One Liberty Properties (OLP) 10-K 16 Mar 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Mar. 01, 2020	Jun. 28, 2019
Document and Entity Information
Entity Registrant Name	ONE LIBERTY PROPERTIES, INC.
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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		20,081,682
Entity Public Float			$ 450
Entity Central Index Key	0000712770
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Real estate investments, at cost
Land	$ 195,320,000	$ 204,162,000
Buildings and improvements	640,517,000	624,981,000
Total real estate investments, at cost	835,837,000	829,143,000
Less accumulated depreciation	135,302,000	123,684,000
Real estate investments, net	700,535,000	705,459,000
Investment in unconsolidated joint ventures	11,061,000	10,857,000
Cash and cash equivalents	11,034,000	15,204,000
Restricted cash		1,106,000
Unbilled rent receivable	15,037,000	13,722,000
Unamortized intangible lease assets, net	26,068,000	26,541,000
Escrow, deposits, and other assets and receivables	10,894,000	8,023,000
Total assets	774,629,000	780,912,000
Liabilities:
Mortgages payable, net of $4,438 and $4,298 of deferred financing costs, respectively	435,840,000	418,798,000
Line of credit, net of $619 and $312 of deferred financing costs, respectively	10,831,000	29,688,000
Dividends payable	8,966,000	8,724,000
Accrued expenses and other liabilities	14,587,000	11,094,000
Unamortized intangible lease liabilities, net	12,421,000	14,013,000
Total liabilities	482,645,000	482,317,000
Commitments and contingencies
One Liberty Properties, Inc. stockholders' equity:
Preferred stock, $1 par value; 12,500 shares authorized; none issued
Common stock, $1 par value; 25,000 shares authorized; 19,251 and 18,736 shares issued and outstanding	19,251,000	18,736,000
Paid-in capital	301,517,000	287,250,000
Accumulated other comprehensive (loss) income	(1,623,000)	1,890,000
Distributions in excess of net income	(28,382,000)	(10,730,000)
Total One Liberty Properties, Inc. stockholders' equity	290,763,000	297,146,000
Non-controlling interests in consolidated joint ventures	1,221,000	1,449,000
Total equity	291,984,000	298,595,000
Total liabilities and equity	$ 774,629,000	$ 780,912,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands	Dec. 31, 2019	Dec. 31, 2018
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized	12,500	12,500
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized	25,000	25,000
Common stock, shares issued	19,251	18,736
Common stock, shares outstanding	19,251	18,736
Land	$ 195,320,000	$ 204,162,000
Buildings and improvements	640,517,000	624,981,000
Accumulated depreciation	135,302,000	123,684,000
Non-controlling interests in consolidated joint ventures	1,221,000	1,449,000
Consolidated VIE entities
Land	12,158,000	14,722,000
Buildings and improvements	24,223,000	27,642,000
Accumulated depreciation	4,334,000	4,119,000
Other assets	3,696,000	3,931,000
Real estate debt, net	24,199,000	26,850,000
Other liabilities	1,153,000	2,455,000
Non-controlling interests in consolidated joint ventures	1,221,000	1,449,000
Line of Credit
Deferred financing costs	619,000	312,000
Mortgages payable
Deferred financing costs	4,438,000	$ 4,298,000
Accumulated depreciation	$ 106,366,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Total revenues	$ 84,736,000	$ 79,126,000	$ 75,916,000
Operating expenses:
Depreciation and amortization	22,026,000	24,155,000	20,993,000
General and administrative (see Note 10 for related party information)	12,442,000	11,937,000	11,279,000
Real estate expenses (see Note 10 for related party information)	14,074,000	11,596,000	11,044,000
State taxes	348,000	370,000	481,000
Impairment loss			153,000
Total operating expenses	48,890,000	48,058,000	43,950,000
Other operating income
Gain on sale of real estate, net	4,327,000	5,262,000	9,837,000
Operating income	40,173,000	36,330,000	41,803,000
Other income and expenses:
Equity in earnings of unconsolidated joint ventures (see Note 10 for related party information)	16,000	1,304,000	826,000
Equity in earnings from sale of unconsolidated joint venture properties		2,057,000
Prepayment costs on debt	(827,000)		(201,000)
Other income	8,000	720,000	407,000
Interest:
Expense	(19,831,000)	(17,862,000)	(17,609,000)
Amortization and write-off of deferred financing costs	(995,000)	(985,000)	(977,000)
Net income	18,544,000	21,564,000	24,249,000
Net income attributable to non-controlling interests	(533,000)	(899,000)	(102,000)
Net income attributable to One Liberty Properties, Inc.	$ 18,011,000	$ 20,665,000	$ 24,147,000
Weighted average number of common shares outstanding:
Basic (in shares)	19,090	18,575	17,944
Diluted (in shares)	19,119	18,588	18,047
Per common share attributable to common stockholders:
Basic (in dollars per share)	$ 0.88	$ 1.05	$ 1.29
Diluted (in dollars per share)	$ 0.88	$ 1.05	$ 1.28
Rental income, net
Revenues:
Total revenues	$ 83,786,000	$ 78,754,000	$ 75,916,000
Lease termination fees
Revenues:
Total revenues	$ 950,000	$ 372,000

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Consolidated Statements of Comprehensive Income
Net income	$ 18,544	$ 21,564	$ 24,249
Other comprehensive (loss) gain
Net unrealized (loss) gain on derivative instruments	(3,522)	2,170	1,565
Reclassification of net realized gain on derivative instrument included in net income		(398)
Reclassification of One Liberty Properties, Inc.'s share of joint venture net realized gain on derivative instrument included in net income		(110)
One Liberty Properties, Inc.'s share of joint ventures' net unrealized gain on derivative instruments		76	76
Other comprehensive (loss) gain	(3,522)	1,738	1,641
Comprehensive income	15,022	23,302	25,890
Net income attributable to non-controlling interests	(533)	(899)	(102)
Adjustment for derivative instruments attributable to non-controlling interests	9	(3)	(7)
Comprehensive income attributable to One Liberty Properties, Inc.	$ 14,498	$ 22,400	$ 25,781

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 (Distributions in Excess of Net Income)	Non-Controlling Interests in Consolidated Joint Ventures	Total
Balances at Dec. 31, 2016	$ 17,600	$ 262,511	$ (1,479)	$ 11,501	$ 1,794	$ 291,927
Distributions - common stock
Cash - $ 1.80 per share,$1.80 per share and $1.74 per share for the year ended December 31, 2019, 2018 and 2017, respectively				(32,391)		(32,391)
Shares issued through equity offering program - net	231	5,339				5,570
Restricted stock vesting	232	(232)
Shares issued through dividend reinvestment plan	198	4,336				4,534
Contribution from non-controlling interest					20	20
Distributions to non-controlling interests					(181)	(181)
Compensation expense - restricted stock		3,133				3,133
Net income				24,147	102	24,249
Other comprehensive income (loss)			1,634		7	1,641
Balances at Dec. 31, 2017	18,261	275,087	155	3,257	1,742	298,502
Distributions - common stock
Cash - $ 1.80 per share,$1.80 per share and $1.74 per share for the year ended December 31, 2019, 2018 and 2017, respectively				(34,652)		(34,652)
Shares issued through equity offering program - net	126	3,012				3,138
Restricted stock vesting	106	(106)
Shares issued through dividend reinvestment plan	243	5,747				5,990
Distributions to non-controlling interests					(1,195)	(1,195)
Compensation expense - restricted stock		3,510				3,510
Net income				20,665	899	21,564
Other comprehensive income (loss)			1,735		3	1,738
Balances at Dec. 31, 2018	18,736	287,250	1,890	(10,730)	1,449	298,595
Distributions - common stock
Cash - $ 1.80 per share,$1.80 per share and $1.74 per share for the year ended December 31, 2019, 2018 and 2017, respectively				(35,663)		(35,663)
Shares issued through equity offering program - net	180	5,020				5,200
Restricted stock vesting	115	(115)
Shares issued through dividend reinvestment plan	220	5,492				5,712
Distributions to non-controlling interests					(752)	(752)
Compensation expense - restricted stock		3,870				3,870
Net income				18,011	533	18,544
Other comprehensive income (loss)			(3,513)		(9)	(3,522)
Balances at Dec. 31, 2019	$ 19,251	$ 301,517	$ (1,623)	$ (28,382)	$ 1,221	$ 291,984

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Consolidated Statements of Changes in Equity
Distributions - common stock, Cash per share (in dollars per share)	$ 1.80	$ 1.80	$ 1.74

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net income	$ 18,544,000	$ 21,564,000	$ 24,249,000
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of real estate, net	(4,327,000)	(5,262,000)	(9,837,000)
Impairment loss			153,000
Increase in unbilled rent receivable	(1,547,000)	(1,156,000)	(794,000)
Write-off of unbilled rent receivable	585,000	1,514,000	362,000
Bad debt expense		684,000	291,000
Amortization and write-off of intangibles relating to leases, net	(914,000)	(1,849,000)	(897,000)
Amortization of restricted stock expense	3,870,000	3,510,000	3,133,000
Equity in earnings of unconsolidated joint ventures	(16,000)	(1,304,000)	(826,000)
Equity in earnings from sale of unconsolidated joint venture properties		(2,057,000)
Distributions of earnings from unconsolidated joint ventures	97,000	2,341,000	656,000
Depreciation and amortization	22,026,000	24,155,000	20,993,000
Amortization and write-off of deferred financing costs	995,000	985,000	977,000
Payment of leasing commissions	(523,000)	(442,000)	(168,000)
Decrease (increase) in escrow, deposits, other assets and receivables	129,000	(1,183,000)	252,000
(Decrease) increase in accrued expenses and other liabilities	(2,687,000)	1,146,000	5,885,000
Net cash provided by operating activities	36,232,000	42,646,000	44,429,000
Cash flows from investing activities:
Purchase of real estate	(49,887,000)	(80,290,000)	(43,537,000)
Improvements to real estate	(3,514,000)	(7,311,000)	(6,565,000)
Net proceeds from sale of real estate	40,761,000	27,088,000	26,301,000
Contributions of capital to unconsolidated joint venture	(296,000)
Distributions of capital from unconsolidated joint ventures	11,000	852,000	357,000
Net cash used in investing activities	(12,925,000)	(59,661,000)	(23,444,000)
Cash flows from financing activities:
Scheduled amortization payments of mortgages payable	(13,158,000)	(11,081,000)	(10,520,000)
Repayment of mortgages payable	(19,970,000)	(24,502,000)	(12,936,000)
Proceeds from mortgage financings	50,310,000	61,733,000	21,210,000
Proceeds from sale of common stock, net	5,200,000	3,138,000	5,570,000
Proceeds from bank line of credit	54,550,000	74,500,000	47,000,000
Repayment on bank line of credit	(73,100,000)	(53,900,000)	(47,600,000)
Issuance of shares through dividend reinvestment plan	5,712,000	5,990,000	4,534,000
Payment of financing costs	(1,443,000)	(1,182,000)	(160,000)
Capital contributions from non-controlling interests			20,000
Distributions to non-controlling interests	(752,000)	(1,195,000)	(181,000)
Cash distributions to common stockholders	(35,421,000)	(34,421,000)	(31,704,000)
Net cash (used in) provided by financing activities	(28,072,000)	19,080,000	(24,767,000)
Net (decrease) increase in cash, cash equivalents and restricted cash	(4,765,000)	2,065,000	(3,782,000)
Cash, cash equivalents and restricted cash at beginning of year	16,733,000	14,668,000	18,450,000
Cash, cash equivalents and restricted cash at end of period	11,968,000	16,733,000	14,668,000
Supplemental disclosures of cash flow information:
Cash paid during the year for interest expense	19,976,000	17,783,000	17,777,000
Supplemental disclosure of non-cash investing activities:
Right of use assets and related lease liabilities	5,027,000
Purchase accounting allocation - intangible lease assets	4,245,000	4,435,000	4,009,000
Purchase accounting allocation - intangible lease liabilities	$ (915,000)	$ (2,508,000)	$ (158,000)

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	$ 11,034	$ 15,204
Restricted cash		1,106
Restricted cash included in escrow, deposits and other assets and receivables	934	423
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	$ 11,968	$ 16,733

ORGANIZATION AND BACKGROUND

ORGANIZATION AND BACKGROUND	12 Months Ended
	Dec. 31, 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. OLP acquires, owns and manages a geographically diversified portfolio consisting primarily of industrial, retail, restaurant, health and fitness, and theater properties, many of which are subject to long-term net leases. As of December 31, 2019, OLP owns 126 properties, including four properties owned by consolidated joint ventures and four properties owned by unconsolidated joint ventures. The 126 properties are located in 31states. ​

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2019
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2—SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts and operations of OLP, its wholly-owned subsidiaries, its joint ventures in which the Company, as defined, has a controlling interest, and variable interest entities (“VIEs”) of which the Company is the primary beneficiary. OLP and its consolidated subsidiaries are referred to herein as the “Company”. Material intercompany items and transactions have been eliminated in consolidation. Investment in Joint Ventures and Variable Interest Entities The Financial Accounting Standards Board, or FASB, provides guidance for determining whether an entity is a VIE. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE’s economic performance and (ii) has the obligation to absorb losses, or the right to receive benefits, of the VIE that could potentially be significant to the VIE. The Company assesses the accounting treatment for each of its investments, including a review of each venture or limited liability company or partnership agreement, to determine the rights of each party and whether those rights are protective or participating. The agreements typically contain certain protective rights, such as the requirement of partner approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget or operating plan. In situations where, among other things, the Company and its partners jointly (i) approve the annual budget, (ii) approve certain expenditures, (iii) prepare or review and approve the joint venture’s tax return before filing, or (iv) approve each lease at a property, the Company does not consolidate as the Company considers these to be substantive participation rights that result in shared, joint power over the activities that most significantly impact the performance of the joint venture or property. Additionally, the Company assesses the accounting treatment for any interests pursuant to which the Company may have a variable interest as a lessor. Leases may contain certain protective rights, such as the right of sale and the receipt of certain escrow deposits. The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. All investments in unconsolidated joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are VIEs. In addition, the Company shares power with its co-managing members over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions. None of the joint venture debt is recourse to the Company, subject to standard carve-outs. ​ NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (Continued) The Company reviews on a quarterly basis its investments in unconsolidated joint ventures for other-than-temporary losses in investment value. Any decline that is not expected to be recovered based on the underlying assets of the investment is considered other than temporary and an impairment charge is recorded as a reduction in the carrying value of the investment. During the three years ended December 31, 2019, there were no impairment charges related to the Company’s investments in unconsolidated joint ventures. The Company has elected to follow the cumulative earnings approach when assessing, for the consolidated statement of cash flows, whether the distribution from the investee is a return of the investor’s investment as compared to a return on its investment. The source of the cash generated by the investee to fund the distribution is not a factor in the analysis (that is, it does not matter whether the cash was generated through investee refinancing, sale of assets or operating results). Consequently, the investor only considers the relationship between the cash received from the investee to its equity in the undistributed earnings of the investee, on a cumulative basis, in assessing whether the distribution from the investee is a return on or a return of its investment. Cash received from the unconsolidated entity is presumed to be a return on the investment to the extent that, on a cumulative basis, distributions received by the investor are less than its share of the equity in the undistributed earnings of the entity. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Management believes that the estimates and assumptions that are most important to the portrayal of the Company’s consolidated financial condition and results of operations, in that they require management’s most difficult, subjective or complex judgments, form the basis of the accounting policies deemed to be most significant to the Company. These significant accounting policies relate to revenues and the value of the Company’s real estate portfolio, including investments in unconsolidated joint ventures. Management believes its estimates and assumptions related to these significant accounting policies are appropriate under the circumstances; however, should future events or occurrences result in unanticipated consequences, there could be a material impact on the Company’s future consolidated financial condition or results of operations. Revenue Recognition Rental income includes the base rent that each tenant is required to pay in accordance with the terms of their respective leases reported on a straight-line basis over the non-cancelable term of the lease. In determining, in its judgment, that the unbilled rent receivable applicable to each specific property is collectible, management reviews unbilled rent receivables on a quarterly basis and takes into consideration the tenant’s payment history and financial condition. Some leases provide for increases based on the Consumer Price Index or for additional contingent rental revenue in the form of percentage rents. The percentage rents are based upon the level of sales achieved by the lessee and are recognized once the required sales levels are reached. A ground lease provides for rent which can be deferred and paid based on the operating performance of the property; therefore, this rent is recognized as rental income when the operating performance is achieved and the rent is received. ​ NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (Continued) Many of the Company’s properties are subject to long-term net leases under which the tenant is typically responsible to pay directly to the vendor the real estate taxes, insurance, utilities and ordinary maintenance and repairs related to the property, and the Company is not the primary obligor with respect to such items. As a result, the revenue and expenses relating to these properties are recorded on a net basis. For certain properties, in addition to contractual base rent, the tenants pay their pro rata share of real estate taxes and operating expenses to the Company. The income and expenses associated with properties at which the Company is the primary obligor are generally recorded on a gross basis. During 2019, 2018 and 2017, the Company recorded reimbursements of expenses of $10,443,000, $8,456,000 and $7,672,000, respectively, which are reported as part of Rental income, net in the accompanying consolidated statements of income. Gains and losses on the sale of real estate investments are recorded when the Company no longer holds a controlling financial interest in the entity which holds the real estate investment and the relevant revenue recognition criteria under GAAP have been met. Fair Value Measurements The Company measures the fair value of financial instruments based on the assumptions that market participants would use in pricing the asset or liability. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between 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 on significant “unobservable” market inputs. Purchase Accounting for Acquisition of Real Estate In acquiring real estate, the Company evaluates whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, and if that requirement is met, the asset group is accounted for as an asset acquisition and not a business combination. Transaction costs incurred with such asset acquisitions are capitalized to real estate assets and depreciated over the respectful useful lives. The Company allocates the purchase price of real estate, including direct transaction costs applicable to an asset acquisition, among land, building, improvements and intangibles, such as the value of above, below and at-market leases, and origination costs associated with in-place leases at the acquisition date. The Company assesses the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. The value, as determined, is allocated to land, building and improvements based on management’s determination of the relative fair values of these assets. The Company assesses the fair value of the lease intangibles based on estimated cash flow projections that utilize appropriate discount rates and available market information. Such inputs are Level 3 in the fair value hierarchy. In valuing an acquired property’s intangibles, factors considered by management include estimates of carrying costs (e.g., real estate taxes, insurance, other operating expenses) and lost rental revenue during the expected lease-up periods based on its evaluation of current market demand. Management also estimates costs to execute similar leases, including leasing commissions and tenant improvements. ​ NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (Continued) The values of acquired above-market and below-market leases are recorded based on the present values (using discount rates which reflect the risks associated with the leases acquired) of the difference between the contractual amounts to be received and management’s estimate of market lease rates, measured over the terms of the respective leases that management deemed appropriate at the time of the acquisitions. Such valuations include a consideration of the non-cancellable terms of the respective leases, as well as any applicable renewal period(s). The fair values associated with below-market rental renewal options are determined based on the Company’s experience and the relevant facts and circumstances at the time of the acquisitions. The values of above-market leases are amortized as a reduction to rental income over the terms of the respective non-cancellable lease periods. The portion of the values of below-market leases are amortized as an increase to rental income over the terms of the respective non-cancellable lease periods. The portion of the values of the leases associated with below-market renewal options that management deemed are reasonably certain to be exercised by the tenant are amortized to rental income over such renewal periods. The value of other intangible assets ( i.e., one Accounting for Long-Lived Assets and Impairment of Real Estate Owned The Company reviews its real estate portfolio on a quarterly basis to ascertain if there are any indicators of impairment to the value of any of its real estate assets, including deferred costs and intangibles, to determine if there is any need for an impairment charge. In reviewing the portfolio, the Company examines one or more of the following: the type of asset, the current financial statements or other available financial information of the tenant, the economic situation in the area in which the asset is located, the economic situation in the industry in which the tenant is involved, the timeliness of the payments made by the tenant under its lease, property inspection reports and any communication with the tenant. For each real estate asset owned for which indicators of impairment exist, management performs a recoverability test by comparing (i) the sum of the estimated undiscounted future cash flows attributable to the asset, over an appropriate hold period, to (ii) the carrying amount of the asset. If the aggregate undiscounted cash flows are less than the asset’s carrying amount, an impairment loss is recorded to the extent that the estimated fair value is less than the asset’s carrying amount. The estimated fair value is determined using a discounted cash flow model of the expected future cash flows through the useful life of the property. The analysis includes an estimate of the future cash flows that are expected to result from the real estate investment’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, the effects of leasing demand, competition and other factors. Properties Held-for-Sale Real estate investments are classified as properties held-for-sale when management determines that the investment meets the applicable criteria. Real estate assets that are classified as held-for-sale are: (i) valued at the lower of carrying amount or the estimated fair value less costs to sell on an individual asset basis; and (ii) not depreciated. Cash and Cash Equivalents All highly liquid investments with original maturities of three months or less when purchased are considered to be cash equivalents. Escrows Real estate taxes, insurance and other escrows aggregating $934,000 and $423,000 at December 31, 2019 and 2018, respectively, are included in Escrow, deposits and other assets and receivables. NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (Continued) Depreciation and Amortization Depreciation of buildings is computed on the straight-line method over an estimated useful life of 40 years . Depreciation of building improvements is computed on the straight-line method over the estimated useful life of the improvements. If the Company determines it is the owner of tenant improvements, the amounts funded to construct the tenant improvements are treated as a capital asset and depreciated over the lesser of the remaining lease term or the estimated useful life of the improvements on the straight-line method. Leasehold interest and the related ground lease payments are amortized over the initial lease term of the leasehold position. Depreciation expense (including amortization of a leasehold position, lease origination costs, and capitalized leasing commissions) was $22,026,000, $24,155,000 and $20,993,000, during 2019, 2018 and 2017, respectively. Deferred Financing Costs Mortgage and credit line costs are deferred and amortized on a straight-line basis over the terms of the respective debt obligations, which approximates the effective interest method. At December 31, 2019 and 2018, accumulated amortization of such costs was $3,799,000 and $3,246,000 , respectively. The Company presents unamortized deferred financing costs as a direct deduction from the carrying amount of the associated debt liability. Income Taxes The Company is qualified as a real estate investment trust (“REIT”) under the applicable provisions of the Internal Revenue Code. Under these provisions, the Company will not be subject to Federal, and generally, state and local income taxes, on amounts distributed to stockholders, provided it distributes at least 90% of its ordinary taxable income and meets certain other conditions. The Company follows a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that more-likely-than-not will be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited. The Company has not identified any uncertain tax positions requiring accrual. Concentration of Credit Risk The Company maintains cash accounts at various financial institutions. While the Company attempts to limit any financial exposure, substantially all of its deposit balances exceed federally insured limits. The Company has not experienced any losses on such accounts. The Company’s properties are located in 31 states. During 2019, 2018 and 2017, 9.2%, 9.3% and 13.2% of total revenues, respectively, were attributable to real estate investments located in Texas which is the only state in which real estate investments contributed more than 10% to the Company’s total revenues in any of the past three years. No tenant contributed over 10% to the Company’s total revenues during 2019, 2018 and 2017. Segment Reporting Substantially all of the Company’s real estate assets, at acquisition, are comprised of real estate owned that is leased to tenants on a long-term basis. Therefore, the Company aggregates real estate assets for reporting purposes and operates in one reportable segment. NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (Continued) Stock Based Compensation The fair value of restricted stock grants and restricted stock units, determined as of the date of grant, is amortized into general and administrative expense over the respective vesting period. The deferred compensation to be recognized as expense is net of certain forfeiture and performance assumptions which are re-evaluated quarterly. The Company recognizes the effect of forfeitures when they occur and previously recognized compensation expense is reversed in the period the grant or unit is forfeited. For share-based awards with a performance or market measure, the Company recognizes compensation expense over the requisite service period. The requisite service period begins on the date the compensation committee of the Company’s Board of Directors authorizes the award, adopts any relevant performance measures and communicates the award to the recipient. Derivatives and Hedging Activities The Company’s objective in using interest rate swaps is to add stability to interest expense. The Company does not use derivatives for trading or speculative purposes. The Company records all derivatives on the consolidated balance sheets at fair value using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. In addition, the Company incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. These counterparties are generally large financial institutions engaged in providing a variety of financial services. These institutions generally face similar risks regarding adverse changes in market and economic conditions including, but not limited to, fluctuations in interest rates, exchange rates, equity and commodity prices and credit spreads. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in accumulated other comprehensive income (outside of earnings) and subsequently reclassified to earnings in the period in which the hedged transaction becomes ineffective. For derivatives not designated as cash flow hedges, changes in the fair value of the derivative are recognized directly in earnings in the period in which the change occurs; however, the Company’s policy is to not enter into such transactions. Collectability of Lease Payments Prior to the adoption of ASC 842, the Company’s policy was to maintain an allowance for doubtful accounts for estimated losses resulting from the inability of a tenant to make required lease payments. If the financial condition of a tenant were to deteriorate, adversely impacting its ability to make payments, an allowance would have been required. The Company recorded bad debt expense as a reduction of rental income. During 2018 and 2017, the Company recorded bad debt expense of $684,000 and $291,000, respectively, related to lease payments from tenants that filed Chapter 11 bankruptcy protection. Subsequent to the adoption of ASC 842, any changes to the collectability of lease payments is recognized as a current period adjustment to rental revenue (see Note 3). ​ NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (Continued) Reclassifications Certain amounts previously reported in the consolidated financial statements have been reclassified in the accompanying consolidated financial statements to conform to the current year’s presentation. Such reclassifications primarily relate to the presentation on the consolidated statement of income for the years ended 2018 and 2017 of (i) rental income, net, due to the adoption of a new lease accounting pronouncement (see Note 3), (ii) leasehold rent being included as part of Real estate expenses and (iii) prepayment costs on debt being presented separately from mortgage interest expense. New Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt either the entire standard or only the provisions that eliminate or modify requirements. The Company is evaluating the new guidance to determine if, and to the extent, it will impact the Company’s consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the current “incurred loss” model with an “expected loss” approach. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted after December 2018. The Company has evaluated the new guidance and does not expect the adoption to have any significant effect on its consolidated financial statements.

LEASES

LEASES	12 Months Ended
	Dec. 31, 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 Lessor Accounting 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. 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. NOTE 3—LEASES (Continued) The components of lease revenues are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2019 2018 2017 Fixed lease revenues ​ $ 70,788 ​ $ 65,042 $ 63,425 Variable lease revenues ​ 12,084 ​ 11,863 ​ 11,594 Lease revenues (a) $ 82,872 ​ $ 76,905 ​ $ 75,019 (a) Excludes $914, $1,849 and $897 of amortization related to lease intangible assets and liabilities for 2019, 2018, and 2017, respectively. 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 $10,443,000, $8,456,000, and $7,672,000 from its Tenant reimbursements line item to Rental income, net, on its consolidated statements of income for the years ended December 31, 2019, 2018 and 2017, respectively. Minimum Future Rents As of December 31, 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 and (ii) variable lease payments as described above. ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2020 $ 70,252 2021 ​ 69,586 2022 ​ 60,988 2023 ​ 52,217 2024 ​ 43,585 Thereafter ​ 176,622 Total ​ $ 473,250 ​ 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 ​ NOTE 3—LEASES (Continued) Unbilled Straight-Line Rent At December 31, 2019 and 2018, the Company’s unbilled rent receivables aggregating $15,037,000 and $13,722,000, respectively, represent rent reported on a straight-line basis in excess of rental payments required under the respective leases. The unbilled rent receivable is to be billed and received pursuant to the lease terms during the next 16 years . During 2019, 2018 and 2017, the Company wrote off $182,000, $45,000 and $105,000, respectively, of unbilled straight-line rent receivable related to the properties sold during such years, which reduced the gain on sale reported on the consolidated statements of income. At December 31, 2019 and 2018, the Company’s unbilled rent payables aggregating $662,000 and $0, respectively, represent rent reported on a straight-line basis less than rental payments required under the respective leases. The unbilled rent payable is to be billed and received pursuant to the lease terms during the next 22 years . 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 2019, 2018 and 2017, due to uncertainty with respect to the collection of unbilled rent receivables related to certain tenants with going concern or bankruptcy issues, the Company wrote off, as a reduction to rent income, $548,000, $1,440,000 and $362,000, respectively, of unbilled rent receivables. The Company has assessed the collectability of all other lease payments as probable as of December 31, 2019. Lease Termination Fees During 2019, the Company received an aggregate of $950,000 as lease termination fees from two retail tenants in lease buy-out transactions. In connection with one of these transactions, the Company wrote-off $37,000 of unbilled rent receivable against rental income. During 2018, the Company received $372,000 as a lease termination fee from a retail tenant in a lease buy-out transaction. In connection with this transaction, the Company recorded $804,000 as rental income, representing the write-off of the $878,000 balance of the unamortized intangible lease liability, offset in part by the write-off of the $74,000 balance of the unbilled rent receivable. Lessee Accounting 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, 2025 and provides for up to four, 5-year renewal options and one seven-month renewal option. On January 1, 2019, upon adoption of ASC 842, the Company recorded a $4,381,000 liability for the obligation to make payments under the lease and a $4,381,000 asset for the right to use the underlying asset during the lease term which were included in other liabilities other assets %, based on its incremental borrowing rate given the term of the lease, as the rate implicit in the lease is not known. As of December 31, 2019, the remaining lease term is 10.2 years. During the year ended December 31, 2019, the Company recognized $525,000 of lease expense related to this ground lease which is included in Real estate expenses on the consolidated statement of income. 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. The lease expires on December 31, 2031 and provides a 5-year renewal option. As a result of the adoption of ASC 842, 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 December 31, 2019, the remaining lease term is 17.0 years. During the year ended December 31, 2019, the Company recognized $54,000 of lease expense related to this office lease which is included in General and administrative expenses on the consolidated statement of income. Minimum Future Lease Payments As of December 31, 2019, under ASC 842, the minimum future lease payments related to the operating ground and office leases are as follows (amounts in thousands): ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2020 ​ $ 510 2021 ​ 511 2022 ​ 506 2023 ​ 507 2024 ​ 557 Thereafter ​ 3,741 Total undiscounted cash flows ​ 6,332 Present value discount ​ (1,529) Lease liability ​ $ 4,803 ​ 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 ​

REAL ESTATE INVESTMENTS

REAL ESTATE INVESTMENTS	12 Months Ended
	Dec. 31, 2019
REAL ESTATE INVESTMENTS
REAL ESTATE INVESTMENTS	NOTE 4—REAL ESTATE INVESTMENTS The following charts detail the Company’s real estate acquisitions during 2019 and 2018 (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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date ​ Contract ​ Terms of ​ Capitalized Description of Property Acquired Purchase Price Payment Transaction 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 Betz Mechanical Supply/Steve Davis Sales industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bensalem, Pennsylvania ​ June 18, 2019 ​ ​ 6,200 ​ All cash (a) ​ ​ 168 International Flora Technologies industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Chandler, Arizona ​ June 26, 2019 ​ ​ 8,650 ​ All cash (a) ​ ​ 64 Nissan North America industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LaGrange, Georgia ​ July 24, 2019 ​ ​ 5,200 ​ All cash (a) ​ ​ 72 Continental Hydraulics industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shakopee, Minnesota ​ September 13, 2019 ​ ​ 8,000 ​ All cash (a) ​ ​ 62 Cosentino industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rincon, Georgia ​ October 3, 2019 ​ ​ 6,400 ​ All cash (a) ​ ​ 121 The Door Mill industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Chandler, Arizona ​ October 23, 2019 ​ ​ 3,000 ​ All cash ​ ​ 47 Totals for 2019 ​ ​ ​ $ 49,250 ​ ​ ​ $ 637 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date ​ Contract ​ Terms of ​ Capitalized Description of Property Acquired Purchase Price Payment Transaction Costs Campania International/U.S. Tape industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pennsburg, Pennsylvania ​ March 28, 2018 ​ $ 12,675 All cash (b) ​ $ 226 Plymouth Industries industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plymouth, Minnesota ​ June 7, 2018 ​ 5,500 All cash (b) ​ ​ 50 Applied Control industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Englewood, Colorado ​ October 19, 2018 ​ 12,800 All cash (a) ​ ​ 62 Xerimis industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Moorestown, New Jersey ​ November 1, 2018 ​ 7,350 All cash (b) ​ ​ 147 Multi-tenant industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Moorestown, New Jersey ​ November 28, 2018 ​ 13,498 All cash (a) ​ 110 Men’s Warehouse industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bakersfield, California ​ December 6, 2018 ​ 10,850 All cash ​ ​ 63 Dufresne Spencer Group industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Green Park, Missouri ​ December 11, 2018 ​ 10,000 All cash (a) ​ 63 Transcendia industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Greenville, South Carolina ​ December 21, 2018 ​ 6,830 All cash ​ ​ 66 Totals for 2018 ​ ​ ​ $ 79,503 ​ ​ ​ $ 787 (a) In 2019, the Company obtained new mortgage debt aggregating $50,310 which bears interest at rates ranging from 3.68% to 4.90% and mature between April 2024 and December 2033. (b) In 2018, the Company obtained new mortgage debt aggregating $15,563 which bears interest at rates ranging from 4.46% to 4.65% and mature between December 2028 and October 2033. NOTE 4—REAL ESTATE INVESTMENTS (Continued) The following charts detail the allocation of the purchase price for the Company’s acquisitions of real estate during 2019 and 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Betz Mechanical Supply/Steve Davis Sales industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bensalem, Pennsylvania ​ ​ 1,602 ​ ​ 4,322 ​ ​ 664 ​ ​ (220) ​ ​ 6,368 International Flora Technologies industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Chandler, Arizona ​ ​ 1,335 ​ ​ 7,379 ​ ​ — ​ ​ — ​ ​ 8,714 Nissan North America industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LaGrange, Georgia ​ ​ 297 ​ ​ 4,499 ​ ​ 627 ​ ​ (151) ​ ​ 5,272 Continental Hydraulics industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shakopee, Minnesota ​ ​ 1,877 ​ ​ 5,462 ​ ​ 944 ​ ​ (221) ​ ​ 8,062 Cosentino industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rincon, Georgia ​ ​ 61 ​ ​ 5,969 ​ ​ 667 ​ ​ (176) ​ ​ 6,521 The Door Mill industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Chandler, Arizona ​ ​ 1,164 ​ ​ 1,691 ​ ​ 254 ​ ​ (62) ​ ​ 3,047 Totals for 2019 ​ $ 7,461 ​ $ 39,096 ​ $ 4,245 ​ $ (915) ​ $ 49,887 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building & ​ Intangible Lease ​ ​ ​ Description of Property Land Improvements Asset Liability Total Campania International/U.S. Tape industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pennsburg, Pennsylvania ​ $ 1,776 ​ $ 11,125 ​ $ — ​ $ — ​ $ 12,901 Plymouth Industries industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plymouth, Minnesota ​ ​ 1,121 ​ ​ 4,429 ​ ​ — ​ ​ — ​ ​ 5,550 Applied Control industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Englewood, Colorado ​ ​ 1,562 ​ ​ 11,300 ​ ​ — ​ ​ — ​ ​ 12,862 Xerimis industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Moorestown, New Jersey ​ ​ 1,822 ​ ​ 5,056 ​ ​ 707 ​ ​ (88) ​ ​ 7,497 Multi-tenant industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Moorestown, New Jersey ​ ​ 1,443 ​ ​ 10,898 ​ ​ 1,469 ​ ​ (202) ​ ​ 13,608 Men’s Warehouse industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bakersfield, California ​ ​ 1,988 ​ ​ 9,996 ​ ​ 1,127 ​ ​ (2,198) ​ ​ 10,913 Dufresne Spencer Group industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Green Park, Missouri ​ ​ 1,420 ​ ​ 7,833 ​ ​ 810 ​ ​ — ​ ​ 10,063 Transcendia industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Greenville, South Carolina ​ ​ 186 ​ ​ 6,407 ​ ​ 322 ​ ​ (19) ​ ​ 6,896 Totals for 2018 ​ $ 11,318 ​ $ 67,044 ​ $ 4,435 ​ $ (2,507) ​ $ 80,290 ​ As of December 31, 2019, the weighted average amortization period for the 2019 acquisitions is 7.6 years and 9.8 years for the intangible lease assets and intangible lease liabilities, respectively. As of December 31, 2018, the weighted average amortization period for the 2018 acquisitions is 6.8 years and 11.4 years for the intangible lease assets and intangible lease liabilities, respectively. The Company assessed the fair value of the lease intangibles based on estimated cash flow projections that utilize appropriate discount rates and available market information. Such inputs are Level 3 (as defined in Note 2) in the fair value hierarchy. At December 31, 2019 and 2018, accumulated amortization of intangible lease assets was $19,904,000 and $16,503,000, respectively, and accumulated amortization of intangible lease liabilities was $7,502,000 and $7,378,000, respectively. ​ NOTE 4—REAL ESTATE INVESTMENTS (Continued) During 2019, 2018 and 2017, the Company recognized net rental income of $914,000, $1,849,000 and $897,000, respectively, for the amortization of the above/below market leases. During 2019, 2018 and 2017, the Company recognized amortization expense of $4,039,000, $7,175,000 and $4,984,000, respectively, relating to the amortization of the origination costs associated with in place leases, which is included in Depreciation and amortization expense. Included in Depreciation and amortization expense during 2018 and 2017 are write-offs of origination costs of $2,743,000 and $884,000, respectively, related to four properties at which the tenant filed Chapter 11 bankruptcy. The unamortized balance of intangible lease assets as a result of acquired above market leases at December 31, 2019 will be deducted from rental income through 2032 as follows (amounts in thousands): ​ ​ ​ ​ ​ 2020 $ 654 2021 ​ 647 2022 ​ 481 2023 ​ 288 2024 ​ 218 Thereafter ​ 741 Total ​ $ 3,029 ​ The unamortized balance of intangible lease liabilities as a result of acquired below market leases at December 31, 2019 will be added to rental income through 2055 as follows (amounts in thousands): ​ ​ ​ ​ ​ 2020 $ 1,385 2021 ​ 1,335 2022 ​ 1,224 2023 ​ 984 2024 ​ 709 Thereafter ​ 6,784 Total ​ $ 12,421 ​ The unamortized balance of origination costs associated with in-place leases at December 31, 2019 will be charged to amortization expense through 2055 as follows (amounts in thousands): ​ ​ ​ ​ ​ 2020 $ 4,157 2021 ​ 4,035 2022 ​ 3,577 2023 ​ 2,937 2024 ​ 1,845 Thereafter ​ 6,488 Total ​ $ 23,039 ​ Property Acquisitions Subsequent to December 31, 2019 On February 20, 2020, the Company acquired an industrial property located in Ashland, Virginia for $9,100,000. The initial term of the lease expires in 2034. On February 24, 2020, the Company acquired an industrial property located in Lowell, Arkansas for $19,150,000. The initial term of the lease expires in 2027.

SALES OF PROPERTIES

SALES OF PROPERTIES	12 Months Ended
	Dec. 31, 2019
SALES OF PROPERTIES
SALES OF PROPERTIES	NOTE 5—SALES OF PROPERTIES The following chart details the Company’s sales of real estate during 2019, 2018 and 2017 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gain (Loss) on Sale of ​ Description of Property ​ Date Sold ​ Sales Price ​ Real Estate, Net ​ Kmart retail property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Clemmons, North Carolina ​ June 20, 2019 ​ $ 5,500 ​ $ 1,099 (a) Multi-tenant retail property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Athens, Georgia ​ August 23, 2019 ​ ​ 6,050 ​ ​ 1,045 (b) Land - The Briarbrook Village Apartments, ​ ​ ​ ​ ​ ​ ​ ​ ​ Wheaton, Illinois ​ August 29, 2019 ​ ​ 12,066 ​ ​ 1,530 ​ Aaron's retail property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Houston, Texas ​ October 21, 2019 ​ ​ 1,675 ​ ​ 218 ​ Assisted living facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ Round Rock, Texas ​ December 10, 2019 ​ ​ 16,600 ​ ​ 435 (c) Totals for 2019 ​ ​ ​ $ 41,891 ​ $ 4,327 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multi-tenant retail property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Fort Bend, Texas ​ January 30, 2018 ​ $ 9,200 ​ $ 2,408 (d) Land - The Meadows Apartments, ​ ​ ​ ​ ​ ​ ​ ​ ​ Lakemoor, Illinois ​ September 14, 2018 ​ ​ 8,459 ​ ​ 4,585 (e) Shopko retail property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Lincoln, Nebraska ​ December 13, 2018 ​ ​ 10,000 ​ ​ (1,731) ​ Totals for 2018 ​ ​ ​ $ 27,659 ​ $ 5,262 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Former Sports Authority retail property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Greenwood Village, Colorado ​ May 8, 2017 ​ $ 9,500 ​ $ 6,568 ​ Kohl's retail property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Kansas City, Missouri ​ July 14, 2017 ​ ​ 10,250 ​ ​ 2,180 (f) Former hhgregg retail property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Niles, Illinois ​ August 31, 2017 ​ ​ 5,000 ​ ​ 1,089 ​ Joe's Crab Shack restaurant property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Ann Arbor, Michigan ​ November 14, 2017 ​ ​ 2,300 ​ ​ — (g) Totals for 2017 ​ ​ ​ $ 27,050 ​ $ 9,837 ​ (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. Gain on sale of real estate, net, excludes a swap termination fee of $41 which is included in prepayment costs on debt. (b) Excludes a swap termination fee of $161 included in prepayment costs on debt. (c) Excludes a swap termination fee of $625 included in prepayment costs on debt. (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. (f) Excludes a swap termination fee of $131 included in prepayment costs on debt. (g) As the sales price was less than the net book value, the Company recorded an impairment loss of $153, representing the difference between the net sales price and the net book value. The impairment loss is included in the accompanying consolidated statement of income for the year ended December 31, 2017. Excludes a swap termination fee of $70 which is included in prepayment costs on debt. ​ NOTE 5—SALES OF PROPERTIES (Continued) Sale of Property Subsequent to December 31, 2019 On February 11, 2020, the Company sold a retail property located in Onalaska, Wisconsin for approximately $7,093,000, net of closing costs. In connection with the sale, the Company paid off the $3,332,000 mortgage and incurred a $290,000 debt prepayment cost. This property accounted for less than 1% of the Company’s rental income, net, during 2019, 2018 and 2017. The Company anticipates recognizing a gain of approximately $4,250,000 during the three months ending March 31, 2020.

VARIABLE INTEREST ENTITIES, CON

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES	12 Months Ended
	Dec. 31, 2019
VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES
VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES	NOTE 6—VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES Variable Interest Entities—Ground Leases 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 the activities that most significantly impact the owner/operator’s economic performance ( i.e. , shared rights on the sale of the property) and therefore, does not consolidate this VIE for financial statement purposes. Accordingly, the Company accounts for this investment as land and the revenues from the ground lease as Rental income, net. Ground lease rental income amounted to $1,597,000, $3,357,000 and $3,702,000 during 2019, 2018 and 2017, respectively. Included in these amounts is rental income of $814,000, $1,964,000 and $2,175,000 during 2019, 2018 and 2017, respectively, from two previously held VIE properties located in Wheaton and Lakemoor, Illinois, which were sold in August 2019 and September 2018, respectively (see Note 5). The following chart details the VIE through the Company’s ground lease and the aggregate carrying amount and maximum exposure to loss as of December 31, 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land ​ # Units ​ Owner/ ​ ​ ​ Carrying ​ ​ ​ ​ Contract ​ in ​ Operator ​ ​ ​ Amount ​ ​ ​ ​ Purchase ​ Apartment ​ Mortgage from ​ Type of ​ and Maximum Description of Property(a) Date Acquired Price Complex Third Party(b) Exposure Exposure to Loss The 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 December 31, 2019. ​ NOTE 6—VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES (Continued) 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 the applicable joint venture. The following is a summary of the consolidated VIEs’ carrying amounts and classification in the Company’s consolidated balance sheets, none of which are restricted (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2019 2018(a) Land ​ $ 12,158 ​ $ 14,722 Buildings and improvements, net of accumulated depreciation of $4,334 and $4,119, respectively ​ ​ 24,223 ​ 27,642 Cash ​ ​ 888 ​ 1,020 Unbilled rent receivable ​ ​ 859 ​ ​ 1,211 Unamortized intangible lease assets, net ​ ​ 745 ​ ​ 890 Escrow, deposits and other assets and receivables ​ ​ 1,204 ​ ​ 810 Mortgages payable, net of unamortized deferred financing costs of $313 and $391, respectively ​ ​ 24,199 ​ ​ 26,850 Accrued expenses and other liabilities ​ ​ 562 ​ 761 Unamortized intangible lease liabilities, net ​ ​ 591 ​ ​ 1,694 Accumulated other comprehensive (loss) income ​ ​ (65) ​ ​ 31 Non-controlling interests in consolidated joint ventures ​ ​ 1,221 ​ 1,449 (a) Includes a consolidated joint venture, in which the Company held an 90% interest, located in Clemmons, North Carolina which was sold in June 2019 (see Note 5). MCB Real Estate, LLC and its affiliates (‘‘MCB’’) are the Company’s joint venture partner in three and four consolidated joint ventures at December 31, 2019 and 2018, respectively, in which the Company has aggregate equity investments of approximately $7,941,000 and $9,891,000, respectively. 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	12 Months Ended
	Dec. 31, 2019
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	NOTE 7—INVESTMENT IN UNCONSOLIDATED JOINT VENTURES At December 31, 2019 and 2018, the Company’s four unconsolidated joint ventures each owned and operated one property. The Company’s equity investment in such unconsolidated joint ventures at such dates totaled $11,061,000 and $10,857,000, respectively. The Company recorded equity in earnings of $16,000, $1,304,000, and $826,000 during 2019, 2018 and 2017, respectively. In addition, the Company recorded equity in earnings from the sale of properties of $2,057,000 in 2018. Included in equity in earnings from unconsolidated joint ventures during 2018 is income of (i) $550,000 due to the write-off of an intangible lease liability in connection with the expiration of the Kmart lease at the Manahawkin, New Jersey property and (ii) $110,000 related to the discontinuance of hedge accounting on a mortgage swap related to the Milwaukee, Wisconsin property sold in July 2018 (see Note 9). ​ NOTE 7—INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Continued) At December 31, 2019 and 2018, MCB and the Company are partners in an unconsolidated joint venture in which the Company's equity investment is approximately $8,834,000 and $9,087,000, respectively. Sale of Unconsolidated Joint Venture Property Subsequent to December 31, 2019 On March 2, 2020, an unconsolidated joint venture sold its property located in Savannah, Georgia for $819,000 , net of closing costs. The Company’s 50% share of the gain from this sale is anticipated to be approximately $121,000 which will be included in Equity in earnings from sale of unconsolidated joint venture property during the three months ending March 31, 2020.

DEBT OBLIGATIONS

DEBT OBLIGATIONS	12 Months Ended
	Dec. 31, 2019
DEBT OBLIGATIONS
DEBT OBLIGATIONS	NOTE 8—DEBT OBLIGATIONS Mortgages Payable The following table details the Mortgages payable, net, balances per the consolidated balance sheets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2019 2018 Mortgages payable, gross ​ $ 440,278 ​ $ 423,096 Unamortized deferred financing costs ​ ​ (4,438) ​ (4,298) Mortgages payable, net ​ $ 435,840 ​ $ 418,798 ​ At December 31, 2019, there were 74 outstanding mortgages payable, all of which are secured by first liens on individual real estate investments with an aggregate gross carrying value of $698,441,000 before accumulated depreciation of $106,366,000. After giving effect to interest rate swap agreements (see Note 9), the mortgage payments bear interest at fixed rates ranging from 3.02% to 5.87%, and mature between 2021 and 2042. The weighted average interest rate on all mortgage debt was 4.21% and 4.26% at December 31, 2019 and 2018, respectively. Scheduled principal repayments during the next five years and thereafter are as follows (amounts in thousands): ​ ​ ​ ​ ​ Year Ending December 31, ​ ​ 2020 ​ $ 13,530 2021 ​ ​ 22,963 2022 ​ ​ 46,083 2023 ​ ​ 30,182 2024 ​ ​ 62,819 Thereafter ​ ​ 264,701 Total ​ $ 440,278 ​ ​ NOTE 8—DEBT OBLIGATIONS (Continued) Line of Credit The Company has a credit facility with Manufacturers & Traders Trust Company, People’s United Bank, VNB New York, LLC, and Bank Leumi USA, pursuant to which it may borrow up to $100,000,000, subject to borrowing base requirements. The facility provides for an interest rate equal to the one month LIBOR rate plus an applicable margin ranging from 175 basis points to 300 basis points depending on the ratio of the Company’s total debt to total value, as determined pursuant to the facility. The applicable margin was 200 and 175 basis points at December 31, 2019 and 2018. An unused facility fee of .25 % per annum applies to the facility. The average interest rate on the facility was approximately 4.03%, 3.73% and 2.87% during 2019, 2018 and 2017, respectively. In July 2019, the facility was amended to, among other things, extend its maturity from December 31, 2019 to December 31, 2022 and increased the amount that may be used for renovation and operating expense purposes. 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 credit facility includes certain restrictions and covenants which may limit, among other things, the incurrence of liens, and which require compliance with financial ratios relating to, among other things, the minimum amount of tangible net worth, the minimum amount of debt service coverage, the minimum amount of fixed charge coverage, the maximum amount of debt to value, the minimum level of net income, certain investment limitations and the minimum value of unencumbered properties and the number of such properties. The Company was in compliance with all covenants at December 31, 2019. The facility is guaranteed by subsidiaries of the Company that own unencumbered properties and the Company pledged to the lenders the equity interests in the Company’s subsidiaries. The facility is available for the acquisition of commercial real estate, repayment of mortgage debt, renovation and operating expense purposes; provided, that if used for renovation and operating expense purposes, as determined pursuant to the facility, the amount outstanding for such purposes will not exceed the lesser of $30,000,000 and 30% of the borrowing base subject to a cap of (i) $20,000,000 for renovation expenses and (ii) $10,000,000 for operating expense purposes. Net proceeds received from the sale, financing or refinancing of properties are generally required to be used to repay amounts outstanding under the credit facility. The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2019 2018 Line of credit, gross ​ $ 11,450 ​ $ 30,000 Unamortized deferred financing costs ​ ​ (619) ​ ​ (312) Line of credit, net ​ $ 10,831 ​ $ 29,688 ​ At March 5, 2020, there was an outstanding balance of $39,550,000 (before unamortized deferred financing costs) under the facility.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2019
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 9—FAIR VALUE MEASUREMENTS The carrying amounts of cash and cash equivalents, restricted cash, escrow, deposits and other assets and receivables (excluding interest rate swaps), dividends payable, and accrued expenses and other liabilities (excluding interest rate swaps), are not measured at fair value on a recurring basis, but are considered to be recorded at amounts that approximate fair value. At December 31, 2019, the $454,039,000 estimated fair value of the Company’s mortgages payable is greater than their $440,278,000 carrying value (before unamortized deferred financing costs) by approximately $13,761,000, assuming a blended market interest rate of 3.72% based on the 8.1 year weighted average remaining term to maturity of the mortgages. NOTE 9—FAIR VALUE MEASUREMENTS (Continued) At December 31, 2018, the $420,396,000 estimated fair value of the Company’s mortgages payable is less than their $423,096,000 carrying value (before unamortized deferred financing costs) by approximately $2,700,000, assuming a blended market interest rate of 4.41% based on the 8.7 year weighted average remaining term to maturity of the mortgages. At December 31, 2019 and 2018, the carrying amount of the Company’s line of credit (before unamortized deferred financing costs) of $11,450,000 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. Fair Value on a Recurring Basis The fair value of the Company’s derivative financial instruments, using Level 2 inputs, was determined to be the following (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ Carrying and ​ December 31, Fair Value Financial assets: ​ ​ ​ ​ ​ Interest rate swaps 2019 ​ $ 87 ​ 2018 ​ 2,399 Financial liabilities: ​ ​ ​ ​ ​ Interest rate swaps 2019 ​ $ 1,715 ​ 2018 ​ 505 ​ The Company does not currently own any financial instruments that are measured on a recurring basis and that are classified as Level 1 or 3. The Company’s objective in using interest rate swaps is to add stability to interest expense. The Company does not use derivatives for trading or speculative purposes. Fair values are approximated using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. Although the Company has determined the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with it use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparty. As of December 31, 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. ​ NOTE 9—FAIR VALUE MEASUREMENTS (Continued) As of December 31, 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 $96,207,000 notional amount and mature between 2021 and 2028 (weighted average remaining term to maturity of 5.2 years). Such interest rate swaps, all of which were designated as cash flow hedges, converted LIBOR based variable rate mortgages to fixed annual rate mortgages (with interest rates ranging from 3.02% to 5.16% and a weighted average interest rate of 3.93 % at December 31, 2019). The fair value of the Company’s derivatives in asset and liability positions are reflected as other assets or other liabilities on the consolidated balance sheets. The following table presents the effect of the Company’s derivative financial instruments on the consolidated statements of income for the periods presented (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2019 2018 2017 One Liberty Properties Inc. and Consolidated Subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of (loss) gain recognized on derivatives in other comprehensive (loss) income ​ $ (4,224) ​ $ 1,870 ​ $ (221) Amount of reclassification from Accumulated other comprehensive (loss) income into Interest expense ​ ​ (702) ​ 98 ​ (1,786) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unconsolidated Joint Ventures (Company's share) ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain recognized on derivatives in other comprehensive income ​ ​ n/a ​ $ 69 ​ $ 15 Amount of reclassification from Accumulated other comprehensive income into Equity in earnings of unconsolidated joint ventures ​ ​ n/a ​ 103 ​ (61) ​ During 2019, 2018 and 2017, the Company (including one of its unconsolidated joint ventures in 2018) discontinued hedge accounting on several interest rate swaps as the forecasted hedged transactions were no longer probable of occurring. As a result, during 2019, 2018 and 2017, the Company reclassified $816,000, $505,000 and $201,000 of realized loss, gain, and loss, respectively, from Accumulated other comprehensive income to earnings. No gain or loss was recognized with respect to hedge ineffectiveness or to amounts excluded from effectiveness testing on the Company’s cash flow hedges for the three years ended December 31, 2019. During the twelve months ending December 31, 2020, the Company estimates an additional $426,000 will be reclassified from Accumulated other comprehensive income as an increase to Interest expense. The derivative agreements in effect at December 31, 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 December 31, 2019 and 2018, the fair value of the derivatives in a liability position, including accrued interest of $27,000 and $8,000 , respectively, but excluding any adjustments for non-performance risk, was approximately $1,832,000 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 $1,832,000 and $554,000 as of December 31, 2019 and 2018, respectively. This termination liability value, net of adjustments for non-performance risk of $90,000 and $41,000 , is included in Accrued expenses and other liabilities on the consolidated balance sheets at December 31, 2019 and 2018, respectively.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 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 $2,826,000 in 2019, $2,745,000 in 2018 and $2,673,000 in 2017. Included in these fees are $1,307,000 in 2019, $1,226,000 in 2018 and $1,154,000 in 2017, of property management costs. The amounts paid for property management services is based on 1.5% and 2.0% of the rental payments (including tenant reimbursements) actually received by the Company from net lease tenants and operating lease tenants, respectively. The Company does not pay Majestic with respect to properties managed by third parties. The Company also paid Majestic, pursuant to the compensation and services agreement $216,000 in each of 2019, 2018 and 2017 for the Company’s share of all direct office expenses, including rent, telephone, postage, computer services, internet usage and supplies. The Company does not pay Majestic for such services except as described in this paragraph. Executive officers and others providing services to the Company under the compensation and services agreement were awarded shares of restricted stock and RSUs under the Company’s stock incentive plans (described in Note 12). The related expense charged to the Company’s operations was $1,973,000, $1,765,000 and $1,539,000 in 2019, 2018 and 2017, respectively. The amounts paid under the compensation and services agreement (except for the property management costs which are included in Real estate expenses) and the costs of the stock incentive plans are included in General and administrative expense on the consolidated statements of income for 2019, 2018 and 2017. Joint Venture Partners and Affiliates During 2019, 2018 and 2017, the Company paid an aggregate of $82,000, $107,000 and $143,000 , respectively, to its consolidated joint venture partners or their affiliates (none of whom are officers, directors, or employees of the Company) for property management services, which are included in Real estate expenses on the consolidated statements of income. The Company’s unconsolidated joint ventures paid management fees of $117,000, $169,000 and $175,000 to the other partner of the ventures, which reduced Equity in earnings on the consolidated statements of income by $59,000, $85,000 and $88,000 during 2019, 2018 and 2017, respectively. In addition, in 2019, in connection with the purchase of a property in Rincon, Georgia, the Company paid an unconsolidated joint venture partner a $64,000 brokerage commission which is capitalized to the real estate assets acquired (see Note 4). Other During 2019, 2018 and 2017, the Company paid fees of (i) $289,000, $276,000 and $276,000, respectively, to the Company's chairman and (ii) $116,000, $110,000 and $110,000, respectively, to the Company’s vice-chairman. These fees are included in General and administrative expense on the consolidated statements of income. At December 31, 2019 and 2018, Gould Investors L.P. (“Gould Investors”), a related party, owned 1,785,976 shares of the outstanding common stock of the Company, or approximately 9.0% and 9.2%, respectively. NOTE 10—RELATED PARTY TRANSACTIONS (Continued) The Company obtains its property insurance in conjunction with Gould Investors and reimburses Gould Investors annually for the Company’s insurance cost relating to its properties. Amounts reimbursed to Gould Investors were $1,025,000, $912,000 and $790,000 during 2019, 2018 and 2017, respectively. Included in Real estate expenses on the consolidated statements of income is insurance expense of $927,000, $877,000 and $757,000 during 2019, 2018 and 2017, respectively. The balance of the amounts reimbursed to Gould Investors represents prepaid insurance and is included in Other assets on the consolidated balance sheets.

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	12 Months Ended
	Dec. 31, 2019
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE	NOTE 11—EARNINGS PER COMMON SHARE Basic earnings per share was determined by dividing net income allocable to common stockholders for each year by the weighted average number of shares of common stock outstanding during the applicable year. Net income is also allocated to the unvested restricted stock outstanding during each year, as the restricted stock is entitled to receive dividends and is therefore considered a participating security. As of December 31, 2019, the shares of common stock underlying the restricted stock units (the "RSUs") awarded under the 2019 and 2016 Incentive Plans (See Note 12) are excluded from the basic earnings per share calculation, as these units are not participating securities. 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 tables identify the number of shares of common stock underlying the RSUs that are included in the calculation of diluted weighted average number of shares of common stock for such years: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2019 (a): ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ ​ ​ ​ Underlying ​ Return on ​ Stockholder ​ ​ ​ Shares Date of Award ​ Shares (b)(c) ​ Capital Metric ​ Return Metric ​ Total ​ Excluded (d) September 26, 2017 ​ 76,250 ​ 22,129 ​ 31,498 ​ 53,627 ​ 22,623 July 1, 2018 ​ 73,750 ​ 14,755 ​ 3,273 ​ 18,028 ​ 55,722 July 1, 2019 ​ 75,026 ​ 728 ​ — ​ 728 ​ 74,298 Totals 225,026 ​ 37,612 34,771 72,383 152,643 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2018 (e): ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ ​ ​ ​ Underlying ​ Return on ​ Stockholder ​ ​ ​ Shares Date of Award ​ Shares (b) ​ Capital Metric ​ Return Metric ​ Total ​ Excluded (d) September 26, 2017 ​ 76,250 ​ 34,633 ​ 4,462 ​ 39,095 ​ 37,155 July 1, 2018 ​ 76,250 ​ 33,388 ​ — ​ 33,388 ​ 42,862 Totals 152,500 ​ 68,021 4,462 72,483 80,017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2017 (f): ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Underlying ​ Return on ​ Stockholder ​ ​ ​ Shares Date of Award ​ Shares (b) ​ Capital Metric ​ Return Metric ​ Total ​ Excluded (d) September 26, 2017 ​ 76,250 ​ 33,353 ​ 38,125 ​ 71,478 ​ 4,772 (a) 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 December 31, 2019. (b) 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 12). NOTE 11—EARNINGS PER COMMON SHARE (Continued) (c) As of December 31, 2019, 2,500 shares of the 2018 award and 2,750 shares of the 2019 award were forfeited. (d) Excluded as the applicable conditions had not been met for these shares at the respective measurement dates. (e) 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 December 31, 2018. (f) 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 December 31, 2017. In 2010, RSUs exchangeable for up to 200,000 shares of common stock were awarded pursuant to the 2009 Incentive Plan. In June 2017, 113,584 of these shares vested and such shares were issued in August 2017. See Note 12 for information regarding the Company’s equity incentive plans. There were no options outstanding to purchase shares of common stock or other rights exercisable for, or convertible into, common stock in 2019, 2018 and 2017. The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2019 2018 2017 Numerator for basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 18,544 ​ $ 21,564 ​ $ 24,249 Less net income attributable to non-controlling interests ​ ​ (533) ​ (899) ​ (102) Less earnings allocated to unvested restricted stock(a) ​ ​ (1,227) ​ (1,173) ​ (1,072) Net income available for common stockholders: basic and diluted ​ $ 16,784 ​ $ 19,492 ​ $ 23,075 Denominator for basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares ​ ​ 19,090 ​ 18,575 ​ 17,944 Effect of diluted securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ RSUs ​ ​ 29 ​ 13 ​ 103 Denominator for diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares ​ ​ 19,119 ​ 18,588 ​ 18,047 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share, basic ​ $ 0.88 ​ $ 1.05 ​ $ 1.29 Earnings per common share, diluted ​ $ 0.88 ​ $ 1.05 ​ $ 1.28 (a) Represents an allocation of distributed earnings to unvested restricted stock that, as participating securities, are entitled to receive dividends.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2019
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	NOTE 12—STOCKHOLDERS’ EQUITY 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 December 31, 2019, an aggregate of 75,026 shares subject to awards in the form of RSUs are outstanding under the Plan. On January 17, 2020, 149,550 restricted shares were issued pursuant to this Plan, having an aggregate value of approximately $4,202,000 and are scheduled to vest in January 2025. NOTE 12—STOCKHOLDERS’ EQUITY (Continued) Under the Company’s 2016 and 2012 equity incentive plans (collectively, the “Prior Plans”), as of December 31, 2019, an aggregate of 824,250 shares of restricted stock (674,250 shares) and RSUs (150,000 shares) 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 2019, 2018 and 2017, the Company granted RSUs exchangeable for up to 77,776, 76,250 and 76,250 shares, respectively, of common stock upon satisfaction, through June 30, 2022, June 30, 2021 and June 30, 2020, 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 these TSR awards, the per unit or share fair value was estimated using the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TSR Award Year Expected Life (yrs) Dividend Rate Risk-Free Interest Rate Expected Price Volatility (a) 2019 3 6.22% ​ 1.79% - 2.07% ​ 21.37% - 23.04% ​ 2018 3 6.82% ​ 2.18% - 2.70% ​ 22.29% - 25.99% ​ 2017 3 7.16% ​ 1.14% - 1.64% ​ 16.57% - 19.16% ​ (a) calculated based on the 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. During the year ended December 31, 2019, RSUs exchangeable in 2021 and 2022 for an aggregate of 5,250 shares were forfeited. As of December 31, 2019, based on performance and market assumptions, the fair value of the RSUs granted in 2019, 2018 and 2017 is $865,000, $818,000 and $811,000 , respectively. Recognition of such deferred compensation will be charged to General and administrative expense over the respective three year performance cycle. In 2010, RSUs exchangeable for up to 200,000 shares of common stock were awarded pursuant to the Company’s 2009 Incentive Plan. During 2017, 113,584 shares of common stock underlying these RSUs were deemed to have vested and were issued; the balance of 86,416 shares were forfeited. NOTE 12—STOCKHOLDERS’ EQUITY (Continued) The following is a summary of the activity of the equity incentive plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2019 2018 2017 Restricted stock grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of shares ​ ​ 150,050 ​ ​ 144,750 ​ ​ 140,100 Average per share grant price ​ $ 25.70 ​ $ 25.31 ​ $ 24.75 Deferred compensation to be recognized over vesting period ​ $ 3,856,000 ​ $ 3,664,000 ​ $ 3,467,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested beginning of year ​ 651,250 ​ 612,900 ​ 591,750 Grants ​ 150,050 ​ 144,750 ​ 140,100 Vested during year ​ (114,650) ​ (106,000) ​ (118,450) Forfeitures ​ (12,400) ​ (400) ​ (500) Non-vested end of year ​ 674,250 ​ 651,250 ​ 612,900 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSU grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of underlying shares ​ ​ 77,776 ​ ​ 76,250 ​ ​ 76,250 Average per share grant price ​ $ 28.96 ​ $ 26.41 ​ $ 24.03 Deferred compensation to be recognized over vesting period ​ $ 865,000 ​ $ 952,000 ​ $ 1,004,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested beginning of year ​ ​ 152,500 ​ ​ 76,250 ​ ​ 200,000 Grants ​ ​ 77,776 ​ ​ 76,250 ​ ​ 76,250 Vested during year ​ ​ — ​ ​ — ​ ​ (113,584) Forfeitures ​ ​ (5,250) ​ ​ — ​ ​ (86,416) Non-vested end of year ​ ​ 225,026 ​ ​ 152,500 ​ ​ 76,250 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock and RSU grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average per share value of non-vested shares (based on grant price) ​ $ 24.96 ​ $ 23.83 ​ $ 22.89 Value of stock vested during the year (based on grant price) ​ $ 2,365,000 ​ $ 2,289,000 ​ $ 3,008,000 Weighted average per share value of shares forfeited during the year (based on grant price) ​ $ 25.40 ​ $ 23.59 ​ $ 8.37 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total charge to operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding restricted stock grants ​ $ 3,229,000 ​ $ 3,028,000 ​ $ 2,966,000 Outstanding RSUs ​ ​ 641,000 ​ ​ 482,000 ​ ​ 167,000 Total charge to operations ​ $ 3,870,000 ​ $ 3,510,000 ​ $ 3,133,000 ​ As of December 31, 2019, total compensation costs of $7,140,000 and $1,277,000 related to non-vested restricted stock awards and RSUs, respectively, have not yet been recognized. These compensation costs will be charged to General and administrative expense over the remaining respective vesting periods. The weighted average vesting period is 2.1 years for the restricted stock and 1.5 years for the RSUs. Common Stock Dividend Distributions In 2019, 2018 and 2017, the Board of Directors declared an aggregate $1.80, $1.80 and $1.74 per share in cash distributions, respectively. NOTE 12—STOCKHOLDERS’ EQUITY (Continued) On March 13, 2020, the Board of Directors declared a quarterly cash dividend of $.45 per share on the Company's common stock, totaling approximately $9,037,000 . The quarterly dividend is payable on April 7, 2020 to stockholders of record on March 24, 2020. Dividend Reinvestment Plan The Company’s Dividend Reinvestment Plan (the “DRP”) provides stockholders with the opportunity to reinvest all, or a portion of, their cash dividends paid on the Company’s common stock in additional shares of its common stock, at a discount of up to 5% from the market price. The discount is determined in the Company’s sole discretion. The Company is currently offering up to a 5% discount (as calculated pursuant to the DRP) from the market price. The Company issued 220,000, 243,000,and 198,000 shares of common stock under the DRP during 2019, 2018 and 2017, respectively. Shares Issued Through Equity Offering Program During 2019, the Company sold 180,120 shares for proceeds of $5,392,000, net of commissions of $54,000, and incurred offering costs of $192,000 for professional fees. During 2018, the Company sold 126,300 shares for proceeds of $3,245,000, net of commissions of $33,000, and incurred offering costs of $107,000 for professional fees.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2019
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 13—COMMITMENTS AND CONTINGENCIES The Company maintains a non-contributory defined contribution pension plan covering eligible employees. Contributions by the Company are made through a money purchase plan, based upon a percent of the qualified employees’ total salary (subject to the maximum amount allowed by law). Pension expense approximated $304,000, $295,000 and $275,000 for 2019, 2018 and 2017, respectively, and is included in General and administrative expense in the consolidated statements of income. The Company pays, with respect to one of its real estate properties, annual fixed leasehold rent of $463,867 through July 31, 2024. The Company has the right to extend the lease for up to four 5-year renewal options and one seven month renewal option. As discussed in Note 6, the Company provided its land in Beachwood, Ohio as collateral for the owner/operator’s mortgage loan and accordingly, the land position is subordinate to the mortgage. In the ordinary course of business, the Company is party to various legal actions which management believes are routine in nature and incidental to the operation of the Company’s business. Management believes that the outcome of the proceedings will not have a material adverse effect upon the Company’s consolidated financial statements taken as a whole.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2019
INCOME TAXES
INCOME TAXES	NOTE 14—INCOME TAXES The Company elected to be taxed as a REIT under the Internal Revenue Code, commencing with its taxable year ended December 31, 1983. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its ordinary taxable income to its stockholders. As a REIT, the Company generally will not be subject to corporate level federal, state and local income tax on taxable income it distributes currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal, state and local income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. It is management’s current intention to adhere to these requirements and maintain the Company’s REIT status. ​ NOTE 14—INCOME TAXES (Continued) Even though the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. As of December 31, 2019, tax returns for the calendar years 2016 through 2019 remain subject to examination by the Internal Revenue Service and various state and local tax jurisdictions. During 2019, 2018 and 2017, the Company did not incur any federal income tax expense. The Company does not have any deferred tax assets or liabilities at December 31, 2019 and 2018. Approximately 27 % of the distributions made during 2019 represent a return of capital to stockholders with the balance representing ordinary income. Approximately 12%, and 17 % of the distributions made during 2018 and 2017, respectively, represent capital gains to stockholders with the balance representing ordinary income. In 2019 and 2018, the ordinary income portion of the distributions are considered qualified REIT dividends and will be taxed at a rate reduced by up to 20% pursuant to Internal Revenue Code Section 199A. The Company treats depreciation expense, straight-line rent adjustments and certain other items differently for tax purposes than for financial reporting purposes. Therefore, its taxable income and dividends paid deduction differs from its financial statement income. The following table reconciles dividends declared with the dividends paid deduction for the years indicated (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2018 2017 ​ ​ Estimate ​ Actual ​ Actual Dividends declared ​ $ 35,663 ​ $ 34,652 ​ $ 32,393 Dividend reinvestment plan (a) ​ 247 ​ 313 ​ 252 ​ ​ 35,910 ​ 34,965 ​ 32,645 Less: Spillover dividends designated to previous year ​ — ​ (10,263) ​ (11,916) Less: Spillover dividends designated to following year (b) ​ ​ (8,976) ​ ​ (549) ​ ​ — Less: Return of capital ​ ​ (9,828) ​ ​ — ​ ​ — Plus: Dividends designated from prior year ​ ​ 549 ​ ​ — ​ ​ — Plus: Dividends designated from following year ​ — ​ — ​ 10,263 Dividends paid deduction ​ $ 17,655 ​ $ 24,153 ​ $ 30,992 (a) Reflects the up to 5% discount on common stock purchased through the dividend reinvestment plan. (b) The entire dividend paid in January 2020 and a portion of the dividend paid in January 2019 will be considered 2020 and 2019 dividends, respectively, as it was in excess of the Company’s earnings and profits through 2019 and 2018, respectively.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2019
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 15—SUBSEQUENT EVENTS Subsequent events have been evaluated and, except as previously disclosed, there were no other events relative to the consolidated financial statements that require additional disclosure.

QUARTERLY FINANCIAL DATA (Unaud

QUARTERLY FINANCIAL DATA (Unaudited)	12 Months Ended
	Dec. 31, 2019
QUARTERLY FINANCIAL DATA (Unaudited)
QUARTERLY FINANCIAL DATA (Unaudited):	NOTE 16—QUARTERLY FINANCIAL DATA (Unaudited): (In Thousands, Except Per Share Data) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter Ended ​ Total ​ 2019 March 31 June 30 Sept. 30 Dec. 31 For Year ​ Total revenues ​ $ 21,155 ​ $ 20,719 ​ $ 20,414 ​ $ 22,448 ​ $ 84,736 ​ Gain on sale of real estate, net ​ $ — ​ $ 1,099 ​ $ 2,544 ​ $ 684 ​ $ 4,327 ​ Net income ​ $ 4,011 ​ $ 4,558 ​ $ 5,097 ​ $ 4,878 ​ $ 18,544 ​ Net income attributable to One Liberty Properties, Inc. ​ $ 3,971 ​ $ 4,112 ​ $ 5,118 ​ $ 4,810 ​ $ 18,011 ​ Weighted average number of common shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 18,894 ​ 19,023 ​ 19,191 ​ ​ 19,245 ​ ​ 19,090 ​ Diluted ​ 18,993 ​ 19,129 ​ 19,239 ​ ​ 19,266 ​ ​ 19,119 ​ Net income per common share attributable to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ .19 ​ $ .20 ​ $ .25 ​ $ .23 ​ $ .88 (a) Diluted ​ $ .19 ​ $ .20 ​ $ .25 ​ $ .23 ​ $ .88 (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter Ended ​ Total 2018 March 31 June 30 Sept. 30 Dec. 31 For Year Total revenues ​ $ 19,534 ​ $ 19,752 ​ $ 19,570 ​ $ 20,270 ​ $ 79,126 ​ Gain (loss) on sale of real estate, net ​ $ 2,408 ​ $ — ​ $ 4,585 ​ $ (1,731) ​ $ 5,262 ​ Net income ​ $ 6,653 ​ $ 4,546 ​ $ 10,182 ​ $ 183 ​ $ 21,564 ​ Net income attributable to One Liberty Properties, Inc. ​ $ 5,851 ​ $ 4,517 ​ $ 10,147 ​ $ 150 ​ $ 20,665 ​ Weighted average number of common shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 18,396 ​ 18,519 ​ 18,646 ​ ​ 18,733 ​ ​ 18,575 ​ Diluted ​ 18,434 ​ 18,593 ​ 18,705 ​ ​ 18,748 ​ ​ 18,588 ​ Net income (loss) per common share attributable to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ .30 ​ $ .23 ​ $ .53 ​ $ (.01) ​ $ 1.05 (a) Diluted ​ $ .30 ​ $ .23 ​ $ .52 ​ $ (.01) ​ $ 1.05 (a) (a) Calculated on weighted average shares outstanding for the year. ​

Schedule III - Consolidated Rea

Schedule III - Consolidated Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2019
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Schedule III - Consolidated Real Estate and Accumulated Depreciation	ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES Schedule III—Consolidated Real Estate and Accumulated Depreciation December 31, 2019 (Amounts in Thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ Gross Amount at Which Carried ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ Subsequent to ​ at December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and ​ Acquisition ​ ​ ​ ​ Building & ​ ​ ​ ​ Accumulated ​ Date of ​ Date Type Location Encumbrances Land Improvements Improvements Land Improvements Total Depreciation (1) Construction Acquired Health & Fitness Tucker, GA ​ $ — ​ $ 807 ​ $ 3,027 ​ $ 3,399 ​ $ 807 ​ $ 6,426 ​ $ 7,233 ​ $ 2,654 1988 2002 Health & Fitness Hamilton, OH ​ 4,542 ​ 1,483 ​ 5,953 ​ — ​ 1,483 ​ 5,953 ​ 7,436 ​ 1,440 2008 2011 Health & Fitness Secaucus, NJ ​ 8,320 ​ 5,449 ​ 9,873 ​ — ​ 5,449 ​ 9,873 ​ 15,322 ​ 1,751 1986 2012 Industrial Columbus, OH ​ — ​ 435 ​ 1,703 ​ 52 ​ 435 ​ 1,755 ​ 2,190 ​ 827 1979 1995 Industrial West Palm Beach, FL ​ — ​ 181 ​ 724 ​ 196 ​ 181 ​ 920 ​ 1,101 ​ 394 1973 1998 Industrial New Hyde Park, NY ​ 2,421 ​ 182 ​ 728 ​ 281 ​ 182 ​ 1,009 ​ 1,191 ​ 445 1960 1999 Industrial Ronkonkoma, NY ​ 5,580 ​ 1,042 ​ 4,171 ​ 2,903 ​ 1,042 ​ 7,074 ​ 8,116 ​ 2,637 1986 2000 Industrial Hauppauge, NY ​ 25,860 ​ 1,951 ​ 10,954 ​ 9,600 ​ 1,951 ​ 20,554 ​ 22,505 ​ 6,597 1982 2000 Industrial Melville, NY ​ 2,582 ​ 774 ​ 3,029 ​ 1,170 ​ 774 ​ 4,199 ​ 4,973 ​ 1,549 1982 2003 Industrial Saco, ME ​ 5,440 ​ 1,027 ​ 3,623 ​ 2,050 ​ 1,027 ​ 5,673 ​ 6,700 ​ 1,346 2001 2006 Industrial Baltimore, MD (2) ​ 19,436 ​ 6,474 ​ 25,282 ​ — ​ 6,474 ​ 25,282 ​ 31,756 ​ 8,243 1960 2006 Industrial Durham, NC ​ 2,621 ​ 1,043 ​ 2,404 ​ 44 ​ 1,043 ​ 2,448 ​ 3,491 ​ 614 1991 2011 Industrial Pinellas Park, FL ​ 2,253 ​ 1,231 ​ 1,669 ​ — ​ 1,231 ​ 1,669 ​ 2,900 ​ 351 1995 2012 Industrial Miamisburg, OH ​ — ​ 165 ​ 1,348 ​ 12 ​ 165 ​ 1,360 ​ 1,525 ​ 279 1987 2012 Industrial Fort Mill, SC ​ 7,766 ​ 1,840 ​ 12,687 ​ 55 ​ 1,840 ​ 12,742 ​ 14,582 ​ 2,277 1992 2013 Industrial Indianapolis, IN ​ 5,587 ​ 1,224 ​ 6,935 ​ — ​ 1,224 ​ 6,935 ​ 8,159 ​ 1,460 1997 2013 Industrial Fort Mill, SC ​ 23,601 ​ 1,804 ​ 33,650 ​ — ​ 1,804 ​ 33,650 ​ 35,454 ​ 6,990 1997 2013 Industrial New Hope, MN ​ 4,053 ​ 881 ​ 6,064 ​ 81 ​ 881 ​ 6,145 ​ 7,026 ​ 804 1967 2014 Industrial Louisville, KY ​ 2,189 ​ 578 ​ 3,727 ​ 48 ​ 578 ​ 3,775 ​ 4,353 ​ 472 1974 2015 Industrial Louisville, KY ​ — ​ 51 ​ 230 ​ — ​ 51 ​ 230 ​ 281 ​ 28 1974 2015 Industrial McCalla, AL ​ 9,749 ​ 1,588 ​ 14,682 ​ — ​ 1,588 ​ 14,682 ​ 16,270 ​ 1,670 2003 2015 Industrial St. Louis, MO ​ 11,053 ​ 3,728 ​ 13,006 ​ 701 ​ 3,728 ​ 13,707 ​ 17,435 ​ 1,585 1969 2015 Industrial Greenville, SC ​ 4,816 ​ 693 ​ 6,893 ​ 225 ​ 693 ​ 7,118 ​ 7,811 ​ 693 1997 2016 Industrial Greenville, SC ​ 5,351 ​ 528 ​ 8,074 ​ 127 ​ 528 ​ 8,201 ​ 8,729 ​ 809 2000 2016 Industrial El Paso, TX ​ 13,672 ​ 3,691 ​ 17,904 ​ 350 ​ 3,691 ​ 18,254 ​ 21,945 ​ 1,698 1997 2016 Industrial Lebanon, TN ​ 21,190 ​ 2,094 ​ 30,039 ​ 46 ​ 2,094 ​ 30,085 ​ 32,179 ​ 2,559 1996 2016 Industrial Huntersville, NC ​ 4,849 ​ 1,046 ​ 6,674 ​ — ​ 1,046 ​ 6,674 ​ 7,720 ​ 462 2014 2017 Industrial Pittston, PA ​ 6,779 ​ 999 ​ 9,922 ​ 250 ​ 999 ​ 10,172 ​ 11,171 ​ 687 1990 2017 Industrial Ankeny, IA ​ 8,271 ​ 1,351 ​ 11,607 ​ — ​ 1,351 ​ 11,607 ​ 12,958 ​ 757 2016 2017 Industrial Memphis, TN ​ 4,987 ​ 140 ​ 7,952 ​ — ​ 140 ​ 7,952 ​ 8,092 ​ 458 1979 2017 Industrial Pennsburg, PA ​ 7,998 ​ 1,776 ​ 11,126 ​ — ​ 1,776 ​ 11,126 ​ 12,902 ​ 553 1986 2018 Industrial Plymouth, MN ​ 3,238 ​ 1,121 ​ 4,429 ​ — ​ 1,121 ​ 4,429 ​ 5,550 ​ 179 1978 2018 Industrial Englewood, CO ​ 8,190 ​ 1,562 ​ 11,300 ​ — ​ 1,562 ​ 11,300 ​ 12,862 ​ 355 2013 2018 Industrial Moorestown, NJ ​ 3,904 ​ 1,822 ​ 5,056 ​ — ​ 1,822 ​ 5,056 ​ 6,878 ​ 150 1990 2018 Industrial ​ Moorestown, NJ ​ ​ 8,673 ​ ​ 1,443 ​ ​ 10,898 ​ ​ — ​ ​ 1,443 ​ ​ 10,898 ​ ​ 12,341 ​ ​ 317 ​ 1972 ​ 2018 Industrial ​ Bakersfield, CA ​ ​ — ​ ​ 1,988 ​ ​ 9,998 ​ ​ — ​ ​ 1,988 ​ ​ 9,998 ​ ​ 11,986 ​ ​ 273 ​ 1980 ​ 2018 Industrial ​ Green Park, MO ​ ​ 6,294 ​ ​ 1,421 ​ ​ 7,835 ​ ​ — ​ ​ 1,421 ​ ​ 7,835 ​ ​ 9,256 ​ ​ 210 ​ 2008 ​ 2018 Industrial ​ Greenville, SC ​ ​ — ​ ​ 186 ​ ​ 6,419 ​ ​ — ​ ​ 186 ​ ​ 6,419 ​ ​ 6,605 ​ ​ 170 ​ 2008 ​ 2018 Industrial ​ Nashville, TN ​ ​ 5,149 ​ ​ 1,058 ​ ​ 6,350 ​ ​ — ​ ​ 1,058 ​ ​ 6,350 ​ ​ 7,408 ​ ​ 101 ​ 1974 ​ 2019 Industrial ​ Wauconda, IL ​ ​ — ​ ​ 67 ​ ​ 3,423 ​ ​ 41 ​ ​ 67 ​ ​ 3,464 ​ ​ 3,531 ​ ​ 57 ​ 1998 ​ 2019 Industrial ​ Bensalem, PA ​ ​ 4,052 ​ ​ 1,602 ​ ​ 4,323 ​ ​ — ​ ​ 1,602 ​ ​ 4,323 ​ ​ 5,925 ​ ​ 59 ​ 1975 ​ 2019 Industrial ​ Chandler, AZ ​ ​ 5,170 ​ ​ 1,335 ​ ​ 7,379 ​ ​ — ​ ​ 1,335 ​ ​ 7,379 ​ ​ 8,714 ​ ​ 105 ​ 2004 ​ 2019 Industrial ​ LaGrange, GA ​ ​ 3,187 ​ ​ 297 ​ ​ 4,500 ​ ​ — ​ ​ 297 ​ ​ 4,500 ​ ​ 4,797 ​ ​ 54 ​ 2013 ​ 2019 Industrial ​ Shakopee, MN ​ ​ 4,996 ​ ​ 1,877 ​ ​ 5,462 ​ ​ 10 ​ ​ 1,877 ​ ​ 5,472 ​ ​ 7,349 ​ ​ 42 ​ 1998 ​ 2019 Industrial ​ Rincon, GA ​ ​ 4,100 ​ 61 ​ 5,968 ​ — ​ 61 ​ 5,968 ​ 6,029 ​ 32 1998 2019 Industrial Chandler, AZ ​ — ​ 1,164 ​ 1,691 ​ — ​ 1,164 ​ 1,691 ​ 2,855 ​ 9 2007 2019 Industrial Joppa, MD ​ 9,062 ​ 3,815 ​ 8,142 ​ 1,473 ​ 3,815 ​ 9,615 ​ 13,430 ​ 1,443 1994 2014 Office Brooklyn, NY ​ 2,326 ​ 1,381 ​ 5,447 ​ 3,013 ​ 1,381 ​ 8,460 ​ 9,841 ​ 4,072 1973 1998 Other Newark, DE ​ 1,550 ​ 935 ​ 3,643 ​ 43 ​ 935 ​ 3,686 ​ 4,621 ​ 1,512 1996 2003 Other ​ Beachwood, OH ​ ​ — ​ ​ 13,901 ​ ​ — ​ ​ — ​ ​ 13,901 ​ ​ - ​ ​ 13,901 ​ ​ — ​ N/A ​ 2016 Restaurant ​ Hauppauge, NY ​ ​ — ​ ​ 725 ​ ​ 2,963 ​ ​ — ​ ​ 725 ​ ​ 2,963 ​ ​ 3,688 ​ ​ 1,046 ​ 1992 ​ 2005 Restaurant ​ Palmyra, PA ​ ​ 688 ​ ​ 650 ​ ​ 650 ​ ​ — ​ ​ 650 ​ ​ 650 ​ ​ 1,300 ​ ​ 154 ​ 1981 ​ 2010 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ Gross Amount at Which Carried ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ Subsequent to ​ at December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and ​ Acquisition ​ ​ ​ ​ Building & ​ ​ ​ ​ Accumulated ​ Date of ​ Date Type Location Encumbrances Land Improvements Improvements Land Improvements Total Depreciation (1) Construction Acquired Restaurant ​ Reading, PA ​ ​ 680 ​ ​ 655 ​ ​ 625 ​ ​ — ​ ​ 655 ​ ​ 625 ​ ​ 1,280 ​ ​ 148 ​ 1981 ​ 2010 Restaurant ​ Reading, PA ​ ​ 669 ​ ​ 618 ​ ​ 643 ​ ​ — ​ ​ 618 ​ ​ 643 ​ ​ 1,261 ​ ​ 153 ​ 1983 ​ 2010 Restaurant ​ Hanover, PA ​ ​ 752 ​ ​ 736 ​ ​ 686 ​ ​ — ​ ​ 736 ​ ​ 686 ​ ​ 1,422 ​ ​ 161 ​ 1992 ​ 2010 Restaurant ​ Gettysburg, PA ​ ​ 771 ​ ​ 754 ​ ​ 704 ​ ​ — ​ ​ 754 ​ ​ 704 ​ ​ 1,458 ​ ​ 165 ​ 1991 ​ 2010 Restaurant ​ Trexlertown, PA ​ ​ 656 ​ ​ 800 ​ ​ 439 ​ ​ — ​ ​ 800 ​ ​ 439 ​ ​ 1,239 ​ ​ 103 ​ 1994 ​ 2010 Restaurant ​ Carrollton, GA ​ ​ 1,472 ​ ​ 796 ​ ​ 1,458 ​ ​ — ​ ​ 796 ​ ​ 1,458 ​ ​ 2,254 ​ ​ 336 ​ 1996 ​ 2012 Restaurant ​ Cartersville, GA ​ ​ 1,392 ​ ​ 786 ​ ​ 1,346 ​ ​ — ​ ​ 786 ​ ​ 1,346 ​ ​ 2,132 ​ ​ 330 ​ 1995 ​ 2012 Restaurant ​ Kennesaw, GA ​ ​ 1,141 ​ ​ 702 ​ ​ 916 ​ ​ — ​ ​ 702 ​ ​ 916 ​ ​ 1,618 ​ ​ 205 ​ 1989 ​ 2012 Restaurant ​ Lawrenceville, GA ​ ​ 1,095 ​ ​ 866 ​ ​ 899 ​ ​ — ​ ​ 866 ​ ​ 899 ​ ​ 1,765 ​ ​ 244 ​ 1988 ​ 2012 Restaurant ​ Concord, NC ​ ​ 1,441 ​ ​ 999 ​ ​ 1,076 ​ ​ — ​ ​ 999 ​ ​ 1,076 ​ ​ 2,075 ​ ​ 208 ​ 2000 ​ 2013 Restaurant ​ Myrtle Beach, SC ​ ​ 1,441 ​ ​ 1,102 ​ ​ 1,161 ​ ​ — ​ ​ 1,102 ​ ​ 1,161 ​ ​ 2,263 ​ ​ 235 ​ 1978 ​ 2013 Restaurant ​ Greensboro, NC ​ ​ 3,076 ​ ​ 1,770 ​ ​ 1,237 ​ ​ — ​ ​ 1,770 ​ ​ 1,237 ​ ​ 3,007 ​ ​ 233 ​ 1983 ​ 2013 Restaurant ​ Richmond, VA ​ ​ — ​ ​ 1,680 ​ ​ 1,341 ​ ​ — ​ ​ 1,680 ​ ​ 1,341 ​ ​ 3,021 ​ ​ 242 ​ 1983 ​ 2013 Restaurant ​ Indianapolis, IN ​ ​ — ​ ​ 853 ​ ​ 1,465 ​ ​ — ​ ​ 853 ​ ​ 1,465 ​ ​ 2,318 ​ ​ 254 ​ 1982 ​ 2014 Retail ​ Seattle, WA ​ ​ — ​ ​ 201 ​ ​ 189 ​ ​ 35 ​ ​ 201 ​ ​ 224 ​ ​ 425 ​ ​ 156 ​ 1986 ​ 1987 Retail ​ Rosenberg, TX ​ ​ — ​ ​ 216 ​ ​ 863 ​ ​ 66 ​ ​ 216 ​ ​ 929 ​ ​ 1,145 ​ ​ 552 ​ 1994 ​ 1995 Retail ​ Ft. Myers, FL ​ ​ — ​ ​ 1,013 ​ ​ 4,054 ​ ​ — ​ ​ 1,013 ​ ​ 4,054 ​ ​ 5,067 ​ ​ 2,344 ​ 1995 ​ 1996 Retail ​ Selden, NY ​ ​ 2,593 ​ ​ 572 ​ ​ 2,287 ​ ​ 150 ​ ​ 572 ​ ​ 2,437 ​ ​ 3,009 ​ ​ 1,253 ​ 1997 ​ 1999 Retail ​ Batavia, NY ​ ​ — ​ ​ 515 ​ ​ 2,061 ​ ​ — ​ ​ 515 ​ ​ 2,061 ​ ​ 2,576 ​ ​ 1,075 ​ 1998 ​ 1999 Retail ​ Champaign, IL ​ ​ 1,415 ​ ​ 791 ​ ​ 3,165 ​ ​ 530 ​ ​ 791 ​ ​ 3,695 ​ ​ 4,486 ​ ​ 1,740 ​ 1985 ​ 1999 Retail ​ El Paso, TX ​ ​ 10,493 ​ ​ 2,821 ​ ​ 11,123 ​ ​ 2,587 ​ ​ 2,821 ​ ​ 13,710 ​ ​ 16,531 ​ ​ 6,601 ​ 1974 ​ 2000 Retail ​ Somerville, MA ​ ​ — ​ ​ 510 ​ ​ 1,993 ​ ​ 24 ​ ​ 510 ​ ​ 2,017 ​ ​ 2,527 ​ ​ 850 ​ 1993 ​ 2003 Retail ​ Knoxville, TN ​ ​ 8,614 ​ ​ 2,290 ​ ​ 8,855 ​ ​ — ​ ​ 2,290 ​ ​ 8,855 ​ ​ 11,145 ​ ​ 3,496 ​ 2003 ​ 2004 Retail ​ Onalaska, WI ​ ​ 3,340 ​ ​ 753 ​ ​ 3,099 ​ ​ — ​ ​ 753 ​ ​ 3,099 ​ ​ 3,852 ​ ​ 1,172 ​ 1994 ​ 2004 Retail ​ Hyannis, MA ​ ​ — ​ ​ 802 ​ ​ 2,324 ​ ​ — ​ ​ 802 ​ ​ 2,324 ​ ​ 3,126 ​ ​ 695 ​ 1998 ​ 2008 Retail ​ Marston Mills, MA ​ ​ — ​ ​ 461 ​ ​ 2,313 ​ ​ — ​ ​ 461 ​ ​ 2,313 ​ ​ 2,774 ​ ​ 687 ​ 1998 ​ 2008 Retail ​ Everett, MA ​ ​ — ​ ​ 1,935 ​ ​ — ​ ​ — ​ ​ 1,935 ​ ​ — ​ ​ 1,935 ​ ​ — ​ N/A ​ 2008 Retail ​ Kennesaw, GA ​ ​ 5,077 ​ ​ 1,501 ​ ​ 4,349 ​ ​ 1,138 ​ ​ 1,501 ​ ​ 5,487 ​ ​ 6,988 ​ ​ 1,567 ​ 1995 ​ 2008 Retail ​ Royersford, PA ​ ​ 19,523 ​ ​ 19,538 ​ ​ 3,150 ​ ​ 424 ​ ​ 19,538 ​ ​ 3,574 ​ ​ 23,112 ​ ​ 906 ​ 2001 ​ 2010 Retail ​ Monroeville, PA ​ ​ — ​ ​ 450 ​ ​ 863 ​ ​ — ​ ​ 450 ​ ​ 863 ​ ​ 1,313 ​ ​ 207 ​ 1994 ​ 2010 Retail ​ Houston, TX ​ ​ — ​ ​ 1,962 ​ ​ 1,540 ​ ​ 94 ​ ​ 1,962 ​ ​ 1,634 ​ ​ 3,596 ​ ​ 407 ​ 2006 ​ 2010 Retail ​ Houston, TX ​ ​ — ​ ​ 2,002 ​ ​ 1,800 ​ ​ — ​ ​ 2,002 ​ ​ 1,800 ​ ​ 3,802 ​ ​ 464 ​ 2009 ​ 2010 Retail ​ Bolingbrook, IL ​ ​ — ​ ​ 834 ​ ​ 1,887 ​ ​ 101 ​ ​ 834 ​ ​ 1,988 ​ ​ 2,822 ​ ​ 490 ​ 2001 ​ 2011 Retail ​ Crystal Lake, IL ​ ​ — ​ ​ 615 ​ ​ 1,899 ​ ​ — ​ ​ 615 ​ ​ 1,899 ​ ​ 2,514 ​ ​ 507 ​ 1997 ​ 2011 Retail ​ Lawrence, KS ​ ​ — ​ ​ 134 ​ ​ 938 ​ ​ 157 ​ ​ 134 ​ ​ 1,095 ​ ​ 1,229 ​ ​ 189 ​ 1915 ​ 2012 Retail ​ Greensboro, NC ​ ​ 1,290 ​ ​ 1,046 ​ ​ 1,552 ​ ​ 29 ​ ​ 1,046 ​ ​ 1,581 ​ ​ 2,627 ​ ​ 275 ​ 2002 ​ 2014 Retail Highlands Ranch, CO — ​ ​ 2,361 ​ ​ 2,924 ​ ​ 296 ​ ​ 2,361 ​ ​ 3,220 ​ ​ 5,581 ​ ​ 504 1995 2014 Retail Woodbury, MN 2,790 ​ ​ 1,190 ​ ​ 4,003 ​ ​ — ​ ​ 1,190 ​ ​ 4,003 ​ ​ 5,193 ​ ​ 642 2006 2014 Retail Cuyahoga Falls, OH 1,050 ​ ​ 71 ​ ​ 1,371 ​ ​ — ​ ​ 71 ​ ​ 1,371 ​ ​ 1,442 ​ ​ 128 2004 2016 Retail Hilliard, OH 930 ​ ​ 300 ​ ​ 1,077 ​ ​ — ​ ​ 300 ​ ​ 1,077 ​ ​ 1,377 ​ ​ 102 2007 2016 Retail Port Clinton, OH 900 ​ ​ 52 ​ ​ 1,187 ​ ​ — ​ ​ 52 ​ ​ 1,187 ​ ​ 1,239 ​ ​ 113 2005 2016 Retail South Euclid, OH 1,020 ​ ​ 230 ​ ​ 1,566 ​ ​ — ​ ​ 230 ​ ​ 1,566 ​ ​ 1,796 ​ ​ 146 1975 2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ Gross Amount at Which Carried ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ Subsequent to ​ at December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and ​ Acquisition ​ ​ ​ ​ Building & ​ ​ ​ ​ Accumulated ​ Date of ​ Date Type Location Encumbrances Land Improvements Improvements Land Improvements Total Depreciation (1) Construction Acquired Retail St Louis Park, MN — ​ ​ 3,388 ​ ​ 13,088 ​ ​ 141 ​ ​ 3,388 ​ ​ 13,229 ​ ​ 16,617 ​ ​ 1,193 1962 2016 Retail Deptford, NJ 2,569 ​ ​ 572 ​ ​ 1,779 ​ ​ 705 ​ ​ 572 ​ ​ 2,484 ​ ​ 3,056 ​ ​ 758 1981 2012 Retail Cape Girardeau, MO 1,097 ​ ​ 545 ​ ​ 1,547 ​ ​ — ​ ​ 545 ​ ​ 1,547 ​ ​ 2,092 ​ ​ 316 1994 2012 Retail Littleton, CO 10,446 ​ ​ 6,005 ​ ​ 11,272 ​ ​ 404 ​ ​ 6,005 ​ ​ 11,676 ​ ​ 17,681 ​ ​ 1,739 1985 2015 Retail - Supermarket West Hartford, CT 16,203 ​ ​ 9,296 ​ ​ 4,813 ​ ​ 261 ​ ​ 9,296 ​ ​ 5,074 ​ ​ 14,370 ​ ​ 1,348 2005 2010 Retail - Supermarket West Hartford, CT — ​ ​ 2,881 ​ ​ 94 ​ ​ 326 ​ ​ 2,881 ​ ​ 420 ​ ​ 3,301 ​ ​ 206 N/A 2010 Retail - Supermarket Philadelphia, PA 3,907 ​ ​ 1,793 ​ ​ 5,640 ​ ​ 80 ​ ​ 1,793 ​ ​ 5,720 ​ ​ 7,513 ​ ​ 836 1992 2014 Retail-Furniture Columbus, OH — ​ ​ 1,445 ​ ​ 5,431 ​ ​ 460 ​ ​ 1,445 ​ ​ 5,891 ​ ​ 7,336 ​ ​ 3,211 1996 1997 Retail-Furniture Duluth, GA (3) 1,408 ​ ​ 778 ​ ​ 3,436 ​ ​ — ​ ​ 778 ​ ​ 3,436 ​ ​ 4,214 ​ ​ 1,178 1987 2006 Retail-Furniture Fayetteville, GA (3) 1,768 ​ ​ 976 ​ ​ 4,308 ​ ​ — ​ ​ 976 ​ ​ 4,308 ​ ​ 5,284 ​ ​ 1,477 1987 2006 Retail-Furniture Wichita, KS (3) 2,153 ​ ​ 1,189 ​ ​ 5,248 ​ ​ — ​ ​ 1,189 ​ ​ 5,248 ​ ​ 6,437 ​ ​ 1,799 1996 2006 Retail-Furniture Lexington, KY (3) 1,447 ​ ​ 800 ​ ​ 3,532 ​ ​ — ​ ​ 800 ​ ​ 3,532 ​ ​ 4,332 ​ ​ 1,210 1999 2006 Retail-Furniture Bluffton, SC (3) 1,066 ​ ​ 589 ​ ​ 2,600 ​ ​ — ​ ​ 589 ​ ​ 2,600 ​ ​ 3,189 ​ ​ 891 1994 2006 Retail-Furniture Amarillo, TX (3) 1,557 ​ ​ 860 ​ ​ 3,810 ​ ​ — ​ ​ 860 ​ ​ 3,810 ​ ​ 4,670 ​ ​ 1,305 1996 2006 Retail-Furniture Austin, TX (3) 2,873 ​ ​ 1,587 ​ ​ 7,010 ​ ​ — ​ ​ 1,587 ​ ​ 7,010 ​ ​ 8,597 ​ ​ 2,402 2001 2006 Retail-Furniture Tyler, TX (3) 1,866 ​ ​ 1,031 ​ ​ 4,554 ​ ​ — ​ ​ 1,031 ​ ​ 4,554 ​ ​ 5,585 ​ ​ 1,561 2001 2006 Retail-Furniture Newport News, VA (3) 1,360 ​ ​ 751 ​ ​ 3,316 ​ ​ — ​ ​ 751 ​ ​ 3,316 ​ ​ 4,067 ​ ​ 1,137 1995 2006 Retail-Furniture Richmond, VA (3) 1,569 ​ ​ 867 ​ ​ 3,829 ​ ​ — ​ ​ 867 ​ ​ 3,829 ​ ​ 4,696 ​ ​ 1,313 1979 2006 Retail-Furniture Virginia Beach, VA (3) 1,545 ​ ​ 854 ​ ​ 3,770 ​ ​ — ​ ​ 854 ​ ​ 3,770 ​ ​ 4,624 ​ ​ 1,292 1995 2006 Retail-Furniture Gurnee, IL — ​ ​ 834 ​ ​ 3,635 ​ ​ — ​ ​ 834 ​ ​ 3,635 ​ ​ 4,469 ​ ​ 1,208 1994 2006 Retail-Furniture Naples, FL 1,949 ​ ​ 3,070 ​ ​ 2,846 ​ ​ 189 ​ ​ 3,070 ​ ​ 3,035 ​ ​ 6,105 ​ ​ 868 1992 2008 Retail-Office Supply Lake Charles, LA (4) 4,836 ​ ​ 1,167 ​ ​ 4,669 ​ ​ 599 ​ ​ 1,167 ​ ​ 5,268 ​ ​ 6,435 ​ ​ 2,359 1998 2002 Retail-Office Supply Chicago, IL (4) 3,534 ​ ​ 3,877 ​ ​ 2,256 ​ ​ — ​ ​ 3,877 ​ ​ 2,256 ​ ​ 6,133 ​ ​ 637 1994 2008 Retail-Office Supply Cary, NC (4) 2,982 ​ ​ 1,129 ​ ​ 3,736 ​ ​ — ​ ​ 1,129 ​ ​ 3,736 ​ ​ 4,865 ​ ​ 1,055 1995 2008 Retail-Office Supply Eugene, OR (4) 2,655 ​ ​ 1,952 ​ ​ 2,096 ​ ​ — ​ ​ 1,952 ​ ​ 2,096 ​ ​ 4,048 ​ ​ 592 1994 2008 Retail-Office Supply El Paso, TX (4) 2,320 ​ ​ 1,035 ​ ​ 2,700 ​ ​ — ​ ​ 1,035 ​ ​ 2,700 ​ ​ 3,735 ​ ​ 762 1993 2008 Theater Greensboro, NC — ​ ​ — ​ ​ 8,328 ​ ​ 3,000 ​ ​ — ​ ​ 11,328 ​ ​ 11,328 ​ ​ 8,203 1999 2004 Theater Indianapolis, IN 4,002 ​ ​ 3,099 ​ ​ 5,225 ​ ​ 19 ​ ​ 3,099 ​ ​ 5,244 ​ ​ 8,343 ​ ​ 732 1997 2014 ​ ​ ​ ​ $ 440,278 ​ $ 195,320 ​ $ 602,532 ​ $ 37,985 ​ $ 195,320 ​ $ 640,517 ​ $ 835,837 ​ $ 135,302 ​ ​ ​ ​ Note 1—Depreciation is provided over the estimated useful lives of the buildings and improvements, which range from 5 to 40 years. Note 2—Upon purchase of the property in December 2006, a $416,000 rental income reserve was posted by the seller for the Company’s benefit, since the property was not producing sufficient rent at the time of acquisition. The Company recorded the receipt of this rental reserve as a reduction to land and building. Note 3—These 11 properties are retail furniture stores covered by one master lease and one loan that is secured by cross-collateralized mortgages. Note 4—These five properties are retail office supply stores net leased to the same tenant, pursuant to separate leases. Four of these leases contain cross default provisions. ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES Notes to Schedule III Consolidated Real Estate and Accumulated Depreciation (a) Reconciliation of “Real Estate and Accumulated Depreciation” (Amounts in Thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2019 2018 2017 Investment in real estate: ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of year ​ $ 829,143 ​ $ 775,327 ​ $ 748,065 Addition: Land, buildings and improvements ​ 49,669 ​ 86,117 ​ 47,207 Deduction: Properties sold ​ ​ (42,975) ​ ​ (32,301) ​ ​ (19,792) Deduction: Impairment loss ​ — ​ — ​ (153) Balance, end of year ​ $ 835,837 ​ $ 829,143 ​ $ 775,327 ​ ​ ​ (b) ​ ​ ​ ​ ​ ​ Accumulated depreciation: ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of year ​ $ 123,684 ​ $ 108,953 ​ $ 96,852 Addition: Depreciation ​ 17,534 ​ 16,615 ​ 15,689 Deduction: Accumulated depreciation related to properties sold ​ (5,916) ​ (1,884) ​ (3,588) Balance, end of year ​ $ 135,302 ​ $ 123,684 ​ $ 108,953 ​ (b) At December 31, 2019, the aggregate cost for federal income tax purposes is approximately $16,861 greater than the Company’s recorded values.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2019
SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts and operations of OLP, its wholly-owned subsidiaries, its joint ventures in which the Company, as defined, has a controlling interest, and variable interest entities (“VIEs”) of which the Company is the primary beneficiary. OLP and its consolidated subsidiaries are referred to herein as the “Company”. Material intercompany items and transactions have been eliminated in consolidation.
Investment in Joint Ventures and Variable Interest Entities	Investment in Joint Ventures and Variable Interest Entities The Financial Accounting Standards Board, or FASB, provides guidance for determining whether an entity is a VIE. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE’s economic performance and (ii) has the obligation to absorb losses, or the right to receive benefits, of the VIE that could potentially be significant to the VIE. The Company assesses the accounting treatment for each of its investments, including a review of each venture or limited liability company or partnership agreement, to determine the rights of each party and whether those rights are protective or participating. The agreements typically contain certain protective rights, such as the requirement of partner approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget or operating plan. In situations where, among other things, the Company and its partners jointly (i) approve the annual budget, (ii) approve certain expenditures, (iii) prepare or review and approve the joint venture’s tax return before filing, or (iv) approve each lease at a property, the Company does not consolidate as the Company considers these to be substantive participation rights that result in shared, joint power over the activities that most significantly impact the performance of the joint venture or property. Additionally, the Company assesses the accounting treatment for any interests pursuant to which the Company may have a variable interest as a lessor. Leases may contain certain protective rights, such as the right of sale and the receipt of certain escrow deposits. The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. All investments in unconsolidated joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are VIEs. In addition, the Company shares power with its co-managing members over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions. None of the joint venture debt is recourse to the Company, subject to standard carve-outs. ​ NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (Continued) The Company reviews on a quarterly basis its investments in unconsolidated joint ventures for other-than-temporary losses in investment value. Any decline that is not expected to be recovered based on the underlying assets of the investment is considered other than temporary and an impairment charge is recorded as a reduction in the carrying value of the investment. During the three years ended December 31, 2019, there were no impairment charges related to the Company’s investments in unconsolidated joint ventures. The Company has elected to follow the cumulative earnings approach when assessing, for the consolidated statement of cash flows, whether the distribution from the investee is a return of the investor’s investment as compared to a return on its investment. The source of the cash generated by the investee to fund the distribution is not a factor in the analysis (that is, it does not matter whether the cash was generated through investee refinancing, sale of assets or operating results). Consequently, the investor only considers the relationship between the cash received from the investee to its equity in the undistributed earnings of the investee, on a cumulative basis, in assessing whether the distribution from the investee is a return on or a return of its investment. Cash received from the unconsolidated entity is presumed to be a return on the investment to the extent that, on a cumulative basis, distributions received by the investor are less than its share of the equity in the undistributed earnings of the entity.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Management believes that the estimates and assumptions that are most important to the portrayal of the Company’s consolidated financial condition and results of operations, in that they require management’s most difficult, subjective or complex judgments, form the basis of the accounting policies deemed to be most significant to the Company. These significant accounting policies relate to revenues and the value of the Company’s real estate portfolio, including investments in unconsolidated joint ventures. Management believes its estimates and assumptions related to these significant accounting policies are appropriate under the circumstances; however, should future events or occurrences result in unanticipated consequences, there could be a material impact on the Company’s future consolidated financial condition or results of operations.
Revenue Recognition	Revenue Recognition Rental income includes the base rent that each tenant is required to pay in accordance with the terms of their respective leases reported on a straight-line basis over the non-cancelable term of the lease. In determining, in its judgment, that the unbilled rent receivable applicable to each specific property is collectible, management reviews unbilled rent receivables on a quarterly basis and takes into consideration the tenant’s payment history and financial condition. Some leases provide for increases based on the Consumer Price Index or for additional contingent rental revenue in the form of percentage rents. The percentage rents are based upon the level of sales achieved by the lessee and are recognized once the required sales levels are reached. A ground lease provides for rent which can be deferred and paid based on the operating performance of the property; therefore, this rent is recognized as rental income when the operating performance is achieved and the rent is received. ​ NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (Continued) Many of the Company’s properties are subject to long-term net leases under which the tenant is typically responsible to pay directly to the vendor the real estate taxes, insurance, utilities and ordinary maintenance and repairs related to the property, and the Company is not the primary obligor with respect to such items. As a result, the revenue and expenses relating to these properties are recorded on a net basis. For certain properties, in addition to contractual base rent, the tenants pay their pro rata share of real estate taxes and operating expenses to the Company. The income and expenses associated with properties at which the Company is the primary obligor are generally recorded on a gross basis. During 2019, 2018 and 2017, the Company recorded reimbursements of expenses of $10,443,000, $8,456,000 and $7,672,000, respectively, which are reported as part of Rental income, net in the accompanying consolidated statements of income. Gains and losses on the sale of real estate investments are recorded when the Company no longer holds a controlling financial interest in the entity which holds the real estate investment and the relevant revenue recognition criteria under GAAP have been met.
Fair Value Measurements	Fair Value Measurements The Company measures the fair value of financial instruments based on the assumptions that market participants would use in pricing the asset or liability. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between 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 on significant “unobservable” market inputs.
Purchase Accounting for Acquisition of Real Estate	Purchase Accounting for Acquisition of Real Estate In acquiring real estate, the Company evaluates whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, and if that requirement is met, the asset group is accounted for as an asset acquisition and not a business combination. Transaction costs incurred with such asset acquisitions are capitalized to real estate assets and depreciated over the respectful useful lives. The Company allocates the purchase price of real estate, including direct transaction costs applicable to an asset acquisition, among land, building, improvements and intangibles, such as the value of above, below and at-market leases, and origination costs associated with in-place leases at the acquisition date. The Company assesses the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. The value, as determined, is allocated to land, building and improvements based on management’s determination of the relative fair values of these assets. The Company assesses the fair value of the lease intangibles based on estimated cash flow projections that utilize appropriate discount rates and available market information. Such inputs are Level 3 in the fair value hierarchy. In valuing an acquired property’s intangibles, factors considered by management include estimates of carrying costs (e.g., real estate taxes, insurance, other operating expenses) and lost rental revenue during the expected lease-up periods based on its evaluation of current market demand. Management also estimates costs to execute similar leases, including leasing commissions and tenant improvements. ​ NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (Continued) The values of acquired above-market and below-market leases are recorded based on the present values (using discount rates which reflect the risks associated with the leases acquired) of the difference between the contractual amounts to be received and management’s estimate of market lease rates, measured over the terms of the respective leases that management deemed appropriate at the time of the acquisitions. Such valuations include a consideration of the non-cancellable terms of the respective leases, as well as any applicable renewal period(s). The fair values associated with below-market rental renewal options are determined based on the Company’s experience and the relevant facts and circumstances at the time of the acquisitions. The values of above-market leases are amortized as a reduction to rental income over the terms of the respective non-cancellable lease periods. The portion of the values of below-market leases are amortized as an increase to rental income over the terms of the respective non-cancellable lease periods. The portion of the values of the leases associated with below-market renewal options that management deemed are reasonably certain to be exercised by the tenant are amortized to rental income over such renewal periods. The value of other intangible assets ( i.e., one
Accounting for Long-Lived Assets and Impairment of Real Estate Owned	Accounting for Long-Lived Assets and Impairment of Real Estate Owned The Company reviews its real estate portfolio on a quarterly basis to ascertain if there are any indicators of impairment to the value of any of its real estate assets, including deferred costs and intangibles, to determine if there is any need for an impairment charge. In reviewing the portfolio, the Company examines one or more of the following: the type of asset, the current financial statements or other available financial information of the tenant, the economic situation in the area in which the asset is located, the economic situation in the industry in which the tenant is involved, the timeliness of the payments made by the tenant under its lease, property inspection reports and any communication with the tenant. For each real estate asset owned for which indicators of impairment exist, management performs a recoverability test by comparing (i) the sum of the estimated undiscounted future cash flows attributable to the asset, over an appropriate hold period, to (ii) the carrying amount of the asset. If the aggregate undiscounted cash flows are less than the asset’s carrying amount, an impairment loss is recorded to the extent that the estimated fair value is less than the asset’s carrying amount. The estimated fair value is determined using a discounted cash flow model of the expected future cash flows through the useful life of the property. The analysis includes an estimate of the future cash flows that are expected to result from the real estate investment’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, the effects of leasing demand, competition and other factors.
Properties Held-for-Sale	Properties Held-for-Sale Real estate investments are classified as properties held-for-sale when management determines that the investment meets the applicable criteria. Real estate assets that are classified as held-for-sale are: (i) valued at the lower of carrying amount or the estimated fair value less costs to sell on an individual asset basis; and (ii) not depreciated.
Cash and Cash Equivalents	Cash and Cash Equivalents All highly liquid investments with original maturities of three months or less when purchased are considered to be cash equivalents.
Escrows	Escrows Real estate taxes, insurance and other escrows aggregating $934,000 and $423,000 at December 31, 2019 and 2018, respectively, are included in Escrow, deposits and other assets and receivables.
Depreciation and Amortization	Depreciation and Amortization Depreciation of buildings is computed on the straight-line method over an estimated useful life of 40 years . Depreciation of building improvements is computed on the straight-line method over the estimated useful life of the improvements. If the Company determines it is the owner of tenant improvements, the amounts funded to construct the tenant improvements are treated as a capital asset and depreciated over the lesser of the remaining lease term or the estimated useful life of the improvements on the straight-line method. Leasehold interest and the related ground lease payments are amortized over the initial lease term of the leasehold position. Depreciation expense (including amortization of a leasehold position, lease origination costs, and capitalized leasing commissions) was $22,026,000, $24,155,000 and $20,993,000, during 2019, 2018 and 2017, respectively.
Deferred Financing Costs	Deferred Financing Costs Mortgage and credit line costs are deferred and amortized on a straight-line basis over the terms of the respective debt obligations, which approximates the effective interest method. At December 31, 2019 and 2018, accumulated amortization of such costs was $3,799,000 and $3,246,000 , respectively. The Company presents unamortized deferred financing costs as a direct deduction from the carrying amount of the associated debt liability.
Income Taxes	Income Taxes The Company is qualified as a real estate investment trust (“REIT”) under the applicable provisions of the Internal Revenue Code. Under these provisions, the Company will not be subject to Federal, and generally, state and local income taxes, on amounts distributed to stockholders, provided it distributes at least 90% of its ordinary taxable income and meets certain other conditions. The Company follows a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that more-likely-than-not will be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited. The Company has not identified any uncertain tax positions requiring accrual.
Concentration of Credit Risk	Concentration of Credit Risk The Company maintains cash accounts at various financial institutions. While the Company attempts to limit any financial exposure, substantially all of its deposit balances exceed federally insured limits. The Company has not experienced any losses on such accounts. The Company’s properties are located in 31 states. During 2019, 2018 and 2017, 9.2%, 9.3% and 13.2% of total revenues, respectively, were attributable to real estate investments located in Texas which is the only state in which real estate investments contributed more than 10% to the Company’s total revenues in any of the past three years. No tenant contributed over 10% to the Company’s total revenues during 2019, 2018 and 2017.
Segment Reporting	Segment Reporting Substantially all of the Company’s real estate assets, at acquisition, are comprised of real estate owned that is leased to tenants on a long-term basis. Therefore, the Company aggregates real estate assets for reporting purposes and operates in one reportable segment.
Stock Based Compensation	Stock Based Compensation The fair value of restricted stock grants and restricted stock units, determined as of the date of grant, is amortized into general and administrative expense over the respective vesting period. The deferred compensation to be recognized as expense is net of certain forfeiture and performance assumptions which are re-evaluated quarterly. The Company recognizes the effect of forfeitures when they occur and previously recognized compensation expense is reversed in the period the grant or unit is forfeited. For share-based awards with a performance or market measure, the Company recognizes compensation expense over the requisite service period. The requisite service period begins on the date the compensation committee of the Company’s Board of Directors authorizes the award, adopts any relevant performance measures and communicates the award to the recipient.
Derivatives and Hedging Activities	Derivatives and Hedging Activities The Company’s objective in using interest rate swaps is to add stability to interest expense. The Company does not use derivatives for trading or speculative purposes. The Company records all derivatives on the consolidated balance sheets at fair value using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. In addition, the Company incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. These counterparties are generally large financial institutions engaged in providing a variety of financial services. These institutions generally face similar risks regarding adverse changes in market and economic conditions including, but not limited to, fluctuations in interest rates, exchange rates, equity and commodity prices and credit spreads. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in accumulated other comprehensive income (outside of earnings) and subsequently reclassified to earnings in the period in which the hedged transaction becomes ineffective. For derivatives not designated as cash flow hedges, changes in the fair value of the derivative are recognized directly in earnings in the period in which the change occurs; however, the Company’s policy is to not enter into such transactions.
Collectability of Lease Payments	Collectability of Lease Payments Prior to the adoption of ASC 842, the Company’s policy was to maintain an allowance for doubtful accounts for estimated losses resulting from the inability of a tenant to make required lease payments. If the financial condition of a tenant were to deteriorate, adversely impacting its ability to make payments, an allowance would have been required. The Company recorded bad debt expense as a reduction of rental income. During 2018 and 2017, the Company recorded bad debt expense of $684,000 and $291,000, respectively, related to lease payments from tenants that filed Chapter 11 bankruptcy protection. Subsequent to the adoption of ASC 842, any changes to the collectability of lease payments is recognized as a current period adjustment to rental revenue (see Note 3).
Reclassifications	Reclassifications Certain amounts previously reported in the consolidated financial statements have been reclassified in the accompanying consolidated financial statements to conform to the current year’s presentation. Such reclassifications primarily relate to the presentation on the consolidated statement of income for the years ended 2018 and 2017 of (i) rental income, net, due to the adoption of a new lease accounting pronouncement (see Note 3), (ii) leasehold rent being included as part of Real estate expenses and (iii) prepayment costs on debt being presented separately from mortgage interest expense.
New Accounting Pronouncements	New Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt either the entire standard or only the provisions that eliminate or modify requirements. The Company is evaluating the new guidance to determine if, and to the extent, it will impact the Company’s consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the current “incurred loss” model with an “expected loss” approach. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted after December 2018. The Company has evaluated the new guidance and does not expect the adoption to have any significant effect on its consolidated financial statements.

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2019
LEASES
Schedule of components of lease revenues	NOTE 3—LEASES (Continued) The components of lease revenues are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2019 2018 2017 Fixed lease revenues ​ $ 70,788 ​ $ 65,042 $ 63,425 Variable lease revenues ​ 12,084 ​ 11,863 ​ 11,594 Lease revenues (a) $ 82,872 ​ $ 76,905 ​ $ 75,019 (a) Excludes $914, $1,849 and $897 of amortization related to lease intangible assets and liabilities for 2019, 2018, and 2017, respectively.
Schedule of minimum future contractual rents to be received under ASC 842	As of December 31, 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 and (ii) variable lease payments as described above. ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2020 $ 70,252 2021 ​ 69,586 2022 ​ 60,988 2023 ​ 52,217 2024 ​ 43,585 Thereafter ​ 176,622 Total ​ $ 473,250
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 December 31, 2019, under ASC 842, the minimum future lease payments related to the operating ground and office leases are as follows (amounts in thousands): ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2020 ​ $ 510 2021 ​ 511 2022 ​ 506 2023 ​ 507 2024 ​ 557 Thereafter ​ 3,741 Total undiscounted cash flows ​ 6,332 Present value discount ​ (1,529) Lease liability ​ $ 4,803
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

REAL ESTATE INVESTMENTS (Tables

REAL ESTATE INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2019
REAL ESTATE INVESTMENTS
Schedule of the Company's acquisitions of real estate	The following charts detail the Company’s real estate acquisitions during 2019 and 2018 (amounts in thousands). Date
Schedule of allocation of the purchase price for the company's acquisitions of real estate	NOTE 4—REAL ESTATE INVESTMENTS (Continued) The following charts detail the allocation of the purchase price for the Company’s acquisitions of real estate during 2019 and 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Betz Mechanical Supply/Steve Davis Sales industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bensalem, Pennsylvania ​ ​ 1,602 ​ ​ 4,322 ​ ​ 664 ​ ​ (220) ​ ​ 6,368 International Flora Technologies industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Chandler, Arizona ​ ​ 1,335 ​ ​ 7,379 ​ ​ — ​ ​ — ​ ​ 8,714 Nissan North America industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LaGrange, Georgia ​ ​ 297 ​ ​ 4,499 ​ ​ 627 ​ ​ (151) ​ ​ 5,272 Continental Hydraulics industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shakopee, Minnesota ​ ​ 1,877 ​ ​ 5,462 ​ ​ 944 ​ ​ (221) ​ ​ 8,062 Cosentino industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rincon, Georgia ​ ​ 61 ​ ​ 5,969 ​ ​ 667 ​ ​ (176) ​ ​ 6,521 The Door Mill industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Chandler, Arizona ​ ​ 1,164 ​ ​ 1,691 ​ ​ 254 ​ ​ (62) ​ ​ 3,047 Totals for 2019 ​ $ 7,461 ​ $ 39,096 ​ $ 4,245 ​ $ (915) ​ $ 49,887 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building & ​ Intangible Lease ​ ​ ​ Description of Property Land Improvements Asset Liability Total Campania International/U.S. Tape industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pennsburg, Pennsylvania ​ $ 1,776 ​ $ 11,125 ​ $ — ​ $ — ​ $ 12,901 Plymouth Industries industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plymouth, Minnesota ​ ​ 1,121 ​ ​ 4,429 ​ ​ — ​ ​ — ​ ​ 5,550 Applied Control industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Englewood, Colorado ​ ​ 1,562 ​ ​ 11,300 ​ ​ — ​ ​ — ​ ​ 12,862 Xerimis industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Moorestown, New Jersey ​ ​ 1,822 ​ ​ 5,056 ​ ​ 707 ​ ​ (88) ​ ​ 7,497 Multi-tenant industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Moorestown, New Jersey ​ ​ 1,443 ​ ​ 10,898 ​ ​ 1,469 ​ ​ (202) ​ ​ 13,608 Men’s Warehouse industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bakersfield, California ​ ​ 1,988 ​ ​ 9,996 ​ ​ 1,127 ​ ​ (2,198) ​ ​ 10,913 Dufresne Spencer Group industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Green Park, Missouri ​ ​ 1,420 ​ ​ 7,833 ​ ​ 810 ​ ​ — ​ ​ 10,063 Transcendia industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Greenville, South Carolina ​ ​ 186 ​ ​ 6,407 ​ ​ 322 ​ ​ (19) ​ ​ 6,896 Totals for 2018 ​ $ 11,318 ​ $ 67,044 ​ $ 4,435 ​ $ (2,507) ​ $ 80,290
Schedule of amortization of intangible lease assets as a result of acquired above market leases	The unamortized balance of intangible lease assets as a result of acquired above market leases at December 31, 2019 will be deducted from rental income through 2032 as follows (amounts in thousands): ​ ​ ​ ​ ​ 2020 $ 654 2021 ​ 647 2022 ​ 481 2023 ​ 288 2024 ​ 218 Thereafter ​ 741 Total ​ $ 3,029
Schedule of amortization of intangible lease liabilities as a result of acquired below market leases	The unamortized balance of intangible lease liabilities as a result of acquired below market leases at December 31, 2019 will be added to rental income through 2055 as follows (amounts in thousands): ​ ​ ​ ​ ​ 2020 $ 1,385 2021 ​ 1,335 2022 ​ 1,224 2023 ​ 984 2024 ​ 709 Thereafter ​ 6,784 Total ​ $ 12,421 ​
Schedule of amortization of origination costs associated with in-place leases	The unamortized balance of origination costs associated with in-place leases at December 31, 2019 will be charged to amortization expense through 2055 as follows (amounts in thousands): ​ ​ ​ ​ ​ 2020 $ 4,157 2021 ​ 4,035 2022 ​ 3,577 2023 ​ 2,937 2024 ​ 1,845 Thereafter ​ 6,488 Total ​ $ 23,039 ​

SALES OF PROPERTIES (Tables)

SALES OF PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2019
SALES OF PROPERTIES
Schedule of sales of real estate	The following chart details the Company’s sales of real estate during 2019, 2018 and 2017 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gain (Loss) on Sale of ​ Description of Property ​ Date Sold ​ Sales Price ​ Real Estate, Net ​ Kmart retail property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Clemmons, North Carolina ​ June 20, 2019 ​ $ 5,500 ​ $ 1,099 (a) Multi-tenant retail property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Athens, Georgia ​ August 23, 2019 ​ ​ 6,050 ​ ​ 1,045 (b) Land - The Briarbrook Village Apartments, ​ ​ ​ ​ ​ ​ ​ ​ ​ Wheaton, Illinois ​ August 29, 2019 ​ ​ 12,066 ​ ​ 1,530 ​ Aaron's retail property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Houston, Texas ​ October 21, 2019 ​ ​ 1,675 ​ ​ 218 ​ Assisted living facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ Round Rock, Texas ​ December 10, 2019 ​ ​ 16,600 ​ ​ 435 (c) Totals for 2019 ​ ​ ​ $ 41,891 ​ $ 4,327 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multi-tenant retail property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Fort Bend, Texas ​ January 30, 2018 ​ $ 9,200 ​ $ 2,408 (d) Land - The Meadows Apartments, ​ ​ ​ ​ ​ ​ ​ ​ ​ Lakemoor, Illinois ​ September 14, 2018 ​ ​ 8,459 ​ ​ 4,585 (e) Shopko retail property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Lincoln, Nebraska ​ December 13, 2018 ​ ​ 10,000 ​ ​ (1,731) ​ Totals for 2018 ​ ​ ​ $ 27,659 ​ $ 5,262 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Former Sports Authority retail property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Greenwood Village, Colorado ​ May 8, 2017 ​ $ 9,500 ​ $ 6,568 ​ Kohl's retail property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Kansas City, Missouri ​ July 14, 2017 ​ ​ 10,250 ​ ​ 2,180 (f) Former hhgregg retail property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Niles, Illinois ​ August 31, 2017 ​ ​ 5,000 ​ ​ 1,089 ​ Joe's Crab Shack restaurant property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Ann Arbor, Michigan ​ November 14, 2017 ​ ​ 2,300 ​ ​ — (g) Totals for 2017 ​ ​ ​ $ 27,050 ​ $ 9,837 ​ (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. Gain on sale of real estate, net, excludes a swap termination fee of $41 which is included in prepayment costs on debt. (b) Excludes a swap termination fee of $161 included in prepayment costs on debt. (c) Excludes a swap termination fee of $625 included in prepayment costs on debt. (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. (f) Excludes a swap termination fee of $131 included in prepayment costs on debt. (g) As the sales price was less than the net book value, the Company recorded an impairment loss of $153, representing the difference between the net sales price and the net book value. The impairment loss is included in the accompanying consolidated statement of income for the year ended December 31, 2017. Excludes a swap termination fee of $70 which is included in prepayment costs on debt. ​ NOTE 5—SALES OF PROPERTIES (Continued)

VARIABLE INTEREST ENTITIES, C_2

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITIES AND CONSOLIDATED JOINT VENTURES (Tables)	12 Months Ended
	Dec. 31, 2019
Unconsolidated Joint Ventures
Variable Interest Entities
Schedule of Variable Interest Entities through ground leases and carrying amount and maximum exposure to loss	The following chart details the VIE through the Company’s ground lease and the aggregate carrying amount and maximum exposure to loss as of December 31, 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land ​ # Units ​ Owner/ ​ ​ ​ Carrying ​ ​ ​ ​ Contract ​ in ​ Operator ​ ​ ​ Amount ​ ​ ​ ​ Purchase ​ Apartment ​ Mortgage from ​ Type of ​ and Maximum Description of Property(a) Date Acquired Price Complex Third Party(b) Exposure Exposure to Loss The 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 December 31, 2019.
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2019 2018(a) Land ​ $ 12,158 ​ $ 14,722 Buildings and improvements, net of accumulated depreciation of $4,334 and $4,119, respectively ​ ​ 24,223 ​ 27,642 Cash ​ ​ 888 ​ 1,020 Unbilled rent receivable ​ ​ 859 ​ ​ 1,211 Unamortized intangible lease assets, net ​ ​ 745 ​ ​ 890 Escrow, deposits and other assets and receivables ​ ​ 1,204 ​ ​ 810 Mortgages payable, net of unamortized deferred financing costs of $313 and $391, respectively ​ ​ 24,199 ​ ​ 26,850 Accrued expenses and other liabilities ​ ​ 562 ​ 761 Unamortized intangible lease liabilities, net ​ ​ 591 ​ ​ 1,694 Accumulated other comprehensive (loss) income ​ ​ (65) ​ ​ 31 Non-controlling interests in consolidated joint ventures ​ ​ 1,221 ​ 1,449 (a) Includes a consolidated joint venture, in which the Company held an 90% interest, located in Clemmons, North Carolina which was sold in June 2019 (see Note 5).

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2019 2018 Mortgages payable, gross ​ $ 440,278 ​ $ 423,096 Unamortized deferred financing costs ​ ​ (4,438) ​ (4,298) Mortgages payable, net ​ $ 435,840 ​ $ 418,798
Schedule of principal repayments	Scheduled principal repayments during the next five years and thereafter are as follows (amounts in thousands): ​ ​ ​ ​ ​ Year Ending December 31, ​ ​ 2020 ​ $ 13,530 2021 ​ ​ 22,963 2022 ​ ​ 46,083 2023 ​ ​ 30,182 2024 ​ ​ 62,819 Thereafter ​ ​ 264,701 Total ​ $ 440,278
Schedule of Line of credit, net	The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2019 2018 Line of credit, gross ​ $ 11,450 ​ $ 30,000 Unamortized deferred financing costs ​ ​ (619) ​ ​ (312) Line of credit, net ​ $ 10,831 ​ $ 29,688

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 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 ​ December 31, Fair Value Financial assets: ​ ​ ​ ​ ​ Interest rate swaps 2019 ​ $ 87 ​ 2018 ​ 2,399 Financial liabilities: ​ ​ ​ ​ ​ Interest rate swaps 2019 ​ $ 1,715 ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2019 2018 2017 One Liberty Properties Inc. and Consolidated Subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of (loss) gain recognized on derivatives in other comprehensive (loss) income ​ $ (4,224) ​ $ 1,870 ​ $ (221) Amount of reclassification from Accumulated other comprehensive (loss) income into Interest expense ​ ​ (702) ​ 98 ​ (1,786) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unconsolidated Joint Ventures (Company's share) ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain recognized on derivatives in other comprehensive income ​ ​ n/a ​ $ 69 ​ $ 15 Amount of reclassification from Accumulated other comprehensive income into Equity in earnings of unconsolidated joint ventures ​ ​ n/a ​ 103 ​ (61)

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	12 Months Ended
	Dec. 31, 2019
EARNINGS PER COMMON SHARE
Schedule of impact to the diluted weighted average number of shares of common stock related to the RSUs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2019 (a): ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ ​ ​ ​ Underlying ​ Return on ​ Stockholder ​ ​ ​ Shares Date of Award ​ Shares (b)(c) ​ Capital Metric ​ Return Metric ​ Total ​ Excluded (d) September 26, 2017 ​ 76,250 ​ 22,129 ​ 31,498 ​ 53,627 ​ 22,623 July 1, 2018 ​ 73,750 ​ 14,755 ​ 3,273 ​ 18,028 ​ 55,722 July 1, 2019 ​ 75,026 ​ 728 ​ — ​ 728 ​ 74,298 Totals 225,026 ​ 37,612 34,771 72,383 152,643 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2018 (e): ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ ​ ​ ​ Underlying ​ Return on ​ Stockholder ​ ​ ​ Shares Date of Award ​ Shares (b) ​ Capital Metric ​ Return Metric ​ Total ​ Excluded (d) September 26, 2017 ​ 76,250 ​ 34,633 ​ 4,462 ​ 39,095 ​ 37,155 July 1, 2018 ​ 76,250 ​ 33,388 ​ — ​ 33,388 ​ 42,862 Totals 152,500 ​ 68,021 4,462 72,483 80,017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2017 (f): ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Underlying ​ Return on ​ Stockholder ​ ​ ​ Shares Date of Award ​ Shares (b) ​ Capital Metric ​ Return Metric ​ Total ​ Excluded (d) September 26, 2017 ​ 76,250 ​ 33,353 ​ 38,125 ​ 71,478 ​ 4,772 (a) 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 December 31, 2019. (b) 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 12). NOTE 11—EARNINGS PER COMMON SHARE (Continued) (c) As of December 31, 2019, 2,500 shares of the 2018 award and 2,750 shares of the 2019 award were forfeited. (d) Excluded as the applicable conditions had not been met for these shares at the respective measurement dates. (e) 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 December 31, 2018. (f) 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 December 31, 2017.
Schedule of reconciliation of the numerator and denominator of earnings per share calculations	The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2019 2018 2017 Numerator for basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 18,544 ​ $ 21,564 ​ $ 24,249 Less net income attributable to non-controlling interests ​ ​ (533) ​ (899) ​ (102) Less earnings allocated to unvested restricted stock(a) ​ ​ (1,227) ​ (1,173) ​ (1,072) Net income available for common stockholders: basic and diluted ​ $ 16,784 ​ $ 19,492 ​ $ 23,075 Denominator for basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares ​ ​ 19,090 ​ 18,575 ​ 17,944 Effect of diluted securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ RSUs ​ ​ 29 ​ 13 ​ 103 Denominator for diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares ​ ​ 19,119 ​ 18,588 ​ 18,047 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share, basic ​ $ 0.88 ​ $ 1.05 ​ $ 1.29 Earnings per common share, diluted ​ $ 0.88 ​ $ 1.05 ​ $ 1.28 (a) Represents an allocation of distributed earnings to unvested restricted stock that, as participating securities, are entitled to receive dividends.

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2019
STOCKHOLDERS' EQUITY
Schedule of fair value assumptions of TSR awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TSR Award Year Expected Life (yrs) Dividend Rate Risk-Free Interest Rate Expected Price Volatility (a) 2019 3 6.22% ​ 1.79% - 2.07% ​ 21.37% - 23.04% ​ 2018 3 6.82% ​ 2.18% - 2.70% ​ 22.29% - 25.99% ​ 2017 3 7.16% ​ 1.14% - 1.64% ​ 16.57% - 19.16% ​ (a) calculated based on the historical and implied volatility.
Summary of the activity of the equity incentive plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2019 2018 2017 Restricted stock grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of shares ​ ​ 150,050 ​ ​ 144,750 ​ ​ 140,100 Average per share grant price ​ $ 25.70 ​ $ 25.31 ​ $ 24.75 Deferred compensation to be recognized over vesting period ​ $ 3,856,000 ​ $ 3,664,000 ​ $ 3,467,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested beginning of year ​ 651,250 ​ 612,900 ​ 591,750 Grants ​ 150,050 ​ 144,750 ​ 140,100 Vested during year ​ (114,650) ​ (106,000) ​ (118,450) Forfeitures ​ (12,400) ​ (400) ​ (500) Non-vested end of year ​ 674,250 ​ 651,250 ​ 612,900 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSU grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of underlying shares ​ ​ 77,776 ​ ​ 76,250 ​ ​ 76,250 Average per share grant price ​ $ 28.96 ​ $ 26.41 ​ $ 24.03 Deferred compensation to be recognized over vesting period ​ $ 865,000 ​ $ 952,000 ​ $ 1,004,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested beginning of year ​ ​ 152,500 ​ ​ 76,250 ​ ​ 200,000 Grants ​ ​ 77,776 ​ ​ 76,250 ​ ​ 76,250 Vested during year ​ ​ — ​ ​ — ​ ​ (113,584) Forfeitures ​ ​ (5,250) ​ ​ — ​ ​ (86,416) Non-vested end of year ​ ​ 225,026 ​ ​ 152,500 ​ ​ 76,250 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock and RSU grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average per share value of non-vested shares (based on grant price) ​ $ 24.96 ​ $ 23.83 ​ $ 22.89 Value of stock vested during the year (based on grant price) ​ $ 2,365,000 ​ $ 2,289,000 ​ $ 3,008,000 Weighted average per share value of shares forfeited during the year (based on grant price) ​ $ 25.40 ​ $ 23.59 ​ $ 8.37 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total charge to operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding restricted stock grants ​ $ 3,229,000 ​ $ 3,028,000 ​ $ 2,966,000 Outstanding RSUs ​ ​ 641,000 ​ ​ 482,000 ​ ​ 167,000 Total charge to operations ​ $ 3,870,000 ​ $ 3,510,000 ​ $ 3,133,000

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2019
INCOME TAXES
Schedule of reconciliation of cash dividends paid with the dividends paid deduction	The following table reconciles dividends declared with the dividends paid deduction for the years indicated (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2018 2017 ​ ​ Estimate ​ Actual ​ Actual Dividends declared ​ $ 35,663 ​ $ 34,652 ​ $ 32,393 Dividend reinvestment plan (a) ​ 247 ​ 313 ​ 252 ​ ​ 35,910 ​ 34,965 ​ 32,645 Less: Spillover dividends designated to previous year ​ — ​ (10,263) ​ (11,916) Less: Spillover dividends designated to following year (b) ​ ​ (8,976) ​ ​ (549) ​ ​ — Less: Return of capital ​ ​ (9,828) ​ ​ — ​ ​ — Plus: Dividends designated from prior year ​ ​ 549 ​ ​ — ​ ​ — Plus: Dividends designated from following year ​ — ​ — ​ 10,263 Dividends paid deduction ​ $ 17,655 ​ $ 24,153 ​ $ 30,992 (a) Reflects the up to 5% discount on common stock purchased through the dividend reinvestment plan. (b) The entire dividend paid in January 2020 and a portion of the dividend paid in January 2019 will be considered 2020 and 2019 dividends, respectively, as it was in excess of the Company’s earnings and profits through 2019 and 2018, respectively.

QUARTERLY FINANCIAL DATA (Una_2

QUARTERLY FINANCIAL DATA (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
QUARTERLY FINANCIAL DATA (Unaudited)
Schedule of Quarterly Financial Information	(In Thousands, Except Per Share Data) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter Ended ​ Total ​ 2019 March 31 June 30 Sept. 30 Dec. 31 For Year ​ Total revenues ​ $ 21,155 ​ $ 20,719 ​ $ 20,414 ​ $ 22,448 ​ $ 84,736 ​ Gain on sale of real estate, net ​ $ — ​ $ 1,099 ​ $ 2,544 ​ $ 684 ​ $ 4,327 ​ Net income ​ $ 4,011 ​ $ 4,558 ​ $ 5,097 ​ $ 4,878 ​ $ 18,544 ​ Net income attributable to One Liberty Properties, Inc. ​ $ 3,971 ​ $ 4,112 ​ $ 5,118 ​ $ 4,810 ​ $ 18,011 ​ Weighted average number of common shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 18,894 ​ 19,023 ​ 19,191 ​ ​ 19,245 ​ ​ 19,090 ​ Diluted ​ 18,993 ​ 19,129 ​ 19,239 ​ ​ 19,266 ​ ​ 19,119 ​ Net income per common share attributable to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ .19 ​ $ .20 ​ $ .25 ​ $ .23 ​ $ .88 (a) Diluted ​ $ .19 ​ $ .20 ​ $ .25 ​ $ .23 ​ $ .88 (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter Ended ​ Total 2018 March 31 June 30 Sept. 30 Dec. 31 For Year Total revenues ​ $ 19,534 ​ $ 19,752 ​ $ 19,570 ​ $ 20,270 ​ $ 79,126 ​ Gain (loss) on sale of real estate, net ​ $ 2,408 ​ $ — ​ $ 4,585 ​ $ (1,731) ​ $ 5,262 ​ Net income ​ $ 6,653 ​ $ 4,546 ​ $ 10,182 ​ $ 183 ​ $ 21,564 ​ Net income attributable to One Liberty Properties, Inc. ​ $ 5,851 ​ $ 4,517 ​ $ 10,147 ​ $ 150 ​ $ 20,665 ​ Weighted average number of common shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 18,396 ​ 18,519 ​ 18,646 ​ ​ 18,733 ​ ​ 18,575 ​ Diluted ​ 18,434 ​ 18,593 ​ 18,705 ​ ​ 18,748 ​ ​ 18,588 ​ Net income (loss) per common share attributable to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ .30 ​ $ .23 ​ $ .53 ​ $ (.01) ​ $ 1.05 (a) Diluted ​ $ .30 ​ $ .23 ​ $ .52 ​ $ (.01) ​ $ 1.05 (a) (a) Calculated on weighted average shares outstanding for the year.

ORGANIZATION AND BACKGROUND (De

ORGANIZATION AND BACKGROUND (Details)	Dec. 31, 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

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES - Investment in Joint Ventures and Variable Interest Entities (Details) - Unconsolidated Joint Ventures	12 Months Ended
	Dec. 31, 2019USD ($)item
Investment in Joint Ventures and Variable Interest Entities
Number of Unconsolidated Joint Venture VIEs | item	0
Recourse debt of joint ventures	$ 0
Impairment charges	$ 0

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue Recognition
Revenues	$ 22,448,000	$ 20,414,000	$ 20,719,000	$ 21,155,000	$ 20,270,000	$ 19,570,000	$ 19,752,000	$ 19,534,000	$ 84,736,000	$ 79,126,000	$ 75,916,000
Tenant reimbursements
Revenue Recognition
Revenues									$ 10,443,000	$ 8,456,000	$ 7,672,000

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Purchase Accounting for Acquisition of Real Estate (Details) - Above and Below Market Leases	12 Months Ended
	Dec. 31, 2018
Minimum
Purchase Accounting for Acquisition of Real Estate
Useful Life	1 year
Maximum
Purchase Accounting for Acquisition of Real Estate
Useful Life	36 years

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES - Escrows, Depreciation and Amortization (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Escrows
Real estate taxes, insurance and other escrows	$ 934,000	$ 423,000
Depreciation and Amortization
Depreciation and amortization	$ 22,026,000	$ 24,155,000	$ 20,993,000
Buildings
Depreciation and Amortization
Estimated useful life	40 years

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES - Deferred Financing Costs (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Deferred Financing Costs
Accumulated amortization of deferred financing costs	$ 3,799,000	$ 3,246,000

SIGNIFICANT ACCOUNTING POLICI_8

SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk and Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2019tenantstateitem	Dec. 31, 2018tenant	Dec. 31, 2017tenant
Concentration of Credit Risk
Number of states in which properties are located	31
Segment Reporting
Number of operating segments | item	1
Total Revenue | Geographic concentration
Concentration of Credit Risk
Number of states in which properties are located	31
Total Revenue | Geographic concentration | Texas
Concentration of Credit Risk
Concentration risk percentage	9.20%	9.30%	13.20%
Total Revenue | Customer concentration
Concentration of Credit Risk
Number of tenants contributed over 10% of total revenues | tenant	0	0	0

SIGNIFICANT ACCOUNTING POLICI_9

SIGNIFICANT ACCOUNTING POLICIES - Collectability of Lease Payments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Collectability of Lease Payments
Bad debt expense	$ 684,000	$ 291,000

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								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Lessor
Operating Lease, option to extend									true
Operating Lease, option to terminate									true
Practical expedient, single lease component	true								true
Components of lease revenues
Fixed lease revenues									$ 70,788,000	$ 65,042,000	$ 63,425,000
Variable lease revenues									12,084,000	11,863,000	11,594,000
Lease revenues									82,872,000	76,905,000	75,019,000
Amortization of intangibles relating to leases, net									914,000	1,849,000	897,000
Revenues	$ 22,448,000	$ 20,414,000	$ 20,719,000	$ 21,155,000	$ 20,270,000	$ 19,570,000	$ 19,752,000	$ 19,534,000	84,736,000	79,126,000	75,916,000
Rental income, net
Components of lease revenues
Revenues									83,786,000	78,754,000	75,916,000
Tenant reimbursements
Components of lease revenues
Revenues									10,443,000	8,456,000	7,672,000
ASU 2016-02 | Adjustment | Tenant reimbursements
Components of lease revenues
Revenues									$ 10,443,000	$ 8,456,000	$ 7,672,000

LEASES - As Lessor - Minimum Fu

LEASES - As Lessor - Minimum Future Rents (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Minimum future contractual rents to be received under ASC 842
2020	$ 70,252
2021	69,586
2022	60,988
2023	52,217
2024	43,585
Thereafter	176,622
Total	$ 473,250
Minimum future contractual rents to be received under ASC 840
2019		$ 66,959
2020		66,691
2021		65,130
2022		56,444
2023		47,644
Thereafter		208,923
Total		$ 511,791

LEASES - As Lessor - Unbilled S

LEASES - As Lessor - Unbilled Straight-Line Rent (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Unbilled Straight-Line Rent
Unbilled rent receivable	$ 15,037,000	$ 13,722,000
Period during which amount of unbilled rent receivable is to be billed and received	16 years
Unbilled straight-line rent receivables written off related to property sold	$ 182,000	45,000	$ 105,000
Unbilled rent payables	$ 662,000	0
Period during which amount of unbilled rent payable is to be billed and received	22 years
Unbilled rent straight-line rent receivable written off related to tenant bankruptcy	$ 548,000	$ 1,440,000	$ 362,000

LEASES - As Lessor - Lease Term

LEASES - As Lessor - Lease Termination Fees (Details)	3 Months Ended								12 Months Ended
	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Lease Termination Fee
Revenues	$ 22,448,000	$ 20,414,000	$ 20,719,000	$ 21,155,000	$ 20,270,000	$ 19,570,000	$ 19,752,000	$ 19,534,000	$ 84,736,000	$ 79,126,000	$ 75,916,000
Tenants in lease buy-out transactions
Lease Termination Fee
Number of retail tenants in lease buy-out transactions | item									2
Write-off of the unamortized intangible lease liability					$ 878,000					878,000
Write-off of unbilled rent receivable									$ 37,000	74,000
Rental income, net
Lease Termination Fee
Revenues									83,786,000	78,754,000	$ 75,916,000
Rental income, net | Tenants in lease buy-out transactions
Lease Termination Fee
Revenues										804,000
Lease termination fees
Lease Termination Fee
Revenues									950,000	372,000
Lease termination fees | Tenants in lease buy-out transactions
Lease Termination Fee
Revenues									$ 950,000	$ 372,000

LEASES - As Lessee - Ground Lea

LEASES - As Lessee - Ground Lease and Office Lease (Details)	12 Months Ended
	Dec. 31, 2019USD ($)item	Jan. 01, 2019USD ($)
Lessee
Operating lease liability	$ 4,803,000
Operating lease liability, Statement of Financial Position	us-gaap:AccruedLiabilitiesCurrentAndNoncurrent
Five-Year Lease
Lessee
Operating lease, number of renewal options | item	4
Operating lease, renewal term	5 years
Seven-Month Lease
Lessee
Operating lease, number of renewal options | item	1
Operating lease, renewal term	7 months
Real Estate in Greensboro, NC
Lessee
Operating lease, option to extend	true
Operating lease, discount rate (as a percent)	4.75%
Operating lease, remaining lease term	10 years 2 months 12 days
Operating lease expense	$ 525,000
Real Estate in Greensboro, NC | Five-Year Lease
Lessee
Operating lease, number of renewal options | item	4
Operating lease, renewal term	5 years
Real Estate in Greensboro, NC | Seven-Month Lease
Lessee
Operating lease, number of renewal options | item	1
Operating lease, renewal term	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, renewal term	5 years
Operating lease liability	$ 646,000
Operating lease liability, Statement of Financial Position	us-gaap:AccruedLiabilitiesCurrentAndNoncurrent
Right-of-use asset	$ 646,000
Operating lease, right-of-use asset, Statement of Financial Position	olp:EscrowDepositsAndOtherAssetsAndReceivables
Operating lease, discount rate (as a percent)	3.81%
Operating lease, remaining lease term	17 years
Operating lease expense	$ 54,000

LEASES - As Lessee - Minimum Fu

LEASES - As Lessee - Minimum Future Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Minimum future lease payments under ASC 842
2020	$ 510
2021	511
2022	506
2023	507
2024	557
Thereafter	3,741
Total undiscounted cash flows	6,332
Present value discount	(1,529)
Lease liability	$ 4,803
Operating lease liability, Statement of Financial Position	us-gaap:AccruedLiabilitiesCurrentAndNoncurrent
Minimum future lease payments under ASC 840
2019		$ 454
2020		127
2021		47
Total		$ 628

REAL ESTATE INVESTMENTS - Acqui

REAL ESTATE INVESTMENTS - Acquisitions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Real Estate Acquisitions
Contract Purchase Price	$ 49,250	$ 79,503
Capitalized Transaction Costs	637	787
New mortgage debt	$ 50,310	$ 15,563
Minimum
Real Estate Acquisitions
Interest rate (as a percent)	3.68%	4.46%
Maximum
Real Estate Acquisitions
Interest rate (as a percent)	4.90%	4.65%
Zwanenberg Food Group/Metro Carpets industrial facility, Nashville, Tennessee
Real Estate Acquisitions
Contract Purchase Price	$ 8,000
Capitalized Transaction Costs	77
Echo, Inc. industrial facility, Wauconda, Illinois
Real Estate Acquisitions
Contract Purchase Price	3,800
Capitalized Transaction Costs	26
Betz Mechanical Supply, Steve Davis Sales industrial Facility, Bensalem, Pennsylvania
Real Estate Acquisitions
Contract Purchase Price	6,200
Capitalized Transaction Costs	168
International Flora Technologies industrial facility, Chandler, Arizona
Real Estate Acquisitions
Contract Purchase Price	8,650
Capitalized Transaction Costs	64
Nissan North America industrial facility, LaGrange, Georgia
Real Estate Acquisitions
Contract Purchase Price	5,200
Capitalized Transaction Costs	72
Continental Hydraulics industrial facility, Shakopee, Minnesota
Real Estate Acquisitions
Contract Purchase Price	8,000
Capitalized Transaction Costs	62
Cosentino industrial facility, Rincon, Georgia
Real Estate Acquisitions
Contract Purchase Price	6,400
Capitalized Transaction Costs	121
The Door Mill industrial facility, Chandler, Arizona
Real Estate Acquisitions
Contract Purchase Price	3,000
Capitalized Transaction Costs	$ 47
Campania International/U.S. Tape industrial facility, Pennsburg, Pennsylvania
Real Estate Acquisitions
Contract Purchase Price		$ 12,675
Capitalized Transaction Costs		226
Plymouth Industries industrial facility, Plymouth, Minnesota
Real Estate Acquisitions
Contract Purchase Price		5,500
Capitalized Transaction Costs		50
Applied Control Industrial Facility, Eaglewood, Colorado
Real Estate Acquisitions
Contract Purchase Price		12,800
Capitalized Transaction Costs		62
Xerimis industrial facility, Moorestown, New Jersey
Real Estate Acquisitions
Contract Purchase Price		7,350
Capitalized Transaction Costs		147
Multi-tenant industrial facility, Moorestown, New Jersey
Real Estate Acquisitions
Contract Purchase Price		13,498
Capitalized Transaction Costs		110
Men's Warehouse industrial facility, Bakersfield, California
Real Estate Acquisitions
Contract Purchase Price		10,850
Capitalized Transaction Costs		63
Dufresne Spencer Group industrial facility, Green Park, Missouri
Real Estate Acquisitions
Contract Purchase Price		10,000
Capitalized Transaction Costs		63
Transcendia industrial facility, Greenville, South Carolina
Real Estate Acquisitions
Contract Purchase Price		6,830
Capitalized Transaction Costs		$ 66

REAL ESTATE INVESTMENTS - Purch

REAL ESTATE INVESTMENTS - Purchase Price Allocation (Details)	12 Months Ended			24 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2018USD ($)property
Allocation of purchase price for the Company's real estate acquisitions
Land	$ 7,461,000	$ 11,318,000		$ 11,318,000
Building and Improvements	39,096,000	67,044,000		67,044,000
Intangible Lease Asset	4,245,000	4,435,000		4,435,000
Intangible Lease Liability	(915,000)	(2,507,000)		(2,507,000)
Total	$ 49,887,000	$ 80,290,000		80,290,000
Weighted average amortization period for intangible lease assets	7 years 7 months 6 days	6 years 9 months 18 days
Weighted average amortization period for intangible lease liabilities	9 years 9 months 18 days	11 years 4 months 24 days
Above market lease accumulated amortization	$ 19,904,000	$ 16,503,000		16,503,000
Below market lease accumulated amortization	7,502,000	7,378,000		$ 7,378,000
Amortization of intangibles relating to leases, net	914,000	1,849,000	$ 897,000
Amortization expense relating to origination costs	4,039,000	7,175,000	4,984,000
Write off of tenant origination costs		2,743,000	$ 884,000
Number of properties at which tenant filed bankruptcy | property				4
Zwanenberg Food Group/Metro Carpets industrial facility, Nashville, Tennessee
Allocation of purchase price for the Company's real estate acquisitions
Land	1,058,000
Building 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
Building and Improvements	3,424,000
Intangible Lease Asset	339,000
Intangible Lease Liability	(4,000)
Total	3,826,000
Betz Mechanical Supply, Steve Davis Sales industrial Facility, Bensalem, Pennsylvania
Allocation of purchase price for the Company's real estate acquisitions
Land	1,602,000
Building 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	1,335,000
Building and Improvements	7,379,000
Total	8,714,000
Nissan North America industrial facility, LaGrange, Georgia
Allocation of purchase price for the Company's real estate acquisitions
Land	297,000
Building and Improvements	4,499,000
Intangible Lease Asset	627,000
Intangible Lease Liability	(151,000)
Total	5,272,000
Continental Hydraulics industrial facility, Shakopee, Minnesota
Allocation of purchase price for the Company's real estate acquisitions
Land	1,877,000
Building and Improvements	5,462,000
Intangible Lease Asset	944,000
Intangible Lease Liability	(221,000)
Total	8,062,000
Cosentino industrial facility, Rincon, Georgia
Allocation of purchase price for the Company's real estate acquisitions
Land	61,000
Building and Improvements	5,969,000
Intangible Lease Asset	667,000
Intangible Lease Liability	(176,000)
Total	6,521,000
The Door Mill industrial facility, Chandler, Arizona
Allocation of purchase price for the Company's real estate acquisitions
Land	1,164,000
Building and Improvements	1,691,000
Intangible Lease Asset	254,000
Intangible Lease Liability	(62,000)
Total	$ 3,047,000
Campania International/U.S. Tape industrial facility, Pennsburg, Pennsylvania
Allocation of purchase price for the Company's real estate acquisitions
Land		1,776,000		$ 1,776,000
Building and Improvements		11,125,000		11,125,000
Total		12,901,000		12,901,000
Plymouth Industries industrial facility, Plymouth, Minnesota
Allocation of purchase price for the Company's real estate acquisitions
Land		1,121,000		1,121,000
Building and Improvements		4,429,000		4,429,000
Total		5,550,000		5,550,000
Applied Control Industrial Facility, Eaglewood, Colorado
Allocation of purchase price for the Company's real estate acquisitions
Land		1,562,000		1,562,000
Building and Improvements		11,300,000		11,300,000
Total		12,862,000		12,862,000
Xerimis industrial facility, Moorestown, New Jersey
Allocation of purchase price for the Company's real estate acquisitions
Land		1,822,000		1,822,000
Building and Improvements		5,056,000		5,056,000
Intangible Lease Asset		707,000		707,000
Intangible Lease Liability		(88,000)		(88,000)
Total		7,497,000		7,497,000
Multi-tenant industrial facility, Moorestown, New Jersey
Allocation of purchase price for the Company's real estate acquisitions
Land		1,443,000		1,443,000
Building and Improvements		10,898,000		10,898,000
Intangible Lease Asset		1,469,000		1,469,000
Intangible Lease Liability		(202,000)		(202,000)
Total		13,608,000		13,608,000
Men's Warehouse industrial facility, Bakersfield, California
Allocation of purchase price for the Company's real estate acquisitions
Land		1,988,000		1,988,000
Building and Improvements		9,996,000		9,996,000
Intangible Lease Asset		1,127,000		1,127,000
Intangible Lease Liability		(2,198,000)		(2,198,000)
Total		10,913,000		10,913,000
Dufresne Spencer Group industrial facility, Green Park, Missouri
Allocation of purchase price for the Company's real estate acquisitions
Land		1,420,000		1,420,000
Building and Improvements		7,833,000		7,833,000
Intangible Lease Asset		810,000		810,000
Total		10,063,000		10,063,000
Transcendia industrial facility, Greenville, South Carolina
Allocation of purchase price for the Company's real estate acquisitions
Land		186,000		186,000
Building and Improvements		6,407,000		6,407,000
Intangible Lease Asset		322,000		322,000
Intangible Lease Liability		(19,000)		(19,000)
Total		$ 6,896,000		$ 6,896,000

REAL ESTATE INVESTMENTS - Unamo

REAL ESTATE INVESTMENTS - Unamortized Balances of Intangible Lease Assets and Liabilities (Details) - Rental income, net $ in Thousands	Dec. 31, 2019USD ($)
Amortization of intangible lease liabilities - below market leases
2020	$ 1,385
2021	1,335
2022	1,224
2023	984
2024	709
Thereafter	6,784
Total	12,421
Intangible lease asset - above market lease
Amortization of intangible lease assets - above market leases
2020	654
2021	647
2022	481
2023	288
2024	218
Thereafter	741
Total	$ 3,029

REAL ESTATE INVESTMENTS - Amort

REAL ESTATE INVESTMENTS - Amortization of In-Place Lease Origination Costs (Details) - USD ($)	Feb. 24, 2020	Feb. 20, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Amortization of origination costs associated with in-place leases
Purchase of real estate			$ 49,887,000	$ 80,290,000	$ 43,537,000
In-place leases
Amortization of origination costs associated with in-place leases
2020			4,157,000
2021			4,035,000
2022			3,577,000
2023			2,937,000
2024			1,845,000
Thereafter			6,488,000
Total			$ 23,039,000
Industrial Property Ashland, Virginia
Amortization of origination costs associated with in-place leases
Purchase of real estate		$ 9,100,000
Industrial Property Lowell, Arkansas
Amortization of origination costs associated with in-place leases
Purchase of real estate	$ 19,150,000

SALES OF PROPERTIES (Details)

SALES OF PROPERTIES (Details) - USD ($)

Feb. 11, 2020

Dec. 10, 2019

Aug. 23, 2019

Jun. 20, 2019

Jan. 30, 2018

Nov. 14, 2017

Jul. 14, 2017

Mar. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Sep. 14, 2018

Nov. 30, 2017

Sale of Property

Gross Sales Price

$ 41,891,000

$ 27,659,000

$ 27,050,000

Real estate investments, net

700,535,000

705,459,000

Gain (Loss) on Sale of Real Estate, Net

4,327,000

5,262,000

9,837,000

Impairment loss

153,000

Mortgage paid off

19,970,000

24,502,000

12,936,000

Kmart retail property, Clemmons, North Carolina

Sale of Property

Gross Sales Price

5,500,000

Gain (Loss) on Sale of Real Estate, Net

1,099,000

Multi-tenant retail property, Athens, Georgia

Sale of Property

Gross Sales Price

6,050,000

Gain (Loss) on Sale of Real Estate, Net

1,045,000

Prepayment costs on debt related to a swap termination fee

$ 161,000

Land - The Briarbrook Village Apartments, Wheaton, Illinois

Sale of Property

Gross Sales Price

12,066,000

Gain (Loss) on Sale of Real Estate, Net

1,530,000

Aaron's retail property, Houston, Texas

Sale of Property

Gross Sales Price

1,675,000

Gain (Loss) on Sale of Real Estate, Net

218,000

Assisted living facility, Round Rock, Texas

Sale of Property

Gross Sales Price

16,600,000

Gain (Loss) on Sale of Real Estate, Net

$ 435,000

Prepayment costs on debt related to a swap termination fee

$ 625,000

Multi-tenant retail property, Fort Bend, Texas

Sale of Property

Gross Sales Price

9,200,000

Gain (Loss) on Sale of Real Estate, Net

2,408,000

Land - The Meadows Apartments, Lakemoor, Illinois

Sale of Property

Gross Sales Price

8,459,000

Gain (Loss) on Sale of Real Estate, Net

4,585,000

Unamortized balance, fixed rent

$ 5,717,000

Deferred income

$ 5,906,000

Shopko retail property, Lincoln, Nebraska

Sale of Property

Gross Sales Price

10,000,000

Gain (Loss) on Sale of Real Estate, Net

$ (1,731,000)

Former Sports Authority retail property, Greenwood Village, Colorado

Sale of Property

Gross Sales Price

9,500,000

Gain (Loss) on Sale of Real Estate, Net

6,568,000

Kohl's retail property, Kansas City, Missouri

Sale of Property

Gross Sales Price

10,250,000

Gain (Loss) on Sale of Real Estate, Net

2,180,000

Prepayment costs on debt related to a swap termination fee

$ 131,000

Former hhgregg retail property, Niles, Illinois

Sale of Property

Gross Sales Price

5,000,000

Gain (Loss) on Sale of Real Estate, Net

1,089,000

Joe's Crab Shack restaurant property, Ann Arbor, Michigan

Sale of Property

Gross Sales Price

$ 2,300,000

Impairment loss

$ 153,000

Prepayment costs on debt related to a swap termination fee

$ 70,000

Retail property, Onalaska, Wisconsin

Sale of Property

Gain (Loss) on Sale of Real Estate, Net

$ 4,250,000

Proceeds from sale of real estate, net of closing costs

$ 7,093,000

Repayment of debt cost

290,000

Mortgage paid off

$ 3,332,000

Retail property, Onalaska, Wisconsin | Rental income, net | Geographic concentration

Sale of Property

Concentration risk percentage

1.00%

1.00%

1.00%

Consolidated Joint Venture | Kmart retail property, Clemmons, North Carolina

Sale of Property

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

90.00%

Prepayment costs on debt related to a swap termination fee

$ 41,000

Non-controlling interest's share of the gain

$ 422,000

Consolidated Joint Venture | Multi-tenant 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 LIABILITIES AND CONSOLIDATED JOINT VENTURES - Ground Leases (Details)	3 Months Ended								12 Months Ended
	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Variable Interest Entities
Total revenues	$ 22,448,000	$ 20,414,000	$ 20,719,000	$ 21,155,000	$ 20,270,000	$ 19,570,000	$ 19,752,000	$ 19,534,000	$ 84,736,000	$ 79,126,000	$ 75,916,000
VIE ground leases and aggregate carrying amount and maximum exposure to loss
Restricted cash					1,106,000					1,106,000
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									1,597,000	3,357,000	3,702,000
Variable Interest Entity, Not Primary Beneficiary | Properties Located in Wheaton and Lakemoor, Illinois | Ground lease rental income
Variable Interest Entities
Total revenues									814,000	1,964,000	$ 2,175,000
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					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					$ 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 LIABILITIES AND CONSOLIDATED JOINT VENTURES - Consolidated Joint Ventures (Details)	12 Months Ended
	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)
Consolidated VIEs Carrying Amount of Assets and Liabilities
Land	$ 195,320,000	$ 204,162,000
Unbilled rent receivable	15,037,000	13,722,000
Unamortized intangible lease assets, net	26,068,000	26,541,000
Escrow, deposits, and other assets and receivables	10,894,000	8,023,000
Mortgages payable, net of unamortized deferred financing costs of $313 and $391, respectively	435,840,000	418,798,000
Accrued expenses and other liabilities	14,587,000	11,094,000
Unamortized intangible lease liabilities, net	12,421,000	14,013,000
Accumulated other comprehensive (loss) income	(1,623,000)	1,890,000
Non-controlling interests in consolidated joint ventures	$ 1,221,000	1,449,000
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	$ 12,158,000	14,722,000
Buildings and improvements, net of accumulated depreciation of $4,334 and $4,119, respectively	24,223,000	27,642,000
Accumulated depreciation	4,334,000	4,119,000
Cash	888,000	1,020,000
Unbilled rent receivable	859,000	1,211,000
Unamortized intangible lease assets, net	745,000	890,000
Escrow, deposits, and other assets and receivables	1,204,000	810,000
Mortgages payable, net of unamortized deferred financing costs of $313 and $391, respectively	24,199,000	26,850,000
Unamortized deferred financing costs	313,000	391,000
Accrued expenses and other liabilities	562,000	761,000
Unamortized intangible lease liabilities, net	591,000	1,694,000
Accumulated other comprehensive (loss) income	(65,000)	31,000
Non-controlling interests in consolidated joint ventures	$ 1,221,000	$ 1,449,000
Consolidated Joint Venture-VIEs | Minimum
Variable Interest Entities
Ownership interest in consolidated joint venture of the company (as a percent)	90.00%
Consolidated Joint Venture-VIEs | Maximum
Variable Interest Entities
Ownership interest in consolidated joint venture of the company (as a percent)	95.00%
Consolidated Joint Venture-VIEs | Real Estate in Clemmons, NC
Variable Interest Entities
Ownership interest in consolidated joint venture of the company (as a percent)		90.00%

VARIABLE INTEREST ENTITIES, C_5

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITIES AND CONSOLIDATED JOINT VENTURES - MCB Real Estate, LLC (Details) - Consolidated Joint Venture-VIEs - MCB Real Estate, LLC and Affiliates	Dec. 31, 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 | $	$ 7,941,000	$ 9,891,000

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Details)	Mar. 02, 2020USD ($)	Dec. 31, 2019USD ($)itemproperty	Dec. 31, 2018USD ($)propertyitem	Dec. 31, 2017USD ($)
Investment in Unconsolidated Joint Ventures
Investment in unconsolidated joint ventures		$ 11,061,000	$ 10,857,000
Equity in earnings (loss) of unconsolidated joint ventures		$ 16,000	1,304,000	$ 826,000
Equity in earnings from sale of unconsolidated joint venture properties			$ 2,057,000
Unconsolidated Joint Ventures
Investment in Unconsolidated Joint Ventures
Number of unconsolidated joint ventures | item		4	4
Number of properties owned and operated by each unconsolidated joint venture | property		1	1
Investment in unconsolidated joint ventures		$ 11,061,000	$ 10,857,000
Equity in earnings (loss) of unconsolidated joint ventures		16,000	1,304,000	$ 826,000
Equity in earnings from sale of unconsolidated joint venture properties			2,057,000
Unconsolidated Joint Ventures | Wisconsin
Investment in Unconsolidated Joint Ventures
Income related to the discontinuance of hedge accounting on a mortgage swap			110,000
Unconsolidated Joint Ventures | Georgia
Investment in Unconsolidated Joint Ventures
Net Proceeds from the sale of property in unconsolidated joint venture	$ 819,000
Share of gain from the sale (as a percent)	50.00%
Unconsolidated Joint Ventures | New Jersey
Investment in Unconsolidated Joint Ventures
Income on write-off of an intangible lease liability			550,000
Unconsolidated Joint Ventures | MCB Real Estate, LLC and Affiliates
Investment in Unconsolidated Joint Ventures
Investment in unconsolidated joint ventures		$ 8,834,000	$ 9,087,000
Forecast | Unconsolidated Joint Ventures | Georgia
Investment in Unconsolidated Joint Ventures
Equity in earnings from sale of unconsolidated joint venture properties	$ 121,000

DEBT OBLIGATIONS - Mortgages Pa

DEBT OBLIGATIONS - Mortgages Payable (Details)	12 Months Ended
	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)
Mortgages Payable
Mortgages payable, net	$ 435,840,000	$ 418,798,000
Aggregate gross carrying value of real estate investments	835,837,000	829,143,000
Accumulated depreciation	$ 135,302,000	$ 123,684,000
Minimum
Mortgages Payable
Annual fixed interest rate (as a percent)	3.68%	4.46%
Maximum
Mortgages Payable
Annual fixed interest rate (as a percent)	4.90%	4.65%
Mortgages payable
Mortgages Payable
Mortgages payable, gross	$ 440,278,000	$ 423,096,000
Unamortized deferred financing costs	(4,438,000)	(4,298,000)
Mortgages payable, net	$ 435,840,000	$ 418,798,000
Number of outstanding mortgages | item	74
Aggregate gross carrying value of real estate investments	$ 698,441,000
Accumulated depreciation	$ 106,366,000
Weighted average interest rate (as a percent)	4.21%	4.26%
Mortgages payable | Interest rate swap | Minimum
Mortgages Payable
Annual fixed interest rate (as a percent)	3.02%
Mortgages payable | Interest rate swap | Maximum
Mortgages Payable
Annual fixed interest rate (as a percent)	5.87%

DEBT OBLIGATIONS - Principal pa

DEBT OBLIGATIONS - Principal payments (Details) - Mortgages payable - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Scheduled principal repayments during the next five years
2020	$ 13,530,000
2021	22,963,000
2022	46,083,000
2023	30,182,000
2024	62,819,000
Thereafter	264,701,000
Total	$ 440,278,000	$ 423,096,000

DEBT OBLIGATIONS - Line of Cred

DEBT OBLIGATIONS - Line of Credit (Details) - USD ($)	Jul. 02, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Mar. 05, 2020
Line of credit, net
Line of credit, net		$ 10,831,000	$ 29,688,000
Line of Credit
Line of Credit
Maximum borrowing capacity		$ 100,000,000
Unused facility fee (as a percent)		0.25%
Interest rate during the period (as a percent)		4.03%	3.73%	2.87%
Commitment fee which will be amortized over the remaining term of the facility	$ 550,000
Line of credit, net
Line of credit, gross		$ 11,450,000	$ 30,000,000		$ 39,550,000
Unamortized deferred financing costs		(619,000)	(312,000)
Line of credit, net		10,831,000	$ 29,688,000
Line of Credit | Maximum
Line of Credit
Borrowing capacity available for renovation and operating expense purposes		$ 30,000,000
Percentage of permitted borrowing base available for renovation and operating expense purposes		30.00%
Borrowing capacity available for renovation expenses purposes		$ 20,000,000
Borrowing capacity available for operating expense purposes		$ 10,000,000
Line of Credit | LIBOR
Line of Credit
Basis of interest rate		one month LIBOR
Applicable margin (as a percent)		2.00%	1.75%
Line of Credit | LIBOR | Minimum
Line of Credit
Applicable margin (as a percent)		1.75%
Line of Credit | LIBOR | Maximum
Line of Credit
Applicable margin (as a percent)		3.00%

FAIR VALUE MEASUREMENTS - Summa

FAIR VALUE MEASUREMENTS - Summary (Details)	Mar. 05, 2020USD ($)	Dec. 31, 2019USD ($)itemY	Dec. 31, 2018USD ($)Yitem
Recurring | Level 2 | Interest rate swap
Financial assets:
Derivative financial instruments		$ 87,000	$ 2,399,000
Financial liabilities:
Derivative financial instruments		1,715,000	505,000
Line of Credit
FAIR VALUE MEASUREMENTS
Line of credit, gross	$ 39,550,000	11,450,000	30,000,000
Mortgages payable
FAIR VALUE MEASUREMENTS
Estimated fair value of mortgages payable		454,039,000	420,396,000
Carrying value of mortgage loans		440,278,000	423,096,000
Excess of fair value over carrying value		$ 13,761,000
Excess of carrying value over fair value			$ 2,700,000
Blended market interest rate | Mortgages payable
FAIR VALUE MEASUREMENTS
Long-term debt, measurement input | item		0.0372	0.0441
Remaining term to maturity | Mortgages payable
FAIR VALUE MEASUREMENTS
Long-term debt, measurement input | Y		8.1	8.7

FAIR VALUE MEASUREMENTS - Inter

FAIR VALUE MEASUREMENTS - Interest Rate Derivatives (Details) - Interest rate derivatives - Cash flow hedges	12 Months Ended
	Dec. 31, 2019USD ($)item
Fair Value Measurements
Number of interest rate derivatives held	24
Number of mortgage loans outstanding	24
Notional Amount | $	$ 96,207,000
Weighted average maturity	5 years 2 months 12 days
Weighted average annual interest rate (as a percent)	3.93%
Minimum
Fair Value Measurements
Fixed Interest Rate (as a percent)	3.02%
Maximum
Fair Value Measurements
Fixed Interest Rate (as a percent)	5.16%

FAIR VALUE MEASUREMENTS - Deriv

FAIR VALUE MEASUREMENTS - Derivative Instruments, Gain (Loss) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value Measurements
Amount of reclassification from Accumulated other comprehensive (loss) income into Equity in earnings (loss) of unconsolidated joint ventures		$ 110,000
Reclassification of realized gain (loss) from Accumulated other comprehensive income (loss) to earnings		398,000
Interest rate swap | Cash flow hedges
Fair Value Measurements
Amount of (loss) gain recognized on derivatives in other comprehensive (loss) income	$ (4,224,000)	1,870,000	$ (221,000)
Amount of reclassification from Accumulated other comprehensive (loss) income into Interest expense	(702,000)	98,000	(1,786,000)
Reclassification of realized gain (loss) from Accumulated other comprehensive income (loss) to earnings	(816,000)	505,000	(201,000)
Reclassification of gain (loss)
Amount of gain (loss) recognized with respect to effectiveness testing	0	0	0
Additional amount to be reclassified during the next twelve months	426,000
Credit risk related contingent feature
Accrued interest payable on derivatives in a liability position	27,000	8,000
Fair value of derivative in a liability position, including accrued interest but excluding adjustments for non-performance risk	1,832,000	554,000
Termination liability value	1,832,000	554,000
Interest rate swap | Cash flow hedges | Accrued expenses and other liabilities
Credit risk related contingent feature
Adjustments for non-performance risk	$ 90,000	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	15,000
Amount of reclassification from Accumulated other comprehensive (loss) income into Equity in earnings (loss) of unconsolidated joint ventures		$ 103,000	$ (61,000)

RELATED PARTY TRANSACTIONS - Co

RELATED PARTY TRANSACTIONS - Compensation and Services Agreement (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Majestic
RELATED PARTY TRANSACTIONS
Fees under compensation and services agreement	$ 2,826,000	$ 2,745,000	$ 2,673,000
Property management costs allocated to real estate expenses annually	1,307,000	1,226,000	1,154,000
Additional payment for the entity's share of all direct office expenses	$ 216,000	216,000	216,000
Majestic | Net lease tenants
RELATED PARTY TRANSACTIONS
Property management costs (as a percent)	1.50%
Majestic | Operating lease tenants
RELATED PARTY TRANSACTIONS
Property management costs (as a percent)	2.00%
Executive officers and others
RELATED PARTY TRANSACTIONS
Share based compensation charged to operations	$ 1,973,000	$ 1,765,000	$ 1,539,000

RELATED PARTY TRANSACTIONS - Jo

RELATED PARTY TRANSACTIONS - Joint Venture Partners and Affiliates (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Unconsolidated Joint Ventures
RELATED PARTY TRANSACTIONS
Aggregate management fees paid to other partners	$ 117,000	$ 169,000	$ 175,000
Decrease in equity earnings, joint venture transaction	59,000	85,000	88,000
Brokerage commission paid to unconsolidated joint venture partner	64,000
Joint Venture Partners and Affiliates
RELATED PARTY TRANSACTIONS
Property management costs allocated to real estate expenses annually	$ 82,000	$ 107,000	$ 143,000

RELATED PARTY TRANSACTIONS - Ot

RELATED PARTY TRANSACTIONS - Other (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Chairman | General and administrative expense
RELATED PARTY TRANSACTIONS
Fees under compensation and services agreement	$ 289,000	$ 276,000	$ 276,000
Vice Chairman | General and administrative expense
RELATED PARTY TRANSACTIONS
Fees under compensation and services agreement	$ 116,000	$ 110,000	110,000
Gould Investors L.P.
RELATED PARTY TRANSACTIONS
Number of common stock shares owned by the related party	1,785,976	1,785,976
Ownership percentage held by the related party	9.00%	9.20%
Amount of insurance reimbursed	$ 1,025,000	$ 912,000	790,000
Gould Investors L.P. | Real estate expenses
RELATED PARTY TRANSACTIONS
Insurance expense recognized of amounts reimbursed to related party	$ 927,000	$ 877,000	$ 757,000

EARNINGS PER COMMON SHARE - Ear

EARNINGS PER COMMON SHARE - Earnings Per Common Share - Shares of common stock underlying RSUs (Details) - shares	1 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2010
Earnings Per Common Share
Options outstanding		0	0	0
RSUs
Earnings Per Common Share
Number of shares forfeited		5,250		86,416
Number of shares awarded		77,776	76,250	76,250
Number of shares vested				113,584
2019 and 2016 Incentive Plans
Earnings Per Common Share
Number of underlying shares		225,026	152,500
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric		37,612	68,021
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric		34,771	4,462
Total		72,383	72,483
Common shares not included in calculation due applicable metric had not been met at measurement dates		152,643	80,017
2019 and 2016 Incentive Plans | September 26, 2017
Earnings Per Common Share
Number of underlying shares		76,250	76,250	76,250
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric		22,129	34,633	33,353
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric		31,498	4,462	38,125
Total		53,627	39,095	71,478
Common shares not included in calculation due applicable metric had not been met at measurement dates		22,623	37,155	4,772
2019 and 2016 Incentive Plans | July 1, 2018
Earnings Per Common Share
Number of underlying shares		73,750	76,250
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric		14,755	33,388
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric		3,273
Total		18,028	33,388
Common shares not included in calculation due applicable metric had not been met at measurement dates		55,722	42,862
2019 and 2016 Incentive Plans | July 1, 2019
Earnings Per Common Share
Number of underlying shares		75,026
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric		728
Total		728
Common shares not included in calculation due applicable metric had not been met at measurement dates		74,298
2019 and 2016 Incentive Plans | Awards granted in 2018
Earnings Per Common Share
Number of shares forfeited		2,500
2019 and 2016 Incentive Plans | Awards granted in 2019
Earnings Per Common Share
Number of shares forfeited		2,750
2009 Incentive Plan | RSUs
Earnings Per Common Share
Number of shares forfeited				86,416
Number of shares awarded					200,000
Number of shares vested	113,584			113,584

EARNINGS PER COMMON SHARE - Rec

EARNINGS PER COMMON SHARE - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Numerator for basic and diluted earnings per share:
Net income	$ 4,878	$ 5,097	$ 4,558	$ 4,011	$ 183	$ 10,182	$ 4,546	$ 6,653	$ 18,544	$ 21,564	$ 24,249
Less net income attributable to non-controlling interests									(533)	(899)	(102)
Less earnings allocated to unvested restricted stock									(1,227)	(1,173)	(1,072)
Net income available for common stockholders: basic and diluted									$ 16,784	$ 19,492	$ 23,075
Denominator for basic earnings per share:
Weighted average number of common shares	19,245	19,191	19,023	18,894	18,733	18,646	18,519	18,396	19,090	18,575	17,944
Effect of diluted securities:
RSUs									29	13	103
Denominator for diluted earnings per share:
Weighted average number of shares	19,266	19,239	19,129	18,993	18,748	18,705	18,593	18,434	19,119	18,588	18,047
Earnings per common share, basic (in dollars per share)	$ 0.23	$ 0.25	$ 0.20	$ 0.19	$ (0.01)	$ 0.53	$ 0.23	$ 0.30	$ 0.88	$ 1.05	$ 1.29
Earnings per common share, diluted (in dollars per share)	$ 0.23	$ 0.25	$ 0.20	$ 0.19	$ (0.01)	$ 0.52	$ 0.23	$ 0.30	$ 0.88	$ 1.05	$ 1.28

STOCKHOLDERS' EQUITY - Stock Ba

STOCKHOLDERS' EQUITY - Stock Based Compensation Plans (Details) - USD ($)	Jan. 17, 2020	Jun. 30, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2010	Dec. 31, 2016
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%
Awards granted in 2018
Valuation assumptions
Expected life				3 years
Dividend rate				6.82%
Risk-free interest rate minimum				2.18%
Risk-free interest rate maximum				2.70%
Expected price volatility minimum				22.29%
Expected price volatility maximum				25.99%
Awards granted in 2017
Valuation assumptions
Expected life					3 years
Dividend rate					7.16%
Risk-free interest rate minimum					1.14%
Risk-free interest rate maximum					1.64%
Expected price volatility minimum					16.57%
Expected price volatility maximum					19.16%
Restricted stock
Stock Based Compensation
Number of shares awarded			150,050	144,750	140,100
Number of shares forfeited			12,400	400	500
Number of shares vested			114,650	106,000	118,450
Number of shares outstanding			674,250	651,250	612,900		591,750
Vesting period			5 years
RSUs
Stock Based Compensation
Number of shares awarded			77,776	76,250	76,250
Number of shares forfeited			5,250		86,416
Number of shares vested					113,584
Number of shares outstanding			225,026	152,500	76,250		200,000
TSR awards
Stock Based Compensation
Percentage of RSUs to vest upon achievement of specified criteria				50.00%
ROC Awards
Stock Based Compensation
Percentage of RSUs to vest upon achievement of specified criteria				50.00%
2016 and 2012 Incentive Plans
Stock Based Compensation
Additional awards authorized			0
2016 and 2012 Incentive Plans | Restricted stock and RSU grants
Stock Based Compensation
Number of shares outstanding			824,250
2016 and 2012 Incentive Plans | Restricted stock
Stock Based Compensation
Number of shares outstanding			674,250
2016 and 2012 Incentive Plans | RSUs
Stock Based Compensation
Number of shares outstanding			150,000
2019 Incentive Plan
Stock Based Compensation
Maximum number of shares authorized for issuance			750,000
Aggregate value of restricted shares issued	$ 4,202,000
2019 Incentive Plan | Restricted stock
Stock Based Compensation
Number of shares issued under the Plan	149,550
2019 Incentive Plan | RSUs
Stock Based Compensation
Number of shares awarded			75,026
2009 Incentive Plan | RSUs
Stock Based Compensation
Number of shares awarded						200,000
Number of shares forfeited					86,416
Number of shares vested		113,584			113,584
Pay-for-performance program | RSUs | Awards granted in 2019 | General and administrative expense
Valuation assumptions
Aggregate fair value of the shares granted			$ 865,000
Pay-for-performance program | RSUs | Awards granted in 2018 | General and administrative expense
Valuation assumptions
Aggregate fair value of the shares granted			818,000
Pay-for-performance program | RSUs | Awards granted in 2017 | General and administrative expense
Valuation assumptions
Aggregate fair value of the shares granted			$ 811,000

STOCKHOLDERS' EQUITY - Activity

STOCKHOLDERS' EQUITY - Activity of Equity Incentive Plans (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2010
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)		$ 24.96	$ 23.83	$ 22.89
Value of stock vested during the year (based on grant price)		$ 2,365,000	$ 2,289,000	$ 3,008,000
Weighted average per share value of shares forfeited during the year (based on grant price) (in dollars per share)		$ 25.40	$ 23.59	$ 8.37
Total charge to operations:
Share based compensation charged to operations		$ 3,870,000	$ 3,510,000	$ 3,133,000
Restricted stock
Summary of the activity of the incentive plans
Average per share grant price (in dollars per share)		$ 25.70	$ 25.31	$ 24.75
Deferred compensation to be recognized over vesting period		$ 3,856,000	$ 3,664,000	$ 3,467,000
Number of non-vested shares:
Non-vested beginning of period (in shares)		651,250	612,900	591,750
Number of shares awarded		150,050	144,750	140,100
Vested during year (in shares)		(114,650)	(106,000)	(118,450)
Forfeitures (in shares)		(12,400)	(400)	(500)
Non-vested end of period (in shares)		674,250	651,250	612,900
Total charge to operations:
Share based compensation charged to operations		$ 3,229,000	$ 3,028,000	$ 2,966,000
Total compensation costs related to non-vested awards that have not yet been recognized		$ 7,140,000
Weighted average remaining vesting period		2 years 1 month 6 days
RSUs
Summary of the activity of the incentive plans
Average per share grant price (in dollars per share)		$ 28.96	$ 26.41	$ 24.03
Deferred compensation to be recognized over vesting period		$ 865,000	$ 952,000	$ 1,004,000
Number of non-vested shares:
Non-vested beginning of period (in shares)		152,500	76,250	200,000
Number of shares awarded		77,776	76,250	76,250
Vested during year (in shares)				(113,584)
Forfeitures (in shares)		(5,250)		(86,416)
Non-vested end of period (in shares)		225,026	152,500	76,250
Total charge to operations:
Share based compensation charged to operations		$ 641,000	$ 482,000	$ 167,000
Total compensation costs related to non-vested awards that have not yet been recognized		$ 1,277,000
Weighted average remaining vesting period		1 year 6 months
2016 and 2012 Incentive Plans | Restricted stock and RSU grants
Number of non-vested shares:
Non-vested end of period (in shares)		824,250
2016 and 2012 Incentive Plans | Restricted stock
Number of non-vested shares:
Non-vested end of period (in shares)		674,250
2016 and 2012 Incentive Plans | RSUs
Number of non-vested shares:
Non-vested end of period (in shares)		150,000
2019 Incentive Plan | RSUs
Number of non-vested shares:
Number of shares awarded		75,026
2009 Incentive Plan | RSUs
Number of non-vested shares:
Number of shares awarded					200,000
Vested during year (in shares)	(113,584)			(113,584)
Forfeitures (in shares)				(86,416)

STOCKHOLDERS' EQUITY - Addition

STOCKHOLDERS' EQUITY - Additional equity disclosures (Details) - USD ($)	Mar. 13, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Stockholders' Equity
Cash distributions declared per share of common stock (in dollars per share)	$ 0.45	$ 1.80	$ 1.80	$ 1.74
Quarterly cash dividend declared	$ 9,037,000	$ 35,663,000	$ 34,652,000	$ 32,391,000
Dividend Reinvestment Plan
Common shares issued under Dividend Reinvestment Plan		220,000	243,000	198,000
Shares Issued Through Equity Offering Program
Number of shares sold (in shares)		180,120	126,300
Proceeds from Issuance of Common Stock		$ 5,392,000	$ 3,245,000
Payment of commissions on sale of shares		54,000	33,000
Payment of Offering Costs on Sale of Shares		$ 192,000	$ 107,000
Maximum
Dividend Reinvestment Plan
Discount rate (as a percent)		5.00%	5.00%	5.00%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	12 Months Ended
	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Commitments
Lesee, annual operating lease payments | $	$ 463,867
General and administrative expense
Commitments
Pension expense | $	$ 304,000	$ 295,000	$ 275,000
Five-Year Lease
Commitments
Operating lease, number of renewal options | item	4
Operating lease, renewal term	5 years
Seven-Month Lease
Commitments
Operating lease, number of renewal options | item	1
Operating lease, renewal term	7 months

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
INCOME TAXES
Period of disqualification of REIT status	4 years
Percentage of total distributions representing a return of capital to shareholders	27.00%
Percentage of total distributions representing capital gains distributions to shareholders		12.00%	17.00%
Reconciliation between dividends declared with the dividends paid deduction
Dividends declared	$ 35,663	$ 34,652	$ 32,393
Dividend reinvestment plan	247	313	252
Dividends before adjustments	35,910	34,965	32,645
Less: Spillover dividends designated to previous year		(10,263)	(11,916)
Less: Spillover dividends designated to following year	(8,976)	(549)
Less: Return of capital	(9,828)
Plus: Dividends designated from prior year	549
Plus: Dividends designated from following year			10,263
Dividends paid deduction	$ 17,655	$ 24,153	$ 30,992
Maximum
Reconciliation between dividends declared with the dividends paid deduction
Percentage of discount on common stock purchased through the dividend reinvestment plan	5.00%	5.00%	5.00%

QUARTERLY FINANCIAL DATA (Una_3

QUARTERLY FINANCIAL DATA (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
QUARTERLY FINANCIAL DATA (Unaudited)
Total revenues	$ 22,448	$ 20,414	$ 20,719	$ 21,155	$ 20,270	$ 19,570	$ 19,752	$ 19,534	$ 84,736	$ 79,126	$ 75,916
Gain (loss) on sale of real estate, net	684	2,544	1,099		(1,731)	4,585		2,408	4,327	5,262
Net income	4,878	5,097	4,558	4,011	183	10,182	4,546	6,653	18,544	21,564	24,249
Net income attributable to One Liberty Properties, Inc.	$ 4,810	$ 5,118	$ 4,112	$ 3,971	$ 150	$ 10,147	$ 4,517	$ 5,851	$ 18,011	$ 20,665	$ 24,147
Weighted average number of common shares outstanding:
Basic (in shares)	19,245	19,191	19,023	18,894	18,733	18,646	18,519	18,396	19,090	18,575	17,944
Diluted (in shares)	19,266	19,239	19,129	18,993	18,748	18,705	18,593	18,434	19,119	18,588	18,047
Net income (loss) per common share attributable to common stockholders:
Basic (in dollars per share)	$ 0.23	$ 0.25	$ 0.20	$ 0.19	$ (0.01)	$ 0.53	$ 0.23	$ 0.30	$ 0.88	$ 1.05	$ 1.29
Earnings per common share, diluted (in dollars per share)	$ 0.23	$ 0.25	$ 0.20	$ 0.19	$ (0.01)	$ 0.52	$ 0.23	$ 0.30	$ 0.88	$ 1.05	$ 1.28

Schedule III - Consolidated R_2

Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details)	12 Months Ended
	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	$ 440,278,000
Initial Cost To Company
Land	195,320,000
Buildings and Improvements	602,532,000
Costs Capitalized Subsequent to Acquisition
Improvements	37,985,000
Gross Amount at Which Carried at December 31
Land	195,320,000
Buildings and Improvements	640,517,000
Total	835,837,000	$ 829,143,000	$ 775,327,000	$ 748,065,000
Accumulated Depreciation	$ 135,302,000	$ 123,684,000	$ 108,953,000	$ 96,852,000
Minimum
Other disclosure
Estimated useful lives of buildings and improvements	5 years
Maximum
Other disclosure
Estimated useful lives of buildings and improvements	40 years
Retail - Furniture
Other disclosure
Number of properties covered by one master lease and one loan secured by cross - collateralized mortgages | property	11
Retail - Office Supply
Other disclosure
Number of properties net leased to same tenant pursuant to separate leases | property	5
Number of properties containing cross default provisions | property	4
Real Estate in Tucker, GA | Health & Fitness
Initial Cost To Company
Land	$ 807,000
Buildings and Improvements	3,027,000
Costs Capitalized Subsequent to Acquisition
Improvements	3,399,000
Gross Amount at Which Carried at December 31
Land	807,000
Buildings and Improvements	6,426,000
Total	7,233,000
Accumulated Depreciation	2,654,000
Real Estate in Hamilton, OH | Health & Fitness
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	4,542,000
Initial Cost To Company
Land	1,483,000
Buildings and Improvements	5,953,000
Gross Amount at Which Carried at December 31
Land	1,483,000
Buildings and Improvements	5,953,000
Total	7,436,000
Accumulated Depreciation	1,440,000
Real Estate in Secaucus, NJ | Health & Fitness
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	8,320,000
Initial Cost To Company
Land	5,449,000
Buildings and Improvements	9,873,000
Gross Amount at Which Carried at December 31
Land	5,449,000
Buildings and Improvements	9,873,000
Total	15,322,000
Accumulated Depreciation	1,751,000
Real Estate in Columbus, OH | Industrial
Initial Cost To Company
Land	435,000
Buildings and Improvements	1,703,000
Costs Capitalized Subsequent to Acquisition
Improvements	52,000
Gross Amount at Which Carried at December 31
Land	435,000
Buildings and Improvements	1,755,000
Total	2,190,000
Accumulated Depreciation	827,000
Real Estate in West Palm Beach, FL | Industrial
Initial Cost To Company
Land	181,000
Buildings and Improvements	724,000
Costs Capitalized Subsequent to Acquisition
Improvements	196,000
Gross Amount at Which Carried at December 31
Land	181,000
Buildings and Improvements	920,000
Total	1,101,000
Accumulated Depreciation	394,000
Real Estate in New Hyde Park, NY | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,421,000
Initial Cost To Company
Land	182,000
Buildings and Improvements	728,000
Costs Capitalized Subsequent to Acquisition
Improvements	281,000
Gross Amount at Which Carried at December 31
Land	182,000
Buildings and Improvements	1,009,000
Total	1,191,000
Accumulated Depreciation	445,000
Real Estate in Ronkonkoma, NY | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	5,580,000
Initial Cost To Company
Land	1,042,000
Buildings and Improvements	4,171,000
Costs Capitalized Subsequent to Acquisition
Improvements	2,903,000
Gross Amount at Which Carried at December 31
Land	1,042,000
Buildings and Improvements	7,074,000
Total	8,116,000
Accumulated Depreciation	2,637,000
Real Estate in Hauppauge, NY | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	25,860,000
Initial Cost To Company
Land	1,951,000
Buildings and Improvements	10,954,000
Costs Capitalized Subsequent to Acquisition
Improvements	9,600,000
Gross Amount at Which Carried at December 31
Land	1,951,000
Buildings and Improvements	20,554,000
Total	22,505,000
Accumulated Depreciation	6,597,000
Real Estate in Melville, NY | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,582,000
Initial Cost To Company
Land	774,000
Buildings and Improvements	3,029,000
Costs Capitalized Subsequent to Acquisition
Improvements	1,170,000
Gross Amount at Which Carried at December 31
Land	774,000
Buildings and Improvements	4,199,000
Total	4,973,000
Accumulated Depreciation	1,549,000
Real Estate in Saco, ME | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	5,440,000
Initial Cost To Company
Land	1,027,000
Buildings and Improvements	3,623,000
Costs Capitalized Subsequent to Acquisition
Improvements	2,050,000
Gross Amount at Which Carried at December 31
Land	1,027,000
Buildings and Improvements	5,673,000
Total	6,700,000
Accumulated Depreciation	1,346,000
Real Estate in Baltimore, MD | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	19,436,000
Initial Cost To Company
Land	6,474,000
Buildings and Improvements	25,282,000
Gross Amount at Which Carried at December 31
Land	6,474,000
Buildings and Improvements	25,282,000
Total	31,756,000
Accumulated Depreciation	8,243,000
Other disclosure
Reduction to cost of land and buildings	416,000
Real Estate in Durham, NC | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,621,000
Initial Cost To Company
Land	1,043,000
Buildings and Improvements	2,404,000
Costs Capitalized Subsequent to Acquisition
Improvements	44,000
Gross Amount at Which Carried at December 31
Land	1,043,000
Buildings and Improvements	2,448,000
Total	3,491,000
Accumulated Depreciation	614,000
Real Estate in Pinellas Park, FL | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,253,000
Initial Cost To Company
Land	1,231,000
Buildings and Improvements	1,669,000
Gross Amount at Which Carried at December 31
Land	1,231,000
Buildings and Improvements	1,669,000
Total	2,900,000
Accumulated Depreciation	351,000
Real Estate in Miamisburg, OH | Industrial
Initial Cost To Company
Land	165,000
Buildings and Improvements	1,348,000
Costs Capitalized Subsequent to Acquisition
Improvements	12,000
Gross Amount at Which Carried at December 31
Land	165,000
Buildings and Improvements	1,360,000
Total	1,525,000
Accumulated Depreciation	279,000
Real Estate 1 in Fort Mill, SC | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	7,766,000
Initial Cost To Company
Land	1,840,000
Buildings and Improvements	12,687,000
Costs Capitalized Subsequent to Acquisition
Improvements	55,000
Gross Amount at Which Carried at December 31
Land	1,840,000
Buildings and Improvements	12,742,000
Total	14,582,000
Accumulated Depreciation	2,277,000
Real Estate in Indianapolis, IN | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	5,587,000
Initial Cost To Company
Land	1,224,000
Buildings and Improvements	6,935,000
Gross Amount at Which Carried at December 31
Land	1,224,000
Buildings and Improvements	6,935,000
Total	8,159,000
Accumulated Depreciation	1,460,000
Real Estate 2 in Fort Mill, SC | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	23,601,000
Initial Cost To Company
Land	1,804,000
Buildings and Improvements	33,650,000
Gross Amount at Which Carried at December 31
Land	1,804,000
Buildings and Improvements	33,650,000
Total	35,454,000
Accumulated Depreciation	6,990,000
Real Estate in New Hope, MN | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	4,053,000
Initial Cost To Company
Land	881,000
Buildings and Improvements	6,064,000
Costs Capitalized Subsequent to Acquisition
Improvements	81,000
Gross Amount at Which Carried at December 31
Land	881,000
Buildings and Improvements	6,145,000
Total	7,026,000
Accumulated Depreciation	804,000
Real Estate 1 in Louisville, KY | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,189,000
Initial Cost To Company
Land	578,000
Buildings and Improvements	3,727,000
Costs Capitalized Subsequent to Acquisition
Improvements	48,000
Gross Amount at Which Carried at December 31
Land	578,000
Buildings and Improvements	3,775,000
Total	4,353,000
Accumulated Depreciation	472,000
Real Estate 2 in Louisville, KY | Industrial
Initial Cost To Company
Land	51,000
Buildings and Improvements	230,000
Gross Amount at Which Carried at December 31
Land	51,000
Buildings and Improvements	230,000
Total	281,000
Accumulated Depreciation	28,000
Real Estate in McCalla, AL | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	9,749,000
Initial Cost To Company
Land	1,588,000
Buildings and Improvements	14,682,000
Gross Amount at Which Carried at December 31
Land	1,588,000
Buildings and Improvements	14,682,000
Total	16,270,000
Accumulated Depreciation	1,670,000
Real Estate In St Louis, MO | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	11,053,000
Initial Cost To Company
Land	3,728,000
Buildings and Improvements	13,006,000
Costs Capitalized Subsequent to Acquisition
Improvements	701,000
Gross Amount at Which Carried at December 31
Land	3,728,000
Buildings and Improvements	13,707,000
Total	17,435,000
Accumulated Depreciation	1,585,000
Real Estate 1 in Greenville, SC | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	4,816,000
Initial Cost To Company
Land	693,000
Buildings and Improvements	6,893,000
Costs Capitalized Subsequent to Acquisition
Improvements	225,000
Gross Amount at Which Carried at December 31
Land	693,000
Buildings and Improvements	7,118,000
Total	7,811,000
Accumulated Depreciation	693,000
Real Estate 2 in Greenville, SC | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	5,351,000
Initial Cost To Company
Land	528,000
Buildings and Improvements	8,074,000
Costs Capitalized Subsequent to Acquisition
Improvements	127,000
Gross Amount at Which Carried at December 31
Land	528,000
Buildings and Improvements	8,201,000
Total	8,729,000
Accumulated Depreciation	809,000
Real Estate in El Paso, TX | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	13,672,000
Initial Cost To Company
Land	3,691,000
Buildings and Improvements	17,904,000
Costs Capitalized Subsequent to Acquisition
Improvements	350,000
Gross Amount at Which Carried at December 31
Land	3,691,000
Buildings and Improvements	18,254,000
Total	21,945,000
Accumulated Depreciation	1,698,000
Real Estate in Lebanon, TN | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	21,190,000
Initial Cost To Company
Land	2,094,000
Buildings and Improvements	30,039,000
Costs Capitalized Subsequent to Acquisition
Improvements	46,000
Gross Amount at Which Carried at December 31
Land	2,094,000
Buildings and Improvements	30,085,000
Total	32,179,000
Accumulated Depreciation	2,559,000
Real Estate in Huntersville, NC | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	4,849,000
Initial Cost To Company
Land	1,046,000
Buildings and Improvements	6,674,000
Gross Amount at Which Carried at December 31
Land	1,046,000
Buildings and Improvements	6,674,000
Total	7,720,000
Accumulated Depreciation	462,000
Real Estate in Pittston, PA | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	6,779,000
Initial Cost To Company
Land	999,000
Buildings and Improvements	9,922,000
Costs Capitalized Subsequent to Acquisition
Improvements	250,000
Gross Amount at Which Carried at December 31
Land	999,000
Buildings and Improvements	10,172,000
Total	11,171,000
Accumulated Depreciation	687,000
Real Estate in Ankeny, IA | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	8,271,000
Initial Cost To Company
Land	1,351,000
Buildings and Improvements	11,607,000
Gross Amount at Which Carried at December 31
Land	1,351,000
Buildings and Improvements	11,607,000
Total	12,958,000
Accumulated Depreciation	757,000
Real Estate in Memphis, TN | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	4,987,000
Initial Cost To Company
Land	140,000
Buildings and Improvements	7,952,000
Gross Amount at Which Carried at December 31
Land	140,000
Buildings and Improvements	7,952,000
Total	8,092,000
Accumulated Depreciation	458,000
Real Estate in Pennsburg, PA | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	7,998,000
Initial Cost To Company
Land	1,776,000
Buildings and Improvements	11,126,000
Gross Amount at Which Carried at December 31
Land	1,776,000
Buildings and Improvements	11,126,000
Total	12,902,000
Accumulated Depreciation	553,000
Real Estate in Plymouth, MN | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	3,238,000
Initial Cost To Company
Land	1,121,000
Buildings and Improvements	4,429,000
Gross Amount at Which Carried at December 31
Land	1,121,000
Buildings and Improvements	4,429,000
Total	5,550,000
Accumulated Depreciation	179,000
Real Estate in Englewood, CO | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	8,190,000
Initial Cost To Company
Land	1,562,000
Buildings and Improvements	11,300,000
Gross Amount at Which Carried at December 31
Land	1,562,000
Buildings and Improvements	11,300,000
Total	12,862,000
Accumulated Depreciation	355,000
Real Estate 1 in Moorestown, NJ | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	3,904,000
Initial Cost To Company
Land	1,822,000
Buildings and Improvements	5,056,000
Gross Amount at Which Carried at December 31
Land	1,822,000
Buildings and Improvements	5,056,000
Total	6,878,000
Accumulated Depreciation	150,000
Real Estate 2 in Moorestown, NJ | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	8,673,000
Initial Cost To Company
Land	1,443,000
Buildings and Improvements	10,898,000
Gross Amount at Which Carried at December 31
Land	1,443,000
Buildings and Improvements	10,898,000
Total	12,341,000
Accumulated Depreciation	317,000
Real Estate in Bakersfield, CA | Industrial
Initial Cost To Company
Land	1,988,000
Buildings and Improvements	9,998,000
Gross Amount at Which Carried at December 31
Land	1,988,000
Buildings and Improvements	9,998,000
Total	11,986,000
Accumulated Depreciation	273,000
Real Estate in Green Park, MO | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	6,294,000
Initial Cost To Company
Land	1,421,000
Buildings and Improvements	7,835,000
Gross Amount at Which Carried at December 31
Land	1,421,000
Buildings and Improvements	7,835,000
Total	9,256,000
Accumulated Depreciation	210,000
Real Estate 3 in Greenville, SC | Industrial
Initial Cost To Company
Land	186,000
Buildings and Improvements	6,419,000
Gross Amount at Which Carried at December 31
Land	186,000
Buildings and Improvements	6,419,000
Total	6,605,000
Accumulated Depreciation	170,000
Real Estate in Nashville, TN | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	5,149,000
Initial Cost To Company
Land	1,058,000
Buildings and Improvements	6,350,000
Gross Amount at Which Carried at December 31
Land	1,058,000
Buildings and Improvements	6,350,000
Total	7,408,000
Accumulated Depreciation	101,000
Real Estate in Wauconda, IL | Industrial
Initial Cost To Company
Land	67,000
Buildings and Improvements	3,423,000
Costs Capitalized Subsequent to Acquisition
Improvements	41,000
Gross Amount at Which Carried at December 31
Land	67,000
Buildings and Improvements	3,464,000
Total	3,531,000
Accumulated Depreciation	57,000
Real Estate in Bensalem, PA | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	4,052,000
Initial Cost To Company
Land	1,602,000
Buildings and Improvements	4,323,000
Gross Amount at Which Carried at December 31
Land	1,602,000
Buildings and Improvements	4,323,000
Total	5,925,000
Accumulated Depreciation	59,000
Real Estate 1 in Chandler, AZ | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	5,170,000
Initial Cost To Company
Land	1,335,000
Buildings and Improvements	7,379,000
Gross Amount at Which Carried at December 31
Land	1,335,000
Buildings and Improvements	7,379,000
Total	8,714,000
Accumulated Depreciation	105,000
Real Estate in LaGrange, GA | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	3,187,000
Initial Cost To Company
Land	297,000
Buildings and Improvements	4,500,000
Gross Amount at Which Carried at December 31
Land	297,000
Buildings and Improvements	4,500,000
Total	4,797,000
Accumulated Depreciation	54,000
Real Estate in Shakopee, MN | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	4,996,000
Initial Cost To Company
Land	1,877,000
Buildings and Improvements	5,462,000
Costs Capitalized Subsequent to Acquisition
Improvements	10,000
Gross Amount at Which Carried at December 31
Land	1,877,000
Buildings and Improvements	5,472,000
Total	7,349,000
Accumulated Depreciation	42,000
Real Estate in Rincon, GA | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	4,100,000
Initial Cost To Company
Land	61,000
Buildings and Improvements	5,968,000
Gross Amount at Which Carried at December 31
Land	61,000
Buildings and Improvements	5,968,000
Total	6,029,000
Accumulated Depreciation	32,000
Real Estate 2 in Chandler, AZ | Industrial
Initial Cost To Company
Land	1,164,000
Buildings and Improvements	1,691,000
Gross Amount at Which Carried at December 31
Land	1,164,000
Buildings and Improvements	1,691,000
Total	2,855,000
Accumulated Depreciation	9,000
Real Estate in Joppa MD | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	9,062,000
Initial Cost To Company
Land	3,815,000
Buildings and Improvements	8,142,000
Costs Capitalized Subsequent to Acquisition
Improvements	1,473,000
Gross Amount at Which Carried at December 31
Land	3,815,000
Buildings and Improvements	9,615,000
Total	13,430,000
Accumulated Depreciation	1,443,000
Real Estate in Brooklyn, NY | Office
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,326,000
Initial Cost To Company
Land	1,381,000
Buildings and Improvements	5,447,000
Costs Capitalized Subsequent to Acquisition
Improvements	3,013,000
Gross Amount at Which Carried at December 31
Land	1,381,000
Buildings and Improvements	8,460,000
Total	9,841,000
Accumulated Depreciation	4,072,000
Real Estate in Newark, DE | Other
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,550,000
Initial Cost To Company
Land	935,000
Buildings and Improvements	3,643,000
Costs Capitalized Subsequent to Acquisition
Improvements	43,000
Gross Amount at Which Carried at December 31
Land	935,000
Buildings and Improvements	3,686,000
Total	4,621,000
Accumulated Depreciation	1,512,000
Real Estate in Beachwood, OH | Other
Initial Cost To Company
Land	13,901,000
Gross Amount at Which Carried at December 31
Land	13,901,000
Total	13,901,000
Real Estate 1 in Hauppauge, NY | Restaurant
Initial Cost To Company
Land	725,000
Buildings and Improvements	2,963,000
Gross Amount at Which Carried at December 31
Land	725,000
Buildings and Improvements	2,963,000
Total	3,688,000
Accumulated Depreciation	1,046,000
Real Estate in Palmyra, PA | Restaurant
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	688,000
Initial Cost To Company
Land	650,000
Buildings and Improvements	650,000
Gross Amount at Which Carried at December 31
Land	650,000
Buildings and Improvements	650,000
Total	1,300,000
Accumulated Depreciation	154,000
Real Estate 1 in Reading, PA | Restaurant
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	680,000
Initial Cost To Company
Land	655,000
Buildings and Improvements	625,000
Gross Amount at Which Carried at December 31
Land	655,000
Buildings and Improvements	625,000
Total	1,280,000
Accumulated Depreciation	148,000
Real Estate 2 in Reading, PA | Restaurant
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	669,000
Initial Cost To Company
Land	618,000
Buildings and Improvements	643,000
Gross Amount at Which Carried at December 31
Land	618,000
Buildings and Improvements	643,000
Total	1,261,000
Accumulated Depreciation	153,000
Real Estate in Hanover, PA | Restaurant
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	752,000
Initial Cost To Company
Land	736,000
Buildings and Improvements	686,000
Gross Amount at Which Carried at December 31
Land	736,000
Buildings and Improvements	686,000
Total	1,422,000
Accumulated Depreciation	161,000
Real Estate in Gettysburg, PA | Restaurant
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	771,000
Initial Cost To Company
Land	754,000
Buildings and Improvements	704,000
Gross Amount at Which Carried at December 31
Land	754,000
Buildings and Improvements	704,000
Total	1,458,000
Accumulated Depreciation	165,000
Real Estate in Trexlertown, PA | Restaurant
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	656,000
Initial Cost To Company
Land	800,000
Buildings and Improvements	439,000
Gross Amount at Which Carried at December 31
Land	800,000
Buildings and Improvements	439,000
Total	1,239,000
Accumulated Depreciation	103,000
Real Estate in Carrollton, GA | Restaurant
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,472,000
Initial Cost To Company
Land	796,000
Buildings and Improvements	1,458,000
Gross Amount at Which Carried at December 31
Land	796,000
Buildings and Improvements	1,458,000
Total	2,254,000
Accumulated Depreciation	336,000
Real Estate in Cartersville, GA | Restaurant
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,392,000
Initial Cost To Company
Land	786,000
Buildings and Improvements	1,346,000
Gross Amount at Which Carried at December 31
Land	786,000
Buildings and Improvements	1,346,000
Total	2,132,000
Accumulated Depreciation	330,000
Real Estate 1 in Kennesaw, GA | Restaurant
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,141,000
Initial Cost To Company
Land	702,000
Buildings and Improvements	916,000
Gross Amount at Which Carried at December 31
Land	702,000
Buildings and Improvements	916,000
Total	1,618,000
Accumulated Depreciation	205,000
Real Estate in Lawrenceville, GA | Restaurant
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,095,000
Initial Cost To Company
Land	866,000
Buildings and Improvements	899,000
Gross Amount at Which Carried at December 31
Land	866,000
Buildings and Improvements	899,000
Total	1,765,000
Accumulated Depreciation	244,000
Real Estate in Concord, NC | Restaurant
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,441,000
Initial Cost To Company
Land	999,000
Buildings and Improvements	1,076,000
Gross Amount at Which Carried at December 31
Land	999,000
Buildings and Improvements	1,076,000
Total	2,075,000
Accumulated Depreciation	208,000
Real Estate in Myrtle Beach, SC | Restaurant
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,441,000
Initial Cost To Company
Land	1,102,000
Buildings and Improvements	1,161,000
Gross Amount at Which Carried at December 31
Land	1,102,000
Buildings and Improvements	1,161,000
Total	2,263,000
Accumulated Depreciation	235,000
Real Estate in Greensboro, NC | Restaurant
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	3,076,000
Initial Cost To Company
Land	1,770,000
Buildings and Improvements	1,237,000
Gross Amount at Which Carried at December 31
Land	1,770,000
Buildings and Improvements	1,237,000
Total	3,007,000
Accumulated Depreciation	233,000
Real Estate in Richmond, VA | Restaurant
Initial Cost To Company
Land	1,680,000
Buildings and Improvements	1,341,000
Gross Amount at Which Carried at December 31
Land	1,680,000
Buildings and Improvements	1,341,000
Total	3,021,000
Accumulated Depreciation	242,000
Real Estate 1 in Indianapolis, IN | Restaurant
Initial Cost To Company
Land	853,000
Buildings and Improvements	1,465,000
Gross Amount at Which Carried at December 31
Land	853,000
Buildings and Improvements	1,465,000
Total	2,318,000
Accumulated Depreciation	254,000
Real Estate in Seattle, WA | Retail
Initial Cost To Company
Land	201,000
Buildings and Improvements	189,000
Costs Capitalized Subsequent to Acquisition
Improvements	35,000
Gross Amount at Which Carried at December 31
Land	201,000
Buildings and Improvements	224,000
Total	425,000
Accumulated Depreciation	156,000
Real Estate in Rosenberg, TX | Retail
Initial Cost To Company
Land	216,000
Buildings and Improvements	863,000
Costs Capitalized Subsequent to Acquisition
Improvements	66,000
Gross Amount at Which Carried at December 31
Land	216,000
Buildings and Improvements	929,000
Total	1,145,000
Accumulated Depreciation	552,000
Real Estate in Ft. Myers, FL | Retail
Initial Cost To Company
Land	1,013,000
Buildings and Improvements	4,054,000
Gross Amount at Which Carried at December 31
Land	1,013,000
Buildings and Improvements	4,054,000
Total	5,067,000
Accumulated Depreciation	2,344,000
Real Estate in Selden, NY | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,593,000
Initial Cost To Company
Land	572,000
Buildings and Improvements	2,287,000
Costs Capitalized Subsequent to Acquisition
Improvements	150,000
Gross Amount at Which Carried at December 31
Land	572,000
Buildings and Improvements	2,437,000
Total	3,009,000
Accumulated Depreciation	1,253,000
Real Estate in Batavia, NY | Retail
Initial Cost To Company
Land	515,000
Buildings and Improvements	2,061,000
Gross Amount at Which Carried at December 31
Land	515,000
Buildings and Improvements	2,061,000
Total	2,576,000
Accumulated Depreciation	1,075,000
Real Estate in Champaign, IL | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,415,000
Initial Cost To Company
Land	791,000
Buildings and Improvements	3,165,000
Costs Capitalized Subsequent to Acquisition
Improvements	530,000
Gross Amount at Which Carried at December 31
Land	791,000
Buildings and Improvements	3,695,000
Total	4,486,000
Accumulated Depreciation	1,740,000
Real Estate 1 in El Paso, TX | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	10,493,000
Initial Cost To Company
Land	2,821,000
Buildings and Improvements	11,123,000
Costs Capitalized Subsequent to Acquisition
Improvements	2,587,000
Gross Amount at Which Carried at December 31
Land	2,821,000
Buildings and Improvements	13,710,000
Total	16,531,000
Accumulated Depreciation	6,601,000
Real Estate in Somerville, MA | Retail
Initial Cost To Company
Land	510,000
Buildings and Improvements	1,993,000
Costs Capitalized Subsequent to Acquisition
Improvements	24,000
Gross Amount at Which Carried at December 31
Land	510,000
Buildings and Improvements	2,017,000
Total	2,527,000
Accumulated Depreciation	850,000
Real Estate in Knoxville, TN | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	8,614,000
Initial Cost To Company
Land	2,290,000
Buildings and Improvements	8,855,000
Gross Amount at Which Carried at December 31
Land	2,290,000
Buildings and Improvements	8,855,000
Total	11,145,000
Accumulated Depreciation	3,496,000
Real Estate in Onalaska, WI | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	3,340,000
Initial Cost To Company
Land	753,000
Buildings and Improvements	3,099,000
Gross Amount at Which Carried at December 31
Land	753,000
Buildings and Improvements	3,099,000
Total	3,852,000
Accumulated Depreciation	1,172,000
Real Estate in Hyannis, MA | Retail
Initial Cost To Company
Land	802,000
Buildings and Improvements	2,324,000
Gross Amount at Which Carried at December 31
Land	802,000
Buildings and Improvements	2,324,000
Total	3,126,000
Accumulated Depreciation	695,000
Real Estate in Marston Mills, MA | Retail
Initial Cost To Company
Land	461,000
Buildings and Improvements	2,313,000
Gross Amount at Which Carried at December 31
Land	461,000
Buildings and Improvements	2,313,000
Total	2,774,000
Accumulated Depreciation	687,000
Real Estate in Everett, MA | Retail
Initial Cost To Company
Land	1,935,000
Gross Amount at Which Carried at December 31
Land	1,935,000
Total	1,935,000
Real Estate 2 in Kennesaw, GA | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	5,077,000
Initial Cost To Company
Land	1,501,000
Buildings and Improvements	4,349,000
Costs Capitalized Subsequent to Acquisition
Improvements	1,138,000
Gross Amount at Which Carried at December 31
Land	1,501,000
Buildings and Improvements	5,487,000
Total	6,988,000
Accumulated Depreciation	1,567,000
Real Estate in Royersford, PA | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	19,523,000
Initial Cost To Company
Land	19,538,000
Buildings and Improvements	3,150,000
Costs Capitalized Subsequent to Acquisition
Improvements	424,000
Gross Amount at Which Carried at December 31
Land	19,538,000
Buildings and Improvements	3,574,000
Total	23,112,000
Accumulated Depreciation	906,000
Real Estate in Monroeville, PA | Retail
Initial Cost To Company
Land	450,000
Buildings and Improvements	863,000
Gross Amount at Which Carried at December 31
Land	450,000
Buildings and Improvements	863,000
Total	1,313,000
Accumulated Depreciation	207,000
Real Estate 1 in Houston, TX | Retail
Initial Cost To Company
Land	1,962,000
Buildings and Improvements	1,540,000
Costs Capitalized Subsequent to Acquisition
Improvements	94,000
Gross Amount at Which Carried at December 31
Land	1,962,000
Buildings and Improvements	1,634,000
Total	3,596,000
Accumulated Depreciation	407,000
Real Estate 2 in Houston, TX | Retail
Initial Cost To Company
Land	2,002,000
Buildings and Improvements	1,800,000
Gross Amount at Which Carried at December 31
Land	2,002,000
Buildings and Improvements	1,800,000
Total	3,802,000
Accumulated Depreciation	464,000
Real Estate in Bolingbrook, IL | Retail
Initial Cost To Company
Land	834,000
Buildings and Improvements	1,887,000
Costs Capitalized Subsequent to Acquisition
Improvements	101,000
Gross Amount at Which Carried at December 31
Land	834,000
Buildings and Improvements	1,988,000
Total	2,822,000
Accumulated Depreciation	490,000
Real Estate in Crystal Lake, IL | Retail
Initial Cost To Company
Land	615,000
Buildings and Improvements	1,899,000
Gross Amount at Which Carried at December 31
Land	615,000
Buildings and Improvements	1,899,000
Total	2,514,000
Accumulated Depreciation	507,000
Real Estate in Lawrence, KS | Retail
Initial Cost To Company
Land	134,000
Buildings and Improvements	938,000
Costs Capitalized Subsequent to Acquisition
Improvements	157,000
Gross Amount at Which Carried at December 31
Land	134,000
Buildings and Improvements	1,095,000
Total	1,229,000
Accumulated Depreciation	189,000
Real Estate 2 in Greensboro, NC | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,290,000
Initial Cost To Company
Land	1,046,000
Buildings and Improvements	1,552,000
Costs Capitalized Subsequent to Acquisition
Improvements	29,000
Gross Amount at Which Carried at December 31
Land	1,046,000
Buildings and Improvements	1,581,000
Total	2,627,000
Accumulated Depreciation	275,000
Real Estate in Highlands Ranch, CO | Retail
Initial Cost To Company
Land	2,361,000
Buildings and Improvements	2,924,000
Costs Capitalized Subsequent to Acquisition
Improvements	296,000
Gross Amount at Which Carried at December 31
Land	2,361,000
Buildings and Improvements	3,220,000
Total	5,581,000
Accumulated Depreciation	504,000
Real Estate in Woodbury, MN | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,790,000
Initial Cost To Company
Land	1,190,000
Buildings and Improvements	4,003,000
Gross Amount at Which Carried at December 31
Land	1,190,000
Buildings and Improvements	4,003,000
Total	5,193,000
Accumulated Depreciation	642,000
Real Estate in Cuyahoga Falls, OH | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,050,000
Initial Cost To Company
Land	71,000
Buildings and Improvements	1,371,000
Gross Amount at Which Carried at December 31
Land	71,000
Buildings and Improvements	1,371,000
Total	1,442,000
Accumulated Depreciation	128,000
Real Estate in Hilliard, OH | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	930,000
Initial Cost To Company
Land	300,000
Buildings and Improvements	1,077,000
Gross Amount at Which Carried at December 31
Land	300,000
Buildings and Improvements	1,077,000
Total	1,377,000
Accumulated Depreciation	102,000
Real Estate in Port Clinton, OH | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	900,000
Initial Cost To Company
Land	52,000
Buildings and Improvements	1,187,000
Gross Amount at Which Carried at December 31
Land	52,000
Buildings and Improvements	1,187,000
Total	1,239,000
Accumulated Depreciation	113,000
Real Estate in South Euclid, OH | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,020,000
Initial Cost To Company
Land	230,000
Buildings and Improvements	1,566,000
Gross Amount at Which Carried at December 31
Land	230,000
Buildings and Improvements	1,566,000
Total	1,796,000
Accumulated Depreciation	146,000
Real Estate in St Louis Park, MN | Retail
Initial Cost To Company
Land	3,388,000
Buildings and Improvements	13,088,000
Costs Capitalized Subsequent to Acquisition
Improvements	141,000
Gross Amount at Which Carried at December 31
Land	3,388,000
Buildings and Improvements	13,229,000
Total	16,617,000
Accumulated Depreciation	1,193,000
Real Estate in Deptford, NJ | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,569,000
Initial Cost To Company
Land	572,000
Buildings and Improvements	1,779,000
Costs Capitalized Subsequent to Acquisition
Improvements	705,000
Gross Amount at Which Carried at December 31
Land	572,000
Buildings and Improvements	2,484,000
Total	3,056,000
Accumulated Depreciation	758,000
Real Estate in Cape Girardeau, MO | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,097,000
Initial Cost To Company
Land	545,000
Buildings and Improvements	1,547,000
Gross Amount at Which Carried at December 31
Land	545,000
Buildings and Improvements	1,547,000
Total	2,092,000
Accumulated Depreciation	316,000
Real Estate in Littleton, CO | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	10,446,000
Initial Cost To Company
Land	6,005,000
Buildings and Improvements	11,272,000
Costs Capitalized Subsequent to Acquisition
Improvements	404,000
Gross Amount at Which Carried at December 31
Land	6,005,000
Buildings and Improvements	11,676,000
Total	17,681,000
Accumulated Depreciation	1,739,000
Real Estate 1 in West Hartford, CT | Retail - Supermarket
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	16,203,000
Initial Cost To Company
Land	9,296,000
Buildings and Improvements	4,813,000
Costs Capitalized Subsequent to Acquisition
Improvements	261,000
Gross Amount at Which Carried at December 31
Land	9,296,000
Buildings and Improvements	5,074,000
Total	14,370,000
Accumulated Depreciation	1,348,000
Real Estate 2 in West Hartford, CT | Retail - Supermarket
Initial Cost To Company
Land	2,881,000
Buildings and Improvements	94,000
Costs Capitalized Subsequent to Acquisition
Improvements	326,000
Gross Amount at Which Carried at December 31
Land	2,881,000
Buildings and Improvements	420,000
Total	3,301,000
Accumulated Depreciation	206,000
Real Estate in Philadelphia, PA | Retail - Supermarket
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	3,907,000
Initial Cost To Company
Land	1,793,000
Buildings and Improvements	5,640,000
Costs Capitalized Subsequent to Acquisition
Improvements	80,000
Gross Amount at Which Carried at December 31
Land	1,793,000
Buildings and Improvements	5,720,000
Total	7,513,000
Accumulated Depreciation	836,000
Real Estate 1 in Columbus, OH | Retail - Furniture
Initial Cost To Company
Land	1,445,000
Buildings and Improvements	5,431,000
Costs Capitalized Subsequent to Acquisition
Improvements	460,000
Gross Amount at Which Carried at December 31
Land	1,445,000
Buildings and Improvements	5,891,000
Total	7,336,000
Accumulated Depreciation	3,211,000
Real Estate in Duluth, GA | Retail - Furniture
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,408,000
Initial Cost To Company
Land	778,000
Buildings and Improvements	3,436,000
Gross Amount at Which Carried at December 31
Land	778,000
Buildings and Improvements	3,436,000
Total	4,214,000
Accumulated Depreciation	1,178,000
Real Estate in Fayetteville, GA | Retail - Furniture
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,768,000
Initial Cost To Company
Land	976,000
Buildings and Improvements	4,308,000
Gross Amount at Which Carried at December 31
Land	976,000
Buildings and Improvements	4,308,000
Total	5,284,000
Accumulated Depreciation	1,477,000
Real Estate in Wichita, KS | Retail - Furniture
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,153,000
Initial Cost To Company
Land	1,189,000
Buildings and Improvements	5,248,000
Gross Amount at Which Carried at December 31
Land	1,189,000
Buildings and Improvements	5,248,000
Total	6,437,000
Accumulated Depreciation	1,799,000
Real Estate in Lexington, KY | Retail - Furniture
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,447,000
Initial Cost To Company
Land	800,000
Buildings and Improvements	3,532,000
Gross Amount at Which Carried at December 31
Land	800,000
Buildings and Improvements	3,532,000
Total	4,332,000
Accumulated Depreciation	1,210,000
Real Estate in Bluffton, SC | Retail - Furniture
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,066,000
Initial Cost To Company
Land	589,000
Buildings and Improvements	2,600,000
Gross Amount at Which Carried at December 31
Land	589,000
Buildings and Improvements	2,600,000
Total	3,189,000
Accumulated Depreciation	891,000
Real Estate in Amarillo, TX | Retail - Furniture
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,557,000
Initial Cost To Company
Land	860,000
Buildings and Improvements	3,810,000
Gross Amount at Which Carried at December 31
Land	860,000
Buildings and Improvements	3,810,000
Total	4,670,000
Accumulated Depreciation	1,305,000
Real Estate in Austin, TX | Retail - Furniture
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,873,000
Initial Cost To Company
Land	1,587,000
Buildings and Improvements	7,010,000
Gross Amount at Which Carried at December 31
Land	1,587,000
Buildings and Improvements	7,010,000
Total	8,597,000
Accumulated Depreciation	2,402,000
Real Estate in Tyler, TX | Retail - Furniture
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,866,000
Initial Cost To Company
Land	1,031,000
Buildings and Improvements	4,554,000
Gross Amount at Which Carried at December 31
Land	1,031,000
Buildings and Improvements	4,554,000
Total	5,585,000
Accumulated Depreciation	1,561,000
Real Estate in Newport News, VA | Retail - Furniture
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,360,000
Initial Cost To Company
Land	751,000
Buildings and Improvements	3,316,000
Gross Amount at Which Carried at December 31
Land	751,000
Buildings and Improvements	3,316,000
Total	4,067,000
Accumulated Depreciation	1,137,000
Real Estate 1 in Richmond, VA | Retail - Furniture
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,569,000
Initial Cost To Company
Land	867,000
Buildings and Improvements	3,829,000
Gross Amount at Which Carried at December 31
Land	867,000
Buildings and Improvements	3,829,000
Total	4,696,000
Accumulated Depreciation	1,313,000
Real Estate in Virginia Beach, VA | Retail - Furniture
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,545,000
Initial Cost To Company
Land	854,000
Buildings and Improvements	3,770,000
Gross Amount at Which Carried at December 31
Land	854,000
Buildings and Improvements	3,770,000
Total	4,624,000
Accumulated Depreciation	1,292,000
Real Estate in Gurnee, IL | Retail - Furniture
Initial Cost To Company
Land	834,000
Buildings and Improvements	3,635,000
Gross Amount at Which Carried at December 31
Land	834,000
Buildings and Improvements	3,635,000
Total	4,469,000
Accumulated Depreciation	1,208,000
Real Estate in Naples, FL | Retail - Furniture
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,949,000
Initial Cost To Company
Land	3,070,000
Buildings and Improvements	2,846,000
Costs Capitalized Subsequent to Acquisition
Improvements	189,000
Gross Amount at Which Carried at December 31
Land	3,070,000
Buildings and Improvements	3,035,000
Total	6,105,000
Accumulated Depreciation	868,000
Real Estate in Lake Charles, LA | Retail - Office Supply
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	4,836,000
Initial Cost To Company
Land	1,167,000
Buildings and Improvements	4,669,000
Costs Capitalized Subsequent to Acquisition
Improvements	599,000
Gross Amount at Which Carried at December 31
Land	1,167,000
Buildings and Improvements	5,268,000
Total	6,435,000
Accumulated Depreciation	2,359,000
Real Estate in Chicago, IL | Retail - Office Supply
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	3,534,000
Initial Cost To Company
Land	3,877,000
Buildings and Improvements	2,256,000
Gross Amount at Which Carried at December 31
Land	3,877,000
Buildings and Improvements	2,256,000
Total	6,133,000
Accumulated Depreciation	637,000
Real Estate in Cary, NC | Retail - Office Supply
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,982,000
Initial Cost To Company
Land	1,129,000
Buildings and Improvements	3,736,000
Gross Amount at Which Carried at December 31
Land	1,129,000
Buildings and Improvements	3,736,000
Total	4,865,000
Accumulated Depreciation	1,055,000
Real Estate in Eugene, OR | Retail - Office Supply
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,655,000
Initial Cost To Company
Land	1,952,000
Buildings and Improvements	2,096,000
Gross Amount at Which Carried at December 31
Land	1,952,000
Buildings and Improvements	2,096,000
Total	4,048,000
Accumulated Depreciation	592,000
Real Estate 2 in El Paso, TX | Retail - Office Supply
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,320,000
Initial Cost To Company
Land	1,035,000
Buildings and Improvements	2,700,000
Gross Amount at Which Carried at December 31
Land	1,035,000
Buildings and Improvements	2,700,000
Total	3,735,000
Accumulated Depreciation	762,000
Real Estate 1 in Greensboro, NC | Theatre
Initial Cost To Company
Buildings and Improvements	8,328,000
Costs Capitalized Subsequent to Acquisition
Improvements	3,000,000
Gross Amount at Which Carried at December 31
Buildings and Improvements	11,328,000
Total	11,328,000
Accumulated Depreciation	8,203,000
Real Estate 3 in Indianapolis, IN | Theatre
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	4,002,000
Initial Cost To Company
Land	3,099,000
Buildings and Improvements	5,225,000
Costs Capitalized Subsequent to Acquisition
Improvements	19,000
Gross Amount at Which Carried at December 31
Land	3,099,000
Buildings and Improvements	5,244,000
Total	8,343,000
Accumulated Depreciation	$ 732,000

Schedule III - Consolidated R_3

Schedule III - Consolidated Real Estate and Accumulated Depreciation - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Investment in real estate:
Balance, beginning of year	$ 829,143	$ 775,327	$ 748,065
Addition: Land, buildings and improvements	49,669	86,117	47,207
Deduction: Properties sold	(42,975)	(32,301)	(19,792)
Deduction: Impairment loss			(153)
Balance, end of year	835,837	829,143	775,327
Accumulated depreciation:
Balance, beginning of year	123,684	108,953	96,852
Addition: Depreciation	17,534	16,615	15,689
Deduction: Accumulated depreciation related to properties sold	(5,916)	(1,884)	(3,588)
Balance, end of year	135,302	$ 123,684	$ 108,953
Other disclosure
Amount by which aggregate cost of the properties is higher for federal income tax purposes	$ 16,861