Postal Realty Trust (PSTL) 10-K 11 Mar 22 2021 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Mar. 11, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-38903
Entity Registrant Name	POSTAL REALTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	83-2586114
Entity Address, Address Line One	75 Columbia Avenue
Entity Address, City or Town	Cedarhurst
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11516
City Area Code	516
Local Phone Number	295-7820
Title of 12(b) Security	Class A Common Stock, par value $0.01 per share
Trading Symbol	PSTL
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 229.1
Entity Common Stock, Shares Outstanding		18,765,423
Documents Incorporated by Reference	Portions of the registrant’s Definitive Proxy Statement for the 2022 Annual Meeting of Shareholders (to be filed with the Securities and Exchange Commission no later than 120 days after the end of the registrant’s fiscal year end) are incorporated by reference in this Annual Report on Form 10-K in response to Part II, Item 5 and Part III, Items 10, 11, 12, 13 and 14.
Entity Central Index Key	0001759774
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Firm ID	243
Auditor Name	BDO USA, LLP
Auditor Location	New York, New York

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Real estate properties, at cost:
Land	$ 64,538,000	$ 46,303,000
Building and improvements	278,396,000	196,340,000
Tenant improvements	5,431,000	4,428,000
Total real estate properties, at cost	348,365,000	247,071,000
Less: Accumulated depreciation	(20,884,000)	(13,215,000)
Total real estate properties, net	327,481,000	233,856,000
Investment in financing leases, net	16,213,000	515,000
Total real estate investments	343,694,000	234,371,000
Cash	5,857,000	2,212,000
Escrow and reserves	1,169,000	1,059,000
Rent and other receivables	4,172,000	3,521,000
Prepaid expenses and other assets, net	7,511,000	4,434,000
Deferred rent receivable	666,000	216,000
In-place lease intangibles, net	14,399,000	13,022,000
Above market leases, net	249,000	50,000
Total Assets	377,717,000	258,885,000
Liabilities:
Term loan, net	49,359,000	0
Revolving credit facility	13,000,000	78,000,000
Secured borrowings, net	32,990,000	46,629,000
Accounts payable, accrued expenses and other	8,225,000	5,891,000
Below market leases, net	8,670,000	8,726,000
Total Liabilities	112,244,000	139,246,000
Commitments and Contingencies
Equity:
Class A common stock, par value $0.01 per share; 500,000,000 shares authorized, 18,564,421 and 9,437,197 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively	186,000	95,000
Class B common stock, par value $0.01 per share; 27,206 shares authorized: 27,206 shares issued and outstanding as of December 31, 2021 and December 31, 2020	0	0
Additional paid-in capital	237,969,000	100,812,000
Accumulated deficit	(18,879,000)	(8,917,000)
Accumulated other comprehensive income	766,000	0
Total Stockholders’ Equity	220,042,000	91,990,000
Operating Partnership unitholders’ non-controlling interests	45,431,000	27,649,000
Total Equity	265,473,000	119,639,000
Total Liabilities and Equity	$ 377,717,000	$ 258,885,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
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)	18,564,421	9,437,197
Common stock, shares outstanding (in shares)	18,564,421	9,437,197
Class B common stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	27,206	27,206
Common stock, shares issued (in shares)	27,206	27,206
Common stock, shares outstanding (in shares)	27,206	27,206

Consolidated Consolidated State

Consolidated Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Rental income	$ 38,276	$ 23,315
Fee and other	1,662	1,129
Total revenues	39,938	24,444
Operating expenses:
Real estate taxes	5,399	3,095
Property operating expenses	3,987	1,924
General and administrative	10,643	8,230
Depreciation and amortization	13,990	9,163
Total operating expenses	34,019	22,412
Income from operations	5,919	2,032
Other income	401	231
Interest expense, net:
Contractual interest expense	(2,739)	(2,346)
Write-off and amortization of deferred financing fees	(714)	(472)
Loss on early extinguishment of debt	(202)	0
Interest income	2	3
Total interest expense, net	(3,653)	(2,815)
Income (loss) before income tax expense	2,667	(552)
Income tax expense	(111)	(89)
Net income (loss)	2,556	(641)
Net (income) loss attributable to Operating Partnership unitholders’ non-controlling interests	(501)	289
Net income (loss) attributable to common stockholders	$ 2,055	$ (352)
Net income (loss) per share:
Basic (in dollars per share)	$ 0.10	$ (0.10)
Diluted (in dollars per share)	$ 0.10	$ (0.10)
Weighted average common shares outstanding:
Basic (in shares)	13,689,251	7,013,621
Diluted (in shares)	13,689,251	7,013,621
Comprehensive income (loss):
Net income (loss)	$ 2,556	$ (641)
Unrealized gain on financial instrument	960	0
Comprehensive income (loss)	3,516	(641)
Comprehensive (income) loss attributable to Operating Partnership unitholders’ non-controlling interests	(695)	289
Comprehensive income (loss) attributable to common stockholders	$ 2,821	$ (352)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Deficit) - USD ($) $ in Thousands	Total	Total Stockholders’ equity	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Operating Partnership unitholders’ non-controlling interests
Beginning balance at Dec. 31, 2019	$ 69,823	$ 48,873	$ 53	$ 51,396	$ (2,576)		$ 20,950
Beginning balance (in shares) at Dec. 31, 2019			5,313,110
Net proceeds from sale of common stock	48,522	48,522	$ 41	48,481
Net proceeds from sale of Common Stock (in shares)			4,021,840
Issuance of OP Units in connection with a transaction	7,922						7,922
Issuance and amortization of equity-based compensation	2,346	1,617	$ 1	1,603	13		729
Issuance and amortization of equity-based compensation (in shares)			134,973
Issuance and amortization under ESPP	117	117		117
Issuance and amortization under ESPP (in shares)			7,189
Restricted stock withholdings	(205)	(205)		(205)
Restricted stock withholding (in shares)			(12,709)
Dividends declared	(8,245)	(6,002)			(6,002)		(2,243)
Net income	(641)	(352)			(352)		(289)
Reallocation of non-controlling interest	0	(580)		(580)			580
Ending balance at Dec. 31, 2020	119,639	91,990	$ 95	100,812	(8,917)	$ 0	27,649
Ending balance (in shares) at Dec. 31, 2020			9,464,403
Net proceeds from sale of common stock	138,461	138,461	$ 90	138,371
Net proceeds from sale of Common Stock (in shares)			8,969,717
Issuance of OP Units in connection with a transaction	15,501						15,501
Issuance and amortization of equity-based compensation	3,567	2,392	$ 1	2,391			1,175
Issuance and amortization of equity-based compensation (in shares)			165,599
Issuance and amortization under ESPP	171	171		171
Issuance and amortization under ESPP (in shares)			9,104
Restricted stock withholdings	(341)	(341)		(341)
Restricted stock withholding (in shares)			(17,196)
Dividends declared	(15,041)	(12,017)			(12,017)		(3,024)
Other comprehensive income	960	766				766	194
Net income	2,556	2,055			2,055		501
Reallocation of non-controlling interest	0	(3,435)		(3,435)			3,435
Ending balance at Dec. 31, 2021	$ 265,473	$ 220,042	$ 186	$ 237,969	$ (18,879)	$ 766	$ 45,431
Ending balance (in shares) at Dec. 31, 2021			18,591,627

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Deficit) (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Common stock dividend declared (in dollars per share)	$ 0.885	$ 0.79

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ 2,556,000	$ (641,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	7,718,000	4,492,000
Amortization of in-place intangibles	6,272,000	4,671,000
Write-off and amortization of deferred financing costs	714,000	472,000
Amortization of above/below market leases	(1,599,000)	(1,262,000)
Amortization of intangible liability	(23,000)	(11,000)
Equity based compensation	3,720,000	2,356,000
Reclassification of cumulative dividends paid on forfeited awards	0	13,000
Other	58,000	0
Loss on early extinguishment of debt	202,000	0
Deferred rent receivable	(450,000)	(183,000)
Deferred rent expense payable	12,000	17,000
Changes in assets and liabilities:
Rent and other receivables	(1,079,000)	(1,811,000)
Prepaid expenses and other assets	(2,104,000)	(563,000)
Accounts payable, accrued expenses and other	1,098,000	1,847,000
Net cash provided by operating activities	17,095,000	9,397,000
Cash flows from investing activities:
Acquisition of real estate	(89,464,000)	(124,160,000)
Investment in financing leases	(15,707,000)	(517,000)
Repayment of financing leases	19,000	2,000
Escrows for acquisition and construction deposits	(487,000)	(470,000)
Insurance proceeds related to property damage claims	1,151,000	0
Capital improvements	(1,900,000)	(970,000)
Other investing activities	(337,000)	(37,000)
Net cash used in investing activities	(106,725,000)	(126,152,000)
Cash flows from financing activities:
Proceeds from secured borrowings	0	43,899,000
Repayments of secured borrowings	(13,845,000)	(110,000)
Proceeds from term loan	50,000,000	0
Proceeds from revolving credit facility	139,000,000	112,000,000
Repayments of revolving credit facility	(204,000,000)	(88,000,000)
Proceeds from other financing activity	0	557,000
Repayments from other financing activity	(53,000)	(504,000)
Net proceeds from issuance of shares	138,795,000	48,521,000
Debt issuance costs	(1,346,000)	(1,164,000)
Proceeds from issuance of ESPP shares	127,000	94,000
Shares withheld for payment of taxes on restricted share vesting	(242,000)	(206,000)
Other financing activities	(10,000)	0
Distributions and dividends	(15,041,000)	(8,245,000)
Net cash provided by financing activities	93,385,000	106,842,000
Net increase (decrease) in Cash and Escrows and Reserves	3,755,000	(9,913,000)
Cash and Escrows and Reserves at the beginning of period	3,271,000	13,184,000
Cash and Escrow and Reserves at the end of period	7,026,000	3,271,000
Supplemental Disclosure of Non-Cash Investing and Financing Activities
OP Units issued for property acquisitions	15,511,000	7,922,000
Reallocation of non-controlling interest	3,436,000	580,000
Right of use assets	1,071,000	0
Unrealized gain (loss) on interest rate swaps, net	960,000	0
Reclassification of acquisition deposits included in prepaid expenses and other assets	792,000	0
Accrued capital expenditures included in accounts payable and accrued expenses	660,000	192,000
Accrued costs of capital included in accounts payable and accrued expenses	198,000	0
Reclassification of cost of capital included in prepaid expenses and other assets	137,000	0
Accrued taxes withheld included in accounts payable and accrued expenses	99,000	0
Write-off of fixed assets no longer in service	$ 40,000	$ 86,000

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 2021
Organization and Description of Business [Abstract]
Organization and Description of Business	Organization and Description of Business Postal Realty Trust, Inc. (the “Company” “we”, “us”, or “our”) 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 (the “Formation Transactions”). Prior to the completion of the IPO and the Formation Transactions, the Company had no operations. The Company’s interest in the Operating Partnership entitles the Company to share in distributions from, and allocations of profits and losses of, the Operating Partnership in proportion to the Company’s percentage ownership of OP Units. As the sole general partner of the Operating Partnership, the Company has the exclusive power under the partnership agreement to manage and conduct the Operating Partnership’s business, subject to limited approval and voting rights of the limited partners. As of December 31, 2021, the Company held an approximately 82.9% 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. The Company's predecessor (the “Predecessor”) was a combination of limited liability companies (the “LLCs”), one C-Corporation (“UPH”), one S-Corporation (“NPM”) and one limited partnership. The entities that comprised the Predecessor were majority owned and controlled by Mr. Spodek and his affiliates and were acquired by contribution to, or merger with, the Company and the Operating Partnership. The Predecessor did not represent a legal entity. The Predecessor and its related assets and liabilities were under common control and were contributed to the Operating Partnership in connection with the Company’s IPO. As of December 31, 2021, the Company owned a portfolio of 966 properties located in 49 states. 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”), Postal Realty Management TRS, LLC (“PRM”), the Company provides fee-based third party property management services for an additional 397 postal properties, which are owned by Mr. Spodek and his affiliates. Pursuant to the Company’s articles of amendment and restatement, 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 “Class B common stock” or “Voting Equivalency stock”), and up to 100,000,000 shares of preferred stock. The Company believes it has been organized in conformity with, and has operated in a manner that has enabled it to meet, the requirements for qualification as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”), and the Company elected to be taxed as a REIT under the Code commencing with the Company's short taxable year ended December 31, 2019. As a REIT, the Company generally will not be subject to federal income tax to the extent that it distributes its REIT taxable income for each tax year to its stockholders. REITs are subject to a number of organizational and operational requirements. Pursuant to the Jumpstart Our Business Startups Act (the “JOBS 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 (the “SEC”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
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. 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 (loss) reflects the income attributed to controlling and non-controlling interests. Use of Estimates The preparation of financial statements in conformity with the U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates. Offering and Other Costs Offering costs are recorded in “Total Stockholders’ Equity” in the Consolidated Balance Sheets as a reduction of additional paid-in capital. Segment Reporting The Company leases its properties primarily to the USPS and reports its business as a single reportable segment. Investments in Real Estate Upon the acquisition of real estate, the purchase price is allocated based upon the relative fair value of the assets acquired and liabilities assumed. The allocation of the purchase price to the relative fair value of the tangible assets of an acquired property is derived by valuing the property as if it were vacant. All real estate acquisitions in the periods presented qualified as asset acquisitions and, as such, acquisition-related fees and acquisition-related expenses related to these asset acquisitions are capitalized as part of the acquisition. Investments in real estate generally include land, buildings, tenant improvements and identified intangible assets, such as in-place lease intangibles and above or below-market lease intangibles. Direct and certain indirect costs clearly associated with the development, construction, leasing or expansion of real estate assets are capitalized as a cost of the property. Repairs and maintenance costs are expensed as incurred. Depreciation or amortization expense is computed using the straight-line method based upon the following estimated useful lives: Years Buildings and improvements 15 to 40 Equipment and fixtures 5 to 10 Tenant improvements Shorter of useful life or applicable lease term In-place lease value Remaining non-cancellable term of the in-place lease The acquired above or below-market lease intangibles are amortized to “Rental income” over the applicable lease term, inclusive of any option periods for below-market leases. Deferred Costs Financing costs related to the issuance of the Company’s long-term debt, including the term loan facility component (the "2021 Term Loan") of the Company's existing credit facilities (the “2021 Credit Facilities”), established under a credit agreement dated as of August 9, 2021 (the “2021 Credit Agreement”), 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 Company’s previous revolving credit facility (the “2019 Credit Facility”), which was established under a credit agreement dated as of September 27, 2019, as amended, and terminated on August 9, 2021, and the revolving credit facility component (the "2021 Revolving Credit Facility") of the 2021 Credit Facilities are deferred and amortized as an increase to interest expense over the terms of the 2019 Credit Facility and the 2021 Revolving Credit Facility, respectively, and are included in “Prepaid expenses and other assets, net” on the Consolidated Balance Sheets. Reclassifications Certain prior period amounts have been reclassified to conform to the current period’s presentation. Cash and Escrows and Reserves Cash includes unrestricted cash with a maturity of three months or less. Escrows and reserves consist of restricted cash. The following table provides a reconciliation of cash and escrows and reserves reported within the Consolidated Balance Sheets and Consolidated Statements of Cash Flows: As of December 31, December 31, (in thousands) Cash $ 5,857 $ 2,212 Escrows and reserves: Maintenance reserve 827 696 Real estate tax reserve 250 304 ESPP reserve 92 59 Cash and escrows and reserves $ 7,026 $ 3,271 Revenue Recognition The Company has operating lease agreements with tenants, some of which contain provisions for future rental increases. Rental income is recognized on a straight-line basis over the term of the lease. In addition, certain lease agreements provide for reimbursements from tenants for real estate taxes and other recoverable costs, which are recorded on an accrual basis as part of “Rental income” in the Consolidated Statements of Operations and Comprehensive Income (Loss). Fee and other primarily consist of property management fees and income recognized from properties accounted for as financing leases. The management fees arise from contractual agreements with entities that are affiliated with the Company’s chief executive officer ("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 investments 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 Income (Loss) and produces a constant periodic rate of return on the investment in financing leases, net. Income Taxes As a REIT, the Company is generally not subject to federal corporate income tax on the net income (loss) that the Company distributes to its shareholders. The Operating Partnership which holds the Company's properties is a partnership for U.S. federal income tax purposes and is not subject to U.S. federal income taxes as the revenues and expenses pass through to the respective owners where they are taxed. The states and cities in which the Operating Partnership operates generally follows the U.S. federal income tax treatment. A valuation allowance is established for deferred tax assets when management anticipates that it is more likely than not that all, or a portion, of these assets would not be realized. In determining whether a valuation allowance is warranted, all positive and negative evidence and all sources of taxable income such as prior earnings history, expected future earnings, carryback and carryforward periods and tax strategies are considered to estimate if sufficient future taxable income will be generated to realize the deferred tax asset. The assessment of the adequacy of a valuation allowance is based on estimates of taxable income by jurisdiction and the period over which deferred tax assets will be recoverable. The tax effects of uncertain tax positions taken or expected to be taken in income tax returns are recognized only if they are “more likely-than-not” to be sustained on examination by the taxing authorities based on the technical merits as of the reporting date. The tax benefits recognized in the financial statements from such positions are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The Company recognizes estimated accrued interest and penalties related to uncertain tax positions in income tax expense. Fair Value of Financial Instruments 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 realize on disposition of the assets and liabilities as of December 31, 2021 and 2020. 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, accounts payable and accrued expenses are carried at amounts which reasonably approximate their fair values as of December 31, 2021 and 2020 due to their short maturities. As of December 31, 2021 and 2020, the Company had investment in direct financing leases, net with a carrying value of $16.2 million and $0.5 million, respectively, net and effective interest rates ranging from 6.48% to 7.89%. The carrying value of the investment in financing leases approximated their fair market value as of December 31, 2021 and 2020. The fair value of the Company’s direct financing leases was categorized as a Level 3 basis (as provided by ASC 820, Fair Value Measurements and Disclosures). The fair value of the Company’s borrowings under its 2019 Credit Facility and 2021 Credit Facilities approximates carrying value because such borrowings are subject to a variable rate. The fair value of the Company’s secured borrowings aggregated approximately $32.1 million and $47.1 million as compared to the principal balance of $33.2 million and $47.0 million as of December 31, 2021 and 2020, respectively. The fair value of the Company’s debt was categorized as a Level 3 basis (as provided by ASC 820, Fair Value Measurements and Disclosures). The fair value of these financial instruments was determined by using a discounted cash flow analysis based on the borrowing rates currently available to the Company for loans with similar terms and maturities. The fair value of the mortgage debt was determined by discounting the future contractual interest and principal payments by a market rate. The Company's derivative assets, comprised of one interest rate swap derivative instrument entered into on August 9, 2021 in connection with the 2021 Credit Facilities, are recorded at fair value based on a variety of observable inputs, including contractual terms, interest rate curves, yield curves, measure of volatility, and correlations of such inputs. The Company measures its derivatives at fair value on a recurring basis based on the expected size of future cash flows on a discounted basis and incorporating a measure of non-performance risk. The fair value of the Company's derivative assets was categorized as a Level 2 basis (as provided by ASC 820, Fair Value Measurements and Disclosures). The Company considers its own credit risk, as well as the credit risk of its counterparties, when evaluating the fair value of its derivative assets. As of December 31, 2021, the fair value of the Company’s interest rate swap derivative instrument was approximately $1.0 million, included in “Prepaid expenses and other assets, net” on the Consolidated Balance Sheets. Disclosure about fair value of assets and liabilities is based on pertinent information available to management as of December 31, 2021 and 2020. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since December 31, 2021 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 risk, 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 The carrying value of real estate investments and related intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the asset’s carrying amount over its estimated fair value. Impairment analyses will be based on current plans, intended holding periods and available market information at the time the analyses are prepared. If estimates of the projected future cash flows, anticipated holding periods or market conditions change, the evaluation of impairment losses may be different and such differences may be material. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. No impairments were recorded during the years ended December 31, 2021 and 2020. Concentration of Credit Risks As of December 31, 2021, the Company’s properties were leased primarily to a single tenant, the USPS. For the year ended December 31, 2021, approximately 18.3% of the Company's total rental income, or $7.0 million, was concentrated in Pennsylvania. For the year ended December 31, 2020, approximately 10.7% of the Company's total rental income, or $2.5 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 any of these areas and could have an effect on the Company’s overall business results. The Company has deposited cash and maintains its bank deposits with large financial institutions in amounts that, from time to time, exceed federally insured limits. The Company has not experienced any losses in such accounts. Non-controlling Interests Non-controlling interests in the Company represent OP Units held by the Predecessor’s prior investors and certain sellers of properties to the Company and LTIP Units held by the Company’s CEO and the Company's Board of Directors. See Note 11. Stockholder’s Equity for further details. Equity Based Compensation The Company accounts for equity-based compensation in accordance with ASC Topic 718 Compensation – Stock Compensation, which requires the Company to recognize an expense for the grant date fair value of equity-based awards. Equity-classified stock awards granted to employees and non-employees that have a service condition and/or a market condition are measured at fair value at date of grant and remeasured at fair value only upon a modification of the award. The Company will record forfeitures as they occur. The Company recognizes compensation expense on a straight-line basis over the requisite service period of each award, with the amount of compensation expense recognized at the end of a reporting period at least equal the portion of fair value of the respective award at grant date or modification date, as applicable, that has vested through that date. For awards with a market condition, compensation cost is not reversed if a market condition is not met so long as the requisite service has been rendered, as a market condition does not represent a vesting condition. See Note 11. Stockholder’s Equity for further details. Insurance Accounting The Company carries liability insurance to mitigate its exposure to certain losses, including those relating to property damage and business interruption. The Company records the estimated amount of expected insurance proceeds for property damage and other losses incurred as an asset (typically a receivable from the insurer) and income up to the amount of the losses incurred when the amount is determinable and approved by 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 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 insurance company. Earnings per Share The Company calculates net income (loss) per share based upon the weighted average shares outstanding less issued and outstanding non-vested shares of Class A common stock. As of December 31, 2021 and 2020, the Company had unvested restricted shares of Class A common stock, LTIP Units and 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 net income per share pursuant to the two-class method. Diluted earnings per share is calculated after giving effect to all potential dilutive shares outstanding during the period. See Note 10. Earnings Per Share for further details. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-2, Leases; in July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases, and ASU 2018-11, Leases — Targeted Improvements; and in December 2018, the FASB issued ASU 2018-20, Narrow-Scope Improvements for Lessors. This group of ASUs is collectively referred to as Topic 842. Topic 842 supersedes the existing standards for lease accounting (Topic 840, Leases). Topic 842 was effective for the Company on January 1, 2021 as a result of its classification as an EGC. The Company elected to utilize the following practical expedients provided by Topic 842, including: the package of practical expedients that allows an entity not to reassess upon adoption (i) whether an expired or existing contract contains a lease, (ii) whether a lease classification related to expired or existing lease arrangements, and (iii) whether costs incurred on expired or existing leases qualify as initial direct costs, and as a lessor, the practical expedient not to separate certain non-lease components, such as common area maintenance, from the lease component if the timing and pattern of transfer are the same for the non-lease component and associated lease component, and the lease component would be classified as an operating lease if accounted for separately. Topic 842 requires lessees to record most leases on their balance sheet through a right-of-use (“ROU”) model, in which a lessee records a ROU asset and a lease liability on their balance sheet. Leases that are less than 12 months do not need to be accounted for under the ROU model. Lessees will account for leases as financing or operating leases, with the classification affecting the timing and pattern of expense recognition in the income statement. Lease expense will be recognized based on the effective interest method for leases accounted for as finance leases and on a straight-line basis over the term of the lease for leases accounted for as operating leases. The accounting by a lessor under Topic 842 is largely unchanged from that of Topic 840. Under Topic 842, lessors will continue to account for leases as a sales-type, direct-financing, or operating. A lease will be treated as a sale if it is considered to transfer control of the underlying asset to the lessee. A lease will be classified as direct-financing if risks and rewards are conveyed without the transfer of control. Otherwise, the lease is treated as an operating lease. Topic 842 requires accounting for a transaction as a financing in a sale leaseback in certain circumstances, including when the seller-lessee is provided an option to purchase the property from the landlord at the tenant’s option. Topic 842 also includes the concept of separating lease and non-lease components. Under Topic 842, non-lease components, such as common area maintenance, would be accounted for under Topic 606 and separated from the lease payments. However, the Company elected the lessor practical expedient allowing the Company to not separate these components when certain conditions are met. With this election, the Company combined tenant reimbursements with rental income on its Consolidated Statements of Operations and Comprehensive Income (Loss) for the period beginning with the three months ended March 31, 2021. Upon adoption of the standard, the Company’s comparative statement of operations have been reclassified to conform to the new single component presentation of rental revenues and tenant reimbursements, classified within rental income in the Consolidated Statements of Operations and Comprehensive Income (Loss). During the year ended December 31, 2021, the Company recorded an operating ROU asset and a related operating lease liability, each totaling approximately $1.2 million, related to one office lease and four ground leases. The ROU lease asset is included in “Prepaid expenses and other assets, net” and the operating lease liability is included in “Accounts payable, accrued expenses and other” on the Consolidated Balance Sheets. Future Application of Accounting Standards In September 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and in November 2018 issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses . The guidance changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the current ‘incurred loss’ model with an ‘expected loss’ approach. The Company will also be required to disclose information about how it developed the allowances, including changes in the factors that influenced the Company’s 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 will be effective for the Company on January 1, 2023 as a result of its classification as an EGC. The Company is currently in the process of evaluating the impact the adoption of the guidance will have on its consolidated financial statements.

Real Estate Acquisitions

Real Estate Acquisitions	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Real Estate Acquisitions	Real Estate Acquisitions The following tables summarizes the Company’s acquisitions for the years ended December 31, 2021 and 2020. The purchase prices including transaction costs were allocated to the separately identifiable tangible and intangible assets and liabilities based on their relative fair values at the date of acquisition. The total purchase price including transaction costs was allocated as follows (in thousands, except for the number of properties): Three Months Ended Number of Properties Land Building and Improvements Tenant Improvements In-place lease intangibles Above- market leases Below- market leases Other (1) Total (2) 2021 March 31, 2021 (3) 54 $ 3,493 $ 19,793 $ 428 $ 2,201 $ 51 $ (474) $ 723 $ 26,215 June 30, 2021 (4) 71 5,364 23,550 268 2,207 28 (156) (5) 31,256 September 30, 2021 (5) 59 3,333 15,314 147 1,368 32 (581) 24 19,637 December 31, 2021 (6) 54 6,096 21,031 186 1,750 123 (371) (157) 28,658 238 $ 18,286 $ 79,688 $ 1,029 $ 7,526 $ 234 $ (1,582) $ 585 $ 105,766 Three Months Ended Number of Properties Land Building and Improvements Tenant Improvements In-place lease intangibles Above- market leases Below- market leases Other (7) Total (8) 2020 March 31, 2020 (9)(10)(11) 83 $ 4,826 $ 24,573 $ 294 $ 2,477 $ 7 $ (1,616) $ (34) $ 30,527 June 30, 2020 (12) 19 2,555 7,344 55 693 — (39) — 10,608 September 30, 2020 (13) 122 6,075 19,426 317 2,301 37 (1,068) (33) 27,055 December 31, 2020 (14) 36 7,699 51,059 1,201 4,627 — (680) — 63,906 Total 260 $ 21,155 $ 102,402 $ 1,867 $ 10,098 $ 44 $ (3,403) $ (67) $ 132,096 Explanatory Notes : (1) Represents an insurance receivable assigned to the Company related to a property in a small portfolio that was destroyed by arson prior to acquisition by the Company during the three months ended March 31, 2021. The Company completed rebuilding such property which remained under lease to the USPS in the three months ended December 31, 2021 primarily using the insurance proceeds assigned by the seller to the Company. The insurance proceeds were received in April 2021. Also includes an intangible liability related to an unfavorable operating lease on a property acquired during the three months ended June 30, 2021 that is included in “Accounts payable, accrued expenses and other” on the Consolidated Balance Sheets. During the three months ended September 30, 2021, includes a below-market ground lease intangible asset. During the three months ended December 31, 2021, includes an intangible liability related to unfavorable operating leases on two properties that is included in “Accounts Payable, accrued expenses and other” on the Consolidated Balance Sheets. (2) Includes closing costs of $0.5 million for the three months ended March 31, 2021, $0.9 million for the three months ended June 30, 2021, $0.5 million for the three months ended September 30, 2021 and $0.8 million for the three months ended December 31, 2021. (3) Includes the acquisition of 54 properties in various states in individual or portfolio transactions for approximately $26.2 million, including closing costs, which was funded with borrowings under the 2019 Credit Facility. (4) Includes the acquisition of 71 properties in various states in individual or portfolio transactions for approximately $31.3 million, including closing costs, which was funded with both the issuance of OP Units to the sellers as non-cash consideration (valued at approximately $9.0 million using the share price of Class A common stock on the date of each issuance of such OP Units) and borrowings under the 2019 Credit Facility. (5) Includes the acquisition of 59 properties in various states in individual or portfolio transactions for approximately $19.6 million, including closing costs, which was funded with both the issuance of OP Units to the sellers as non-cash consideration (valued at approximately $6.5 million using the share price of Class A common stock on the date of each issuance of such OP Units) and borrowings under the 2021 Credit Facilities and, prior to its termination, the 2019 Credit Facility. (6) Includes the acquisition of 54 properties in various states in individual or portfolio transactions for approximately $28.7 million, including closing costs, which was funded with borrowings under the 2021 Credit Facilities. In addition, the Company closed on one property accounted for as a direct financing lease and is included in “Investment in financing leases, net” on the Consolidated Balance Sheets. (7) Includes an intangible liability related to unfavorable operating leases on three properties that is included in “Accounts Payable, accrued expenses and other” on the Consolidated Balance Sheets. (8) Includes closing costs of $0.3 million for the three months ended March 31, 2020, $0.2 million for the three months ended June 30, 2020, $0.8 million for the three months ended September 30, 2020 and $1.3 million for the three months ended December 31, 2020. (9) Includes the acquisition of a 21-property portfolio leased to the USPS for approximately $13.6 million, including closing costs, which was partially funded with the issuance of OP Units to the sellers as non-cash consideration (valued at approximately $7.9 million using the share price of Class A common stock on the date of each issuance of such OP Units). (10) Includes the acquisition of a 42-property portfolio leased to the USPS. The aggregate purchase price of such portfolio was approximately $8.8 million, including closing costs, which was funded with borrowings under the 2019 Credit Facility. (11) Includes the acquisition of 20 properties in individual or smaller portfolio transactions for approximately $8.1 million, including closing costs. (12) Includes the acquisition of a 13-property portfolio leased to the USPS in various states for approximately $7.2 million, including closing costs. In addition, the Company purchased six properties in individual or smaller portfolio transactions for approximately $3.4 million, including closing costs. (13) Includes the acquisition of 122 properties in various states in individual or portfolio transactions for approximately $27.1 million, including closing costs, which was funded with borrowings under the 2019 Credit Facility. In addition, the Company closed on one property which is a direct financing lease and is included in “Investment in financing leases, net” on the Consolidated Balance Sheets. (14) Includes the acquisition of 35 properties in various states in individual or portfolio transactions for approximately $16.3 million, including closing costs, which was funded with borrowings under the 2019 Credit Facility. In addition, the Company acquired an industrial property (“Industrial Facility”) for a total of $47.6 million, including closing costs, primarily leased to the USPS. The property was initially funded with borrowings under the 2019 Credit Facility. Refer to Note 5. Debt for a discussion of the subsequent property level financing related to the acquisition.

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	12 Months Ended
	Dec. 31, 2021
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 Net December 31, 2021: (in thousands) In-place lease intangibles $ 31,814 $ (17,415) $ 14,399 Above-market leases 319 (70) 249 Below-market leases (13,654) 4,984 (8,670) December 31, 2020: In-place lease intangibles $ 24,165 $ (11,143) $ 13,022 Above-market leases 85 (35) 50 Below-market leases (12,076) 3,350 (8,726) Amortization of in-place lease intangibles was $6.3 million and $4.7 million for the years ended December 31, 2021 and 2020, respectively. This amortization is included in “Depreciation and amortization” in the Consolidated Statements of Operations and Comprehensive Income (Loss). Amortization of acquired above market leases was $0.03 million and $0.02 million for the years ended December 31, 2021 and 2020, respectively, and is included in “Rental income” on the Consolidated Statements of Operations and Comprehensive Income (Loss). Amortization of acquired below market leases was $1.6 million and $1.3 million for the years ended December 31, 2021 and 2020, respectively, and is included in “Rental income” in the Consolidated Statements of Operations and Comprehensive Income (Loss). As of December 31, 2021, the weighted average amortization period for the Company’s intangible assets was approximately 3.4 years, 4.0 years and 7.9 years for in-place lease intangibles, above-market leases and below-market leases, respectively. Future amortization/accretion of these intangibles is below (in thousands): Year Ending December 31, In-place lease Above-market Below-market 2022 $ 5,463 $ 71 $ (1,621) 2023 3,734 67 (1,256) 2024 2,595 50 (1,071) 2025 1,529 41 (896) 2026 796 20 (728) Thereafter 282 — (3,098) Total $ 14,399 $ 249 $ (8,670)

Debt

Debt	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes the Company’s indebtedness as of December 31, 2021 and December 31, 2020 (dollars in thousands): Outstanding Balance as of December 31, Outstanding Balance as of December 31, Interest Rate at December 31, Maturity Date Revolving Credit Facility (1) : 2021 Revolving Credit Facility $ 13,000 $ — LIBOR+150 bps (2) January 2026 2019 Credit Facility — 78,000 — — 2021 Term Loan 50,000 — LIBOR+145 bps (2) January 2027 Secured Borrowings: Vision Bank (3) 1,409 1,459 3.69 % September 2041 First Oklahoma Bank (4) 349 364 3.63 % December 2037 Vision Bank – 2018 (5) 844 869 3.69 % September 2041 Seller Financing (6) 366 445 6.00 % January 2025 First Oklahoma Bank – April 2020 (7) — 4,522 — — First Oklahoma Bank – June 2020 (8) — 9,152 — — AIG – December 2020 (9) 30,225 30,225 2.80 % January 2031 Total Principal 96,193 125,036 Unamortized deferred financing costs (844) (407) Total Debt $ 95,349 $ 124,629 Explanatory Notes: (1) On September 27, 2019, the Company entered into the 2019 Credit Facility, which provided for revolving commitments in an aggregate principal amount of $100.0 million with an accordion feature that permitted the Company to borrow up to an additional $100.0 million for an aggregate total of $200.0 million. On August 9, 2021, the Company entered into the 2021 Credit Facilities, which include the $150.0 million 2021 Revolving Credit Facility and the $50.0 million 2021 Term Loan. In connection with entering into the 2021 Credit Facilities, the Company terminated the 2019 Credit Facility and paid off the outstanding loans thereunder. The 2021 Credit Facilities include an accordion feature which will permit the Company to borrow up to an additional $150.0 million under the 2021 Revolving Credit Facility and up to an additional $50.0 million under the 2021 Term Loan, in each case subject to customary terms and conditions. The 2021 Revolving Credit Facility matures in January 2026, which may be extended for two six-month periods subject to customary conditions, and the 2021 Term Loan matures in January 2027. Borrowings under the 2021 Credit Facilities carry an interest rate of, (i) in the case of the 2021 Revolving Credit Facility, either a base rate plus a margin ranging from 0.5% to 1.0% per annum or the London Interbank Offered Rate (“LIBOR”) plus a margin ranging from 1.5% to 2.0% per annum, or (ii) in the case of the 2021 Term Loan, either a base rate plus a margin ranging from 0.45% to 0.95% per annum or LIBOR plus a margin ranging from 1.45% to 1.95% per annum, in each case depending on the Company's consolidated leverage ratio. With respect to the 2021 Revolving Credit Facility, the Company will pay, if the usage is equal to or less than 50%, an unused facility fee of 0.20% per annum, or if the usage is greater than 50%, an unused facility fee of 0.15% per annum, in each case on the average daily unused commitments under the 2021 Revolving Credit Facility. The 2021 Credit Facilities contain a number of customary financial and non-financial covenants. In addition, on August 9, 2021, the Company entered into an interest rate swap that effectively fixed the LIBOR component of the interest rate on $50.0 million portion of the 2021 Credit Facilities through January 2027. The interest rate swap initially applied to the $50.0 million 2021 Term Loan, fixing the interest rate for the 2021 Term Loan at 2.291% as of December 31, 2021. See Note 6. Derivatives and Hedging Activities below for further details. During the years ended December 31, 2021 and 2020, the Company incurred $0.1 million and $0.3 million, respectively, of unused facility fees related to the 2019 Credit Facility and the 2021 Revolving Credit Facility. As of December 31, 2021, the Company was in compliance with all of the 2021 Credit Facilities’ debt covenants. (2) Based upon the one-month U.S. Dollar LIBOR rate. (3) Five properties are collateralized under this loan as of December 31, 2021. Mr. Spodek also provided a personal guarantee of payment for the entire outstanding amount thereunder as of December 31, 2020 and for 50.0% of the outstanding amount thereunder as of December 31, 2021. On September 30, 2021, the Company amended this loan to extend its maturity to September 2041 and reduce its interest rate to 3.69% fixed for five years with interest payments only, 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. On July 23, 2021, the Company amended this loan to reduce its interest rate to 3.625% fixed for five years, then adjusting annually thereafter to a variable annual rate of Wall Street Journal Prime Rate ("Prime") 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. On September 30, 2021, the Company amended this loan to extend its maturity to September 2041 and reduce its interest rate to 3.69% fixed for five years with interest payments only, 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) In connection with the purchase of a 13-property portfolio, the Company obtained $4.5 million of mortgage financing, at a fixed interest rate of 4.25% with interest only for the first 18 months, which would have reset in November 2026 to the greater of Prime or 4.25%. On February 3, 2021, the Company fully repaid this mortgage financing and wrote off $0.06 million of deferred financing to costs to loss on early extinguishment of debt for the year ended December 31, 2021. See the Consolidated Statements of Operations and Comprehensive Income (Loss). (8) The loan was collateralized by first mortgage liens on 22 properties. Interest rates would have reset in January 2027 to the greater of Prime or 4.25%. On February 3, 2021, the Company fully repaid this mortgage financing and wrote off $0.15 million of deferred financing to costs to loss on early extinguishment of debt for the year ended December 31, 2021. See the Consolidated Statements of Operations and Comprehensive Income (Loss). (9) The loan is secured by a first mortgage lien on the Industrial Facility. The loan has a fixed interest rate of 2.80% with interest-only payments for the first five years and fixed payments of principal and interest thereafter based on a 30-year amortization schedule. The weighted average maturity date for the Company's indebtedness as of December 31, 2021 and 2020 was 6.5 years and 6.6 years, respectively. Cash paid for interest during the years ended December 31, 2021 and 2020 was $2.7 million and $2.3 million, respectively. The scheduled principal repayments of indebtedness as of December 31, 2021 are as follows (in thousands): Year Ending December 31, Amount 2022 $ 100 2023 106 2024 111 2025 118 2026 13,643 Thereafter 82,115 Total $ 96,193

Derivatives and Hedging Activit

Derivatives and Hedging Activities	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	Derivatives and Hedging Activities As disclosed above in Note 5. Debt, the Company entered into one interest rate swap derivative instrument on August 9, 2021 in connection with its 2021 Credit Facilities, which fixed the LIBOR component of the interest rate on $50.0 million portion of the 2021 Credit Facilities through January 29, 2027. The interest rate swap was initially applied to the $50.0 million 2021 Term Loan, fixing the interest rate for the 2021 Term Loan at 2.291% as of December 31, 2021. The Company’s objectives in using the interest rate derivative 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 swap as part of its interest rate risk management strategy. The interest rate swap is designated as a cash flow hedge, with its gain or loss recorded in “Accumulated other comprehensive income” in the Consolidated Statements of Operations and Comprehensive Income (Loss) and subsequently reclassified into interest expense as interest payments are made on the Company’s 2021 Credit Facilities. During the next twelve months, the Company estimates that an additional $0.2 million will be reclassified from “Accumulated other comprehensive income” as an increase 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 instrument in the Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2021. Twelve Months Ended December 31, Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps) 2021 Amount of gain recognized on derivative in "Accumulated other comprehensive income" $809 Amount of (loss) reclassified from "Accumulated other comprehensive income" into interest expense $(151) Interest expense, net presented in the Consolidated Statements of Operations and Comprehensive Income (Loss), in which the effects of cash flow hedges are recorded, totaled $3.7 million and $2.8 million for the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021, the Company does not have any derivatives in a net liability position and has not posted any collateral related to these agreements. If the Company had breached any of these provisions as of December 31, 2021, it could have been required to settle its obligations under the agreements at their termination value.

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases, Operating [Abstract]
Leases	Leases Lessor Accounting As of December 31, 2021, the Company's properties were leased primarily to the USPS, with leases expiring at various dates through May 31, 2031. Certain leases had expired and were in holdover status as of December 31, 2021 as discussed below. Certain leases contain renewal, termination and/or purchase options exercisable at the lessee’s election. Therefore, such options are only recognized once they are deemed reasonably certain, typically at the time the option is exercised. All of the Company’s leases are operating leases with the exception of two that are direct financing leases. The Company’s operating leases and direct financing leases are described below. Rental income related to the Company’s leases is recognized on a straight-line basis over the remaining lease term. The Company’s total revenue includes fixed base rental payments provided under the lease and variable payments which principally consist of tenant expense reimbursements for certain property operating expenses, including real estate taxes. The Company elected the practical expedient to account for its lease and non-lease components as a single combined operating lease component under Topic 842. As a result, rental income and tenant reimbursements were aggregated into a single line within rental income in the Consolidated Statements of Operations and Comprehensive Income (Loss). The following table represents rental revenue that the Company recognized related to its operating leases (in thousands): Twelve Months Ended December 31, 2021 2020 Fixed payments $ 32,769 $ 20,269 Variable payments 5,507 3,046 $ 38,276 $ 23,315 Future minimum lease payments to be received as of December 31, 2021 under non-cancellable operating leases for the next five years and thereafter are as follows (in thousands) :(1) Year Ending December 31, Amount 2022 (2) $ 33,662 2023 31,263 2024 27,256 2025 22,147 2026 15,180 Thereafter 12,414 Total $ 141,922 Explanatory Notes : (1) The above minimum lease payments to be received do not include reimbursements from tenants for real estate taxes and other reimbursed expenses. (2) As of December 31, 2021, the leases at 16 of the Company's properties were expired, and the USPS was occupying such properties as a holdover tenant. Holdover rent is typically paid as the greater of estimated market rent or the rent amount due under the expired lease. Subsequent to December 31, 2021, the Company executed all leases for these properties. Purchase Option Provisions As of December 31, 2021, operating leases for 46 of the Company’s properties provided the USPS with the option to purchase the underlying property either at fair market value or at fixed prices, in each case as of dates set forth in the lease agreement. As of December 31, 2021, 42 of these properties acquired for an aggregate purchase price of approximately $24.9 million had an aggregate purchase option price of approximately $30.6 million and the remaining four properties acquired for an aggregate purchase price of approximately $6.8 million had purchase options exercisable at fair market value. Direct Financing Leases As of December 31, 2021, financing leases for two of the Company’s properties provide the USPS with the option to purchase the underlying property at fixed prices as of dates set forth in the lease agreement. The components of the Company’s net investment in financing leases as of December 31, 2021 and 2020 are summarized in the table below (in thousands): As of December 31, 2021 2020 Total minimum lease payment receivable $ 34,352 $ 1,010 Less: unearned income (18,139) (495) Investment in financing leases, net $ 16,213 $ 515 Revenue earned under direct financing leases for the years ended December 31, 2021 and 2020 were $0.2 million and $0.02 million, respectively, which is recorded in "Fee and other" in the Consolidated Statements of Operations and Comprehensive Income (Loss). Future lease payments to be received under the Company’s direct financing leases as of December 31, 2021 for the next five years and thereafter are as follows (in thousands): Year Ending December 31, Amount 2022 $ 1,137 2023 1,137 2024 1,137 2025 1,137 2026 1,137 Thereafter 28,667 Total $ 34,352 Lessee Accounting As a lessee, the Company has ground and office leases which were classified as operating leases. On January 1, 2021 the Company adopted Topic 842 and recognized ROU assets of $1.2 million and lease liabilities of $1.2 million. As of December 31, 2021, these leases had remaining terms, including renewal options, of two As of December 31, ROU asset – operating leases $ 1,058 Lease liability – operating leases $ 1,071 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 weighted average discount rate of 4.25% based on the yield of its current borrowings in determining its lease liabilities. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The lease terms may include options to extend or terminate the lease if it is reasonably certain that the Company will exercise that option. Operating lease expense for each of the twelve months ended December 31, 2021 and 2020 was $0.2 million and $0.1 million, respectively. Future minimum lease payments to be paid by the Company as a lessee for operating leases as of December 31, 2021 for the next five years and thereafter are as follows (in thousands): 2022 $ 227 2023 233 2024 109 2025 35 2026 35 Thereafter 1,145 Total future minimum lease payments $ 1,784 Interest discount (713) Total $ 1,071 Future minimum ground lease payments under Topic 840 as of December 31, 2020 were as follows (in thousands): Year Ending December 31, Amount 2021 $ 24 2022 24 2023 24 2024 24 2025 26 Thereafter 1,155 Total $ 1,277 Future minimum office lease payments under Topic 840 as of December 31, 2020 were as follows (in thousands): Year Ending December 31, Amount 2021 $ 189 2022 195 2023 200 2024 76 Total $ 660 Impact of COVID-19 On March 11, 2020, the World Health Organization declared the outbreak of a coronavirus (COVID-19) pandemic which has been ongoing. The resulting restrictions on travel and quarantines imposed have had a negative impact on the U.S. economy and business activity globally, the full impact of which is not yet known and may result in an adverse impact to the Company’s tenants and operating results. For the year ended December 31, 2021, the Company received 100% of its rents and the Company believes there was no material impact caused by COVID-19 on the Company.
Leases	Leases Lessor Accounting As of December 31, 2021, the Company's properties were leased primarily to the USPS, with leases expiring at various dates through May 31, 2031. Certain leases had expired and were in holdover status as of December 31, 2021 as discussed below. Certain leases contain renewal, termination and/or purchase options exercisable at the lessee’s election. Therefore, such options are only recognized once they are deemed reasonably certain, typically at the time the option is exercised. All of the Company’s leases are operating leases with the exception of two that are direct financing leases. The Company’s operating leases and direct financing leases are described below. Rental income related to the Company’s leases is recognized on a straight-line basis over the remaining lease term. The Company’s total revenue includes fixed base rental payments provided under the lease and variable payments which principally consist of tenant expense reimbursements for certain property operating expenses, including real estate taxes. The Company elected the practical expedient to account for its lease and non-lease components as a single combined operating lease component under Topic 842. As a result, rental income and tenant reimbursements were aggregated into a single line within rental income in the Consolidated Statements of Operations and Comprehensive Income (Loss). The following table represents rental revenue that the Company recognized related to its operating leases (in thousands): Twelve Months Ended December 31, 2021 2020 Fixed payments $ 32,769 $ 20,269 Variable payments 5,507 3,046 $ 38,276 $ 23,315 Future minimum lease payments to be received as of December 31, 2021 under non-cancellable operating leases for the next five years and thereafter are as follows (in thousands) :(1) Year Ending December 31, Amount 2022 (2) $ 33,662 2023 31,263 2024 27,256 2025 22,147 2026 15,180 Thereafter 12,414 Total $ 141,922 Explanatory Notes : (1) The above minimum lease payments to be received do not include reimbursements from tenants for real estate taxes and other reimbursed expenses. (2) As of December 31, 2021, the leases at 16 of the Company's properties were expired, and the USPS was occupying such properties as a holdover tenant. Holdover rent is typically paid as the greater of estimated market rent or the rent amount due under the expired lease. Subsequent to December 31, 2021, the Company executed all leases for these properties. Purchase Option Provisions As of December 31, 2021, operating leases for 46 of the Company’s properties provided the USPS with the option to purchase the underlying property either at fair market value or at fixed prices, in each case as of dates set forth in the lease agreement. As of December 31, 2021, 42 of these properties acquired for an aggregate purchase price of approximately $24.9 million had an aggregate purchase option price of approximately $30.6 million and the remaining four properties acquired for an aggregate purchase price of approximately $6.8 million had purchase options exercisable at fair market value. Direct Financing Leases As of December 31, 2021, financing leases for two of the Company’s properties provide the USPS with the option to purchase the underlying property at fixed prices as of dates set forth in the lease agreement. The components of the Company’s net investment in financing leases as of December 31, 2021 and 2020 are summarized in the table below (in thousands): As of December 31, 2021 2020 Total minimum lease payment receivable $ 34,352 $ 1,010 Less: unearned income (18,139) (495) Investment in financing leases, net $ 16,213 $ 515 Revenue earned under direct financing leases for the years ended December 31, 2021 and 2020 were $0.2 million and $0.02 million, respectively, which is recorded in "Fee and other" in the Consolidated Statements of Operations and Comprehensive Income (Loss). Future lease payments to be received under the Company’s direct financing leases as of December 31, 2021 for the next five years and thereafter are as follows (in thousands): Year Ending December 31, Amount 2022 $ 1,137 2023 1,137 2024 1,137 2025 1,137 2026 1,137 Thereafter 28,667 Total $ 34,352 Lessee Accounting As a lessee, the Company has ground and office leases which were classified as operating leases. On January 1, 2021 the Company adopted Topic 842 and recognized ROU assets of $1.2 million and lease liabilities of $1.2 million. As of December 31, 2021, these leases had remaining terms, including renewal options, of two As of December 31, ROU asset – operating leases $ 1,058 Lease liability – operating leases $ 1,071 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 weighted average discount rate of 4.25% based on the yield of its current borrowings in determining its lease liabilities. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The lease terms may include options to extend or terminate the lease if it is reasonably certain that the Company will exercise that option. Operating lease expense for each of the twelve months ended December 31, 2021 and 2020 was $0.2 million and $0.1 million, respectively. Future minimum lease payments to be paid by the Company as a lessee for operating leases as of December 31, 2021 for the next five years and thereafter are as follows (in thousands): 2022 $ 227 2023 233 2024 109 2025 35 2026 35 Thereafter 1,145 Total future minimum lease payments $ 1,784 Interest discount (713) Total $ 1,071 Future minimum ground lease payments under Topic 840 as of December 31, 2020 were as follows (in thousands): Year Ending December 31, Amount 2021 $ 24 2022 24 2023 24 2024 24 2025 26 Thereafter 1,155 Total $ 1,277 Future minimum office lease payments under Topic 840 as of December 31, 2020 were as follows (in thousands): Year Ending December 31, Amount 2021 $ 189 2022 195 2023 200 2024 76 Total $ 660 Impact of COVID-19 On March 11, 2020, the World Health Organization declared the outbreak of a coronavirus (COVID-19) pandemic which has been ongoing. The resulting restrictions on travel and quarantines imposed have had a negative impact on the U.S. economy and business activity globally, the full impact of which is not yet known and may result in an adverse impact to the Company’s tenants and operating results. For the year ended December 31, 2021, the Company received 100% of its rents and the Company believes there was no material impact caused by COVID-19 on the Company.
Leases	Leases Lessor Accounting As of December 31, 2021, the Company's properties were leased primarily to the USPS, with leases expiring at various dates through May 31, 2031. Certain leases had expired and were in holdover status as of December 31, 2021 as discussed below. Certain leases contain renewal, termination and/or purchase options exercisable at the lessee’s election. Therefore, such options are only recognized once they are deemed reasonably certain, typically at the time the option is exercised. All of the Company’s leases are operating leases with the exception of two that are direct financing leases. The Company’s operating leases and direct financing leases are described below. Rental income related to the Company’s leases is recognized on a straight-line basis over the remaining lease term. The Company’s total revenue includes fixed base rental payments provided under the lease and variable payments which principally consist of tenant expense reimbursements for certain property operating expenses, including real estate taxes. The Company elected the practical expedient to account for its lease and non-lease components as a single combined operating lease component under Topic 842. As a result, rental income and tenant reimbursements were aggregated into a single line within rental income in the Consolidated Statements of Operations and Comprehensive Income (Loss). The following table represents rental revenue that the Company recognized related to its operating leases (in thousands): Twelve Months Ended December 31, 2021 2020 Fixed payments $ 32,769 $ 20,269 Variable payments 5,507 3,046 $ 38,276 $ 23,315 Future minimum lease payments to be received as of December 31, 2021 under non-cancellable operating leases for the next five years and thereafter are as follows (in thousands) :(1) Year Ending December 31, Amount 2022 (2) $ 33,662 2023 31,263 2024 27,256 2025 22,147 2026 15,180 Thereafter 12,414 Total $ 141,922 Explanatory Notes : (1) The above minimum lease payments to be received do not include reimbursements from tenants for real estate taxes and other reimbursed expenses. (2) As of December 31, 2021, the leases at 16 of the Company's properties were expired, and the USPS was occupying such properties as a holdover tenant. Holdover rent is typically paid as the greater of estimated market rent or the rent amount due under the expired lease. Subsequent to December 31, 2021, the Company executed all leases for these properties. Purchase Option Provisions As of December 31, 2021, operating leases for 46 of the Company’s properties provided the USPS with the option to purchase the underlying property either at fair market value or at fixed prices, in each case as of dates set forth in the lease agreement. As of December 31, 2021, 42 of these properties acquired for an aggregate purchase price of approximately $24.9 million had an aggregate purchase option price of approximately $30.6 million and the remaining four properties acquired for an aggregate purchase price of approximately $6.8 million had purchase options exercisable at fair market value. Direct Financing Leases As of December 31, 2021, financing leases for two of the Company’s properties provide the USPS with the option to purchase the underlying property at fixed prices as of dates set forth in the lease agreement. The components of the Company’s net investment in financing leases as of December 31, 2021 and 2020 are summarized in the table below (in thousands): As of December 31, 2021 2020 Total minimum lease payment receivable $ 34,352 $ 1,010 Less: unearned income (18,139) (495) Investment in financing leases, net $ 16,213 $ 515 Revenue earned under direct financing leases for the years ended December 31, 2021 and 2020 were $0.2 million and $0.02 million, respectively, which is recorded in "Fee and other" in the Consolidated Statements of Operations and Comprehensive Income (Loss). Future lease payments to be received under the Company’s direct financing leases as of December 31, 2021 for the next five years and thereafter are as follows (in thousands): Year Ending December 31, Amount 2022 $ 1,137 2023 1,137 2024 1,137 2025 1,137 2026 1,137 Thereafter 28,667 Total $ 34,352 Lessee Accounting As a lessee, the Company has ground and office leases which were classified as operating leases. On January 1, 2021 the Company adopted Topic 842 and recognized ROU assets of $1.2 million and lease liabilities of $1.2 million. As of December 31, 2021, these leases had remaining terms, including renewal options, of two As of December 31, ROU asset – operating leases $ 1,058 Lease liability – operating leases $ 1,071 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 weighted average discount rate of 4.25% based on the yield of its current borrowings in determining its lease liabilities. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The lease terms may include options to extend or terminate the lease if it is reasonably certain that the Company will exercise that option. Operating lease expense for each of the twelve months ended December 31, 2021 and 2020 was $0.2 million and $0.1 million, respectively. Future minimum lease payments to be paid by the Company as a lessee for operating leases as of December 31, 2021 for the next five years and thereafter are as follows (in thousands): 2022 $ 227 2023 233 2024 109 2025 35 2026 35 Thereafter 1,145 Total future minimum lease payments $ 1,784 Interest discount (713) Total $ 1,071 Future minimum ground lease payments under Topic 840 as of December 31, 2020 were as follows (in thousands): Year Ending December 31, Amount 2021 $ 24 2022 24 2023 24 2024 24 2025 26 Thereafter 1,155 Total $ 1,277 Future minimum office lease payments under Topic 840 as of December 31, 2020 were as follows (in thousands): Year Ending December 31, Amount 2021 $ 189 2022 195 2023 200 2024 76 Total $ 660 Impact of COVID-19 On March 11, 2020, the World Health Organization declared the outbreak of a coronavirus (COVID-19) pandemic which has been ongoing. The resulting restrictions on travel and quarantines imposed have had a negative impact on the U.S. economy and business activity globally, the full impact of which is not yet known and may result in an adverse impact to the Company’s tenants and operating results. For the year ended December 31, 2021, the Company received 100% of its rents and the Company believes there was no material impact caused by COVID-19 on the Company.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes TRS In connection with the IPO, the Company and PRM jointly elected to treat PRM as a TRS. PRM performs management services, including for properties the Company does not own. PRM generates income, resulting in federal and state corporate income tax liability for PRM. For the years ended December 31, 2021 and 2020, income tax expense related to PRM was $0.1 million and $0.1 million, respectively. Other As of December 31, 2021 and 2020, the Company’s consolidated balance sheets reflect a liability for unrecognized tax benefits in the amounts of $0.2 million and $0.4 million, respectively, primarily related to the utilization of certain loss carryforwards by UPH through May 16, 2019. For the years ended December 31, 2021 and 2020, the Company has accrued interest and penalties of $0.04 million and $0.07 million, respectively. These balances are included in the Consolidated Balance Sheets in "Accounts payable, accrued expenses and other liabilities". As of December 31, 2021, the Company estimates that unrecognized tax benefits may decrease by approximately $0.2 million within twelve months of the balance sheet date due to expiring statutes of limitation. In connection with the IPO, the Company recorded an indemnification asset for the unrecognized tax benefits due to an agreement from the indirect sole shareholder of UPH to reimburse the Company for such benefits. Accordingly, the Company’s unrecognized tax benefits, if recognized, would result in a decrease to the indemnification asset and have no impact on the effective tax rate. During the years ended December 31, 2021 and 2020, the Company reversed $0.2 million and $0.1 million, respectively, of unrecognized tax benefits inclusive of interest and penalties due to the expiration of statute of limitations, with an offsetting adjustment to the indemnification asset. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands): For the Years Ended December 31, 2021 2020 Gross unrecognized tax benefits, beginning of year $ 364 $ 488 Additions based on tax positions taken in the current year — — Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (176) (96) Increases based on tax positions taken in prior periods — — Decreases based on tax positions taken in prior periods — (28) Total $ 188 $ 364 The Company and PRM are subject to examinations by federal and state and local tax authorities beginning with the short tax year ended December 31, 2019. UPH was subject to examinations by federal tax authorities for tax years 2018 through 2019. Cash paid for taxes for each of the years ended December 31, 2021 and 2020 was $0.1 million and $0.1 million, respectively. On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act was enacted to provide economic relief to companies and individuals in response to the COVID-19 pandemic. Included in the CARES Act are tax provisions which increase allowable interest expense deductions for 2019 and 2020 and increase the ability for taxpayers to use net operating losses. These provisions did not result in a material impact to the Company’s taxable income or tax liabilities.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Management Fee Income PRM recognized management fee income of $1.3 million and $1.1 million for the year ended December 31, 2021 and 2020, respectively, from various parties which were affiliated with the Company's CEO. These amounts are included in “Fee and other” in the Consolidated Statements of Operations and Comprehensive Income (Loss). Accrued management fees receivable of $0.3 million and $0.3 million as of December 31, 2021 and 2020, respectively, are included in “Rents and other receivables” on the Consolidated Balance Sheets. Related Party Lease On May 17, 2019, the Company entered into a lease for office space in Cedarhurst, New York with an entity affiliated with the Company’s CEO (the “Office Lease”). Pursuant to the Office Lease, the monthly rent is $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 the years ended December 31, 2021 and 2020 was $0.2 million and $0.2 million, respectively, and was recorded in “General and administrative expenses” in the Consolidated Statements of Operations and Comprehensive Income (Loss). The Company determined this Office Lease was an operating lease. For further details, see Note 7. Leases. Transfer of Real Property On May 28, 2020, the Company completed the separation of deed and transfer of the real property attributable to a de minimis non-postal tenant that shares space in a building leased to the USPS. At the time of the IPO a property located in Milwaukee, WI, a portion of which is leased to the USPS, was contributed to the Company. It was intended that the non-postal portion of the property would revert back to an entity affiliated with Mr. Spodek once a separation of the deed was completed. The portion of the property leased to the USPS remains owned by a wholly owned subsidiary of the Operating Partnership. The independent members of the Company's Board of Directors ratified the no consideration transfer. 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 $2.7 million as of December 31, 2021 and December 31, 2020, respectively. As a guarantor, Mr. Spodek’s interests with respect to the amount of debt he is guaranteeing (and the terms of any repayment or default) may not align with the Company's interests and could result in a conflict of interest. Share Purchase On November 16, 2021, Mr. Spodek acquired 58,823 shares of the Company's Class A common stock at a price of $17.00 per share as a part of the Company's November Follow-on Offering (as defined below).

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of shares outstanding for the period. The following table presents a reconciliation of income (loss) from operations used in the basic and diluted EPS calculations (dollars in thousands, except share and per share data). For the Years Ended December 31, 2021 2020 Numerator for earnings per share – basic and diluted: Net income (loss) attributable to common stockholders $ 2,055 $ (352) Less: Income attributable to participating securities (658) (346) Numerator for earnings per share — basic and diluted $ 1,397 $ (698) Denominator for earnings per share – basic and diluted (1) 13,689,251 7,013,621 Basic and diluted earnings per share $ 0.10 $ (0.10) Explanatory Note: (1) For the year ended December 31, 2021, 302,552 restricted shares of Class A common stock, 85,386 restricted stock units (“RSUs”), 3,472,221 OP Units and 375,264 LTIP Units would not be dilutive and were not included in the computation of diluted EPS. For the year ended December 31, 2020, 218,613 restricted shares of Class A common stock, 62,096 RSUs, 2,640,795 OP Units and 209,008 LTIP Units would not be dilutive and were not included in the computation of diluted EPS. 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, held by non-controlling interests as of December 31, 2021 and 2020, respectively. The income allocable to such OP Units and LTIP Units is allocated on this same basis and reflected as non-controlling interests in the accompanying Consolidated Financial Statements. As such, the assumed conversion of these OP Units would have no net impact on the determination of diluted earnings per share.

Stockholder's Equity

Stockholder's Equity	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Stockholder’s Equity	Stockholder’s Equity On January 11, 2021, the Company priced a public offering of 3.25 million shares of its Class A common stock (the “January Follow-on Offering”) at $15.25 per share. On January 11, 2021, the underwriters purchased the full allotment of 487,500 shares pursuant to a 30-day option at $15.25 per share (the “January Additional Shares”). The January Follow-on Offering, including the January Additional Shares, closed on January 14, 2021 resulting in $57.0 million in gross proceeds, and approximately $53.9 million in net proceeds after deducting approximately $3.1 million in underwriting discounts and before giving effect to $0.3 million in other expenses relating to the January Follow-on Offering. On November 16, 2021, the Company priced a public offering of 4.25 million shares of its Class A common stock (the “November Follow-on Offering”) at $17.00 per share. On November 16, 2021, the underwriters purchased the full allotment of 637,500 shares pursuant to a 30-day option at $17.00 per share (the “November Additional Shares”). The November Follow-on Offering, including the November Additional Shares, closed on November 19, 2021 resulting in $83.1 million in gross proceeds, and approximately $79.0 million in net proceeds after deducting approximately $4.1 million in underwriting discounts and before giving effect to $0.2 million in other expenses relating to the November Follow-on Offering. ATM Program On December 14, 2020, the Company entered into separate open market sale agreements for its at-the-market offering program (the "ATM Program") with each of Jefferies LLC, Stifel, Nicolaus & Company, Incorporated, BMO Capital Markets Corp., Janney Montgomery Scott LLC and D.A. Davidson & Co. (“D.A. Davidson”), pursuant to which the Company may offer and sell, from time to time, shares of the Company’s Class A common stock having an aggregate sales price of up to $50.0 million. On May 14, 2021, the Company delivered to D.A. Davidson a notice of termination of the open market sale agreement with D.A. Davidson, which termination became effective May 14, 2021. The following table summarizes the activity under the ATM Program for the periods presented (dollars and shares issued in thousands, except per share amounts). During the year ended December 31, 2021, 344,717 shares were issued under the ATM Program. As of December 31, 2021, the Company had approximately $43.1 million remaining that may be issued under the ATM Program. Year Ended Shares issued 345 Gross proceeds $ 6,894 Fees and issuance costs 432 Net proceeds $ 6,462 Average gross sales price per share $ 20.00 Dividends During the year ended December 31, 2021, the Company's Board of Directors approved and the Company declared and paid dividends of $15.0 million to Class A common stockholders, Voting Equivalency stockholders, OP unitholders and LTIP unitholders, or $0.885 per share or unit, as shown in the table below. Declaration Date Record Date Date Paid Amount Per Share or Unit January 29, 2021 February 12, 2021 February 26, 2021 $ 0.2175 April 30, 2021 May 14, 2021 May 28, 2021 $ 0.2200 July 27, 2021 August 13, 2021 August 27, 2021 $ 0.2225 November 4, 2021 November 15, 2021 November 30, 2021 $ 0.2250 During the year ended December 31, 2020, the Company's Board of Directors approved and the Company declared and paid dividends of $8.2 million to Class A common stockholders, Voting Equivalency stockholders, OP unitholders and LTIP unitholders, or $0.79 per share or unit, as shown in the table below. Declaration Date Record Date Date Paid Amount Per Share or Unit January 30, 2020 February 14, 2020 February 28, 2020 $ 0.1700 April 30, 2020 May 11, 2020 May 29, 2020 $ 0.2000 July 30, 2020 August 14, 2020 August 31, 2020 $ 0.2050 October 30, 2020 November 16, 2020 November 30, 2020 $ 0.2150 Non-controlling Interests Non-controlling interests in the Company represent OP Units held by the Predecessor’s prior investors and certain sellers of properties to the Company and LTIP Units primarily issued to the Company's CEO and the Board of Directors in connection with the IPO and/or in lieu of their cash compensation. During the year ended December 31, 2021, the Company issued 137,259 LTIP Units in February 2021 to the Company's CEO for his 2020 incentive bonus, his election to defer 100% of his 2021 annual salary and for long term incentive compensation and issued 28,997 LTIP Units in June 2021 to the Board of Directors for their annual retainers as compensation for their services as directors. In addition, during the years ended December 31, 2021 and 2020, the Company issued 831,426 and 483,333 OP Units, respectively, to certain contributors in connection with portfolio acquisitions. As of December 31, 2021 and December 31, 2020, non-controlling interests consisted of 3,472,221 OP Units and 375,265 LTIP Units and 2,640,795 OP Units and 209,009 LTIP Units, respectively. This represented approximately 17.1% and 23.1% of the outstanding Operating Partnership units as of December 31, 2021 and 2020, respectively. Operating Partnership units and shares of common stock generally have the same economic characteristics, as they share equally in the total net income or loss distributions of the Operating Partnership. Beginning on or after the date which is 12 months after the later of (i) the completion of the IPO or (ii) the date on which a person first became a holder of common units, each limited partner and assignees of limited partners will have the right, subject to the terms and conditions set forth in the partnership agreement to require the Operating Partnership to redeem all or a portion of the OP Units held by such limited partner or assignee in exchange for cash, or at the Company’s sole discretion, shares of the Class A common stock, on an one-for-one basis determined in accordance with and subject to adjustment under the partnership agreement. The Operating Partnership unitholders are entitled to share in cash distributions from the Operating Partnership in proportion to their percentage ownership of OP Units. Restricted Stock and Other Awards Pursuant to the Company’s 2019 Equity Incentive Plan (the “Equity Incentive Plan” or the “Plan”), the Company may grant equity incentive awards to its directors, officers, employees and consultants. The maximum number of shares of Class A common stock that were originally authorized for issuance under the Plan were 541,584. On April 27, 2020, the Board of Directors amended the Plan to increase the total number of shares of Class A common stock that may be issued under the Plan (the “Plan Pool”) from 541,584 shares to 1,291,584 shares. The stockholders approved such amendment on June 26, 2020. As of December 31, 2021, the remaining shares available under the Plan for future issuance was 511,969. On April 27, 2021, the Board of Directors further amended the Plan to provide for an automatic increase annually in the Plan Pool starting from January 1, 2022, allowing the Plan Pool to equal to 10% of the Company’s fully diluted shares (including securities convertible into shares of the Class A common stock) outstanding on the last day of the immediately preceding fiscal year. The stockholders approved such amendment on June 18, 2021. The Plan provides for grants of stock options, stock awards, stock appreciation rights, performance units, incentive awards, other equity-based awards (including LTIP Units) and dividend equivalents in connection with the grant of performance units and other equity-based awards. The following table presents a summary of the Company's outstanding restricted shares of Class A common stock, LTIP Units and RSUs. The balance as of December 31, 2021 represents unvested restricted shares of Class A common stock and LTIP Units and RSUs that are outstanding, whether vested or not: Restricted Shares (1)(2) LTIP Units (3) RSUs (4) Total Weighted Outstanding, as of January 1, 2021 218,613 209,009 62,096 489,718 $ 15.33 Granted 156,754 166,256 76,828 399,838 $ 16.31 Vesting of restricted shares (5) (71,491) — (10,171) (81,662) $ 15.00 Forfeited (1,324) — — (1,324) $ 16.60 Outstanding, as of December 31, 2021 302,552 375,265 128,753 806,570 $ 15.71 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 eight years. The time-based restricted share awards granted to the Company's independent directors vest over three years. 6,931 shares of Class A common stock were issued to a consultant under the consultancy agreement with the Company. (3) Includes 346,268 LTIP Units to the Company’s CEO that vest over eight years and 28,997 LTIP Units to the Company's independent directors that vest over three years or cliff vest at the end of three years. (4) Includes 46,714 RSUs granted to certain officers and employees of the Company during the year ended December 31, 2021 subject to the achievement of a service condition and a market condition. Such RSUs are market-based awards and are subject to the achievement of hurdles relating to the Company’s absolute total stockholder return and continued employment with the Company over the approximately three-year period from the grant date through December 31, 2023. 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 26,997 time-based RSUs issued for 2020 incentive bonuses to certain employees that vested fully on February 11, 2021, the date of grant, and 3,117 time-based RSUs granted to certain employees for their election to defer 2021 salary that vest on December 31, 2021. RSUs reflect the right to receive shares of Class A common stock, subject to the applicable vesting criteria. (5) Includes 54,295 of restricted shares that vested and 17,196 shares of restricted shares that were withheld to satisfy minimum statutory withholding requirements. In January 2022, the Company issued 100,850 LTIP Units to the Company’s CEO for his 2021 incentive bonus and his election to defer 100% of his 2022 annual salary, 46,161 restricted shares of Class A common stock to the Company’s president for his 2021 incentive bonus and 43,343 restricted shares of Class A common stock to the Company's Chief Financial Officer for his 2021 incentive bonus and his election to defer a portion of his 2022 annual salary. In addition, in January 2022, the Company issued 37,299 restricted shares of Class A common stock for annual grants to employees and consultants and 43,848 RSUs and 42,838 restricted shares of Class A common stock to other employees for their 2021 incentive bonus and election by an employee to defer a portion of 2022 annual salary. RSUs reflect the right to receive shares of Class A common stock. RSUs issued for 2021 incentive bonuses vested fully on the date of grant. RSUs issued in lieu of deferral of 2022 annual salary will cliff vest on December 31, 2022. LTIP Units issued to the Company’s CEO and restricted shares of Class A common stock issued to the president and Chief Financial Officer in lieu of cash compensation will cliff vest on the eighth anniversary of February 1, 2022. Certain restricted shares of Class A common stock issued to employees and consultants will vest in three equal, annual installments on each of the first three anniversaries of February 1, 2022, while other restricted shares of Class A common stock issued to employees in lieu of cash compensation will cliff vest on the third or eighth anniversary of February 1, 2022. In addition, in January 2022, the Company issued an aggregate of 17,539 LTIP Units, 29,467 of restricted shares of Class A common stock and 47,007 RSUs to certain officers of the Company. The LTIP Units and restricted shares of Class A common stock will vest in three equal, annual installments over the approximately three-year period ending December 31, 2024, subject to continued employment with the Company. The RSUs are market-based awards and are subject to the achievement of performance-based hurdles relating to the Company’s absolute total stockholder return and continued employment with the Company over the approximately three-year period from the grant date through December 31, 2024. Such RSU recipients may earn up to 150% of the RSUs that were issued. Upon vesting pursuant to the terms of the RSUs, the RSUs that vest will be settled in shares of Class A common stock and the recipients will be entitled to receive the distributions that would have been paid with respect to a share of Class A common stock (for each share that vests) on or after the date the RSUs were initially granted. During the years ended December 31, 2021 and 2020, the Company recognized compensation expense of $3.6 million and $2.4 million, respectively, related to all awards. The fair value of restricted shares that vested during the years ended December 31, 2021 and 2020 was $1.6 million and $1.1 million, respectively. The weighted average grant date fair value for awards issued in 2021 and 2020 was $16.31 and $14.20, respectively. As of December 31, 2021, there was $8.1 million of total unrecognized compensation cost related to unvested awards, which is expected to be recognized over a weighted average period of 4.43 years. Employee Stock Purchase Plan In connection with the IPO, the Company established the Postal Realty Trust, Inc. 2019 Employee Stock Purchase Plan (“ESPP”), which allows the Company’s employees to purchase shares of the Company’s Class A common stock at a discount. A total of 100,000 shares of Class A common stock are 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 stock at the beginning of the offering period and the close of the offering period. As of December 31, 2021 and 2020, 16,293 and 7,189 shares have been issued under the ESPP since commencement, respectively. During each of the years ended December 31, 2021 and 2020, the Company recognized compensation expense of $0.02 million.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of December 31, 2021, 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, 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

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company's Board of Directors approved, and on February 1, 2022, the Company declared a fourth quarter common stock dividend of $0.2275 per share which is payable on February 28, 2022 to stockholders of record as of February 15, 2022. As of March 11, 2022, the Company had $78.0 million drawn on the 2021 Credit Facilities, with a $50.0 million drawn on the 2021 Term Loan and $28.0 million drawn on the 2021 Revolving Credit Facility. 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 $225,000 in cash to complement the Company's core business of acquiring, managing, servicing and being a consolidator of postal properties. As of March 11, 2022 and during the period subsequent to December 31, 2021, the Company closed on the acquisitions of 39 properties for approximately $11.8 million, excluding closing costs, some of which include OP Units as part of the consideration. As of March 11, 2022 and during the period subsequent to December 31, 2021, the Company had entered into definitive agreements to acquire 12 properties for approximately $13.5 million, some of which include OP Units as part of the consideration. The majority of these transactions are anticipated to close during the second and third quarters of 2022, subject to the satisfaction of customary closing conditions. However, the Company can provide no assurances that the properties will be consummated on the terms of timeframe described herein, or at all.

SEC Schedule, Article 12-28, Re

SEC Schedule, Article 12-28, Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure	Postal Realty Trust, Inc. Schedule III - Real Estate and Accumulated Depreciation As of December 31, 2021 Number of Properties (1) Encumbrances Initial Cost to Company Cost Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period (2) Accumulated Depreciation Date Acquired Depreciable Life State Land Buildings & Improvements Land Buildings & Improvements Total Alabama 12 — 1,720 9,342 26 1,720 9,368 11,088 352 2013-2021 40 Alaska 1 — 15 51 — 15 51 66 7 2018 40 Arizona 1 — 181 703 — 181 703 884 14 2021 40 Arkansas 22 — 1,282 4,229 — 1,282 4,229 5,511 626 2013-2021 40 California 19 — 6,629 12,524 — 6,629 12,524 19,153 351 2019-2021 40 Colorado 18 — 1,214 9,587 48 1,214 9,636 10,850 563 2019-2021 40 Connecticut 6 — 714 3,226 — 714 3,226 3,940 212 2013-2021 40 Delaware 1 — 181 436 — 181 436 617 20 2020 40 Florida 15 — 2,814 6,763 50 2,814 6,809 9,623 282 2013-2021 40 Georgia 24 — 839 3,383 50 839 3,433 4,272 277 2013-2021 40 Hawaii 1 — 1,810 1,447 0 1,810 1,447 3,257 22 2021 40 Idaho 9 — 61 749 — 61 749 810 243 2013 40 Illinois 48 — 1,057 6,194 137 1,057 6,331 7,388 400 2013-2021 40 Indiana 21 — 890 5,455 100 890 5,555 6,445 295 2019-2021 40 Iowa 24 — 726 5,056 104 726 5,160 5,886 250 2013-2021 40 Kansas 25 — 921 8,556 5 921 8,561 9,482 347 2013-2021 40 Kentucky 7 — 175 1,448 — 175 1,448 1,623 167 2013-2021 40 Louisiana 27 — 1,614 5,937 53 1,614 5,989 7,603 656 2013-2021 40 Maine 40 — 1,281 4,033 63 1,281 4,096 5,377 307 2013-2020 40 Maryland 6 — 786 1,399 22 786 1,422 2,208 97 2013-2021 40 Massachusetts 15 — 2,458 8,399 84 2,458 8,483 10,941 1,730 2007-2021 40 Michigan 44 — 2,998 9,934 276 2,998 10,170 13,168 664 2011-2021 40 Minnesota 36 349 650 5,828 43 650 5,871 6,521 373 2013-2021 40 Mississippi 15 — 889 3,755 118 889 3,873 4,762 352 2013-2021 40 Missouri 30 — 1,152 5,378 195 1,152 5,573 6,725 348 2013-2021 40 Montana 12 — 381 2,892 94 381 2,986 3,367 193 2013-2021 40 Nebraska 17 — 96 1,696 31 96 1,727 1,823 91 2013-2021 40 Nevada 4 — 485 2,314 — 485 2,314 2,799 48 2013-2021 40 New Hampshire 7 — 417 1,185 8 417 1,193 1,610 49 2019-2021 40 New Jersey 4 — 226 818 16 226 835 1,061 35 2019-2021 40 New Mexico 4 — 328 555 — 328 555 883 42 2019-2021 40 New York 35 — 2,962 9,118 158 2,962 9,278 12,240 348 2019-2021 40 North Carolina 31 — 3,571 11,808 58 3,571 11,868 15,439 685 2013-2021 40 North Dakota 18 — 205 1,914 — 205 1,914 2,119 160 2013-2021 40 Ohio 24 844 2,402 8,632 67 2,402 8,699 11,101 719 2006-2021 40 Oklahoma 41 — 1,357 6,429 166 1,357 6,543 7,900 1,036 2013-2021 40 Oregon 1 — 480 597 — 480 597 1,077 29 2020 40 Pennsylvania 76 31,634 8,277 61,295 249 8,277 61,544 69,821 3,211 2005-2021 40 South Carolina 14 366 1,088 2,997 1,082 1,088 4,075 5,163 139 2019-2021 40 South Dakota 17 — 291 1,932 — 291 1,932 2,223 156 2013-2021 40 Tennessee 15 — 1,375 4,252 28 1,375 4,280 5,655 532 2013-2021 40 Texas 53 — 2,549 11,095 288 2,549 11,385 13,934 2,257 2005-2021 40 Utah 1 — 73 813 — 73 813 886 45 2020 40 Vermont 10 — 611 1,668 — 611 1,668 2,279 102 2019-2021 40 Virginia 17 — 1,059 4,494 17 1,059 4,511 5,570 184 2019-2021 40 Washington 7 — 456 1,341 — 456 1,341 1,797 97 2013-2021 40 West Virginia 17 — 365 3,006 6 365 3,012 3,377 79 2019-2021 40 Wisconsin 70 — 2,406 15,255 206 2,406 15,454 17,860 1,641 2005-2021 40 Wyoming 2 — 21 160 — 21 160 181 51 2013 40 964 $ 33,193 $ 64,538 $ 280,078 $ 3,848 $ 64,538 $ 283,827 $ 348,365 $ 20,884 Explanatory Notes : (1) Excludes two properties accounted for as direct financing leases. (2) The aggregate cost for Federal Income Tax purposes was approximately $353.8 million as of December 31, 2021. (3) Estimated useful life for buildings. The following table reconciles real estate for the years ended December 31, 2021 and 2020: For the Years Ended December 31, 2021 2020 Beginning Balance $ 247,072 $ 120,584 Acquisitions 99,006 125,423 Capital Improvements 2,492 1,151 Write-offs (37) (86) Other (168) — Ending Balance $ 348,365 $ 247,072 Explanatory Note: (1) Other includes reclassification adjustments. The following table reconciles accumulated depreciation for the years ended December 31, 2021 and 2020: For the Years Ended December 31, 2021 2020 Beginning Balance $ (13,215) $ (8,814) Depreciation expense (7,706) (4,487) Write-offs 37 86 Ending Balance $ (20,884) $ (13,215)

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
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. 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 (loss) reflects the income attributed to controlling and non-controlling interests.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with the U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates.
Offering and Other Costs	Offering and Other Costs Offering costs are recorded in “Total Stockholders’ Equity” in the Consolidated Balance Sheets as a reduction of additional paid-in capital.
Segment Reporting	Segment Reporting The Company leases its properties primarily to the USPS and reports its business as a single reportable segment.
Investments in Real Estate	Investments in Real Estate Upon the acquisition of real estate, the purchase price is allocated based upon the relative fair value of the assets acquired and liabilities assumed. The allocation of the purchase price to the relative fair value of the tangible assets of an acquired property is derived by valuing the property as if it were vacant. All real estate acquisitions in the periods presented qualified as asset acquisitions and, as such, acquisition-related fees and acquisition-related expenses related to these asset acquisitions are capitalized as part of the acquisition. Investments in real estate generally include land, buildings, tenant improvements and identified intangible assets, such as in-place lease intangibles and above or below-market lease intangibles. Direct and certain indirect costs clearly associated with the development, construction, leasing or expansion of real estate assets are capitalized as a cost of the property. Repairs and maintenance costs are expensed as incurred.
Deferred Costs	Deferred Costs Financing costs related to the issuance of the Company’s long-term debt, including the term loan facility component (the "2021 Term Loan") of the Company's existing credit facilities (the “2021 Credit Facilities”), established under a credit agreement dated as of August 9, 2021 (the “2021 Credit Agreement”), 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 Company’s previous revolving credit facility (the “2019 Credit Facility”), which was established under a credit agreement dated as of September 27, 2019, as amended, and terminated on August 9, 2021, and the revolving credit facility component (the "2021 Revolving Credit Facility") of the 2021 Credit Facilities are deferred and amortized as an increase to interest expense over the terms of the 2019 Credit Facility and the 2021 Revolving Credit Facility, respectively, and are included in “Prepaid expenses and other assets, net” on the Consolidated Balance Sheets.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current period’s presentation.
Cash and Escrows and Reserves	Cash and Escrows and ReservesCash includes unrestricted cash with a maturity of three months or less. Escrows and reserves consist of restricted cash.
Revenue Recognition	Revenue Recognition The Company has operating lease agreements with tenants, some of which contain provisions for future rental increases. Rental income is recognized on a straight-line basis over the term of the lease. In addition, certain lease agreements provide for reimbursements from tenants for real estate taxes and other recoverable costs, which are recorded on an accrual basis as part of “Rental income” in the Consolidated Statements of Operations and Comprehensive Income (Loss). Fee and other primarily consist of property management fees and income recognized from properties accounted for as financing leases. The management fees arise from contractual agreements with entities that are affiliated with the Company’s chief executive officer ("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 investments 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 Income (Loss) and produces a constant periodic rate of return on the investment in financing leases, net.
Income Taxes	Income Taxes As a REIT, the Company is generally not subject to federal corporate income tax on the net income (loss) that the Company distributes to its shareholders. The Operating Partnership which holds the Company's properties is a partnership for U.S. federal income tax purposes and is not subject to U.S. federal income taxes as the revenues and expenses pass through to the respective owners where they are taxed. The states and cities in which the Operating Partnership operates generally follows the U.S. federal income tax treatment. A valuation allowance is established for deferred tax assets when management anticipates that it is more likely than not that all, or a portion, of these assets would not be realized. In determining whether a valuation allowance is warranted, all positive and negative evidence and all sources of taxable income such as prior earnings history, expected future earnings, carryback and carryforward periods and tax strategies are considered to estimate if sufficient future taxable income will be generated to realize the deferred tax asset. The assessment of the adequacy of a valuation allowance is based on estimates of taxable income by jurisdiction and the period over which deferred tax assets will be recoverable. The tax effects of uncertain tax positions taken or expected to be taken in income tax returns are recognized only if they are “more likely-than-not” to be sustained on examination by the taxing authorities based on the technical merits as of the reporting date. The tax benefits recognized in the financial statements from such positions are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The Company recognizes estimated accrued interest and penalties related to uncertain tax positions in income tax expense.
Fair Value of Financial Instruments	Fair Value of Financial Instruments 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 realize on disposition of the assets and liabilities as of December 31, 2021 and 2020. 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, accounts payable and accrued expenses are carried at amounts which reasonably approximate their fair values as of December 31, 2021 and 2020 due to their short maturities. As of December 31, 2021 and 2020, the Company had investment in direct financing leases, net with a carrying value of $16.2 million and $0.5 million, respectively, net and effective interest rates ranging from 6.48% to 7.89%. The carrying value of the investment in financing leases approximated their fair market value as of December 31, 2021 and 2020. The fair value of the Company’s direct financing leases was categorized as a Level 3 basis (as provided by ASC 820, Fair Value Measurements and Disclosures). The fair value of the Company’s borrowings under its 2019 Credit Facility and 2021 Credit Facilities approximates carrying value because such borrowings are subject to a variable rate. The fair value of the Company’s secured borrowings aggregated approximately $32.1 million and $47.1 million as compared to the principal balance of $33.2 million and $47.0 million as of December 31, 2021 and 2020, respectively. The fair value of the Company’s debt was categorized as a Level 3 basis (as provided by ASC 820, Fair Value Measurements and Disclosures). The fair value of these financial instruments was determined by using a discounted cash flow analysis based on the borrowing rates currently available to the Company for loans with similar terms and maturities. The fair value of the mortgage debt was determined by discounting the future contractual interest and principal payments by a market rate. The Company's derivative assets, comprised of one interest rate swap derivative instrument entered into on August 9, 2021 in connection with the 2021 Credit Facilities, are recorded at fair value based on a variety of observable inputs, including contractual terms, interest rate curves, yield curves, measure of volatility, and correlations of such inputs. The Company measures its derivatives at fair value on a recurring basis based on the expected size of future cash flows on a discounted basis and incorporating a measure of non-performance risk. The fair value of the Company's derivative assets was categorized as a Level 2 basis (as provided by ASC 820, Fair Value Measurements and Disclosures). The Company considers its own credit risk, as well as the credit risk of its counterparties, when evaluating the fair value of its derivative assets. As of December 31, 2021, the fair value of the Company’s interest rate swap derivative instrument was approximately $1.0 million, included in “Prepaid expenses and other assets, net” on the Consolidated Balance Sheets. Disclosure about fair value of assets and liabilities is based on pertinent information available to management as of December 31, 2021 and 2020. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since December 31, 2021 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 risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. See Note 6. Derivatives and Hedging Activities for further details.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging 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 risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.
Impairment	ImpairmentThe carrying value of real estate investments and related intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the asset’s carrying amount over its estimated fair value. Impairment analyses will be based on current plans, intended holding periods and available market information at the time the analyses are prepared. If estimates of the projected future cash flows, anticipated holding periods or market conditions change, the evaluation of impairment losses may be different and such differences may be material. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results.
Concentration of Credit Risks	Concentration of Credit Risks As of December 31, 2021, the Company’s properties were leased primarily to a single tenant, the USPS. For the year ended December 31, 2021, approximately 18.3% of the Company's total rental income, or $7.0 million, was concentrated in Pennsylvania. For the year ended December 31, 2020, approximately 10.7% of the Company's total rental income, or $2.5 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 any of these areas and could have an effect on the Company’s overall business results. The Company has deposited cash and maintains its bank deposits with large financial institutions in amounts that, from time to time, exceed federally insured limits. The Company has not experienced any losses in such accounts.
Non-controlling Interests	Non-controlling InterestsNon-controlling interests in the Company represent OP Units held by the Predecessor’s prior investors and certain sellers of properties to the Company and LTIP Units held by the Company’s CEO and the Company's Board of Directors.
Equity Based Compensation	Equity Based Compensation The Company accounts for equity-based compensation in accordance with ASC Topic 718 Compensation – Stock Compensation, which requires the Company to recognize an expense for the grant date fair value of equity-based awards. Equity-classified stock awards granted to employees and non-employees that have a service condition and/or a market condition are measured at fair value at date of grant and remeasured at fair value only upon a modification of the award. The Company will record forfeitures as they occur. The Company recognizes compensation expense on a straight-line basis over the requisite service period of each award, with the amount of compensation expense recognized at the end of a reporting period at least equal the portion of fair value of the respective award at grant date or modification date, as applicable, that has vested through that date. For awards with a market condition, compensation cost is not reversed if a market condition is not met so long as the requisite service has been rendered, as a market condition does not represent a vesting condition.
Insurance Accounting	Insurance Accounting The Company carries liability insurance to mitigate its exposure to certain losses, including those relating to property damage and business interruption. The Company records the estimated amount of expected insurance proceeds for property damage and other losses incurred as an asset (typically a receivable from the insurer) and income up to the amount of the losses incurred when the amount is determinable and approved by 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 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 insurance company.
Earnings per Share	Earnings per ShareThe Company calculates net income (loss) per share based upon the weighted average shares outstanding less issued and outstanding non-vested shares of Class A common stock. As of December 31, 2021 and 2020, the Company had unvested restricted shares of Class A common stock, LTIP Units and 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 net income per share pursuant to the two-class method. Diluted earnings per share is calculated after giving effect to all potential dilutive shares outstanding during the period.
Recently Adopted and Future Application of Accounting Standards	Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-2, Leases; in July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases, and ASU 2018-11, Leases — Targeted Improvements; and in December 2018, the FASB issued ASU 2018-20, Narrow-Scope Improvements for Lessors. This group of ASUs is collectively referred to as Topic 842. Topic 842 supersedes the existing standards for lease accounting (Topic 840, Leases). Topic 842 was effective for the Company on January 1, 2021 as a result of its classification as an EGC. The Company elected to utilize the following practical expedients provided by Topic 842, including: the package of practical expedients that allows an entity not to reassess upon adoption (i) whether an expired or existing contract contains a lease, (ii) whether a lease classification related to expired or existing lease arrangements, and (iii) whether costs incurred on expired or existing leases qualify as initial direct costs, and as a lessor, the practical expedient not to separate certain non-lease components, such as common area maintenance, from the lease component if the timing and pattern of transfer are the same for the non-lease component and associated lease component, and the lease component would be classified as an operating lease if accounted for separately. Topic 842 requires lessees to record most leases on their balance sheet through a right-of-use (“ROU”) model, in which a lessee records a ROU asset and a lease liability on their balance sheet. Leases that are less than 12 months do not need to be accounted for under the ROU model. Lessees will account for leases as financing or operating leases, with the classification affecting the timing and pattern of expense recognition in the income statement. Lease expense will be recognized based on the effective interest method for leases accounted for as finance leases and on a straight-line basis over the term of the lease for leases accounted for as operating leases. The accounting by a lessor under Topic 842 is largely unchanged from that of Topic 840. Under Topic 842, lessors will continue to account for leases as a sales-type, direct-financing, or operating. A lease will be treated as a sale if it is considered to transfer control of the underlying asset to the lessee. A lease will be classified as direct-financing if risks and rewards are conveyed without the transfer of control. Otherwise, the lease is treated as an operating lease. Topic 842 requires accounting for a transaction as a financing in a sale leaseback in certain circumstances, including when the seller-lessee is provided an option to purchase the property from the landlord at the tenant’s option. Topic 842 also includes the concept of separating lease and non-lease components. Under Topic 842, non-lease components, such as common area maintenance, would be accounted for under Topic 606 and separated from the lease payments. However, the Company elected the lessor practical expedient allowing the Company to not separate these components when certain conditions are met. With this election, the Company combined tenant reimbursements with rental income on its Consolidated Statements of Operations and Comprehensive Income (Loss) for the period beginning with the three months ended March 31, 2021. Upon adoption of the standard, the Company’s comparative statement of operations have been reclassified to conform to the new single component presentation of rental revenues and tenant reimbursements, classified within rental income in the Consolidated Statements of Operations and Comprehensive Income (Loss). During the year ended December 31, 2021, the Company recorded an operating ROU asset and a related operating lease liability, each totaling approximately $1.2 million, related to one office lease and four ground leases. The ROU lease asset is included in “Prepaid expenses and other assets, net” and the operating lease liability is included in “Accounts payable, accrued expenses and other” on the Consolidated Balance Sheets. Future Application of Accounting Standards In September 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and in November 2018 issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses . The guidance changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the current ‘incurred loss’ model with an ‘expected loss’ approach. The Company will also be required to disclose information about how it developed the allowances, including changes in the factors that influenced the Company’s 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 will be effective for the Company on January 1, 2023 as a result of its classification as an EGC. The Company is currently in the process of evaluating the impact the adoption of the guidance will have on its consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of Property, Plant and Equipment	Depreciation or amortization expense is computed using the straight-line method based upon the following estimated useful lives: Years Buildings and improvements 15 to 40 Equipment and fixtures 5 to 10 Tenant improvements Shorter of useful life or applicable lease term In-place lease value Remaining non-cancellable term of the in-place lease
Schedule of Cash and Cash Equivalents Reconciliation	The following table provides a reconciliation of cash and escrows and reserves reported within the Consolidated Balance Sheets and Consolidated Statements of Cash Flows: As of December 31, December 31, (in thousands) Cash $ 5,857 $ 2,212 Escrows and reserves: Maintenance reserve 827 696 Real estate tax reserve 250 304 ESPP reserve 92 59 Cash and escrows and reserves $ 7,026 $ 3,271

Real Estate Acquisitions (Table

Real Estate Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Schedule total purchase price including transaction costs	The total purchase price including transaction costs was allocated as follows (in thousands, except for the number of properties): Three Months Ended Number of Properties Land Building and Improvements Tenant Improvements In-place lease intangibles Above- market leases Below- market leases Other (1) Total (2) 2021 March 31, 2021 (3) 54 $ 3,493 $ 19,793 $ 428 $ 2,201 $ 51 $ (474) $ 723 $ 26,215 June 30, 2021 (4) 71 5,364 23,550 268 2,207 28 (156) (5) 31,256 September 30, 2021 (5) 59 3,333 15,314 147 1,368 32 (581) 24 19,637 December 31, 2021 (6) 54 6,096 21,031 186 1,750 123 (371) (157) 28,658 238 $ 18,286 $ 79,688 $ 1,029 $ 7,526 $ 234 $ (1,582) $ 585 $ 105,766 Three Months Ended Number of Properties Land Building and Improvements Tenant Improvements In-place lease intangibles Above- market leases Below- market leases Other (7) Total (8) 2020 March 31, 2020 (9)(10)(11) 83 $ 4,826 $ 24,573 $ 294 $ 2,477 $ 7 $ (1,616) $ (34) $ 30,527 June 30, 2020 (12) 19 2,555 7,344 55 693 — (39) — 10,608 September 30, 2020 (13) 122 6,075 19,426 317 2,301 37 (1,068) (33) 27,055 December 31, 2020 (14) 36 7,699 51,059 1,201 4,627 — (680) — 63,906 Total 260 $ 21,155 $ 102,402 $ 1,867 $ 10,098 $ 44 $ (3,403) $ (67) $ 132,096 Explanatory Notes : (1) Represents an insurance receivable assigned to the Company related to a property in a small portfolio that was destroyed by arson prior to acquisition by the Company during the three months ended March 31, 2021. The Company completed rebuilding such property which remained under lease to the USPS in the three months ended December 31, 2021 primarily using the insurance proceeds assigned by the seller to the Company. The insurance proceeds were received in April 2021. Also includes an intangible liability related to an unfavorable operating lease on a property acquired during the three months ended June 30, 2021 that is included in “Accounts payable, accrued expenses and other” on the Consolidated Balance Sheets. During the three months ended September 30, 2021, includes a below-market ground lease intangible asset. During the three months ended December 31, 2021, includes an intangible liability related to unfavorable operating leases on two properties that is included in “Accounts Payable, accrued expenses and other” on the Consolidated Balance Sheets. (2) Includes closing costs of $0.5 million for the three months ended March 31, 2021, $0.9 million for the three months ended June 30, 2021, $0.5 million for the three months ended September 30, 2021 and $0.8 million for the three months ended December 31, 2021. (3) Includes the acquisition of 54 properties in various states in individual or portfolio transactions for approximately $26.2 million, including closing costs, which was funded with borrowings under the 2019 Credit Facility. (4) Includes the acquisition of 71 properties in various states in individual or portfolio transactions for approximately $31.3 million, including closing costs, which was funded with both the issuance of OP Units to the sellers as non-cash consideration (valued at approximately $9.0 million using the share price of Class A common stock on the date of each issuance of such OP Units) and borrowings under the 2019 Credit Facility. (5) Includes the acquisition of 59 properties in various states in individual or portfolio transactions for approximately $19.6 million, including closing costs, which was funded with both the issuance of OP Units to the sellers as non-cash consideration (valued at approximately $6.5 million using the share price of Class A common stock on the date of each issuance of such OP Units) and borrowings under the 2021 Credit Facilities and, prior to its termination, the 2019 Credit Facility. (6) Includes the acquisition of 54 properties in various states in individual or portfolio transactions for approximately $28.7 million, including closing costs, which was funded with borrowings under the 2021 Credit Facilities. In addition, the Company closed on one property accounted for as a direct financing lease and is included in “Investment in financing leases, net” on the Consolidated Balance Sheets. (7) Includes an intangible liability related to unfavorable operating leases on three properties that is included in “Accounts Payable, accrued expenses and other” on the Consolidated Balance Sheets. (8) Includes closing costs of $0.3 million for the three months ended March 31, 2020, $0.2 million for the three months ended June 30, 2020, $0.8 million for the three months ended September 30, 2020 and $1.3 million for the three months ended December 31, 2020. (9) Includes the acquisition of a 21-property portfolio leased to the USPS for approximately $13.6 million, including closing costs, which was partially funded with the issuance of OP Units to the sellers as non-cash consideration (valued at approximately $7.9 million using the share price of Class A common stock on the date of each issuance of such OP Units). (10) Includes the acquisition of a 42-property portfolio leased to the USPS. The aggregate purchase price of such portfolio was approximately $8.8 million, including closing costs, which was funded with borrowings under the 2019 Credit Facility. (11) Includes the acquisition of 20 properties in individual or smaller portfolio transactions for approximately $8.1 million, including closing costs. (12) Includes the acquisition of a 13-property portfolio leased to the USPS in various states for approximately $7.2 million, including closing costs. In addition, the Company purchased six properties in individual or smaller portfolio transactions for approximately $3.4 million, including closing costs. (13) Includes the acquisition of 122 properties in various states in individual or portfolio transactions for approximately $27.1 million, including closing costs, which was funded with borrowings under the 2019 Credit Facility. In addition, the Company closed on one property which is a direct financing lease and is included in “Investment in financing leases, net” on the Consolidated Balance Sheets. (14) Includes the acquisition of 35 properties in various states in individual or portfolio transactions for approximately $16.3 million, including closing costs, which was funded with borrowings under the 2019 Credit Facility. In addition, the Company acquired an industrial property (“Industrial Facility”) for a total of $47.6 million, including closing costs, primarily leased to the USPS. The property was initially funded with borrowings under the 2019 Credit Facility. Refer to Note 5. Debt for a discussion of the subsequent property level financing related to the acquisition.

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The following table summarizes the Company's intangible assets and liabilities: As of Gross Asset Accumulated Net December 31, 2021: (in thousands) In-place lease intangibles $ 31,814 $ (17,415) $ 14,399 Above-market leases 319 (70) 249 Below-market leases (13,654) 4,984 (8,670) December 31, 2020: In-place lease intangibles $ 24,165 $ (11,143) $ 13,022 Above-market leases 85 (35) 50 Below-market leases (12,076) 3,350 (8,726)
Schedule of future amortization/accretion of intangibles	Future amortization/accretion of these intangibles is below (in thousands): Year Ending December 31, In-place lease Above-market Below-market 2022 $ 5,463 $ 71 $ (1,621) 2023 3,734 67 (1,256) 2024 2,595 50 (1,071) 2025 1,529 41 (896) 2026 796 20 (728) Thereafter 282 — (3,098) Total $ 14,399 $ 249 $ (8,670)

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of principal balances of mortgage loans payable	The following table summarizes the Company’s indebtedness as of December 31, 2021 and December 31, 2020 (dollars in thousands): Outstanding Balance as of December 31, Outstanding Balance as of December 31, Interest Rate at December 31, Maturity Date Revolving Credit Facility (1) : 2021 Revolving Credit Facility $ 13,000 $ — LIBOR+150 bps (2) January 2026 2019 Credit Facility — 78,000 — — 2021 Term Loan 50,000 — LIBOR+145 bps (2) January 2027 Secured Borrowings: Vision Bank (3) 1,409 1,459 3.69 % September 2041 First Oklahoma Bank (4) 349 364 3.63 % December 2037 Vision Bank – 2018 (5) 844 869 3.69 % September 2041 Seller Financing (6) 366 445 6.00 % January 2025 First Oklahoma Bank – April 2020 (7) — 4,522 — — First Oklahoma Bank – June 2020 (8) — 9,152 — — AIG – December 2020 (9) 30,225 30,225 2.80 % January 2031 Total Principal 96,193 125,036 Unamortized deferred financing costs (844) (407) Total Debt $ 95,349 $ 124,629 Explanatory Notes: (1) On September 27, 2019, the Company entered into the 2019 Credit Facility, which provided for revolving commitments in an aggregate principal amount of $100.0 million with an accordion feature that permitted the Company to borrow up to an additional $100.0 million for an aggregate total of $200.0 million. On August 9, 2021, the Company entered into the 2021 Credit Facilities, which include the $150.0 million 2021 Revolving Credit Facility and the $50.0 million 2021 Term Loan. In connection with entering into the 2021 Credit Facilities, the Company terminated the 2019 Credit Facility and paid off the outstanding loans thereunder. The 2021 Credit Facilities include an accordion feature which will permit the Company to borrow up to an additional $150.0 million under the 2021 Revolving Credit Facility and up to an additional $50.0 million under the 2021 Term Loan, in each case subject to customary terms and conditions. The 2021 Revolving Credit Facility matures in January 2026, which may be extended for two six-month periods subject to customary conditions, and the 2021 Term Loan matures in January 2027. Borrowings under the 2021 Credit Facilities carry an interest rate of, (i) in the case of the 2021 Revolving Credit Facility, either a base rate plus a margin ranging from 0.5% to 1.0% per annum or the London Interbank Offered Rate (“LIBOR”) plus a margin ranging from 1.5% to 2.0% per annum, or (ii) in the case of the 2021 Term Loan, either a base rate plus a margin ranging from 0.45% to 0.95% per annum or LIBOR plus a margin ranging from 1.45% to 1.95% per annum, in each case depending on the Company's consolidated leverage ratio. With respect to the 2021 Revolving Credit Facility, the Company will pay, if the usage is equal to or less than 50%, an unused facility fee of 0.20% per annum, or if the usage is greater than 50%, an unused facility fee of 0.15% per annum, in each case on the average daily unused commitments under the 2021 Revolving Credit Facility. The 2021 Credit Facilities contain a number of customary financial and non-financial covenants. In addition, on August 9, 2021, the Company entered into an interest rate swap that effectively fixed the LIBOR component of the interest rate on $50.0 million portion of the 2021 Credit Facilities through January 2027. The interest rate swap initially applied to the $50.0 million 2021 Term Loan, fixing the interest rate for the 2021 Term Loan at 2.291% as of December 31, 2021. See Note 6. Derivatives and Hedging Activities below for further details. During the years ended December 31, 2021 and 2020, the Company incurred $0.1 million and $0.3 million, respectively, of unused facility fees related to the 2019 Credit Facility and the 2021 Revolving Credit Facility. As of December 31, 2021, the Company was in compliance with all of the 2021 Credit Facilities’ debt covenants. (2) Based upon the one-month U.S. Dollar LIBOR rate. (3) Five properties are collateralized under this loan as of December 31, 2021. Mr. Spodek also provided a personal guarantee of payment for the entire outstanding amount thereunder as of December 31, 2020 and for 50.0% of the outstanding amount thereunder as of December 31, 2021. On September 30, 2021, the Company amended this loan to extend its maturity to September 2041 and reduce its interest rate to 3.69% fixed for five years with interest payments only, 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. On July 23, 2021, the Company amended this loan to reduce its interest rate to 3.625% fixed for five years, then adjusting annually thereafter to a variable annual rate of Wall Street Journal Prime Rate ("Prime") 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. On September 30, 2021, the Company amended this loan to extend its maturity to September 2041 and reduce its interest rate to 3.69% fixed for five years with interest payments only, 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) In connection with the purchase of a 13-property portfolio, the Company obtained $4.5 million of mortgage financing, at a fixed interest rate of 4.25% with interest only for the first 18 months, which would have reset in November 2026 to the greater of Prime or 4.25%. On February 3, 2021, the Company fully repaid this mortgage financing and wrote off $0.06 million of deferred financing to costs to loss on early extinguishment of debt for the year ended December 31, 2021. See the Consolidated Statements of Operations and Comprehensive Income (Loss). (8) The loan was collateralized by first mortgage liens on 22 properties. Interest rates would have reset in January 2027 to the greater of Prime or 4.25%. On February 3, 2021, the Company fully repaid this mortgage financing and wrote off $0.15 million of deferred financing to costs to loss on early extinguishment of debt for the year ended December 31, 2021. See the Consolidated Statements of Operations and Comprehensive Income (Loss).
Schedule of principal payments of mortgage loans payable	The scheduled principal repayments of indebtedness as of December 31, 2021 are as follows (in thousands): Year Ending December 31, Amount 2022 $ 100 2023 106 2024 111 2025 118 2026 13,643 Thereafter 82,115 Total $ 96,193

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2021
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 instrument in the Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2021. Twelve Months Ended December 31, Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps) 2021 Amount of gain recognized on derivative in "Accumulated other comprehensive income" $809 Amount of (loss) reclassified from "Accumulated other comprehensive income" into interest expense $(151)

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
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): Twelve Months Ended December 31, 2021 2020 Fixed payments $ 32,769 $ 20,269 Variable payments 5,507 3,046 $ 38,276 $ 23,315
Schedule of future operating lease payments to be received	Future minimum lease payments to be received as of December 31, 2021 under non-cancellable operating leases for the next five years and thereafter are as follows (in thousands) :(1) Year Ending December 31, Amount 2022 (2) $ 33,662 2023 31,263 2024 27,256 2025 22,147 2026 15,180 Thereafter 12,414 Total $ 141,922 Explanatory Notes : (1) The above minimum lease payments to be received do not include reimbursements from tenants for real estate taxes and other reimbursed expenses. (2) As of December 31, 2021, the leases at 16 of the Company's properties were expired, and the USPS was occupying such properties as a holdover tenant. Holdover rent is typically paid as the greater of estimated market rent or the rent amount due under the expired lease. Subsequent to December 31, 2021, the Company executed all leases for these properties.
Schedule of components of net investment in financing lease	As of December 31, 2021, financing leases for two of the Company’s properties provide the USPS with the option to purchase the underlying property at fixed prices as of dates set forth in the lease agreement. The components of the Company’s net investment in financing leases as of December 31, 2021 and 2020 are summarized in the table below (in thousands): As of December 31, 2021 2020 Total minimum lease payment receivable $ 34,352 $ 1,010 Less: unearned income (18,139) (495) Investment in financing leases, net $ 16,213 $ 515
Schedule of future lease payments under direct financing lease	Future lease payments to be received under the Company’s direct financing leases as of December 31, 2021 for the next five years and thereafter are as follows (in thousands): Year Ending December 31, Amount 2022 $ 1,137 2023 1,137 2024 1,137 2025 1,137 2026 1,137 Thereafter 28,667 Total $ 34,352
Schedule of lease assets and liabilities	Operating ROU assets and lease liabilities are included in “Prepaid expenses and other assets, net” and “Accounts payable, accrued expense and other” on the Consolidated Balance Sheets as follows (in thousands): As of December 31, ROU asset – operating leases $ 1,058 Lease liability – operating leases $ 1,071
Schedule of future minimum lease payments	Future minimum lease payments to be paid by the Company as a lessee for operating leases as of December 31, 2021 for the next five years and thereafter are as follows (in thousands): 2022 $ 227 2023 233 2024 109 2025 35 2026 35 Thereafter 1,145 Total future minimum lease payments $ 1,784 Interest discount (713) Total $ 1,071
Schedule of future minimum rental payments	Future minimum ground lease payments under Topic 840 as of December 31, 2020 were as follows (in thousands): Year Ending December 31, Amount 2021 $ 24 2022 24 2023 24 2024 24 2025 26 Thereafter 1,155 Total $ 1,277 Future minimum office lease payments under Topic 840 as of December 31, 2020 were as follows (in thousands): Year Ending December 31, Amount 2021 $ 189 2022 195 2023 200 2024 76 Total $ 660

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Unrecognized Tax Benefits Roll Forward	A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands): For the Years Ended December 31, 2021 2020 Gross unrecognized tax benefits, beginning of year $ 364 $ 488 Additions based on tax positions taken in the current year — — Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (176) (96) Increases based on tax positions taken in prior periods — — Decreases based on tax positions taken in prior periods — (28) Total $ 188 $ 364

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Schedule of reconciliation of income (loss) from operations	The following table presents a reconciliation of income (loss) from operations used in the basic and diluted EPS calculations (dollars in thousands, except share and per share data). For the Years Ended December 31, 2021 2020 Numerator for earnings per share – basic and diluted: Net income (loss) attributable to common stockholders $ 2,055 $ (352) Less: Income attributable to participating securities (658) (346) Numerator for earnings per share — basic and diluted $ 1,397 $ (698) Denominator for earnings per share – basic and diluted (1) 13,689,251 7,013,621 Basic and diluted earnings per share $ 0.10 $ (0.10) Explanatory Note: (1) For the year ended December 31, 2021, 302,552 restricted shares of Class A common stock, 85,386 restricted stock units (“RSUs”), 3,472,221 OP Units and 375,264 LTIP Units would not be dilutive and were not included in the computation of diluted EPS. For the year ended December 31, 2020, 218,613 restricted shares of Class A common stock, 62,096 RSUs, 2,640,795 OP Units and 209,008 LTIP Units would not be dilutive and were not included in the computation of diluted EPS. 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, held by non-controlling interests as of December 31, 2021 and 2020, respectively. The income allocable to such OP Units and LTIP Units is allocated on this same basis and reflected as non-controlling interests in the accompanying Consolidated Financial Statements. As such, the assumed conversion of these OP Units would have no net impact on the determination of diluted earnings per share.

Stockholder's Equity (Tables)

Stockholder's Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Schedule of activity under ATM Program	The following table summarizes the activity under the ATM Program for the periods presented (dollars and shares issued in thousands, except per share amounts). During the year ended December 31, 2021, 344,717 shares were issued under the ATM Program. As of December 31, 2021, the Company had approximately $43.1 million remaining that may be issued under the ATM Program. Year Ended Shares issued 345 Gross proceeds $ 6,894 Fees and issuance costs 432 Net proceeds $ 6,462 Average gross sales price per share $ 20.00
Schedule of declared and paid dividends	During the year ended December 31, 2021, the Company's Board of Directors approved and the Company declared and paid dividends of $15.0 million to Class A common stockholders, Voting Equivalency stockholders, OP unitholders and LTIP unitholders, or $0.885 per share or unit, as shown in the table below. Declaration Date Record Date Date Paid Amount Per Share or Unit January 29, 2021 February 12, 2021 February 26, 2021 $ 0.2175 April 30, 2021 May 14, 2021 May 28, 2021 $ 0.2200 July 27, 2021 August 13, 2021 August 27, 2021 $ 0.2225 November 4, 2021 November 15, 2021 November 30, 2021 $ 0.2250 During the year ended December 31, 2020, the Company's Board of Directors approved and the Company declared and paid dividends of $8.2 million to Class A common stockholders, Voting Equivalency stockholders, OP unitholders and LTIP unitholders, or $0.79 per share or unit, as shown in the table below. Declaration Date Record Date Date Paid Amount Per Share or Unit January 30, 2020 February 14, 2020 February 28, 2020 $ 0.1700 April 30, 2020 May 11, 2020 May 29, 2020 $ 0.2000 July 30, 2020 August 14, 2020 August 31, 2020 $ 0.2050 October 30, 2020 November 16, 2020 November 30, 2020 $ 0.2150
Schedule of unvested shares of restricted stock	The following table presents a summary of the Company's outstanding restricted shares of Class A common stock, LTIP Units and RSUs. The balance as of December 31, 2021 represents unvested restricted shares of Class A common stock and LTIP Units and RSUs that are outstanding, whether vested or not: Restricted Shares (1)(2) LTIP Units (3) RSUs (4) Total Weighted Outstanding, as of January 1, 2021 218,613 209,009 62,096 489,718 $ 15.33 Granted 156,754 166,256 76,828 399,838 $ 16.31 Vesting of restricted shares (5) (71,491) — (10,171) (81,662) $ 15.00 Forfeited (1,324) — — (1,324) $ 16.60 Outstanding, as of December 31, 2021 302,552 375,265 128,753 806,570 $ 15.71 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 eight years. The time-based restricted share awards granted to the Company's independent directors vest over three years. 6,931 shares of Class A common stock were issued to a consultant under the consultancy agreement with the Company. (3) Includes 346,268 LTIP Units to the Company’s CEO that vest over eight years and 28,997 LTIP Units to the Company's independent directors that vest over three years or cliff vest at the end of three years. (4) Includes 46,714 RSUs granted to certain officers and employees of the Company during the year ended December 31, 2021 subject to the achievement of a service condition and a market condition. Such RSUs are market-based awards and are subject to the achievement of hurdles relating to the Company’s absolute total stockholder return and continued employment with the Company over the approximately three-year period from the grant date through December 31, 2023. 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 26,997 time-based RSUs issued for 2020 incentive bonuses to certain employees that vested fully on February 11, 2021, the date of grant, and 3,117 time-based RSUs granted to certain employees for their election to defer 2021 salary that vest on December 31, 2021. RSUs reflect the right to receive shares of Class A common stock, subject to the applicable vesting criteria. (5) Includes 54,295 of restricted shares that vested and 17,196 shares of restricted shares that were withheld to satisfy minimum statutory withholding requirements.

Organization and Description _2

Organization and Description of Business - Narrative (Details)	Dec. 31, 2021stateproperty	May 17, 2019$ / shares	May 15, 2019$ / sharesshares
Business Description and Basis of Presentation [Line Item]
Percentage of interest in operating partnership	82.90%
IPO
Business Description and Basis of Presentation [Line Item]
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01
Common stock, shares authorized (in shares)			500,000,000
Common stock, shares issued (in shares)			27,206
Preferred stock, shares authorized (in shares)			100,000,000
USPS
Business Description and Basis of Presentation [Line Item]
Number of real estate properties (in properties) | property	966
Number of states (in states) | state	49
PRM
Business Description and Basis of Presentation [Line Item]
Number of real estate properties (in properties) | property	397

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2021
Building and Improvements | Minimum
Estimated useful life	15 years
Building and Improvements | Maximum
Estimated useful life	40 years
Equipment and fixtures | Minimum
Estimated useful life	5 years
Equipment and fixtures | Maximum
Estimated useful life	10 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Cash and Cash Equivalents Reconciliation (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Cash and Cash Equivalents [Abstract]
Cash	$ 5,857,000	$ 2,212,000
Maintenance reserve	827,000	696,000
Real estate tax reserve	250,000	304,000
ESPP reserve	92,000	59,000
Cash and escrows and reserves	$ 7,026,000	$ 3,271,000	$ 13,184,000

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2021USD ($)leaseswap	Dec. 31, 2020USD ($)	Jan. 01, 2021USD ($)
Summary of Significant Accounting Policies (Textual)
Carrying value of direct financing lease	$ 16,200,000	$ 500,000
Investment interest rate	6.48%	7.89%
Secured debt, current	$ 32,100,000	$ 47,100,000
Loans payable	33,200,000	47,000,000
Asset impairment charges	0	0
Rental income	38,276,000	23,315,000
ROU asset – operating leases	1,058,000		$ 1,200,000
Lease liability – operating leases	$ 1,071,000		$ 1,200,000
Number of office leases (in leases) | lease	1
Number of ground leases (in leases) | lease	4
Interest rate swap | Fair Value, Inputs, Level 2
Summary of Significant Accounting Policies (Textual)
Derivative asset, fair value	$ 1,000,000
Interest rate swap | Designated as Hedging Instrument
Summary of Significant Accounting Policies (Textual)
Number of derivative instruments (in swaps) | swap	1,000,000
Pennsylvania
Summary of Significant Accounting Policies (Textual)
Rental income	$ 7,000,000	$ 2,500,000
Pennsylvania | Revenue Benchmark | Geographic Concentration Risk
Summary of Significant Accounting Policies (Textual)
Concentration risk percentage	18.30%	10.70%

Real Estate Acquisitions - Sche

Real Estate Acquisitions - Schedule total purchase price including transaction costs (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021USD ($)property	Sep. 30, 2021USD ($)property	Jun. 30, 2021USD ($)property	Mar. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property	Sep. 30, 2020USD ($)property	Jun. 30, 2020USD ($)property	Mar. 31, 2020USD ($)property	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property
Business Acquisition [Line Items]
Number of properties (in properties) | property	54	59	71	54	36	122	19	83	238	260
Total purchase price	$ 28,658	$ 19,637	$ 31,256	$ 26,215	$ 63,906	$ 27,055	$ 10,608	$ 30,527	$ 105,766	$ 132,096
Land
Business Acquisition [Line Items]
Total purchase price	6,096	3,333	5,364	3,493	7,699	6,075	2,555	4,826	18,286	21,155
Building and Improvements
Business Acquisition [Line Items]
Total purchase price	21,031	15,314	23,550	19,793	51,059	19,426	7,344	24,573	79,688	102,402
Tenant Improvements
Business Acquisition [Line Items]
Total purchase price	186	147	268	428	1,201	317	55	294	1,029	1,867
In-place lease intangibles
Business Acquisition [Line Items]
Total purchase price	1,750	1,368	2,207	2,201	4,627	2,301	693	2,477	7,526	10,098
Above- market leases
Business Acquisition [Line Items]
Total purchase price	123	32	28	51	0	37	0	7	234	44
Below- market leases
Business Acquisition [Line Items]
Total purchase price	(371)	(581)	(156)	(474)	(680)	(1,068)	(39)	(1,616)	(1,582)	(3,403)
Other
Business Acquisition [Line Items]
Total purchase price	$ (157)	$ 24	$ (5)	$ 723	$ 0	$ (33)	$ 0	$ (34)	$ 585	$ (67)

Real Estate Acquisitions - Narr

Real Estate Acquisitions - Narrative (Details) $ in Millions	Jan. 10, 2020USD ($)	Dec. 31, 2021USD ($)property	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)property	Sep. 30, 2020USD ($)property	Jun. 30, 2020USD ($)property	Mar. 31, 2020USD ($)property
Real Estate [Line Items]
Number of unfavorable operating lease properties (in properties) | property		2
Acquisition closing costs		$ 0.8	$ 0.5	$ 0.9	$ 0.5	$ 16.3
Portfolio transactions									$ 8.1
Number of postal properties | property						35			20
Additional acquired, Postal Properties, including closing costs						$ 47.6
Acquisition costs						$ 1.3	$ 0.8	$ 0.2	$ 0.3
21 Property Portfolio Leases to United Postal Service
Real Estate [Line Items]
Number of acquired postal properties (in properties) | property									21
Expected price of acquisition									$ 13.6
Non-cash consideration	$ 7.9
Other
Real Estate [Line Items]
Number of unfavorable operating lease properties (in properties) | property						3
USPS
Real Estate [Line Items]
Acquisition closing costs							$ 27.1	$ 7.2	$ 8.8
Number of acquired postal properties (in properties) | property							122	13	42
Number of additional postal properties acquired (in properties) | property								6
Additional acquired, Postal Properties, including closing costs								$ 3.4
USPS | Investment In Financing Lease, Net
Real Estate [Line Items]
Number of acquired postal properties (in properties) | property		1					1
Class A common stock
Real Estate [Line Items]
Acquisition closing costs			$ 6.5	$ 9

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Schedule of intangible assets and liabilities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets and Liabilities (Details) - Schedule of intangible assets and liabilities [Line Items]
Gross Asset (Liability)	$ (13,654,000)	$ (12,076,000)
Accumulated (Amortization)/ Accretion	4,984,000	3,350,000
Total	14,399,000	13,022,000
Total	(8,670,000)	(8,726,000)
In-place lease intangibles
Intangible Assets and Liabilities (Details) - Schedule of intangible assets and liabilities [Line Items]
Gross Asset (Liability)	31,814,000	24,165,000
Accumulated (Amortization)/ Accretion	(17,415,000)	(11,143,000)
Total	14,399,000	13,022,000
Above-market leases
Intangible Assets and Liabilities (Details) - Schedule of intangible assets and liabilities [Line Items]
Gross Asset (Liability)	319,000	85,000
Accumulated (Amortization)/ Accretion	(70,000)	(35,000)
Total	$ 249,000	$ 50,000

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Amortization of in-place lease intangibles	$ 6,300	$ 4,700
Amortization of acquired above market leases	30	20
Amortization of acquired below market leases	$ 1,600	$ 1,300
Weighted-average useful life	7 years 10 months 24 days
In-place lease intangibles
Finite-Lived Intangible Assets [Line Items]
Weighted-average useful life	3 years 4 months 24 days
Above-market leases
Finite-Lived Intangible Assets [Line Items]
Weighted-average useful life	4 years

Intangible Assets and Liabili_5

Intangible Assets and Liabilities - Schedule of future amortization (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets and Liabilities (Details) - Schedule of future amortization [Line Items]
Total	$ 14,399,000	$ 13,022,000
2022	(1,621,000)
2023	(1,256,000)
2024	(1,071,000)
2025	(896,000)
2026	(728,000)
Thereafter	(3,098,000)
Total	(8,670,000)	(8,726,000)
In-place lease intangibles
Intangible Assets and Liabilities (Details) - Schedule of future amortization [Line Items]
2022	5,463,000
2023	3,734,000
2024	2,595,000
2025	1,529,000
2026	796,000
Thereafter	282,000
Total	14,399,000	13,022,000
Above-market leases
Intangible Assets and Liabilities (Details) - Schedule of future amortization [Line Items]
2022	71,000
2023	67,000
2024	50,000
2025	41,000
2026	20,000
Thereafter	0
Total	$ 249,000	$ 50,000

Debt - Schedule of principal ba

Debt - Schedule of principal balances of mortgage loans payable (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jul. 23, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Outstanding balance	$ 96,193,000			$ 125,036,000
Unamortized deferred financing costs	(844,000)			(407,000)
Total Debt	$ 95,349,000			124,629,000
Loan
Debt Instrument [Line Items]
Interest rate	2.80%
2021 Revolving Credit Facility | Revolving credit facility | Line of credit
Debt Instrument [Line Items]
Outstanding balance	$ 13,000,000			0
2021 Revolving Credit Facility | Revolving credit facility | Line of credit | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
2019 Credit Facility | Revolving credit facility | Line of credit
Debt Instrument [Line Items]
Outstanding balance	$ 0			78,000,000
Vision Bank | Loan
Debt Instrument [Line Items]
Outstanding balance	$ 1,409,000			1,459,000
Interest rate	3.69%	3.69%
First Oklahoma Bank
Debt Instrument [Line Items]
Interest rate			3.625%
First Oklahoma Bank | Loan
Debt Instrument [Line Items]
Outstanding balance	$ 349,000			364,000
Interest rate	3.63%
Vision Bank – 2018
Debt Instrument [Line Items]
Interest rate		3.69%
Vision Bank – 2018 | Loan
Debt Instrument [Line Items]
Outstanding balance	$ 844,000			869,000
Interest rate	3.69%
Seller Financing | Loan
Debt Instrument [Line Items]
Outstanding balance	$ 366,000			445,000
Interest rate	6.00%
First Oklahoma Bank – April 2020 | Loan
Debt Instrument [Line Items]
Outstanding balance	$ 0			4,522,000
Interest rate	4.25%
First Oklahoma Bank – June 2020 | Loan
Debt Instrument [Line Items]
Outstanding balance	$ 0			9,152,000
Basis spread on variable rate	4.25%
AIG – December 2020 | Loan
Debt Instrument [Line Items]
Outstanding balance	$ 30,225,000			30,225,000
Interest rate	2.80%
2021 Term Loan | Unsecured Debt | Line of credit
Debt Instrument [Line Items]
Outstanding balance	$ 50,000,000			$ 0
2021 Term Loan | Unsecured Debt | Line of credit | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.45%

Debt - Narrative (Details)

Debt - Narrative (Details)	Sep. 30, 2021	Aug. 09, 2021USD ($)option	Jul. 23, 2021	Dec. 31, 2021USD ($)propertypayment	Dec. 31, 2020USD ($)	Sep. 27, 2019USD ($)
Debt (Details) [Line Items]
Outstanding balance				$ 96,193,000	$ 125,036,000
Weighted average maturity date for secured borrowing				6 years 6 months	6 years 7 months 6 days
Interest paid				$ 2,700,000	$ 2,300,000
Loan
Debt (Details) [Line Items]
Interest rate				2.80%
Fixed interest period				5 years
Remaining discount amortization period				30 years
2019 Revolving Credit Facility | Revolving credit facility | Line of credit
Debt (Details) [Line Items]
Maximum borrowing facility						$ 100,000,000
Accordion feature						100,000,000
Higher borrowing capacity option						$ 200,000,000
2021 Term Loan | Revolving credit facility | Line of credit
Debt (Details) [Line Items]
Maximum borrowing facility		$ 150,000,000
Accordion feature		$ 150,000,000
Number of options to extend (in options) | option		2
Extension period		6 months
2021 Term Loan | 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 Term Loan | 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 Term Loan | Unsecured Debt | Line of credit
Debt (Details) [Line Items]
Accordion feature		$ 50,000,000
Total principal		$ 50,000,000
Outstanding balance				$ 50,000,000	0
2021 Term Loan | Base Rate | Revolving credit facility | Line of credit | Minimum
Debt (Details) [Line Items]
Basis spread on variable rate		0.50%
2021 Term Loan | Base Rate | Revolving credit facility | Line of credit | Maximum
Debt (Details) [Line Items]
Basis spread on variable rate		1.00%
2021 Term Loan | Base Rate | Unsecured Debt | Line of credit | Minimum
Debt (Details) [Line Items]
Basis spread on variable rate		0.45%
2021 Term Loan | Base Rate | Unsecured Debt | Line of credit | Maximum
Debt (Details) [Line Items]
Basis spread on variable rate		0.95%
2021 Term Loan | LIBOR | Revolving credit facility | Line of credit | Minimum
Debt (Details) [Line Items]
Basis spread on variable rate		1.50%
2021 Term Loan | LIBOR | Revolving credit facility | Line of credit | Maximum
Debt (Details) [Line Items]
Basis spread on variable rate		2.00%
2021 Term Loan | LIBOR | Unsecured Debt | Line of credit
Debt (Details) [Line Items]
Basis spread on variable rate				1.45%
2021 Term Loan | LIBOR | Unsecured Debt | Line of credit | Minimum
Debt (Details) [Line Items]
Basis spread on variable rate		1.45%
2021 Term Loan | LIBOR | Unsecured Debt | Line of credit | Maximum
Debt (Details) [Line Items]
Basis spread on variable rate		1.95%
Vision Bank | Loan
Debt (Details) [Line Items]
Outstanding balance				$ 1,409,000	1,459,000
Interest rate	3.69%			3.69%
Number of properties collateralized under loan (in properties) | property				5
Percentage collateralized under loan				50.00%
Fixed interest rate period	5 years
Vision Bank | Loan | Minimum
Debt (Details) [Line Items]
Minimum annual rate	2.75%
Vision Bank | US Treasury (UST) Interest Rate | Loan
Debt (Details) [Line Items]
Basis spread on variable rate	2.75%
First Oklahoma Bank
Debt (Details) [Line Items]
Interest rate			3.625%
Fixed interest rate period			5 years
First Oklahoma Bank | Loan
Debt (Details) [Line Items]
Outstanding balance				$ 349,000	364,000
Interest rate				3.63%
Number of properties collateralized under loan (in properties) | property				4
First Oklahoma Bank | Prime Rate | Minimum
Debt (Details) [Line Items]
Interest rate			3.625%
Vision Bank – 2018
Debt (Details) [Line Items]
Interest rate	3.69%
Fixed interest rate period	5 years			5 years
Minimum annual rate	2.75%
Vision Bank – 2018 | Loan
Debt (Details) [Line Items]
Outstanding balance				$ 844,000	869,000
Interest rate				3.69%
Number of properties collateralized under loan (in properties) | property				1
Vision Bank – 2018 | US Treasury (UST) Interest Rate
Debt (Details) [Line Items]
Basis spread on variable rate	2.75%
Seller Financing | Loan
Debt (Details) [Line Items]
Outstanding balance				$ 366,000	445,000
Interest rate				6.00%
Collateral amount				$ 400,000
Number of annual principal payments (in payments) | payment				5
Periodic payment				$ 100,000
First Oklahoma Bank - April 2020 | Loan
Debt (Details) [Line Items]
Maximum borrowing facility				4,500,000
Outstanding balance				$ 0	4,522,000
Interest rate				4.25%
Number of properties collateralized under loan (in properties) | property				13
Mortgage financing and wrote off				$ 60,000
First Oklahoma Bank - April 2020 | Base Rate | Loan
Debt (Details) [Line Items]
Basis spread on variable rate				4.25%
First Oklahoma Bank- June 2020 | Loan
Debt (Details) [Line Items]
Basis spread on variable rate				4.25%
Outstanding balance				$ 0	9,152,000
Number of properties collateralized under loan (in properties) | property				22
Mortgage financing and wrote off				$ 150,000
2021 Term Loan | Loan
Debt (Details) [Line Items]
Outstanding balance				$ 50,000,000
Interest rate				2.291%
2019 and 2021 Revolving Credit Facility | Revolving credit facility | Line of credit
Debt (Details) [Line Items]
Unused facility fee				$ 100,000	$ 300,000

Debt - Schedule of Principal pa

Debt - Schedule of Principal payments of mortgage loans payable (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2022	$ 100,000
2023	106,000
2024	111,000
2025	118,000
2026	13,643,000
Thereafter	82,115,000
Total	$ 96,193,000	$ 125,036,000

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Narrative (Details)	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Aug. 09, 2021USD ($)swap
Derivative [Line Items]
Outstanding balance	$ 96,193,000	$ 125,036,000
Additional reclassified amount	200,000
Interest expense, net	$ (3,653,000)	(2,815,000)
Loan
Derivative [Line Items]
Interest rate	2.80%
2021 Term Loan | Line of credit | Unsecured Debt
Derivative [Line Items]
Accordion feature			$ 50,000,000
Outstanding balance	$ 50,000,000	$ 0
2021 Term Loan | Loan
Derivative [Line Items]
Outstanding balance	$ 50,000,000
Interest rate	2.291%
Interest rate swap | Cash Flow Hedging
Derivative [Line Items]
Number of derivative instruments (in swaps) | swap			1

Derivatives and Hedging Activ_4

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

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2021lease	Dec. 31, 2021property	Dec. 31, 2021USD ($)	Dec. 31, 2021	Jan. 01, 2021USD ($)
Operating Leased Assets [Line Items]
Number of postal properties subject to direct financing leases (in properties)			2	2
Number of operating leases (in properties) | property				46
Number of leases acquired with purchase price greater than value of underlying asset (in properties) | property				42
Consideration					$ 24,900
Aggregate purchase price					30,600
Number of operating leases not acquired (in properties) | property				4
Purchase price for postal properties					6,800
Direct financing lease revenue	$ 200
Capital lease, direct financing lease revenue		$ 20
ROU asset – operating leases					1,058		$ 1,200
Lease liability – operating leases					$ 1,071		$ 1,200
Weighted average remaining lease term	21 years 10 months 24 days
Weighted average discount rate						4.25%
Operating lease expense	$ 200
Operating lease, rent expense		$ 100
Percentage of rents received	1
Minimum
Operating Leased Assets [Line Items]
Remaining lease term	2 years
Maximum
Operating Leased Assets [Line Items]
Remaining lease term	51 years

Leases - Schedule of rental rev

Leases - Schedule of rental revenue related to its operating leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases, Operating [Abstract]
Fixed payments	$ 32,769
Fixed payments		$ 20,269
Variable payments	5,507
Variable payments		3,046
Total	$ 38,276	23,315
Total		$ 23,315

Leases - Schedule of future min

Leases - Schedule of future minimum lease payments (Details) $ in Thousands	Dec. 31, 2021USD ($)property
Leases, Operating [Abstract]
2022	$ 33,662
2023	31,263
2024	27,256
2025	22,147
2026	15,180
Thereafter	12,414
Total	$ 141,922
Number of expired leases (in leases) | property	16

Leases - Schedule of direct fin

Leases - Schedule of direct financing lease (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Leases, Operating [Abstract]
Total	$ 34,352,000
Less: unearned income	(18,139,000)
Investment in financing lease, net	$ 16,213,000
Total minimum lease payment receivable		$ 1,010,000
Less: unearned income		(495,000)
Investment in financing leases, net		$ 515,000

Leases - Schedule of future lea

Leases - Schedule of future lease payments (Details)	Dec. 31, 2021USD ($)
Leases, Operating [Abstract]
2022	$ 1,137,000
2023	1,137,000
2024	1,137,000
2025	1,137,000
2026	1,137,000
Thereafter	28,667,000
Total	$ 34,352,000

Leases - Schedule of prepaid ex

Leases - Schedule of prepaid expenses and other assets and accounts payable and accrued expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jan. 01, 2021
Leases, Operating [Abstract]
ROU asset – operating leases	$ 1,058	$ 1,200
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other assets, net	Prepaid expenses and other assets, net
Lease liability – operating leases	$ 1,071	$ 1,200
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts payable, accrued expenses and other	Accounts payable, accrued expenses and other

Leases - Schedule of future m_2

Leases - Schedule of future minimum lease payments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jan. 01, 2021
Leases, Operating [Abstract]
2021	$ 227
2022	233
2023	109
2024	35
2025	35
Thereafter	1,145
Total	1,784
Interest discount	(713)
Total	$ 1,071	$ 1,200

Leases - Schedule of future m_3

Leases - Schedule of future minimum ground lease payments (Details) - Ground $ in Thousands	Dec. 31, 2020USD ($)
Leases (Details) - Schedule of future minimum ground lease payments [Line Items]
2021	$ 24
2022	24
2023	24
2024	24
2025	26
Thereafter	1,155
Total	$ 1,277

Leases - Schedule of future m_4

Leases - Schedule of future minimum office lease payments (Details) - Office $ in Thousands	Dec. 31, 2020USD ($)
Leases (Details) - Schedule of future minimum office lease payments [Line Items]
2021	$ 189
2022	195
2023	200
2024	76
Total	$ 660

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income tax expense	$ 111	$ 89
Unrecognized tax benefits	188	364	$ 488
Unrecognized tax benefits, income tax penalties and interest accrued	40	70
Potential decrease in unrecognized tax benefits	200
Unrecognized tax benefits, reversal due to lapse of applicable statute of limitations	176	96
Income taxes paid, net	100	100
PRM
Income tax expense	$ 100	$ 100

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Gross unrecognized tax benefits, beginning of year	$ 364	$ 488
Additions based on tax positions taken in the current year	0	0
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations	(176)	(96)
Increases based on tax positions taken in prior periods	0	0
Decreases based on tax positions taken in prior periods	0	(28)
Total	$ 188	$ 364

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($)	Nov. 16, 2021	May 17, 2019	Dec. 31, 2021	Dec. 31, 2020
Related Party Transactions [Line Items]
Outstanding loan			$ 95,349,000	$ 124,629,000
Affiliated entity | Andrew Spodek, Chief Executive Officer
Related Party Transactions [Line Items]
Monthly rent amount		$ 15,000
Lease term		5 years
General and administrative expenses			200,000	200,000
Affiliated entity | Andrew Spodek, Chief Executive Officer | Class A common stock | Follow-on Offering
Related Party Transactions [Line Items]
Shares issued from sale (in shares)	58,823
Price per share sold (in dollars per share)	$ 17
First Oklahoma Bank | Loan | Affiliated entity | Andrew Spodek, Chief Executive Officer
Related Party Transactions [Line Items]
Outstanding loan			1,900,000	2,700,000
PRM
Related Party Transactions [Line Items]
Management fee income			1,300,000	1,100,000
Accrued management fees receivable			$ 300,000	$ 300,000

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of reconciliation of income (loss) from operations (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]
Net income (loss) attributable to common stockholders	$ 2,055	$ (352)
Less: Income attributable to participating securities, diluted	(658)	(346)
Less: Income attributable to participating securities, basic	(658)	(346)
Numerator for earnings per share - basic	1,397	(698)
Numerator for earnings per share - diluted	$ 1,397	$ (698)
Denominator:
Denominator for earnings per share - basic (in shares)	13,689,251	7,013,621
Denominator for earnings per shared - diluted (in shares)	13,689,251	7,013,621
Earnings per share:
Basic earnings per share (in dollars per share)	$ 0.10	$ (0.10)
Diluted earnings per share (in dollars per share)	$ 0.10	$ (0.10)

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	302,552	218,613
RSU
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	85,386	62,096
OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	3,472,221	2,640,795
LTIP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	375,264	209,008

Stockholder's Equity - Narrativ

Stockholder's Equity - Narrative (Details) $ / shares in Units, $ in Thousands

Nov. 19, 2021USD ($)

Nov. 16, 2021$ / sharesshares

Jan. 14, 2021USD ($)

Jan. 11, 2021$ / sharesshares

Dec. 14, 2020USD ($)

Jan. 31, 2022anniversaryinstallmentshares

Jun. 30, 2021shares

Feb. 28, 2021

Dec. 31, 2021USD ($)shares

Dec. 31, 2020USD ($)$ / sharesshares

Apr. 27, 2021

Apr. 27, 2020shares

Apr. 26, 2020shares

May 15, 2019shares

Stockholder's Equity (Details) [Line Items]

Net proceeds | $

$ 53,900

Fees and issuance costs | $

3,100

Net proceeds from issuance of shares | $

57,000

$ 138,795

$ 48,521

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

$ 0.79

Non-controlling interests OP Units (in shares)

3,472,221

Non-controlling interests LTIP Units (in shares)

375,265

Outstanding operating partnership percentage

17.10%

23.10%

Remaining shares available for issuance (in shares)

511,969

Vesting of restricted shares (in shares)

81,662

Granted (in shares)

399,838

Forfeited (in shares)

1,324

Available for issue (in shares)

806,570

489,718

Compensation expense | $

$ 3,600

$ 2,400

Fair value of vested restricted shares | $

1,600

$ 1,100

Total unrecognized compensation cost | $

$ 8,100

Weighted average period

4 years 5 months 4 days

Other expense

Stockholder's Equity (Details) [Line Items]

Fees and issuance costs | $

$ 300

Restricted shares

Stockholder's Equity (Details) [Line Items]

Vesting of restricted shares (in shares)

71,491

Granted (in shares)

156,754

Forfeited (in shares)

1,324

Available for issue (in shares)

302,552

218,613

Requisite service period

3 years

LTIP Units

Stockholder's Equity (Details) [Line Items]

Vesting of restricted shares (in shares)

0

Granted (in shares)

166,256

Forfeited (in shares)

0

Available for issue (in shares)

375,265

209,009

RSU

Stockholder's Equity (Details) [Line Items]

Vesting of restricted shares (in shares)

10,171

Granted (in shares)

76,828

Forfeited (in shares)

0

Available for issue (in shares)

128,753

62,096

IPO

Stockholder's Equity (Details) [Line Items]

Common stock, shares issued (in shares)

27,206

Over-Allotment Option

Stockholder's Equity (Details) [Line Items]

Number of shares issued (in shares)

637,500

Period of option to purchase additional shares

30 days

Shares issued (in dollars per share) | $ / shares

$ 17

ATM Program

Stockholder's Equity (Details) [Line Items]

Shares issued from sale (in shares)

344,717

Gross proceeds | $

$ 6,894

Fees and issuance costs | $

432

Net proceeds from issuance of shares | $

6,462

Remaining authorized repurchase amount | $

43,100

January Additional Shares

Stockholder's Equity (Details) [Line Items]

Number of shares issued (in shares)

487,500

Period of option to purchase additional shares

30 days

November Follow-On Offering

Stockholder's Equity (Details) [Line Items]

Net proceeds | $

$ 79,000

Fees and issuance costs | $

4,100

Net proceeds from issuance of shares | $

83,100

November Follow-On Offering | Other expense

Stockholder's Equity (Details) [Line Items]

Fees and issuance costs | $

$ 200

ESPP

Stockholder's Equity (Details) [Line Items]

Compensation expense | $

$ 20

$ 20

Shares issued (in shares)

16,293

7,189

Non-controlling interests

Stockholder's Equity (Details) [Line Items]

Non-controlling interests OP Units (in shares)

2,640,795

Non-controlling interests LTIP Units (in shares)

209,009

CEO | LTIP Units | Subsequent Event

Stockholder's Equity (Details) [Line Items]

Shares issued in period (in shares)

100,850

CEO | Non-controlling interests | LTIP

Stockholder's Equity (Details) [Line Items]

Shares issued in period (in shares)

137,259

Compensation deferral percentage

1

CEO | Non-controlling interests | LTIP | Subsequent Event

Stockholder's Equity (Details) [Line Items]

Compensation deferral percentage

1

Officers and employees

Stockholder's Equity (Details) [Line Items]

RSU granted (in shares)

46,714

Restricted shares vested (in shares)

54,295

Restricted shares withheld (in shares)

17,196

Officers and employees | Restricted shares

Stockholder's Equity (Details) [Line Items]

Award vesting period

8 years

Director | Restricted shares

Stockholder's Equity (Details) [Line Items]

Award vesting period

3 years

Vesting of restricted shares (in shares)

28,997

Director | LTIP Units

Stockholder's Equity (Details) [Line Items]

Award vesting period

8 years

Vesting of restricted shares (in shares)

346,268

Vested employee

Stockholder's Equity (Details) [Line Items]

RSU granted (in shares)

26,997

Individual employee

Stockholder's Equity (Details) [Line Items]

RSU granted (in shares)

3,117

Other employees | RSU | Subsequent Event

Stockholder's Equity (Details) [Line Items]

Shares issued in period (in shares)

43,848

Officer | Restricted shares | Subsequent Event

Stockholder's Equity (Details) [Line Items]

Shares issued in period (in shares)

29,467

Officer | LTIP Units | Subsequent Event

Stockholder's Equity (Details) [Line Items]

Shares issued in period (in shares)

17,539

Officer | RSU

Stockholder's Equity (Details) [Line Items]

Award vesting period

3 years

Maximum vested, percentage

150.00%

Officer | RSU | Subsequent Event

Stockholder's Equity (Details) [Line Items]

Shares issued in period (in shares)

47,007

Board of Directors | Non-controlling interests | LTIP

Stockholder's Equity (Details) [Line Items]

Shares issued in period (in shares)

28,997

Consultant | Restricted shares

Stockholder's Equity (Details) [Line Items]

Granted (in shares)

6,931

Class A common stock

Stockholder's Equity (Details) [Line Items]

Common stock, shares issued (in shares)

18,564,421

9,437,197

Paid dividends | $

$ 15,000

$ 8,200

Maximum number of shares (in shares)

1,291,584

541,584

Annual increase in shares available for issuance

0.10

Class A common stock | ATM Program

Stockholder's Equity (Details) [Line Items]

Consideration authorized | $

$ 50,000

Class A common stock | January Follow-On Offering

Stockholder's Equity (Details) [Line Items]

Number of shares issued (in shares)

3,250,000

Shares issued (in dollars per share) | $ / shares

$ 15.25

Class A common stock | January Additional Shares

Stockholder's Equity (Details) [Line Items]

Shares issued (in dollars per share) | $ / shares

$ 15.25

Class A common stock | November Follow-On Offering

Stockholder's Equity (Details) [Line Items]

Number of shares issued (in shares)

4,250,000

Shares issued (in dollars per share) | $ / shares

$ 17

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)

15.00%

Class A common stock | President | Restricted shares | Subsequent Event

Stockholder's Equity (Details) [Line Items]

Shares issued in period (in shares)

46,161

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

Stockholder's Equity (Details) [Line Items]

Shares issued in period (in shares)

42,838

Class A common stock | Chief financial officer | Restricted shares | Subsequent Event

Stockholder's Equity (Details) [Line Items]

Shares issued in period (in shares)

43,343

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

Stockholder's Equity (Details) [Line Items]

Shares issued in period (in shares)

37,299

Number of installments (in installments) | installment

3

Number of anniversaries (in anniversaries) | anniversary

3

OP Units | Contributors

Stockholder's Equity (Details) [Line Items]

Shares issued in period (in shares)

831,426

483,333

Stockholders' Equity - Activity

Stockholders' Equity - Activity under the ATM Program (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 14, 2021	Dec. 31, 2021	Dec. 31, 2020
Stockholder's Equity (Details) [Line Items]
Fees and issuance costs	$ 3,100
Net proceeds	$ 57,000	$ 138,795	$ 48,521
ATM Program
Stockholder's Equity (Details) [Line Items]
Shares issued (in shares)		344,717
Gross proceeds		$ 6,894
Fees and issuance costs		432
Net proceeds		$ 6,462
Average gross sales price per share (in dollars per share)		$ 20

Stockholder's Equity - Schedule

Stockholder's Equity - Schedule of declared and paid dividends (Details) - $ / shares	Dec. 31, 2021	Nov. 04, 2021	Jul. 27, 2021	Apr. 30, 2021	Jan. 29, 2021	Oct. 30, 2020	Jul. 30, 2020	Apr. 30, 2020	Jan. 30, 2020
Declared
Stockholder's Equity (Details) - Schedule of declared and paid dividends [Line Items]
Average gross sales price per share (in dollars per share)	$ 0.885	$ 0.2250	$ 0.2225	$ 0.2200	$ 0.2175	$ 0.2150	$ 0.2050	$ 0.2000	$ 0.1700

Stockholder's Equity - Schedu_2

Stockholder's Equity - Schedule of unvested shares of restricted stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Equity instrument activity
Outstanding, at beginning of period (in shares)	489,718
Granted (in shares)	399,838
Vesting of restricted shares (in shares)	(81,662)
Forfeited (in shares)	(1,324)
Outstanding, at end of period (in shares)	806,570	489,718
Weighted Average Grant Date Fair Value
Weighted average grant date fair value at beginning of period (in dollars per share)	$ 15.33
Granted (in dollars per share)	16.31	$ 14.20
Vesting of restricted shares (in dollars per share)	15
Forfeited (in dollars per share)	16.60
Weighted average grant date fair value at end of period (in dollars per share)	$ 15.71	$ 15.33
Restricted shares
Equity instrument activity
Outstanding, at beginning of period (in shares)	218,613
Granted (in shares)	156,754
Vesting of restricted shares (in shares)	(71,491)
Forfeited (in shares)	(1,324)
Outstanding, at end of period (in shares)	302,552	218,613
LTIP Units
Equity instrument activity
Outstanding, at beginning of period (in shares)	209,009
Granted (in shares)	166,256
Vesting of restricted shares (in shares)	0
Forfeited (in shares)	0
Outstanding, at end of period (in shares)	375,265	209,009
RSU
Equity instrument activity
Outstanding, at beginning of period (in shares)	62,096
Granted (in shares)	76,828
Vesting of restricted shares (in shares)	(10,171)
Forfeited (in shares)	0
Outstanding, at end of period (in shares)	128,753	62,096

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details)	Mar. 04, 2022USD ($)shares	Feb. 01, 2022$ / shares	Mar. 11, 2022USD ($)property	Dec. 31, 2021USD ($)$ / shares	Dec. 31, 2020USD ($)$ / shares
Subsequent Event [Line Items]
Common stock dividend declared (in dollars per share) | $ / shares				$ 0.885	$ 0.79
Outstanding loan				$ 95,349,000	$ 124,629,000
Subsequent Event
Subsequent Event [Line Items]
Common stock dividend declared (in dollars per share) | $ / shares		$ 0.2275
Number of postal properties acquired (in properties) | property			39
Payments to acquire property			$ 11,800,000
Subsequent Event | Forecast
Subsequent Event [Line Items]
Number of postal properties acquired (in properties) | property			12
Payments to acquire property			$ 13,500,000
Subsequent Event | Real estate consulting business
Subsequent Event [Line Items]
Cash consideration	$ 225,000
Subsequent Event | Real estate consulting business | OP Units
Subsequent Event [Line Items]
Number of shares issued or issuable (in shares) | shares	79,794
Subsequent Event | Revolving credit facility | Line of credit | 2021 Term Loan
Subsequent Event [Line Items]
Outstanding loan			28,000,000
Subsequent Event | Revolving credit facility | Line of credit | 2021 Credit Facilities
Subsequent Event [Line Items]
Outstanding loan			78,000,000
Subsequent Event | Unsecured Debt | Line of credit | 2021 Term Loan
Subsequent Event [Line Items]
Outstanding loan			$ 50,000,000

SEC Schedule, Article 12-28, _2

SEC Schedule, Article 12-28, Real Estate and Accumulated Depreciation - Summary (Details)	12 Months Ended
	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	964
Encumbrances	$ 33,193,000
Initial Cost to Company
Land	64,538,000
Buildings & Improvements	280,078,000
Cost Capitalized Subsequent to Acquisition	3,848,000
Gross Amount Carried at Close of Period
Land	64,538,000
Buildings & Improvements	283,827,000
Total	348,365,000	$ 247,072,000	$ 120,584,000
Accumulated Depreciation	$ 20,884,000	$ 13,215,000	$ 8,814,000
Number of properties accounted for as direct financing leases (in properties) | property	2
Aggregate cost for Federal Income Tax purposes	$ 353,800,000
Alabama
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	12
Encumbrances	$ 0
Initial Cost to Company
Land	1,720,000
Buildings & Improvements	9,342,000
Cost Capitalized Subsequent to Acquisition	26,000
Gross Amount Carried at Close of Period
Land	1,720,000
Buildings & Improvements	9,368,000
Total	11,088,000
Accumulated Depreciation	$ 352,000
Depreciable Life (Yrs)	40 years
Alaska
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	15,000
Buildings & Improvements	51,000
Cost Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	15,000
Buildings & Improvements	51,000
Total	66,000
Accumulated Depreciation	$ 7,000
Depreciable Life (Yrs)	40 years
Arizona
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	181,000
Buildings & Improvements	703,000
Cost Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	181,000
Buildings & Improvements	703,000
Total	884,000
Accumulated Depreciation	$ 14,000
Depreciable Life (Yrs)	40 years
Arkansas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	22
Encumbrances	$ 0
Initial Cost to Company
Land	1,282,000
Buildings & Improvements	4,229,000
Cost Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,282,000
Buildings & Improvements	4,229,000
Total	5,511,000
Accumulated Depreciation	$ 626,000
Depreciable Life (Yrs)	40 years
California
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	19
Encumbrances	$ 0
Initial Cost to Company
Land	6,629,000
Buildings & Improvements	12,524,000
Cost Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	6,629,000
Buildings & Improvements	12,524,000
Total	19,153,000
Accumulated Depreciation	$ 351,000
Depreciable Life (Yrs)	40 years
Colorado
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	18
Encumbrances	$ 0
Initial Cost to Company
Land	1,214,000
Buildings & Improvements	9,587,000
Cost Capitalized Subsequent to Acquisition	48,000
Gross Amount Carried at Close of Period
Land	1,214,000
Buildings & Improvements	9,636,000
Total	10,850,000
Accumulated Depreciation	$ 563,000
Depreciable Life (Yrs)	40 years
Connecticut
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	6
Encumbrances	$ 0
Initial Cost to Company
Land	714,000
Buildings & Improvements	3,226,000
Cost Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	714,000
Buildings & Improvements	3,226,000
Total	3,940,000
Accumulated Depreciation	$ 212,000
Depreciable Life (Yrs)	40 years
Delaware
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	181,000
Buildings & Improvements	436,000
Cost Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	181,000
Buildings & Improvements	436,000
Total	617,000
Accumulated Depreciation	$ 20,000
Depreciable Life (Yrs)	40 years
Florida
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	15
Encumbrances	$ 0
Initial Cost to Company
Land	2,814,000
Buildings & Improvements	6,763,000
Cost Capitalized Subsequent to Acquisition	50,000
Gross Amount Carried at Close of Period
Land	2,814,000
Buildings & Improvements	6,809,000
Total	9,623,000
Accumulated Depreciation	$ 282,000
Depreciable Life (Yrs)	40 years
Georgia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	24
Encumbrances	$ 0
Initial Cost to Company
Land	839,000
Buildings & Improvements	3,383,000
Cost Capitalized Subsequent to Acquisition	50,000
Gross Amount Carried at Close of Period
Land	839,000
Buildings & Improvements	3,433,000
Total	4,272,000
Accumulated Depreciation	$ 277,000
Depreciable Life (Yrs)	40 years
Hawaii
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	1,810,000
Buildings & Improvements	1,447,000
Cost Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,810,000
Buildings & Improvements	1,447,000
Total	3,257,000
Accumulated Depreciation	$ 22,000
Depreciable Life (Yrs)	40 years
Idaho
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	9
Encumbrances	$ 0
Initial Cost to Company
Land	61,000
Buildings & Improvements	749,000
Cost Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	61,000
Buildings & Improvements	749,000
Total	810,000
Accumulated Depreciation	$ 243,000
Depreciable Life (Yrs)	40 years
Illinois
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	48
Encumbrances	$ 0
Initial Cost to Company
Land	1,057,000
Buildings & Improvements	6,194,000
Cost Capitalized Subsequent to Acquisition	137,000
Gross Amount Carried at Close of Period
Land	1,057,000
Buildings & Improvements	6,331,000
Total	7,388,000
Accumulated Depreciation	$ 400,000
Depreciable Life (Yrs)	40 years
Indiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	21
Encumbrances	$ 0
Initial Cost to Company
Land	890,000
Buildings & Improvements	5,455,000
Cost Capitalized Subsequent to Acquisition	100,000
Gross Amount Carried at Close of Period
Land	890,000
Buildings & Improvements	5,555,000
Total	6,445,000
Accumulated Depreciation	$ 295,000
Depreciable Life (Yrs)	40 years
Iowa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	24
Encumbrances	$ 0
Initial Cost to Company
Land	726,000
Buildings & Improvements	5,056,000
Cost Capitalized Subsequent to Acquisition	104,000
Gross Amount Carried at Close of Period
Land	726,000
Buildings & Improvements	5,160,000
Total	5,886,000
Accumulated Depreciation	$ 250,000
Depreciable Life (Yrs)	40 years
Kansas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	25
Encumbrances	$ 0
Initial Cost to Company
Land	921,000
Buildings & Improvements	8,556,000
Cost Capitalized Subsequent to Acquisition	5,000
Gross Amount Carried at Close of Period
Land	921,000
Buildings & Improvements	8,561,000
Total	9,482,000
Accumulated Depreciation	$ 347,000
Depreciable Life (Yrs)	40 years
Kentucky
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	7
Encumbrances	$ 0
Initial Cost to Company
Land	175,000
Buildings & Improvements	1,448,000
Cost Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	175,000
Buildings & Improvements	1,448,000
Total	1,623,000
Accumulated Depreciation	$ 167,000
Depreciable Life (Yrs)	40 years
Louisiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	27
Encumbrances	$ 0
Initial Cost to Company
Land	1,614,000
Buildings & Improvements	5,937,000
Cost Capitalized Subsequent to Acquisition	53,000
Gross Amount Carried at Close of Period
Land	1,614,000
Buildings & Improvements	5,989,000
Total	7,603,000
Accumulated Depreciation	$ 656,000
Depreciable Life (Yrs)	40 years
Maine
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	40
Encumbrances	$ 0
Initial Cost to Company
Land	1,281,000
Buildings & Improvements	4,033,000
Cost Capitalized Subsequent to Acquisition	63,000
Gross Amount Carried at Close of Period
Land	1,281,000
Buildings & Improvements	4,096,000
Total	5,377,000
Accumulated Depreciation	$ 307,000
Depreciable Life (Yrs)	40 years
Maryland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	6
Encumbrances	$ 0
Initial Cost to Company
Land	786,000
Buildings & Improvements	1,399,000
Cost Capitalized Subsequent to Acquisition	22,000
Gross Amount Carried at Close of Period
Land	786,000
Buildings & Improvements	1,422,000
Total	2,208,000
Accumulated Depreciation	$ 97,000
Depreciable Life (Yrs)	40 years
Massachusetts
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	15
Encumbrances	$ 0
Initial Cost to Company
Land	2,458,000
Buildings & Improvements	8,399,000
Cost Capitalized Subsequent to Acquisition	84,000
Gross Amount Carried at Close of Period
Land	2,458,000
Buildings & Improvements	8,483,000
Total	10,941,000
Accumulated Depreciation	$ 1,730,000
Depreciable Life (Yrs)	40 years
Michigan
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	44
Encumbrances	$ 0
Initial Cost to Company
Land	2,998,000
Buildings & Improvements	9,934,000
Cost Capitalized Subsequent to Acquisition	276,000
Gross Amount Carried at Close of Period
Land	2,998,000
Buildings & Improvements	10,170,000
Total	13,168,000
Accumulated Depreciation	$ 664,000
Depreciable Life (Yrs)	40 years
Minnesota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	36
Encumbrances	$ 349,000
Initial Cost to Company
Land	650,000
Buildings & Improvements	5,828,000
Cost Capitalized Subsequent to Acquisition	43,000
Gross Amount Carried at Close of Period
Land	650,000
Buildings & Improvements	5,871,000
Total	6,521,000
Accumulated Depreciation	$ 373,000
Depreciable Life (Yrs)	40 years
Mississippi
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	15
Encumbrances	$ 0
Initial Cost to Company
Land	889,000
Buildings & Improvements	3,755,000
Cost Capitalized Subsequent to Acquisition	118,000
Gross Amount Carried at Close of Period
Land	889,000
Buildings & Improvements	3,873,000
Total	4,762,000
Accumulated Depreciation	$ 352,000
Depreciable Life (Yrs)	40 years
Missouri
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	30
Encumbrances	$ 0
Initial Cost to Company
Land	1,152,000
Buildings & Improvements	5,378,000
Cost Capitalized Subsequent to Acquisition	195,000
Gross Amount Carried at Close of Period
Land	1,152,000
Buildings & Improvements	5,573,000
Total	6,725,000
Accumulated Depreciation	$ 348,000
Depreciable Life (Yrs)	40 years
Montana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	12
Encumbrances	$ 0
Initial Cost to Company
Land	381,000
Buildings & Improvements	2,892,000
Cost Capitalized Subsequent to Acquisition	94,000
Gross Amount Carried at Close of Period
Land	381,000
Buildings & Improvements	2,986,000
Total	3,367,000
Accumulated Depreciation	$ 193,000
Depreciable Life (Yrs)	40 years
Nebraska
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	17
Encumbrances	$ 0
Initial Cost to Company
Land	96,000
Buildings & Improvements	1,696,000
Cost Capitalized Subsequent to Acquisition	31,000
Gross Amount Carried at Close of Period
Land	96,000
Buildings & Improvements	1,727,000
Total	1,823,000
Accumulated Depreciation	$ 91,000
Depreciable Life (Yrs)	40 years
Nevada
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	4
Encumbrances	$ 0
Initial Cost to Company
Land	485,000
Buildings & Improvements	2,314,000
Cost Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	485,000
Buildings & Improvements	2,314,000
Total	2,799,000
Accumulated Depreciation	$ 48,000
Depreciable Life (Yrs)	40 years
New Hampshire
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	7
Encumbrances	$ 0
Initial Cost to Company
Land	417,000
Buildings & Improvements	1,185,000
Cost Capitalized Subsequent to Acquisition	8,000
Gross Amount Carried at Close of Period
Land	417,000
Buildings & Improvements	1,193,000
Total	1,610,000
Accumulated Depreciation	$ 49,000
Depreciable Life (Yrs)	40 years
New Jersey
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	4
Encumbrances	$ 0
Initial Cost to Company
Land	226,000
Buildings & Improvements	818,000
Cost Capitalized Subsequent to Acquisition	16,000
Gross Amount Carried at Close of Period
Land	226,000
Buildings & Improvements	835,000
Total	1,061,000
Accumulated Depreciation	$ 35,000
Depreciable Life (Yrs)	40 years
New Mexico
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	4
Encumbrances	$ 0
Initial Cost to Company
Land	328,000
Buildings & Improvements	555,000
Cost Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	328,000
Buildings & Improvements	555,000
Total	883,000
Accumulated Depreciation	$ 42,000
Depreciable Life (Yrs)	40 years
New York
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	35
Encumbrances	$ 0
Initial Cost to Company
Land	2,962,000
Buildings & Improvements	9,118,000
Cost Capitalized Subsequent to Acquisition	158,000
Gross Amount Carried at Close of Period
Land	2,962,000
Buildings & Improvements	9,278,000
Total	12,240,000
Accumulated Depreciation	$ 348,000
Depreciable Life (Yrs)	40 years
North Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	31
Encumbrances	$ 0
Initial Cost to Company
Land	3,571,000
Buildings & Improvements	11,808,000
Cost Capitalized Subsequent to Acquisition	58,000
Gross Amount Carried at Close of Period
Land	3,571,000
Buildings & Improvements	11,868,000
Total	15,439,000
Accumulated Depreciation	$ 685,000
Depreciable Life (Yrs)	40 years
North Dakota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	18
Encumbrances	$ 0
Initial Cost to Company
Land	205,000
Buildings & Improvements	1,914,000
Cost Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	205,000
Buildings & Improvements	1,914,000
Total	2,119,000
Accumulated Depreciation	$ 160,000
Depreciable Life (Yrs)	40 years
Ohio
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	24
Encumbrances	$ 844,000
Initial Cost to Company
Land	2,402,000
Buildings & Improvements	8,632,000
Cost Capitalized Subsequent to Acquisition	67,000
Gross Amount Carried at Close of Period
Land	2,402,000
Buildings & Improvements	8,699,000
Total	11,101,000
Accumulated Depreciation	$ 719,000
Depreciable Life (Yrs)	40 years
Oklahoma
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	41
Encumbrances	$ 0
Initial Cost to Company
Land	1,357,000
Buildings & Improvements	6,429,000
Cost Capitalized Subsequent to Acquisition	166,000
Gross Amount Carried at Close of Period
Land	1,357,000
Buildings & Improvements	6,543,000
Total	7,900,000
Accumulated Depreciation	$ 1,036,000
Depreciable Life (Yrs)	40 years
Oregon
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	480,000
Buildings & Improvements	597,000
Cost Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	480,000
Buildings & Improvements	597,000
Total	1,077,000
Accumulated Depreciation	$ 29,000
Depreciable Life (Yrs)	40 years
Pennsylvania
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	76
Encumbrances	$ 31,634,000
Initial Cost to Company
Land	8,277,000
Buildings & Improvements	61,295,000
Cost Capitalized Subsequent to Acquisition	249,000
Gross Amount Carried at Close of Period
Land	8,277,000
Buildings & Improvements	61,544,000
Total	69,821,000
Accumulated Depreciation	$ 3,211,000
Depreciable Life (Yrs)	40 years
South Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	14
Encumbrances	$ 366,000
Initial Cost to Company
Land	1,088,000
Buildings & Improvements	2,997,000
Cost Capitalized Subsequent to Acquisition	1,082,000
Gross Amount Carried at Close of Period
Land	1,088,000
Buildings & Improvements	4,075,000
Total	5,163,000
Accumulated Depreciation	$ 139,000
Depreciable Life (Yrs)	40 years
South Dakota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	17
Encumbrances	$ 0
Initial Cost to Company
Land	291,000
Buildings & Improvements	1,932,000
Cost Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	291,000
Buildings & Improvements	1,932,000
Total	2,223,000
Accumulated Depreciation	$ 156,000
Depreciable Life (Yrs)	40 years
Tennessee
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	15
Encumbrances	$ 0
Initial Cost to Company
Land	1,375,000
Buildings & Improvements	4,252,000
Cost Capitalized Subsequent to Acquisition	28,000
Gross Amount Carried at Close of Period
Land	1,375,000
Buildings & Improvements	4,280,000
Total	5,655,000
Accumulated Depreciation	$ 532,000
Depreciable Life (Yrs)	40 years
Texas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	53
Encumbrances	$ 0
Initial Cost to Company
Land	2,549,000
Buildings & Improvements	11,095,000
Cost Capitalized Subsequent to Acquisition	288,000
Gross Amount Carried at Close of Period
Land	2,549,000
Buildings & Improvements	11,385,000
Total	13,934,000
Accumulated Depreciation	$ 2,257,000
Depreciable Life (Yrs)	40 years
Utah
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	73,000
Buildings & Improvements	813,000
Cost Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	73,000
Buildings & Improvements	813,000
Total	886,000
Accumulated Depreciation	$ 45,000
Depreciable Life (Yrs)	40 years
Vermont
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	10
Encumbrances	$ 0
Initial Cost to Company
Land	611,000
Buildings & Improvements	1,668,000
Cost Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	611,000
Buildings & Improvements	1,668,000
Total	2,279,000
Accumulated Depreciation	$ 102,000
Depreciable Life (Yrs)	40 years
Virginia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	17
Encumbrances	$ 0
Initial Cost to Company
Land	1,059,000
Buildings & Improvements	4,494,000
Cost Capitalized Subsequent to Acquisition	17,000
Gross Amount Carried at Close of Period
Land	1,059,000
Buildings & Improvements	4,511,000
Total	5,570,000
Accumulated Depreciation	$ 184,000
Depreciable Life (Yrs)	40 years
Washington
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	7
Encumbrances	$ 0
Initial Cost to Company
Land	456,000
Buildings & Improvements	1,341,000
Cost Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	456,000
Buildings & Improvements	1,341,000
Total	1,797,000
Accumulated Depreciation	$ 97,000
Depreciable Life (Yrs)	40 years
West Virginia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	17
Encumbrances	$ 0
Initial Cost to Company
Land	365,000
Buildings & Improvements	3,006,000
Cost Capitalized Subsequent to Acquisition	6,000
Gross Amount Carried at Close of Period
Land	365,000
Buildings & Improvements	3,012,000
Total	3,377,000
Accumulated Depreciation	$ 79,000
Depreciable Life (Yrs)	40 years
Wisconsin
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	70
Encumbrances	$ 0
Initial Cost to Company
Land	2,406,000
Buildings & Improvements	15,255,000
Cost Capitalized Subsequent to Acquisition	206,000
Gross Amount Carried at Close of Period
Land	2,406,000
Buildings & Improvements	15,454,000
Total	17,860,000
Accumulated Depreciation	$ 1,641,000
Depreciable Life (Yrs)	40 years
Wyoming
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties (in properties) | property	2
Encumbrances	$ 0
Initial Cost to Company
Land	21,000
Buildings & Improvements	160,000
Cost Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	21,000
Buildings & Improvements	160,000
Total	181,000
Accumulated Depreciation	$ 51,000
Depreciable Life (Yrs)	40 years

SEC Schedule, Article 12-28, _3

SEC Schedule, Article 12-28, Real Estate and Accumulated Depreciation - Real Estate Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Beginning Balance	$ 247,072,000	$ 120,584,000
Acquisitions	99,006,000	125,423,000
Capital Improvements	2,492,000	1,151,000
Write-offs	(37,000)	(86,000)
Other	(168,000)	0
Ending Balance	$ 348,365,000	$ 247,072,000

SEC Schedule, Article 12-28, _4

SEC Schedule, Article 12-28, Real Estate and Accumulated Depreciation - Accumulated Depreciation Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Beginning Balance	$ (13,215,000)	$ (8,814,000)
Depreciation expense	(7,706,000)	(4,487,000)
Write-offs	37,000	86,000
Ending Balance	$ (20,884,000)	$ (13,215,000)