One Liberty Properties (OLP) 10-Q 5 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 01, 2021
Document and Entity Information
Entity Registrant Name	ONE LIBERTY PROPERTIES, INC.
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
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	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		20,911,183
Entity Central Index Key	0000712770
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Real estate investments, at cost
Land		$ 180,760	$ 190,391
Buildings and improvements		653,695	648,667
Total real estate investments, at cost		834,455	839,058
Less accumulated depreciation		157,499	147,136
Real estate investments, net		676,956	691,922
Investment in unconsolidated joint ventures		10,178	10,702
Cash and cash equivalents		13,740	12,705
Unbilled rent receivable		14,470	15,438
Unamortized intangible lease assets, net		21,498	24,703
Escrow, deposits and other assets and receivables		15,131	20,667
Total assets	[1]	751,973	776,137
Liabilities:
Mortgages payable, net of $3,477 and $3,845 of deferred financing costs, respectively		403,452	429,704
Line of credit, net of $270 and $425 of deferred financing costs, respectively		2,930	12,525
Dividends payable		9,416	9,261
Accrued expenses and other liabilities		20,374	21,498
Unamortized intangible lease liabilities, net		10,702	11,189
Total liabilities	[1]	446,874	484,177
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; 50,000 shares authorized; 20,178 and 19,878 shares issued and outstanding		20,178	19,878
Paid-in capital		319,608	313,430
Accumulated other comprehensive loss		(2,350)	(5,002)
Distributions in excess of net income		(33,264)	(37,539)
Total One Liberty Properties, Inc. stockholders' equity		304,172	290,767
Non-controlling interests in consolidated joint ventures	[1]	927	1,193
Total equity		305,099	291,960
Total liabilities and equity		$ 751,973	$ 776,137
[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: $10,365 and $12,158 of land, $18,454 and $23,372 of building and improvements, net of $4,780 and $5,232 of accumulated depreciation, $3,738 and $3,679 of other assets included in other line items, $19,362 and $23,530 of real estate debt, net, $1,495 and $1,278 of other liabilities included in other line items and $927 and $1,193 of non-controlling interests as of September 30, 2021 and December 31, 2020, respectively.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
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		50,000	50,000
Common stock, shares issued		20,178	19,878
Common stock, shares outstanding		20,178	19,878
Land		$ 180,760	$ 190,391
Buildings and improvements		653,695	648,667
Accumulated depreciation		157,499	147,136
Non-controlling interests in consolidated joint ventures	[1]	927	1,193
Line of Credit
Deferred financing costs		270	425
Mortgages payable
Deferred financing costs		3,477	3,845
Consolidated Joint Venture-VIEs
Land		10,365	12,158
Buildings and improvements		18,454	23,372
Accumulated depreciation		4,780	5,232
Other assets		3,738	3,679
Real estate debt, net		19,362	23,530
Other liabilities		1,495	1,278
Non-controlling interests in consolidated joint ventures		927	1,193
Consolidated Joint Venture-VIEs | Mortgages payable
Deferred financing costs		$ 206	$ 253
[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: $10,365 and $12,158 of land, $18,454 and $23,372 of building and improvements, net of $4,780 and $5,232 of accumulated depreciation, $3,738 and $3,679 of other assets included in other line items, $19,362 and $23,530 of real estate debt, net, $1,495 and $1,278 of other liabilities included in other line items and $927 and $1,193 of non-controlling interests as of September 30, 2021 and December 31, 2020, respectively.

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Total revenues	$ 20,436	$ 21,071	$ 61,674	$ 63,171
Operating expenses:
Depreciation and amortization	5,596	5,723	17,055	17,201
General and administrative (see Note 9 for related party information)	3,559	3,456	10,970	10,244
Real estate expenses (see Note 9 for related party information)	3,199	3,451	10,272	10,098
State taxes	55	75	221	227
Impairment due to casualty loss		430		430
Total operating expenses	12,409	13,135	38,518	38,200
Other operating income
Gain on sale of real estate, net	1,277	10,316	22,768	14,568
Operating income	9,304	18,252	45,924	39,539
Other income and expenses:
Equity in earnings of unconsolidated joint ventures	77	132	75	186
Equity in earnings from sale of unconsolidated joint venture properties	801		801	121
Prepayment costs on debt	(38)	(58)	(837)	(1,123)
Other income (see Note 13)	678	453	865	462
Interest:
Expense	(4,365)	(4,752)	(13,573)	(14,583)
Amortization and write-off of deferred financing costs	(245)	(301)	(754)	(760)
Net income	6,212	13,726	32,501	23,842
Net income attributable to non-controlling interests	(153)	(1)	(151)	(7)
Net income attributable to One Liberty Properties, Inc.	$ 6,059	$ 13,725	$ 32,350	$ 23,835
Weighted average number of common shares outstanding:
Basic (in shares)	20,115	19,640	20,044	19,483
Diluted (in shares)	20,273	19,686	20,198	19,511
Per common share attributable to common stockholders:
Basic (in dollars per share)	$ 0.29	$ 0.67	$ 1.56	$ 1.17
Diluted (in dollars per share)	0.28	0.67	1.55	1.17
Cash distributions per share of common stock (in dollars per share)	$ 0.45	0.338	$ 1.35	1.013
Stock distributions per share of common stock (in dollars per share)		$ 0.112		$ 0.337
Rental income, net
Revenues:
Total revenues	$ 20,349	$ 21,071	$ 61,338	$ 63,171
Lease termination fees
Revenues:
Total revenues	$ 87		$ 336

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 6,212	$ 13,726	$ 32,501	$ 23,842
Other comprehensive income
Net unrealized gain (loss) on derivative instruments	317	394	2,659	(3,995)
Comprehensive income	6,529	14,120	35,160	19,847
Net income attributable to non-controlling interests	(153)	(1)	(151)	(7)
Adjustment for derivative instruments attributable to non-controlling interests	(3)	(2)	(7)	6
Comprehensive income attributable to One Liberty Properties, Inc.	$ 6,373	$ 14,117	$ 35,002	$ 19,846

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Common Stock	Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Undistributed Net Income	Distributions in Excess of Net Income	Non-Controlling Interests in Joint Ventures	Total
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 and restricted stock unit vesting	122	(122)
Shares issued through dividend reinvestment plan	7	159					166
Distributions to non-controlling interests						(8)	(8)
Compensation expense - restricted stock and RSUs		976					976
Net income (loss)				$ 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 (loss)							23,842
Balances at Sep. 30, 2020	19,737	310,029	(5,612)		(31,850)	1,214	293,518
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 and RSUs		1,329					1,329
Net income (loss)				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
Distributions - common stock
Cash					(6,898)		(6,898)
Stock					(2,300)		(2,300)
Shares issued through stock dividend	263	4,268					4,531
Restricted stock and restricted stock unit vesting	24	(24)
Contribution from non-controlling interest						10	10
Distributions to non-controlling interests						(5)	(5)
Compensation expense - restricted stock and RSUs		1,136					1,136
Net income (loss)				13,725		1	13,726
Other comprehensive income (loss)			392			2	394
Balances at Sep. 30, 2020	19,737	310,029	(5,612)		(31,850)	1,214	293,518
Balances at Dec. 31, 2020	19,878	313,430	(5,002)		(37,539)	1,193	291,960
Distributions - common stock
Cash					(9,329)		(9,329)
Restricted stock and restricted stock unit vesting	130	(130)
Contribution from non-controlling interest						20	20
Distributions to non-controlling interests						(13)	(13)
Compensation expense - restricted stock and RSUs		1,343					1,343
Net income (loss)				2,962		(5)	2,957
Other comprehensive income (loss)			1,498			3	1,501
Balances at Mar. 31, 2021	20,008	314,643	(3,504)		(43,906)	1,198	288,439
Balances at Dec. 31, 2020	19,878	313,430	(5,002)		(37,539)	1,193	291,960
Distributions - common stock
Net income (loss)							32,501
Balances at Sep. 30, 2021	20,178	319,608	(2,350)		(33,264)	927	305,099
Balances at Mar. 31, 2021	20,008	314,643	(3,504)		(43,906)	1,198	288,439
Distributions - common stock
Cash					(9,330)		(9,330)
Restricted stock and restricted stock unit vesting	16	(16)
Contribution from non-controlling interest						5	5
Distributions to non-controlling interests						(11)	(11)
Compensation expense - restricted stock and RSUs		1,685					1,685
Net income (loss)				23,329		3	23,332
Other comprehensive income (loss)			840			1	841
Balances at Jun. 30, 2021	20,024	316,312	(2,664)		(29,907)	1,196	304,961
Distributions - common stock
Cash					(9,416)		(9,416)
Restricted stock and restricted stock unit vesting	74	(74)
Shares issued through equity offering program - net	49	1,375					1,424
Shares issued through dividend reinvestment plan	31	832					863
Distributions to non-controlling interests						(425)	(425)
Compensation expense - restricted stock and RSUs		1,163					1,163
Net income (loss)				$ 6,059		153	6,212
Other comprehensive income (loss)			314			3	317
Balances at Sep. 30, 2021	$ 20,178	$ 319,608	$ (2,350)		$ (33,264)	$ 927	$ 305,099

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Distributions - common stock
Cash	$ 0.45	$ 0.45	$ 0.45	$ 0.338	$ 0.225	$ 0.45	$ 1.35	$ 1.013
Stock				$ 0.112	$ 0.225			$ 0.337

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income	$ 32,501	$ 23,842
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of real estate, net	(22,768)	(14,568)
Impairment due to casualty loss		430
Increase in unbilled rent receivable	(79)	(1,670)
Amortization and write-off of intangibles relating to leases, net	(606)	(556)
Amortization of restricted stock and RSU expense	4,191	3,441
Equity in earnings of unconsolidated joint ventures	(75)	(186)
Equity in earnings from sale of unconsolidated joint venture property	(801)	(121)
Distributions of earnings from unconsolidated joint ventures	1,303	116
Depreciation and amortization	17,055	17,201
Amortization and write-off of deferred financing costs	754	760
Payment of leasing commissions	(608)	(189)
Decrease (increase) in escrow, deposits, other assets and receivables	4,936	(3,962)
Increase in accrued expenses and other liabilities	757	1,141
Net cash provided by operating activities	36,560	25,679
Cash flows from investing activities:
Purchase of real estate	(16,491)	(28,504)
Improvements to real estate	(3,050)	(632)
Investments in ground leased property	(1,353)
Net proceeds from sale of real estate	47,214	25,070
Casualty loss, insurance recovery proceeds received	550	150
Distributions of capital from unconsolidated joint venture	97	270
Net cash provided by (used in) investing activities	26,967	(3,646)
Cash flows from financing activities:
Scheduled amortization payments of mortgages payable	(10,590)	(9,568)
Repayment of mortgages payable	(26,630)	(11,815)
Proceeds from mortgage financings	10,600	18,200
Proceeds from sale of common stock, net	1,424
Proceeds from bank line of credit	12,700	41,500
Repayment on bank line of credit	(22,450)	(35,800)
Issuance of shares through dividend reinvestment plan	863	1,026
Payment of financing costs	(229)	(189)
Capital contributions from non-controlling interests	25	10
Distributions to non-controlling interests	(449)	(18)
Cash distributions to common stockholders	(27,920)	(22,540)
Net cash used in financing activities	(62,656)	(19,194)
Net increase in cash, cash equivalents and restricted cash	871	2,839
Cash, cash equivalents and restricted cash at beginning of year	13,564	11,968
Cash, cash equivalents and restricted cash at end of period	14,435	14,807
Supplemental disclosure of cash flow information:
Cash paid during the period for interest expense	14,546	15,563
Supplemental disclosure of non-cash investing activity:
Purchase accounting allocation - intangible lease assets	1,758	3,905
Purchase accounting allocation - intangible lease liabilities	$ (596)	(568)
Lease liabilities arising from the recognition of right of use assets		2,858
Supplemental disclosure of non-cash financing activity:
Common stock dividend - portion paid in shares of common stock		$ 4,531

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	$ 13,740	$ 14,193
Restricted cash included in escrow, deposits and other assets and receivables	695	614
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	$ 14,435	$ 14,807

ORGANIZATION AND BACKGROUND

ORGANIZATION AND BACKGROUND	9 Months Ended
	Sep. 30, 2021
ORGANIZATION AND BACKGROUND
ORGANIZATION AND BACKGROUND	NOTE 1 – ORGANIZATION AND BACKGROUND One Liberty Properties, Inc. (“OLP”) was incorporated in 1982 in Maryland. OLP is a self-administered and self-managed real estate investment trust (“REIT”). OLP acquires, owns and manages a geographically diversified portfolio consisting primarily of industrial, retail, restaurant, health and fitness, and theater properties, many of which are subject to long-term net leases. As of September 30, 2021, OLP owns

SUMMARY ACCOUNTING POLICIES

SUMMARY ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2021
SUMMARY ACCOUNTING POLICIES
SUMMARY ACCOUNTING POLICIES	NOTE 2 – SUMMARY ACCOUNTING POLICIES Principles of Consolidation/Basis of Preparation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments of a normal recurring nature necessary for fair presentation have been included. The results of operations for the three and nine months ended September 30, 2021 and 2020 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, 2020. 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. ​ Purchase Accounting for Acquisition of Real Estate In acquiring real estate, the Company evaluates whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, and if that requirement is met, the asset group is accounted for as an asset acquisition and not a business combination. Transaction costs incurred with such asset acquisitions are capitalized to real estate assets and depreciated over the respectful useful lives. The Company allocates the purchase price of real estate, including direct transaction costs applicable to an asset acquisition, among land, building, improvements and intangibles, such as the value of above, below and at-market leases, and origination costs associated with in-place leases at the acquisition date. The Company assesses the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. The value, as determined, is allocated to land, building and improvements based on management’s determination of the relative fair values of these assets. The Company assesses the fair value of the lease intangibles based on estimated cash flow projections that utilize available market information; such inputs are categorized as Level 3 inputs in the fair value hierarchy. In valuing an acquired property’s intangibles, factors considered by management include estimates of carrying costs ( e.g. NOTE 2 – SUMMARY ACCOUNTING POLICIES (CONTINUED) Investment in Joint Ventures and Variable Interest Entities The Financial Accounting Standards Board, or FASB, provides guidance for determining whether an entity is a VIE. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE’s economic performance and (ii) has the obligation to absorb losses, or the right to receive benefits, of the VIE that could potentially be significant to the VIE. The Company assesses the accounting treatment for each of its investments, including a review of each venture or limited liability company or partnership agreement, to determine the rights of each party and whether those rights are protective or participating. The agreements typically contain certain protective rights, such as the requirement of partner approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget or operating plan. In situations where, among other things, the Company and its partners jointly (i) approve the annual budget, (ii) approve certain expenditures, (iii) prepare or review and approve the joint venture’s tax return before filing, or (iv) approve each lease at a property, the Company does not consolidate as the Company considers these to be substantive participation rights that result in shared, joint power over the activities that most significantly impact the performance of the joint venture or property. Additionally, the Company assesses the accounting treatment for any interests pursuant to which the Company may have a variable interest as a lessor. Leases may contain certain protective rights, such as the right of sale and the receipt of certain escrow deposits. ​ The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. All investments in unconsolidated joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are VIEs. In addition, the Company shares power with its co-managing members over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions. None of the joint venture debt is recourse to the Company, subject to standard carve-outs. 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. ​

LEASES

LEASES	9 Months Ended
	Sep. 30, 2021
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 2021 to 2055, with options to extend terminate components Fixed lease revenues represent the base rent that each tenant is required to pay in accordance with the terms of their respective leases reported on a straight-line basis over the non-cancelable term of the lease. Variable lease revenues include payments based on (i) tenant reimbursements, (ii) changes in the index or market-based indices after the inception of the lease, (iii) percentage rents or (iv) the operating performance of the property. Variable lease revenues are not recognized until the specific events that trigger the variable payments have occurred. The components of lease revenues are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2021 2020 2021 2020 Fixed lease revenues ​ $ 17,602 ​ $ 17,953 ​ $ 52,502 ​ $ 53,935 Variable lease revenues ​ ​ 2,581 ​ ​ 2,935 ​ ​ 8,230 ​ ​ 8,680 Lease revenues (a) ​ $ 20,183 ​ $ 20,888 ​ $ 60,732 ​ $ 62,615 (a) Excludes amortization related to lease intangible assets and liabilities of $166 and $606 for the three and nine months ended September 30, 2021, respectively, and $183 and $556 for the three and nine months ended September 30, 2020, respectively. In many of the Company’s leases, the tenant is obligated to pay the real estate taxes, insurance, and certain other expenses directly to the vendor. These obligations, which have been assumed by the tenants, are not reflected in our consolidated financial statements. To the extent any such tenant defaults on its lease or if it is deemed probable that the tenant will fail to pay for such obligations, a liability for such obligations would be recorded. During the year ended December 31, 2020, in response to requests for rent relief from tenants impacted by the COVID-19 pandemic and the governmental and non-governmental responses thereto, the Company deferred and accrued $3,360,000 of rent payments, excluding amounts related to Regal Cinemas as described below. For 2020, the three and nine months ended September 30, 2021 and for October 2021, the Company collected $497,000, $512,000, $2,241,000 and $143,000, respectively, of such deferred rents. The $479,000 balance of deferred rents is deemed collectible and is expected to be collected during the remainder of 2021 through 2023. On a quarterly basis, the Company assesses the collectability of substantially all lease payments due by reviewing the tenant’s payment history or financial condition. Changes to collectability are recognized as a current period adjustment to rental revenue. In February 2021, the Company executed lease amendments with Regal Cinemas, a tenant at two properties, which was adversely affected by the pandemic. In connection with the lease amendments, the Company did not accrue and agreed to defer an aggregate of $1,449,000 of rent otherwise payable from September 2020 through August 2021, the tenant agreed to pay an aggregate of $441,000 of rent during that same period and the parties extended the lease for one of these properties for two years . Through October 31, 2021, the tenant is current on all lease payments in accordance with these lease amendments. The Company did not accrue the deferred rents due from September 2020 through August 2021 as collections were deemed less than probable. The Company has assessed the collectability of all recorded lease payments as probable as of September 30, 2021. NOTE 3 – LEASES (CONTINUED) Minimum Future Rents As of September 30, 2021, the minimum future contractual rents to be received on non-cancellable operating leases are included in the table below (amounts in thousands). The minimum future contractual rents do not include (i) straight-line rent or amortization of intangibles, (ii) COVID-19 lease deferral repayments accrued to rental income in 2020 and (iii) variable lease payments as described above. ​ ​ ​ ​ ​ From October 1 – December 31, 2021 ​ $ 17,590 For the year ending December 31, ​ ​ ​ 2022 ​ ​ 66,237 2023 ​ ​ 60,402 2024 ​ ​ 52,268 2025 ​ ​ 47,809 2026 ​ ​ 43,755 Thereafter ​ ​ 146,220 Total ​ $ 434,281 ​ Lease Termination Fees In January 2021, the Company received $350,000 as a lease termination fee from a retail tenant in connection with the tenant’s exercise of its lease termination option. The Company is amortizing this fee to revenues over the revised lease term expiring January 15, 2022. In December 2020, the Company received $88,000 as a lease termination fee from an industrial tenant in connection with the tenant’s exercise of its lease termination option. The Company amortized this fee to revenues over the revised lease term which expired May 31, 2021. Lessee Accounting Ground Lease The Company is a lessee under a ground lease in Greensboro, North Carolina, which is classified as an operating lease. The ground lease expires March 3, 2025 and provides for up to four, 5-year renewal options and one seven-month renewal option. As of September 30, 2021, the remaining lease term, including renewal options deemed exercised, is 13.4 years. The Company recognized lease expense related to this ground lease of $150,000 and $449,000 for the three and nine months ended September 30, 2021, respectively, and $121,000 and $383,000 for the three and nine months ended September 30, 2020, respectively, which is included in Real estate expenses on the consolidated statements of income. Office Lease The Company is a lessee under a corporate office lease in Great Neck, New York, which is classified as an operating lease. The lease expires on December 31, 2031 and provides a 5-year renewal option. As of September 30, 2021, the remaining lease term, including the renewal option deemed exercised, is 15.3 years. The Company recognized lease expense related to this office lease of $14,000 and $41,000 for the three and nine months ended September 30, 2021, respectively, and $14,000 and $42,000 for the three and nine months ended September 30, 2020, respectively, which is included in General and administrative expenses on the consolidated statements of income. NOTE 3 – LEASES (CONTINUED) Minimum Future Lease Payments As of September 30, 2021, the minimum future lease payments related to the operating ground and office leases are as follows (amounts in thousands): ​ ​ ​ ​ ​ From October 1 – December 31, 2021 ​ $ 128 For the year ending December 31, ​ ​ ​ 2022 ​ ​ 506 2023 ​ 507 2024 ​ 557 2025 ​ 626 2026 ​ 627 Thereafter ​ 6,220 Total undiscounted cash flows ​ $ 9,171 Present value discount ​ (1,888) Lease liability ​ $ 7,283 ​

REAL ESTATE ACQUISITIONS

REAL ESTATE ACQUISITIONS	9 Months Ended
	Sep. 30, 2021
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 nine months ended September 30, 2021 (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 the real estate assets acquired and will be depreciated over the respective useful lives. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract ​ ​ ​ Capitalized ​ ​ Date ​ ​ Purchase ​ Terms of ​ ​ Transaction Description of Property Acquired Price Payment Costs Pureon industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Monroe, North Carolina ​ May 27, 2021 ​ $ 7,000 Cash and $4,500 mortgage (a) ​ $ 60 Multi-tenant industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lehigh Acres, Florida ​ September 29, 2021 ​ ​ 9,355 ​ Cash and $6,100 mortgage (a) ​ ​ 76 Totals for 2021 ​ ​ ​ $ 16,355 ​ $ 136 (a) Simultaneously with the acquisition of each property, the Company obtained new mortgage debt which bears interest at rates of 3.25% and 3.17% and mature in 2027 and 2031, respectively. ​ The Company assessed the fair value of the tangible assets of the properties as of the acquisition date using an income approach with a market capitalization rate which is a Level 3 unobservable input in the fair value hierarchy. The market capitalization rate was 7.0% for the Monroe, North Carolina property and for the Lehigh Acres, Florida property. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building & ​ Intangible Lease ​ ​ ​ Description of Property Land Improvements Asset Liability Total Pureon, Inc. industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ Monroe, North Carolina ​ $ 897 ​ $ 5,106 ​ $ 1,057 ​ $ — ​ $ 7,060 Multi-tenant industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lehigh Acres, Florida ​ ​ 1,933 ​ ​ 7,393 ​ ​ 701 ​ ​ (596) ​ ​ 9,431 Totals for 2021 ​ $ 2,830 ​ $ 12,499 ​ $ 1,758 ​ $ (596) ​ $ 16,491 ​ ​ NOTE 4 – REAL ESTATE ACQUISITIONS (CONTINUED) ​ The Company has entered into a contract to purchase a warehouse distribution center in Omaha, Nebraska for $8,000,000 which is expected to close in November 2021. ​

SALES OF PROPERTIES

SALES OF PROPERTIES	9 Months Ended
	Sep. 30, 2021
SALES OF PROPERTIES
SALES OF PROPERTIES	NOTE 5 SALES OF PROPERTIES The following table details the Company’s sales of real estate during the nine months ended September 30, 2021 and 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gain on Sale of ​ ​ Mortgage ​ Prepayment Description of Property ​ Date Sold ​ Sales Price ​ Real Estate, Net ​ ​ Prepaid on Sale ​ Costs on Debt Whole Foods retail property & parking lot, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ West Hartford, Connecticut ​ June 17, 2021 ​ $ 40,510 ​ $ 21,469 (a) ​ $ 15,403 ​ $ 799 ​ Vacant retail property, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Philadelphia, Pennsylvania (b) ​ July 1, 2021 ​ ​ 8,300 ​ ​ 1,299 ​ ​ ​ 3,574 ​ ​ 26 ​ Totals - nine months ended September 30, 2021 ​ $ 48,810 ​ $ 22,768 ​ ​ $ 18,977 ​ $ 825 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hobby Lobby retail property, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Onalaska, Wisconsin ​ February 11, 2020 ​ $ 7,115 ​ $ 4,252 (c) ​ $ 3,332 ​ $ 290 ​ CarMax retail property, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Knoxville, Tennessee ​ July 1, 2020 ​ ​ 18,000 ​ ​ 10,316 (c) ​ ​ 8,483 ​ ​ 833 (d) Totals - nine months ended September 30, 2020 ​ $ 25,115 ​ $ 14,568 ​ ​ $ 11,815 ​ $ 1,123 ​ (a) As a result of the sale, the Company also wrote-off, as a reduction to Gain on sale of real estate, net, $1,148 of unbilled rent receivable and $967 of unamortized intangible lease assets. (b) This property was owned by a consolidated joint venture in which the Company held a 90% interest. The non-controlling interest’s share of the gain was $130. (c) As a result of the Wisconsin and Tennessee property sales, the Company also wrote-off, as a reduction to Gain on sale of real estate, net, unbilled rent receivables of $170 and $122, respectively. (d) The Company recognized $775 and $58 of the prepayment cost on debt during the three months ended June 30, 2020 and September 30, 2020, respectively.

VARIABLE INTEREST ENTITIES, CON

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES	9 Months Ended
	Sep. 30, 2021
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”), 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 does not have power over the activities that most significantly impact the owner/operator’s economic performance and therefore, does not consolidate this VIE for financial statement purposes. Accordingly, the Company accounts for this investment as land and the revenues from the ground lease as Rental income, net. Ground lease rental income amounted to $243,000 and $729,000 for the three and nine months ended September 30, 2020, respectively. No ground lease rental income was collected during the three and nine months ended September 30, 2021. NOTE 6 – VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES (CONTINUED) As of September 30, 2021, the VIE’s maximum exposure to loss was $15,410,000 which represented the carrying amount of the land. In purchasing the property in 2016, 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 multi-family property. The Company provided its land as collateral for the owner/operator’s mortgage loan; accordingly, the land position is subordinated to the mortgage. The mortgage balance was $66,307,000 as of September 30, 2021. Pursuant to the ground lease, as amended, the Company agreed, in its discretion, to fund 78% of (i) any operating expense shortfalls at the property and (ii) any capital expenditures required at the property. The Company funded $221,000 and $1,353,000 during the three and nine months ended September 30, 2021, respectively, and an additional $238,000 from October 1 through November 1, 2021. These amounts are included as part of the carrying amount of the land. Variable Interest Entities – Consolidated Joint Ventures The Company has determined the three consolidated joint ventures in which it holds between a 90% to 95 % interest are VIEs because the non-controlling interests do not hold substantive kick-out or participating rights. The Company has determined it is the primary beneficiary of these VIEs as it has the power to direct the activities that most significantly impact each joint venture’s performance including management, approval of expenditures, and the obligation to absorb the losses or rights to receive benefits. Accordingly, the Company consolidates the operations of these VIEs for financial statement purposes. The VIEs’ creditors do not have recourse to the assets of the Company other than those held by the applicable joint venture. The following is a summary of the consolidated VIEs’ carrying amounts and classification in the Company’s consolidated balance sheets, none of which are restricted (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2021 2020 (a) Land ​ $ 10,365 ​ $ 12,158 Buildings and improvements, net of accumulated depreciation of $4,780 and $5,232, respectively ​ ​ 18,454 ​ ​ 23,372 Cash ​ ​ 1,060 ​ ​ 1,102 Unbilled rent receivable ​ ​ 1,008 ​ ​ 861 Unamortized intangible lease assets, net ​ ​ 567 ​ ​ 627 Escrow, deposits and other assets and receivables ​ ​ 1,103 ​ ​ 1,089 Mortgages payable, net of unamortized deferred financing costs of $206 and $253, respectively ​ ​ 19,362 ​ ​ 23,530 Accrued expenses and other liabilities ​ ​ 1,007 ​ ​ 752 Unamortized intangible lease liabilities, net ​ ​ 488 ​ ​ 526 Accumulated other comprehensive loss ​ ​ (47) ​ ​ (127) Non-controlling interests in consolidated joint ventures ​ ​ 927 ​ ​ 1,193 (a) Includes a consolidated joint venture, in which the Company held an 90% interest, located in Philadelphia, Pennsylvania which was sold in July 2021 (see Note 5). As of September 30, 2021 and December 31, 2020, 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 $4,730,000 and $7,495,000, respectively. Distributions to each joint venture partner are determined pursuant to the applicable operating agreement and may not be pro rata

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	9 Months Ended
	Sep. 30, 2021
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	NOTE 7 – INVESTMENT IN UNCONSOLIDATED JOINT VENTURES As of September 30, 2021 and December 31, 2020, the Company participated in three unconsolidated joint ventures, each of which owns and operates one property; the Company’s equity investment in these ventures totaled $10,178,000 and $10,702,000 , respectively. The Company recorded equity in earnings of $77,000 and $75,000 for the three and nine months ended September 30, 2021, respectively, and equity in earnings of $132,000 and $186,000 for the three and nine months ended September 30, 2020, respectively. On July 12, 2021, an unconsolidated joint venture sold a portion of its land, located in Savannah, Georgia for $2,559,000 , net of closing costs. The Company’s As of September 30, 2021 and December 31, 2020, MCB and the Company are partners in an unconsolidated joint venture in which the Company’s equity investment is approximately $8,685,000 and $8,761,000, respectively.

DEBT OBLIGATIONS

DEBT OBLIGATIONS	9 Months Ended
	Sep. 30, 2021
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2021 2020 Mortgages payable, gross ​ $ 406,929 ​ $ 433,549 Unamortized deferred financing costs ​ (3,477) ​ (3,845) Mortgages payable, net ​ $ 403,452 ​ $ 429,704 ​ 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) $20,000,000 for operating expense purposes and (ii) $10,000,000 for renovation expenses. On July 1, 2022, the amounts the Company can borrow for renovation expenses and operating expenses will change to $20,000,000 and $10,000,000, respectively. To the extent that as of June 30, 2022 more than $10,000,000 is outstanding for operating expense purposes, such excess must be repaid immediately. Net proceeds received from the sale, financing or refinancing of properties are generally required to be used to repay amounts outstanding under the credit facility. The facility is guaranteed by subsidiaries of the Company that own unencumbered properties and the Company pledged to the lenders the equity interests in the Company’s subsidiaries. The facility, 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 175 and 200 basis points at September 30, 2021 and 2020, respectively. An unused facility fee of .25% per annum applies to the facility. The average interest rate on the facility was approximately 1.86% and 2.64% for the nine months ended September 30, 2021 and 2020, respectively. The Company was in compliance with all covenants under this facility at September 30, 2021. NOTE 8 – DEBT OBLIGATIONS (CONTINUED) The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2021 2020 Line of credit, gross ​ $ 3,200 ​ $ 12,950 Unamortized deferred financing costs ​ (270) ​ (425) Line of credit, net ​ $ 2,930 ​ $ 12,525 ​ At November 1, 2021, there was an outstanding balance of $6,700,000 (before unamortized deferred financing costs) and $20,000,000 was available for operating expense purposes under the facility.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2021
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. In consideration for the Services, the Company paid Majestic $766,000 and $2,330,000 for the three and nine months ended September 30, 2021, respectively, and $758,000 and $2,239,000 for the three and nine months ended September 30, 2020, respectively. Included in these fees are 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 11). The related expense charged to the Company’s operations was $581,000 and $1,971,000 for the three and nine months ended September 30, 2021, respectively, and $453,000 and $1,356,000 for the three and nine months ended September 30, 2020, 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. Joint Venture Partners and Affiliates The Company paid an aggregate of $21,000 and $59,000 for the three and nine months ended September 30, 2021, respectively, and $20,000 and $56,000 for the three and nine months ended September 30, 2020, respectively, to its consolidated joint venture partners or their affiliates (none of whom are officers, directors, or employees of the Company) for property management services, which are included in Real estate expenses on the consolidated statements of income. NOTE 9 – RELATED PARTY TRANSACTIONS (CONTINUED) The Company’s unconsolidated joint ventures paid management fees of $28,000 and $88,000 for the three and nine months ended September 30, 2021, respectively, and $27,000 and $68,000 for the three and nine months ended September 30, 2020, respectively, to the other partner of the venture, which reduced Equity in earnings on the consolidated statements of income by $14,000 and $44,000 for the three and nine months ended September 30, 2021, respectively, and $14,000 and $34,000 for the three and nine months ended September 30, 2020, respectively. Additionally, during the nine months ended September 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 December 31, 2020. Other During 2021 and 2020, the Company paid quarterly fees of $74,500 to the Company’s chairman and $29,800 to the Company’s vice-chairman. These fees are included in General and administrative expenses on the consolidated statements of income. The Company obtains its property insurance in conjunction with Gould Investors L.P. (“Gould Investors”), a related party, and reimburses Gould Investors annually for the Company’s insurance cost relating to its properties. Amounts reimbursed to Gould Investors were

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	9 Months Ended
	Sep. 30, 2021
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE	NOTE 10 – EARNINGS PER COMMON SHARE Basic earnings per share was determined by dividing net income allocable to common stockholders for each period by the weighted average number of shares of common stock outstanding during the applicable period. Net income is also allocated to the unvested restricted stock outstanding during each period, as the restricted stock is entitled to receive dividends and is therefore considered a participating security. As of September 30, 2021, the shares of common stock underlying the RSUs awarded between 2019 and 2021 under the 2019 Incentive Plan (see Note 11) 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 provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2021 2020 2021 2020 Numerator for basic and diluted earnings per share: ​ ​ Net income ​ $ 6,212 ​ $ 13,726 ​ $ 32,501 ​ $ 23,842 Deduct net income attributable to non-controlling interests ​ (153) ​ (1) ​ (151) ​ (7) Deduct earnings allocated to unvested restricted stock (a) ​ (318) ​ ​ (472) ​ ​ (1,108) ​ ​ (947) Net income available for common stockholders: basic and diluted ​ $ 5,741 ​ $ 13,253 ​ $ 31,242 ​ $ 22,888 Denominator for basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding ​ 20,115 ​ 19,640 ​ 20,044 ​ ​ 19,483 Weighted average number of common shares issued through stock dividend ​ ​ — ​ ​ 34 ​ ​ — ​ ​ 11 Effect of dilutive securities: RSUs ​ 158 ​ 12 ​ 154 ​ ​ 17 Denominator for diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares ​ 20,273 ​ 19,686 ​ 20,198 ​ 19,511 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share, basic ​ $ .29 ​ $ .67 ​ $ 1.56 ​ $ 1.17 Earnings per common share, diluted ​ $ .28 ​ $ .67 ​ $ 1.55 ​ $ 1.17 ________________________________________________________________ (a) Represents an allocation of distributed earnings to unvested restricted stock that, as participating securities, are entitled to receive dividends. NOTE 10 – EARNINGS PER COMMON SHARE (CONTINUED) ​ The following table identifies the number of shares of common stock underlying the RSUs that are included in the calculation, on a diluted basis, of the weighted average number of shares of common stock: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three and Nine Months Ended September 30, 2021 : ​ Total Number Shares Included Based on ​ ​ ​ of Underlying ​ Return on ​ Stockholder ​ ​ ​ Shares Date of Award Shares (b) Capital Metric Return Metric Total Excluded (c) July 1, 2019 75,026 ​ 37,513 ​ 37,513 ​ 75,026 ​ — August 3, 2020 75,026 ​ 37,513 ​ 37,513 ​ 75,026 ​ — August 3, 2021 ​ 80,700 ​ 23,375 ​ 17,722 ​ 41,097 ​ 39,603 Totals 230,752 98,401 92,748 191,149 39,603 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three and Nine Months Ended September 30, 2020 : ​ Total Number Shares Included Based on ​ ​ ​ of Underlying ​ Return on ​ Stockholder ​ ​ ​ Shares Date of Award Shares (b)(e) Capital Metric Return Metric Total Excluded (c) July 1, 2018 73,750 ​ 26,456 ​ — ​ 26,456 ​ 47,294 July 1, 2019 ​ 75,026 ​ 25,724 ​ — ​ 25,724 ​ 49,302 August 3, 2020 75,026 ​ 37,513 ​ — ​ 37,513 ​ 37,513 Totals 223,802 89,693 — 89,693 134,109 (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 September 30, 2021. (b) The RSUs awarded in 2019, 2020 and 2021 vest, subject to satisfaction of the applicable market and/or performance conditions, as of June 30, 2022, 2023 and 2024, respectively (see Note 11). (c) Excluded as the applicable conditions had not been met for these shares at the applicable measurement dates. (d) Reflects the number of shares underlying RSUs that would be issued assuming the measurement date used to determine whether the applicable conditions are satisfied is September 30, 2020. (e) During 2019, 2,500 shares of the 2018 award and 2,750 shares of the 2019 award were forfeited (see Note 11). (f) With respect to the RSUs awarded July 1, 2018, all 73,750 shares were deemed to have vested; these shares were issued in August 2021 (see Note 11).

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2021
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	NOTE 11 – STOCKHOLDERS’ EQUITY Common Stock Dividend The following table details the Company’s dividend activity for the nine months ended September 30, 2021 and 2020 (amounts in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Dividend Paid ​ Cash Stock Declaration Date (a) ​ Dividend Payable Date Record Date Cash % Stock % ​ Issued Issued March 12, 2021 ​ $ 9,329 ​ April 7, 2021 ​ March 24, 2021 ​ 100.0 ​ n/a ​ $ 9,329 ​ n/a June 10, 2021 ​ $ 9,330 ​ July 9, 2021 ​ June 25, 2021 ​ 100.0 ​ n/a ​ $ 9,330 ​ n/a September 14, 2021 ​ $ 9,398 ​ October 7, 2021 ​ September 27, 2021 ​ 100.0 ​ n/a ​ $ 9,398 ​ n/a ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 13, 2020 ​ $ 9,037 ​ April 7, 2020 ​ March 24, 2020 ​ 100.0 ​ n/a ​ $ 9,037 ​ n/a June 10, 2020 (b)(c) ​ $ 9,068 ​ July 31, 2020 ​ June 22, 2020 ​ 50.0 ​ 50.0 ​ $ 4,537 ​ 263 September 9, 2020 (b)(d) ​ $ 9,198 ​ October 29, 2020 ​ September 21, 2020 ​ 75.0 ​ 25.0 ​ $ 6,901 ​ 141 (a) A dividend of $0.45 per share was declared in each period indicated. (b) Stockholders were entitled to elect whether the dividend payable to them would be paid in cash or shares of the Company’s common stock at the percentages indicated, subject to certain limitations. (c) The shares of common stock issued were valued at approximately $17.22 per share. (d) The shares of common stock issued were valued at approximately $16.27 per share. NOTE 11 – STOCKHOLDERS’ EQUITY (CONTINUED) Stock Based Compensation The Company’s 2019 Incentive Plan (“Plan”), approved by the Company’s stockholders in June 2019, permits the Company to grant, among other things, stock options, restricted stock, RSUs, performance share awards and dividend equivalent rights and any one or more of the foregoing to its employees, officers, directors and consultants. A maximum of 750,000 shares of the Company’s common stock is authorized for issuance pursuant to this Plan. As of September 30, 2021, an aggregate of 524,952 shares subject to awards in the form of restricted stock (294,200 shares) and RSUs (230,752 shares) are outstanding under the Plan. Under the Company’s 2016 equity incentive plan (the “Prior Plan”), as of September 30, 2021, (i) an aggregate of 412,350 shares in the form of restricted stock 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 each of 2018 and 2017, 73,750 and 24,343 shares were deemed to have vested in 2021 and 2020, respectively, and such shares were issued after the Compensation Committee determined that the metrics with respect to the vesting of such shares had been satisfied. RSUs with respect to the 2,500 and 51,907 share balances under the 2018 and 2017 RSU grants were forfeited in 2019 and 2020, respectively. No additional awards may be granted under the Prior Plan. For accounting purposes, the restricted stock is not included in the shares shown as outstanding on the balance sheet until they vest; however, dividends are paid on the unvested shares. The restricted stock grants are charged to General and administrative expense over the respective vesting periods based on the market value of the common stock on the grant date. Unless earlier forfeited because the participant’s relationship with the Company terminated, unvested restricted stock awards vest five years During the third quarter of 2021, 2020 and 2019, the Company granted RSUs exchangeable for up to 80,700, 75,026 and 77,776 shares of common stock upon satisfaction, through June 30, 2024, June 30, 2023 and June 30, 2022, respectively, of metrics related to average annual total stockholder return (the “TSR Metric”) and average annual return on capital (the “ROC Metric”; together with the TSR Metric, the “Metrics”). Up to 50% of the RSUs vest upon satisfaction of the TSR Metric (the “TSR Awards”) and up to 50 % of the RSUs vest upon satisfaction of the ROC Metric (the “ROC Awards”). The RSUs vest only if the recipient maintains a relationship with the Company during the applicable three-year performance cycle. RSUs are not entitled to voting or dividends rights; however, upon vesting, the holders of the RSUs granted in 2021 are entitled to receive an amount equal to the dividends that would have been paid on the underlying shares had such shares been outstanding during the three-year performance cycle. The Company accrued $18,000 for such dividend equivalent rights based on the number of shares underlying the 2021 RSUs that would be issued based on performance and market assumptions determined as of September 30, 2021. ​ The TSR Metrics and ROC Metrics meet the definition of a market condition and performance condition, respectively. The shares underlying the RSUs are excluded from 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 of such awards, which is recognized ratably over the service period. The Monte Carlo valuation consisted of computing the grant date fair value of the awards using the Company’s simulated stock price. For the 2021 TSR awards, the per unit or share fair value was estimated using the following assumptions: an expected life of three years , a dividend rate of 5.91%, a risk-free interest rate of 0.03% - 0.35% and an expected price volatility of 26.74% - 41.53 %. 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 2022 for 2,750 shares were forfeited. ​ As of September 30, 2021, based on performance and market assumptions, the fair value of the RSUs granted in 2021, 2020 and 2019 is $1,647,000, $962,000 and $1,446,000, respectively. Recognition of such deferred compensation will be charged to General and administrative expense over the respective three-year performance cycles. None of these RSUs were forfeited or vested during the three and nine months ended September 30, 2021. NOTE 11 – STOCKHOLDERS’ EQUITY (CONTINUED) The following is a summary of the activity of the equity incentive plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2021 2020 2021 2020 Restricted stock grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of shares ​ ​ — ​ ​ — ​ ​ 151,500 ​ ​ 149,550 Average per share grant price ​ $ — ​ $ — ​ $ 20.34 ​ $ 28.10 Deferred compensation to be recognized over vesting period ​ $ — ​ $ — ​ $ 3,082,000 ​ $ 4,202,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested beginning of period ​ ​ 707,050 ​ ​ 701,675 ​ ​ 701,675 ​ ​ 674,250 Grants ​ ​ — ​ ​ — ​ ​ 151,500 ​ ​ 149,550 Vested during period ​ ​ — ​ ​ — ​ ​ (145,725) ​ ​ (122,125) Forfeitures ​ ​ (500) ​ ​ — ​ ​ (900) ​ ​ — Non-vested end of period ​ ​ 706,550 ​ ​ 701,675 ​ ​ 706,550 ​ ​ 701,675 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSU grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of underlying shares ​ ​ 80,700 ​ ​ 75,026 ​ ​ 80,700 ​ ​ 75,026 Average per share grant price ​ $ 30.46 ​ $ 17.31 ​ $ 30.46 ​ $ 17.31 Deferred compensation to be recognized over vesting period ​ $ 1,647,000 ​ $ 861,000 ​ $ 1,647,000 ​ $ 861,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested beginning of period ​ ​ 150,052 ​ ​ 148,776 ​ ​ 223,802 ​ ​ 225,026 Grants ​ ​ 80,700 ​ ​ 75,026 ​ ​ 80,700 ​ ​ 75,026 Vested during period ​ ​ — ​ ​ — ​ ​ (73,750) ​ ​ (24,343) Forfeitures ​ ​ — ​ ​ — ​ ​ — ​ ​ (51,907) Non-vested end of period ​ ​ 230,752 ​ ​ 223,802 ​ ​ 230,752 ​ ​ 223,802 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock and RSU grants (based on grant price): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average per share value of non-vested shares ​ $ 25.04 ​ $ 24.98 ​ $ 25.04 ​ $ 24.98 Value of stock vested during the period ​ $ — ​ $ — ​ $ 5,165,000 ​ $ 3,589,000 Weighted average per share value of shares forfeited during the period ​ $ 24.84 ​ $ — ​ $ 24.57 ​ $ 24.03 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total charge to operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding restricted stock grants ​ $ 871,000 ​ $ 885,000 ​ $ 2,859,000 ​ $ 2,644,000 Outstanding RSUs ​ ​ 292,000 ​ ​ 251,000 ​ ​ 1,332,000 ​ ​ 797,000 Total charge to operations ​ $ 1,163,000 ​ $ 1,136,000 ​ $ 4,191,000 ​ $ 3,441,000 ​ As of September 30, 2021, total compensation costs of $8,014,000 and $2,499,000 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 ​ NOTE 11 – STOCKHOLDERS’ EQUITY (CONTINUED) Shares Issued through the At-the-Market Equity Offering Program During the three and nine months ended September 30, 2021, the Company sold 49,000 shares for proceeds of $1,489,000, net of commissions of $30,000, and incurred offering costs of $65,000 for professional fees. No shares were sold by the Company during the three and nine months ended September 30, 2020. Subsequent to September 30, 2021 and through November 1, 2021, the Company sold 23,000 shares for proceeds of $717,000, net of commissions of $15,000. Dividend Reinvestment Plan In June 2021, the Company reinstated the dividend reinvestment feature of its Dividend Reinvestment Plan (the “DRP”) which had been suspended since June 2020. The DRP, among other things, provides stockholders with the opportunity to reinvest all, or a portion of, their cash dividends paid on the Company’s common stock in additional shares of its common stock, at a discount of up to 5% from the market price (as such price is calculated pursuant to the DRP). The discount was determined in the Company’s sole discretion and was offered at a 5% discount from market prior to the suspension and is currently being offered at a 3% discount from market. Under the DRP, the Company issued 31,000 shares of common stock during the three and nine months ended September 30, 2021, and 77,000 shares of common stock during the nine months ended September 30, 2020.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2021
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 12 – FAIR VALUE MEASUREMENTS The Company measures the fair value of financial instruments based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs. The carrying amounts of cash and cash equivalents, escrow, deposits and other assets and receivables (excluding interest rate swaps), dividends payable, and accrued expenses and other liabilities (excluding interest rate swaps), are not measured at fair value on a recurring basis, but are considered to be recorded at amounts that approximate fair value. At September 30, 2021, the $427,567,000 estimated fair value of the Company’s mortgages payable is greater than their $406,929,000 carrying value (before unamortized deferred financing costs) by approximately $20,638,000 assuming a blended market interest rate of 3.20% based on the 6.6 year weighted average remaining term to maturity of the mortgages. At December 31, 2020, the $461,965,000 estimated fair value of the Company’s mortgages payable is greater than their $433,549,000 carrying value (before unamortized deferred financing costs) by approximately $28,416,000, assuming a blended market interest rate of 3.0% based on the 7.1 year weighted average remaining term to maturity of the mortgages. At September 30, 2021 and December 31, 2020, the carrying amount of the Company’s line of credit (before unamortized deferred financing costs) of $3,200,000 and $12,950,000, respectively, approximates its fair value. The fair value of the Company’s mortgages payable and line of credit are estimated using unobservable inputs such as available market information and discounted cash flow analysis based on borrowing rates the Company believes it could obtain with similar terms and maturities. These fair value measurements fall within Level 3 of the fair value hierarchy. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. NOTE 12 – FAIR VALUE MEASUREMENTS (CONTINUED) Fair Value on a Recurring Basis As of September 30, 2021, the Company had in effect 20 interest rate derivatives, all of which were interest rate swaps, related to 20 outstanding mortgage loans with an aggregate $61,360,000 notional amount maturing between 2022 and 2026 (weighted average remaining term to maturity of 2.6 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 4.09 % at September 30, 2021). The Company does not use derivatives for trading or speculative purposes. The fair value of the Company’s derivative financial instruments, all of which were financial liabilities, was determined to be the following (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying and ​ Balance Sheet Financial liabilities: As of Fair Value Classification Interest rate swaps ​ September 30, 2021 ​ $ 2,352 ​ Other liabilities ​ ​ December 31, 2020 ​ ​ 5,012 ​ ​ ​ Fair values are approximated using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. Although the Company has determined the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with it use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparty. As of September 30, 2021, 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 currently own any financial instruments that are measured on a recurring basis and 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 ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2021 2020 2021 2020 Amount of (loss) gain recognized on derivatives in other comprehensive loss ​ $ (31) ​ $ (31) ​ $ 722 ​ $ (5,672) Amount of reclassification from Accumulated other comprehensive loss into Interest expense ​ ​ (348) ​ ​ (425) ​ ​ (1,937) ​ ​ (1,677) ​ During the nine months ended September 30, 2021 and 2020, in connection with the sale of three properties and the early payoff of the related mortgages, the Company discontinued hedge accounting on the related interest rate swaps as the hedged forecasted transactions were no longer probable to occur. As such, the Company accelerated the reclassification of amounts from accumulated other comprehensive loss to interest expense which is recorded as Prepayment costs on debt in the consolidated statements of income. Such reclassifications amounted to $24,000 and $808,000 during the three and nine months ended September 30, 2021, respectively, and $58,000 and $1,123,000 for the three and nine months ended September 30, 2020, respectively. No gain or loss was recognized with respect to amounts excluded from effectiveness testing on the Company’s cash flow hedges for the three and nine months ended September 30, 2021 and 2020. During the twelve months ending September 30, 2022, the Company estimates an additional $1,206,000 will be reclassified from Accumulated other comprehensive loss as an increase to Interest expense. NOTE 12 – FAIR VALUE MEASUREMENTS (CONTINUED) The derivative agreements in effect at September 30, 2021 provide that if the wholly-owned subsidiary of the Company which is a party to such agreement defaults or is capable of being declared in default on any of its indebtedness, then a default can be declared on such subsidiary’s derivative obligation. In addition, the Company is a party to the derivative agreements and if there is a default by the subsidiary on the loan subject to the derivative agreement to which the Company is a party and if there are swap breakage losses on account of the derivative being terminated early, the Company could be held liable for such swap breakage losses. As of September 30, 2021 and December 31, 2020, the fair value of the derivatives in a liability position, including accrued interest of $85,000 and $120,000, respectively, but excluding any adjustments for non-performance risk, was approximately $2,495,000 and $5,314,000 , 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 September 30, 2021 and December 31, 2020, respectively. This termination liability value, net of adjustments for non-performance risk of

OTHER INCOME

OTHER INCOME	9 Months Ended
	Sep. 30, 2021
OTHER INCOME
OTHER INCOME	NOTE 13 – OTHER INCOME Lease Assignment Fee Income In March 2021, the Company received a one-time $100,000 fee from a tenant in connection with consenting to a lease assignment related to six of its properties; such amount is included in Other income on the consolidated statement of income for the nine months ended September 30, 2021. Insurance Recoveries on Hurricane Casualty In 2020, a portion of a multi-tenanted building at the Company’s Lake Charles, Louisiana property was damaged due to Hurricane Laura and as such, the Company recognized an impairment loss of $430,000 for the damaged portion of the building and recorded a $430,000 receivable, related to its insurance claim, as income on insurance recoveries. The Company submitted a claim to its insurance carrier, subject to a $250,000 minimum deductible, to cover the (i) estimated $2,200,000 cost to rebuild the damaged portion of the building (of which $150,000 was received in 2020 and $975,000 was received from January through September 2021) and (ii) $251,000 of losses in rental income (of which $216,000 was received from the insurance carrier in July 2021). During the three and nine months ended September 30, 2021, the Company recognized a gain of $675,000 and $695,000, respectively, which is included in Other income on the consolidated statements of income. Interest Income on Loan Receivable In December 2020, in connection with a sale of two properties in Houston, Texas, the Company provided a $4,612,500 one-year loan representing 50 % of the purchase price as seller-financing to the buyer which was included in other receivables on the consolidated balance sheet at December 31, 2020. The Company received $59,000 of interest income on this loan during the nine months ended September 30, 2021, which is recorded in Other income on the consolidated statements of income. The loan was repaid in full in April 2021.

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Sep. 30, 2021
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS	NOTE 14 – NEW ACCOUNTING PRONOUNCEMENTS In March 2020, the FASB issued ASU No. 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. Through the nine months ended September 30, 2021, 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 the extent to which it may impact the Company’s consolidated financial statements.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 15 – SUBSEQUENT EVENTS Subsequent events have been evaluated and except as disclosed herein, there were no other events relative to the consolidated financial statements that require additional disclosure.

SUMMARY ACCOUNTING POLICIES (Po

SUMMARY ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2021
SUMMARY ACCOUNTING POLICIES
Principles of Consolidation/Basis of Preparation	Principles of Consolidation/Basis of Preparation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments of a normal recurring nature necessary for fair presentation have been included. The results of operations for the three and nine months ended September 30, 2021 and 2020 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, 2020. 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.
Purchase Accounting for Acquisition of Real Estate	Purchase Accounting for Acquisition of Real Estate In acquiring real estate, the Company evaluates whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, and if that requirement is met, the asset group is accounted for as an asset acquisition and not a business combination. Transaction costs incurred with such asset acquisitions are capitalized to real estate assets and depreciated over the respectful useful lives. The Company allocates the purchase price of real estate, including direct transaction costs applicable to an asset acquisition, among land, building, improvements and intangibles, such as the value of above, below and at-market leases, and origination costs associated with in-place leases at the acquisition date. The Company assesses the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. The value, as determined, is allocated to land, building and improvements based on management’s determination of the relative fair values of these assets. The Company assesses the fair value of the lease intangibles based on estimated cash flow projections that utilize available market information; such inputs are categorized as Level 3 inputs in the fair value hierarchy. In valuing an acquired property’s intangibles, factors considered by management include estimates of carrying costs ( e.g.
Investment in Joint Ventures and Variable Interest Entities	Investment in Joint Ventures and Variable Interest Entities The Financial Accounting Standards Board, or FASB, provides guidance for determining whether an entity is a VIE. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE’s economic performance and (ii) has the obligation to absorb losses, or the right to receive benefits, of the VIE that could potentially be significant to the VIE. The Company assesses the accounting treatment for each of its investments, including a review of each venture or limited liability company or partnership agreement, to determine the rights of each party and whether those rights are protective or participating. The agreements typically contain certain protective rights, such as the requirement of partner approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget or operating plan. In situations where, among other things, the Company and its partners jointly (i) approve the annual budget, (ii) approve certain expenditures, (iii) prepare or review and approve the joint venture’s tax return before filing, or (iv) approve each lease at a property, the Company does not consolidate as the Company considers these to be substantive participation rights that result in shared, joint power over the activities that most significantly impact the performance of the joint venture or property. Additionally, the Company assesses the accounting treatment for any interests pursuant to which the Company may have a variable interest as a lessor. Leases may contain certain protective rights, such as the right of sale and the receipt of certain escrow deposits. ​ The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. All investments in unconsolidated joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are VIEs. In addition, the Company shares power with its co-managing members over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions. None of the joint venture debt is recourse to the Company, subject to standard carve-outs. 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.

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2021
LEASES
Schedule of components of lease revenues	The components of lease revenues are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2021 2020 2021 2020 Fixed lease revenues ​ $ 17,602 ​ $ 17,953 ​ $ 52,502 ​ $ 53,935 Variable lease revenues ​ ​ 2,581 ​ ​ 2,935 ​ ​ 8,230 ​ ​ 8,680 Lease revenues (a) ​ $ 20,183 ​ $ 20,888 ​ $ 60,732 ​ $ 62,615 (a) Excludes amortization related to lease intangible assets and liabilities of $166 and $606 for the three and nine months ended September 30, 2021, respectively, and $183 and $556 for the three and nine months ended September 30, 2020, respectively.
Schedule of minimum future contractual rents to be received	As of September 30, 2021, the minimum future contractual rents to be received on non-cancellable operating leases are included in the table below (amounts in thousands). The minimum future contractual rents do not include (i) straight-line rent or amortization of intangibles, (ii) COVID-19 lease deferral repayments accrued to rental income in 2020 and (iii) variable lease payments as described above. ​ ​ ​ ​ ​ From October 1 – December 31, 2021 ​ $ 17,590 For the year ending December 31, ​ ​ ​ 2022 ​ ​ 66,237 2023 ​ ​ 60,402 2024 ​ ​ 52,268 2025 ​ ​ 47,809 2026 ​ ​ 43,755 Thereafter ​ ​ 146,220 Total ​ $ 434,281
Schedule of minimum future lease payments	As of September 30, 2021, the minimum future lease payments related to the operating ground and office leases are as follows (amounts in thousands): ​ ​ ​ ​ ​ From October 1 – December 31, 2021 ​ $ 128 For the year ending December 31, ​ ​ ​ 2022 ​ ​ 506 2023 ​ 507 2024 ​ 557 2025 ​ 626 2026 ​ 627 Thereafter ​ 6,220 Total undiscounted cash flows ​ $ 9,171 Present value discount ​ (1,888) Lease liability ​ $ 7,283

REAL ESTATE ACQUISITIONS (Table

REAL ESTATE ACQUISITIONS (Tables)	9 Months Ended
	Sep. 30, 2021
REAL ESTATE ACQUISITIONS
Schedule of the company's acquisitions of real estate	The following tables detail the Company’s real estate acquisitions and allocations of the purchase price during the nine months ended September 30, 2021 (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 the real estate assets acquired and will be depreciated over the respective useful lives. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract ​ ​ ​ Capitalized ​ ​ Date ​ ​ Purchase ​ Terms of ​ ​ Transaction Description of Property Acquired Price Payment Costs Pureon industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Monroe, North Carolina ​ May 27, 2021 ​ $ 7,000 Cash and $4,500 mortgage (a) ​ $ 60 Multi-tenant industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lehigh Acres, Florida ​ September 29, 2021 ​ ​ 9,355 ​ Cash and $6,100 mortgage (a) ​ ​ 76 Totals for 2021 ​ ​ ​ $ 16,355 ​ $ 136 (a) Simultaneously with the acquisition of each property, the Company obtained new mortgage debt which bears interest at rates of 3.25% and 3.17% and mature in 2027 and 2031, 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 Pureon, Inc. industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ Monroe, North Carolina ​ $ 897 ​ $ 5,106 ​ $ 1,057 ​ $ — ​ $ 7,060 Multi-tenant industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lehigh Acres, Florida ​ ​ 1,933 ​ ​ 7,393 ​ ​ 701 ​ ​ (596) ​ ​ 9,431 Totals for 2021 ​ $ 2,830 ​ $ 12,499 ​ $ 1,758 ​ $ (596) ​ $ 16,491

SALES OF PROPERTIES (Tables)

SALES OF PROPERTIES (Tables)	9 Months Ended
	Sep. 30, 2021
SALES OF PROPERTIES
Schedule of sales of real estate	The following table details the Company’s sales of real estate during the nine months ended September 30, 2021 and 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gain on Sale of ​ ​ Mortgage ​ Prepayment Description of Property ​ Date Sold ​ Sales Price ​ Real Estate, Net ​ ​ Prepaid on Sale ​ Costs on Debt Whole Foods retail property & parking lot, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ West Hartford, Connecticut ​ June 17, 2021 ​ $ 40,510 ​ $ 21,469 (a) ​ $ 15,403 ​ $ 799 ​ Vacant retail property, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Philadelphia, Pennsylvania (b) ​ July 1, 2021 ​ ​ 8,300 ​ ​ 1,299 ​ ​ ​ 3,574 ​ ​ 26 ​ Totals - nine months ended September 30, 2021 ​ $ 48,810 ​ $ 22,768 ​ ​ $ 18,977 ​ $ 825 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hobby Lobby retail property, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Onalaska, Wisconsin ​ February 11, 2020 ​ $ 7,115 ​ $ 4,252 (c) ​ $ 3,332 ​ $ 290 ​ CarMax retail property, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Knoxville, Tennessee ​ July 1, 2020 ​ ​ 18,000 ​ ​ 10,316 (c) ​ ​ 8,483 ​ ​ 833 (d) Totals - nine months ended September 30, 2020 ​ $ 25,115 ​ $ 14,568 ​ ​ $ 11,815 ​ $ 1,123 ​ (a) As a result of the sale, the Company also wrote-off, as a reduction to Gain on sale of real estate, net, $1,148 of unbilled rent receivable and $967 of unamortized intangible lease assets. (b) This property was owned by a consolidated joint venture in which the Company held a 90% interest. The non-controlling interest’s share of the gain was $130. (c) As a result of the Wisconsin and Tennessee property sales, the Company also wrote-off, as a reduction to Gain on sale of real estate, net, unbilled rent receivables of $170 and $122, respectively. (d) The Company recognized $775 and $58 of the prepayment cost on debt during the three months ended June 30, 2020 and September 30, 2020, respectively.

VARIABLE INTEREST ENTITIES, C_2

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES (Tables)	9 Months Ended
	Sep. 30, 2021
Consolidated Joint Venture-VIEs
Variable Interest Entities
Schedule of the consolidated VIE's carrying amounts and classification in the Company's balance sheet	The following is a summary of the consolidated VIEs’ carrying amounts and classification in the Company’s consolidated balance sheets, none of which are restricted (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2021 2020 (a) Land ​ $ 10,365 ​ $ 12,158 Buildings and improvements, net of accumulated depreciation of $4,780 and $5,232, respectively ​ ​ 18,454 ​ ​ 23,372 Cash ​ ​ 1,060 ​ ​ 1,102 Unbilled rent receivable ​ ​ 1,008 ​ ​ 861 Unamortized intangible lease assets, net ​ ​ 567 ​ ​ 627 Escrow, deposits and other assets and receivables ​ ​ 1,103 ​ ​ 1,089 Mortgages payable, net of unamortized deferred financing costs of $206 and $253, respectively ​ ​ 19,362 ​ ​ 23,530 Accrued expenses and other liabilities ​ ​ 1,007 ​ ​ 752 Unamortized intangible lease liabilities, net ​ ​ 488 ​ ​ 526 Accumulated other comprehensive loss ​ ​ (47) ​ ​ (127) Non-controlling interests in consolidated joint ventures ​ ​ 927 ​ ​ 1,193 (a) Includes a consolidated joint venture, in which the Company held an 90% interest, located in Philadelphia, Pennsylvania which was sold in July 2021 (see Note 5).

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	9 Months Ended
	Sep. 30, 2021
DEBT OBLIGATIONS
Schedule of mortgages payable, net	The following table details the Mortgages payable, net, balances per the consolidated balance sheets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2021 2020 Mortgages payable, gross ​ $ 406,929 ​ $ 433,549 Unamortized deferred financing costs ​ (3,477) ​ (3,845) Mortgages payable, net ​ $ 403,452 ​ $ 429,704
Schedule of line of credit, net	The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2021 2020 Line of credit, gross ​ $ 3,200 ​ $ 12,950 Unamortized deferred financing costs ​ (270) ​ (425) Line of credit, net ​ $ 2,930 ​ $ 12,525 ​

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	9 Months Ended
	Sep. 30, 2021
EARNINGS PER COMMON SHARE
Schedule of reconciliation of the numerator and denominator of earnings per share calculations	The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2021 2020 2021 2020 Numerator for basic and diluted earnings per share: ​ ​ Net income ​ $ 6,212 ​ $ 13,726 ​ $ 32,501 ​ $ 23,842 Deduct net income attributable to non-controlling interests ​ (153) ​ (1) ​ (151) ​ (7) Deduct earnings allocated to unvested restricted stock (a) ​ (318) ​ ​ (472) ​ ​ (1,108) ​ ​ (947) Net income available for common stockholders: basic and diluted ​ $ 5,741 ​ $ 13,253 ​ $ 31,242 ​ $ 22,888 Denominator for basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding ​ 20,115 ​ 19,640 ​ 20,044 ​ ​ 19,483 Weighted average number of common shares issued through stock dividend ​ ​ — ​ ​ 34 ​ ​ — ​ ​ 11 Effect of dilutive securities: RSUs ​ 158 ​ 12 ​ 154 ​ ​ 17 Denominator for diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares ​ 20,273 ​ 19,686 ​ 20,198 ​ 19,511 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share, basic ​ $ .29 ​ $ .67 ​ $ 1.56 ​ $ 1.17 Earnings per common share, diluted ​ $ .28 ​ $ .67 ​ $ 1.55 ​ $ 1.17 ________________________________________________________________ (a) Represents an allocation of distributed earnings to unvested restricted stock that, as participating securities, are entitled to receive dividends.
Schedule of impact to the diluted weighted average number of shares of common stock related to the RSUs	The following table identifies the number of shares of common stock underlying the RSUs that are included in the calculation, on a diluted basis, of the weighted average number of shares of common stock: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three and Nine Months Ended September 30, 2021 : ​ Total Number Shares Included Based on ​ ​ ​ of Underlying ​ Return on ​ Stockholder ​ ​ ​ Shares Date of Award Shares (b) Capital Metric Return Metric Total Excluded (c) July 1, 2019 75,026 ​ 37,513 ​ 37,513 ​ 75,026 ​ — August 3, 2020 75,026 ​ 37,513 ​ 37,513 ​ 75,026 ​ — August 3, 2021 ​ 80,700 ​ 23,375 ​ 17,722 ​ 41,097 ​ 39,603 Totals 230,752 98,401 92,748 191,149 39,603 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three and Nine Months Ended September 30, 2020 : ​ Total Number Shares Included Based on ​ ​ ​ of Underlying ​ Return on ​ Stockholder ​ ​ ​ Shares Date of Award Shares (b)(e) Capital Metric Return Metric Total Excluded (c) July 1, 2018 73,750 ​ 26,456 ​ — ​ 26,456 ​ 47,294 July 1, 2019 ​ 75,026 ​ 25,724 ​ — ​ 25,724 ​ 49,302 August 3, 2020 75,026 ​ 37,513 ​ — ​ 37,513 ​ 37,513 Totals 223,802 89,693 — 89,693 134,109 (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 September 30, 2021. (b) The RSUs awarded in 2019, 2020 and 2021 vest, subject to satisfaction of the applicable market and/or performance conditions, as of June 30, 2022, 2023 and 2024, respectively (see Note 11). (c) Excluded as the applicable conditions had not been met for these shares at the applicable measurement dates. (d) Reflects the number of shares underlying RSUs that would be issued assuming the measurement date used to determine whether the applicable conditions are satisfied is September 30, 2020. (e) During 2019, 2,500 shares of the 2018 award and 2,750 shares of the 2019 award were forfeited (see Note 11). (f) With respect to the RSUs awarded July 1, 2018, all 73,750 shares were deemed to have vested; these shares were issued in August 2021 (see Note 11).

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2021
STOCKHOLDERS' EQUITY
Schedule of dividend distributions	The following table details the Company’s dividend activity for the nine months ended September 30, 2021 and 2020 (amounts in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Dividend Paid ​ Cash Stock Declaration Date (a) ​ Dividend Payable Date Record Date Cash % Stock % ​ Issued Issued March 12, 2021 ​ $ 9,329 ​ April 7, 2021 ​ March 24, 2021 ​ 100.0 ​ n/a ​ $ 9,329 ​ n/a June 10, 2021 ​ $ 9,330 ​ July 9, 2021 ​ June 25, 2021 ​ 100.0 ​ n/a ​ $ 9,330 ​ n/a September 14, 2021 ​ $ 9,398 ​ October 7, 2021 ​ September 27, 2021 ​ 100.0 ​ n/a ​ $ 9,398 ​ n/a ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 13, 2020 ​ $ 9,037 ​ April 7, 2020 ​ March 24, 2020 ​ 100.0 ​ n/a ​ $ 9,037 ​ n/a June 10, 2020 (b)(c) ​ $ 9,068 ​ July 31, 2020 ​ June 22, 2020 ​ 50.0 ​ 50.0 ​ $ 4,537 ​ 263 September 9, 2020 (b)(d) ​ $ 9,198 ​ October 29, 2020 ​ September 21, 2020 ​ 75.0 ​ 25.0 ​ $ 6,901 ​ 141 (a) A dividend of $0.45 per share was declared in each period indicated. (b) Stockholders were entitled to elect whether the dividend payable to them would be paid in cash or shares of the Company’s common stock at the percentages indicated, subject to certain limitations. (c) The shares of common stock issued were valued at approximately $17.22 per share. (d) The shares of common stock issued were valued at approximately $16.27 per share.
Schedule of equity incentive plans	The following is a summary of the activity of the equity incentive plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2021 2020 2021 2020 Restricted stock grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of shares ​ ​ — ​ ​ — ​ ​ 151,500 ​ ​ 149,550 Average per share grant price ​ $ — ​ $ — ​ $ 20.34 ​ $ 28.10 Deferred compensation to be recognized over vesting period ​ $ — ​ $ — ​ $ 3,082,000 ​ $ 4,202,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested beginning of period ​ ​ 707,050 ​ ​ 701,675 ​ ​ 701,675 ​ ​ 674,250 Grants ​ ​ — ​ ​ — ​ ​ 151,500 ​ ​ 149,550 Vested during period ​ ​ — ​ ​ — ​ ​ (145,725) ​ ​ (122,125) Forfeitures ​ ​ (500) ​ ​ — ​ ​ (900) ​ ​ — Non-vested end of period ​ ​ 706,550 ​ ​ 701,675 ​ ​ 706,550 ​ ​ 701,675 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSU grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of underlying shares ​ ​ 80,700 ​ ​ 75,026 ​ ​ 80,700 ​ ​ 75,026 Average per share grant price ​ $ 30.46 ​ $ 17.31 ​ $ 30.46 ​ $ 17.31 Deferred compensation to be recognized over vesting period ​ $ 1,647,000 ​ $ 861,000 ​ $ 1,647,000 ​ $ 861,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested beginning of period ​ ​ 150,052 ​ ​ 148,776 ​ ​ 223,802 ​ ​ 225,026 Grants ​ ​ 80,700 ​ ​ 75,026 ​ ​ 80,700 ​ ​ 75,026 Vested during period ​ ​ — ​ ​ — ​ ​ (73,750) ​ ​ (24,343) Forfeitures ​ ​ — ​ ​ — ​ ​ — ​ ​ (51,907) Non-vested end of period ​ ​ 230,752 ​ ​ 223,802 ​ ​ 230,752 ​ ​ 223,802 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock and RSU grants (based on grant price): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average per share value of non-vested shares ​ $ 25.04 ​ $ 24.98 ​ $ 25.04 ​ $ 24.98 Value of stock vested during the period ​ $ — ​ $ — ​ $ 5,165,000 ​ $ 3,589,000 Weighted average per share value of shares forfeited during the period ​ $ 24.84 ​ $ — ​ $ 24.57 ​ $ 24.03 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total charge to operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding restricted stock grants ​ $ 871,000 ​ $ 885,000 ​ $ 2,859,000 ​ $ 2,644,000 Outstanding RSUs ​ ​ 292,000 ​ ​ 251,000 ​ ​ 1,332,000 ​ ​ 797,000 Total charge to operations ​ $ 1,163,000 ​ $ 1,136,000 ​ $ 4,191,000 ​ $ 3,441,000

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2021
FAIR VALUE MEASUREMENTS
Schedule of derivative financial instruments measured at fair value	The fair value of the Company’s derivative financial instruments, all of which were financial liabilities, was determined to be the following (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying and ​ Balance Sheet Financial liabilities: As of Fair Value Classification Interest rate swaps ​ September 30, 2021 ​ $ 2,352 ​ Other liabilities ​ ​ December 31, 2020 ​ ​ 5,012 ​ ​
Schedule of effect of derivative financial instruments on statements of income	The following table presents the effect of the Company’s derivative financial instruments on the consolidated statements of income for the periods presented (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2021 2020 2021 2020 Amount of (loss) gain recognized on derivatives in other comprehensive loss ​ $ (31) ​ $ (31) ​ $ 722 ​ $ (5,672) Amount of reclassification from Accumulated other comprehensive loss into Interest expense ​ ​ (348) ​ ​ (425) ​ ​ (1,937) ​ ​ (1,677)

ORGANIZATION AND BACKGROUND (De

ORGANIZATION AND BACKGROUND (Details)	Sep. 30, 2021propertystate
Organization and Background
Number of real estate properties	122
Number of states in which properties are located | state	30
Properties owned by consolidated joint ventures
Organization and Background
Number of real estate properties	3
Properties owned by unconsolidated joint ventures
Organization and Background
Number of real estate properties	3

SUMMARY ACCOUNTING POLICIES (De

SUMMARY ACCOUNTING POLICIES (Details)	Sep. 30, 2021USD ($)item
Investment in Joint Ventures and Variable Interest Entities
Number of Unconsolidated Joint Venture VIEs | item	0
Recourse debt of joint ventures | $	$ 0

LEASES - As Lessor (Details)

LEASES - As Lessor (Details)	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 31, 2021USD ($)	Feb. 28, 2021USD ($)item	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Lessor Accounting
Operating Lease, option to extend					true
Operating Lease, option to terminate					true
Practical expedient, single lease component			false		false
Components of lease revenues
Fixed lease revenues			$ 17,602,000	$ 17,953,000	$ 52,502,000	$ 53,935,000
Variable lease revenues			2,581,000	2,935,000	8,230,000	8,680,000
Lease revenues			20,183,000	20,888,000	60,732,000	62,615,000
Amortization of intangibles relating to leases, net			166,000	$ 183,000	606,000	$ 556,000
COVID-19 | Tenants, excluding Regal Cinemas
Additional disclosures
Deferred lease rent							$ 3,360,000
Repayments of COVID-19 related deferred rent	$ 143,000		512,000		2,241,000		$ 497,000
Deferred rents outstanding			$ 479,000		$ 479,000
COVID-19 | Regal Cinemas
Additional disclosures
Number of lease amendments executed | item		2
Number of leases extended | item		1
Renewal term		2 years
COVID-19 | Regal Cinemas | Rents otherwise payable from September 2020 to August 2021
Additional disclosures
Lease income deferred but not accrued		$ 1,449,000
Rent amount the tenant agreed to pay		$ 441,000

LEASES - As Lessor - Minimum Fu

LEASES - As Lessor - Minimum Future Rents (Details) $ in Thousands	Sep. 30, 2021USD ($)
Minimum future contractual base rents to be received
From July 1 - December 31, 2021	$ 17,590
For the year ending December 31, 2022	66,237
For the year ending December 31, 2023	60,402
For the year ending December 31, 2024	52,268
For the year ending December 31, 2025	47,809
For the year ending December 31, 2026	43,755
Thereafter	146,220
Total	$ 434,281

LEASES - As Lessor - Lease Term

LEASES - As Lessor - Lease Termination Fees (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2021	Dec. 31, 2020
Retail tenants
Lease Termination Fee
Payments received upon early lease termination	$ 350,000
Industrial tenants
Lease Termination Fee
Payments received upon early lease termination		$ 88,000

LEASES - As Lessee - Ground Lea

LEASES - As Lessee - Ground Lease and Office Lease (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)item	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)item	Sep. 30, 2020USD ($)
Real Estate in Greensboro, NC
Lessee Accounting
Operating lease, option to extend			true
Operating lease, remaining lease term	13 years 4 months 24 days		13 years 4 months 24 days
Real Estate in Greensboro, NC | Real estate expenses
Lessee Accounting
Operating lease expense | $	$ 150,000	$ 121,000	$ 449,000	$ 383,000
Real Estate in Greensboro, NC | Five-Year Lease
Lessee Accounting
Operating lease, renewal term	5 years		5 years
Real Estate in Greensboro, NC | Five-Year Lease | Maximum
Lessee Accounting
Operating lease, number of renewal options | item	4		4
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	15 years 3 months 18 days		15 years 3 months 18 days
Corporate office lease in Great Neck, NY | General and administrative expense
Lessee Accounting
Operating lease expense | $	$ 14,000	$ 14,000	$ 41,000	$ 42,000
Corporate office lease in Great Neck, NY | Five-Year Lease
Lessee Accounting
Operating lease, renewal term	5 years		5 years

LEASES - As Lessee - Minimum Fu

LEASES - As Lessee - Minimum Future Lease Payments (Details) $ in Thousands	Sep. 30, 2021USD ($)
Minimum future lease payments
From October 1 - December 31, 2021	$ 128
For the year ending December 31, 2022	506
For the year ending December 31, 2023	507
For the year ending December 31, 2024	557
For the year ending December 31, 2025	626
For the year ending December 31, 2026	627
Thereafter	6,220
Total undiscounted cash flows	9,171
Present value discount	(1,888)
Lease liability	$ 7,283

REAL ESTATE ACQUISITIONS - Summ

REAL ESTATE ACQUISITIONS - Summary of acquisitions (Details) - Real Estate Acquisitions in 2021 $ in Thousands	Sep. 29, 2021USD ($)	May 27, 2021USD ($)item	Sep. 30, 2021USD ($)
REAL ESTATE ACQUISITION
Contract Purchase Price			$ 16,355
Capitalized Transaction Costs			$ 136
Pureon, Inc. industrial facility, Monroe, North Carolina
REAL ESTATE ACQUISITION
Contract Purchase Price		$ 7,000
New mortgage debt		$ 4,500
Interest rate (as a percent)		3.25%
Capitalized Transaction Costs		$ 60
Pureon, Inc. industrial facility, Monroe, North Carolina | Market capitalization rate | Valuation, Income Approach | Level 3
REAL ESTATE ACQUISITION
Tangible assets acquired, measurement input | item		0.070
Multi-tenant industrial facility, Lehigh Acres, Florida
REAL ESTATE ACQUISITION
Contract Purchase Price	$ 9,355
New mortgage debt	$ 6,100
Interest rate (as a percent)	3.17%
Capitalized Transaction Costs	$ 76
Multi-tenant industrial facility, Lehigh Acres, Florida | Market capitalization rate | Valuation, Income Approach | Level 3
REAL ESTATE ACQUISITION
Tangible assets acquired, measurement input	0.0675

REAL ESTATE ACQUISITIONS - Purc

REAL ESTATE ACQUISITIONS - Purchase price allocation (Details) - Real Estate Acquisitions in 2021 $ in Thousands	Sep. 30, 2021USD ($)
REAL ESTATE ACQUISITION
Intangible Lease Asset	$ 1,758
Intangible Lease Liability	(596)
Total	16,491
Land.
REAL ESTATE ACQUISITION
Acquired property	2,830
Building & Improvements
REAL ESTATE ACQUISITION
Acquired property	12,499
Pureon, Inc. industrial facility, Monroe, North Carolina
REAL ESTATE ACQUISITION
Intangible Lease Asset	1,057
Total	7,060
Pureon, Inc. industrial facility, Monroe, North Carolina | Land.
REAL ESTATE ACQUISITION
Acquired property	897
Pureon, Inc. industrial facility, Monroe, North Carolina | Building & Improvements
REAL ESTATE ACQUISITION
Acquired property	5,106
Multi-tenant industrial facility, Lehigh Acres, Florida
REAL ESTATE ACQUISITION
Intangible Lease Asset	701
Intangible Lease Liability	(596)
Total	9,431
Multi-tenant industrial facility, Lehigh Acres, Florida | Land.
REAL ESTATE ACQUISITION
Acquired property	1,933
Multi-tenant industrial facility, Lehigh Acres, Florida | Building & Improvements
REAL ESTATE ACQUISITION
Acquired property	$ 7,393

REAL ESTATE ACQUISITIONS - New

REAL ESTATE ACQUISITIONS - New acquisition (Details)	1 Months Ended
	Nov. 30, 2021USD ($)
Warehouse distribution center, Omaha, Nebraska | Forecast
REAL ESTATE ACQUISITION
Contract Purchase Price	$ 8,000,000

SALES OF PROPERTIES (Details)

SALES OF PROPERTIES (Details) - USD ($) $ in Thousands	Jul. 01, 2021	Jun. 17, 2021	Jul. 01, 2020	Feb. 11, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
SALES OF PROPERTIES
Mortgage Prepaid on Sale								$ 26,630	$ 11,815
Prepayment costs on debt					$ (38)	$ (58)		(837)	(1,123)
Properties disposed of by sale
SALES OF PROPERTIES
Gross Sales Price								48,810	25,115
Gain on Sale of Real Estate, Net								22,768	14,568
Mortgage Prepaid on Sale								18,977	11,815
Prepayment costs on debt								$ 825	$ 1,123
Properties disposed of by sale | Whole Foods retail property & parking lot, West Hartford, Connecticut
SALES OF PROPERTIES
Gross Sales Price		$ 40,510
Gain on Sale of Real Estate, Net		21,469
Mortgage Prepaid on Sale		15,403
Prepayment costs on debt		799
Write-off of unbilled rent receivable, as a reduction to Gain on sale of real estate, net		1,148
Write-off of the unamortized intangible lease liability		$ 967
Properties disposed of by sale | Vacant retail property, Philadelphia, Pennsylvania
SALES OF PROPERTIES
Gross Sales Price	$ 8,300
Gain on Sale of Real Estate, Net	1,299
Mortgage Prepaid on Sale	3,574
Prepayment costs on debt	$ 26
Ownership interest in consolidated joint venture of the company (as a percent)	90.00%
Noncontrolling interest share of gain	$ 130
Properties disposed of by sale | Hobby Lobby retail property, Onalaska, Wisconsin
SALES OF PROPERTIES
Gross Sales Price				$ 7,115
Gain on Sale of Real Estate, Net				4,252
Mortgage Prepaid on Sale				3,332
Prepayment costs on debt				290
Write-off of unbilled rent receivable, as a reduction to Gain on sale of real estate, net				$ 170
Properties disposed of by sale | CarMax retail property, Knoxville, Tennessee
SALES OF PROPERTIES
Gross Sales Price			$ 18,000
Gain on Sale of Real Estate, Net			10,316
Mortgage Prepaid on Sale			8,483
Prepayment costs on debt			833			$ 58	$ 775
Write-off of unbilled rent receivable, as a reduction to Gain on sale of real estate, net			$ 122
Consolidated Joint Venture-VIEs
SALES OF PROPERTIES
Ownership interest in consolidated joint venture of the company (as a percent)					90.00%			90.00%

VARIABLE INTEREST ENTITIES, C_3

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES - Ground Leases (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Nov. 01, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2016
Variable Interest Entities - Ground Lease
Revenue		$ 20,436,000	$ 21,071,000	$ 61,674,000	$ 63,171,000
Variable Interest Entity, Not Primary Beneficiary | The Vue
Variable Interest Entities - Ground Lease
Maximum Exposure to Loss		15,410,000		15,410,000
Owner/ Operator Mortgage from Third Party						$ 67,444,000
Current Balance of Owner or Operator Mortgage Debt Obtained From Third Party		66,307,000		$ 66,307,000
Percentage of operating expense shortfalls covered by the Company				78.00%
Amount of operating expense shortfalls covered by the Company	$ 238,000	221,000		$ 1,353,000
Variable Interest Entity, Not Primary Beneficiary | The Vue | Ground lease rental income
Variable Interest Entities - Ground Lease
Revenue		$ 0	$ 243,000	$ 0	$ 729,000

VARIABLE INTEREST ENTITIES, C_4

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES - Consolidated Joint Ventures (Details) $ in Thousands		9 Months Ended
		Sep. 30, 2021USD ($)item	Dec. 31, 2020USD ($)
Consolidated VIEs Carrying Amount of Assets and Liabilities
Land		$ 180,760	$ 190,391
Unbilled rent receivable		14,470	15,438
Unamortized intangible lease assets, net		21,498	24,703
Escrow, deposits and other assets and receivables		15,131	20,667
Mortgages payable, net of unamortized deferred financing costs of $0 and $253, respectively		403,452	429,704
Accrued expenses and other liabilities		20,374	21,498
Unamortized intangible lease liabilities, net		10,702	11,189
Accumulated other comprehensive loss		(2,350)	(5,002)
Non-controlling interests in consolidated joint ventures	[1]	927	1,193
Mortgages payable
Consolidated VIEs Carrying Amount of Assets and Liabilities
Mortgages payable, net of unamortized deferred financing costs of $0 and $253, respectively		403,452	429,704
Unamortized deferred financing costs		$ 3,477	3,845
Consolidated Joint Venture-VIEs
Variable Interest Entities
Number of joint ventures with controlling interest | item		3
Ownership interest in consolidated joint venture of the company (as a percent)		90.00%
Consolidated VIEs Carrying Amount of Assets and Liabilities
Land		$ 10,365	12,158
Buildings and improvements, net of accumulated depreciation of $4,780 and $5,232, respectively		18,454	23,372
Accumulated depreciation		4,780	5,232
Cash		1,060	1,102
Unbilled rent receivable		1,008	861
Unamortized intangible lease assets, net		567	627
Escrow, deposits and other assets and receivables		1,103	1,089
Mortgages payable, net of unamortized deferred financing costs of $0 and $253, respectively		19,362	23,530
Accrued expenses and other liabilities		1,007	752
Unamortized intangible lease liabilities, net		488	526
Accumulated other comprehensive loss		(47)	(127)
Non-controlling interests in consolidated joint ventures		$ 927	1,193
Consolidated Joint Venture-VIEs | Minimum
Variable Interest Entities
Ownership interest in consolidated joint venture of the company (as a percent)		90.00%
Consolidated Joint Venture-VIEs | Maximum
Variable Interest Entities
Ownership interest in consolidated joint venture of the company (as a percent)		95.00%
Consolidated Joint Venture-VIEs | Mortgages payable
Consolidated VIEs Carrying Amount of Assets and Liabilities
Unamortized deferred financing costs		$ 206	$ 253
[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: $10,365 and $12,158 of land, $18,454 and $23,372 of building and improvements, net of $4,780 and $5,232 of accumulated depreciation, $3,738 and $3,679 of other assets included in other line items, $19,362 and $23,530 of real estate debt, net, $1,495 and $1,278 of other liabilities included in other line items and $927 and $1,193 of non-controlling interests as of September 30, 2021 and December 31, 2020, 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 Its Affiliates	Sep. 30, 2021USD ($)item	Dec. 31, 2020USD ($)item
Consolidated VIEs Carrying Amount of Assets and Liabilities
Number of consolidated joint ventures | item	3	3
Investment in consolidated joint ventures | $	$ 4,730,000	$ 7,495,000

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Details)	Jul. 12, 2021USD ($)a	Sep. 30, 2021USD ($)item	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)item	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)item
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investment in unconsolidated joint ventures		$ 10,178,000		$ 10,178,000		$ 10,702,000
Equity in earnings of unconsolidated joint ventures		$ 77,000	$ 132,000	$ 75,000	$ 186,000
Unconsolidated Joint Ventures
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Number of unconsolidated joint ventures | item		3		3		3
Number of properties owned and operated by each unconsolidated joint venture | item		1		1		1
Investment in unconsolidated joint ventures		$ 10,178,000		$ 10,178,000		$ 10,702,000
Equity in earnings of unconsolidated joint ventures		77,000	$ 132,000	75,000	$ 186,000
Unconsolidated Joint Ventures | MCB Real Estate LLC And Its Affiliates
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investment in unconsolidated joint ventures		8,685,000		8,685,000		$ 8,761,000
Unconsolidated Joint Ventures | Retail property located in Savannah, Georgia
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Number of acres retained by unconsolidated joint venture after sale | a	2.2
Unconsolidated Joint Ventures | Properties disposed of by sale | Retail property located in Savannah, Georgia
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Proceeds from sale of real estate, net of closing costs	$ 2,559,000
Percentage of gain recognized by the Company	50.00%
Company's share of gain		$ 801,000		$ 801,000

DEBT OBLIGATIONS - Mortgage Pay

DEBT OBLIGATIONS - Mortgage Payable (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Mortgages Payable
Mortgages payable, net	$ 403,452,000	$ 429,704,000
Mortgages payable
Mortgages Payable
Mortgages payable, gross	406,929,000	433,549,000
Unamortized deferred financing costs	(3,477,000)	(3,845,000)
Mortgages payable, net	$ 403,452,000	$ 429,704,000

DEBT OBLIGATIONS - Line of Cred

DEBT OBLIGATIONS - Line of Credit (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jul. 01, 2022	Jun. 30, 2022	Nov. 01, 2021	Dec. 31, 2020
Line of credit, net, balances per the consolidated balance sheets
Line of credit, net	$ 2,930,000					$ 12,525,000
Line of Credit
Line of Credit
Maximum borrowing capacity	100,000,000
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 operating expense purposes	$ 20,000,000				$ 20,000,000
Borrowing capacity available for renovation expenses purposes	$ 10,000,000
Unused facility fee (as a percent)	0.25%
Line of credit, interest rate during the period	1.86%	2.64%
Line of credit, net, balances per the consolidated balance sheets
Line of credit, gross	$ 3,200,000				$ 6,700,000	12,950,000
Unamortized deferred financing costs	(270,000)					(425,000)
Line of credit, net	$ 2,930,000					$ 12,525,000
Line of Credit | LIBOR
Line of Credit
Basis of interest rate	one month LIBOR
Applicable margin (as a percent)	1.75%	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%
March 2021 Amendment | Forecast
Line of Credit
Borrowing capacity available for operating expense purposes			$ 10,000,000
Borrowing capacity available for renovation expenses purposes			$ 20,000,000
Threshold amount of outstanding balances used for operating expenses above which must be repaid immediately				$ 10,000,000

RELATED PARTY TRANSACTIONS - Co

RELATED PARTY TRANSACTIONS - Compensation and Services Agreement (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Majestic
Related Party Transactions
Aggregate fees under compensation and services agreement	$ 766,000	$ 758,000	$ 2,330,000	$ 2,239,000
Property management costs allocated to real estate expenses	330,000	321,000	1,021,000	930,000
Additional payment for the entity's share of all direct office expenses	$ 74,000	$ 69,000	$ 221,000	$ 206,000
Majestic | Net lease tenants
Related Party Transactions
Property management costs as a percentage of rental payments	1.50%	1.50%	1.50%	1.50%
Majestic | Operating lease tenants
Related Party Transactions
Property management costs as a percentage of rental payments	2.00%	2.00%	2.00%	2.00%
Executive officers and others
Related Party Transactions
Stock incentive plan expense	$ 581,000	$ 453,000	$ 1,971,000	$ 1,356,000

RELATED PARTY TRANSACTIONS - Jo

RELATED PARTY TRANSACTIONS - Joint Venture Partners and Affiliates (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Unconsolidated Joint Ventures
Related Party Transactions
Payments for property management services	$ 28,000	$ 27,000	$ 88,000	$ 68,000
Decrease in equity earnings, joint venture transaction	14,000	14,000	44,000	34,000
Leasing commission and development fees paid to unconsolidated joint venture partner					$ 75,000
Joint Venture Partners and Affiliates
Related Party Transactions
Payments for property management services	$ 21,000	$ 20,000	$ 59,000	$ 56,000

RELATED PARTY TRANSACTIONS - Ot

RELATED PARTY TRANSACTIONS - Other (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Chairman | General and administrative expense
Related Party Transactions
Quarterly fees paid			$ 74,500	$ 74,500
Vice Chairman | General and administrative expense
Related Party Transactions
Quarterly fees paid			29,800	29,800
Gould Investors L.P. | Real estate expenses
Related Party Transactions
Amount of insurance reimbursed	$ 1,402,000		1,402,000
Insurance expense recognized of amounts reimbursed to related party	$ 366,000	$ 307,000	$ 928,000	$ 797,000

EARNINGS PER COMMON SHARE - Rec

EARNINGS PER COMMON SHARE - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator for basic and diluted earnings per share:
Net income	$ 6,212	$ 23,332	$ 2,957	$ 13,726	$ 2,285	$ 7,831	$ 32,501	$ 23,842
Deduct net income attributable to non-controlling interests	(153)			(1)			(151)	(7)
Deduct earnings allocated to unvested restricted stock	(318)			(472)			(1,108)	(947)
Net income available for common stockholders: basic and diluted	$ 5,741			$ 13,253			$ 31,242	$ 22,888
Denominator for basic earnings per share:
Weighted average number of common shares outstanding	20,115			19,640			20,044	19,483
Weighted average number of common shares issued through stock dividend				34				11
Effect of diluted securities:
RSUs	158			12			154	17
Denominator for diluted earnings per share:
Weighted average number of shares	20,273			19,686			20,198	19,511
Earnings per common share, basic (in dollars per share)	$ 0.29			$ 0.67			$ 1.56	$ 1.17
Earnings per common share, diluted (in dollars per share)	$ 0.28			$ 0.67			$ 1.55	$ 1.17

EARNINGS PER COMMON SHARE - Sha

EARNINGS PER COMMON SHARE - Shares of common stock underlying RSUs (Details) - shares	3 Months Ended		9 Months Ended			12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Restricted stock units
Earnings Per Common Share
Number of shares forfeited				51,907		2,750
Number of shares awarded	80,700	75,026	80,700	75,026
Number of shares vested			73,750	24,343
Restricted stock units | July 1, 2018
Earnings Per Common Share
Number of shares vested	73,750	73,750	73,750	73,750
2019 and 2016 Incentive Plans
Earnings Per Common Share
Number of underlying shares			230,752	223,802
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric			98,401	89,693
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric			92,748
Total			191,149	89,693
Common shares not included in calculation due applicable metric had not been met at measurement dates			39,603	134,109
2019 and 2016 Incentive Plans | July 1, 2018
Earnings Per Common Share
Number of underlying shares				73,750
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric				26,456
Total				26,456
Common shares not included in calculation due applicable metric had not been met at measurement dates				47,294
Number of shares forfeited						2,500
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			37,513	25,724
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric			37,513
Total			75,026	25,724
Common shares not included in calculation due applicable metric had not been met at measurement dates				49,302
Number of shares forfeited						2,750
2019 and 2016 Incentive Plans | August 3, 2020
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			37,513	37,513
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric			37,513
Total			75,026	37,513
Common shares not included in calculation due applicable metric had not been met at measurement dates				37,513
2019 and 2016 Incentive Plans | August 3, 2021
Earnings Per Common Share
Number of underlying shares			80,700
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric			23,375
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric			17,722
Total			41,097
Common shares not included in calculation due applicable metric had not been met at measurement dates			39,603
2016 Incentive Plan | Restricted stock units
Earnings Per Common Share
Number of shares forfeited				51,907	2,500
Number of shares vested			73,750	24,343

STOCKHOLDERS' EQUITY - Common S

STOCKHOLDERS' EQUITY - Common Stock Dividend (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Sep. 14, 2021	Jun. 10, 2021	Mar. 12, 2021	Sep. 09, 2020	Jun. 10, 2020	Mar. 13, 2020	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Common Stock Dividend
Total Dividend	$ 9,398	$ 9,330	$ 9,329	$ 9,198	$ 9,068	$ 9,037
Dividend Paid, Cash %	100.00%	100.00%	100.00%	75.00%	50.00%	100.00%
Dividend Paid, Stock %				25.00%	50.00%
Cash Issued	$ 9,398	$ 9,330	$ 9,329	$ 6,901	$ 4,537	$ 9,037
Stock Issued				141	263
Dividend per share							$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 0.45
Common Stock
Common Stock Dividend
Share Price				$ 16.27	$ 17.22

STOCKHOLDERS' EQUITY - Stock Ba

STOCKHOLDERS' EQUITY - Stock Based Compensation (Details) - USD ($)	3 Months Ended			9 Months Ended			12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Jul. 31, 2018
Restricted stock grants
Stock Based Compensation
Number of shares awarded				151,500	149,550
Number of shares forfeited	500			900
Number of shares vested				145,725	122,125
Number of shares outstanding	706,550	701,675		706,550	701,675		674,250	707,050	701,675	701,675
Vesting period				5 years
Restricted stock units
Stock Based Compensation
Number of shares awarded	80,700	75,026		80,700	75,026
Number of shares forfeited					51,907		2,750
Number of shares vested				73,750	24,343
Number of shares outstanding	230,752	223,802		230,752	223,802		225,026	150,052	223,802	148,776
Restricted stock units | Awards granted in 2021
Stock Based Compensation
Number of shares issued under the Plan	80,700
Performance cycle	3 years
Accrual for dividend equivalent rights	$ 18,000			$ 18,000
Restricted stock units | Awards granted in 2020
Stock Based Compensation
Number of shares issued under the Plan		75,026
Restricted stock units | Awards granted in 2019
Stock Based Compensation
Number of shares issued under the Plan			77,776
TSR awards
Stock Based Compensation
Percentage of RSUs to vest upon achievement of specified criteria				50.00%
Valuation assumptions
Expected life				3 years
Dividend rate				5.91%
Risk-free interest rate minimum				0.03%
Risk-free interest rate maximum				0.35%
Expected price volatility minimum				26.74%
Expected price volatility maximum				41.53%
ROC Awards
Stock Based Compensation
Percentage of RSUs to vest upon achievement of specified criteria				50.00%
2019 Incentive Plan
Stock Based Compensation
Maximum number of shares authorized for issuance	750,000			750,000
2019 Incentive Plan | Restricted stock and RSU grants
Stock Based Compensation
Number of shares outstanding	524,952			524,952
2019 Incentive Plan | Restricted stock grants
Stock Based Compensation
Number of shares outstanding	294,200			294,200
2019 Incentive Plan | Restricted stock units
Stock Based Compensation
Number of shares outstanding	230,752			230,752
2016 Incentive Plan
Stock Based Compensation
Maximum number of shares authorized for issuance	0			0
2016 Incentive Plan | Restricted stock grants
Stock Based Compensation
Number of shares outstanding	412,350			412,350
2016 Incentive Plan | Restricted stock units
Stock Based Compensation
Number of shares forfeited					51,907	2,500
Number of shares vested				73,750	24,343
Number of shares outstanding											76,250
Pay-for-performance program | Restricted stock units
Stock Based Compensation
Number of shares forfeited	0			0
Number of shares vested	0			0
Vesting period				3 years
Pay-for-performance program | Restricted stock units | Awards granted in 2021
Valuation assumptions
Aggregate fair value of the shares granted	$ 1,647,000			$ 1,647,000
Pay-for-performance program | Restricted stock units | Awards granted in 2020
Valuation assumptions
Aggregate fair value of the shares granted	962,000			962,000
Pay-for-performance program | Restricted stock units | Awards granted in 2019
Valuation assumptions
Aggregate fair value of the shares granted	$ 1,446,000			$ 1,446,000

STOCKHOLDERS' EQUITY - Activity

STOCKHOLDERS' EQUITY - Activity of Equity Incentive Plans (Details) - USD ($)	3 Months Ended		9 Months Ended			12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Restricted stock and RSU grants
Restricted stock and RSU grants:
Weighted average per share value of non-vested shares (based on grant price) (in dollars per share)	$ 25.04	$ 24.98	$ 25.04	$ 24.98
Value of stock vested during the year (based on grant price)			$ 5,165,000	$ 3,589,000
Weighted average per share value of shares forfeited during the year (based on grant price) (in dollars per share)	$ 24.84		$ 24.57	$ 24.03
Total charge to operations:
Total charge to operations	$ 1,163,000	$ 1,136,000	$ 4,191,000	$ 3,441,000
Restricted stock grants
Summary of the activity of the incentive plans
Average per share grant price (in dollars per share)			$ 20.34	$ 28.10
Deferred compensation to be recognized over vesting period	$ 3,082,000	$ 4,202,000	$ 3,082,000	$ 4,202,000
Number of non-vested shares:
Non-vested beginning of period (in shares)	707,050	701,675	701,675	674,250
Number of shares awarded			151,500	149,550
Vested during period (in shares)			(145,725)	(122,125)
Forfeitures (in shares)	(500)		(900)
Non-vested end of period (in shares)	706,550	701,675	706,550	701,675		674,250
Total charge to operations:
Total charge to operations	$ 871,000	$ 885,000	$ 2,859,000	$ 2,644,000
Total compensation costs related to non-vested awards that have not yet been recognized	$ 8,014,000		$ 8,014,000
Weighted average vesting period			2 years 3 months 18 days
Restricted stock units
Summary of the activity of the incentive plans
Average per share grant price (in dollars per share)	$ 30.46	$ 17.31	$ 30.46	$ 17.31
Deferred compensation to be recognized over vesting period	$ 1,647,000	$ 861,000	$ 1,647,000	$ 861,000
Number of non-vested shares:
Non-vested beginning of period (in shares)	150,052	148,776	223,802	225,026
Number of shares awarded	80,700	75,026	80,700	75,026
Vested during period (in shares)			(73,750)	(24,343)
Forfeitures (in shares)				(51,907)		(2,750)
Non-vested end of period (in shares)	230,752	223,802	230,752	223,802		225,026
Total charge to operations:
Total charge to operations	$ 292,000	$ 251,000	$ 1,332,000	$ 797,000
Total compensation costs related to non-vested awards that have not yet been recognized	$ 2,499,000		$ 2,499,000
Weighted average vesting period			1 year 9 months 18 days
2019 Incentive Plan | Restricted stock and RSU grants
Number of non-vested shares:
Non-vested end of period (in shares)	524,952		524,952
2019 Incentive Plan | Restricted stock grants
Number of non-vested shares:
Non-vested end of period (in shares)	294,200		294,200
2019 Incentive Plan | Restricted stock units
Number of non-vested shares:
Non-vested end of period (in shares)	230,752		230,752
2016 Incentive Plan | Restricted stock grants
Number of non-vested shares:
Non-vested end of period (in shares)	412,350		412,350
2016 Incentive Plan | Restricted stock units
Number of non-vested shares:
Vested during period (in shares)			(73,750)	(24,343)
Forfeitures (in shares)				(51,907)	(2,500)
Pay-for-performance program | Restricted stock units
Number of non-vested shares:
Vested during period (in shares)	0		0
Forfeitures (in shares)	0		0

STOCKHOLDERS' EQUITY - Shares I

STOCKHOLDERS' EQUITY - Shares Issued through the At-the-Market Offering Program (Details) - At-the-Market Equity Offering Program - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 01, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
STOCKHOLDERS' EQUITY
Number of shares sold	23,000	49,000	0	49,000	0
Proceeds from sale of common stock, net of commissions	$ 717,000	$ 1,489,000		$ 1,489,000
Payment of commissions on sale of shares	$ 15,000	30,000		30,000
Payment of offering costs on sale of shares		$ 65,000		$ 65,000

STOCKHOLDERS' EQUITY - Dividend

STOCKHOLDERS' EQUITY - Dividend Reinvestment Plan (Details) - shares	3 Months Ended	4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Jun. 10, 2020	Sep. 30, 2021	Sep. 30, 2020
Dividend Reinvestment Plan
Market price discount (as a percent)		3.00%	5.00%
Common shares issued under Dividend Reinvestment Plan	31,000			31,000	77,000
Maximum
Dividend Reinvestment Plan
Market price discount (as a percent)		5.00%

FAIR VALUE MEASUREMENTS - Summa

FAIR VALUE MEASUREMENTS - Summary (Details)	Nov. 01, 2021USD ($)	Sep. 30, 2021USD ($)Y	Dec. 31, 2020USD ($)itemY
Line of Credit
FAIR VALUE MEASUREMENTS
Line of credit, gross	$ 6,700,000	$ 3,200,000	$ 12,950,000
Mortgages payable
FAIR VALUE MEASUREMENTS
Estimated fair value of mortgages payable		427,567,000	461,965,000
Carrying value of mortgage loans		406,929,000	433,549,000
Excess of fair value over carrying value		$ 20,638,000	$ 28,416,000
Mortgages payable | Blended market interest rate
FAIR VALUE MEASUREMENTS
Long-term debt, measurement input		0.0320	0.030
Mortgages payable | Remaining term to maturity
FAIR VALUE MEASUREMENTS
Long-term debt, measurement input | Y		6.6	7.1

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value of Derivatives (Details)	9 Months Ended
	Sep. 30, 2021USD ($)item	Dec. 31, 2020USD ($)
Interest rate derivatives
FAIR VALUE MEASUREMENTS
Number of mortgage loans outstanding | item	20
Interest rate derivatives | Cash flow hedges
FAIR VALUE MEASUREMENTS
Number of interest rate derivatives held | item	20
Notional Amount | $	$ 61,360,000
Weighted average maturity	2 years 7 months 6 days
Weighted average annual interest rate (as a percent)	4.09%
Interest rate derivatives | Cash flow hedges | Minimum
FAIR VALUE MEASUREMENTS
Fixed interest rate (as a percent)	3.02%
Interest rate derivatives | Cash flow hedges | Maximum
FAIR VALUE MEASUREMENTS
Fixed interest rate (as a percent)	5.16%
Recurring | Interest rate swap | Level 2 | Other liabilities
Financial liabilities:
Derivative financial instruments | $	$ 2,352,000	$ 5,012,000

FAIR VALUE MEASUREMENTS - Effec

FAIR VALUE MEASUREMENTS - Effect of derivatives on Consolidated Statements of Income (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)property	Dec. 31, 2020USD ($)
FAIR VALUE MEASUREMENTS
Amount of (loss) gain recognized on derivatives in other comprehensive loss	$ (31,000)	$ (31,000)	$ 722,000	$ (5,672,000)
Amount of reclassification from Accumulated other comprehensive loss into Interest expense	(348,000)	(425,000)	$ (1,937,000)	$ (1,677,000)
Number of Properties Sold | property			3	3
Interest rate swap | Prepayment costs on debt
FAIR VALUE MEASUREMENTS
Amounts reclassified from Accumulated other comprehensive loss into Interest Expense as a result of forecasted transactions being no longer probable of occurring	24,000	58,000	$ 808,000	$ 1,123,000
Interest rate swap | Cash flow hedges
FAIR VALUE MEASUREMENTS
Reclassification of realized gain (loss) from Accumulated other comprehensive income (loss) to earnings	0	$ 0	0	$ 0
Additional amount to be reclassified during the next twelve months			(1,206,000)
Credit risk related contingent feature
Accrued interest on derivatives in a liability position	85,000		85,000		$ 120,000
Fair value of derivative in a liability position, including accrued interest but excluding adjustments for non-performance risk	2,495,000		2,495,000		5,314,000
Termination liability value	2,495,000		2,495,000		5,314,000
Interest rate swap | Cash flow hedges | Accrued Expenses And Other Liabilities [Member]
Credit risk related contingent feature
Adjustments for non-performance risk	$ 58,000		$ 58,000		$ 182,000

OTHER INCOME - Lease Assignment

OTHER INCOME - Lease Assignment Fee Income and Insurance Recoveries on Hurricane Casualty (Details)	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 31, 2021USD ($)	Mar. 31, 2021USD ($)item	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Lease Assignment Fee Income
Fee income, lease assignment agreement		$ 100,000
Number of properties included in a lease split and assignment agreement | item		6
Insurance Recoveries on Hurricane Casualty
Impairment due to casualty loss				$ 430,000		$ 430,000
Casualty loss, insurance recovery proceeds received, classified as investing activities					$ 550,000	$ 150,000
Other income
Lease Assignment Fee Income
Fee income, lease assignment agreement					100,000
Real Estate in Lake Charles, LA
Insurance Recoveries on Hurricane Casualty
Impairment due to casualty loss							$ 430,000
Receivable for insurance recoveries							430,000
Amount of insurance deductible							250,000
Total claim amount submitted to insurance carrier			$ 2,200,000		2,200,000
Casualty loss, insurance recovery proceeds received, classified as investing activities							150,000
Casualty loss, insurance recovery proceeds received, classified as operating activities	$ 216,000
Casualty loss, aggregate insurance recovery proceeds received through September 2021					975,000
Losses in rental income							$ 251,000
Real Estate in Lake Charles, LA | Other income
Insurance Recoveries on Hurricane Casualty
Amount of advance from insurance carrier recognized as a gain in other income			$ 675,000		$ 695,000

OTHER INCOME - Interest Income

OTHER INCOME - Interest Income on Loan Receivable (Details)	1 Months Ended	9 Months Ended
	Dec. 31, 2020USD ($)item	Sep. 30, 2021USD ($)property	Sep. 30, 2020property
Interest Income on Loan Receivable
Number of properties sold | property		3	3
Real Estate in Houston, TX
Interest Income on Loan Receivable
Number of properties sold | item	2
Term of loan	1 year
Percentage of seller-financing provided by the Company	50.00%
Real Estate in Houston, TX | Other income
Interest Income on Loan Receivable
Interest income on loans		$ 59,000
Real Estate in Houston, TX | Other receivables
Interest Income on Loan Receivable
Seller-financing provided by the Company	$ 4,612,500