Postal Realty Trust (PSTL) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 03, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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 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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		19,910,439
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001759774
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Real estate properties, at cost:
Land	$ 92,822	$ 90,020
Building and improvements	393,143	378,596
Tenant improvements	6,526	6,375
Total real estate properties, at cost	492,491	474,991
Less: Accumulated depreciation	(34,210)	(31,257)
Total real estate properties, net	458,281	443,734
Investment in financing leases, net	16,105	16,130
Total real estate investments, net	474,386	459,864
Cash	2,112	1,495
Escrow and reserves	672	547
Rent and other receivables	2,861	4,613
Prepaid expenses and other assets, net	12,566	15,968
Goodwill	1,536	1,536
Deferred rent receivable	1,279	1,194
In-place lease intangibles, net	15,051	15,687
Above market leases, net	403	399
Total Assets	510,866	501,303
Liabilities:
Term loans, net	163,820	163,753
Revolving credit facility	17,000	0
Secured borrowings, net	32,821	32,909
Accounts payable, accrued expenses and other, net	7,429	9,109
Below market leases, net	12,030	11,821
Total Liabilities	233,100	217,592
Commitments and Contingencies
Equity:
Class A common stock, par value $0.01 per share; 500,000,000 shares authorized; 19,737,709 and 19,528,066 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	197	195
Class B common stock, par value $0.01 per share; 27,206 shares authorized: 27,206 shares issued and outstanding as of March 31, 2023 and December 31, 2022	0	0
Additional paid-in capital	254,030	254,107
Accumulated other comprehensive income	5,207	7,486
Accumulated deficit	(36,996)	(32,557)
Total Stockholders’ Equity	222,438	229,231
Operating Partnership unitholders’ non-controlling interests	55,328	54,480
Total Equity	277,766	283,711
Total Liabilities and Equity	$ 510,866	$ 501,303

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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)	19,737,709	19,528,066
Common stock, shares outstanding (in shares)	19,737,709	19,528,066
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 Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Rental income	$ 14,499	$ 11,349
Fee and other	649	582
Total revenues	15,148	11,931
Operating expenses:
Real estate taxes	1,983	1,590
Property operating expenses	1,624	1,530
General and administrative	4,159	3,642
Depreciation and amortization	4,837	4,110
Total operating expenses	12,603	10,872
Income from operations	2,545	1,059
Other income	114	487
Interest expense, net:
Contractual interest expense	(2,045)	(686)
Write-off and amortization of deferred financing fees	(165)	(129)
Interest income	0	1
Total interest expense, net	(2,210)	(814)
Income before income tax expense	449	732
Income tax expense	(16)	(11)
Net income	433	721
Net income attributable to Operating Partnership unitholders’ non-controlling interests	(85)	(126)
Net income attributable to common stockholders	$ 348	$ 595
Net income per share:
Basic (in dollars per share)	$ 0	$ 0.02
Diluted (in dollars per share)	$ 0	$ 0.02
Weighted average common shares outstanding:
Basic (in shares)	19,294,896	18,368,130
Diluted (in shares)	19,294,896	18,368,130
Comprehensive (loss) income:
Net income	$ 433	$ 721
Unrealized (loss) gain on derivative instruments	(2,837)	2,511
Comprehensive (loss) income	(2,404)	3,232
Comprehensive loss (income) attributable to Operating Partnership unitholders’ non-controlling interests	473	(565)
Comprehensive (loss) income attributable to common stockholders	$ (1,931)	$ 2,667

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Total Stockholders’ equity	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Operating Partnership unitholders’ non-controlling interests
Beginning balance at Dec. 31, 2021	$ 265,473	$ 220,042	$ 186	$ 237,969	$ 766	$ (18,879)	$ 45,431
Beginning balance (in shares) at Dec. 31, 2021			18,591,627
Issuance of OP Units in connection with a transactions	3,238						3,238
Issuance and amortization of equity-based compensation	1,799	1,428	$ 2	1,426			371
Issuance and amortization of equity-based compensation (in shares)			199,102
Issuance and amortization under ESPP	100	100		100
Issuance and amortization under ESPP (in shares)			5,387
Restricted stock withholdings	(62)	(62)		(62)
Restricted stock withholdings (in shares)			(3,492)
Dividends declared	(5,197)	(4,295)				(4,295)	(902)
Accumulated other comprehensive income	2,511
Net income	721	595				595	126
Reallocation of non-controlling interest	0	346		346			(346)
Ending balance at Mar. 31, 2022	268,583	220,226	$ 188	239,779	2,838	(22,579)	48,357
Ending balance (in shares) at Mar. 31, 2022			18,792,624
Other Comprehensive Income (Loss), Tax		2,072			2,072		439
Beginning balance at Dec. 31, 2022	283,711	229,231	$ 195	254,107	7,486	(32,557)	54,480
Beginning balance (in shares) at Dec. 31, 2022			19,555,272
Net proceeds from sale of common stock	710	710	$ 1	709
Net proceeds from sale of common stock (in shares)			55,082
Shares issued upon redemption of OP units (in shares)			22,798
Shares issued upon redemption of OP Units	0	409		409			(409)
Issuance and amortization of equity-based compensation	1,945	1,377	$ 1	1,376			568
Issuance and amortization of equity-based compensation (in shares)			146,627
Issuance and amortization under ESPP	94	94		94
Issuance and amortization under ESPP (in shares)			6,446
Restricted stock withholdings	(327)	(327)		(327)
Restricted stock withholdings (in shares)			(21,310)
Dividends declared	(5,963)	(4,787)				(4,787)	(1,176)
Accumulated other comprehensive income	(2,837)
Net income	433	348				348	85
Reallocation of non-controlling interest	0	(2,338)		(2,338)			2,338
Ending balance at Mar. 31, 2023	$ 277,766	222,438	$ 197	$ 254,030	5,207	$ (36,996)	55,328
Ending balance (in shares) at Mar. 31, 2023			19,764,915
Other Comprehensive Income (Loss), Tax		$ (2,279)			$ (2,279)		$ (558)

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Deficit) (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 277,766	$ 283,711	$ 268,583	$ 265,473

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 433	$ 721
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,067	2,346
Amortization of in-place intangibles	1,770	1,764
Write-off and amortization of deferred financing costs	165	129
Amortization of above/below market leases	(578)	(522)
Amortization of intangible liability	(24)	(16)
Gain on insurance proceeds received for damage due to property	0	(378)
Equity based compensation	1,960	1,706
Deferred rent receivable	(85)	(156)
Deferred rent expense payable	2	3
Other	12	12
Changes in assets and liabilities:
Rent and other receivables	1,827	1,742
Prepaid expenses and other assets	696	606
Accounts payable, accrued expenses and other	(1,530)	(1,337)
Net cash provided by operating activities	7,715	6,620
Cash flows from investing activities:
Acquisition of real estate	(17,389)	(25,456)
Investment in financing leases	0	(10)
Escrows for acquisition and construction deposits	(223)	(1,445)
Capital improvements	(393)	(851)
Insurance proceeds related to property damage claims	0	378
Other investing activities	(11)	(305)
Net cash used in investing activities	(18,016)	(27,689)
Cash flows from financing activities:
Repayments of secured borrowings	(93)	(88)
Proceeds from revolving credit facility	17,000	29,000
Repayments of revolving credit facility	0	(2,000)
Net proceeds (costs) from issuance of shares	718	(199)
Deferred offering costs	(107)	0
Proceeds from issuance of ESPP shares	79	83
Shares withheld for payment of taxes on restricted share vesting	(461)	(162)
Dividends and distributions	(5,963)	(5,197)
Other financing activities	(130)	(139)
Net cash provided by financing activities	11,043	21,298
Net increase in Cash and Escrows and Reserves	742	229
Cash and Escrows and Reserves at the beginning of period	2,042	7,026
Cash and Escrow and Reserves at the end of period	2,784	7,255
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Unrealized (loss) gain on interest rate swaps, net	(2,837)	2,511
Reallocation of non-controlling interest	2,338	346
Reclassification of acquisition deposits included in prepaid expenses and other assets	205	280
Write-off of fixed assets no longer in service	139	86
Accrued capital expenditures included in accounts payable and accrued expenses	123	272
OP Units issued for property acquisitions	0	1,787
OP Units issued for business acquisition	$ 0	$ 1,451

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [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 March 31, 2023, the Company held an approximately 80.1% 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 March 31, 2023, the Company owned a portfolio of 1,325 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 (“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. Additionally, any income earned by the TRS and any other TRS the Company forms in the future will be subject to federal, state and local corporate income tax. 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	3 Months Ended
	Mar. 31, 2023
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. The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial state ments. This interim financial information should be read in conjunction with the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Management believes that all adjustments of a normal, recurring nature considered necessary for a fair presentation have been included. This interim financial information does not necessarily represent or indicate what the operating results will be for the year ending December 31, 2023. All material intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of financial statements in conformity with GAAP 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 Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, t he 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” on the Consolidated Balance Sheets as a reduction of additional paid-in capital. 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 "Revolving Credit Facility") of the Credit Facilities are deferred and amortized as an increase to interest expense over the terms of the 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 March 31, December 31, (in thousands) Cash $ 2,112 $ 1,495 Escrows and reserves: Maintenance reserve 233 206 Real estate tax reserve 378 240 ESPP reserve 61 101 Cash and escrows and reserves $ 2,784 $ 2,042 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 (Loss) 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 creditworthiness, 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 of collection 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 lease 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 (Loss) 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. 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 March 31, 2023 and December 31, 2022. 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 March 31, 2023 and December 31, 2022 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 March 31, 2023 and December 31, 2022, 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 $28.2 million and $27.5 million as compared to the principal balance of $33.0 million and $33.1 million as of March 31, 2023 and December 31, 2022, respectively. The fair value of the Company’s secured debt was categorized as a Level 3 fair value estimate (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 and liabilities, 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 amount 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 and liabilities was categorized as a Level 2 fair value estimate (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 and liabilities. As of March 31, 2023 and December 31, 2022, the fair value of the Company’s interest rate swap derivative assets was approximately $6.4 million and $9.2 million, respectively, included in “Prepaid expenses and other assets, net” on the Consolidated Balance Sheets. As of March 31, 2023, the fair value of the Company’s interest rate swap derivative liabilities was approximately $0.1 million, included in “Accounts payable, accrued expenses and other, net” on the Consolidated Balance Sheets. Disclosure about fair value of assets and liabilities is based on pertinent information available to management as of March 31, 2023 and December 31, 2022. 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 March 31, 2023 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 three months ended March 31, 2023 and 2022. Concentration of Credit Risks As of March 31, 2023, the Company’s properties were leased primarily to a single tenant, the USPS. For the three months ended March 31, 2023, approximately 13.7% of the Company’s total rental income, or $2.0 million, was concentrated in Pennsylvania. For the three months ended March 31, 2022, approximately 17.2% of the Company's total rental income, or $2.0 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. 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 a reduction of equity-based compensation expense as such forfeitures 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 to 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. Stockholders’ 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 March 31, 2023 and 2022, the Company had unvested restricted shares of Class A common stock, long term incentive units of the Operating Partnership ("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 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 changed 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	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Real Estate Acquisitions	Real Estate Acquisitions The following tables summarizes the Company’s acquisitions for the three months ended March 31, 2023. 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 Land Building Tenant In-place Above- Below- Other Total (1) 2023 March 31, 2023 (2) 39 $ 2,802 $ 14,271 $ 152 $ 1,134 $ 43 $ (826) $ — $ 17,576 Explanatory Notes : (1) Includes closing costs of approximately $0.3 million for the three months ended March 31, 2023. (2) Includes the acquisition of 39 properties in various states in individual or portfolio transactions for a price of approximately $17.6 million, including closing costs, which was primarily funded with borrowings under the Credit Facilities.

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	3 Months Ended
	Mar. 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 (in thousands) March 31, 2023: In-place lease intangibles $ 41,208 $ (26,157) $ 15,051 Above-market leases 599 (196) 403 Below-market leases (19,901) 7,871 (12,030) December 31, 2022: 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) Amortization of in-place lease intangibles was $1.8 million and $1.8 million for the three months ended March 31, 2023 and 2022, respectively. This amortization is included in “Depreciation and amortization” in the Consolidated Statements of Operations and Comprehensive (Loss) Income. Amortization of acquired above market leases was $0.04 million and $0.02 million for the three months ended March 31, 2023 and 2022, respectively, and is included in “Rental income” in the Consolidated Statements of Operations and Comprehensive (Loss) Income. Amortization of acquired below market leases was $0.6 million and $0.5 million for the three months ended March 31, 2023 and 2022, respectively, and is included in “Rental income” in the Consolidated Statements of Operations and Comprehensive (Loss) Income. Future amortization/accretion of these intangibles is below (in thousands): Year Ending December 31, In-place lease Above-market Below-market 2023-Remaining $ 4,804 $ 119 $ (1,831) 2024 4,801 119 (2,071) 2025 2,963 84 (1,499) 2026 1,654 62 (1,208) 2027 594 10 (942) Thereafter 235 9 (4,479) Total $ 15,051 $ 403 $ (12,030)

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes the Company’s indebtedness as of March 31, 2023 and December 31, 2022 (dollars in thousands): Outstanding Balance as of Outstanding Interest Maturity Date Revolving Credit Facility (1) $ 17,000 $ — SOFR+148 bps (2) January 2026 2021 Term Loan (1) 50,000 50,000 SOFR+143 bps (2) January 2027 2022 Term Loan (1) 115,000 115,000 SOFR+143 bps (2) February 2028 Secured Borrowings: Vision Bank (3) 1,409 1,409 3.69 % September 2041 First Oklahoma Bank (4) 328 333 3.63 % December 2037 Vision Bank – 2018 (5) 844 844 3.69 % September 2041 Seller Financing (6) 194 282 6.00 % January 2025 AIG – December 2020 (7) 30,225 30,225 2.80 % January 2031 Total Principal 215,000 198,093 Unamortized deferred financing costs (1,359) (1,431) Total Debt $ 213,641 $ 196,662 Explanatory Notes : (1) On August 9, 2021, the Company entered into the Credit Facilities, which included the $150.0 million Revolving Credit Facility and the $50.0 million senior unsecured term loan facility (the "2021 Term Loan"). On May 11, 2022, the Company amended the Credit Facilities 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 London Interbank Offered Rate 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. On December 6, 2022, the Company further exercised $40.0 million of term loan accordion under the 2022 Term Loan. The Credit Facilities include an accordion feature which permit the Company to borrow up to an additional $150.0 million under the 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 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 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 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 Revolving Credit Facility. The Credit Facilities contain a number of customary financial and non-financial covenants. During the three months ended March 31, 2023 and 2022, the Company incurred $0.1 million and $0.1 million, respectively, of unused facility fees related to the Revolving Credit Facility. As of March 31, 2023, 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”) . Upon the Company's achievement of certain sustainability targets for 2022, the applicable margins for the Credit Facilities were reduced by 0.02% for the year ending December 31, 2023, which is reflected in the margins noted in the table above. (3) Five properties are collateralized under this loan 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 March 31, 2023 and December 31, 2022 was approximately 5.0 years and 5.5 years, respectively. The scheduled principal repayments of indebtedness as of March 31, 2023 are as follows (in thousands): Year Ending December 31, Amount 2023 - Remaining $ 13 2024 112 2025 118 2026 17,637 2027 50,778 Thereafter 146,342 Total $ 215,000

Derivatives and Hedging Activit

Derivatives and Hedging Activities	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	Derivatives and Hedging ActivitiesThe 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 2.27% as of March 31, 2023. 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 4.217% as of March 31, 2023. 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 4.79% as of March 31, 2023. 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 4.932% as of March 31, 2023. 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 $3.7 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 in the Consolidated Statements of Operations and Comprehensive (Loss) Income for the three months ended March 31, 2023 and 2022 (in thousands). For the Three Months Ended Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps) 2023 2022 Amount of (loss) gain recognized on derivative in "Accumulated other comprehensive income" $ (1,938) $ 2,426 Amount of gain (loss) reclassified from "Accumulated other comprehensive income" into interest expense $ 899 $ (85) "Interest expense, net" presented in the Consolidated Statements of Operations and Comprehensive (Loss) Income, in which the effects of cash flow hedges are recorded, totaled $2.2 million and $0.8 million for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, the Company also had 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 March 31, 2023, it could have been required to settle its obligations under the agreements of any interest rate swap in a net liability position for approximately $0.1 million, which is at their termination value.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases, Operating [Abstract]
Leases	Leases Lessor Accounting As of March 31, 2023, 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 March 31, 2023 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 (Loss) Income. The following table represents rental revenue that the Company recognized related to its operating leases (in thousands): For the Three Months Ended 2023 2022 Fixed payments $ 12,550 $ 9,664 Variable payments 1,949 1,685 $ 14,499 $ 11,349 Future minimum lease payments to be received as of March 31, 2023 under non-cancellable operating leases for the next five years and thereafter are as follows (in thousands): Year Ending December 31, Amount (1) 2023 - Remaining (2) $ 31,737 2024 39,038 2025 32,373 2026 24,120 2027 13,272 Thereafter 14,523 Total $ 155,063 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 March 31, 2023, the leases at 101 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 March 31, 2023, operating leases for 65 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 March 31, 2023, 62 of these properties acquired for an aggregate purchase price of approximately $48.8 million had an aggregate purchase option price of approximately $58.6 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 March 31, 2023 and 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 March 31, 2023 and December 31, 2022 are summarized in the table below (in thousands): As of March 31, As of December 31, Total minimum lease payment receivable $ 32,931 $ 33,215 Less: unearned income (16,826) (17,085) Investment in financing leases, net $ 16,105 $ 16,130 Revenue earned under direct financing leases for the three months ended March 31, 2023 and 2022 were $0.3 million and $0.3 million, respectively, which is recorded in "Fee and other" in the Consolidated Statements of Operations and Comprehensive (Loss) Income. Future lease payments to be received under the Company’s direct financing leases as of March 31, 2023 for the next five years and thereafter are as follows (in thousands): Year Ending December 31, Amount 2023 – Remaining $ 853 2024 1,137 2025 1,137 2026 1,137 2027 1,137 Thereafter 27,530 Total $ 32,931 Lessee Accounting As a lessee, the Company has ground and office leases which were classified as operating leases. As of March 31, 2023, these leases had remaining terms, including renewal options, of one As of March 31, As of December 31, ROU asset – operating leases $ 959 $ 1,010 Lease liability – operating leases $ 965 $ 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 three months ended March 31, 2023 and 2022 was $0.06 million. Future minimum lease payments to be paid by the Company as a lessee for operating leases as of March 31, 2023 for the next five years and thereafter are as follows (in thousands): 2023 — Remaining $ 185 2024 121 2025 46 2026 43 2027 43 Thereafter 1,387 Total future minimum lease payments 1,825 Interest discount (860) Total $ 965
Leases	Leases Lessor Accounting As of March 31, 2023, 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 March 31, 2023 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 (Loss) Income. The following table represents rental revenue that the Company recognized related to its operating leases (in thousands): For the Three Months Ended 2023 2022 Fixed payments $ 12,550 $ 9,664 Variable payments 1,949 1,685 $ 14,499 $ 11,349 Future minimum lease payments to be received as of March 31, 2023 under non-cancellable operating leases for the next five years and thereafter are as follows (in thousands): Year Ending December 31, Amount (1) 2023 - Remaining (2) $ 31,737 2024 39,038 2025 32,373 2026 24,120 2027 13,272 Thereafter 14,523 Total $ 155,063 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 March 31, 2023, the leases at 101 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 March 31, 2023, operating leases for 65 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 March 31, 2023, 62 of these properties acquired for an aggregate purchase price of approximately $48.8 million had an aggregate purchase option price of approximately $58.6 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 March 31, 2023 and 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 March 31, 2023 and December 31, 2022 are summarized in the table below (in thousands): As of March 31, As of December 31, Total minimum lease payment receivable $ 32,931 $ 33,215 Less: unearned income (16,826) (17,085) Investment in financing leases, net $ 16,105 $ 16,130 Revenue earned under direct financing leases for the three months ended March 31, 2023 and 2022 were $0.3 million and $0.3 million, respectively, which is recorded in "Fee and other" in the Consolidated Statements of Operations and Comprehensive (Loss) Income. Future lease payments to be received under the Company’s direct financing leases as of March 31, 2023 for the next five years and thereafter are as follows (in thousands): Year Ending December 31, Amount 2023 – Remaining $ 853 2024 1,137 2025 1,137 2026 1,137 2027 1,137 Thereafter 27,530 Total $ 32,931 Lessee Accounting As a lessee, the Company has ground and office leases which were classified as operating leases. As of March 31, 2023, these leases had remaining terms, including renewal options, of one As of March 31, As of December 31, ROU asset – operating leases $ 959 $ 1,010 Lease liability – operating leases $ 965 $ 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 three months ended March 31, 2023 and 2022 was $0.06 million. Future minimum lease payments to be paid by the Company as a lessee for operating leases as of March 31, 2023 for the next five years and thereafter are as follows (in thousands): 2023 — Remaining $ 185 2024 121 2025 46 2026 43 2027 43 Thereafter 1,387 Total future minimum lease payments 1,825 Interest discount (860) Total $ 965
Leases	Leases Lessor Accounting As of March 31, 2023, 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 March 31, 2023 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 (Loss) Income. The following table represents rental revenue that the Company recognized related to its operating leases (in thousands): For the Three Months Ended 2023 2022 Fixed payments $ 12,550 $ 9,664 Variable payments 1,949 1,685 $ 14,499 $ 11,349 Future minimum lease payments to be received as of March 31, 2023 under non-cancellable operating leases for the next five years and thereafter are as follows (in thousands): Year Ending December 31, Amount (1) 2023 - Remaining (2) $ 31,737 2024 39,038 2025 32,373 2026 24,120 2027 13,272 Thereafter 14,523 Total $ 155,063 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 March 31, 2023, the leases at 101 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 March 31, 2023, operating leases for 65 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 March 31, 2023, 62 of these properties acquired for an aggregate purchase price of approximately $48.8 million had an aggregate purchase option price of approximately $58.6 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 March 31, 2023 and 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 March 31, 2023 and December 31, 2022 are summarized in the table below (in thousands): As of March 31, As of December 31, Total minimum lease payment receivable $ 32,931 $ 33,215 Less: unearned income (16,826) (17,085) Investment in financing leases, net $ 16,105 $ 16,130 Revenue earned under direct financing leases for the three months ended March 31, 2023 and 2022 were $0.3 million and $0.3 million, respectively, which is recorded in "Fee and other" in the Consolidated Statements of Operations and Comprehensive (Loss) Income. Future lease payments to be received under the Company’s direct financing leases as of March 31, 2023 for the next five years and thereafter are as follows (in thousands): Year Ending December 31, Amount 2023 – Remaining $ 853 2024 1,137 2025 1,137 2026 1,137 2027 1,137 Thereafter 27,530 Total $ 32,931 Lessee Accounting As a lessee, the Company has ground and office leases which were classified as operating leases. As of March 31, 2023, these leases had remaining terms, including renewal options, of one As of March 31, As of December 31, ROU asset – operating leases $ 959 $ 1,010 Lease liability – operating leases $ 965 $ 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 three months ended March 31, 2023 and 2022 was $0.06 million. Future minimum lease payments to be paid by the Company as a lessee for operating leases as of March 31, 2023 for the next five years and thereafter are as follows (in thousands): 2023 — Remaining $ 185 2024 121 2025 46 2026 43 2027 43 Thereafter 1,387 Total future minimum lease payments 1,825 Interest discount (860) Total $ 965
Leases	Leases Lessor Accounting As of March 31, 2023, 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 March 31, 2023 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 (Loss) Income. The following table represents rental revenue that the Company recognized related to its operating leases (in thousands): For the Three Months Ended 2023 2022 Fixed payments $ 12,550 $ 9,664 Variable payments 1,949 1,685 $ 14,499 $ 11,349 Future minimum lease payments to be received as of March 31, 2023 under non-cancellable operating leases for the next five years and thereafter are as follows (in thousands): Year Ending December 31, Amount (1) 2023 - Remaining (2) $ 31,737 2024 39,038 2025 32,373 2026 24,120 2027 13,272 Thereafter 14,523 Total $ 155,063 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 March 31, 2023, the leases at 101 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 March 31, 2023, operating leases for 65 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 March 31, 2023, 62 of these properties acquired for an aggregate purchase price of approximately $48.8 million had an aggregate purchase option price of approximately $58.6 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 March 31, 2023 and 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 March 31, 2023 and December 31, 2022 are summarized in the table below (in thousands): As of March 31, As of December 31, Total minimum lease payment receivable $ 32,931 $ 33,215 Less: unearned income (16,826) (17,085) Investment in financing leases, net $ 16,105 $ 16,130 Revenue earned under direct financing leases for the three months ended March 31, 2023 and 2022 were $0.3 million and $0.3 million, respectively, which is recorded in "Fee and other" in the Consolidated Statements of Operations and Comprehensive (Loss) Income. Future lease payments to be received under the Company’s direct financing leases as of March 31, 2023 for the next five years and thereafter are as follows (in thousands): Year Ending December 31, Amount 2023 – Remaining $ 853 2024 1,137 2025 1,137 2026 1,137 2027 1,137 Thereafter 27,530 Total $ 32,931 Lessee Accounting As a lessee, the Company has ground and office leases which were classified as operating leases. As of March 31, 2023, these leases had remaining terms, including renewal options, of one As of March 31, As of December 31, ROU asset – operating leases $ 959 $ 1,010 Lease liability – operating leases $ 965 $ 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 three months ended March 31, 2023 and 2022 was $0.06 million. Future minimum lease payments to be paid by the Company as a lessee for operating leases as of March 31, 2023 for the next five years and thereafter are as follows (in thousands): 2023 — Remaining $ 185 2024 121 2025 46 2026 43 2027 43 Thereafter 1,387 Total future minimum lease payments 1,825 Interest discount (860) Total $ 965

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
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 three months ended March 31, 2023 and 2022, income tax expense related to REAC was $0.01 million and $0.01 million, respectively. Other In connection with the IPO, the indirect sole shareholder of United Postal Holdings, Inc. ("UPH"), a portion of the Company's predecessor, agreed to reimburse the Company for unrecognized tax benefits primarily related to the utilization of certain loss carryforwards at UPH. The Company recorded an indemnification asset in the same amount as the unrecognized tax benefits. The indirect sole shareholder of UPH will be responsible for all tax related matters related to UPH. As of December 31, 2022, the Company had remaining unrecognized tax benefits of $0.02 million, which were inclusive of interest and penalties, and a corresponding indemnification asset, which were included in "Prepaid expenses and other assets, net" on the Consolidated Balance Sheets. During the three months ended March 31, 2023, the Company reversed the remaining $0.02 million of unrecognized tax benefits and the corresponding indemnification asset due to the expiration of statute of limitations.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Management Fee Income REAC recognized management fee income of $0.3 million for each of the three months ended March 31, 2023 and 2022 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 (Loss) Income. Accrued management fees receivable of $0.3 million and $0.3 million as of March 31, 2023 and December 31, 2022, respectively, are included in “Rent 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 $15,000 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 each of the three months ended March 31, 2023 and 2022 were $0.05 million and was recorded in “General and administrative expenses” in the Consolidated Statements of Operations and Comprehensive (Loss) 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 March 31, 2023 and December 31, 2022, 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.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
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 Three Months Ended 2023 2022 Numerator for earnings per share – basic and diluted: Net income attributable to common stockholders $ 348 $ 595 Less: Income attributable to participating securities (306) (229) Numerator for earnings per share — basic and diluted $ 42 $ 366 Denominator for earnings per share – basic and diluted (1) 19,294,896 18,368,130 Basic and diluted earnings per share $ 0.00 $ 0.02 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. Stockholders’ 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	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Stockholder’s Equity	Stockholders’ Equity ATM Program On November 4, 2022, the Company entered into separate open market sale agreements for its at-the-market offering program (the "ATM Program") with each of Jefferies LLC, BMO Capital Markets Corp., Janney Montgomery Scott LLC, Stifel, Nicolaus & Company, Incorporated and Truist Securities, Inc., as agents, 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 ATM Program for the period presented (dollars in thousands, except per share amounts). During the year ended December 31, 2022, 751,382 shares were issued under the ATM Program and the Company's previous at-the-market offering program. During the three months ended March 31, 2023, 55,082 shares were issued under the ATM Program. During the three months ended March 31, 2022, the Company did not issue any shares under its previous at-the-market offering program. As of March 31, 2023, the Company had approximately $41.0 million remaining that may be issued under the ATM Program. Three Months Ended March 31, 2023 Shares issued 55,082 Gross proceeds $ 827 Fees and issuance costs (117) Net proceeds received $ 710 Average gross sales price per share $ 15.01 Dividends During the three months ended March 31, 2023, the Company's Board of Directors approved and the Company declared and paid dividends of $5.9 million to Class A common stockholders, Voting Equivalency stockholders, OP unitholders and LTIP unitholders, or $0.2375 per share or unit, as shown in the table below. Declaration Date Record Date Date Paid Amount Per Share or Unit February 1, 2023 February 15, 2023 February 28, 2023 $ 0.2375 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 employees and the Board of Directors in connection with the IPO and/or in lieu of their cash compensation. During the three months ended March 31, 2023, the Company issued 143,288 LTIP Units to the Company’s CEO for his 2022 incentive bonus, his election to defer 100% of his 2023 annual salary and for long term incentive compensation, 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, 57,057 LTIP Units to the Company's Chief Financial Officer for his 2022 incentive bonus and for long term incentive compensation, 25,510 LTIP Units to an employee for his 2022 incentive bonus, his election to defer a portion of his 2023 annual salary and for long term incentive compensation and 3,304 LTIP Units to a consultant under the consultancy agreement with the Company. As of March 31, 2023 and December 31, 2022, non-controlling interests consisted of 4,110,821 OP Units and 841,516 LTIP Units and 4,133,619 OP Units and 536,868 LTIP Units, respectively. This represented approximately 19.9% and 19.2% of the outstanding Operating Partnership units as of March 31, 2023 and December 31, 2022, 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 date on which a person first became a holder of common units, each limited partner and assignees of limited partners will generally 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 Class A common stock, on an one-for-one basis determined in accordance with and subject to adjustment under the partnership agreement. During the three months ended March 31, 2023, 22,798 OP Units were redeemed for 22,798 shares of Class A common stock. The Company adjusted the carrying value of non-controlling interests to reflect its share of the book value of the Operating Partnership reflecting the change in the Company’s ownership of the Operating Partnership. Such adjustments are recorded to additional paid-in capital as a reallocation of non-controlling interest in the Consolidated Statements of Changes in Equity. 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 Plan, the Company may grant equity incentive awards to its directors, officers, employees and consultants. As of March 31, 2023, the remaining shares available under the Plan for future issuance was 1,062,126. 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 March 31, 2023 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 Shares/Units/RSUs Weighted Outstanding, as of January 1, 2023 449,076 536,868 229,500 1,215,444 $ 16.12 Granted 123,801 304,648 110,968 539,417 $ 15.60 Vesting of restricted shares and RSUs (5) (24,091) — (27,456) (51,547) $ 10.34 Forfeited (4,839) — (11,216) (16,055) $ 8.33 Outstanding, as of March 31, 2023 543,947 841,516 301,796 1,687,259 $ 16.20 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. (3) Includes 143,288 LTIP Units granted to the Company’s CEO, 75,489 LTIP Units granted to the Company’s president and 57,057 LTIP Units granted to the Company's Chief Financial Officer, which vest over three years or cliff vest at the end of eight years. Also includes 25,510 LTIP Units granted to an employee of the Company, a portion of which will vest on December 31, 2023 with the remaining to vest over three years or cliff vest at the end of eight years, and 3,304 LTIP Units granted to a consultant under the consultancy agreement with the Company that will vest on June 30, 2023. (4) Includes 63,512 RSUs granted to certain officers and employees of the Company during the three months ended March 31, 2023, 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 performance-based hurdles relating to the Company’s specified 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. 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 46,258 time-based RSUs issued for 2022 incentive bonuses to certain employees that vested fully on January 31, 2023, the date of grant, and 1,197 time-based RSUs granted to certain employees for their election to defer a portion of their 2023 salary that will vest on December 31, 2023. RSUs reflect the right to receive shares of Class A common stock, subject to the applicable vesting criteria. (5) Includes 30,237 of restricted shares and RSUs that vested and 21,310 shares of restricted shares that were withheld to satisfy minimum statutory withholding requirements. 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 three months ended March 31, 2023, the Company recognized compensation expense of $1.6 million and $0.3 million in “General and administrative expenses” and "Property operating expenses" in the Consolidated Statements of Operations and Comprehensive (Loss) Income, respectively, related to all awards. During the three months ended March 31, 2022, the Company recognized compensation expense of $1.5 million and $0.2 million in “General and administrative expenses” and "Property operating expenses" in the Consolidated Statements of Operations and Comprehensive (Loss) Income, respectively, related to all awards. As of March 31, 2023, there was $18.0 million of total unrecognized compensation cost related to unvested awards, which is expected to be recognized over a weighted average period of 5.5 years. Employee Stock Purchase Plan The Company's 2019 Qualified Employee Stock Purchase Plan (“ESPP”) allows its employees to purchase shares of the 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 March 31, 2023 and December 31, 2022, 36,156 and 29,710 shares have been issued under the ESPP since commencement, respectively. During the three months ended March 31, 2023 and 2022, the Company recognized compensation expense of $0.01 million and $0.02 million, respectively, related to the ESPP.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of March 31, 2023, 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	3 Months Ended
	Mar. 31, 2023
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 since the acquisition date. 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	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company's Board of Directors approved, and on April 24, 2023, the Company declared a first quarter common stock dividend of $0.2375 per share, which is payable on May 31, 2023 to stockholders of record as of May 5, 2023. As of May 3, 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 Revolving Credit Facility. As of May 3, 2023 and d uring the period subsequent to March 31, 2023, the Company acquired seven properties for approximately $4.5 million, excluding closing costs.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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. 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. The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial state ments. This interim financial information should be read in conjunction with the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Management believes that all adjustments of a normal, recurring nature considered necessary for a fair presentation have been included. This interim financial information does not necessarily represent or indicate what the operating results will be for the year ending December 31, 2023. All material intercompany accounts and transactions have been eliminated.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP 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 Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, t he 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” on the Consolidated Balance Sheets as a reduction of additional paid-in capital.
Deferred Costs	Deferred CostsFinancing 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 "Revolving Credit Facility") of the Credit Facilities are deferred and amortized as an increase to interest expense over the terms of the Revolving Credit Facility and are included in “Prepaid expenses and other assets, net” on the Consolidated Balance Sheets
Reclassifications	.
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 (Loss) 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 creditworthiness, 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 of collection 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 lease 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 (Loss) 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.
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 March 31, 2023 and December 31, 2022. 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 March 31, 2023 and December 31, 2022 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 March 31, 2023 and December 31, 2022, 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 $28.2 million and $27.5 million as compared to the principal balance of $33.0 million and $33.1 million as of March 31, 2023 and December 31, 2022, respectively. The fair value of the Company’s secured debt was categorized as a Level 3 fair value estimate (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 and liabilities, 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 amount 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 and liabilities was categorized as a Level 2 fair value estimate (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 and liabilities. As of March 31, 2023 and December 31, 2022, the fair value of the Company’s interest rate swap derivative assets was approximately $6.4 million and $9.2 million, respectively, included in “Prepaid expenses and other assets, net” on the Consolidated Balance Sheets. As of March 31, 2023, the fair value of the Company’s interest rate swap derivative liabilities was approximately $0.1 million, included in “Accounts payable, accrued expenses and other, net” on the Consolidated Balance Sheets. Disclosure about fair value of assets and liabilities is based on pertinent information available to management as of March 31, 2023 and December 31, 2022. 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 March 31, 2023 and current estimates of fair value may differ significantly from the amounts presented herein.
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 March 31, 2023, the Company’s properties were leased primarily to a single tenant, the USPS. For the three months ended March 31, 2023, approximately 13.7% of the Company’s total rental income, or $2.0 million, was concentrated in Pennsylvania. For the three months ended March 31, 2022, approximately 17.2% of the Company's total rental income, or $2.0 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.
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 a reduction of equity-based compensation expense as such forfeitures 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 to 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 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 March 31, 2023 and 2022, the Company had unvested restricted shares of Class A common stock, long term incentive units of the Operating Partnership ("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 and Future Application of Accounting Pronouncements	Recently Adopted Accounting Pronouncements 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 changed 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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Schedule of cash and escrows and reserves	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 March 31, December 31, (in thousands) Cash $ 2,112 $ 1,495 Escrows and reserves: Maintenance reserve 233 206 Real estate tax reserve 378 240 ESPP reserve 61 101 Cash and escrows and reserves $ 2,784 $ 2,042

Real Estate Acquisitions (Table

Real Estate Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2023
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 Land Building Tenant In-place Above- Below- Other Total (1) 2023 March 31, 2023 (2) 39 $ 2,802 $ 14,271 $ 152 $ 1,134 $ 43 $ (826) $ — $ 17,576 Explanatory Notes : (1) Includes closing costs of approximately $0.3 million for the three months ended March 31, 2023. (2) Includes the acquisition of 39 properties in various states in individual or portfolio transactions for a price of approximately $17.6 million, including closing costs, which was primarily funded with borrowings under the Credit Facilities.

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of finite-lived intangible assets and liabilities	The following table summarizes the Company’s intangible assets and liabilities: As of Gross Asset Accumulated Amortization Net (in thousands) March 31, 2023: In-place lease intangibles $ 41,208 $ (26,157) $ 15,051 Above-market leases 599 (196) 403 Below-market leases (19,901) 7,871 (12,030) December 31, 2022: 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)
Schedule of future amortization	Future amortization/accretion of these intangibles is below (in thousands): Year Ending December 31, In-place lease Above-market Below-market 2023-Remaining $ 4,804 $ 119 $ (1,831) 2024 4,801 119 (2,071) 2025 2,963 84 (1,499) 2026 1,654 62 (1,208) 2027 594 10 (942) Thereafter 235 9 (4,479) Total $ 15,051 $ 403 $ (12,030)

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of principal balances of mortgage loans payable	The following table summarizes the Company’s indebtedness as of March 31, 2023 and December 31, 2022 (dollars in thousands): Outstanding Balance as of Outstanding Interest Maturity Date Revolving Credit Facility (1) $ 17,000 $ — SOFR+148 bps (2) January 2026 2021 Term Loan (1) 50,000 50,000 SOFR+143 bps (2) January 2027 2022 Term Loan (1) 115,000 115,000 SOFR+143 bps (2) February 2028 Secured Borrowings: Vision Bank (3) 1,409 1,409 3.69 % September 2041 First Oklahoma Bank (4) 328 333 3.63 % December 2037 Vision Bank – 2018 (5) 844 844 3.69 % September 2041 Seller Financing (6) 194 282 6.00 % January 2025 AIG – December 2020 (7) 30,225 30,225 2.80 % January 2031 Total Principal 215,000 198,093 Unamortized deferred financing costs (1,359) (1,431) Total Debt $ 213,641 $ 196,662 Explanatory Notes : (1) On August 9, 2021, the Company entered into the Credit Facilities, which included the $150.0 million Revolving Credit Facility and the $50.0 million senior unsecured term loan facility (the "2021 Term Loan"). On May 11, 2022, the Company amended the Credit Facilities 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 London Interbank Offered Rate 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. On December 6, 2022, the Company further exercised $40.0 million of term loan accordion under the 2022 Term Loan. The Credit Facilities include an accordion feature which permit the Company to borrow up to an additional $150.0 million under the 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 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 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 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 Revolving Credit Facility. The Credit Facilities contain a number of customary financial and non-financial covenants. During the three months ended March 31, 2023 and 2022, the Company incurred $0.1 million and $0.1 million, respectively, of unused facility fees related to the Revolving Credit Facility. As of March 31, 2023, 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”) . Upon the Company's achievement of certain sustainability targets for 2022, the applicable margins for the Credit Facilities were reduced by 0.02% for the year ending December 31, 2023, which is reflected in the margins noted in the table above. (3) Five properties are collateralized under this loan 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.
Schedule of principal payments of mortgage loans payable	The scheduled principal repayments of indebtedness as of March 31, 2023 are as follows (in thousands): Year Ending December 31, Amount 2023 - Remaining $ 13 2024 112 2025 118 2026 17,637 2027 50,778 Thereafter 146,342 Total $ 215,000

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2023
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 in the Consolidated Statements of Operations and Comprehensive (Loss) Income for the three months ended March 31, 2023 and 2022 (in thousands). For the Three Months Ended Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps) 2023 2022 Amount of (loss) gain recognized on derivative in "Accumulated other comprehensive income" $ (1,938) $ 2,426 Amount of gain (loss) reclassified from "Accumulated other comprehensive income" into interest expense $ 899 $ (85)

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
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): For the Three Months Ended 2023 2022 Fixed payments $ 12,550 $ 9,664 Variable payments 1,949 1,685 $ 14,499 $ 11,349
Schedule of future operating lease payments to be received	Future minimum lease payments to be received as of March 31, 2023 under non-cancellable operating leases for the next five years and thereafter are as follows (in thousands): Year Ending December 31, Amount (1) 2023 - Remaining (2) $ 31,737 2024 39,038 2025 32,373 2026 24,120 2027 13,272 Thereafter 14,523 Total $ 155,063 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 March 31, 2023, the leases at 101 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 net investment in financing lease	The components of the Company’s net investment in financing leases as of March 31, 2023 and December 31, 2022 are summarized in the table below (in thousands): As of March 31, As of December 31, Total minimum lease payment receivable $ 32,931 $ 33,215 Less: unearned income (16,826) (17,085) Investment in financing leases, net $ 16,105 $ 16,130
Schedule of future lease payments under direct financing lease	Future lease payments to be received under the Company’s direct financing leases as of March 31, 2023 for the next five years and thereafter are as follows (in thousands): Year Ending December 31, Amount 2023 – Remaining $ 853 2024 1,137 2025 1,137 2026 1,137 2027 1,137 Thereafter 27,530 Total $ 32,931
Schedule of prepaid expenses and other assets and accounts payable and accrued expenses	Operating right-of-use ("ROU") assets and lease liabilities are included in “Prepaid expenses and other assets, net” and “Accounts payable, accrued expense and other, net” on the Consolidated Balance Sheets as follows (in thousands): As of March 31, As of December 31, ROU asset – operating leases $ 959 $ 1,010 Lease liability – operating leases $ 965 $ 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 March 31, 2023 for the next five years and thereafter are as follows (in thousands): 2023 — Remaining $ 185 2024 121 2025 46 2026 43 2027 43 Thereafter 1,387 Total future minimum lease payments 1,825 Interest discount (860) Total $ 965

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
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 Three Months Ended 2023 2022 Numerator for earnings per share – basic and diluted: Net income attributable to common stockholders $ 348 $ 595 Less: Income attributable to participating securities (306) (229) Numerator for earnings per share — basic and diluted $ 42 $ 366 Denominator for earnings per share – basic and diluted (1) 19,294,896 18,368,130 Basic and diluted earnings per share $ 0.00 $ 0.02 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. Stockholders’ 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)	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Schedule of activity under ATM Program	As of March 31, 2023, the Company had approximately $41.0 million remaining that may be issued under the ATM Program. Three Months Ended March 31, 2023 Shares issued 55,082 Gross proceeds $ 827 Fees and issuance costs (117) Net proceeds received $ 710 Average gross sales price per share $ 15.01
Schedule of declared and paid dividends	During the three months ended March 31, 2023, the Company's Board of Directors approved and the Company declared and paid dividends of $5.9 million to Class A common stockholders, Voting Equivalency stockholders, OP unitholders and LTIP unitholders, or $0.2375 per share or unit, as shown in the table below. Declaration Date Record Date Date Paid Amount Per Share or Unit February 1, 2023 February 15, 2023 February 28, 2023 $ 0.2375
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 March 31, 2023 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 Shares/Units/RSUs Weighted Outstanding, as of January 1, 2023 449,076 536,868 229,500 1,215,444 $ 16.12 Granted 123,801 304,648 110,968 539,417 $ 15.60 Vesting of restricted shares and RSUs (5) (24,091) — (27,456) (51,547) $ 10.34 Forfeited (4,839) — (11,216) (16,055) $ 8.33 Outstanding, as of March 31, 2023 543,947 841,516 301,796 1,687,259 $ 16.20 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. (3) Includes 143,288 LTIP Units granted to the Company’s CEO, 75,489 LTIP Units granted to the Company’s president and 57,057 LTIP Units granted to the Company's Chief Financial Officer, which vest over three years or cliff vest at the end of eight years. Also includes 25,510 LTIP Units granted to an employee of the Company, a portion of which will vest on December 31, 2023 with the remaining to vest over three years or cliff vest at the end of eight years, and 3,304 LTIP Units granted to a consultant under the consultancy agreement with the Company that will vest on June 30, 2023. (4) Includes 63,512 RSUs granted to certain officers and employees of the Company during the three months ended March 31, 2023, 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 performance-based hurdles relating to the Company’s specified 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. 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 46,258 time-based RSUs issued for 2022 incentive bonuses to certain employees that vested fully on January 31, 2023, the date of grant, and 1,197 time-based RSUs granted to certain employees for their election to defer a portion of their 2023 salary that will vest on December 31, 2023. RSUs reflect the right to receive shares of Class A common stock, subject to the applicable vesting criteria. (5) Includes 30,237 of restricted shares and RSUs that vested and 21,310 shares of restricted shares that were withheld to satisfy minimum statutory withholding requirements.

Organization and Description _2

Organization and Description of Business - Narrative (Details)	Mar. 31, 2023 property state territory $ / shares shares	Dec. 31, 2022 $ / shares shares	May 17, 2019 $ / shares	May 15, 2019 $ / shares shares
Organization and Description of Business (Details) [Line Items]
Percentage of interest in operating partnership	80.10%
Class A common stock
Organization and Description of Business (Details) [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	19,737,709	19,528,066
Class B common stock
Organization and Description of Business (Details) [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	27,206	27,206
Common stock, shares issued (in shares)	27,206	27,206
USPS
Organization and Description of Business (Details) [Line Items]
Number of postal properties (in properties) | property	1,325
Number of states (in states) | state	49
Number of territories (in territories) | territory	1
PRM
Organization and Description of Business (Details) [Line Items]
Number of postal properties (in properties) | property	397
IPO
Organization and Description of Business (Details) [Line Items]
Common stock, par value (in dollars per share) | $ / shares			$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)				100,000,000
IPO | Class A common stock
Organization and Description of Business (Details) [Line Items]
Common stock, shares authorized (in shares)				500,000,000
IPO | Class B common stock
Organization and Description of Business (Details) [Line Items]
Common stock, shares issued (in shares)				27,206

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) lease
Organization and Description of Business [Line Items]
Fair value of secured borrowings	$ 28,200,000		$ 27,500,000
Principal balance	33,000,000		33,100,000
Fair value of interest rate swap derivative liabilities	100,000
Impairment	0	$ 0
Rental income	14,499,000	$ 11,349,000
Operating lease liability	965,000
ROU asset – operating leases	959,000		$ 1,010,000
Number of direct financing leases | lease			2
Investment in financing leases, net	16,105,000		$ 16,130,000
Interest Rate Swap | Fair Value, Inputs, Level 2
Organization and Description of Business [Line Items]
Fair value, hedging instrument	$ 6,400,000		$ 9,200,000
Geographic Concentration Risk | Revenue Benchmark | PENNSYLVANIA
Organization and Description of Business [Line Items]
Concentration risk, percentage	13.70%	17.20%
Rental income	$ 2,000,000	$ 2,000,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of cash and escrows and reserves (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash	$ 2,112	$ 1,495
Escrows and reserves:
Maintenance reserve	233	206
Real estate tax reserve	378	240
ESPP reserve	61	101
Cash and escrows and reserves	$ 2,784	$ 2,042

Real Estate Acquisitions - Sche

Real Estate Acquisitions - Schedule total purchase price including transaction costs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) property
Business Acquisition [Line Items]
Number of properties (in properties) | property	39
Total purchase price	$ 17,576
Land
Business Acquisition [Line Items]
Total purchase price	2,802
Building and Improvements
Business Acquisition [Line Items]
Total purchase price	14,271
Tenant Improvements
Business Acquisition [Line Items]
Total purchase price	152
In-place lease intangibles
Business Acquisition [Line Items]
Total purchase price	1,134
Above- market leases
Business Acquisition [Line Items]
Total purchase price	43
Below- market leases
Business Acquisition [Line Items]
Total purchase price	(826)
Other
Business Acquisition [Line Items]
Total purchase price	$ 0

Real Estate Acquisitions - Narr

Real Estate Acquisitions - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) property
Real Estate [Line Items]
Total purchase price	$ 17,576
Number of properties (in properties) | property	39
Acquisition closing costs	$ 300
Class A common stock
Real Estate [Line Items]
Number of acquired postal properties (in properties) | property	39
Total purchase price	$ 17,600

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Schedule of intangible assets and liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Intangible Assets and Liabilities (Details) - Schedule of intangible assets and liabilities [Line Items]
Gross Asset (Liability)	$ (19,901)	$ (19,077)
Accumulated Amortization	7,871	7,256
Total	15,051	15,687
Total	(12,030)	(11,821)
In-place lease intangibles
Intangible Assets and Liabilities (Details) - Schedule of intangible assets and liabilities [Line Items]
Gross Asset (Liability)	41,208	40,074
Accumulated Amortization	(26,157)	(24,387)
Total	15,051	15,687
Above-market leases
Intangible Assets and Liabilities (Details) - Schedule of intangible assets and liabilities [Line Items]
Gross Asset (Liability)	599	556
Accumulated Amortization	(196)	(157)
Total	$ 403	$ 399

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of in-place lease intangibles	$ 1,800	$ 1,800
Amortization of acquired above market leases	40	20
Amortization of acquired below market leases	$ 600	$ 500

Intangible Assets and Liabili_5

Intangible Assets and Liabilities - Schedule of future amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Intangible Assets and Liabilities (Details) - Schedule of future amortization [Line Items]
Total	$ 15,051	$ 15,687
2022 - Remaining	(1,831)
2023	(2,071)
2024	(1,499)
2025	(1,208)
2026	(942)
Thereafter	(4,479)
Total	(12,030)	(11,821)
In-place lease intangibles
Intangible Assets and Liabilities (Details) - Schedule of future amortization [Line Items]
2022-Remaining	4,804
2023	4,801
2024	2,963
2025	1,654
2026	594
Thereafter	235
Total	15,051	15,687
Above-market leases
Intangible Assets and Liabilities (Details) - Schedule of future amortization [Line Items]
2022-Remaining	119
2023	119
2024	84
2025	62
2026	10
Thereafter	9
Total	$ 403	$ 399

Debt - Schedule of principal ba

Debt - Schedule of principal balances of mortgage loans payable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	May 11, 2022	Jul. 23, 2021
Debt Instrument [Line Items]
Outstanding balance	$ 215,000	$ 198,093
Unamortized deferred financing costs	(1,359)	(1,431)
Total Debt	$ 213,641	196,662
Loan
Debt Instrument [Line Items]
Interest rate	2.80%
Revolving Credit Facility(1) | Revolving credit facility | Line of credit
Debt Instrument [Line Items]
Outstanding balance	$ 17,000	0
Revolving Credit Facility(1) | Revolving credit facility | Line of credit | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.48%
2021 Credit Facility | Unsecured debt | Line of credit
Debt Instrument [Line Items]
Outstanding balance	$ 50,000	50,000
2021 Credit Facility | Unsecured debt | Line of credit | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.43%
Vision Bank | Loan
Debt Instrument [Line Items]
Outstanding balance	$ 1,409	1,409
Interest rate	3.69%
First Oklahoma Bank loan
Debt Instrument [Line Items]
Interest rate				3.625%
First Oklahoma Bank loan | Loan
Debt Instrument [Line Items]
Outstanding balance	$ 328	333
Interest rate	3.63%
Vision Bank – 2018 | Loan
Debt Instrument [Line Items]
Outstanding balance	$ 844	844
Interest rate	3.69%
Seller Financing | Loan
Debt Instrument [Line Items]
Outstanding balance	$ 194	282
Interest rate	6%
AIG – December 2020 | Loan
Debt Instrument [Line Items]
Outstanding balance	$ 30,225	30,225
Interest rate	2.80%
2022 Credit Facility | Unsecured debt | Line of credit
Debt Instrument [Line Items]
Outstanding balance	$ 115,000	$ 115,000
Total Debt			$ 50,000

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Thousands					3 Months Ended		12 Months Ended
	May 11, 2022 USD ($)	Sep. 30, 2021	Aug. 09, 2021 USD ($) option	Jul. 23, 2021	Mar. 31, 2023 USD ($) property payment	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Debt (Details) [Line Items]
Weighted average maturity date for secured borrowing					5 years		5 years 6 months
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
Accordion feature			$ 150,000
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]
Total Principal			$ 50,000
Accordion feature			$ 50,000
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 | Unsecured debt | Line of credit
Debt (Details) [Line Items]
Basis spread on variable rate					1.43%
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 | SOFR | Revolving credit facility | Line of credit
Debt (Details) [Line Items]
Decrease in margin	(0.0002)
2021 Credit Facility | SOFR | Revolving credit facility | Line of credit | Minimum
Debt (Details) [Line Items]
Basis spread on variable rate	1.50%
2021 Credit Facility | SOFR | Revolving credit facility | Line of credit | Maximum
Debt (Details) [Line Items]
Basis spread on variable rate	2%
2021 Credit Facility | SOFR | Unsecured debt | Line of credit
Debt (Details) [Line Items]
Variable rate adjustment	0.0010
Variable rate floor	0
2019 and 2021 Revolving Credit Facility | Revolving credit facility | Line of credit
Debt (Details) [Line Items]
Unused facility fee					$ 100	$ 100
Vision Bank | Loan
Debt (Details) [Line Items]
Interest rate					3.69%
Percentage collateralized under loan					50%
Fixed interest rate period					5 years
Number of properties collateralized under loan (in properties) | property					5
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 loan
Debt (Details) [Line Items]
Interest rate				3.625%
Fixed interest rate period				5 years
First Oklahoma Bank loan | Loan
Debt (Details) [Line Items]
Interest rate					3.63%
Number of properties collateralized under loan (in properties) | property					4
First Oklahoma Bank loan | Prime Rate | Minimum
Debt (Details) [Line Items]
Interest rate				3.625%
Vision Bank – 2018
Debt (Details) [Line Items]
Fixed interest rate period					5 years
Minimum annual rate					2.75%
Vision Bank – 2018 | Loan
Debt (Details) [Line Items]
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%
Seller Financing | Loan
Debt (Details) [Line Items]
Interest rate					6%
Collateral amount					$ 400
Number of annual principal payments (in payments) | payment					5
Periodic payment					$ 100
First Amended Credit Facility | Unsecured debt | Line of credit
Debt (Details) [Line Items]
Maximum borrowing facility	$ 75,000
Accordion feature	$ 35,000						$ 40,000

Debt - Schedule of Principal pa

Debt - Schedule of Principal payments of mortgage loans payable (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2022 - Remaining	$ 13
2023	112
2024	118
2025	17,637
2026	50,778
Thereafter	146,342
Total	$ 215,000	$ 198,093

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) swap	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	May 11, 2022 USD ($)	Aug. 09, 2021 USD ($)
Derivative [Line Items]
Outstanding balance	$ 215,000		$ 198,093
Outstanding loan	213,641		196,662
Additional reclassified amount	3,700
Interest expense, net	(2,210)	$ (814)
Potential settlement of payment	$ 100
Loan
Derivative [Line Items]
Interest rate	2.80%
2021 Credit Facility | Line of credit | Unsecured debt
Derivative [Line Items]
Accordion feature						$ 50,000
Outstanding balance	$ 50,000		50,000
2021 Term Loan | Loan
Derivative [Line Items]
Interest rate	2.27%
2022 Credit Facility | Line of credit | Unsecured debt
Derivative [Line Items]
Outstanding balance	$ 115,000		$ 115,000
Outstanding loan					$ 50,000
2022 Term Loan | Loan
Derivative [Line Items]
Interest rate	4.217%
2028 Term Loan | Loan
Derivative [Line Items]
Interest rate	4.79%
Interest Rate Swap | Line of credit | Unsecured debt
Derivative [Line Items]
Total notional amount						$ 165,000
Interest Rate Swap
Derivative [Line Items]
Total notional amount				$ 25,000
Interest Rate Swap | Cash Flow Hedging
Derivative [Line Items]
Number of interest rate swaps (in swaps) | swap	5
Interest Rate Swap, Forty Million Principle Of Term Loan
Derivative [Line Items]
Total notional amount	$ 40,000
Interest rate	4.932%

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Interest Rate Swap (Details) - Interest Rate Swap - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative [Line Items]
Amount of (loss) gain recognized on derivative in "Accumulated other comprehensive income"	$ (1,938)	$ 2,426
Amount of gain (loss) reclassified from "Accumulated other comprehensive income" into interest expense	$ 899	$ 85

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2023 lease	Mar. 31, 2023 property	Mar. 31, 2023 USD ($)	Mar. 31, 2023	Dec. 31, 2022 USD ($) property
Operating Leased Assets [Line Items]
Number of postal properties subject to direct financing leases (in properties)			2	2			2
Number of operating leases (in properties) | property				65
Number of leases acquired with purchase price greater than value of underlying asset (in properties) | property				62
Consideration					$ 48,800
Aggregate purchase price					58,600
Number of operating leases not acquired (in properties) | property				3
Purchase price for postal properties					2,600
Direct financing lease revenue	$ 300	$ 300
ROU asset – operating leases					959		$ 1,010
Lease liability – operating leases					$ 965
Weighted average remaining lease term	22 years 4 months 24 days
Operating lease expense	$ 60	$ 60
Minimum
Operating Leased Assets [Line Items]
Remaining lease term	1 year
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	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases, Operating [Abstract]
Fixed payments	$ 12,550	$ 9,664
Variable payments	1,949	1,685
Total	$ 14,499	$ 11,349

Leases - Schedule of future min

Leases - Schedule of future minimum lease payments (Details) $ in Thousands	Mar. 31, 2023 USD ($) property
Leases, Operating [Abstract]
2022 – Remaining	$ 31,737
2023	39,038
2024	32,373
2025	24,120
2026	13,272
Thereafter	14,523
Total	$ 155,063
Number of expired leases (in leases) | property	101

Leases - Schedule of direct fin

Leases - Schedule of direct financing lease (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases, Operating [Abstract]
Total	$ 32,931	$ 33,215
Less: unearned income	(16,826)	(17,085)
Investment in financing leases, net	$ 16,105	$ 16,130

Leases - Schedule of future lea

Leases - Schedule of future lease payments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases, Operating [Abstract]
2022 – Remaining	$ 853
2023	1,137
2024	1,137
2025	1,137
2026	1,137
Thereafter	27,530
Total	$ 32,931	$ 33,215

Leases - Schedule of prepaid ex

Leases - Schedule of prepaid expenses and other assets and accounts payable and accrued expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases, Operating [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other assets, net	Prepaid expenses and other assets, net
ROU asset – operating leases	$ 959	$ 1,010
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts payable, accrued expenses and other, net	Accounts payable, accrued expenses and other, net
Lease liability – operating leases	$ 965	$ 1,014

Leases - Schedule of future m_2

Leases - Schedule of future minimum lease payments (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Leases, Operating [Abstract]
2022 - Remaining	$ 185
2023	121
2024	46
2025	43
2026	43
Thereafter	1,387
Total future minimum lease payments	1,825
Interest discount	(860)
Total	$ 965

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Tax Contingency [Line Items]
Income tax expense	$ 16	$ 11
Unrecognized tax benefits			$ 20
Reduction resulting from expiration of statute of limitations	20
PRM
Income Tax Contingency [Line Items]
Income tax expense	$ 10	$ 10

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	May 17, 2019	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Related Party Transactions (Details) [Line Items]
Management fee income			$ 300
Monthly rent amount	$ 15
Lease term	5 years
General and administrative expenses		$ 50	$ 50
Outstanding loan		$ 213,641		$ 196,662
ATM Program
Related Party Transactions (Details) [Line Items]
Sale of Stock, Number of Shares Issued in Transaction		55,082	0	751,382
First Oklahoma Bank loan | Loan | Affiliated entity | Andrew Spodek, Chief Executive Officer
Related Party Transactions (Details) [Line Items]
Outstanding loan		$ 1,900		$ 1,900
PRM
Related Party Transactions (Details) [Line Items]
Management fee income		300
Accrued management fees receivable		$ 300		$ 300

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of reconciliation of income (loss) from operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator for earnings per share – basic and diluted:
Net income attributable to common stockholders	$ 348	$ 595
Less: Income attributable to participating securities	(306)	(229)
Less: Income attributable to participating securities	(306)	(229)
Net income attributable to common stockholders	42	366
Numerator for earnings per share - diluted	$ 42	$ 366
Denominator:
Denominator for earnings per share – basic (in shares)	19,294,896	18,368,130
Denominator for earnings per shared - diluted (in shares)	19,294,896	18,368,130
Basic earnings per share (in dollars per share)
Basic earnings per share (in dollars per share)	$ 0	$ 0.02
Diluted earnings per share (in dollars per share)	$ 0	$ 0.02

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details)	Mar. 31, 2023	Mar. 31, 2022
OP and LP Units | Class A common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Conversion ratio	1	1

Stockholder's Equity - Narrativ

Stockholder's Equity - Narrative (Details)			1 Months Ended			3 Months Ended		12 Months Ended
	Jul. 05, 2022 shares	Dec. 14, 2020 USD ($)	Jan. 31, 2023 shares	Jun. 30, 2022 shares	Jan. 31, 2022 shares	Mar. 31, 2023 USD ($) shares	Mar. 31, 2022 USD ($) shares	Dec. 31, 2022 shares	Dec. 31, 2020 shares	Feb. 01, 2023 $ / shares
Stockholder's Equity (Details) [Line Items]
Gross proceeds | $						$ 718,000	$ (199,000)
Outstanding operating partnership percentage						19.90%		19.20%
Remaining shares available for issuance (in shares)						1,062,126
Vesting of restricted shares (in shares)						51,547
RSU granted (in shares)			27,456						38,672
Compensation expense, general and administrative | $						$ 1,600,000	1,500,000
Compensation expense, operating | $						300,000	$ 200,000
Total unrecognized compensation cost | $						$ 18,000,000
Weighted average period						5 years 6 months
OP units redeemed (in shares)						22,798
Declared
Stockholder's Equity (Details) [Line Items]
Amount Per Share (in dollars per share) | $ / shares										$ 0.2375
LTIP Units
Stockholder's Equity (Details) [Line Items]
Vesting of restricted shares (in shares)						0
Restricted shares
Stockholder's Equity (Details) [Line Items]
Vesting of restricted shares (in shares)						24,091
Requisite service period						3 years
ATM Program
Stockholder's Equity (Details) [Line Items]
Gross proceeds | $						$ 710,000
Fees and issuance costs | $						$ 117,000
Shares issued (in shares)						55,082	0	751,382
Remaining authorized repurchase amount | $						$ 41,000,000
ESPP
Stockholder's Equity (Details) [Line Items]
Shares issued (in shares)						36,156		29,710
Compensation expense | $						$ 10,000	$ 20,000
Non-controlling interests
Stockholder's Equity (Details) [Line Items]
Non-controlling interests OP Units (in shares)						4,110,821		4,133,619
Non-controlling interests LTIP Units (in shares)						841,516		536,868
CEO | Non-controlling interests | LTIP
Stockholder's Equity (Details) [Line Items]
Shares issued in period (in shares)	57,057				143,288
Compensation deferral percentage					1
Officers and employees
Stockholder's Equity (Details) [Line Items]
RSU granted (in shares)						63,512
Restricted shares vested (in shares)						30,237
Restricted shares withheld (in shares)						21,310
Officers and employees | Restricted shares
Stockholder's Equity (Details) [Line Items]
Award vesting period						8 years
Director | LTIP Units
Stockholder's Equity (Details) [Line Items]
Award vesting period						8 years
Vesting of restricted shares (in shares)						143,288
Director | Restricted shares
Stockholder's Equity (Details) [Line Items]
Award vesting period						3 years
Vested employee
Stockholder's Equity (Details) [Line Items]
RSU granted (in shares)						46,258
Individual employee
Stockholder's Equity (Details) [Line Items]
RSU granted (in shares)						1,197
Employee | Non-controlling interests | LTIP
Stockholder's Equity (Details) [Line Items]
Shares issued in period (in shares)	25,510
President | Non-controlling interests | LTIP
Stockholder's Equity (Details) [Line Items]
Shares issued in period (in shares)				75,489
Consultant | Non-controlling interests | LTIP
Stockholder's Equity (Details) [Line Items]
Shares issued in period (in shares)	3,304
Class A common stock
Stockholder's Equity (Details) [Line Items]
Paid dividends | $						$ 5,900,000
Shares issued upon redemption of OP units (in shares)						22,798
Class A common stock | OP and LP Units
Stockholder's Equity (Details) [Line Items]
Conversion ratio						1
Class A common stock | ATM Program
Stockholder's Equity (Details) [Line Items]
Consideration authorized | $		$ 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%

Stockholders' Equity - Activity

Stockholders' Equity - Activity under the ATM Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Stockholder's Equity (Details) [Line Items]
Net proceeds received	$ 718	$ (199)
ATM Program
Stockholder's Equity (Details) [Line Items]
Shares issued (in shares)	55,082	0	751,382
Gross proceeds	$ 827
Fees and issuance costs	(117)
Net proceeds received	$ 710
Average gross sales price per share (in dollars per share)	$ 15.01

Stockholder's Equity - Schedule

Stockholder's Equity - Schedule of declared and paid dividends (Details)	Feb. 01, 2023 $ / shares
Declared
Stockholder's Equity (Details) - Schedule of declared and paid dividends [Line Items]
Average gross sales price per share (in dollars per share)	$ 0.2375

Stockholder's Equity - Schedu_2

Stockholder's Equity - Schedule of unvested shares of restricted stock (Details) - $ / shares		3 Months Ended
	Jul. 05, 2022	Mar. 31, 2023
Equity instrument activity
Outstanding, at beginning of period (in shares)		1,215,444
Granted (in shares)		539,417
Vesting of restricted shares (in shares)		(51,547)
Forfeited (in shares)		(16,055)
Outstanding, at end of period (in shares)		1,687,259
Weighted Average Grant Date Fair Value
Weighted average grant date fair value at beginning of period (in dollars per share)		$ 16.12
Granted (in dollars per share)		15.60
Vesting of restricted shares (in dollars per share)		10.34
Forfeited (in dollars per share)		8.33
Weighted average grant date fair value at end of period (in dollars per share)		$ 16.20
Restricted shares
Equity instrument activity
Outstanding, at beginning of period (in shares)		449,076
Granted (in shares)		123,801
Vesting of restricted shares (in shares)		(24,091)
Forfeited (in shares)		(4,839)
Outstanding, at end of period (in shares)		543,947
LTIP Units
Equity instrument activity
Outstanding, at beginning of period (in shares)		536,868
Granted (in shares)		304,648
Vesting of restricted shares (in shares)		0
Forfeited (in shares)		0
Outstanding, at end of period (in shares)		841,516
Restricted Stock Units ("RSUs")
Equity instrument activity
Outstanding, at beginning of period (in shares)		229,500
Granted (in shares)		110,968
Vesting of restricted shares (in shares)		(27,456)
Forfeited (in shares)		(11,216)
Outstanding, at end of period (in shares)		301,796
LTIP | Real Estate Consultant
Equity instrument activity
Vesting of restricted shares (in shares)	(3,304)

Business Acquisition - Narrativ

Business Acquisition - Narrative (Details) - Postal real estate consulting business $ in Millions	Mar. 04, 2022 USD ($) shares
Business Acquisition [Line Items]
Issuance of OP units (in shares) | shares	79,794
Cash paid for acquisition	$ 0.2
Aggregate purchase price	1.7
Finite-lived intangibles	0.2
Goodwill	$ 1.5

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) $ / shares in Units, $ in Thousands		1 Months Ended
	Apr. 24, 2023 $ / shares	May 03, 2023 USD ($) property	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Subsequent Events (Details) [Line Items]
Outstanding loan			$ 213,641	$ 196,662
Subsequent event
Subsequent Events (Details) [Line Items]
Common stock dividend declared (in dollars per share) | $ / shares	$ 0.2375
Number of postal properties acquired (in properties) | property		7
Payment to acquire property		$ 4,500
Subsequent event | Forecast
Subsequent Events (Details) [Line Items]
Number of postal properties acquired (in properties) | property		13
Payment to acquire property		$ 4,100
2021 Credit Facility | Line of credit | Subsequent event
Subsequent Events (Details) [Line Items]
Outstanding loan		182,000
2021 Credit Facility | Revolving credit facility | Line of credit | Subsequent event
Subsequent Events (Details) [Line Items]
Outstanding loan		17,000
2021 Term Loan | Unsecured debt | Line of credit | Subsequent event
Subsequent Events (Details) [Line Items]
Outstanding loan		50,000
2022 Term Loan | Unsecured debt | Line of credit | Subsequent event
Subsequent Events (Details) [Line Items]
Outstanding loan		$ 115,000