GTJ Reit (GTTJ) 10-Q 9 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 01, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Registrant Name	GTJ REIT, INC.
Entity Central Index Key	0001368757
Current Fiscal Year End Date	--12-31
Entity Filer Category	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		13,383,682
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	1399 Franklin Avenue
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Garden City
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11530
City Area Code	516
Local Phone Number	693-5500

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Real estate, at cost:
Land	$ 197,745,000	$ 206,777,000
Buildings and improvements	309,183,000	308,012,000
Total real estate, at cost	506,928,000	514,789,000
Less: accumulated depreciation and amortization	(91,380,000)	(84,190,000)
Net real estate held for investment	415,548,000	430,599,000
Cash and cash equivalents	44,952,000	27,623,000
Restricted cash	1,051,000	1,047,000
Rental income in excess of amount billed	15,910,000	15,930,000
Acquired lease intangible assets, net	5,068,000	6,138,000
Investment in unconsolidated affiliate	3,820,000	3,761,000
Asset held for sale	13,890,000
Right-of-use asset - operating lease, net	2,880,000	3,042,000
Other assets	16,764,000	16,257,000
Total assets	519,883,000	504,397,000
Liabilities:
Mortgage notes payable, net	345,499,000	361,687,000
Secured revolving credit facility	40,000,000
Term loan payable, net	49,679,000	49,601,000
Accounts payable and accrued expenses	4,624,000	3,977,000
Dividends payable	1,338,000	1,333,000
Acquired lease intangible liabilities, net	1,982,000	2,524,000
Liabilities related to asset held for sale	6,000
Right-of-use liability - operating lease	3,027,000	3,134,000
Other liabilities	5,440,000	5,937,000
Total liabilities	451,595,000	428,193,000
Commitments and contingencies (Note 8)
Equity:
Common stock, $.0001 par value; 100,000,000 shares authorized; 13,383,682 and 13,333,335 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	1,000	1,000
Additional paid-in capital	155,301,000	155,192,000
Distributions in excess of net income	(117,915,000)	(112,897,000)
Total stockholders’ equity	37,387,000	42,296,000
Noncontrolling interest	30,901,000	33,908,000
Total equity	68,288,000	76,204,000
Total liabilities and equity	519,883,000	504,397,000
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	Sep. 30, 2022	Dec. 31, 2021
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	13,383,682	13,333,335
Common stock, shares outstanding	13,383,682	13,333,335
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Rental income	$ 16,016	$ 15,664	$ 47,885	$ 46,803
Total revenues	16,016	15,664	47,885	46,803
Operating Expenses:
Property operating expenses	3,918	3,282	11,107	10,176
General and administrative	3,549	1,828	10,063	6,776
Depreciation and amortization	3,279	3,159	9,759	9,777
Total operating expenses	10,746	8,269	30,929	26,729
Operating income	5,270	7,395	16,956	20,074
Interest expense	(5,112)	(4,252)	(13,751)	(12,835)
Equity in earnings of unconsolidated affiliate	36	34	109	95
Other income (loss)	743	(391)	1,403	(311)
Net income	937	2,786	4,717	7,023
Less: Net income attributable to noncontrolling interest	242	971	1,458	2,351
Net income attributable to common stockholders	$ 695	$ 1,815	$ 3,259	$ 4,672
Net income per common share attributable to common stockholders - basic earnings per share	$ 0.05	$ 0.13	$ 0.24	$ 0.34
Net income per common share attributable to common stockholders - diluted earnings per share	$ 0.05	$ 0.13	$ 0.24	$ 0.34
Weighted average common shares outstanding – basic	13,383,682	13,560,706	13,353,077	13,616,084
Weighted average common shares outstanding – diluted	13,469,081	13,585,916	13,438,476	13,641,294

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, 2020	$ 84,297	$ 1	$ 161,092	$ (111,129)	$ 49,964	$ 34,333
Beginning Balance (in shares) at Dec. 31, 2020		13,627,220
Common stock dividends	(4,087)			(4,087)	(4,087)
Stock-based compensation	107		107		107
Distributions to noncontrolling interest	(2,170)					(2,170)
Net income	2,572			1,727	1,727	845
Ending Balance at Mar. 31, 2021	80,719	$ 1	161,199	(113,489)	47,711	33,008
Ending Balance (in shares) at Mar. 31, 2021		13,627,220
Beginning Balance at Dec. 31, 2020	84,297	$ 1	161,092	(111,129)	49,964	34,333
Beginning Balance (in shares) at Dec. 31, 2020		13,627,220
Net income	7,023
Ending Balance at Sep. 30, 2021	76,515	$ 1	156,125	(113,262)	42,864	33,651
Ending Balance (in shares) at Sep. 30, 2021		13,396,746
Beginning Balance at Mar. 31, 2021	80,719	$ 1	161,199	(113,489)	47,711	33,008
Beginning Balance (in shares) at Mar. 31, 2021		13,627,220
Common stock dividends	(1,378)			(1,378)	(1,378)
Stock-based compensation	624		624		624
Stock-based compensation (in shares)		146,633
Distributions to noncontrolling interest	(731)					(731)
Net income	1,665			1,130	1,130	535
Ending Balance at Jun. 30, 2021	80,899	$ 1	161,823	(113,737)	48,087	32,812
Ending Balance (in shares) at Jun. 30, 2021		13,773,853
Common stock dividends	(1,340)			(1,340)	(1,340)
Repurchases - common stock	(5,279)		(5,279)		(5,279)
Repurchases - common stock (in shares)		(377,107)
Stock-based compensation	179		179		179
Distributions to noncontrolling interest	(730)					(730)
Net income	2,786			1,815	1,815	971
Reallocation of equity			(598)		(598)	598
Ending Balance at Sep. 30, 2021	76,515	$ 1	156,125	(113,262)	42,864	33,651
Ending Balance (in shares) at Sep. 30, 2021		13,396,746
Beginning Balance at Dec. 31, 2021	76,204	$ 1	155,192	(112,897)	42,296	33,908
Beginning Balance (in shares) at Dec. 31, 2021		13,333,335
Common stock dividends	(5,600)			(5,600)	(5,600)
Stock-based compensation	166		166		166
Distributions to noncontrolling interest	(3,070)					(3,070)
Net income	3,135			2,072	2,072	1,063
Ending Balance at Mar. 31, 2022	70,835	$ 1	155,358	(116,425)	38,934	31,901
Ending Balance (in shares) at Mar. 31, 2022		13,333,335
Beginning Balance at Dec. 31, 2021	76,204	$ 1	155,192	(112,897)	42,296	33,908
Beginning Balance (in shares) at Dec. 31, 2021		13,333,335
Net income	4,717
Ending Balance at Sep. 30, 2022	68,288	$ 1	155,301	(117,915)	37,387	30,901
Ending Balance (in shares) at Sep. 30, 2022		13,383,682
Beginning Balance at Mar. 31, 2022	70,835	$ 1	155,358	(116,425)	38,934	31,901
Beginning Balance (in shares) at Mar. 31, 2022		13,333,335
Common stock dividends	(1,339)			(1,339)	(1,339)
Repurchases - common stock	(1,000)		(1,000)		(1,000)
Repurchases - common stock (in shares)		(49,925)
Stock-based compensation	703		703		703
Stock-based compensation (in shares)		100,272
Distributions to noncontrolling interest	(736)					(736)
Net income	645			492	492	153
Reallocation of equity			(77)		(77)	77
Ending Balance at Jun. 30, 2022	69,108	$ 1	154,984	(117,272)	37,713	31,395
Ending Balance (in shares) at Jun. 30, 2022		13,383,682
Common stock dividends	(1,338)			(1,338)	(1,338)
Stock-based compensation	317		317		317
Distributions to noncontrolling interest	(736)					(736)
Net income	937			695	695	242
Ending Balance at Sep. 30, 2022	$ 68,288	$ 1	$ 155,301	$ (117,915)	$ 37,387	$ 30,901
Ending Balance (in shares) at Sep. 30, 2022		13,383,682

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 4,717	$ 7,023
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on settlement of pension withdrawal liability	(127)
Depreciation	7,465	7,327
Amortization of intangibles and deferred charges	2,969	3,055
Stock-based compensation	1,186	910
Write-off of a portion of property related to casualty loss		396
(Income) from insurance recovery of a portion of property related to casualty loss	(671)
Non-cash lease expense	55
Rental income in excess of amount billed	7	(394)
Distributions from unconsolidated affiliate	50	95
(Income) from equity investment in unconsolidated affiliate	(109)	(95)
Changes in operating assets and liabilities:
Other assets	(1,722)	(3,518)
Accounts payable and accrued expenses	397	(395)
Other liabilities	26	(1,062)
Net cash provided by operating activities	14,243	13,342
CASH FLOWS FROM INVESTING ACTIVITIES:
Expenditures for improvements to real estate	(5,900)	(1,274)
Return of capital from unconsolidated affiliate		154
Proceeds of insurance recovery of a portion of property related to casualty loss	642
Net cash used in investing activities	(5,258)	(1,120)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of mortgage principal	(951)	(572)
Settlement of pension withdrawal liability	(684)
Financing costs from mortgage notes payable	(7,888)
Proceeds from mortgage notes payable	225,000
Payment of mortgage notes payable	(233,100)
Proceeds from revolving credit facility	40,000
Financing costs for revolving credit facility	(514)	(22)
Cash distributions to noncontrolling interests	(4,243)	(3,624)
Cash dividends paid	(8,272)	(6,827)
Repurchases of common stock	(1,000)	(5,279)
Net cash provided by (used in) financing activities	8,348	(16,324)
Net increase (decrease) in cash and cash equivalents	17,333	(4,102)
Cash and cash equivalents including restricted cash of $1,047 and $1,662, respectively, at the beginning of period	28,670	43,917
Cash and cash equivalents including restricted cash of $1,051 and $857, respectively, at the end of period	46,003	39,815
SUPPLEMENTAL DISCLOSURE CASH FLOW INFORMATION:
Cash paid during the period for interest	13,352	$ 12,107
Non-cash increase in investments in real estate	$ 612

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Statement Of Cash Flows [Abstract]
Restricted cash, at the beginning of period	$ 1,047	$ 857	$ 1,662
Restricted cash, at the end of period	$ 1,051	$ 1,047	$ 857

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2022
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. Any references to square footage, property count, or occupancy percentages, and any amounts derived from these values in these notes to the condensed consolidated financial statements, are outside the scope of our independent registered public accounting firm’s review. 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 business combination 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 35.50% due to the redemption of certain shares of GTJ REIT common stock. As a result of this acquisition, the Company’s then existing seven properties and the subsequent acquisition of eighteen properties and the sale of one property from 2014 through 2021, the Company currently owns a 64.50% interest in a total of 49 properties consisting of approximately 5.9 million square feet (unaudited) of primarily industrial properties on approximately 391 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. Although many of these restrictions have been lifted, the Company cannot predict whether and to what extent restrictions will be reinstated, whether additional restrictions will be implemented or when restrictions currently in place will expire, in particular due to the impact of variants of COVID-19. The Company continues to monitor its operations and government recommendations and has made modifications to its normal operations. The effects of the COVID-19 pandemic did not significantly impact the Company’s results of operations, financial condition and cash flows for the nine months ended September 30, 2022. However, the COVID-19 pandemic 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. 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 timing and effectiveness of currently available vaccines, the spread of potentially more contagious and/or virulent forms of the virus, 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 pandemic 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, continued fluctuations in unemployment rates, and an overall worsening of global and U.S. economic conditions. The COVID-19 pandemic has negatively impacted 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 pandemic could have a material adverse impact on the financial results and business operations of the Company. During 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 amended 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 September 30, 2022. 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
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, 2021, audited consolidated financial statements, as previously filed with the SEC on Form 10-K on March 25, 2022. 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 condensed 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. The Company had no real estate under development as of September 30, 2022 and December 31, 2021. 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 $0.5 million and $0.3 million for the nine months ended September 30, 2022 and September 30, 2021, respectively. As of September 30, 2022, above-market and in-place leases of approximately $0.2 million and $4.9 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, 2021, above-market and in-place leases of approximately $0.3 million and $5.8 million (net of accumulated amortization), respectively, are included in acquired lease intangible assets, net in the accompanying condensed consolidated balance sheets. As of September 30, 2022, and December 31, 2021, approximately $2.0 million and $2.5 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 2022, the next five years and thereafter related to the net increase to rental revenue from the amortization of the acquired above-market and below-market lease intangibles and the increase to amortization expense of the in-place lease intangibles for properties owned at September 30, 2022 (in thousands): Net increase to Increase to rental revenues amortization expense Remainder of 2022 $ 157 $ 317 2023 635 1,189 2024 498 904 2025 147 733 2026 71 603 2027 88 368 Thereafter 170 738 $ 1,766 $ 4,852 Investment in Unconsolidated Affiliate: The Company has an investment in an entity that is 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 $0.1 million from this investment for the nine months ended September 30, 2022 and 2021, respectively. The total assets and liabilities of the Company’s investment in unconsolidated affiliate as of September 30, 2022 were $17.1 million and $9.5 million, respectively. Total revenues and expenses of the Company’s investment in unconsolidated affiliate for the nine months ended September 30, 2022 were $1.2 million and $1.0 million, respectively. Total revenues and expenses of the Company’s investment in unconsolidated affiliate for the three months ended September 30, 2022 were $0.4 million and $0.3 million, respectively. The total assets and liabilities of the Company’s investment in unconsolidated affiliate as of December 31, 2021 were $17.4 million and $9.8 million, respectively. Total revenues and expenses of the Company’s investment in unconsolidated affiliate for the nine months ended September 30, 2021 were $1.2 million and $1.0 million, respectively. Total revenues and expenses of the Company’s investment in unconsolidated affiliate for the three months ended September 30, 2021 were $0.4 million and $0.3 million, respectively. Assets Held for Sale: On June 7, 2022, the Company entered into a purchase and sale agreement for the sale of the property located at 625 Wortman Avenue, Brooklyn, NY for $29.4 million. There were conditions precedent to the closing and the purchaser had the right to cancel the agreement in its sole discretion for any reason or for no reason by giving written notice by July 22, 2022. The purchaser did not provide notice to cancel pursuant to the agreement. The property has been classified as held for sale as of September 30, 2022, as shown in the following table (in thousands): September 30, 2022 625 Wortman Avenue Real estate, net $ 13,807 Prepaid expenses and other assets 83 Asset held for sale $ 13,890 Accounts payable 6 Liabilities related to asset held for sale $ 6 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. Significant management judgment is involved in determining if impairment indicators exist, assessing investments for recoverability, and, if required, measuring the fair value of the real estate investments. 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 assumptions such as expected future market rents, future revenue, market capitalization rates and holding periods, 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 that the assessment is made. Management has determined that there was no impairment relating to its long-lived assets at September 30, 2022 or December 31, 2021. 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 secured revolving credit facility, which are amortized over the terms of the respective debt agreements. These deferred charges are included in other assets on the condensed consolidated balance sheets. If leases or loans 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. In order for management to determine, in its judgment, that the unbilled rent receivable applicable to each specific property is collectible, management reviews billed and unbilled rent receivables and takes into consideration the tenant’s payment history and financial condition. If the Company determines that the collectability of a tenant’s lease payments is not probable, then 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 deemed probable will be recorded on a cash basis. Some of the leases provide for additional contingent rental revenue in the form of percentage rents and increases based upon 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. Tenant receivables at September 30, 2022 and December 31, 2021 were $1.4 million and $1.4 million, respectively, and are included in other assets in the accompanying consolidated balance sheets. 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 September 30, 2022, under operating leases for the remainder of 2022, the next five years, and thereafter are as follows (in thousands): Remainder of 2022 $ 13,278 2023 50,782 2024 46,883 2025 45,094 2026 43,459 2027 25,448 Thereafter 58,945 Total $ 283,889 Lease Accounting: As lessor, the Company has made an accounting policy election to account for lease concessions related to the effects of COVID-19 consistent with how those concessions would be accounted for under Topic 842, which is as though the enforceable rights and obligations for those concessions existed regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract. The Company elected to utilize the practical expedient provided by Accounting Standards Update (“ASU”) 2018-11 related to the separation of lease and non-lease components and as a result, revenues related to leases are reported on one line in the presentation within the condensed consolidated statement of operations. The Company elected not to evaluate whether certain sales taxes and other similar taxes are lessor costs or lessee costs. Instead, these costs will be accounted for as if they are lessee costs. Consequently, the Company excludes 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 provides certain disclosures. The accounting policy election includes sales, use, value added, and some excise taxes but excludes real estate taxes. As lessee, the Company elected to utilize the practical expedient in the implementation of ASU 2016-02 related to not separating non-lease components from the associated lease component. As lessee, the Company was a party to an office lease which expired on December 31, 2020 and continued to occupy the premises on a month-to-month basis at a monthly operating lease cost of approximately $27,000 through October 31, 2021. The Company is a party to an office lease, effective October 1, 2021, having a term of ten years, with future lease obligations aggregating to approximately $3,600,000 and $3,800,000 as of September 30, 2022 and December 31, 2021, respectively. The Company has recorded a right-of-use asset and corresponding right-of-use liability at the present value of the remaining future minimum lease payments, based upon an incremental borrowing rate of 3.86%, of approximately $3,104,000 as of October 1, 2021, the effective date of the lease. The balance of the right-of-use asset-operating lease, net as of September 30, 2022 is approximately $2,880,000. The following table presents the future lease obligations of the Company’s office lease for the remainder of 2022, the next five years, and thereafter (in thousands): Remainder of 2022 $ 83 2023 342 2024 353 2025 363 2026 374 2027 385 Thereafter 1,696 Total future minimum lease payments 3,596 Less imputed interest 569 Total right-of-use liability - operating lease $ 3,027 The following table presents additional disclosures regarding the Company’s office leases for the nine months ended September 30, 2022 and 2021 (in thousands): 2022 2021 Operating lease costs $ 222 $ 244 Variable lease costs 19 — Total lease costs $ 241 $ 244 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. 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 September 30, 2022, and December 31, 2021, the Company had determined that no liabilities are required in connection with uncertain tax positions. As of September 30, 2022, the Company’s tax returns for the prior three years are subject to review by the Internal Revenue Service. Any interest and penalties would be expensed as incurred. Concentrations of Credit Risk: Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, which from time-to-time exceed the federal depository insurance coverage. Beginning January 1, 2013, all 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 nine months ended September 30, 2022, rental income of $7.1 million derived from five leases with the City of New York represented 15% of the Company’s rental income. For the nine months ended September 30, 2022, rental income of $6.7 million derived from four leases with Federal Express represented 14% 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. Recently Issued Accounting Pronouncements: In January 2021, the Financial Accounting Standards Board (“FASB”) issued ASU 2021-01, “Reference Rate Reform (Topic 848),” which modifies ASC 848 (ASU 2020-04), which was intended to provide relief related to “contracts and transactions that reference LIBOR or a reference rate that is expected to be discontinued as a result of reference rate reform.” ASU 2021-01 expands the scope of ASC 848 to include all affected derivatives and give reporting entities the ability to apply certain aspects of the contract modification and hedge accounting expedients to derivative contracts affected by the discounting transition. ASU 2021-01 also adds implementation guidance to clarify which optional expedients in ASC 848 may be applied to derivative instruments that do not reference LIBOR or a reference rate that is expected to be discontinued, but that are being modified as a result of the discounting transition. The Company does not have any derivative transactions to which this ASU applied. As a result, the implementation of this guidance is not expected to have a material effect on the Company’s condensed consolidated financial statements. .

Mortgage Notes Payable

Mortgage Notes Payable	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 December 31, 2021 Maturity People’s United Bank 4.18 % 15,175 15,442 10/15/2024 American International Group 4.05 % — 233,100 3/1/2025 Allstate Life Insurance Company 4.00 % 35,840 36,435 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 % 5,917 5,980 4/1/2030 Transamerica Life Insurance Company 3.45 % 2,394 2,420 4/1/2030 American International Group 2022 4.63 % 225,000 — 9/1/2032 Subtotal 356,326 365,377 Unamortized loan costs (10,827 ) (3,690 ) Total $ 345,499 $ 361,687 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 outstanding debt on certain properties and placed new financing on others by entering into Loan Agreements (collectively the “AIG Loan Agreements”) with American General Life Insurance Company, the Variable Annuity 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 (together, the “Lenders”). The AIG Loan Agreements provided a secured loan in the principal amount of $233.1 million (the “AIG Loan”). The AIG Loan was a 10-year term loan that required 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 were 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 AIG Loan Agreements were evidenced by the secured promissory notes executed on February 20, 2015 (the “AIG Notes”). The AIG Notes were secured by certain mortgages encumbering 28 properties in New York, New Jersey and Connecticut. The outstanding indebtedness and fees were repaid on August 5, 2022 in connection with the American International Group 2022 Loan Agreement (defined below) which terminated the Company’s loan obligations under the AIG Loan Agreements. 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 $33.7 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 U.S. Life 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 U.S. Life Note (as defined below). 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 “U.S. Life Note”). The U.S. Life 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 U.S. Life 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 U.S. Life 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 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. American International Group 2022 Loan Agreement: On August 5, 2022, certain subsidiaries of the Operating Partnership (collectively, the “Borrowers”) refinanced the AIG Loan by entering into new loan agreements (collectively the “American International Group 2022 Loan Agreement”) with AIG Asset Management (U.S.), LLC, as administrative agent, and the other lenders, American General Life Insurance Company, the Variable Annuity Life Insurance Company and the United States Life Insurance Company in the City of New York in a transaction that was accounted for as a loan modification. In connection with the modification, the Company incurred loan related costs of approximately $7.9 million, inclusive of a prepayment fee of $5.1 million under the prior AIG Loan Agreements. The American International Group 2022 Loan Agreement provides for secured loans in the aggregate principal amount of $225.0 million (collectively, the “2022 AIG Loans”), consisting of a loan secured by certain properties in New York in the principal amount of $144.3 million and a loan secured by certain properties in Connecticut and New Jersey in the principal amount of $80.7 million. The 2022 AIG Loans require the Borrowers to make monthly interest-only payments at the rate of 4.63% per annum with the entire principal balance plus any accrued and unpaid interest due and payable on September 1, 2032. The 2022 AIG Loans are secured by certain mortgages encumbering 25 properties in New York, New Jersey and Connecticut. In connection with all loan agreements, the Company is required to comply with certain covenants. As of September 30, 2022, the Company was in compliance with all covenants. Principal Repayments: Scheduled principal repayments for the remainder of 2022, the next five years and thereafter are as follows (in thousands): Remainder of 2022 $ 347 2023 1,792 2024 16,374 2025 34,778 2026 868 2027 903 Thereafter 301,264 Total $ 356,326

Secured Revolving Credit Facili

Secured Revolving Credit Facility & Term Loan Payable	9 Months Ended
	Sep. 30, 2022
Line Of Credit Facility [Abstract]
Secured Revolving Credit Facility & Term Loan Payable	4 . : Key Bank Loan Agreement : 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 On October 22, 2021, the Operating Partnership entered into a First Amended and Restated Credit Agreement (the “Amended and Restated Credit Agreement”) with Key Bank and the other lenders parties thereto (collectively, the “Lenders”). The Amended and Restated Credit Agreement provided for a $60 million senior secured credit facility (the “Credit Facility”), consisting of (i) a $10 million revolving line of credit facility, with an initial term of three years and two one-year one-year So long as no default or event of default has occurred and is continuing, the Operating Partnership shall have the right, from time to time, to request an increase in the size of the Term Loan, request an additional incremental term loan facility, or increase commitments under the Revolver, collectively in an aggregate amount that would not cause the Credit Facility to exceed $125 million (the “Accordion”). Accordion commitments can be committed at closing or any time thereafter and the Accordion commitments will be syndicated on a best-efforts basis. Prior to the First Amendment (defined below), loans drawn down by the Operating Partnership under the Credit Facility were required to specify, at the Operating Partnership’s option, whether they were base rate loans or LIBOR rate loans. Borrowings under the Credit Facility bore interest at a rate equal to, at the Operating Partnership’s option, either (1) the applicable average LIBOR rate as shown in Reuters Screen LIBOR01 Page (or any successor service, or commercially available source providing such quotations); provided if the rate shown on Reuters Screen LIBOR01 Page (or any successor service) was less than zero, such rate was deemed to be zero, or (2) a base rate determined by reference to the greatest of (a) the fluctuating annual rate of interest announced from time to time by Key Bank as its “prime rate,” (b) 0.50% above the federal funds effective rate, or (c) then applicable LIBOR for an interest period of one (1) month plus 1.00% per annum; provided that in no event would the Base Rate be less than zero, and in each case of clauses (1) and (2), plus an applicable margin, depending upon the overall leverage of the properties and whether the loan was under the Revolver or Term Loan facilities. Base Rate loans and LIBOR rate loans could be converted to loans of the other type, subject to certain conversion conditions. Each Revolver loan will be evidenced by a separate promissory note. The Operating Partnership agreed to pay to the Lenders an unused fee under the Revolver in the amount calculated as 0.20% for usage less than 50% and 0.15% for usage 50% or greater, calculated as a per diem rate, multiplied by the excess of the total commitment over the outstanding principal amount of the loans under the total Revolver commitment at the time of the calculation. The Operating Partnership has the right to reduce the amount of loan commitments under the Revolver or terminate the Revolver in accordance with the terms and conditions of the Amended and Restated Credit Agreement. Due to the revolving nature of the Revolver, amounts prepaid under the Revolver may be borrowed again, provided availability under the Amended and Restated Credit Agreement permits. Amounts repaid under the Term Loan may not be re-borrowed. The Amended and Restated Credit Agreement contemplates (i) mandatory prepayments by the Operating Partnership of any borrowings under the Credit Facility in excess of the total allowable commitment, among other events, and (ii) optional prepayments, at any time without any fees or penalty, 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 Credit Facility are secured by (i) perfected first priority lien and security interest to be held by Key Bank for the benefit of the Lenders in certain of the property, rights and interests of the Operating Partnership, the guarantors and their subsidiaries now existing and as may be acquired, and (ii) any new real estate or any interest therein or to refinance indebtedness secured thereby, financed by the Credit Facility, in whole or in part, which shall be subject to approval by Key Bank in its reasonable discretion, which will serve as additional collateral for the Credit Facility. Any subsidiaries that are not prohibited from being guarantors shall be guarantors. The parties to the Amended and Restated 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 Amended and Restated 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 Credit Facility will be subject to its ongoing compliance with various affirmative and negative covenants, including, among others, with respect to maximum consolidated leverage ratio, minimum consolidated fixed charge coverage ratio, minimum liquidity, minimum consolidated tangible net worth, minimum debt yield, maximum distributions, mininum occupancy, permitted investments and restrictions on indebtedness. The Amended and Restated 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, an inaccuracy of a representation or warranty, and a default with regard to performance of certain covenants. The Amended and Restated 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. In addition, the Amended and Restated Credit Agreement also includes customary events of default (in certain cases subject to customary cure), in the event of which, amounts outstanding under the Credit Facility may be accelerated. The contemplated uses of proceeds under the Amended and Restated Credit Agreement include the (i) payment of closing costs in connection with the Amended and Restated Credit Agreement, (ii) repayment of indebtedness, (iii) acquisitions, development and capital improvements, (iv) general corporate and working capital purposes, and (v) purchase contract deposits and, subject to the terms and conditions of the Amended and Restated Credit Agreement, stock repurchases. On August 5, 2022 (the “Closing Date”), the Operating Partnership entered into a First Amendment (the “First Amendment”) to the First Amended and Restated Credit Agreement with Key Bank, as agent and lender, First Financial Bank, as lender, and the Company and certain direct and indirect subsidiaries of the Company as guarantors. The First Amendment amended the First Amended and Restated Credit Agreement to, among other things, (i) increase the amount available under the Revolver from $10 million to $40 million, (ii) extend the maturity date of the Revolver from October 22, 2024 to August 5, 2025, (iii) extend the maturity date of the Term Loan from October 22, 2025 to August 5, 2026, (iv) replace the interest rate option based on LIBOR with interest rate options based on the Secured Overnight Financing Rate (“SOFR”), including term SOFR and daily simple SOFR, and (v) add certain subsidiaries of the Operating Partnership as guarantors, and mortgages encumbering properties owned by such subsidiaries as collateral. In connection with the First Amendment, the Company incurred loan related costs of $0.5 million, which are included as a component of other assets in the accompanying condensed consolidated balance sheet. As amended by the First Amendment, the Amended and Restated Credit Agreement provides for a $90 million Credit Facility, consisting of (i) a $40 million Revolver, with an initial term of three years from the Closing Date and two one-year one-year As amended by the First Amendment, loans drawn down by the Operating Partnership under the Credit Facility must specify, at the Operating Partnership’s option, whether they are base rate loans, daily simple SOFR rate loans or term SOFR rate loans. Borrowings under the Credit Facility bear interest at a rate equal to, at the Operating Partnership’s option, either (1) daily simple SOFR plus 0.1% (but in no case shall the rate be less than zero), (2) term SOFR plus 0.1% (but in no case shall the rate be less than zero) (“Adjusted Term SOFR”), or (3) a base rate determined by reference to the greatest of (a) the fluctuating annual rate of interest announced from time to time by Key Bank as its “prime rate,” (b) 0.50% above the federal funds effective rate, (c) Adjusted Term SOFR for a one month tenor plus 1.0% and (d) 1.0%, and in each case of clauses (1), (2) and (3), plus an applicable margin, depending upon the overall leverage of the properties and whether the loan is under the Revolver or Term Loan facilities. Base rate loans and SOFR rate loans may be converted to loans of the other type, subject to certain conversion conditions. Outstanding borrowings under the Term Loan were $50.0 million as of September 30, 2022 and December 31, 2021, and are a LIBOR rate borrowing. The interest rate on the Term Loan as of September 30, 2022 was 5.07%. Unamortized loan costs for the Term Loan were $0.3 million and $0.4 million as of September 30, 2022 and December 31, 2021, respectively, and are included in term loan payable, net in the accompanying condensed consolidated balance sheet. Outstanding borrowings under the Revolver with Key Bank were $40.0 million as of September 30, 2022. There were no outstanding borrowings as of December 31, 2021. Unamortized loan costs for the Revolver were $0.5 million and $0.1 million as of September 30, 2022 and December 31, 2021, respectively, and are included in other assets in the accompanying condensed consolidated balance sheets. Amortization of loan costs with Key Bank were $0.1 million and less than $0.1 million for the three months ended September 30, 2022 and September 30, 2021, respectively. Amortization of loan costs with Key Bank were $0.2 million and less than $0.1 million for the nine months ended September 30, 2022 and September 30, 2021, respectively. Amortization of loan costs is included in interest expense in the accompanying condensed consolidated statements of operations. As of September 30, 2022, the Operating Partnership was in compliance with all covenants required in connection with the Amended and Restated Credit Agreement.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022, or December 31, 2021. Common Stock: The Company is authorized to issue 100,000,000 shares of common stock, $.0001 On June 3, 2022, the Company purchased 49,925 shares of common stock pursuant to its share redemption program at a purchase price of $20.03 per share for a total consideration of approximately $1.0 million. Dividend Distributions: The following table presents dividends declared by the Company on its common stock during the nine months ended September 30, 2022: Declaration Record Payment Dividend Date Date Date Per Share March 15, 2022 March 31, 2022 April 15, 2022 $ 0.32 (1) March 15, 2022 March 31, 2022 April 18, 2022 $ 0.10 June 9, 2022 June 30, 2022 July 15, 2022 $ 0.10 August 2, 2022 September 30, 2022 October 14, 2022 $ 0.10 (1) This represents a 2021 supplemental dividend. 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 further ing the growth, development, and financial success of the Company and obtain ing and retain ing 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. On July 25, 2020, the Board approved an amendment to the 2017 Plan to permit the transfer of awards that have been exercised, or the shares of common stock underlying such awards which have been issued, and all restrictions applicable to such shares of common stock have lapsed. As of September 3 0 , 20 2 2 , the Company had 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 stock options to a non-employee director which vested immediately. The options were not exercised and expired in 2021. On November 8, 2016, 200,000 non-qualified stock options were granted to key officers of the Company and had a three-year On July 1, 2022, 400,000 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 nine months ended September 30, 2022, there was $0.1 million of stock compensations expense relating to these options. For the nine months ended September 30, 2021, there was no stock compensation expense relating to these stock options as the 2016 options have fully vested. 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) June 10, 2021 123,947 $ 11.90 $ 1,475,000 9 Years (2) June 10, 2021 22,686 $ 11.90 $ 270,000 Immediately (1) June 9, 2022 85,398 $ 18.15 $ 1,550,000 9 Years (2) June 9, 2022 14,874 $ 18.15 $ 270,000 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 at December 31, 2021 to be $18.15 based on a valuation completed with the assistance of an independent third party for purposes of valuing shares of the Company’s stock pursuant to the 2017 Plan. For the nine months ended September 30, 2022 and 2021, the Company’s total stock compensation expense was approximately $1,186,000 and $910,000, respectively. As of September 30, 2022, there was approximately $2,583,000 of unamortized stock compensation related to restricted stock. That cost is expected to be recognized over a weighted average period of 2.4 years. As of September 30, 2022, there were 600,000 stock options that are outstanding, of which 200,000 are vested and 400,000 are non-vested, and 916,733 shares of restricted stock have been issued, of which 734,783 are vested and 181,950 are non-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, 2021 154,130 $ 12.01 New shares issued through September 30, 2022 100,272 $ 18.15 Vested (72,452 ) $ 15.65 Non-vested shares outstanding as of September 30, 2022 181,950 $ 14.20 The following is a vesting schedule of the non-vested shares of restricted stock outstanding as of September 30, 2022: Number of Shares Remainder of 2022 15,470 2023 51,554 2024 37,696 2025 27,749 2026 19,986 2027 13,707 Thereafter 15,788 Total Non-vested Shares 181,950

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2022
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 were 85,399 and 25,210 common share equivalents related to stock options in the three months ended September 30, 2022 and 2021, respectively. There were 85,399 and 25,210 common share equivalents related to stock options in the nine months ended September 30, 2022 and 2021, respectively. These common share equivalents related to stock options are presented in Diluted EPS. The following table sets forth the computation of basic and diluted earnings per share information for the three and nine months ended September 30, 2022 and 2021 (in thousands, except share and per share data): Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Numerator: Net income attributable to common stockholders $ 695 $ 1,815 $ 3,259 $ 4,672 Denominator: Weighted average common shares outstanding – basic 13,383,682 13,560,706 13,353,077 13,616,084 Weighted average common shares outstanding – diluted 13,469,081 13,585,916 13,438,476 13,641,294 Basic and Diluted Per Share Information: Net income per share – basic $ 0.05 $ 0.13 $ 0.24 $ 0.34 Net income per share – diluted $ 0.05 $ 0.13 $ 0.24 $ 0.34

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2022
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 minority ownership interests in a real estate brokerage firm in which they do not engage in management activities, The Rochlin Organization. The firm acted as the exclusive broker for one of the Company’s properties. In 2013, the firm introduced a new tenant to the property, resulting in the execution of a lease agreement and a subsequent lease modification and the firm earning brokerage commissions. In subsequent years, the tenant has expanded square footage and exercised renewal options, resulting in the firm earning additional brokerage commissions. In March 2018, the tenant exercised its option to renew its lease for the premises resulting in approximately $ 107,000 of brokerage commissions on the aggregate contractual rents of $ 3,600,000 . In November 2018, the tenant concluded negotiations to expand the premises by an additional 30,000 square feet (unaudited) which resulted in approximately $ 40,000 of brokerage commissions on the aggregate contractual rents of $ 670,000 . In February 2020, the tenant exercised its option to renew its lease for the premises resulting in approximately $ 135,000 of brokerage commissions on the aggregate contractual rents of approximately $ 4,500,000 . In July 2020, the firm introduced a new tenant to the property, resulting in the execution of a lease agreement and the firm earning a brokerage commission of approximately $ 406,000 on the aggregate contractual rents of approximately $ 21,000,000 . The Company’s former executive and administrative offices, located at 60 Hempstead Avenue, West Hempstead, New York, were being leased from Lighthouse Sixty, L.P., a partnership of which Paul Cooper and Louis Sheinker are managing members of the general partner. The lease agreement expired in 2020. The Company continued to occupy the premises on a month-to-month basis at a monthly operating lease cost of approximately $27,000 through October 31, 2021. The Company moved its offices to a new location in October, 2021 pursuant to a lease with a third-party.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
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: On February 16, 2012, the Company received a notice from the Joint Industry Board of the Electrical Industry claiming a pension withdrawal liability in the amount of $1.5 million in connection with the divestiture of Shelter Electric. The Company determined the liability was probable and the Company agreed to pay the obligation in monthly installments of approximately $8,100 over a twenty-year Environmental Matters: As of September 30, 2022, 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	9 Months Ended
	Sep. 30, 2022
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, dividends payable, 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, secured revolving credit facility, term loan payable and pension withdrawal liability are based on borrowing rates available to the Company, which are Level 2 inputs. The carrying values of term loan payable and mortgage notes payable are stated at their principal balances below. The following table summarizes the carrying values and the estimated fair values of the financial instruments (in thousands): September 30, 2022 December 31, 2021 Carrying Estimated Carrying Estimated Value Value Value Value Financial assets: Cash and cash equivalents $ 44,952 $ 44,952 $ 27,623 $ 27,623 Restricted cash 1,051 1,051 1,047 1,047 Rent and other receivables 2,184 2,184 2,929 2,929 Financial liabilities: Dividends payable 1,338 1,338 1,333 1,333 Accounts payable and accrued expenses 4,624 4,624 3,977 3,977 Secured revolving credit facility 40,000 40,000 — — Term loan payable 50,000 50,000 50,000 50,000 Mortgage notes payable 356,326 328,032 365,377 376,322 Pension withdrawal liability — — 854 911

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	10. SUBSEQUENT EVENTS Sale of Real Estate On November 9, 2022, the Company sold the property located at 625 Wortman Avenue, Brooklyn, New York for $29.4 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
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, 2021, audited consolidated financial statements, as previously filed with the SEC on Form 10-K on March 25, 2022.
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 condensed 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. The Company had no real estate under development as of September 30, 2022 and December 31, 2021. 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 $0.5 million and $0.3 million for the nine months ended September 30, 2022 and September 30, 2021, respectively. As of September 30, 2022, above-market and in-place leases of approximately $0.2 million and $4.9 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, 2021, above-market and in-place leases of approximately $0.3 million and $5.8 million (net of accumulated amortization), respectively, are included in acquired lease intangible assets, net in the accompanying condensed consolidated balance sheets. As of September 30, 2022, and December 31, 2021, approximately $2.0 million and $2.5 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 2022, the next five years and thereafter related to the net increase to rental revenue from the amortization of the acquired above-market and below-market lease intangibles and the increase to amortization expense of the in-place lease intangibles for properties owned at September 30, 2022 (in thousands): Net increase to Increase to rental revenues amortization expense Remainder of 2022 $ 157 $ 317 2023 635 1,189 2024 498 904 2025 147 733 2026 71 603 2027 88 368 Thereafter 170 738 $ 1,766 $ 4,852
Investment in Unconsolidated Affiliate	Investment in Unconsolidated Affiliate: The Company has an investment in an entity that is 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 $0.1 million from this investment for the nine months ended September 30, 2022 and 2021, respectively. The total assets and liabilities of the Company’s investment in unconsolidated affiliate as of September 30, 2022 were $17.1 million and $9.5 million, respectively. Total revenues and expenses of the Company’s investment in unconsolidated affiliate for the nine months ended September 30, 2022 were $1.2 million and $1.0 million, respectively. Total revenues and expenses of the Company’s investment in unconsolidated affiliate for the three months ended September 30, 2022 were $0.4 million and $0.3 million, respectively. The total assets and liabilities of the Company’s investment in unconsolidated affiliate as of December 31, 2021 were $17.4 million and $9.8 million, respectively. Total revenues and expenses of the Company’s investment in unconsolidated affiliate for the nine months ended September 30, 2021 were $1.2 million and $1.0 million, respectively. Total revenues and expenses of the Company’s investment in unconsolidated affiliate for the three months ended September 30, 2021 were $0.4 million and $0.3 million, respectively.
Assets Held for Sale	Assets Held for Sale: On June 7, 2022, the Company entered into a purchase and sale agreement for the sale of the property located at 625 Wortman Avenue, Brooklyn, NY for $29.4 million. There were conditions precedent to the closing and the purchaser had the right to cancel the agreement in its sole discretion for any reason or for no reason by giving written notice by July 22, 2022. The purchaser did not provide notice to cancel pursuant to the agreement. The property has been classified as held for sale as of September 30, 2022, as shown in the following table (in thousands): September 30, 2022 625 Wortman Avenue Real estate, net $ 13,807 Prepaid expenses and other assets 83 Asset held for sale $ 13,890 Accounts payable 6 Liabilities related to asset held for sale $ 6
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. Significant management judgment is involved in determining if impairment indicators exist, assessing investments for recoverability, and, if required, measuring the fair value of the real estate investments. 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 assumptions such as expected future market rents, future revenue, market capitalization rates and holding periods, 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 that the assessment is made. Management has determined that there was no impairment relating to its long-lived assets at September 30, 2022 or December 31, 2021.
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 secured revolving credit facility, which are amortized over the terms of the respective debt agreements. These deferred charges are included in other assets on the condensed consolidated balance sheets. If leases or loans 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. In order for management to determine, in its judgment, that the unbilled rent receivable applicable to each specific property is collectible, management reviews billed and unbilled rent receivables and takes into consideration the tenant’s payment history and financial condition. If the Company determines that the collectability of a tenant’s lease payments is not probable, then 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 deemed probable will be recorded on a cash basis. Some of the leases provide for additional contingent rental revenue in the form of percentage rents and increases based upon 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. Tenant receivables at September 30, 2022 and December 31, 2021 were $1.4 million and $1.4 million, respectively, and are included in other assets in the accompanying consolidated balance sheets. 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 September 30, 2022, under operating leases for the remainder of 2022, the next five years, and thereafter are as follows (in thousands): Remainder of 2022 $ 13,278 2023 50,782 2024 46,883 2025 45,094 2026 43,459 2027 25,448 Thereafter 58,945 Total $ 283,889
Lease Accounting	Lease Accounting: As lessor, the Company has made an accounting policy election to account for lease concessions related to the effects of COVID-19 consistent with how those concessions would be accounted for under Topic 842, which is as though the enforceable rights and obligations for those concessions existed regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract. The Company elected to utilize the practical expedient provided by Accounting Standards Update (“ASU”) 2018-11 related to the separation of lease and non-lease components and as a result, revenues related to leases are reported on one line in the presentation within the condensed consolidated statement of operations. The Company elected not to evaluate whether certain sales taxes and other similar taxes are lessor costs or lessee costs. Instead, these costs will be accounted for as if they are lessee costs. Consequently, the Company excludes 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 provides certain disclosures. The accounting policy election includes sales, use, value added, and some excise taxes but excludes real estate taxes. As lessee, the Company elected to utilize the practical expedient in the implementation of ASU 2016-02 related to not separating non-lease components from the associated lease component. As lessee, the Company was a party to an office lease which expired on December 31, 2020 and continued to occupy the premises on a month-to-month basis at a monthly operating lease cost of approximately $27,000 through October 31, 2021. The Company is a party to an office lease, effective October 1, 2021, having a term of ten years, with future lease obligations aggregating to approximately $3,600,000 and $3,800,000 as of September 30, 2022 and December 31, 2021, respectively. The Company has recorded a right-of-use asset and corresponding right-of-use liability at the present value of the remaining future minimum lease payments, based upon an incremental borrowing rate of 3.86%, of approximately $3,104,000 as of October 1, 2021, the effective date of the lease. The balance of the right-of-use asset-operating lease, net as of September 30, 2022 is approximately $2,880,000. The following table presents the future lease obligations of the Company’s office lease for the remainder of 2022, the next five years, and thereafter (in thousands): Remainder of 2022 $ 83 2023 342 2024 353 2025 363 2026 374 2027 385 Thereafter 1,696 Total future minimum lease payments 3,596 Less imputed interest 569 Total right-of-use liability - operating lease $ 3,027 The following table presents additional disclosures regarding the Company’s office leases for the nine months ended September 30, 2022 and 2021 (in thousands): 2022 2021 Operating lease costs $ 222 $ 244 Variable lease costs 19 — Total lease costs $ 241 $ 244
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.
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 September 30, 2022, and December 31, 2021, the Company had determined that no liabilities are required in connection with uncertain tax positions. As of September 30, 2022, the Company’s tax returns for the prior three years are subject to review by the Internal Revenue Service. Any interest and penalties would be expensed as incurred.
Concentrations of Credit Risk	Concentrations of Credit Risk: Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, which from time-to-time exceed the federal depository insurance coverage. Beginning January 1, 2013, all 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 nine months ended September 30, 2022, rental income of $7.1 million derived from five leases with the City of New York represented 15% of the Company’s rental income. For the nine months ended September 30, 2022, rental income of $6.7 million derived from four leases with Federal Express represented 14% 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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements: In January 2021, the Financial Accounting Standards Board (“FASB”) issued ASU 2021-01, “Reference Rate Reform (Topic 848),” which modifies ASC 848 (ASU 2020-04), which was intended to provide relief related to “contracts and transactions that reference LIBOR or a reference rate that is expected to be discontinued as a result of reference rate reform.” ASU 2021-01 expands the scope of ASC 848 to include all affected derivatives and give reporting entities the ability to apply certain aspects of the contract modification and hedge accounting expedients to derivative contracts affected by the discounting transition. ASU 2021-01 also adds implementation guidance to clarify which optional expedients in ASC 848 may be applied to derivative instruments that do not reference LIBOR or a reference rate that is expected to be discontinued, but that are being modified as a result of the discounting transition. The Company does not have any derivative transactions to which this ASU applied. As a result, the implementation of this guidance is not expected to have a material effect on the Company’s condensed consolidated financial statements. .

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2022
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 2022, the next five years and thereafter related to the net increase to rental revenue from the amortization of the acquired above-market and below-market lease intangibles and the increase to amortization expense of the in-place lease intangibles for properties owned at September 30, 2022 (in thousands): Net increase to Increase to rental revenues amortization expense Remainder of 2022 $ 157 $ 317 2023 635 1,189 2024 498 904 2025 147 733 2026 71 603 2027 88 368 Thereafter 170 738 $ 1,766 $ 4,852
Schedule of Assets Held for Sale	The property has been classified as held for sale as of September 30, 2022, as shown in the following table (in thousands): September 30, 2022 625 Wortman Avenue Real estate, net $ 13,807 Prepaid expenses and other assets 83 Asset held for sale $ 13,890 Accounts payable 6 Liabilities related to asset held for sale $ 6
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 September 30, 2022, under operating leases for the remainder of 2022, the next five years, and thereafter are as follows (in thousands): Remainder of 2022 $ 13,278 2023 50,782 2024 46,883 2025 45,094 2026 43,459 2027 25,448 Thereafter 58,945 Total $ 283,889
Schedule of Future Lease Obligations of Office Lease	The following table presents the future lease obligations of the Company’s office lease for the remainder of 2022, the next five years, and thereafter (in thousands): Remainder of 2022 $ 83 2023 342 2024 353 2025 363 2026 374 2027 385 Thereafter 1,696 Total future minimum lease payments 3,596 Less imputed interest 569 Total right-of-use liability - operating lease $ 3,027
Schedule of Additional Disclosures Regarding Office Leases	The following table presents additional disclosures regarding the Company’s office leases for the nine months ended September 30, 2022 and 2021 (in thousands): 2022 2021 Operating lease costs $ 222 $ 244 Variable lease costs 19 — Total lease costs $ 241 $ 244

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Summary of Company's Mortgage Notes Payable	The following table sets forth a summary of the Company’s mortgage notes payable (in thousands): Principal Principal Outstanding as of Outstanding as of Loan Interest Rate September 30, 2022 December 31, 2021 Maturity People’s United Bank 4.18 % 15,175 15,442 10/15/2024 American International Group 4.05 % — 233,100 3/1/2025 Allstate Life Insurance Company 4.00 % 35,840 36,435 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 % 5,917 5,980 4/1/2030 Transamerica Life Insurance Company 3.45 % 2,394 2,420 4/1/2030 American International Group 2022 4.63 % 225,000 — 9/1/2032 Subtotal 356,326 365,377 Unamortized loan costs (10,827 ) (3,690 ) Total $ 345,499 $ 361,687
Scheduled of Principal Repayments	Scheduled principal repayments for the remainder of 2022, the next five years and thereafter are as follows (in thousands): Remainder of 2022 $ 347 2023 1,792 2024 16,374 2025 34,778 2026 868 2027 903 Thereafter 301,264 Total $ 356,326

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Schedule of Dividends Declared on Common Stock	The following table presents dividends declared by the Company on its common stock during the nine months ended September 30, 2022: Declaration Record Payment Dividend Date Date Date Per Share March 15, 2022 March 31, 2022 April 15, 2022 $ 0.32 (1) March 15, 2022 March 31, 2022 April 18, 2022 $ 0.10 June 9, 2022 June 30, 2022 July 15, 2022 $ 0.10 August 2, 2022 September 30, 2022 October 14, 2022 $ 0.10 (1) This represents a 2021 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) June 10, 2021 123,947 $ 11.90 $ 1,475,000 9 Years (2) June 10, 2021 22,686 $ 11.90 $ 270,000 Immediately (1) June 9, 2022 85,398 $ 18.15 $ 1,550,000 9 Years (2) June 9, 2022 14,874 $ 18.15 $ 270,000 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, 2021 154,130 $ 12.01 New shares issued through September 30, 2022 100,272 $ 18.15 Vested (72,452 ) $ 15.65 Non-vested shares outstanding as of September 30, 2022 181,950 $ 14.20
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 September 30, 2022: Number of Shares Remainder of 2022 15,470 2023 51,554 2024 37,696 2025 27,749 2026 19,986 2027 13,707 Thereafter 15,788 Total Non-vested Shares 181,950

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings per Share Information	The following table sets forth the computation of basic and diluted earnings per share information for the three and nine months ended September 30, 2022 and 2021 (in thousands, except share and per share data): Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Numerator: Net income attributable to common stockholders $ 695 $ 1,815 $ 3,259 $ 4,672 Denominator: Weighted average common shares outstanding – basic 13,383,682 13,560,706 13,353,077 13,616,084 Weighted average common shares outstanding – diluted 13,469,081 13,585,916 13,438,476 13,641,294 Basic and Diluted Per Share Information: Net income per share – basic $ 0.05 $ 0.13 $ 0.24 $ 0.34 Net income per share – diluted $ 0.05 $ 0.13 $ 0.24 $ 0.34

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Assets and Liabilities	The following table summarizes the carrying values and the estimated fair values of the financial instruments (in thousands) September 30, 2022 December 31, 2021 Carrying Estimated Carrying Estimated Value Value Value Value Financial assets: Cash and cash equivalents $ 44,952 $ 44,952 $ 27,623 $ 27,623 Restricted cash 1,051 1,051 1,047 1,047 Rent and other receivables 2,184 2,184 2,929 2,929 Financial liabilities: Dividends payable 1,338 1,338 1,333 1,333 Accounts payable and accrued expenses 4,624 4,624 3,977 3,977 Secured revolving credit facility 40,000 40,000 — — Term loan payable 50,000 50,000 50,000 50,000 Mortgage notes payable 356,326 328,032 365,377 376,322 Pension withdrawal liability — — 854 911

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		9 Months Ended	12 Months Ended
	Jan. 17, 2013 Property	Sep. 30, 2022 ft² a Property shares	Dec. 31, 2013
Organization And Description Of Business [Line Items]
Number of commercial properties acquired	25	18
Ownership interest in partnership units (as a percent)	33.29%	64.50%	33.78%
Number of existing properties		7
Number of real estate properties sold		1
Number of properties owned		49
Leasable area owned by the company | ft²		5.9
Area of land in New York, New Jersey, Connecticut, and Delaware | a		391
Number of shares of common stock that can be issued on conversion of interest in limited partnership | shares		2
Percentage of ownership owned in joint venture		50%
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		5.4
Due to redemptions of certain shares [Member]
Organization And Description Of Business [Line Items]
Ownership interest in partnership units (as a percent)		35.50%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail)			3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 07, 2022 USD ($)	Feb. 28, 2018 USD ($)	Sep. 30, 2022 USD ($) Lease	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) Segment Lease	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Oct. 01, 2021 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Net impact to rental revenues due to the amortization of above market and below market leases					$ 500,000	$ (300,000)
Amortization to below market leases			$ 1,982,000		1,982,000		$ 2,524,000
Income (loss) from investment			36,000	$ 34,000	109,000	95,000
Assets			519,883,000		519,883,000		504,397,000
Liabilities			451,595,000		451,595,000		428,193,000
Revenues			16,016,000	15,664,000	47,885,000	46,803,000
Expenses			10,746,000	8,269,000	30,929,000	26,729,000
Impairment related to long-lived assets					$ 0		0
Number of reportable segments | Segment					1
Aggregate future lease obligations			3,596,000		$ 3,596,000
Incremental borrowing rate								3.86%
Right-of-use asset - operating lease, net			2,880,000		2,880,000		3,042,000	$ 3,104,000
Right-of-use liability - operating lease			3,027,000		$ 3,027,000		3,134,000	$ 3,104,000
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]								us-gaap:OtherLiabilitiesMember
Income Tax Holiday, Description					The Company is organized and conducts its operations to qualify as a REIT for federal income tax purposes. Accordingly, the Company is generally not subject to federal income taxation on the portion of its distributable income that qualifies as REIT taxable income, to the extent that it distributes at least 90% of its REIT taxable income to its stockholders and complies with certain other requirements as defined in the Code.
Uncertain tax positions			0		$ 0		0
Standard maximum deposit insurance amount			250,000		250,000
Annual rental lease rent			16,016,000	15,664,000	47,885,000	46,803,000
Accounting Standards Update 2016-02 [Member]
Summary Of Significant Accounting Policies [Line Items]
Monthly operating lease cost								$ 27,000
Lease term of contract								10 years
Aggregate future lease obligations			$ 3,600,000,000		$ 3,600,000,000		$ 3,800,000,000
New York [Member] | Customer Concentration Risk [Member] | Sales Revenue Net [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of operating leases | Lease			5		5
Annual rental lease rent					$ 7,100,000
Percentage of rental income					15%
Federal Express [Member] | Customer Concentration Risk [Member] | Sales Revenue Net [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of operating leases | Lease			4		4
Annual rental lease rent					$ 6,700,000
Percentage of rental income					14%
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Proportion of taxable income distributed to stockholders					90%		90%
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%
Business combination, consideration transferred		$ 5,250,000
Income (loss) from investment					$ 100,000	100,000
Purchase and Sale Agreement | New York [Member]
Summary Of Significant Accounting Policies [Line Items]
Proceeds from sale of property	$ 29,400,000
Above Market Lease [Member]
Summary Of Significant Accounting Policies [Line Items]
Acquired lease intangible assets, net			$ 200,000		200,000		$ 300,000
In-place Lease [Member]
Summary Of Significant Accounting Policies [Line Items]
Acquired lease intangible assets, net			4,852,000		4,852,000		5,800,000
Buildings and Improvements [Member]
Summary Of Significant Accounting Policies [Line Items]
Real estate under development			0		0		0
Investments in Unconsolidated Affiliates [Member]
Summary Of Significant Accounting Policies [Line Items]
Assets			17,100,000		17,100,000		17,400,000
Liabilities			9,500,000		9,500,000		9,800,000
Revenues			400,000	400,000	1,200,000	1,200,000
Expenses			300,000	$ 300,000	1,000,000	$ 1,000,000
Other Assets [Member]
Summary Of Significant Accounting Policies [Line Items]
Tenant receivables			$ 1,400,000		$ 1,400,000		$ 1,400,000

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	Sep. 30, 2022	Dec. 31, 2021
Net increase to rental revenues:
Remainder of 2022	$ 157
2023	635
2024	498
2025	147
2026	71
2027	88
Thereafter	170
Net increase to rental revenues	1,766
In-place Lease [Member]
Increase to amortization expense:
Remainder of 2022	317
2023	1,189
2024	904
2025	733
2026	603
2027	368
Thereafter	738
Increase to amortization expense	$ 4,852	$ 5,800

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Assets Held for Sale (Detail) $ in Thousands	Sep. 30, 2022 USD ($)
Accounting Policies [Abstract]
Real estate, net	$ 13,807
Prepaid expenses and other assets	83
Asset held for sale	13,890
Accounts payable	6
Liabilities related to asset held for sale	$ 6

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Summary of Future Minimum Contractual Lease Payments to be Received (Detail) $ in Thousands	Sep. 30, 2022 USD ($)
Accounting Policies [Abstract]
Remainder of 2022	$ 13,278
2023	50,782
2024	46,883
2025	45,094
2026	43,459
2027	25,448
Thereafter	58,945
Total	$ 283,889

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Schedule of Future Lease Obligations of Office Lease (Detail) - USD ($)	Sep. 30, 2022	Dec. 31, 2021	Oct. 01, 2021
Accounting Policies [Abstract]
Remainder of 2022	$ 83,000
2023	342,000
2024	353,000
2025	363,000
2026	374,000
2027	385,000
Thereafter	1,696,000
Total future minimum lease payments	3,596,000
Less imputed interest	569,000
Right-of-use liability - operating lease	$ 3,027,000	$ 3,134,000	$ 3,104,000

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Schedule of Additional Disclosures Regarding Office Leases (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Accounting Policies [Abstract]
Operating lease costs	$ 222	$ 244
Variable lease costs	19
Total lease costs	$ 241	$ 244

Mortgage Notes Payable - Summar

Mortgage Notes Payable - Summary of Company's Mortgage Notes Payable (Detail) - USD ($) $ in Thousands		9 Months Ended
	Dec. 20, 2017	Sep. 30, 2022	Dec. 31, 2021	Mar. 21, 2018
Debt Instrument [Line Items]
Mortgage notes payable		$ 356,326	$ 365,377
Unamortized loan costs		(10,827)	(3,690)
Mortgage notes payable, net		345,499	361,687
4.18% People's United Bank, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 15,175	15,442
Interest Rate		4.18%
Maturity		Oct. 15, 2024
American International Group, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable			233,100
Interest Rate		4.05%
Maturity		Mar. 01, 2025
Allstate Life Insurance Company, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 35,840	36,435
Interest Rate		4%
Maturity		Apr. 01, 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. 01, 2028	Jan. 01, 2028
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. 01, 2028
American International Group 2022, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 225,000
Interest Rate		4.63%
Maturity		Sep. 01, 2032
3.45% Transamerica Life Insurance Company, Loan One [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 5,917	5,980
Interest Rate		3.45%
Maturity		Apr. 01, 2030
3.45% Transamerica Life Insurance Company, Loan Two [Member]
Debt Instrument [Line Items]
Mortgage notes payable		$ 2,394	$ 2,420
Interest Rate		3.45%
Maturity		Apr. 01, 2030

Mortgage Notes Payable - Additi

Mortgage Notes Payable - Additional Information (Detail)							9 Months Ended	12 Months Ended
	Aug. 05, 2022 USD ($) Property	Mar. 24, 2020 USD ($) Item	Mar. 21, 2018 USD ($) Item	Dec. 20, 2017 USD ($) Property Item	Mar. 13, 2015 USD ($)	Feb. 20, 2015 USD ($) Property	Sep. 30, 2022 USD ($) Property	Dec. 31, 2014 USD ($) ft²	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Mortgage notes payable							$ 356,326,000		$ 365,377,000
Number of wholly-owned subsidiaries of the UPREIT | Item		2	4	4
Allstate Life Insurance Company, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable							$ 35,840,000		36,435,000
Maturity							Apr. 01, 2025
Interest Rate							4%
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 U.S. Life 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
Maturity				Jan. 01, 2028			Jan. 01, 2028
Interest Rate				3.82%			3.82%
Application fee to lender				$ 50,000
Event of default, description							In the event of default, the initial rate of interest on the U.S. Life 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%
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%
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%
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%
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 entire principal balance is due and payable on April 1, 2028, the loan maturity date.
Maturity							Apr. 01, 2028
Interest Rate							4.25%
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%
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%
American International Group 2022, Loan [Member]
Debt Instrument [Line Items]
Mortgage notes payable							$ 225,000,000
Maturity							Sep. 01, 2032
Interest Rate							4.63%
American International Group 2022, Loan [Member] | A I G Loans
Debt Instrument [Line Items]
Maturity	Sep. 01, 2032
Interest Rate	4.63%
Loan related costs	$ 7,900,000
Prepayment fee	5,100,000
Debt instrument, principal amount	$ 225,000,000
Debt instrument, interest rate terms							monthly interest-only payments
Number of properties secured | Property	25
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					$ 33,700,000
Maturity					Apr. 01, 2025
Interest Rate					4%
New York [Member] | American International Group 2022, Loan [Member] | A I G Loans
Debt Instrument [Line Items]
Debt instrument, principal amount	$ 144,300,000
Connecticut And New Jersey | American International Group 2022, Loan [Member] | A I G Loans
Debt Instrument [Line Items]
Debt instrument, principal amount	$ 80,700,000
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 were 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
Maturity						Aug. 05, 2022
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 were 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

Mortgage Notes Payable - Schedu

Mortgage Notes Payable - Schedule of Principal Repayments (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Remainder of 2022	$ 347
2023	1,792
2024	16,374
2025	34,778
2026	868
2027	903
Thereafter	301,264
Total	$ 356,326	$ 365,377

Secured Revolving Credit Faci_2

Secured Revolving Credit Facility & Term Loan Payable - Additional Information (Detail) - USD ($)				3 Months Ended		9 Months Ended
	Aug. 05, 2022	Oct. 22, 2021	Dec. 02, 2015	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Line Of Credit Facility [Line Items]
Unamortized loan costs				$ 10,827,000		$ 10,827,000		$ 3,690,000
Credit facility, outstanding				40,000,000		40,000,000
First Amendment [Member]
Line Of Credit Facility [Line Items]
Line of Credit facility, maximum borrowing capacity	$ 10,000,000
Revolving Line of Credit Facility [Member] | Other Assets [Member]
Line Of Credit Facility [Line Items]
Unamortized loan costs				500,000		500,000		100,000
Revolving Line of Credit Facility [Member] | First Amendment [Member]
Line Of Credit Facility [Line Items]
Extension of maturity date	Oct. 22, 2024
Term Loan [Member] | First Amendment [Member]
Line Of Credit Facility [Line Items]
Extension of maturity date	Oct. 22, 2025
Key Bank [Member]
Line Of Credit Facility [Line Items]
Credit facility, outstanding				40,000,000		$ 40,000,000		0
Key Bank [Member] | First Amendment [Member]
Line Of Credit Facility [Line Items]
Line of Credit facility, maximum borrowing capacity	$ 40,000,000
Key Bank [Member] | First Amendment [Member] | Other Assets [Member]
Line Of Credit Facility [Line Items]
Loan related costs	$ 500,000
Key Bank [Member] | Revolving Line of Credit Facility [Member] | First Amendment [Member]
Line Of Credit Facility [Line Items]
Extension of maturity date	Aug. 05, 2025
Key Bank [Member] | Term Loan [Member] | First Amendment [Member]
Line Of Credit Facility [Line Items]
Extension of maturity date	Aug. 05, 2026
Key Bank [Member] | Operating Partnership [Member]
Line Of Credit Facility [Line Items]
Line of Credit facility, maximum borrowing capacity			$ 50,000,000
Line of Credit facility term			2 years
Line of Credit facility extended maturity period			1 year
Line of Credit facility description						line of credit facility, with an initial term of two years, with a one-year extension option, subject to certain other customary conditions.
Key Bank [Member] | Operating Partnership [Member] | Interest Expense [Member]
Line Of Credit Facility [Line Items]
Unamortized loan costs				100,000		$ 200,000
Key Bank [Member] | Operating Partnership [Member] | Interest Expense [Member] | Maximum [Member]
Line Of Credit Facility [Line Items]
Unamortized loan costs					$ 100,000		$ 100,000
Key Bank [Member] | Operating Partnership [Member] | Amended and Restated Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Line of Credit facility, maximum borrowing capacity		$ 60,000,000		90,000,000		$ 90,000,000
Line of Credit facility description		The Amended and Restated Credit Agreement provided for a $60 million senior secured credit facility (the “Credit Facility”), consisting of (i) a $10 million revolving line of credit facility, with an initial term of three years and two one-year extension options, subject to certain other customary conditions (the “Revolver”) and (ii) a $50 million term loan facility, with an initial term of four years and a one-year extension option and subject to certain other customary conditions, which was funded in a single advance on October 22, 2021 (the “Term Loan”).				the Amended and Restated Credit Agreement provides for a $90 million Credit Facility, consisting of (i) a $40 million Revolver, with an initial term of three years from the Closing Date and two one-year extension options, subject to certain other customary conditions and (ii) a $50 million Term Loan, with an initial term of four years from the Closing Date and a one-year extension option and subject to certain other customary conditions, which was funded in a single advance on October 22, 2021.
Credit facility capacity available for issuance of letters of credit and swing line loans		$ 10,000,000
Loan costs paid with Credit facility		500,000
Key Bank [Member] | Operating Partnership [Member] | Amended and Restated Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity under incremental credit facility		$ 125,000,000
Line of credit facility, interest rate description						Borrowings under the Credit Facility bore interest at a rate equal to, at the Operating Partnership’s option, either (1) the applicable average LIBOR rate as shown in Reuters Screen LIBOR01 Page (or any successor service, or commercially available source providing such quotations); provided if the rate shown on Reuters Screen LIBOR01 Page (or any successor service) was less than zero, such rate was deemed to be zero, or (2) a base rate determined by reference to the greatest of (a) the fluctuating annual rate of interest announced from time to time by Key Bank as its “prime rate,” (b) 0.50% above the federal funds effective rate, or (c) then applicable LIBOR for an interest period of one (1) month plus 1.00% per annum; provided that in no event would the Base Rate be less than zero, and in each case of clauses (1) and (2), plus an applicable margin, depending upon the overall leverage of the properties and whether the loan was under the Revolver or Term Loan facilities.
Key Bank [Member] | Operating Partnership [Member] | Amended and Restated Credit Agreement [Member] | Usage Less Than 50% [Member]
Line Of Credit Facility [Line Items]
Line of Credit facility, commitment fee percentage		0.20%
Key Bank [Member] | Operating Partnership [Member] | Amended and Restated Credit Agreement [Member] | Usage 50% or Greater [Member]
Line Of Credit Facility [Line Items]
Line of Credit facility, commitment fee percentage		0.15%
Key Bank [Member] | Operating Partnership [Member] | Amended and Restated Credit Agreement [Member] | Federal Reserve Bank Of Cleveland [Member]
Line Of Credit Facility [Line Items]
Applicable margin range on credit facility		0.50%
Key Bank [Member] | Operating Partnership [Member] | Amended and Restated Credit Agreement [Member] | LIBOR [Member]
Line Of Credit Facility [Line Items]
Applicable margin range on credit facility		1%
Key Bank [Member] | Operating Partnership [Member] | First Amendment [Member]
Line Of Credit Facility [Line Items]
Line of credit facility, interest rate description						Borrowings under the Credit Facility bear interest at a rate equal to, at the Operating Partnership’s option, either (1) daily simple SOFR plus 0.1% (but in no case shall the rate be less than zero), (2) term SOFR plus 0.1% (but in no case shall the rate be less than zero) (“Adjusted Term SOFR”), or (3) a base rate determined by reference to the greatest of (a) the fluctuating annual rate of interest announced from time to time by Key Bank as its “prime rate,” (b) 0.50% above the federal funds effective rate, (c) Adjusted Term SOFR for a one month tenor plus 1.0% and (d) 1.0%, and in each case of clauses (1), (2) and (3), plus an applicable margin, depending upon the overall leverage of the properties and whether the loan is under the Revolver or Term Loan facilities.
Applicable margin range on credit facility						1%
Key Bank [Member] | Operating Partnership [Member] | Revolving Line of Credit Facility [Member] | Amended and Restated Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Line of Credit facility, maximum borrowing capacity		$ 10,000,000		40,000,000		$ 40,000,000
Line of Credit facility term		4 years				4 years
Line of Credit facility extended maturity period		1 year				1 year
Key Bank [Member] | Operating Partnership [Member] | Term Loan [Member] | Amended and Restated Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Line of Credit facility, maximum borrowing capacity		$ 50,000,000		50,000,000		$ 50,000,000
Line of Credit facility term		4 years
Line of Credit facility extended maturity period		1 year				1 year
Key Bank [Member] | Operating Partnership [Member] | Daily Simple SOFR [Member] | First Amendment [Member]
Line Of Credit Facility [Line Items]
Applicable margin range on credit facility						0.10%
Key Bank [Member] | Operating Partnership [Member] | Term SOFR [Member] | First Amendment [Member]
Line Of Credit Facility [Line Items]
Applicable margin range on credit facility						0.10%
Key Bank [Member] | Operating Partnership [Member] | Federal Reserve Bank Of Cleveland [Member] | First Amendment [Member]
Line Of Credit Facility [Line Items]
Applicable margin range on credit facility						0.50%
Key Bank [Member] | Operating Partnership [Member] | Adjusted Term SOFR [Member] | First Amendment [Member]
Line Of Credit Facility [Line Items]
Applicable margin range on credit facility						1%
Term Loan [Member]
Line Of Credit Facility [Line Items]
Outstanding borrowings				$ 50,000,000		$ 50,000,000		50,000,000
Interest Rate				5.07%		5.07%
Term Loan [Member] | Term Loan Payable [Member]
Line Of Credit Facility [Line Items]
Unamortized loan costs				$ 300,000		$ 300,000		$ 400,000

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)					3 Months Ended		9 Months Ended
	Jul. 01, 2022	Jun. 03, 2022	Nov. 08, 2016	Jun. 09, 2011	Jun. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Stockholders' Equity Note [Line Items]
Shares of preferred stock authorized							10,000,000		10,000,000
Par value per share (in dollars per share)							$ 0.0001		$ 0.0001
Shares of common stock authorized for issuance							100,000,000		100,000,000
Common stock, par value (in dollars per share)							$ 0.0001		$ 0.0001
Shares of common stock issued							13,383,682		13,333,335
Shares of common stock outstanding							13,383,682		13,333,335
Repurchases - common stock					$ 1,000,000	$ 5,279,000
Options expiration period							10 years
Stock compensation expense							$ 1,186,000	$ 910,000
Common stock value per share									$ 18.15
Unamortized stock compensation							$ 2,583,000
Restricted stock, issued							916,733
Vested (in shares)							734,783
Stock Options [Member]
Stockholders' Equity Note [Line Items]
Stock options outstanding							600,000
Vested (in shares)							200,000
Non-vested (in shares)							400,000
Restricted Stock [Member]
Stockholders' Equity Note [Line Items]
Weighted average period for recognition							2 years 4 months 24 days
Vested (in shares)							72,452
Non-vested (in shares)							181,950		154,130
Key Officers [Member] | Non-qualified Stock Options [Member]
Stockholders' Equity Note [Line Items]
Stock options granted	400,000		200,000
Vesting period	3 years		3 years
Stock options granted exercise price	$ 18.15		$ 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							$ 100,000	$ 0
2007 Incentive Award Plan [Member]
Stockholders' Equity Note [Line Items]
Number of shares of common stock which may be awarded							1,000,000
Share-based compensation award plan , expiration date							Jun. 11, 2017
2017 Incentive Award Plan [Member]
Stockholders' Equity Note [Line Items]
Number of shares of common stock which may be awarded							2,000,000
Plan effective date							Apr. 24, 2017
Number of shares available for future issuance							1,526,054
Share Redemption Program [Member]
Stockholders' Equity Note [Line Items]
Number of shares purchased		49,925
Share price							$ 20.03
Repurchases - common stock		$ 1,000,000
Series A Preferred Stock [Member]
Stockholders' Equity Note [Line Items]
Shares of preferred stock authorized							500,000		500,000
Par value per share (in dollars per share)							$ 0.0001		$ 0.0001
Preferred stock, shares outstanding							0		0
Series B Preferred Stock, Non-Voting [Member]
Stockholders' Equity Note [Line Items]
Shares of preferred stock authorized							6,500,000		6,500,000
Par value per share (in dollars per share)							$ 0.0001		$ 0.0001
Preferred stock, voting rights							There are no voting rights associated with the Series B preferred stock.
Preferred stock, shares outstanding							0		0

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Dividends Declared on Common Stock (Detail) - $ / shares	Aug. 02, 2022	Jun. 09, 2022	Mar. 15, 2022
12 Months Ended 12/31/20 [Member]
Stockholders' Equity Note [Line Items]
Declaration Date			Mar. 15, 2022
Record Date			Mar. 31, 2022
Payment Date			Apr. 15, 2022
Dividend Per Share			$ 0.32
3 Months Ended 3/31/21 [Member]
Stockholders' Equity Note [Line Items]
Declaration Date			Mar. 15, 2022
Record Date			Mar. 31, 2022
Payment Date			Apr. 18, 2022
Dividend Per Share			$ 0.10
6 Months Ended 6/30/21 [Member]
Stockholders' Equity Note [Line Items]
Declaration Date		Jun. 09, 2022
Record Date		Jun. 30, 2022
Payment Date		Jul. 15, 2022
Dividend Per Share		$ 0.10
9 Months Ended 9/30/21 [Member]
Stockholders' Equity Note [Line Items]
Declaration Date	Aug. 02, 2022
Record Date	Sep. 30, 2022
Payment Date	Oct. 14, 2022
Dividend Per Share	$ 0.10

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Shares Issued under 2007 and 2017 Plan (Detail)	9 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares
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. 07, 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. 06, 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. 04, 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. 09, 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. 08, 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. 07, 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. 07, 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. 05, 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. 05, 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. 04, 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. 04, 2020
Total Shares Issued | shares	16,530
Value Per Share | $ / shares	$ 12.70
Approximate Value of Shares | $	$ 210,000
Vesting Period	Immediately
2017 Plan | Award Granted on June 10, 2021 [Member] | Certain Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 10, 2021
Total Shares Issued | shares	123,947
Value Per Share | $ / shares	$ 11.90
Approximate Value of Shares | $	$ 1,475,000
Vesting period	9 years
2017 Plan | Award Granted on June 10, 2021 [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. 10, 2021
Total Shares Issued | shares	22,686
Value Per Share | $ / shares	$ 11.90
Approximate Value of Shares | $	$ 270,000
Vesting Period	Immediately
2017 Plan | Award Granted on June 9, 2022 [Member] | Certain Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Issued, Grant Date	Jun. 09, 2022
Total Shares Issued | shares	85,398
Value Per Share | $ / shares	$ 18.15
Approximate Value of Shares | $	$ 1,550,000
Vesting period	9 years
2017 Plan | Award Granted on June 9, 2022 [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. 09, 2022
Total Shares Issued | shares	14,874
Value Per Share | $ / shares	$ 18.15
Approximate Value of Shares | $	$ 270,000
Vesting Period	Immediately

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Restricted Stock Activity (Detail)	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested, Shares	(734,783)
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested at beginning of period, Shares	154,130
Non-vested, new shares issued, Shares	100,272
Vested, Shares	(72,452)
Non-vested at end of period, Shares	181,950
Non-vested at beginning of period, Weighted Average Grant Date Fair Value | $ / shares	$ 12.01
Non-vested, new shares issued, Weighted Average Grant Date Fair Value | $ / shares	18.15
Vested, Weighted Average Grant Date Fair Value | $ / shares	15.65
Non-vested at end of period, Weighted Average Grant Date Fair Value | $ / shares	$ 14.20

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Vesting Schedule of Non-vested Shares of Restricted Stock Outstanding (Detail) - Restricted Stock [Member] - shares	Sep. 30, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Remainder of 2022	15,470
2023	51,554
2024	37,696
2025	27,749
2026	19,986
2027	13,707
Thereafter	15,788
Total Non-vested Shares	181,950	154,130

Earnings per Share - Additional

Earnings per Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Number of common share equivalents	85,399	25,210	85,399	25,210

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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net income attributable to common stockholders	$ 695	$ 1,815	$ 3,259	$ 4,672
Denominator:
Weighted average common shares outstanding – basic	13,383,682	13,560,706	13,353,077	13,616,084
Weighted average common shares outstanding – diluted	13,469,081	13,585,916	13,438,476	13,641,294
Basic and Diluted Per Share Information:
Net income per share – basic	$ 0.05	$ 0.13	$ 0.24	$ 0.34
Net income per share – diluted	$ 0.05	$ 0.13	$ 0.24	$ 0.34

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	1 Months Ended				9 Months Ended
	Jul. 31, 2020 USD ($)	Feb. 29, 2020 USD ($)	Nov. 30, 2018 USD ($) ft²	Mar. 31, 2018 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Related Party Transactions [Line Items]
Aggregate contractual rents					$ 3,596,000
Operating lease costs					222,000	$ 244,000
Rochlin Organization ("TRO") [Member]
Related Party Transactions [Line Items]
Brokerage cash commissions	$ 406,000	$ 135,000	$ 40,000	$ 107,000
Aggregate contractual rents	$ 21,000,000	$ 4,500,000
Aggregate contractual rents			$ 670,000	$ 3,600,000
Additional premises expansion | ft²			30,000
Lighthouse Sixty, LP [Member]
Related Party Transactions [Line Items]
Operating lease costs					$ 27,000
Lease expiration year					2020

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2022 USD ($) Bus_Depot	Feb. 16, 2022 USD ($)
Commitments and Contingencies [Line Items]
Number of bus depot sites received final regulatory closure | Bus_Depot	3
Number of former bus depot sites | Bus_Depot	6
Number of bus depot sites continuing monitoring and reporting activities associated with environmental cleanup efforts | Bus_Depot	3
Number of bus depot sites compliance with environmental cleanup efforts | Bus_Depot	6
Divestiture [Member] | Shelter Electric Maintenance Corporation
Commitments and Contingencies [Line Items]
Pension withdrawal liability | $	$ 811,000	$ 1,500,000
Monthly installment payment for pension withdrawal liability | $	$ 8,100
Term of payment	20 years
Defined benefit plan, benefit obligation, payment for settlement | $	$ 684,000
Gains Losses on settlement of pension withdrawal liability | $	$ 127,000

Fair Value - Schedule of Fair V

Fair Value - Schedule of Fair Value of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Financial assets:
Cash and cash equivalents	$ 44,952	$ 27,623
Restricted cash	1,051	1,047	$ 857	$ 1,662
Rent and other receivables	2,184	2,929
Financial liabilities:
Dividends payable	1,338	1,333
Accounts payable and accrued expenses	4,624	3,977
Secured revolving credit facility	40,000
Term loan payable	50,000	50,000
Mortgage notes payable	356,326	365,377
Pension withdrawal liability		854
Estimate of Fair Value Measurement [Member]
Financial assets:
Cash and cash equivalents	44,952	27,623
Restricted cash	1,051	1,047
Rent and other receivables	2,184	2,929
Financial liabilities:
Dividends payable	1,338	1,333
Accounts payable and accrued expenses	4,624	3,977
Secured revolving credit facility	40,000
Term loan payable	50,000	50,000
Pension withdrawal liability		911
Mortgages [Member]
Financial liabilities:
Mortgage notes payable	356,326	365,377
Mortgages [Member] | Estimate of Fair Value Measurement [Member]
Financial liabilities:
Mortgage notes payable	$ 328,032	$ 376,322

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ in Millions	Nov. 09, 2022 USD ($)
Subsequent Event | New York [Member]
Subsequent Event [Line Items]
Proceeds from sale of property	$ 29.4