One Liberty Properties (OLP) 10-K 18 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Mar. 01, 2019	Jun. 30, 2018
Document and Entity Information
Entity Registrant Name	ONE LIBERTY PROPERTIES INC
Entity Central Index Key	0000712770
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 398
Entity Common Stock, Shares Outstanding		19,589,220
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)		Dec. 31, 2018	Dec. 31, 2017
Real estate investments, at cost
Land		$ 204,162,000	$ 209,320,000
Buildings and improvements		624,981,000	566,007,000
Total real estate investments, at cost		829,143,000	775,327,000
Less accumulated depreciation		123,684,000	108,953,000
Real estate investments, net		705,459,000	666,374,000
Investment in unconsolidated joint ventures		10,857,000	10,723,000
Cash and cash equivalents		15,204,000	13,766,000
Restricted cash		1,106,000	443,000
Unbilled rent receivable		13,722,000	14,125,000
Unamortized intangible lease assets, net		26,541,000	30,525,000
Escrow, deposits, and other assets and receivables		8,023,000	6,630,000
Total assets	[1]	780,912,000	742,586,000
Liabilities:
Mortgages payable, net of $4,298 and $3,789 of deferred financing costs, respectively		418,798,000	393,157,000
Line of credit, net of $312 and $624 of deferred financing costs, respectively		29,688,000	8,776,000
Dividends payable		8,724,000	8,493,000
Accrued expenses and other liabilities		11,094,000	16,107,000
Unamortized intangible lease liabilities, net		14,013,000	17,551,000
Total liabilities	[1]	482,317,000	444,084,000
Commitments and contingencies
One Liberty Properties, Inc. stockholders' equity:
Preferred stock, $1 par value; 12,500 shares authorized; none issued
Common stock, $1 par value; 25,000 shares authorized; 18,736 and 18,261 shares issued and outstanding		18,736,000	18,261,000
Paid-in capital		287,250,000	275,087,000
Accumulated other comprehensive income		1,890,000	155,000
Accumulated (distributions in excess of net income) undistributed net income		(10,730,000)	3,257,000
Total One Liberty Properties, Inc. stockholders' equity		297,146,000	296,760,000
Non-controlling interests in consolidated joint ventures	[1]	1,449,000	1,742,000
Total equity		298,595,000	298,502,000
Total liabilities and equity		$ 780,912,000	$ 742,586,000
[1]	The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 7. The consolidated balance sheets include the following amounts related to the Company’s consolidated VIEs: $14,722 and $17,844 of land, $27,642 and $31,789 of building and improvements, net of $4,119 and $3,811 of accumulated depreciation, $3,931 and $4,345 of other assets included in other line items, $26,850 and $32,252 of real estate debt, net, $2,455 and $2,885 of other liabilities included in other line items, and $1,449 and $1,742 of non-controlling interests as of December 31, 2018 and 2017, respectively.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands		Dec. 31, 2018	Dec. 31, 2017
Preferred stock, par value (in dollars per share)		$ 1	$ 1
Preferred stock, shares authorized		12,500	12,500
Preferred stock, shares issued		0	0
Common stock, par value (in dollars per share)		$ 1	$ 1
Common stock, shares authorized		25,000	25,000
Common stock, shares issued		18,736	18,261
Common stock, shares outstanding		18,736	18,261
Land		$ 204,162,000	$ 209,320,000
Buildings and improvements		624,981,000	566,007,000
Accumulated depreciation		123,684,000	108,953,000
Non-controlling interests in consolidated joint ventures	[1]	1,449,000	1,742,000
Consolidated VIE entities
Land		14,722,000	17,844,000
Buildings and improvements		27,642,000	31,789,000
Accumulated depreciation		4,119,000	3,811,000
Other assets		3,931,000	4,345,000
Real estate debt, net		26,850,000	32,252,000
Other liabilities		2,455,000	2,885,000
Non-controlling interests in consolidated joint ventures		1,449,000	1,742,000
Line of Credit
Deferred financing costs		312,000	624,000
Mortgages payable
Deferred financing costs		4,298,000	$ 3,789,000
Accumulated depreciation		$ 97,012,000
[1]	The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 7. The consolidated balance sheets include the following amounts related to the Company’s consolidated VIEs: $14,722 and $17,844 of land, $27,642 and $31,789 of building and improvements, net of $4,119 and $3,811 of accumulated depreciation, $3,931 and $4,345 of other assets included in other line items, $26,850 and $32,252 of real estate debt, net, $2,455 and $2,885 of other liabilities included in other line items, and $1,449 and $1,742 of non-controlling interests as of December 31, 2018 and 2017, respectively.

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues:
Total revenues	$ 79,126,000	$ 75,916,000	$ 70,588,000
Operating expenses:
Depreciation and amortization	24,155,000	20,993,000	18,164,000
General and administrative (see Note 11 for related party information)	11,937,000	11,279,000	10,693,000
Real estate expenses (see Note 11 for related party information)	11,288,000	10,736,000	8,931,000
Real estate acquisition costs			596,000
Federal excise and state taxes	370,000	481,000	203,000
Leasehold rent	308,000	308,000	308,000
Impairment loss	0	153,000
Total operating expenses	48,058,000	43,950,000	38,895,000
Other operating income
Gain on sale of real estate, net	5,262,000	9,837,000	10,087,000
Operating income	36,330,000	41,803,000	41,780,000
Other income and expenses:
Equity in earnings of unconsolidated joint ventures (see Note 11 for related party information)	1,304,000	826,000	1,005,000
Equity in earnings from sale of unconsolidated joint venture properties	2,057,000
Prepayment costs on debt			(577,000)
Other income	720,000	407,000	435,000
Interest:
Expense	(17,862,000)	(17,810,000)	(17,258,000)
Amortization and write-off of deferred financing costs	(985,000)	(977,000)	(904,000)
Net income	21,564,000	24,249,000	24,481,000
Net income attributable to non-controlling interests	(899,000)	(102,000)	(59,000)
Net income attributable to One Liberty Properties, Inc.	$ 20,665,000	$ 24,147,000	$ 24,422,000
Weighted average number of common shares outstanding:
Basic (in shares)	18,575	17,944	16,768
Diluted (in shares)	18,588	18,047	16,882
Per common share attributable to common stockholders:
Basic (in dollars per share)	$ 1.05	$ 1.29	$ 1.40
Diluted (in dollars per share)	$ 1.05	$ 1.28	$ 1.39
Rental income, net
Revenues:
Total revenues	$ 70,298,000	$ 68,244,000	$ 64,164,000
Tenant reimbursements
Revenues:
Total revenues	8,456,000	$ 7,672,000	$ 6,424,000
Lease termination fee
Revenues:
Total revenues	$ 372,000

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Consolidated Statements of Comprehensive Income
Net income	$ 21,564	$ 24,249	$ 24,481
Other comprehensive gain
Net unrealized gain on derivative instruments	2,170	1,565	2,879
Reclassification of net realized gain on derivative instrument included in net income	(398)
Reclassification of gain on available-for-sale securities included in net income			(27)
Reclassification of One Liberty Properties, Inc.'s share of joint venture net realized gain on derivative instrument included in net income	(110)
One Liberty Properties, Inc.'s share of joint ventures' net unrealized gain on derivative instruments	76	76	64
Other comprehensive gain	1,738	1,641	2,916
Comprehensive income	23,302	25,890	27,397
Net income attributable to non-controlling interests	(899)	(102)	(59)
Adjustment for derivative instruments attributable to non-controlling interests	(3)	(7)	(5)
Comprehensive income attributable to One Liberty Properties, Inc.	$ 22,400	$ 25,781	$ 27,333

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Common Stock	Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Undistributed Net Income	Non-Controlling Interests in Consolidated Joint Ventures	Total
Balances at Dec. 31, 2015	$ 16,292	$ 232,378	$ (4,390)	$ 16,215	$ 1,931	$ 262,426
Distributions - common stock
Cash - $ 1.80 per share,$1.74 per share and $1.66 per share for the year ended December 31, 2018, 2017 and 2016, respectively				(29,136)		(29,136)
Shares issued through equity offering program - net	1,080	24,707				25,787
Restricted stock vesting	86	(86)
Shares issued through dividend reinvestment plan	142	2,965				3,107
Contribution from non-controlling interests					80	80
Distributions to non-controlling interests					(271)	(271)
Purchase of non-controlling interest		(436)			(10)	(446)
Compensation expense - restricted stock		2,983				2,983
Net income				24,422	59	24,481
Other comprehensive income			2,911		5	2,916
Balances at Dec. 31, 2016	17,600	262,511	(1,479)	11,501	1,794	291,927
Distributions - common stock
Cash - $ 1.80 per share,$1.74 per share and $1.66 per share for the year ended December 31, 2018, 2017 and 2016, respectively				(32,391)		(32,391)
Shares issued through equity offering program - net	231	5,339				5,570
Restricted stock vesting	232	(232)
Shares issued through dividend reinvestment plan	198	4,336				4,534
Contribution from non-controlling interests					20	20
Distributions to non-controlling interests					(181)	(181)
Compensation expense - restricted stock		3,133				3,133
Net income				24,147	102	24,249
Other comprehensive income			1,634		7	1,641
Balances at Dec. 31, 2017	18,261	275,087	155	3,257	1,742	298,502
Distributions - common stock
Cash - $ 1.80 per share,$1.74 per share and $1.66 per share for the year ended December 31, 2018, 2017 and 2016, respectively				(34,652)		(34,652)
Shares issued through equity offering program - net	126	3,012				3,138
Restricted stock vesting	106	(106)
Shares issued through dividend reinvestment plan	243	5,747				5,990
Distributions to non-controlling interests					(1,195)	(1,195)
Compensation expense - restricted stock		3,510				3,510
Net income				20,665	899	21,564
Other comprehensive income			1,735		3	1,738
Balances at Dec. 31, 2018	$ 18,736	$ 287,250	$ 1,890	$ (10,730)	$ 1,449	$ 298,595

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Distributions - common stock, Cash per share (in dollars per share)	$ 1.80	$ 1.74	$ 1.66

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net income	$ 21,564,000	$ 24,249,000	$ 24,481,000
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of real estate, net	(5,262,000)	(9,837,000)	(10,087,000)
Loss on sale of available-for-sale securities			(27,000)
Impairment loss		153,000
Prepayment costs on debt			577,000
Increase in unbilled rent receivable	(1,156,000)	(794,000)	(2,286,000)
Write-off of unbilled rent receivable	1,514,000	362,000	7,000
Bad debt expense	684,000	291,000	98,000
Amortization and write-off of intangibles relating to leases, net	(1,849,000)	(897,000)	(712,000)
Amortization of restricted stock expense	3,510,000	3,133,000	2,983,000
Equity in earnings of unconsolidated joint ventures	(1,304,000)	(826,000)	(1,005,000)
Equity in earnings from sale of unconsolidated joint venture properties	(2,057,000)
Distributions of earnings from unconsolidated joint ventures	2,341,000	656,000	939,000
Depreciation and amortization	24,155,000	20,993,000	18,164,000
Amortization and write-off of deferred financing costs	985,000	977,000	904,000
Payment of leasing commissions	(442,000)	(168,000)	(1,050,000)
(Increase) decrease in escrow, deposits, other assets and receivables	(1,183,000)	252,000	(1,734,000)
Increase (decrease) in accrued expenses and other liabilities	1,146,000	5,885,000	(1,281,000)
Net cash provided by operating activities	42,646,000	44,429,000	29,971,000
Cash flows from investing activities:
Purchase of real estate	(80,290,000)	(43,537,000)	(118,589,000)
Improvements to real estate	(7,311,000)	(6,565,000)	(4,868,000)
Net proceeds from sale of real estate	27,088,000	26,301,000	42,312,000
Purchase of partner's interest in consolidated joint venture			(446,000)
Distributions of capital from unconsolidated joint ventures	852,000	357,000	647,000
Net proceeds from sale of available-for-sale securities			33,000
Net cash used in investing activities	(59,661,000)	(23,444,000)	(80,911,000)
Cash flows from financing activities:
Scheduled amortization payments of mortgages payable	(11,081,000)	(10,520,000)	(9,138,000)
Repayment of mortgages payable	(24,502,000)	(12,936,000)	(63,726,000)
Proceeds from mortgage financings	61,733,000	21,210,000	137,628,000
Proceeds from sale of common stock, net	3,138,000	5,570,000	25,787,000
Proceeds from bank line of credit	74,500,000	47,000,000	86,000,000
Repayment on bank line of credit	(53,900,000)	(47,600,000)	(94,250,000)
Issuance of shares through dividend reinvestment plan	5,990,000	4,534,000	3,107,000
Payment of financing costs	(1,182,000)	(160,000)	(2,220,000)
Prepayment costs on debt			(577,000)
Capital contributions from non-controlling interests		20,000	80,000
Distributions to non-controlling interests	(1,195,000)	(181,000)	(271,000)
Cash distributions to common stockholders	(34,421,000)	(31,704,000)	(28,230,000)
Net cash provided by (used in) financing activities	19,080,000	(24,767,000)	54,190,000
Net increase (decrease) in cash, cash equivalents and restricted cash	2,065,000	(3,782,000)	3,250,000
Cash, cash equivalents and restricted cash at beginning of year	14,668,000	18,450,000	15,200,000
Cash, cash equivalents and restricted cash at end of year	16,733,000	14,668,000	18,450,000
Supplemental disclosures of cash flow information:
Cash paid during the year for interest expense	17,783,000	17,777,000	17,310,000
Cash paid during the year for Federal excise tax, net			190,000
Supplemental schedule of non-cash investing and financing activities:
Purchase accounting allocation - intangible lease assets	4,435,000	4,009,000	8,194,000
Purchase accounting allocation - intangible lease liabilities	$ (2,508,000)	$ (158,000)	$ (6,288,000)

ORGANIZATION AND BACKGROUND

ORGANIZATION AND BACKGROUND	12 Months Ended
	Dec. 31, 2018
ORGANIZATION AND BACKGROUND
ORGANIZATION AND BACKGROUND	NOTE 1—ORGANIZATION AND BACKGROUND One Liberty Properties, Inc. (“OLP”) was incorporated in 1982 in Maryland. OLP is a self-administered and self-managed real estate investment trust. OLP acquires, owns and manages a geographically diversified portfolio consisting primarily of industrial, retail, restaurant, health and fitness, and theater properties, many of which are subject to long-term net leases. As of December 31, 2018, OLP owns 123 properties, including five properties owned by consolidated joint ventures and four properties owned by unconsolidated joint ventures. The 123 properties are located in 30 states.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2018
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2—SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts and operations of OLP, its wholly‑owned subsidiaries, its joint ventures in which the Company, as defined, has a controlling interest, and variable interest entities (“VIEs”) of which the Company is the primary beneficiary. OLP and its consolidated subsidiaries are referred to herein as the “Company”. Material intercompany items and transactions have been eliminated in consolidation. Investment in Joint Ventures and Variable Interest Entities The Financial Accounting Standards Board, or FASB, provides guidance for determining whether an entity is a VIE. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE’s economic performance and (ii) has the obligation to absorb losses, or the right to receive benefits, of the VIE that could potentially be significant to the VIE. The Company assesses the accounting treatment for each of its investments, including a review of each venture or limited liability company or partnership agreement, to determine the rights of each party and whether those rights are protective or participating. The agreements typically contain certain protective rights, such as the requirement of partner approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget or operating plan. In situations where, among other things, the Company and its partners jointly (i) approve the annual budget, (ii) approve certain expenditures, (iii) prepare or review and approve the joint venture’s tax return before filing, and (iv) approve each lease at a property, the Company does not consolidate as the Company considers these to be substantive participation rights that result in shared, joint power over the activities that most significantly impact the performance of the joint venture or property. Additionally, the Company assesses the accounting treatment for any interests pursuant to which the Company may have a variable interest as a lessor. Leases may contain certain protective rights, such as the right of sale and the receipt of certain escrow deposits. The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. All investments in unconsolidated joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are VIEs. In addition, the Company shares power with its co-managing members over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions. None of the joint venture debt is recourse to the Company, subject to standard carve-outs. The Company periodically reviews its investments in unconsolidated joint ventures for other-than-temporary losses in investment value. Any decline that is not expected to be recovered based on the underlying assets of the investment is considered other than temporary and an impairment charge is recorded as a reduction in the carrying value of the investment. During the three years ended December 31, 2018, there were no impairment charges related to the Company’s investments in unconsolidated joint ventures. The Company has elected to follow the cumulative earnings approach when assessing, for the consolidated statement of cash flows, whether the distribution from the investee is a return of the investor’s investment as compared to a return on its investment. The source of the cash generated by the investee to fund the distribution is not a factor in the analysis (that is, it does not matter whether the cash was generated through investee refinancing, sale of assets or operating results). Consequently, the investor only considers the relationship between the cash received from the investee to its equity in the undistributed earnings of the investee, on a cumulative basis, in assessing whether the distribution from the investee is a return on or a return of its investment. Cash received from the unconsolidated entity is presumed to be a return on the investment to the extent that, on a cumulative basis, distributions received by the investor are less than its share of the equity in the undistributed earnings of the entity. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Management believes that the estimates and assumptions that are most important to the portrayal of the Company’s consolidated financial condition and results of operations, in that they require management’s most difficult, subjective or complex judgments, form the basis of the accounting policies deemed to be most significant to the Company. These significant accounting policies relate to revenues and the value of the Company’s real estate portfolio, including investments in unconsolidated joint ventures. Management believes its estimates and assumptions related to these significant accounting policies are appropriate under the circumstances; however, should future events or occurrences result in unanticipated consequences, there could be a material impact on the Company’s future consolidated financial condition or results of operations. Revenue Recognition Rental income includes the base rent that each tenant is required to pay in accordance with the terms of their respective leases reported on a straight-line basis over the non-cancelable term of the lease. In determining, in its judgment, that the unbilled rent receivable applicable to each specific property is collectible, management reviews unbilled rent receivables on a quarterly basis and takes into consideration the tenant’s payment history and financial condition. Some of the leases provide for increases based on the Consumer Price Index and for additional contingent rental revenue in the form of percentage rents. The percentage rents are based upon the level of sales achieved by the lessee and are recognized once the required sales levels are reached. Certain ground leases provide for rent which can be deferred and paid based on the operating performance of the property; therefore, this rent is recognized as rental income when the operating performance is achieved and the rent is received. Many of the Company’s properties are subject to long-term net leases under which the tenant is typically responsible to pay directly to the vendor the real estate taxes, insurance, utilities and ordinary maintenance and repairs related to the property, and the Company is not the primary obligor with respect to such items. As a result, the revenue and expenses relating to these properties are recorded on a net basis. For certain properties, in addition to contractual base rent, the tenants pay their pro rata share of real estate taxes and operating expenses to the Company. The income and expenses associated with these properties are generally recorded on a gross basis when the Company is the primary obligor. During 2018, 2017 and 2016, the Company recorded reimbursements of expenses of $8,456,000, $7,672,000 and $6,424,000, respectively, which are reported as Tenant reimbursements in the accompanying consolidated statements of income. Gains and losses on the sale of real estate investments are recorded when the Company no longer holds a controlling financial interest in the entity which holds the real estate investment and the relevant revenue recognition criteria under GAAP have been met. Fair Value Measurements The Company measures the fair value of financial instruments based on the assumptions that market participants would use in pricing the asset or liability. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between marketparticipant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs and Level 3 assets/liabilities are valued based on significant “unobservable” market inputs. Purchase Accounting for Acquisition of Real Estate In January 2017, the Company adopted ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which requires an entity to evaluate whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, and if that requirement is met, the asset group is accounted for as an asset acquisition and not a business combination. Transaction costs incurred with such asset acquisitions are capitalized to real estate assets and depreciated over the respectful useful lives. The Company analyzed the real estate acquisitions made during 2018 and 2017 and determined the gross assets acquired are concentrated in a single identifiable asset. Prior to January 1, 2017, the Company recorded acquired real estate investments as business combinations when the real estate was occupied, at least in part, at acquisition. For the year ended December 31, 2016, costs of $596,000 directly related to the acquisition of such investments were expensed as incurred. The Company allocates the purchase price of real estate among land, building, improvements and intangibles, such as the value of above, below and at-market leases, and origination costs associated with in-place leases at the acquisition date. The Company assesses the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. The value, as determined, is allocated to land, building and improvements based on management’s determination of the relative fair values of these assets. The Company assesses the fair value of the lease intangibles based on estimated cash flow projections that utilize appropriate discount rates and available market information. Such inputs are Level 3 in the fair value hierarchy. In valuing an acquired property’s intangibles, factors considered by management include an estimate of carrying costs during the expected lease-up periods, such as real estate taxes, insurance, other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on its evaluation of current market demand. Management also estimates costs to execute similar leases, including leasing commissions and tenant improvements. The values of acquired above-market and below-market leases are recorded based on the present values (using discount rates which reflect the risks associated with the leases acquired) of the difference between the contractual amounts to be received and management’s estimate of market lease rates, measured over the terms of the respective leases that management deemed appropriate at the time of the acquisitions. Such valuations include a consideration of the non-cancellable terms of the respective leases, as well as any applicable renewal period(s). The fair values associated with below-market rental renewal options are determined based on the Company’s experience and the relevant facts and circumstances at the time of the acquisitions. The values of above-market leases are amortized as a reduction to rental income over the terms of the respective non-cancellable lease periods. The portion of the values of below-market leases are amortized as an increase to rental income over the terms of the respective non-cancellable lease periods. The portion of the values of the leases associated with below-market renewal options that management deemed are likely to be exercised by the tenant are amortized to rental income over such renewal periods. The value of other intangible assets ( i.e., origination costs) is recorded to amortization expense over the remaining terms of the respective leases. If a lease were to be terminated prior to its contractual expiration date or not renewed, all unamortized amounts relating to that lease would be recognized in operations at that time. The estimated useful lives of intangible assets or liabilities generally range from one to 37 years. Accounting for Long‑Lived Assets and Impairment of Real Estate Owned The Company reviews its real estate portfolio on a quarterly basis to ascertain if there are any indicators of impairment to the value of any of its real estate assets, including deferred costs and intangibles, to determine if there is any need for an impairment charge. In reviewing the portfolio, the Company examines one or more of the following: the type of asset, the current financial statements or other available financial information of the tenant, the economic situation in the area in which the asset is located, the economic situation in the industry in which the tenant is involved, the timeliness of the payments made by the tenant under its lease, and any current communication with the tenant, including property inspection reports. For each real estate asset owned for which indicators of impairment exist, management performs a recoverability test by comparing (i) the sum of the estimated undiscounted future cash flows over an appropriate hold period, which are attributable to the asset to (ii) the carrying amount of the asset. If the aggregate undiscounted cash flows are less than the asset’s carrying amount, an impairment loss is recorded to the extent that the estimated fair value is less than the asset’s carrying amount. The estimated fair value is determined using a discounted cash flow model of the expected future cash flows through the useful life of the property. The analysis includes an estimate of the future cash flows that are expected to result from the real estate investment’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, the effects of leasing demand, competition and other factors. Properties Held-for-Sale Real estate investments are classified as properties held-for-sale when management determines that the investment meets the applicable criteria. Real estate assets that are classified as held-for-sale are: (i) valued at the lower of carrying amount or the estimated fair value less costs to sell on an individual asset basis; and (ii) not depreciated. Cash and Cash Equivalents All highly liquid investments with original maturities of three months or less when purchased are considered to be cash equivalents. Escrows Real estate taxes, insurance and other escrows aggregating $423,000 and $460,000 at December 31, 2018 and 2017, respectively, are included in Escrow, deposits and other assets and receivables. Depreciation and Amortization Depreciation of buildings is computed on the straight-line method over an estimated useful life of 40 years. Depreciation of building improvements is computed on the straight-line method over the estimated useful life of the improvements. If the Company determines it is the owner of tenant improvements, the amounts funded to construct the tenant improvements are treated as a capital asset and depreciated over the lesser of the remaining lease term or the estimated useful life of the improvements on the straight-line method. Leasehold interest and the related ground lease payments are amortized over the initial lease term of the leasehold position. Depreciation expense (including amortization of a leasehold position, lease origination costs, and capitalized leasing commissions) was $24,155,000, $20,993,000 and $18,164,000 during 2018, 2017 and 2016, respectively. Deferred Financing Costs Mortgage and credit line costs are deferred and amortized on a straight‑line basis over the terms of the respective debt obligations, which approximates the effective interest method. At December 31, 2018 and 2017, accumulated amortization of such costs was $3,246,000 and $2,804,000, respectively. The Company presents unamortized deferred financing costs as a direct deduction from the carrying amount of the associated debt liability. Income Taxes The Company is qualified as a real estate investment trust (“REIT”) under the applicable provisions of the Internal Revenue Code. Under these provisions, the Company will not be subject to Federal, and generally, state and local income taxes, on amounts distributed to stockholders, provided it distributes at least 90% of its ordinary taxable income and meets certain other conditions. The Company follows a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that more-likely-than-not will be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited. The Company has not identified any uncertain tax positions requiring accrual. Concentration of Credit Risk The Company maintains cash accounts at various financial institutions. While the Company attempts to limit any financial exposure, substantially all of its deposit balances exceed federally insured limits. The Company has not experienced any losses on such accounts. The Company’s properties are located in 30 states. During 2018, 2017 and 2016, 9.3%, 13.2% and 12.9% of total revenues, respectively, were attributable to real estate investments located in Texas which is the only state in which real estate investments contributed more than 10% to the Company’s total revenues in any of the past three years. No tenant contributed over 10% to the Company’s total revenues during 2018, 2017 and 2016. Segment Reporting Substantially all of the Company’s real estate assets, at acquisition, are comprised of real estate owned that is leased to tenants on a long‑term basis. Therefore, the Company aggregates real estate assets for reporting purposes and operates in one reportable segment. Stock Based Compensation The fair value of restricted stock grants and restricted stock units, determined as of the date of grant, is amortized into general and administrative expense over the respective vesting period. The deferred compensation to be recognized as expense is net of certain forfeiture and performance assumptions which are re-evaluated quarterly. The Company recognizes the effect of forfeitures when they occur and previously recognized compensation expense is reversed in the period the grant or unit is forfeited. For share-based awards with a performance or market measure, the Company recognizes compensation expense over the requisite service period. The requisite service period begins on the date the compensation committee of the Company’s Board of Directors authorizes the award, adopts any relevant performance measures and communicates the award. Derivatives and Hedging Activities The Company’s objective in using interest rate swaps is to add stability to interest expense. The Company does not use derivatives for trading or speculative purposes. The Company records all derivatives on the consolidated balance sheets at fair value using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. In addition, the Company incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. These counterparties are generally large financial institutions engaged in providing a variety of financial services. These institutions generally face similar risks regarding adverse changes in market and economic conditions including, but not limited to, fluctuations in interest rates, exchange rates, equity and commodity prices and credit spreads. 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. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in accumulated other comprehensive income (outside of earnings) and subsequently reclassified to earnings in the period in which the hedged transaction becomes ineffective. For derivatives not designated as cash flow hedges, changes in the fair value of the derivative are recognized directly in earnings in the period in which the change occurs; however, the Company’s policy is to not enter into such transactions. Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of a tenant to make required rent and other payments. If the financial condition of a specific tenant were to deteriorate, adversely impacting its ability to make payments, allowances may be required. Reclassifications Certain amounts previously reported in the consolidated financial statements have been reclassified in the accompanying consolidated financial statements to conform to the current year’s presentation. Such reclassifications primarily relate to the presentation of (i) Gain on sale of real estate, net, on the consolidated statement of income for the years ended December 31, 2017 and 2016 and (ii) restricted cash on the consolidated statement of cash flows for the years ended December 31, 2017 and 2016. The Company has included Gain on sale of real estate, net, as a component of Operating income, to present gains and losses on sales of properties in accordance with ASC 360-10-45-5. The change was made for the prior periods as the Securities and Exchange Commission has eliminated Rule 3-15(a) of Regulation S-X as part of Release Nos. 33-10532, 34-83875 and IC-33203, which had allowed REITs to present gains and losses on sales of properties outside of continuing operations in the income statement. As of January 1, 2018, the Company adopted ASU No. 2016-18, Statement of Cash Flows (Topic 230) : Restricted Cash , which requires amounts generally described as restricted cash to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The adoption of this ASU has no impact on the Company’s previously reported consolidated balance sheets, consolidated statements of income, net income or accumulated undistributed net income for the periods presented. As a result of the adoption of this guidance, the following table depicts the adjustments to the Company’s previously reported consolidated statement of cash flows (amounts in thousands): Year Ended December 31, 2017 2016 As Reported As Adjusted As Reported As Adjusted Decrease (increase) in escrow, deposits, and other assets and receivables $ 179 $ 252 $ (731) $ (1,734) Increase (decrease) in accrued expenses and other liabilities 6,086 5,885 (850) (1,281) Net (decrease) increase in cash, cash equivalents and restricted cash (3,654) (3,782) 4,684 3,250 Cash, cash equivalents and restricted cash at beginning of year 17,420 18,450 12,736 15,200 Cash, cash equivalents and restricted cash at end of year 13,766 14,668 17,420 18,450 The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows (amounts in thousands): December 31, 2018 2017 Cash and cash equivalents $ 15,204 $ 13,766 Restricted cash 1,106 443 Restricted cash included in escrow, deposits and other assets and receivables 423 459 Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows $ 16,733 $ 14,668 Amounts included in restricted cash represent the cash reserve balance received from owner/operators at two of the Company’s ground leases. (See Note 7). Restricted cash included in escrow, deposits and other assets and receivables represent amounts related to real estate tax and other reserve escrows required to be held by lenders in accordance with the Company’s mortgage agreements. The restriction on these escrow reserves will lapse when the related mortgage is repaid. New Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt either the entire standard or only the provisions that eliminate or modify requirements. The Company is evaluating the new guidance to determine if, and to the extent, it will impact the Company’s consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation (Topic 718), Improvements to Non-employee Share-Based Payment Accounting, which simplifies the accounting for share-based payments made to non-employees so that the accounting for such awards is substantially the same as those made to employees, with certain exceptions. Under this ASU, equity-classified share-based awards to non-employees will be measured at fair value on the grant date of the awards and entities will assess the probability of satisfying performance conditions if any are present. Awards will continue to be classified according to ASC 718 upon vesting which eliminates the need to reassess classification upon vesting, consistent with awards granted to employees, unless the award is modified after the service has been rendered, any other conditions necessary to earn the right to benefit from the instruments have been satisfied, and the non-employee is no longer providing services. The Company early adopted this guidance on July 1, 2018 using the modified retrospective transition method and its adoption did not have an impact on the Company’s consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities , which amends the presentation and disclosure requirements for hedge accounting and changes how companies assess hedge effectiveness. This ASU is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. The Company early adopted this guidance on January 1, 2018 using the modified retrospective transition method and its adoption did not have any impact on the Company’s previously reported income from operations, net income or accumulated undistributed net income for the periods presented. In February 2017, the FASB issued ASU No. 2017-05, Other Income–Gains and Losses from the Derecognition of Non-financial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Non-financial Assets. ASU 2017-05 clarifies the scope of recently established guidance on non-financial asset derecognition, as well as the accounting for partial sales of non-financial assets. As leasing is the Company’s primary activity, the Company determined that its sales of real estate, which are non-financial assets, are sold to non-customers and fall within the scope of ASC 610-20. The Company adopted this ASU on January 1, 2018 using the modified retrospective transition method and re-assessed and determined there were no open contracts or partial sales and as such, the adoption of this ASU did not (i) result in a cumulative adjustment as of January 1, 2018, and (ii) have any impact on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which 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 guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted after December 2018. The Company is evaluating the new guidance to determine if, and to the extent, it will impact the consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases , and in July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842), Targeted Improvements, and 2018-10 , Codification Improvements to Topic 842, Leases. These standards require lessees to recognize (i) lease assets and lease liabilities for those leases which were previously classified as operating leases under ASC 840, Leases , and (ii) expense based on the effective interest method for finance leases or on a straight-line basis for operating leases. The Company will apply this guidance to the ground lease under which the Company is lessee. The Company is required to record a liability for the obligation to make payments under the lease and an asset for the right to use the underlying asset during the lease term. While the Company is continuing to assess all potential impacts of the standard, it expects total liabilities and total assets to increase by $3,500,000 to $5,500,000 as of the date of adoption. Lessor accounting is largely unchanged from that applied under the previous standard. The Company does expect to adopt the practical expedient offered in ASU No. 2018-11 that allows lessors to not separate non-lease components from the related lease components under certain conditions, which the Company expects most of its leases to qualify for. This guidance in this standard is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. The Company will adopt this guidance on January 1, 2019 using the modified retrospective approach and will elect the package of practical expedients that allows an entity to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases and (iii) initial direct costs for any expired or existing leases. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which outlines a new, single comprehensive model for entities to use in accounting for revenue arisi

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	12 Months Ended
	Dec. 31, 2018
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE	NOTE 3—EARNINGS PER COMMON SHARE Basic earnings per share was determined by dividing net income allocable to common stockholders for each year by the weighted average number of shares of common stock outstanding during the applicable year. Net income is also allocated to the unvested restricted stock outstanding during each year, as the restricted stock is entitled to receive dividends and is therefore considered a participating security. As of December 31, 2018, the shares of common stock underlying the restricted stock units awarded under the 2016 Incentive Plan are excluded from the basic earnings per share calculation, as these units are not participating securities. The restricted stock units issued pursuant to the 2009 and 2016 Incentive Plans are referred to as “RSUs”. Diluted earnings per share reflects the potential dilution that could occur if securities or other rights exercisable for, or convertible into, common stock were exercised or converted or otherwise resulted in the issuance of common stock that shared in the earnings of the Company. The following table identifies the number of shares of common stock underlying the RSUs awarded under the 2016 Incentive Plan that are included in the calculation of diluted weighted average number of shares of common stock: Year Ended Year Ended December 31, 2018 December 31, 2017 Return on Return on Capital Stockholder Capital Stockholder Date of Award and Total Number of Underlying Shares metric Return metric Total metric Return metric Total September 26, 2017 76,250 shares(a) 34,633 4,462 39,095 33,353 38,125 71,478 July 1, 2018 76,250 shares(b) 33,388 — 33,388 n/a n/a n/a 68,021 4,462 72,483 33,353 38,125 71,478 (a) Includes shares that would be issued pursuant to the respective metrics, assuming the end of the period was the June 30, 2020 vesting date. None of the remaining 37,155 shares and 4,772 shares are included at December 31, 2018 and 2017, respectively, as the applicable metrics had not been met for these shares. (b) Includes shares that would be issued pursuant to the respective metrics, assuming the end of the period was the June 30, 2021 vesting date. None of the remaining 42,862 shares are included at December 31, 2018, as the applicable metrics had not been met for these shares. In 2010, RSUs exchangeable for up to 200,000 shares of common stock were awarded pursuant to the 2009 Incentive Plan. In June 2017, 113,584 of these shares vested and such shares were See Note 12 for information regarding the Company’s equity incentive plans. There were no options outstanding to purchase shares of common stock or other rights exercisable for, or convertible into, common stock in 2018, 2017 and 2016. The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts): Year Ended December 31, 2018 2017 2016 Numerator for basic and diluted earnings per share: Net income $ $ 24,249 $ 24,481 Less net income attributable to non-controlling interests (102) (59) Less earnings allocated to unvested restricted stock (a) (1,072) (999) Net income available for common stockholders: basic and diluted $ $ 23,075 $ 23,423 Denominator for basic earnings per share: Weighted average number of common shares 17,944 16,768 Effect of diluted securities: RSUs 103 114 Denominator for diluted earnings per share: Weighted average number of shares 18,047 16,882 Earnings per common share, basic $ $ 1.29 $ 1.40 Earnings per common share, diluted $ $ 1.28 $ 1.39 (a) Represents an allocation of distributed earnings to unvested restricted stock that, as participating securities, are entitled to receive dividends.

REAL ESTATE INVESTMENTS AND MIN

REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS	12 Months Ended
	Dec. 31, 2018
REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS
REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS	NOTE 4—REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS Real Estate Acquisitions The following charts detail the Company’s acquisitions of real estate during 2018 and 2017 (amounts in thousands): Capitalized Contract Third Party Date Purchase Terms of Real Estate Description of Property Acquired Price Payment Acquisition Costs Campania International/U.S. Tape industrial facility, Pennsburg, Pennsylvania March 28, 2018 $ 12,675 All cash (a) $ 226 Plymouth Industries industrial facility, Plymouth, Minnesota June 7, 2018 5,500 All cash (b) 50 Applied Control industrial facility, Englewood, Colorado October 19, 2018 12,800 All cash 62 Xerimis industrial facility, Moorestown, New Jersey November 1, 2018 7,350 All cash (c) 147 Multi-tenant industrial facility, Moorestown, New Jersey November 28, 2018 13,498 All cash 110 Men’s Warehouse industrial facility, Bakersfield, California December 6, 2018 10,850 All cash 63 Dufresne Spencer Group industrial facility, Green Park, Missouri December 11, 2018 10,000 All cash 63 Transcendia industrial facility, Greenville, South Carolina December 21, 2018 6,830 All cash 66 Totals for 2018 $ 79,503 $ 787 Forbo industrial facility, Huntersville, North Carolina May 25, 2017 $ 8,700 Cash and $5,190 mortgage(d) $ 72 Saddle Creek Logistics industrial facility, Pittston, Pennsylvania June 9, 2017 11,750 All cash (e) 199 Corporate Woods industrial facility, Ankeny, Iowa June 20, 2017 14,700 All cash (f) 29 Dufresne Spencer Group industrial facility, Memphis, Tennessee October 10, 2017 8,000 All cash 87 Totals for 2017 $ 43,150 $ 387 (a) In July 2018, the Company obtained new mortgage debt of $8,238. (b) In September 2018, the Company obtained new mortgage debt of $3,325. (c) In November 2018, the Company obtained new mortgage debt of $4,000. (d) New mortgage debt was obtained simultaneously with the acquisition of the property. (e) In August 2017, the Company obtained new mortgage debt of $7,200 . (f) In July 2017, the Company obtained new mortgage debt of $8,820. The Company determined that with respect to each of these acquisitions, the gross assets acquired are concentrated in a single identifiable asset. Therefore, these transactions do not meet the definition of a business and are accounted for as asset acquisitions. As such, direct transaction costs associated with these asset acquisitions have been capitalized to real estate assets and depreciated over their respective useful lives. The following charts detail the allocation of the purchase price for the Company’s acquisitions of real estate during 2018 and 2017 (amounts in thousands): Building Intangible Lease Description of Property Land Building Improvements Asset Liability Total Campania International/U.S. Tape industrial facility, Pennsburg, Pennsylvania $ 1,776 $ 10,398 $ 727 $ — $ — $ 12,901 Plymouth Industries industrial facility, Plymouth, Minnesota 1,121 4,306 123 — — 5,550 Applied Control industrial facility, Englewood, Colorado 1,562 11,027 273 — — 12,862 Xerimis industrial facility, Moorestown, New Jersey 1,822 4,899 157 707 (88) 7,497 Multi-tenant industrial facility, Moorestown, New Jersey 1,443 10,670 228 1,469 (202) 13,608 Men’s Warehouse industrial facility, Bakersfield, California 1,988 9,696 300 1,127 (2,198) 10,913 Dufresne Spencer Group industrial facility, Green Park, Missouri 1,420 7,696 137 810 — 10,063 Transcendia industrial facility, Greenville, South Carolina 186 6,337 70 322 (19) 6,896 Totals for 2018 $ 11,318 $ 65,029 $ 2,015 $ 4,435 $ (2,507) $ 80,290 Forbo industrial facility, Huntersville, North Carolina $ 1,046 $ 6,452 $ 222 $ 1,052 $ — $ 8,772 Saddle Creek Logistics industrial facility, Pittston, Pennsylvania 999 9,675 247 1,028 — 11,949 Corporate Woods industrial facility, Ankeny, Iowa 1,351 11,420 187 1,929 (158) 14,729 Dufresne Spencer Group industrial facility, Memphis, Tennessee 135 7,750 202 — — 8,087 Totals for 2017 $ 3,531 $ 35,297 $ 858 $ 4,009 $ (158) $ 43,537 As of December 31, 2018, the weighted average amortization period for the 2018 acquisitions is 6.8 years and 11.4 years for the intangible lease assets and intangible lease liabilities, respectively. As of December 31, 2017, the weighted average amortization period for the 2017 acquisitions is 6.8 years and 12.2 years for the intangible lease assets and intangible lease liabilities, respectively. The Company assessed the fair value of the lease intangibles based on estimated cash flow projections that utilize appropriate discount rates and available market information. Such inputs are Level 3 (as defined in Note 2) in the fair value hierarchy. At December 31, 2018 and 2017, accumulated amortization of intangible lease assets was $16,503,000 and $17,542,000, respectively, and accumulated amortization of intangible lease liabilities was $7,378,000 and $7,849,000, respectively. During 2018, 2017 and 2016, the Company recognized net rental income of $1,849,000, $897,000 and $712,000, respectively, for the amortization of the above/below market leases. During 2018, 2017 and 2016, the Company recognized amortization expense of $7,175,000, $4,984,000, and $3,612,000, respectively, relating to the amortization of the origination costs associated with in place leases, which is included in Depreciation and amortization expense. Included as an increase to Depreciation and amortization expense during 2018 and 2017 are write-offs of $2,743,000 and $884,000, respectively, related to four properties at which the tenant filed Chapter 11 bankruptcy in 2018 and 2017. The unamortized balance of intangible lease assets as a result of acquired above market leases at December 31, 2018 will be deducted from rental income through 2032 as follows (amounts in thousands): 2019 $ 677 2020 651 2021 645 2022 479 2023 286 Thereafter 956 Total $ 3,694 The unamortized balance of intangible lease liabilities as a result of acquired below market leases at December 31, 2018 will be added to rental income through 2055 as follows (amounts in thousands): 2019 $ 1,668 2020 1,531 2021 1,492 2022 1,380 2023 984 Thereafter 6,958 Total $ 14,013 The unamortized balance of origination costs associated with in‑place leases at December 31, 2018 will be charged to amortization expense through 2055 as follows (amounts in thousands): 2019 $ 3,733 2020 3,498 2021 3,376 2022 2,919 2022 2,414 Thereafter 6,907 Total $ 22,847 Minimum Future Rents The rental properties owned at December 31, 2018 are leased under operating leases with current expirations ranging from 2019 to 2055, with certain tenant renewal rights. The minimum future contractual rents do not include (i) straight-line rent or amortization of intangibles and (ii) rental income which can be deferred under the Company’s ground leases on the basis of the respective property’s operating performance (see Note 7). The minimum future contractual rents to be received over the next five years and thereafter on non-cancellable operating leases in effect at December 31, 2018 are as follows (amounts in thousands): 2019 $ 66,959 2020 66,691 2021 65,130 2022 56,444 2023 47,644 Thereafter 208,923 Total $ 511,791 Unbilled Rent Receivable At December 31, 2018 and 2017, the Company’s unbilled rent receivables aggregating $13,722,000 and $14,125,000, respectively, represent rent reported on a straight-line basis in excess of rental payments required under the respective leases. The unbilled rent receivable is to be billed and received pursuant to the lease terms during the next 23 years. During 2018 and 2017, the Company wrote off $45,000 and $105,000, respectively, of unbilled straight‑line rent receivable related to the properties sold during such years, which reduced the gain on sale reported on the consolidated statements of income. At September 30, 2018, due to the uncertainty with respect to the collection of the unbilled rent receivable related to a property located in Texas, the Company recorded an allowance of $1,440,000, as a reduction to rental income, representing the entire balance of such receivable. At December 31, 2018, a direct write-down of the entire unbilled straight-line rent receivable was charged against the allowance due to the bankruptcy of the tenant. During 2017 and 2016, the Company wrote off, as a reduction to rent income, $362,000 and $7,000, respectively, of unbilled straight-line rent receivable related to five properties at which the tenant filed for Chapter 11 bankruptcy. During 2018, the Company wrote off the $74,000 balance of the unbilled straight-line rent receivable related to a lease termination effected prior to lease expiration (see below). Lease Termination Fee In July 2018, the Company received a $372,000 lease termination fee from a retail tenant in a lease buy-out transaction. In connection therewith, the Company recorded $804,000 as rental income, representing the write-off of the $878,000 balance of the unamortized intangible lease liability, offset in part by the write-off of the $74,000 balance of the unbilled rent receivable. The Company re-leased this property simultaneously with the termination of the lease.

SALES OF PROPERTIES

SALES OF PROPERTIES	12 Months Ended
	Dec. 31, 2018
SALES OF PROPERTIES
SALES OF PROPERTIES	NOTE 5—SALES OF PROPERTIES The following chart details the Company’s sales of real estate during 2018, 2017 and 2016 (amounts in thousands): Gross Gain (loss) on Sale of Description of Property Date Sold Sales Price Real Estate, Net Retail property, Fort Bend, Texas (a) January 30, 2018 $ 9,200 $ 2,408 Land, Lakemoor, Illinois September 14, 2018 8,459 4,585 (b) Retail property, Lincoln, Nebraska December 13, 2018 10,000 (1,731) Totals for 2018 $ 27,659 $ 5,262 Retail property, Greenwood Village, Colorado May 8, 2017 $ 9,500 $ 6,568 Retail property, Kansas City, Missouri(c) July 14, 2017 10,250 2,180 Retail property, Niles, Illinois August 31, 2017 5,000 1,089 Restaurant property, Ann Arbor, Michigan(c)(d) November 14, 2017 2,300 — Totals for 2017 $ 27,050 $ 9,837 Portfolio of eight retail properties, Louisiana and Mississippi February 1, 2016 $ 13,750 $ 787 Retail property, Killeen, Texas May 19, 2016 3,100 980 Land, Sandy Springs, Georgia June 15, 2016 8,858 2,331 Industrial property, Tomlinson, Pennsylvania June 30, 2016 14,800 5,660 Retail property, Island Park, NY December 22, 2016 2,702 213 43,210 9,971 Partial condemnation of land, Greenwood Village, Colorado July 5, 2016 153 116 Totals for 2016 $ 43,363 $ 10,087 (a) This property was owned by a consolidated joint venture in which the Company held an 85% interest. The non-controlling interest’s share of the gain was $776 . (b) Includes $5,717 , representing the unamortized balance of a $5,906 fixed rent payment which was received and recorded as deferred income in November 2017 and was to be included in rental income over the term of the lease. (c) See Note 10 for information on the early termination of the interest rate swap derivative associated with the mortgage that was paid off on this property. (d) As the sales price was less than the net book value, the Company determined that the property was impaired and recorded an impairment loss of $153, representing the difference, at September 30, 2017, between the net sales price and the net book value. The impairment loss is included in the accompanying consolidated statement of income for the year ended December 31, 2017.

ALLOWANCE FOR DOUBTFUL ACCOUNTS

ALLOWANCE FOR DOUBTFUL ACCOUNTS AND BAD DEBT EXPENSE	12 Months Ended
	Dec. 31, 2018
ALLOWANCE FOR DOUBTFUL ACCOUNTS AND BAD DEBT EXPENSE
ALLOWANCE FOR DOUBTFUL ACCOUNTS AND BAD DEBT EXPENSE	NOTE 6—ALLOWANCE FOR DOUBTFUL ACCOUNTS AND BAD DEBT EXPENSE At December 31, 2018 and 2017, there was no balance in the allowance for doubtful accounts. The Company records bad debt expense as a reduction of rental income and/or tenant reimbursements. The Company recorded bad debt expense of $684,000, $291,000, and $105,000 during 2018, 2017 and 2016, respectively. Such bad debt expense related to rental income and tenant reimbursements due from five tenants that filed for Chapter 11 bankruptcy protection during such years. In 2017, the Company sold three of these properties, located in Greenwood Village, Colorado, Niles, Illinois and Ann Arbor, Michigan (see Note 5). The Company determined that no impairment charge is required with respect to the two remaining properties, which at December 31, 2018, had an aggregate net book value of $18,143,000.

VARIABLE INTEREST ENTITIES, CON

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITIES AND CONSOLIDATED JOINT VENTURES	12 Months Ended
	Dec. 31, 2018
VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITIES AND CONSOLIDATED JOINT VENTURES
VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITIES AND CONSOLIDATED JOINT VENTURES	NOTE 7— Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures Variable Interest Entities—Ground Leases The Company determined that with respect to the properties identified in the table below, it has a variable interest through its ground leases and the two owner/operators (which are affiliated with one another) are VIEs because their equity investment at risk is insufficient to finance their activities without additional subordinated financial support. The Company further determined that it is not the primary beneficiary of any of these VIEs because the Company has shared power over certain activities that most significantly impact the owner/operator’s economic performance ( i.e., shared rights on the sale of the property) and therefore, does not consolidate these VIEs for financial statement purposes. Accordingly, the Company accounts for these investments as land and the revenues from the ground leases as Rental income, net. Such rental income amounted to $3,357,000, $3,702,000 and $2,361,000 during 2018, 2017 and 2016, respectively. Included in these amounts is rental income of $800,000, $1,125,000 and $1,399,000 during 2018, 2017 and 2016, respectively, from two previously held VIE properties located in Lakemoor, Illinois and Sandy Springs, Georgia, which were sold in September 2018 and June 2016, respectively (see Note 5). The following chart details the Company’s VIEs through its ground leases and the aggregate carrying amount and maximum exposure to loss as of December 31, 2018 (dollars in thousands): Land # Units Owner/ Carrying Contract in Operator Amount Purchase Apartment Mortgage from Type of and Maximum Description of Property(a) Date Acquired Price Complex Third Party(b) Exposure Exposure to Loss The Briarbrook Village Apartments, Wheaton, Illinois August 2, 2016 $ 10,530 342 $ 39,411 Land $ The Vue Apartments, Beachwood, Ohio August 16, 2016 13,896 348 67,444 Land Totals $ 24,426 690 $ 106,855 $ (a) Simultaneously with each purchase, the Company entered into a triple net ground lease with affiliates of Strategic Properties of North America, the owner/operators of these properties. (b) Simultaneously with the closing of each acquisition, the owner/operator obtained a mortgage from a third party which, together with the Company’s purchase of the land, provided substantially all of the funds to acquire the complex. The Company provided its land as collateral for the respective owner/operator’s mortgage loans; accordingly, each land position is subordinated to the applicable mortgage. No other financial support has been provided by the Company to the owner/operator. Restricted cash on the consolidated balance sheets is comprised of cash reserve balances for these two properties totaling $1,106,000 and $443,000 at December 31, 2018 and 2017, respectively. The balance at December 31, 2018 is comprised of: (i) a $750,000 deposit from the owner/operator of the Beachwood, Ohio property, pursuant to a lease amendment, and was disbursed in January 2019 and (ii) $356,000, representing cash reserves for the Wheaton, Illinois property. Pursuant to the terms of the ground lease, the owner/operator is obligated to make certain unit renovations as and when units become vacant. Cash reserves to cover such renovation work, received by the Company in conjunction with the purchase of the property, are disbursed when the unit renovations are completed. Variable Interest Entities—Consolidated Joint Ventures With respect to the five consolidated joint ventures in which the Company holds between an 90% to 95% interest, the Company has determined that such ventures are VIEs because the non-controlling interests do not hold substantive kick-out or participating rights. In each of these joint ventures, the Company has determined it is the primary beneficiary of the VIE as it has the power to direct the activities that most significantly impact each joint venture’s performance including management, approval of expenditures, and the obligation to absorb the losses or rights to receive benefits. Accordingly, the Company has consolidated the operations of these joint ventures for financial statement purposes. The joint ventures’ creditors do not have recourse to the assets of the Company other than those held by these joint ventures. The following is a summary of the consolidated VIEs’ carrying amounts and classification in the Company’s consolidated balance sheets, none of which are restricted (amounts in thousands): December 31, 2018 2017 (a) Land $ 14,722 $ 17,844 Buildings and improvements, net of accumulated depreciation of $4,119 and $3,811, respectively 27,642 31,789 Cash 1,020 1,145 Unbilled rent receivable 1,211 1,011 Unamortized intangible lease assets, net 890 1,241 Escrow, deposits and other assets and receivables 810 948 Mortgages payable, net of unamortized deferred financing costs of $391 and $442, respectively 26,850 32,252 Accrued expenses and other liabilities 761 870 Unamortized intangible lease liabilities, net 1,694 2,015 Accumulated other comprehensive income (loss) 31 (1) Non-controlling interests in consolidated joint ventures 1,449 1,742 (a) Includes a consolidated joint venture, in which the Company held an 85% interest, located in Fort Bend, Texas which was sold in January 2018 (see Note 5). At December 31, 2018 and 2017, MCB Real Estate, LLC and its affiliates (“MCB”) are the Company’s joint venture partner in four consolidated joint ventures in which the Company has aggregate equity investments of approximately $9,891,000 and $9,705,000, respectively. Distributions to each joint venture partner are determined pursuant to the applicable operating agreement and may not be pro rata to the equity interest each partner has in the applicable venture.

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	12 Months Ended
	Dec. 31, 2018
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	NOTE 8—INVESTMENT IN UNCONSOLIDATED JOINT VENTURES On July 31, 2018, an unconsolidated joint venture sold its property located in Milwaukee, Wisconsin for $12,813,000, net of closing costs, and paid off the related $6,970,000 mortgage. The Company’s 50% share of the gain from this sale was $1,986,000, which is included in Equity in earnings from sale of unconsolidated joint venture properties on the consolidated statement of income during 2018. On April 5, 2018, an unconsolidated joint venture sold its building and a portion of its land, located in Savannah, Georgia for $2,600,000, net of closing costs. The Company’s 50% share of the gain from this sale was $71,000, which is included in Equity in earnings from sale of unconsolidated joint venture properties on the consolidated statement of income during 2018. The unconsolidated joint venture retained approximately five acres of land at this property. The Company’s remaining four unconsolidated joint ventures each own and operate one property. At December 31, 2018 and 2017, the Company’s equity investment in unconsolidated joint ventures totaled $10,857,000 and $10,723,000, respectively. In addition to the equity in earnings from the sale of properties of $2,057,000 in 2018, the Company recorded equity in earnings of $1,304,000, $826,000 and $1,005,000 during 2018, 2017 and 2016, respectively. Included in equity in earnings from unconsolidated joint ventures during 2018 is income of $550,000 due to the write-off of an intangible lease liability in connection with the expiration of the Kmart lease at the Manahawkin, New Jersey property and $110,000 related to the discontinuance of hedge accounting on a mortgage swap related to the Milwaukee, Wisconsin property sold in July 2018 (see above and Note 10). At December 31, 2018 and 2017, MCB and the Company are partners in an unconsolidated joint venture in which the Company's equity investment is approximately $9,087,000 and $8,245,000, respectively.

DEBT OBLIGATIONS

DEBT OBLIGATIONS	12 Months Ended
	Dec. 31, 2018
DEBT OBLIGATIONS
DEBT OBLIGATIONS	NOTE 9—DEBT OBLIGATIONS Mortgages Payable The following table details the Mortgages payable, net, balances per the consolidated balance sheets (amounts in thousands): December 31, 2018 2017 Mortgages payable, gross $ $ 396,946 Unamortized deferred financing costs (3,789) Mortgages payable, net $ 393,157 At December 31, 2018, there were 70 outstanding mortgages payable, all of which are secured by first liens on individual real estate investments with an aggregate gross carrying value of $656,342,000 before accumulated depreciation of $97,012,000. After giving effect to the interest rate swap agreements (see Note 10), the mortgage payments bear interest at fixed rates ranging from 3.02% to 5.88%, and mature between 2019 and 2042. The weighted average interest rate on all mortgage debt was 4.26% and 4.22% at December 31, 2018 and 2017, respectively. Scheduled principal repayments during the next five years and thereafter are as follows (amounts in thousands): Year Ending December 31, 2019 $ 15,969 2020 13,777 2021 22,704 2022 45,823 2023 40,952 Thereafter 283,871 Total $ 423,096 Line of Credit The Company has a credit facility with Manufacturers & Traders Trust Company, People’s United Bank, VNB New York, LLC, and Bank Leumi USA, pursuant to which the Company may borrow up to $100,000,000, subject to borrowing base requirements. The facility, which matures December 31, 2019, provides that the Company pay an interest rate equal to the one month LIBOR rate plus an applicable margin ranging from 175 basis points to 300 basis points depending on the ratio of the Company’s total debt to total value, as determined pursuant to the facility. The applicable margin was 175 basis points at December 31, 2018 and 2017. An unused facility fee of .25% per annum applies to the facility. The average interest rate on the facility was approximately 3.73%, 2.87% and 2.23% during 2018, 2017 and 2016, respectively. The credit facility includes certain restrictions and covenants which may limit, among other things, the incurrence of liens, and which require compliance with financial ratios relating to, among other things, the minimum amount of tangible net worth, the minimum amount of debt service coverage, the minimum amount of fixed charge coverage, the maximum amount of debt to value, the minimum level of net income, certain investment limitations and the minimum value of unencumbered properties and the number of such properties. The Company was in compliance with all covenants at December 31, 2018. The facility is guaranteed by subsidiaries of the Company that own unencumbered properties and the Company pledged to the lenders the equity interests in the Company’s subsidiaries. The facility is available for the acquisition of commercial real estate, repayment of mortgage debt, property improvements and general working capital purposes; provided, that if used for property improvements and working capital purposes, the amount outstanding for such purposes will not exceed the lesser of $15,000,000 and 15% of the borrowing base and if used for working capital purposes, will not exceed $10,000,000. Net proceeds received from the sale, financing or refinancing of properties are generally required to be used to repay amounts outstanding under the credit facility. The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands): December 31, 2018 2017 Line of credit, gross $ 30,000 $ 9,400 Unamortized deferred financing costs (312) (624) Line of credit, net $ 29,688 $ 8,776 At March 8, 2019, there was an outstanding balance of $12,500,000 (before unamortized deferred financing costs) under the facility.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2018
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 10—FAIR VALUE MEASUREMENTS The carrying amounts of cash and cash equivalents, restricted cash, escrow, deposits and other assets and receivables (excluding interest rate swaps), dividends payable, and accrued expenses and other liabilities (excluding interest rate swaps), are not measured at fair value on a recurring basis, but are considered to be recorded at amounts that approximate fair value. At December 31, 2018, the $420,396,000 estimated fair value of the Company’s mortgages payable is less than their $423,096,000 carrying value (before unamortized deferred financing costs) by approximately $2,700,000, assuming a blended market interest rate of 4.41% based on the 8.7 year weighted average remaining term to maturity of the mortgages. At December 31, 2017, the $397,103,000 estimated fair value of the Company’s mortgages payable is greater than their $396,946,000 carrying value (before unamortized deferred financing costs) by approximately $157,000, assuming a blended market interest rate of 4.25% based on the 8.7 year weighted average remaining term to maturity of the mortgages. At December 31, 2018 and 2017, the carrying amount of the Company’s line of credit (before unamortized deferred financing costs) of $30,000,000 and $9,400,000, respectively, approximates its fair value. The fair value of the Company’s mortgages payable and line of credit are estimated using unobservable inputs such as available market information and discounted cash flow analysis based on borrowing rates the Company believes it could obtain with similar terms and maturities. These fair value measurements fall within Level 3 of the fair value hierarchy. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Fair Value on a Recurring Basis The fair value of the Company’s derivative financial instruments, using Level 2 inputs, was determined to be the following (amounts in thousands): As of Carrying and December 31, Fair Value Financial assets: Interest rate swaps 2018 $ 2,399 2017 1,615 Financial liabilities: Interest rate swaps 2018 $ 505 2017 1,492 The Company does not currently own any financial instruments that are measured on a recurring basis and that are classified as Level 1 or 3. The Company’s objective in using interest rate swaps is to add stability to interest expense. The Company does not use derivatives for trading or speculative purposes. Fair values are approximated using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. Although the Company has determined the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with it use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparty. As of December 31, 2018, the Company has assessed and determined the impact of the credit valuation adjustments on the overall valuation of its derivative positions is not significant. As a result, the Company determined its derivative valuation is classified in Level 2 of the fair value hierarchy. As of December 31, 2018, the Company had entered into 27 interest rate derivatives, all of which were interest rate swaps, related to 27 outstanding mortgage loans with an aggregate $117,348,000 notional amount and mature between 2019 and 2028 (weighted average remaining term to maturity of 5.9 years). Such interest rate swaps, all of which were designated as cash flow hedges, converted LIBOR based variable rate mortgages to fixed annual rate mortgages (with interest rates ranging from 3.02% to 5.38% and a weighted average interest rate of 4.13% at December 31, 2018). The fair value of the Company’s derivatives in asset and liability positions are reflected as other assets or other liabilities on the consolidated balance sheets. The following table presents the effect of the Company’s derivative financial instruments on the consolidated statements of income for the periods presented (amounts in thousands): Year Ended December 31, 2018 2017 2016 One Liberty Properties Inc. and Consolidated Subsidiaries Amount of gain (loss) recognized on derivatives in Other comprehensive income (loss) $ 1,870 $ (221) $ 255 Amount of reclassification from Accumulated other comprehensive income into Interest expense 98 (1,786) (2,624) Unconsolidated Joint Ventures (Company's share) Amount of gain (loss) recognized on derivatives in Other comprehensive income $ 69 $ 15 $ (31) Amount of reclassification from Accumulated other comprehensive income into Equity in earnings of unconsolidated joint ventures 103 (61) (95) During 2018, 2017 and 2016, the Company (including one of its unconsolidated joint ventures in 2018) discontinued hedge accounting on seven interest rate swaps as the forecasted hedged transactions were no longer probable of occurring. As a result, during 2018, 2017 and 2016, the Company reclassified $505,000, $201,000 and $178,000 of realized gain, loss and loss, respectively, from Accumulated other comprehensive income to earnings. No gain or loss was recognized with respect to hedge ineffectiveness or to amounts excluded from effectiveness testing on the Company’s cash flow hedges for the three years ended December 31, 2018. During the twelve months ending December 31, 2019, the Company estimates an additional $401,000 will be reclassified from Accumulated other comprehensive income as a decrease to Interest expense. The derivative agreements in effect at December 31, 2018 provide that if the wholly-owned subsidiary of the Company which is a party to the agreement defaults or is capable of being declared in default on any of its indebtedness, then a default can be declared on such subsidiary’s derivative obligation. In addition, the Company is a party to the derivative agreements and if there is a default by the subsidiary on the loan subject to the derivative agreement to which the Company is a party and if there are swap breakage losses on account of the derivative being terminated early, then the Company could be held liable for such swap breakage losses, if any. As of December 31, 2018 and 2017, the fair value of the derivatives in a liability position, including accrued interest of $8,000 and $53,000, respectively, but excluding any adjustments for non-performance risk, was approximately $554,000 and $1,638,000, respectively. In the event the Company had breaches any of the contractual provisions of the derivative contracts, it would be required to settle its obligations thereunder at their termination liability value of $554,000 and $1,638,000 as of December 31, 2018 and 2017, respectively. This termination liability value, net of adjustments for non-performance risk of $41,000 and $93,000, is included in Accrued expenses and other liabilities on the consolidated balance sheets at December 31, 2018 and 2017, respectively.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2018
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 11—RELATED PARTY TRANSACTIONS Compensation and Services Agreement Pursuant to the compensation and services agreement with Majestic Property Management Corp. (“Majestic”), Majestic provides the Company with the services of executive, administrative, legal, accounting, clerical and property management personnel, as well as property acquisition, sale and lease consulting and brokerage services, consulting services with respect to mortgage financings and construction supervisory services (collectively, the “Services”). Majestic is wholly-owned by the Company’s vice-chairman and certain of the Company’s executive officers are officers of, and are compensated by, Majestic. The amount the Company pays Majestic for the Services is approved each year by the Compensation and/or Audit Committees of the Company’s Board of Directors, and the independent directors. In consideration for the Services, the Company paid Majestic $2,745,000 in 2018, $2,673,000 in 2017 and $2,504,000 in 2016. Included in these amounts are $1,226,000 in 2018, $1,154,000 in 2017 and $1,057,000 in 2016, of property management costs. The amounts paid pursuant to the property management portion of the compensation and services agreement is paid based on 1.5% and 2.0% of the rental payments (including tenant reimbursements) actually received by the Company from net lease tenants and operating lease tenants, respectively. The Company does not pay Majestic with respect to properties managed by third parties. Majestic credits against the amounts due to it under the compensation and services agreement any management or other net payments received by it from any joint venture in which the Company is a joint venture partner. The compensation and services agreement also provides for an additional payment to Majestic of $216,000 in each of 2018 and 2017 and $196,000 in 2016 for the Company’s share of all direct office expenses, including rent, telephone, postage, computer services, internet usage and supplies. The Company does not pay Majestic for such services except as described in this paragraph. In 2019, the payments to Majestic will remain the same as the 2018 payments (exclusive of the property management costs, which are calculated as described above). Executive officers and others providing services to the Company under the compensation and services agreement were awarded shares of restricted stock and RSUs under the Company’s stock incentive plans (described in Note 12). The related expense charged to the Company’s operations was $1,765,000, $1,539,000 and $1,480,000 in 2018, 2017 and 2016, respectively. The amounts paid under the compensation and services agreement (except for the property management costs which are included in Real estate expenses) and the costs of the stock incentive plans are included in General and administrative expense on the consolidated statements of income for 2018, 2017 and 2016. Joint Venture Partners and Affiliates During 2018, 2017 and 2016, the Company paid an aggregate of $107,000, $143,000 and $185,000, respectively, to its consolidated joint venture partners or their affiliates (none of whom are officers, directors, or employees of the Company) for property management services, which are included in Real estate expenses on the consolidated statements of income. The Company’s unconsolidated joint ventures paid $169,000, $175,000 and $176,000 to the other partner of the venture for management services, which reduced Equity in earnings of unconsolidated joint ventures on the consolidated statements of income by $85,000, $88,000 and $88,000 during 2018, 2017 and 2016, respectively. Other During 2018, 2017 and 2016, the Company paid fees of (i) $276,000, $276,000 and $262,500, respectively, to the Company's chairman and (ii) $110,000, $110,000 and $105,000, respectively, to the Company’s vice-chairman. These fees are included in General and administrative expense on the consolidated statements of income. The Company agreed to pay $289,000 and $116,000 in 2019 to the Company’s chairman and vice-chairman, respectively. At December 31, 2018 and 2017, Gould Investors L.P. (“Gould Investors”), owned 1,785,976 shares of the outstanding common stock of the Company, or approximately 9.2% and 9.5%, respectively. The Company obtains its property insurance in conjunction with Gould Investors and reimburses Gould Investors annually for the Company’s insurance cost relating to its properties. Amounts reimbursed to Gould Investors were $912,000, $790,000 and $699,000 during 2018, 2017 and 2016, respectively. Included in Real estate expenses on the consolidated statements of income is insurance expense of $877,000, $757,000 and $645,000 during 2018, 2017 and 2016, respectively. The balance of the amounts reimbursed to Gould Investors represents prepaid insurance and is included in Other assets on the consolidated balance sheets.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2018
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	NOTE 12—STOCKHOLDERS’ EQUITY Stock Based Compensation The Company’s 2016 Incentive Plan (“Plan”), approved by the Company’s stockholders in June 2016, permits the Company to grant, among other things, stock options, restricted stock, RSUs, performance share awards and dividend equivalent rights and any one or more of the foregoing to its employees, officers, directors and consultants. A maximum of 750,000 shares of the Company’s common stock is authorized for issuance pursuant to this Plan. As of December 31, 2018, (i) restricted stock awards with respect to 284,850 shares had been issued, of which 300 shares were forfeited and 3,000 shares had vested, and (ii) as further described below, RSUs with respect to 152,500 shares had been issued and are outstanding. On January 10, 2019, 150,050 restricted shares were issued pursuant to this Plan, having an aggregate value of approximately $3,856,000 and are scheduled to vest in January 2024. Under the Company’s 2012 equity incentive plan, as of December 31, 2018, 500,700 shares had been issued, of which 3,550 shares were forfeited and 127,450 shares had vested. No additional awards may be granted under this plan. For accounting purposes, the restricted stock is not included in the shares shown as outstanding on the balance sheet until they vest; however, dividends are paid on the unvested shares. The restricted stock grants are charged to General and administrative expense over the respective vesting periods based on the market value of the common stock on the grant date. Unless earlier forfeited because the participant’s relationship with the Company terminated, unvested restricted stock awards vest on the fifth anniversary of the grant date, and under certain circumstances may vest earlier. In each of 2017 and 2018, the Company granted RSUs exchangeable for up to 76,250 shares of common stock upon satisfaction, through June 30, 2020 and 2021, respectively, of specified conditions. Specifically, up to 50% of these RSUs vest upon achievement of metrics related to average annual total stockholder return (the “TSR Awards”), which metrics meet the definition of a market condition, and up to 50% vest upon achievement of metrics related to average annual return on capital (the “ROC Awards”), which metrics meet the definition of a performance condition. The holders of the RSUs are not entitled to dividends or to vote the underlying shares until such RSUs vest and shares are issued. Accordingly, the shares underlying these RSUs are not included in the shares shown as outstanding on the balance sheet. For the TSR awards, a third party appraiser prepared a Monte Carlo simulation pricing model to determine the fair value, which is recognized ratably over the service period. The Monte Carlo valuation consisted of computing the grant date fair value of the awards using the Company’s simulated stock price. For the 2018 and 2017 TSR awards, the per unit or share fair value was estimated using the following assumptions: an expected life of three years, a dividend rate of 6.82% and 7.16%, respectively, a risk-free interest rate of 2.18% - 2.70% and 1.14% - 1.64%, respectively, and an expected price volatility of 22.29% - 25.99% and 16.57% - 19.16%, respectively. The expected price volatility was calculated based on the historical volatility and implied volatility. For the ROC awards, the fair value is based on the market value on the date of grant and the performance assumptions are re-evaluated quarterly. Expense is not recognized on the RSUs which the Company does not expect to vest as a result of service conditions or the Company's performance expectations. As of December 31, 2018, based on performance and market assumptions, the fair value of the RSUs granted in 2017 and 2018 is $915,000 and $952,000, respectively. Recognition of such deferred compensation will be charged to General and administrative expense over the respective three year performance cycle. None of these RSUs were forfeited or vested during the year ended December 31, 2018. In 2010, RSUs exchangeable for up to 200,000 shares of common stock were awarded pursuant to the Company’s 2009 Incentive Plan. The holders of RSUs were not entitled to dividends or to vote the underlying shares until the RSUs vested and the underlying shares were issued. During 2017, 113,584 shares of common stock underlying the RSUs were deemed to have vested and were issued. RSUs with respect to the balance of 86,416 shares were forfeited. The following is a summary of the activity of the equity incentive plans: Years Ended December 31, 2018 2017 2016 Restricted stock grants: Number of shares 144,750 140,100 139,225 Average per share grant price $ 25.31 $ 24.75 $ 21.74 Deferred compensation to be recognized over vesting period $ 3,664,000 $ 3,467,000 $ 3,027,000 Number of non-vested shares: Non-vested beginning of year 612,900 591,750 538,755 Grants 144,750 140,100 139,225 Vested during year (106,000) (118,450) (85,730) Forfeitures (400) (500) (500) Non-vested end of year 651,250 612,900 591,750 RSU grants: Number of underlying shares 76,250 76,250 — Average per share grant price $ 26.41 $ 24.03 — Deferred compensation to be recognized over vesting period $ 952,000 $ 1,004,000 — Number of non-vested shares: Non-vested beginning of year 76,250 200,000 200,000 Grants 76,250 76,250 — Vested during year — (113,584) — Forfeitures — (86,416) — Non-vested end of year 152,500 76,250 200,000 Restricted stock and RSU grants: Weighted average per share value of non-vested shares (based on grant price) $ 23.83 $ 22.89 $ 17.95 Value of stock vested during the year (based on grant price) $ 2,289,000 $ 3,008,000 $ 1,451,500 Weighted average per share value of shares forfeited during the year (based on grant price) $ 23.59 $ 8.37 $ 21.05 Total charge to operations: Outstanding restricted stock grants $ 3,028,000 $ 2,966,000 $ 2,692,000 Outstanding RSUs 482,000 167,000 291,000 Total charge to operations $ 3,510,000 $ 3,133,000 $ 2,983,000 As of December 31, 2018, total compensation costs of $6,815,000 and $1,290,000, related to non-vested restricted stock awards and RSUs, respectively, have not yet been recognized. These compensation costs will be charged to General and administrative expense over the remaining respective vesting periods. The weighted average vesting period is 2.1 years for the restricted stock and 2.0 years for the RSUs. Common Stock Dividend Distributions In 2018, 2017 and 2016, the Board of Directors declared an aggregate $1.80, $1.74 and $1.66 per share in cash distributions, respectively. On March 11, 2019, the Board of Directors declared a quarterly cash dividend of $.45 per share on the Company's common stock, totaling approximately $8,800,000. The quarterly dividend is payable on April 5, 2019 to stockholders of record on March 26, 2019. Dividend Reinvestment Plan The Company’s Dividend Reinvestment Plan (the “DRP”) provides stockholders with the opportunity to reinvest all, or a portion of, their cash dividends paid on the Company’s common stock in additional shares of its common stock, at a discount of up to 5% from the market price. The discount is determined in the Company’s sole discretion. The Company is currently offering up to a 5% discount from market. The Company issued 243,000, 198,000 and 142,000 common shares under the DRP during 2018, 2017 and 2016, respectively. Shares Issued Through Equity Offering Program During 2018, the Company sold 126,300 shares for proceeds of $3,245,000, net of commissions of $33,000, and incurred offering costs of $107,000 for professional fees. During 2017, the Company sold 231,000 shares for proceeds of $5,758,000, net of commissions of $58,000, and incurred offering costs of $188,000 for professional fees.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2018
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 13—COMMITMENTS AND CONTINGENCIES The Company maintains a non-contributory defined contribution pension plan covering eligible employees. Contributions by the Company are made through a money purchase plan, based upon a percent of the qualified employees’ total salary (subject to the maximum amount allowed by law). Pension expense approximated $295,000, $275,000 and $273,000 for 2018, 2017 and 2016, respectively, and is included in General and administrative expense in the consolidated statements of income. As of December 31, 2018, the remaining amount the Company is contractually required to expend for building expansion and improvements at its property tenanted by L-3 Technologies, located in Hauppauge, New York, is approximately $791,000. The Company pays, with respect to one of its real estate properties, annual fixed leasehold rent of $371,094 through July 2019 and $463,867 through March 3, 2020. The Company has the right to extend the lease for up to five 5‑year renewal options and one seven month renewal option. As discussed in Note 7, the Company provided its land in Wheaton, Illinois, and Beachwood, Ohio as collateral for the respective owner/operator’s mortgage loans and accordingly, each land position is subordinated to the applicable mortgage. In the ordinary course of business, the Company is party to various legal actions which management believes are routine in nature and incidental to the operation of the Company’s business. Management believes that the outcome of the proceedings will not have a material adverse effect upon the Company’s consolidated financial statements taken as a whole.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2018
INCOME TAXES
INCOME TAXES	NOTE 14—INCOME TAXES The Company elected to be taxed as a REIT under the Internal Revenue Code, commencing with its taxable year ended December 31, 1983. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its ordinary taxable income to its stockholders. As a REIT, the Company generally will not be subject to corporate level federal, state and local income tax on taxable income it distributes currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal, state and local income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. It is management’s current intention to adhere to these requirements and maintain the Company’s REIT status. Even though the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. As of December 31, 2018, tax returns for the calendar years 2015 through 2018 remain subject to examination by the Internal Revenue Service and various state and local tax jurisdictions. During 2018, 2017 and 2016, the Company did not incur any federal income tax expense. The Company does not have any deferred tax assets or liabilities at December 31, 2018 and 2017. During 2018, 2017 and 2016, 12%, 17% and 27%, respectively, of the distributions were treated as capital gain distributions, with the balance treated as ordinary income. In 2018, the ordinary income portion of the distributions are considered qualified REIT dividends and will be taxed at a rate reduced by up to 20% pursuant to Internal Revenue Code Section 199A. The Company treats depreciation expense, straight-line rent adjustments and certain other items differently for tax purposes than for financial reporting purposes. Therefore, its dividends paid deduction differs from its financial statement income. The following table reconciles cash dividends paid with the dividends paid deduction for the years indicated (amounts in thousands): 2018 2017 2016 Estimate Actual Actual Dividends paid $ $ 32,393 $ 29,135 Dividend reinvestment plan (a) 252 181 32,645 29,316 Less: Spillover dividends designated to previous year (11,916) (15,209) Less: Spillover dividends designated to following year (b) — — Plus: Dividends designated from following year — 10,263 11,916 Dividends paid deduction $ $ 30,992 $ 26,023 (a) Reflects the up to 5% discount on common stock purchased through the dividend reinvestment plan . (b) A portion of the dividend paid in January 2019 will be considered a 2019 dividend, as it was in excess of the Company's earnings and profits through December 31, 2018.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2018
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 15—SUBSEQUENT EVENTS Subsequent events have been evaluated and, except as previously disclosed, there were no other events relative to the consolidated financial statements that require additional disclosure.

QUARTERLY FINANCIAL DATA (Unaud

QUARTERLY FINANCIAL DATA (Unaudited)	12 Months Ended
	Dec. 31, 2018
QUARTERLY FINANCIAL DATA (Unaudited)
QUARTERLY FINANCIAL DATA (Unaudited):	NOTE 16—QUARTERLY FINANCIAL DATA (Unaudited): (In Thousands, Except Per Share Data) Quarter Ended Total 2018 March 31 June 30 Sept. 30 Dec. 31 For Year Total revenues $ 19,534 $ 19,752 $ 19,570 $ 20,270 $ 79,126 Gain (loss) on sale of real estate, net $ 2,408 $ — $ 4,585 $ (1,731) $ 5,262 Net income $ 6,653 $ 4,546 $ 10,182 $ 183 $ 21,564 Net income attributable to One Liberty Properties, Inc. $ 5,851 $ 4,517 $ 10,147 $ 150 $ 20,665 Weighted average number of common shares outstanding: Basic 18,396 18,519 18,646 18,733 18,575 Diluted 18,434 18,593 18,705 18,748 18,588 Net income (loss) per common share attributable to common stockholders: Basic $ .30 $ .23 $ .53 $ (.01) $ 1.05 (a) Diluted $ .30 $ .23 $ .52 $ (.01) $ 1.05 (a) Quarter Ended Total 2017 March 31 June 30 Sept. 30 Dec. 31 For Year Total revenues $ 18,472 $ 18,413 $ 19,137 $ 19,894 $ 75,916 Gain on sale of real estate, net $ — $ 6,568 $ 3,269 $ — $ 9,837 Net income $ 2,886 $ 9,993 $ 7,128 $ 4,242 $ 24,249 Net income attributable to One Liberty Properties, Inc. $ 2,865 $ 9,972 $ 7,105 $ 4,205 $ 24,147 Weighted average number of common shares outstanding: Basic 17,751 17,824 18,000 18,198 17,944 Diluted 17,865 17,938 18,079 18,269 18,047 Net income per common share attributable to common stockholders: Basic $ .15 $ .54 $ .38 $ .22 $ 1.29 (a) Diluted $ .15 $ .54 $ .38 $ .22 $ 1.28 (a) (a) Calculated on weighted average shares outstanding for the year.

Schedule III - Consolidated Rea

Schedule III - Consolidated Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2018
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Schedule III - Consolidated Real Estate and Accumulated Depreciation	ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES Schedule III—Consolidated Real Estate and Accumulated Depreciation December 31, 2018 (Amounts in Thousands) Cost Capitalized Gross Amount at Which Carried Initial Cost to Company Subsequent to at December 31, 2018 Building and Acquisition Building & Accumulated Date of Date Type Location Encumbrances Land Improvements Improvements Land Improvements Total Depreciation (1) Construction Acquired Health & Fitness Tucker, GA $ — $ 807 $ 3,027 $ 3,420 $ 807 $ 6,447 $ 7,254 $ 1988 2002 Health & Fitness Hamilton, OH 4,682 1,483 5,953 — 1,483 5,953 7,436 2008 2011 Health & Fitness Secaucus, NJ 8,599 5,449 9,873 — 5,449 9,873 15,322 1986 2012 Industrial Columbus, OH — 435 1,703 27 435 1,730 2,165 1979 1995 Industrial West Palm Beach, FL — 181 724 65 181 789 970 1973 1998 Industrial New Hyde Park, NY 2,493 182 728 281 182 1,009 1,191 1960 1999 Industrial Ronkonkoma, NY 5,708 1,042 4,171 2,898 1,042 7,069 8,111 1986 2000 Industrial Hauppauge, NY 26,729 1,951 10,954 8,773 1,951 19,727 21,678 1982 2000 Industrial Melville, NY 2,666 774 3,029 975 774 4,004 4,778 1982 2003 Industrial Saco, ME 5,568 1,027 3,623 2,050 1,027 5,673 6,700 2001 2006 Industrial Baltimore, MD (2) 19,992 6,474 25,282 — 6,474 25,282 31,756 1960 2006 Industrial Durham, NC 2,705 1,043 2,404 28 1,043 2,432 3,475 1991 2011 Industrial Pinellas Park, FL 2,320 1,231 1,669 — 1,231 1,669 2,900 1995 2012 Industrial Miamisburg, OH — 165 1,348 12 165 1,360 1,525 1987 2012 Industrial Fort Mill, SC 8,034 1,840 12,687 55 1,840 12,742 14,582 1992 2013 Industrial Indianapolis, IN 5,764 1,224 6,935 — 1,224 6,935 8,159 1997 2013 Industrial Fort Mill, SC 24,353 1,804 33,650 — 1,804 33,650 35,454 1997 2013 Industrial New Hope, MN 4,142 881 6,064 81 881 6,145 7,026 1967 2014 Industrial Louisville, KY 2,291 578 3,727 4 578 3,731 4,309 1974 2015 Industrial Louisville, KY — 51 230 — 51 230 281 1974 2015 Industrial McCalla, AL 10,043 1,588 14,682 — 1,588 14,682 16,270 2003 2015 Industrial St. Louis, MO 11,386 3,728 13,006 695 3,728 13,701 17,429 1969 2015 Industrial Greenville, SC 4,954 693 6,893 16 693 6,909 7,602 1997 2016 Industrial Greenville, SC 5,504 528 8,074 50 528 8,124 8,652 2000 2016 Industrial El Paso, TX 14,087 3,691 17,904 324 3,691 18,228 21,919 1997 2016 Industrial Lebanon, TN 21,288 2,094 30,039 14 2,094 30,053 32,147 1996 2016 Industrial Huntersville, NC 4,985 1,046 6,674 — 1,046 6,674 7,720 2014 2017 Industrial Pittston, PA 6,964 999 9,922 250 999 10,172 11,171 1990 2017 Industrial Ankeny, IA 8,504 1,351 11,607 — 1,351 11,607 12,958 2016 2017 Industrial Memphis, TN 5,106 140 7,952 — 140 7,952 8,092 1979 2017 Industrial Pennsburg, PA 8,179 1,776 11,126 — 1,776 11,126 12,902 244 1986 2018 Industrial Plymouth, MN 3,313 1,121 4,429 — 1,121 4,429 5,550 63 1978 2018 Industrial Englewood, CO — 1,562 11,300 — 1,562 11,300 12,862 61 2013 2018 Industrial Moorestown, NJ 3,993 1,822 5,056 — 1,822 5,056 6,878 17 1990 2018 Industrial Moorestown, NJ — 1,443 10,898 — 1,443 10,898 12,341 35 1972 2018 Industrial Bakersfield, CA — 1,987 9,997 — 1,987 9,997 11,984 11 1980 2018 Industrial Green Park, MO — 1,421 7,833 — 1,421 7,833 9,254 8 2008 2018 Industrial Greenville, SC — 186 6,407 — 186 6,407 6,593 2008 2018 Industrial Joppa, MD 9,336 3,815 8,142 1,473 3,815 9,615 13,430 1994 2014 Office Brooklyn, NY 2,971 1,381 5,447 2,874 1,381 8,321 9,702 1973 1998 Other Round Rock, TX 13,518 1,678 16,670 — 1,678 16,670 18,348 2012 2013 Other Wheaton, IL — 10,536 — — 10,536 — 10,536 — N/A 2016 Other Beachwood, OH — 13,901 — — 13,901 — 13,901 — N/A 2016 Restaurant Hauppauge, NY — 725 2,963 — 725 2,963 3,688 1992 2005 Restaurant Palmyra, PA 712 650 650 — 650 650 1,300 1981 2010 Cost Capitalized Gross Amount at Which Carried Initial Cost to Company Subsequent to at December 31, 2018 Building and Acquisition Building & Accumulated Date of Date Type Location Encumbrances Land Improvements Improvements Land Improvements Total Depreciation (1) Construction Acquired Restaurant Reading, PA 703 655 625 — 655 625 1,280 1981 2010 Restaurant Reading, PA 692 618 643 — 618 643 1,261 1983 2010 Restaurant Hanover, PA 778 736 686 — 736 686 1,422 1992 2010 Restaurant Gettysburg, PA 798 754 704 — 754 704 1,458 1991 2010 Restaurant Trexlertown, PA 678 800 439 — 800 439 1,239 1994 2010 Restaurant Carrollton, GA 1,521 796 1,458 — 796 1,458 2,254 1996 2012 Restaurant Cartersville, GA 1,439 786 1,346 — 786 1,346 2,132 1995 2012 Restaurant Kennesaw, GA 1,179 702 916 — 702 916 1,618 1989 2012 Restaurant Lawrenceville, GA 1,132 866 899 — 866 899 1,765 1988 2012 Restaurant Concord, NC 1,486 999 1,076 — 999 1,076 2,075 2000 2013 Restaurant Myrtle Beach, SC 1,486 1,102 1,161 — 1,102 1,161 2,263 1978 2013 Restaurant Greensboro, NC 3,167 1,770 1,237 — 1,770 1,237 3,007 1983 2013 Restaurant Richmond, VA — 1,680 1,341 — 1,680 1,341 3,021 1983 2013 Restaurant Indianapolis, IN 903 853 1,465 — 853 1,465 2,318 1982 2014 Retail Seattle, WA — 201 189 35 201 224 425 1986 1987 Retail Rosenberg, TX — 216 863 66 216 929 1,145 1994 1995 Retail Ft. Myers, FL — 1,013 4,054 — 1,013 4,054 5,067 1995 1996 Retail Houston, TX — 396 1,583 30 396 1,613 2,009 1997 1998 Retail Selden, NY 2,655 572 2,287 150 572 2,437 3,009 1997 1999 Retail Batavia, NY — 515 2,061 — 515 2,061 2,576 1998 1999 Retail Champaign, IL 1,500 791 3,165 315 791 3,480 4,271 1985 1999 Retail El Paso, TX 10,795 2,821 11,123 2,544 2,821 13,667 16,488 1974 2000 Retail Somerville, MA — 510 1,993 24 510 2,017 2,527 1993 2003 Retail Newark, DE 1,635 935 3,643 43 935 3,686 4,621 1996 2003 Retail Knoxville, TN 8,868 2,290 8,855 — 2,290 8,855 11,145 2003 2004 Retail Onalaska, WI 3,442 753 3,099 — 753 3,099 3,852 1994 2004 Retail Hyannis, MA — 802 2,324 — 802 2,324 3,126 1998 2008 Retail Marston Mills, MA — 461 2,313 — 461 2,313 2,774 1998 2008 Retail Everett, MA — 1,935 — — 1,935 — 1,935 — N/A 2008 Retail Kennesaw, GA 5,228 1,501 4,349 1,138 1,501 5,487 6,988 1995 2008 Retail Royersford, PA 19,750 19,538 3,150 424 19,538 3,574 23,112 2001 2010 Retail Monroeville, PA — 450 863 — 450 863 1,313 1994 2010 Retail Houston, TX — 1,962 1,540 — 1,962 1,540 3,502 2006 2010 Retail Houston, TX — 2,002 1,800 — 2,002 1,800 3,802 2009 2010 Retail Bolingbrook, IL — 834 1,887 101 834 1,988 2,822 2001 2011 Retail Crystal Lake, IL 1,615 615 1,899 — 615 1,899 2,514 1997 2011 Retail Lawrence, KS — 134 938 22 134 960 1,094 1915 2012 Retail Greensboro, NC 1,328 1,046 1,552 29 1,046 1,581 2,627 2002 2014 Retail Highlands Ranch, CO — 2,361 2,924 296 2,361 3,220 5,581 1995 2014 Retail Woodbury, MN 2,876 1,190 4,003 — 1,190 4,003 5,193 2006 2014 Retail Cuyahoga Falls, OH 1,083 71 1,371 — 71 1,371 1,442 2004 2016 Retail Hilliard, OH 959 300 1,077 — 300 1,077 1,377 2007 2016 Retail Port Clinton, OH 928 52 1,187 — 52 1,187 1,239 2005 2016 Retail South Euclid, OH 1,052 230 1,566 — 230 1,566 1,796 1975 2016 Retail St Louis Park, MN — 3,388 13,088 141 3,388 13,229 16,617 1962 2016 Cost Capitalized Gross Amount at Which Carried Initial Cost to Company Subsequent to at December 31, 2018 Building and Acquisition Building & Accumulated Date of Date Type Location Encumbrances Land Improvements Improvements Land Improvements Total Depreciation (1) Construction Acquired Retail Deptford, NJ 2,645 572 1,779 705 572 2,484 3,056 657 1981 2012 Retail Cape Girardeau, MO 1,150 545 1,547 — 545 1,547 2,092 273 1994 2012 Retail Clemmons, NC 1,865 2,564 3,293 — 2,564 3,293 5,857 678 1993 2013 Retail Littleton, CO 10,770 6,005 11,272 312 6,005 11,584 17,589 1,355 1985 2015 Retail—Supermarket West Hartford, CT 16,716 9,296 4,813 261 9,296 5,074 14,370 1,201 2005 2010 Retail—Supermarket West Hartford, CT — 2,881 94 326 2,881 420 3,301 177 N/A 2010 Retail—Supermarket Philadelphia, PA 4,122 1,793 5,640 80 1,793 5,720 7,513 674 1992 2014 Retail—Furniture Columbus, OH — 1,445 5,431 460 1,445 5,891 7,336 3,062 1996 1997 Retail—Furniture Duluth, GA (3) 1,485 778 3,436 — 778 3,436 4,214 1,092 1987 2006 Retail—Furniture Fayetteville, GA (3) 1,864 976 4,308 — 976 4,308 5,284 1,369 1987 2006 Retail—Furniture Wichita, KS (3) 2,270 1,189 5,248 — 1,189 5,248 6,437 1,668 1996 2006 Retail—Furniture Lexington, KY (3) 1,526 800 3,532 — 800 3,532 4,332 1,122 1999 2006 Retail—Furniture Bluffton, SC (3) 1,124 589 2,600 — 589 2,600 3,189 826 1994 2006 Retail—Furniture Amarillo, TX (3) 1,642 860 3,810 — 860 3,810 4,670 1,210 1996 2006 Retail—Furniture Austin, TX (3) 3,029 1,587 7,010 — 1,587 7,010 8,597 2,227 2001 2006 Retail—Furniture Tyler, TX (3) 1,968 1,031 4,554 — 1,031 4,554 5,585 1,447 2001 2006 Retail—Furniture Newport News, VA (3) 1,434 751 3,316 — 751 3,316 4,067 1,054 1995 2006 Retail—Furniture Richmond, VA (3) 1,654 867 3,829 — 867 3,829 4,696 1,217 1979 2006 Retail—Furniture Virginia Beach, VA (3) 1,630 854 3,770 — 854 3,770 4,624 1,198 1995 2006 Retail—Furniture Gurnee, IL — 834 3,635 — 834 3,635 4,469 1,117 1994 2006 Retail—Furniture Naples, FL 2,010 3,070 2,846 189 3,070 3,035 6,105 784 1992 2008 Retail—Office Supply Lake Charles, LA (4) 4,994 1,167 4,669 599 1,167 5,268 6,435 2,187 1998 2002 Retail—Office Supply Athens, GA (4) 2,697 1,130 4,340 — 1,130 4,340 5,470 1,587 2003 2004 Retail—Office Supply Chicago, IL (4) 3,637 3,877 2,256 — 3,877 2,256 6,133 580 1994 2008 Retail—Office Supply Cary, NC (4) 3,068 1,129 3,736 — 1,129 3,736 4,865 961 1995 2008 Retail—Office Supply Eugene, OR (4) 2,732 1,952 2,096 — 1,952 2,096 4,048 539 1994 2008 Retail—Office Supply El Paso, TX (4) 2,387 1,035 2,700 — 1,035 2,700 3,735 695 1993 2008 Theater Greensboro, NC — — 8,328 3,000 — 11,328 11,328 7,896 1999 2004 Theater Indianapolis, IN 4,112 3,099 5,225 19 3,099 5,244 8,343 591 1997 2014 $ 423,096 $ 204,162 $ 589,307 $ 35,674 $ 204,162 $ 624,981 $ 829,143 $ 123,684 Note 1—Depreciation is provided over the estimated useful lives of the buildings and improvements, which range from 3 to 40 years. Note 2—Upon purchase of the property in December 2006, a $416,000 rental income reserve was posted by the seller for the Company’s benefit, since the property was not producing sufficient rent at the time of acquisition. The Company recorded the receipt of this rental reserve as a reduction to land and building. Note 3—These 11 properties are retail furniture stores covered by one master lease and one loan that is secured by cross-collateralized mortgages. They are located in six states (Georgia, Kansas, Kentucky, South Carolina, Texas and Virginia). Note 4—These six properties are retail office supply stores net leased to the same tenant, pursuant to separate leases. Five of these leases contain cross default provisions. They are located in six states (Illinois, Louisiana, North Carolina, Texas, Georgia and Oregon). ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES Notes to Schedule III Consolidated Real Estate and Accumulated Depreciation (a) Reconciliation of “Real Estate and Accumulated Depreciation” (Amounts in Thousands) Year Ended December 31, 2018 2017 2016 Investment in real estate: Balance, beginning of year $ 775,327 $ 748,065 $ 662,182 Addition: Land, buildings and improvements 47,207 121,564 Deduction: Properties sold/conveyed (19,792) (35,681) Deduction: Impairment loss — (153) — Balance, end of year $ $ 775,327 $ 748,065 (b) Accumulated depreciation: Balance, beginning of year $ 108,953 $ 96,852 $ 87,801 Addition: Depreciation 15,689 14,247 Deduction: Accumulated depreciation related to properties sold/conveyed (3,588) (5,196) Balance, end of year $ $ 108,953 $ 96,852 (b) At December 31, 2018, the aggregate cost for federal income tax purposes is approximately $17,150 greater than the Company’s recorded values.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2018
SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts and operations of OLP, its wholly‑owned subsidiaries, its joint ventures in which the Company, as defined, has a controlling interest, and variable interest entities (“VIEs”) of which the Company is the primary beneficiary. OLP and its consolidated subsidiaries are referred to herein as the “Company”. Material intercompany items and transactions have been eliminated in consolidation.
Investment in Joint Ventures and Variable Interest Entities	Investment in Joint Ventures and Variable Interest Entities The Financial Accounting Standards Board, or FASB, provides guidance for determining whether an entity is a VIE. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE’s economic performance and (ii) has the obligation to absorb losses, or the right to receive benefits, of the VIE that could potentially be significant to the VIE. The Company assesses the accounting treatment for each of its investments, including a review of each venture or limited liability company or partnership agreement, to determine the rights of each party and whether those rights are protective or participating. The agreements typically contain certain protective rights, such as the requirement of partner approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget or operating plan. In situations where, among other things, the Company and its partners jointly (i) approve the annual budget, (ii) approve certain expenditures, (iii) prepare or review and approve the joint venture’s tax return before filing, and (iv) approve each lease at a property, the Company does not consolidate as the Company considers these to be substantive participation rights that result in shared, joint power over the activities that most significantly impact the performance of the joint venture or property. Additionally, the Company assesses the accounting treatment for any interests pursuant to which the Company may have a variable interest as a lessor. Leases may contain certain protective rights, such as the right of sale and the receipt of certain escrow deposits. The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. All investments in unconsolidated joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are VIEs. In addition, the Company shares power with its co-managing members over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions. None of the joint venture debt is recourse to the Company, subject to standard carve-outs. The Company periodically reviews its investments in unconsolidated joint ventures for other-than-temporary losses in investment value. Any decline that is not expected to be recovered based on the underlying assets of the investment is considered other than temporary and an impairment charge is recorded as a reduction in the carrying value of the investment. During the three years ended December 31, 2018, there were no impairment charges related to the Company’s investments in unconsolidated joint ventures. The Company has elected to follow the cumulative earnings approach when assessing, for the consolidated statement of cash flows, whether the distribution from the investee is a return of the investor’s investment as compared to a return on its investment. The source of the cash generated by the investee to fund the distribution is not a factor in the analysis (that is, it does not matter whether the cash was generated through investee refinancing, sale of assets or operating results). Consequently, the investor only considers the relationship between the cash received from the investee to its equity in the undistributed earnings of the investee, on a cumulative basis, in assessing whether the distribution from the investee is a return on or a return of its investment. Cash received from the unconsolidated entity is presumed to be a return on the investment to the extent that, on a cumulative basis, distributions received by the investor are less than its share of the equity in the undistributed earnings of the entity.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Management believes that the estimates and assumptions that are most important to the portrayal of the Company’s consolidated financial condition and results of operations, in that they require management’s most difficult, subjective or complex judgments, form the basis of the accounting policies deemed to be most significant to the Company. These significant accounting policies relate to revenues and the value of the Company’s real estate portfolio, including investments in unconsolidated joint ventures. Management believes its estimates and assumptions related to these significant accounting policies are appropriate under the circumstances; however, should future events or occurrences result in unanticipated consequences, there could be a material impact on the Company’s future consolidated financial condition or results of operations.
Revenue Recognition	Revenue Recognition Rental income includes the base rent that each tenant is required to pay in accordance with the terms of their respective leases reported on a straight-line basis over the non-cancelable term of the lease. In determining, in its judgment, that the unbilled rent receivable applicable to each specific property is collectible, management reviews unbilled rent receivables on a quarterly basis and takes into consideration the tenant’s payment history and financial condition. Some of the leases provide for increases based on the Consumer Price Index and for additional contingent rental revenue in the form of percentage rents. The percentage rents are based upon the level of sales achieved by the lessee and are recognized once the required sales levels are reached. Certain ground leases provide for rent which can be deferred and paid based on the operating performance of the property; therefore, this rent is recognized as rental income when the operating performance is achieved and the rent is received. Many of the Company’s properties are subject to long-term net leases under which the tenant is typically responsible to pay directly to the vendor the real estate taxes, insurance, utilities and ordinary maintenance and repairs related to the property, and the Company is not the primary obligor with respect to such items. As a result, the revenue and expenses relating to these properties are recorded on a net basis. For certain properties, in addition to contractual base rent, the tenants pay their pro rata share of real estate taxes and operating expenses to the Company. The income and expenses associated with these properties are generally recorded on a gross basis when the Company is the primary obligor. During 2018, 2017 and 2016, the Company recorded reimbursements of expenses of $8,456,000, $7,672,000 and $6,424,000, respectively, which are reported as Tenant reimbursements in the accompanying consolidated statements of income. Gains and losses on the sale of real estate investments are recorded when the Company no longer holds a controlling financial interest in the entity which holds the real estate investment and the relevant revenue recognition criteria under GAAP have been met.
Fair Value Measurements	Fair Value Measurements The Company measures the fair value of financial instruments based on the assumptions that market participants would use in pricing the asset or liability. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between marketparticipant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs and Level 3 assets/liabilities are valued based on significant “unobservable” market inputs.
Purchase Accounting for Acquisition of Real Estate	Purchase Accounting for Acquisition of Real Estate In January 2017, the Company adopted ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which requires an entity to evaluate whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, and if that requirement is met, the asset group is accounted for as an asset acquisition and not a business combination. Transaction costs incurred with such asset acquisitions are capitalized to real estate assets and depreciated over the respectful useful lives. The Company analyzed the real estate acquisitions made during 2018 and 2017 and determined the gross assets acquired are concentrated in a single identifiable asset. Prior to January 1, 2017, the Company recorded acquired real estate investments as business combinations when the real estate was occupied, at least in part, at acquisition. For the year ended December 31, 2016, costs of $596,000 directly related to the acquisition of such investments were expensed as incurred. The Company allocates the purchase price of real estate among land, building, improvements and intangibles, such as the value of above, below and at-market leases, and origination costs associated with in-place leases at the acquisition date. The Company assesses the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. The value, as determined, is allocated to land, building and improvements based on management’s determination of the relative fair values of these assets. The Company assesses the fair value of the lease intangibles based on estimated cash flow projections that utilize appropriate discount rates and available market information. Such inputs are Level 3 in the fair value hierarchy. In valuing an acquired property’s intangibles, factors considered by management include an estimate of carrying costs during the expected lease-up periods, such as real estate taxes, insurance, other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on its evaluation of current market demand. Management also estimates costs to execute similar leases, including leasing commissions and tenant improvements. The values of acquired above-market and below-market leases are recorded based on the present values (using discount rates which reflect the risks associated with the leases acquired) of the difference between the contractual amounts to be received and management’s estimate of market lease rates, measured over the terms of the respective leases that management deemed appropriate at the time of the acquisitions. Such valuations include a consideration of the non-cancellable terms of the respective leases, as well as any applicable renewal period(s). The fair values associated with below-market rental renewal options are determined based on the Company’s experience and the relevant facts and circumstances at the time of the acquisitions. The values of above-market leases are amortized as a reduction to rental income over the terms of the respective non-cancellable lease periods. The portion of the values of below-market leases are amortized as an increase to rental income over the terms of the respective non-cancellable lease periods. The portion of the values of the leases associated with below-market renewal options that management deemed are likely to be exercised by the tenant are amortized to rental income over such renewal periods. The value of other intangible assets ( i.e., origination costs) is recorded to amortization expense over the remaining terms of the respective leases. If a lease were to be terminated prior to its contractual expiration date or not renewed, all unamortized amounts relating to that lease would be recognized in operations at that time. The estimated useful lives of intangible assets or liabilities generally range from one to 37 years.
Accounting for Long-Lived Assets and Impairment of Real Estate Owned	Accounting for Long‑Lived Assets and Impairment of Real Estate Owned The Company reviews its real estate portfolio on a quarterly basis to ascertain if there are any indicators of impairment to the value of any of its real estate assets, including deferred costs and intangibles, to determine if there is any need for an impairment charge. In reviewing the portfolio, the Company examines one or more of the following: the type of asset, the current financial statements or other available financial information of the tenant, the economic situation in the area in which the asset is located, the economic situation in the industry in which the tenant is involved, the timeliness of the payments made by the tenant under its lease, and any current communication with the tenant, including property inspection reports. For each real estate asset owned for which indicators of impairment exist, management performs a recoverability test by comparing (i) the sum of the estimated undiscounted future cash flows over an appropriate hold period, which are attributable to the asset to (ii) the carrying amount of the asset. If the aggregate undiscounted cash flows are less than the asset’s carrying amount, an impairment loss is recorded to the extent that the estimated fair value is less than the asset’s carrying amount. The estimated fair value is determined using a discounted cash flow model of the expected future cash flows through the useful life of the property. The analysis includes an estimate of the future cash flows that are expected to result from the real estate investment’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, the effects of leasing demand, competition and other factors.
Properties Held-for-Sale	Properties Held-for-Sale Real estate investments are classified as properties held-for-sale when management determines that the investment meets the applicable criteria. Real estate assets that are classified as held-for-sale are: (i) valued at the lower of carrying amount or the estimated fair value less costs to sell on an individual asset basis; and (ii) not depreciated.
Cash and Cash Equivalents	Cash and Cash Equivalents All highly liquid investments with original maturities of three months or less when purchased are considered to be cash equivalents.
Escrows	Escrows Real estate taxes, insurance and other escrows aggregating $423,000 and $460,000 at December 31, 2018 and 2017, respectively, are included in Escrow, deposits and other assets and receivables.
Depreciation and Amortization	Depreciation and Amortization Depreciation of buildings is computed on the straight-line method over an estimated useful life of 40 years. Depreciation of building improvements is computed on the straight-line method over the estimated useful life of the improvements. If the Company determines it is the owner of tenant improvements, the amounts funded to construct the tenant improvements are treated as a capital asset and depreciated over the lesser of the remaining lease term or the estimated useful life of the improvements on the straight-line method. Leasehold interest and the related ground lease payments are amortized over the initial lease term of the leasehold position. Depreciation expense (including amortization of a leasehold position, lease origination costs, and capitalized leasing commissions) was $24,155,000, $20,993,000 and $18,164,000 during 2018, 2017 and 2016, respectively.
Deferred Financing Costs	Deferred Financing Costs Mortgage and credit line costs are deferred and amortized on a straight‑line basis over the terms of the respective debt obligations, which approximates the effective interest method. At December 31, 2018 and 2017, accumulated amortization of such costs was $3,246,000 and $2,804,000, respectively. The Company presents unamortized deferred financing costs as a direct deduction from the carrying amount of the associated debt liability.
Income Taxes	Income Taxes The Company is qualified as a real estate investment trust (“REIT”) under the applicable provisions of the Internal Revenue Code. Under these provisions, the Company will not be subject to Federal, and generally, state and local income taxes, on amounts distributed to stockholders, provided it distributes at least 90% of its ordinary taxable income and meets certain other conditions. The Company follows a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that more-likely-than-not will be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited. The Company has not identified any uncertain tax positions requiring accrual.
Concentration of Credit Risk	Concentration of Credit Risk The Company maintains cash accounts at various financial institutions. While the Company attempts to limit any financial exposure, substantially all of its deposit balances exceed federally insured limits. The Company has not experienced any losses on such accounts. The Company’s properties are located in 30 states. During 2018, 2017 and 2016, 9.3%, 13.2% and 12.9% of total revenues, respectively, were attributable to real estate investments located in Texas which is the only state in which real estate investments contributed more than 10% to the Company’s total revenues in any of the past three years. No tenant contributed over 10% to the Company’s total revenues during 2018, 2017 and 2016.
Segment Reporting	Segment Reporting Substantially all of the Company’s real estate assets, at acquisition, are comprised of real estate owned that is leased to tenants on a long‑term basis. Therefore, the Company aggregates real estate assets for reporting purposes and operates in one reportable segment.
Stock Based Compensation	Stock Based Compensation The fair value of restricted stock grants and restricted stock units, determined as of the date of grant, is amortized into general and administrative expense over the respective vesting period. The deferred compensation to be recognized as expense is net of certain forfeiture and performance assumptions which are re-evaluated quarterly. The Company recognizes the effect of forfeitures when they occur and previously recognized compensation expense is reversed in the period the grant or unit is forfeited. For share-based awards with a performance or market measure, the Company recognizes compensation expense over the requisite service period. The requisite service period begins on the date the compensation committee of the Company’s Board of Directors authorizes the award, adopts any relevant performance measures and communicates the award.
Derivatives and Hedging Activities	Derivatives and Hedging Activities The Company’s objective in using interest rate swaps is to add stability to interest expense. The Company does not use derivatives for trading or speculative purposes. The Company records all derivatives on the consolidated balance sheets at fair value using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. In addition, the Company incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. These counterparties are generally large financial institutions engaged in providing a variety of financial services. These institutions generally face similar risks regarding adverse changes in market and economic conditions including, but not limited to, fluctuations in interest rates, exchange rates, equity and commodity prices and credit spreads. 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. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in accumulated other comprehensive income (outside of earnings) and subsequently reclassified to earnings in the period in which the hedged transaction becomes ineffective. For derivatives not designated as cash flow hedges, changes in the fair value of the derivative are recognized directly in earnings in the period in which the change occurs; however, the Company’s policy is to not enter into such transactions.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of a tenant to make required rent and other payments. If the financial condition of a specific tenant were to deteriorate, adversely impacting its ability to make payments, allowances may be required.
Reclassifications	Reclassifications Certain amounts previously reported in the consolidated financial statements have been reclassified in the accompanying consolidated financial statements to conform to the current year’s presentation. Such reclassifications primarily relate to the presentation of (i) Gain on sale of real estate, net, on the consolidated statement of income for the years ended December 31, 2017 and 2016 and (ii) restricted cash on the consolidated statement of cash flows for the years ended December 31, 2017 and 2016. The Company has included Gain on sale of real estate, net, as a component of Operating income, to present gains and losses on sales of properties in accordance with ASC 360-10-45-5. The change was made for the prior periods as the Securities and Exchange Commission has eliminated Rule 3-15(a) of Regulation S-X as part of Release Nos. 33-10532, 34-83875 and IC-33203, which had allowed REITs to present gains and losses on sales of properties outside of continuing operations in the income statement. As of January 1, 2018, the Company adopted ASU No. 2016-18, Statement of Cash Flows (Topic 230) : Restricted Cash , which requires amounts generally described as restricted cash to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The adoption of this ASU has no impact on the Company’s previously reported consolidated balance sheets, consolidated statements of income, net income or accumulated undistributed net income for the periods presented. As a result of the adoption of this guidance, the following table depicts the adjustments to the Company’s previously reported consolidated statement of cash flows (amounts in thousands): Year Ended December 31, 2017 2016 As Reported As Adjusted As Reported As Adjusted Decrease (increase) in escrow, deposits, and other assets and receivables $ 179 $ 252 $ (731) $ (1,734) Increase (decrease) in accrued expenses and other liabilities 6,086 5,885 (850) (1,281) Net (decrease) increase in cash, cash equivalents and restricted cash (3,654) (3,782) 4,684 3,250 Cash, cash equivalents and restricted cash at beginning of year 17,420 18,450 12,736 15,200 Cash, cash equivalents and restricted cash at end of year 13,766 14,668 17,420 18,450 The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows (amounts in thousands): December 31, 2018 2017 Cash and cash equivalents $ 15,204 $ 13,766 Restricted cash 1,106 443 Restricted cash included in escrow, deposits and other assets and receivables 423 459 Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows $ 16,733 $ 14,668 Amounts included in restricted cash represent the cash reserve balance received from owner/operators at two of the Company’s ground leases. (See Note 7). Restricted cash included in escrow, deposits and other assets and receivables represent amounts related to real estate tax and other reserve escrows required to be held by lenders in accordance with the Company’s mortgage agreements. The restriction on these escrow reserves will lapse when the related mortgage is repaid.
New Accounting Pronouncements	New Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt either the entire standard or only the provisions that eliminate or modify requirements. The Company is evaluating the new guidance to determine if, and to the extent, it will impact the Company’s consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation (Topic 718), Improvements to Non-employee Share-Based Payment Accounting, which simplifies the accounting for share-based payments made to non-employees so that the accounting for such awards is substantially the same as those made to employees, with certain exceptions. Under this ASU, equity-classified share-based awards to non-employees will be measured at fair value on the grant date of the awards and entities will assess the probability of satisfying performance conditions if any are present. Awards will continue to be classified according to ASC 718 upon vesting which eliminates the need to reassess classification upon vesting, consistent with awards granted to employees, unless the award is modified after the service has been rendered, any other conditions necessary to earn the right to benefit from the instruments have been satisfied, and the non-employee is no longer providing services. The Company early adopted this guidance on July 1, 2018 using the modified retrospective transition method and its adoption did not have an impact on the Company’s consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities , which amends the presentation and disclosure requirements for hedge accounting and changes how companies assess hedge effectiveness. This ASU is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. The Company early adopted this guidance on January 1, 2018 using the modified retrospective transition method and its adoption did not have any impact on the Company’s previously reported income from operations, net income or accumulated undistributed net income for the periods presented. In February 2017, the FASB issued ASU No. 2017-05, Other Income–Gains and Losses from the Derecognition of Non-financial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Non-financial Assets. ASU 2017-05 clarifies the scope of recently established guidance on non-financial asset derecognition, as well as the accounting for partial sales of non-financial assets. As leasing is the Company’s primary activity, the Company determined that its sales of real estate, which are non-financial assets, are sold to non-customers and fall within the scope of ASC 610-20. The Company adopted this ASU on January 1, 2018 using the modified retrospective transition method and re-assessed and determined there were no open contracts or partial sales and as such, the adoption of this ASU did not (i) result in a cumulative adjustment as of January 1, 2018, and (ii) have any impact on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which 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 guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted after December 2018. The Company is evaluating the new guidance to determine if, and to the extent, it will impact the consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases , and in July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842), Targeted Improvements, and 2018-10 , Codification Improvements to Topic 842, Leases. These standards require lessees to recognize (i) lease assets and lease liabilities for those leases which were previously classified as operating leases under ASC 840, Leases , and (ii) expense based on the effective interest method for finance leases or on a straight-line basis for operating leases. The Company will apply this guidance to the ground lease under which the Company is lessee. The Company is required to record a liability for the obligation to make payments under the lease and an asset for the right to use the underlying asset during the lease term. While the Company is continuing to assess all potential impacts of the standard, it expects total liabilities and total assets to increase by $3,500,000 to $5,500,000 as of the date of adoption. Lessor accounting is largely unchanged from that applied under the previous standard. The Company does expect to adopt the practical expedient offered in ASU No. 2018-11 that allows lessors to not separate non-lease components from the related lease components under certain conditions, which the Company expects most of its leases to qualify for. This guidance in this standard is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. The Company will adopt this guidance on January 1, 2019 using the modified retrospective approach and will elect the package of practical expedients that allows an entity to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases and (iii) initial direct costs for any expired or existing leases. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The new model requires revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services. In July 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which delays the effective date of ASU No. 2014-09 by one year. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations. ASU No. 2014-09, ASU No. 2015-14 and ASU No. 2016-08 are herein collectively referred to as the “New Revenue Recognition Standards”. The Company adopted the New Revenue Recognition Standards on January 1, 2018 using the modified retrospective transition method. The Company’s main revenue streams are rental revenues and tenant reimbursements. Such revenues are related to lease contracts with tenants which currently fall within the scope of ASC Topic 840, and will fall within the scope of ASC Topic 842 upon the adoption of ASU No. 2016-02 on January 1, 2019 (the Company’s sales of real estate are within the scope of ASU No. 2017-05, see Note 5). Accordingly, the adoption of the New Revenue Recognition Standards did not (i) result in a cumulative adjustment as of January 1, 2018, and (ii) have any impact on the Company’s consolidated financial statements.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2018
SIGNIFICANT ACCOUNTING POLICIES
Schedule of table depicts the adjustments to the Company's previously reported consolidated statement of cash flows	As a result of the adoption of this guidance, the following table depicts the adjustments to the Company’s previously reported consolidated statement of cash flows (amounts in thousands): Year Ended December 31, 2017 2016 As Reported As Adjusted As Reported As Adjusted Decrease (increase) in escrow, deposits, and other assets and receivables $ 179 $ 252 $ (731) $ (1,734) Increase (decrease) in accrued expenses and other liabilities 6,086 5,885 (850) (1,281) Net (decrease) increase in cash, cash equivalents and restricted cash (3,654) (3,782) 4,684 3,250 Cash, cash equivalents and restricted cash at beginning of year 17,420 18,450 12,736 15,200 Cash, cash equivalents and restricted cash at end of year 13,766 14,668 17,420 18,450
Schedule of reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows (amounts in thousands): December 31, 2018 2017 Cash and cash equivalents $ 15,204 $ 13,766 Restricted cash 1,106 443 Restricted cash included in escrow, deposits and other assets and receivables 423 459 Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows $ 16,733 $ 14,668

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	12 Months Ended
	Dec. 31, 2018
EARNINGS PER COMMON SHARE
Schedule of impact to the diluted weighted average number of shares of common stock related to the RSUs	Year Ended Year Ended December 31, 2018 December 31, 2017 Return on Return on Capital Stockholder Capital Stockholder Date of Award and Total Number of Underlying Shares metric Return metric Total metric Return metric Total September 26, 2017 76,250 shares(a) 34,633 4,462 39,095 33,353 38,125 71,478 July 1, 2018 76,250 shares(b) 33,388 — 33,388 n/a n/a n/a 68,021 4,462 72,483 33,353 38,125 71,478 (a) Includes shares that would be issued pursuant to the respective metrics, assuming the end of the period was the June 30, 2020 vesting date. None of the remaining 37,155 shares and 4,772 shares are included at December 31, 2018 and 2017, respectively, as the applicable metrics had not been met for these shares. (b) Includes shares that would be issued pursuant to the respective metrics, assuming the end of the period was the June 30, 2021 vesting date. None of the remaining 42,862 shares are included at December 31, 2018, as the applicable metrics had not been met for these shares.
Schedule of reconciliation of the numerator and denominator of earnings per share calculations	The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts): Year Ended December 31, 2018 2017 2016 Numerator for basic and diluted earnings per share: Net income $ $ 24,249 $ 24,481 Less net income attributable to non-controlling interests (102) (59) Less earnings allocated to unvested restricted stock (a) (1,072) (999) Net income available for common stockholders: basic and diluted $ $ 23,075 $ 23,423 Denominator for basic earnings per share: Weighted average number of common shares 17,944 16,768 Effect of diluted securities: RSUs 103 114 Denominator for diluted earnings per share: Weighted average number of shares 18,047 16,882 Earnings per common share, basic $ $ 1.29 $ 1.40 Earnings per common share, diluted $ $ 1.28 $ 1.39 (a) Represents an allocation of distributed earnings to unvested restricted stock that, as participating securities, are entitled to receive dividends.

REAL ESTATE INVESTMENTS AND M_2

REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS (Tables)	12 Months Ended
	Dec. 31, 2018
REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS
Schedule of the Company's acquisitions of real estate	The following charts detail the Company’s acquisitions of real estate during 2018 and 2017 (amounts in thousands): Capitalized Contract Third Party Date Purchase Terms of Real Estate Description of Property Acquired Price Payment Acquisition Costs Campania International/U.S. Tape industrial facility, Pennsburg, Pennsylvania March 28, 2018 $ 12,675 All cash (a) $ 226 Plymouth Industries industrial facility, Plymouth, Minnesota June 7, 2018 5,500 All cash (b) 50 Applied Control industrial facility, Englewood, Colorado October 19, 2018 12,800 All cash 62 Xerimis industrial facility, Moorestown, New Jersey November 1, 2018 7,350 All cash (c) 147 Multi-tenant industrial facility, Moorestown, New Jersey November 28, 2018 13,498 All cash 110 Men’s Warehouse industrial facility, Bakersfield, California December 6, 2018 10,850 All cash 63 Dufresne Spencer Group industrial facility, Green Park, Missouri December 11, 2018 10,000 All cash 63 Transcendia industrial facility, Greenville, South Carolina December 21, 2018 6,830 All cash 66 Totals for 2018 $ 79,503 $ 787 Forbo industrial facility, Huntersville, North Carolina May 25, 2017 $ 8,700 Cash and $5,190 mortgage(d) $ 72 Saddle Creek Logistics industrial facility, Pittston, Pennsylvania June 9, 2017 11,750 All cash (e) 199 Corporate Woods industrial facility, Ankeny, Iowa June 20, 2017 14,700 All cash (f) 29 Dufresne Spencer Group industrial facility, Memphis, Tennessee October 10, 2017 8,000 All cash 87 Totals for 2017 $ 43,150 $ 387 (a) In July 2018, the Company obtained new mortgage debt of $8,238. (b) In September 2018, the Company obtained new mortgage debt of $3,325. (c) In November 2018, the Company obtained new mortgage debt of $4,000. (d) New mortgage debt was obtained simultaneously with the acquisition of the property. (e) In August 2017, the Company obtained new mortgage debt of $7,200 . (f) In July 2017, the Company obtained new mortgage debt of $8,820.
Schedule of allocation of the purchase price for the company's acquisitions of real estate	The following charts detail the allocation of the purchase price for the Company’s acquisitions of real estate during 2018 and 2017 (amounts in thousands): Building Intangible Lease Description of Property Land Building Improvements Asset Liability Total Campania International/U.S. Tape industrial facility, Pennsburg, Pennsylvania $ 1,776 $ 10,398 $ 727 $ — $ — $ 12,901 Plymouth Industries industrial facility, Plymouth, Minnesota 1,121 4,306 123 — — 5,550 Applied Control industrial facility, Englewood, Colorado 1,562 11,027 273 — — 12,862 Xerimis industrial facility, Moorestown, New Jersey 1,822 4,899 157 707 (88) 7,497 Multi-tenant industrial facility, Moorestown, New Jersey 1,443 10,670 228 1,469 (202) 13,608 Men’s Warehouse industrial facility, Bakersfield, California 1,988 9,696 300 1,127 (2,198) 10,913 Dufresne Spencer Group industrial facility, Green Park, Missouri 1,420 7,696 137 810 — 10,063 Transcendia industrial facility, Greenville, South Carolina 186 6,337 70 322 (19) 6,896 Totals for 2018 $ 11,318 $ 65,029 $ 2,015 $ 4,435 $ (2,507) $ 80,290 Forbo industrial facility, Huntersville, North Carolina $ 1,046 $ 6,452 $ 222 $ 1,052 $ — $ 8,772 Saddle Creek Logistics industrial facility, Pittston, Pennsylvania 999 9,675 247 1,028 — 11,949 Corporate Woods industrial facility, Ankeny, Iowa 1,351 11,420 187 1,929 (158) 14,729 Dufresne Spencer Group industrial facility, Memphis, Tennessee 135 7,750 202 — — 8,087 Totals for 2017 $ 3,531 $ 35,297 $ 858 $ 4,009 $ (158) $ 43,537
Schedule of amortization of intangible lease assets as a result of acquired above market leases	The unamortized balance of intangible lease assets as a result of acquired above market leases at December 31, 2018 will be deducted from rental income through 2032 as follows (amounts in thousands): 2019 $ 677 2020 651 2021 645 2022 479 2023 286 Thereafter 956 Total $ 3,694
Schedule of amortization of intangible lease liabilities as a result of acquired below market leases	The unamortized balance of intangible lease liabilities as a result of acquired below market leases at December 31, 2018 will be added to rental income through 2055 as follows (amounts in thousands): 2019 $ 1,668 2020 1,531 2021 1,492 2022 1,380 2023 984 Thereafter 6,958 Total $ 14,013
Schedule of amortization of origination costs associated with in-place leases	The unamortized balance of origination costs associated with in‑place leases at December 31, 2018 will be charged to amortization expense through 2055 as follows (amounts in thousands): 2019 $ 3,733 2020 3,498 2021 3,376 2022 2,919 2022 2,414 Thereafter 6,907 Total $ 22,847
Schedule of minimum future contractual rents to be received	The minimum future contractual rents to be received over the next five years and thereafter on non-cancellable operating leases in effect at December 31, 2018 are as follows (amounts in thousands): 2019 $ 66,959 2020 66,691 2021 65,130 2022 56,444 2023 47,644 Thereafter 208,923 Total $ 511,791

SALES OF PROPERTIES (Tables)

SALES OF PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2018
SALES OF PROPERTIES
Schedule of sales of real estate	The following chart details the Company’s sales of real estate during 2018, 2017 and 2016 (amounts in thousands): Gross Gain (loss) on Sale of Description of Property Date Sold Sales Price Real Estate, Net Retail property, Fort Bend, Texas (a) January 30, 2018 $ 9,200 $ 2,408 Land, Lakemoor, Illinois September 14, 2018 8,459 4,585 (b) Retail property, Lincoln, Nebraska December 13, 2018 10,000 (1,731) Totals for 2018 $ 27,659 $ 5,262 Retail property, Greenwood Village, Colorado May 8, 2017 $ 9,500 $ 6,568 Retail property, Kansas City, Missouri(c) July 14, 2017 10,250 2,180 Retail property, Niles, Illinois August 31, 2017 5,000 1,089 Restaurant property, Ann Arbor, Michigan(c)(d) November 14, 2017 2,300 — Totals for 2017 $ 27,050 $ 9,837 Portfolio of eight retail properties, Louisiana and Mississippi February 1, 2016 $ 13,750 $ 787 Retail property, Killeen, Texas May 19, 2016 3,100 980 Land, Sandy Springs, Georgia June 15, 2016 8,858 2,331 Industrial property, Tomlinson, Pennsylvania June 30, 2016 14,800 5,660 Retail property, Island Park, NY December 22, 2016 2,702 213 43,210 9,971 Partial condemnation of land, Greenwood Village, Colorado July 5, 2016 153 116 Totals for 2016 $ 43,363 $ 10,087 (a) This property was owned by a consolidated joint venture in which the Company held an 85% interest. The non-controlling interest’s share of the gain was $776 . (b) Includes $5,717 , representing the unamortized balance of a $5,906 fixed rent payment which was received and recorded as deferred income in November 2017 and was to be included in rental income over the term of the lease. (c) See Note 10 for information on the early termination of the interest rate swap derivative associated with the mortgage that was paid off on this property. (d) As the sales price was less than the net book value, the Company determined that the property was impaired and recorded an impairment loss of $153, representing the difference, at September 30, 2017, between the net sales price and the net book value. The impairment loss is included in the accompanying consolidated statement of income for the year ended December 31, 2017.

VARIABLE INTEREST ENTITIES, C_2

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITIES AND CONSOLIDATED JOINT VENTURES (Tables)	12 Months Ended
	Dec. 31, 2018
Consolidated Joint Venture-VIEs
Summary of Variable Interest Entities carrying amounts and classification carrying amounts and balance sheet classification	The following is a summary of the consolidated VIEs’ carrying amounts and classification in the Company’s consolidated balance sheets, none of which are restricted (amounts in thousands): December 31, 2018 2017 (a) Land $ 14,722 $ 17,844 Buildings and improvements, net of accumulated depreciation of $4,119 and $3,811, respectively 27,642 31,789 Cash 1,020 1,145 Unbilled rent receivable 1,211 1,011 Unamortized intangible lease assets, net 890 1,241 Escrow, deposits and other assets and receivables 810 948 Mortgages payable, net of unamortized deferred financing costs of $391 and $442, respectively 26,850 32,252 Accrued expenses and other liabilities 761 870 Unamortized intangible lease liabilities, net 1,694 2,015 Accumulated other comprehensive income (loss) 31 (1) Non-controlling interests in consolidated joint ventures 1,449 1,742 (a) Includes a consolidated joint venture, in which the Company held an 85% interest, located in Fort Bend, Texas which was sold in January 2018 (see Note 5).
Unconsolidated Joint Ventures
Schedule of Variable Interest Entities through ground leases and carrying amount and maximum exposure to loss	The following chart details the Company’s VIEs through its ground leases and the aggregate carrying amount and maximum exposure to loss as of December 31, 2018 (dollars in thousands): Land # Units Owner/ Carrying Contract in Operator Amount Purchase Apartment Mortgage from Type of and Maximum Description of Property(a) Date Acquired Price Complex Third Party(b) Exposure Exposure to Loss The Briarbrook Village Apartments, Wheaton, Illinois August 2, 2016 $ 10,530 342 $ 39,411 Land $ The Vue Apartments, Beachwood, Ohio August 16, 2016 13,896 348 67,444 Land Totals $ 24,426 690 $ 106,855 $ (a) Simultaneously with each purchase, the Company entered into a triple net ground lease with affiliates of Strategic Properties of North America, the owner/operators of these properties. (b) Simultaneously with the closing of each acquisition, the owner/operator obtained a mortgage from a third party which, together with the Company’s purchase of the land, provided substantially all of the funds to acquire the complex. The Company provided its land as collateral for the respective owner/operator’s mortgage loans; accordingly, each land position is subordinated to the applicable mortgage. No other financial support has been provided by the Company to the owner/operator.

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2018
DEBT OBLIGATIONS
Schedule of Mortgages payable, net	The following table details the Mortgages payable, net, balances per the consolidated balance sheets (amounts in thousands): December 31, 2018 2017 Mortgages payable, gross $ $ 396,946 Unamortized deferred financing costs (3,789) Mortgages payable, net $ 393,157
Schedule of principal repayments	Scheduled principal repayments during the next five years and thereafter are as follows (amounts in thousands): Year Ending December 31, 2019 $ 15,969 2020 13,777 2021 22,704 2022 45,823 2023 40,952 Thereafter 283,871 Total $ 423,096
Schedule of Line of credit, net	The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands): December 31, 2018 2017 Line of credit, gross $ 30,000 $ 9,400 Unamortized deferred financing costs (312) (624) Line of credit, net $ 29,688 $ 8,776

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
FAIR VALUE MEASUREMENTS
Schedule of derivative financial instruments measured at fair value, using Level 2 inputs	The fair value of the Company’s derivative financial instruments, using Level 2 inputs, was determined to be the following (amounts in thousands): As of Carrying and December 31, Fair Value Financial assets: Interest rate swaps 2018 $ 2,399 2017 1,615 Financial liabilities: Interest rate swaps 2018 $ 505 2017 1,492
Schedule of effect of derivative financial instruments on statements of income	The following table presents the effect of the Company’s derivative financial instruments on the consolidated statements of income for the periods presented (amounts in thousands): Year Ended December 31, 2018 2017 2016 One Liberty Properties Inc. and Consolidated Subsidiaries Amount of gain (loss) recognized on derivatives in Other comprehensive income (loss) $ 1,870 $ (221) $ 255 Amount of reclassification from Accumulated other comprehensive income into Interest expense 98 (1,786) (2,624) Unconsolidated Joint Ventures (Company's share) Amount of gain (loss) recognized on derivatives in Other comprehensive income $ 69 $ 15 $ (31) Amount of reclassification from Accumulated other comprehensive income into Equity in earnings of unconsolidated joint ventures 103 (61) (95)

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2018
STOCKHOLDERS' EQUITY
Summary of the activity of the equity incentive plans	Years Ended December 31, 2018 2017 2016 Restricted stock grants: Number of shares 144,750 140,100 139,225 Average per share grant price $ 25.31 $ 24.75 $ 21.74 Deferred compensation to be recognized over vesting period $ 3,664,000 $ 3,467,000 $ 3,027,000 Number of non-vested shares: Non-vested beginning of year 612,900 591,750 538,755 Grants 144,750 140,100 139,225 Vested during year (106,000) (118,450) (85,730) Forfeitures (400) (500) (500) Non-vested end of year 651,250 612,900 591,750 RSU grants: Number of underlying shares 76,250 76,250 — Average per share grant price $ 26.41 $ 24.03 — Deferred compensation to be recognized over vesting period $ 952,000 $ 1,004,000 — Number of non-vested shares: Non-vested beginning of year 76,250 200,000 200,000 Grants 76,250 76,250 — Vested during year — (113,584) — Forfeitures — (86,416) — Non-vested end of year 152,500 76,250 200,000 Restricted stock and RSU grants: Weighted average per share value of non-vested shares (based on grant price) $ 23.83 $ 22.89 $ 17.95 Value of stock vested during the year (based on grant price) $ 2,289,000 $ 3,008,000 $ 1,451,500 Weighted average per share value of shares forfeited during the year (based on grant price) $ 23.59 $ 8.37 $ 21.05 Total charge to operations: Outstanding restricted stock grants $ 3,028,000 $ 2,966,000 $ 2,692,000 Outstanding RSUs 482,000 167,000 291,000 Total charge to operations $ 3,510,000 $ 3,133,000 $ 2,983,000

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2018
INCOME TAXES
Schedule of reconciliation of cash dividends paid with the dividends paid deduction	The following table reconciles cash dividends paid with the dividends paid deduction for the years indicated (amounts in thousands): 2018 2017 2016 Estimate Actual Actual Dividends paid $ $ 32,393 $ 29,135 Dividend reinvestment plan (a) 252 181 32,645 29,316 Less: Spillover dividends designated to previous year (11,916) (15,209) Less: Spillover dividends designated to following year (b) — — Plus: Dividends designated from following year — 10,263 11,916 Dividends paid deduction $ $ 30,992 $ 26,023 (a) Reflects the up to 5% discount on common stock purchased through the dividend reinvestment plan . (b) A portion of the dividend paid in January 2019 will be considered a 2019 dividend, as it was in excess of the Company's earnings and profits through December 31, 2018.

QUARTERLY FINANCIAL DATA (Una_2

QUARTERLY FINANCIAL DATA (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
QUARTERLY FINANCIAL DATA (Unaudited)
Schedule of Quarterly Financial Information	(In Thousands, Except Per Share Data) Quarter Ended Total 2018 March 31 June 30 Sept. 30 Dec. 31 For Year Total revenues $ 19,534 $ 19,752 $ 19,570 $ 20,270 $ 79,126 Gain (loss) on sale of real estate, net $ 2,408 $ — $ 4,585 $ (1,731) $ 5,262 Net income $ 6,653 $ 4,546 $ 10,182 $ 183 $ 21,564 Net income attributable to One Liberty Properties, Inc. $ 5,851 $ 4,517 $ 10,147 $ 150 $ 20,665 Weighted average number of common shares outstanding: Basic 18,396 18,519 18,646 18,733 18,575 Diluted 18,434 18,593 18,705 18,748 18,588 Net income (loss) per common share attributable to common stockholders: Basic $ .30 $ .23 $ .53 $ (.01) $ 1.05 (a) Diluted $ .30 $ .23 $ .52 $ (.01) $ 1.05 (a) Quarter Ended Total 2017 March 31 June 30 Sept. 30 Dec. 31 For Year Total revenues $ 18,472 $ 18,413 $ 19,137 $ 19,894 $ 75,916 Gain on sale of real estate, net $ — $ 6,568 $ 3,269 $ — $ 9,837 Net income $ 2,886 $ 9,993 $ 7,128 $ 4,242 $ 24,249 Net income attributable to One Liberty Properties, Inc. $ 2,865 $ 9,972 $ 7,105 $ 4,205 $ 24,147 Weighted average number of common shares outstanding: Basic 17,751 17,824 18,000 18,198 17,944 Diluted 17,865 17,938 18,079 18,269 18,047 Net income per common share attributable to common stockholders: Basic $ .15 $ .54 $ .38 $ .22 $ 1.29 (a) Diluted $ .15 $ .54 $ .38 $ .22 $ 1.28 (a) (a) Calculated on weighted average shares outstanding for the year.

ORGANIZATION AND BACKGROUND (De

ORGANIZATION AND BACKGROUND (Details)	Dec. 31, 2018stateproperty
Organization and Background
Number of real estate properties	123
Number of states in which properties are located | state	30
Properties owned by consolidated joint ventures
Organization and Background
Number of real estate properties	5
Properties owned by unconsolidated joint ventures
Organization and Background
Number of real estate properties	4

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - Investment in Joint Ventures and Variable Interest Entities (Details)	12 Months Ended
	Dec. 31, 2018USD ($)item
Investment in Joint Ventures and Variable Interest Entities
Number of Unconsolidated Joint Venture VIEs | item	0
Recourse debt of joint venture	$ 0
Impairment charge relating to investments in unconsolidated joint ventures	$ 0

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenue Recognition
Revenues	$ 20,270,000	$ 19,570,000	$ 19,752,000	$ 19,534,000	$ 19,894,000	$ 19,137,000	$ 18,413,000	$ 18,472,000	$ 79,126,000	$ 75,916,000	$ 70,588,000
Tenant reimbursements
Revenue Recognition
Revenues									$ 8,456,000	$ 7,672,000	$ 6,424,000

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES - Purchase Accounting for Acquisition of Real Estate, Escrows, Depreciation and Amortization (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Purchase Accounting for Acquisition of Real Estate
Real estate acquisition costs			$ 596,000
Estimated useful lives of intangible assets, minimum	1 year
Estimated useful lives of building and intangible assets, maximum	37 years
Escrows
Real estate taxes, insurance and other escrows	$ 423,000	$ 460,000
Depreciation and Amortization
Depreciation and amortization	$ 24,155,000	$ 20,993,000	$ 18,164,000
Buildings
Depreciation and Amortization
Estimated useful life	40 years

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES - Deferred Financing Costs (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Deferred Financing Costs
Accumulated amortization of deferred financing costs	$ 3,246,000	$ 2,804,000

SIGNIFICANT ACCOUNTING POLICI_8

SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk and Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2018statetenantitem	Dec. 31, 2017tenant	Dec. 31, 2016tenant
Concentration of Credit Risk
Number of states in which properties are located | state	30
Segment Reporting
Number of operating segments | item	1
Rental income | Geographic concentration | Texas
Concentration of Credit Risk
Concentration risk percentage	9.30%	13.20%	12.90%
Rental income | Customer concentration
Concentration of Credit Risk
Number of tenants contributed over 10% of total revenues | tenant	0	0	0

SIGNIFICANT ACCOUNTING POLICI_9

SIGNIFICANT ACCOUNTING POLICIES - Reclassifications (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017
Reclassifications
Decrease (increase) in escrow, deposits, and other assets and receivables	$ (1,183)	$ 252	$ (1,734)
Increase (decrease) in accrued expenses and other liabilities	1,146	5,885	(1,281)
Net (decrease) increase in cash, cash equivalents and restricted cash	2,065	(3,782)	3,250
Cash, cash equivalents and restricted cash at beginning of year	14,668	18,450	15,200
Cash, cash equivalents and restricted cash at end of year	16,733	14,668	18,450
Cash and cash equivalents				$ 15,204	$ 13,766
Restricted cash				1,106	443
Restricted cash included in escrow, deposits and other assets and receivables				423	459
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	14,668	18,450	15,200	$ 16,733	14,668
Accounting Standards Update 2016-18 | As Previously Reported
Reclassifications
Decrease (increase) in escrow, deposits, and other assets and receivables		179	(731)
Increase (decrease) in accrued expenses and other liabilities		6,086	(850)
Net (decrease) increase in cash, cash equivalents and restricted cash		(3,654)	4,684
Cash, cash equivalents and restricted cash at beginning of year	13,766	17,420	12,736
Cash, cash equivalents and restricted cash at end of year		13,766	17,420
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	$ 13,766	$ 17,420	$ 12,736		$ 13,766

SIGNIFICANT ACCOUNTING POLIC_10

SIGNIFICANT ACCOUNTING POLICIES - New Accounting Pronouncements (Details)	Jan. 01, 2019USD ($)
New Accounting Pronouncements
Lease liabilities	$ 5,500,000
Right of use assets	5,500,000
ASU 2016-02, Leases | Restatement Adjustment
New Accounting Pronouncements
Lease liabilities	3,500,000
Right of use assets	$ 3,500,000

EARNINGS PER COMMON SHARE - Eff

EARNINGS PER COMMON SHARE - Effects of Share Based Compensation (Details) - shares	1 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2010
Earnings Per Common Share
Total		13,000	103,000	114,000
Options outstanding		0	0	0
RSUs
Earnings Per Common Share
Number of shares awarded		76,250	76,250
Number of shares vested			113,584
2016 Incentive Plan
Earnings Per Common Share
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric		68,021	33,353
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric		4,462	38,125
Total		72,483	71,478
2016 Incentive Plan | September 26, 2017
Earnings Per Common Share
Number of underlying shares		76,250	76,250
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric		34,633	33,353
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric		4,462	38,125
Total		39,095	71,478
Common Shares not included attributable to share-based payment arrangements due to applicable metrics		37,155	4,772
2016 Incentive Plan | July 1, 2018
Earnings Per Common Share
Number of underlying shares		76,250	76,250
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric		33,388
Total		33,388
Common Shares not included attributable to share-based payment arrangements due to applicable metrics		42,862
2016 Incentive Plan | RSUs
Earnings Per Common Share
Number of shares issued		152,500
2009 Incentive Plan | RSUs
Earnings Per Common Share
Number of shares awarded					200,000
Number of shares vested	113,584		113,584

EARNINGS PER COMMON SHARE - Rec

EARNINGS PER COMMON SHARE - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Numerator for basic and diluted earnings per share:
Net income	$ 183	$ 10,182	$ 4,546	$ 6,653	$ 4,242	$ 7,128	$ 9,993	$ 2,886	$ 21,564	$ 24,249	$ 24,481
Less net income attributable to non-controlling interests									(899)	(102)	(59)
Less earnings allocated to unvested restricted stock									(1,173)	(1,072)	(999)
Net income available for common stockholders: basic and diluted									$ 19,492	$ 23,075	$ 23,423
Denominator for basic earnings per share:
Weighted average number of common shares	18,733	18,646	18,519	18,396	18,198	18,000	17,824	17,751	18,575	17,944	16,768
Effect of dilutive securities:
RSUs									13	103	114
Denominator for diluted earnings per share:
Weighted average number of shares	18,748	18,705	18,593	18,434	18,269	18,079	17,938	17,865	18,588	18,047	16,882
Earnings per common share, basic	$ (0.01)	$ 0.53	$ 0.23	$ 0.30	$ 0.22	$ 0.38	$ 0.54	$ 0.15	$ 1.05	$ 1.29	$ 1.40
Earnings per common share, diluted	$ (0.01)	$ 0.52	$ 0.23	$ 0.30	$ 0.22	$ 0.38	$ 0.54	$ 0.15	$ 1.05	$ 1.28	$ 1.39

REAL ESTATE INVESTMENTS AND M_3

REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS - Acquisitions (Details) - USD ($) $ in Thousands	May 25, 2017	Nov. 30, 2018	Sep. 30, 2018	Jul. 31, 2018	Aug. 31, 2017	Jul. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Real Estate Acquisitions
Contract Purchase Price							$ 79,503	$ 43,150
Third Party Real Estate Acquisition Costs, Capitalized							787	387
Campania International/U.S. Tape industrial facility, Pennsburg, Pennsylvania
Real Estate Acquisitions
Contract Purchase Price							12,675
Third Party Real Estate Acquisition Costs, Capitalized							226
New mortgage debt				$ 8,238
Plymouth Industries industrial facility, Plymouth, Minnesota
Real Estate Acquisitions
Contract Purchase Price							5,500
Third Party Real Estate Acquisition Costs, Capitalized							50
New mortgage debt			$ 3,325
Applied Control Industrial Facility, Eaglewood, Colorado
Real Estate Acquisitions
Contract Purchase Price							12,800
Third Party Real Estate Acquisition Costs, Capitalized							62
Xerimis industrial facility, Moorestown, New Jersey
Real Estate Acquisitions
Contract Purchase Price							7,350
Third Party Real Estate Acquisition Costs, Capitalized							147
New mortgage debt		$ 4,000
Multi-tenant industrial facility, Moorestown, New Jersey
Real Estate Acquisitions
Contract Purchase Price							13,498
Third Party Real Estate Acquisition Costs, Capitalized							110
Men's Warehouse industrial facility, Bakersfield, California
Real Estate Acquisitions
Contract Purchase Price							10,850
Third Party Real Estate Acquisition Costs, Capitalized							63
Dufresne Spencer Group industrial facility, Green Park, Missouri
Real Estate Acquisitions
Contract Purchase Price							10,000
Third Party Real Estate Acquisition Costs, Capitalized							63
Transcendia industrial facility, Greenville, South Carolina
Real Estate Acquisitions
Contract Purchase Price							6,830
Third Party Real Estate Acquisition Costs, Capitalized							$ 66
Forbo industrial facility, Huntersville, North Carolina
Real Estate Acquisitions
Contract Purchase Price								8,700
Third Party Real Estate Acquisition Costs, Capitalized								72
New mortgage debt	$ 5,190
Saddle Creek Logistics industrial facility, Pittston, Pennsylvania
Real Estate Acquisitions
Contract Purchase Price								11,750
Third Party Real Estate Acquisition Costs, Capitalized								199
New mortgage debt					$ 7,200
Corporate Woods industrial facility, Ankeny, Iowa
Real Estate Acquisitions
Contract Purchase Price								14,700
Third Party Real Estate Acquisition Costs, Capitalized								29
New mortgage debt						$ 8,820
Dufresne Spencer Group industrial facility, Memphis, Tennessee
Real Estate Acquisitions
Contract Purchase Price								8,000
Third Party Real Estate Acquisition Costs, Capitalized								$ 87

REAL ESTATE INVESTMENTS AND M_4

REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS - Purchase Price Allocation (Details)	12 Months Ended			24 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2018USD ($)property
Allocation of purchase price
Land	$ 11,318,000	$ 3,531,000		$ 11,318,000
Building	65,029,000	35,297,000		65,029,000
Building Improvements	2,015,000	858,000		2,015,000
Intangible Lease Asset	4,435,000	4,009,000		4,435,000
Intangible Lease Liability	(2,507,000)	(158,000)		(2,507,000)
Total	$ 80,290,000	$ 43,537,000		80,290,000
Weighted average amortization period for intangible lease assets	6 years 9 months 18 days	6 years 9 months 18 days
Weighted average amortization period for intangible lease liabilities	11 years 4 months 24 days	12 years 2 months 12 days
Above market lease accumulated amortization	$ 16,503,000	$ 17,542,000		16,503,000
Below market lease accumulated amortization	7,378,000	7,849,000		$ 7,378,000
Net rental income due to amortization of the above/below market leases	1,849,000	897,000	$ 712,000
Amortization expense relating to origination costs	7,175,000	4,984,000	$ 3,612,000
Write-offs of properties	2,743,000	884,000
Number of properties at which tenant filed bankruptcy | property				4
Campania International/U.S. Tape industrial facility, Pennsburg, Pennsylvania
Allocation of purchase price
Land	1,776,000			$ 1,776,000
Building	10,398,000			10,398,000
Building Improvements	727,000			727,000
Total	12,901,000			12,901,000
Plymouth Industries industrial facility, Plymouth, Minnesota
Allocation of purchase price
Land	1,121,000			1,121,000
Building	4,306,000			4,306,000
Building Improvements	123,000			123,000
Total	5,550,000			5,550,000
Applied Control Industrial Facility, Eaglewood, Colorado
Allocation of purchase price
Land	1,562,000			1,562,000
Building	11,027,000			11,027,000
Building Improvements	273,000			273,000
Total	12,862,000			12,862,000
Xerimis industrial facility, Moorestown, New Jersey
Allocation of purchase price
Land	1,822,000			1,822,000
Building	4,899,000			4,899,000
Building Improvements	157,000			157,000
Intangible Lease Asset	707,000			707,000
Intangible Lease Liability	(88,000)			(88,000)
Total	7,497,000			7,497,000
Multi-tenant industrial facility, Moorestown, New Jersey
Allocation of purchase price
Land	1,443,000			1,443,000
Building	10,670,000			10,670,000
Building Improvements	228,000			228,000
Intangible Lease Asset	1,469,000			1,469,000
Intangible Lease Liability	(202,000)			(202,000)
Total	13,608,000			13,608,000
Men's Warehouse industrial facility, Bakersfield, California
Allocation of purchase price
Land	1,988,000			1,988,000
Building	9,696,000			9,696,000
Building Improvements	300,000			300,000
Intangible Lease Asset	1,127,000			1,127,000
Intangible Lease Liability	(2,198,000)			(2,198,000)
Total	10,913,000			10,913,000
Dufresne Spencer Group industrial facility, Green Park, Missouri
Allocation of purchase price
Land	1,420,000			1,420,000
Building	7,696,000			7,696,000
Building Improvements	137,000			137,000
Intangible Lease Asset	810,000			810,000
Total	10,063,000			10,063,000
Transcendia industrial facility, Greenville, South Carolina
Allocation of purchase price
Land	186,000			186,000
Building	6,337,000			6,337,000
Building Improvements	70,000			70,000
Intangible Lease Asset	322,000			322,000
Intangible Lease Liability	(19,000)			(19,000)
Total	$ 6,896,000			$ 6,896,000
Forbo industrial facility, Huntersville, North Carolina
Allocation of purchase price
Land		1,046,000
Building		6,452,000
Building Improvements		222,000
Intangible Lease Asset		1,052,000
Total		8,772,000
Saddle Creek Logistics industrial facility, Pittston, Pennsylvania
Allocation of purchase price
Land		999,000
Building		9,675,000
Building Improvements		247,000
Intangible Lease Asset		1,028,000
Total		11,949,000
Corporate Woods industrial facility, Ankeny, Iowa
Allocation of purchase price
Land		1,351,000
Building		11,420,000
Building Improvements		187,000
Intangible Lease Asset		1,929,000
Intangible Lease Liability		(158,000)
Total		14,729,000
Dufresne Spencer Group industrial facility, Memphis, Tennessee
Allocation of purchase price
Land		135,000
Building		7,750,000
Building Improvements		202,000
Total		$ 8,087,000

REAL ESTATE INVESTMENTS AND M_5

REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS - Unamortized Balances of Intangible Lease Assets and Liabilities (Details) - Rental income, net $ in Thousands	Dec. 31, 2018USD ($)
Amortization of intangible lease liabilities - below market leases
2019	$ 1,668
2020	1,531
2021	1,492
2022	1,380
2023	984
Thereafter	6,958
Total	14,013
Intangible lease asset - above market lease
Amortization of intangible lease assets - above market leases
2019	677
2020	651
2021	645
2022	479
2023	286
Thereafter	956
Total	$ 3,694

REAL ESTATE INVESTMENTS AND M_6

REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS - Amortization of In-Place Lease Origination Costs (Details) - In-place leases $ in Thousands	Dec. 31, 2018USD ($)
Amortization of origination costs associated with in-place leases
2019	$ 3,733
2020	3,498
2021	3,376
2022	2,919
2023	2,414
Thereafter	6,907
Total	$ 22,847

REAL ESTATE INVESTMENTS AND M_7

REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS - Minimum Future Rents and Unbilled Rent Receivable (Details)	12 Months Ended			24 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2017USD ($)property	Sep. 30, 2018USD ($)
Minimum future contractual rents to be received
2019	$ 66,959,000
2020	66,691,000
2021	65,130,000
2022	56,444,000
2023	47,644,000
Thereafter	208,923,000
Total	511,791,000
Unbilled Rent Receivable
Unbilled rent receivable	$ 13,722,000	$ 14,125,000		$ 14,125,000
Period during which amount of unbilled rent receivable is to be billed and received	23 years
Unbilled straight-line rent receivable written off related to property sold	$ 45,000	105,000
Unbilled rent straight-line rent receivable written off related to tenant filed bankruptcy		$ 362,000	$ 7,000
Number of Properties with Tenants In Bankruptcy, Unbilled Straight-Line Rent Receivables | property				5
Unbilled straight-line rent receivable written off related to lease termination fees	74,000
Texas
Unbilled Rent Receivable
Allowance for doubtful collections of unbilled rent receivables					$ 1,440,000
Unbilled rent straight-line rent receivable written off related to tenant filed bankruptcy	$ 1,440,000

REAL ESTATE INVESTMENTS AND M_8

REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS - Lease Termination Fee (Details)	1 Months Ended
	Jul. 31, 2018USD ($)
Lease Termination Fee
Lease termination fee	$ 372,000
Additional rental income from write-off of unamortized intangible lease liability and unbilled rent receivable	804,000
Write-off of the unamortized intangible lease liability	878,000
Write-off of unbilled rent receivable	$ 74,000

SALES OF PROPERTIES (Details)

SALES OF PROPERTIES (Details) - USD ($)

Dec. 13, 2018

Sep. 14, 2018

Jan. 30, 2018

Nov. 14, 2017

Aug. 31, 2017

Jul. 14, 2017

May 08, 2017

Dec. 22, 2016

Jul. 05, 2016

Jun. 30, 2016

Jun. 15, 2016

May 19, 2016

Feb. 01, 2016

Sep. 30, 2017

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Nov. 30, 2017

SALES OF PROPERTIES

Impairment loss

$ 0

$ 153,000

Joe's Crab Shack restaurant Ann Arbor, Michigan

SALES OF PROPERTIES

Impairment loss

$ 153,000

Sale of real estate

SALES OF PROPERTIES

Gross Sales Price

27,659,000

27,050,000

$ 43,363,000

Gain (loss) on Sale of Real Estate, Net

$ 5,262,000

$ 9,837,000

10,087,000

Sale of real estate | Retail Property, Fort Bend, Texas

SALES OF PROPERTIES

Gross Sales Price

$ 9,200,000

Gain (loss) on Sale of Real Estate, Net

2,408,000

Sale of real estate | Land, Lakemoor, Illinois

SALES OF PROPERTIES

Gross Sales Price

$ 8,459,000

Gain (loss) on Sale of Real Estate, Net

4,585,000

Fixed rental payment received and recorded as deferred income

$ 5,717,000

$ 5,906,000

Sale of real estate | Retail Property, Lincoln Nebraska

SALES OF PROPERTIES

Gross Sales Price

$ 10,000,000

Gain (loss) on Sale of Real Estate, Net

$ (1,731,000)

Sale of real estate | Retail property, Greenwood Village, Colorado

SALES OF PROPERTIES

Gross Sales Price

$ 9,500,000

Gain (loss) on Sale of Real Estate, Net

$ 6,568,000

Sale of real estate | Retail Property, Kansas City, Missouri

SALES OF PROPERTIES

Gross Sales Price

$ 10,250,000

Gain (loss) on Sale of Real Estate, Net

$ 2,180,000

Sale of real estate | Retail Property, Niles Illinois

SALES OF PROPERTIES

Gross Sales Price

$ 5,000,000

Gain (loss) on Sale of Real Estate, Net

$ 1,089,000

Sale of real estate | Restaurant property, Ann Arbor, Michigan

SALES OF PROPERTIES

Gross Sales Price

$ 2,300,000

Sale of real estate | Portfolio of eight retail properties, Louisiana and Mississippi

SALES OF PROPERTIES

Gross Sales Price

$ 13,750,000

Gain (loss) on Sale of Real Estate, Net

$ 787,000

Sale of real estate | Retail property, Killeen, Texas

SALES OF PROPERTIES

Gross Sales Price

$ 3,100,000

Gain (loss) on Sale of Real Estate, Net

$ 980,000

Sale of real estate | Land, Sandy Springs, Georgia

SALES OF PROPERTIES

Gross Sales Price

$ 8,858,000

Gain (loss) on Sale of Real Estate, Net

$ 2,331,000

Sale of real estate | Industrial property, Tomlinson, Pennsylvania

SALES OF PROPERTIES

Gross Sales Price

$ 14,800,000

Gain (loss) on Sale of Real Estate, Net

$ 5,660,000

Sale of real estate | Retail property, Island Park, NY

SALES OF PROPERTIES

Gross Sales Price

$ 2,702,000

Gain (loss) on Sale of Real Estate, Net

$ 213,000

Sale of real estate | Properties excluding Partial condemnation of land, Greenwood Village, Colorado

SALES OF PROPERTIES

Gross Sales Price

43,210,000

Gain (loss) on Sale of Real Estate, Net

$ 9,971,000

Sale of real estate | Partial condemnation of land, Greenwood Village, Colorado

SALES OF PROPERTIES

Gross Sales Price

$ 153,000

Gain (loss) on Sale of Real Estate, Net

$ 116,000

Non-Controlling Interests in Consolidated Joint Ventures | Sale of real estate | Retail Property, Fort Bend, Texas

SALES OF PROPERTIES

Non-controlling interest's share of the gain

$ 776,000

Consolidated Joint Venture | Sale of real estate | Retail Property, Fort Bend, Texas | Disposal Group, Disposed of by Sale, Not Discontinued Operations

SALES OF PROPERTIES

Ownership interest in consolidated joint venture of the company (as a percent)

85.00%

ALLOWANCE FOR DOUBTFUL ACCOUN_2

ALLOWANCE FOR DOUBTFUL ACCOUNTS AND BAD DEBT EXPENSE (Details)	1 Months Ended	12 Months Ended			36 Months Ended
	Jul. 31, 2018USD ($)	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)	Dec. 31, 2018USD ($)tenant
ALLOWANCE FOR DOUBTFUL ACCOUNTS AND BAD DEBT EXPENSE
Aggregate bad debt expense relating to rental income, tenant reimbursements and unbilled rent receivable				$ 105,000
Balance in allowance for doubtful accounts		$ 0	$ 0		$ 0
Bad debt expense		684,000	$ 291,000	$ 98,000
Number of tenants in bankruptcy | tenant					5
Write-off of unbilled rent receivable	$ 74,000
Number of properties sold related to bad debt expense | property			3
Impairment loss		$ 0	$ 153,000
Number of remaining properties have no impairment | property		2
Net book value of properties		$ 18,143,000			$ 18,143,000

VARIABLE INTEREST ENTITIES, C_3

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITIES AND CONSOLIDATED JOINT VENTURES - Ground Leases (Details)	3 Months Ended								12 Months Ended
	Dec. 31, 2018USD ($)item	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2018USD ($)propertyitem	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)
Variable Interest Entities
Revenues	$ 20,270,000	$ 19,570,000	$ 19,752,000	$ 19,534,000	$ 19,894,000	$ 19,137,000	$ 18,413,000	$ 18,472,000	$ 79,126,000	$ 75,916,000	$ 70,588,000
VIE ground leases and aggregate carrying amount and maximum exposure to loss
Restricted cash	$ 1,106,000				443,000				1,106,000	443,000
Rental income, net
Variable Interest Entities
Revenues									$ 70,298,000	$ 68,244,000	64,164,000
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entities
Number of affiliated owner/operators | item	2								2
Variable Interest Entity, Not Primary Beneficiary | The Briarbrook Village Apartments, Wheaton, Illinois and Vue Apartments, Beachwood, Ohio
VIE ground leases and aggregate carrying amount and maximum exposure to loss
Land Contract Purchase Price									$ 24,426,000
Units in Apartment Complex | item									690
Owner/ Operator Mortgage from Third Party									$ 106,855,000
Carrying Amount and Maximum Exposure to Loss	$ 24,437,000								$ 24,437,000
Number of ground lease properties | property									2	2
Restricted cash	1,106,000				$ 443,000				$ 1,106,000	$ 443,000
Variable Interest Entity, Not Primary Beneficiary | The Briarbrook Village Apartments, Wheaton, Illinois
VIE ground leases and aggregate carrying amount and maximum exposure to loss
Land Contract Purchase Price									$ 10,530,000
Units in Apartment Complex | item									342
Owner/ Operator Mortgage from Third Party									$ 39,411,000
Restricted cash	356,000								356,000
Variable Interest Entity, Not Primary Beneficiary | The Briarbrook Village Apartments, Wheaton, Illinois | Land
VIE ground leases and aggregate carrying amount and maximum exposure to loss
Carrying Amount and Maximum Exposure to Loss	10,536,000								10,536,000
Variable Interest Entity, Not Primary Beneficiary | The Vue Apartments, Beachwood, Ohio
VIE ground leases and aggregate carrying amount and maximum exposure to loss
Land Contract Purchase Price									$ 13,896,000
Units in Apartment Complex | item									348
Owner/ Operator Mortgage from Third Party									$ 67,444,000
Security Deposit	750,000								750,000
Variable Interest Entity, Not Primary Beneficiary | The Vue Apartments, Beachwood, Ohio | Land
VIE ground leases and aggregate carrying amount and maximum exposure to loss
Carrying Amount and Maximum Exposure to Loss	$ 13,901,000								13,901,000
Variable Interest Entity, Not Primary Beneficiary | Rental income, net
Variable Interest Entities
Revenues									3,357,000	3,702,000	2,361,000
Variable Interest Entity, Not Primary Beneficiary | Rental income, net | Properties Located in Lakemoor, Illinois and Sandy Springs, Georgia
Variable Interest Entities
Revenues									$ 800,000	$ 1,125,000	$ 1,399,000

VARIABLE INTEREST ENTITIES, C_4

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITIES AND CONSOLIDATED JOINT VENTURES - Consolidated Joint Ventures (Details)		12 Months Ended
		Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)
Consolidated VIEs Carrying Amount of Assets and Liabilities
Land		$ 204,162,000	$ 209,320,000
Unbilled rent receivable		13,722,000	14,125,000
Unamortized intangible lease assets, net		26,541,000	30,525,000
Escrow, deposits, and other assets and receivables		8,023,000	6,630,000
Mortgages payable, net of unamortized deferred financing costs of $391 and $442, respectively		418,798,000	393,157,000
Accrued expenses and other liabilities		11,094,000	16,107,000
Unamortized intangible lease liabilities, net		14,013,000	17,551,000
Accumulated other comprehensive income (loss)		1,890,000	155,000
Non-controlling interests in consolidated joint ventures	[1]	$ 1,449,000	1,742,000
Consolidated Joint Venture-VIEs
Variable Interest Entities
Number of joint ventures with controlling interest | item		5
Consolidated VIEs Carrying Amount of Assets and Liabilities
Land		$ 14,722,000	17,844,000
Buildings and improvements, net of accumulated depreciation of $4,119 and $3,811, respectively		27,642,000	31,789,000
Accumulated depreciation		4,119,000	3,811,000
Cash		1,020,000	1,145,000
Unbilled rent receivable		1,211,000	1,011,000
Unamortized intangible lease assets, net		890,000	1,241,000
Escrow, deposits, and other assets and receivables		810,000	948,000
Mortgages payable, net of unamortized deferred financing costs of $391 and $442, respectively		26,850,000	32,252,000
Unamortized deferred financing costs		391,000	442,000
Accrued expenses and other liabilities		761,000	870,000
Unamortized intangible lease liabilities, net		1,694,000	2,015,000
Accumulated other comprehensive income (loss)		31,000	(1,000)
Non-controlling interests in consolidated joint ventures		$ 1,449,000	$ 1,742,000
Consolidated Joint Venture-VIEs | Minimum
Variable Interest Entities
Ownership interest in consolidated joint venture of the company (as a percent)		90.00%
Consolidated Joint Venture-VIEs | Maximum
Variable Interest Entities
Ownership interest in consolidated joint venture of the company (as a percent)		95.00%
Consolidated Joint Venture-VIEs | Retail Property, Fort Bend, Texas | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Sale of real estate
Variable Interest Entities
Ownership interest in consolidated joint venture of the company (as a percent)			85.00%
[1]	The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 7. The consolidated balance sheets include the following amounts related to the Company’s consolidated VIEs: $14,722 and $17,844 of land, $27,642 and $31,789 of building and improvements, net of $4,119 and $3,811 of accumulated depreciation, $3,931 and $4,345 of other assets included in other line items, $26,850 and $32,252 of real estate debt, net, $2,455 and $2,885 of other liabilities included in other line items, and $1,449 and $1,742 of non-controlling interests as of December 31, 2018 and 2017, respectively.

VARIABLE INTEREST ENTITIES, C_5

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITIES AND CONSOLIDATED JOINT VENTURES - MCB Real Estate, LLC (Details) - Consolidated Joint Venture-VIEs - MCB Real Estate, LLC and Affiliates	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)item
Consolidated VIEs Carrying Amount of Assets and Liabilities
Number of consolidated joint ventures | item	4	4
Investment in consolidated joint ventures | $	$ 9,891,000	$ 9,705,000

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Details)	Apr. 05, 2018USD ($)item	Jul. 31, 2018USD ($)	Dec. 31, 2018USD ($)propertyitem	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Investment in Unconsolidated Joint Ventures
Investment in unconsolidated joint ventures			$ 10,857,000	$ 10,723,000
Equity in earnings from sale of unconsolidated joint venture properties			2,057,000
Equity in earnings of unconsolidated joint ventures			$ 1,304,000	826,000	$ 1,005,000
Unconsolidated Joint Ventures
Investment in Unconsolidated Joint Ventures
Number of unconsolidated joint ventures | item			4
Number of properties owned and operated by each unconsolidated joint venture | property			1
Investment in unconsolidated joint ventures			$ 10,857,000	10,723,000
Equity in earnings from sale of unconsolidated joint venture properties			2,057,000
Equity in earnings of unconsolidated joint ventures			1,304,000	826,000	$ 1,005,000
Unconsolidated Joint Ventures | Wisconsin
Investment in Unconsolidated Joint Ventures
Net Proceeds from the sale of property in unconsolidated joint venture		$ 12,813,000
Repayment of mortgage		$ 6,970,000
Share of gain from the sale (as a percent)		50.00%
Equity in earnings from sale of unconsolidated joint venture properties		$ 1,986,000
Income related to the discontinuance of hedge accounting on a mortgage swap			110,000
Unconsolidated Joint Ventures | Georgia
Investment in Unconsolidated Joint Ventures
Net Proceeds from the sale of property in unconsolidated joint venture	$ 2,600,000
Share of gain from the sale (as a percent)	50.00%
Equity in earnings from sale of unconsolidated joint venture properties	$ 71,000
Acres of land retained | item	5
Unconsolidated Joint Ventures | New Jersey
Investment in Unconsolidated Joint Ventures
Income on write-off of an intangible lease liability			550,000
Unconsolidated Joint Ventures | MCB Real Estate, LLC and Affiliates
Investment in Unconsolidated Joint Ventures
Investment in unconsolidated joint ventures			$ 9,087,000	$ 8,245,000

DEBT OBLIGATIONS - Mortgages Pa

DEBT OBLIGATIONS - Mortgages Payable (Details)	12 Months Ended
	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)
Mortgages Payable
Mortgages payable, net	$ 418,798,000	$ 393,157,000
Aggregate gross carrying value of real estate investments	829,143,000	775,327,000
Accumulated depreciation	123,684,000	108,953,000
Mortgages payable
Mortgages Payable
Mortgages payable, gross	423,096,000	396,946,000
Unamortized deferred financing costs	(4,298,000)	(3,789,000)
Mortgages payable, net	$ 418,798,000	$ 393,157,000
Number of outstanding mortgages | item	70
Aggregate gross carrying value of real estate investments	$ 656,342,000
Accumulated depreciation	$ 97,012,000
Weighted average interest rate (as a percent)	4.26%	4.22%
Mortgages payable | Interest rate swap | Minimum
Mortgages Payable
Annual fixed interest rate (as a percent)	3.02%
Mortgages payable | Interest rate swap | Maximum
Mortgages Payable
Annual fixed interest rate (as a percent)	5.88%

DEBT OBLIGATIONS - Principal pa

DEBT OBLIGATIONS - Principal payments (Details) - Mortgages payable - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Scheduled principal repayments during the next five years
2019	$ 15,969,000
2020	13,777,000
2021	22,704,000
2022	45,823,000
2023	40,952,000
Thereafter	283,871,000
Total	$ 423,096,000	$ 396,946,000

DEBT OBLIGATIONS - Line of Cred

DEBT OBLIGATIONS - Line of Credit (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Mar. 08, 2019
Line of credit, net
Line of credit, net	$ 29,688,000	$ 8,776,000
Line of Credit
Line of Credit
Unused facility fee (as a percent)	0.25%
Interest rate during the period (as a percent)	3.73%	2.87%	2.23%
Line of credit, net
Line of credit, gross	$ 30,000,000	$ 9,400,000		$ 12,500,000
Unamortized deferred financing costs	(312,000)	(624,000)
Line of credit, net	29,688,000	$ 8,776,000
Line of Credit | Maximum
Line of Credit
Borrowing capacity	100,000,000
Borrowing capacity available for property improvements and working capital purposes	$ 15,000,000
Percentage of permitted borrowing base available for property improvements and working capital purposes	15.00%
Borrowing capacity available for working capital purposes	$ 10,000,000
Line of Credit | LIBOR
Line of Credit
Basis of interest rate	one month LIBOR
Spread on variable interest rate (as a percent)	1.75%	1.75%
Line of Credit | LIBOR | Minimum
Line of Credit
Spread on variable interest rate (as a percent)	1.75%
Line of Credit | LIBOR | Maximum
Line of Credit
Spread on variable interest rate (as a percent)	3.00%

FAIR VALUE MEASUREMENTS - Summa

FAIR VALUE MEASUREMENTS - Summary (Details)	Mar. 08, 2019USD ($)	Dec. 31, 2018USD ($)Yitem	Dec. 31, 2017USD ($)Yitem
Line of Credit
FAIR VALUE MEASUREMENTS
Line of credit, gross	$ 12,500,000	$ 30,000,000	$ 9,400,000
Mortgages payable
FAIR VALUE MEASUREMENTS
Estimated fair value of mortgages payable		420,396,000	397,103,000
Carrying value of mortgage loans		423,096,000	396,946,000
Excess of carrying value over fair value		$ 2,700,000
Excess of fair value over carrying value			$ 157,000
Mortgages payable | Blended market interest rate percentage
FAIR VALUE MEASUREMENTS
Long-term debt, measurement input | item		0.0441	0.0425
Mortgages payable | Remaining term to maturity
FAIR VALUE MEASUREMENTS
Long-term debt, measurement input | Y		8.7	8.7

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value on a Recurring Basis (Details) - Interest rate swap	12 Months Ended
	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)
Cash flow hedges
Interest rate derivatives
Number of interest rate derivatives held | item	27
Number of mortgage loans outstanding | item	27
Notional Amount	$ 117,348,000
Weighted average maturity	5 years 10 months 24 days
Weighted average annual interest rate (as a percent)	4.13%
Cash flow hedges | Minimum
Interest rate derivatives
Fixed Interest Rate (as a percent)	3.02%
Cash flow hedges | Maximum
Interest rate derivatives
Fixed Interest Rate (as a percent)	5.38%
Recurring | Level 2
Financial assets:
Derivative financial instruments	$ 2,399,000	$ 1,615,000
Financial liabilities:
Derivative financial instruments	$ 505,000	$ 1,492,000

FAIR VALUE MEASUREMENTS - Deriv

FAIR VALUE MEASUREMENTS - Derivative Financial Instruments, Gain (Loss) (Details)	12 Months Ended			36 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2018USD ($)item
Effects of the Company's derivative financial instruments on the consolidated statements of income
Amount of realized gain (loss) reclassified from Accumulated other comprehensive income to earnings	$ 110,000
Interest rate swap | Cash flow hedges
Effects of the Company's derivative financial instruments on the consolidated statements of income
Amount of gain (loss) recognized on derivatives in Other comprehensive income (loss)	1,870,000	$ (221,000)	$ 255,000
Amount of reclassification from Accumulated other comprehensive income into Interest expense	98,000	(1,786,000)	(2,624,000)
Number of interest rate swaps for which hedge accounting was discontinued | item				7
Amount of realized gain (loss) reclassified from Accumulated other comprehensive income to earnings	505,000	(201,000)	(178,000)
Amount of gain (loss) recognized with respect to effectiveness testing				$ 0
Additional amount to be reclassified during the next twelve months	401,000
Accrued interest on derivative in a liability position	8,000	53,000		8,000
Fair value of derivative in a liability position, including accrued interest but excluding adjustments for non-performance risk	554,000	1,638,000		554,000
Termination liability value	554,000	1,638,000		$ 554,000
Interest rate swap | Cash flow hedges | Accrued expenses and other liabilities
Effects of the Company's derivative financial instruments on the consolidated statements of income
Adjustments for non-performance risk	41,000	93,000
Unconsolidated Joint Ventures | Interest rate swap | Cash flow hedges
Effects of the Company's derivative financial instruments on the consolidated statements of income
Amount of gain (loss) recognized on derivatives in Other comprehensive income (loss)	69,000	15,000	(31,000)
Amount of reclassification from Accumulated other comprehensive income into Equity in earnings of unconsolidated joint ventures	$ 103,000	$ (61,000)	$ (95,000)

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	Jan. 01, 2016	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Unconsolidated Joint Ventures
Related Party Transaction
Aggregate fees paid to other partners			$ 169,000	$ 175,000	$ 176,000
Decrease in equity earnings, joint venture transaction			85,000	88,000	88,000
Majestic
Related Party Transaction
Fees under compensation and services agreement			2,745,000	2,673,000	2,504,000
Property management costs allocated to real estate expenses annually			1,226,000	1,154,000	1,057,000
Additional payment for the entity's share of all direct office expenses			216,000	216,000	196,000
Majestic | Net lease tenants
Related Party Transaction
Property management costs (as a percent)	1.50%
Majestic | Operating lease tenants
Related Party Transaction
Property management costs (as a percent)	2.00%
Executive officers and others
Related Party Transaction
Share based compensation charged to operations			1,765,000	1,539,000	1,480,000
Joint Venture Partners and Affiliates
Related Party Transaction
Real estate property management costs			107,000	143,000	185,000
Chairman | General and administrative expense
Related Party Transaction
Fee paid			276,000	276,000	262,500
Chairman | General and administrative expense | Forecast
Related Party Transaction
Agreed to pay		$ 289,000
Vice Chairman | General and administrative expense
Related Party Transaction
Fee paid			$ 110,000	$ 110,000	105,000
Vice Chairman | General and administrative expense | Forecast
Related Party Transaction
Agreed to pay		$ 116,000
Gould Investors L.P.
Related Party Transaction
Number of common stock owned by the related party			1,785,976	1,785,976
Ownership percentage held by the related party			9.20%	9.50%
Amount of insurance reimbursed			$ 912,000	$ 790,000	699,000
Gould Investors L.P. | Real estate expenses
Related Party Transaction
Insurance expense recognized of amounts reimbursed to related party			$ 877,000	$ 757,000	$ 645,000

STOCKHOLDERS' EQUITY - Stock Ba

STOCKHOLDERS' EQUITY - Stock Based Compensation (Details) - USD ($)	Jan. 10, 2019	Jun. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2010
Restricted stock
Summary of the activity of the incentive plans
Number of shares awarded			144,750	140,100	139,225
Average per share grant price (in dollars per share)			$ 25.31	$ 24.75	$ 21.74
Deferred compensation to be recognized over vesting period			$ 3,664,000	$ 3,467,000	$ 3,027,000
Number of non-vested shares:
Non-vested beginning of year (in shares)			612,900	591,750	538,755
Number of shares awarded			144,750	140,100	139,225
Vested during year (in shares)			(106,000)	(118,450)	(85,730)
Forfeitures (in shares)			(400)	(500)	(500)
Non-vested end of year (in shares)			651,250	612,900	591,750
Total charge to operations:
Share based compensation charged to operations			$ 3,028,000	$ 2,966,000	$ 2,692,000
Compensation costs related to non-vested awards that have not yet been recognized			$ 6,815,000
Approximate weighted average vesting period			2 years 1 month 6 days
RSUs
Stock Based Compensation
Percentage of units to be vested on satisfaction of performance criteria of average total stockholder return			50.00%
Percent of number of units to be vested on satisfaction of performance criteria related to average annual return on capital			50.00%
Summary of the activity of the incentive plans
Number of shares awarded			76,250	76,250
Average per share grant price (in dollars per share)			$ 26.41	$ 24.03
Deferred compensation to be recognized over vesting period			$ 952,000	$ 1,004,000
Number of non-vested shares:
Non-vested beginning of year (in shares)			76,250	200,000	200,000
Number of shares awarded			76,250	76,250
Vested during year (in shares)				(113,584)
Forfeitures (in shares)				(86,416)
Non-vested end of year (in shares)			152,500	76,250	200,000
Total charge to operations:
Share based compensation charged to operations			$ 482,000	$ 167,000	$ 291,000
Compensation costs related to non-vested awards that have not yet been recognized			$ 1,290,000
Approximate weighted average vesting period			2 years
Restricted stock and RSU grants
Restricted stock and RSU grants:
Weighted average per share value of non-vested shares (based on grant price) (in dollars per share)			$ 23.83	$ 22.89	$ 17.95
Value of stock vested during the year (based on grant price)			$ 2,289,000	$ 3,008,000	$ 1,451,500
Weighted average per share value of shares forfeited during the year (based on grant price) (in dollars per share)			$ 23.59	$ 8.37	$ 21.05
Total charge to operations:
Share based compensation charged to operations			$ 3,510,000	$ 3,133,000	$ 2,983,000
TSR awards
Stock Based Compensation
Expected life			3 years	3 years
Dividend rate			6.82%	7.16%
Risk-free interest rate minimum			2.18%	1.14%
Risk-free interest rate maximum			2.70%	1.64%
Expected price volatility minimum			22.29%	16.57%
Expected price volatility maximum			25.99%	19.16%
2016 Incentive Plan
Stock Based Compensation
Maximum number of shares authorized for issuance			750,000
2016 Incentive Plan | Restricted stock
Stock Based Compensation
Number of shares issued	150,050		284,850
Shares vested pursuant to Plan			3,000
Aggregate value of restricted shares granted	$ 3,856,000
Number of non-vested shares:
Forfeitures (in shares)			(300)
2016 Incentive Plan | RSUs
Stock Based Compensation
Number of shares issued			152,500
2012 Equity Incentive Plan
Stock Based Compensation
Number of shares issued			500,700
Additional awards authorized			0
Shares forfeited pursuant to Plan			3,550
Shares vested pursuant to Plan			127,450
2009 Incentive Plan | RSUs
Summary of the activity of the incentive plans
Number of shares awarded						200,000
Number of non-vested shares:
Number of shares awarded						200,000
Vested during year (in shares)		(113,584)		(113,584)
Forfeitures (in shares)				(86,416)
Pay-for-performance program | RSUs | 2017 awards | General and administrative expense
Summary of the activity of the incentive plans
Deferred compensation to be recognized over vesting period			$ 915,000
Pay-for-performance program | RSUs | 2018 awards | General and administrative expense
Summary of the activity of the incentive plans
Deferred compensation to be recognized over vesting period			$ 952,000

STOCKHOLDERS' EQUITY - Common S

STOCKHOLDERS' EQUITY - Common Stock Dividend Distributions (Details) - USD ($)	Mar. 11, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Stockholders' Equity
Cash distributions declared per share of common stock (in dollars per share)	$ 0.45	$ 1.80	$ 1.74	$ 1.66
Quarterly cash dividend declared	$ 8,800,000	$ 34,652,000	$ 32,391,000	$ 29,136,000
Dividend Reinvestment Plan
Common shares issued under Dividend Reinvestment Plan		243,000	198,000	142,000
Shares Issued Through Equity Offering Program
Number of shares sold (in shares)		126,300	231,000
Proceeds from sale of shares, net of commission and before offering costs		$ 3,245,000	$ 5,758,000
Payment of commissions on sale of shares		33,000	58,000
Payment of Offering Costs on Sale of Shares		$ 107,000	$ 188,000
Maximum
Dividend Reinvestment Plan
Discount rate (as a percent)		5.00%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	12 Months Ended
	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Commitments
Pension expense	$ 295,000	$ 275,000	$ 273,000
Annual fixed leasehold rent through July 2019	371,094
Annual fixed leasehold rent thereafter through March 3, 2020	$ 463,867
Number of 5-year extension options | item	5
Lease extension period for the first five renewal options	5 years
Number of seven month extension options | item	1
Lease extension period for the last renewal option	7 months
Building Located In Hauppauge New York | Building expansion and improvements
Commitments
Contractual obligation	$ 791,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
INCOME TAXES
Period of disqualification of REIT status	4 years
Capital gain distributions (as a percent)	12.00%	17.00%	27.00%
Reconciliation between cash dividends paid and dividends paid deduction
Dividends paid	$ 34,652	$ 32,393	$ 29,135
Dividend reinvestment plan	314	252	181
Dividends before adjustments	34,966	32,645	29,316
Less: Spillover dividends designated to previous year	(10,263)	(11,916)	(15,209)
Less: Spillover dividends designated to following year	(285)
Plus: Dividends designated from following year		10,263	11,916
Dividends paid deduction	$ 24,418	$ 30,992	$ 26,023
Maximum
Reconciliation between cash dividends paid and dividends paid deduction
Percentage of discount on common stock purchased through the dividend reinvestment plan	5.00%

QUARTERLY FINANCIAL DATA (Una_3

QUARTERLY FINANCIAL DATA (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
QUARTERLY FINANCIAL DATA (Unaudited)
Total revenues	$ 20,270	$ 19,570	$ 19,752	$ 19,534	$ 19,894	$ 19,137	$ 18,413	$ 18,472	$ 79,126	$ 75,916	$ 70,588
Gain (loss) on sale of real estate, net	(1,731)	4,585		2,408		3,269	6,568		5,262	9,837
Net income	183	10,182	4,546	6,653	4,242	7,128	9,993	2,886	21,564	24,249	24,481
Net income attributable to One Liberty Properties, Inc.	$ 150	$ 10,147	$ 4,517	$ 5,851	$ 4,205	$ 7,105	$ 9,972	$ 2,865	$ 20,665	$ 24,147	$ 24,422
Weighted average number of common shares outstanding:
Basic (in shares)	18,733	18,646	18,519	18,396	18,198	18,000	17,824	17,751	18,575	17,944	16,768
Diluted (in shares)	18,748	18,705	18,593	18,434	18,269	18,079	17,938	17,865	18,588	18,047	16,882
Net income (loss) per common share attributable to common stockholders:
Basic (in dollars per share)	$ (0.01)	$ 0.53	$ 0.23	$ 0.30	$ 0.22	$ 0.38	$ 0.54	$ 0.15	$ 1.05	$ 1.29	$ 1.40
Diluted (in dollars per share)	$ (0.01)	$ 0.52	$ 0.23	$ 0.30	$ 0.22	$ 0.38	$ 0.54	$ 0.15	$ 1.05	$ 1.28	$ 1.39

Schedule III - Consolidated R_2

Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details)	12 Months Ended
	Dec. 31, 2018USD ($)propertyitem	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	$ 423,096,000
Initial Cost To Company
Land	204,162,000
Buildings and Improvements	589,307,000
Costs Capitalized Subsequent to Acquisition
Improvements	35,674,000
Gross Amount at Which Carried at December 31, 2018
Land	204,162,000
Buildings and Improvements	624,981,000
Total	829,143,000	$ 775,327,000	$ 748,065,000	$ 662,182,000
Accumulated Depreciation	$ 123,684,000	$ 108,953,000	$ 96,852,000	$ 87,801,000
Minimum
Other disclosure
Estimated useful lives of buildings and improvements	3 years
Maximum
Other disclosure
Estimated useful lives of buildings and improvements	40 years
Retail - Furniture
Other disclosure
Number of properties covered by one master lease and one loan secured by cross - collateralized mortgages | property	11
Number of states in which properties covered by one master lease and one loan secured by cross - collateralized mortgages are located | item	6
Retail - Office Supply
Other disclosure
Number of properties net leased to same tenant pursuant to separate leases | property	6
Number of properties containing cross default provisions | property	5
Number of states in which properties containing cross default provisions are located | item	6
Real Estate in Tucker, GA | Health & Fitness
Initial Cost To Company
Land	$ 807,000
Buildings and Improvements	3,027,000
Costs Capitalized Subsequent to Acquisition
Improvements	3,420,000
Gross Amount at Which Carried at December 31, 2018
Land	807,000
Buildings and Improvements	6,447,000
Total	7,254,000
Accumulated Depreciation	2,461,000
Real Estate in Hamilton, OH | Health & Fitness
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	4,682,000
Initial Cost To Company
Land	1,483,000
Buildings and Improvements	5,953,000
Gross Amount at Which Carried at December 31, 2018
Land	1,483,000
Buildings and Improvements	5,953,000
Total	7,436,000
Accumulated Depreciation	1,268,000
Real Estate in Secaucus, NJ | Health & Fitness
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	8,599,000
Initial Cost To Company
Land	5,449,000
Buildings and Improvements	9,873,000
Gross Amount at Which Carried at December 31, 2018
Land	5,449,000
Buildings and Improvements	9,873,000
Total	15,322,000
Accumulated Depreciation	1,502,000
Real Estate in Columbus, OH | Industrial
Initial Cost To Company
Land	435,000
Buildings and Improvements	1,703,000
Costs Capitalized Subsequent to Acquisition
Improvements	27,000
Gross Amount at Which Carried at December 31, 2018
Land	435,000
Buildings and Improvements	1,730,000
Total	2,165,000
Accumulated Depreciation	779,000
Real Estate in West Palm Beach, FL | Industrial
Initial Cost To Company
Land	181,000
Buildings and Improvements	724,000
Costs Capitalized Subsequent to Acquisition
Improvements	65,000
Gross Amount at Which Carried at December 31, 2018
Land	181,000
Buildings and Improvements	789,000
Total	970,000
Accumulated Depreciation	368,000
Real Estate in New Hyde Park, NY | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,493,000
Initial Cost To Company
Land	182,000
Buildings and Improvements	728,000
Costs Capitalized Subsequent to Acquisition
Improvements	281,000
Gross Amount at Which Carried at December 31, 2018
Land	182,000
Buildings and Improvements	1,009,000
Total	1,191,000
Accumulated Depreciation	413,000
Real Estate in Ronkonkoma, NY | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	5,708,000
Initial Cost To Company
Land	1,042,000
Buildings and Improvements	4,171,000
Costs Capitalized Subsequent to Acquisition
Improvements	2,898,000
Gross Amount at Which Carried at December 31, 2018
Land	1,042,000
Buildings and Improvements	7,069,000
Total	8,111,000
Accumulated Depreciation	2,392,000
Real Estate in Hauppauge, NY | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	26,729,000
Initial Cost To Company
Land	1,951,000
Buildings and Improvements	10,954,000
Costs Capitalized Subsequent to Acquisition
Improvements	8,773,000
Gross Amount at Which Carried at December 31, 2018
Land	1,951,000
Buildings and Improvements	19,727,000
Total	21,678,000
Accumulated Depreciation	5,844,000
Real Estate in Melville, NY | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,666,000
Initial Cost To Company
Land	774,000
Buildings and Improvements	3,029,000
Costs Capitalized Subsequent to Acquisition
Improvements	975,000
Gross Amount at Which Carried at December 31, 2018
Land	774,000
Buildings and Improvements	4,004,000
Total	4,778,000
Accumulated Depreciation	1,433,000
Real Estate in Saco, ME | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	5,568,000
Initial Cost To Company
Land	1,027,000
Buildings and Improvements	3,623,000
Costs Capitalized Subsequent to Acquisition
Improvements	2,050,000
Gross Amount at Which Carried at December 31, 2018
Land	1,027,000
Buildings and Improvements	5,673,000
Total	6,700,000
Accumulated Depreciation	1,204,000
Real Estate in Baltimore, MD | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	19,992,000
Initial Cost To Company
Land	6,474,000
Buildings and Improvements	25,282,000
Gross Amount at Which Carried at December 31, 2018
Land	6,474,000
Buildings and Improvements	25,282,000
Total	31,756,000
Accumulated Depreciation	7,611,000
Other disclosure
Reduction to cost of land and buildings	416,000
Real Estate in Durham, NC | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,705,000
Initial Cost To Company
Land	1,043,000
Buildings and Improvements	2,404,000
Costs Capitalized Subsequent to Acquisition
Improvements	28,000
Gross Amount at Which Carried at December 31, 2018
Land	1,043,000
Buildings and Improvements	2,432,000
Total	3,475,000
Accumulated Depreciation	539,000
Real Estate in Pinellas Park, FL | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,320,000
Initial Cost To Company
Land	1,231,000
Buildings and Improvements	1,669,000
Gross Amount at Which Carried at December 31, 2018
Land	1,231,000
Buildings and Improvements	1,669,000
Total	2,900,000
Accumulated Depreciation	311,000
Real Estate in Miamisburg, OH | Industrial
Initial Cost To Company
Land	165,000
Buildings and Improvements	1,348,000
Costs Capitalized Subsequent to Acquisition
Improvements	12,000
Gross Amount at Which Carried at December 31, 2018
Land	165,000
Buildings and Improvements	1,360,000
Total	1,525,000
Accumulated Depreciation	239,000
Real Estate 1 in Fort Mill, SC | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	8,034,000
Initial Cost To Company
Land	1,840,000
Buildings and Improvements	12,687,000
Costs Capitalized Subsequent to Acquisition
Improvements	55,000
Gross Amount at Which Carried at December 31, 2018
Land	1,840,000
Buildings and Improvements	12,742,000
Total	14,582,000
Accumulated Depreciation	1,923,000
Real Estate in Indianapolis, IN | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	5,764,000
Initial Cost To Company
Land	1,224,000
Buildings and Improvements	6,935,000
Gross Amount at Which Carried at December 31, 2018
Land	1,224,000
Buildings and Improvements	6,935,000
Total	8,159,000
Accumulated Depreciation	1,228,000
Real Estate 2 in Fort Mill, SC | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	24,353,000
Initial Cost To Company
Land	1,804,000
Buildings and Improvements	33,650,000
Gross Amount at Which Carried at December 31, 2018
Land	1,804,000
Buildings and Improvements	33,650,000
Total	35,454,000
Accumulated Depreciation	6,200,000
Real Estate in New Hope, MN | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	4,142,000
Initial Cost To Company
Land	881,000
Buildings and Improvements	6,064,000
Costs Capitalized Subsequent to Acquisition
Improvements	81,000
Gross Amount at Which Carried at December 31, 2018
Land	881,000
Buildings and Improvements	6,145,000
Total	7,026,000
Accumulated Depreciation	643,000
Real Estate 1 in Louisville, KY | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,291,000
Initial Cost To Company
Land	578,000
Buildings and Improvements	3,727,000
Costs Capitalized Subsequent to Acquisition
Improvements	4,000
Gross Amount at Which Carried at December 31, 2018
Land	578,000
Buildings and Improvements	3,731,000
Total	4,309,000
Accumulated Depreciation	372,000
Real Estate 2 in Louisville, KY | Industrial
Initial Cost To Company
Land	51,000
Buildings and Improvements	230,000
Gross Amount at Which Carried at December 31, 2018
Land	51,000
Buildings and Improvements	230,000
Total	281,000
Accumulated Depreciation	22,000
Real Estate in McCalla, AL | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	10,043,000
Initial Cost To Company
Land	1,588,000
Buildings and Improvements	14,682,000
Gross Amount at Which Carried at December 31, 2018
Land	1,588,000
Buildings and Improvements	14,682,000
Total	16,270,000
Accumulated Depreciation	1,295,000
Real Estate In St Louis, MO | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	11,386,000
Initial Cost To Company
Land	3,728,000
Buildings and Improvements	13,006,000
Costs Capitalized Subsequent to Acquisition
Improvements	695,000
Gross Amount at Which Carried at December 31, 2018
Land	3,728,000
Buildings and Improvements	13,701,000
Total	17,429,000
Accumulated Depreciation	1,197,000
Real Estate 1 in Greenville, SC | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	4,954,000
Initial Cost To Company
Land	693,000
Buildings and Improvements	6,893,000
Costs Capitalized Subsequent to Acquisition
Improvements	16,000
Gross Amount at Which Carried at December 31, 2018
Land	693,000
Buildings and Improvements	6,909,000
Total	7,602,000
Accumulated Depreciation	503,000
Real Estate 2 in Greenville, SC | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	5,504,000
Initial Cost To Company
Land	528,000
Buildings and Improvements	8,074,000
Costs Capitalized Subsequent to Acquisition
Improvements	50,000
Gross Amount at Which Carried at December 31, 2018
Land	528,000
Buildings and Improvements	8,124,000
Total	8,652,000
Accumulated Depreciation	586,000
Real Estate in El Paso, TX | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	14,087,000
Initial Cost To Company
Land	3,691,000
Buildings and Improvements	17,904,000
Costs Capitalized Subsequent to Acquisition
Improvements	324,000
Gross Amount at Which Carried at December 31, 2018
Land	3,691,000
Buildings and Improvements	18,228,000
Total	21,919,000
Accumulated Depreciation	1,216,000
Real Estate in Lebanon, TN | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	21,288,000
Initial Cost To Company
Land	2,094,000
Buildings and Improvements	30,039,000
Costs Capitalized Subsequent to Acquisition
Improvements	14,000
Gross Amount at Which Carried at December 31, 2018
Land	2,094,000
Buildings and Improvements	30,053,000
Total	32,147,000
Accumulated Depreciation	1,782,000
Real Estate in Huntersville, NC | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	4,985,000
Initial Cost To Company
Land	1,046,000
Buildings and Improvements	6,674,000
Gross Amount at Which Carried at December 31, 2018
Land	1,046,000
Buildings and Improvements	6,674,000
Total	7,720,000
Accumulated Depreciation	286,000
Real Estate in Pittston, PA | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	6,964,000
Initial Cost To Company
Land	999,000
Buildings and Improvements	9,922,000
Costs Capitalized Subsequent to Acquisition
Improvements	250,000
Gross Amount at Which Carried at December 31, 2018
Land	999,000
Buildings and Improvements	10,172,000
Total	11,171,000
Accumulated Depreciation	417,000
Real Estate in Ankeny, IA | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	8,504,000
Initial Cost To Company
Land	1,351,000
Buildings and Improvements	11,607,000
Gross Amount at Which Carried at December 31, 2018
Land	1,351,000
Buildings and Improvements	11,607,000
Total	12,958,000
Accumulated Depreciation	459,000
Real Estate in Memphis, TN | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	5,106,000
Initial Cost To Company
Land	140,000
Buildings and Improvements	7,952,000
Gross Amount at Which Carried at December 31, 2018
Land	140,000
Buildings and Improvements	7,952,000
Total	8,092,000
Accumulated Depreciation	250,000
Real Estate in Pennsburg, PA | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	8,179,000
Initial Cost To Company
Land	1,776,000
Buildings and Improvements	11,126,000
Gross Amount at Which Carried at December 31, 2018
Land	1,776,000
Buildings and Improvements	11,126,000
Total	12,902,000
Accumulated Depreciation	244,000
Real Estate in Plymouth, MN | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	3,313,000
Initial Cost To Company
Land	1,121,000
Buildings and Improvements	4,429,000
Gross Amount at Which Carried at December 31, 2018
Land	1,121,000
Buildings and Improvements	4,429,000
Total	5,550,000
Accumulated Depreciation	63,000
Real Estate in Englewood, CO | Industrial
Initial Cost To Company
Land	1,562,000
Buildings and Improvements	11,300,000
Gross Amount at Which Carried at December 31, 2018
Land	1,562,000
Buildings and Improvements	11,300,000
Total	12,862,000
Accumulated Depreciation	61,000
Real Estate 1 in Moorestown, NJ | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	3,993,000
Initial Cost To Company
Land	1,822,000
Buildings and Improvements	5,056,000
Gross Amount at Which Carried at December 31, 2018
Land	1,822,000
Buildings and Improvements	5,056,000
Total	6,878,000
Accumulated Depreciation	17,000
Real Estate 2 in Moorestown, NJ | Industrial
Initial Cost To Company
Land	1,443,000
Buildings and Improvements	10,898,000
Gross Amount at Which Carried at December 31, 2018
Land	1,443,000
Buildings and Improvements	10,898,000
Total	12,341,000
Accumulated Depreciation	35,000
Real Estate in Bakersfield, CA | Industrial
Initial Cost To Company
Land	1,987,000
Buildings and Improvements	9,997,000
Gross Amount at Which Carried at December 31, 2018
Land	1,987,000
Buildings and Improvements	9,997,000
Total	11,984,000
Accumulated Depreciation	11,000
Real Estate in Green Park, MO | Industrial
Initial Cost To Company
Land	1,421,000
Buildings and Improvements	7,833,000
Gross Amount at Which Carried at December 31, 2018
Land	1,421,000
Buildings and Improvements	7,833,000
Total	9,254,000
Accumulated Depreciation	8,000
Real Estate 3 in Greenville, SC | Industrial
Initial Cost To Company
Land	186,000
Buildings and Improvements	6,407,000
Gross Amount at Which Carried at December 31, 2018
Land	186,000
Buildings and Improvements	6,407,000
Total	6,593,000
Accumulated Depreciation	7,000
Real Estate in Joppa MD | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	9,336,000
Initial Cost To Company
Land	3,815,000
Buildings and Improvements	8,142,000
Costs Capitalized Subsequent to Acquisition
Improvements	1,473,000
Gross Amount at Which Carried at December 31, 2018
Land	3,815,000
Buildings and Improvements	9,615,000
Total	13,430,000
Accumulated Depreciation	1,139,000
Real Estate in Brooklyn, NY | Office
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,971,000
Initial Cost To Company
Land	1,381,000
Buildings and Improvements	5,447,000
Costs Capitalized Subsequent to Acquisition
Improvements	2,874,000
Gross Amount at Which Carried at December 31, 2018
Land	1,381,000
Buildings and Improvements	8,321,000
Total	9,702,000
Accumulated Depreciation	3,856,000
Real Estate in Round Rock, TX | Other
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	13,518,000
Initial Cost To Company
Land	1,678,000
Buildings and Improvements	16,670,000
Gross Amount at Which Carried at December 31, 2018
Land	1,678,000
Buildings and Improvements	16,670,000
Total	18,348,000
Accumulated Depreciation	2,261,000
Real Estate in Wheaton, IL | Other
Initial Cost To Company
Land	10,536,000
Gross Amount at Which Carried at December 31, 2018
Land	10,536,000
Total	10,536,000
Real Estate in Beachwood, OH | Other
Initial Cost To Company
Land	13,901,000
Gross Amount at Which Carried at December 31, 2018
Land	13,901,000
Total	13,901,000
Real Estate 1 in Hauppauge, NY | Restaurant
Initial Cost To Company
Land	725,000
Buildings and Improvements	2,963,000
Gross Amount at Which Carried at December 31, 2018
Land	725,000
Buildings and Improvements	2,963,000
Total	3,688,000
Accumulated Depreciation	972,000
Real Estate in Palmyra, PA | Restaurant
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	712,000
Initial Cost To Company
Land	650,000
Buildings and Improvements	650,000
Gross Amount at Which Carried at December 31, 2018
Land	650,000
Buildings and Improvements	650,000
Total	1,300,000
Accumulated Depreciation	137,000
Real Estate 1 in Reading, PA | Restaurant
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	703,000
Initial Cost To Company
Land	655,000
Buildings and Improvements	625,000
Gross Amount at Which Carried at December 31, 2018
Land	655,000
Buildings and Improvements	625,000
Total	1,280,000
Accumulated Depreciation	132,000
Real Estate 2 in Reading, PA | Restaurant
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	692,000
Initial Cost To Company
Land	618,000
Buildings and Improvements	643,000
Gross Amount at Which Carried at December 31, 2018
Land	618,000
Buildings and Improvements	643,000
Total	1,261,000
Accumulated Depreciation	137,000
Real Estate in Hanover, PA | Restaurant
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	778,000
Initial Cost To Company
Land	736,000
Buildings and Improvements	686,000
Gross Amount at Which Carried at December 31, 2018
Land	736,000
Buildings and Improvements	686,000
Total	1,422,000
Accumulated Depreciation	144,000
Real Estate in Gettysburg, PA | Restaurant
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	798,000
Initial Cost To Company
Land	754,000
Buildings and Improvements	704,000
Gross Amount at Which Carried at December 31, 2018
Land	754,000
Buildings and Improvements	704,000
Total	1,458,000
Accumulated Depreciation	147,000
Real Estate in Trexlertown, PA | Restaurant
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	678,000
Initial Cost To Company
Land	800,000
Buildings and Improvements	439,000
Gross Amount at Which Carried at December 31, 2018
Land	800,000
Buildings and Improvements	439,000
Total	1,239,000
Accumulated Depreciation	92,000
Real Estate in Carrollton, GA | Restaurant
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,521,000
Initial Cost To Company
Land	796,000
Buildings and Improvements	1,458,000
Gross Amount at Which Carried at December 31, 2018
Land	796,000
Buildings and Improvements	1,458,000
Total	2,254,000
Accumulated Depreciation	293,000
Real Estate in Cartersville, GA | Restaurant
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,439,000
Initial Cost To Company
Land	786,000
Buildings and Improvements	1,346,000
Gross Amount at Which Carried at December 31, 2018
Land	786,000
Buildings and Improvements	1,346,000
Total	2,132,000
Accumulated Depreciation	288,000
Real Estate 1 in Kennesaw, GA | Restaurant
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,179,000
Initial Cost To Company
Land	702,000
Buildings and Improvements	916,000
Gross Amount at Which Carried at December 31, 2018
Land	702,000
Buildings and Improvements	916,000
Total	1,618,000
Accumulated Depreciation	183,000
Real Estate in Lawrenceville, GA | Restaurant
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,132,000
Initial Cost To Company
Land	866,000
Buildings and Improvements	899,000
Gross Amount at Which Carried at December 31, 2018
Land	866,000
Buildings and Improvements	899,000
Total	1,765,000
Accumulated Depreciation	224,000
Real Estate in Concord, NC | Restaurant
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,486,000
Initial Cost To Company
Land	999,000
Buildings and Improvements	1,076,000
Gross Amount at Which Carried at December 31, 2018
Land	999,000
Buildings and Improvements	1,076,000
Total	2,075,000
Accumulated Depreciation	175,000
Real Estate in Myrtle Beach, SC | Restaurant
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,486,000
Initial Cost To Company
Land	1,102,000
Buildings and Improvements	1,161,000
Gross Amount at Which Carried at December 31, 2018
Land	1,102,000
Buildings and Improvements	1,161,000
Total	2,263,000
Accumulated Depreciation	198,000
Real Estate in Greensboro, NC | Restaurant
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	3,167,000
Initial Cost To Company
Land	1,770,000
Buildings and Improvements	1,237,000
Gross Amount at Which Carried at December 31, 2018
Land	1,770,000
Buildings and Improvements	1,237,000
Total	3,007,000
Accumulated Depreciation	231,000
Real Estate in Richmond, VA | Restaurant
Initial Cost To Company
Land	1,680,000
Buildings and Improvements	1,341,000
Gross Amount at Which Carried at December 31, 2018
Land	1,680,000
Buildings and Improvements	1,341,000
Total	3,021,000
Accumulated Depreciation	166,000
Real Estate 1 in Indianapolis, IN | Restaurant
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	903,000
Initial Cost To Company
Land	853,000
Buildings and Improvements	1,465,000
Gross Amount at Which Carried at December 31, 2018
Land	853,000
Buildings and Improvements	1,465,000
Total	2,318,000
Accumulated Depreciation	211,000
Real Estate in Seattle, WA | Retail
Initial Cost To Company
Land	201,000
Buildings and Improvements	189,000
Costs Capitalized Subsequent to Acquisition
Improvements	35,000
Gross Amount at Which Carried at December 31, 2018
Land	201,000
Buildings and Improvements	224,000
Total	425,000
Accumulated Depreciation	149,000
Real Estate in Rosenberg, TX | Retail
Initial Cost To Company
Land	216,000
Buildings and Improvements	863,000
Costs Capitalized Subsequent to Acquisition
Improvements	66,000
Gross Amount at Which Carried at December 31, 2018
Land	216,000
Buildings and Improvements	929,000
Total	1,145,000
Accumulated Depreciation	526,000
Real Estate in Ft. Myers, FL | Retail
Initial Cost To Company
Land	1,013,000
Buildings and Improvements	4,054,000
Gross Amount at Which Carried at December 31, 2018
Land	1,013,000
Buildings and Improvements	4,054,000
Total	5,067,000
Accumulated Depreciation	2,242,000
Real Estate 1 in Houston, TX | Retail
Initial Cost To Company
Land	396,000
Buildings and Improvements	1,583,000
Costs Capitalized Subsequent to Acquisition
Improvements	30,000
Gross Amount at Which Carried at December 31, 2018
Land	396,000
Buildings and Improvements	1,613,000
Total	2,009,000
Accumulated Depreciation	843,000
Real Estate in Selden, NY | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,655,000
Initial Cost To Company
Land	572,000
Buildings and Improvements	2,287,000
Costs Capitalized Subsequent to Acquisition
Improvements	150,000
Gross Amount at Which Carried at December 31, 2018
Land	572,000
Buildings and Improvements	2,437,000
Total	3,009,000
Accumulated Depreciation	1,192,000
Real Estate in Batavia, NY | Retail
Initial Cost To Company
Land	515,000
Buildings and Improvements	2,061,000
Gross Amount at Which Carried at December 31, 2018
Land	515,000
Buildings and Improvements	2,061,000
Total	2,576,000
Accumulated Depreciation	1,024,000
Real Estate in Champaign, IL | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,500,000
Initial Cost To Company
Land	791,000
Buildings and Improvements	3,165,000
Costs Capitalized Subsequent to Acquisition
Improvements	315,000
Gross Amount at Which Carried at December 31, 2018
Land	791,000
Buildings and Improvements	3,480,000
Total	4,271,000
Accumulated Depreciation	1,644,000
Real Estate 1 in El Paso, TX | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	10,795,000
Initial Cost To Company
Land	2,821,000
Buildings and Improvements	11,123,000
Costs Capitalized Subsequent to Acquisition
Improvements	2,544,000
Gross Amount at Which Carried at December 31, 2018
Land	2,821,000
Buildings and Improvements	13,667,000
Total	16,488,000
Accumulated Depreciation	6,083,000
Real Estate in Somerville, MA | Retail
Initial Cost To Company
Land	510,000
Buildings and Improvements	1,993,000
Costs Capitalized Subsequent to Acquisition
Improvements	24,000
Gross Amount at Which Carried at December 31, 2018
Land	510,000
Buildings and Improvements	2,017,000
Total	2,527,000
Accumulated Depreciation	799,000
Real Estate in Newark, DE | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,635,000
Initial Cost To Company
Land	935,000
Buildings and Improvements	3,643,000
Costs Capitalized Subsequent to Acquisition
Improvements	43,000
Gross Amount at Which Carried at December 31, 2018
Land	935,000
Buildings and Improvements	3,686,000
Total	4,621,000
Accumulated Depreciation	1,415,000
Real Estate in Knoxville, TN | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	8,868,000
Initial Cost To Company
Land	2,290,000
Buildings and Improvements	8,855,000
Gross Amount at Which Carried at December 31, 2018
Land	2,290,000
Buildings and Improvements	8,855,000
Total	11,145,000
Accumulated Depreciation	3,275,000
Real Estate in Onalaska, WI | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	3,442,000
Initial Cost To Company
Land	753,000
Buildings and Improvements	3,099,000
Gross Amount at Which Carried at December 31, 2018
Land	753,000
Buildings and Improvements	3,099,000
Total	3,852,000
Accumulated Depreciation	1,094,000
Real Estate in Hyannis, MA | Retail
Initial Cost To Company
Land	802,000
Buildings and Improvements	2,324,000
Gross Amount at Which Carried at December 31, 2018
Land	802,000
Buildings and Improvements	2,324,000
Total	3,126,000
Accumulated Depreciation	637,000
Real Estate in Marston Mills, MA | Retail
Initial Cost To Company
Land	461,000
Buildings and Improvements	2,313,000
Gross Amount at Which Carried at December 31, 2018
Land	461,000
Buildings and Improvements	2,313,000
Total	2,774,000
Accumulated Depreciation	629,000
Real Estate in Everett, MA | Retail
Initial Cost To Company
Land	1,935,000
Gross Amount at Which Carried at December 31, 2018
Land	1,935,000
Total	1,935,000
Real Estate 2 in Kennesaw, GA | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	5,228,000
Initial Cost To Company
Land	1,501,000
Buildings and Improvements	4,349,000
Costs Capitalized Subsequent to Acquisition
Improvements	1,138,000
Gross Amount at Which Carried at December 31, 2018
Land	1,501,000
Buildings and Improvements	5,487,000
Total	6,988,000
Accumulated Depreciation	1,357,000
Real Estate in Royersford, PA | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	19,750,000
Initial Cost To Company
Land	19,538,000
Buildings and Improvements	3,150,000
Costs Capitalized Subsequent to Acquisition
Improvements	424,000
Gross Amount at Which Carried at December 31, 2018
Land	19,538,000
Buildings and Improvements	3,574,000
Total	23,112,000
Accumulated Depreciation	807,000
Real Estate in Monroeville, PA | Retail
Initial Cost To Company
Land	450,000
Buildings and Improvements	863,000
Gross Amount at Which Carried at December 31, 2018
Land	450,000
Buildings and Improvements	863,000
Total	1,313,000
Accumulated Depreciation	186,000
Real Estate 2 in Houston, TX | Retail
Initial Cost To Company
Land	1,962,000
Buildings and Improvements	1,540,000
Gross Amount at Which Carried at December 31, 2018
Land	1,962,000
Buildings and Improvements	1,540,000
Total	3,502,000
Accumulated Depreciation	359,000
Real Estate 3 in Houston, TX | Retail
Initial Cost To Company
Land	2,002,000
Buildings and Improvements	1,800,000
Gross Amount at Which Carried at December 31, 2018
Land	2,002,000
Buildings and Improvements	1,800,000
Total	3,802,000
Accumulated Depreciation	413,000
Real Estate in Bolingbrook, IL | Retail
Initial Cost To Company
Land	834,000
Buildings and Improvements	1,887,000
Costs Capitalized Subsequent to Acquisition
Improvements	101,000
Gross Amount at Which Carried at December 31, 2018
Land	834,000
Buildings and Improvements	1,988,000
Total	2,822,000
Accumulated Depreciation	429,000
Real Estate in Crystal Lake, IL | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,615,000
Initial Cost To Company
Land	615,000
Buildings and Improvements	1,899,000
Gross Amount at Which Carried at December 31, 2018
Land	615,000
Buildings and Improvements	1,899,000
Total	2,514,000
Accumulated Depreciation	459,000
Real Estate in Lawrence, KS | Retail
Initial Cost To Company
Land	134,000
Buildings and Improvements	938,000
Costs Capitalized Subsequent to Acquisition
Improvements	22,000
Gross Amount at Which Carried at December 31, 2018
Land	134,000
Buildings and Improvements	960,000
Total	1,094,000
Accumulated Depreciation	163,000
Real Estate 2 in Greensboro, NC | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,328,000
Initial Cost To Company
Land	1,046,000
Buildings and Improvements	1,552,000
Costs Capitalized Subsequent to Acquisition
Improvements	29,000
Gross Amount at Which Carried at December 31, 2018
Land	1,046,000
Buildings and Improvements	1,581,000
Total	2,627,000
Accumulated Depreciation	229,000
Real Estate in Highlands Ranch, CO | Retail
Initial Cost To Company
Land	2,361,000
Buildings and Improvements	2,924,000
Costs Capitalized Subsequent to Acquisition
Improvements	296,000
Gross Amount at Which Carried at December 31, 2018
Land	2,361,000
Buildings and Improvements	3,220,000
Total	5,581,000
Accumulated Depreciation	396,000
Real Estate in Woodbury, MN | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,876,000
Initial Cost To Company
Land	1,190,000
Buildings and Improvements	4,003,000
Gross Amount at Which Carried at December 31, 2018
Land	1,190,000
Buildings and Improvements	4,003,000
Total	5,193,000
Accumulated Depreciation	528,000
Real Estate in Cuyahoga Falls, OH | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,083,000
Initial Cost To Company
Land	71,000
Buildings and Improvements	1,371,000
Gross Amount at Which Carried at December 31, 2018
Land	71,000
Buildings and Improvements	1,371,000
Total	1,442,000
Accumulated Depreciation	92,000
Real Estate in Hilliard, OH | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	959,000
Initial Cost To Company
Land	300,000
Buildings and Improvements	1,077,000
Gross Amount at Which Carried at December 31, 2018
Land	300,000
Buildings and Improvements	1,077,000
Total	1,377,000
Accumulated Depreciation	73,000
Real Estate in Port Clinton, OH | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	928,000
Initial Cost To Company
Land	52,000
Buildings and Improvements	1,187,000
Gross Amount at Which Carried at December 31, 2018
Land	52,000
Buildings and Improvements	1,187,000
Total	1,239,000
Accumulated Depreciation	81,000
Real Estate in South Euclid, OH | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,052,000
Initial Cost To Company
Land	230,000
Buildings and Improvements	1,566,000
Gross Amount at Which Carried at December 31, 2018
Land	230,000
Buildings and Improvements	1,566,000
Total	1,796,000
Accumulated Depreciation	104,000
Real Estate in St Louis Park, MN | Retail
Initial Cost To Company
Land	3,388,000
Buildings and Improvements	13,088,000
Costs Capitalized Subsequent to Acquisition
Improvements	141,000
Gross Amount at Which Carried at December 31, 2018
Land	3,388,000
Buildings and Improvements	13,229,000
Total	16,617,000
Accumulated Depreciation	837,000
Real Estate in Deptford, NJ | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,645,000
Initial Cost To Company
Land	572,000
Buildings and Improvements	1,779,000
Costs Capitalized Subsequent to Acquisition
Improvements	705,000
Gross Amount at Which Carried at December 31, 2018
Land	572,000
Buildings and Improvements	2,484,000
Total	3,056,000
Accumulated Depreciation	657,000
Real Estate in Cape Girardeau, MO | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,150,000
Initial Cost To Company
Land	545,000
Buildings and Improvements	1,547,000
Gross Amount at Which Carried at December 31, 2018
Land	545,000
Buildings and Improvements	1,547,000
Total	2,092,000
Accumulated Depreciation	273,000
Real Estate in Clemmons, NC | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,865,000
Initial Cost To Company
Land	2,564,000
Buildings and Improvements	3,293,000
Gross Amount at Which Carried at December 31, 2018
Land	2,564,000
Buildings and Improvements	3,293,000
Total	5,857,000
Accumulated Depreciation	678,000
Real Estate in Littleton, CO | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	10,770,000
Initial Cost To Company
Land	6,005,000
Buildings and Improvements	11,272,000
Costs Capitalized Subsequent to Acquisition
Improvements	312,000
Gross Amount at Which Carried at December 31, 2018
Land	6,005,000
Buildings and Improvements	11,584,000
Total	17,589,000
Accumulated Depreciation	1,355,000
Real Estate 1 in West Hartford, CT | Retail - Supermarket
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	16,716,000
Initial Cost To Company
Land	9,296,000
Buildings and Improvements	4,813,000
Costs Capitalized Subsequent to Acquisition
Improvements	261,000
Gross Amount at Which Carried at December 31, 2018
Land	9,296,000
Buildings and Improvements	5,074,000
Total	14,370,000
Accumulated Depreciation	1,201,000
Real Estate 2 in West Hartford, CT | Retail - Supermarket
Initial Cost To Company
Land	2,881,000
Buildings and Improvements	94,000
Costs Capitalized Subsequent to Acquisition
Improvements	326,000
Gross Amount at Which Carried at December 31, 2018
Land	2,881,000
Buildings and Improvements	420,000
Total	3,301,000
Accumulated Depreciation	177,000
Real Estate in Philadelphia, PA | Retail - Supermarket
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	4,122,000
Initial Cost To Company
Land	1,793,000
Buildings and Improvements	5,640,000
Costs Capitalized Subsequent to Acquisition
Improvements	80,000
Gross Amount at Which Carried at December 31, 2018
Land	1,793,000
Buildings and Improvements	5,720,000
Total	7,513,000
Accumulated Depreciation	674,000
Real Estate 1 in Columbus, OH | Retail - Furniture
Initial Cost To Company
Land	1,445,000
Buildings and Improvements	5,431,000
Costs Capitalized Subsequent to Acquisition
Improvements	460,000
Gross Amount at Which Carried at December 31, 2018
Land	1,445,000
Buildings and Improvements	5,891,000
Total	7,336,000
Accumulated Depreciation	3,062,000
Real Estate in Duluth, GA | Retail - Furniture
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,485,000
Initial Cost To Company
Land	778,000
Buildings and Improvements	3,436,000
Gross Amount at Which Carried at December 31, 2018
Land	778,000
Buildings and Improvements	3,436,000
Total	4,214,000
Accumulated Depreciation	1,092,000
Real Estate in Fayetteville, GA | Retail - Furniture
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,864,000
Initial Cost To Company
Land	976,000
Buildings and Improvements	4,308,000
Gross Amount at Which Carried at December 31, 2018
Land	976,000
Buildings and Improvements	4,308,000
Total	5,284,000
Accumulated Depreciation	1,369,000
Real Estate in Wichita, KS | Retail - Furniture
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,270,000
Initial Cost To Company
Land	1,189,000
Buildings and Improvements	5,248,000
Gross Amount at Which Carried at December 31, 2018
Land	1,189,000
Buildings and Improvements	5,248,000
Total	6,437,000
Accumulated Depreciation	1,668,000
Real Estate in Lexington, KY | Retail - Furniture
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,526,000
Initial Cost To Company
Land	800,000
Buildings and Improvements	3,532,000
Gross Amount at Which Carried at December 31, 2018
Land	800,000
Buildings and Improvements	3,532,000
Total	4,332,000
Accumulated Depreciation	1,122,000
Real Estate in Bluffton, SC | Retail - Furniture
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,124,000
Initial Cost To Company
Land	589,000
Buildings and Improvements	2,600,000
Gross Amount at Which Carried at December 31, 2018
Land	589,000
Buildings and Improvements	2,600,000
Total	3,189,000
Accumulated Depreciation	826,000
Real Estate in Amarillo, TX | Retail - Furniture
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,642,000
Initial Cost To Company
Land	860,000
Buildings and Improvements	3,810,000
Gross Amount at Which Carried at December 31, 2018
Land	860,000
Buildings and Improvements	3,810,000
Total	4,670,000
Accumulated Depreciation	1,210,000
Real Estate in Austin, TX | Retail - Furniture
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	3,029,000
Initial Cost To Company
Land	1,587,000
Buildings and Improvements	7,010,000
Gross Amount at Which Carried at December 31, 2018
Land	1,587,000
Buildings and Improvements	7,010,000
Total	8,597,000
Accumulated Depreciation	2,227,000
Real Estate in Tyler, TX | Retail - Furniture
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,968,000
Initial Cost To Company
Land	1,031,000
Buildings and Improvements	4,554,000
Gross Amount at Which Carried at December 31, 2018
Land	1,031,000
Buildings and Improvements	4,554,000
Total	5,585,000
Accumulated Depreciation	1,447,000
Real Estate in Newport News, VA | Retail - Furniture
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,434,000
Initial Cost To Company
Land	751,000
Buildings and Improvements	3,316,000
Gross Amount at Which Carried at December 31, 2018
Land	751,000
Buildings and Improvements	3,316,000
Total	4,067,000
Accumulated Depreciation	1,054,000
Real Estate 1 in Richmond, VA | Retail - Furniture
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,654,000
Initial Cost To Company
Land	867,000
Buildings and Improvements	3,829,000
Gross Amount at Which Carried at December 31, 2018
Land	867,000
Buildings and Improvements	3,829,000
Total	4,696,000
Accumulated Depreciation	1,217,000
Real Estate in Virginia Beach, VA | Retail - Furniture
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,630,000
Initial Cost To Company
Land	854,000
Buildings and Improvements	3,770,000
Gross Amount at Which Carried at December 31, 2018
Land	854,000
Buildings and Improvements	3,770,000
Total	4,624,000
Accumulated Depreciation	1,198,000
Real Estate in Gurnee, IL | Retail - Furniture
Initial Cost To Company
Land	834,000
Buildings and Improvements	3,635,000
Gross Amount at Which Carried at December 31, 2018
Land	834,000
Buildings and Improvements	3,635,000
Total	4,469,000
Accumulated Depreciation	1,117,000
Real Estate in Naples, FL | Retail - Furniture
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,010,000
Initial Cost To Company
Land	3,070,000
Buildings and Improvements	2,846,000
Costs Capitalized Subsequent to Acquisition
Improvements	189,000
Gross Amount at Which Carried at December 31, 2018
Land	3,070,000
Buildings and Improvements	3,035,000
Total	6,105,000
Accumulated Depreciation	784,000
Real Estate in Lake Charles, LA | Retail - Office Supply
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	4,994,000
Initial Cost To Company
Land	1,167,000
Buildings and Improvements	4,669,000
Costs Capitalized Subsequent to Acquisition
Improvements	599,000
Gross Amount at Which Carried at December 31, 2018
Land	1,167,000
Buildings and Improvements	5,268,000
Total	6,435,000
Accumulated Depreciation	2,187,000
Real Estate 1 in Athens, GA | Retail - Office Supply
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,697,000
Initial Cost To Company
Land	1,130,000
Buildings and Improvements	4,340,000
Gross Amount at Which Carried at December 31, 2018
Land	1,130,000
Buildings and Improvements	4,340,000
Total	5,470,000
Accumulated Depreciation	1,587,000
Real Estate in Chicago, IL | Retail - Office Supply
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	3,637,000
Initial Cost To Company
Land	3,877,000
Buildings and Improvements	2,256,000
Gross Amount at Which Carried at December 31, 2018
Land	3,877,000
Buildings and Improvements	2,256,000
Total	6,133,000
Accumulated Depreciation	580,000
Real Estate in Cary, NC | Retail - Office Supply
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	3,068,000
Initial Cost To Company
Land	1,129,000
Buildings and Improvements	3,736,000
Gross Amount at Which Carried at December 31, 2018
Land	1,129,000
Buildings and Improvements	3,736,000
Total	4,865,000
Accumulated Depreciation	961,000
Real Estate in Eugene, OR | Retail - Office Supply
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,732,000
Initial Cost To Company
Land	1,952,000
Buildings and Improvements	2,096,000
Gross Amount at Which Carried at December 31, 2018
Land	1,952,000
Buildings and Improvements	2,096,000
Total	4,048,000
Accumulated Depreciation	539,000
Real Estate 2 in El Paso, TX | Retail - Office Supply
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,387,000
Initial Cost To Company
Land	1,035,000
Buildings and Improvements	2,700,000
Gross Amount at Which Carried at December 31, 2018
Land	1,035,000
Buildings and Improvements	2,700,000
Total	3,735,000
Accumulated Depreciation	695,000
Real Estate 1 in Greensboro, NC | Theatre
Initial Cost To Company
Buildings and Improvements	8,328,000
Costs Capitalized Subsequent to Acquisition
Improvements	3,000,000
Gross Amount at Which Carried at December 31, 2018
Buildings and Improvements	11,328,000
Total	11,328,000
Accumulated Depreciation	7,896,000
Real Estate 3 in Indianapolis, IN | Theatre
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	4,112,000
Initial Cost To Company
Land	3,099,000
Buildings and Improvements	5,225,000
Costs Capitalized Subsequent to Acquisition
Improvements	19,000
Gross Amount at Which Carried at December 31, 2018
Land	3,099,000
Buildings and Improvements	5,244,000
Total	8,343,000
Accumulated Depreciation	$ 591,000

Schedule III - Consolidated R_3

Schedule III - Consolidated Real Estate and Accumulated Depreciation - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investment in real estate:
Balance, beginning of year	$ 775,327	$ 748,065	$ 662,182
Addition: Land, buildings and improvements	86,117	47,207	121,564
Deduction: Properties sold/conveyed	(32,301)	(19,792)	(35,681)
Deduction: Impairment loss		(153)
Balance, end of year	829,143	775,327	748,065
Accumulated depreciation:
Balance, beginning of year	108,953	96,852	87,801
Addition: Depreciation	16,615	15,689	14,247
Deduction: Accumulated depreciation related to properties sold/conveyed	(1,884)	(3,588)	(5,196)
Balance, end of year	123,684	$ 108,953	$ 96,852
Other disclosure
Amount by which aggregate cost of the properties is higher for federal income tax purposes	$ 17,150