Postal Realty Trust (PSTL) 10-K 7 Mar 23 2022 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Mar. 07, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-38903
Entity Registrant Name	POSTAL REALTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	83-2586114
Entity Address, Address Line One	75 Columbia Avenue
Entity Address, City or Town	Cedarhurst
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11516
City Area Code	516
Local Phone Number	295-7820
Title of 12(b) Security	Class A Common Stock, par value $0.01 per share
Trading Symbol	PSTL
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 261.3
Entity Common Stock, Shares Outstanding		19,683,253
Documents Incorporated by Reference	Portions of the registrant’s Definitive Proxy Statement for the 2023 Annual Meeting of Shareholders (to be filed with the Securities and Exchange Commission no later than 120 days after the end of the registrant’s fiscal year end) are incorporated by reference in this Annual Report on Form 10-K in response to Part II, Item 5 and Part III, Items 10, 11, 12, 13 and 14.
Entity Central Index Key	0001759774
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	243
Auditor Name	BDO USA, LLP
Auditor Location	New York, New York

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Real estate properties, at cost:
Land	$ 90,020,000	$ 64,538,000
Building and improvements	378,596,000	278,396,000
Tenant improvements	6,375,000	5,431,000
Total real estate properties, at cost	474,991,000	348,365,000
Less: Accumulated depreciation	(31,257,000)	(20,884,000)
Total real estate properties, net	443,734,000	327,481,000
Investment in financing leases, net	16,130,000	16,213,000
Total real estate investments, net	459,864,000	343,694,000
Cash	1,495,000	5,857,000
Escrow and reserves	547,000	1,169,000
Rent and other receivables	4,613,000	4,172,000
Prepaid expenses and other assets, net	15,968,000	7,511,000
Goodwill	1,536,000	0
Deferred rent receivable	1,194,000	666,000
In-place lease intangibles, net	15,687,000	14,399,000
Above market leases, net	399,000	249,000
Total Assets	501,303,000	377,717,000
Liabilities:
Term loans, net	163,753,000	49,359,000
Revolving credit facility	0	13,000,000
Secured borrowings, net	32,909,000	32,990,000
Accounts payable, accrued expenses and other, net	9,109,000	8,225,000
Below market leases, net	11,821,000	8,670,000
Total Liabilities	217,592,000	112,244,000
Commitments and Contingencies
Equity:
Class A common stock, par value $0.01 per share; 500,000,000 shares authorized, 19,528,066 and 18,564,421 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively	195,000	186,000
Class B common stock, par value $0.01 per share; 27,206 shares authorized, 27,206 shares issued and outstanding as of December 31, 2022 and December 31, 2021	0	0
Additional paid-in capital	254,107,000	237,969,000
Accumulated deficit	(32,557,000)	(18,879,000)
Accumulated other comprehensive income	7,486,000	766,000
Total Stockholders’ Equity	229,231,000	220,042,000
Operating Partnership unitholders’ non-controlling interests	54,480,000	45,431,000
Total Equity	283,711,000	265,473,000
Total Liabilities and Equity	$ 501,303,000	$ 377,717,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Class A common stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	19,528,066	18,564,421
Common stock, shares outstanding (in shares)	19,528,066	18,564,421
Class B common stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	27,206	27,206
Common stock, shares issued (in shares)	27,206	27,206
Common stock, shares outstanding (in shares)	27,206	27,206

Consolidated Consolidated State

Consolidated Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Rental income	$ 50,876	$ 38,276
Fee and other	2,454	1,662
Total revenues	53,330	39,938
Operating expenses:
Real estate taxes	7,168	5,399
Property operating expenses	5,625	3,987
General and administrative	13,110	10,643
Depreciation and amortization	17,727	13,990
Total operating expenses	43,630	34,019
Income from operations	9,700	5,919
Other income	1,029	401
Interest expense, net:
Contractual interest expense	(5,378)	(2,739)
Write-off and amortization of deferred financing fees	(596)	(714)
Loss on early extinguishment of debt	0	(202)
Interest income	1	2
Total interest expense, net	(5,973)	(3,653)
Income before income tax expense	4,756	2,667
Income tax expense	(12)	(111)
Net income	4,744	2,556
Net income attributable to Operating Partnership unitholders’ non-controlling interests	(890)	(501)
Net income attributable to common stockholders	$ 3,854	$ 2,055
Net income per share:
Basic (in dollars per share)	$ 0.15	$ 0.10
Diluted (in dollars per share)	$ 0.15	$ 0.10
Weighted average common shares outstanding:
Basic (in shares)	18,545,494	13,689,251
Diluted (in shares)	18,545,494	13,689,251
Comprehensive income:
Net income	$ 4,744	$ 2,556
Unrealized gain on derivative instruments	8,249	960
Comprehensive income	12,993	3,516
Comprehensive income attributable to Operating Partnership unitholders’ non-controlling interests	(2,419)	(695)
Comprehensive income attributable to common stockholders	$ 10,574	$ 2,821

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Deficit) - USD ($) $ in Thousands	Total	Total Stockholders’ equity	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Operating Partnership unitholders’ non-controlling interests
Beginning balance at Dec. 31, 2020	$ 119,639	$ 91,990	$ 95	$ 100,812	$ (8,917)		$ 27,649
Beginning balance (in shares) at Dec. 31, 2020			9,464,403
Net proceeds from sale of common stock	138,461	138,461	$ 90	138,371
Net proceeds from sale of Common Stock (in shares)			8,969,717
Issuance of OP Units in connection with acquisition transactions	15,501						15,501
Issuance and amortization of equity-based compensation	3,567	2,392	$ 1	2,391			1,175
Issuance and amortization of equity-based compensation (in shares)			165,599
Issuance and amortization under ESPP	171	171		171
Issuance and amortization under ESPP (in shares)			9,104
Restricted stock withholdings	(341)	(341)		(341)
Restricted stock withholding (in shares)			(17,196)
Dividends declared	(15,041)	(12,017)			(12,017)		(3,024)
Other comprehensive income	960					$ 766	194
Net income	2,556	2,055			2,055		501
Reallocation of non-controlling interest	0	(3,435)		(3,435)			3,435
Ending balance at Dec. 31, 2021	265,473	220,042	$ 186	237,969	(18,879)	766	45,431
Ending balance (in shares) at Dec. 31, 2021			18,591,627
Net proceeds from sale of common stock	11,339	11,339	$ 7	11,332
Net proceeds from sale of Common Stock (in shares)			751,382
Issuance of OP Units in connection with acquisition transactions	10,884						10,884
Issuance and amortization of equity-based compensation	4,795	3,285	$ 2	3,283			1,510
Issuance and amortization of equity-based compensation (in shares)			226,575
Issuance and amortization under ESPP	217	217		217
Issuance and amortization under ESPP (in shares)			13,417
Restricted stock withholdings	(424)	(424)		(424)
Restricted stock withholding (in shares)			(27,729)
Dividends declared	(21,566)	(17,532)			(17,532)		(4,034)
Other comprehensive income	8,249	6,720				6,720	1,529
Net income	4,744	3,854			3,854		890
Reallocation of non-controlling interest	0	1,730		1,730			(1,730)
Ending balance at Dec. 31, 2022	$ 283,711	$ 229,231	$ 195	$ 254,107	$ (32,557)	$ 7,486	$ 54,480
Ending balance (in shares) at Dec. 31, 2022			19,555,272

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Deficit) (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Common stock dividend declared (in dollars per share)	$ 0.925	$ 0.885

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 4,744,000	$ 2,556,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	17,727,000	13,990,000
Write-off and amortization of deferred financing costs	596,000	714,000
Amortization of above/below market leases	(2,185,000)	(1,599,000)
Amortization of intangible liability	(91,000)	(23,000)
Equity based compensation	4,718,000	3,720,000
Other	47,000	58,000
Loss on early extinguishment of debt	0	202,000
Deferred rent receivable	(529,000)	(450,000)
Deferred rent expense payable	8,000	12,000
Changes in assets and liabilities:
Rent and other receivables	(358,000)	(765,000)
Prepaid expenses and other assets	(95,000)	(2,104,000)
Accounts payable, accrued expenses and other	852,000	1,098,000
Net cash provided by operating activities	24,591,000	17,095,000
Cash flows from investing activities:
Acquisition of real estate	(116,212,000)	(89,464,000)
Investment in financing leases	(10,000)	(15,707,000)
Repayment of financing leases	0	19,000
Escrows for acquisition and construction deposits	(273,000)	(487,000)
Insurance proceeds related to property damage claims	843,000	1,151,000
Capital improvements	(3,687,000)	(1,900,000)
Other investing activities	(808,000)	(337,000)
Net cash used in investing activities	(120,147,000)	(106,725,000)
Cash flows from financing activities:
Repayments of secured borrowings	(100,000)	(13,845,000)
Proceeds from term loans	115,000,000	50,000,000
Proceeds from revolving credit facility	115,000,000	139,000,000
Repayments of revolving credit facility	(128,000,000)	(204,000,000)
Repayments from other financing activity	0	(53,000)
Net proceeds from issuance of shares	11,446,000	138,795,000
Debt issuance costs	(811,000)	(1,346,000)
Deferred offering costs	199,000	0
Proceeds from issuance of ESPP shares	185,000	127,000
Shares withheld for payment of taxes on restricted share vesting	(383,000)	(242,000)
Other financing activities	0	(10,000)
Distributions and dividends	(21,566,000)	(15,041,000)
Net cash provided by financing activities	90,572,000	93,385,000
Net increase (decrease) in Cash and Escrows and Reserves	(4,984,000)	3,755,000
Cash and Escrows and Reserves at the beginning of year	7,026,000	3,271,000
Cash and Escrow and Reserves at the end of year	2,042,000	7,026,000
Supplemental Disclosure of Non-Cash Investing and Financing Activities
OP Units issued for property acquisitions	9,433,000	15,511,000
Reallocation of non-controlling interest	1,730,000	3,435,000
Right of use assets	131,000	1,071,000
Unrealized gain (loss) on interest rate swaps, net	8,249,000	960,000
pstl:NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationUnitsIssuedForBusinessAcquisition	1,451,000	0
Reclassification of acquisition deposits included in prepaid expenses and other assets	696,000	792,000
Accrued capital expenditures included in accounts payable and accrued expenses	231,000	660,000
Accrued costs of capital included in accounts payable and accrued expenses	107,000	198,000
Reclassification of cost of capital included in prepaid expenses and other assets	0	137,000
Accrued taxes withheld included in accounts payable and accrued expenses	140,000	99,000
Write-off of fixed assets no longer in service	327,000	40,000
Proceeds from Insurance Settlement, Operating Activities	$ (843,000)	$ (314,000)

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 2022
Organization and Description of Business [Abstract]
Organization and Description of Business	Organization and Description of Business Postal Realty Trust, Inc. (the “Company”) was organized in the state of Maryland on November 19, 2018. On May 17, 2019, the Company completed its initial public offering (“IPO”) of the Company’s Class A common stock, par value $0.01 per share (the “Class A common stock”). The Company contributed the net proceeds from the IPO to Postal Realty LP, a Delaware limited partnership (the “Operating Partnership”), in exchange for common units of limited partnership interest in the Operating Partnership (the “OP Units”). Both the Company and the Operating Partnership commenced operations upon completion of the IPO and certain related formation transactions. Prior to the completion of the IPO and the formation transactions, the Company had no operations. The Company’s interest in the Operating Partnership entitles the Company to share in distributions from, and allocations of profits and losses of, the Operating Partnership in proportion to the Company’s percentage ownership of OP Units. As the sole general partner of the Operating Partnership, the Company has the exclusive power under the partnership agreement to manage and conduct the Operating Partnership’s business, subject to limited approval and voting rights of the limited partners. As of December 31, 2022, the Company held an approximately 80.8% interest in the Operating Partnership. As the sole general partner and the majority interest holder, the Company consolidates the financial position and results of operations of the Operating Partnership. The Operating Partnership is considered a variable interest entity (“VIE”) in which the Company is the primary beneficiary. As of December 31, 2022, the Company owned a portfolio of 1,286 properties located in 49 states and one territory. The Company's properties are leased primarily to a single tenant, the United States Postal Service (the "USPS"). In addition, through its taxable REIT subsidiary (“TRS”), Real Estate Asset Counseling, LLC (formerly known as Postal Realty Management TRS, LLC) (“REAC”), the Company provides fee-based third party property management services for an additional 397 properties, which are owned by Andrew Spodek, the Company's chief executive officer ("CEO"), and his affiliates, and certain advisory services to third-party owners of postal properties. Pursuant to the Company’s articles of amendment and restatement, the Company is currently authorized to issue up to 500,000,000 shares of Class A common stock, 27,206 shares of Class B common stock, $0.01 par value per share (the “Voting Equivalency stock”), and up to 100,000,000 shares of preferred stock. The Company elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with the Company's short taxable year ended December 31, 2019, and intends to continue to qualify as a REIT. As a REIT, the Company generally will not be subject to federal income tax to the extent that it distributes its REIT taxable income for each tax year to its stockholders. REITs are subject to a number of organizational and operational requirements. Pursuant to the Jumpstart Our Business Startups Act, the Company qualifies as an emerging growth company (“EGC”). An EGC may choose, as the Company has done, to take advantage of the extended private company transition period provided for complying with new or revised accounting standards that may be issued by the Financial Accounting Standards Board (“FASB”) or the Securities and Exchange Commission.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying Consolidated Financial Statements include the financial position and results of operations of the Company, the Operating Partnership and its wholly owned subsidiaries. The Company consolidates the Operating Partnership, a VIE in which the Company is considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Substantially all of the assets and liabilities of the Company relate to the Operating Partnership. A non-controlling interest is defined as the portion of the equity in an entity not attributable, directly or indirectly, to the Company. Non-controlling interests are required to be presented as a separate component of equity in the Consolidated Balance Sheets. Accordingly, the presentation of net income reflects the income attributed to controlling and non-controlling interests. Use of Estimates The preparation of financial statements in conformity with the U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. As discussed in the applicable sections elsewhere in the Consolidated Financial Statements, the Company’s most significant assumptions and estimates are related to the valuation of investments in real estate properties and impairment of long-lived assets. Although management believes its estimates are reasonable, actual results could differ from those estimates. Offering and Other Costs Offering costs are recorded in “Total Stockholders’ Equity” in the Consolidated Balance Sheets as a reduction of additional paid-in capital. Segment Reporting The Company leases its properties primarily to the USPS and reports its business as a single reportable segment. Investments in Real Estate Upon the acquisition of real estate, the purchase price is allocated based upon the relative fair value of the assets acquired and liabilities assumed. The allocation of the purchase price to the relative fair value of the tangible and intangible assets of an acquired property is derived by valuing the property as if it were vacant. All real estate acquisitions in the periods presented qualified as asset acquisitions and, as such, acquisition-related fees and acquisition-related expenses related to these asset acquisitions are capitalized as part of the acquisition. Investments in real estate generally include land, buildings, tenant improvements and identified intangible assets, such as in-place lease intangibles and above or below-market lease intangibles. Direct and certain indirect costs clearly associated with the development, construction, leasing or expansion of real estate assets are capitalized as a cost of the property. Repairs and maintenance costs are expensed as incurred. Depreciation or amortization expense is computed using the straight-line method based upon the following estimated useful lives: Years Buildings and improvements 15 to 40 Equipment and fixtures 5 to 10 Tenant improvements Shorter of useful life or applicable lease term In-place lease value Remaining non-cancellable term of the in-place lease The acquired above or below-market lease intangibles are amortized to “Rental income” over the applicable lease term, inclusive of any option periods for below-market leases. Deferred Costs Financing costs related to the issuance of the Company’s long-term debt, including the term loan facility component of the Company's existing credit facilities (the “Credit Facilities”), are deferred and amortized as an increase to interest expense over the term of the related debt instrument using the straight-line method, which approximates the effective interest rate method, and are reported as a reduction of the related debt balance on the Consolidated Balance Sheets. Deferred financing costs related to the revolving credit facility component (the "2021 Revolving Credit Facility") of the Credit Facilities are deferred and amortized as an increase to interest expense over the terms of the 2021 Revolving Credit Facility and are included in “Prepaid expenses and other assets, net” on the Consolidated Balance Sheets. Cash and Escrows and Reserves Cash includes unrestricted cash with a maturity of three months or less. Escrows and reserves consist of restricted cash. The following table provides a reconciliation of cash and escrows and reserves reported within the Consolidated Balance Sheets and Consolidated Statements of Cash Flows: As of December 31, December 31, (in thousands) Cash $ 1,495 $ 5,857 Escrows and reserves: Maintenance reserve 206 827 Real estate tax reserve 240 250 ESPP reserve 101 92 Cash and escrows and reserves $ 2,042 $ 7,026 Revenue Recognition The Company has operating lease agreements with tenants, some of which contain provisions for future rental increases. Rental income is recognized on a straight-line basis over the term of the lease. In addition, certain lease agreements provide for reimbursements from tenants for real estate taxes and other recoverable costs, which are recorded on an accrual basis as part of “Rental income” in the Consolidated Statements of Operations and Comprehensive Income. The Company’s determination of the probability to collect lease payments is impacted by numerous factors, including the Company's assessment of the tenant’s credit worthiness, economic conditions, historical experience with the tenant, future prospects for the tenant and the length of the lease term. If leases currently classified as probable are subsequently reclassified as not probable, any outstanding lease receivables (including straight-line rent receivables) would be written-off with a corresponding decrease in rental income. Fee and other primarily consists of (i) property management fees, (ii) income recognized from properties accounted for as financing leases and (iii) fees earned from providing advisory services to third-party owners of postal properties. The management fees arise from contractual agreements with entities that are affiliated with the Company’s CEO. Management fee income is recognized as earned under the respective agreements. Revenue from direct financing leases is recognized over the lease term using the effective interest rate method. At lease inception, the Company records an asset within "Investment in financing leases, net" on the Consolidated Balance Sheets, which represents the Company’s net investment in the direct financing lease. This initial net investment is determined by aggregating the total future minimum lease payments attributable to the direct financing leases and the estimated residual value of the property, if any, less unearned income. Over the lease term, the investment in the direct financing lease is reduced and income is recognized as revenue in “Fee and other” in the Consolidated Statements of Operations and Comprehensive Income and produces a constant periodic rate of return on the investment in financing leases, net. Revenue from advisory services is generated from service contracts generally based on (i) time and expense arrangements (where the Company recognizes revenues based on hours incurred and contracted rates), (ii) fixed-fee arrangements (where the Company recognizes revenues earned to date by applying the proportional performance method) or (iii) performance-based or contingent arrangements (where the Company recognizes revenues at a point in time when the client receives the benefit of the promised service). Reimbursable expenses for the advisory services, including those relating to travel, out-of-pocket expenses, outside consultants and other outside service costs, are generally included in revenues and in general and administrative expenses in the period in which the expense is incurred. Business Combinations, Goodwill and Intangible Assets The Company accounts for business combinations using the acquisition method, which requires the identification of the acquirer, the determination of the acquisition date and the allocation of the purchase price paid by the acquirer to the identifiable tangible and intangible assets acquired, the liabilities assumed, including any contingent consideration and any non-controlling interest in the acquiree at their acquisition date fair values. Goodwill represents the excess of the purchase price over the fair value of net assets acquired, including the amount assigned to identifiable intangible assets. Intangible assets may include customer relationships, trademarks and acquired software. Identifiable intangible assets with finite lives are amortized over their expected useful lives. Acquisition-related costs are expensed in the periods in which the costs are incurred. The results of operations of acquired businesses are included in the Company’s Consolidated Financial Statements from the acquisition date. The Company evaluates goodwill for impairment at least annually, or as circumstances warrant. Goodwill is evaluated at the reporting unit level by comparing the fair value of the reporting unit with its carrying amount including goodwill. An impairment of goodwill exists if the carrying amount of the reporting unit exceeds its fair value. The impairment loss is the amount by which the carrying amount exceeds the reporting unit’s fair value, limited to the total amount of goodwill allocated to that reporting unit. Intangible assets with finite lives are amortized over their estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If an impairment indicator is present, the Company evaluates recoverability of assets to be held and used by a comparison of the carrying value of the assets with future undiscounted net cash flows expected to be generated by the assets. The Company groups assets at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows generated by other asset groups. If the total of the expected undiscounted future cash flows is less than the carrying amount of the asset group, the Company will estimate the fair value of the asset group to determine the amount of an impairment loss that should be recognized. Income Taxes As a REIT, the Company is generally not subject to federal corporate income tax on the net income (loss) that the Company distributes to its shareholders. The Operating Partnership which holds the Company's properties is a partnership for U.S. federal income tax purposes and is not subject to U.S. federal income taxes as the revenues and expenses pass through to the respective owners where they are taxed. The states and cities in which the Operating Partnership operates generally follows the U.S. federal income tax treatment. A valuation allowance is established for deferred tax assets when management anticipates that it is more likely than not that all, or a portion, of these assets would not be realized. In determining whether a valuation allowance is warranted, all positive and negative evidence and all sources of taxable income such as prior earnings history, expected future earnings, carryback and carryforward periods and tax strategies are considered to estimate if sufficient future taxable income will be generated to realize the deferred tax asset. The assessment of the adequacy of a valuation allowance is based on estimates of taxable income by jurisdiction and the period over which deferred tax assets will be recoverable. The tax effects of uncertain tax positions taken or expected to be taken in income tax returns are recognized only if they are “more likely-than-not” to be sustained on examination by the taxing authorities based on the technical merits as of the reporting date. The tax benefits recognized in the financial statements from such positions are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The Company recognizes estimated accrued interest and penalties related to uncertain tax positions in income tax expense. Fair Value Measurements The following disclosure of estimated fair value was determined by management using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could have realized on disposition of the assets and liabilities as of December 31, 2022 and 2021. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Cash, escrows and reserves, receivables, prepaid expenses and other assets (excluding derivatives), accounts payable and accrued expenses are carried at amounts which reasonably approximate their fair values as of December 31, 2022 and 2021 due to their short maturities. The fair value of the Company’s borrowings under its Credit Facilities approximates carrying value because such borrowings are subject to a variable market rate, which reprices frequently. The fair value was determined using the Adjusted Term SOFR (as defined below) as of December 31, 2022, and London Interbank Offered Rate (“LIBOR”) as of December 31, 2021, plus an applicable spread under the Credit Facilities, a Level 2 classification in the fair value hierarchy. The fair value of the Company’s secured borrowings aggregated approximately $27.5 million and $32.1 million as compared to the principal balance of $33.1 million and $33.2 million as of December 31, 2022 and 2021, respectively. The fair value of the Company’s secured debt was categorized as a Level 3 basis (as provided by ASC 820, Fair Value Measurements and Disclosures). The fair value of the mortgage debt was determined by discounting the future contractual interest and principal payments by a market rate. The Company's derivative assets, comprised of interest rate swap derivative instruments entered into in connection with the Credit Facilities, are recorded at fair value based on a variety of observable inputs, including contractual terms, interest rate curves, yield curves, measure of volatility, and correlations of such inputs. The Company measures its derivatives at fair value on a recurring basis based on the expected size of future cash flows on a discounted basis and incorporating a measure of non-performance risk. The fair value of the Company's derivative assets was categorized as a Level 2 basis (as provided by ASC 820, Fair Value Measurements and Disclosures). The Company considers its own credit risk, as well as the credit risk of its counterparties, when evaluating the fair value of its derivative assets. As of December 31, 2022 and 2021, the fair value of the Company’s interest rate swap derivative instruments was approximately $9.2 million and $1.0 million, respectively, included in “Prepaid expenses and other assets, net” on the Consolidated Balance Sheets. Disclosure about fair value of assets and liabilities is based on pertinent information available to management as of December 31, 2022 and 2021. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since December 31, 2022 and current estimates of fair value may differ significantly from the amounts presented herein. Derivative Instruments and Hedging Activities In accordance with ASC 815, Derivatives and Hedging, the Company records all derivative instruments on the Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. See Note 6. Derivatives and Hedging Activities for further details. Impairment of Long-Lived Assets The carrying value of real estate investments and related intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the asset’s carrying amount over its estimated fair value. Impairment analyses will be based on current plans, intended holding periods and available market information at the time the analyses are prepared. If estimates of the projected future cash flows, anticipated holding periods or market conditions change, the evaluation of impairment losses may be different and such differences may be material. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. No impairments were recorded during the years ended December 31, 2022 and 2021. Concentration of Credit Risks As of December 31, 2022, the Company’s properties were leased primarily to a single tenant, the USPS. For the year ended December 31, 2022, approximately 15.1% of the Company's total rental income, or $7.7 million, was concentrated in Pennsylvania. For the year ended December 31, 2021, approximately 18.3% of the Company's total rental income, or $7.0 million, was concentrated in Pennsylvania. The ability of the USPS to honor the terms of its leases is dependent upon regulatory, economic, environmental or competitive conditions in Pennsylvania or other regions where the Company operates in and could have a material effect on the Company’s overall business results. The Company has deposited cash and maintains its bank deposits with large financial institutions in amounts that, from time to time, exceed federally insured limits. The Company has not experienced any losses in such accounts. Non-controlling Interests Non-controlling interests in the Company represent OP Units held by the Company’s prior investors and certain sellers of properties to the Company and long term incentive units of the Operating Partnership ("LTIP Units") held by the Company’s CEO and certain other employees and the Company's Board of Directors. See Note 11. Stockholder’s Equity for further details. Equity Based Compensation The Company accounts for equity-based compensation in accordance with ASC Topic 718 Compensation – Stock Compensation, which requires the Company to recognize an expense for the grant date fair value of equity-based awards. Equity-classified stock awards granted to employees and non-employees that have a service condition and/or a market condition are measured at fair value at date of grant and remeasured at fair value only upon a modification of the award. The Company records forfeitures as they occur. The Company recognizes compensation expense on a straight-line basis over the requisite service period of each award, with the amount of compensation expense recognized at the end of a reporting period at least equal the portion of fair value of the respective award at grant date or modification date, as applicable, that has vested through that date. For awards with a market condition, compensation cost is not reversed if a market condition is not met so long as the requisite service has been rendered, as a market condition does not represent a vesting condition. See Note 11. Stockholder’s Equity for further details. Insurance Accounting The Company carries liability insurance to mitigate its exposure to certain losses, including those relating to property damage and business interruption. The Company records the estimated amount of expected insurance proceeds for property damage and other losses incurred as an asset (typically a receivable from the insurer) and income up to the amount of the losses incurred when the amount is determinable and approved by the insurance company. Any amount of insurance recovery in excess of the amount of the losses incurred is considered a gain contingency and is not recorded in other income until the amount is determinable and approved by the insurance company. Insurance recoveries for business interruption for lost revenue or profit are accounted for as gain contingencies in their entirety, and therefore are not recorded in income until the amount is determinable and approved by the insurance company. Earnings per Share The Company calculates earnings per share ("EPS") based upon the weighted average shares outstanding less issued and outstanding non-vested shares of Class A common stock. As of December 31, 2022 and 2021, the Company had unvested restricted shares of Class A common stock, LTIP Units and certain restricted stock units (“RSUs"), which provide for non-forfeitable rights to dividend and dividend-equivalent payments. Accordingly, these unvested restricted shares of Class A common stock, LTIP Units and RSUs are considered participating securities and are included in the computation of basic and diluted EPS pursuant to the two-class method. Diluted EPS is calculated after giving effect to all potential dilutive shares outstanding during the period. See Note 10. Earnings Per Share for further details. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-2, Leases; in July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases, and ASU 2018-11, Leases — Targeted Improvements; and in December 2018, the FASB issued ASU 2018-20, Narrow-Scope Improvements for Lessors. This group of ASUs is collectively referred to as Topic 842. Topic 842 supersedes the existing standards for lease accounting (Topic 840, Leases). Topic 842 was effective for the Company on January 1, 2021 as a result of its classification as an EGC. The Company elected to utilize the following practical expedients provided by Topic 842, including: the package of practical expedients that allows an entity not to reassess upon adoption (i) whether an expired or existing contract contains a lease, (ii) whether a lease classification related to expired or existing lease arrangements, and (iii) whether costs incurred on expired or existing leases qualify as initial direct costs, and as a lessor, the practical expedient not to separate certain non-lease components, such as common area maintenance, from the lease component if the timing and pattern of transfer are the same for the non-lease component and associated lease component, and the lease component would be classified as an operating lease if accounted for separately. Topic 842 requires lessees to record most leases on their balance sheet through a right-of-use (“ROU”) model, in which a lessee records a ROU asset and a lease liability on their balance sheet. Leases that are less than 12 months do not need to be accounted for under the ROU model. Lessees will account for leases as financing or operating leases, with the classification affecting the timing and pattern of expense recognition in the income statement. Lease expense will be recognized based on the effective interest method for leases accounted for as finance leases and on a straight-line basis over the term of the lease for leases accounted for as operating leases. The accounting by a lessor under Topic 842 is largely unchanged from that of Topic 840. Under Topic 842, lessors will continue to account for leases as a sales-type, direct-financing, or operating. A lease will be treated as a sale if it is considered to transfer control of the underlying asset to the lessee. A lease will be classified as direct-financing if risks and rewards are conveyed without the transfer of control. Otherwise, the lease is treated as an operating lease. Topic 842 requires accounting for a transaction as a financing in a sale leaseback in certain circumstances, including when the seller-lessee is provided an option to purchase the property from the landlord at the tenant’s option. Topic 842 also includes the concept of separating lease and non-lease components. Under Topic 842, non-lease components, such as common area maintenance, would be accounted for under Topic 606 and separated from the lease payments. However, the Company elected the lessor practical expedient allowing the Company to not separate these components when certain conditions are met. With this election, effective on January 1, 2021, the Company combined tenant reimbursements with rental income on its Consolidated Statements of Operations and Comprehensive Income. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”) which was issued to defer the sunset date of Reference Rate Reform (topic 848): Facilitation of the Effects of Reference Rate Reform to December 31, 2024. ASU 2022-06 is effective immediately for all companies. ASU 2022-06 had no impact on the Company's Consolidated Financial Statements for the year ended December 31, 2022. Future Application of Accounting Standards In September 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and in November 2018 issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses . The guidance changes how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaced the previous "incurred loss" model with an "expected loss" approach. The guidance also requires entities to disclose information about how they developed the allowances, including changes in the factors that influenced estimate of expected credit losses and the reasons for those changes. ASU No. 2018-19 excludes operating lease receivables from the scope of this guidance. This guidance became effective for the Company and was adopted by the Company on January 1, 2023. Upon adoption of this guidance, the Company had two direct financing leases with a net investment balance aggregating approximately $16.1 million prior to any credit loss adjustment. Historically, the Company has had no collection issues related to these direct financing leases and its other leases in which the Company is the lessor; therefore, the Company assessed the probability of default on these leases based on the lessee’s status as an independent agency of the executive branch of the U.S. federal government, financial condition and business prospects and the remaining term of the leases. Based on the aforementioned, the Company did not recognize any credit loss adjustment for such leases.

Real Estate Acquisitions

Real Estate Acquisitions	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Real Estate Acquisitions	Real Estate AcquisitionsThe following tables summarizes the Company’s acquisitions for the years ended December 31, 2022 and 2021. The purchase prices including transaction costs were allocated to the separately identifiable tangible and intangible assets and liabilities based on their relative fair values at the date of acquisition. The total purchase price including transaction costs was allocated as follows (in thousands, except for the number of properties): Three Months Ended Number of Properties Land Building and Improvements Tenant Improvements In-place lease intangibles Above- market leases Below- market leases Other (1) Total (2) 2022 March 31, 2022 (3) 50 $ 5,422 $ 22,233 $ 214 $ 1,889 $ 28 $ (1,848) $ (363) $ 27,575 June 30, 2022 (4) 150 13,039 41,462 380 3,520 2 (1,675) 16 56,744 September 30, 2022 (5) 66 2,950 18,012 195 1,532 8 (1,360) — 21,337 December 31, 2022 (6) 54 4,070 15,587 155 1,264 199 (540) — 20,735 320 $ 25,481 $ 97,294 $ 944 $ 8,205 $ 237 $ (5,423) $ (347) $ 126,391 Three Months Ended Number of Properties Land Building and Improvements Tenant Improvements In-place lease intangibles Above- market leases Below- market leases Other (7) Total (8) 2021 March 31, 2021 (9) 54 $ 3,493 $ 19,793 $ 428 $ 2,201 $ 51 $ (474) $ 723 $ 26,215 June 30, 2021 (10) 71 5,364 23,550 268 2,207 28 (156) (5) 31,256 September 30, 2021 (11) 59 3,333 15,314 147 1,368 32 (581) 24 19,637 December 31, 2021 (12) 54 6,096 21,031 186 1,750 123 (371) (157) 28,658 Total 238 $ 18,286 $ 79,688 $ 1,029 $ 7,526 $ 234 $ (1,582) $ 585 $ 105,766 Explanatory Notes : (1) Includes an intangible liability related to unfavorable operating leases on two properties during the three months ended March 31, 2022 that is included in “Accounts payable, accrued expenses and other” on the Consolidated Balance Sheets. During the three months ended June 30, 2022, includes a below-market ground lease intangible asset. (2) Includes closing costs of approximately $0.6 million for the three months ended March 31, 2022, approximately $1.7 million for the three months ended June 30, 2022, approximately $0.5 million for the three months ended September 30, 2022 and approximately $0.5 million for the three months ended December 31, 2022. (3) Includes the acquisition of 50 properties in various states in individual or portfolio transactions for a price of approximately $27.6 million, including closing costs, which was funded with both the issuance of OP Units to the sellers as non-cash consideration (valued at approximately $1.8 million using the share price of Class A common stock on the date of each issuance of such OP Units) and borrowings under the Credit Facilities. (4) Includes the acquisition of 150 properties in various states in individual or portfolio transactions for a price of approximately $56.7 million, including closing costs, which was funded with both the issuance of OP Units to the sellers as non-cash consideration (valued at approximately $2.0 million using the share price of Class A common stock on the date of each issuance of such OP Units) and borrowings under the Credit Facilities. (5) Includes the acquisition of 66 properties in various states in individual or portfolio transactions for a price of approximately $21.3 million, including closing costs, which was funded with both the issuance of OP Units to the sellers as non-cash consideration (valued at approximately $4.7 million using the share price of Class A common stock on the date of each issuance of such OP Units) and borrowings under the Credit Facilities. (6) Includes the acquisition of 54 properties in various states in individual or portfolio transactions for a price of approximately $20.7 million, including closing costs, which was funded with both the issuance of OP Units to the sellers as non-cash consideration (valued at approximately $0.9 million using the share price of Class A common stock on the date of each issuance of such OP Units) and borrowings under the Credit Facilities. (7) Represents an insurance receivable assigned to the Company related to a property in a small portfolio that was destroyed by arson prior to acquisition by the Company during the three months ended March 31, 2021. The Company completed rebuilding such property which remained under lease to the USPS in the three months ended December 31, 2021 primarily using the insurance proceeds assigned by the seller to the Company. The insurance proceeds were received in April 2021. Also includes an intangible liability related to an unfavorable operating lease on a property acquired during the three months ended June 30, 2021 that is included in “Accounts payable, accrued expenses and other” on the Consolidated Balance Sheets. During the three months ended September 30, 2021, includes a below-market ground lease intangible asset. During the three months ended December 31, 2021, includes an intangible liability related to unfavorable operating leases on two properties that is included in “Accounts Payable, accrued expenses and other” on the Consolidated Balance Sheets. (8) Includes closing costs of $0.5 million for the three months ended March 31, 2021, $0.9 million for the three months ended June 30, 2021, $0.5 million for the three months ended September 30, 2021 and $0.8 million for the three months ended December 31, 2021. (9) Includes the acquisition of 54 properties in various states in individual or portfolio transactions for approximately $26.2 million, including closing costs, which was funded with borrowings under the Company's previous credit facility. (10) Includes the acquisition of 71 properties in various states in individual or portfolio transactions for approximately $31.3 million, including closing costs, which was funded with both the issuance of OP Units to the sellers as non-cash consideration (valued at approximately $9.0 million using the share price of Class A common stock on the date of each issuance of such OP Units) and borrowings under the Company's previous credit facility. (11) Includes the acquisition of 59 properties in various states in individual or portfolio transactions for approximately $19.6 million, including closing costs, which was funded with both the issuance of OP Units to the sellers as non-cash consideration (valued at approximately $6.5 million using the share price of Class A common stock on the date of each issuance of such OP Units) and borrowings under the Credit Facilities and, prior to its termination, the Company's previous credit facility. (12) Includes the acquisition of 54 properties in various states in individual or portfolio transactions for approximately $28.7 million, including closing costs, which was funded with borrowings under the Credit Facilities. In addition, the Company closed on one property accounted for as a direct financing lease and is included in “Investment in financing leases, net” on the Consolidated Balance Sheets.

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Liabilities	Intangible Assets and Liabilities The following table summarizes the Company's intangible assets and liabilities: As of Gross Asset Accumulated Amortization Net December 31, 2022: (in thousands) In-place lease intangibles $ 40,074 $ (24,387) $ 15,687 Above-market leases 556 (157) 399 Below-market leases (19,077) 7,256 (11,821) December 31, 2021: In-place lease intangibles $ 31,814 $ (17,415) $ 14,399 Above-market leases 319 (70) 249 Below-market leases (13,654) 4,984 (8,670) Amortization of in-place lease intangibles was $7.0 million and $6.3 million for the years ended December 31, 2022 and 2021, respectively. This amortization is included in “Depreciation and amortization” in the Consolidated Statements of Operations and Comprehensive Income. Amortization of acquired above market leases was $0.1 million and $0.03 million for the years ended December 31, 2022 and 2021, respectively, and is included in “Rental income” on the Consolidated Statements of Operations and Comprehensive Income. Amortization of acquired below market leases was $2.3 million and $1.6 million for the years ended December 31, 2022 and 2021, respectively, and is included in “Rental income” in the Consolidated Statements of Operations and Comprehensive Income. As of December 31, 2022, the weighted average amortization period for the Company’s intangible assets was approximately 3.2 years, 3.3 years and 8.8 years for in-place lease intangibles, above-market leases and below-market leases, respectively. Future amortization/accretion of these intangibles is below (in thousands): Year Ending December 31, In-place lease Above-market Below-market 2023 $ 6,279 $ 150 $ (2,348) 2024 4,508 108 (1,953) 2025 2,709 74 (1,388) 2026 1,452 52 (1,111) 2027 513 15 (877) Thereafter 226 — (4,144) Total $ 15,687 $ 399 $ (11,821)

Debt

Debt	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes the Company’s indebtedness as of December 31, 2022 and December 31, 2021 (dollars in thousands): Outstanding Balance as of December 31, Outstanding Balance as of December 31, Interest Rate at December 31, Maturity Date Revolving Credit Facility (1) : 2021 Revolving Credit Facility $ — $ 13,000 SOFR +150 bps (2) January 2026 2021 Term Loan 50,000 50,000 SOFR +145 bps (2) January 2027 2022 Term Loan 115,000 — SOFR +145 bps (2) February 2028 Secured Borrowings: Vision Bank (3) 1,409 1,409 3.69 % September 2041 First Oklahoma Bank (4) 333 349 3.63 % December 2037 Vision Bank – 2018 (5) 844 844 3.69 % September 2041 Seller Financing (6) 282 366 6.00 % January 2025 AIG – December 2020 (7) 30,225 30,225 2.80 % January 2031 Total Principal 198,093 96,193 Unamortized deferred financing costs (1,431) (844) Total Debt $ 196,662 $ 95,349 Explanatory Notes: (1) On August 9, 2021, the Company entered into the Credit Facilities, which included the $150.0 million 2021 Revolving Credit Facility and the $50.0 million 2021 Term Loan. On May 11, 2022, the Company amended the Credit Facilities (the "First Amendment") to, among other things, add a new $75.0 million senior unsecured delayed draw term loan facility (the "2022 Term Loan" and, together with the 2021 Term Loan, the "Term Loans"), replace the LIBOR with the Secured Overnight Financing Rate ("SOFR") as the benchmark interest rate and allow for a decrease in the applicable margin by 0.02% if the Company achieves certain sustainability targets. The Credit Facilities include an accordion feature which will permit the Company to borrow up to an additional $150.0 million under the 2021 Revolving Credit Facility and up to an additional $35.0 million under the Term Loans (after exercise of the $40.0 million term loan accordion in December 2022), in each case subject to customary terms and conditions. The 2021 Revolving Credit Facility matures in January 2026, which may be extended for two six-month periods subject to customary conditions, the 2021 Term Loan matures in January 2027 and the 2022 Term Loan matures in February 2028. Borrowings under the Credit Facilities carry an interest rate of, (i) in the case of the 2021 Revolving Credit Facility, either a base rate plus a margin ranging from 0.5% to 1.0% per annum or Adjusted Term SOFR (as defined below) plus a margin ranging from 1.5% to 2.0% per annum, or (ii) in the case of the Term Loans, either a base rate plus a margin ranging from 0.45% to 0.95% per annum or Adjusted Term SOFR plus a margin ranging from 1.45% to 1.95% per annum, in each case depending on the Company's consolidated leverage ratio. With respect to the 2021 Revolving Credit Facility, the Company will pay, if the usage is equal to or less than 50%, an unused facility fee of 0.20% per annum, or if the usage is greater than 50%, an unused facility fee of 0.15% per annum, in each case on the average daily unused commitments under the 2021 Revolving Credit Facility. The Credit Facilities contain a number of customary financial and non-financial covenants. During the years ended December 31, 2022 and 2021, the Company incurred $0.3 million and $0.1 million, respectively, of unused facility fees related to its previous credit facility and the 2021 Revolving Credit Facility. As of December 31, 2022, the Company was in compliance with all of the Credit Facilities’ debt covenants. (2) Based upon the one-month Adjusted Term SOFR, which is SOFR plus a term SOFR adjustment of 0.10% subject to a 0% floor (the “Adjusted Term SOFR”). (3) Five properties are collateralized under this loan as of December 31, 2022 and Mr. Spodek also provided a personal guarantee of payment for 50% of the outstanding amount thereunder. The loan has a fixed interest rate of 3.69% for the first five years with interest payments only (ending in October 2026), then adjusting every subsequent five year period thereafter with principal and interest payments to the rate based on the five year weekly average yield on United States Treasury securities adjusted to a constant maturity of five years, as made available to the Board of Governors of the Federal Reserve System (the "Five-Year Treasury Rate"), plus a margin of 2.75%, with a minimum annual rate of 2.75%. (4) The loan is collateralized by first mortgage liens on four properties and a personal guarantee of payment by Mr. Spodek. The loan has a fixed interest rate of 3.625% for the first five years (ending in August 2026), then adjusting annually thereafter to a variable annual rate of Wall Street Journal Prime Rate with a minimum annual rate of 3.625%. (5) The loan is collateralized by first mortgage liens on one property and a personal guarantee of payment by Mr. Spodek. The loan has a fixed interest rate of 3.69% for the first five years with interest payments only (ending in October 2026), then adjusting every subsequent five year period thereafter with principal and interest payments to the rate based on the Five-Year Treasury Rate, plus a margin of 2.75%, with a minimum annual rate of 2.75%. (6) In connection with the acquisition of a property, the Company obtained seller financing secured by the property in the amount of $0.4 million requiring five annual payments of principal and interest of $0.1 million with the first installment due on January 2, 2021 based on a 6.0% interest rate per annum through January 2, 2025. (7) The loan is secured by a first mortgage lien on an industrial property located in Warrendale, Pennsylvania. The loan has a fixed interest rate of 2.80% with interest-only payments for the first five years and fixed payments of principal and interest thereafter based on a 30-year amortization schedule. The weighted average maturity date for the Company's indebtedness as of December 31, 2022 and 2021 was approximately 5.5 years and 6.5 years, respectively. Cash paid for interest during the years ended December 31, 2022 and 2021 was $5.1 million and $2.7 million, respectively. The scheduled principal repayments of indebtedness as of December 31, 2022 are as follows (in thousands): Year Ending December 31, Amount 2023 $ 106 2024 112 2025 118 2026 636 2027 50,776 Thereafter 146,345 Total $ 198,093

Derivatives and Hedging Activit

Derivatives and Hedging Activities	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	Derivatives and Hedging Activities The Company has five interest rate swaps with a total notional amount of $165.0 million that are used to manage its interest rate risk and fix the SOFR component on the Credit Facilities. Within the $165.0 million, $50.0 million of the swaps mature in January 2027 and fix the interest rate of the 2021 Term Loan at 2.291% as of December 31, 2022. An additional $50.0 million of the swaps mature in February 2028 and fix the first $50.0 million amount outstanding under the 2022 Term Loan at 4.237% as of December 31, 2022. An additional $25.0 million of the swaps mature in February 2028 and fix the additional $25.0 million amount outstanding under the 2022 Term Loan at 4.81% as of December 31, 2022. The remaining $40.0 million of the swaps mature in February 2028 and fix the remaining $40.0 million amount outstanding under the 2022 Term Loan at 4.952% as of December 31, 2022. The Company’s objectives in using the interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company uses the interest rate swaps as part of its interest rate risk management strategy. The interest rate swaps are designated as cash flow hedges, with any gain or loss recorded in “Accumulated other comprehensive income” on the Consolidated Balance Sheets and subsequently reclassified into interest expense as interest payments are made on the Credit Facilities. During the next twelve months, the Company estimates that an additional $4.9 million will be reclassified from “Accumulated other comprehensive income” as a decrease to interest expense. The Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedges. The table below presents the effect of the Company’s interest rate swap derivative instruments on the Consolidated Statements of Operations and Comprehensive Income for the years ended December 31, 2022 and 2021 (in thousands). Years Ended December 31, Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps) 2022 2021 Amount of gain recognized on derivative in "Accumulated other comprehensive income" $ 8,604 $ 809 Amount of gain (loss) reclassified from "Accumulated other comprehensive income" into interest expense $ (355) $ 151 Interest expense, net presented in the Consolidated Statements of Operations and Comprehensive Income, in which the effects of cash flow hedges are recorded, totaled $6.0 million and $3.7 million for the years ended December 31, 2022 and 2021, respectively. As of December 31, 2022, the Company did not have any derivatives in a net liability position and did not post any collateral related to these agreements. If the Company had breached any of these provisions as of December 31, 2022, it could have been required to settle its obligations under the agreements at their termination value.

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases, Operating [Abstract]
Leases	Leases Lessor Accounting As of December 31, 2022, the Company's properties were leased primarily to the USPS, with leases expiring at various dates through May 31, 2031. Certain leases had expired and were in holdover status as of December 31, 2022 as discussed below. Certain leases contain renewal, termination and/or purchase options exercisable at the lessee’s election. Therefore, such options are only recognized once they are deemed reasonably certain, typically at the time the option is exercised. All of the Company’s leases are operating leases with the exception of two that are direct financing leases. The Company’s operating leases and direct financing leases are described below. Rental income related to the Company’s leases is recognized on a straight-line basis over the remaining lease term. The Company’s total revenue includes fixed base rental payments provided under the lease and variable payments which principally consist of tenant expense reimbursements for certain property operating expenses, including real estate taxes. The Company elected the practical expedient to account for its lease and non-lease components as a single combined operating lease component under Topic 842. As a result, rental income and tenant reimbursements were aggregated into a single line within rental income in the Consolidated Statements of Operations and Comprehensive Income. The following table represents rental revenue that the Company recognized related to its operating leases (in thousands): Years Ended December 31, 2022 2021 Fixed payments $ 43,808 $ 32,769 Variable payments 7,068 5,507 $ 50,876 $ 38,276 Future minimum lease payments to be received as of December 31, 2022 under non-cancellable operating leases for the next five years and thereafter are as follows (in thousands) :(1) Year Ending December 31, Amount 2023 (2) $ 41,181 2024 36,545 2025 30,777 2026 22,732 2027 12,452 Thereafter 14,091 Total $ 157,778 Explanatory Notes : (1) The above minimum lease payments to be received do not include reimbursements from tenants for real estate taxes and other reimbursed expenses. (2) As of December 31, 2022, the leases at 81 of the Company's properties were expired, and the USPS was occupying such properties as a holdover tenant. As such, the above minimum lease payments to be received do not include payments under these holdover leases. Holdover rent is typically paid as the greater of estimated market rent or the rent amount due under the expired lease. Purchase Option Provisions As of December 31, 2022, operating leases for 60 of the Company’s properties provided the USPS with the option to purchase the underlying property either at fair market value or at fixed prices, in each case as of dates set forth in the lease agreement. As of December 31, 2022, 57 of these properties acquired for an aggregate purchase price of approximately $44.8 million had an aggregate purchase option price of approximately $53.5 million and the remaining three properties acquired for an aggregate purchase price of approximately $2.6 million had purchase options exercisable at fair market value. Investment in Financing Leases, Net As of December 31, 2022, financing leases for two of the Company’s properties provide the USPS with the option to purchase the underlying property at fixed prices as of dates set forth in the lease agreement. The components of the Company’s net investment in financing leases as of December 31, 2022 and 2021 are summarized in the table below (in thousands): As of December 31, 2022 2021 Total minimum lease payment receivable $ 33,215 $ 34,352 Less: unearned income (17,085) (18,139) Investment in financing leases, net $ 16,130 $ 16,213 Revenue earned under direct financing leases for the years ended December 31, 2022 and 2021 were $1.1 million and $0.2 million, respectively, which is recorded in "Fee and other" in the Consolidated Statements of Operations and Comprehensive Income. Future lease payments to be received under the Company’s direct financing leases as of December 31, 2022 for the next five years and thereafter are as follows (in thousands): Year Ending December 31, Amount 2023 $ 1,137 2024 1,137 2025 1,137 2026 1,137 2027 1,137 Thereafter 27,530 Total $ 33,215 Lessee Accounting As a lessee, the Company has ground and office leases which were classified as operating leases. On January 1, 2021 the Company adopted Topic 842 and recognized ROU assets of $1.2 million and lease liabilities of $1.2 million. As of December 31, 2022, these leases had remaining terms, including renewal options, of one As of December 31, ROU asset – operating leases $ 1,010 Lease liability – operating leases $ 1,014 The difference between the recorded ROU assets and lease liabilities is mainly due to the reclassification of the below market ground lease intangible asset which was included within the ROU assets recognized upon transition. Operating lease assets and liabilities are measured at the commencement date based on the present value of future lease payments. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. The Company used a discount rate ranging from 4.25% to 6.37% based on the yield of its current borrowings in determining its lease liabilities. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The lease terms may include options to extend or terminate the lease if it is reasonably certain that the Company will exercise that option. Operating lease expense for each of the twelve months ended December 31, 2022 and 2021 was $0.2 million. Future minimum lease payments to be paid by the Company as a lessee for operating leases as of December 31, 2022 for the next five years and thereafter are as follows (in thousands): 2023 $ 245 2024 121 2025 46 2026 43 2027 43 Thereafter 1,388 Total future minimum lease payments $ 1,886 Interest discount (872) Total $ 1,014
Leases	Leases Lessor Accounting As of December 31, 2022, the Company's properties were leased primarily to the USPS, with leases expiring at various dates through May 31, 2031. Certain leases had expired and were in holdover status as of December 31, 2022 as discussed below. Certain leases contain renewal, termination and/or purchase options exercisable at the lessee’s election. Therefore, such options are only recognized once they are deemed reasonably certain, typically at the time the option is exercised. All of the Company’s leases are operating leases with the exception of two that are direct financing leases. The Company’s operating leases and direct financing leases are described below. Rental income related to the Company’s leases is recognized on a straight-line basis over the remaining lease term. The Company’s total revenue includes fixed base rental payments provided under the lease and variable payments which principally consist of tenant expense reimbursements for certain property operating expenses, including real estate taxes. The Company elected the practical expedient to account for its lease and non-lease components as a single combined operating lease component under Topic 842. As a result, rental income and tenant reimbursements were aggregated into a single line within rental income in the Consolidated Statements of Operations and Comprehensive Income. The following table represents rental revenue that the Company recognized related to its operating leases (in thousands): Years Ended December 31, 2022 2021 Fixed payments $ 43,808 $ 32,769 Variable payments 7,068 5,507 $ 50,876 $ 38,276 Future minimum lease payments to be received as of December 31, 2022 under non-cancellable operating leases for the next five years and thereafter are as follows (in thousands) :(1) Year Ending December 31, Amount 2023 (2) $ 41,181 2024 36,545 2025 30,777 2026 22,732 2027 12,452 Thereafter 14,091 Total $ 157,778 Explanatory Notes : (1) The above minimum lease payments to be received do not include reimbursements from tenants for real estate taxes and other reimbursed expenses. (2) As of December 31, 2022, the leases at 81 of the Company's properties were expired, and the USPS was occupying such properties as a holdover tenant. As such, the above minimum lease payments to be received do not include payments under these holdover leases. Holdover rent is typically paid as the greater of estimated market rent or the rent amount due under the expired lease. Purchase Option Provisions As of December 31, 2022, operating leases for 60 of the Company’s properties provided the USPS with the option to purchase the underlying property either at fair market value or at fixed prices, in each case as of dates set forth in the lease agreement. As of December 31, 2022, 57 of these properties acquired for an aggregate purchase price of approximately $44.8 million had an aggregate purchase option price of approximately $53.5 million and the remaining three properties acquired for an aggregate purchase price of approximately $2.6 million had purchase options exercisable at fair market value. Investment in Financing Leases, Net As of December 31, 2022, financing leases for two of the Company’s properties provide the USPS with the option to purchase the underlying property at fixed prices as of dates set forth in the lease agreement. The components of the Company’s net investment in financing leases as of December 31, 2022 and 2021 are summarized in the table below (in thousands): As of December 31, 2022 2021 Total minimum lease payment receivable $ 33,215 $ 34,352 Less: unearned income (17,085) (18,139) Investment in financing leases, net $ 16,130 $ 16,213 Revenue earned under direct financing leases for the years ended December 31, 2022 and 2021 were $1.1 million and $0.2 million, respectively, which is recorded in "Fee and other" in the Consolidated Statements of Operations and Comprehensive Income. Future lease payments to be received under the Company’s direct financing leases as of December 31, 2022 for the next five years and thereafter are as follows (in thousands): Year Ending December 31, Amount 2023 $ 1,137 2024 1,137 2025 1,137 2026 1,137 2027 1,137 Thereafter 27,530 Total $ 33,215 Lessee Accounting As a lessee, the Company has ground and office leases which were classified as operating leases. On January 1, 2021 the Company adopted Topic 842 and recognized ROU assets of $1.2 million and lease liabilities of $1.2 million. As of December 31, 2022, these leases had remaining terms, including renewal options, of one As of December 31, ROU asset – operating leases $ 1,010 Lease liability – operating leases $ 1,014 The difference between the recorded ROU assets and lease liabilities is mainly due to the reclassification of the below market ground lease intangible asset which was included within the ROU assets recognized upon transition. Operating lease assets and liabilities are measured at the commencement date based on the present value of future lease payments. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. The Company used a discount rate ranging from 4.25% to 6.37% based on the yield of its current borrowings in determining its lease liabilities. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The lease terms may include options to extend or terminate the lease if it is reasonably certain that the Company will exercise that option. Operating lease expense for each of the twelve months ended December 31, 2022 and 2021 was $0.2 million. Future minimum lease payments to be paid by the Company as a lessee for operating leases as of December 31, 2022 for the next five years and thereafter are as follows (in thousands): 2023 $ 245 2024 121 2025 46 2026 43 2027 43 Thereafter 1,388 Total future minimum lease payments $ 1,886 Interest discount (872) Total $ 1,014
Leases	Leases Lessor Accounting As of December 31, 2022, the Company's properties were leased primarily to the USPS, with leases expiring at various dates through May 31, 2031. Certain leases had expired and were in holdover status as of December 31, 2022 as discussed below. Certain leases contain renewal, termination and/or purchase options exercisable at the lessee’s election. Therefore, such options are only recognized once they are deemed reasonably certain, typically at the time the option is exercised. All of the Company’s leases are operating leases with the exception of two that are direct financing leases. The Company’s operating leases and direct financing leases are described below. Rental income related to the Company’s leases is recognized on a straight-line basis over the remaining lease term. The Company’s total revenue includes fixed base rental payments provided under the lease and variable payments which principally consist of tenant expense reimbursements for certain property operating expenses, including real estate taxes. The Company elected the practical expedient to account for its lease and non-lease components as a single combined operating lease component under Topic 842. As a result, rental income and tenant reimbursements were aggregated into a single line within rental income in the Consolidated Statements of Operations and Comprehensive Income. The following table represents rental revenue that the Company recognized related to its operating leases (in thousands): Years Ended December 31, 2022 2021 Fixed payments $ 43,808 $ 32,769 Variable payments 7,068 5,507 $ 50,876 $ 38,276 Future minimum lease payments to be received as of December 31, 2022 under non-cancellable operating leases for the next five years and thereafter are as follows (in thousands) :(1) Year Ending December 31, Amount 2023 (2) $ 41,181 2024 36,545 2025 30,777 2026 22,732 2027 12,452 Thereafter 14,091 Total $ 157,778 Explanatory Notes : (1) The above minimum lease payments to be received do not include reimbursements from tenants for real estate taxes and other reimbursed expenses. (2) As of December 31, 2022, the leases at 81 of the Company's properties were expired, and the USPS was occupying such properties as a holdover tenant. As such, the above minimum lease payments to be received do not include payments under these holdover leases. Holdover rent is typically paid as the greater of estimated market rent or the rent amount due under the expired lease. Purchase Option Provisions As of December 31, 2022, operating leases for 60 of the Company’s properties provided the USPS with the option to purchase the underlying property either at fair market value or at fixed prices, in each case as of dates set forth in the lease agreement. As of December 31, 2022, 57 of these properties acquired for an aggregate purchase price of approximately $44.8 million had an aggregate purchase option price of approximately $53.5 million and the remaining three properties acquired for an aggregate purchase price of approximately $2.6 million had purchase options exercisable at fair market value. Investment in Financing Leases, Net As of December 31, 2022, financing leases for two of the Company’s properties provide the USPS with the option to purchase the underlying property at fixed prices as of dates set forth in the lease agreement. The components of the Company’s net investment in financing leases as of December 31, 2022 and 2021 are summarized in the table below (in thousands): As of December 31, 2022 2021 Total minimum lease payment receivable $ 33,215 $ 34,352 Less: unearned income (17,085) (18,139) Investment in financing leases, net $ 16,130 $ 16,213 Revenue earned under direct financing leases for the years ended December 31, 2022 and 2021 were $1.1 million and $0.2 million, respectively, which is recorded in "Fee and other" in the Consolidated Statements of Operations and Comprehensive Income. Future lease payments to be received under the Company’s direct financing leases as of December 31, 2022 for the next five years and thereafter are as follows (in thousands): Year Ending December 31, Amount 2023 $ 1,137 2024 1,137 2025 1,137 2026 1,137 2027 1,137 Thereafter 27,530 Total $ 33,215 Lessee Accounting As a lessee, the Company has ground and office leases which were classified as operating leases. On January 1, 2021 the Company adopted Topic 842 and recognized ROU assets of $1.2 million and lease liabilities of $1.2 million. As of December 31, 2022, these leases had remaining terms, including renewal options, of one As of December 31, ROU asset – operating leases $ 1,010 Lease liability – operating leases $ 1,014 The difference between the recorded ROU assets and lease liabilities is mainly due to the reclassification of the below market ground lease intangible asset which was included within the ROU assets recognized upon transition. Operating lease assets and liabilities are measured at the commencement date based on the present value of future lease payments. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. The Company used a discount rate ranging from 4.25% to 6.37% based on the yield of its current borrowings in determining its lease liabilities. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The lease terms may include options to extend or terminate the lease if it is reasonably certain that the Company will exercise that option. Operating lease expense for each of the twelve months ended December 31, 2022 and 2021 was $0.2 million. Future minimum lease payments to be paid by the Company as a lessee for operating leases as of December 31, 2022 for the next five years and thereafter are as follows (in thousands): 2023 $ 245 2024 121 2025 46 2026 43 2027 43 Thereafter 1,388 Total future minimum lease payments $ 1,886 Interest discount (872) Total $ 1,014

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes TRS In connection with the IPO, the Company and REAC jointly elected to treat REAC as a TRS. REAC performs management services, including for properties the Company does not own, and advisory services to third-party owners of postal properties. REAC generates income, resulting in federal and state corporate income tax liability for REAC. For the years ended December 31, 2022 and 2021, income tax benefit and income tax expense related to REAC was $3,670 and $0.1 million, respectively. Other As of December 31, 2022 and 2021, the Company’s consolidated balance sheets reflect a liability for unrecognized tax benefits in the amounts of $0.02 million and $0.2 million, respectively, primarily related to the utilization of certain loss carryforwards by United Postal Holdings, Inc. ("UPH") through May 16, 2019. For the years ended December 31, 2022 and 2021, the Company has accrued interest and penalties of $0.01 million and $0.04 million, respectively. These balances are included in the Consolidated Balance Sheets in "Accounts payable, accrued expenses and other liabilities". As of December 31, 2022, the Company estimates that unrecognized tax benefits may decrease by approximately $0.02 million within twelve months of the balance sheet date due to expiring statutes of limitation. In connection with the IPO, the Company recorded an indemnification asset for the unrecognized tax benefits due to an agreement from the indirect sole shareholder of UPH to reimburse the Company for such benefits. Accordingly, the Company’s unrecognized tax benefits, if recognized, would result in a decrease to the indemnification asset and have no impact on the effective tax rate. During the years ended December 31, 2022 and 2021, the Company reversed $0.2 million and $0.2 million, respectively, of unrecognized tax benefits inclusive of interest and penalties due to the expiration of statute of limitations, with an offsetting adjustment to the indemnification asset. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands): For the Years Ended December 31, 2022 2021 Gross unrecognized tax benefits, beginning of year $ 188 $ 364 Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (165) (176) Total $ 23 $ 188 The Company and REAC are subject to examinations by federal and state and local tax authorities beginning with the short tax year ended December 31, 2019. UPH was subject to examinations by federal tax authorities for tax years 2018 through 2019. Cash paid for taxes for each of the years ended December 31, 2022 and 2021 was $0.1 million and $0.1 million, respectively.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Management Fee Income REAC recognized management fee income of $1.2 million and $1.3 million for the years ended December 31, 2022 and 2021, respectively, from various parties which were affiliated with the Company's CEO. These amounts are included in “Fee and other” in the Consolidated Statements of Operations and Comprehensive Income. Accrued management fees receivable of $0.3 million and $0.3 million as of December 31, 2022 and 2021, respectively, are included in “Rents and other receivables” on the Consolidated Balance Sheets. Related Party Lease On May 17, 2019, the Company entered into a lease for office space in Cedarhurst, New York with an entity affiliated with the Company’s CEO (the “Office Lease”). Pursuant to the Office Lease, the monthly rent is subject to escalations. The term of the Office Lease is five years commencing on May 17, 2019 and will expire on May 16, 2024. Rental expenses associated with the Office Lease for the years ended December 31, 2022 and 2021 were $0.2 million and $0.2 million, respectively, and was recorded in “General and administrative expenses” in the Consolidated Statements of Operations and Comprehensive Income. The Company determined this Office Lease was an operating lease. For further details, see Note 7. Leases. Guarantees As disclosed above in Note 5. Debt, Mr. Spodek personally guaranteed a portion of or the entire amount outstanding under the Company's loans with First Oklahoma Bank and Vision Bank, totaling $1.9 million and $1.9 million as of December 31, 2022 and December 31, 2021, respectively. As a guarantor, Mr. Spodek’s interests with respect to the amount of debt he is guaranteeing (and the terms of any repayment or default) may not align with the Company's interests and could result in a conflict of interest. Share Purchase On November 16, 2021, Mr. Spodek acquired 58,823 shares of the Company's Class A common stock at a price of $17.00 per share as a part of the Company's public offering of Class A common stock in November 2021.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share EPS is calculated by dividing net income attributable to common stockholders by the weighted average number of shares outstanding for the period. The following table presents a reconciliation of income from operations used in the basic and diluted EPS calculations (dollars in thousands, except share and per share data). For the Years Ended December 31, 2022 2021 Numerator for earnings per share – basic and diluted: Net income attributable to common stockholders $ 3,854 $ 2,055 Less: Income attributable to participating securities (997) (658) Numerator for earnings per share — basic and diluted $ 2,857 $ 1,397 Denominator for earnings per share – basic and diluted (1) 18,545,494 13,689,251 Basic and diluted earnings per share $ 0.15 $ 0.10 Explanatory Note: (1) Diluted EPS reflects the potential dilution of the conversion of obligations and the assumed exercises of securities including the effects of restricted shares and RSUs issued under the Company’s 2019 Equity Incentive Plan (the “Plan”) (See Note 11. Stockholder’s Equity). The effect of such shares and RSUs would not be dilutive and were not included in the computation of weighted average number of shares outstanding for the periods presented in the table above. OP Units and LTIP Units are redeemable for cash or, at the Company’s option, shares of Class A common stock on an one-for-one basis. The income allocable to such OP Units and LTIP Units is allocated on this same basis and reflected as non-controlling interests in these Consolidated Financial Statements. As such, the assumed conversion of these OP Units and LTIP Units would have no net impact on the determination of diluted EPS.

Stockholder's Equity

Stockholder's Equity	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Stockholder’s Equity	Stockholder’s Equity ATM Programs On December 14, 2020, the Company entered into separate open market sale agreements for its at-the-market offering program (the "2020 ATM Program"), pursuant to which the Company may offer and sell, from time to time, shares of its Class A common stock having an aggregate sales price of up to $50.0 million. On November 4, 2022, the Company terminated the 2020 ATM Program and entered into separate open market sale agreements with each of Jefferies LLC, BMO Capital Markets Corp., Janney Montgomery Scott LLC, Stifel, Nicolaus & Company, Incorporated and Truist Securities, Inc., as agents (the "2022 ATM Program"), pursuant to which the Company may offer and sell, from time to time, shares of its Class A common stock having an aggregate sales price of up to $50.0 million. The agreements also provide that the Company may enter into one or more forward sale agreements under separate master forward confirmations and related supplemental confirmations with affiliates of certain agents. The following table summarizes the activity under the 2020 ATM Program and the 2022 ATM Program for the periods presented (dollars and shares issued in thousands, except per share amounts). During the year ended December 31, 2022, 751,382 shares were issued under the 2020 ATM Program and the 2022 ATM Program. As of December 31, 2022, the Company had approximately $41.9 million remaining that may be issued under the 2022 ATM Program. Years Ended 2022 2021 Shares issued 751 345 Gross proceeds $ 11,869 $ 6,894 Fees and issuance costs 530 432 Net proceeds $ 11,339 $ 6,462 Average gross sales price per share $ 15.80 $ 20.00 Dividends During the year ended December 31, 2022, the Company's Board of Directors approved and the Company declared and paid dividends of $21.6 million to Class A common stockholders, Voting Equivalency stockholders, OP unitholders and LTIP unitholders, or $0.925 per share or unit, as shown in the table below. Declaration Date Record Date Date Paid Amount Per Share or Unit February 1, 2022 February 15, 2022 February 28, 2022 $ 0.2275 April 28, 2022 May 13, 2022 May 27, 2022 $ 0.2300 July 27, 2022 August 8, 2022 August 26, 2022 $ 0.2325 October 26, 2022 November 7, 2022 November 28, 2022 $ 0.2350 During the year ended December 31, 2021, the Company's Board of Directors approved and the Company declared and paid dividends of $15.0 million to Class A common stockholders, Voting Equivalency stockholders, OP unitholders and LTIP unitholders, or $0.885 per share or unit, as shown in the table below. Declaration Date Record Date Date Paid Amount Per Share or Unit January 29, 2021 February 12, 2021 February 26, 2021 $ 0.2175 April 30, 2021 May 14, 2021 May 28, 2021 $ 0.2200 July 27, 2021 August 13, 2021 August 27, 2021 $ 0.2225 November 4, 2021 November 15, 2021 November 30, 2021 $ 0.2250 Non-controlling Interests Non-controlling interests in the Company represent OP Units held by the Company’s prior investors and certain sellers of properties to the Company and LTIP Units primarily issued to the Company's CEO and the Board of Directors in connection with the IPO and/or in lieu of their cash compensation. During the year ended December 31, 2022, the Company issued 118,389 LTIP Units in January 2022 to the Company's CEO for his 2021 incentive bonus, his election to defer 100% of his 2022 annual salary and for long term incentive compensation, issued 38,174 LTIP Units in June 2022 to the Board of Directors for their annual retainers as compensation for their services as directors and issued 5,040 LTIP Units in July 2022 to a consultant under the consultancy agreement with the Company. In addition, during the years ended December 31, 2022 and 2021, the Company issued 661,398 and 831,426 OP Units, respectively, to certain contributors in connection with portfolio acquisitions (for further details, see Note 3. Real Estate Acquisitions) and a business acquisition (for further details, see Note 13. Business Acquisitions). As of December 31, 2022 and December 31, 2021, non-controlling interests consisted of 4,133,619 OP Units and 536,868 LTIP Units and 3,472,221 OP Units and 375,265 LTIP Units, respectively. This represented approximately 19.2% and 17.1% of the outstanding Operating Partnership units as of December 31, 2022 and 2021, respectively. OP Units and shares of Class A common stock generally have the same economic characteristics, as they share equally in the total net income or loss and distributions of the Operating Partnership. Beginning on or after the date which is 12 months after the later of (i) the completion of the IPO or (ii) the date on which a person first became a holder of common units, each limited partner and assignees of limited partners will have the right, subject to the terms and conditions set forth in the partnership agreement to require the Operating Partnership to redeem all or a portion of the OP Units held by such limited partner or assignee in exchange for cash, or at the Company’s sole discretion, shares of the Class A common stock, on an one-for-one basis determined in accordance with and subject to adjustment under the partnership agreement. The Operating Partnership unitholders are entitled to share in cash distributions from the Operating Partnership in proportion to their percentage ownership of OP Units. Restricted Stock and Other Awards Pursuant to the Company’s 2019 Equity Incentive Plan (the “Equity Incentive Plan” or the “Plan”), the Company may grant equity incentive awards to its directors, officers, employees and consultants. As of December 31, 2022, the remaining shares available under the Plan for future issuance was 1,198,736. The Plan provides for grants of stock options, stock awards, stock appreciation rights, performance units, incentive awards, other equity-based awards (including LTIP Units) and dividend equivalents in connection with the grant of performance units and other equity-based awards. The following table presents a summary of the Company's outstanding restricted shares of Class A common stock, LTIP Units and RSUs. The balance as of December 31, 2022 represents unvested restricted shares of Class A common stock and LTIP Units and RSUs that are outstanding, whether vested or not: Restricted Shares (1)(2) LTIP Units (3) RSUs (4) Total Weighted Outstanding, as of January 1, 2022 302,552 375,265 128,753 806,570 $ 15.71 Granted 227,814 161,603 100,747 490,164 $ 16.88 Vesting of restricted shares (5) (80,141) — — (80,141) $ 16.59 Forfeited (1,149) — — (1,149) $ 17.49 Outstanding, as of December 31, 2022 449,076 536,868 229,500 1,215,444 $ 16.12 Explanatory Notes: (1) Represents restricted shares awards included in Class A common stock. (2) The time-based restricted share awards granted to the Company's officers and employees typically vest in three annual installments or cliff vest at the end of three years or eight years. The time-based restricted share awards granted to the Company's independent directors vest over three years. (3) Includes 118,389 LTIP Units to the Company’s CEO that vest over eight years, 38,174 LTIP Units to the Company's independent directors that vest over three years or cliff vest at the end of three years and 5,040 LTIP Units granted to a consultant under the consultancy agreement with the Company that vested on December 31, 2022. (4) Includes 47,005 RSUs granted to certain officers and employees of the Company during the year ended December 31, 2022 subject to the achievement of a service condition and a market condition. Such RSUs are market-based awards and are subject to the achievement of hurdles relating to the Company’s absolute total stockholder return and continued employment with the Company over the approximately three-year period from the grant date through December 31, 2024. The number of market-based RSUs is based on the number of shares issuable upon achievement of the market-based metric at target. Also, includes 40,963 time-based RSUs issued for 2021 incentive bonuses to certain employees that vested fully on January 31, 2022, the date of grant, and 12,780 time-based RSUs granted to certain employees for their election to defer 2022 salary that vested on December 31, 2022. RSUs reflect the right to receive shares of Class A common stock, subject to the applicable vesting criteria. (5) Includes 52,412 of restricted shares that vested and 27,729 shares of restricted shares that were withheld to satisfy minimum statutory withholding requirements. In January 2023, the Company issued 123,197 LTIP Units to the Company’s CEO for his 2022 incentive bonus and his election to defer 100% of his 2023 annual salary, 75,489 LTIP Units to the Company’s president for his 2022 incentive bonus and his election to defer 50% of his 2023 annual salary and 45,698 LTIP Units to the Company's Chief Financial Officer for his 2022 incentive bonus. LTIP Units issued to the Company’s CEO, president and Chief Financial Officer in lieu of cash compensation will cliff vest on the eighth anniversary of February 1, 2023. In addition, in January 2023, the Company issued 45,767 restricted shares of Class A common stock for annual grants to employees and consultants and 47,455 RSUs, 22,205 LTIP units and 44,650 restricted shares of Class A common stock to other employees for their 2022 incentive bonus and election by certain employees to defer a portion of their 2023 annual salaries. RSUs reflect the right to receive shares of Class A common stock. RSUs and certain LTIP Units issued to employees for 2022 incentive bonuses vested fully on the date of grant. RSUs and certain LTIP Units issued to employees in lieu of deferral of 2023 annual salary will cliff vest on December 31, 2023. Certain restricted shares of Class A common stock issued to employees and consultants will vest in three equal, annual installments on each of the first three anniversaries of February 1, 2023, while other restricted shares of Class A common stock and LTIP Units issued to employees in lieu of cash compensation will cliff vest on the third, fifth or eighth anniversary of February 1, 2023. The Company also issued 4,626 restricted shares of Class A common stock in February 2023 to certain employees and consultants for work anniversaries, which shares vested fully on the date of grant, and 3,304 LTIP Units in January 2023 to a consultant under the consultancy agreement with the Company. In January 2023, the Company also issued an aggregate of 34,755 LTIP Units, 28,757 of restricted shares of Class A common stock and 63,512 RSUs to certain officers of the Company. The LTIP Units and restricted shares of Class A common stock will vest in three equal, annual installments over the approximately three-year period ending February 1, 2026, subject to continued employment with the Company. The RSUs are market-based awards and are subject to the achievement of performance-based hurdles relating to the Company’s absolute and relative total stockholder return goals and continued employment with the Company over the approximately three-year period from the grant date through December 31, 2025. Such RSU recipients may earn up to 200% of the RSUs that were issued. Upon vesting pursuant to the terms of the RSUs, the RSUs that vest will be settled in shares of Class A common stock and the recipients will be entitled to receive the distributions that would have been paid with respect to a share of Class A common stock (for each share that vests) on or after the date the RSUs were initially granted. During the year ended December 31, 2020, the Company issued 38,672 RSUs (the “2020 Performance-Based Awards”) to certain employees that were market-based awards and subject to the achievement of performance-based hurdles relating to the Company’s absolute total stockholder return goals and continued employment with the Company over the approximately three-year performance period ended December 31, 2022. In January 2023, the Company's Corporate Governance and Compensation Committee of the Board of Directors determined that the Company's total stockholder return for such three-year performance period exceeded the threshold performance hurdles for the 2020 Performance-Based Awards and, as a result, approved the payout of (i) 27,456 RSUs for such awards, which were settled using the Company’s shares of Class A common stock, and (ii) their cash dividends for the three-year performance period. During the year ended December 31, 2022, the Company recognized compensation expense of $4.3 million and $0.4 million in “General and administrative expenses” and "Property operating expenses" in the Consolidated Statements of Operations and Comprehensive Income, respectively, related to all awards. During the year ended December 31, 2021, the Company recognized compensation expense of $3.4 million and $0.2 million in “General and administrative expenses” and "Property operating expenses" in the Consolidated Statements of Operations and Comprehensive Income, respectively. The fair value of restricted shares that vested during the years ended December 31, 2022 and 2021 was $1.2 million and $1.6 million, respectively. The weighted average grant date fair value for awards issued in 2022 and 2021 was $16.88 and $16.31, respectively. As of December 31, 2022, there was $11.7 million of total unrecognized compensation cost related to unvested awards, which is expected to be recognized over a weighted average period of 5.2 years. Employee Stock Purchase Plan In connection with the IPO, the Company established the Postal Realty Trust, Inc. 2019 Qualified Employee Stock Purchase Plan (“ESPP”), which allows the Company’s employees to purchase shares of the Company’s Class A common stock at a discount. A total of 100,000 shares of Class A common stock was reserved for sale and authorized for issuance under the ESPP. The Code permits the Company to provide up to a 15% discount on the lesser of the fair market value of such shares of Class A common stock at the beginning of the offering period and the close of the offering period. As of December 31, 2022

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of December 31, 2022, the Company was not involved in any litigation nor, to its knowledge, is any litigation threatened against the Company that, in management’s opinion, would result in any material adverse effect on the Company’s financial position and results of operations, or which is not covered by insurance. In the ordinary course of the Company’s business, the Company enters into non-binding (except with regard to exclusivity and confidentiality) letters of intent indicating a willingness to negotiate for acquisitions. There can be no assurance that definitive contracts will be entered into with respect to any matter covered by letters of intent, that the Company will close the transactions contemplated by such contracts on time, or that the Company will consummate any transaction contemplated by any definitive contract.

Business Acquisition

Business Acquisition	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Business Acquisition	Business Acquisition On March 4, 2022, the Company acquired a postal real estate consulting business and its employees through the issuance of 79,794 OP Units and $0.2 million in cash for an aggregate purchase price of approximately $1.7 million to complement the Company's core business of acquiring, managing, servicing and being a consolidator of postal properties. In connection with the acquisition, the Company recorded an intangible asset related to the customer relationships and trade name of approximately $0.2 million in “Prepaid expenses and other assets, net” on the Consolidated Balance Sheets, which is being amortized over the estimated useful life of four years, and goodwill of approximately $1.5 million. The goodwill recorded is deductible for income tax purposes. All assets acquired in connection with the business acquisition were assigned to the Company’s single reportable segment. The results of operations of this acquired business have been included in the Consolidated financial Statements since the acquisition date. For the year ended December 31, 2022, the Company recorded revenue of $0.03 million and net loss of $0.09 million in connection with the acquired business. Pro forma information has not been presented for this business acquisition because such information is not material to the financial statements.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In addition to the subsequent events discussed elsewhere in the notes to the Consolidated financial Statements, the following events occurred subsequent to December 31, 2022: The Company's Board of Directors approved, and on February 1, 2023, the Company declared a fourth quarter common stock dividend of $0.2375 per share, which was paid on February 28, 2023 to stockholders of record as of February 15, 2023. As of March 7, 2023, the Company had $182.0 million drawn on the Credit Facilities, with $50.0 million drawn on the 2021 Term Loan, $115.0 million drawn on the 2022 Term Loan and $17.0 million drawn on the 2021 Revolving Credit Facility. As of March 7, 2023 and during the period subsequent to December 31, 2022, the Company closed on the acquisitions of 24 properties for approximately $12.7 million, excluding closing costs. As of March 7, 2023 and during the period subsequent to December 31, 2022, the Company had entered into definitive agreements to acquire nine properties for approximately $1.8 million. The majority of these transactions are anticipated to close during the second and third quarters of 2023, subject to the satisfaction of customary closing conditions. However, the Company can provide no assurances that the properties will be consummated on the terms of timeframe described herein, or at all.

SEC Schedule, Article 12-28, Re

SEC Schedule, Article 12-28, Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure	Postal Realty Trust, Inc. Schedule III - Real Estate and Accumulated Depreciation As of December 31, 2022 Number of Properties (1) Encumbrances Initial Cost to Company Cost Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period (2) Accumulated Depreciation Date Acquired Depreciable Life State/Territory Land Buildings & Improvements Land Buildings & Improvements Total Alabama 23 — 2,800 16,793 127 2,800 16,920 19,720 808 2013-2022 40 Alaska 1 — 15 51 — 15 51 66 9 2018 40 Arizona 9 — 1,354 5,151 — 1,354 5,151 6,505 58 2021-2022 40 Arkansas 28 — 1,462 5,258 — 1,462 5,258 6,720 791 2013-2022 40 California 21 — 10,210 14,471 324 10,210 14,795 25,005 765 2019-2022 40 Colorado 20 — 1,515 11,144 60 1,515 11,204 12,719 875 2019-2022 40 Connecticut 8 — 1,166 5,245 17 1,166 5,262 6,428 338 2013-2022 40 Delaware 2 — 297 600 — 297 600 897 36 2020-2022 40 Florida 22 — 5,027 10,900 73 5,027 10,969 15,996 590 2013-2022 40 Georgia 28 — 1,313 6,410 115 1,313 6,525 7,838 446 2013-2022 40 Hawaii 1 — 1,810 1,447 168 1,810 1,615 3,425 66 2021 40 Idaho 11 — 79 1,146 — 79 1,146 1,225 268 2013-2022 40 Illinois 62 — 1,210 7,681 169 1,210 7,850 9,060 613 2013-2022 40 Indiana 28 — 1,070 7,810 177 1,070 7,987 9,057 491 2019-2022 40 Iowa 33 — 869 6,433 169 869 6,602 7,471 434 2013-2022 40 Kansas 30 — 1,101 9,977 393 1,101 10,274 11,375 668 2013-2022 40 Kentucky 23 — 783 3,728 7 783 3,735 4,518 219 2013-2022 40 Louisiana 32 — 2,109 8,380 140 2,109 8,493 10,602 869 2013-2022 40 Maine 43 — 1,488 4,332 349 1,488 4,681 6,169 445 2013-2022 40 Maryland 8 — 852 1,632 22 852 1,654 2,506 141 2013-2022 40 Massachusetts 17 — 2,702 9,018 84 2,702 9,102 11,804 1,974 2007-2022 40 Michigan 55 — 3,256 11,725 463 3,256 12,118 15,374 1,017 2011-2022 40 Minnesota 53 333 917 8,491 75 917 8,513 9,430 608 2013-2022 40 Mississippi 18 — 948 4,247 144 948 4,391 5,339 477 2013-2022 40 Missouri 37 — 1,287 6,847 214 1,287 7,052 8,339 565 2013-2022 40 Montana 13 — 435 3,359 94 435 3,453 3,888 290 2013-2022 40 Nebraska 23 — 178 2,730 49 178 2,779 2,957 157 2013-2022 40 Nevada 4 — 485 2,314 — 485 2,314 2,799 112 2013-2021 40 New Hampshire 8 — 519 1,231 8 519 1,239 1,758 85 2019-2022 40 New Jersey 5 — 319 1,536 16 319 1,552 1,871 61 2019-2022 40 New Mexico 5 — 373 812 — 373 812 1,185 62 2019-2022 40 New York 49 — 4,633 16,057 308 4,633 16,365 20,998 728 2019-2022 40 North Carolina 54 — 5,979 17,154 113 5,979 17,267 23,246 1,245 2013-2022 40 North Dakota 21 — 225 2,170 4 225 2,174 2,399 218 2013-2022 40 Ohio 32 844 2,957 11,768 213 2,957 11,961 14,918 1,024 2006-2022 40 Oklahoma 47 — 1,464 7,146 209 1,464 7,242 8,706 1,197 2013-2022 40 Oregon 3 — 581 1,386 27 581 1,413 1,994 66 2020-2022 40 Pennsylvania 87 31,634 8,531 63,242 524 8,531 63,744 72,275 5,075 2005-2022 40 Puerto Rico 1 — 99 349 — 99 349 448 9 2022 40 South Carolina 22 282 1,590 4,766 1,101 1,590 5,862 7,452 306 2019-2022 40 South Dakota 20 — 337 2,165 31 337 2,196 2,533 217 2013-2022 40 Tennessee 24 — 2,740 9,332 38 2,740 9,370 12,110 756 2013-2022 40 Texas 86 — 4,868 20,431 390 4,868 20,818 25,686 2,758 2005-2022 40 Utah 2 — 97 880 — 97 880 977 68 2020-2022 40 Vermont 18 — 1,138 3,976 18 1,138 3,994 5,132 197 2019-2022 40 Virginia 24 — 2,810 10,767 56 2,810 10,823 13,633 446 2019-2022 40 Washington 7 — 456 1,341 — 456 1,341 1,797 138 2013-2022 40 West Virginia 34 — 927 6,390 204 927 6,594 7,521 258 2019-2022 40 Wisconsin 77 — 2,513 16,292 390 2,513 16,673 19,186 2,139 2005-2022 40 Wyoming 5 — 126 1,808 — 126 1,808 1,934 74 2013-2022 40 1,284 $ 33,093 $ 90,020 $ 378,319 $ 7,083 $ 90,020 $ 384,971 $ 474,991 $ 31,257 Explanatory Notes : (1) Excludes two properties accounted for as direct financing leases. (2) The aggregate cost for Federal Income Tax purposes was approximately $498.6 million as of December 31, 2022. (3) Estimated useful life for buildings. The following table reconciles real estate for the years ended December 31, 2022 and 2021: For the Years Ended December 31, 2022 2021 Beginning Balance $ 348,365 $ 247,072 Acquisitions 123,719 99,006 Capital Improvements 3,251 2,492 Write-offs (322) (37) Other (22) (168) Ending Balance $ 474,991 $ 348,365 Explanatory Note: (1) Other includes reclassification adjustments. The following table reconciles accumulated depreciation for the years ended December 31, 2022 and 2021: For the Years Ended December 31, 2022 2021 Beginning Balance $ (20,884) $ (13,215) Depreciation expense (10,695) (7,706) Write-offs 322 37 Ending Balance $ (31,257) $ (20,884)

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Consolidated Financial Statements include the financial position and results of operations of the Company, the Operating Partnership and its wholly owned subsidiaries. The Company consolidates the Operating Partnership, a VIE in which the Company is considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Substantially all of the assets and liabilities of the Company relate to the Operating Partnership.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with the U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. As discussed in the applicable sections elsewhere in the Consolidated Financial Statements, the Company’s most significant assumptions and estimates are related to the valuation of investments in real estate properties and impairment of long-lived assets. Although management believes its estimates are reasonable, actual results could differ from those estimates.
Offering and Other Costs	Offering and Other Costs Offering costs are recorded in “Total Stockholders’ Equity” in the Consolidated Balance Sheets as a reduction of additional paid-in capital.
Segment Reporting	Segment Reporting The Company leases its properties primarily to the USPS and reports its business as a single reportable segment.
Investments in Real Estate	Investments in Real Estate Upon the acquisition of real estate, the purchase price is allocated based upon the relative fair value of the assets acquired and liabilities assumed. The allocation of the purchase price to the relative fair value of the tangible and intangible assets of an acquired property is derived by valuing the property as if it were vacant. All real estate acquisitions in the periods presented qualified as asset acquisitions and, as such, acquisition-related fees and acquisition-related expenses related to these asset acquisitions are capitalized as part of the acquisition. Investments in real estate generally include land, buildings, tenant improvements and identified intangible assets, such as in-place lease intangibles and above or below-market lease intangibles. Direct and certain indirect costs clearly associated with the development, construction, leasing or expansion of real estate assets are capitalized as a cost of the property. Repairs and maintenance costs are expensed as incurred.
Deferred Costs	Deferred Costs Financing costs related to the issuance of the Company’s long-term debt, including the term loan facility component of the Company's existing credit facilities (the “Credit Facilities”), are deferred and amortized as an increase to interest expense over the term of the related debt instrument using the straight-line method, which approximates the effective interest rate method, and are reported as a reduction of the related debt balance on the Consolidated Balance Sheets. Deferred financing costs related to the revolving credit facility component (the "2021 Revolving Credit Facility") of the Credit Facilities are
Cash and Escrows and Reserves	Cash and Escrows and ReservesCash includes unrestricted cash with a maturity of three months or less. Escrows and reserves consist of restricted cash.
Revenue Recognition	Revenue Recognition The Company has operating lease agreements with tenants, some of which contain provisions for future rental increases. Rental income is recognized on a straight-line basis over the term of the lease. In addition, certain lease agreements provide for reimbursements from tenants for real estate taxes and other recoverable costs, which are recorded on an accrual basis as part of “Rental income” in the Consolidated Statements of Operations and Comprehensive Income. The Company’s determination of the probability to collect lease payments is impacted by numerous factors, including the Company's assessment of the tenant’s credit worthiness, economic conditions, historical experience with the tenant, future prospects for the tenant and the length of the lease term. If leases currently classified as probable are subsequently reclassified as not probable, any outstanding lease receivables (including straight-line rent receivables) would be written-off with a corresponding decrease in rental income. Fee and other primarily consists of (i) property management fees, (ii) income recognized from properties accounted for as financing leases and (iii) fees earned from providing advisory services to third-party owners of postal properties. The management fees arise from contractual agreements with entities that are affiliated with the Company’s CEO. Management fee income is recognized as earned under the respective agreements. Revenue from direct financing leases is recognized over the lease term using the effective interest rate method. At lease inception, the Company records an asset within "Investment in financing leases, net" on the Consolidated Balance Sheets, which represents the Company’s net investment in the direct financing lease. This initial net investment is determined by aggregating the total future minimum lease payments attributable to the direct financing leases and the estimated residual value of the property, if any, less unearned income. Over the lease term, the investment in the direct financing lease is reduced and income is recognized as revenue in “Fee and other” in the Consolidated Statements of Operations and Comprehensive Income and produces a constant periodic rate of return on the investment in financing leases, net. Revenue from advisory services is generated from service contracts generally based on (i) time and expense arrangements (where the Company recognizes revenues based on hours incurred and contracted rates), (ii) fixed-fee arrangements (where the Company recognizes revenues earned to date by applying the proportional performance method) or (iii) performance-based or contingent arrangements (where the Company recognizes revenues at a point in time when the client receives the benefit of the promised service). Reimbursable expenses for the advisory services, including those relating to travel, out-of-pocket expenses, outside consultants and other outside service costs, are generally included in revenues and in general and administrative expenses in the period in which the expense is incurred. Business Combinations, Goodwill and Intangible Assets The Company accounts for business combinations using the acquisition method, which requires the identification of the acquirer, the determination of the acquisition date and the allocation of the purchase price paid by the acquirer to the identifiable tangible and intangible assets acquired, the liabilities assumed, including any contingent consideration and any non-controlling interest in the acquiree at their acquisition date fair values. Goodwill represents the excess of the purchase price over the fair value of net assets acquired, including the amount assigned to identifiable intangible assets. Intangible assets may include customer relationships, trademarks and acquired software. Identifiable intangible assets with finite lives are amortized over their expected useful lives. Acquisition-related costs are expensed in the periods in which the costs are incurred. The results of operations of acquired businesses are included in the Company’s Consolidated Financial Statements from the acquisition date. The Company evaluates goodwill for impairment at least annually, or as circumstances warrant. Goodwill is evaluated at the reporting unit level by comparing the fair value of the reporting unit with its carrying amount including goodwill. An impairment of goodwill exists if the carrying amount of the reporting unit exceeds its fair value. The impairment loss is the amount by which the carrying amount exceeds the reporting unit’s fair value, limited to the total amount of goodwill allocated to that reporting unit. Intangible assets with finite lives are amortized over their estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If an impairment indicator is present, the Company evaluates recoverability of assets to be held and used by a comparison of the carrying value of the assets with future undiscounted net cash flows expected to be generated by the assets. The Company groups assets at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows generated by other asset groups. If the total of the expected undiscounted future cash flows is less than the carrying amount of the asset group, the Company will estimate the fair value of the asset group to determine the amount of an impairment loss that should be recognized.
Income Taxes	Income Taxes As a REIT, the Company is generally not subject to federal corporate income tax on the net income (loss) that the Company distributes to its shareholders. The Operating Partnership which holds the Company's properties is a partnership for U.S. federal income tax purposes and is not subject to U.S. federal income taxes as the revenues and expenses pass through to the respective owners where they are taxed. The states and cities in which the Operating Partnership operates generally follows the U.S. federal income tax treatment. A valuation allowance is established for deferred tax assets when management anticipates that it is more likely than not that all, or a portion, of these assets would not be realized. In determining whether a valuation allowance is warranted, all positive and negative evidence and all sources of taxable income such as prior earnings history, expected future earnings, carryback and carryforward periods and tax strategies are considered to estimate if sufficient future taxable income will be generated to realize the deferred tax asset. The assessment of the adequacy of a valuation allowance is based on estimates of taxable income by jurisdiction and the period over which deferred tax assets will be recoverable. The tax effects of uncertain tax positions taken or expected to be taken in income tax returns are recognized only if they are “more likely-than-not” to be sustained on examination by the taxing authorities based on the technical merits as of the reporting date. The tax benefits recognized in the financial statements from such positions are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The Company recognizes estimated accrued interest and penalties related to uncertain tax positions in income tax expense.
Fair Value of Financial Instruments	Fair Value Measurements The following disclosure of estimated fair value was determined by management using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could have realized on disposition of the assets and liabilities as of December 31, 2022 and 2021. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Cash, escrows and reserves, receivables, prepaid expenses and other assets (excluding derivatives), accounts payable and accrued expenses are carried at amounts which reasonably approximate their fair values as of December 31, 2022 and 2021 due to their short maturities. The fair value of the Company’s borrowings under its Credit Facilities approximates carrying value because such borrowings are subject to a variable market rate, which reprices frequently. The fair value was determined using the Adjusted Term SOFR (as defined below) as of December 31, 2022, and London Interbank Offered Rate (“LIBOR”) as of December 31, 2021, plus an applicable spread under the Credit Facilities, a Level 2 classification in the fair value hierarchy. The fair value of the Company’s secured borrowings aggregated approximately $27.5 million and $32.1 million as compared to the principal balance of $33.1 million and $33.2 million as of December 31, 2022 and 2021, respectively. The fair value of the Company’s secured debt was categorized as a Level 3 basis (as provided by ASC 820, Fair Value Measurements and Disclosures). The fair value of the mortgage debt was determined by discounting the future contractual interest and principal payments by a market rate. The Company's derivative assets, comprised of interest rate swap derivative instruments entered into in connection with the Credit Facilities, are recorded at fair value based on a variety of observable inputs, including contractual terms, interest rate curves, yield curves, measure of volatility, and correlations of such inputs. The Company measures its derivatives at fair value on a recurring basis based on the expected size of future cash flows on a discounted basis and incorporating a measure of non-performance risk. The fair value of the Company's derivative assets was categorized as a Level 2 basis (as provided by ASC 820, Fair Value Measurements and Disclosures). The Company considers its own credit risk, as well as the credit risk of its counterparties, when evaluating the fair value of its derivative assets. As of December 31, 2022 and 2021, the fair value of the Company’s interest rate swap derivative instruments was approximately $9.2 million and $1.0 million, respectively, included in “Prepaid expenses and other assets, net” on the Consolidated Balance Sheets. Disclosure about fair value of assets and liabilities is based on pertinent information available to management as of December 31, 2022 and 2021. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since December 31, 2022 and current estimates of fair value may differ significantly from the amounts presented herein. Derivative Instruments and Hedging Activities In accordance with ASC 815, Derivatives and Hedging, the Company records all derivative instruments on the Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. See Note 6. Derivatives and Hedging Activities for further details.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging ActivitiesIn accordance with ASC 815, Derivatives and Hedging, the Company records all derivative instruments on the Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.
Impairment	Impairment of Long-Lived AssetsThe carrying value of real estate investments and related intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the asset’s carrying amount over its estimated fair value. Impairment analyses will be based on current plans, intended holding periods and available market information at the time the analyses are prepared. If estimates of the projected future cash flows, anticipated holding periods or market conditions change, the evaluation of impairment losses may be different and such differences may be material. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results.
Concentration of Credit Risks	Concentration of Credit Risks As of December 31, 2022, the Company’s properties were leased primarily to a single tenant, the USPS. For the year ended December 31, 2022, approximately 15.1% of the Company's total rental income, or $7.7 million, was concentrated in Pennsylvania. For the year ended December 31, 2021, approximately 18.3% of the Company's total rental income, or $7.0 million, was concentrated in Pennsylvania. The ability of the USPS to honor the terms of its leases is dependent upon regulatory, economic, environmental or competitive conditions in Pennsylvania or other regions where the Company operates in and could have a material effect on the Company’s overall business results.
Non-controlling Interests	Non-controlling InterestsNon-controlling interests in the Company represent OP Units held by the Company’s prior investors and certain sellers of properties to the Company and long term incentive units of the Operating Partnership ("LTIP Units") held by the Company’s CEO and certain other employees and the Company's Board of Directors.
Equity Based Compensation	Equity Based Compensation The Company accounts for equity-based compensation in accordance with ASC Topic 718 Compensation – Stock Compensation, which requires the Company to recognize an expense for the grant date fair value of equity-based awards. Equity-classified stock awards granted to employees and non-employees that have a service condition and/or a market condition are measured at fair value at date of grant and remeasured at fair value only upon a modification of the award. The Company records forfeitures as they occur. The Company recognizes compensation expense on a straight-line basis over the requisite service period of each award, with the amount of compensation expense recognized at the end of a reporting period at least equal the portion of fair value of the respective award at grant date or modification date, as applicable, that has vested through that date. For awards with a market condition, compensation cost is not reversed if a market condition is not met so long as the requisite service has been rendered, as a market condition does not represent a vesting condition.
Insurance Accounting	Insurance Accounting The Company carries liability insurance to mitigate its exposure to certain losses, including those relating to property damage and business interruption. The Company records the estimated amount of expected insurance proceeds for property damage and other losses incurred as an asset (typically a receivable from the insurer) and income up to the amount of the losses incurred when the amount is determinable and approved by the insurance company. Any amount of insurance recovery in excess of the amount of the losses incurred is considered a gain contingency and is not recorded in other income until the amount is determinable and approved by the insurance company. Insurance recoveries for business interruption for lost revenue or profit are accounted for as gain contingencies in their entirety, and therefore are not recorded in income until the amount is determinable and approved by the insurance company.
Earnings per Share	Earnings per ShareThe Company calculates earnings per share ("EPS") based upon the weighted average shares outstanding less issued and outstanding non-vested shares of Class A common stock. As of December 31, 2022 and 2021, the Company had unvested restricted shares of Class A common stock, LTIP Units and certain restricted stock units (“RSUs"), which provide for non-forfeitable rights to dividend and dividend-equivalent payments. Accordingly, these unvested restricted shares of Class A common stock, LTIP Units and RSUs are considered participating securities and are included in the computation of basic and diluted EPS pursuant to the two-class method. Diluted EPS is calculated after giving effect to all potential dilutive shares outstanding during the period.
Recently Adopted and Future Application of Accounting Standards	Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-2, Leases; in July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases, and ASU 2018-11, Leases — Targeted Improvements; and in December 2018, the FASB issued ASU 2018-20, Narrow-Scope Improvements for Lessors. This group of ASUs is collectively referred to as Topic 842. Topic 842 supersedes the existing standards for lease accounting (Topic 840, Leases). Topic 842 was effective for the Company on January 1, 2021 as a result of its classification as an EGC. The Company elected to utilize the following practical expedients provided by Topic 842, including: the package of practical expedients that allows an entity not to reassess upon adoption (i) whether an expired or existing contract contains a lease, (ii) whether a lease classification related to expired or existing lease arrangements, and (iii) whether costs incurred on expired or existing leases qualify as initial direct costs, and as a lessor, the practical expedient not to separate certain non-lease components, such as common area maintenance, from the lease component if the timing and pattern of transfer are the same for the non-lease component and associated lease component, and the lease component would be classified as an operating lease if accounted for separately. Topic 842 requires lessees to record most leases on their balance sheet through a right-of-use (“ROU”) model, in which a lessee records a ROU asset and a lease liability on their balance sheet. Leases that are less than 12 months do not need to be accounted for under the ROU model. Lessees will account for leases as financing or operating leases, with the classification affecting the timing and pattern of expense recognition in the income statement. Lease expense will be recognized based on the effective interest method for leases accounted for as finance leases and on a straight-line basis over the term of the lease for leases accounted for as operating leases. The accounting by a lessor under Topic 842 is largely unchanged from that of Topic 840. Under Topic 842, lessors will continue to account for leases as a sales-type, direct-financing, or operating. A lease will be treated as a sale if it is considered to transfer control of the underlying asset to the lessee. A lease will be classified as direct-financing if risks and rewards are conveyed without the transfer of control. Otherwise, the lease is treated as an operating lease. Topic 842 requires accounting for a transaction as a financing in a sale leaseback in certain circumstances, including when the seller-lessee is provided an option to purchase the property from the landlord at the tenant’s option. Topic 842 also includes the concept of separating lease and non-lease components. Under Topic 842, non-lease components, such as common area maintenance, would be accounted for under Topic 606 and separated from the lease payments. However, the Company elected the lessor practical expedient allowing the Company to not separate these components when certain conditions are met. With this election, effective on January 1, 2021, the Company combined tenant reimbursements with rental income on its Consolidated Statements of Operations and Comprehensive Income. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”) which was issued to defer the sunset date of Reference Rate Reform (topic 848): Facilitation of the Effects of Reference Rate Reform to December 31, 2024. ASU 2022-06 is effective immediately for all companies. ASU 2022-06 had no impact on the Company's Consolidated Financial Statements for the year ended December 31, 2022. Future Application of Accounting Standards In September 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and in November 2018 issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Schedule of Property, Plant and Equipment	Depreciation or amortization expense is computed using the straight-line method based upon the following estimated useful lives: Years Buildings and improvements 15 to 40 Equipment and fixtures 5 to 10 Tenant improvements Shorter of useful life or applicable lease term In-place lease value Remaining non-cancellable term of the in-place lease
Schedule of Cash and Cash Equivalents Reconciliation	The following table provides a reconciliation of cash and escrows and reserves reported within the Consolidated Balance Sheets and Consolidated Statements of Cash Flows: As of December 31, December 31, (in thousands) Cash $ 1,495 $ 5,857 Escrows and reserves: Maintenance reserve 206 827 Real estate tax reserve 240 250 ESPP reserve 101 92 Cash and escrows and reserves $ 2,042 $ 7,026

Real Estate Acquisitions (Table

Real Estate Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Schedule total purchase price including transaction costs	The total purchase price including transaction costs was allocated as follows (in thousands, except for the number of properties): Three Months Ended Number of Properties Land Building and Improvements Tenant Improvements In-place lease intangibles Above- market leases Below- market leases Other (1) Total (2) 2022 March 31, 2022 (3) 50 $ 5,422 $ 22,233 $ 214 $ 1,889 $ 28 $ (1,848) $ (363) $ 27,575 June 30, 2022 (4) 150 13,039 41,462 380 3,520 2 (1,675) 16 56,744 September 30, 2022 (5) 66 2,950 18,012 195 1,532 8 (1,360) — 21,337 December 31, 2022 (6) 54 4,070 15,587 155 1,264 199 (540) — 20,735 320 $ 25,481 $ 97,294 $ 944 $ 8,205 $ 237 $ (5,423) $ (347) $ 126,391 Three Months Ended Number of Properties Land Building and Improvements Tenant Improvements In-place lease intangibles Above- market leases Below- market leases Other (7) Total (8) 2021 March 31, 2021 (9) 54 $ 3,493 $ 19,793 $ 428 $ 2,201 $ 51 $ (474) $ 723 $ 26,215 June 30, 2021 (10) 71 5,364 23,550 268 2,207 28 (156) (5) 31,256 September 30, 2021 (11) 59 3,333 15,314 147 1,368 32 (581) 24 19,637 December 31, 2021 (12) 54 6,096 21,031 186 1,750 123 (371) (157) 28,658 Total 238 $ 18,286 $ 79,688 $ 1,029 $ 7,526 $ 234 $ (1,582) $ 585 $ 105,766 Explanatory Notes : (1) Includes an intangible liability related to unfavorable operating leases on two properties during the three months ended March 31, 2022 that is included in “Accounts payable, accrued expenses and other” on the Consolidated Balance Sheets. During the three months ended June 30, 2022, includes a below-market ground lease intangible asset. (2) Includes closing costs of approximately $0.6 million for the three months ended March 31, 2022, approximately $1.7 million for the three months ended June 30, 2022, approximately $0.5 million for the three months ended September 30, 2022 and approximately $0.5 million for the three months ended December 31, 2022. (3) Includes the acquisition of 50 properties in various states in individual or portfolio transactions for a price of approximately $27.6 million, including closing costs, which was funded with both the issuance of OP Units to the sellers as non-cash consideration (valued at approximately $1.8 million using the share price of Class A common stock on the date of each issuance of such OP Units) and borrowings under the Credit Facilities. (4) Includes the acquisition of 150 properties in various states in individual or portfolio transactions for a price of approximately $56.7 million, including closing costs, which was funded with both the issuance of OP Units to the sellers as non-cash consideration (valued at approximately $2.0 million using the share price of Class A common stock on the date of each issuance of such OP Units) and borrowings under the Credit Facilities. (5) Includes the acquisition of 66 properties in various states in individual or portfolio transactions for a price of approximately $21.3 million, including closing costs, which was funded with both the issuance of OP Units to the sellers as non-cash consideration (valued at approximately $4.7 million using the share price of Class A common stock on the date of each issuance of such OP Units) and borrowings under the Credit Facilities. (6) Includes the acquisition of 54 properties in various states in individual or portfolio transactions for a price of approximately $20.7 million, including closing costs, which was funded with both the issuance of OP Units to the sellers as non-cash consideration (valued at approximately $0.9 million using the share price of Class A common stock on the date of each issuance of such OP Units) and borrowings under the Credit Facilities. (7) Represents an insurance receivable assigned to the Company related to a property in a small portfolio that was destroyed by arson prior to acquisition by the Company during the three months ended March 31, 2021. The Company completed rebuilding such property which remained under lease to the USPS in the three months ended December 31, 2021 primarily using the insurance proceeds assigned by the seller to the Company. The insurance proceeds were received in April 2021. Also includes an intangible liability related to an unfavorable operating lease on a property acquired during the three months ended June 30, 2021 that is included in “Accounts payable, accrued expenses and other” on the Consolidated Balance Sheets. During the three months ended September 30, 2021, includes a below-market ground lease intangible asset. During the three months ended December 31, 2021, includes an intangible liability related to unfavorable operating leases on two properties that is included in “Accounts Payable, accrued expenses and other” on the Consolidated Balance Sheets. (8) Includes closing costs of $0.5 million for the three months ended March 31, 2021, $0.9 million for the three months ended June 30, 2021, $0.5 million for the three months ended September 30, 2021 and $0.8 million for the three months ended December 31, 2021. (9) Includes the acquisition of 54 properties in various states in individual or portfolio transactions for approximately $26.2 million, including closing costs, which was funded with borrowings under the Company's previous credit facility. (10) Includes the acquisition of 71 properties in various states in individual or portfolio transactions for approximately $31.3 million, including closing costs, which was funded with both the issuance of OP Units to the sellers as non-cash consideration (valued at approximately $9.0 million using the share price of Class A common stock on the date of each issuance of such OP Units) and borrowings under the Company's previous credit facility. (11) Includes the acquisition of 59 properties in various states in individual or portfolio transactions for approximately $19.6 million, including closing costs, which was funded with both the issuance of OP Units to the sellers as non-cash consideration (valued at approximately $6.5 million using the share price of Class A common stock on the date of each issuance of such OP Units) and borrowings under the Credit Facilities and, prior to its termination, the Company's previous credit facility. (12) Includes the acquisition of 54 properties in various states in individual or portfolio transactions for approximately $28.7 million, including closing costs, which was funded with borrowings under the Credit Facilities. In addition, the Company closed on one property accounted for as a direct financing lease and is included in “Investment in financing leases, net” on the Consolidated Balance Sheets.

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The following table summarizes the Company's intangible assets and liabilities: As of Gross Asset Accumulated Amortization Net December 31, 2022: (in thousands) In-place lease intangibles $ 40,074 $ (24,387) $ 15,687 Above-market leases 556 (157) 399 Below-market leases (19,077) 7,256 (11,821) December 31, 2021: In-place lease intangibles $ 31,814 $ (17,415) $ 14,399 Above-market leases 319 (70) 249 Below-market leases (13,654) 4,984 (8,670)
Schedule of future amortization/accretion of intangibles	Future amortization/accretion of these intangibles is below (in thousands): Year Ending December 31, In-place lease Above-market Below-market 2023 $ 6,279 $ 150 $ (2,348) 2024 4,508 108 (1,953) 2025 2,709 74 (1,388) 2026 1,452 52 (1,111) 2027 513 15 (877) Thereafter 226 — (4,144) Total $ 15,687 $ 399 $ (11,821)

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of principal balances of mortgage loans payable	The following table summarizes the Company’s indebtedness as of December 31, 2022 and December 31, 2021 (dollars in thousands): Outstanding Balance as of December 31, Outstanding Balance as of December 31, Interest Rate at December 31, Maturity Date Revolving Credit Facility (1) : 2021 Revolving Credit Facility $ — $ 13,000 SOFR +150 bps (2) January 2026 2021 Term Loan 50,000 50,000 SOFR +145 bps (2) January 2027 2022 Term Loan 115,000 — SOFR +145 bps (2) February 2028 Secured Borrowings: Vision Bank (3) 1,409 1,409 3.69 % September 2041 First Oklahoma Bank (4) 333 349 3.63 % December 2037 Vision Bank – 2018 (5) 844 844 3.69 % September 2041 Seller Financing (6) 282 366 6.00 % January 2025 AIG – December 2020 (7) 30,225 30,225 2.80 % January 2031 Total Principal 198,093 96,193 Unamortized deferred financing costs (1,431) (844) Total Debt $ 196,662 $ 95,349 Explanatory Notes: (1) On August 9, 2021, the Company entered into the Credit Facilities, which included the $150.0 million 2021 Revolving Credit Facility and the $50.0 million 2021 Term Loan. On May 11, 2022, the Company amended the Credit Facilities (the "First Amendment") to, among other things, add a new $75.0 million senior unsecured delayed draw term loan facility (the "2022 Term Loan" and, together with the 2021 Term Loan, the "Term Loans"), replace the LIBOR with the Secured Overnight Financing Rate ("SOFR") as the benchmark interest rate and allow for a decrease in the applicable margin by 0.02% if the Company achieves certain sustainability targets. The Credit Facilities include an accordion feature which will permit the Company to borrow up to an additional $150.0 million under the 2021 Revolving Credit Facility and up to an additional $35.0 million under the Term Loans (after exercise of the $40.0 million term loan accordion in December 2022), in each case subject to customary terms and conditions. The 2021 Revolving Credit Facility matures in January 2026, which may be extended for two six-month periods subject to customary conditions, the 2021 Term Loan matures in January 2027 and the 2022 Term Loan matures in February 2028. Borrowings under the Credit Facilities carry an interest rate of, (i) in the case of the 2021 Revolving Credit Facility, either a base rate plus a margin ranging from 0.5% to 1.0% per annum or Adjusted Term SOFR (as defined below) plus a margin ranging from 1.5% to 2.0% per annum, or (ii) in the case of the Term Loans, either a base rate plus a margin ranging from 0.45% to 0.95% per annum or Adjusted Term SOFR plus a margin ranging from 1.45% to 1.95% per annum, in each case depending on the Company's consolidated leverage ratio. With respect to the 2021 Revolving Credit Facility, the Company will pay, if the usage is equal to or less than 50%, an unused facility fee of 0.20% per annum, or if the usage is greater than 50%, an unused facility fee of 0.15% per annum, in each case on the average daily unused commitments under the 2021 Revolving Credit Facility. The Credit Facilities contain a number of customary financial and non-financial covenants. During the years ended December 31, 2022 and 2021, the Company incurred $0.3 million and $0.1 million, respectively, of unused facility fees related to its previous credit facility and the 2021 Revolving Credit Facility. As of December 31, 2022, the Company was in compliance with all of the Credit Facilities’ debt covenants. (2) Based upon the one-month Adjusted Term SOFR, which is SOFR plus a term SOFR adjustment of 0.10% subject to a 0% floor (the “Adjusted Term SOFR”). (3) Five properties are collateralized under this loan as of December 31, 2022 and Mr. Spodek also provided a personal guarantee of payment for 50% of the outstanding amount thereunder. The loan has a fixed interest rate of 3.69% for the first five years with interest payments only (ending in October 2026), then adjusting every subsequent five year period thereafter with principal and interest payments to the rate based on the five year weekly average yield on United States Treasury securities adjusted to a constant maturity of five years, as made available to the Board of Governors of the Federal Reserve System (the "Five-Year Treasury Rate"), plus a margin of 2.75%, with a minimum annual rate of 2.75%. (4) The loan is collateralized by first mortgage liens on four properties and a personal guarantee of payment by Mr. Spodek. The loan has a fixed interest rate of 3.625% for the first five years (ending in August 2026), then adjusting annually thereafter to a variable annual rate of Wall Street Journal Prime Rate with a minimum annual rate of 3.625%. (5) The loan is collateralized by first mortgage liens on one property and a personal guarantee of payment by Mr. Spodek. The loan has a fixed interest rate of 3.69% for the first five years with interest payments only (ending in October 2026), then adjusting every subsequent five year period thereafter with principal and interest payments to the rate based on the Five-Year Treasury Rate, plus a margin of 2.75%, with a minimum annual rate of 2.75%. (6) In connection with the acquisition of a property, the Company obtained seller financing secured by the property in the amount of $0.4 million requiring five annual payments of principal and interest of $0.1 million with the first installment due on January 2, 2021 based on a 6.0% interest rate per annum through January 2, 2025.
Schedule of principal payments of mortgage loans payable	The scheduled principal repayments of indebtedness as of December 31, 2022 are as follows (in thousands): Year Ending December 31, Amount 2023 $ 106 2024 112 2025 118 2026 636 2027 50,776 Thereafter 146,345 Total $ 198,093

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Swap	The table below presents the effect of the Company’s interest rate swap derivative instruments on the Consolidated Statements of Operations and Comprehensive Income for the years ended December 31, 2022 and 2021 (in thousands). Years Ended December 31, Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps) 2022 2021 Amount of gain recognized on derivative in "Accumulated other comprehensive income" $ 8,604 $ 809 Amount of gain (loss) reclassified from "Accumulated other comprehensive income" into interest expense $ (355) $ 151

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases, Operating [Abstract]
Schedule of rental revenue recognized for operating leases	The following table represents rental revenue that the Company recognized related to its operating leases (in thousands): Years Ended December 31, 2022 2021 Fixed payments $ 43,808 $ 32,769 Variable payments 7,068 5,507 $ 50,876 $ 38,276
Schedule of future operating lease payments to be received	Future minimum lease payments to be received as of December 31, 2022 under non-cancellable operating leases for the next five years and thereafter are as follows (in thousands) :(1) Year Ending December 31, Amount 2023 (2) $ 41,181 2024 36,545 2025 30,777 2026 22,732 2027 12,452 Thereafter 14,091 Total $ 157,778 Explanatory Notes : (1) The above minimum lease payments to be received do not include reimbursements from tenants for real estate taxes and other reimbursed expenses. (2) As of December 31, 2022, the leases at 81 of the Company's properties were expired, and the USPS was occupying such properties as a holdover tenant. As such, the above minimum lease payments to be received do not include payments under these holdover leases. Holdover rent is typically paid as the greater of estimated market rent or the rent amount due under the expired lease.
Schedule of components of net investment in financing lease	As of December 31, 2022, financing leases for two of the Company’s properties provide the USPS with the option to purchase the underlying property at fixed prices as of dates set forth in the lease agreement. The components of the Company’s net investment in financing leases as of December 31, 2022 and 2021 are summarized in the table below (in thousands): As of December 31, 2022 2021 Total minimum lease payment receivable $ 33,215 $ 34,352 Less: unearned income (17,085) (18,139) Investment in financing leases, net $ 16,130 $ 16,213
Schedule of future lease payments under direct financing lease	Future lease payments to be received under the Company’s direct financing leases as of December 31, 2022 for the next five years and thereafter are as follows (in thousands): Year Ending December 31, Amount 2023 $ 1,137 2024 1,137 2025 1,137 2026 1,137 2027 1,137 Thereafter 27,530 Total $ 33,215
Schedule of lease assets and liabilities	Operating ROU assets and lease liabilities are included in “Prepaid expenses and other assets, net” and “Accounts payable, accrued expense and other” on the Consolidated Balance Sheets as follows (in thousands): As of December 31, ROU asset – operating leases $ 1,010 Lease liability – operating leases $ 1,014
Schedule of future minimum lease payments	Future minimum lease payments to be paid by the Company as a lessee for operating leases as of December 31, 2022 for the next five years and thereafter are as follows (in thousands): 2023 $ 245 2024 121 2025 46 2026 43 2027 43 Thereafter 1,388 Total future minimum lease payments $ 1,886 Interest discount (872) Total $ 1,014

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Unrecognized Tax Benefits Roll Forward	A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands): For the Years Ended December 31, 2022 2021 Gross unrecognized tax benefits, beginning of year $ 188 $ 364 Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (165) (176) Total $ 23 $ 188

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of reconciliation of income (loss) from operations	The following table presents a reconciliation of income from operations used in the basic and diluted EPS calculations (dollars in thousands, except share and per share data). For the Years Ended December 31, 2022 2021 Numerator for earnings per share – basic and diluted: Net income attributable to common stockholders $ 3,854 $ 2,055 Less: Income attributable to participating securities (997) (658) Numerator for earnings per share — basic and diluted $ 2,857 $ 1,397 Denominator for earnings per share – basic and diluted (1) 18,545,494 13,689,251 Basic and diluted earnings per share $ 0.15 $ 0.10 Explanatory Note: (1) Diluted EPS reflects the potential dilution of the conversion of obligations and the assumed exercises of securities including the effects of restricted shares and RSUs issued under the Company’s 2019 Equity Incentive Plan (the “Plan”) (See Note 11. Stockholder’s Equity). The effect of such shares and RSUs would not be dilutive and were not included in the computation of weighted average number of shares outstanding for the periods presented in the table above. OP Units and LTIP Units are redeemable for cash or, at the Company’s option, shares of Class A common stock on an one-for-one basis. The income allocable to such OP Units and LTIP Units is allocated on this same basis and reflected as non-controlling interests in these Consolidated Financial Statements. As such, the assumed conversion of these OP Units and LTIP Units would have no net impact on the determination of diluted EPS.

Stockholder's Equity (Tables)

Stockholder's Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Schedule of activity under ATM Program	The following table summarizes the activity under the 2020 ATM Program and the 2022 ATM Program for the periods presented (dollars and shares issued in thousands, except per share amounts). During the year ended December 31, 2022, 751,382 shares were issued under the 2020 ATM Program and the 2022 ATM Program. As of December 31, 2022, the Company had approximately $41.9 million remaining that may be issued under the 2022 ATM Program. Years Ended 2022 2021 Shares issued 751 345 Gross proceeds $ 11,869 $ 6,894 Fees and issuance costs 530 432 Net proceeds $ 11,339 $ 6,462 Average gross sales price per share $ 15.80 $ 20.00
Schedule of declared and paid dividends	During the year ended December 31, 2022, the Company's Board of Directors approved and the Company declared and paid dividends of $21.6 million to Class A common stockholders, Voting Equivalency stockholders, OP unitholders and LTIP unitholders, or $0.925 per share or unit, as shown in the table below. Declaration Date Record Date Date Paid Amount Per Share or Unit February 1, 2022 February 15, 2022 February 28, 2022 $ 0.2275 April 28, 2022 May 13, 2022 May 27, 2022 $ 0.2300 July 27, 2022 August 8, 2022 August 26, 2022 $ 0.2325 October 26, 2022 November 7, 2022 November 28, 2022 $ 0.2350 During the year ended December 31, 2021, the Company's Board of Directors approved and the Company declared and paid dividends of $15.0 million to Class A common stockholders, Voting Equivalency stockholders, OP unitholders and LTIP unitholders, or $0.885 per share or unit, as shown in the table below. Declaration Date Record Date Date Paid Amount Per Share or Unit January 29, 2021 February 12, 2021 February 26, 2021 $ 0.2175 April 30, 2021 May 14, 2021 May 28, 2021 $ 0.2200 July 27, 2021 August 13, 2021 August 27, 2021 $ 0.2225 November 4, 2021 November 15, 2021 November 30, 2021 $ 0.2250
Schedule of unvested shares of restricted stock	The following table presents a summary of the Company's outstanding restricted shares of Class A common stock, LTIP Units and RSUs. The balance as of December 31, 2022 represents unvested restricted shares of Class A common stock and LTIP Units and RSUs that are outstanding, whether vested or not: Restricted Shares (1)(2) LTIP Units (3) RSUs (4) Total Weighted Outstanding, as of January 1, 2022 302,552 375,265 128,753 806,570 $ 15.71 Granted 227,814 161,603 100,747 490,164 $ 16.88 Vesting of restricted shares (5) (80,141) — — (80,141) $ 16.59 Forfeited (1,149) — — (1,149) $ 17.49 Outstanding, as of December 31, 2022 449,076 536,868 229,500 1,215,444 $ 16.12 Explanatory Notes: (1) Represents restricted shares awards included in Class A common stock. (2) The time-based restricted share awards granted to the Company's officers and employees typically vest in three annual installments or cliff vest at the end of three years or eight years. The time-based restricted share awards granted to the Company's independent directors vest over three years. (3) Includes 118,389 LTIP Units to the Company’s CEO that vest over eight years, 38,174 LTIP Units to the Company's independent directors that vest over three years or cliff vest at the end of three years and 5,040 LTIP Units granted to a consultant under the consultancy agreement with the Company that vested on December 31, 2022. (4) Includes 47,005 RSUs granted to certain officers and employees of the Company during the year ended December 31, 2022 subject to the achievement of a service condition and a market condition. Such RSUs are market-based awards and are subject to the achievement of hurdles relating to the Company’s absolute total stockholder return and continued employment with the Company over the approximately three-year period from the grant date through December 31, 2024. The number of market-based RSUs is based on the number of shares issuable upon achievement of the market-based metric at target. Also, includes 40,963 time-based RSUs issued for 2021 incentive bonuses to certain employees that vested fully on January 31, 2022, the date of grant, and 12,780 time-based RSUs granted to certain employees for their election to defer 2022 salary that vested on December 31, 2022. RSUs reflect the right to receive shares of Class A common stock, subject to the applicable vesting criteria. (5) Includes 52,412 of restricted shares that vested and 27,729 shares of restricted shares that were withheld to satisfy minimum statutory withholding requirements.

Organization and Description _2

Organization and Description of Business - Narrative (Details)	Dec. 31, 2022 territory state property	May 17, 2019 $ / shares	May 15, 2019 $ / shares shares
Business Description and Basis of Presentation [Line Item]
Percentage of interest in operating partnership	80.80%
IPO
Business Description and Basis of Presentation [Line Item]
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01
Common stock, shares authorized (in shares)			500,000,000
Common stock, shares issued (in shares)			27,206
Preferred stock, shares authorized (in shares)			100,000,000
USPS
Business Description and Basis of Presentation [Line Item]
Number of real estate properties (in properties) | property	1,286
Number of states (in states) | state	49
Number of territories | territory	1
PRM
Business Description and Basis of Presentation [Line Item]
Number of real estate properties (in properties) | property	397

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Building and Improvements | Minimum
Estimated useful life	15 years
Building and Improvements | Maximum
Estimated useful life	40 years
Equipment and fixtures | Minimum
Estimated useful life	5 years
Equipment and fixtures | Maximum
Estimated useful life	10 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Cash and Cash Equivalents Reconciliation (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted Cash and Cash Equivalents [Abstract]
Cash	$ 1,495,000	$ 5,857,000
Maintenance reserve	206,000	827,000
Real estate tax reserve	240,000	250,000
ESPP reserve	101,000	92,000
Cash and escrows and reserves	$ 2,042,000	$ 7,026,000	$ 3,271,000

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) lease payment	Dec. 31, 2021 USD ($)	Jan. 01, 2021 USD ($)
Summary of Significant Accounting Policies (Textual)
Secured debt, current	$ 27,500,000	$ 32,100,000
Asset impairment charges	0	0
Rental income	50,876,000	38,276,000
ROU asset – operating leases	1,010,000		$ 1,200,000
Lease liability – operating leases	$ 1,014,000		$ 1,200,000
PSTL:Number of Direct financing leases | lease	2
Loans payable	$ 33,100,000	33,200,000
Seller Financing | Loan
Summary of Significant Accounting Policies (Textual)
Collateral amount	$ 400,000
Number of annual principal payments (in payments) | payment	5
Periodic payment	$ 100,000
Interest rate swap | Fair Value, Inputs, Level 2
Summary of Significant Accounting Policies (Textual)
Derivative asset, fair value	9,200,000	1,000,000
Pennsylvania
Summary of Significant Accounting Policies (Textual)
Rental income	$ 7,700,000	$ 7,000,000
Pennsylvania | Revenue Benchmark | Geographic Concentration Risk
Summary of Significant Accounting Policies (Textual)
Concentration risk percentage	15.10%	18.30%

Real Estate Acquisitions - Sche

Real Estate Acquisitions - Schedule total purchase price including transaction costs (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022 USD ($) property	Sep. 30, 2022 USD ($) property	Jun. 30, 2022 USD ($) property	Mar. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property	Sep. 30, 2021 USD ($) property	Jun. 30, 2021 USD ($) property	Mar. 31, 2021 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property
Business Acquisition [Line Items]
Number of properties (in properties) | property	54	66	150	50	54	59	71	54	320	238
Total purchase price	$ 20,735	$ 21,337	$ 56,744	$ 27,575	$ 28,658	$ 19,637	$ 31,256	$ 26,215	$ 126,391	$ 105,766
Land
Business Acquisition [Line Items]
Total purchase price	4,070	2,950	13,039	5,422	6,096	3,333	5,364	3,493	25,481	18,286
Building and Improvements
Business Acquisition [Line Items]
Total purchase price	15,587	18,012	41,462	22,233	21,031	15,314	23,550	19,793	97,294	79,688
Tenant Improvements
Business Acquisition [Line Items]
Total purchase price	155	195	380	214	186	147	268	428	944	1,029
In-place lease intangibles
Business Acquisition [Line Items]
Total purchase price	1,264	1,532	3,520	1,889	1,750	1,368	2,207	2,201	8,205	7,526
Above- market leases
Business Acquisition [Line Items]
Total purchase price	199	8	2	28	123	32	28	51	237	234
Below- market leases
Business Acquisition [Line Items]
Total purchase price	(540)	(1,360)	(1,675)	(1,848)	(371)	(581)	(156)	(474)	(5,423)	(1,582)
Other
Business Acquisition [Line Items]
Total purchase price	$ 0	$ 0	$ 16	$ (363)	$ (157)	$ 24	$ (5)	$ 723	$ (347)	$ 585

Real Estate Acquisitions - Narr

Real Estate Acquisitions - Narrative (Details) $ in Millions	3 Months Ended
	Dec. 31, 2022 USD ($) property	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) property	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)
Real Estate [Line Items]
Number of unfavorable operating lease properties (in properties) | property	2
Acquisition costs | $	$ 0.5		$ 1.7	$ 0.6	$ 0.8	$ 0.5	$ 0.9	$ 0.5
USPS | Investment In Financing Lease, Net
Real Estate [Line Items]
Number of acquired postal properties (in properties) | property					1
Class A common stock
Real Estate [Line Items]
Acquisition closing costs | $	$ 0.9	$ 4.7	$ 2			$ 6.5	$ 9	$ 1.8

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Schedule of intangible assets and liabilities (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets and Liabilities (Details) - Schedule of intangible assets and liabilities [Line Items]
Gross Asset (Liability)	$ (19,077,000)	$ (13,654,000)
Accumulated Amortization	7,256,000	4,984,000
Total	15,687,000	14,399,000
Total	(11,821,000)	(8,670,000)
In-place lease intangibles
Intangible Assets and Liabilities (Details) - Schedule of intangible assets and liabilities [Line Items]
Gross Asset (Liability)	40,074,000	31,814,000
Accumulated Amortization	(24,387,000)	(17,415,000)
Total	15,687,000	14,399,000
Above-market leases
Intangible Assets and Liabilities (Details) - Schedule of intangible assets and liabilities [Line Items]
Gross Asset (Liability)	556,000	319,000
Accumulated Amortization	(157,000)	(70,000)
Total	$ 399,000	$ 249,000

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization of in-place lease intangibles	$ 7,000	$ 6,300
Amortization of acquired above market leases	100	30
Amortization of acquired below market leases	$ 2,300	$ 1,600
Weighted-average useful life	8 years 9 months 18 days
In-place lease intangibles
Finite-Lived Intangible Assets [Line Items]
Weighted-average useful life	3 years 2 months 12 days
Above-market leases
Finite-Lived Intangible Assets [Line Items]
Weighted-average useful life	3 years 3 months 18 days

Intangible Assets and Liabili_5

Intangible Assets and Liabilities - Schedule of future amortization (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets and Liabilities (Details) - Schedule of future amortization [Line Items]
Total	$ 15,687,000	$ 14,399,000
2022	(2,348,000)
2023	(1,953,000)
2024	(1,388,000)
2025	(1,111,000)
2026	(877,000)
Thereafter	(4,144,000)
Total	(11,821,000)	(8,670,000)
In-place lease intangibles
Intangible Assets and Liabilities (Details) - Schedule of future amortization [Line Items]
2022	6,279,000
2023	4,508,000
2024	2,709,000
2025	1,452,000
2026	513,000
Thereafter	226,000
Total	15,687,000	14,399,000
Above-market leases
Intangible Assets and Liabilities (Details) - Schedule of future amortization [Line Items]
2022	150,000
2023	108,000
2024	74,000
2025	52,000
2026	15,000
Thereafter	0
Total	$ 399,000	$ 249,000

Debt - Schedule of principal ba

Debt - Schedule of principal balances of mortgage loans payable (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jul. 23, 2021
Debt Instrument [Line Items]
Outstanding balance	$ 198,093,000	$ 96,193,000
Term loans, net	163,753,000	49,359,000
Unamortized deferred financing costs	(1,431,000)	(844,000)
Total Debt	$ 196,662,000	95,349,000
Loan
Debt Instrument [Line Items]
Interest rate	2.80%
2021 Revolving Credit Facility | Revolving credit facility | Line of credit
Debt Instrument [Line Items]
Outstanding balance	$ 0	13,000,000
2021 Revolving Credit Facility | Revolving credit facility | Line of credit | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
2021 Credit Facility | Unsecured Debt | Line of credit
Debt Instrument [Line Items]
Outstanding balance	$ 50,000,000	50,000,000
2021 Credit Facility | Unsecured Debt | Line of credit | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.45%
2022 Credit Facility | Unsecured Debt | Line of credit
Debt Instrument [Line Items]
Term loans, net	$ 115,000,000	0
Total Debt	50,000,000
Vision Bank | Loan
Debt Instrument [Line Items]
Outstanding balance	$ 1,409,000	1,409,000
Interest rate	3.69%		3.69%
First Oklahoma Bank
Debt Instrument [Line Items]
Interest rate				3.625%
First Oklahoma Bank | Loan
Debt Instrument [Line Items]
Outstanding balance	$ 333,000	349,000
Interest rate	3.63%
Vision Bank – 2018
Debt Instrument [Line Items]
Interest rate			3.69%
Vision Bank – 2018 | Loan
Debt Instrument [Line Items]
Outstanding balance	$ 844,000	844,000
Interest rate	3.69%
Seller Financing | Loan
Debt Instrument [Line Items]
Outstanding balance	$ 282,000	366,000
Interest rate	6%
AIG – December 2020 | Loan
Debt Instrument [Line Items]
Outstanding balance	$ 30,225,000	$ 30,225,000
Interest rate	2.80%

Debt - Narrative (Details)

Debt - Narrative (Details)					12 Months Ended
	May 11, 2022 USD ($)	Sep. 30, 2021	Aug. 09, 2021 USD ($) option	Jul. 23, 2021 property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)
Debt (Details) [Line Items]
Outstanding balance					$ 198,093,000	$ 96,193,000
Weighted average maturity date for secured borrowing					5 years 6 months	6 years 6 months
Interest paid					$ 5,100,000	$ 2,700,000
Loan
Debt (Details) [Line Items]
Interest rate					2.80%
Fixed interest period					5 years
Remaining discount amortization period					30 years
2021 Credit Facility | Revolving credit facility | Line of credit
Debt (Details) [Line Items]
Maximum borrowing facility			$ 150,000,000
Accordion feature			$ 150,000,000
Number of options to extend (in options) | option			2
Extension period			6 months
2021 Credit Facility | Revolving credit facility | Line of credit | Commitment fee threshold one
Debt (Details) [Line Items]
Capacity used (as a percentage)			0.50
Unused facility fee (as a percentage)			0.20%
2021 Credit Facility | Revolving credit facility | Line of credit | Commitment fee threshold two
Debt (Details) [Line Items]
Capacity used (as a percentage)			0.50
Unused facility fee (as a percentage)			0.15%
2021 Credit Facility | Unsecured Debt | Line of credit
Debt (Details) [Line Items]
Accordion feature					$ 50,000,000
Total principal			$ 50,000,000
Outstanding balance					$ 50,000,000	50,000,000
2021 Credit Facility | Base Rate | Revolving credit facility | Line of credit | Minimum
Debt (Details) [Line Items]
Basis spread on variable rate			0.50%
2021 Credit Facility | Base Rate | Revolving credit facility | Line of credit | Maximum
Debt (Details) [Line Items]
Basis spread on variable rate			1%
2021 Credit Facility | Base Rate | Unsecured Debt | Line of credit | Minimum
Debt (Details) [Line Items]
Basis spread on variable rate			0.45%
2021 Credit Facility | Base Rate | Unsecured Debt | Line of credit | Maximum
Debt (Details) [Line Items]
Basis spread on variable rate			0.95%
2021 Credit Facility | LIBOR | Revolving credit facility | Line of credit | Minimum
Debt (Details) [Line Items]
Basis spread on variable rate			1.50%
2021 Credit Facility | LIBOR | Revolving credit facility | Line of credit | Maximum
Debt (Details) [Line Items]
Basis spread on variable rate			2%
2021 Credit Facility | LIBOR | Unsecured Debt | Line of credit
Debt (Details) [Line Items]
Basis spread on variable rate					1.45%
2021 Credit Facility | LIBOR | Unsecured Debt | Line of credit | Minimum
Debt (Details) [Line Items]
Basis spread on variable rate			1.45%
2021 Credit Facility | LIBOR | Unsecured Debt | Line of credit | Maximum
Debt (Details) [Line Items]
Basis spread on variable rate			1.95%
2021 Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving credit facility | Line of credit
Debt (Details) [Line Items]
Decrease in margin	0.02
2021 Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Unsecured Debt | Line of credit
Debt (Details) [Line Items]
Adjusted term SOFR	0.0010
Floor rate	0
Vision Bank | Loan
Debt (Details) [Line Items]
Outstanding balance					$ 1,409,000	1,409,000
Interest rate		3.69%			3.69%
Number of properties collateralized under loan (in properties) | property					5
Fixed interest rate period		5 years
Vision Bank | Loan | Minimum
Debt (Details) [Line Items]
Minimum annual rate		2.75%
Vision Bank | US Treasury (UST) Interest Rate | Loan
Debt (Details) [Line Items]
Basis spread on variable rate		2.75%
First Oklahoma Bank
Debt (Details) [Line Items]
Interest rate				3.625%
Fixed interest rate period				5 years
First Oklahoma Bank | Loan
Debt (Details) [Line Items]
Outstanding balance					$ 333,000	349,000
Interest rate					3.63%
Number of properties collateralized under loan (in properties) | property				4
First Oklahoma Bank | Prime Rate | Minimum
Debt (Details) [Line Items]
Interest rate				3.625%
Vision Bank – 2018
Debt (Details) [Line Items]
Interest rate		3.69%
Fixed interest rate period		5 years			5 years
Minimum annual rate		2.75%
Vision Bank – 2018 | Loan
Debt (Details) [Line Items]
Outstanding balance					$ 844,000	844,000
Interest rate					3.69%
Number of properties collateralized under loan (in properties) | property					1
Vision Bank – 2018 | US Treasury (UST) Interest Rate
Debt (Details) [Line Items]
Basis spread on variable rate		2.75%
2021 Term Loan | Loan
Debt (Details) [Line Items]
Interest rate					2.291%
2019 and 2021 Revolving Credit Facility | Revolving credit facility | Line of credit
Debt (Details) [Line Items]
Unused facility fee					$ 300,000	$ 100,000
First Amended Credit Facility | Unsecured Debt | Line of credit
Debt (Details) [Line Items]
Maximum borrowing facility	$ 75,000,000
Accordion feature	$ 35,000,000				$ 40,000,000

Debt - Schedule of Principal pa

Debt - Schedule of Principal payments of mortgage loans payable (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2022	$ 106,000
2023	112,000
2024	118,000
2025	636,000
2026	50,776,000
Thereafter	146,345,000
Total	$ 198,093,000	$ 96,193,000

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) swap	Dec. 31, 2021 USD ($)
Derivative [Line Items]
Outstanding loan	$ 196,662,000	$ 95,349,000
Additional reclassified amount	4,900,000
Interest expense, net	$ (5,973,000)	$ (3,653,000)
Loan
Derivative [Line Items]
Interest rate	2.80%
2021 Credit Facility | Line of credit | Unsecured Debt
Derivative [Line Items]
Accordion feature	$ 50,000,000
2021 Term Loan | Loan
Derivative [Line Items]
Interest rate	2.291%
2022 Credit Facility | Line of credit | Unsecured Debt
Derivative [Line Items]
Outstanding loan	$ 50,000,000
2022 Term Loan | Loan
Derivative [Line Items]
Interest rate	4.237%
2028 Term Loan | Loan
Derivative [Line Items]
Interest rate	4.81%
Interest rate swap
Derivative [Line Items]
Derivative, Notional Amount	$ 25,000,000
Interest rate swap | Cash Flow Hedging
Derivative [Line Items]
Number of derivative instruments (in swaps) | swap	5
Interest Rate Swap, Forty Million Principle Of Term Loan
Derivative [Line Items]
Derivative, Notional Amount	$ 40,000,000
Derivative, fixed interest rate	4.952%

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Interest Rate Swap (Details) - Interest rate swap - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Amount of gain recognized on derivative in "Accumulated other comprehensive income"	$ 8,604,000	$ 809,000
Amount of gain (loss) reclassified from "Accumulated other comprehensive income" into interest expense	$ (355,000)	$ 151,000

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 lease	Dec. 31, 2022 property	Dec. 31, 2022 USD ($)	Dec. 31, 2022	Jan. 01, 2021 USD ($)
Operating Leased Assets [Line Items]
Number of postal properties subject to direct financing leases (in properties)			2	2
Number of operating leases (in properties) | property				60
Number of leases acquired with purchase price greater than value of underlying asset (in properties) | property				57
Consideration					$ 44,800
Aggregate purchase price					53,500
Number of operating leases not acquired (in properties) | property				3
Purchase price for postal properties					2,600
Direct financing lease revenue	$ 1,100
Capital lease, direct financing lease revenue		$ 200
ROU asset – operating leases					1,010		$ 1,200
Lease liability – operating leases					$ 1,014		$ 1,200
Weighted average remaining lease term	22 years 7 months 6 days
Operating lease expense	$ 200	$ 200
Minimum
Operating Leased Assets [Line Items]
Remaining lease term	1 year 5 months
Weighted average discount rate						4.25%
Maximum
Operating Leased Assets [Line Items]
Remaining lease term	56 years
Weighted average discount rate						6.37%

Leases - Schedule of rental rev

Leases - Schedule of rental revenue related to its operating leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases, Operating [Abstract]
Fixed payments	$ 43,808
Fixed payments		$ 32,769
Variable payments	7,068
Variable payments		5,507
Total	$ 50,876	38,276
Total		$ 38,276

Leases - Schedule of future min

Leases - Schedule of future minimum lease payments (Details) $ in Thousands	Dec. 31, 2022 USD ($) property
Leases, Operating [Abstract]
2022	$ 41,181
2023	36,545
2024	30,777
2025	22,732
2026	12,452
Thereafter	14,091
Total	$ 157,778
Number of expired leases (in leases) | property	81

Leases - Schedule of direct fin

Leases - Schedule of direct financing lease (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Leases, Operating [Abstract]
Total	$ 33,215,000
Less: unearned income	(17,085,000)
Investment in financing lease, net	16,100,000
Total minimum lease payment receivable		$ 34,352,000
Less: unearned income		(18,139,000)
Investment in financing leases, net	$ 16,130,000	$ 16,213,000

Leases - Schedule of future lea

Leases - Schedule of future lease payments (Details)	Dec. 31, 2022 USD ($)
Leases, Operating [Abstract]
2022	$ 1,137,000
2023	1,137,000
2024	1,137,000
2025	1,137,000
2026	1,137,000
Thereafter	27,530,000
Total	$ 33,215,000

Leases - Schedule of prepaid ex

Leases - Schedule of prepaid expenses and other assets and accounts payable and accrued expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jan. 01, 2021
Leases, Operating [Abstract]
ROU asset – operating leases	$ 1,010	$ 1,200
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other assets, net	Prepaid expenses and other assets, net
Lease liability – operating leases	$ 1,014	$ 1,200
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts payable, accrued expenses and other, net	Accounts payable, accrued expenses and other, net

Leases - Schedule of future m_2

Leases - Schedule of future minimum lease payments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jan. 01, 2021
Leases, Operating [Abstract]
2021	$ 245
2022	121
2023	46
2024	43
2025	43
Thereafter	1,388
Total	1,886
Interest discount	(872)
Total	$ 1,014	$ 1,200

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income tax expense	$ 12,000	$ 111,000
Unrecognized tax benefits	23,000	188,000	$ 364,000
Unrecognized tax benefits, income tax penalties and interest accrued	10,000	40,000
Potential decrease in unrecognized tax benefits	20,000
Unrecognized tax benefits, reversal due to lapse of applicable statute of limitations	165,000	176,000
Income taxes paid, net	100,000	100,000
PRM
Income tax expense	$ (3,670)	$ 100,000

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Gross unrecognized tax benefits, beginning of year	$ 188	$ 364
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations	(165)	(176)
Total	$ 23	$ 188

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($)		12 Months Ended
	Nov. 16, 2021	Dec. 31, 2022	Dec. 31, 2021	May 17, 2019
Related Party Transactions [Line Items]
Outstanding loan		$ 196,662,000	$ 95,349,000
Affiliated entity | Andrew Spodek, Chief Executive Officer
Related Party Transactions [Line Items]
Lease term				5 years
General and administrative expenses		200,000	200,000
Affiliated entity | Andrew Spodek, Chief Executive Officer | Class A common stock | Follow-on Offering
Related Party Transactions [Line Items]
Shares issued from sale (in shares)	58,823
Price per share sold (in dollars per share)	$ 17
First Oklahoma Bank | Loan | Affiliated entity | Andrew Spodek, Chief Executive Officer
Related Party Transactions [Line Items]
Outstanding loan		1,900,000	1,900,000
PRM
Related Party Transactions [Line Items]
Management fee income		1,200,000	1,300,000
Accrued management fees receivable		$ 300,000	$ 300,000

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of reconciliation of income (loss) from operations (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]
Net income attributable to common stockholders	$ 3,854	$ 2,055
Less: Income attributable to participating securities, diluted	(997)	(658)
Less: Income attributable to participating securities, basic	(997)	(658)
Numerator for earnings per share - basic	2,857	1,397
Numerator for earnings per share - diluted	$ 2,857	$ 1,397
Denominator:
Denominator for earnings per shared - diluted (in shares)	18,545,494	13,689,251
Denominator for earnings per share - basic (in shares)	18,545,494	13,689,251
Basic earnings per share (in dollars per share)
Basic earnings per share (in dollars per share)	$ 0.15	$ 0.10
Diluted (in dollars per share)	$ 0.15	$ 0.10

Stockholder's Equity - Narrativ

Stockholder's Equity - Narrative (Details)

1 Months Ended

12 Months Ended

Feb. 10, 2023 shares

Nov. 04, 2022 USD ($)

Jul. 05, 2022 shares

Dec. 14, 2020 USD ($)

Jan. 31, 2023 shares

Jun. 30, 2022 shares

Jan. 31, 2022 shares

Feb. 28, 2021

Dec. 31, 2022 USD ($) swap shares

Dec. 31, 2021 USD ($) $ / shares shares

Mar. 07, 2023 USD ($)

Feb. 01, 2023 installment anniversary

May 15, 2019 shares

Stockholder's Equity (Details) [Line Items]

Deferred offering costs | $

$ 199,000

$ 0

Net proceeds from issuance of shares | $

$ 11,446,000

$ 138,795,000

Dividends declared (in dollars per share) | $ / shares

$ 0.885

Non-controlling interests OP Units (in shares)

4,133,619

3,472,221

Non-controlling interests LTIP Units (in shares)

536,868

375,265

Outstanding operating partnership percentage

19.20%

17.10%

Remaining shares available for issuance (in shares)

1,198,736

Compensation expense, property operating expenses | $

$ 400,000

$ 200,000

Compensation expense, general and administrative expense | $

$ 4,300,000

$ 3,400,000

Vesting of restricted shares (in shares)

80,141

Granted (in shares)

490,164

Forfeited (in shares)

1,149

Available for issue (in shares)

1,215,444

806,570

Fair value of vested restricted shares | $

$ 1,200,000

$ 1,600,000

Total unrecognized compensation cost | $

$ 11,700,000

Weighted average period

5 years 2 months 12 days

Outstanding loan | $

$ 196,662,000

$ 95,349,000

Loan

Stockholder's Equity (Details) [Line Items]

Interest rate

2.80%

2021 Term Loan | Loan

Stockholder's Equity (Details) [Line Items]

Interest rate

2.291%

2022 Term Loan | Loan

Stockholder's Equity (Details) [Line Items]

Interest rate

4.237%

2028 Term Loan | Loan

Stockholder's Equity (Details) [Line Items]

Interest rate

4.81%

Unsecured Debt | Interest rate swap | Line of credit

Stockholder's Equity (Details) [Line Items]

Derivative, Notional Amount | $

$ 165,000,000

Unsecured Debt | 2021 Credit Facility | Line of credit

Stockholder's Equity (Details) [Line Items]

Accordion feature | $

50,000,000

Unsecured Debt | 2022 Credit Facility | Line of credit

Stockholder's Equity (Details) [Line Items]

Outstanding loan | $

50,000,000

Interest rate swap

Stockholder's Equity (Details) [Line Items]

Derivative, Notional Amount | $

$ 25,000,000

Interest rate swap | Cash Flow Hedging

Stockholder's Equity (Details) [Line Items]

Number of derivative instruments (in swaps) | swap

5

Interest Rate Swap, Forty Million Principle Of Term Loan

Stockholder's Equity (Details) [Line Items]

Derivative, Notional Amount | $

$ 40,000,000

Derivative, fixed interest rate

4.952%

Subsequent Event | Unsecured Debt | 2021 Credit Facility | Line of credit

Stockholder's Equity (Details) [Line Items]

Outstanding loan | $

$ 50,000,000

Subsequent Event | Unsecured Debt | 2022 Credit Facility | Line of credit

Stockholder's Equity (Details) [Line Items]

Outstanding loan | $

$ 115,000,000

Restricted shares

Stockholder's Equity (Details) [Line Items]

Vesting of restricted shares (in shares)

80,141

Granted (in shares)

227,814

Forfeited (in shares)

1,149

Available for issue (in shares)

449,076

302,552

Requisite service period

3 years

LTIP Units

Stockholder's Equity (Details) [Line Items]

Vesting of restricted shares (in shares)

0

Granted (in shares)

161,603

Forfeited (in shares)

0

Available for issue (in shares)

536,868

375,265

RSU

Stockholder's Equity (Details) [Line Items]

Vesting of restricted shares (in shares)

0

Granted (in shares)

100,747

Forfeited (in shares)

0

Available for issue (in shares)

229,500

128,753

IPO

Stockholder's Equity (Details) [Line Items]

Common stock, shares issued (in shares)

27,206

ATM Program

Stockholder's Equity (Details) [Line Items]

Shares issued from sale (in shares)

751,382

345,000

Gross proceeds | $

$ 11,869,000

$ 6,894,000

Deferred offering costs | $

530,000

432,000

Net proceeds from issuance of shares | $

11,339,000

6,462,000

Remaining authorized repurchase amount | $

41,900,000

ESPP

Stockholder's Equity (Details) [Line Items]

Compensation expense | $

$ 30,000

$ 20,000

Shares issued (in shares)

29,710

16,293

CEO | LTIP Units | Subsequent Event

Stockholder's Equity (Details) [Line Items]

Shares issued in period (in shares)

123,197

CEO | Non-controlling interests | LTIP

Stockholder's Equity (Details) [Line Items]

Shares issued in period (in shares)

118,389

Compensation deferral percentage

1

CEO | Non-controlling interests | LTIP | Subsequent Event

Stockholder's Equity (Details) [Line Items]

Compensation deferral percentage

1

Officers and employees

Stockholder's Equity (Details) [Line Items]

RSU granted (in shares)

47,005

Restricted shares vested (in shares)

52,412

Restricted shares withheld (in shares)

27,729

Officers and employees | Restricted shares

Stockholder's Equity (Details) [Line Items]

Award vesting period

8 years

Director | Restricted shares

Stockholder's Equity (Details) [Line Items]

Award vesting period

3 years

3 years

Director | LTIP Units

Stockholder's Equity (Details) [Line Items]

Award vesting period

8 years

Vested employee

Stockholder's Equity (Details) [Line Items]

RSU granted (in shares)

40,963

Individual employee

Stockholder's Equity (Details) [Line Items]

RSU granted (in shares)

12,780

President | LTIP | Subsequent Event

Stockholder's Equity (Details) [Line Items]

Shares issued in period (in shares)

75,489

Other employees | RSU | Subsequent Event

Stockholder's Equity (Details) [Line Items]

Shares issued in period (in shares)

47,455

Other employees | LTIP | Subsequent Event

Stockholder's Equity (Details) [Line Items]

Shares issued in period (in shares)

22,205

Additional shares issued (in shares)

3,304

Officer | Restricted shares | Subsequent Event

Stockholder's Equity (Details) [Line Items]

Shares issued in period (in shares)

28,757

Officer | LTIP Units | Subsequent Event

Stockholder's Equity (Details) [Line Items]

Shares issued in period (in shares)

34,755

Officer | RSU

Stockholder's Equity (Details) [Line Items]

Award vesting period

3 years

Maximum vested, percentage

200%

Officer | RSU | Subsequent Event

Stockholder's Equity (Details) [Line Items]

Shares issued in period (in shares)

63,512

Board of Directors | Non-controlling interests | LTIP

Stockholder's Equity (Details) [Line Items]

Shares issued in period (in shares)

38,174

Chief financial officer | LTIP | Subsequent Event

Stockholder's Equity (Details) [Line Items]

Shares issued in period (in shares)

45,698

Consultant | Non-controlling interests | LTIP

Stockholder's Equity (Details) [Line Items]

Shares issued in period (in shares)

5,040

Class A common stock

Stockholder's Equity (Details) [Line Items]

Common stock, shares issued (in shares)

19,528,066

18,564,421

Paid dividends | $

$ 21,600,000

$ 15,000,000

Class A common stock | ATM Program

Stockholder's Equity (Details) [Line Items]

Consideration authorized | $

$ 50,000,000

$ 50,000,000

Class A common stock | ESPP

Stockholder's Equity (Details) [Line Items]

Total shares of Class A common stock (in shares)

100,000

Discount on shares (as a percent)

15%

Class A common stock | Other employees | Restricted shares

Stockholder's Equity (Details) [Line Items]

Shares issued in period (in shares)

16.88

16.31

Class A common stock | Other employees | Restricted shares | Subsequent Event

Stockholder's Equity (Details) [Line Items]

Shares issued in period (in shares)

44,650

Class A common stock | Employees and consultants | Restricted shares | Subsequent Event

Stockholder's Equity (Details) [Line Items]

Shares issued in period (in shares)

45,767

Number of installments (in installments) | installment

3

Number of anniversaries (in anniversaries) | anniversary

3

Additional shares issued (in shares)

4,626

OP Units | Contributors

Stockholder's Equity (Details) [Line Items]

Shares issued in period (in shares)

661,398

831,426

Stockholders' Equity - Activity

Stockholders' Equity - Activity under the ATM Program (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Stockholder's Equity (Details) [Line Items]
Deferred offering costs	$ 199	$ 0
Net proceeds	$ 11,446	$ 138,795
ATM Program
Stockholder's Equity (Details) [Line Items]
Shares issued (in shares)	751,382	345,000
Gross proceeds	$ 11,869	$ 6,894
Deferred offering costs	530	432
Net proceeds	$ 11,339	$ 6,462
Average gross sales price per share (in dollars per share)	$ 15.80	$ 20

Stockholder's Equity - Schedule

Stockholder's Equity - Schedule of declared and paid dividends (Details) - $ / shares	Dec. 31, 2022	Oct. 26, 2022	Jul. 27, 2022	Apr. 28, 2022	Feb. 01, 2022	Nov. 04, 2021	Jul. 27, 2021	Apr. 30, 2021	Jan. 29, 2021
Declared
Stockholder's Equity (Details) - Schedule of declared and paid dividends [Line Items]
Average gross sales price per share (in dollars per share)	$ 0.925	$ 0.2350	$ 0.2325	$ 0.2300	$ 0.2275	$ 0.2250	$ 0.2225	$ 0.2200	$ 0.2175

Stockholder's Equity - Schedu_2

Stockholder's Equity - Schedule of unvested shares of restricted stock (Details) - $ / shares	1 Months Ended	12 Months Ended
	Jan. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity instrument activity
Outstanding, at beginning of period (in shares)	1,215,444	806,570
Granted (in shares)		490,164
Vesting of restricted shares (in shares)		(80,141)
Forfeited (in shares)		(1,149)
Outstanding, at end of period (in shares)		1,215,444	806,570
Weighted Average Grant Date Fair Value
Weighted average grant date fair value at beginning of period (in dollars per share)	$ 16.12	$ 15.71
Vesting of restricted shares (in dollars per share)		16.59
Forfeited (in dollars per share)		17.49
Weighted average grant date fair value at end of period (in dollars per share)		$ 16.12	$ 15.71
Restricted shares
Equity instrument activity
Outstanding, at beginning of period (in shares)	449,076	302,552
Granted (in shares)		227,814
Vesting of restricted shares (in shares)		(80,141)
Forfeited (in shares)		(1,149)
Outstanding, at end of period (in shares)		449,076	302,552
Restricted shares | Other employees | Class A common stock
Weighted Average Grant Date Fair Value
Shares issued in period (in shares)		16.88	16.31
Restricted shares | Other employees | Class A common stock | Subsequent Event
Weighted Average Grant Date Fair Value
Shares issued in period (in shares)	44,650
LTIP Units
Equity instrument activity
Outstanding, at beginning of period (in shares)	536,868	375,265
Granted (in shares)		161,603
Vesting of restricted shares (in shares)		0
Forfeited (in shares)		0
Outstanding, at end of period (in shares)		536,868	375,265
RSU
Equity instrument activity
Outstanding, at beginning of period (in shares)	229,500	128,753
Granted (in shares)		100,747
Vesting of restricted shares (in shares)		0
Forfeited (in shares)		0
Outstanding, at end of period (in shares)		229,500	128,753
RSU | Other employees | Subsequent Event
Weighted Average Grant Date Fair Value
Shares issued in period (in shares)	47,455

Business Acquisition - Narrativ

Business Acquisition - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Mar. 04, 2022	Dec. 31, 2022	Dec. 31, 2021	Mar. 02, 2022
Business Acquisition [Line Items]
Goodwill		$ 1,536	$ 0
Revenues		53,330	39,938
Net income		(4,744)	$ (2,556)
Postal real estate consulting business
Business Acquisition [Line Items]
Number of shares issued or issuable (in shares)	79,794
Cash paid for acquisition	$ 200
Cash consideration	$ 1,700
Finite-lived intangibles				$ 200
Goodwill				$ 1,500
Revenues		(30)
Net income		$ 90

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details)		2 Months Ended	12 Months Ended
	Feb. 01, 2023 $ / shares	Mar. 07, 2023 USD ($) property	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares
Subsequent Event [Line Items]
Common stock dividend declared (in dollars per share) | $ / shares			$ 0.925	$ 0.885
Outstanding loan			$ 196,662,000	$ 95,349,000
Unsecured Debt | Line of credit | 2022 Credit Facility
Subsequent Event [Line Items]
Outstanding loan			$ 50,000,000
Subsequent Event
Subsequent Event [Line Items]
Common stock dividend declared (in dollars per share) | $ / shares	$ 0.2375
Number of postal properties acquired (in properties) | property		24
Payments to acquire property		$ 12,700,000
Subsequent Event | Forecast
Subsequent Event [Line Items]
Number of postal properties acquired (in properties) | property		9
Payments to acquire property		$ 1,800,000
Subsequent Event | Revolving credit facility | Line of credit | 2021 Credit Facility
Subsequent Event [Line Items]
Outstanding loan		17,000,000
Subsequent Event | Revolving credit facility | Line of credit | 2021 Credit Facilities
Subsequent Event [Line Items]
Outstanding loan		182,000,000
Subsequent Event | Unsecured Debt | Line of credit | 2021 Credit Facility
Subsequent Event [Line Items]
Outstanding loan		50,000,000
Subsequent Event | Unsecured Debt | Line of credit | 2022 Credit Facility
Subsequent Event [Line Items]
Outstanding loan		$ 115,000,000

SEC Schedule, Article 12-28, _2

SEC Schedule, Article 12-28, Real Estate and Accumulated Depreciation - Summary (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	1,284
Encumbrances	$ 33,093,000
Initial Cost to Company
Land	90,020,000
Buildings & Improvements	378,319,000
Cost Capitalized Subsequent to Acquisition	7,083,000
Gross Amount Carried at Close of Period
Land	90,020,000
Buildings & Improvements	384,971,000
Total	474,991,000	$ 348,365,000	$ 247,072,000
Accumulated Depreciation	$ 31,257,000	$ 20,884,000	$ 13,215,000
Number of properties accounted for as direct financing leases (in properties) | property	2
Aggregate cost for Federal Income Tax purposes	$ 498,600,000
Alabama
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	23
Encumbrances	$ 0
Initial Cost to Company
Land	2,800,000
Buildings & Improvements	16,793,000
Cost Capitalized Subsequent to Acquisition	127,000
Gross Amount Carried at Close of Period
Land	2,800,000
Buildings & Improvements	16,920,000
Total	19,720,000
Accumulated Depreciation	$ 808,000
Depreciable Life (Yrs)	40 years
Alaska
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	15,000
Buildings & Improvements	51,000
Cost Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	15,000
Buildings & Improvements	51,000
Total	66,000
Accumulated Depreciation	$ 9,000
Depreciable Life (Yrs)	40 years
Arizona
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	9
Encumbrances	$ 0
Initial Cost to Company
Land	1,354,000
Buildings & Improvements	5,151,000
Cost Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,354,000
Buildings & Improvements	5,151,000
Total	6,505,000
Accumulated Depreciation	$ 58,000
Depreciable Life (Yrs)	40 years
Arkansas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	28
Encumbrances	$ 0
Initial Cost to Company
Land	1,462,000
Buildings & Improvements	5,258,000
Cost Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,462,000
Buildings & Improvements	5,258,000
Total	6,720,000
Accumulated Depreciation	$ 791,000
Depreciable Life (Yrs)	40 years
California
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	21
Encumbrances	$ 0
Initial Cost to Company
Land	10,210,000
Buildings & Improvements	14,471,000
Cost Capitalized Subsequent to Acquisition	324,000
Gross Amount Carried at Close of Period
Land	10,210,000
Buildings & Improvements	14,795,000
Total	25,005,000
Accumulated Depreciation	$ 765,000
Depreciable Life (Yrs)	40 years
Colorado
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	20
Encumbrances	$ 0
Initial Cost to Company
Land	1,515,000
Buildings & Improvements	11,144,000
Cost Capitalized Subsequent to Acquisition	60,000
Gross Amount Carried at Close of Period
Land	1,515,000
Buildings & Improvements	11,204,000
Total	12,719,000
Accumulated Depreciation	$ 875,000
Depreciable Life (Yrs)	40 years
Connecticut
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	8
Encumbrances	$ 0
Initial Cost to Company
Land	1,166,000
Buildings & Improvements	5,245,000
Cost Capitalized Subsequent to Acquisition	17,000
Gross Amount Carried at Close of Period
Land	1,166,000
Buildings & Improvements	5,262,000
Total	6,428,000
Accumulated Depreciation	$ 338,000
Depreciable Life (Yrs)	40 years
Delaware
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	2
Encumbrances	$ 0
Initial Cost to Company
Land	297,000
Buildings & Improvements	600,000
Cost Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	297,000
Buildings & Improvements	600,000
Total	897,000
Accumulated Depreciation	$ 36,000
Depreciable Life (Yrs)	40 years
Florida
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	22
Encumbrances	$ 0
Initial Cost to Company
Land	5,027,000
Buildings & Improvements	10,900,000
Cost Capitalized Subsequent to Acquisition	73,000
Gross Amount Carried at Close of Period
Land	5,027,000
Buildings & Improvements	10,969,000
Total	15,996,000
Accumulated Depreciation	$ 590,000
Depreciable Life (Yrs)	40 years
Georgia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	28
Encumbrances	$ 0
Initial Cost to Company
Land	1,313,000
Buildings & Improvements	6,410,000
Cost Capitalized Subsequent to Acquisition	115,000
Gross Amount Carried at Close of Period
Land	1,313,000
Buildings & Improvements	6,525,000
Total	7,838,000
Accumulated Depreciation	$ 446,000
Depreciable Life (Yrs)	40 years
Hawaii
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	1,810,000
Buildings & Improvements	1,447,000
Cost Capitalized Subsequent to Acquisition	168,000
Gross Amount Carried at Close of Period
Land	1,810,000
Buildings & Improvements	1,615,000
Total	3,425,000
Accumulated Depreciation	$ 66,000
Depreciable Life (Yrs)	40 years
Idaho
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	11
Encumbrances	$ 0
Initial Cost to Company
Land	79,000
Buildings & Improvements	1,146,000
Cost Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	79,000
Buildings & Improvements	1,146,000
Total	1,225,000
Accumulated Depreciation	$ 268,000
Depreciable Life (Yrs)	40 years
Illinois
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	62
Encumbrances	$ 0
Initial Cost to Company
Land	1,210,000
Buildings & Improvements	7,681,000
Cost Capitalized Subsequent to Acquisition	169,000
Gross Amount Carried at Close of Period
Land	1,210,000
Buildings & Improvements	7,850,000
Total	9,060,000
Accumulated Depreciation	$ 613,000
Depreciable Life (Yrs)	40 years
Indiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	28
Encumbrances	$ 0
Initial Cost to Company
Land	1,070,000
Buildings & Improvements	7,810,000
Cost Capitalized Subsequent to Acquisition	177,000
Gross Amount Carried at Close of Period
Land	1,070,000
Buildings & Improvements	7,987,000
Total	9,057,000
Accumulated Depreciation	$ 491,000
Depreciable Life (Yrs)	40 years
Iowa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	33
Encumbrances	$ 0
Initial Cost to Company
Land	869,000
Buildings & Improvements	6,433,000
Cost Capitalized Subsequent to Acquisition	169,000
Gross Amount Carried at Close of Period
Land	869,000
Buildings & Improvements	6,602,000
Total	7,471,000
Accumulated Depreciation	$ 434,000
Depreciable Life (Yrs)	40 years
Kansas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	30
Encumbrances	$ 0
Initial Cost to Company
Land	1,101,000
Buildings & Improvements	9,977,000
Cost Capitalized Subsequent to Acquisition	393,000
Gross Amount Carried at Close of Period
Land	1,101,000
Buildings & Improvements	10,274,000
Total	11,375,000
Accumulated Depreciation	$ 668,000
Depreciable Life (Yrs)	40 years
Kentucky
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	23
Encumbrances	$ 0
Initial Cost to Company
Land	783,000
Buildings & Improvements	3,728,000
Cost Capitalized Subsequent to Acquisition	7,000
Gross Amount Carried at Close of Period
Land	783,000
Buildings & Improvements	3,735,000
Total	4,518,000
Accumulated Depreciation	$ 219,000
Depreciable Life (Yrs)	40 years
Louisiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	32
Encumbrances	$ 0
Initial Cost to Company
Land	2,109,000
Buildings & Improvements	8,380,000
Cost Capitalized Subsequent to Acquisition	140,000
Gross Amount Carried at Close of Period
Land	2,109,000
Buildings & Improvements	8,493,000
Total	10,602,000
Accumulated Depreciation	$ 869,000
Depreciable Life (Yrs)	40 years
Maine
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	43
Encumbrances	$ 0
Initial Cost to Company
Land	1,488,000
Buildings & Improvements	4,332,000
Cost Capitalized Subsequent to Acquisition	349,000
Gross Amount Carried at Close of Period
Land	1,488,000
Buildings & Improvements	4,681,000
Total	6,169,000
Accumulated Depreciation	$ 445,000
Depreciable Life (Yrs)	40 years
Maryland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	8
Encumbrances	$ 0
Initial Cost to Company
Land	852,000
Buildings & Improvements	1,632,000
Cost Capitalized Subsequent to Acquisition	22,000
Gross Amount Carried at Close of Period
Land	852,000
Buildings & Improvements	1,654,000
Total	2,506,000
Accumulated Depreciation	$ 141,000
Depreciable Life (Yrs)	40 years
Massachusetts
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	17
Encumbrances	$ 0
Initial Cost to Company
Land	2,702,000
Buildings & Improvements	9,018,000
Cost Capitalized Subsequent to Acquisition	84,000
Gross Amount Carried at Close of Period
Land	2,702,000
Buildings & Improvements	9,102,000
Total	11,804,000
Accumulated Depreciation	$ 1,974,000
Depreciable Life (Yrs)	40 years
Michigan
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	55
Encumbrances	$ 0
Initial Cost to Company
Land	3,256,000
Buildings & Improvements	11,725,000
Cost Capitalized Subsequent to Acquisition	463,000
Gross Amount Carried at Close of Period
Land	3,256,000
Buildings & Improvements	12,118,000
Total	15,374,000
Accumulated Depreciation	$ 1,017,000
Depreciable Life (Yrs)	40 years
Minnesota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	53
Encumbrances	$ 333,000
Initial Cost to Company
Land	917,000
Buildings & Improvements	8,491,000
Cost Capitalized Subsequent to Acquisition	75,000
Gross Amount Carried at Close of Period
Land	917,000
Buildings & Improvements	8,513,000
Total	9,430,000
Accumulated Depreciation	$ 608,000
Depreciable Life (Yrs)	40 years
Mississippi
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	18
Encumbrances	$ 0
Initial Cost to Company
Land	948,000
Buildings & Improvements	4,247,000
Cost Capitalized Subsequent to Acquisition	144,000
Gross Amount Carried at Close of Period
Land	948,000
Buildings & Improvements	4,391,000
Total	5,339,000
Accumulated Depreciation	$ 477,000
Depreciable Life (Yrs)	40 years
Missouri
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	37
Encumbrances	$ 0
Initial Cost to Company
Land	1,287,000
Buildings & Improvements	6,847,000
Cost Capitalized Subsequent to Acquisition	214,000
Gross Amount Carried at Close of Period
Land	1,287,000
Buildings & Improvements	7,052,000
Total	8,339,000
Accumulated Depreciation	$ 565,000
Depreciable Life (Yrs)	40 years
Montana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	13
Encumbrances	$ 0
Initial Cost to Company
Land	435,000
Buildings & Improvements	3,359,000
Cost Capitalized Subsequent to Acquisition	94,000
Gross Amount Carried at Close of Period
Land	435,000
Buildings & Improvements	3,453,000
Total	3,888,000
Accumulated Depreciation	$ 290,000
Depreciable Life (Yrs)	40 years
Nebraska
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	23
Encumbrances	$ 0
Initial Cost to Company
Land	178,000
Buildings & Improvements	2,730,000
Cost Capitalized Subsequent to Acquisition	49,000
Gross Amount Carried at Close of Period
Land	178,000
Buildings & Improvements	2,779,000
Total	2,957,000
Accumulated Depreciation	$ 157,000
Depreciable Life (Yrs)	40 years
Nevada
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	4
Encumbrances	$ 0
Initial Cost to Company
Land	485,000
Buildings & Improvements	2,314,000
Cost Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	485,000
Buildings & Improvements	2,314,000
Total	2,799,000
Accumulated Depreciation	$ 112,000
Depreciable Life (Yrs)	40 years
New Hampshire
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	8
Encumbrances	$ 0
Initial Cost to Company
Land	519,000
Buildings & Improvements	1,231,000
Cost Capitalized Subsequent to Acquisition	8,000
Gross Amount Carried at Close of Period
Land	519,000
Buildings & Improvements	1,239,000
Total	1,758,000
Accumulated Depreciation	$ 85,000
Depreciable Life (Yrs)	40 years
New Jersey
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	5
Encumbrances	$ 0
Initial Cost to Company
Land	319,000
Buildings & Improvements	1,536,000
Cost Capitalized Subsequent to Acquisition	16,000
Gross Amount Carried at Close of Period
Land	319,000
Buildings & Improvements	1,552,000
Total	1,871,000
Accumulated Depreciation	$ 61,000
Depreciable Life (Yrs)	40 years
New Mexico
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	5
Encumbrances	$ 0
Initial Cost to Company
Land	373,000
Buildings & Improvements	812,000
Cost Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	373,000
Buildings & Improvements	812,000
Total	1,185,000
Accumulated Depreciation	$ 62,000
Depreciable Life (Yrs)	40 years
New York
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	49
Encumbrances	$ 0
Initial Cost to Company
Land	4,633,000
Buildings & Improvements	16,057,000
Cost Capitalized Subsequent to Acquisition	308,000
Gross Amount Carried at Close of Period
Land	4,633,000
Buildings & Improvements	16,365,000
Total	20,998,000
Accumulated Depreciation	$ 728,000
Depreciable Life (Yrs)	40 years
North Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	54
Encumbrances	$ 0
Initial Cost to Company
Land	5,979,000
Buildings & Improvements	17,154,000
Cost Capitalized Subsequent to Acquisition	113,000
Gross Amount Carried at Close of Period
Land	5,979,000
Buildings & Improvements	17,267,000
Total	23,246,000
Accumulated Depreciation	$ 1,245,000
Depreciable Life (Yrs)	40 years
North Dakota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	21
Encumbrances	$ 0
Initial Cost to Company
Land	225,000
Buildings & Improvements	2,170,000
Cost Capitalized Subsequent to Acquisition	4,000
Gross Amount Carried at Close of Period
Land	225,000
Buildings & Improvements	2,174,000
Total	2,399,000
Accumulated Depreciation	$ 218,000
Depreciable Life (Yrs)	40 years
Ohio
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	32
Encumbrances	$ 844,000
Initial Cost to Company
Land	2,957,000
Buildings & Improvements	11,768,000
Cost Capitalized Subsequent to Acquisition	213,000
Gross Amount Carried at Close of Period
Land	2,957,000
Buildings & Improvements	11,961,000
Total	14,918,000
Accumulated Depreciation	$ 1,024,000
Depreciable Life (Yrs)	40 years
Oklahoma
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	47
Encumbrances	$ 0
Initial Cost to Company
Land	1,464,000
Buildings & Improvements	7,146,000
Cost Capitalized Subsequent to Acquisition	209,000
Gross Amount Carried at Close of Period
Land	1,464,000
Buildings & Improvements	7,242,000
Total	8,706,000
Accumulated Depreciation	$ 1,197,000
Depreciable Life (Yrs)	40 years
Oregon
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	3
Encumbrances	$ 0
Initial Cost to Company
Land	581,000
Buildings & Improvements	1,386,000
Cost Capitalized Subsequent to Acquisition	27,000
Gross Amount Carried at Close of Period
Land	581,000
Buildings & Improvements	1,413,000
Total	1,994,000
Accumulated Depreciation	$ 66,000
Depreciable Life (Yrs)	40 years
Pennsylvania
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	87
Encumbrances	$ 31,634,000
Initial Cost to Company
Land	8,531,000
Buildings & Improvements	63,242,000
Cost Capitalized Subsequent to Acquisition	524,000
Gross Amount Carried at Close of Period
Land	8,531,000
Buildings & Improvements	63,744,000
Total	72,275,000
Accumulated Depreciation	$ 5,075,000
Depreciable Life (Yrs)	40 years
Puerto Rico
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	99,000
Buildings & Improvements	349,000
Cost Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	99,000
Buildings & Improvements	349,000
Total	448,000
Accumulated Depreciation	$ 9,000
Depreciable Life (Yrs)	40 years
South Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	22
Encumbrances	$ 282,000
Initial Cost to Company
Land	1,590,000
Buildings & Improvements	4,766,000
Cost Capitalized Subsequent to Acquisition	1,101,000
Gross Amount Carried at Close of Period
Land	1,590,000
Buildings & Improvements	5,862,000
Total	7,452,000
Accumulated Depreciation	$ 306,000
Depreciable Life (Yrs)	40 years
South Dakota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	20
Encumbrances	$ 0
Initial Cost to Company
Land	337,000
Buildings & Improvements	2,165,000
Cost Capitalized Subsequent to Acquisition	31,000
Gross Amount Carried at Close of Period
Land	337,000
Buildings & Improvements	2,196,000
Total	2,533,000
Accumulated Depreciation	$ 217,000
Depreciable Life (Yrs)	40 years
Tennessee
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	24
Encumbrances	$ 0
Initial Cost to Company
Land	2,740,000
Buildings & Improvements	9,332,000
Cost Capitalized Subsequent to Acquisition	38,000
Gross Amount Carried at Close of Period
Land	2,740,000
Buildings & Improvements	9,370,000
Total	12,110,000
Accumulated Depreciation	$ 756,000
Depreciable Life (Yrs)	40 years
Texas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	86
Encumbrances	$ 0
Initial Cost to Company
Land	4,868,000
Buildings & Improvements	20,431,000
Cost Capitalized Subsequent to Acquisition	390,000
Gross Amount Carried at Close of Period
Land	4,868,000
Buildings & Improvements	20,818,000
Total	25,686,000
Accumulated Depreciation	$ 2,758,000
Depreciable Life (Yrs)	40 years
Utah
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	2
Encumbrances	$ 0
Initial Cost to Company
Land	97,000
Buildings & Improvements	880,000
Cost Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	97,000
Buildings & Improvements	880,000
Total	977,000
Accumulated Depreciation	$ 68,000
Depreciable Life (Yrs)	40 years
Vermont
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	18
Encumbrances	$ 0
Initial Cost to Company
Land	1,138,000
Buildings & Improvements	3,976,000
Cost Capitalized Subsequent to Acquisition	18,000
Gross Amount Carried at Close of Period
Land	1,138,000
Buildings & Improvements	3,994,000
Total	5,132,000
Accumulated Depreciation	$ 197,000
Depreciable Life (Yrs)	40 years
Virginia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	24
Encumbrances	$ 0
Initial Cost to Company
Land	2,810,000
Buildings & Improvements	10,767,000
Cost Capitalized Subsequent to Acquisition	56,000
Gross Amount Carried at Close of Period
Land	2,810,000
Buildings & Improvements	10,823,000
Total	13,633,000
Accumulated Depreciation	$ 446,000
Depreciable Life (Yrs)	40 years
Washington
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	7
Encumbrances	$ 0
Initial Cost to Company
Land	456,000
Buildings & Improvements	1,341,000
Cost Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	456,000
Buildings & Improvements	1,341,000
Total	1,797,000
Accumulated Depreciation	$ 138,000
Depreciable Life (Yrs)	40 years
West Virginia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	34
Encumbrances	$ 0
Initial Cost to Company
Land	927,000
Buildings & Improvements	6,390,000
Cost Capitalized Subsequent to Acquisition	204,000
Gross Amount Carried at Close of Period
Land	927,000
Buildings & Improvements	6,594,000
Total	7,521,000
Accumulated Depreciation	$ 258,000
Depreciable Life (Yrs)	40 years
Wisconsin
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	77
Encumbrances	$ 0
Initial Cost to Company
Land	2,513,000
Buildings & Improvements	16,292,000
Cost Capitalized Subsequent to Acquisition	390,000
Gross Amount Carried at Close of Period
Land	2,513,000
Buildings & Improvements	16,673,000
Total	19,186,000
Accumulated Depreciation	$ 2,139,000
Depreciable Life (Yrs)	40 years
Wyoming
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	5
Encumbrances	$ 0
Initial Cost to Company
Land	126,000
Buildings & Improvements	1,808,000
Cost Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	126,000
Buildings & Improvements	1,808,000
Total	1,934,000
Accumulated Depreciation	$ 74,000
Depreciable Life (Yrs)	40 years

SEC Schedule, Article 12-28, _3

SEC Schedule, Article 12-28, Real Estate and Accumulated Depreciation - Real Estate Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Beginning Balance	$ 348,365,000	$ 247,072,000
Acquisitions	123,719,000	99,006,000
Capital Improvements	3,251,000	2,492,000
Write-offs	(322,000)	(37,000)
Other	(22,000)	(168,000)
Ending Balance	$ 474,991,000	$ 348,365,000

SEC Schedule, Article 12-28, _4

SEC Schedule, Article 12-28, Real Estate and Accumulated Depreciation - Accumulated Depreciation Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Beginning Balance	$ (20,884,000)	$ (13,215,000)
Depreciation expense	(10,695,000)	(7,706,000)
Write-offs	322,000	37,000
Ending Balance	$ (31,257,000)	$ (20,884,000)