927

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2020
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 six months ended June 30, 2020 and 2019 (in thousands, except share and per share data): Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Numerator: Net income attributable to common stockholders $ 905 $ 815 $ 2,253 $ 1,916 Denominator: Weighted average common shares outstanding – basic 13,564,370 13,536,021 13,551,113 13,552,750 Weighted average common shares outstanding – diluted 13,601,818 13,557,108 13,588,561 13,573,837 Basic and Diluted Per Share Information: Net income per share – basic and diluted $ 0.07 $ 0.06 $ 0.17 $ 0.14

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020 December 31, 2019 Carrying Estimated Carrying Estimated Value Value Value Value Financial assets: Cash and cash equivalents $ 38,240 $ 38,240 $ 26,853 $ 26,853 Restricted cash 2,568 2,568 2,232 2,232 Rent and other receivables 1,907 1,907 517 517 Financial liabilities: Accounts payable and accrued expenses $ 3,834 $ 3,834 $ 4,306 $ 4,306 Secured revolving credit facility 50,000 50,000 40,000 40,000 Mortgage notes payable 368,619 389,840 366,626 367,856 Pension withdrawal liability 962 1,088 996 1,051

Organization and Description _2

Organization and Description of Business - Additional Information (Detail) - Operating Partnership [Member] - Wu/Lighthouse Portfolio, LLC [Member] shares in Millions, ft² in Millions	Jan. 17, 2013Property	Jun. 30, 2020ft²aPropertyshares	Dec. 31, 2013
Organization And Description Of Business [Line Items]
Number of commercial properties acquired | Property	25
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		48
Leasable area owned by the company | ft²		5.8
Area of land in New York, New Jersey, Connecticut, and Delaware | a		389
Percentage of ownership owned in joint venture		50.00%
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		5.3
Due to redemption of certain shares [Member]
Organization And Description Of Business [Line Items]
Ownership interest in partnership units (as a percent)		34.67%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail)	Feb. 28, 2018USD ($)	Jun. 30, 2020USD ($)Lease	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)SegmentLeaseshares	Jun. 30, 2019USD ($)shares	Dec. 31, 2019USD ($)	Jan. 01, 2019USD ($)
Summary of Significant Accounting Policies [Line Items]
Redemptions of shares | shares				0	73,637
Offsetting increase to operating partnership's non-controlling interest					$ 300,000
Net impact to rental revenues due to the amortization of above market and below market leases				$ 300,000	300,000
Amortization to below market leases		$ 3,684,000		3,684,000		$ 4,120,000
Income (loss) from investment		33,000	$ 85,000	56,000	162,000
Impairment related to long-lived assets				$ 0
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
Incremental borrowing rate							5.256%
Operating lease, right-of-use asset							$ 541,000
Operating lease, right-of-use liability							$ 541,000
Accounting Standards Update 2016-02 [Member]
Summary of Significant Accounting Policies [Line Items]
Aggregate future lease obligations		$ 145,000		$ 145,000		$ 289,000
Customer Concentration Risk [Member] | Sales Revenue Net [Member]
Summary of Significant Accounting Policies [Line Items]
Number of operating leases | Lease		5		5
Rental income				$ 4,800,000
Percentage of rental income				17.00%
Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Proportion Of Taxable Income Distributed to stockholders				90.00%		90.00%
Minimum [Member] | Accounting Standards Update 2016-02 [Member]
Summary of Significant Accounting Policies [Line Items]
Number of leases as lessor | Lease		60		60
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
Income (loss) from investment				$ 100,000	$ 100,000
Above Market Lease [Member]
Summary of Significant Accounting Policies [Line Items]
Acquired lease intangible assets, net		$ 700,000		700,000		$ 800,000
In-place Lease [Member]
Summary of Significant Accounting Policies [Line Items]
Acquired lease intangible assets, net		8,092,000		8,092,000		8,900,000
Buildings and Improvements [Member]
Summary of Significant Accounting Policies [Line Items]
Real estate under development		$ 5,800,000		$ 5,800,000		$ 5,600,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Projected Impact of Above Market Below Market and In-Place Lease Intangibles (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Net increase to rental revenues:
Remainder of 2020	$ 330
2021	510
2022	533
2023	635
2024	497
2025	148
Thereafter	329
Net increase to rental revenues	2,982
In-place Lease [Member]
Increase to amortization expense:
Remainder of 2020	814
2021	1,400
2022	1,344
2023	1,189
2024	903
2025	733
Thereafter	1,709
Increase to amortization expense	$ 8,092	$ 8,900

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Future Minimum Contractual Lease Payments to be Received (Detail) $ in Thousands	Jun. 30, 2020USD ($)
Accounting Policies [Abstract]
Remainder of 2020	$ 23,099
2021	45,652
2022	41,232
2023	35,481
2024	29,193
2025	26,503
Thereafter	57,623
Total	$ 258,783

Mortgage Notes Payable - Summar

Mortgage Notes Payable - Summary of Company's Mortgage Notes Payable (Detail) - USD ($) $ in Thousands	Dec. 20, 2017	Jun. 30, 2020	Dec. 31, 2019	Mar. 21, 2018
Debt Instrument [Line Items]
Mortgage notes payable		$ 368,619	$ 366,626
Unamortized loan costs		(5,082)	(5,294)
Mortgage notes payable, net		$ 363,537	361,332
Hartford Accident and Indemnity Company, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable			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		$ 2,046	2,089
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 Life Insurance Company, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 37,573	37,937
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
3.45% Transamerica Life Insurance Company, Loan One [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 5,980
Interest Rate		3.45%
Maturity		Apr. 1, 2030
4.25 % United States Life Insurance Company, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 33,000	$ 33,000	$ 33,000
Interest Rate		4.25%
Maturity		Apr. 1, 2028
3.45% Transamerica Life Insurance Company, Loan Two [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 2,420
Interest Rate		3.45%
Maturity		Apr. 1, 2030

Mortgage Notes Payable - Additi

Mortgage Notes Payable - Additional Information (Detail)

Mar. 24, 2020USD ($)Item

Feb. 25, 2020USD ($)

Mar. 21, 2018USD ($)Item

Dec. 20, 2017USD ($)PropertyItem

Mar. 13, 2015USD ($)

Feb. 20, 2015USD ($)Property

Sep. 30, 2010USD ($)

Feb. 28, 2017USD ($)

Apr. 30, 2014USD ($)

Jun. 30, 2020USD ($)Property

Dec. 31, 2014USD ($)ft²

Dec. 31, 2019USD ($)

Dec. 31, 2017

Debt Instrument [Line Items]

Mortgage notes payable

$ 368,619,000

$ 366,626,000

Number of wholly-owned subsidiaries of the UPREIT | Item

2

4

4

Repayments of outstanding indebtedness

$ 6,000,000

Allstate Life Insurance Company, Loan [Member]

Debt Instrument [Line Items]

Mortgage notes payable

$ 37,573,000

37,937,000

Interest Rate

4.00%

Maturity

Apr. 1, 2025

3.82 % United States Life Insurance Company, Loan [Member]

Debt Instrument [Line Items]

Mortgage notes payable

$ 39,000,000

$ 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%

4.25 % United States Life Insurance Company, Loan [Member]

Debt Instrument [Line Items]

Mortgage notes payable

$ 33,000,000

$ 33,000,000

$ 33,000,000

Permanent financing interest rate

4.25%

Permanent financing period

10 years

Debt instrument, payment terms

the principal balance for the first five years of the term and principal and interest payments (amortized over a 30-year period) during the second five years of the term. The remaining principal balance of $30.0 million is due and payable on April 1, 2028, the loan maturity date.

Interest Rate

4.25%

Maturity

Apr. 1, 2028

Debt instrument remaining principal payment due

$ 30,000,000

3.45% Transamerica Life Insurance Company, Loan [Member]

Debt Instrument [Line Items]

Mortgage notes payable

$ 8,400,000

Permanent financing interest rate

3.45%

Permanent financing period

10 years

Debt instrument, payment terms

principal balance of the note until April 1, 2022 and (ii) principal and interest payments (amortized over a 25-year period commencing at the end of the interest-only period) from May 1, 2022 through March 1, 2030.  The entire principal balance of each note is due and payable on April 1, 2030, the loan maturity date

3.45% Transamerica Life Insurance Company, Loan [Member] | Event of Default [Member]

Debt Instrument [Line Items]

Event of default, description

If a default exists, the outstanding principal balance of the notes shall, at the option of the lender, bear interest at a rate equal to the lesser of (i) 10% per annum over the note rate and (ii) the highest rate of interest permitted to be paid or collected by applicable law with respect to the loan.

3.45% Transamerica Life Insurance Company, Loan [Member] | Minimum [Member]

Debt Instrument [Line Items]

Loan Prepayment Premium Percentage,upon providing advance notice of prepayment

1.00%

3.45% Transamerica Life Insurance Company, Loan [Member] | Note Rate [Member] | Event of Default [Member]

Debt Instrument [Line Items]

Debt instrument Interest rate upon default

10.00%

Piscataway, NJ [Member]

Debt Instrument [Line Items]

Number of properties acquired | Property

6

Piscataway, NJ [Member] | Allstate Life Insurance Company, Loan [Member]

Debt Instrument [Line Items]

Mortgage notes payable

$ 39,100,000

Permanent financing period

10 years

Payment term based on amortization schedule

30 years

Debt Instrument, balloon payment due upon maturity

$ 33,800,000

Interest Rate

4.00%

Maturity

Apr. 1, 2025

AIG Loan [Member]

Debt Instrument [Line Items]

Mortgage notes payable

$ 233,100,000

Permanent financing interest rate

4.05%

Permanent financing period

10 years

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

People's United Bank Loan Agreement [Member]

Debt Instrument [Line Items]

Leasable area owned by the company | ft²

84,000

Mortgage notes payable

$ 15,500,000

Permanent financing interest rate

4.18%

Permanent financing period

10 years

Payment term based on amortization schedule

25 years

Debt instrument, payment terms

Payments for the first seven years are interest only. Payments over the remaining three years of the term are based on a 25-year amortization schedule, with a balloon payment of $14.4 million due at maturity

Debt Instrument, balloon payment due upon maturity

$ 14,400,000

Hartford Accident & Indemnity 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

Feb. 25, 2020

People's United Bank Loan [Member]

Debt Instrument [Line Items]

Interest Rate

5.23%

Maturity

Oct. 1, 2020

New borrowings

$ 2,700,000

Mortgage Notes Payable - Schedu

Mortgage Notes Payable - Schedule of Principal Repayments (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Remainder of 2020	$ 2,418
2021	852
2022	1,300
2023	1,794
2024	16,343
2025	267,878
Thereafter	78,034
Total	$ 368,619	$ 366,626

Secured Revolving Credit Faci_2

Secured Revolving Credit Facility - Additional Information (Detail) - USD ($)	Mar. 27, 2020	Sep. 11, 2019	Jul. 31, 2018	Feb. 27, 2018	Jul. 27, 2017	Dec. 02, 2015	Jun. 30, 2020	Dec. 31, 2019	Dec. 20, 2017
Line Of Credit Facility [Line Items]
Credit facility, outstanding							$ 50,000,000	$ 40,000,000
Proceeds from secured revolving credit facility							$ 10,000,000
Key Bank [Member] | Operating Partnership [Member]
Line Of Credit Facility [Line Items]
Line of Credit facility, maximum borrowing capacity			$ 50,000,000	$ 55,000,000	$ 88,000,000	$ 50,000,000			$ 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		Jun. 30, 2022	Jun. 30, 2020	Jun. 30, 2019	Feb. 28, 2018
Line of credit facility, additional extension option maturity date							Jun. 30, 2019
Proceeds from secured revolving credit facility	$ 10,000,000
Key Bank [Member] | Operating Partnership [Member] | Minimum [Member]
Line Of Credit Facility [Line Items]
Applicable margin range on credit facility		1.40%	150.00%			2.00%
Key Bank [Member] | Operating Partnership [Member] | Maximum [Member]
Line Of Credit Facility [Line Items]
Applicable margin range on credit facility		1.90%	200.00%			2.50%
Swing loan							$ 5,000,000
Key Bank [Member] | Operating Partnership [Member] | Federal Reserve Bank Of Cleveland [Member]
Line Of Credit Facility [Line Items]
Applicable margin range on credit facility		0.50%	0.50%			0.50%
Key Bank [Member] | Operating Partnership [Member] | LIBOR [Member]
Line Of Credit Facility [Line Items]
Applicable margin range on credit facility		1.00%	1.00%
Reduction of applicable margin on credit facility		0.10%
Credit facility, outstanding							$ 50,000,000	$ 40,000,000
Key Bank [Member] | Operating Partnership [Member] | LIBOR [Member] | Secured Revolving Credit Facility [Member]
Line Of Credit Facility [Line Items]
Reduction of applicable margin on credit facility			0.50%
Key Bank [Member] | Operating Partnership [Member] | LIBOR [Member] | Minimum [Member]
Line Of Credit Facility [Line Items]
Applicable margin range on credit facility		2.40%	2.50%			3.00%
Key Bank [Member] | Operating Partnership [Member] | LIBOR [Member] | Maximum [Member]
Line Of Credit Facility [Line Items]
Applicable margin range on credit facility		2.90%	3.00%			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%
Key Bank [Member] | Operating Partnership [Member] | Base Rate [Member]
Line Of Credit Facility [Line Items]
Reduction of applicable margin on credit facility		0.10%
Key Bank [Member] | Operating Partnership [Member] | Base Rate [Member] | Secured Revolving Credit Facility [Member]
Line Of Credit Facility [Line Items]
Reduction of applicable margin on credit facility			0.50%

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	Mar. 30, 2020	Jun. 05, 2019	Apr. 09, 2019	Feb. 15, 2019	Jun. 05, 2018	Dec. 05, 2017	Nov. 08, 2016	Jun. 09, 2011	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Nov. 30, 2019	Jun. 30, 2019	Mar. 17, 2020	Feb. 13, 2020	Dec. 31, 2019
Stockholders' Equity Note [Line Items]
Shares of preferred stock authorized									10,000,000		10,000,000					10,000,000
Par value per share (in dollars per share)									$ 0.0001		$ 0.0001					$ 0.0001
Shares of common stock authorized for issuance									100,000,000		100,000,000					100,000,000
Common stock, par value (in dollars per share)									$ 0.0001		$ 0.0001					$ 0.0001
Shares of common stock issued									13,627,220		13,627,220					13,537,856
Shares of common stock outstanding									13,627,220		13,627,220					13,537,856
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										$ 1,322,000
Options expiration period											10 years
Stock compensation expense											$ 564,000		$ 524,000
Common stock value per share									$ 12.70		$ 12.70
Unamortized stock compensation									$ 1,407,000		$ 1,407,000
Outstanding at the end of the period (in shares)									669,828		669,828
Vested (in shares)											553,901
Stock Options [Member]
Stockholders' Equity Note [Line Items]
Stock options outstanding									210,000		210,000
Stock options exercisable									210,000		210,000
Restricted Stock [Member]
Stockholders' Equity Note [Line Items]
Weighted average period for recognition											2 years 7 months 6 days
Vested (in shares)											45,743
Key Officers [Member] | Non-qualified Stock Options [Member]
Stockholders' Equity Note [Line Items]
Stock options granted							200,000
Vesting period							3 years
Stock options granted exercise price							$ 10.40
Non-employee Directors [Member]
Stockholders' Equity Note [Line Items]
Stock options granted								10,000
Non-employee Directors and Key Officers [Member]
Stockholders' Equity Note [Line Items]
Stock compensation expense									$ 0				$ 55,000
2007 Incentive Award Plan [Member]
Stockholders' Equity Note [Line Items]
Number of shares of common stock which may be awarded									1,000,000		1,000,000
Share-based compensation award plan , expiration date											Jun. 11, 2017
2017 Incentive Award Plan [Member]
Stockholders' Equity Note [Line Items]
Number of shares of common stock which may be awarded									2,000,000		2,000,000
Plan effective date											Apr. 24, 2017
Number of shares available for future issuance									1,772,959		1,772,959
Share Redemption Program [Member]
Stockholders' Equity Note [Line Items]
Common stock redeemed, shares		73,637			77,399	79,681						0
Common stock redemption price per share		$ 13.58			$ 12.92	$ 12.55								$ 13.99		$ 13.58
Aggregate consideration		$ 999,990.46			$ 999,995.08	$ 999,996.55
Stock redemption requests period description											The Company received redemption requests during each of 2017, 2018 and 2019 exceeding the Program’s $1 million per year limit.
Minimum redemption value per year limit requested		1,000,000
Aggregate redemption value		$ 1,000,000
Stock non-redemption period, description											this limit was met for the 2019 calendar year when the Company redeemed shares on June 5, 2019, the Company did not redeem any shares for the semi-annual period running from June 1, 2019 to November 30, 2019.
Stock non-redemption period, start date		Jun. 1, 2019
Stock non-redemption period, end date		Nov. 30, 2019
Mackenzie Tender Offer [Member]
Stockholders' Equity Note [Line Items]
Common stock, par value (in dollars per share)				$ 0.0001
Share price				$ 7
Offer expiration date				Mar. 22, 2019
Mackenzie Tender Offer [Member] | Maximum [Member]
Stockholders' Equity Note [Line Items]
Number of common stock offered				100,000
Self-Tender Offer [Member]
Stockholders' Equity Note [Line Items]
Common stock, par value (in dollars per share)				$ 0.0001											$ 0.0001
Share price				$ 8.50											$ 11.75
Offer expiration date				Apr. 5, 2019
Number of shares tendered	0		37,910	0
Repurchases - common stock			$ 322,235
Self-Tender Offer [Member] | Maximum [Member]
Stockholders' Equity Note [Line Items]
Number of common stock offered				100,000											425,531
Series A Preferred Stock [Member]
Stockholders' Equity Note [Line Items]
Shares of preferred stock authorized									500,000		500,000					500,000
Par value per share (in dollars per share)									$ 0.0001		$ 0.0001					$ 0.0001
Preferred stock, shares outstanding									0		0					0
Series B Preferred Stock, Non-Voting [Member]
Stockholders' Equity Note [Line Items]
Shares of preferred stock authorized									6,500,000		6,500,000					6,500,000
Par value per share (in dollars per share)									$ 0.0001		$ 0.0001					$ 0.0001
Preferred stock, voting rights											There are no voting rights associated with the Series B preferred stock.
Preferred stock, shares outstanding									0		0					0

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Dividends Declared on Common Stock (Detail) - $ / shares	Jun. 04, 2020	Mar. 17, 2020
12 Months Ended 12/31/19 [Member]
Stockholders' Equity Note [Line Items]
Declaration Date		Mar. 17, 2020
Record Date		Mar. 31, 2020
Payment Date		Apr. 15, 2020
Dividend Per Share		$ 0.10
3 Months Ended 3/31/20 [Member]
Stockholders' Equity Note [Line Items]
Declaration Date		Mar. 17, 2020
Record Date		Mar. 31, 2020
Payment Date		Apr. 17, 2020
Dividend Per Share		$ 0.10
6 Months Ended 6/30/20 [Member]
Stockholders' Equity Note [Line Items]
Declaration Date	Jun. 4, 2020
Record Date	Jun. 30, 2020
Payment Date	Jul. 10, 2020
Dividend Per Share	$ 0.10

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Shares Issued under 2007 and 2017 Plan (Detail)	6 Months Ended
	Jun. 30, 2020USD ($)$ / sharesshares
2007 Plan | Award Granted on April 30, 2012 [Member] | Certain Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Apr. 30, 2012
Total Shares Issued | shares	55,149
Value Per Share | $ / shares	$ 6.80
Approximate Value of Shares | $	$ 375,000
Vesting period	3 years
2007 Plan | Award Granted on June 7, 2012 [Member] | Non-management Members of Board of Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 7, 2012
Total Shares Issued | shares	5,884
Value Per Share | $ / shares	$ 6.80
Approximate Value of Shares | $	$ 40,000
Vesting Period	Immediately
2007 Plan | Award Granted on March 21, 2013 [Member] | Certain Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Mar. 21, 2013
Total Shares Issued | shares	46,876
Value Per Share | $ / shares	$ 6.40
Approximate Value of Shares | $	$ 300,000
Vesting period	3 years
2007 Plan | Award Granted on March 21, 2013 [Member] | Non-management Members of Board of Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Mar. 21, 2013
Total Shares Issued | shares	3,126
Value Per Share | $ / shares	$ 6.40
Approximate Value of Shares | $	$ 20,000
Vesting Period	Immediately
2007 Plan | Award Granted on June 6, 2013 [Member] | Non-management Members of Board of Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 6, 2013
Total Shares Issued | shares	9,378
Value Per Share | $ / shares	$ 6.40
Approximate Value of Shares | $	$ 60,000
Vesting Period	Immediately
2007 Plan | Award Granted on June 4, 2014 [Member] | Certain Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 4, 2014
Total Shares Issued | shares	44,704
Value Per Share | $ / shares	$ 6.80
Approximate Value of Shares | $	$ 304,000
Vesting period	5 years
2007 Plan | Award Granted on June 19, 2014 [Member] | Non-management Members of Board of Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 19, 2014
Total Shares Issued | shares	8,820
Value Per Share | $ / shares	$ 6.80
Approximate Value of Shares | $	$ 60,000
Vesting Period	Immediately
2007 Plan | Award Granted on March 26, 2015 [Member] | Certain Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Mar. 26, 2015
Total Shares Issued | shares	43,010
Value Per Share | $ / shares	$ 9.30
Approximate Value of Shares | $	$ 400,000
Vesting period	5 years
2007 Plan | Award Granted on June 19, 2015 [Member] | Non-management Members of Board of Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 19, 2015
Total Shares Issued | shares	16,436
Value Per Share | $ / shares	$ 10.65
Approximate Value of Shares | $	$ 175,000
Vesting Period	Immediately
2007 Plan | Award Granted on March 24, 2016 [Member] | Certain Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Mar. 24, 2016
Total Shares Issued | shares	47,043
Value Per Share | $ / shares	$ 10.40
Approximate Value of Shares | $	$ 489,000
Vesting period	5 years
2007 Plan | Award Granted on June 9, 2016 [Member] | Non-management Members of Board of Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 9, 2016
Total Shares Issued | shares	14,424
Value Per Share | $ / shares	$ 10.40
Approximate Value of Shares | $	$ 150,000
Vesting Period	Immediately
2007 Plan | Award Granted on May 22, 2017 [Member] | Certain Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	May 22, 2017
Total Shares Issued | shares	34,482
Value Per Share | $ / shares	$ 11.60
Approximate Value of Shares | $	$ 400,000
Vesting period	9 years
2007 Plan | Award Granted on May 31, 2017 [Member] | Current and Former Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	May 31, 2017
Total Shares Issued | shares	7,929
Value Per Share | $ / shares	$ 11.60
Approximate Value of Shares | $	$ 92,000
Vesting Period	Immediately
2007 Plan | Award Granted on June 8, 2017 [Member] | Non-management Members of Board of Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 8, 2017
Total Shares Issued | shares	15,516
Value Per Share | $ / shares	$ 11.60
Approximate Value of Shares | $	$ 180,000
Vesting Period	Immediately
2017 Plan | Award Granted on June 7, 2018 [Member] | Certain Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 7, 2018
Total Shares Issued | shares	42,918
Value Per Share | $ / shares	$ 11.65
Approximate Value of Shares | $	$ 500,000
Vesting period	9 years
2017 Plan | Award Granted on June 7, 2018 [Member] | Non-management Members of Board of Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 7, 2018
Total Shares Issued | shares	15,020
Value Per Share | $ / shares	$ 11.65
Approximate Value of Shares | $	$ 175,000
Vesting Period	Immediately
2017 Plan | Award Granted on June 5, 2019 [Member] | Certain Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 5, 2019
Total Shares Issued | shares	64,654
Value Per Share | $ / shares	$ 11.60
Approximate Value of Shares | $	$ 750,000
Vesting period	9 years
2017 Plan | Award Granted on June 5, 2019 [Member] | Non-management Members of Board of Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 5, 2019
Total Shares Issued | shares	15,085
Value Per Share | $ / shares	$ 11.60
Approximate Value of Shares | $	$ 175,000
Vesting Period	Immediately
2017 Plan | Award Granted on June 4, 2020 [Member] | Certain Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 4, 2020
Total Shares Issued | shares	72,834
Value Per Share | $ / shares	$ 12.70
Approximate Value of Shares | $	$ 925,000
Vesting period	9 years
2017 Plan | Award Granted on June 4, 2020 [Member] | Non-management Members of Board of Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 4, 2020
Total Shares Issued | shares	16,530
Value Per Share | $ / shares	$ 12.70
Approximate Value of Shares | $	$ 210,000
Vesting Period	Immediately

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Restricted Stock Activity (Detail)	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested, Shares	(553,901)
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested at beginning of period, Shares	72,306
Non-vested, new shares issued, Shares	89,364
Vested, Shares	(45,743)
Non-vested at end of period, Shares	115,927
Non-vested at beginning of period, Weighted Average Grant Date Fair Value | $ / shares	$ 11.57
Non-vested, new shares issued, Weighted Average Grant Date Fair Value | $ / shares	12.70
Vested, Weighted Average Grant Date Fair Value | $ / shares	12.38
Non-vested at end of period, Weighted Average Grant Date Fair Value | $ / shares	$ 12.13

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Vesting Schedule of Non-vested Shares of Restricted Stock Outstanding (Detail) - Restricted Stock [Member] - shares	Jun. 30, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Remainder of 2020	18,152
2021	29,366
2022	21,363
2023	16,075
2024	11,972
2025	8,506
Thereafter	10,493
Total Non-vested Shares	115,927	72,306

Earnings per Share - Additional

Earnings per Share - Additional Information (Detail) - shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Number of common share equivalents	37,448	21,087

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, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator:
Net income attributable to common stockholders	$ 905	$ 815	$ 2,253	$ 1,916
Denominator:
Weighted average common shares outstanding – basic	13,564,370	13,536,021	13,551,113	13,552,750
Weighted average common shares outstanding – diluted	13,601,818	13,557,108	13,588,561	13,573,837
Basic and Diluted Per Share Information:
Net income per share – basic and diluted	$ 0.07	$ 0.06	$ 0.17	$ 0.14

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	Feb. 09, 2018USD ($)	Nov. 04, 2014USD ($)ft²	Feb. 29, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)
Related Party Transactions [Line Items]
Realized gain from unconsolidated affiliate				$ 33,000	$ 85,000	$ 56,000	$ 162,000
Rochlin Organization ("TRO") [Member]
Related Party Transactions [Line Items]
Brokerage cash commissions			$ 45,000
Additional future lease payments			$ 4,500,000
Lighthouse Sixty, LP [Member]
Related Party Transactions [Line Items]
Current annual base rent under lease agreement						289,000
Aggregate lease payments				$ 1,800,000		$ 1,800,000
Lease expiration date						Dec. 31, 2020
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
Gain from equity investment in limited partnership							$ 108,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2020USD ($)Bus_Depot	Dec. 31, 2019USD ($)
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 | $	$ 1,000,000	$ 1,000,000
Monthly installment payment for pension withdrawal liability | $	$ 8,100
Term of payment	20 years
Term ending year	2032

Fair Value - Schedule of Fair V

Fair Value - Schedule of Fair Value of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Financial assets:
Cash and cash equivalents	$ 38,240	$ 26,853
Restricted cash	2,568	2,232	$ 4,754	$ 3,895
Rent and other receivables	1,907	517
Financial liabilities:
Accounts payable and accrued expenses	3,834	4,306
Secured revolving credit facility	50,000	40,000
Mortgage notes payable	368,619	366,626
Pension withdrawal liability	962	996
Estimate of Fair Value Measurement [Member]
Financial assets:
Cash and cash equivalents	38,240	26,853
Restricted cash	2,568	2,232
Rent and other receivables	1,907	517
Financial liabilities:
Accounts payable and accrued expenses	3,834	4,306
Secured revolving credit facility	50,000	40,000
Pension withdrawal liability	1,088	1,051
Mortgages [Member]
Financial liabilities:
Mortgage notes payable	368,619	366,626
Mortgages [Member] | Estimate of Fair Value Measurement [Member]
Financial liabilities:
Mortgage notes payable	$ 389,840	$ 367,856