One Liberty Properties (OLP) 10-Q 7 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 03, 2020
Document and Entity Information
Entity Registrant Name	ONE LIBERTY PROPERTIES, INC.
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2020
Entity File Number	001-09279
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	13-3147497
Entity Address, Address Line One	60 Cutter Mill Road
Entity Address, City or Town	Great Neck
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11021
City Area Code	516
Local Phone Number	466-3100
Title of 12(b) Security	Common Stock
Trading Symbol	OLP
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		20,439,626
Entity Central Index Key	0000712770
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Jun. 30, 2020	Dec. 31, 2019
Real estate investments, at cost
Land		$ 194,356	$ 195,320
Buildings and improvements		651,902	640,517
Total real estate investments, at cost		846,258	835,837
Less accumulated depreciation		139,538	135,302
Real estate investments, net		706,720	700,535
Property held-for-sale		7,661
Investment in unconsolidated joint ventures		10,849	11,061
Cash and cash equivalents		18,571	11,034
Unbilled rent receivable		15,981	15,037
Unamortized intangible lease assets, net		27,398	26,068
Escrow, deposits, and other assets and receivables		12,410	10,894
Total assets	[1]	799,590	774,629
Liabilities:
Mortgages payable, net of $4,255 and $4,438 of deferred financing costs, respectively		444,437	435,840
Line of credit, net of $516 and $619 of deferred financing costs, respectively		30,334	10,831
Dividends payable		9,068	8,966
Accrued expenses and other liabilities		20,538	14,587
Unamortized intangible lease liabilities, net		12,289	12,421
Total liabilities	[1]	516,666	482,645
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; 19,450 and 19,251 shares issued and outstanding		19,450	19,251
Paid-in capital		304,649	301,517
Accumulated other comprehensive loss		(6,004)	(1,623)
Distributions in excess of net income		(36,377)	(28,382)
Total One Liberty Properties, Inc. stockholders' equity		281,718	290,763
Non-controlling interests in consolidated joint ventures	[1]	1,206	1,221
Total equity		282,924	291,984
Total liabilities and equity		$ 799,590	$ 774,629
[1]	The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 6. The consolidated balance sheets include the following amounts related to the Company’s consolidated VIEs: $12,158 and $12,158 of land, $23,794 and $24,223 of building and improvements, net of $4,784 and $4,334 of accumulated depreciation, $3,475 and $3,696 of other assets included in other line items, $23,812 and $24,199 of real estate debt, net, $1,085 and $1,153 of other liabilities included in other line items and $1,206 and $1,221 of non-controlling interests as of June 30, 2020 and December 31, 2019, respectively.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands		Jun. 30, 2020	Dec. 31, 2019
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		19,450	19,251
Common stock, shares outstanding		19,450	19,251
Land		$ 194,356	$ 195,320
Buildings and improvements		651,902	640,517
Accumulated depreciation		139,538	135,302
Non-controlling interests in consolidated joint ventures	[1]	1,206	1,221
Consolidated VIE entities
Land		12,158	12,158
Buildings and improvements		23,794	24,223
Accumulated depreciation		4,784	4,334
Other assets		3,475	3,696
Real estate debt, net		23,812	24,199
Other liabilities		1,085	1,153
Non-controlling interests in consolidated joint ventures		1,206	1,221
Line of Credit
Deferred financing costs		516	619
Mortgages payable
Deferred financing costs		$ 4,255	$ 4,438
[1]	The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 6. The consolidated balance sheets include the following amounts related to the Company’s consolidated VIEs: $12,158 and $12,158 of land, $23,794 and $24,223 of building and improvements, net of $4,784 and $4,334 of accumulated depreciation, $3,475 and $3,696 of other assets included in other line items, $23,812 and $24,199 of real estate debt, net, $1,085 and $1,153 of other liabilities included in other line items and $1,206 and $1,221 of non-controlling interests as of June 30, 2020 and December 31, 2019, respectively.

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Rental income, net	$ 20,861	$ 20,719	$ 42,100	$ 41,874
Operating expenses:
Depreciation and amortization	5,804	5,440	11,478	10,787
General and administrative (see Note 9 for related party information)	3,454	3,005	6,788	6,176
Real estate expenses (see Note 9 for related party information)	3,305	3,511	6,647	6,852
State taxes	70	108	152	187
Total operating expenses	12,633	12,064	25,065	24,002
Other operating income
Gain on sale of real estate, net		1,099	4,252	1,099
Operating income	8,228	9,754	21,287	18,971
Other income and expenses:
Equity in (loss) earnings of unconsolidated joint ventures	(10)	34	54	(82)
Equity in earnings from sale of unconsolidated joint venture property			121
Prepayment costs on debt	(775)	(41)	(1,065)	(41)
Other income	5	6	9	10
Interest:
Expense	(4,947)	(4,940)	(9,831)	(9,802)
Amortization and write-off of deferred financing costs	(216)	(255)	(459)	(487)
Net income	2,285	4,558	10,116	8,569
Net income attributable to non-controlling interests	(1)	(446)	(6)	(486)
Net income attributable to One Liberty Properties, Inc.	$ 2,284	$ 4,112	$ 10,110	$ 8,083
Weighted average number of common shares outstanding:
Basic (in shares)	19,445	19,023	19,403	18,959
Diluted (in shares)	19,505	19,129	19,433	19,060
Per common share attributable to common stockholders:
Basic (in dollars per share)	$ 0.10	$ 0.20	$ 0.49	$ 0.39
Diluted (in dollars per share)	0.10	0.20	0.49	0.39
Cash distributions per share of common stock	0.225	$ 0.45	0.675	$ 0.90
Stock distributions per share of common stock	$ 0.225		$ 0.225

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 2,285	$ 4,558	$ 10,116	$ 8,569
Other comprehensive income (loss)
Net unrealized gain (loss) on derivative instruments	429	(2,518)	(4,389)	(4,095)
Comprehensive income	2,714	2,040	5,727	4,474
Net income attributable to non-controlling interests	(1)	(446)	(6)	(486)
Adjustment for derivative instruments attributable to non-controlling interests	(1)	4	8	9
Comprehensive income attributable to One Liberty Properties, Inc.	$ 2,712	$ 1,598	$ 5,729	$ 3,997

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Common Stock	Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Undistributed Net Income	Accumulated Distributions in Excess of Net Income	Non-Controlling Interests in Consolidated Joint Ventures	Total
Balances at Dec. 31, 2018	$ 18,736	$ 287,250	$ 1,890		$ (10,730)	$ 1,449	$ 298,595
Distributions - common stock
Cash					(8,832)		(8,832)
Restricted stock vesting	112	(112)
Shares issued through equity offering program - net	37	1,002					1,039
Shares issued through dividend reinvestment plan	52	1,147					1,199
Distributions to non-controlling interests						(5)	(5)
Compensation expense - restricted stock		954					954
Net income				$ 3,971		40	4,011
Other comprehensive income (loss)			(1,572)			(5)	(1,577)
Balances at Mar. 31, 2019	18,937	290,241	318		(15,591)	1,479	295,384
Balances at Dec. 31, 2018	18,736	287,250	1,890		(10,730)	1,449	298,595
Distributions - common stock
Net income							8,569
Balances at Jun. 30, 2019	19,139	296,840	(2,196)		(20,401)	1,229	294,611
Balances at Mar. 31, 2019	18,937	290,241	318		(15,591)	1,479	295,384
Distributions - common stock
Cash					(8,922)		(8,922)
Shares issued through equity offering program - net	143	4,132					4,275
Shares issued through dividend reinvestment plan	59	1,529					1,588
Distributions to non-controlling interests						(692)	(692)
Compensation expense - restricted stock		938					938
Net income				4,112		446	4,558
Other comprehensive income (loss)			(2,514)			(4)	(2,518)
Balances at Jun. 30, 2019	19,139	296,840	(2,196)		(20,401)	1,229	294,611
Balances at Dec. 31, 2019	19,251	301,517	(1,623)		(28,382)	1,221	291,984
Distributions - common stock
Cash					(9,036)		(9,036)
Restricted stock vesting	122	(122)
Shares issued through dividend reinvestment plan	7	159					166
Distributions to non-controlling interests						(8)	(8)
Compensation expense - restricted stock		976					976
Net income				7,826		5	7,831
Other comprehensive income (loss)			(4,809)			(9)	(4,818)
Balances at Mar. 31, 2020	19,380	302,530	(6,432)		(29,592)	1,209	287,095
Balances at Dec. 31, 2019	19,251	301,517	(1,623)		(28,382)	1,221	291,984
Distributions - common stock
Net income							10,116
Balances at Jun. 30, 2020	19,450	304,649	(6,004)		(36,377)	1,206	282,924
Balances at Mar. 31, 2020	19,380	302,530	(6,432)		(29,592)	1,209	287,095
Distributions - common stock
Cash					(4,535)		(4,535)
Stock					(4,534)		(4,534)
Shares issued through dividend reinvestment plan	70	790					860
Distributions to non-controlling interests						(5)	(5)
Compensation expense - restricted stock		1,329					1,329
Net income				$ 2,284		1	2,285
Other comprehensive income (loss)			428			1	429
Balances at Jun. 30, 2020	$ 19,450	$ 304,649	$ (6,004)		$ (36,377)	$ 1,206	$ 282,924

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	Jul. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Distributions - common stock, Cash per share (in dollars per share)		$ 0.225	$ 0.45	$ 0.45	$ 0.45	$ 0.675	$ 0.90
Distributions - common stock, Stock per share (in dollars per share)	$ 17.22	$ 0.225				$ 0.225

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income	$ 10,116,000	$ 8,569,000
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of real estate, net	(4,252,000)	(1,099,000)
Loss on derivative instrument reclassified into Prepayment costs on debt	775,000
Increase in unbilled rent receivable	(1,168,000)	(799,000)
Amortization and write-off of intangibles relating to leases, net	(373,000)	(509,000)
Amortization of restricted stock expense	2,305,000	1,892,000
Equity in (earnings) loss of unconsolidated joint ventures	(54,000)	82,000
Equity in earnings from sale of unconsolidated joint venture property	(121,000)
Distributions of earnings from unconsolidated joint ventures	116,000	41,000
Depreciation and amortization	11,478,000	10,787,000
Amortization and write-off of deferred financing costs	459,000	487,000
Payment of leasing commissions	(38,000)	(186,000)
(Increase) decrease in escrow, deposits, other assets and receivables	(2,087,000)	683,000
Increase (decrease) in accrued expenses and other liabilities	963,000	(1,637,000)
Net cash provided by operating activities	18,119,000	18,311,000
Cash flows from investing activities:
Purchase of real estate	(28,504,000)	(26,978,000)
Improvements to real estate	(265,000)	(2,335,000)
Net proceeds from sale of real estate	7,093,000	5,314,000
Distributions of capital from unconsolidated joint venture	271,000	11,000
Net cash used in investing activities	(21,405,000)	(23,988,000)
Cash flows from financing activities:
Scheduled amortization payments of mortgages payable	(6,454,000)	(6,433,000)
Repayment of mortgages payable upon sale of properties	(3,332,000)	(1,705,000)
Proceeds from mortgage financings	18,200,000	23,545,000
Proceeds from sale of common stock, net		5,314,000
Proceeds from bank line of credit	41,500,000	33,650,000
Repayment on bank line of credit	(22,100,000)	(31,500,000)
Issuance of shares through dividend reinvestment plan	1,026,000	2,787,000
Payment of financing costs	(173,000)	(382,000)
Distributions to non-controlling interests	(13,000)	(697,000)
Cash distributions to common stockholders	(18,003,000)	(17,555,000)
Net cash provided by financing activities	10,651,000	7,024,000
Net increase in cash, cash equivalents and restricted cash	7,365,000	1,347,000
Cash, cash equivalents and restricted cash at beginning of year	11,968,000	16,733,000
Cash, cash equivalents and restricted cash at end of period	19,333,000	18,080,000
Supplemental disclosures of cash flow information:
Cash paid during the year for interest expense	9,653,000	9,912,000
Supplemental disclosure of non-cash investing activities:
Purchase accounting allocation - intangible lease assets	3,905,000	1,753,000
Purchase accounting allocation - intangible lease liabilities	$ (568,000)	$ (305,000)

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	$ 18,571	$ 17,381
Restricted cash		337
Restricted cash included in escrow, deposits and other assets and receivables	762	362
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	$ 19,333	$ 18,080

Organization and Background

Organization and Background	6 Months Ended
	Jun. 30, 2020
Organization and Background
Organization and Background	Note 1 – Organization and Background One Liberty Properties, Inc. (“OLP”) was incorporated in 1982 in Maryland. OLP is a self-administered and self-managed real estate investment trust (“REIT”). OLP acquires, owns and manages a geographically diversified portfolio consisting primarily of industrial, retail, restaurant, health and fitness, and theater properties, many of which are subject to long-term net leases. As of June 30, 2020, OLP owns

Summary Accounting Policies

Summary Accounting Policies	6 Months Ended
	Jun. 30, 2020
Summary Accounting Policies
Summary Accounting Policies	Note 2 – Summary Accounting Policies Principles of Consolidation/Basis of Preparation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments of a normal recurring nature necessary for fair presentation have been included. The results of operations for the three and six months ended June 30, 2020 and 2019 are not necessarily indicative of the results for the full year. These statements should be read in conjunction with the consolidated financial statements and related notes included in OLP’s Annual Report on Form 10-K for the year ended December 31, 2019. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The consolidated financial statements include the accounts and operations of OLP, its wholly-owned subsidiaries, its joint ventures in which the Company, as defined, has a controlling interest, and variable interest entities (“VIEs”) of which the Company is the primary beneficiary. OLP and its consolidated subsidiaries are referred to herein as the “Company”. Material intercompany items and transactions have been eliminated in consolidation. ​ Investment in Joint Ventures and Variable Interest Entities The Financial Accounting Standards Board, or FASB, provides guidance for determining whether an entity is a VIE. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE’s economic performance and (ii) has the obligation to absorb losses, or the right to receive benefits, of the VIE that could potentially be significant to the VIE. The Company assesses the accounting treatment for each of its investments, including a review of each venture or limited liability company or partnership agreement, to determine the rights of each party and whether those rights are protective or participating. The agreements typically contain certain protective rights, such as the requirement of partner approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget or operating plan. In situations where, among other things, the Company and its partners jointly (i) approve the annual budget, (ii) approve certain expenditures, (iii) prepare or review and approve the joint venture’s tax return before filing, 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. ​ Note 2 – Summary Accounting Policies (Continued) The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. All investments in unconsolidated joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are VIEs. In addition, the Company shares power with its co-managing members over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions. None of the joint venture debt is recourse to the Company, subject to standard carve-outs. The Company 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 and six months ended June 30, 2020 and 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. 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. The Company reclassified certain amounts in the consolidated statements of income for the three and six months ended June 30, 2019 so that it presents, as it does for the three and six months ended June 30, 2020, prepayments costs on debt separately from mortgage interest expense.

Leases

Leases	6 Months Ended
	Jun. 30, 2020
Leases
Leases	Note 3 – 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 terminate 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 Fixed lease revenues ​ $ 17,914 ​ $ 17,435 ​ $ 35,981 ​ $ 35,080 Variable lease revenues ​ ​ 2,763 ​ ​ 3,029 ​ ​ 5,746 ​ ​ 6,285 Lease revenues (a) ​ $ 20,677 ​ $ 20,464 ​ $ 41,727 ​ $ 41,365 (a) Excludes $184 , $255 , $373 and $509 of amortization related to lease intangible assets and liabilities for the three months and six months ended June 30, 2020 and 2019, respectively. On a quarterly basis, the Company assesses the collectability of substantially all lease payments due under its leases, including unbilled rent receivable balances, by reviewing the tenant’s payment history and financial condition. Changes to such collectability is recognized as a current period adjustment to rental revenue. Due to the impact of the COVID-19 pandemic, some rent concession agreements have been executed and others are being negotiated with certain of the Company’s tenants. In accordance with the FASB Staff Q&A, Topic 842 and 840 – Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic , a lessor may make an accounting policy election to (i) not evaluate whether such COVID-19 pandemic related rent-relief is a lease modification under ASC 842 and (ii) treat each tenant rent deferral or forgiveness as if it were contemplated as part of the existing lease contract. The Company has elected to apply this accounting policy to those lease agreements, based on the type of concession provided to the tenant, where the revised cash flows are substantially the same or less than the original lease agreement. As a result, during the three months ended June 30, 2020, the Company deferred and accrued of lease payments. The Company has agreed, subject to the completion of definitive documentation, to also forgive 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. Minimum Future Rents As of June 30, 2020, the minimum future contractual base rents to be received on non-cancellable operating leases are included in the table below (amounts in thousands). The minimum future contractual base rents do not include (i) straight-line rent or amortization of intangibles, (ii) variable lease revenues as described above and (iii) the minimum future contractual base rent of a property in Knoxville, Tennessee which the Company sold on July 1, 2020 (see Note 5). ​ ​ ​ ​ ​ From July 1 – December 31, 2020 ​ $ 35,704 For the year ended December 31, ​ ​ ​ 2021 ​ ​ 73,348 2022 ​ ​ 62,754 2023 ​ ​ 54,055 2024 ​ ​ 45,432 2025 ​ ​ 41,082 Thereafter ​ ​ 158,782 Total ​ $ 471,157 ​ Note 3 – Leases (Continued) 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 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 Minimum Future Lease Payments As of June 30, 2020, the minimum future lease payments related to the operating ground and office leases are as follows (amounts in thousands): ​ ​ ​ ​ ​ From July 1 – December 31, 2020 ​ $ 255 For the year ended December 31, ​ ​ ​ 2021 ​ ​ 511 2022 ​ 506 2023 ​ 507 2024 ​ 557 2025 ​ 626 Thereafter ​ 3,115 Total undiscounted cash flows ​ $ 6,077 Present value discount ​ (1,418) Lease liability ​ $ 4,659 ​ ​

Real Estate Acquisitions

Real Estate Acquisitions	6 Months Ended
	Jun. 30, 2020
Real Estate Acquisitions
Real Estate Acquisitions	Note 4 – Real Estate Acquisitions The following tables detail the Company’s real estate acquisitions and allocations of the purchase price during the six months ended June 30, 2020 (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 the respective useful lives. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date ​ Contract ​ Terms of ​ Capitalized Description of Property Acquired Purchase Price Payment Transaction Costs Creative Office Environments industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ashland, Virginia ​ February 20, 2020 ​ $ 9,100 All cash (a) ​ $ 119 Fed Ex industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lowell, Arkansas ​ February 24, 2020 ​ ​ 19,150 ​ All cash (a) ​ 135 Totals ​ ​ $ 28,250 ​ $ 254 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) In March 2020, the Company obtained new mortgage debt of $5,700 and $12,500 which bears interest at rates of 3.54% and 3.63% and mature in 2035 and 2027, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building & ​ Intangible Lease ​ ​ ​ Description of Property Land Improvements Asset Liability Total Creative Office Environments industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ Ashland, Virginia ​ $ 391 ​ $ 7,901 ​ $ 927 ​ $ — ​ $ 9,219 Fed Ex industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lowell, Arkansas ​ ​ 1,687 ​ 15,188 ​ ​ 2,978 ​ ​ (568) ​ 19,285 Totals ​ $ 2,078 ​ $ 23,089 ​ $ 3,905 ​ $ (568) ​ $ 28,504 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Sales of Properties and Propert

Sales of Properties and Property Held-for-Sale	6 Months Ended
	Jun. 30, 2020
Sales of Properties and Property Held-for-Sale
Sales of Properties and Property Held-for-Sale	Note 5 – Sales of Properties and Property Held-for-Sale Sales of Properties In February 2020, the Company sold a retail property located in Onalaska, Wisconsin for approximately $7,093,000, net of closing costs. The sale resulted in a gain of $4,252,000 which was recorded as Gain on sale of real estate, net, in the consolidated statement of income for the six months ended June 30, 2020. In connection with the sale, the Company paid off the $3,332,000 mortgage and incurred a $290,000 debt prepayment cost which was recorded as Prepayment costs on debt in the consolidated statement of income for the six months ended June 30, 2020. In June 2019, the Company sold a property located in Clemmons, North Carolina and owned by a consolidated joint venture in which the Company held a 90% interest, for $5,314,000, net of closing costs, and paid off the $1,705,000 mortgage. The sale resulted in a gain of $1,099,000 which was recorded as Gain on sale of real estate, net, in the consolidated statements of income for the three and six months ended June 30, 2019. The non-controlling interest’s share of the gain was $422,000. Property Held-for-Sale In June 2020, the Company entered into a contract to sell a retail property located in Knoxville, Tennessee for $18,000,000. The buyer’s right to terminate the contract without penalty expired on June 29, 2020. At June 30, 2020, the Company classified the $7,661,000 net book value of the property’s land, building and unbilled rent receivable as Property held-for-sale in the accompanying balance sheet. The property was sold on July 1, 2020 and resulted in a gain of $10,316,000. In connection with the sale, the Company paid off the $8,483,000 mortgage; see Note 15 for information on the early termination of the interest rate swap derivative.

Variable Interest Entities, Con

Variable Interest Entities, Contingent Liability and Consolidated Joint Ventures	6 Months Ended
	Jun. 30, 2020
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 Entity – Ground Lease The Company determined it has a variable interest through its ground lease at its Beachwood, Ohio property (the Vue Apartments), 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. 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 $243,000 and $486,000 for the three and six months ended June 30, 2020, respectively and $486,000 and $971,000 for the three and six months ended June 30, 2019, respectively. Included in the rental income for the three and six months ended June 30, 2019 is As of June 30, 2020, the VIE’s maximum exposure to loss was $13,901,000 which represented the carrying amount of the land. Simultaneously with the closing of the acquisition, the owner/operator obtained a mortgage for $67,444,000 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. Variable Interest Entities – Consolidated Joint Ventures The Company has determined that the four consolidated joint ventures in which it holds between a 90% to 95 % interest are VIEs because the non-controlling interests do not hold substantive kick-out or participating rights. The Company has determined it is the primary beneficiary of these VIEs as it has the power to direct the activities that most significantly impact each joint venture’s performance including management, approval of expenditures, and the obligation to absorb the losses or rights to receive benefits. Accordingly, the Company consolidates the operations of these VIEs for financial statement purposes. The VIEs’ creditors do not have recourse to the assets of the Company other than those held by these joint ventures. The following is a summary of the consolidated VIEs’ carrying amounts and classification in the Company’s consolidated balance sheets, none of which are restricted (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2020 2019 ​ Land ​ $ 12,158 ​ $ 12,158 ​ Buildings and improvements, net of accumulated depreciation of $4,784 and $4,334, respectively ​ ​ 23,794 ​ ​ 24,223 ​ Cash ​ ​ 871 ​ ​ 888 ​ Unbilled rent receivable ​ ​ 858 ​ ​ 859 ​ Unamortized intangible lease assets, net ​ ​ 686 ​ ​ 745 ​ Escrow, deposits and other assets and receivables ​ ​ 1,060 ​ ​ 1,204 ​ Mortgages payable, net of unamortized deferred financing costs of $283 and $313, respectively ​ ​ 23,812 ​ ​ 24,199 ​ Accrued expenses and other liabilities ​ ​ 527 ​ ​ 562 ​ Unamortized intangible lease liabilities, net ​ ​ 558 ​ ​ 591 ​ Accumulated other comprehensive loss ​ ​ 175 ​ ​ (65) ​ Non-controlling interests in consolidated joint ventures ​ ​ 1,206 ​ ​ 1,221 ​ ​ Note 6 – Variable Interest Entities, Contingent Liability and Consolidated Joint Ventures (Continued) As of June 30, 2020 and December 31, 2019, MCB Real Estate, LLC and its affiliates (‘‘MCB’’) are the Company’s joint venture partner in three consolidated joint ventures in which the Company has aggregate equity investments of approximately $7,679,000 and Distributions to each joint venture partner are determined pursuant to the applicable operating agreement and may not be pro rata

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures	6 Months Ended
	Jun. 30, 2020
Investment in Unconsolidated Joint Ventures
Investment in Unconsolidated Joint Ventures	Note 7 – Investment in Unconsolidated Joint Ventures As of June 30, 2020 and December 31, 2019, the Company participates in three and four unconsolidated joint ventures, respectively, each of which owns and operates one property; the Company’s equity investment in these ventures totaled $10,849,000 and $11,061,000 , respectively. The Company recorded equity in loss of $10,000 and equity in earnings of $54,000 for the three and six months ended June 30, 2020 , respectively, and equity in earnings of $34,000 and equity in loss of $82,000 for the three and six months ended June 30, 2019, respectively. In March 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 was $121,000, which is included in Equity in earnings from sale of unconsolidated joint venture property on the consolidated statement of income for the six months ended June 30, 2020. As of June 30, 2020 and December 31, 2019, MCB and the Company are partners in an unconsolidated joint venture in which the Company’s equity investment is approximately $8,862,000 and $8,834,000, respectively.

Debt Obligations

Debt Obligations	6 Months Ended
	Jun. 30, 2020
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2020 2019 ​ Mortgages payable, gross ​ $ 448,692 ​ $ 440,278 ​ Unamortized deferred financing costs ​ (4,255) ​ (4,438) ​ Mortgages payable, net ​ $ 444,437 ​ $ 435,840 ​ ​ 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 is available for the acquisition of commercial real estate, repayment of mortgage debt, and renovation and operating expense purposes; provided, that if used for renovation and operating expense purposes, 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) $10,000,000 for operating expense purposes, which has been drawn down and (ii) $20,000,000 for renovation expenses. The facility, which matures December 31, 2022, 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 basis points at June 30, 2020 and 2019. An unused facility fee of .25% per annum applies to the facility. The average interest rate on the facility was approximately 2.86% and 4.22% for the six months ended June 30, 2020 and 2019, respectively. The Company was in compliance with all covenants at June 30, 2020. Note 8 – Debt Obligations (Continued) Effective as of July 8, 2020, the credit facility was amended to (i) increase, from $10,000,000 to $20,000,000, the amount the Company can borrow for operating expense purposes and (ii) decrease, from $20,000,000 to $10,000,000, the amount it can borrow for renovation purposes. These changes are effective through February 28, 2021, at which time the amount the Company can borrow for these purposes resets to the thresholds in effect prior to this amendment. To the extent that as of March 1, 2021 more than $10,000,000 is outstanding for operating expense purposes, such excess must be repaid immediately. The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2020 2019 ​ Line of credit, gross ​ $ 30,850 ​ $ 11,450 ​ Unamortized deferred financing costs ​ (516) ​ (619) ​ Line of credit, net ​ $ 30,334 ​ $ 10,831 ​ ​ At August 3, 2020, there was an outstanding balance of $17,150,000 (before unamortized deferred financing costs) under the facility. The entire $20,000,000 is available for operating expense purposes.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions
Related Party Transactions	Note 9 – 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 $714,000 and $1,481,000 for the three and six months ended June 30, 2020, respectively, and $702,000 and $1,405,000 for the three and six months ended June 30, 2019, respectively. Included in these fees are % 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, $ Executive officers and others providing services to the Company under the compensation and services agreement were awarded shares of restricted stock and restricted stock units (“RSUs”) under the Company’s stock incentive plans (described in Note 14). The related expense charged to the Company’s operations was $453,000 and $903,000 for the three and six months ended June 30, 2020, respectively, and $462,000 and $932,000 for the three and six months ended June 30, 2019, 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. Note 9 – Related Party Transactions (Continued) Joint Venture Partners and Affiliates The Company paid an aggregate of $16,000 and $36,000 for the three and six months ended June 30, 2020, respectively, and $20,000 and $41,000 for the three and six months ended June 30,2019, 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 $18,000 and $40,000 for the three and six months ended June 30, 2020, respectively, and $30,000 and $55,000 for the three and six months ended June 30, 2019, respectively, to the other partner of the venture, which reduced Equity in earnings on the consolidated statements of income by $9,000 and $20,000 for the three and six months ended June 30, 2020, respectively, and $15,000 and $28,000 for the three and six months ended June 30, 2019, respectively. Additionally, during the three and six months ended June 30, 2020, an unconsolidated joint venture of the Company paid a leasing commission and development fee totaling $75,000 to the other partner of the venture, which was included in Investment in unconsolidated joint ventures on the consolidated balance sheet as of June 30, 2020. Other During 2020 and 2019, the Company paid quarterly fees of The Company obtains its property insurance in conjunction with Gould Investors L.P. (“Gould Investors”), a related party, and reimburses Gould Investors annually for the Company’s insurance cost relating to its properties. Included in Real estate expenses on the consolidated statements of income is insurance expense of

Common Stock Dividend

Common Stock Dividend	6 Months Ended
	Jun. 30, 2020
Common Stock Dividend
Common Stock Dividend	Note 10 – Common Stock Dividend On June 10, 2020, the Board of Directors declared a quarterly dividend on the Company’s common stock of $.45 per share payable on July 31, 2020 to stockholders of record on June 22, 2020. Stockholders were entitled to elect whether the dividend payable to them would be paid in cash or shares of the Company’s common stock, provided that, with certain exceptions, have

Shares Issued through the At-th

Shares Issued through the At-the-Market Equity Offering Program	6 Months Ended
	Jun. 30, 2020
Shares Issued through the At-the-Market Equity Offering Program
Shares Issued through the At-the-Market Equity Offering Program	Note 11 – Shares Issued through the At-the-Market Equity Offering Program During the three months ended June 30, 2019, the Company sold 143,120 shares for proceeds of $4,308,000, net of commissions of $44,000, and incurred offering costs of $33,000 for professional fees. During the six months ended June 30, 2019, the Company sold 180,120 shares for proceeds of $5,392,000, net of commissions of $54,000, and incurred offering costs of $78,000 for professional fees. No shares were sold by the Company during the six months ended June 30, 2020.

Dividend Reinvestment Plan

Dividend Reinvestment Plan	6 Months Ended
	Jun. 30, 2020
Dividend Reinvestment Plan
Dividend Reinvestment Plan	Note 12 – Dividend Reinvestment Plan On June 10, 2020, the Company temporarily suspended the dividend reinvestment feature of its Dividend Reinvestment Plan (the “DRP”). The DRP, among other things, had provided 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 was determined at the Company’s sole discretion and had been offered at a 5% discount from market. Under the DRP, the Company issued 70,000 and 77,000 shares of common stock during the three and six months ended June 30, 2020, respectively, and 59,000 and 111,000 shares of common stock during the three and six months ended June 30, 2019, respectively.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Common Share
Earnings Per Common Share	Note 13 – 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 June 30, 2020, the shares of common stock underlying the RSUs awarded under the 2019 and 2016 Incentive Plans, respectively, (see Note 14) 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 table identifies the number of shares of common stock underlying the RSUs that are included in determining the diluted weighted average number of shares of common stock: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three and Six Months Ended June 30, 2020 (a)(b): ​ ​ Total Number of ​ Return on ​ Stockholder ​ ​ ​ Shares Date of Award Underlying Shares (c)(d) Capital Metric Return Metric Total Excluded (e) September 26, 2017 (b) 76,250 24,343 — 24,343 51,907 July 1, 2018 73,750 17,967 — 17,967 55,783 July 1, 2019 75,026 7,262 — 7,262 67,764 Totals 225,026 49,572 — 49,572 175,454 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three and Six Months Ended June 30, 2019 (f): ​ ​ Total Number of ​ Return on ​ Stockholder ​ ​ ​ Shares Date of Award Underlying Shares (c) Capital Metric Return Metric Total Excluded (e) September 26, 2017 (b) 76,250 32,824 38,125 70,949 5,301 July 1, 2018 76,250 29,771 38,125 67,896 8,354 Totals 152,500 62,595 76,250 138,845 13,655 (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 June 30, 2020. (b) With respect to the RSUs awarded September 26, 2017, 24,343 shares were deemed to have vested and 51,907 shares were forfeited on June 30, 2020; these shares were issued in August 2020 (see Note 14). (c) The RSUs awarded in 2018 and 2019 vest, subject to satisfaction of the applicable market and/or performance conditions, on June 30, 2021 and 2022, respectively (see Note 14). (d) As of June 30, 2020, 2,500 shares of the 2018 award and 2,750 shares of the 2019 award were forfeited. ​ Note 13 – Earnings Per Common Share (Continued) (e) Excluded as the applicable conditions had not been met for these shares at the respective measurement dates. (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 June 30, 2019. ​ The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 Numerator for basic and diluted earnings per share: ​ ​ Net income ​ $ 2,285 ​ $ 4,558 ​ $ 10,116 ​ $ 8,569 Less net income attributable to non-controlling interests ​ (1) ​ (446) ​ (6) ​ (486) Less earnings allocated to unvested restricted stock (a) ​ (316) ​ (310) ​ (632) ​ (620) Net income available for common stockholders: basic and diluted ​ $ 1,968 ​ $ 3,802 ​ $ 9,478 ​ $ 7,463 Denominator for basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding ​ 19,445 ​ 19,023 ​ 19,403 ​ 18,959 Weighted average number of common shares issued through stock dividend ​ ​ 60 ​ ​ — ​ ​ 30 ​ ​ — Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSUs ​ — ​ 106 ​ — ​ 101 Denominator for diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares ​ 19,505 ​ 19,129 ​ 19,433 ​ 19,060 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share, basic ​ $ .10 ​ $ .20 ​ $ .49 ​ $ .39 Earnings per common share, diluted ​ $ .10 ​ $ .20 ​ $ .49 ​ $ .39 a) Represents an allocation of distributed earnings to unvested restricted stock that, as participating securities, are entitled to receive dividends.

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Jun. 30, 2020
Stock Based Compensation
Stock Based Compensation	Note 14 – 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 June 30, 2020, an aggregate of 224,576 shares subject to awards in the form of restricted stock (149,550 shares) and RSUs (75,026 shares) are outstanding under the Plan. Under the Company’s 2016 and 2012 equity incentive plans (collectively, the “Prior Plans”), as of June 30, 2020, (i) an aggregate of 625,875 shares in the form of restricted stock (552,125 shares) and RSUs (73,750 shares) are outstanding and have not yet vested, and (ii) with respect to 76,250 shares of common stock underlying RSUs that had been granted in 2017, 24,343 shares were deemed to have vested as of June 30, 2020, but had not been issued. In August 2020, the Compensation Committee determined that the performance metrics with respect to the 24,343 shares of common stock issuable pursuant to the restricted stock units had been satisfied – accordingly these shares were issued and RSUs with respect to the 51,907 share balance were forfeited. No additional awards may be granted under the Prior Plans. Note 14 – Stock Based Compensation (Continued) 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 During the third quarter of each of 2020, 2019 and 2018, the Company granted RSUs exchangeable for up to 75,026, 77,776, and 76,250 shares, respectively, of common stock upon satisfaction, through June 30, 2023, June 30, 2022 and June 30, 2021, respectively, of specified conditions. Specifically, up to 50% of these RSUs vest upon achievement of metrics related to average annual total stockholder return (the “TSR Awards”), which metrics meet the definition of a market condition, and up to 50% vest upon achievement of metrics related to average annual return on capital (the “ROC Awards”), which metrics meet the definition of a performance condition. The holders of the RSUs are not entitled to dividends or to vote the underlying shares until such RSUs vest and shares are issued. Accordingly, the shares underlying these RSUs are not included in the shares shown as outstanding on the balance sheet. For the TSR Awards, a third party appraiser prepared a Monte Carlo simulation pricing model to determine the fair value, which is recognized ratably over the service period. 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 2019, RSUs exchangeable in 2021 and 2022 for an aggregate of 5,250 shares were forfeited. As of June 30, 2020, based on performance and market assumptions, the fair value of the RSUs granted in 2019 and 2018 is $986,000 and $918,000, respectively. Recognition of such deferred compensation expense will be charged to General and administrative expense over the respective three-year performance cycle. None of the RSUs were forfeited or vested Note 14 – Stock Based Compensation (Continued) The following is a summary of the activity of the equity incentive plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 Restricted stock grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of shares ​ ​ — ​ ​ — ​ ​ 149,550 ​ ​ 150,050 Average per share grant price ​ ​ — ​ ​ — ​ $ 28.10 ​ $ 25.70 Deferred compensation to be recognized over vesting period ​ ​ — ​ ​ — ​ $ 4,202,000 ​ $ 3,856,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested beginning of period ​ ​ 701,675 ​ ​ 689,150 ​ ​ 674,250 ​ ​ 651,250 Grants ​ ​ — ​ ​ — ​ ​ 149,550 ​ ​ 150,050 Vested during period ​ ​ — ​ ​ — ​ ​ (122,125) ​ ​ (112,150) Forfeitures ​ ​ — ​ ​ — ​ ​ — ​ ​ — Non-vested end of period ​ ​ 701,675 ​ ​ 689,150 ​ ​ 701,675 ​ ​ 689,150 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSU grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of underlying shares ​ ​ — ​ ​ — ​ ​ — ​ ​ — Average per share grant price ​ ​ — ​ ​ — ​ ​ — ​ ​ — Deferred compensation to be recognized over vesting period ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested beginning of period ​ ​ 225,026 ​ ​ 152,500 ​ ​ 225,026 ​ ​ 152,500 Grants ​ ​ — ​ ​ — ​ ​ — ​ ​ — Vested during period ​ ​ (24,343) ​ ​ — ​ ​ (24,343) ​ ​ — Forfeitures ​ ​ (51,907) ​ ​ — ​ ​ (51,907) ​ ​ — Non-vested end of period ​ ​ 148,776 ​ ​ 152,500 ​ ​ 148,776 ​ ​ 152,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock and RSU grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average per share value of non-vested shares (based on grant price) ​ $ 25.65 ​ $ 24.60 ​ $ 25.65 ​ $ 24.60 Value of stock vested during the period (based on grant price) ​ $ 585,000 ​ $ — ​ $ 3,589,000 ​ $ 2,304,000 Weighted average per share value of shares forfeited during the period (based on grant price) ​ $ 24.03 ​ $ — ​ $ 24.03 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The total charge to operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding restricted stock grants ​ $ 884,000 ​ $ 843,000 ​ $ 1,759,000 ​ $ 1,686,000 Outstanding RSUs ​ ​ 445,000 ​ ​ 95,000 ​ ​ 546,000 ​ ​ 206,000 Total charge to operations ​ $ 1,329,000 ​ $ 938,000 ​ $ 2,305,000 ​ $ 1,892,000 ​ As of June 30, 2020, total compensation costs of $9,583,000 and $963,000 related to non-vested restricted stock awards and RSUs, respectively, have not yet been recognized. These compensation costs will be charged to General and administrative expense over the remaining respective vesting periods. The weighted average remaining vesting period is

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
Fair Value Measurements
Fair Value Measurements	Note 15 – Fair Value Measurements 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, The Company measures the fair value of financial instruments based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs. The carrying amounts of cash and cash equivalents, escrow, deposits and other assets and receivables (excluding interest rate swaps), dividends payable, and accrued expenses and other liabilities (excluding interest rate swaps), are not measured at fair value on a recurring basis, but are considered to be recorded at amounts that approximate fair value. At June 30, 2020, the $472,592,000 estimated fair value of the Company’s mortgages payable is greater than their $448,692,000 carrying value (before unamortized deferred financing costs) by approximately $23,900,000 assuming a blended market interest rate of 3.25% based on 7.6 year weighted average remaining term to maturity of the mortgages. 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. At June 30, 2020 and December 31, 2019, the carrying amount of the Company’s line of credit (before unamortized deferred financing costs) of $30,850,000 and $11,450,000, 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 As of June 30, 2020, the Company had in effect 24 interest rate derivatives, all of which were interest rate swaps, related to 24 outstanding mortgage loans with an aggregate $94,633,000 notional amount maturing between 2021 and 2028 (weighted average remaining term to maturity of 4.7 years). The Company’s objective in using interest rate swaps is to add stability to interest expense. These 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 June 30, 2020). The Company does not use derivatives for trading or speculative purposes. ​ Note 15 – Fair Value Measurements (Continued) The fair value of the Company’s derivative financial instruments, was determined to be the following (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying and ​ Balance Sheet Interest rate swaps As of Fair Value Classification Financial assets ​ June 30, 2020 ​ $ — ​ Other assets ​ ​ December 31, 2019 ​ ​ 87 ​ ​ Financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ $ 6,788 ​ Other liabilities ​ ​ December 31, 2019 ​ ​ 1,715 ​ ​ ​ Fair values are approximated using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. Although the Company has determined the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with it use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparty. As of June 30, 2020, 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. The Company does not own any financial instruments that are classified as Level 1 or 3. The following table presents the effect of the Company’s derivative financial instruments on the consolidated statements of income for the periods presented (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 Amount of loss recognized on derivatives in other comprehensive (loss) income ​ $ (713) ​ $ (2,477) ​ $ (5,641) ​ $ (3,962) Amount of reclassification from Accumulated other comprehensive (loss) income into Interest expense ​ ​ (1,142) ​ ​ 41 ​ ​ (1,252) ​ ​ 133 ​ On July 1, 2020, in connection with the sale of a property located in Knoxville, Tennessee, the Company paid off the mortgage and terminated the related interest rate swap. In June 2020, the Company discontinued hedge accounting on this interest rate swap as the hedged forecasted transaction became probable not to occur. As a result, during the six months ended June 30, 2020, the Company accelerated the reclassification of $775,000 from accumulated other comprehensive loss to interest expense which is recorded as Prepayment costs on debt in the consolidated statements of income. During the six months ended June 30, 2019, the Company discontinued hedge accounting on an interest rate swap as the forecasted hedged transaction became probable not to occur. As a result, during the six months ended June 30, 2019, the Company accelerated the reclassification of $41,000 from accumulated other comprehensive loss to interest expense which is recorded as Prepayment costs on debt in the consolidated statements of income. No gain or loss was recognized with respect to amounts excluded from effectiveness testing on the Company’s cash flow hedges for the three and six months ended June 30, 2020 and 2019. During the twelve months ending June 30, 2021, the Company estimates an additional $1,633,000 will be reclassified from Accumulated other comprehensive loss as an increase to Interest expense. Note 15 – Fair Value Measurements (Continued) The derivative agreements in effect at June 30, 2020 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, if the subsidiary defaults, the Company could be held liable for swap breakage losses, if any, resulting from the early termination of the derivative. As of June 30, 2020 and December 31, 2019, the fair value of the derivatives in a liability position, including accrued interest of $130,000 and $27,000, respectively, but excluding any adjustments for non-performance risk, was approximately $7,223,000 and $1,832,000 , respectively. In the event the Company had breached the contractual provisions of the derivative contracts, it would be required to settle its obligations thereunder at their termination liability value of as of June 30, 2020 and December 31, 2019, respectively. This termination liability value, net of adjustments for non-performance risk of

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2020
New Accounting Pronouncements
New Accounting Pronouncements	Note 16 – New Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) , which contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the six months ended June 30, 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company may apply other elections, as applicable, as additional changes in the market occur. The Company continues to evaluate 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

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events
Subsequent Events	Note 17 – Subsequent Events Subsequent events have been evaluated and except as disclosed herein and below, there were no other events relative to the consolidated financial statements that require additional disclosure. Change in Authorized Capital On July 8, 2020, the Company filed an amended and restated charter with the Maryland State Department of Assessments and Taxation, which, among other things, increased the number of shares of common stock the Company is authorized to issue from 25,000,000 shares to 50,000,000 shares.

Summary Accounting Policies (Po

Summary Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Summary Accounting Policies
Principles of Consolidation/Basis of Preparation	Principles of Consolidation/Basis of Preparation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments of a normal recurring nature necessary for fair presentation have been included. The results of operations for the three and six months ended June 30, 2020 and 2019 are not necessarily indicative of the results for the full year. These statements should be read in conjunction with the consolidated financial statements and related notes included in OLP’s Annual Report on Form 10-K for the year ended December 31, 2019. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The consolidated financial statements include the accounts and operations of OLP, its wholly-owned subsidiaries, its joint ventures in which the Company, as defined, has a controlling interest, and variable interest entities (“VIEs”) of which the Company is the primary beneficiary. OLP and its consolidated subsidiaries are referred to herein as the “Company”. Material intercompany items and transactions have been eliminated in consolidation. ​
Investment in Joint Ventures and Variable Interest Entities	Investment in Joint Ventures and Variable Interest Entities The Financial Accounting Standards Board, or FASB, provides guidance for determining whether an entity is a VIE. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE’s economic performance and (ii) has the obligation to absorb losses, or the right to receive benefits, of the VIE that could potentially be significant to the VIE. The Company assesses the accounting treatment for each of its investments, including a review of each venture or limited liability company or partnership agreement, to determine the rights of each party and whether those rights are protective or participating. The agreements typically contain certain protective rights, such as the requirement of partner approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget or operating plan. In situations where, among other things, the Company and its partners jointly (i) approve the annual budget, (ii) approve certain expenditures, (iii) prepare or review and approve the joint venture’s tax return before filing, 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. ​ Note 2 – Summary Accounting Policies (Continued) The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. All investments in unconsolidated joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are VIEs. In addition, the Company shares power with its co-managing members over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions. None of the joint venture debt is recourse to the Company, subject to standard carve-outs. The Company 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 and six months ended June 30, 2020 and 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.
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. The Company reclassified certain amounts in the consolidated statements of income for the three and six months ended June 30, 2019 so that it presents, as it does for the three and six months ended June 30, 2020, prepayments costs on debt separately from mortgage interest expense.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases
Schedule of components of lease revenues	The components of lease revenues are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 Fixed lease revenues ​ $ 17,914 ​ $ 17,435 ​ $ 35,981 ​ $ 35,080 Variable lease revenues ​ ​ 2,763 ​ ​ 3,029 ​ ​ 5,746 ​ ​ 6,285 Lease revenues (a) ​ $ 20,677 ​ $ 20,464 ​ $ 41,727 ​ $ 41,365 (a) Excludes $184 , $255 , $373 and $509 of amortization related to lease intangible assets and liabilities for the three months and six months ended June 30, 2020 and 2019, respectively.
Schedule of minimum future contractual rents to be received	As of June 30, 2020, the minimum future contractual base rents to be received on non-cancellable operating leases are included in the table below (amounts in thousands). The minimum future contractual base rents do not include (i) straight-line rent or amortization of intangibles, (ii) variable lease revenues as described above and (iii) the minimum future contractual base rent of a property in Knoxville, Tennessee which the Company sold on July 1, 2020 (see Note 5). ​ ​ ​ ​ ​ From July 1 – December 31, 2020 ​ $ 35,704 For the year ended December 31, ​ ​ ​ 2021 ​ ​ 73,348 2022 ​ ​ 62,754 2023 ​ ​ 54,055 2024 ​ ​ 45,432 2025 ​ ​ 41,082 Thereafter ​ ​ 158,782 Total ​ $ 471,157
Schedule of minimum future lease payments	As of June 30, 2020, the minimum future lease payments related to the operating ground and office leases are as follows (amounts in thousands): ​ ​ ​ ​ ​ From July 1 – December 31, 2020 ​ $ 255 For the year ended December 31, ​ ​ ​ 2021 ​ ​ 511 2022 ​ 506 2023 ​ 507 2024 ​ 557 2025 ​ 626 Thereafter ​ 3,115 Total undiscounted cash flows ​ $ 6,077 Present value discount ​ (1,418) Lease liability ​ $ 4,659

Real Estate Acquisitions (Table

Real Estate Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2020
Real Estate Acquisitions
Schedule of the company's acquisitions of real estate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date ​ Contract ​ Terms of ​ Capitalized Description of Property Acquired Purchase Price Payment Transaction Costs Creative Office Environments industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ashland, Virginia ​ February 20, 2020 ​ $ 9,100 All cash (a) ​ $ 119 Fed Ex industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lowell, Arkansas ​ February 24, 2020 ​ ​ 19,150 ​ All cash (a) ​ 135 Totals ​ ​ $ 28,250 ​ $ 254 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) In March 2020, the Company obtained new mortgage debt of $5,700 and $12,500 which bears interest at rates of 3.54% and 3.63% and mature in 2035 and 2027, respectively.
Schedule of allocation of the purchase price for the company's acquisitions of real estate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building & ​ Intangible Lease ​ ​ ​ Description of Property Land Improvements Asset Liability Total Creative Office Environments industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ Ashland, Virginia ​ $ 391 ​ $ 7,901 ​ $ 927 ​ $ — ​ $ 9,219 Fed Ex industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lowell, Arkansas ​ ​ 1,687 ​ 15,188 ​ ​ 2,978 ​ ​ (568) ​ 19,285 Totals ​ $ 2,078 ​ $ 23,089 ​ $ 3,905 ​ $ (568) ​ $ 28,504 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Variable Interest Entities, C_2

Variable Interest Entities, Contingent Liability and Consolidated Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2020
Consolidated Joint Venture-VIEs
Variable Interest Entities
Schedule 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2020 2019 ​ Land ​ $ 12,158 ​ $ 12,158 ​ Buildings and improvements, net of accumulated depreciation of $4,784 and $4,334, respectively ​ ​ 23,794 ​ ​ 24,223 ​ Cash ​ ​ 871 ​ ​ 888 ​ Unbilled rent receivable ​ ​ 858 ​ ​ 859 ​ Unamortized intangible lease assets, net ​ ​ 686 ​ ​ 745 ​ Escrow, deposits and other assets and receivables ​ ​ 1,060 ​ ​ 1,204 ​ Mortgages payable, net of unamortized deferred financing costs of $283 and $313, respectively ​ ​ 23,812 ​ ​ 24,199 ​ Accrued expenses and other liabilities ​ ​ 527 ​ ​ 562 ​ Unamortized intangible lease liabilities, net ​ ​ 558 ​ ​ 591 ​ Accumulated other comprehensive loss ​ ​ 175 ​ ​ (65) ​ Non-controlling interests in consolidated joint ventures ​ ​ 1,206 ​ ​ 1,221 ​

Debt Obligations (Tables)

Debt Obligations (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Obligations
Schedule of mortgages payable, net	The following table details the Mortgages payable, net, balances per the consolidated balance sheets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2020 2019 ​ Mortgages payable, gross ​ $ 448,692 ​ $ 440,278 ​ Unamortized deferred financing costs ​ (4,255) ​ (4,438) ​ Mortgages payable, net ​ $ 444,437 ​ $ 435,840 ​
Schedule of line of credit, net	The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2020 2019 ​ Line of credit, gross ​ $ 30,850 ​ $ 11,450 ​ Unamortized deferred financing costs ​ (516) ​ (619) ​ Line of credit, net ​ $ 30,334 ​ $ 10,831 ​

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Common Share
Schedule of impact to the diluted weighted average number of shares of common stock related to the RSUs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three and Six Months Ended June 30, 2020 (a)(b): ​ ​ Total Number of ​ Return on ​ Stockholder ​ ​ ​ Shares Date of Award Underlying Shares (c)(d) Capital Metric Return Metric Total Excluded (e) September 26, 2017 (b) 76,250 24,343 — 24,343 51,907 July 1, 2018 73,750 17,967 — 17,967 55,783 July 1, 2019 75,026 7,262 — 7,262 67,764 Totals 225,026 49,572 — 49,572 175,454 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three and Six Months Ended June 30, 2019 (f): ​ ​ Total Number of ​ Return on ​ Stockholder ​ ​ ​ Shares Date of Award Underlying Shares (c) Capital Metric Return Metric Total Excluded (e) September 26, 2017 (b) 76,250 32,824 38,125 70,949 5,301 July 1, 2018 76,250 29,771 38,125 67,896 8,354 Totals 152,500 62,595 76,250 138,845 13,655 (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 June 30, 2020. (b) With respect to the RSUs awarded September 26, 2017, 24,343 shares were deemed to have vested and 51,907 shares were forfeited on June 30, 2020; these shares were issued in August 2020 (see Note 14). (c) The RSUs awarded in 2018 and 2019 vest, subject to satisfaction of the applicable market and/or performance conditions, on June 30, 2021 and 2022, respectively (see Note 14). (d) As of June 30, 2020, 2,500 shares of the 2018 award and 2,750 shares of the 2019 award were forfeited. ​ Note 13 – Earnings Per Common Share (Continued) (e) Excluded as the applicable conditions had not been met for these shares at the respective measurement dates. (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 June 30, 2019.
Schedule of reconciliation of the numerator and denominator of earnings per share calculations	The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 Numerator for basic and diluted earnings per share: ​ ​ Net income ​ $ 2,285 ​ $ 4,558 ​ $ 10,116 ​ $ 8,569 Less net income attributable to non-controlling interests ​ (1) ​ (446) ​ (6) ​ (486) Less earnings allocated to unvested restricted stock (a) ​ (316) ​ (310) ​ (632) ​ (620) Net income available for common stockholders: basic and diluted ​ $ 1,968 ​ $ 3,802 ​ $ 9,478 ​ $ 7,463 Denominator for basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding ​ 19,445 ​ 19,023 ​ 19,403 ​ 18,959 Weighted average number of common shares issued through stock dividend ​ ​ 60 ​ ​ — ​ ​ 30 ​ ​ — Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSUs ​ — ​ 106 ​ — ​ 101 Denominator for diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares ​ 19,505 ​ 19,129 ​ 19,433 ​ 19,060 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share, basic ​ $ .10 ​ $ .20 ​ $ .49 ​ $ .39 Earnings per common share, diluted ​ $ .10 ​ $ .20 ​ $ .49 ​ $ .39 a) Represents an allocation of distributed earnings to unvested restricted stock that, as participating securities, are entitled to receive dividends.

Stock Based Compensation (Table

Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Stock Based Compensation
Schedule of equity incentive plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 Restricted stock grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of shares ​ ​ — ​ ​ — ​ ​ 149,550 ​ ​ 150,050 Average per share grant price ​ ​ — ​ ​ — ​ $ 28.10 ​ $ 25.70 Deferred compensation to be recognized over vesting period ​ ​ — ​ ​ — ​ $ 4,202,000 ​ $ 3,856,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested beginning of period ​ ​ 701,675 ​ ​ 689,150 ​ ​ 674,250 ​ ​ 651,250 Grants ​ ​ — ​ ​ — ​ ​ 149,550 ​ ​ 150,050 Vested during period ​ ​ — ​ ​ — ​ ​ (122,125) ​ ​ (112,150) Forfeitures ​ ​ — ​ ​ — ​ ​ — ​ ​ — Non-vested end of period ​ ​ 701,675 ​ ​ 689,150 ​ ​ 701,675 ​ ​ 689,150 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSU grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of underlying shares ​ ​ — ​ ​ — ​ ​ — ​ ​ — Average per share grant price ​ ​ — ​ ​ — ​ ​ — ​ ​ — Deferred compensation to be recognized over vesting period ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested beginning of period ​ ​ 225,026 ​ ​ 152,500 ​ ​ 225,026 ​ ​ 152,500 Grants ​ ​ — ​ ​ — ​ ​ — ​ ​ — Vested during period ​ ​ (24,343) ​ ​ — ​ ​ (24,343) ​ ​ — Forfeitures ​ ​ (51,907) ​ ​ — ​ ​ (51,907) ​ ​ — Non-vested end of period ​ ​ 148,776 ​ ​ 152,500 ​ ​ 148,776 ​ ​ 152,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock and RSU grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average per share value of non-vested shares (based on grant price) ​ $ 25.65 ​ $ 24.60 ​ $ 25.65 ​ $ 24.60 Value of stock vested during the period (based on grant price) ​ $ 585,000 ​ $ — ​ $ 3,589,000 ​ $ 2,304,000 Weighted average per share value of shares forfeited during the period (based on grant price) ​ $ 24.03 ​ $ — ​ $ 24.03 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The total charge to operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding restricted stock grants ​ $ 884,000 ​ $ 843,000 ​ $ 1,759,000 ​ $ 1,686,000 Outstanding RSUs ​ ​ 445,000 ​ ​ 95,000 ​ ​ 546,000 ​ ​ 206,000 Total charge to operations ​ $ 1,329,000 ​ $ 938,000 ​ $ 2,305,000 ​ $ 1,892,000 ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Measurements
Schedule of derivative financial instruments measured at fair value	The fair value of the Company’s derivative financial instruments, was determined to be the following (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying and ​ Balance Sheet Interest rate swaps As of Fair Value Classification Financial assets ​ June 30, 2020 ​ $ — ​ Other assets ​ ​ December 31, 2019 ​ ​ 87 ​ ​ Financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ $ 6,788 ​ Other liabilities ​ ​ December 31, 2019 ​ ​ 1,715 ​ ​
Schedule of effect of derivative financial instruments on statements of income	The following table presents the effect of the Company’s derivative financial instruments on the consolidated statements of income for the periods presented (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 Amount of loss recognized on derivatives in other comprehensive (loss) income ​ $ (713) ​ $ (2,477) ​ $ (5,641) ​ $ (3,962) Amount of reclassification from Accumulated other comprehensive (loss) income into Interest expense ​ ​ (1,142) ​ ​ 41 ​ ​ (1,252) ​ ​ 133

Organization and Background (De

Organization and Background (Details)	Jun. 30, 2020propertystate
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	3

Summary Accounting Policies (De

Summary Accounting Policies (Details)	6 Months Ended
	Jun. 30, 2020USD ($)item	Jun. 30, 2019USD ($)
Investment in Joint Ventures and Variable Interest Entities
Number of Unconsolidated Joint Venture VIEs | item	0
Recourse debt of joint ventures	$ 0
Impairment charge relating to investments in unconsolidated joint ventures	$ 0	$ 0

Leases - Lessor Accounting (Det

Leases - Lessor Accounting (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases
Operating Lease, option to extend			true
Operating Lease, option to terminate			true
Components of lease revenues
Fixed lease revenues	$ 17,914,000	$ 17,435,000	$ 35,981,000	$ 35,080,000
Variable lease revenues	2,763,000	3,029,000	5,746,000	6,285,000
Lease revenues	20,677,000	20,464,000	41,727,000	41,365,000
Amortization of intangibles relating to leases, net	184,000	$ 255,000	373,000	$ 509,000
Deferred lease rent	3,145,000		$ 3,145,000
Lease payment forgiven	81,000
Lease concessions lease payments forgiven	582,000
Lease concessions under negotiation lease payments forgiven	$ 304,000

Leases - Minimum Future Rents (

Leases - Minimum Future Rents (Details) $ in Thousands	Jun. 30, 2020USD ($)
Minimum future contractual base rents to be received
From July 1 - December 31, 2020	$ 35,704
For the year ended December 31, 2021	73,348
For the year ended December 31, 2022	62,754
For the year ended December 31, 2023	54,055
For the year ended December 31, 2024	45,432
For the year ended December 31, 2025	41,082
Thereafter	158,782
Total	$ 471,157

Leases - Lessee Accounting (Det

Leases - Lessee Accounting (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)item	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)item	Jun. 30, 2019USD ($)
Real Estate in Greensboro, NC
Lessee Accounting
Operating lease, option to extend			true
Operating lease, renewal term	9 years 8 months 12 days		9 years 8 months 12 days
Operating lease expense | $	$ 131,000	$ 262,000	$ 131,000	$ 262,000
Real Estate in Greensboro, NC | Maximum
Lessee Accounting
Operating lease, number of renewal options | item	4		4
Real Estate in Greensboro, NC | Five-Year Lease
Lessee Accounting
Operating lease, renewal term	5 years		5 years
Real Estate in Greensboro, NC | Seven-Month Lease
Lessee Accounting
Operating lease, number of renewal options | item	1		1
Operating lease, renewal term	7 months		7 months
Corporate office lease in Great Neck, NY
Lessee Accounting
Operating lease, option to extend			true
Operating lease, remaining lease term	16 years 6 months		16 years 6 months
Operating lease expense | $	$ 14,000	$ 12,000	$ 28,000	$ 26,000
Corporate office lease in Great Neck, NY | Five-Year Lease
Lessee Accounting
Operating lease, renewal term	5 years		5 years

Leases - Minimum Future Lease P

Leases - Minimum Future Lease Payments (Details) $ in Thousands	Jun. 30, 2020USD ($)
Minimum future lease payments under ASC 842
From July 1 - December 31, 2020	$ 255
For the year ended December 31, 2021	511
For the year ended December 31, 2022	506
For the year ended December 31, 2023	507
For the year ended December 31, 2024	557
For the year ended December 31, 2025	626
Thereafter	3,115
Total undiscounted cash flows	6,077
Present value discount	(1,418)
Lease liability	$ 4,659

Real Estate Acquisitions - Summ

Real Estate Acquisitions - Summary of acquisitions (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Mar. 31, 2020	Jun. 30, 2020
Real Estate Acquisitions
Contract Purchase Price		$ 28,250
Capitalized Transaction Costs		254
Creative Office Environments industrial facility, Ashland, Virginia
Real Estate Acquisitions
Contract Purchase Price		9,100
Capitalized Transaction Costs		119
New mortgage debt	$ 5,700
Interest rate (as a percent)	3.54%
Fed Ex industrial facility, Lowell, Arkansas
Real Estate Acquisitions
Contract Purchase Price		19,150
Capitalized Transaction Costs		$ 135
New mortgage debt	$ 12,500
Interest rate (as a percent)	3.63%

Real Estate Acquisitions - Allo

Real Estate Acquisitions - Allocation of purchase price (Details) $ in Thousands	Jun. 30, 2020USD ($)
Allocation of purchase price for the Company's real estate acquisitions
Land	$ 2,078
Building & Improvements	23,089
Intangible Lease Asset	3,905
Intangible Lease Liability	(568)
Total	28,504
Creative Office Environments industrial facility, Ashland, Virginia
Allocation of purchase price for the Company's real estate acquisitions
Land	391
Building & Improvements	7,901
Intangible Lease Asset	927
Total	9,219
Fed Ex industrial facility, Lowell, Arkansas
Allocation of purchase price for the Company's real estate acquisitions
Land	1,687
Building & Improvements	15,188
Intangible Lease Asset	2,978
Intangible Lease Liability	(568)
Total	$ 19,285

Sales of Properties and Prope_2

Sales of Properties and Property Held-for-Sale (Details) - USD ($)	Jul. 01, 2020	Jun. 30, 2020	Feb. 29, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Sale of Property
Repayment of mortgages payable							$ 3,332,000	$ 1,705,000
Prepayment costs on debt					$ (775,000)	$ (41,000)	(1,065,000)	$ (41,000)
Property held-for-sale, net book value		$ 7,661,000			7,661,000		7,661,000
Retail property, Onalaska, Wisconsin
Sale of Property
Proceeds from sale of real estate, net of closing costs			$ 7,093,000
Gain on sale of property							4,252,000
Repayment of mortgages payable							3,332,000
Prepayment costs on debt							290,000
Property located in Clemmons, North Carolina
Sale of Property
Ownership interest in consolidated joint venture of the company (as a percent)				90.00%		90.00%		90.00%
Retail Property, Knoxville, TN
Sale of Property
Gain on sale of property	$ 10,316,000
Repayment of mortgages payable	$ 8,483,000
Gross Sales Price		18,000,000
Property held-for-sale, net book value		$ 7,661,000			$ 7,661,000		$ 7,661,000
Consolidated Joint Venture | Property located in Clemmons, North Carolina
Sale of Property
Proceeds from sale of real estate, net of closing costs				$ 5,314,000
Gain on sale of property						$ 1,099,000		$ 1,099,000
Repayment of mortgages payable				1,705,000
Non-controlling interest's share of the gain				$ 422,000

Variable Interest Entities, C_3

Variable Interest Entities, Contingent Liability and Consolidated Joint Ventures - Ground Leases (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Variable Interest Entities
Rental income, net	$ 20,861,000	$ 20,719,000	$ 42,100,000	$ 41,874,000
Variable Interest Entity, Not Primary Beneficiary | Ground lease rental income
Variable Interest Entities
Rental income, net	243,000	486,000	486,000	971,000
Variable Interest Entity, Not Primary Beneficiary | Property located in, Wheaton, Illinois | Ground lease rental income
Variable Interest Entities
Rental income, net		$ 306,000		$ 611,000
Variable Interest Entity, Not Primary Beneficiary | The Vue Apartments, Beachwood, Ohio
VIE ground leases and aggregate carrying amount and maximum exposure to loss
Owner/ Operator Mortgage from Third Party			67,444,000
Carrying Amount and Maximum Exposure to Loss	$ 13,901,000		$ 13,901,000

Variable Interest Entities, C_4

Variable Interest Entities, Contingent Liability and Consolidated Joint Ventures - Consolidated Joint Ventures (Details) $ in Thousands		6 Months Ended
		Jun. 30, 2020USD ($)item	Dec. 31, 2019USD ($)
Consolidated VIEs Carrying Amount of Assets and Liabilities
Land		$ 194,356	$ 195,320
Unbilled rent receivable		15,981	15,037
Unamortized intangible lease assets, net		27,398	26,068
Escrow, deposits, and other assets and receivables		12,410	10,894
Mortgages payable, net of unamortized deferred financing costs of $283 and $313, respectively		444,437	435,840
Accrued expenses and other liabilities		20,538	14,587
Unamortized intangible lease liabilities, net		12,289	12,421
Accumulated other comprehensive loss		(6,004)	(1,623)
Non-controlling interests in consolidated joint ventures	[1]	$ 1,206	1,221
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	12,158
Buildings and improvements, net of accumulated depreciation of $4,784 and $4,334, respectively		23,794	24,223
Accumulated depreciation		4,784	4,334
Cash		871	888
Unbilled rent receivable		858	859
Unamortized intangible lease assets, net		686	745
Escrow, deposits, and other assets and receivables		1,060	1,204
Mortgages payable, net of unamortized deferred financing costs of $283 and $313, respectively		23,812	24,199
Accrued expenses and other liabilities		527	562
Unamortized intangible lease liabilities, net		558	591
Accumulated other comprehensive loss		175	(65)
Non-controlling interests in consolidated joint ventures		1,206	1,221
Unamortized deferred financing costs		$ 283	$ 313
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%
[1]	The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 6. The consolidated balance sheets include the following amounts related to the Company’s consolidated VIEs: $12,158 and $12,158 of land, $23,794 and $24,223 of building and improvements, net of $4,784 and $4,334 of accumulated depreciation, $3,475 and $3,696 of other assets included in other line items, $23,812 and $24,199 of real estate debt, net, $1,085 and $1,153 of other liabilities included in other line items and $1,206 and $1,221 of non-controlling interests as of June 30, 2020 and December 31, 2019, respectively.

Variable Interest Entities, C_5

Variable Interest Entities, Contingent Liability and Consolidated Joint Ventures - MCB Real Estate, LLC (Details) - Consolidated Joint Venture-VIEs - MCB Real Estate, LLC and Affiliates	Jun. 30, 2020USD ($)item	Dec. 31, 2019USD ($)item
Consolidated VIEs Carrying Amount of Assets and Liabilities
Number of consolidated joint ventures | item	3	3
Investment in consolidated joint ventures | $	$ 7,679,000	$ 7,941,000

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Ventures (Details)	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2020USD ($)	Jun. 30, 2020USD ($)item	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)item	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)item
Investment in Unconsolidated Joint Ventures
Investment in unconsolidated joint ventures		$ 10,849,000		$ 10,849,000		$ 11,061,000
Equity in (loss) earnings of unconsolidated joint ventures		$ (10,000)	$ 34,000	54,000	$ (82,000)
Equity in earnings from sale of unconsolidated joint venture property				$ 121,000
Unconsolidated Joint Ventures
Investment in Unconsolidated Joint Ventures
Number of unconsolidated joint ventures | item		3		3		4
Number of properties owned and operated by each unconsolidated joint venture | item		1		1		1
Investment in unconsolidated joint ventures		$ 10,849,000		$ 10,849,000		$ 11,061,000
Equity in (loss) earnings of unconsolidated joint ventures		(10,000)	$ 34,000	54,000	$ (82,000)
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%
Equity in earnings from sale of unconsolidated joint venture property	$ 121,000
Unconsolidated Joint Ventures | MCB Real Estate, LLC and Affiliates
Investment in Unconsolidated Joint Ventures
Investment in unconsolidated joint ventures		$ 8,862,000		$ 8,862,000		$ 8,834,000

Debt Obligations- Mortgage Paya

Debt Obligations- Mortgage Payable (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Debt Obligations
Mortgages payable, net	$ 444,437,000	$ 435,840,000
Mortgages payable
Debt Obligations
Mortgages payable, gross	448,692,000	440,278,000
Unamortized deferred financing costs	(4,255,000)	(4,438,000)
Mortgages payable, net	$ 444,437,000	$ 435,840,000

Debt Obligations - Line of Cred

Debt Obligations - Line of Credit (Details) - USD ($)	Jul. 08, 2020	Jun. 30, 2020	Jun. 30, 2019	Aug. 03, 2020	Jul. 07, 2020	Dec. 31, 2019
Line of Credit
Line of credit, net		$ 30,334,000				$ 10,831,000
Line of Credit
Line of Credit
Maximum borrowing capacity		$ 100,000,000
Borrowing capacity available for operating expense purposes				$ 20,000,000
Unused facility fee (as a percent)		0.25%
Interest rate during the period (as a percent)		2.86%	4.22%
Line of credit, gross		$ 30,850,000		$ 17,150,000		11,450,000
Unamortized deferred financing costs		(516,000)				(619,000)
Line of credit, net		30,334,000				$ 10,831,000
Line of Credit | Minimum
Line of Credit
Threshold amount of outstanding balances used for operating expenses above which must be repaid immediately at the end of the agreement term	$ 10,000,000
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	10,000,000	$ 20,000,000			$ 20,000,000
Borrowing capacity available for operating expense purposes	$ 20,000,000	$ 10,000,000			$ 10,000,000
Line of Credit | LIBOR
Line of Credit
Basis of interest rate		one month LIBOR
Applicable margin (as a percent)		2.00%	2.00%
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%

Related Party Transactions - Co

Related Party Transactions - Compensation and Services Agreement (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Majestic
Related Party Transactions
Fees under compensation and services agreement	$ 714,000	$ 702,000	$ 1,481,000	$ 1,405,000
Property management costs allocated to real estate expenses	278,000	322,000	608,000	646,000
Additional payment for the entity's share of all direct office expenses	69,000	54,000	138,000	108,000
Executive officers and others
Related Party Transactions
Total charge to operations	$ 453,000	$ 462,000	$ 903,000	$ 932,000
Net lease tenants | Majestic
Related Party Transactions
Property management costs (as a percent)			1.50%
Operating lease tenants | Majestic
Related Party Transactions
Property management costs (as a percent)			2.00%

Related Party Transactions - Jo

Related Party Transactions - Joint Venture Partners and Affiliates (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Unconsolidated Joint Ventures
Related Party Transactions
Aggregate management fees paid to other partners	$ 18,000	$ 30,000	$ 40,000	$ 55,000
Decrease in equity earnings, joint venture transaction	9,000	15,000	20,000	28,000
Leasing commission and development fees paid to unconsolidated joint venture partner	75,000		75,000
Joint Venture Partners and Affiliates
Related Party Transactions
Real estate property management costs	$ 16,000	$ 20,000	$ 36,000	$ 41,000

Related Party Transactions - Ot

Related Party Transactions - Other (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Chairman | General and administrative expense
Related Party Transactions
Fees under compensation and services agreement	$ 74,500	$ 72,400
Vice Chairman
Related Party Transactions
Fees under compensation and services agreement	29,800	28,900
Gould Investors L.P. | Real estate expenses
Related Party Transactions
Insurance expense recognized of amounts reimbursed to related party	$ 245,000	$ 222,000	$ 490,000	$ 447,000

Common Stock Dividend (Details)

Common Stock Dividend (Details) - USD ($)	Jul. 31, 2020	Jun. 10, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Common stock dividends
Quarterly dividends declared (in dollars per share)		$ 0.45
Percentage of aggregate dividends declared payable in cash		50.00%
Aggregate common stock cash and stock dividends paid	$ 9,068,000
Dividends paid in cash	$ 4,537,000						$ 18,003,000	$ 17,555,000
Dividends paid by the issuance of shares	263,229
Stock distributions per share of common stock	$ 17.22		$ 0.225				$ 0.225
Common stock, shares issued			19,450,000				19,450,000		19,251,000
Common stock, shares outstanding			19,450,000				19,450,000		19,251,000
Cash dividend declared			$ 4,535,000	$ 9,036,000	$ 8,922,000	$ 8,832,000
Including issuance of stock dividend
Common stock dividends
Common stock, shares issued			19,714,000				19,714,000
Common stock, shares outstanding			19,714,000				19,714,000

Shares Issued through the At-_2

Shares Issued through the At-the-Market Equity Offering Program (Details) - At-the-Market Equity Offering Program - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Shares Issued through the At-the-Market Equity Offering Program
Number of shares sold (in shares)	143,120	0	180,120
Proceeds from sale of common stock, net of commissions	$ 4,308,000		$ 5,392,000
Payment of commissions on sale of shares	44,000		54,000
Payment of offering costs on sale of shares	$ 33,000		$ 78,000

Dividend Reinvestment Plan (Det

Dividend Reinvestment Plan (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Dividend Reinvestment Plan
Number of shares issued under the dividend reinvestment plan	70,000	59,000	77,000	111,000
Maximum
Dividend Reinvestment Plan
Discount rate (as a percent)			5.00%

Earnings Per Common Share - Sha

Earnings Per Common Share - Shares of common stock underlying RSUs (Details) - shares	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Earnings Per Common Share
Number of underlying shares		152,500		152,500
September 26, 2017
Earnings Per Common Share
Number of underlying shares		76,250		76,250
July 1, 2018
Earnings Per Common Share
Number of underlying shares		76,250		76,250
2019 and 2016 Incentive Plans
Earnings Per Common Share
Number of underlying shares	225,026		225,026
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric	49,572	62,595	49,572	62,595
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric		76,250		76,250
Total	49,572	138,845	49,572	138,845
Common shares not included in calculation due applicable metric had not been met at measurement dates	175,454	13,655	175,454	13,655
2019 and 2016 Incentive Plans | September 26, 2017
Earnings Per Common Share
Number of underlying shares	76,250		76,250
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric	24,343	32,824	24,343	32,824
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric		38,125		38,125
Total	24,343	70,949	24,343	70,949
Common shares not included in calculation due applicable metric had not been met at measurement dates	51,907	5,301	51,907	5,301
2019 and 2016 Incentive Plans | July 1, 2018
Earnings Per Common Share
Number of underlying shares	73,750		73,750
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric	17,967	29,771	17,967	29,771
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric		38,125		38,125
Total	17,967	67,896	17,967	67,896
Common shares not included in calculation due applicable metric had not been met at measurement dates	55,783	8,354	55,783	8,354
2019 and 2016 Incentive Plans | July 1, 2019
Earnings Per Common Share
Number of underlying shares	75,026		75,026
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric	7,262		7,262
Total	7,262		7,262
Common shares not included in calculation due applicable metric had not been met at measurement dates	67,764		67,764
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
RSUs
Earnings Per Common Share
Number of shares forfeited	51,907		51,907		5,250
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	24,343		24,343
RSUs | September 26, 2017
Earnings Per Common Share
Number of shares forfeited	51,907
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	24,343

Earnings Per Common Share - Rec

Earnings Per Common Share - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator for basic and diluted earnings per share:
Net income	$ 2,285	$ 7,831	$ 4,558	$ 4,011	$ 10,116	$ 8,569
Less net income attributable to non-controlling interests	(1)		(446)		(6)	(486)
Less earnings allocated to unvested restricted stock	(316)		(310)		(632)	(620)
Net income available for common stockholders: basic and diluted	$ 1,968		$ 3,802		$ 9,478	$ 7,463
Denominator for basic earnings per share:
Weighted average number of common shares	19,445		19,023		19,403	18,959
Weighted average number of common shares issued through stock dividend	60				30
Effect of diluted securities:
RSUs			106			101
Denominator for diluted earnings per share:
Weighted average number of shares	19,505		19,129		19,433	19,060
Earnings per common share, basic (in dollars per share)	$ 0.10		$ 0.20		$ 0.49	$ 0.39
Earnings per common share, diluted (in dollars per share)	$ 0.10		$ 0.20		$ 0.49	$ 0.39

Stock Based Compensation (Detai

Stock Based Compensation (Details) - USD ($)	1 Months Ended	3 Months Ended					6 Months Ended		12 Months Ended
	Aug. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2018	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2017
Restricted stock and RSU grants:
Weighted average per share value of non-vested shares (based on grant price) (in dollars per share)			$ 25.65		$ 24.60		$ 25.65	$ 24.60
Value of stock vested during the year (based on grant price)			$ 585,000				$ 3,589,000	$ 2,304,000
Weighted average per share value of shares forfeited during the year (based on grant price) (in dollars per share)			$ 24.03				$ 24.03
Restricted stock and RSU grants
Total charge to operations:
Total charge to operations			$ 1,329,000		$ 938,000		$ 2,305,000	$ 1,892,000
Restricted stock
Stock Based Compensation
Vesting period							5 years
Number of shares vested							122,125	112,150
Summary of the activity of the incentive plans
Average per share grant price (in dollars per share)							$ 28.10	$ 25.70
Deferred compensation to be recognized over vesting period			$ 4,202,000		$ 3,856,000		$ 4,202,000	$ 3,856,000
Number of non-vested shares:
Non-vested beginning of period (in shares)		701,675	701,675	689,150	689,150		674,250	651,250	651,250
Number of shares awarded							149,550	150,050
Non-vested end of period (in shares)			701,675		689,150		701,675	689,150	674,250
Vested during year (in shares)							(122,125)	(112,150)
Total charge to operations:
Total charge to operations			$ 884,000		$ 843,000		$ 1,759,000	$ 1,686,000
Total compensation costs related to non-vested awards that have not yet been recognized			$ 9,583,000				$ 9,583,000
Weighted average remaining vesting period							2 years 7 months 6 days
RSUs
Stock Based Compensation
Number of shares forfeited			51,907				51,907		5,250
Number of shares vested			24,343				24,343
Number of non-vested shares:
Non-vested beginning of period (in shares)		148,776	225,026	152,500	152,500		225,026	152,500	152,500
Number of shares awarded		75,026		77,776		76,250
Forfeitures (in shares)			(51,907)				(51,907)		(5,250)
Non-vested end of period (in shares)			148,776		152,500		148,776	152,500	225,026
Vested during year (in shares)			(24,343)				(24,343)
Total charge to operations:
Total charge to operations			$ 445,000		$ 95,000		$ 546,000	$ 206,000
Total compensation costs related to non-vested awards that have not yet been recognized			$ 963,000				$ 963,000
Weighted average remaining vesting period							1 year 6 months
RSUs | Awards granted in 2018 and 2019
Stock Based Compensation
Number of shares forfeited							0
Number of shares vested							0
Number of non-vested shares:
Forfeitures (in shares)							0
Vested during year (in shares)							0
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%
2019 Incentive Plan
Stock Based Compensation
Maximum number of shares authorized for issuance			750,000				750,000
Number of non-vested shares:
Number of shares awarded							224,576
2019 Incentive Plan | Restricted stock
Number of non-vested shares:
Number of shares awarded							149,550
2019 Incentive Plan | RSUs
Number of non-vested shares:
Number of shares awarded							75,026
2016 and 2012 Incentive Plans
Number of non-vested shares:
Non-vested beginning of period (in shares)		625,875
Non-vested end of period (in shares)			625,875				625,875
2016 and 2012 Incentive Plans | Restricted stock
Number of non-vested shares:
Non-vested beginning of period (in shares)		552,125
Non-vested end of period (in shares)			552,125				552,125
2016 and 2012 Incentive Plans | RSUs
Stock Based Compensation
Number of shares forfeited	51,907
Number of shares vested	24,343
Number of non-vested shares:
Non-vested beginning of period (in shares)		73,750
Number of shares awarded										76,250
Forfeitures (in shares)	(51,907)
Non-vested end of period (in shares)			73,750				73,750
Vested during year (in shares)	(24,343)
Pay-for-performance program | RSUs | Awards granted in 2018
Stock Based Compensation
Aggregate fair value of the shares granted			$ 918,000				$ 918,000
Pay-for-performance program | RSUs | Awards granted in 2019
Stock Based Compensation
Aggregate fair value of the shares granted			$ 986,000				$ 986,000

Fair Value Measurements - Summa

Fair Value Measurements - Summary (Details)	Aug. 03, 2020USD ($)	Jun. 30, 2020USD ($)Y	Dec. 31, 2019USD ($)Y
Recurring | Level 2 | Interest rate swap
Financial assets:
Derivative financial instruments			$ 87,000
Financial liabilities:
Derivative financial instruments		$ 6,788,000	1,715,000
Line of Credit
FAIR VALUE MEASUREMENTS
Line of credit, gross	$ 17,150,000	30,850,000	11,450,000
Mortgages payable
FAIR VALUE MEASUREMENTS
Estimated fair value of mortgages payable		472,592,000	454,039,000
Carrying value of mortgage loans		448,692,000	440,278,000
Excess of fair value over carrying value		$ 23,900,000	$ 13,761,000
Blended market interest rate | Mortgages payable
FAIR VALUE MEASUREMENTS
Long-term debt, measurement input		0.0325	0.0372
Remaining term to maturity | Mortgages payable
FAIR VALUE MEASUREMENTS
Long-term debt, measurement input | Y		7.6	8.1

Fair Value Measurements - Inter

Fair Value Measurements - Interest Rate Derivatives (Details) - Interest rate derivatives - Cash flow hedges	6 Months Ended
	Jun. 30, 2020USD ($)item
Fair Value Measurements
Number of interest rate derivatives held	24
Number of mortgage loans outstanding	24
Notional Amount | $	$ 94,633,000
Weighted average maturity	4 years 8 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 ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Reclassification of gain (loss)
Amount of gain (loss) recognized with respect to effectiveness testing	$ 0		$ 0
Interest rate swap | Cash flow hedges
Fair Value Measurements
Amount of loss recognized on derivatives in other comprehensive (loss) income	(713,000)	$ (2,477,000)	(5,641,000)	$ (3,962,000)
Amount of reclassification from Accumulated other comprehensive (loss) income into Interest expense	(1,142,000)	$ 41,000	(1,252,000)	133,000
Reclassification of realized gain (loss) from Accumulated other comprehensive income (loss) to earnings				$ (41,000)
Reclassification of gain (loss)
Additional amount to be reclassified during the next twelve months			(1,633,000)
Credit risk related contingent feature
Accrued interest payable on derivatives in a liability position	130,000		130,000		$ 27,000
Fair value of derivative in a liability position, including accrued interest but excluding adjustments for non-performance risk	7,223,000		7,223,000		1,832,000
Termination liability value	$ 7,223,000		7,223,000		1,832,000
Interest rate swap | Cash flow hedges | Prepayment costs on debt
Fair Value Measurements
Amount of reclassification from Accumulated other comprehensive (loss) income into Interest expense			(775,000)
Interest rate swap | Cash flow hedges | Accrued expenses and other liabilities
Credit risk related contingent feature
Adjustments for non-performance risk			$ 305,000		$ 90,000

Subsequent Events (Details)

Subsequent Events (Details) - shares	Jul. 08, 2020	Jul. 07, 2020	Jun. 30, 2020	Dec. 31, 2019
Common Stock, Shares Authorized			25,000,000	25,000,000
Subsequent event
Common Stock, Shares Authorized	50,000,000	25,000,000