One Liberty Properties (OLP) 10-Q 8 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 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	Sep. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		19,387,581
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)		Sep. 30, 2018	Dec. 31, 2017
Real estate investments, at cost
Land		$ 199,509,000	$ 209,320,000
Buildings and improvements		584,804,000	566,007,000
Total real estate investments, at cost		784,313,000	775,327,000
Less accumulated depreciation		120,622,000	108,953,000
Real estate investments, net		663,691,000	666,374,000
Investment in unconsolidated joint ventures		10,283,000	10,723,000
Cash and cash equivalents		17,173,000	13,766,000
Restricted cash		379,000	443,000
Unbilled rent receivable, net of allowance of $1,440 in 2018 and $0, respectively		13,407,000	14,125,000
Unamortized intangible lease assets, net		26,326,000	30,525,000
Escrow, deposits and other assets and receivables		11,178,000	6,630,000
Total assets	[1]	742,437,000	742,586,000
Liabilities:
Mortgages payable, net of $4,029 and $3,789 of deferred financing costs, respectively		402,978,000	393,157,000
Line of credit, net of $0 and $624 of deferred financing costs, respectively			8,776,000
Dividends payable		8,694,000	8,493,000
Accrued expenses and other liabilities		7,951,000	16,107,000
Unamortized intangible lease liabilities, net		15,308,000	17,551,000
Total liabilities	[1]	434,931,000	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; 18,669 and 18,261 shares issued and outstanding		18,669,000	18,261,000
Paid-in capital		284,772,000	275,087,000
Accumulated other comprehensive income		4,781,000	155,000
Accumulated (distributions in excess of net income) undistributed net income		(2,155,000)	3,257,000
Total One Liberty Properties, Inc. stockholders' equity		306,067,000	296,760,000
Non-controlling interests in consolidated joint ventures	[1]	1,439,000	1,742,000
Total equity		307,506,000	298,502,000
Total liabilities and equity		$ 742,437,000	$ 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, $27,893 and $31,789 of building and improvements, net of $3,867 and $3,811 of accumulated depreciation, $3,908 and $4,345 of other assets included in other line items, $27,143 and $32,252 of real estate debt, net, $2,459 and $2,885 of other liabilities included in other line items and $1,439 and $1,742 of non-controlling interests as of September 30, 2018 and December 31, 2017, respectively

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands		Sep. 30, 2018	Dec. 31, 2017
Allowance for unbilled rent receivable		$ 1,440	$ 0
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		18,669	18,261
Common stock, shares outstanding		18,669	18,261
Land		$ 199,509	$ 209,320
Buildings and improvements		584,804	566,007
Accumulated depreciation		120,622	108,953
Non-controlling interests in consolidated joint ventures	[1]	1,439	1,742
Consolidated VIE entities
Deferred financing costs		407	442
Land		14,722	17,844
Buildings and improvements		27,893	31,789
Accumulated depreciation		3,867	3,811
Other assets		3,908	4,345
Real estate debt, net		27,143	32,252
Other liabilities		2,459	2,885
Non-controlling interests in consolidated joint ventures		1,439	1,742
Facility
Deferred financing costs		0	624
Mortgages payable
Deferred financing costs		$ 4,029	$ 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, $27,893 and $31,789 of building and improvements, net of $3,867 and $3,811 of accumulated depreciation, $3,908 and $4,345 of other assets included in other line items, $27,143 and $32,252 of real estate debt, net, $2,459 and $2,885 of other liabilities included in other line items and $1,439 and $1,742 of non-controlling interests as of September 30, 2018 and December 31, 2017, respectively

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Total revenues	$ 19,570,000	$ 19,137,000	$ 58,856,000	$ 56,022,000
Operating expenses:
Depreciation and amortization	5,672,000	5,115,000	16,104,000	15,858,000
General and administrative (see Note 11 for related party information)	3,071,000	2,701,000	8,999,000	8,409,000
Real estate expenses (see Note 11 for related party information)	2,592,000	2,689,000	7,774,000	7,765,000
Federal excise and state taxes	59,000	90,000	286,000	401,000
Leasehold rent	77,000	77,000	231,000	231,000
Impairment loss		153,000		153,000
Total operating expenses	11,471,000	10,825,000	33,394,000	32,817,000
Other operating income
Gain on sale of real estate, net	4,585,000	3,269,000	6,993,000	9,837,000
Operating income	12,684,000	11,581,000	32,455,000	33,042,000
Other income and expenses:
Equity in earnings of unconsolidated joint ventures	173,000	212,000	716,000	663,000
Equity in earnings from sale of unconsolidated joint venture properties	1,986,000		2,057,000
Other income	7,000	57,000	17,000	399,000
Interest:
Expense	(4,448,000)	(4,459,000)	(13,195,000)	(13,380,000)
Amortization and write-off of deferred financing costs	(220,000)	(263,000)	(669,000)	(717,000)
Net income	10,182,000	7,128,000	21,381,000	20,007,000
Net income attributable to non-controlling interests	(35,000)	(23,000)	(866,000)	(65,000)
Net income attributable to One Liberty Properties, Inc.	$ 10,147,000	$ 7,105,000	$ 20,515,000	$ 19,942,000
Weighted average number of common shares outstanding:
Basic (in shares)	18,646	18,000	18,521	17,859
Diluted (in shares)	18,705	18,079	18,562	17,961
Per common share attributable to common stockholders:
Basic (in dollars per share)	$ 0.53	$ 0.38	$ 1.06	$ 1.07
Diluted (in dollars per share)	0.52	0.38	1.06	1.07
Cash distributions declared per share of common stock	$ 0.45	$ 0.43	$ 1.35	$ 1.29
Rental income, net
Revenues:
Total revenues	$ 17,193,000	$ 17,217,000	$ 52,501,000	$ 50,770,000
Tenant reimbursement
Revenues:
Total revenues	2,005,000	$ 1,920,000	5,983,000	$ 5,252,000
Lease termination fee
Revenues:
Total revenues	$ 372,000		$ 372,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 10,182	$ 7,128	$ 21,381	$ 20,007
Other comprehensive gain
Net unrealized gain on derivative instruments	871	104	4,671	172
Reclassification of One Liberty Properties Inc.'s share of joint venture net realized gain on derivative instrument			(110)
One Liberty Properties Inc.'s share of joint venture net unrealized gain on derivative instruments		11	76	34
Other comprehensive gain	871	115	4,637	206
Comprehensive income	11,053	7,243	26,018	20,213
Net income attributable to non-controlling interests	(35)	(23)	(866)	(65)
Adjustment for derivative instruments attributable to non-controlling interests	(3)	(1)	(11)	(2)
Comprehensive income attributable to One Liberty Properties, Inc.	$ 11,015	$ 7,219	$ 25,141	$ 20,146

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	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 - $ 1.29 per share, $1.35 per share for the year ended September 30, 2017, 2018 respectively					$ (23,899)		(23,899)
Shares issued through equity offering program - net	135	2,932					3,067
Restricted stock vesting	232	(232)
Shares issued through dividend reinvestment plan	147	3,210					3,357
Distributions to non-controlling interests						(148)	(148)
Compensation expense - restricted stock		2,341					2,341
Net income				19,942		65	20,007
Other comprehensive income			204			2	206
Balances at Sep. 30, 2017	18,114	270,762	(1,275)	7,544		1,713	296,858
Balances at Dec. 31, 2017	18,261	275,087	155	3,257		1,742	298,502
Distributions - common stock
Cash - $ 1.29 per share, $1.35 per share for the year ended September 30, 2017, 2018 respectively					(25,927)		(25,927)
Shares issued through equity offering program - net	126	3,044					3,170
Restricted stock vesting	106	(106)
Shares issued through dividend reinvestment plan	176	4,094					4,270
Distributions to non-controlling interests						(1,180)	(1,180)
Compensation expense - restricted stock		2,653					2,653
Net income				$ 20,515		866	21,381
Other comprehensive income			4,626			11	4,637
Balances at Sep. 30, 2018	$ 18,669	$ 284,772	$ 4,781		$ (2,155)	$ 1,439	$ 307,506

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Distributions - common stock, Cash per share (in dollars per share)	$ 0.45	$ 0.43	$ 1.35	$ 1.29

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net income	$ 21,381,000	$ 20,007,000
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of real estate, net	(6,993,000)	(9,837,000)
Impairment loss		153,000
Increase in unbilled rent receivable	(841,000)	(509,000)
Write-off of unbilled rent receivable	74,000	362,000
Bad debt expense	0	310,000
Provision for unbilled rent receivable	1,440,000
Amortization and write-off of intangibles relating to leases, net	(1,605,000)	(654,000)
Amortization of restricted stock expense	2,653,000	2,341,000
Equity in earnings of unconsolidated joint ventures	(716,000)	(663,000)
Equity in earnings from sale of unconsolidated joint venture properties	(2,057,000)
Distributions of earnings from unconsolidated joint ventures	2,328,000	584,000
Depreciation and amortization	16,104,000	15,858,000
Amortization and write-off of deferred financing costs	669,000	717,000
Payment of leasing commissions	(254,000)	(67,000)
(Increase) decrease in escrow, deposits, other assets and receivables	(1,154,000)	273,000
(Decrease) increase in accrued expenses and other liabilities	(1,400,000)	1,264,000
Net cash provided by operating activities	29,629,000	30,139,000
Cash flows from investing activities:
Purchase of real estate	(18,452,000)	(35,443,000)
Improvements to real estate	(6,829,000)	(2,321,000)
Net proceeds from sale of real estate	17,417,000	24,093,000
Distributions of capital from unconsolidated joint ventures	852,000	298,000
Net cash used in investing activities	(7,012,000)	(13,373,000)
Cash flows from financing activities:
Scheduled amortization payments of mortgages payable	(8,072,000)	(7,808,000)
Repayment of mortgages payable	(12,731,000)	(11,541,000)
Proceeds from mortgage financings	30,863,000	21,210,000
Proceeds from sale of common stock, net	3,170,000	3,067,000
Proceeds from bank line of credit	28,500,000	34,500,000
Repayment on bank line of credit	(37,900,000)	(38,100,000)
Issuance of shares through dividend reinvestment plan	4,270,000	3,357,000
Payment of financing costs	(675,000)	(150,000)
Distributions to non-controlling interests	(1,180,000)	(148,000)
Cash distributions to common stockholders	(25,726,000)	(23,652,000)
Net cash used in financing activities	(19,481,000)	(19,265,000)
Net increase (decrease) in cash, cash equivalents and restricted cash	3,136,000	(2,499,000)
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	17,804,000	15,951,000
Supplemental disclosures of cash flow information:
Cash paid during the period for interest expense	$ 13,196,000	13,350,000
Supplemental schedule of non-cash investing and financing activities:
Purchase accounting allocation - intangible lease assets		4,009,000
Purchase accounting allocation - intangible lease liabilities		$ (158,000)

Organization and Background

Organization and Background	9 Months Ended
	Sep. 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 September 30, 2018, OLP owns 118 properties, including five properties owned by consolidated joint ventures and four properties owned by unconsolidated joint ventures. The 118 properties are located in 30 states.

Summary Accounting Policies

Summary Accounting Policies	9 Months Ended
	Sep. 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 nine months ended September 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 nine months ended September 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 a return of its investment. Cash received from the unconsolidated entity is presumed to be a return on the investment to the extent that, on a cumulative basis, distributions received by the investor are less than its share of the equity in the undistributed earnings of the entity. 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. Such reclassifications primarily relate to the presentation of (i) Gain on sale of real estate, net, on the consolidated statement of income for the three and nine months ended September 30, 2017 and (ii) restricted cash on the consolidated statement of cash flows for the nine months ended September 30, 2017. The Company has included Gain on sale of real estate, net, as a component of Operating income, to present gains and losses on sales of properties in accordance with ASC 360-10-45-5. The change was made for the prior periods as the Securities and Exchange Commission has eliminated Rule 3-15(a) of Regulation S-X as part of Release Nos. 33-10532, 34-83875 and IC-33203, which had required REITs to present gains and losses on sales of properties outside of continuing operations in the income statement. As of January 1, 2018, the Company adopted ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , which requires amounts generally described as restricted cash to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The adoption of this ASU has no impact on the Company’s previously reported consolidated balance sheets, consolidated statements of income, net income or accumulated undistributed net income for the periods presented. As a result of the adoption of this guidance, the following table depicts the adjustments to the Company’s previously reported consolidated statement of cash flows (amounts in thousands): Nine Months Ended September 30, 2017 As Reported As Adjusted Decrease in escrow, deposits, and other assets and receivables $ 165 $ 273 Increase in accrued expenses and other liabilities 1,377 1,264 Net decrease in cash, cash equivalents and restricted cash (2,494) (2,499) Cash, cash equivalents and restricted cash at beginning of year 17,420 18,450 Cash, cash equivalents and restricted cash at end of period 14,926 15,951 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): September 30, 2018 2017 Cash and cash equivalents $ 17,173 $ 14,926 Restricted cash 379 530 Restricted cash included in escrow, deposits and other assets and receivables 252 495 Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows $ 17,804 $ 15,951 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	9 Months Ended
	Sep. 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 September 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 number of shares of common stock underlying the RSUs awarded under the 2016 Incentive Plan that are included in the calculation of diluted weighted average number of shares of common stock: Three and Nine Three and Nine Months Ended Months Ended September 30, 2018 September 30, 2017 Date of Award and Return on Stockholder Return on Stockholder Total Number of Capital Return Capital Return Underlying Shares metric metric Total metric metric Total September 26, 2017 76,250 shares (a) 33,524 38,125 71,649 38,125 — 38,125 July 1, 2018 76,250 shares (b) 30,929 — 30,929 n/a n/a n/a 64,453 38,125 102,578 38,125 — 38,125 (a) Includes shares that would be issued pursuant to the respective metrics, assuming the end of the quarterly period was the June 30, 2020 vesting date. None of the remaining 4,601 shares and 38,125 shares are included at September 30, 2018 and 2017, respectively, as the applicable metrics had not been met for these shares. (b) Includes shares that would be issued pursuant to the respective metrics, assuming the end of the quarterly period was the June 30, 2021 vesting date. None of the remaining 45,321 shares are included at September 30, 2018, as the applicable metrics had not been met for these shares. In 2010, RSUs exchangeable for up to 200,000 shares of common stock were awarded pursuant to the 2009 Incentive Plan. In June 2017, 113,584 of these shares vested and such shares were issued in August 2017. See Note 14 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 Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Numerator for basic and diluted earnings per share: Net income $ 10,182 $ 7,128 $ 21,381 $ 20,007 Less net income attributable to non-controlling interests (35) (23) (866) (65) Less earnings allocated to unvested restricted stock (a) (342) (263) (879) (796) Net income available for common stockholders: basic and diluted $ 9,805 $ 6,842 $ 19,636 $ 19,146 Denominator for basic earnings per share: Weighted average number of common shares 18,646 18,000 18,521 17,859 Effect of dilutive securities: RSUs 59 79 41 102 Denominator for diluted earnings per share: Weighted average number of shares 18,705 18,079 18,562 17,961 Earnings per common share, basic $ .53 $ .38 $ 1.06 $ 1.07 Earnings per common share, diluted $ .52 $ .38 $ 1.06 $ 1.07 (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	9 Months Ended
	Sep. 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 nine months ended September 30, 2018 (amounts in thousands): Capitalized Third Party Contract Real Estate Purchase Terms of Acquisition Description of Property Date Acquired Price Payment Costs Campania International/U.S. Tape industrial facility, Pennsburg, Pennsylvania March 28, 2018 $ 12,675 All cash (a) $ 227 Plymouth Industries industrial facility, Plymouth, Minnesota June 7, 2018 5,500 All cash (b) 50 Totals $ 18,175 $ 277 (a) In July 2018, the Company obtained new mortgage debt of $8,238. (b) In September 2018, the Company obtained new mortgage debt of $3,325. 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 nine months ended September 30, 2018 (amounts in thousands): Building Description of Property Land Building Improvements Total Campania International/U.S. Tape industrial facility, Pennsburg, Pennsylvania $ 1,776 $ 10,399 $ 727 $ 12,902 Plymouth Industries industrial facility, Plymouth, Minnesota 1,121 4,306 123 5,550 Totals $ 2,897 $ 14,705 $ 850 $ 18,452 Property Acquisitions Subsequent to September 30, 2018 On October 19, 2018, the Company acquired, in a sale-leaseback transaction, an industrial/office property, located in Englewood, Colorado for $12,800,000. The initial term of the lease is twelve years. On November 1, 2018, the Company acquired an industrial property, located in Moorestown, New Jersey for $7,350,000. The initial term of the lease is 9.5 years.

Sales of Properties

Sales of Properties	9 Months Ended
	Sep. 30, 2018
Sales of Properties
Sales of Properties	Note 5 — Sales of Properties 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. The following chart details the Company’s sales of real estate during the nine months ended September 30, 2018 and 2017 (amounts in thousands): Gross Gain on Sale of Real Description of Property Date Sold Sales Price Estate, Net Retail property, Fort Bend, Texas (a) January 30, 2018 $ 9,200 $ 2,408 Land, Lakemoor, Illinois September 14, 2018 8,459 4,585 (b) Totals – nine months ended September 30, 2018 $ 17,659 $ 6,993 Retail property, Greenwood Village, Colorado May 8, 2017 $ 9,500 $ 6,568 Retail property, Kansas City, Missouri (c) July 14, 2017 10,250 2,180 Retail property, Niles, Illinois August 31, 2017 5,000 1,089 Totals – nine months ended September 30, 2017 $ 24,750 $ 9,837 (a) This property was owned by a consolidated joint venture in which the Company held an 85% interest. The non-controlling interest’s share of the gain was $776. (b) Includes $5,717, representing the unamortized balance of a $5,906 fixed rent payment which was received and recorded as deferred income in November 2017 and was to be included in rental income over the term of the lease. (c) See Note 15 for information on the early termination of the interest rate swap derivative associated with the mortgage that was paid off on this property. The Company determined it would recognize the full gain on the sales of the Fort Bend, Texas and Lakemoor, Illinois properties in accordance with ASC 610-20 as the Company has no (i) controlling financial interest in either of the properties and (ii) continuing interest or obligation with respect to the properties sold.

Variable Interest Entities, Con

Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures	9 Months Ended
	Sep. 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 two 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 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 $925,000 and $2,872,000 for the three and nine months ended September 30, 2018, respectively, and $954,000 and $2,758,000 for the three and nine months ended September 30, 2017, respectively. Included in these amounts is rental income from a previously held VIE property in Lakemoor, Illinois, which the Company sold in September 2018 (see Note 5), amounting to $214,000 and $800,000 for the three and nine months ended September 30, 2018, respectively, and $282,000 and $862,000 for the three and nine months ended September 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 September 30, 2018 (dollars in thousands): Owner/ Carrying Land Operator Amount and Contract # Units in Mortgage Maximum Purchase Apartment from Type of Exposure to Description of Property(a) Date Acquired Price Complex Third Party(b) Exposure Loss The Briarbrook Village Apartments, Wheaton, Illinois August 2,2016 $ 10,530 342 $ 39,411 Land $ 10,536 The Vue Apartments, Beachwood, Ohio August 16, 2016 13,896 348 67,444 Land 13,901 Totals $ 24,426 690 $ 106,855 $ 24,437 (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. 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 $379,000 and $443,000 at September 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): September 30, December 31, 2018 2017 (a) Land $ 14,722 $ 17,844 Buildings and improvements, net of accumulated depreciation of $3,867 and $3,811, respectively 27,893 31,789 Cash 902 1,145 Unbilled rent receivable 1,196 1,011 Unamortized intangible lease assets, net 932 1,241 Escrow, deposits and other assets and receivables 878 948 Mortgages payable, net of unamortized deferred financing costs of $407 and $442, respectively 27,143 32,252 Accrued expenses and other liabilities 689 870 Unamortized intangible lease liabilities, net 1,770 2,015 Accumulated other comprehensive income (loss) 117 (1) Non-controlling interests in consolidated joint ventures 1,439 1,742 (a) Includes a consolidated joint venture, in which the Company held an 85% interest, located in Fort Bend, Texas which was sold in January 2018 (see Note 5). At September 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 $9,859,000 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	9 Months Ended
	Sep. 30, 2018
Investment in Unconsolidated Joint Ventures
Investment in Unconsolidated Joint Ventures	Note 7– Investment in Unconsolidated Joint Ventures On July 31, 2018, an unconsolidated joint venture sold its property located in Milwaukee, Wisconsin for $12,813,000, net of closing costs, and paid off the related $6,970,000 mortgage. The Company’s 50% share of the gain from this sale was $1,986,000, which is included in Equity in earnings from sale of unconsolidated joint venture properties on the consolidated statements of income for the three and nine months ended September 30, 2018. On April 5, 2018, an unconsolidated joint venture sold its building and a portion of its land, located in Savannah, Georgia for $2,600,000, net of closing costs. The Company's 50% share of the gain from this sale was $71,000, which is included in Equity in earnings from sale of unconsolidated joint venture properties on the consolidated statement of income for the nine months ended September 30, 2018. The unconsolidated joint venture retained approximately five acres of land at this property. The Company’s remaining four unconsolidated joint ventures each own and operate one property. At September 30, 2018 and December 31, 2017, the Company’s equity investment in unconsolidated joint ventures totaled $10,283,000 and $10,723,000, respectively. In addition to the equity in earnings from the sale of properties of $2,057,000 in 2018, the Company recorded equity in earnings of $173,000 and $716,000 for the three and nine months ended September 30, 2018, respectively, and $212,000 and $663,000 for the three and nine months ended September 30, 2017, respectively. Included in equity in earnings from unconsolidated joint ventures for the nine months ended September 30, 2018 is income of $110,000 related to the discontinuance of hedge accounting on a mortgage swap related to the unconsolidated joint venture property, located in Milwaukee, Wisconsin, that was sold in July 2018 (see above and Note 15). At September 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 $8,534,000.

Lease Termination Fee

Lease Termination Fee	9 Months Ended
	Sep. 30, 2018
Lease Termination Fee
Lease Termination Fee	Note 8 – Lease Termination Fee In July 2018, the Company received a $372,000 lease termination fee from a retail tenant in a lease buy-out transaction. In addition, the Company recorded $804,000 as rental income, representing the write-off of the $878,000 balance of the unamortized intangible lease liability, offset in part by the write-off of the $74,000 balance of the unbilled rent receivable related to this tenant. The Company re-leased this property simultaneously with the termination of the lease.

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts	9 Months Ended
	Sep. 30, 2018
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts	Note 9 – 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 September 30, 2018, due to the uncertainty with respect to the collection of the unbilled rent receivable related to a property located in Texas, the Company recorded an allowance of $1,440,000, as a reduction to rental income, representing the entire balance of such receivable. There was no balance in allowance for doubtful accounts at December 31, 2017. 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 nine months ended September 30, 2018. During the nine months ended September 30, 2017, the Company recorded bad debt expense of $310,000, related to rental income and 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 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. Impairment Loss In November 2017, the Company sold its property formerly tenanted by Joe's Crab Shack, located in Ann Arbor, Michigan. As the sales price was less than the net book value, the Company determined that the property was impaired and recorded an impairment loss of $153,000, representing the difference, at September 30, 2017, between the net sales price and the net book value. The impairment loss is included in the accompanying consolidated statements of income for the three and nine months ended September 30, 2017.

Debt Obligations

Debt Obligations	9 Months Ended
	Sep. 30, 2018
Debt Obligations
Debt Obligations	Note 10 – Debt Obligations Mortgages Payable The following table details the Mortgages payable, net, balances per the consolidated balance sheets (amounts in thousands): September 30, December 31, 2018 2017 Mortgages payable, gross $ 407,007 $ 396,946 Unamortized deferred financing costs (4,029) (3,789) Mortgages payable, net $ 402,978 $ 393,157 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 September 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 3.62% and 2.83% for the nine months ended September 30, 2018 and 2017, respectively. The Company was in compliance with all covenants at September 30, 2018. The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands): September 30, December 31, 2018 (a) 2017 Line of credit, gross $ — $ 9,400 Unamortized deferred financing costs — (624) Line of credit, net $ — $ 8,776 (a) In accordance with ASU 2015-15, as there was no balance outstanding on the Line of credit, the Company reclassified the related unamortized deferred financing costs of $390 to Escrow, deposits, and other assets and receivables on the consolidated balance sheet at September 30, 2018. At November 2, 2018, there was an outstanding balance of $4,000,000 (before unamortized deferred financing costs) under the facility.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2018
Related Party Transactions
Related Party Transactions	Note 11 – Related Party Transactions Compensation and Services Agreement Pursuant to the compensation and services agreement with Majestic Property Management Corp. (“Majestic”), 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 $687,000 and $2,054,000 for the three and nine months ended September 30, 2018, respectively, and $667,000 and $1,996,000 for the three and nine months ended September 30, 2017, respectively. Included in these fees are $307,000 and $915,000 of property management costs for the three and nine months ended September 30, 2018, respectively, and $287,000 and $857,000 for the three and nine months ended September 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 $162,000 in each of the three and nine months ended September 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 14). The related expense charged to the Company’s operations was $483,000 and $1,332,000 for the three and nine months ended September 30, 2018, respectively, and $361,000 and $1,128,000 for the three and nine months ended September 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 nine months ended September 30, 2018 and 2017. Joint Venture Partners and Affiliates The Company paid an aggregate of $21,000 and $86,000 for the three and nine months ended September 30, 2018, respectively, and $30,000 and $112,000 for the three and nine months ended September 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 $39,000 and $135,000 for the three and nine months ended September 30, 2018 , respectively, and $45,000 and $132,000 for the three and nine months ended September 30, 2017, respectively, to the other partner of the venture, which reduced Equity in earnings of $19,000 and $67,000 for the three and nine months ended September 30, 2018, respectively, and $22,000 and $66,000 for the three and nine months ended September 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. Amounts reimbursed to Gould Investors were $912,000 during the three and nine months ended September 30, 2018 and $782,000 during the three and nine months ended September 30, 2017. Included in Real estate expenses on the consolidated statements of income is insurance expense of $241,000 and $646,000 for the three and nine months ended September 30, 2018, respectively, and $204,000 and $551,000 for the three and nine months ended September 30, 2017, respectively. The balance of the amounts reimbursed to Gould Investors represents prepaid insurance at September 30, 2018 and is included in Other assets on the consolidated balance sheets.

Common Stock Cash Dividend

Common Stock Cash Dividend	9 Months Ended
	Sep. 30, 2018
Common Stock Cash Dividend
Common Stock Cash Dividend	Note 12 – Common Stock Cash Dividend On September 13, 2018, the Board of Directors declared a quarterly cash dividend of $.45 per share on the Company’s common stock, totaling $8,694,000. The quarterly dividend was paid on October 4, 2018 to stockholders of record on September 25, 2018.

Shares Issued through Equity Of

Shares Issued through Equity Offering Program	9 Months Ended
	Sep. 30, 2018
Shares Issued through Equity Offering Program
Shares Issued through Equity Offering Program	Note 13 – Shares Issued through Equity Offering Program During the nine months ended September 30, 2018, the Company sold 126,300 shares for proceeds of $3,245,000, net of commissions of $33,000, and incurred offering costs of $75,000 for professional fees.

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Sep. 30, 2018
Stock Based Compensation
Stock Based Compensation	Note 14 – 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 September 30, 2018, (i) restricted stock awards with respect to 284,850 shares had been issued, of which 300 shares were forfeited and 3,000 shares had vested, and (ii) as further described below, RSUs with respect to 152,500 shares had been issued and are outstanding. Under the Company’s 2012 Incentive Plan, as of September 30, 2018, 500,700 shares had been issued, of which 3,550 shares were forfeited and 127,450 shares had vested. No additional awards may be granted under this plan. For accounting purposes, the restricted stock is not included in the shares shown as outstanding on the balance sheet until they vest; however, dividends are paid on the unvested shares. The restricted stock grants are charged to General and administrative expense over the respective vesting periods based on the market value of the common stock on the grant date. Unless earlier forfeited because the participant’s relationship with the Company terminated, unvested restricted stock awards vest on the fifth anniversary of the grant date, and under certain circumstances may vest earlier. In each of 2017 and 2018, the Company granted RSUs exchangeable for up to 76,250 shares of common stock upon satisfaction, through June 30, 2020 and 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 TSR awards, a third party appraiser prepared a Monte Carlo simulation pricing model to determine the fair value, which is recognized ratably over the service period. The Monte Carlo valuation consisted of computing the grant date fair value of the awards using the Company's simulated stock price. For the July 2018 TSR awards, the per unit or share fair value was estimated using the following assumptions: an expected life of three years, a dividend rate of 6.82%, a risk-free interest rate of 2.18% - 2.70% and an expected price volatility of 22.29% - 25.99%. The expected price volatility was calculated based on historical and implied volatility. For the ROC Awards, the fair value is based on the market value on the date of grant and the performance assumptions are re-evaluated quarterly. Expense is not recognized on the RSUs which the Company does not expect to vest as a result of service conditions or the Company's performance expectations. As of September 30, 2018, based on performance and market assumptions, the fair value of the RSUs granted in 2017 and 2018 is $1,066,000 and $1,136,000, respectively. Recognition of such deferred compensation expense will be charged to General and administrative expense over the respective three year performance cycle. None of these RSUs were forfeited or vested during the nine months ended September 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 Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Restricted stock grants: Number of shares — — 144,750 140,100 Average per share grant price — — $ 25.31 $ 24.75 Deferred compensation to be recognized over vesting period — — $ 3,664,000 $ 3,467,000 Number of non-vested shares: Non-vested beginning of period 651,500 612,900 612,900 591,750 Grants — — 144,750 140,100 Vested during period — — (106,000) (118,450) Forfeitures (250) — (400) (500) Non-vested end of period 651,250 612,900 651,250 612,900 RSU grants: Number of underlying shares 76,250 76,250 76,250 76,250 Average per share grant price $ 26.41 $ 24.03 $ 26.41 $ 24.03 Deferred compensation to be recognized over vesting period $ 1,136,000 $ 919,000 $ 1,136,000 $ 919,000 Number of non-vested shares: Non-vested beginning of period 76,250 — 76,250 200,000 Grants 76,250 76,250 76,250 76,250 Vested during period — — — (113,584) Forfeitures — — — (86,416) Non-vested end of period 152,500 76,250 152,500 76,250 Restricted stock and RSU grants: Weighted average per share value of non-vested shares (based on grant price) $ 23.83 $ 22.89 $ 23.83 $ 22.89 Value of stock vested during the period (based on grant price) $ — $ — $ 2,289,000 $ 3,008,000 Weighted average per share value of shares forfeited during the period (based on grant price) $ 23.39 $ — $ 23.59 $ 8.37 The total charge to operations: Outstanding restricted stock grants $ 763,000 $ 684,000 $ 2,263,000 $ 2,255,000 Outstanding RSUs 208,000 — 390,000 86,000 Total charge to operations $ 971,000 $ 684,000 $ 2,653,000 $ 2,341,000 As of September 30, 2018, total compensation costs of $7,581,000 and $1,717,000 related to non-vested restricted stock awards and RSUs, respectively, have not yet been recognized. These compensation costs will be charged to General and administrative expense over the remaining respective vesting periods. The weighted average vesting period is 2.4 years for the restricted stock and 2.3 years for the RSUs.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2018
Fair Value Measurements
Fair Value Measurements	Note 15 – 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 September 30, 2018, the $392,836,000 estimated fair value of the Company’s mortgages payable is less than their $407,007,000 carrying value (before unamortized deferred financing costs) by approximately $14,171,000 assuming a blended market interest rate of 4.90% 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 September 30, 2018 and December 31, 2017, the carrying amount of the Company’s line of credit (before unamortized deferred financing costs) of $0 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 September 30, 2018 $ 4,793 December 31, 2017 1,615 Financial liabilities: Interest rate swaps September 30, 2018 $ — December 31, 2017 1,492 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 September 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 September 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 $130,100,000 notional amount and mature between 2019 and 2028 (weighted average remaining term to maturity of 6.4 years). Such interest rate swaps, all of which were designated as cash flow hedges, converted LIBOR based variable rate mortgages to fixed annual rate mortgages (with interest rates ranging from 3.02% to 5.38% and a weighted average interest rate of 4.13% at September 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. In connection with the sale of two unconsolidated joint venture properties located in Savannah, Georgia and Milwaukee, Wisconsin, the Company terminated two interest rate swaps when the related mortgages were paid off in April 2018 and July 2018, respectively (see Note 7). See discussion below for the discontinuation of hedge accounting on one of these interest rate swaps during the nine months ended September 30, 2018. 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 Nine Months Ended September 30, September 30, 2018 2017 2018 2017 One Liberty Properties, Inc. and Consolidated subsidiaries Amount of gain (loss) recognized on derivatives in Other comprehensive income $ 827 $ (248) $ 4,336 $ (1,234) Amount of reclassification from Accumulated other comprehensive income into Interest expense (44) (352) (335) (1,406) Unconsolidated Joint Ventures (Company’s share) Amount of gain (loss) recognized on derivatives in Other comprehensive income $ — $ (2) $ 69 $ (14) Amount of reclassification from Accumulated other comprehensive income into Equity in earnings of unconsolidated joint ventures — (13) 103 (48) During the nine months ended September 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 nine months ended September 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 nine months ended September 30, 2018 and 2017. During the twelve months ending September 30, 2019, the Company estimates an additional $503,000 will be reclassified from other Accumulated other comprehensive income as a decrease to Interest expense. The derivative agreements in effect at September 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 December 31, 2017, the fair value of the derivatives in a liability position, including accrued interest of $53,000, but excluding any adjustments for nonperformance risk, was approximately $1,638,000. In the event the Company had breached any of the contractual provisions of the derivative contracts, it would have been required to settle its obligations thereunder at their termination liability value of $1,638,000. This termination liability value, net of adjustments for nonperformance risk of $93,000, is included in Accrued expenses and other liabilities on the consolidated balance sheet at December 31, 2017. At September 30, 2018, there were no derivatives in a liability position.

Commitments

Commitments	9 Months Ended
	Sep. 30, 2018
Commitments
Commitments	Note 16 – Commitments As of September 30, 2018, the remaining amount the Company is contractually required to expend for building expansion and improvements at its property tenanted by L-3 Technologies, located in Hauppauge, New York, is approximately $960,000.

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2018
New Accounting Pronouncements
New Accounting Pronouncements	Note 17 – New Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt either the entire standard or only the provisions that eliminate or modify requirements. The Company is evaluating the new guidance to determine if, and to the extent, it will impact the Company's consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting, which simplifies the accounting for share-based payments made to non-employees so that the accounting for such payments is substantially the same as those made to employees, with certain exceptions. Under this ASU, equity-classified share-based awards to non-employees will be measured at fair value on the grant date of the awards and entities will assess the probability of satisfying performance conditions if any are present. Awards will continue to be classified according to ASC 718 upon vesting which eliminates the need to reassess classification upon vesting, consistent with awards granted to employees, unless the award is modified after the service has been rendered, any other conditions necessary to earn the right to benefit from the instruments have been satisfied, and the nonemployee is no longer providing services. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and early adoption is permitted. The Company early adopted this guidance on July 1, 2018 using the modified retrospective transition method. The adoption of ASU 2018-07 did not have an impact on the Company’s consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities , which amends the presentation and disclosure requirements for hedge accounting and changes how companies assess hedge effectiveness. This ASU is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. The Company early adopted this guidance on January 1, 2018 using the modified retrospective transition method and its adoption did not have any impact on the Company’s previously reported income from operations, net income or accumulated undistributed net income for the periods presented. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the current “incurred loss” model with an “expected loss” approach. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted after December 2018. The Company is evaluating the new guidance to determine if, and to the extent, it will impact the consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases, and in July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842), Targeted Improvements, and 2018-10, Codification Improvements to Topic 842, Leases. These standards require lessees to recognize (i) lease assets and lease liabilities for those leases which were previously classified as operating leases under ASC 840, Leases , and (ii) expense based on the effective interest method for finance leases or on a straight-line basis for operating leases. Lessor accounting, inclusive of the effect of a practical expedient offered in ASU No. 2018-11 (which the Company expects to adopt and apply to most of its leases), which allows lessors to not separate non-lease components from the related lease components under certain conditions, will remain largely unchanged as under the previous standard, ASC 840. The Company is currently evaluating these new standards but does not expect them to have a significant effect on its consolidated financial statements. 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 Company will adopt these standards effective as of January 1, 2019 using the modified retrospective approach and anticipates electing the package of practical expedients that allows an entity to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases and (iii) initial direct costs for any expired or existing leases. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The new model requires revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services. In July 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which delays the effective date of ASU No. 2014-09 by one year. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations. ASU No. 2014-09, ASU No. 2015-14 and ASU No. 2016-08 are herein collectively referred to as the “New Revenue Recognition Standards”. The Company adopted the New Revenue Recognition Standards on January 1, 2018 using the modified retrospective transition method. The Company’s main revenue streams are rental revenues and tenant reimbursements. Such revenues are related to lease contracts with tenants which currently fall within the scope of ASC Topic 840, and will fall within the scope of ASC Topic 842 upon the adoption of ASU No. 2016-02 on January 1, 2019 (the Company’s sales of real estate are within the scope of ASU No. 2017-05, see Note 5). Accordingly, the adoption of the New Revenue Recognition Standards did not (i) result in a cumulative adjustment as of January 1, 2018, and (ii) have any impact on the Company’s consolidated financial statements.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2018
Subsequent Events
Subsequent Events	Note 18 – 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)	9 Months Ended
	Sep. 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 nine months ended September 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 nine months ended September 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 a return of its investment. Cash received from the unconsolidated entity is presumed to be a return on the investment to the extent that, on a cumulative basis, distributions received by the investor are less than its share of the equity in the undistributed earnings of the entity.
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. Such reclassifications primarily relate to the presentation of (i) Gain on sale of real estate, net, on the consolidated statement of income for the three and nine months ended September 30, 2017 and (ii) restricted cash on the consolidated statement of cash flows for the nine months ended September 30, 2017. The Company has included Gain on sale of real estate, net, as a component of Operating income, to present gains and losses on sales of properties in accordance with ASC 360-10-45-5. The change was made for the prior periods as the Securities and Exchange Commission has eliminated Rule 3-15(a) of Regulation S-X as part of Release Nos. 33-10532, 34-83875 and IC-33203, which had required REITs to present gains and losses on sales of properties outside of continuing operations in the income statement. As of January 1, 2018, the Company adopted ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , which requires amounts generally described as restricted cash to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The adoption of this ASU has no impact on the Company’s previously reported consolidated balance sheets, consolidated statements of income, net income or accumulated undistributed net income for the periods presented. As a result of the adoption of this guidance, the following table depicts the adjustments to the Company’s previously reported consolidated statement of cash flows (amounts in thousands): Nine Months Ended September 30, 2017 As Reported As Adjusted Decrease in escrow, deposits, and other assets and receivables $ 165 $ 273 Increase in accrued expenses and other liabilities 1,377 1,264 Net decrease in cash, cash equivalents and restricted cash (2,494) (2,499) Cash, cash equivalents and restricted cash at beginning of year 17,420 18,450 Cash, cash equivalents and restricted cash at end of period 14,926 15,951 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): September 30, 2018 2017 Cash and cash equivalents $ 17,173 $ 14,926 Restricted cash 379 530 Restricted cash included in escrow, deposits and other assets and receivables 252 495 Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows $ 17,804 $ 15,951 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)	9 Months Ended
	Sep. 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): Nine Months Ended September 30, 2017 As Reported As Adjusted Decrease in escrow, deposits, and other assets and receivables $ 165 $ 273 Increase in accrued expenses and other liabilities 1,377 1,264 Net decrease in cash, cash equivalents and restricted cash (2,494) (2,499) Cash, cash equivalents and restricted cash at beginning of year 17,420 18,450 Cash, cash equivalents and restricted cash at end of period 14,926 15,951
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): September 30, 2018 2017 Cash and cash equivalents $ 17,173 $ 14,926 Restricted cash 379 530 Restricted cash included in escrow, deposits and other assets and receivables 252 495 Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows $ 17,804 $ 15,951

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2018
Earnings Per Common Share
Schedule of impact to the diluted weighted average number of shares of common stock related to the RSUs	Three and Nine Three and Nine Months Ended Months Ended September 30, 2018 September 30, 2017 Date of Award and Return on Stockholder Return on Stockholder Total Number of Capital Return Capital Return Underlying Shares metric metric Total metric metric Total September 26, 2017 76,250 shares (a) 33,524 38,125 71,649 38,125 — 38,125 July 1, 2018 76,250 shares (b) 30,929 — 30,929 n/a n/a n/a 64,453 38,125 102,578 38,125 — 38,125 (a) Includes shares that would be issued pursuant to the respective metrics, assuming the end of the quarterly period was the June 30, 2020 vesting date. None of the remaining 4,601 shares and 38,125 shares are included at September 30, 2018 and 2017, respectively, as the applicable metrics had not been met for these shares. (b) Includes shares that would be issued pursuant to the respective metrics, assuming the end of the quarterly period was the June 30, 2021 vesting date. None of the remaining 45,321 shares are included at September 30, 2018, as the applicable metrics had not been met for these shares.
Schedule of reconciliation of the numerator and denominator of earnings per share calculations	The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts): Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Numerator for basic and diluted earnings per share: Net income $ 10,182 $ 7,128 $ 21,381 $ 20,007 Less net income attributable to non-controlling interests (35) (23) (866) (65) Less earnings allocated to unvested restricted stock (a) (342) (263) (879) (796) Net income available for common stockholders: basic and diluted $ 9,805 $ 6,842 $ 19,636 $ 19,146 Denominator for basic earnings per share: Weighted average number of common shares 18,646 18,000 18,521 17,859 Effect of dilutive securities: RSUs 59 79 41 102 Denominator for diluted earnings per share: Weighted average number of shares 18,705 18,079 18,562 17,961 Earnings per common share, basic $ .53 $ .38 $ 1.06 $ 1.07 Earnings per common share, diluted $ .52 $ .38 $ 1.06 $ 1.07 (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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2018 (amounts in thousands): Capitalized Third Party Contract Real Estate Purchase Terms of Acquisition Description of Property Date Acquired Price Payment Costs Campania International/U.S. Tape industrial facility, Pennsburg, Pennsylvania March 28, 2018 $ 12,675 All cash (a) $ 227 Plymouth Industries industrial facility, Plymouth, Minnesota June 7, 2018 5,500 All cash (b) 50 Totals $ 18,175 $ 277
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 nine months ended September 30, 2018 (amounts in thousands): Building Description of Property Land Building Improvements Total Campania International/U.S. Tape industrial facility, Pennsburg, Pennsylvania $ 1,776 $ 10,399 $ 727 $ 12,902 Plymouth Industries industrial facility, Plymouth, Minnesota 1,121 4,306 123 5,550 Totals $ 2,897 $ 14,705 $ 850 $ 18,452

Sales of Properties (Tables)

Sales of Properties (Tables)	9 Months Ended
	Sep. 30, 2018
Sales of Properties
Schedule of sale of real estate property	The following chart details the Company’s sales of real estate during the nine months ended September 30, 2018 and 2017 (amounts in thousands): Gross Gain on Sale of Real Description of Property Date Sold Sales Price Estate, Net Retail property, Fort Bend, Texas (a) January 30, 2018 $ 9,200 $ 2,408 Land, Lakemoor, Illinois September 14, 2018 8,459 4,585 (b) Totals – nine months ended September 30, 2018 $ 17,659 $ 6,993 Retail property, Greenwood Village, Colorado May 8, 2017 $ 9,500 $ 6,568 Retail property, Kansas City, Missouri (c) July 14, 2017 10,250 2,180 Retail property, Niles, Illinois August 31, 2017 5,000 1,089 Totals – nine months ended September 30, 2017 $ 24,750 $ 9,837 (a) This property was owned by a consolidated joint venture in which the Company held an 85% interest. The non-controlling interest’s share of the gain was $776. (b) Includes $5,717, representing the unamortized balance of a $5,906 fixed rent payment which was received and recorded as deferred income in November 2017 and was to be included in rental income over the term of the lease. (c) See Note 15 for information on the early termination of the interest rate swap derivative associated with the mortgage that was paid off on this property.

Variable Interest Entities, C_2

Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures (Tables)	9 Months Ended
	Sep. 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 September 30, 2018 (dollars in thousands): Owner/ Carrying Land Operator Amount and Contract # Units in Mortgage Maximum Purchase Apartment from Type of Exposure to Description of Property(a) Date Acquired Price Complex Third Party(b) Exposure Loss The Briarbrook Village Apartments, Wheaton, Illinois August 2,2016 $ 10,530 342 $ 39,411 Land $ 10,536 The Vue Apartments, Beachwood, Ohio August 16, 2016 13,896 348 67,444 Land 13,901 Totals $ 24,426 690 $ 106,855 $ 24,437 (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.
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): September 30, December 31, 2018 2017 (a) Land $ 14,722 $ 17,844 Buildings and improvements, net of accumulated depreciation of $3,867 and $3,811, respectively 27,893 31,789 Cash 902 1,145 Unbilled rent receivable 1,196 1,011 Unamortized intangible lease assets, net 932 1,241 Escrow, deposits and other assets and receivables 878 948 Mortgages payable, net of unamortized deferred financing costs of $407 and $442, respectively 27,143 32,252 Accrued expenses and other liabilities 689 870 Unamortized intangible lease liabilities, net 1,770 2,015 Accumulated other comprehensive income (loss) 117 (1) Non-controlling interests in consolidated joint ventures 1,439 1,742 (a) Includes a consolidated joint venture, in which the Company held an 85% interest, located in Fort Bend, Texas which was sold in January 2018 (see Note 5).

Debt Obligations (Tables)

Debt Obligations (Tables)	9 Months Ended
	Sep. 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): September 30, December 31, 2018 2017 Mortgages payable, gross $ 407,007 $ 396,946 Unamortized deferred financing costs (4,029) (3,789) Mortgages payable, net $ 402,978 $ 393,157
Schedule of Line of credit, net	The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands): September 30, December 31, 2018 (a) 2017 Line of credit, gross $ — $ 9,400 Unamortized deferred financing costs — (624) Line of credit, net $ — $ 8,776

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2018
Stock Based Compensation
Summary of the activity of the equity incentive plans	Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Restricted stock grants: Number of shares — — 144,750 140,100 Average per share grant price — — $ 25.31 $ 24.75 Deferred compensation to be recognized over vesting period — — $ 3,664,000 $ 3,467,000 Number of non-vested shares: Non-vested beginning of period 651,500 612,900 612,900 591,750 Grants — — 144,750 140,100 Vested during period — — (106,000) (118,450) Forfeitures (250) — (400) (500) Non-vested end of period 651,250 612,900 651,250 612,900 RSU grants: Number of underlying shares 76,250 76,250 76,250 76,250 Average per share grant price $ 26.41 $ 24.03 $ 26.41 $ 24.03 Deferred compensation to be recognized over vesting period $ 1,136,000 $ 919,000 $ 1,136,000 $ 919,000 Number of non-vested shares: Non-vested beginning of period 76,250 — 76,250 200,000 Grants 76,250 76,250 76,250 76,250 Vested during period — — — (113,584) Forfeitures — — — (86,416) Non-vested end of period 152,500 76,250 152,500 76,250 Restricted stock and RSU grants: Weighted average per share value of non-vested shares (based on grant price) $ 23.83 $ 22.89 $ 23.83 $ 22.89 Value of stock vested during the period (based on grant price) $ — $ — $ 2,289,000 $ 3,008,000 Weighted average per share value of shares forfeited during the period (based on grant price) $ 23.39 $ — $ 23.59 $ 8.37 The total charge to operations: Outstanding restricted stock grants $ 763,000 $ 684,000 $ 2,263,000 $ 2,255,000 Outstanding RSUs 208,000 — 390,000 86,000 Total charge to operations $ 971,000 $ 684,000 $ 2,653,000 $ 2,341,000

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 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 September 30, 2018 $ 4,793 December 31, 2017 1,615 Financial liabilities: Interest rate swaps September 30, 2018 $ — December 31, 2017 1,492
Schedule of effect of derivative financial instruments on statements of income	The following table presents the effect of the Company’s derivative financial instruments on the consolidated statements of income for the periods presented (amounts in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 One Liberty Properties, Inc. and Consolidated subsidiaries Amount of gain (loss) recognized on derivatives in Other comprehensive income $ 827 $ (248) $ 4,336 $ (1,234) Amount of reclassification from Accumulated other comprehensive income into Interest expense (44) (352) (335) (1,406) Unconsolidated Joint Ventures (Company’s share) Amount of gain (loss) recognized on derivatives in Other comprehensive income $ — $ (2) $ 69 $ (14) Amount of reclassification from Accumulated other comprehensive income into Equity in earnings of unconsolidated joint ventures — (13) 103 (48)

Organization and Background (De

Organization and Background (Details)	Sep. 30, 2018stateproperty
Organization and Background
Number of real estate properties	118
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
Unconsolidated joint ventures
Organization and Background
Number of real estate properties	4

Summary Accounting Policies - I

Summary Accounting Policies - Investment in Joint Ventures and Variable Interest Entities (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)item	Sep. 30, 2017USD ($)
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	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017
Reclassifications
Decrease in escrow, deposits, other assets and receivables	$ (1,154)	$ 273
Increase in accrued expenses and other liabilities	(1,400)	1,264
Net decrease in cash, cash equivalents and restricted cash	3,136	(2,499)
Cash, cash equivalents and restricted cash at beginning of year	14,668	18,450
Cash, cash equivalents and restricted cash at end of period	17,804	15,951
Cash and cash equivalents			$ 17,173	$ 13,766	$ 14,926
Restricted cash			379	443	530
Restricted cash included in escrow, deposits and other assets and receivables			252		495
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	$ 14,668	18,450	$ 17,804	$ 14,668	15,951
Accounting Standards Update 2016-18 | As Previously Reported
Reclassifications
Decrease in escrow, deposits, other assets and receivables		165
Increase in accrued expenses and other liabilities		1,377
Net decrease in cash, cash equivalents and restricted cash		(2,494)
Cash, cash equivalents and restricted cash at beginning of year		17,420
Cash, cash equivalents and restricted cash at end of period		14,926
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows		$ 17,420			$ 14,926

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 31, 2017	Jun. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2010
Numerator for basic and diluted earnings per share:
Net income			$ 10,182	$ 7,128	$ 21,381	$ 20,007
Less net income attributable to non-controlling interests			(35)	(23)	(866)	(65)
Less earnings allocated to unvested restricted stock			(342)	(263)	(879)	(796)
Net income available for common stockholders: basic and diluted			$ 9,805	$ 6,842	$ 19,636	$ 19,146
Denominator for basic earnings per share:
Weighted average number of common shares			18,646,000	18,000,000	18,521,000	17,859,000
Effect of dilutive securities:
RSUs			59,000	79,000	41,000	102,000
Denominator for diluted earnings per share: weighted average number of shares			18,705,000	18,079,000	18,562,000	17,961,000
Earnings per common share, basic			$ 0.53	$ 0.38	$ 1.06	$ 1.07
Earnings per common share, diluted			$ 0.52	$ 0.38	$ 1.06	$ 1.07
RSUs
Earnings Per Common Share
Number of shares granted			76,250	76,250	76,250	76,250
Number of shares vested						113,584
2016 Incentive Plan
Earnings Per Common Share
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric			64,453	38,125	64,453	38,125
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric			38,125		38,125
Effect of dilutive securities:
RSUs			102,578	38,125	102,578	38,125
2016 Incentive Plan | September 26, 2017
Earnings Per Common Share
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric			33,524	38,125	33,524	38,125
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric			38,125		38,125
Common Shares not included Attributable To Share Based Payment Arrangements Due To Applicable Return On Metric					4,601	38,125
Effect of dilutive securities:
RSUs			71,649	38,125	71,649	38,125
2016 Incentive Plan | July 1, 2018
Earnings Per Common Share
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric			30,929		30,929
Common Shares not included Attributable To Share Based Payment Arrangements Due To Applicable Return On Metric					45,321
Effect of dilutive securities:
RSUs			30,929		30,929
2009 Incentive Plan | RSUs
Earnings Per Common Share
Number of shares granted							200,000
Number of shares vested		113,584
Number of shares issued	113,584

Real Estate Acquisitions (Detai

Real Estate Acquisitions (Details) - USD ($)	1 Months Ended		9 Months Ended
	Sep. 30, 2018	Jul. 31, 2018	Sep. 30, 2018	Nov. 01, 2018	Oct. 19, 2018
Real Estate Acquisitions
Contract Purchase Price			$ 18,175,000
Capitalized Third Party Real Estate Acquisition	$ 277,000		277,000
Allocation of purchase price for the company's real estate acquisitions
Land	2,897,000		2,897,000
Building	14,705,000		14,705,000
Building Improvements	850,000		850,000
Total	18,452,000		18,452,000
Campania International/U.S. Tape industrial facility, Pennsburg, Pennsylvania
Real Estate Acquisitions
Contract Purchase Price			12,675,000
Capitalized Third Party Real Estate Acquisition	227,000		227,000
New mortgage debt		$ 8,238,000
Allocation of purchase price for the company's real estate acquisitions
Land	1,776,000		1,776,000
Building	10,399,000		10,399,000
Building Improvements	727,000		727,000
Total	12,902,000		12,902,000
Plymouth Industries Industrial Facility Plymouth Minnesota
Real Estate Acquisitions
Contract Purchase Price			5,500,000
Capitalized Third Party Real Estate Acquisition	50,000		50,000
New mortgage debt	3,325,000
Allocation of purchase price for the company's real estate acquisitions
Land	1,121,000		1,121,000
Building	4,306,000		4,306,000
Building Improvements	123,000		123,000
Total	$ 5,550,000		$ 5,550,000
Industrial/Office Property, Englewood, Colorado
Real Estate Acquisitions
Acquisition cost of real estate property through sale and lease back					$ 12,800,000
Initial term of lease					12 years
Industrial Property, Moorestown, New Jersey
Real Estate Acquisitions
Acquisition cost of real estate property				$ 7,350,000
Initial term of lease				9 years 6 months

Sales of Properties (Details)

Sales of Properties (Details) - USD ($) $ in Thousands	Sep. 14, 2018	Jan. 30, 2018	Aug. 31, 2017	Jul. 14, 2017	May 08, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Nov. 30, 2017
Sales of Properties
Total sales price, net of closing costs						$ 17,417	$ 24,093
Sale of real estate
Sales of Properties
Gross Sales Price						17,659	24,750
Gain on Sales of Real Estate, Net						$ 6,993	$ 9,837
Sale of real estate | Retail Property, Fort Bend, Texas
Sales of Properties
Gross Sales Price		$ 9,200
Gain on Sales of Real Estate, Net		2,408
Sale of real estate | Retail Property, Fort Bend, Texas | Non-Controlling Interests in Consolidated Joint Ventures
Sales of Properties
Non-controlling interest's share of the gain		$ 776
Sale of real estate | Land, Lakemoor, Illinois
Sales of Properties
Gross Sales Price	$ 8,459
Gain on Sales of Real Estate, Net	4,585
Fixed rental payment received and recorded as deferred income	$ 5,717								$ 5,906
Sale of real estate | Retail property, Greenwood Village, Colorado
Sales of Properties
Gross Sales Price					$ 9,500
Gain on Sales of Real Estate, Net					$ 6,568
Sale of real estate | Retail Property, Kansas City, Missouri
Sales of Properties
Gross Sales Price				$ 10,250
Gain on Sales of Real Estate, Net				$ 2,180
Sale of real estate | Retail Property, Niles Illinois
Sales of Properties
Gross Sales Price			$ 5,000
Gain on Sales of Real Estate, Net			$ 1,089
Consolidated JV | Sale of real estate | Retail Property, Fort Bend, Texas | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Sales of Properties
Ownership interest in consolidated joint venture of the company (as a percent)		85.00%						85.00%

Variable Interest Entities, C_3

Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures - Ground Leases (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)item	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)item	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Variable Interest Entities
Number of VIEs through ground leases | item	2		2
Cash Reserves - ground lease	$ 379,000		$ 379,000		$ 443,000
Land, Lakemoor, Illinois
Variable Interest Entities
Revenue from the ground lease	214,000	$ 282,000	800,000	$ 862,000
The Briarbrook Village Apartments, Wheaton, Illinois and Vue Apartments, Beachwood, Ohio
Variable Interest Entities
Land Contract Purchase Price			$ 24,426,000
Units in Apartment Complex | item			690
Owner/ Operator Mortgage from Third Party			$ 106,855,000
Carrying Amount and Maximum Exposure to Loss	24,437,000		24,437,000
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 Briarbrook Village Apartment, Wheaton, Illinois; and Vue Apartment, Beachwood, Ohio
Variable Interest Entities
Revenue from the ground lease	$ 925,000	$ 954,000	$ 2,872,000	$ 2,758,000

Variable Interest Entities, C_4

Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures - Consolidated Joint Ventures (Details) - Consolidated JV	9 Months Ended
	Sep. 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, C_5

Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures - Summary of Consolidated VIE's (Details) - USD ($) $ in Thousands		Sep. 30, 2018	Dec. 31, 2017
Consolidated VIEs Carrying Amount of Assets and Liabilities
Land		$ 2,897
Unbilled rent receivable		13,407	$ 14,125
Unamortized intangible lease assets, net		26,326	30,525
Escrow, deposits and other assets and receivables		11,178	6,630
Mortgages payable, net of unamortized deferred financing costs of $407 and $442, respectively		402,978	393,157
Accrued expenses and other liabilities		7,951	16,107
Unamortized intangible lease liabilities, net		15,308	17,551
Accumulated other comprehensive income (loss)		4,781	155
Non-controlling interests in consolidated joint ventures	[1]	1,439	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 $3,867 and $3,811, respectively		27,893	31,789
Cash		902	1,145
Unbilled rent receivable		1,196	1,011
Unamortized intangible lease assets, net		932	1,241
Escrow, deposits and other assets and receivables		878	948
Mortgages payable, net of unamortized deferred financing costs of $407 and $442, respectively		27,143	32,252
Accrued expenses and other liabilities		689	870
Unamortized intangible lease liabilities, net		1,770	2,015
Accumulated other comprehensive income (loss)		117	(1)
Non-controlling interests in consolidated joint ventures		1,439	1,742
Accumulated depreciation		3,867	3,811
Unamortized deferred financing costs		$ 407	$ 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, $27,893 and $31,789 of building and improvements, net of $3,867 and $3,811 of accumulated depreciation, $3,908 and $4,345 of other assets included in other line items, $27,143 and $32,252 of real estate debt, net, $2,459 and $2,885 of other liabilities included in other line items and $1,439 and $1,742 of non-controlling interests as of September 30, 2018 and December 31, 2017, respectively

Variable Interest Entities, C_6

Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures - MCB Real Estate, LLC (Details) - Consolidated JV	9 Months Ended	12 Months Ended
	Sep. 30, 2018USD ($)item	Dec. 31, 2017USD ($)item	Jan. 30, 2018
Consolidated VIEs Carrying Amount of Assets and Liabilities
Number of joint ventures with controlling interest	5
Sale of real estate | Retail Property, 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%	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	4
Investment in consolidated joint ventures | $	$ 9,859,000	$ 9,705,000

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Ventures (Details)	Apr. 05, 2018USD ($)item	Jul. 31, 2018USD ($)	Sep. 30, 2018USD ($)property	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)propertyitem	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)property
Investment in Unconsolidated Joint Ventures
Equity in earnings from sale of unconsolidated joint venture properties			$ 1,986,000		$ 2,057,000
Number of unconsolidated joint ventures | item					4
Number of properties owned and operated by each unconsolidated joint venture | property			1		1		1
Investment in unconsolidated joint ventures			$ 10,283,000		$ 10,283,000		$ 10,723,000
Equity in earnings of unconsolidated joint ventures			173,000	$ 212,000	716,000	$ 663,000
Georgia
Investment in Unconsolidated Joint Ventures
Net Proceeds from the sale of property in unconsolidated joint venture	$ 2,600,000
Share of gain from the sale (as a percent)	50.00%
Equity in earnings from sale of unconsolidated joint venture properties	$ 71,000
Acres of land retained | item	5
Wisconsin
Investment in Unconsolidated Joint Ventures
Net Proceeds from the sale of property in unconsolidated joint venture		$ 12,813,000
Repayment of mortgage		$ 6,970,000
Share of gain from the sale (as a percent)		50.00%
Equity in earnings from sale of unconsolidated joint venture properties		$ 1,986,000
Income related to the discontinuance of hedge accounting on a mortgage swap					110,000
MCB Real Estate LLC And Its Affiliates | Unconsolidated joint ventures
Investment in Unconsolidated Joint Ventures
Investment in unconsolidated joint ventures			$ 8,534,000		$ 8,534,000

Lease Termination Fee (Details)

Lease Termination Fee (Details) - USD ($)	1 Months Ended	9 Months Ended
	Jul. 31, 2018	Sep. 30, 2017
Lease Termination Fee
Lease termination fee	$ 372,000
Additional Rental Income From Write-Off of Unamortized Intangible Lease Liability And Unbilled Rent Receivable	804,000
Write-off of the unamortized intangible lease liability	878,000
Write-off of unbilled rent receivable	$ 74,000	$ 362,000

Allowance for Doubtful Accoun_2

Allowance for Doubtful Accounts (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Allowance for Doubtful Accounts
Provision for unbilled rent receivable				$ 1,440,000
Balance in allowance for doubtful accounts						$ 0
Bad debt expense		$ 0		$ 0	$ 310,000
Write-off of unbilled rent receivable	$ 74,000				362,000
Write-off of unamortized intangible lease assets					67,000
Write off of tenant origination costs					884,000
Impairment loss			$ 153,000		153,000
Real Estate Property In Ann Arbor Michigan
Allowance for Doubtful Accounts
Impairment loss			$ 153,000		$ 153,000

Debt Obligations- Mortgage Paya

Debt Obligations- Mortgage Payable current (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Mortgages Payable
Mortgages payable, net	$ 402,978,000	$ 393,157,000
Mortgages payable
Mortgages Payable
Mortgages payable, gross	407,007,000	396,946,000
Unamortized deferred financing costs	(4,029,000)	(3,789,000)
Mortgages payable, net	$ 402,978,000	$ 393,157,000

Debt Obligations - Line of Cred

Debt Obligations - Line of Credit (Details) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Nov. 02, 2018	Dec. 31, 2017
Line of Credit
Line of credit, net				$ 8,776,000
Facility
Line of Credit
Unused facility fee (as a percent)	0.25%
Interest rate during the period (as a percent)	3.62%	2.83%
Line of credit, gross	$ 0			9,400,000
Unamortized deferred financing costs	0			(624,000)
Facility | Credit Facility
Line of Credit
Line of credit, gross			$ 4,000,000	9,400,000
Unamortized deferred financing costs				(624,000)
Line of credit, net				$ 8,776,000
Facility | Credit Facility | ASU 2015-15
Line of Credit
Line of credit, net	0
Amount reclassified unamortized deferred financing costs to escrow, deposits, and other assets and receivables	390,000
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%
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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Related Party Transaction
Share based compensation charged to operations	$ 971,000	$ 684,000	$ 2,653,000	$ 2,341,000
Majestic
Related Party Transaction
Fees under compensation and services agreement	687,000	667,000	2,054,000	1,996,000
Property management costs allocated to real estate expenses	307,000	287,000	915,000	857,000
Additional payment for the entity's share of all direct office expenses	54,000	54,000	162,000	162,000
Executive officers and others
Related Party Transaction
Share based compensation charged to operations	483,000	361,000	1,332,000	1,128,000
Joint venture partners
Related Party Transaction
Real estate property management costs	21,000	30,000	86,000	112,000
Corporate joint venture
Related Party Transaction
Aggregate fees paid to other partners	39,000	45,000	135,000	132,000
Decrease in equity earnings, joint venture transaction	19,000	22,000	67,000	66,000
Chairman | General and administrative expense
Related Party Transaction
Quarterly fees under compensation and services agreement	69,000	69,000
Vice Chairman | General and administrative expense
Related Party Transaction
Quarterly fees under compensation and services agreement	27,500	27,500
Gould Investors L.P.
Related Party Transaction
Amount of insurance reimbursed	912,000	782,000	912,000	782,000
Insurance expense recognized of amounts reimbursed to related party	$ 241,000	$ 204,000	$ 646,000	$ 551,000
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 ($)	Sep. 13, 2018	Sep. 30, 2018	Sep. 30, 2017
Common Stock Cash Dividend
Quarterly cash dividend declared (in dollars per share)	$ 0.45
Cash dividend declared	$ 8,694,000	$ 25,927,000	$ 23,899,000

Shares Issued through Equity _2

Shares Issued through Equity Offering Program (Details)	9 Months Ended
	Sep. 30, 2018USD ($)shares
Shares Issued through Equity Offering Program
Number of shares sold (in shares) | shares	126,300
Proceeds from sale of shares, net of commission and before offering costs	$ 3,245,000
Payment of commissions on sale of shares	33,000
Payment of offering costs on sale of shares	$ 75,000

Stock Based Compensation (Detai

Stock Based Compensation (Details) - USD ($)	1 Months Ended			3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 31, 2018	Aug. 31, 2017	Jun. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2010
Stock Based Compensation
Expected life	3 years
Total charge to operations:
Share based compensation charged to operations				$ 971,000	$ 684,000	$ 2,653,000	$ 2,341,000
Restricted stock
Stock Based Compensation
Vesting period						5 years
Summary of the activity of the incentive plans
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)	651,500			651,500	612,900	612,900	591,750
Number of non-vested shares:
Non-vested beginning of year (in shares)	651,500			651,500	612,900	612,900	591,750
Number of shares granted						144,750	140,100
Vested during year (in shares)						(106,000)	(118,450)
Forfeitures (in shares)				(250)		(400)	(500)
Non-vested end of year (in shares)			612,900	651,250	612,900	651,250	612,900
Restricted stock and RSU grants:
Weighted average per share value of non-vested shares (based on grant price) (in dollars per share)				$ 23.83	$ 22.89	$ 23.83	$ 22.89
Value of stock vested during the year (based on grant price)						$ 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)				$ 23.39		$ 23.59	$ 8.37
Total charge to operations:
Share based compensation charged to operations				$ 763,000	$ 684,000	$ 2,263,000	$ 2,255,000
Compensation costs related to non-vested awards that have not yet been recognized				$ 7,581,000		$ 7,581,000
Approximate weighted average vesting period						2 years 4 months 24 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
Average per share grant price (in dollars per share)				$ 26.41	$ 24.03	$ 26.41	$ 24.03
Deferred compensation to be recognized over vesting period				$ 1,136,000	$ 919,000	$ 1,136,000	$ 919,000
Non-vested beginning of year (in shares)	76,250			76,250		76,250	200,000
Number of non-vested shares:
Non-vested beginning of year (in shares)	76,250			76,250		76,250	200,000
Number of shares granted				76,250	76,250	76,250	76,250
Vested during year (in shares)							(113,584)
Forfeitures (in shares)						0	(86,416)
Non-vested end of year (in shares)				152,500	76,250	152,500	76,250
Total charge to operations:
Share based compensation charged to operations				$ 208,000		$ 390,000	$ 86,000
Compensation costs related to non-vested awards that have not yet been recognized				$ 1,717,000		$ 1,717,000
Approximate weighted average vesting period						2 years 3 months 18 days
TSR awards
Stock Based Compensation
Dividend rate	6.82%
Risk-free interest rate minimum	2.18%
Risk-free interest rate maximum	2.70%
Expected price volatility minimum	22.29%
Expected price volatility maximum	25.99%
2016 Incentive Plan
Stock Based Compensation
Maximum number of shares authorized for issuance				750,000		750,000
Shares vested pursuant to Plan						3,000
2016 Incentive Plan | Restricted stock
Stock Based Compensation
Number of shares issued						284,850
Number of non-vested shares:
Forfeitures (in shares)						(300)
2016 Incentive Plan | RSUs
Number of non-vested shares:
Non-vested end of year (in shares)				152,500		152,500
2012 Incentive Plan
Stock Based Compensation
Number of shares issued						500,700
Shares forfeited pursuant to Plan						3,550
Shares vested pursuant to Plan						127,450
Additional awards authorized						0
2009 Incentive Plan | RSUs
Stock Based Compensation
Number of shares issued		113,584
Number of non-vested shares:
Number of shares granted								200,000
Vested during year (in shares)			(113,584)
Pay-for-performance program | 2017 RSU grants | General and administrative expense
Summary of the activity of the incentive plans
Deferred compensation to be recognized over vesting period						$ 1,066,000
Pay-for-performance program | 2018 RSU grants | General and administrative expense
Summary of the activity of the incentive plans
Deferred compensation to be recognized over vesting period						$ 1,136,000

Fair Value Measurements - Avail

Fair Value Measurements - Available for Sale (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Recurring | Level 2 | Interest rate swap
Financial assets:
Derivative financial instruments	$ 4,793,000	$ 1,615,000
Financial liabilities:
Derivative financial instruments		1,492,000
Facility
Fair Value of Financial Instruments
Line of credit, gross	0	9,400,000
Mortgages payable
Fair Value of Financial Instruments
Estimated fair value of mortgages payable	392,836,000	397,103,000
Carrying value of mortgage loans	407,007,000	396,946,000
Excess of carrying value over fair value	$ 14,171,000
Excess of fair value over carrying value		$ 157,000
Weighted average remaining term of the mortgages	8 years 6 months	8 years 8 months 12 days
Blended market interest rate | Mortgages payable
Fair Value of Financial Instruments
Mortgages payable	4.90%	4.25%

Fair Value Measurements - Inter

Fair Value Measurements - Interest Rate Derivatives (Details) - Interest rate derivatives - Cash flow hedges	9 Months Ended
	Sep. 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 | $	$ 130,100,000
Weighted average maturity	6 years 4 months 24 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		9 Months Ended		12 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)item	Sep. 30, 2017USD ($)item	Dec. 31, 2017USD ($)
Reclassification of gain (loss)
Amount of reclassification from Accumulated other comprehensive income to earnings			$ 110,000
Interest rate swap | Cash flow hedges
Fair Value Measurements
Amount of gain (loss) recognized on derivatives in Other comprehensive income	$ 827,000	$ (248,000)	4,336,000	$ (1,234,000)
Amount of reclassification from Accumulated other comprehensive income into Interest expense	(44,000)	(352,000)	(335,000)	(1,406,000)
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			$ 503,000
Number of interest rate swaps | item			2	2
Credit risk related contingent feature
Accrued interest on derivative in a liability position					$ 53,000
Fair value of derivative in a liability position, including accrued interest but excluding adjustments for nonperformance risk					1,638,000
Termination value of derivative agreement					1,638,000
Derivatives in liability position	$ 0		$ 0
Interest rate swap | Cash flow hedges | Accrued expenses and other liabilities
Credit risk related contingent feature
Adjustments for nonperformance risk					$ 93,000
Unconsolidated joint ventures | Interest rate swap | Cash flow hedges
Fair Value Measurements
Amount of gain (loss) recognized on derivatives in Other comprehensive income		(2,000)	69,000	$ (14,000)
Amount of reclassification from Accumulated other comprehensive income into Equity in earnings of unconsolidated joint ventures		$ (13,000)	$ 103,000	$ (48,000)

Commitments (Details)

Commitments (Details)	Sep. 30, 2018USD ($)
Building Located In Hauppauge New York
Commitments
Contractual obligation	$ 960,000