One Liberty Properties (OLP) 10-Q 6 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 01, 2018
Document and Entity Information
Entity Registrant Name	ONE LIBERTY PROPERTIES INC
Entity Central Index Key	712,770
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		19,288,127
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)		Jun. 30, 2018	Dec. 31, 2017
Real estate investments, at cost
Land		$ 209,101,000	$ 209,320,000
Buildings and improvements		583,991,000	566,007,000
Total real estate investments, at cost		793,092,000	775,327,000
Less accumulated depreciation		116,451,000	108,953,000
Real estate investments, net		676,641,000	666,374,000
Investment in unconsolidated joint ventures		11,214,000	10,723,000
Cash and cash equivalents		12,925,000	13,766,000
Restricted cash		416,000	443,000
Unbilled rent receivable		14,617,000	14,125,000
Unamortized intangible lease assets, net		27,931,000	30,525,000
Escrow, deposits and other assets and receivables		8,158,000	6,630,000
Total assets	[1]	751,902,000	742,586,000
Liabilities:
Mortgages payable, net of $3,758 and $3,789 of deferred financing costs, respectively		391,599,000	393,157,000
Line of credit, net of $468 and $624 of deferred financing costs, respectively		19,832,000	8,776,000
Dividends payable		8,652,000	8,493,000
Accrued expenses and other liabilities		13,504,000	16,107,000
Unamortized intangible lease liabilities, net		16,617,000	17,551,000
Total liabilities	[1]	450,204,000	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; 18,575 and 18,261 shares issued and outstanding		18,575,000	18,261,000
Paid-in capital		281,396,000	275,087,000
Accumulated other comprehensive income		3,913,000	155,000
Accumulated (distributions in excess of net income) undistributed net income		(3,608,000)	3,257,000
Total One Liberty Properties, Inc. stockholders' equity		300,276,000	296,760,000
Non-controlling interests in consolidated joint ventures	[1]	1,422,000	1,742,000
Total equity		301,698,000	298,502,000
Total liabilities and equity		$ 751,902,000	$ 742,586,000
[1]	The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 6. The consolidated balance sheets include the following amounts related to the Company’s consolidated VIEs: $14,722 and $17,844 of land, $28,145 and $31,789 of building and improvements, net of $3,615 and $3,811 of accumulated depreciation, $3,667 and $4,345 of other assets included in other line items, $27,411 and $32,252 of real estate debt, net, $2,386 and $2,885 of other liabilities included in other line items and $1,422 and $1,742 of non-controlling interests as of June 30, 2018 and December 31, 2017, respectively

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands		Jun. 30, 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		18,575	18,261
Common stock, shares outstanding		18,575	18,261
Land		$ 209,101	$ 209,320
Buildings and improvements		583,991	566,007
Accumulated depreciation		116,451	108,953
Non-controlling interests in consolidated joint ventures	[1]	1,422	1,742
Consolidated VIE entities
Deferred financing costs		423	442
Land		14,722	17,844
Buildings and improvements		28,145	31,789
Accumulated depreciation		3,615	3,811
Other assets		3,667	4,345
Real estate debt, net		27,411	32,252
Other liabilities		2,386	2,885
Non-controlling interests in consolidated joint ventures		1,422	1,742
Facility
Deferred financing costs		468	624
Mortgages payable
Deferred financing costs		$ 3,758	$ 3,789
[1]	The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 6. The consolidated balance sheets include the following amounts related to the Company’s consolidated VIEs: $14,722 and $17,844 of land, $28,145 and $31,789 of building and improvements, net of $3,615 and $3,811 of accumulated depreciation, $3,667 and $4,345 of other assets included in other line items, $27,411 and $32,252 of real estate debt, net, $2,386 and $2,885 of other liabilities included in other line items and $1,422 and $1,742 of non-controlling interests as of June 30, 2018 and December 31, 2017, respectively

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Total revenues	$ 19,752,000	$ 18,413,000	$ 39,286,000	$ 36,885,000
Operating expenses:
Depreciation and amortization	5,250,000	5,190,000	10,432,000	10,743,000
General and administrative (see Note 10 for related party information)	2,969,000	2,893,000	5,928,000	5,708,000
Real estate expenses (see Note 10 for related party information)	2,515,000	2,371,000	5,182,000	5,075,000
Federal excise and state taxes	154,000	224,000	227,000	312,000
Leasehold rent	77,000	77,000	154,000	154,000
Total operating expenses	10,965,000	10,755,000	21,923,000	21,992,000
Operating income	8,787,000	7,658,000	17,363,000	14,893,000
Other income and expenses:
Equity in earnings of unconsolidated joint ventures	348,000	206,000	543,000	451,000
Equity in earnings from sale of unconsolidated joint venture property	71,000		71,000
Other income	6,000	320,000	10,000	342,000
Interest:
Expense	(4,445,000)	(4,532,000)	(8,747,000)	(8,921,000)
Amortization and write-off of deferred financing costs	(221,000)	(227,000)	(449,000)	(454,000)
Income before gain on sale of real estate, net	4,546,000	3,425,000	8,791,000	6,311,000
Gain on sale of real estate, net		6,568,000	2,408,000	6,568,000
Net income	4,546,000	9,993,000	11,199,000	12,879,000
Net income attributable to non-controlling interests	(29,000)	(21,000)	(831,000)	(42,000)
Net income attributable to One Liberty Properties, Inc.	$ 4,517,000	$ 9,972,000	$ 10,368,000	$ 12,837,000
Weighted average number of common shares outstanding:
Basic (in shares)	18,519	17,824	18,458	17,788
Diluted (in shares)	18,593	17,938	18,532	17,902
Basic (in dollars per share)	$ 0.23	$ 0.54	$ 0.53	$ 0.69
Diluted (in dollars per share)	0.23	0.54	0.53	0.69
Cash distributions declared per share of common stock	$ 0.45	$ 0.43	$ 0.90	$ 0.86
Rental income, net
Revenues:
Revenue	$ 17,718,000	$ 16,720,000	$ 35,308,000	$ 33,553,000
Tenant reimbursement
Revenues:
Revenue	$ 2,034,000	$ 1,693,000	$ 3,978,000	$ 3,332,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 4,546	$ 9,993	$ 11,199	$ 12,879
Other comprehensive gain (loss)
Net unrealized gain (loss) on derivative instruments	1,104	(510)	3,800	68
Reclassification of One Liberty Properties Inc.'s share of joint venture net realized gain on derivative instrument	(110)		(110)
One Liberty Properties Inc.'s share of joint venture net unrealized gain (loss) on derivative instruments	22	(5)	76	23
Other comprehensive gain (loss)	1,016	(515)	3,766	91
Comprehensive income	5,562	9,478	14,965	12,970
Net income attributable to non-controlling interests	(29)	(21)	(831)	(42)
Adjustment for derivative instruments attributable to non-controlling interests	(2)	2	(8)	(1)
Comprehensive income attributable to One Liberty Properties, Inc.	$ 5,531	$ 9,459	$ 14,126	$ 12,927

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Common Stock	Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Undistributed Net Income (Loss)	Accumulated distributions in excess of net income	Non-Controlling Interests in Consolidated Joint Ventures	Total
Balances at Dec. 31, 2016	$ 17,600	$ 262,511	$ (1,479)	$ 11,501		$ 1,794	$ 291,927
Distributions - common stock
Cash - $ 0.86 per share,$0.90 per share for the year ended June 30, 2017, 2018 respectively					$ (15,846)		(15,846)
Shares issued through equity offering program - net	32	617					649
Restricted stock vesting	118	(118)
Shares issued through dividend reinvestment plan	93	2,052					2,145
Distributions to non-controlling interests						(127)	(127)
Compensation expense - restricted stock		1,657					1,657
Net income				12,837		42	12,879
Other comprehensive income			90			1	91
Balances at Jun. 30, 2017	17,843	266,719	(1,389)	8,492		1,710	293,375
Balances at Dec. 31, 2017	18,261	275,087	155	3,257		1,742	298,502
Distributions - common stock
Cash - $ 0.86 per share,$0.90 per share for the year ended June 30, 2017, 2018 respectively					(17,233)		(17,233)
Shares issued through equity offering program - net	93	2,165					2,258
Restricted stock vesting	106	(106)
Shares issued through dividend reinvestment plan	115	2,568					2,683
Distributions to non-controlling interests						(1,159)	(1,159)
Compensation expense - restricted stock		1,682					1,682
Net income				$ 10,368		831	11,199
Other comprehensive income			3,758			8	3,766
Balances at Jun. 30, 2018	$ 18,575	$ 281,396	$ 3,913		$ (3,608)	$ 1,422	$ 301,698

CONSOLIDATED STATEMENTS OF CHA7

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Distributions - common stock, Cash per share (in dollars per share)	$ 0.45	$ 0.43	$ 0.90	$ 0.86

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net income	$ 11,199,000	$ 12,879,000
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of real estate, net	(2,408,000)	(6,568,000)
Loss on derivative instrument reclassified into interest expense		118,000
Increase in unbilled rent receivable	(537,000)	(344,000)
Write-off of unbilled rent receivable		362,000
Bad debt expense	0	310,000
Amortization and write-off of intangibles relating to leases, net	(488,000)	(422,000)
Amortization of restricted stock expense	1,682,000	1,657,000
Equity in earnings of unconsolidated joint ventures	(543,000)	(451,000)
Equity in earnings from sale of unconsolidated joint venture property	(71,000)
Distributions of earnings from unconsolidated joint ventures	88,000	396,000
Depreciation and amortization	10,432,000	10,743,000
Amortization and write-off of deferred financing costs	449,000	454,000
Payment of leasing commissions	(95,000)	(36,000)
Decrease in escrow, deposits, other assets and receivables	718,000	607,000
(Decrease) increase in accrued expenses and other liabilities	(1,627,000)	554,000
Net cash provided by operating activities	18,799,000	20,259,000
Cash flows from investing activities:
Purchase of real estate	(18,452,000)	(35,432,000)
Improvements to real estate	(5,991,000)	(643,000)
Net proceeds from sale of real estate	8,958,000	9,173,000
Distributions of capital from unconsolidated joint ventures		141,000
Net cash used in investing activities	(15,485,000)	(26,761,000)
Cash flows from financing activities:
Scheduled amortization payments of mortgages payable	(5,313,000)	(5,162,000)
Repayment of mortgages payable	(9,827,000)
Proceeds from mortgage financings	13,550,000	5,190,000
Proceeds from sale of common stock, net	2,258,000	649,000
Proceeds from bank line of credit	25,000,000	26,500,000
Repayment on bank line of credit	(14,100,000)	(10,000,000)
Issuance of shares through dividend reinvestment plan	2,683,000	2,145,000
(Payment) refund of financing costs	(262,000)	27,000
Distributions to non-controlling interests	(1,159,000)	(127,000)
Cash distributions to common stockholders	(17,074,000)	(15,718,000)
Net cash (used in) provided by financing activities	(4,244,000)	3,504,000
Net decrease in cash, cash equivalents and restricted cash	(930,000)	(2,998,000)
Cash, cash equivalents and restricted cash at beginning of year	14,668,000	18,450,000
Cash, cash equivalents and restricted cash at end of period	13,738,000	15,452,000
Supplemental disclosures of cash flow information:
Cash paid during the period for interest expense	$ 8,721,000	8,719,000
Supplemental schedule of non-cash investing and financing activities:
Purchase accounting allocation - intangible lease assets		4,008,000
Purchase accounting allocation - intangible lease liabilities		$ (158,000)

Organization and Background

Organization and Background	6 Months Ended
	Jun. 30, 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 (“REIT”). OLP acquires, owns and manages a geographically diversified portfolio consisting primarily of industrial, retail (including furniture stores and supermarkets), restaurant, health and fitness, and theater properties, many of which are subject to long-term net leases. As of June 30, 2018, OLP owns 120 properties, including five properties owned by consolidated joint ventures and five properties owned by unconsolidated joint ventures. The 120 properties are located in 30 states.

Summary Accounting Policies

Summary Accounting Policies	6 Months Ended
	Jun. 30, 2018
Summary Accounting Policies
Summary Accounting Policies	Note 2 — Summary Accounting Policies Principles of Consolidation/Basis of Preparation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments of a normal recurring nature necessary for fair presentation have been included. The results of operations for the three and six months ended June 30, 2018 and 2017 are not necessarily indicative of the results for the full year. These statements should be read in conjunction with the consolidated financial statements and related notes included in OLP’s Annual Report on Form 10-K for the year ended December 31, 2017. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. 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 and six months ended June 30, 2018 and 2017, 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 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. Reclassifications Certain amounts previously reported in the consolidated financial statements have been reclassified in the accompanying consolidated financial statements to conform to the current period’s presentation, primarily to change the presentation of restricted cash on the consolidated statement of cash flows for the six months ended June 30, 2017. The change was made because, 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): Six Months Ended As Reported As Adjusted Decrease in escrow, deposits, and other assets and receivables $ $ Increase in accrued expenses and other liabilities Net decrease in cash, cash equivalents and restricted cash ) ) Cash, cash equivalents and restricted cash at beginning of year Cash, cash equivalents and restricted cash at end of period 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): June 30, 2018 2017 Cash and cash equivalents $ $ Restricted cash Restricted cash included in escrow, deposits and other assets and receivables Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows $ $ Amounts included in restricted cash represent the cash reserve balance received from an owner/operator at one of the Company’s ground leases to cover certain unit renovation work (see Note 6). 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.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 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 period by the weighted average number of shares of common stock outstanding during the applicable period. Net income is also allocated to the unvested restricted stock outstanding during each period, as the unvested restricted stock is entitled to receive dividends and is therefore considered a participating security. As of June 30, 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 impact to the diluted weighted average number of shares of common stock related to the RSUs under the plans identified in the table below: Number of Three Months Ended Six Months Ended shares 2018 2017 2018 2017 2009 Incentive Plan — (a) — (a) 2016 Incentive Plan (b) (c) — (c) — (a) RSUs with respect to 113,584 shares vested in June 2017 and such shares were issued in August 2017. (b) Awarded on September 26, 2017. (c) Includes 36,120 shares that would be issued pursuant to a return on capital performance metric and 38,125 shares that would be issued pursuant to a stockholder return metric, assuming the end of the quarterly period was the June 30, 2020 vesting date. Excludes 2,005 shares subject to the capital performance metric as such metric was not met. See Note 13 for information regarding the Company’s equity incentive plans. The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts): Three Months Ended Six Months Ended 2018 2017 2018 2017 Numerator for basic and diluted earnings per share: Net income $ $ $ $ Less net income attributable to non-controlling interests ) ) ) ) Less earnings allocated to unvested restricted stock (a) ) ) ) ) Net income available for common stockholders: basic and diluted $ $ $ $ Denominator for basic earnings per share: Weighted average number of common shares Effect of dilutive securities: RSUs Denominator for diluted earnings per share: Weighted average number of shares Earnings per common share, basic $ .23 $ .54 $ .53 $ .69 Earnings per common share, diluted $ .23 $ .54 $ .53 $ .69 Net income attributable to One Liberty Properties, Inc. common stockholders, net of non-controlling interests $ $ $ $ (a) Represents an allocation of distributed earnings to unvested restricted stock which, as participating securities, are entitled to receive dividends.

Real Estate Acquisitions

Real Estate Acquisitions	6 Months Ended
	Jun. 30, 2018
Real Estate Acquisitions
Real Estate Acquisitions	Note 4 — Real Estate Acquisitions The following chart details the Company’s acquisitions of real estate during the six months ended June 30, 2018 (amounts in thousands): Description of Property Date Acquired Contract Terms of Capitalized Campania International/U.S. Tape industrial facility, Pennsburg, PA March 28, 2018 $ All cash $ Plymouth Industries, industrial facility, Plymouth, MN June 7, 2018 All cash Totals $ $ 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 chart details the allocation of the purchase price for the Company’s acquisitions of real estate during the six months ended June 30, 2018 (amounts in thousands): Building Description of Property Land Building Improvements Total Campania International/U.S. Tape industrial facility, Pennsburg, PA $ $ $ $ Plymouth Industries, industrial facility, Plymouth, MN Totals $ $ $ $

Sale of Property

Sale of Property	6 Months Ended
	Jun. 30, 2018
Sale of Property
Sale of Property	Note 5 — Sale of Property On January 1, 2018, the Company adopted ASU No. 2017-05, Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets , using the modified retrospective transition method . As leasing is the Company’s primary activity, the Company determined that its sales of real estate, which are nonfinancial assets, are sold to noncustomers and fall within the scope of ASC 610-20. The Company 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. On January 30, 2018, the Company sold a property located in Fort Bend, Texas, owned by a consolidated joint venture in which the Company held an 85% interest, for $8,958,000, net of closing costs, and paid off the $4,410,000 mortgage. This property accounted for 1.1% of the Company’s rental income, net, during each of the three and six months ended June 30, 2017. The sale resulted in a gain of $2,408,000 which was recorded as Gain on sale of real estate, net, in the consolidated statement of income for the six months ended June 30, 2018. The non-controlling interest’s share of the gain was $776,000. The Company determined it would recognize the full gain on the sale of the Fort Bend, Texas property in accordance with ASC 610-20 as the Company has no (i) controlling financial interest in the property and (ii) continuing interest or obligation with respect to the property sold.

Variable Interest Entities, Con

Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures	6 Months Ended
	Jun. 30, 2018
Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures
Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures	Note 6 — 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 three owner/operators (which are affiliated with one another) are VIEs because their equity investment at risk is insufficient to finance its 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 $941,000 and $1,947,000 for the three and six months ended June 30, 2018, respectively, and $917,000 and $1,804,000 for the three and six months ended June 30, 2017, respectively. The following chart details the VIEs through the Company’s ground leases and the aggregate carrying amount and maximum exposure to loss as of June 30, 2018 (dollars in thousands): Description of Property(a) Date Acquired Land # Units in Owner/ Type of Carrying The Meadows Apartments, March 24, 2015 $ $ (c) Land $ The Briarbrook Village Apartments, August 2, 2016 Land The Vue Apartments, August 16, 2016 Land Totals $ $ $ (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. (c) In November 2017, the owner/operator closed on a $7,556 supplemental mortgage (the original mortgage was for $43,824). In connection therewith, the Company agreed to subordinate its fee interest to this second mortgage in exchange for a payment by the owner/operator to the Company of $5,906 as a fixed rent payment which was recorded as deferred income and will be included in rental income over the term of the lease. The fixed rent payment balance was $5,762 and $5,870 at June 30, 2018 and December 31, 2017, respectively, and is included in Accrued expenses and other liabilities on the consolidated balance sheets. Pursuant to the terms of the ground lease for the Wheaton, Illinois property, 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. The related cash reserve balance for this property was $416,000 and $443,000 at June 30, 2018 and December 31, 2017, respectively, and is classified as Restricted cash on the consolidated balance sheets. Variable Interest Entity — Consolidated Joint Ventures With respect to the five consolidated joint ventures in which the Company holds between a 90% to 95% interest, the Company has determined such ventures are VIEs because the non-controlling interests do not hold substantive kick-out or participating rights. In each of these consolidated 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 consolidates 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): June 30, December 31, Land $ Buildings and improvements, net of accumulated depreciation of $3,615 and $3,811, respectively Cash Unbilled rent receivable Unamortized intangible lease assets, net Escrow, deposits and other assets and receivables Mortgages payable, net of unamortized deferred financing costs of $423 and $442, respectively Accrued expenses and other liabilities Unamortized intangible lease liabilities, net Accumulated other comprehensive income (loss) ) Non-controlling interests in consolidated joint ventures (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 June 30, 2018 and December 31, 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 $9,734,000 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	6 Months Ended
	Jun. 30, 2018
Investment in Unconsolidated Joint Ventures
Investment in Unconsolidated Joint Ventures	Note 7 — Investment in Unconsolidated Joint Ventures 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 property on the consolidated statements of income for the three and six months ended June 30, 2018. The unconsolidated joint venture retained approximately five acres of land at this property. At June 30, 2018 and December 31, 2017, the Company’s five unconsolidated joint ventures each owned and operated one property. The Company’s equity investment in such unconsolidated joint ventures at such dates totaled $11,214,000 and $10,723,000, respectively. In addition to the equity in earnings from the sale of property of $71,000 in 2018, the Company recorded equity in earnings of $348,000 and $543,000 for the three and six months ended June 30, 2018, respectively, and $206,000 and $451,000 for the three and six months ended June 30, 2017, respectively. Included in equity in earnings from unconsolidated joint ventures for the three and six months ended June 30, 2018 is $110,000 related to the discontinuance of hedge accounting on a mortgage swap related to an unconsolidated joint venture property, located in Milwaukee, Wisconsin, that was sold in July 2018 (see below and Note 14). At June 30, 2018, MCB is the Company’s joint venture partner in one of these unconsolidated joint ventures in which the Company has an equity investment of $8,408,000. On July 31, 2018, an unconsolidated joint venture sold its property located in Milwaukee, Wisconsin for approximately $12,800,000, net of closing costs and paid off the related $6,970,000 mortgage. The Company anticipates its 50% share of the gain from this sale will be approximately $2,000,000, which will be recognized in the three months ending September 30, 2018.

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts	6 Months Ended
	Jun. 30, 2018
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts	Note 8 — 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. At June 30, 2018 and December 31, 2017, there was no balance in allowance for doubtful accounts. The Company records bad debt expense as a reduction of rental income and/or tenant reimbursements. There was no bad debt expense in the three and six months ended June 30, 2018. During the three and six months ended June 30, 2017, the Company recorded bad debt expense of $15,000 and $310,000, respectively, related to tenant reimbursements due from former tenants that filed for Chapter 11 bankruptcy protection. In connection with these tenants, the Company wrote-off (i) $362,000 of unbilled straight-line rent receivable and $67,000 of unamortized intangible lease assets as a reduction to rental income and (ii) $884,000 of tenant origination costs as an increase to depreciation expense.

Debt Obligations

Debt Obligations	6 Months Ended
	Jun. 30, 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): June 30, December 31, Mortgages payable, gross $ $ Unamortized deferred financing costs ) ) Mortgages payable, net $ $ 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. At June 30, 2018 and 2017, the applicable margin was 175 basis points. An unused facility fee of .25% per annum applies to the facility. The average interest rate on the facility was approximately 3.54% and 2.67% for the six months ended June 30, 2018 and 2017, respectively. The Company was in compliance with all covenants at June 30, 2018. The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands): June 30, December 31, Line of credit, gross $ $ Unamortized deferred financing costs ) ) Line of credit, net $ $ At August 2, 2018, there was an outstanding balance of $3,300,000 (before unamortized deferred financing costs) under the facility.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2018
Related Party Transactions
Related Party Transactions	Note 10 — Related Party Transactions Compensation and Services Agreement Pursuant to the compensation and services agreement with Majestic Property Management Corp. (“Majestic”), the Company pays fees to Majestic and Majestic provides to the Company the services of all affiliated 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. 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 fee the Company pays Majestic is negotiated each year by Majestic and the Compensation and/or Audit Committees of the Company’s Board of Directors, and is approved by such committees and the independent directors. In consideration for the services described above, the Company paid Majestic $689,000 and $1,367,000 for the three and six months ended June 30, 2018 respectively, and $664,000 and $1,329,000 for the three and six months ended June 30, 2017, respectively. Included in these fees are $309,000 and $608,000 of property management costs for the three and six months ended June 30, 2018, respectively, and $284,000 and $570,000 for the three and six months ended June 30, 2017, respectively. The property management fee 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 property management fees with respect to properties managed by third parties. Majestic credits against the fees due to it under the compensation and services agreement any management or other fees 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 $54,000 and $108,000 in each of the three and six months ended June 30, 2018 and 2017, respectively, 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 any fees or expenses to Majestic for such services except for the fees described in this paragraph. 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 13). The related expense charged to the Company’s operations was $432,000 and $849,000 for the three and six months ended June 30, 2018, respectively, and $386,000 and $768,000 for the three and six months ended June 30, 2017, respectively. The fees paid under the compensation and services agreement (except for the property management fees 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 the three and six months ended June 30, 2018 and 2017. Joint Venture Partners and Affiliates The Company paid an aggregate of $22,000 and $65,000 for the three and six months ended June 30, 2018, respectively, and $33,000 and $82,000 for the three and six months ended June 30, 2017, respectively, to its consolidated joint venture partners or their affiliates (none of whom are officers, directors or employees of the Company) for property management fees, which are included in Real estate expenses on the consolidated statements of income. The Company’s unconsolidated joint ventures paid management fees of $45,000 and $96,000 for the three and six months ended June 30, 2018, respectively, and $42,000 and $87,000 for the three and six months ended June 30, 2017, respectively, to the other partner of the venture, which reduced Equity in earnings of $23,000 and $48,000 for the three and six months ended June 30, 2018, respectively, and $21,000 and $44,000 for the three and six months ended June 30, 2017, respectively. Other During 2018 and 2017, the Company paid quarterly fees of $69,000 to the Company’s chairman and $27,500 to the Company’s vice-chairman. These fees are included in General and administrative expenses on the consolidated statements of income. The Company obtains its property insurance in conjunction with Gould Investors L.P. (“Gould Investors”), a related party, and reimburses Gould Investors annually for the Company’s insurance cost relating to its properties. Included in Real estate expenses on the consolidated statements of income is insurance expense of $206,000 and $404,000 for the three and six months ended June 30, 2018, respectively, and $174,000 and $347,000 for the three and six months ended June 30, 2017, respectively of amounts reimbursed to Gould Investors in prior periods.

Common Stock Cash Dividend

Common Stock Cash Dividend	6 Months Ended
	Jun. 30, 2018
Common Stock Cash Dividend
Common Stock Cash Dividend	Note 11 — Common Stock Cash Dividend On June 13, 2018, the Board of Directors declared a quarterly cash dividend of $.45 per share on the Company’s common stock, totaling $8,652,000. The quarterly dividend was paid on July 6, 2018 to stockholders of record on June 25, 2018.

Shares Issued through Equity Of

Shares Issued through Equity Offering Program	6 Months Ended
	Jun. 30, 2018
Shares Issued through Equity Offering Program
Shares Issued through Equity Offering Program	Note 12 — Shares Issued through Equity Offering Program During the six months ended June 30, 2018, the Company sold 93,417 shares for proceeds of $2,303,000, net of commissions of $23,000, and incurred offering costs of $45,000 for professional fees.

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Jun. 30, 2018
Stock Based Compensation
Stock Based Compensation	Note 13 — 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 June 30, 2018, (i) restricted stock awards with respect to 284,850 shares had been issued, of which 200 shares were forfeited and 3,000 shares had vested, and (ii) as further described below, RSUs with respect to 76,250 shares had been issued and are outstanding. Under the Company’s 2012 Incentive Plan, as of June 30, 2018, 500,700 shares had been issued, of which 3,400 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 July 2018, the Company granted RSUs exchangeable for up to 76,250 shares of common stock upon satisfaction, through June 30, 2020 and June 30, 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 ROC Awards, 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. Based on performance and market assumptions, the total amount recorded as deferred compensation for the 2017 grant of RSUs is $1,005,000, and such sum will be charged to General and administrative expense over the three year performance cycle. None of these RSUs were forfeited or vested during the six months ended June 30, 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: Three Months Ended Six Months Ended 2018 2017 2018 2017 Restricted stock: Number of shares — — Average per share grant price — — $ $ Deferred compensation to be recognized over vesting period — — $ $ Number of non-vested shares: Non-vested beginning of period Grants — — Vested during period — ) ) ) Forfeitures ) — ) ) Non-vested end of period RSU grants: Number of underlying shares — — — — Average per share grant price — — — — Deferred compensation to be recognized over vesting period — — — — Number of non-vested shares: Non-vested beginning of period Grants — — — — Vested during period — ) — ) Forfeitures — ) — ) Non-vested end of period — — Restricted stock and RSU grants: Weighted average per share value of non-vested shares (based on grant price) $ $ $ $ Value of stock vested during the period (based on grant price) $ — $ $ $ Weighted average per share value of shares forfeited during the period (based on grant price) $ $ $ $ The total charge to operations: Outstanding restricted stock grants $ $ $ $ Outstanding RSUs Total charge to operations $ $ $ $ As of June 30, 2018, total compensation costs of $8,349,000 and $728,000 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 2.7 years for the restricted stock and 2.0 years for the RSUs.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2018
Fair Value Measurements
Fair Value Measurements	Note 14 — 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. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant 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 significantly on “unobservable” market inputs. 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 June 30, 2018, the $389,903,000 estimated fair value of the Company’s mortgages payable is less than their $395,357,000 carrying value (before unamortized deferred financing costs) by approximately $5,454,000 assuming a blended market interest rate of 4.50% based on the 8.5 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 June 30, 2018 and December 31, 2017, the carrying amount of the Company’s line of credit (before unamortized deferred financing costs) of $20,300,000 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 Fair Value Financial assets: Interest rate swaps June 30, 2018 $ December 31, 2017 Financial liabilities: Interest rate swaps June 30, 2018 $ December 31, 2017 The Company does not 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 June 30, 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 June 30, 2018, the Company had entered into 28 interest rate derivatives, all of which were interest rate swaps, related to 28 outstanding mortgage loans with an aggregate $131,103,000 notional amount and mature between 2019 and 2028 (weighted average remaining term to maturity of 6.6 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 4.13% at June 30, 2018). The fair values of the Company’s derivatives in asset and liability positions are reflected as other assets or other liabilities on the consolidated balance sheets. One of the Company’s unconsolidated joint ventures, in which a wholly-owned subsidiary of the Company is a 50% partner, had an interest rate derivative outstanding at June 30, 2018 which was designated as a cash flow hedge. This interest rate swap with a $6,983,000 notional amount has an interest rate of 3.49% and matures in 2022 . See discussion below for the discontinuation of hedge accounting on this interest rate swap during the three months ended June 30, 2018. In connection with the sale of an unconsolidated joint venture property in Savannah, Georgia, the Company terminated an interest rate swap with a $3,402,000 notional amount and a 5.81% interest rate when the related mortgage was paid off at its maturity in April 2018 (see Note 7). 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): Three Months Ended Six Months Ended 2018 2017 2018 2017 One Liberty Properties, Inc. and Consolidated subsidiaries Amount of gain (loss) recognized on derivatives in Other comprehensive income $ $ ) $ $ ) Amount of reclassification from Accumulated other comprehensive income into Interest expense ) ) ) ) Unconsolidated Joint Ventures (Company’s share) Amount of gain (loss) recognized on derivatives in Other comprehensive income $ $ ) $ $ ) Amount of reclassification from Accumulated other comprehensive income into Equity in earnings of unconsolidated joint ventures ) ) During the three months ended June 30, 2018 and 2017, the Company (including one of its unconsolidated joint ventures) discontinued hedge accounting on two interest rate swaps as the forecasted hedged transactions were no longer probable of occurring. As a result, during the three months ended June 30, 2018 and 2017, the Company reclassified $110,000 and $118,000 of realized gain and loss, respectively, from Accumulated other comprehensive income to earnings. No gain or loss was recognized with respect to amounts excluded from effectiveness testing on the Company’s cash flow hedges for the three and six months ended June 30, 2018 and 2017. During the twelve months ending June 30, 2019, the Company estimates an additional $222,000 will be reclassified from other Accumulated other comprehensive income as a decrease to Interest expense. The derivative agreements in effect at June 30, 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 June 30, 2018 and December 31, 2017, the fair value of the derivatives in a liability position, including accrued interest of $9,000 and $53,000, respectively, but excluding any adjustments for nonperformance risk, was approximately $126,000 and $1,638,000, respectively. In the event the Company 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 $126,000 and $1,638,000 as of June 30, 2018 and December 31, 2017, respectively. This termination liability value, net of adjustments for nonperformance risk of $8,000 and $93,000, is included in Accrued expenses and other liabilities on the consolidated balance sheet at June 30, 2018 and December 31, 2017, respectively.

Commitments

Commitments	6 Months Ended
	Jun. 30, 2018
Commitments
Commitments	Note 15 — Commitments The Company is contractually required to expend approximately $7,800,000 through 2018 for building expansion and improvements at its property tenanted by L-3 Communications, located in Hauppauge, New York, of which $6,261,000 has been spent through June 30, 2018.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2018
New Accounting Pronouncements
New Accounting Pronouncements	Note 16 — New Accounting Pronouncements In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting, which provides additional guidance related to share-based payment transactions for acquiring goods or services from nonemployees. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is evaluating this new guidance but does not expect it to have a material 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 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 , which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases, which seeks to clarify aspects of ASU No. 2016-02 and correct unintended application of such guidance . The effective date of these standards will be fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, and early adoption is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company is currently evaluating these new standards but does not expect them to have a significant effect on its consolidated financial statements. The Company anticipates adopting these standards effective as of January 1, 2019 and will apply the modified retrospective approach. 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.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events
Subsequent Events	Note 17 — Subsequent Events Subsequent events have been evaluated and except as disclosed herein, there were no other events relative to the consolidated financial statements that require additional disclosure.

Summary Accounting Policies (Po

Summary Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Summary Accounting Policies
Principles of Consolidation/Basis of Preparation	Principles of Consolidation/Basis of Preparation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments of a normal recurring nature necessary for fair presentation have been included. The results of operations for the three and six months ended June 30, 2018 and 2017 are not necessarily indicative of the results for the full year. These statements should be read in conjunction with the consolidated financial statements and related notes included in OLP’s Annual Report on Form 10-K for the year ended December 31, 2017. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. 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 and six months ended June 30, 2018 and 2017, 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 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.
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 period’s presentation, primarily to change the presentation of restricted cash on the consolidated statement of cash flows for the six months ended June 30, 2017. The change was made because, 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): Six Months Ended As Reported As Adjusted Decrease in escrow, deposits, and other assets and receivables $ $ Increase in accrued expenses and other liabilities Net decrease in cash, cash equivalents and restricted cash ) ) Cash, cash equivalents and restricted cash at beginning of year Cash, cash equivalents and restricted cash at end of period 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): June 30, 2018 2017 Cash and cash equivalents $ $ Restricted cash Restricted cash included in escrow, deposits and other assets and receivables Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows $ $ Amounts included in restricted cash represent the cash reserve balance received from an owner/operator at one of the Company’s ground leases to cover certain unit renovation work (see Note 6). 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.

Summary Accounting Policies (Ta

Summary Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2018
Summary 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): Six Months Ended As Reported As Adjusted Decrease in escrow, deposits, and other assets and receivables $ $ Increase in accrued expenses and other liabilities Net decrease in cash, cash equivalents and restricted cash ) ) Cash, cash equivalents and restricted cash at beginning of year Cash, cash equivalents and restricted cash at end of period
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): June 30, 2018 2017 Cash and cash equivalents $ $ Restricted cash Restricted cash included in escrow, deposits and other assets and receivables Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows $ $

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Common Share
Schedule of impact to the diluted weighted average number of shares of common stock related to the RSUs	Number of Three Months Ended Six Months Ended shares 2018 2017 2018 2017 2009 Incentive Plan — (a) — (a) 2016 Incentive Plan (b) (c) — (c) — (a) RSUs with respect to 113,584 shares vested in June 2017 and such shares were issued in August 2017. (b) Awarded on September 26, 2017. (c) Includes 36,120 shares that would be issued pursuant to a return on capital performance metric and 38,125 shares that would be issued pursuant to a stockholder return metric, assuming the end of the quarterly period was the June 30, 2020 vesting date. Excludes 2,005 shares subject to the capital performance metric as such metric was not met. See Note 13 for information regarding the Company’s equity incentive plans.
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): Three Months Ended Six Months Ended 2018 2017 2018 2017 Numerator for basic and diluted earnings per share: Net income $ $ $ $ Less net income attributable to non-controlling interests ) ) ) ) Less earnings allocated to unvested restricted stock (a) ) ) ) ) Net income available for common stockholders: basic and diluted $ $ $ $ Denominator for basic earnings per share: Weighted average number of common shares Effect of dilutive securities: RSUs Denominator for diluted earnings per share: Weighted average number of shares Earnings per common share, basic $ .23 $ .54 $ .53 $ .69 Earnings per common share, diluted $ .23 $ .54 $ .53 $ .69 Net income attributable to One Liberty Properties, Inc. common stockholders, net of non-controlling interests $ $ $ $ (a) Represents an allocation of distributed earnings to unvested restricted stock which, as participating securities, are entitled to receive dividends.

Real Estate Acquisitions (Table

Real Estate Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2018
Real Estate Acquisitions
Schedule of the Company's acquisitions of real estate	The following chart details the Company’s acquisitions of real estate during the six months ended June 30, 2018 (amounts in thousands): Description of Property Date Acquired Contract Terms of Capitalized Campania International/U.S. Tape industrial facility, Pennsburg, PA March 28, 2018 $ All cash $ Plymouth Industries, industrial facility, Plymouth, MN June 7, 2018 All cash Totals $ $
Schedule of allocation of the purchase price for the company's acquisitions of real estate	The following chart details the allocation of the purchase price for the Company’s acquisitions of real estate during the six months ended June 30, 2018 (amounts in thousands): Building Description of Property Land Building Improvements Total Campania International/U.S. Tape industrial facility, Pennsburg, PA $ $ $ $ Plymouth Industries, industrial facility, Plymouth, MN Totals $ $ $ $

Variable Interest Entities, C30

Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2018
Unconsolidated JV
Schedule of Variable Interest Entities through Ground Leases and Carrying Amount and Maximum Exposure to Loss	The following chart details the VIEs through the Company’s ground leases and the aggregate carrying amount and maximum exposure to loss as of June 30, 2018 (dollars in thousands): Description of Property(a) Date Acquired Land # Units in Owner/ Type of Carrying The Meadows Apartments, March 24, 2015 $ $ (c) Land $ The Briarbrook Village Apartments, August 2, 2016 Land The Vue Apartments, August 16, 2016 Land Totals $ $ $ (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. (c) In November 2017, the owner/operator closed on a $7,556 supplemental mortgage (the original mortgage was for $43,824). In connection therewith, the Company agreed to subordinate its fee interest to this second mortgage in exchange for a payment by the owner/operator to the Company of $5,906 as a fixed rent payment which was recorded as deferred income and will be included in rental income over the term of the lease. The fixed rent payment balance was $5,762 and $5,870 at June 30, 2018 and December 31, 2017, respectively, and is included in Accrued expenses and other liabilities on the consolidated balance sheets.
Consolidated JV
Summary of our variable interests in identified VIEs	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): June 30, December 31, Land $ Buildings and improvements, net of accumulated depreciation of $3,615 and $3,811, respectively Cash Unbilled rent receivable Unamortized intangible lease assets, net Escrow, deposits and other assets and receivables Mortgages payable, net of unamortized deferred financing costs of $423 and $442, respectively Accrued expenses and other liabilities Unamortized intangible lease liabilities, net Accumulated other comprehensive income (loss) ) Non-controlling interests in consolidated joint ventures (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).

Debt Obligations (Tables)

Debt Obligations (Tables)	6 Months Ended
	Jun. 30, 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): June 30, December 31, Mortgages payable, gross $ $ Unamortized deferred financing costs ) ) Mortgages payable, net $ $
Schedule of Line of credit, net	The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands): June 30, December 31, Line of credit, gross $ $ Unamortized deferred financing costs ) ) Line of credit, net $ $

Stock Based Compensation (Table

Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2018
Stock Based Compensation
Summary of the activity of the equity incentive plans	Three Months Ended Six Months Ended 2018 2017 2018 2017 Restricted stock: Number of shares — — Average per share grant price — — $ $ Deferred compensation to be recognized over vesting period — — $ $ Number of non-vested shares: Non-vested beginning of period Grants — — Vested during period — ) ) ) Forfeitures ) — ) ) Non-vested end of period RSU grants: Number of underlying shares — — — — Average per share grant price — — — — Deferred compensation to be recognized over vesting period — — — — Number of non-vested shares: Non-vested beginning of period Grants — — — — Vested during period — ) — ) Forfeitures — ) — ) Non-vested end of period — — Restricted stock and RSU grants: Weighted average per share value of non-vested shares (based on grant price) $ $ $ $ Value of stock vested during the period (based on grant price) $ — $ $ $ Weighted average per share value of shares forfeited during the period (based on grant price) $ $ $ $ The total charge to operations: Outstanding restricted stock grants $ $ $ $ Outstanding RSUs Total charge to operations $ $ $ $

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 Fair Value Financial assets: Interest rate swaps June 30, 2018 $ December 31, 2017 Financial liabilities: Interest rate swaps June 30, 2018 $ December 31, 2017
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): Three Months Ended Six Months Ended 2018 2017 2018 2017 One Liberty Properties, Inc. and Consolidated subsidiaries Amount of gain (loss) recognized on derivatives in Other comprehensive income $ $ ) $ $ ) Amount of reclassification from Accumulated other comprehensive income into Interest expense ) ) ) ) Unconsolidated Joint Ventures (Company’s share) Amount of gain (loss) recognized on derivatives in Other comprehensive income $ $ ) $ $ ) Amount of reclassification from Accumulated other comprehensive income into Equity in earnings of unconsolidated joint ventures ) )

Organization and Background (De

Organization and Background (Details)	Jun. 30, 2018stateproperty
Organization and Background
Number of real estate properties	120
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	5

Summary Accounting Policies - I

Summary Accounting Policies - Investment in Joint Ventures and Variable Interest Entities (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)item	Jun. 30, 2017USD ($)
Investment in Joint Ventures and Variable Interest Entities
Number of Unconsolidated Joint Venture VIEs | item			0
Recourse debt of joint venture	$ 0		$ 0
Impairment charge relating to investments in unconsolidated joint ventures	$ 0	$ 0	$ 0	$ 0

Summary Accounting Policies - R

Summary Accounting Policies - Reclassifications (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
Reclassifications
Decrease in escrow, deposits, other assets and receivables	$ 718	$ 607
Increase in accrued expenses and other liabilities	(1,627)	554
Net decrease in cash, cash equivalents and restricted cash	(930)	(2,998)
Cash, cash equivalents and restricted cash at beginning of year	14,668	18,450
Cash, cash equivalents and restricted cash at end of period	13,738	15,452
Cash and cash equivalents			$ 12,925	$ 13,766	$ 14,384
Restricted cash			416	443	647
Restricted cash included in escrow, deposits and other assets and receivables			397		421
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	$ 14,668	18,450	$ 13,738	$ 14,668	15,452
Accounting Standards Update 2016-18
Reclassifications
Decrease in escrow, deposits, other assets and receivables		572
Increase in accrued expenses and other liabilities		551
Net decrease in cash, cash equivalents and restricted cash		(3,036)
Cash, cash equivalents and restricted cash at beginning of year		17,420
Cash, cash equivalents and restricted cash at end of period		14,384
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows		$ 17,420			$ 14,384

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Numerator for basic and diluted earnings per share:
Net income			$ 4,546	$ 9,993	$ 11,199	$ 12,879
Less net income attributable to non-controlling interests			(29)	(21)	(831)	(42)
Less earnings allocated to unvested restricted stock	[1]		(293)	(332)	(586)	(533)
Net income available for common stockholders: basic and diluted			$ 4,224	$ 9,640	$ 9,782	$ 12,304
Denominator for basic earnings per share:
Weighted average number of common shares			18,519,000	17,824,000	18,458,000	17,788,000
Effect of dilutive securities:
RSUs			74,000	114,000	74,000	114,000
Denominator for diluted earnings per share: weighted average number of shares			18,593,000	17,938	18,532,000	17,902,000
Earnings per common share, basic			$ 0.23	$ 0.54	$ 0.53	$ 0.69
Earnings per common share, diluted			$ 0.23	$ 0.54	$ 0.53	$ 0.69
Net income attributable to One Liberty Properties, Inc. common stockholders, net of non-controlling interests			$ 4,517	$ 9,972	$ 10,368	$ 12,837
2009 Incentive Plan
Number of underlying shares					200,000
Effect of dilutive securities:
RSUs		113,584		113,584		113,584
2016 Incentive Plan
Number of underlying shares					76,250
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric					36,120
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric					38,125
Number of shares not included in diluted weighted average number of shares pursuant to return on capital performance metric					2,005
Effect of dilutive securities:
RSUs			74,245		74,245
[1]	Represents an allocation of distributed earnings to unvested restricted stock which, as participating securities, are entitled to receive dividends

Real Estate Acquisitions (Detai

Real Estate Acquisitions (Details) - USD ($) $ in Thousands	Jun. 07, 2018	Mar. 28, 2018	Jun. 30, 2018
Real Estate Acquisitions
Contract Purchase Price			$ 18,175
Capitalized Third Party Real Estate Acquisition			277
Allocation of purchase price for the company's real estate acquisitions
Land			2,897
Building			14,705
Building Improvements			850
Total			18,452
Campania International/U.S. Tape industrial facility, Pennsburg, Pennsylvania
Real Estate Acquisitions
Contract Purchase Price		$ 12,675
Capitalized Third Party Real Estate Acquisition		$ 227
Allocation of purchase price for the company's real estate acquisitions
Land			1,776
Building			10,399
Building Improvements			727
Total			12,902
Plymouth Industries Industrial Facility Plymouth Minnesota
Real Estate Acquisitions
Contract Purchase Price	$ 5,500
Capitalized Third Party Real Estate Acquisition	$ 50
Allocation of purchase price for the company's real estate acquisitions
Land			1,121
Building			4,306
Building Improvements			123
Total			$ 5,550

Sale of Property (Details)

Sale of Property (Details) - USD ($)	Jan. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Sale of Properties
Total sales price, net of closing costs			$ 8,958,000	$ 9,173,000
Mortgage loan paid off			9,827,000
Property located in Fort Bend, Texas | Consolidated JV | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Sale of Properties
Ownership interest in consolidated joint venture of the company (as a percent)	85.00%
Sale of Property | Property located in Fort Bend, Texas | Consolidated JV | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Sale of Properties
Sales Price	$ 8,958,000
Mortgage balance paid off	$ 4,410,000
Rental revenue percentage from property		1.10%		1.10%
Gain on Sales of Real Estate, Net			2,408,000
Sale of Property | Property located in Fort Bend, Texas | Consolidated JV | Non-Controlling Interests in Consolidated Joint Ventures | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Sale of Properties
Non-controlling interest's share of the gain			$ 776,000

Variable Interest Entities, C40

Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures - Ground Leases (Details)	1 Months Ended	3 Months Ended		6 Months Ended
	Nov. 30, 2017USD ($)	Jun. 30, 2018USD ($)item	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)item	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Variable Interest Entities
Number of VIEs through ground leases | item		3		3
Owner/operator supplemental mortgage	$ 7,556,000
Owner/operator original mortgage	43,824,000
Fixed rent payment due to second mortgage	$ 5,906,000
Cash Reserves - ground lease		$ 416,000		$ 416,000		$ 443,000
Accrued expenses and other liabilities
Variable Interest Entities
Fixed rent payment balance		5,762,000		5,762,000		$ 5,870,000
The Meadows Apartments, Lakemoor, Illinois; Briarbrook Village Apartments, Wheaton, Illinois and Vue Apartments, Beachwood, Ohio
Variable Interest Entities
Land Contract Purchase Price				$ 33,726,000
Units in Apartment Complex | item				1,186
Owner/ Operator Mortgage from Third Party				$ 158,186,000
Carrying Amount and Maximum Exposure to Loss		34,029,000		34,029,000
The Meadows Apartments, Lakemoor, Illinois
Variable Interest Entities
Land Contract Purchase Price				$ 9,300,000
Units in Apartment Complex | item				496
Owner/ Operator Mortgage from Third Party				$ 51,331,000
The Meadows Apartments, Lakemoor, Illinois | Land
Variable Interest Entities
Carrying Amount and Maximum Exposure to Loss		9,592,000		9,592,000
The Briarbrook Village Apartments Wheaton, Illinois
Variable Interest Entities
Land Contract Purchase Price				$ 10,530,000
Units in Apartment Complex | item				342
Owner/ Operator Mortgage from Third Party				$ 39,411,000
The Briarbrook Village Apartments Wheaton, Illinois | Land
Variable Interest Entities
Carrying Amount and Maximum Exposure to Loss		10,536,000		10,536,000
The Vue Apartments, Beachwood, Ohio
Variable Interest Entities
Land Contract Purchase Price				$ 13,896,000
Units in Apartment Complex | item				348
Owner/ Operator Mortgage from Third Party				$ 67,444,000
The Vue Apartments, Beachwood, Ohio | Land
Variable Interest Entities
Carrying Amount and Maximum Exposure to Loss		13,901,000		13,901,000
The Meadows Apartment Lakemoor, Illinois; Briarbrook Village Apartment, Wheaton, Illinois; and Vue Apartment, Beachwood, Ohio
Variable Interest Entities
Revenue from the ground lease		$ 941,000	$ 917,000	$ 1,947,000	$ 1,804,000

Variable Interest Entities, C41

Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures - Consolidated Joint Ventures (Details) - Consolidated JV	6 Months Ended
	Jun. 30, 2018item
Variable Interest Entities
Number of joint ventures with controlling interest	5
Minimum
Variable Interest Entities
Ownership interest in consolidated joint venture of the company (as a percent)	90.00%
Maximum
Variable Interest Entities
Ownership interest in consolidated joint venture of the company (as a percent)	95.00%

Variable Interest Entities, C42

Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures - Summary of Consolidated VIE's (Details) - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
Consolidated VIEs Carrying Amount of Assets and Liabilities
Land		$ 2,897
Unbilled rent receivable		14,617	$ 14,125
Unamortized intangible lease assets, net		27,931	30,525
Escrow, deposits and other assets and receivables		8,158	6,630
Mortgages payable		391,599	393,157
Accrued expenses and other liabilities		13,504	16,107
Unamortized intangible lease liabilities, net		16,617	17,551
Accumulated other comprehensive income (loss)		3,913	155
Non-controlling interests in consolidated joint ventures	[1]	1,422	1,742
Consolidated VIE entities
Consolidated VIEs Carrying Amount of Assets and Liabilities
Land		14,722	17,844
Buildings and improvements, net of accumulated depreciation of $3,615 and $3,811, respectively		28,145	31,789
Cash		839	1,145
Unbilled rent receivable		1,166	1,011
Unamortized intangible lease assets, net		975	1,241
Escrow, deposits and other assets and receivables		687	948
Mortgages payable		27,411	32,252
Accrued expenses and other liabilities		538	870
Unamortized intangible lease liabilities, net		1,848	2,015
Accumulated other comprehensive income (loss)		90	(1)
Non-controlling interests in consolidated joint ventures		1,422	1,742
Accumulated depreciation		3,615	3,811
Unamortized deferred financing costs		$ 423	$ 442
[1]	The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 6. The consolidated balance sheets include the following amounts related to the Company’s consolidated VIEs: $14,722 and $17,844 of land, $28,145 and $31,789 of building and improvements, net of $3,615 and $3,811 of accumulated depreciation, $3,667 and $4,345 of other assets included in other line items, $27,411 and $32,252 of real estate debt, net, $2,386 and $2,885 of other liabilities included in other line items and $1,422 and $1,742 of non-controlling interests as of June 30, 2018 and December 31, 2017, respectively

Variable Interest Entities, C43

Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures - MCB Real Estate, LLC (Details) - Consolidated JV	6 Months Ended
	Jun. 30, 2018USD ($)item	Jan. 30, 2018	Dec. 31, 2017USD ($)
Consolidated VIEs Carrying Amount of Assets and Liabilities
Number of joint ventures with controlling interest	5
Property located in Fort Bend, Texas | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Consolidated VIEs Carrying Amount of Assets and Liabilities
Ownership interest in consolidated joint venture of the company (as a percent)		85.00%
MCB Real Estate LLC And Its Affiliates
Consolidated VIEs Carrying Amount of Assets and Liabilities
Number of joint ventures with controlling interest	4
Investment in consolidated joint ventures | $	$ 9,734,000		$ 9,705,000

Investment in Unconsolidated 44

Investment in Unconsolidated Joint Ventures (Details)	Apr. 05, 2018USD ($)item	Jul. 31, 2018USD ($)	Jun. 30, 2018USD ($)property	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)propertyitem	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)propertyitem
Investment in Unconsolidated Joint Ventures
Equity in earnings from sale of unconsolidated joint venture property			$ 71,000		$ 71,000
Number of unconsolidated joint ventures | item					5		5
Number of properties owned and operated by each unconsolidated joint venture | property			1		1		1
Investment in unconsolidated joint ventures			$ 11,214,000		$ 11,214,000		$ 10,723,000
Equity in earnings of unconsolidated joint ventures			348,000	$ 206,000	543,000	$ 451,000
Income related to the discontinuance of hedge accounting on a mortgage swap					110,000
Georgia
Investment in Unconsolidated Joint Ventures
Net Proceeds from the sale of a building and a portion of the land	$ 2,600,000
Share of gain (as a percent)	50.00%
Equity in earnings from sale of unconsolidated joint venture property	$ 71,000
Acres of land retained | item	5
Wisconsin
Investment in Unconsolidated Joint Ventures
Share of gain (as a percent)		50.00%
Net Proceeds from the sale of property in unconsolidated joint venture		$ 12,800,000
Payment of mortgage		6,970,000
Gain on sale of real estate		$ 2,000,000
MCB Real Estate LLC And Its Affiliates
Investment in Unconsolidated Joint Ventures
Investment in unconsolidated joint ventures			$ 8,408,000		$ 8,408,000

Allowance for Doubtful Accoun45

Allowance for Doubtful Accounts (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Allowance for Doubtful Accounts
Balance in allowance for doubtful accounts	$ 0		$ 0		$ 0
Bad debt expense	$ 0	$ 15,000	$ 0	$ 310,000
Write-off of unbilled rent receivable				362,000
Write-off of unamortized intangible lease assets				67,000
Write off of tenant origination costs				$ 884,000

Debt Obligations- Mortgage Paya

Debt Obligations- Mortgage Payable current (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Mortgages Payable
Mortgages payable, net	$ 391,599,000	$ 393,157,000
Mortgages payable
Mortgages Payable
Mortgages payable, gross	395,357,000	396,946,000
Unamortized deferred financing costs	(3,758,000)	(3,789,000)
Mortgages payable, net	$ 391,599,000	$ 393,157,000

Debt Obligations - Line of Cred

Debt Obligations - Line of Credit (Details) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Aug. 02, 2018	Dec. 31, 2017
Line of Credit
Line of credit, net	$ 19,832,000			$ 8,776,000
Facility
Line of Credit
Unused facility fee (as a percent)	0.25%
Interest rate during the period (as a percent)	3.54%	2.67%
Line of credit, gross	$ 20,300,000			9,400,000
Unamortized deferred financing costs	(468,000)			(624,000)
Facility | Credit Facility
Line of Credit
Line of credit, gross	20,300,000		$ 3,300,000	9,400,000
Unamortized deferred financing costs	(468,000)			(624,000)
Line of credit, net	19,832,000			$ 8,776,000
Facility | Credit Facility | Maximum
Line of Credit
Borrowing capacity	$ 100,000,000
Facility | LIBOR | Credit Facility
Line of Credit
Spread on variable interest rate (as a percent)	1.75%	1.75%
Facility | LIBOR | Credit Facility | Maximum
Line of Credit
Spread on variable interest rate (as a percent)	3.00%
Facility | LIBOR | Credit Facility | Minimum
Line of Credit
Spread on variable interest rate (as a percent)	1.75%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Related Party Transaction
Share based compensation charged to operations	$ 856,000	$ 915,000	$ 1,682,000	$ 1,657,000
Majestic
Related Party Transaction
Fees under compensation and services agreement	689,000	664,000	1,367,000	1,329,000
Property management costs allocated to real estate expenses	309,000	284,000	608,000	570,000
Additional payment for the entity's share of all direct office expenses	54,000	54,000	108,000	108,000
Executive officers and others
Related Party Transaction
Share based compensation charged to operations	432,000	386,000	849,000	768,000
Joint venture partners
Related Party Transaction
Real estate property management costs	22,000	33,000	65,000	82,000
Corporate joint venture
Related Party Transaction
Aggregate fees paid to other partners	45,000	42,000	96,000	87,000
Decrease in equity earnings, joint venture transaction	23,000	21,000	48,000	44,000
Chairman | General and administrative expense
Related Party Transaction
Fee paid	69,000	69,000
Vice Chairman | General and administrative expense
Related Party Transaction
Fee paid	27,500	27,500
Gould Investors L.P.
Related Party Transaction
Insurance Reimbursement	$ 206,000	$ 174,000	$ 404,000	$ 347,000
Net lease tenants | Majestic
Related Party Transaction
Property management fee (as a percent)			1.50%
Operating lease tenants | Majestic
Related Party Transaction
Property management fee (as a percent)			2.00%

Common Stock Cash Dividend (Det

Common Stock Cash Dividend (Details) - USD ($)	Jun. 13, 2018	Jun. 30, 2018	Jun. 30, 2017
Common Stock Cash Dividend
Quarterly cash dividend declared (in dollars per share)	$ 0.45
Cash dividend declared	$ 8,652,000	$ 17,233,000	$ 15,846,000

Shares Issued through Equity 50

Shares Issued through Equity Offering Program (Details)	6 Months Ended
	Jun. 30, 2018USD ($)shares
Shares Issued through Equity Offering Program
Number of shares sold (in shares) | shares	93,417
Proceeds from sale of shares, net of commission and before offering costs	$ 2,303,000
Payment of commissions on sale of shares	23,000
Payment of offering costs on sale of shares.	$ 45,000

Stock Based Compensation (Detai

Stock Based Compensation (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Total charge to operations:
Share based compensation charged to operations	$ 856,000	$ 915,000	$ 1,682,000	$ 1,657,000
Restricted stock
Stock Based Compensation
Vesting period			5 years
Summary of the activity of the incentive plans
Number of shares			144,750	140,100
Average per share grant price (in dollars per share)			$ 25.31	$ 24.75
Deferred compensation to be recognized over vesting period			$ 3,664,000	$ 3,467,000
Non-vested beginning of year (in shares)	651,650	626,400	612,900	591,750
Number of non-vested shares:
Non-vested beginning of year (in shares)	651,650	626,400	612,900	591,750
Vested during year (in shares)		(13,500)	(106,000)	(118,450)
Forfeitures (in shares)	(150)		(150)	(500)
Non-vested end of year (in shares)	651,500	612,900	651,500	612,900
Restricted stock and RSU grants:
Weighted average per share value of non-vested shares (based on grant price) (in dollars per share)	$ 23.56	$ 22.75	$ 23.56	$ 22.75
Value of stock vested during the year (based on grant price)		$ 1,248,000	$ 2,289,000	$ 3,008,000
Weighted average per share value of shares forfeited during the year (based on grant price) (in dollars per share)	$ 23.93	$ 8.29	$ 23.93	$ 8.37
Total charge to operations:
Share based compensation charged to operations	$ 765,000	$ 878,000	$ 1,500,000	$ 1,571,000
Compensation costs related to non-vested awards that have not yet been recognized	$ 8,349,000		$ 8,349,000
Approximate weighted average vesting period			2 years 8 months 12 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
Non-vested beginning of year (in shares)	76,250	200,000	76,250	200,000
Number of non-vested shares:
Non-vested beginning of year (in shares)	76,250	200,000	76,250	200,000
Vested during year (in shares)		(113,584)		(113,584)
Forfeitures (in shares)		(86,416)	0	(86,416)
Non-vested end of year (in shares)	76,250		76,250
Total charge to operations:
Share based compensation charged to operations	$ 91,000	$ 37,000	$ 182,000	$ 86,000
Compensation costs related to non-vested awards that have not yet been recognized	$ 728,000		$ 728,000
Approximate weighted average vesting period			2 years
2016 Incentive Plan
Stock Based Compensation
Number of shares authorized for issuance	750,000		750,000
Shares vested pursuant to Plan			3,000
2016 Incentive Plan | Restricted stock
Summary of the activity of the incentive plans
Number of shares			284,850
Number of non-vested shares:
Forfeitures (in shares)			(200)
2016 Incentive Plan | RSUs
Number of non-vested shares:
Non-vested end of year (in shares)	76,250		76,250
2012 Incentive Plan
Stock Based Compensation
Shares issued pursuant to plan			500,700
Shares forfeited pursuant to Plan			3,400
Shares vested pursuant to Plan			127,450
Summary of the activity of the incentive plans
Number of shares			0
Pay-for-performance program | RSUs | General and administrative expense
Summary of the activity of the incentive plans
Deferred compensation to be recognized over vesting period			$ 1,005,000

Fair Value Measurements - Avail

Fair Value Measurements - Available for Sale (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Facility
Fair Value of Financial Instruments
Line of credit, gross	$ 20,300,000	$ 9,400,000
Recurring | Level 2 | Interest rate swap
Financial assets:
Derivative financial instruments	4,032,000	1,615,000
Financial liabilities:
Derivative financial instruments	109,000	1,492,000
Mortgages payable
Fair Value of Financial Instruments
Estimated fair value of mortgages payable	389,903,000	397,103,000
Carrying value of mortgage loans	395,357,000	396,946,000
Excess of carrying value over fair value	$ 5,454,000
Excess of fair value over carrying value		$ 157,000
Blended or estimated market interest rate (as a percent)	4.50%	4.25%
Weighted average remaining term of the mortgages	8 years 6 months	8 years 8 months 12 days

Fair Value Measurements - Inter

Fair Value Measurements - Interest Rate Derivatives (Details) - Interest rate derivatives - Cash flow hedges	6 Months Ended
	Jun. 30, 2018USD ($)item
Fair Value Measurements
Number of interest rate derivatives held	28
Number of mortgage loans outstanding	28
Number of mortgage loans designated as cash flow hedges	28
Notional Amount | $	$ 131,103,000
Weighted average maturity	6 years 7 months 6 days
Weighted average annual interest rate (as a percent)	4.13%
Minimum
Fair Value Measurements
Fixed Interest Rate (as a percent)	3.02%
Maximum
Fair Value Measurements
Fixed Interest Rate (as a percent)	5.38%

Fair Value Measurements - Deriv

Fair Value Measurements - Derivative Instruments, Gain (Loss) (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018USD ($)item	Jun. 30, 2017USD ($)item	Jun. 30, 2018USD ($)item	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Reclassification of gain (loss)
Amount of reclassification from Accumulated other comprehensive income into Interest expense or Equity as a result of forecasted transaction being no longer probable of occurring				$ (118,000)
Amount of reclassification from Accumulated other comprehensive income to earnings	$ 110,000		$ 110,000
Interest rate swap | Cash flow hedges
Fair Value Measurements
Amount of gain (loss) recognized on derivatives in Other comprehensive income	1,009,000	$ (1,055,000)	3,509,000	(986,000)
Amount of reclassification from Accumulated other comprehensive income into Interest expense	(95,000)	(545,000)	(291,000)	(1,054,000)
Reclassification of gain (loss)
Amount of reclassification from Accumulated other comprehensive income to earnings	110,000	118,000
Amount of effectiveness testing on cash flow hedges	0	0	0	0
Additional amount to be reclassified during the next twelve months			222,000
Credit risk related contingent feature
Accrued interest on derivative in a liability position	9,000		9,000		$ 53,000
Fair value of derivative in a liability position, including accrued interest but excluding adjustments for nonperformance risk	126,000		126,000		1,638,000
Termination value of derivative agreement	$ 126,000		$ 126,000		1,638,000
Interest rate swap | Cash flow hedges | Unconsolidated joint ventures
Fair Value Measurements
Number of unconsolidated joint ventures of the entity with interest rate derivatives outstanding | item			1
Percentage of ownership in unconsolidated joint venture	50.00%		50.00%
Number interest rate derivatives outstanding | item	1		1
Amount of gain (loss) recognized on derivatives in Other comprehensive income	$ 22,000	(21,000)	$ 69,000	(12,000)
Amount of reclassification from Accumulated other comprehensive income into Equity in earnings of unconsolidated joint ventures	$ 110,000	$ (16,000)	103,000	$ (35,000)
Reclassification of gain (loss)
Number of interest rate swaps | item	2	2
Interest rate swap | Cash flow hedges | Accrued expenses and other liabilities
Credit risk related contingent feature
Adjustments for nonperformance risk			8,000		$ 93,000
3.49% Interest rate swaps | Cash flow hedges | Unconsolidated joint ventures
Fair Value Measurements
Notional Amount	$ 6,983,000		$ 6,983,000
Fixed Interest Rate (as a percent)	3.49%		3.49%
5.81% Interest rate swaps | Cash flow hedges | Unconsolidated joint ventures
Fair Value Measurements
Notional Amount	$ 3,402,000		$ 3,402,000
Fixed Interest Rate (as a percent)	5.81%		5.81%

Commitments (Details)

Commitments (Details) - Building located In Hauppauge, New York - USD ($)	Dec. 31, 2018	Jun. 30, 2018
Contractual obligation	$ 7,800,000
Amount spent to date for improvement obligation		$ 6,261,000