One Liberty Properties (OLP) 10-Q 8 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 01, 2019
Document and Entity Information
Entity Registrant Name	ONE LIBERTY PROPERTIES, INC.
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2019
Entity File Number	001-09279
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	13-3147497
Entity Address, Address Line One	60 Cutter Mill Road
Entity Address, City or Town	Great Neck
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11021
City Area Code	516
Local Phone Number	466-3100
Title of 12(b) Security	Common Stock
Trading Symbol	OLP
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		19,925,180
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000712770
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
Real estate investments, at cost
Land		$ 195,771	$ 204,162
Buildings and improvements		649,011	624,981
Total real estate investments, at cost		844,782	829,143
Less accumulated depreciation		133,489	123,684
Real estate investments, net		711,293	705,459
Property held-for-sale		1,227
Investment in unconsolidated joint ventures		11,070	10,857
Cash and cash equivalents		10,941	15,204
Restricted cash			1,106
Unbilled rent receivable		14,202	13,722
Unamortized intangible lease assets, net		26,375	26,541
Escrow, deposits, and other assets and receivables		10,033	8,023
Total assets	[1]	785,141	780,912
Liabilities:
Mortgages payable, net of $4,302 and $4,298 of deferred financing costs, respectively		435,115	418,798
Line of credit, net of $670 and $312 of deferred financing costs, respectively		18,780	29,688
Dividends payable		8,942	8,724
Accrued expenses and other liabilities		17,784	11,094
Unamortized intangible lease liabilities, net		12,552	14,013
Total liabilities	[1]	493,173	482,317
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; 19,197 and 18,736 shares issued and outstanding		19,197	18,736
Paid-in capital		299,198	287,250
Accumulated other comprehensive (loss) income		(3,374)	1,890
Distributions in excess of net income		(24,225)	(10,730)
Total One Liberty Properties, Inc. stockholders' equity		290,796	297,146
Non-controlling interests in consolidated joint ventures	[1]	1,172	1,449
Total equity		291,968	298,595
Total liabilities and equity		$ 785,141	$ 780,912
[1]	The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 7. The consolidated balance sheets include the following amounts related to the Company’s consolidated VIEs: $12,158 and $14,722 of land, $24,426 and $27,642 of building and improvements, net of $ 4,109 and $4,119 of accumulated depreciation, $3,390 and $3,931 of other assets included in other line items, $24,404 and $26,850 of real estate debt, net, $1,321 and $2,455 of other liabilities included in other line items and $1,172 and $1,449 of non-controlling interests as of September 30, 2019 and December 31, 2018, respectively.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
Preferred stock, par value (in dollars per share)		$ 1	$ 1
Preferred stock, shares authorized		12,500,000	12,500,000
Preferred stock, shares issued		0	0
Common stock, par value (in dollars per share)		$ 1	$ 1
Common stock, shares authorized		25,000,000	25,000,000
Common stock, shares issued		19,197	18,736
Land		$ 195,771	$ 204,162
Buildings and improvements		649,011	624,981
Accumulated depreciation		133,489	123,684
Non-controlling interests in consolidated joint ventures	[1]	1,172	1,449
Consolidated VIE entities
Land		12,158	14,722
Buildings and improvements		24,426	27,642
Accumulated depreciation		4,109	4,119
Other assets		3,390	3,931
Real estate debt, net		24,404	26,850
Other liabilities		1,321	2,455
Non-controlling interests in consolidated joint ventures		1,172	1,449
Line of Credit
Deferred financing costs		670	312
Mortgages payable
Deferred financing costs		$ 4,302	$ 4,298
[1]	The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 7. The consolidated balance sheets include the following amounts related to the Company’s consolidated VIEs: $12,158 and $14,722 of land, $24,426 and $27,642 of building and improvements, net of $ 4,109 and $4,119 of accumulated depreciation, $3,390 and $3,931 of other assets included in other line items, $24,404 and $26,850 of real estate debt, net, $1,321 and $2,455 of other liabilities included in other line items and $1,172 and $1,449 of non-controlling interests as of September 30, 2019 and December 31, 2018, respectively.

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Total revenues	$ 20,414	$ 19,570	$ 62,288	$ 58,856
Operating expenses:
Depreciation and amortization	5,566	5,672	16,353	16,104
General and administrative (see Note 10 for related party information)	3,143	3,071	9,319	8,999
Real estate expenses (see Note 10 for related party information)	3,692	2,669	10,544	8,005
State taxes	68	59	255	286
Total operating expenses	12,469	11,471	36,471	33,394
Other operating income
Gain on sale of real estate, net	2,544	4,585	3,643	6,993
Operating income	10,489	12,684	29,460	32,455
Other income and expenses:
Equity in earnings (loss) of unconsolidated joint ventures	50	173	(32)	716
Equity in earnings from sale of unconsolidated joint venture properties		1,986		2,057
Other income	8	7	18	17
Interest:
Expense	(5,198)	(4,448)	(15,041)	(13,195)
Amortization and write-off of deferred financing costs	(252)	(220)	(739)	(669)
Net income	5,097	10,182	13,666	21,381
Net loss (income) attributable to non-controlling interests	21	(35)	(465)	(866)
Net income attributable to One Liberty Properties, Inc.	$ 5,118	$ 10,147	$ 13,201	$ 20,515
Weighted average number of common shares outstanding:
Basic (in shares)	19,191	18,646	19,037	18,521
Diluted (in shares)	19,239	18,705	19,076	18,562
Per common share attributable to common stockholders:
Basic (in dollars per share)	$ 0.25	$ 0.53	$ 0.64	$ 1.06
Diluted (in dollars per share)	$ 0.25	$ 0.52	$ 0.64	$ 1.06
Rental income, net
Revenues:
Total revenues	$ 20,414	$ 19,198	$ 62,288	$ 58,484
Lease termination fee
Revenues:
Total revenues		$ 372		$ 372

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 5,097,000	$ 10,182,000	$ 13,666,000	$ 21,381,000
Other comprehensive (loss) gain
Net unrealized (loss) gain on derivative instruments	(1,180,000)	871,000	(5,275,000)	4,671,000
Reclassification of One Liberty Properties Inc.'s share of joint venture net realized gain on derivative instrument		(110,000)		(110,000)
One Liberty Properties, Inc.'s share of joint ventures' net unrealized gain on derivative instruments				76,000
Other comprehensive (loss) gain	(1,180,000)	871,000	(5,275,000)	4,637,000
Comprehensive income	3,917,000	11,053,000	8,391,000	26,018,000
Net loss (income) attributable to non-controlling interests	21,000	(35,000)	(465,000)	(866,000)
Adjustment for derivative instruments attributable to non-controlling interests	2,000	(3,000)	11,000	(11,000)
Comprehensive income attributable to One Liberty Properties, Inc.	$ 3,940,000	$ 11,015,000	$ 7,937,000	$ 25,141,000

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Common Stock	Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Undistributed Net Income	Accumulated Distributions in Excess of Net Income	Non-Controlling Interests in Consolidated Joint Ventures	Total
Balances at Dec. 31, 2017	$ 18,261	$ 275,087	$ 155	$ 3,257		$ 1,742	$ 298,502
Distributions - common stock
Cash - $.45 per share					$ (8,581)		(8,581)
Restricted stock vesting	106	(106)
Shares issued through dividend reinvestment plan	50	1,131					1,181
Distributions to non-controlling interests						(1,082)	(1,082)
Compensation expense - restricted stock		826					826
Net income (loss)				5,851		802	6,653
Other comprehensive income (loss)			2,744			6	2,750
Balances at Mar. 31, 2018	18,417	276,938	2,899	527		1,468	300,249
Balances at Dec. 31, 2017	18,261	275,087	155	3,257		1,742	298,502
Distributions - common stock
Net income (loss)							21,381
Other comprehensive income (loss)							4,637
Balances at Sep. 30, 2018	18,669	284,772	4,781		(2,155)	1,439	307,506
Balances at Mar. 31, 2018	18,417	276,938	2,899	527		1,468	300,249
Distributions - common stock
Cash - $.45 per share				(8,652)			(8,652)
Shares issued through equity offering program - net	93	2,165					2,258
Shares issued through dividend reinvestment plan	65	1,437					1,502
Distributions to non-controlling interests						(77)	(77)
Compensation expense - restricted stock		856					856
Net income (loss)				4,517		29	4,546
Other comprehensive income (loss)			1,014			2	1,016
Balances at Jun. 30, 2018	18,575	281,396	3,913	(3,608)		1,422	301,698
Distributions - common stock
Cash - $.45 per share					(8,694)		(8,694)
Shares issued through equity offering program - net	33	879					912
Shares issued through dividend reinvestment plan	61	1,526					1,587
Distributions to non-controlling interests						(21)	(21)
Compensation expense - restricted stock		971					971
Net income (loss)				10,147		35	10,182
Other comprehensive income (loss)			868			3	871
Balances at Sep. 30, 2018	18,669	284,772	4,781		(2,155)	1,439	307,506
Balances at Dec. 31, 2018	18,736	287,250	1,890		(10,730)	1,449	298,595
Distributions - common stock
Cash - $.45 per share					(8,832)		(8,832)
Restricted stock vesting	112	(112)
Shares issued through equity offering program - net	37	1,002					1,039
Shares issued through dividend reinvestment plan	52	1,147					1,199
Distributions to non-controlling interests						(5)	(5)
Compensation expense - restricted stock		954					954
Net income (loss)				3,971		40	4,011
Other comprehensive income (loss)			(1,572)			(5)	(1,577)
Balances at Mar. 31, 2019	18,937	290,241	318		(15,591)	1,479	295,384
Balances at Dec. 31, 2018	18,736	287,250	1,890		(10,730)	1,449	298,595
Distributions - common stock
Net income (loss)							13,666
Other comprehensive income (loss)							(5,275)
Balances at Sep. 30, 2019	19,197	299,198	(3,374)		(24,225)	1,172	291,968
Balances at Mar. 31, 2019	18,937	290,241	318		(15,591)	1,479	295,384
Distributions - common stock
Cash - $.45 per share				(8,922)			(8,922)
Shares issued through equity offering program - net	143	4,132					4,275
Shares issued through dividend reinvestment plan	59	1,529					1,588
Distributions to non-controlling interests						(692)	(692)
Compensation expense - restricted stock		938					938
Net income (loss)				4,112		446	4,558
Other comprehensive income (loss)			(2,514)			(4)	(2,518)
Balances at Jun. 30, 2019	19,139	296,840	(2,196)	(20,401)		1,229	294,611
Distributions - common stock
Cash - $.45 per share					(8,942)		(8,942)
Restricted stock vesting	3	(3)
Shares issued through equity offering program - net		(58)					(58)
Shares issued through dividend reinvestment plan	55	1,477					1,532
Distributions to non-controlling interests						(34)	(34)
Compensation expense - restricted stock		942					942
Net income (loss)				$ 5,118		(21)	5,097
Other comprehensive income (loss)			(1,178)			(2)	(1,180)
Balances at Sep. 30, 2019	$ 19,197	$ 299,198	$ (3,374)		$ (24,225)	$ 1,172	$ 291,968

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Distributions - common stock, Cash per share (in dollars per share)	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 0.45

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income	$ 13,666	$ 21,381
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of real estate, net	(3,643)	(6,993)
Increase in unbilled rent receivable	(1,171)	(841)
Write-off of unbilled rent receivable	382	74
Provision for unbilled rent receivable		1,440
Amortization and write-off of intangibles relating to leases, net	(709)	(1,605)
Amortization of restricted stock expense	2,834	2,653
Equity in loss (earnings) of unconsolidated joint ventures	32	(716)
Equity in earnings from sale of unconsolidated joint venture properties		(2,057)
Distributions of earnings from unconsolidated joint ventures	41	2,328
Depreciation and amortization	16,353	16,104
Amortization and write-off of deferred financing costs	739	669
Payment of leasing commissions	(266)	(254)
Decrease (increase) in escrow, deposits, other assets and receivables	163	(1,154)
Decrease in accrued expenses and other liabilities	(571)	(1,400)
Net cash provided by operating activities	27,850	29,629
Cash flows from investing activities:
Purchase of real estate	(40,306)	(18,452)
Improvements to real estate	(2,979)	(6,829)
Net proceeds from sale of real estate	23,167	17,417
Contributions of capital to unconsolidated joint venture	(296)
Distributions of capital from unconsolidated joint venture	11	852
Net cash used in investing activities	(20,403)	(7,012)
Cash flows from financing activities:
Scheduled amortization payments of mortgages payable	(9,687)	(8,072)
Repayment of mortgages payable	(6,812)	(12,731)
Proceeds from mortgage financings	32,820	30,863
Proceeds from sale of common stock, net	5,256	3,170
Proceeds from bank line of credit	48,150	28,500
Repayment on bank line of credit	(58,700)	(37,900)
Issuance of shares through dividend reinvestment plan	4,319	4,270
Payment of financing costs	(1,094)	(675)
Distributions to non-controlling interests	(731)	(1,180)
Cash distributions to common stockholders	(26,478)	(25,726)
Net cash used in financing activities	(12,957)	(19,481)
Net (decrease) increase in cash, cash equivalents and restricted cash	(5,510)	3,136
Cash, cash equivalents and restricted cash at beginning of year	16,733	14,668
Cash, cash equivalents and restricted cash at end of period	11,223	17,804
Supplemental disclosures of cash flow information:
Cash paid during the period for interest expense	15,137	13,196
Supplemental disclosure of non-cash investing activity:
Right of use assets and related lease liabilities	5,027
Purchase accounting allocation - intangible lease assets	3,324
Purchase accounting allocation - intangible lease liabilities	$ (677)	$ 0

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Sep. 30, 2018
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	$ 10,941	$ 17,173
Restricted cash		379
Restricted cash included in escrow, deposits and other assets and receivables	282	252
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	$ 11,223	$ 17,804

Organization and Background

Organization and Background	9 Months Ended
	Sep. 30, 2019
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, restaurant, health and fitness, and theater properties, many of which are subject to long-term net leases. As of September 30, 2019, OLP owns

Summary Accounting Policies

Summary Accounting Policies	9 Months Ended
	Sep. 30, 2019
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, 2019 and 2018 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, 2018. 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. ​ Note 2 – Summary Accounting Policies (Continued) 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, 2019 and 2018, there were no impairment charges related to the Company’s investments in unconsolidated joint ventures. The Company has elected to follow the cumulative earnings approach when assessing, for the consolidated statement of cash flows, whether the distribution from the investee is a return of the investor’s investment as compared to a return on its investment. The source of the cash generated by the investee to fund the distribution is not a factor in the analysis (that is, it does not matter whether the cash was generated through investee refinancing, sale of assets or operating results). Consequently, the investor only considers the relationship between the cash received from the investee to its equity in the undistributed earnings of the investee, on a cumulative basis, in assessing whether the distribution from the investee is a return on or a return of its investment. Cash received from the unconsolidated entity is presumed to be a return on the investment to the extent that, on a cumulative basis, distributions received by the investor are less than its share of the equity in the undistributed earnings of the entity. 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 on the consolidated statement of income for the three and nine months ended September 30, 2018 of (i) rental income, net, due to the adoption of a new accounting pronouncement (see Note 3) and (ii) leasehold rent being included as part of Real estate expenses. In addition, the Company changed the presentation of its consolidated statement of changes in equity for the nine month periods ended September 30, 2019 and 2018 as the Securities and Exchange Commission extended the annual disclosure requirement of changes in stockholders’ equity in Rule 3-04 of Regulation S-X to interim periods, which requires both the year-to-date information and subtotals for each interim period, as part of Release Nos. 33-10532, 34-83875 and IC-33203.

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases
Leases	Note 3 – Leases As of January 1, 2019, the Company adopted ASU No. 2016-02, Leases Leases (Topic 842), Targeted Improvements, Codification Improvements to Topic 842, Leases As Lessor The Company owns rental properties which are leased to tenants under operating leases with current expirations ranging from 2020 to 2055, with options to extend or terminate the lease. Revenues from such leases are reported as Rental income, net and are comprised of (i) lease components, which includes fixed and variable lease payments and (ii) non-lease components which includes reimbursements of property level operating expenses. The Company adopted the practical expedient offered in ASU No. 2018-11 which allows lessors to not separate non-lease components from the related lease components, as the timing and pattern of transfer are the same, and account for the combined component in accordance with ASC 842. ​ Note 3 – Leases (Continued) Fixed lease revenues represent the base rent that each tenant is required to pay in accordance with the terms of their respective leases reported on a straight-line basis over the non-cancelable term of the lease. Variable lease revenues include payments based on (i) tenant reimbursements, (ii) changes in the index or market-based indices after the inception of the lease, (iii) percentage rents or (iv) the operating performance of the property. Variable lease revenues are not recognized until the specific events that trigger the variable payments have occurred. The components of lease revenues are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ​ Nine Months ​ ​ Ended ​ Ended ​ September 30, 2019 Fixed lease revenues ​ $ 17,361 $ 52,441 Variable lease revenues ​ ​ 2,853 ​ ​ 9,138 Lease revenues (a) ​ $ 20,214 ​ $ 61,579 (a) Excludes $200 and $709 of amortization related to lease intangible assets and liabilities for the three and nine months ended September 30, 2019, respectively. On a quarterly basis, the Company assesses the collectability of substantially all lease payments due under its leases, including unbilled rent receivable balances, by reviewing the tenant's payment history and financial condition. Changes to such collectability is recognized as a current period adjustment to rental revenue. During the three and nine months ended September 30, 2019, the Company wrote off $380,000 of unbilled rent receivables related to a property in Philadelphia, Pennsylvania as the tenant advised that it intends to cease its operations. The Company has assessed the collectability of all other lease payments as probable as of September 30, 2019. In many of the Company's leases, the tenant is obligated to pay the real estate taxes, insurance, and certain other expenses directly to the vendor. These obligations, which have been assumed by the tenants, are not reflected in our consolidated financial statements. To the extent any such tenant defaults on its lease or if it is deemed probable that the tenant will fail to pay for such obligations, a liability for such obligations would be recorded. As a lessor, the adoption of ASU No. 2016-02, and the related accounting guidance did not have a material impact on the consolidated financial statements. As a result of the adoption, the Company added $2,005,000 and $5,983,000 from its Tenant reimbursements line item to Rental income, net, on its consolidated statements of income for the three and nine months ended September 30, 2018, respectively. ​ Note 3 – Leases (Continued) Minimum Future Rents As of September 30, 2019, under ASC 842, the minimum future contractual rents to be received on non-cancellable operating leases are included in the table below (amounts in thousands). The minimum future contractual rents do not include (i) straight-line rent or amortization of intangibles, (ii) variable lease payments as described above and (iii) contractual rents of $875,000 related to the Houston, TX property which was sold in October 2019 (see Note 6). ​ ​ ​ ​ ​ From October 1 – December 31, 2019 ​ $ 17,394 For the year ended December 31, ​ ​ ​ 2020 ​ ​ 70,331 2021 ​ ​ 69,031 2022 ​ ​ 60,457 2023 ​ ​ 51,672 2024 ​ ​ 43,435 Thereafter ​ ​ 181,158 Total ​ $ 493,478 ​ As of December 31, 2018, under ASC 840, the minimum future contractual rents to be received on non-cancellable operating leases were as follows (amounts in thousands): ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ ​ 2019 ​ $ 66,959 2020 ​ ​ 66,691 2021 ​ ​ 65,130 2022 ​ ​ 56,444 2023 ​ ​ 47,644 Thereafter ​ ​ 208,923 Total ​ $ 511,791 ​ As Lessee Ground Lease The Company is a lessee under a ground lease in Greensboro, North Carolina, which is classified as an operating lease. The ground lease expires March 3, 2020 and provides for up to renewal option. On January 1, 2019, upon adoption of ASC 842, the Company recorded a , based on its incremental borrowing rate given the term of the lease, as the rate implicit in the lease is not known. As of September 30, 2019, the remaining lease term is ​ Note 3 – Leases (Continued) Office Lease The Company is a lessee under a corporate office lease in Great Neck, New York, which is classified as an operating lease. During 2019 the lease was amended to, among other things, extend the expiration to December 31, 2031 and provide one, 5-year renewal option. As a result, the Company recorded a $646,000 liability for the obligation to make payments under the lease and a $646,000 asset for the right to use the underlying asset during the lease term which were included in other liability and other assets, respectively, on the consolidated balance sheet. Lease payments associated with the renewal option period, which was determined to be reasonably certain to be exercised, are included in the measurement of the lease liability and right of use asset. The Company applied a discount rate of 3.81%, based on its incremental borrowing rate given the term of the lease, as the rate implicit in the lease is not known. As of September 30, 2019, the remaining lease term is 17.3 years. During the three and nine months ended September 30, 2019, the Company recognized $14,000 and $40,000, respectively, of lease expense related to this office lease which is included in General and administrative expenses on the consolidated statements of income. Minimum Future Lease Payments As of September 30, 2019, under ASC 842, the minimum future lease payments related to the operating ground and office leases are as follows (amounts in thousands): ​ ​ ​ ​ ​ From October 1 – December 31, 2019 ​ $ 127 For the year ended December 31, ​ ​ ​ 2020 ​ ​ 510 2021 ​ ​ 511 2022 ​ ​ 506 2023 ​ ​ 507 2024 ​ ​ 557 Thereafter ​ ​ 3,741 Total undiscounted cash flows ​ $ 6,459 Present value discount ​ ​ (1,595) Lease liability ​ $ 4,864 ​ As of December 31, 2018, under ASC 840, the minimum future lease payments related to the operating ground and office leases were as follows (amounts in thousands): ​ ​ ​ ​ ​ For the year ended December 31, ​ 2019 ​ $ 454 2020 ​ 127 2021 ​ 47 2022 ​ — 2023 ​ — Thereafter ​ — Total ​ $ 628 ​

Earnings Per Common Share

Earnings Per Common Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Common Share
Earnings Per Common Share	Note 4 – 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 restricted stock is entitled to receive dividends and is therefore considered a participating security. As of September 30, 2019, the shares of common stock underlying the restricted stock units (the “RSUs”) awarded under the 2019 and 2016 Incentive Plans (see Note 13) are excluded from the basic earnings per share calculation, as these units are not participating securities. ​ Note 4 – Earnings Per Common Share (Continued) 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 that are included in determining the diluted weighted average number of shares of common stock: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three and Nine Months Ended ​ Three and Nine Months Ended ​ ​ ​ ​ September 30, 2019 September 30, 2018 ​ ​ Total Number of ​ Return on ​ Stockholder ​ ​ ​ Return on ​ Stockholder ​ ​ ​ ​ Underlying ​ Capital ​ Return ​ ​ ​ Capital ​ Return ​ ​ Date of Award Shares (a) metric metric Total metric metric Total September 26, 2017 ​ 76,250 (d) 26,840 ​ 27,224 ​ 54,064 ​ 33,524 ​ 38,125 ​ 71,649 July 1, 2018 ​ 76,250 (e) 22,321 ​ — ​ 22,321 ​ 30,929 ​ — ​ 30,929 July 1, 2019 ​ 77,776 (f) 15,168 ​ — ​ 15,168 ​ n/a ​ n/a ​ n/a Totals ​ 230,276 ​ 64,329 ​ 27,224 ​ 91,553 ​ 64,453 ​ 38,125 ​ 102,578 (a) The RSUs awarded in 2017, 2018 and 2019 vest, subject to satisfaction of the applicable market and/or performance conditions, on June 30, 2020, 2021 and 2022, respectively (see Note 13). (b) Reflects the number of shares underlying RSUs that would be issued assuming the measurement date used to determine whether the applicable conditions are satisfied is September 30, 2019. (c) Reflects the number of shares underlying RSUs that would be issued assuming the measurement date used to determine whether the applicable conditions are satisfied is September 30, 2018. (d) None of the remaining 22,186 shares and 4,601 shares are included at September 30, 2019 and 2018, respectively, as the applicable condition had not been met for these shares at the respective measurement dates. (e) None of the remaining 53,929 shares and 45,321 shares are included at September 30, 2019 and 2018, respectively, as the applicable conditions had not been met for these shares at the respective measurement date. (f) None of the remaining 62,608 shares are included at September 30, 2019, as the applicable conditions had not been met for these shares at the measurement date. ​ Note 4 – Earnings Per Common Share (Continued) 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, ​ 2019 2018 2019 2018 Numerator for basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 5,097 ​ $ 10,182 ​ $ 13,666 ​ $ 21,381 Add/deduct net loss (income) attributable to non-controlling interests ​ ​ 21 ​ ​ (35) ​ ​ (465) ​ ​ (866) Less earnings allocated to unvested restricted stock (a) ​ ​ (303) ​ ​ (342) ​ ​ (924) ​ ​ (879) Net income available for common stockholders: basic and diluted ​ $ 4,815 ​ $ 9,805 ​ $ 12,277 ​ $ 19,636 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares ​ ​ 19,191 ​ ​ 18,646 ​ ​ 19,037 ​ ​ 18,521 Effect of diluted securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSUs ​ ​ 48 ​ ​ 59 ​ ​ 39 ​ ​ 41 Denominator for diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares ​ ​ 19,239 ​ ​ 18,705 ​ ​ 19,076 ​ ​ 18,562 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share, basic ​ $ .25 ​ $ .53 ​ $ .64 ​ $ 1.06 Earnings per common share, diluted ​ $ .25 ​ $ .52 ​ $ .64 ​ $ 1.06 a) Represents an allocation of distributed earnings to unvested restricted stock that, as participating securities, are entitled to receive dividends. ​

Real Estate Acquisitions

Real Estate Acquisitions	9 Months Ended
	Sep. 30, 2019
Real Estate Acquisitions
Real Estate Acquisitions	Note 5 – Real Estate Acquisitions The charts below detail the Company’s acquisitions of real estate and the allocation of the purchase price during the nine months ended September 30, 2019 (amounts in thousands). 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Party ​ ​ ​ ​ Contract ​ ​ ​ Real Estate ​ ​ ​ ​ Purchase ​ Terms of ​ Acquisition Description of Property Date Acquired Price Payment Costs Zwanenberg Food Group/Metro Carpets industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nashville, Tennessee ​ May 30, 2019 ​ $ 8,000 All cash (a) ​ $ 77 Echo, Inc. industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wauconda, Illinois ​ May 30, 2019 ​ ​ 3,800 ​ All cash ​ 26 Tinicum Mechanical Supply/Philly Motors industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bensalem, Pennsylvania ​ June 18, 2019 ​ ​ 6,200 ​ All cash (b) ​ 168 International Flora Technologies industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Chandler, Arizona ​ June 26, 2019 ​ 8,650 All cash (c) 57 Nissan North America industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LaGrange, Georgia ​ July 24, 2019 ​ ​ 5,200 ​ All cash (d) ​ ​ 73 Continental Hydraulics industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shakopee, Minnesota ​ September 13, 2019 ​ ​ 8,000 ​ All cash ​ ​ 55 Totals ​ ​ $ 39,850 ​ $ 456 (a) In July 2019, the Company obtained new mortgage debt of $5,200 which bears interest at 3.95% and matures August 2029. (b) In September 2019, the Company obtained new mortgage debt of $4,075 which bears interest at 4.05% and matures October 2029. (c) In October 2019, the Company obtained new mortgage debt of $5,200 which bears interest at 4.10% and matures November 2030. (d) In October 2019, the Company obtained new mortgage debt of $3,200 which bears interest at 4.00% and matures December 2028. ​ Note 5 – Real Estate Acquisitions (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building & ​ Intangible Lease ​ ​ ​ Description of Property Land Improvements Asset Liability Total Zwanenberg Food Group/Metro Carpets industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nashville, Tennessee ​ $ 1,058 ​ $ 6,350 ​ $ 750 ​ $ (81) ​ $ 8,077 Echo, Inc. industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wauconda, Illinois ​ 67 ​ 3,424 ​ 339 ​ (4) ​ 3,826 Tinicum Mechanical Supply/Philly Motors industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bensalem, Pennsylvania ​ ​ 1,602 ​ ​ 4,322 ​ 664 ​ (220) ​ ​ 6,368 International Flora Technologies industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Chandler, Arizona ​ ​ 1,334 ​ ​ 7,373 ​ — ​ — ​ ​ 8,707 Nissan North America industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LaGrange, Georgia ​ ​ 298 ​ ​ 4,499 ​ ​ 627 ​ ​ (151) ​ ​ 5,273 Continental Hydraulics industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shakopee, Minnesota ​ ​ 1,875 ​ ​ 5,457 ​ ​ 944 ​ ​ (221) ​ ​ 8,055 Totals ​ $ 6,234 ​ $ 31,425 ​ $ 3,324 ​ $ (677) ​ $ 40,306 ​ Property Acquisitions Subsequent to September 30, 2019 On October 3, 2019, the Company acquired an industrial property located in Rincon, Georgia for $6,400,000 . The initial term of the lease expires in 2029. On October 23, 2019, the Company acquired an industrial property located in Chandler, Arizona for $3,000,000 . The initial term of the lease expires in 2024.

Sale of Properties and Property

Sale of Properties and Property Held-for-Sale	9 Months Ended
	Sep. 30, 2019
Sale of Properties and Property Held-for-Sale
Sale of Properties and Property Held-for-Sale	Note 6 – Sale of Properties and Property Held-for-Sale Sale of Properties The following chart details the Company’s sales of real estate during the nine months ended September 30, 2019 and 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gain on Sale of ​ Description of Property Date Sold Sales Price Real Estate, Net ​ Retail property, ​ ​ ​ Clemmons, North Carolina (a) ​ June 20, 2019 ​ $ 5,500 ​ $ 1,099 (b) Retail property, ​ ​ ​ ​ Athens, Georgia ​ August 23, 2019 ​ 6,050 ​ 1,045 (c) Land, ​ ​ ​ ​ Wheaton, Illinois ​ August 29, 2019 ​ 12,035 ​ 1,499 ​ Totals – nine months ended September 30, 2019 ​ ​ $ 23,585 ​ $ 3,643 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail property, ​ ​ ​ ​ Fort Bend, Texas (d) ​ January 30, 2018 ​ $ 9,200 ​ $ 2,408 ​ Land, ​ ​ ​ ​ Lakemoor, Illinois ​ September 14, 2018 ​ 8,459 ​ 4,585 (e) Totals – nine months ended September 30, 2018 ​ ​ ​ $ 17,659 ​ $ 6,993 ​ ​ Note 6 – Sale of Properties and Property Held-for-Sale (Continued) (a) This property was owned by a consolidated joint venture in which the Company held a 90% interest. The non-controlling interest’s share of the gain was $422 . (b) Excludes prepayment costs on debt related to a swap termination fee of $40 included in mortgage interest expense. (c) Excludes prepayment costs on debt related to a swap termination fee of $161 included in mortgage interest expense. (d) 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 . (e) 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. ​ Property Held-for-Sale In July 2019, the Company entered into a contract to sell a retail property located in Houston, Texas for $1,675,000 . The buyer’s right to terminate the contract without penalty expired on August 22, 2019. At September 30, 2019, the Company classified the net book value of the property’s land, building and improvements, unbilled rent receivable and prepaid leasing commissions as Property held-for-sale in the accompanying balance sheet. The property was sold on October 21, 2019 and resulted in a gain of approximately

Variable Interest Entities, Con

Variable Interest Entities, Contingent Liability and Consolidated Joint Ventures	9 Months Ended
	Sep. 30, 2019
Variable Interest Entities, Contingent Liability and Consolidated Joint Ventures
Variable Interest Entities, Contingent Liability and Consolidated Joint Ventures	Note 7 – Variable Interest Entities, Contingent Liability and Consolidated Joint Ventures Variable Interest Entity – Ground Lease The Company determined it has a variable interest through its ground lease at its Beachwood, Ohio property and the owner/operator is a VIE because its 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 this VIE because the Company has shared power over certain activities that most significantly impact the owner/operator’s economic performance ( i.e. Ground lease rental income amounted to $383,000 and $1,354,000 for the three and nine months ended September 30, 2019, respectively, and $925,000 and $2,872,000 for the three and nine months ended September 30, 2018, respectively. Included in these amounts is rental income of $203,000 and $814,000 for the three and nine months ended September 30, 2019, respectively, and $512,000 and $1,659,000 for the three and nine months ended September 30, 2018, respectively, from previously held VIE properties in Lakemoor and Wheaton, Illinois, which the Company sold in September 2018 and August 2019, respectively (see Note 6). ​ Note 7 – Variable Interest Entities, Contingent Liability and Consolidated Joint Ventures (Continued) The following chart details the VIE through the Company’s ground lease and the aggregate carrying amount and maximum exposure to loss as of September 30, 2019 (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 Vue Apartments, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beachwood, Ohio ​ August 16, 2016 ​ $ 13,896 ​ 348 ​ $ 67,444 ​ Land ​ $ 13,901 (a) Simultaneously with the purchase, the Company entered into a triple net ground lease with affiliates of Strategic Properties of North America, the owner/operator of this property. (b) Simultaneously with the closing of the 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 owner/operator’s mortgage loan; accordingly, the land position is subordinated to the mortgage. No other financial support has been provided by the Company to the owner/operator. At December 31, 2018, Restricted cash on the consolidated balance sheet included (i) a cash reserve balance of $356,000 to cover renovation work at the Wheaton, Illinois property which was sold in August 2019 and (ii) an escrow deposit of $750,000 from the owner/operator of the Beachwood, Ohio property which was paid in January 2019. There was no restricted cash balance at September 30, 2019. Variable Interest Entities – Consolidated Joint Ventures The Company has determined that the four consolidated joint ventures in which it holds between a 90% to 95% interest are VIEs because the non-controlling interests do not hold substantive kick-out or participating rights. The Company has determined it is the primary beneficiary of these VIEs 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 VIEs for financial statement purposes. The VIEs’ 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, ​ 2019 2018 (a) Land ​ $ 12,158 ​ $ 14,722 Buildings and improvements, net of accumulated depreciation of ​ ​ 24,426 ​ ​ 27,642 Cash ​ ​ 1,029 ​ ​ 1,020 Unbilled rent receivable ​ ​ 870 ​ ​ 1,211 Unamortized intangible lease assets, net ​ ​ 776 ​ ​ 890 Escrow, deposits and other assets and receivables ​ ​ 715 ​ ​ 810 Mortgages payable, net of unamortized deferred financing costs of $328 and $391, respectively ​ ​ 24,404 ​ ​ 26,850 Accrued expenses and other liabilities ​ ​ 708 ​ ​ 761 Unamortized intangible lease liabilities, net ​ ​ 613 ​ ​ 1,694 Accumulated other comprehensive (loss) income ​ ​ (85) ​ ​ 31 Non-controlling interests in consolidated joint ventures ​ ​ 1,172 ​ ​ 1,449 (a) Includes a consolidated joint venture, in which the Company held a 90% interest located in Clemmons, North Carolina which was sold in June 2019 (see Note 6). ​ Note 7 – Variable Interest Entities, Contingent Liability and Consolidated Joint Ventures (Continued) MCB Real Estate, LLC and its affiliates (‘‘MCB’’) are the Company’s joint venture partner in three and four consolidated joint ventures at September 30, 2019 and December 31, 2018, respectively, in which the Company has aggregate equity investments of approximately $7,503,000 and Distributions to each joint venture partner are determined pursuant to the applicable operating agreement and may not be pro rata

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures	9 Months Ended
	Sep. 30, 2019
Investment in Unconsolidated Joint Ventures
Investment in Unconsolidated Joint Ventures	Note 8 – Investment in Unconsolidated Joint Ventures The Company participates in four unconsolidated joint ventures, each of which owns and operates one property. At September 30, 2019 and December 31, 2018, the Company’s equity investment in these ventures totaled $11,070,000 and $10,857,000 , respectively. The Company recorded equity in earnings of $50,000 and equity in loss of $32,000 for the three and nine months ended September 30, 2019, respectively, and, in addition to the equity in earnings from the sale of properties of $2,057,000 in 2018, equity in earnings of $173,000 and $716,000 for the three and nine months ended September 30, 2018, respectively. Included in equity in earnings for the nine months ended September 30, 2018 is $110,000 related to the discontinuance of hedge accounting on a mortgage swap related to an unconsolidated joint venture property, located in Milwaukee, Wisconsin, that was sold in July 2018 (see Note14). At September 30, 2019 and December 31, 2018, MCB and the Company are partners in an unconsolidated joint venture in which the Company’s equity investment is approximately $8,898,000 and $9,087,000, respectively.

Debt Obligations

Debt Obligations	9 Months Ended
	Sep. 30, 2019
Debt Obligations
Debt Obligations	Note 9 – Debt Obligations Mortgages Payable The following table details the Mortgages payable, net, balances per the consolidated balance sheets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2019 ​ 2018 Mortgages payable, gross ​ $ 439,417 ​ $ 423,096 Unamortized deferred financing costs ​ (4,302) ​ (4,298) Mortgages payable, net ​ $ 435,115 ​ $ 418,798 ​ Line of Credit On July 1, 2019, the Company amended its credit facility with Manufacturers & Traders Trust Company, People’s United Bank, VNB New York, LLC, and Bank Leumi USA, which among other things, extended the facility’s maturity to December 31, 2022 from December 31, 2019. In connection with the amendment, the Company incurred a $550,000 commitment fee which will be amortized over the remaining term of the facility. The Company can borrow up to $100,000,000, subject to borrowing base requirements. The Company's interest rate is 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, 2019 and 2018, the applicable margin was 200 and 175 basis points, respectively. An unused facility fee of .25% per annum applies to the facility. The average interest rate on the facility was approximately for the nine months ended September 30, 2019 and 2018, respectively. The Company was in compliance with all covenants at September 30, 2019. ​ Note 9 – Debt Obligations (Continued) The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2019 2018 Line of credit, gross ​ $ 19,450 ​ $ 30,000 Unamortized deferred financing costs ​ (670) ​ (312) Line of credit, net ​ $ 18,780 ​ $ 29,688 ​ At November 4, 2019, there was an outstanding balance of $22,650,000 (before unamortized deferred financing costs) under the facility.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2019
Related Party Transactions
Related Party Transactions	Note 10 – Related Party Transactions Compensation and Services Agreement Pursuant to the compensation and services agreement with Majestic Property Management Corp. (“Majestic”), Majestic provides the Company with the services of executive, administrative, legal, accounting, clerical and property management personnel, as well as property acquisition, sale and lease consulting and brokerage services, consulting services with respect to mortgage financings and construction supervisory services (collectively, the “Services”). Majestic is wholly-owned by the Company’s vice-chairman and certain of the Company’s executive officers are officers of, and are compensated by, Majestic. The amount the Company pays Majestic for the Services is approved each year by the Company’s Compensation and/or Audit Committees and the independent directors. In consideration for the Services, the Company paid Majestic $705,000 and $2,110,000 for the three and nine months ended September 30, 2019, respectively, and $687,000 and $2,054,000 for the three and nine months ended September 30, 2018, respectively. Included in these fees are $307,000 and $915,000 for the three and nine months ended September 30, 2018, respectively $162,000 Executive officers and others providing services to the Company under the compensation and services agreement were awarded shares of restricted stock and RSUs under the Company’s stock incentive plans (described in Note 13). The related expense charged to the Company’s operations was $521,000 and $1,453,000 for the three and nine months ended September 30, 2019, respectively, and $483,000 and $1,332,000 for the three and nine months ended September 30, The amounts paid under the compensation and services agreement (except for the property management costs which are included in Real estate expenses) and the costs of the stock incentive plans are included in General and administrative expense on the consolidated statements of income for the three and nine months ended September 30, 2019 and 2018, respectively. Joint Venture Partners and Affiliates The Company paid an aggregate of $21,000 and $62,000 for the three and nine months ended September 30, 2019, respectively, and $21,000 and $86,000 for the three and nine months ended September 30, 2018, respectively, to its consolidated joint venture partners or their affiliates (none of whom are officers, directors or employees of the Company) for property management services, which are included in Real estate expenses on the consolidated statements of income. ​ Note 10 – Related Party Transactions (Continued) The Company’s unconsolidated joint ventures paid management fees of $29,000 and $85,000 for the three and nine months ended September 30, 2019, respectively, and $39,000 and $135,000 for the three and nine months ended September 30, 2018, respectively, to the other partner of the venture, which reduced Equity in earnings by $15,000 and $42,000 for the three and nine months ended September 30, 2019, respectively, and $19,000 and $67,000 for the three and nine months ended September 30, Other During 2019 and 2018, the Company paid quarterly fees of $72,400 and $69,000, respectively, to the Company’s chairman, and $28,900 and $27,500, respectively, to the Company’s vice-chairman. These fees are included in General and administrative expenses on the consolidated statements of income. The Company obtains its property insurance in conjunction with Gould Investors L.P. (“Gould Investors”), a related party, and reimburses Gould Investors annually for the Company’s insurance cost relating to its properties. Included in Real estate expenses on the consolidated statements of income is insurance expense of

Common Stock Cash Dividend

Common Stock Cash Dividend	9 Months Ended
	Sep. 30, 2019
Common Stock Cash Dividend
Common Stock Cash Dividend	Note 11 – Common Stock Cash Dividend On September 11, 2019, the Board of Directors declared a quarterly cash dividend of $.45 per share on the Company’s common stock, totaling approximately $8,942,000. The quarterly dividend was paid on October 10, 2019 to stockholders of record on September 25, 2019.

Shares Issued through the At-th

Shares Issued through the At-the-Market Equity Offering Program	9 Months Ended
	Sep. 30, 2019
Shares Issued through the At-the-Market Equity Offering Program
Shares Issued through the At-the-Market Equity Offering Program	Note 12 – Shares Issued through the At-the-Market Equity Offering Program During the nine months ended September 30, 2019, the Company sold 180,120 shares for proceeds of $5,392,000, net of commissions of $54,000, and incurred offering costs of $136,000 for professional fees. The Company did not sell any shares during the three months ended September 30, 2019.

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Sep. 30, 2019
Stock Based Compensation
Stock Based Compensation	Note 13 – Stock Based Compensation The Company’s 2019 Incentive Plan (‘‘Plan’’), approved by the Company’s stockholders in June 2019, 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, 2019, an aggregate of 77,776 shares subject to awards in the form of RSUs have been granted under the Plan. Under the Company’s 2016 and 2012 equity incentive plans (collectively, the “Prior Plans "), as of September 30, 2019, an aggregate of 826,750 shares of restricted stock and RSUs are outstanding and have not yet vested. No additional awards may be granted under the Prior Plans. 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 the third quarter of each of 2017, 2018 and 2019, the Company granted RSUs exchangeable for up to 76,250, 76,250 and 77,776 shares, respectively, of common stock upon satisfaction, through June 30, 2020, June 30, 2021 and June 30, 2022, 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 2019 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 6.22%, a risk-free interest rate of 1.79% - 2.07% and an expected price volatility of 21.37% - 23.04% . 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. The Company does not recognize expense on ROC Awards which it does not expect to vest. As of September 30, 2019, based on performance and market assumptions, the fair value of the RSUs granted in 2017, 2018 and 2019 is $787,000, $856,000 and $923,000, 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, 2019. ​ Note 13 – Stock Based Compensation (Continued) The following is a summary of the activity of the equity incentive plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2019 2018 2019 2018 Restricted stock grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of shares ​ ​ — ​ ​ — ​ ​ 150,050 ​ ​ 144,750 Average per share grant price ​ ​ — ​ ​ — ​ $ 25.70 ​ $ 25.31 Deferred compensation to be recognized over vesting period ​ ​ — ​ ​ — ​ $ 3,856,000 ​ $ 3,664,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested beginning of period ​ ​ 689,150 ​ ​ 651,500 ​ ​ 651,250 ​ ​ 612,900 Grants ​ ​ — ​ ​ — ​ ​ 150,050 ​ ​ 144,750 Vested during period ​ ​ (2,500) ​ ​ — ​ ​ (114,650) ​ ​ (106,000) Forfeitures ​ ​ (12,400) ​ ​ (250) ​ ​ (12,400) ​ ​ (400) Non-vested end of period ​ ​ 674,250 ​ ​ 651,250 ​ ​ 674,250 ​ ​ 651,250 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSU grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of underlying shares ​ ​ 77,776 ​ ​ 76,250 ​ ​ 77,776 ​ ​ 76,250 Average per share grant price ​ $ 28.96 ​ $ 26.41 ​ $ 28.96 ​ $ 26.41 Deferred compensation to be recognized over vesting period ​ $ 923,000 ​ $ 1,136,000 ​ $ 923,000 ​ $ 1,136,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested beginning of period ​ ​ 152,500 ​ ​ 76,250 ​ ​ 152,500 ​ ​ 76,250 Grants ​ ​ 77,776 ​ ​ 76,250 ​ ​ 77,776 ​ ​ 76,250 Vested during period ​ ​ — ​ ​ — ​ ​ — ​ ​ — Forfeitures ​ ​ — ​ ​ — ​ ​ — ​ ​ — Non-vested end of period ​ ​ 230,276 ​ ​ 152,500 ​ ​ 230,276 ​ ​ 152,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock and RSU grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average per share value of non-vested shares (based on grant price) ​ $ 24.98 ​ $ 23.83 ​ $ 24.98 ​ $ 23.83 Value of stock vested during the period (based on grant price) ​ $ 61,500 ​ $ — ​ $ 2,365,000 ​ $ 2,289,000 Weighted average per share value of shares forfeited during the period (based on grant price) ​ $ 24.41 ​ $ 23.39 ​ $ 24.41 ​ $ 23.59 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The total charge to operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding restricted stock grants ​ $ 717,000 ​ $ 763,000 ​ $ 2,403,000 ​ $ 2,263,000 Outstanding RSUs ​ ​ 225,000 ​ ​ 208,000 ​ ​ 431,000 ​ ​ 390,000 Total charge to operations ​ $ 942,000 ​ $ 971,000 ​ $ 2,834,000 ​ $ 2,653,000 ​ As of September 30, 2019, total compensation costs of $7,965,000 and $1,559,000 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 remaining vesting period is

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2019
Fair Value Measurements
Fair Value Measurements	Note 14 – Fair Value Measurements The Company measures the fair value of financial instruments based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs. The carrying amounts of cash and cash equivalents, restricted cash, escrow, deposits and other assets and receivables (excluding interest rate swaps), dividends payable, and accrued expenses and other liabilities (excluding interest rate swaps), are not measured at fair value on a recurring basis, but are considered to be recorded at amounts that approximate fair value. At September 30, 2019, the $453,349,000 estimated fair value of the Company’s mortgages payable is more than their $439,417,000 carrying value (before unamortized deferred financing costs) by approximately $13,932,000 assuming a blended market interest rate of 3.75% based on the 8.0 year weighted average remaining term to maturity of the mortgages. At December 31, 2018, the At September 30, 2019 and December 31, 2018, the carrying amount of the Company’s line of credit (before unamortized deferred financing costs) of $19,450,000 and $30,000,000, 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. ​ Note 14 – Fair Value Measurements (Continued) 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, 2019 ​ $ 34 ​ ​ December 31, 2018 ​ ​ 2,399 Financial liabilities: ​ ​ ​ ​ ​ Interest rate swaps ​ September 30, 2019 ​ $ 3,414 ​ ​ December 31, 2018 ​ ​ 505 ​ 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, 2019, 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, 2019, the Company had entered into 24 interest rate derivatives, all of which were interest rate swaps, related to 24 outstanding mortgage loans with an aggregate $107,608,000 notional amount and mature between 2021 and 2028 (weighted average remaining term to maturity of 5.3 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 ​ Note 14 – Fair Value Measurements (Continued) 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, ​ 2019 2018 2019 2018 One Liberty Properties, Inc. and Consolidated subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of (loss) gain recognized on derivatives in other comprehensive (loss) income ​ $ (1,319) ​ $ 827 ​ $ (5,281) ​ $ 4,336 Amount of reclassification from Accumulated other comprehensive (loss) income into Interest expense ​ ​ (139) ​ ​ (44) ​ ​ (6) ​ ​ (335) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unconsolidated Joint Ventures (Company’s share) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain recognized on derivatives in other comprehensive (loss) income ​ ​ n/a ​ ​ n/a ​ ​ n/a ​ $ 69 Amount of reclassification from Accumulated other comprehensive (loss) income into Equity in earnings (loss) of unconsolidated joint ventures ​ ​ n/a ​ ​ n/a ​ ​ n/a ​ ​ 103 ​ During the nine months ended September 30, 2019 and 2018, the Company (including one of its unconsolidated joint ventures) discontinued hedge accounting on three interest rate swaps as the forecasted hedged transactions were no longer probable of occurring. As a result, during the three and nine months ended September 30, 2019, the Company reclassified $161,000 and $201,000, respectively, of realized loss from Accumulated other comprehensive (loss) income to earnings. During the nine months ended September 30, 2018, the Company reclassified $110,000 of realized gain from Accumulated other comprehensive loss (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, 2019 and 2018. During the twelve months ending September 30, 2020, the Company estimates an additional $555,000 will be reclassified from Accumulated other comprehensive (loss) income as an increase to Interest expense. The derivative agreements in effect at September 30, 2019 provide that if the wholly-owned subsidiary of the Company which is a party to such 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, the Company could be held liable for such swap breakage losses. As of September 30, 2019 and December 31, 2018, the fair value of the derivatives in a liability position, including accrued interest of $6,000 and $8,000, respectively, but excluding any adjustments for non-performance risk, was approximately $3,622,000 and $554,000 , respectively. In the event the Company had breaches of any of the contractual provisions of the derivative contracts, it would be required to settle its obligations thereunder at their termination liability value of as of September 30, 2019 and December 31, 2018, respectively. This termination liability value, net of adjustments for non-performance risk of

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2019
New Accounting Pronouncements
New Accounting Pronouncements	Note 15 – 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, ​ Note 15 – New Accounting Pronouncements (Continued) In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2019
Subsequent Events
Subsequent Events	Note 16 – 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, 2019
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, 2019 and 2018 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, 2018. 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. ​ Note 2 – Summary Accounting Policies (Continued) 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, 2019 and 2018, there were no impairment charges related to the Company’s investments in unconsolidated joint ventures. The Company has elected to follow the cumulative earnings approach when assessing, for the consolidated statement of cash flows, whether the distribution from the investee is a return of the investor’s investment as compared to a return on its investment. The source of the cash generated by the investee to fund the distribution is not a factor in the analysis (that is, it does not matter whether the cash was generated through investee refinancing, sale of assets or operating results). Consequently, the investor only considers the relationship between the cash received from the investee to its equity in the undistributed earnings of the investee, on a cumulative basis, in assessing whether the distribution from the investee is a return on or a return of its investment. Cash received from the unconsolidated entity is presumed to be a return on the investment to the extent that, on a cumulative basis, distributions received by the investor are less than its share of the equity in the undistributed earnings of the entity.
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 on the consolidated statement of income for the three and nine months ended September 30, 2018 of (i) rental income, net, due to the adoption of a new accounting pronouncement (see Note 3) and (ii) leasehold rent being included as part of Real estate expenses. In addition, the Company changed the presentation of its consolidated statement of changes in equity for the nine month periods ended September 30, 2019 and 2018 as the Securities and Exchange Commission extended the annual disclosure requirement of changes in stockholders’ equity in Rule 3-04 of Regulation S-X to interim periods, which requires both the year-to-date information and subtotals for each interim period, as part of Release Nos. 33-10532, 34-83875 and IC-33203.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases
Schedule of components of lease revenues	The components of lease revenues are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ​ Nine Months ​ ​ Ended ​ Ended ​ September 30, 2019 Fixed lease revenues ​ $ 17,361 $ 52,441 Variable lease revenues ​ ​ 2,853 ​ ​ 9,138 Lease revenues (a) ​ $ 20,214 ​ $ 61,579 (a) Excludes $200 and $709 of amortization related to lease intangible assets and liabilities for the three and nine months ended September 30, 2019, respectively.
Schedule of minimum future contractual rents to be received under ASC 842	As of September 30, 2019, under ASC 842, the minimum future contractual rents to be received on non-cancellable operating leases are included in the table below (amounts in thousands). The minimum future contractual rents do not include (i) straight-line rent or amortization of intangibles, (ii) variable lease payments as described above and (iii) contractual rents of $875,000 related to the Houston, TX property which was sold in October 2019 (see Note 6). ​ ​ ​ ​ ​ From October 1 – December 31, 2019 ​ $ 17,394 For the year ended December 31, ​ ​ ​ 2020 ​ ​ 70,331 2021 ​ ​ 69,031 2022 ​ ​ 60,457 2023 ​ ​ 51,672 2024 ​ ​ 43,435 Thereafter ​ ​ 181,158 Total ​ $ 493,478
Schedule of minimum future contractual rents to be received on non-cancellable operating leases ASU 840	As of December 31, 2018, under ASC 840, the minimum future contractual rents to be received on non-cancellable operating leases were as follows (amounts in thousands): ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ ​ 2019 ​ $ 66,959 2020 ​ ​ 66,691 2021 ​ ​ 65,130 2022 ​ ​ 56,444 2023 ​ ​ 47,644 Thereafter ​ ​ 208,923 Total ​ $ 511,791
Schedule of minimum future lease payments under ASC 842	As of September 30, 2019, under ASC 842, the minimum future lease payments related to the operating ground and office leases are as follows (amounts in thousands): ​ ​ ​ ​ ​ From October 1 – December 31, 2019 ​ $ 127 For the year ended December 31, ​ ​ ​ 2020 ​ ​ 510 2021 ​ ​ 511 2022 ​ ​ 506 2023 ​ ​ 507 2024 ​ ​ 557 Thereafter ​ ​ 3,741 Total undiscounted cash flows ​ $ 6,459 Present value discount ​ ​ (1,595) Lease liability ​ $ 4,864
Schedule of minimum future lease payments under ASC 840	As of December 31, 2018, under ASC 840, the minimum future lease payments related to the operating ground and office leases were as follows (amounts in thousands): ​ ​ ​ ​ ​ For the year ended December 31, ​ 2019 ​ $ 454 2020 ​ 127 2021 ​ 47 2022 ​ — 2023 ​ — Thereafter ​ — Total ​ $ 628

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2019
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 Months Ended ​ Three and Nine Months Ended ​ ​ ​ ​ September 30, 2019 September 30, 2018 ​ ​ Total Number of ​ Return on ​ Stockholder ​ ​ ​ Return on ​ Stockholder ​ ​ ​ ​ Underlying ​ Capital ​ Return ​ ​ ​ Capital ​ Return ​ ​ Date of Award Shares (a) metric metric Total metric metric Total September 26, 2017 ​ 76,250 (d) 26,840 ​ 27,224 ​ 54,064 ​ 33,524 ​ 38,125 ​ 71,649 July 1, 2018 ​ 76,250 (e) 22,321 ​ — ​ 22,321 ​ 30,929 ​ — ​ 30,929 July 1, 2019 ​ 77,776 (f) 15,168 ​ — ​ 15,168 ​ n/a ​ n/a ​ n/a Totals ​ 230,276 ​ 64,329 ​ 27,224 ​ 91,553 ​ 64,453 ​ 38,125 ​ 102,578 (a) The RSUs awarded in 2017, 2018 and 2019 vest, subject to satisfaction of the applicable market and/or performance conditions, on June 30, 2020, 2021 and 2022, respectively (see Note 13). (b) Reflects the number of shares underlying RSUs that would be issued assuming the measurement date used to determine whether the applicable conditions are satisfied is September 30, 2019. (c) Reflects the number of shares underlying RSUs that would be issued assuming the measurement date used to determine whether the applicable conditions are satisfied is September 30, 2018. (d) None of the remaining 22,186 shares and 4,601 shares are included at September 30, 2019 and 2018, respectively, as the applicable condition had not been met for these shares at the respective measurement dates. (e) None of the remaining 53,929 shares and 45,321 shares are included at September 30, 2019 and 2018, respectively, as the applicable conditions had not been met for these shares at the respective measurement date. (f) None of the remaining 62,608 shares are included at September 30, 2019, as the applicable conditions had not been met for these shares at the measurement date.
Schedule of reconciliation of the numerator and denominator of earnings per share calculations	​ Note 4 – Earnings Per Common Share (Continued) 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, ​ 2019 2018 2019 2018 Numerator for basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 5,097 ​ $ 10,182 ​ $ 13,666 ​ $ 21,381 Add/deduct net loss (income) attributable to non-controlling interests ​ ​ 21 ​ ​ (35) ​ ​ (465) ​ ​ (866) Less earnings allocated to unvested restricted stock (a) ​ ​ (303) ​ ​ (342) ​ ​ (924) ​ ​ (879) Net income available for common stockholders: basic and diluted ​ $ 4,815 ​ $ 9,805 ​ $ 12,277 ​ $ 19,636 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares ​ ​ 19,191 ​ ​ 18,646 ​ ​ 19,037 ​ ​ 18,521 Effect of diluted securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSUs ​ ​ 48 ​ ​ 59 ​ ​ 39 ​ ​ 41 Denominator for diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares ​ ​ 19,239 ​ ​ 18,705 ​ ​ 19,076 ​ ​ 18,562 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share, basic ​ $ .25 ​ $ .53 ​ $ .64 ​ $ 1.06 Earnings per common share, diluted ​ $ .25 ​ $ .52 ​ $ .64 ​ $ 1.06 a) Represents an allocation of distributed earnings to unvested restricted stock that, as participating securities, are entitled to receive dividends. ​

Real Estate Acquisitions (Table

Real Estate Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2019
Real Estate Acquisitions
Schedule of the Company's acquisitions of real estate	The charts below detail the Company’s acquisitions of real estate and the allocation of the purchase price during the nine months ended September 30, 2019 (amounts in thousands). 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Party ​ ​ ​ ​ Contract ​ ​ ​ Real Estate ​ ​ ​ ​ Purchase ​ Terms of ​ Acquisition Description of Property Date Acquired Price Payment Costs Zwanenberg Food Group/Metro Carpets industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nashville, Tennessee ​ May 30, 2019 ​ $ 8,000 All cash (a) ​ $ 77 Echo, Inc. industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wauconda, Illinois ​ May 30, 2019 ​ ​ 3,800 ​ All cash ​ 26 Tinicum Mechanical Supply/Philly Motors industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bensalem, Pennsylvania ​ June 18, 2019 ​ ​ 6,200 ​ All cash (b) ​ 168 International Flora Technologies industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Chandler, Arizona ​ June 26, 2019 ​ 8,650 All cash (c) 57 Nissan North America industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LaGrange, Georgia ​ July 24, 2019 ​ ​ 5,200 ​ All cash (d) ​ ​ 73 Continental Hydraulics industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shakopee, Minnesota ​ September 13, 2019 ​ ​ 8,000 ​ All cash ​ ​ 55 Totals ​ ​ $ 39,850 ​ $ 456 (a) In July 2019, the Company obtained new mortgage debt of $5,200 which bears interest at 3.95% and matures August 2029. (b) In September 2019, the Company obtained new mortgage debt of $4,075 which bears interest at 4.05% and matures October 2029. (c) In October 2019, the Company obtained new mortgage debt of $5,200 which bears interest at 4.10% and matures November 2030. (d) In October 2019, the Company obtained new mortgage debt of $3,200 which bears interest at 4.00% and matures December 2028.
Schedule of allocation of the purchase price for the company's acquisitions of real estate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building & ​ Intangible Lease ​ ​ ​ Description of Property Land Improvements Asset Liability Total Zwanenberg Food Group/Metro Carpets industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nashville, Tennessee ​ $ 1,058 ​ $ 6,350 ​ $ 750 ​ $ (81) ​ $ 8,077 Echo, Inc. industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wauconda, Illinois ​ 67 ​ 3,424 ​ 339 ​ (4) ​ 3,826 Tinicum Mechanical Supply/Philly Motors industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bensalem, Pennsylvania ​ ​ 1,602 ​ ​ 4,322 ​ 664 ​ (220) ​ ​ 6,368 International Flora Technologies industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Chandler, Arizona ​ ​ 1,334 ​ ​ 7,373 ​ — ​ — ​ ​ 8,707 Nissan North America industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LaGrange, Georgia ​ ​ 298 ​ ​ 4,499 ​ ​ 627 ​ ​ (151) ​ ​ 5,273 Continental Hydraulics industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shakopee, Minnesota ​ ​ 1,875 ​ ​ 5,457 ​ ​ 944 ​ ​ (221) ​ ​ 8,055 Totals ​ $ 6,234 ​ $ 31,425 ​ $ 3,324 ​ $ (677) ​ $ 40,306

Sale of Properties and Proper_2

Sale of Properties and Property Held-for-Sale (Tables)	9 Months Ended
	Sep. 30, 2019
Sale of Properties and Property Held-for-Sale
Schedule of sales of real estate	The following chart details the Company’s sales of real estate during the nine months ended September 30, 2019 and 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gain on Sale of ​ Description of Property Date Sold Sales Price Real Estate, Net ​ Retail property, ​ ​ ​ Clemmons, North Carolina (a) ​ June 20, 2019 ​ $ 5,500 ​ $ 1,099 (b) Retail property, ​ ​ ​ ​ Athens, Georgia ​ August 23, 2019 ​ 6,050 ​ 1,045 (c) Land, ​ ​ ​ ​ Wheaton, Illinois ​ August 29, 2019 ​ 12,035 ​ 1,499 ​ Totals – nine months ended September 30, 2019 ​ ​ $ 23,585 ​ $ 3,643 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail property, ​ ​ ​ ​ Fort Bend, Texas (d) ​ January 30, 2018 ​ $ 9,200 ​ $ 2,408 ​ Land, ​ ​ ​ ​ Lakemoor, Illinois ​ September 14, 2018 ​ 8,459 ​ 4,585 (e) Totals – nine months ended September 30, 2018 ​ ​ ​ $ 17,659 ​ $ 6,993 ​ ​ Note 6 – Sale of Properties and Property Held-for-Sale (Continued) (a) This property was owned by a consolidated joint venture in which the Company held a 90% interest. The non-controlling interest’s share of the gain was $422 . (b) Excludes prepayment costs on debt related to a swap termination fee of $40 included in mortgage interest expense. (c) Excludes prepayment costs on debt related to a swap termination fee of $161 included in mortgage interest expense. (d) 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 . (e) 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. ​

Variable Interest Entities, C_2

Variable Interest Entities, Contingent Liability and Consolidated Joint Ventures (Tables)	9 Months Ended
	Sep. 30, 2019
Unconsolidated Joint Ventures
Variable Interest Entities
Schedule of Variable Interest Entities through ground leases and carrying amount and maximum exposure to loss	​ Note 7 – Variable Interest Entities, Contingent Liability and Consolidated Joint Ventures (Continued) The following chart details the VIE through the Company’s ground lease and the aggregate carrying amount and maximum exposure to loss as of September 30, 2019 (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 Vue Apartments, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beachwood, Ohio ​ August 16, 2016 ​ $ 13,896 ​ 348 ​ $ 67,444 ​ Land ​ $ 13,901 (a) Simultaneously with the purchase, the Company entered into a triple net ground lease with affiliates of Strategic Properties of North America, the owner/operator of this property. (b) Simultaneously with the closing of the 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 owner/operator’s mortgage loan; accordingly, the land position is subordinated to the mortgage. No other financial support has been provided by the Company to the owner/operator.
Consolidated Joint Venture-VIEs
Variable Interest Entities
Summary of Variable Interest Entities carrying amounts and classification carrying amounts and balance sheet classification	The following is a summary of the consolidated VIEs’ carrying amounts and classification in the Company’s consolidated balance sheets, none of which are restricted (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2019 2018 (a) Land ​ $ 12,158 ​ $ 14,722 Buildings and improvements, net of accumulated depreciation of ​ ​ 24,426 ​ ​ 27,642 Cash ​ ​ 1,029 ​ ​ 1,020 Unbilled rent receivable ​ ​ 870 ​ ​ 1,211 Unamortized intangible lease assets, net ​ ​ 776 ​ ​ 890 Escrow, deposits and other assets and receivables ​ ​ 715 ​ ​ 810 Mortgages payable, net of unamortized deferred financing costs of $328 and $391, respectively ​ ​ 24,404 ​ ​ 26,850 Accrued expenses and other liabilities ​ ​ 708 ​ ​ 761 Unamortized intangible lease liabilities, net ​ ​ 613 ​ ​ 1,694 Accumulated other comprehensive (loss) income ​ ​ (85) ​ ​ 31 Non-controlling interests in consolidated joint ventures ​ ​ 1,172 ​ ​ 1,449 (a) Includes a consolidated joint venture, in which the Company held a 90% interest located in Clemmons, North Carolina which was sold in June 2019 (see Note 6). ​ Note 7 – Variable Interest Entities, Contingent Liability and Consolidated Joint Ventures (Continued)

Debt Obligations (Tables)

Debt Obligations (Tables)	9 Months Ended
	Sep. 30, 2019
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, ​ ​ 2019 ​ 2018 Mortgages payable, gross ​ $ 439,417 ​ $ 423,096 Unamortized deferred financing costs ​ (4,302) ​ (4,298) Mortgages payable, net ​ $ 435,115 ​ $ 418,798
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, ​ 2019 2018 Line of credit, gross ​ $ 19,450 ​ $ 30,000 Unamortized deferred financing costs ​ (670) ​ (312) Line of credit, net ​ $ 18,780 ​ $ 29,688

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2019
Stock Based Compensation
Summary of the activity of the equity incentive plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2019 2018 2019 2018 Restricted stock grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of shares ​ ​ — ​ ​ — ​ ​ 150,050 ​ ​ 144,750 Average per share grant price ​ ​ — ​ ​ — ​ $ 25.70 ​ $ 25.31 Deferred compensation to be recognized over vesting period ​ ​ — ​ ​ — ​ $ 3,856,000 ​ $ 3,664,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested beginning of period ​ ​ 689,150 ​ ​ 651,500 ​ ​ 651,250 ​ ​ 612,900 Grants ​ ​ — ​ ​ — ​ ​ 150,050 ​ ​ 144,750 Vested during period ​ ​ (2,500) ​ ​ — ​ ​ (114,650) ​ ​ (106,000) Forfeitures ​ ​ (12,400) ​ ​ (250) ​ ​ (12,400) ​ ​ (400) Non-vested end of period ​ ​ 674,250 ​ ​ 651,250 ​ ​ 674,250 ​ ​ 651,250 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSU grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of underlying shares ​ ​ 77,776 ​ ​ 76,250 ​ ​ 77,776 ​ ​ 76,250 Average per share grant price ​ $ 28.96 ​ $ 26.41 ​ $ 28.96 ​ $ 26.41 Deferred compensation to be recognized over vesting period ​ $ 923,000 ​ $ 1,136,000 ​ $ 923,000 ​ $ 1,136,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested beginning of period ​ ​ 152,500 ​ ​ 76,250 ​ ​ 152,500 ​ ​ 76,250 Grants ​ ​ 77,776 ​ ​ 76,250 ​ ​ 77,776 ​ ​ 76,250 Vested during period ​ ​ — ​ ​ — ​ ​ — ​ ​ — Forfeitures ​ ​ — ​ ​ — ​ ​ — ​ ​ — Non-vested end of period ​ ​ 230,276 ​ ​ 152,500 ​ ​ 230,276 ​ ​ 152,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock and RSU grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average per share value of non-vested shares (based on grant price) ​ $ 24.98 ​ $ 23.83 ​ $ 24.98 ​ $ 23.83 Value of stock vested during the period (based on grant price) ​ $ 61,500 ​ $ — ​ $ 2,365,000 ​ $ 2,289,000 Weighted average per share value of shares forfeited during the period (based on grant price) ​ $ 24.41 ​ $ 23.39 ​ $ 24.41 ​ $ 23.59 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The total charge to operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding restricted stock grants ​ $ 717,000 ​ $ 763,000 ​ $ 2,403,000 ​ $ 2,263,000 Outstanding RSUs ​ ​ 225,000 ​ ​ 208,000 ​ ​ 431,000 ​ ​ 390,000 Total charge to operations ​ $ 942,000 ​ $ 971,000 ​ $ 2,834,000 ​ $ 2,653,000

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2019
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, 2019 ​ $ 34 ​ ​ December 31, 2018 ​ ​ 2,399 Financial liabilities: ​ ​ ​ ​ ​ Interest rate swaps ​ September 30, 2019 ​ $ 3,414 ​ ​ December 31, 2018 ​ ​ 505 ​
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, ​ 2019 2018 2019 2018 One Liberty Properties, Inc. and Consolidated subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of (loss) gain recognized on derivatives in other comprehensive (loss) income ​ $ (1,319) ​ $ 827 ​ $ (5,281) ​ $ 4,336 Amount of reclassification from Accumulated other comprehensive (loss) income into Interest expense ​ ​ (139) ​ ​ (44) ​ ​ (6) ​ ​ (335) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unconsolidated Joint Ventures (Company’s share) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain recognized on derivatives in other comprehensive (loss) income ​ ​ n/a ​ ​ n/a ​ ​ n/a ​ $ 69 Amount of reclassification from Accumulated other comprehensive (loss) income into Equity in earnings (loss) of unconsolidated joint ventures ​ ​ n/a ​ ​ n/a ​ ​ n/a ​ ​ 103

Organization and Background (De

Organization and Background (Details)	Sep. 30, 2019propertystate
Organization and Background
Number of real estate properties	126
Number of states in which properties are located | state	31
Properties owned by consolidated joint ventures
Organization and Background
Number of real estate properties	4
Properties owned by unconsolidated joint ventures
Organization and Background
Number of real estate properties	4

Summary Accounting Policies (De

Summary Accounting Policies (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)item	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)item	Sep. 30, 2018USD ($)
Investment in Joint Ventures and Variable Interest Entities
Number of Unconsolidated Joint Venture VIEs | item	0		0
Recourse debt of joint ventures	$ 0		$ 0
Impairment charge relating to investments in unconsolidated joint ventures	$ 0	$ 0	$ 0	$ 0

Leases - Summary (Details)

Leases - Summary (Details)	Jan. 01, 2019USD ($)
Leases
Election of practical expedients package	true
ASU 2016-02
Leases
Cumulative-effect adjustment to retained earnings	$ 0

Leases - As Lessor (Details)

Leases - As Lessor (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Lessor
Operating Lease, Option to extend			true
Operating Lease, Option to terminate			true
Lessor, practical expedient, single lease component	true		true
Components of lease revenues
Fixed lease revenues	$ 17,361,000		$ 52,441,000
Variable lease revenues	2,853,000		9,138,000
Lease revenues	20,214,000		61,579,000
Amortization of intangibles relating to leases, net	200,000		709,000	$ 1,605,000
Write-off of unbilled rent receivable			382,000	74,000
Revenues	20,414,000	$ 19,570,000	62,288,000	58,856,000
Property in Philadelphia, Pennsylvania
Components of lease revenues
Write-off of unbilled rent receivable	380,000		380,000
Rental income, net
Components of lease revenues
Revenues	$ 20,414,000	19,198,000	$ 62,288,000	58,484,000
Tenant reimbursements
Components of lease revenues
Revenues		$ 2,005,000		$ 5,983,000

Leases - As Lessor - Minimum Fu

Leases - As Lessor - Minimum Future Rents (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Minimum future contractual rents to be received under ASC 842
From October 1 - December 31, 2019	$ 17,394,000
For the year ended December 31, 2020	70,331,000
For the year ended December 31, 2021	69,031,000
For the year ended December 31, 2022	60,457,000
For the year ended December 31, 2023	51,672,000
For the year ended December 31, 2024	43,435,000
Thereafter	181,158,000
Total	493,478,000
Contractual rents	$ 875,000
Minimum future contractual rents to be received under ASC 840
For the year ended December 31, 2019		$ 66,959,000
For the year ended December 31, 2020		66,691,000
For the year ended December 31, 2021		65,130,000
For the year ended December 31, 2022		56,444,000
For the year ended December 31, 2023		47,644,000
Thereafter		208,923,000
Total		$ 511,791,000

Leases - As Lessee (Details)

Leases - As Lessee (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)item	Sep. 30, 2019USD ($)item	Jan. 01, 2019USD ($)
Lessee
Operating lease liability	$ 4,864,000	$ 4,864,000
Real Estate in Greensboro, NC
Lessee
Operating lease, option to extend		true
Operating lease, discount rate (as a percent)	4.75%	4.75%
Operating lease, remaining lease term	10 years 4 months 24 days	10 years 4 months 24 days
Operating lease expense	$ 131,000	$ 394,000
Real Estate in Greensboro, NC | Five-Year Lease
Lessee
Operating lease, renewal term	5 years	5 years
Real Estate in Greensboro, NC | Five-Year Lease | Maximum
Lessee
Operating lease, number of renewal options | item	5	5
Real Estate in Greensboro, NC | Seven-Month Lease
Lessee
Operating lease, number of renewal options | item	1	1
Operating lease, renewal term	7 months	7 months
Real Estate in Greensboro, NC | ASU 2016-02 | Adjustment
Lessee
Operating lease liability			$ 4,381,000
Operating lease liability, Statement of Financial Position			us-gaap:AccruedLiabilitiesCurrentAndNoncurrent
Right-of-use asset			$ 4,381,000
Operating lease, right-of-use Asset, Statement of Financial Position			olp:EscrowDepositsAndOtherAssetsAndReceivables
Corporate office lease in Great Neck
Lessee
Operating lease, option to extend		true
Operating lease, number of renewal options | item	1	1
Operating lease, renewal term	5 years	5 years
Operating lease liability	$ 646,000	$ 646,000
Operating lease liability, Statement of Financial Position	us-gaap:AccruedLiabilitiesCurrentAndNoncurrent	us-gaap:AccruedLiabilitiesCurrentAndNoncurrent
Right-of-use asset	$ 646,000	$ 646,000
Operating lease, right-of-use Asset, Statement of Financial Position	olp:EscrowDepositsAndOtherAssetsAndReceivables	olp:EscrowDepositsAndOtherAssetsAndReceivables
Operating lease, discount rate (as a percent)	3.81%	3.81%
Operating lease, remaining lease term	17 years 3 months 18 days	17 years 3 months 18 days
Operating lease expense	$ 14,000	$ 40,000

Leases - As Lessee - Minimum Fu

Leases - As Lessee - Minimum Future Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Minimum future lease payments under ASC 842
From October 1 - December 31, 2019	$ 127
2020	510
2021	511
2022	506
2023	507
2024	557
Thereafter	3,741
Total undiscounted cash flows	6,459
Present value discount	(1,595)
Lease liability	$ 4,864
Minimum future lease payments under ASC 840
2019		$ 454
2020		127
2021		47
Total		$ 628

Earnings Per Common Share - Sha

Earnings Per Common Share - Shares of common stock underlying RSUs (Details) - 2019 and 2016 Incentive Plans - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Common Share
Number of underlying shares	230,276	230,276	230,276	230,276
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric	64,329	64,453	64,329	64,453
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric	27,224	38,125	27,224	38,125
Total	91,553	102,578	91,553	102,578
September 26, 2017
Earnings Per Common Share
Number of underlying shares	76,250	76,250	76,250	76,250
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric	26,840	33,524	26,840	33,524
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric	27,224	38,125	27,224	38,125
Total	54,064	71,649	54,064	71,649
Number of remaining shares at the respective measurement dates	22,186	4,601	22,186	4,601
July 1, 2018
Earnings Per Common Share
Number of underlying shares	76,250	76,250	76,250	76,250
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric	22,321	30,929	22,321	30,929
Total	22,321	30,929	22,321	30,929
Number of remaining shares at the respective measurement dates	53,929	45,321	53,929	45,321
July 1, 2019
Earnings Per Common Share
Number of underlying shares	77,776		77,776
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric	15,168		15,168
Total	15,168		15,168
Number of remaining shares at the respective measurement dates			62,608

Earnings Per Common Share - Rec

Earnings Per Common Share - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Numerator for basic and diluted earnings per share:
Net income	$ 5,097	$ 4,558	$ 4,011	$ 10,182	$ 4,546	$ 6,653	$ 13,666	$ 21,381
Add/deduct net loss (income) attributable to non-controlling interests	21			(35)			(465)	(866)
Less earnings allocated to unvested restricted stock	(303)			(342)			(924)	(879)
Net income available for common stockholders: basic and diluted	$ 4,815			$ 9,805			$ 12,277	$ 19,636
Denominator for basic earnings per share:
Weighted average number of common shares	19,191			18,646			19,037	18,521
Effect of diluted securities:
RSUs	48			59			39	41
Denominator for diluted earnings per share:
Weighted average number of shares	19,239			18,705			19,076	18,562
Earnings per common share, basic (in dollars per share)	$ 0.25			$ 0.53			$ 0.64	$ 1.06
Earnings per common share, diluted (in dollars per share)	$ 0.25			$ 0.52			$ 0.64	$ 1.06

Real Estate Acquisitions - Summ

Real Estate Acquisitions - Summary of acquisitions (Details) - USD ($) $ in Thousands	1 Months Ended			9 Months Ended
	Oct. 31, 2019	Sep. 30, 2019	Jul. 31, 2019	Sep. 30, 2019
Real Estate Acquisitions
Contract Purchase Price				$ 39,850
Capitalized Third Party Real Estate Acquisition Costs		$ 456		456
Zwanenberg Food Group/Metro Carpets industrial facility, Nashville, Tennessee
Real Estate Acquisitions
Contract Purchase Price				8,000
Capitalized Third Party Real Estate Acquisition Costs		77		77
New mortgage debt			$ 5,200
Interest rate (as a percent)			3.95%
Echo, Inc. industrial facility, Wauconda, Illinois
Real Estate Acquisitions
Contract Purchase Price				3,800
Capitalized Third Party Real Estate Acquisition Costs		26		26
Tinicum Mechanical Supply/Philly Motors industrial facility, Bensalem, Pennsylvania
Real Estate Acquisitions
Contract Purchase Price				6,200
Capitalized Third Party Real Estate Acquisition Costs		168		$ 168
New mortgage debt		$ 4,075
Interest rate (as a percent)		4.05%		4.05%
International Flora Technologies industrial facility, Chandler, Arizona
Real Estate Acquisitions
Contract Purchase Price				$ 8,650
Capitalized Third Party Real Estate Acquisition Costs		$ 57		57
New mortgage debt	$ 5,200
Interest rate (as a percent)	4.10%
Nissan North America industrial facility, LaGrange, Georgia
Real Estate Acquisitions
Contract Purchase Price				5,200
Capitalized Third Party Real Estate Acquisition Costs		73		73
New mortgage debt	$ 3,200
Interest rate (as a percent)	4.00%
Continental Hydraulics industrial facility, Shakopee, Minnesota
Real Estate Acquisitions
Contract Purchase Price				8,000
Capitalized Third Party Real Estate Acquisition Costs		$ 55		$ 55

Real Estate Acquisitions - Allo

Real Estate Acquisitions - Allocation of purchase price (Details) - USD ($)	Oct. 23, 2019	Oct. 03, 2019	Sep. 30, 2019	Sep. 30, 2018
Allocation of purchase price for the Company's real estate acquisitions
Land			$ 6,234,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings And Improvements			31,425,000
Intangible Lease Asset			3,324,000
Intangible Lease Liability			(677,000)
Total			40,306,000
Payment to acquire industrial property on lease			40,306,000	$ 18,452,000
Zwanenberg Food Group/Metro Carpets industrial facility, Nashville, Tennessee
Allocation of purchase price for the Company's real estate acquisitions
Land			1,058,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings And Improvements			6,350,000
Intangible Lease Asset			750,000
Intangible Lease Liability			(81,000)
Total			8,077,000
Echo, Inc. industrial facility, Wauconda, Illinois
Allocation of purchase price for the Company's real estate acquisitions
Land			67,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings And Improvements			3,424,000
Intangible Lease Asset			339,000
Intangible Lease Liability			(4,000)
Total			3,826,000
Tinicum Mechanical Supply/Philly Motors industrial facility, Bensalem, Pennsylvania
Allocation of purchase price for the Company's real estate acquisitions
Land			1,602,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings And Improvements			4,322,000
Intangible Lease Asset			664,000
Intangible Lease Liability			(220,000)
Total			6,368,000
International Flora Technologies industrial facility, Chandler, Arizona
Allocation of purchase price for the Company's real estate acquisitions
Land			1,334,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings And Improvements			7,373,000
Total			8,707,000
Nissan North America industrial facility, LaGrange, Georgia
Allocation of purchase price for the Company's real estate acquisitions
Land			298,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings And Improvements			4,499,000
Intangible Lease Asset			627,000
Intangible Lease Liability			(151,000)
Total			5,273,000
Continental Hydraulics industrial facility, Shakopee, Minnesota
Allocation of purchase price for the Company's real estate acquisitions
Land			1,875,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings And Improvements			5,457,000
Intangible Lease Asset			944,000
Intangible Lease Liability			(221,000)
Total			$ 8,055,000
Industrial property, Rincon, Georgia
Allocation of purchase price for the Company's real estate acquisitions
Payment to acquire industrial property on lease		$ 6,400,000
Industrial property, Chandler, Arizona
Allocation of purchase price for the Company's real estate acquisitions
Payment to acquire industrial property on lease	$ 3,000,000

Sale of Properties and Proper_3

Sale of Properties and Property Held-for-Sale (Details) - USD ($)	Jun. 20, 2019	Jan. 30, 2018	Jul. 31, 2019	Dec. 31, 2019	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2019	Sep. 14, 2018	Nov. 30, 2017
Sale of Property
Gross Sales Price					$ 23,585,000	$ 17,659,000
Gain on sale of real estate, net					3,643,000	6,993,000
Property held-for-sale					1,227,000
Retail Property Clemmons, North Carolina
Sale of Property
Gross Sales Price					5,500,000
Gain on sale of real estate, net					1,099,000
Prepayment costs on debt related to a swap termination fee					40,000
Retail property, Athens, Georgia
Sale of Property
Gross Sales Price					6,050,000
Gain on sale of real estate, net					1,045,000
Prepayment costs on debt related to a swap termination fee					161,000
Land, Wheaton, Illinois
Sale of Property
Gross Sales Price					12,035,000
Gain on sale of real estate, net					1,499,000
Retail Property, Fort Bend, Texas
Sale of Property
Gross Sales Price						9,200,000
Gain on sale of real estate, net						2,408,000
Land, Lakemoor, Illinois
Sale of Property
Gross Sales Price						8,459,000
Gain on sale of real estate, net						$ 4,585,000
Unamortized balance, fixed rent								$ 5,717,000
Deferred income									$ 5,906,000
Retail Property, Houston, Texas
Sale of Property
Gross Sales Price			$ 1,675,000
Property held-for-sale					$ 1,227,000
Retail Property, Houston, Texas | Forecast
Sale of Property
Gain on sale of real estate, net				$ 218,000			$ 218,000
Consolidated Joint Venture | Retail Property Clemmons, North Carolina
Sale of Property
Ownership interest in consolidated joint venture of the company (as a percent)	90.00%
Non-controlling interest's share of the gain	$ 422,000
Consolidated Joint Venture | Retail Property, Fort Bend, Texas
Sale of Property
Ownership interest in consolidated joint venture of the company (as a percent)		85.00%
Non-controlling interest's share of the gain		$ 776,000

Variable Interest Entities, C_3

Variable Interest Entities, Contingent Liability and Consolidated Joint Ventures - Ground Leases (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)item	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Variable Interest Entities
Total revenues	$ 20,414,000	$ 19,570,000	$ 62,288,000	$ 58,856,000
VIE ground leases and aggregate carrying amount and maximum exposure to loss
Restricted cash		379,000		379,000	$ 1,106,000
Rental income, net
Variable Interest Entities
Total revenues	20,414,000	19,198,000	62,288,000	58,484,000
Variable Interest Entity, Not Primary Beneficiary
VIE ground leases and aggregate carrying amount and maximum exposure to loss
Restricted cash	0		0
Variable Interest Entity, Not Primary Beneficiary | Ground lease rental income
Variable Interest Entities
Total revenues	383,000	925,000	1,354,000	2,872,000
Variable Interest Entity, Not Primary Beneficiary | Properties Located in Lakemoor, Illinois and Wheaton, Illinois | Ground lease rental income
Variable Interest Entities
Total revenues	203,000	$ 512,000	814,000	$ 1,659,000
Variable Interest Entity, Not Primary Beneficiary | The Briarbrook Village Apartments, Wheaton, Illinois | Restricted Cash
VIE ground leases and aggregate carrying amount and maximum exposure to loss
Cash reserve balance					356,000
Variable Interest Entity, Not Primary Beneficiary | The Vue Apartments, Beachwood, Ohio
VIE ground leases and aggregate carrying amount and maximum exposure to loss
Land Contract Purchase Price			$ 13,896,000
Units in Apartment Complex | item			348
Owner/ Operator Mortgage from Third Party			$ 67,444,000
Variable Interest Entity, Not Primary Beneficiary | The Vue Apartments, Beachwood, Ohio | Restricted Cash
VIE ground leases and aggregate carrying amount and maximum exposure to loss
Escrow deposit					$ 750,000
Variable Interest Entity, Not Primary Beneficiary | The Vue Apartments, Beachwood, Ohio | Land
VIE ground leases and aggregate carrying amount and maximum exposure to loss
Carrying Amount and Maximum Exposure to Loss	$ 13,901,000		$ 13,901,000

Variable Interest Entities, C_4

Variable Interest Entities, Contingent Liability and Consolidated Joint Ventures - Consolidated Joint Ventures (Details) $ in Thousands		9 Months Ended
		Sep. 30, 2019USD ($)item	Dec. 31, 2018USD ($)
Consolidated VIEs Carrying Amount of Assets and Liabilities
Land		$ 195,771	$ 204,162
Unbilled rent receivable		14,202	13,722
Unamortized intangible lease assets, net		26,375	26,541
Escrow, deposits, and other assets and receivables		10,033	8,023
Mortgages payable, net of unamortized deferred financing costs of $328 and $391, respectively		435,115	418,798
Accrued expenses and other liabilities		17,784	11,094
Unamortized intangible lease liabilities, net		12,552	14,013
Accumulated other comprehensive (loss) income		(3,374)	1,890
Non-controlling interests in consolidated joint ventures	[1]	$ 1,172	1,449
Consolidated Joint Venture-VIEs
Variable Interest Entities
Number of joint ventures with controlling interest | item		4
Consolidated VIEs Carrying Amount of Assets and Liabilities
Land		$ 12,158	14,722
Buildings and improvements, net of accumulated depreciation of $4,109 and $4,119, respectively		24,426	27,642
Accumulated depreciation		4,109	4,119
Cash		1,029	1,020
Unbilled rent receivable		870	1,211
Unamortized intangible lease assets, net		776	890
Escrow, deposits, and other assets and receivables		715	810
Mortgages payable, net of unamortized deferred financing costs of $328 and $391, respectively		24,404	26,850
Unamortized deferred financing costs		328	391
Accrued expenses and other liabilities		708	761
Unamortized intangible lease liabilities, net		613	1,694
Accumulated other comprehensive (loss) income		(85)	31
Non-controlling interests in consolidated joint ventures		$ 1,172	$ 1,449
Consolidated Joint Venture-VIEs | Minimum
Variable Interest Entities
Ownership interest in consolidated joint venture of the company (as a percent)		90.00%
Consolidated Joint Venture-VIEs | Maximum
Variable Interest Entities
Ownership interest in consolidated joint venture of the company (as a percent)		95.00%
Consolidated Joint Venture-VIEs | Real Estate in Clemmons, NC
Variable Interest Entities
Ownership interest in consolidated joint venture of the company (as a percent)			90.00%
[1]	The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 7. The consolidated balance sheets include the following amounts related to the Company’s consolidated VIEs: $12,158 and $14,722 of land, $24,426 and $27,642 of building and improvements, net of $ 4,109 and $4,119 of accumulated depreciation, $3,390 and $3,931 of other assets included in other line items, $24,404 and $26,850 of real estate debt, net, $1,321 and $2,455 of other liabilities included in other line items and $1,172 and $1,449 of non-controlling interests as of September 30, 2019 and December 31, 2018, respectively.

Variable Interest Entities, C_5

Variable Interest Entities, Contingent Liability and Consolidated Joint Ventures - MCB Real Estate, LLC (Details) - Consolidated Joint Venture-VIEs - MCB Real Estate, LLC and Affiliates	Sep. 30, 2019USD ($)item	Dec. 31, 2018USD ($)item
Consolidated VIEs Carrying Amount of Assets and Liabilities
Number of consolidated joint ventures | item	3	4
Investment in consolidated joint ventures | $	$ 7,503,000	$ 9,891,000

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Ventures (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Investment in Unconsolidated Joint Ventures
Investment in unconsolidated joint ventures	$ 11,070,000		$ 11,070,000		$ 10,857,000
Equity in earnings (loss) of unconsolidated joint ventures	$ 50,000	$ 173,000	$ (32,000)	$ 716,000
Equity in earnings from sale of unconsolidated joint venture properties		1,986,000		2,057,000
Unconsolidated Joint Ventures
Investment in Unconsolidated Joint Ventures
Number of unconsolidated joint ventures	4		4
Number of properties owned and operated by each unconsolidated joint venture	1		1
Investment in unconsolidated joint ventures	$ 11,070,000		$ 11,070,000		10,857,000
Equity in earnings (loss) of unconsolidated joint ventures	50,000	173,000	(32,000)	716,000
Equity in earnings from sale of unconsolidated joint venture properties					2,057,000
Income related to the discontinuance of hedge accounting on a mortgage swap		$ 110,000		$ 110,000
Unconsolidated Joint Ventures | MCB Real Estate, LLC and Affiliates
Investment in Unconsolidated Joint Ventures
Investment in unconsolidated joint ventures	$ 8,898,000		$ 8,898,000		$ 9,087,000

Debt Obligations- Mortgage Paya

Debt Obligations- Mortgage Payable (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Debt Obligations
Mortgages payable, net	$ 435,115,000	$ 418,798,000
Mortgages payable
Debt Obligations
Mortgages payable, gross	439,417,000	423,096,000
Unamortized deferred financing costs	(4,302,000)	(4,298,000)
Mortgages payable, net	$ 435,115,000	$ 418,798,000

Debt Obligations - Line of Cred

Debt Obligations - Line of Credit (Details) - USD ($)	Jul. 01, 2019	Sep. 30, 2019	Sep. 30, 2018	Nov. 04, 2019	Dec. 31, 2018
Line of Credit
Line of credit, net		$ 18,780,000			$ 29,688,000
Line of Credit
Line of Credit
Commitment fee which will be amortized over the remaining term of the facility	$ 550,000
Maximum borrowing capacity		$ 100,000,000
Unused facility fee (as a percent)		0.25%
Interest rate during the period (as a percent)		4.14%	3.62%
Line of credit, gross		$ 19,450,000		$ 22,650,000	30,000,000
Unamortized deferred financing costs		(670,000)			(312,000)
Line of credit, net		$ 18,780,000			$ 29,688,000
Line of Credit | LIBOR
Line of Credit
Spread on variable interest rate (as a percent)		2.00%	1.75%
Basis of interest rate		one month LIBOR
Line of Credit | LIBOR | Minimum
Line of Credit
Spread on variable interest rate (as a percent)		1.75%
Line of Credit | LIBOR | Maximum
Line of Credit
Spread on variable interest rate (as a percent)		3.00%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Related Party Transaction
Share based compensation charged to operations	$ 942,000	$ 971,000	$ 2,834,000	$ 2,653,000
Majestic
Related Party Transaction
Fees under compensation and services agreement	705,000	687,000	2,110,000	2,054,000
Property management costs allocated to real estate expenses	325,000	307,000	971,000	915,000
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	521,000	483,000	1,453,000	1,332,000
Joint Venture Partners and Affiliates
Related Party Transaction
Real estate property management costs	21,000	21,000	62,000	86,000
Chairman | General and administrative expense
Related Party Transaction
Quarterly fees under compensation and services agreement	72,400	69,000
Vice Chairman | General and administrative expense
Related Party Transaction
Quarterly fees under compensation and services agreement	28,900	27,500
Gould Investors L.P. | Real estate expenses
Related Party Transaction
Insurance expense recognized of amounts reimbursed to related party	249,000	241,000	$ 696,000	646,000
Net lease tenants | Majestic
Related Party Transaction
Property management costs (as a percent)			1.50%
Operating lease tenants | Majestic
Related Party Transaction
Property management costs (as a percent)			2.00%
Unconsolidated Joint Ventures
Related Party Transaction
Aggregate management fees paid to other partners	29,000	39,000	$ 85,000	135,000
Decrease in equity earnings, joint venture transaction	$ 15,000	$ 19,000	$ 42,000	$ 67,000

Common Stock Cash Dividend (Det

Common Stock Cash Dividend (Details) - USD ($)	Sep. 11, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Common Stock Cash Dividend
Quarterly cash dividend declared (in dollars per share)	$ 0.45
Cash dividend declared	$ 8,942,000	$ 8,942,000	$ 8,922,000	$ 8,832,000	$ 8,694,000	$ 8,652,000	$ 8,581,000

Shares Issued through the At-_2

Shares Issued through the At-the-Market Equity Offering Program (Details)	9 Months Ended
	Sep. 30, 2019USD ($)shares
Shares Issued through the At-the-Market Equity Offering Program
Number of shares sold (in shares) | shares	180,120
Proceeds from sale of common stock, net of commissions	$ 5,392,000
Payment of commissions on sale of shares	54,000
Payment of offering costs on sale of shares	$ 136,000

Stock Based Compensation (Detai

Stock Based Compensation (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2019	Sep. 30, 2018
Total charge to operations:
Share based compensation charged to operations	$ 942,000	$ 971,000		$ 2,834,000	$ 2,653,000
Restricted stock and RSU grants
Restricted stock and RSU grants:
Weighted average per share value of non-vested shares (based on grant price) (in dollars per share)	$ 24.98	$ 23.83		$ 24.98	$ 23.83
Value of stock vested during the year (based on grant price)	$ 61,500			$ 2,365,000	$ 2,289,000
Weighted average per share value of shares forfeited during the year (based on grant price) (in dollars per share)	$ 24.41	$ 23.39		$ 24.41	$ 23.59
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)				$ 25.70	$ 25.31
Deferred compensation to be recognized over vesting period	$ 3,856,000	$ 3,664,000		$ 3,856,000	$ 3,664,000
Number of non-vested shares:
Non-vested beginning of period (in shares)	689,150	651,500		651,250	612,900
Number of shares awarded				150,050	144,750
Vested during year (in shares)	(2,500)			(114,650)	(106,000)
Forfeitures (in shares)	(12,400)	(250)		(12,400)	(400)
Non-vested end of period (in shares)	674,250	651,250		674,250	651,250
Total charge to operations:
Share based compensation charged to operations	$ 717,000	$ 763,000		$ 2,403,000	$ 2,263,000
Total compensation costs related to non-vested awards that have not yet been recognized	$ 7,965,000			$ 7,965,000
Approximate weighted average remaining vesting period				2 years 4 months 24 days
RSUs
Summary of the activity of the incentive plans
Average per share grant price (in dollars per share)	$ 28.96	$ 26.41		$ 28.96	$ 26.41
Deferred compensation to be recognized over vesting period	$ 923,000	$ 1,136,000		$ 923,000	$ 1,136,000
Number of non-vested shares:
Non-vested beginning of period (in shares)	152,500	76,250		152,500	76,250
Number of shares awarded	77,776	76,250	76,250	77,776	76,250
Vested during year (in shares)				0
Forfeitures (in shares)				0
Non-vested end of period (in shares)	230,276	152,500		230,276	152,500
Total charge to operations:
Share based compensation charged to operations	$ 225,000	$ 208,000		$ 431,000	$ 390,000
Total compensation costs related to non-vested awards that have not yet been recognized	$ 1,559,000			$ 1,559,000
Approximate weighted average remaining vesting period				1 year 9 months 18 days
TSR Awards
Stock Based Compensation
Percentage of RSUs to vest upon achievement of specified criteria				50.00%
TSR Awards | Awards granted in 2019
Valuation assumptions
Expected life				3 years
Dividend rate				6.22%
Risk-free interest rate minimum				1.79%
Risk-free interest rate maximum				2.07%
Expected price volatility minimum				21.37%
Expected price volatility maximum				23.04%
ROC Awards
Stock Based Compensation
Percentage of RSUs to vest upon achievement of specified criteria				50.00%
2019 Incentive Plan
Stock Based Compensation
Maximum number of shares authorized for issuance	750,000			750,000
2019 Incentive Plan | RSUs
Number of non-vested shares:
Number of shares awarded				77,776
2016 and 2012 Incentive Plans | Restricted stock and RSU grants
Number of non-vested shares:
Non-vested end of period (in shares)	826,750			826,750
Pay-for-performance program | RSUs | Awards granted in 2017
Summary of the activity of the incentive plans
Aggregate fair value of the shares granted	$ 787,000			$ 787,000
Pay-for-performance program | RSUs | Awards granted in 2018
Summary of the activity of the incentive plans
Aggregate fair value of the shares granted	856,000			856,000
Pay-for-performance program | RSUs | Awards granted in 2019
Summary of the activity of the incentive plans
Aggregate fair value of the shares granted	$ 923,000			$ 923,000

Fair Value Measurements - Summa

Fair Value Measurements - Summary (Details)	Sep. 30, 2019USD ($)Yitem	Dec. 31, 2018USD ($)Y
Recurring | Level 2 | Interest rate swap
Financial assets:
Derivative financial instruments	$ 34,000	$ 2,399,000
Financial liabilities:
Derivative financial instruments	3,414,000	505,000
Mortgages payable
FAIR VALUE MEASUREMENTS
Estimated fair value of mortgages payable	453,349,000	420,396,000
Carrying value of mortgage loans	439,417,000	423,096,000
Excess of fair value over carrying value	$ 13,932,000
Excess of carrying value over fair value		$ 2,700,000
Blended market interest rate | Mortgages payable
FAIR VALUE MEASUREMENTS
Long-term debt, measurement input	3.75	4.41
Remaining term to maturity | Mortgages payable
FAIR VALUE MEASUREMENTS
Long-term debt, measurement input | Y	8	8.7

Fair Value Measurements - Inter

Fair Value Measurements - Interest Rate Derivatives (Details) - Interest rate derivatives - Cash flow hedges	9 Months Ended
	Sep. 30, 2019USD ($)item
Fair Value Measurements
Number of interest rate derivatives held	24
Number of mortgage loans outstanding	24
Notional Amount | $	$ 107,608,000
Weighted average maturity	5 years 3 months 18 days
Weighted average annual interest rate (as a percent)	4.12%
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) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Fair Value Measurements
Amount of reclassification from Accumulated other comprehensive (loss) income into Equity in earnings (loss) of unconsolidated joint ventures		$ 110,000		$ 110,000
Reclassification of realized gain (loss) from Accumulated other comprehensive income (loss) to earnings	$ 161,000		$ 201,000
Interest rate swap | Cash flow hedges
Fair Value Measurements
Amount of (loss) gain recognized on derivatives in other comprehensive (loss) income	(1,319,000)	827,000	(5,281,000)	4,336,000
Amount of reclassification from Accumulated other comprehensive (loss) income into Interest expense	(139,000)	(44,000)	(6,000)	(335,000)
Reclassification of gain (loss)
Amount of gain (loss) recognized with respect to effectiveness testing	0	$ 0	0	0
Additional amount to be reclassified during the next twelve months			555,000
Credit risk related contingent feature
Accrued interest payable on derivatives in a liability position	6,000		6,000		$ 8,000
Fair value of derivative in a liability position, including accrued interest but excluding adjustments for non-performance risk	3,622,000		3,622,000		554,000
Termination liability value	$ 3,622,000		3,622,000		554,000
Interest rate swap | Cash flow hedges | Accrued expenses and other liabilities
Credit risk related contingent feature
Adjustments for non-performance risk			$ 202,000		$ 41,000
Unconsolidated Joint Ventures | Interest rate swap | Cash flow hedges
Fair Value Measurements
Amount of (loss) gain recognized on derivatives in other comprehensive (loss) income				69,000
Amount of reclassification from Accumulated other comprehensive (loss) income into Equity in earnings (loss) of unconsolidated joint ventures				$ 103,000