One Liberty Properties (OLP) 10-Q 4 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 01, 2022
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, 2022
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		21,073,936
Entity Central Index Key	0000712770
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2022	Dec. 31, 2021
Real estate investments, at cost
Land		$ 181,086	$ 180,183
Buildings and improvements		680,722	657,458
Total real estate investments, at cost		861,808	837,641
Less accumulated depreciation		168,430	160,664
Real estate investments, net		693,378	676,977
Property held-for-sale			1,270
Investment in unconsolidated joint ventures		10,309	10,172
Cash and cash equivalents		11,579	16,164
Unbilled rent receivable		15,285	14,330
Unamortized intangible lease assets, net		19,594	20,694
Escrow, deposits and other assets and receivables		17,202	13,346
Total assets	[1]	767,347	752,953
Liabilities:
Mortgages payable, net of $0,000 and $3,316 of deferred financing costs, respectively		402,760	396,344
Line of credit, net of $000 and $216 of deferred financing costs, respectively		10,946	11,484
Dividends payable		9,618	9,448
Accrued expenses and other liabilities		18,212	18,992
Unamortized intangible lease liabilities, net		10,560	10,407
Total liabilities	[1]	452,096	446,675
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; 00,000 and 20,239 shares issued and outstanding		20,311	20,239
Paid-in capital		323,576	322,793
Accumulated other comprehensive income (loss)		1,855	(1,513)
Distributions in excess of net income		(31,450)	(36,187)
Total One Liberty Properties, Inc. stockholders' equity		314,292	305,332
Non-controlling interests in consolidated joint ventures	[1]	959	946
Total equity		315,251	306,278
Total liabilities and equity		$ 767,347	$ 752,953
[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 $10,365 of land, $17,916 and $18,472 of building and improvements, net of $5,481 and $4,957 of accumulated depreciation, $3,298 and $3,580 of other assets included in other line items, $18,676 and $19,193 of real estate debt, net, $909 and $1,350 of other liabilities included in other line items and $959 and $946 of non-controlling interests as of September 30, 2022 and December 31, 2021, respectively.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands		Sep. 30, 2022	Dec. 31, 2021
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		20,311	20,239
Common stock, shares outstanding		20,311	20,239
Land		$ 181,086	$ 180,183
Buildings and improvements		680,722	657,458
Accumulated depreciation		168,430	160,664
Non-controlling interests in consolidated joint ventures	[1]	959	946
Line of Credit
Deferred financing costs		54	216
Mortgages payable
Deferred financing costs		3,404	3,316
Consolidated Joint Venture-VIEs
Land		10,365	10,365
Buildings and improvements		17,916	18,472
Accumulated depreciation		5,481	4,957
Other assets		3,298	3,580
Real estate debt, net		18,676	19,193
Other liabilities		909	1,350
Non-controlling interests in consolidated joint ventures		959	946
Consolidated Joint Venture-VIEs | Mortgages payable
Deferred financing costs		$ 163	$ 195
[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 $10,365 of land, $17,916 and $18,472 of building and improvements, net of $5,481 and $4,957 of accumulated depreciation, $3,298 and $3,580 of other assets included in other line items, $18,676 and $19,193 of real estate debt, net, $909 and $1,350 of other liabilities included in other line items and $959 and $946 of non-controlling interests as of September 30, 2022 and December 31, 2021, respectively.

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Total revenues	$ 21,473	$ 20,436	$ 64,501	$ 61,674
Operating expenses:
Depreciation and amortization	5,970	5,596	17,718	17,055
General and administrative (see Note 9 for related party information)	3,769	3,559	11,534	10,970
Real estate expenses (see Note 9 for related party information)	3,970	3,199	11,206	10,272
State taxes	60	55	211	221
Total operating expenses	13,769	12,409	40,669	38,518
Other operating income
Gain on sale of real estate, net	4,063	1,277	16,762	22,768
Operating income	11,767	9,304	40,594	45,924
Other income and expenses:
Equity in earnings of unconsolidated joint ventures	82	77	310	75
Equity in earnings from sale of unconsolidated joint venture properties		801		801
Prepayment costs on debt		(38)		(837)
Income on settlement of litigation (see Note 13)			5,388
Other income (see Note 13)	17	678	997	865
Interest:
Expense	(4,367)	(4,365)	(13,026)	(13,573)
Amortization and write-off of deferred financing costs	(278)	(245)	(917)	(754)
Net income	7,221	6,212	33,346	32,501
Net income attributable to non-controlling interests	(17)	(153)	(52)	(151)
Net income attributable to One Liberty Properties, Inc.	$ 7,204	$ 6,059	$ 33,294	$ 32,350
Weighted average number of common shares outstanding:
Basic (in shares)	20,340	20,115	20,361	20,044
Diluted (in shares)	20,416	20,273	20,472	20,198
Per common share attributable to common stockholders:
Basic (in dollars per share)	$ 0.34	$ 0.29	$ 1.58	$ 1.56
Diluted (in dollars per share)	0.34	0.28	1.57	1.55
Cash distributions per share of common stock (in dollars per share)	$ 0.45	$ 0.45	$ 1.35	$ 1.35
Rental income, net
Revenues:
Total revenues	$ 21,473	$ 20,349	$ 64,476	$ 61,338
Lease termination fees
Revenues:
Total revenues		$ 87	$ 25	$ 336

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income (loss)	$ 7,221	$ 6,212	$ 33,346	$ 32,501
Other comprehensive income
Net unrealized gain on derivative instruments	931	317	3,371	2,659
Comprehensive income	8,152	6,529	36,717	35,160
Net income attributable to non-controlling interests	(17)	(153)	(52)	(151)
Adjustment for derivative instruments attributable to non-controlling interests	(1)	(3)	(3)	(7)
Comprehensive income attributable to One Liberty Properties, Inc.	$ 8,134	$ 6,373	$ 36,662	$ 35,002

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Common Stock	Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Distributions in Excess of Net Income	Non-Controlling Interests in Consolidated Joint Ventures	Total
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 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			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 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			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 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			314		3	317
Balances at Sep. 30, 2021	20,178	319,608	(2,350)	(33,264)	927	305,099
Balances at Dec. 31, 2021	20,239	322,793	(1,513)	(36,187)	946	306,278
Distributions - common stock
Cash				(9,559)		(9,559)
Restricted stock vesting	131	(131)
Shares issued through equity offering program - net	17	546				563
Shares issued through dividend reinvestment plan	5	156				161
Distributions to non-controlling interests					(33)	(33)
Compensation expense - restricted stock and RSUs		1,325				1,325
Net income (loss)				9,323	17	9,340
Other comprehensive income			1,773		2	1,775
Balances at Mar. 31, 2022	20,392	324,689	260	(36,423)	932	309,850
Balances at Dec. 31, 2021	20,239	322,793	(1,513)	(36,187)	946	306,278
Distributions - common stock
Net income (loss)						33,346
Balances at Sep. 30, 2022	20,311	323,576	1,855	(31,450)	959	315,251
Balances at Mar. 31, 2022	20,392	324,689	260	(36,423)	932	309,850
Distributions - common stock
Cash				(9,494)		(9,494)
Restricted stock vesting	16	(16)
Repurchases of common stock - net	(133)	(3,285)				(3,418)
Shares issued through dividend reinvestment plan	6	157				163
Distributions to non-controlling interests					(8)	(8)
Compensation expense - restricted stock and RSUs		1,559				1,559
Net income (loss)				16,767	18	16,785
Other comprehensive income			665			665
Balances at Jun. 30, 2022	20,281	323,104	925	(29,150)	942	316,102
Distributions - common stock
Cash				(9,504)		(9,504)
Restricted stock vesting	65	(65)
Repurchases of common stock - net	(75)	(1,747)				(1,822)
Shares issued through dividend reinvestment plan	40	978				1,018
Distributions to non-controlling interests					(1)	(1)
Compensation expense - restricted stock and RSUs		1,306				1,306
Net income (loss)				7,204	17	7,221
Other comprehensive income			930		1	931
Balances at Sep. 30, 2022	$ 20,311	$ 323,576	$ 1,855	$ (31,450)	$ 959	$ 315,251

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Distributions - common stock
Cash	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 1.35	$ 1.35

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income (loss)	$ 33,346	$ 32,501
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of real estate, net	(16,762)	(22,768)
Increase in unbilled rent receivable	(1,579)	(79)
Amortization and write-off of intangibles relating to leases, net	(617)	(606)
Amortization of restricted stock and RSU compensation expense	4,190	4,191
Equity in earnings of unconsolidated joint ventures	(310)	(75)
Equity in earnings from sale of unconsolidated joint venture property		(801)
Distributions of earnings from unconsolidated joint ventures	170	1,303
Depreciation and amortization	17,718	17,055
Amortization and write-off of deferred financing costs	917	754
Payment of leasing commissions	(1,101)	(608)
(Increase) decrease in escrow, deposits, other assets and receivables	(2,049)	4,936
Increase in accrued expenses and other liabilities	897	757
Net cash provided by operating activities	34,820	36,560
Cash flows from investing activities:
Purchase of real estate	(39,888)	(16,491)
Improvements to real estate	(3,529)	(3,050)
Investments in ground leased property	(499)	(1,353)
Net proceeds from sale of real estate	30,253	47,214
Insurance recovery proceeds due to casualty loss	918	550
Distributions of capital from unconsolidated joint venture		97
Net cash (used in) provided by investing activities	(12,745)	26,967
Cash flows from financing activities:
Scheduled amortization payments of mortgages payable	(9,601)	(10,590)
Repayment of mortgages payable	(54,585)	(26,630)
Proceeds from mortgage financings	70,690	10,600
Proceeds from sale of common stock, net	563	1,424
Proceeds from bank line of credit	39,500	12,700
Repayments on bank line of credit	(40,200)	(22,450)
Issuance of shares through dividend reinvestment plan	1,342	863
Repurchases of common stock	(5,240)
Payment of financing costs	(839)	(229)
Capital contributions from non-controlling interests		25
Distributions to non-controlling interests	(42)	(449)
Cash distributions to common stockholders	(28,387)	(27,920)
Net cash used in financing activities	(26,799)	(62,656)
Net (decrease) increase in cash, cash equivalents and restricted cash	(4,724)	871
Cash, cash equivalents and restricted cash at beginning of year	16,666	13,564
Cash, cash equivalents and restricted cash at end of period	11,942	14,435
Supplemental disclosure of cash flow information:
Cash paid during the period for interest expense	12,988	14,546
Supplemental disclosure of non-cash investing activity:
Purchase accounting allocation - intangible lease assets	2,816	1,758
Purchase accounting allocation - intangible lease liabilities	$ (1,152)	$ (596)

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	$ 11,579	$ 13,740
Restricted cash included in escrow, deposits and other assets and receivables	363	695
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	$ 11,942	$ 14,435

ORGANIZATION AND BACKGROUND

ORGANIZATION AND BACKGROUND	9 Months Ended
	Sep. 30, 2022
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 and retail properties, many of which are subject to long-term net leases. As of September 30, 2022, OLP owns

SUMMARY ACCOUNTING POLICIES

SUMMARY ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2022
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, 2022 and 2021 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, 2021. 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, 2022
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 2023 to 2055, with options to extend terminate not 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, ​ 2022 2021 2022 2021 Fixed lease revenues ​ $ 18,339 ​ $ 17,602 ​ $ 55,085 ​ $ 52,502 Variable lease revenues ​ ​ 2,914 ​ ​ 2,581 ​ ​ 8,774 ​ ​ 8,230 Lease revenues (a) ​ $ 21,253 ​ $ 20,183 ​ $ 63,859 ​ $ 60,732 (a) Excludes amortization related to lease intangible assets and liabilities of $220 and $617 for the three and nine months ended September 30, 2022, respectively, and $166 and $606 for the three and nine months ended September 30, 2021, 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. 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. The Company has assessed the collectability of all recorded lease revenues as probable as of September 30, 2022. Impact of COVID-19 During 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. Through September 30, 2022, the Company collected an aggregate of $3,301,000, or 98.2%, of such deferred rents. The balance of deferred rents deemed collectible, or $48,000, is expected to be repaid during the remainder of 2022 through January 2023. In September 2022, Regal Cinemas’, a tenant at two properties (excluding a property owned by an unconsolidated joint venture) parent company, Cineworld Group plc., filed for Chapter 11 bankruptcy protection. As of September 30, 2022, Regal Cinemas did not pay their September (i) base rent of . Of an aggregate of NOTE 3 – LEASES (CONTINUED) Minimum Future Rents As of September 30, 2022, 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 include $23,399,000 of rent related to Regal Cinemas and does not include (i) straight-line rent or amortization of intangibles, (ii) COVID-19 lease deferral repayments accrued to rental income in 2020, (iii) $805,000 of COVID-19 lease deferral repayments due from Regal Cinemas which were not accrued to rental income and (iv) variable lease payments as described above. ​ ​ ​ ​ ​ From October 1 – December 31, 2022 ​ $ 17,731 For the year ending December 31, ​ ​ ​ 2023 ​ ​ 70,266 2024 ​ ​ 62,228 2025 ​ ​ 57,942 2026 ​ ​ 53,644 2027 ​ ​ 45,287 Thereafter ​ ​ 160,427 Total ​ $ 467,525 Lease Termination Fees In January 2022, the Company received $25,000 as a lease termination fee from a retail tenant which was recognized In January 2021, the Company received $350,000 as a lease termination fee from a retail tenant, of which $87,000 and $262,000 were recognized during the three and nine months ended September 30, 2021, respectively. In December 2020, the Company received $88,000 as a lease termination fee from an industrial tenant, of which $74,000 was recognized during the nine months ended September 30, 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, 2022, the remaining lease term, including renewal options deemed exercised, is 12.4 years. The Company recognized lease expense related to this ground lease of $150,000 and $449,000 for both the three and nine months ended September 30, 2022 and 2021, 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 for a five-year NOTE 3 – LEASES (CONTINUED) Minimum Future Lease Payments As of September 30, 2022, the minimum future lease payments related to the operating ground and office leases are as follows (amounts in thousands): ​ ​ ​ ​ From October 1 – December 31, 2022 ​ $ 126 For the year ending December 31, ​ ​ ​ 2023 ​ ​ 507 2024 ​ 557 2025 ​ 626 2026 ​ 627 2027 ​ 629 Thereafter ​ 5,591 Total undiscounted cash flows ​ $ 8,663 Present value discount ​ (1,667) Lease liability ​ $ 6,996 ​

REAL ESTATE ACQUISITION

REAL ESTATE ACQUISITION	9 Months Ended
	Sep. 30, 2022
REAL ESTATE ACQUISITION
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, 2022 (amounts in thousands). The Company determined that with respect to each of these acquisitions, the gross assets acquired are concentrated in a single identifiable asset. Therefore, these transactions do not meet the definition of a business and are accounted for as asset acquisitions. As such, direct transaction costs associated with these asset acquisitions have been capitalized to real estate assets and depreciated over the respective useful lives. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract ​ ​ ​ Capitalized ​ ​ Date ​ ​ Purchase ​ Terms of ​ ​ Transaction Description of Property Acquired Price Payment Costs Conditioned Air Company of Naples LLC industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fort Myers, Florida ​ January 5, 2022 ​ $ 8,100 ​ All cash (a) ​ $ 66 Q.E.P. Co., Inc. industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dalton, Georgia ​ May 12, 2022 ​ ​ 17,000 ​ All cash (a) ​ ​ 330 Multi-tenant industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hillside, Illinois ​ May 16, 2022 ​ ​ 5,770 ​ All cash ​ ​ 112 Curaleaf, Inc. industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lexington, Kentucky ​ June 17, 2022 ​ ​ 8,430 ​ Cash and $5,480 mortgage (b) ​ ​ 80 Totals - Nine months ended September 30, 2022 ​ ​ ​ $ 39,300 ​ $ 588 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building & ​ Intangible Lease ​ ​ ​ ​ Market Cap Discount Description of Property Land Improvements Asset Liability ​ Total ​ Rate (c) ​ Rate (c) Conditioned Air Company of Naples LLC industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fort Myers, Florida ​ $ 991 ​ $ 6,876 ​ $ 568 ​ $ (269) ​ $ 8,166 ​ 5.50% ​ 5.60% ​ Q.E.P. Co., Inc. industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dalton, Georgia ​ ​ 547 ​ ​ 15,836 ​ ​ 1,223 ​ ​ (276) ​ ​ 17,330 ​ 5.00% ​ 5.69% ​ Multi-tenant industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hillside, Illinois ​ ​ 2,560 ​ ​ 2,975 ​ ​ 539 ​ ​ (192) ​ ​ 5,882 ​ 6.25% ​ 6.63% (d) Curaleaf, Inc. industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lexington, Kentucky ​ ​ 1,558 ​ ​ 6,881 ​ ​ 486 ​ ​ (415) ​ ​ 8,510 ​ 5.25% ​ 5.88% ​ Totals - Nine months ended September 30, 2022 ​ $ 5,656 ​ $ 32,568 ​ $ 2,816 ​ $ (1,152) ​ $ 39,888 ​ ​ ​ ​ ​ ​ ______________________ (a) Subsequent to the acquisitions of the Fort Myers, Florida and Dalton, Georgia properties, the Company obtained new mortgage debt of $4,860 and $10,000 , bearing interest rates of 3.09% and 3.50% and maturing in 2031 and 2032, respectively. (b) Simultaneously with the acquisition of this property, the Company obtained new mortgage debt of $5,480 , bearing an interest rate of 3.85% and maturing in 2047. (c) The fair value of the tangible and intangible assets of each property was assessed as of the acquisition date using an income approach and estimated cash flow projections which utilize an appropriate market capitalization rate and discount rate categorized as Level 3 unobservable inputs in the fair value hierarchy (as defined in Note 12). (d) Represents the weighted average discount rate of the warehouse lease ( i.e. , 5.77% ) and the office lease ( i.e. , 9.03% ).

SALE OF PROPERTIES

SALE OF PROPERTIES	9 Months Ended
	Sep. 30, 2022
SALE OF PROPERTIES
SALE OF PROPERTIES	NOTE 5 SALES OF PROPERTIES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gain on Sale of ​ Description of Property ​ Date Sold ​ Sales Price ​ Real Estate, Net ​ Wendy's restaurant property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Palmyra, Pennsylvania ​ March 22, 2022 ​ $ 2,555 ​ $ 1,200 (a) Wendy's restaurant property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Reading, Pennsylvania ​ March 22, 2022 ​ ​ 2,525 ​ ​ 1,184 (a) Wendy's restaurant property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Reading, Pennsylvania ​ March 22, 2022 ​ ​ 2,485 ​ ​ 1,175 (a) Wendy's restaurant property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Trexlertown, Pennsylvania ​ March 22, 2022 ​ ​ 2,435 ​ ​ 1,090 (a) Orlando Baking industrial property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Columbus, Ohio (b) ​ May 2, 2022 ​ ​ 8,500 ​ ​ 6,925 ​ Havertys retail property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Fayetteville, Georgia ​ June 17, 2022 ​ ​ 4,800 ​ ​ 1,125 (c) Vacant retail property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Columbus, Ohio ​ August 8, 2022 ​ ​ 8,300 ​ ​ 4,063 ​ Totals - Nine months ended September 30, 2022 ​ $ 31,600 ​ $ 16,762 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Whole Foods retail property & parking lot, ​ ​ ​ ​ ​ ​ ​ ​ ​ West Hartford, Connecticut (d) ​ June 17, 2021 ​ $ 40,510 ​ $ 21,469 (e) Vacant retail property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Philadelphia, Pennsylvania (f) ​ July 1, 2021 ​ ​ 8,300 ​ ​ 1,299 (g) Totals - Nine months ended September 30, 2021 ​ $ 48,810 ​ $ 22,768 ​ _______________________ (a) As a result of these sales, the Company wrote-off, as a reduction to Gain on sale of real estate, net, an aggregate of $512 of unbilled rent receivable. (b) This property was classified as held-for-sale in the accompanying consolidated balance sheet at December 31, 2021. (c) As a result of this sale, the Company wrote-off, as a reduction to Gain on sale of real estate, net, $7 of unbilled rent receivable, $1 of unamortized intangible lease assets and $5 of unamortized intangible lease liabilities. In connection with the sale, the Company paid off the $1,563 mortgage. (d) In connection with the sale, the Company paid-off the $15,403 mortgage and incurred a $799 fee in connection with the early termination of the interest rate swap derivative (see Note 12), which was recorded as Prepayment costs on debt. (e) As a result of the sale, the Company 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. (f) In connection with the sale, the Company paid-off the $3,574 mortgage and incurred a $26 fee in connection with the early termination of the interest rate swap derivative (see Note 12), which was recorded as Prepayment costs on debt. (g) This property was owned by a consolidated joint venture in which the Company held a 90% interest. The non-controlling interest’s share of gain was $130 .

VARIABLE INTEREST ENTITIES, CON

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES	9 Months Ended
	Sep. 30, 2022
VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES
VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES	NOTE 6 – VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES Variable Interest Entity – Ground Lease The Company determined it has a variable interest through its ground lease at its Beachwood, Ohio property (The Vue Apartments) and the owner/operator is a VIE because its equity investment at risk is insufficient to finance its activities without additional subordinated financial support. The Company further determined that it is not the primary beneficiary of this VIE because the Company 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. The ground lease provides for rent which can be deferred and paid based on the operating performance of the property; therefore, this rent is recognized as rental income when the operating performance is achieved and the rent is received. As of September 30, 2022, the VIE’s maximum exposure to loss was $16,146,000 which represented the carrying amount of the land. In purchasing the property in 2016, the owner/operator obtained a mortgage for 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 Pursuant to the ground lease, as amended in November 2020, 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 $1,746,000 during the year ended December 31, 2021 and an additional $156,000 and $499,000 during the three and nine months ended September 30, 2022, respectively. 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, ​ 2022 2021 Land ​ $ 10,365 ​ $ 10,365 Buildings and improvements, net of accumulated depreciation of $5,481 and $4,957, respectively ​ ​ 17,916 ​ ​ 18,472 Cash ​ ​ 941 ​ ​ 1,134 Unbilled rent receivable ​ ​ 1,058 ​ ​ 1,020 Unamortized intangible lease assets, net ​ ​ 491 ​ ​ 548 Escrow, deposits and other assets and receivables ​ ​ 808 ​ ​ 878 Mortgages payable, net of unamortized deferred financing costs of $163 and $195, respectively ​ ​ 18,676 ​ ​ 19,193 Accrued expenses and other liabilities ​ ​ 472 ​ ​ 875 Unamortized intangible lease liabilities, net ​ ​ 437 ​ ​ 475 Accumulated other comprehensive income (loss) ​ ​ 21 ​ ​ (33) Non-controlling interests in consolidated joint ventures ​ ​ 959 ​ ​ 946 ​ NOTE 6 – VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES (CONTINUED) As of September 30, 2022 and December 31, 2021, MCB Real Estate, LLC and its affiliates (‘‘MCB’’) are the Company’s joint venture partner in two consolidated joint ventures in which the Company has aggregate equity investments of approximately $4,612,000 and $4,691,000, respectively. Distributions to each joint venture partner are determined pursuant to the applicable operating agreement and, in the event of a sale of, or refinancing of the mortgage encumbering, the property owned by such venture, the distributions to the Company may be less than that implied by the Company’s equity ownership interest in the venture.

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	9 Months Ended
	Sep. 30, 2022
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	NOTE 7 – INVESTMENT IN UNCONSOLIDATED JOINT VENTURES As of September 30, 2022 and December 31, 2021, 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 $10,309,000 and $10,172,000 , respectively. The Company recorded equity in earnings of for the three and nine months ended September 30, 2021, 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 50% share of the gain from this sale was $801,000, which is included in Equity in earnings from sale of unconsolidated joint venture property on the consolidated statements of income for the three and nine months ended September 30, 2021. The unconsolidated joint venture retained approximately 2.2 acres of land at this property. As of September 30, 2022 and December 31, 2021, MCB and the Company are partners in an unconsolidated joint venture in which the Company’s equity investment is approximately $8,920,000 and $8,773,000, respectively.

DEBT OBLIGATIONS

DEBT OBLIGATIONS	9 Months Ended
	Sep. 30, 2022
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, ​ 2022 2021 Mortgages payable, gross ​ $ 406,164 ​ $ 399,660 Unamortized deferred financing costs ​ (3,404) ​ (3,316) Mortgages payable, net ​ $ 402,760 ​ $ 396,344 ​ ​ Line of Credit The Company has a credit facility with Manufacturers and Traders Trust Company and VNB New York, LLC, 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 for operating expense purposes. Net proceeds received from the sale, financing or refinancing of properties are generally required to be used to repay amounts outstanding under the credit facility. The facility is guaranteed by subsidiaries of the Company that own unencumbered properties and the Company is required to pledge to the lenders the equity interests in such subsidiaries. NOTE 8 – DEBT OBLIGATIONS (CONTINUED) The facility, which matures December 31, 2022, provides for an interest rate equal to the 30-day 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 basis points at September 30, 2022 and 2021. An unused facility fee of .25% per annum applies to the facility. The weighted average interest rate on the facility was approximately The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2022 2021 Line of credit, gross ​ $ 11,000 ​ $ 11,700 Unamortized deferred financing costs ​ (54) ​ (216) Line of credit, net ​ $ 10,946 ​ $ 11,484 ​ At September 30, 2022 and November 1, 2022, $89,000,000 and $86,200,000, respectively, was available to be borrowed under the facility, including an aggregate of up to $30,000,000 available at each date for renovation and operating expense purposes.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2022
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 certain (i) executive, administrative, legal, accounting, clerical, property management, property acquisition, consulting ( i.e ., sale, leasing, brokerage, and mortgage financing), and construction supervisory services (collectively, the “Services”) and (ii) facilities and other resources. Majestic is wholly-owned by the Company’s vice chairman and it provides compensation to several of the Company’s executive officers. In consideration for the Services, the Company paid Majestic $763,000 and $2,289,000 for the three and nine months ended September 30, 2022, respectively, and $766,000 and $2,330,000 for the three and nine months ended September 30, 2021, respectively. Included in these amounts are fees for property management services of NOTE 9 – RELATED PARTY TRANSACTIONS (CONTINUED) 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 $640,000 and $1,927,000 for the three and nine months ended September 30, 2022, respectively, and $581,000 and $1,971,000 for the three and nine months ended September 30, 2021, 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 $19,000 and $60,000 for the three and nine months ended September 30, 2022, respectively, and $21,000 and $59,000 for the three and nine months ended September 30, 2021, respectively, to its consolidated joint venture partner or their affiliates (none of whom are officers, directors, or employees of the Company) for property management services, which are included in Real estate expenses on the consolidated statements of income. The Company’s unconsolidated joint ventures paid management fees of $32,000 and $101,000 for the three and nine months ended September 30, 2022, respectively, and $28,000 and $88,000 for the three and nine months ended September 30, 2021, respectively, to the other partner of the ventures (none of whom are officers, directors, or employees of the Company), which reduced Equity in earnings on the consolidated statements of income by $16,000 and $51,000 for the three and nine months ended September 30, 2022, respectively, and $14,000 and $44,000 for the three and nine months ended September 30, 2021, respectively. Other During 2022 and 2021, the Company paid quarterly fees of (i) $78,250 and $74,500, respectively, to the Company’s chairman and (ii) $31,300 and $29,800, respectively, to the Company’s vice-chairman. These fees are included in General and administrative expenses on the consolidated statements of income. The Company obtains its property insurance in conjunction with Gould Investors L.P. (“Gould Investors”), a related party, and reimburses Gould Investors annually for the Company’s insurance cost relating to its properties. Amounts reimbursed to Gould Investors were $586,000 during the three and nine months ended September 30, 2022 and $1,402,000 during the three and nine months ended September 30, 2021. Included in Real estate expenses on the consolidated statements of income is insurance expense of $187,000 and $793,000 for the three and nine months ended September 30, 2022, respectively, and $366,000 and $928,000 for the three and nine months ended September 30, 2021, respectively. The balance of amounts reimbursed to Gould Investors represents prepaid insurance and is included in Other Assets on the consolidated balance sheets.

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	9 Months Ended
	Sep. 30, 2022
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, 2022, the shares of common stock underlying the RSUs awarded between 2020 and 2022 under the 2019 and 2022 Incentive Plans (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. NOTE 10 – EARNINGS PER COMMON SHARE (CONTINUED) The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2022 2021 2022 2021 Numerator for basic and diluted earnings per share: ​ ​ Net income ​ $ 7,221 ​ $ 6,212 ​ $ 33,346 ​ $ 32,501 Deduct net income attributable to non-controlling interests ​ (17) ​ (153) ​ (52) ​ (151) Deduct earnings allocated to unvested restricted stock (a) ​ (320) ​ ​ (318) ​ ​ (1,134) ​ ​ (1,108) Net income available for common stockholders: basic and diluted ​ $ 6,884 ​ $ 5,741 ​ $ 32,160 ​ $ 31,242 Denominator for basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding ​ 20,340 ​ ​ 20,115 ​ ​ 20,361 ​ ​ 20,044 Effect of dilutive securities: RSUs ​ 76 ​ ​ 158 ​ ​ 111 ​ ​ 154 Denominator for diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares ​ 20,416 ​ 20,273 ​ 20,472 ​ 20,198 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share, basic ​ $ .34 ​ $ .29 ​ $ 1.58 ​ $ 1.56 Earnings per common share, diluted ​ $ .34 ​ $ .28 ​ $ 1.57 ​ $ 1.55 ________________________________________________________________ (a) Represents an allocation of distributed earnings to unvested restricted stock that, as participating securities, are entitled to receive dividends. 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 for such periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three and Nine Months Ended September 30, 2022: ​ Total Number Shares Included Based on (a) ​ ​ ​ of Underlying ​ Return on ​ Stockholder ​ ​ ​ Shares Date of Award (b) Shares Capital Metric Return Metric Total Excluded (c) July 1, 2022 ​ 85,350 ​ 20,210 ​ — ​ 20,210 ​ 65,140 August 3, 2021 80,700 ​ 40,350 ​ — ​ 40,350 ​ 40,350 August 3, 2020 75,026 ​ 37,513 ​ 37,513 ​ 75,026 ​ — Totals 241,076 98,073 37,513 135,586 105,490 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three and Nine Months Ended September 30, 2021: ​ Total Number Shares Included Based on (a) ​ ​ ​ of Underlying ​ Return on ​ Stockholder ​ ​ ​ Shares Date of Award (b) Shares (d) Capital Metric Return Metric Total Excluded (c) August 3, 2021 80,700 ​ 23,375 ​ 17,722 ​ 41,097 ​ 39,603 August 3, 2020 75,026 ​ 37,513 ​ 37,513 ​ 75,026 ​ — July 1, 2019 ​ 75,026 ​ 37,513 ​ 37,513 ​ 75,026 ​ — Totals 230,752 98,401 92,748 191,149 39,603 __________________________ (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 of the applicable period. (b) The RSUs awarded in 2022, 2021 and 2020 vest, subject to satisfaction of the applicable market and/or performance conditions, as of June 30, 2025, 2024 and 2023, respectively (see Note 11). (c) Excluded as the applicable conditions had not been met for these shares at the applicable measurement dates. (d) During 2019, 2,750 shares of the 2019 award were forfeited. (e) With respect to the RSUs awarded July 1, 2019, 64,488 shares were deemed to have vested and the balance of 10,538 shares were forfeited in June 2022. The vested shares were issued in August 2022 (see Note 11).

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2022
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	NOTE 11 – STOCKHOLDERS’ EQUITY Common Stock Dividend On September 15, 2022, the Board of Directors declared a quarterly cash dividend of $0.45 per share on the Company’s common stock, totaling approximately $9,460,000 . The quarterly dividend was paid on October 7, 2022 to stockholders of record on September 27, 2022. Stock Repurchase Program In September 2022, the Board of Directors authorized a repurchase program of up to $7,500,000 of the Company’s common stock in the open market, through privately negotiated transactions or otherwise. (The $7,500,000 includes the $2,286,000 available pursuant to the repurchase program authorized in March 2016.) During the three and nine months ended September 30, 2022, the Company repurchased approximately 75,000 and 208,000 shares of common stock, for total consideration of $1,822,000 and $5,214,000, net of commissions of $5,000 and $12,000, respectively. At September 30, 2022, the entire $7,500,000 is available for the repurchase of shares of common stock. No shares were repurchased by the Company during the three and nine months ended September 30, 2021. Shares Issued through the At-the-Market Equity Offering Program During the nine months ended September 30, 2022, the Company sold approximately 17,000 shares for proceeds of $604,000, net of commissions of $12,000, and incurred offering costs of $41,000 for professional fees. No shares were sold during the three months ended September 30, 2022. During the three and nine months ended September 30, 2021, the Company sold approximately 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. Dividend Reinvestment Plan The Dividend Reinvestment Plan (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, determined in the Company’s sole discretion, of up to 5% from the market price (as such price is calculated pursuant to the DRP). From June 2020 through June 2021, the Company suspended the dividend reinvestment feature of its DRP; such feature was reinstated in June 2021. The discount from the market price is currently Stock Based Compensation The Company’s 2022, 2019 and 2016 Incentive Plans (collectively, the “Plans”), permit 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 was authorized plan The following details the shares subject to awards that are outstanding under the Plans as of September 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2019 ​ 2016 ​ Incentive Plan (a) Incentive Plan (b) Incentive Plan (b) Restricted stock ​ — ​ 437,375 ​ 275,000 RSUs ​ 85,350 ​ 155,726 ​ — Totals ​ 85,350 ​ 593,101 ​ 275,000 _________________ (a) This plan was approved by Company’s stockholders in June 2022. (b) No additional awards may be granted under such plan . NOTE 11 – STOCKHOLDERS’ EQUITY (CONTINUED) For accounting purposes, the restricted stock is not included in the shares shown as outstanding on the balance sheet until they vest; however, dividends are paid on the unvested shares. The restricted stock grants are charged to General and administrative expense over the respective vesting periods based on the market value of the common stock on the grant date. Unless earlier forfeited because the participant’s relationship with the Company terminated, unvested restricted stock awards vest The following table reflects the activities involving RSUs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 (a) ​ 2021 ​ 2020 ​ 2019 ​ 2018 ​ RSUs granted (b) ​ 85,350 ​ 80,700 ​ 75,026 ​ 77,776 ​ 76,250 ​ RSUs vested ​ — ​ — ​ — ​ 64,488 (c) 73,750 (d) RSUs forfeited (e) ​ — ​ — ​ — ​ 13,288 ​ 2,500 ​ RSUs outstanding ​ 85,350 ​ 80,700 ​ 75,026 ​ — ​ — ​ Vesting Date (f) (g) ​ 6/30/2025 ​ 6/30/2024 ​ 6/30/2023 ​ 6/30/2022 ​ 6/30/2021 ​ _________________ (a) These shares were granted in July 2022. (b) The shares underlying the RSUs are excluded from the shares shown as outstanding on the balance sheet until they have vested and been issued. (c) Such shares were issued in August 2022. (d) Such shares were issued in August 2021. (e) 10,538 shares of the 2019 grant were not earned in 2022 because the applicable market condition was only partially satisfied. During 2019, 2,750 shares of the 2019 grant and 2,500 shares of the 2018 grant were forfeited (see Note 10). (f) Generally, the recipient must maintain a relationship with the Company during the applicable three-year performance cycle. (g) RSUs vest upon satisfaction of metrics related to average annual total stockholder return ("TSR Metric") and average annual return on capital ("ROC Metric"; together with the TSR Metric, the "Metrics") and are issued after the Compensation Committee determines the Metrics with respect to the vesting of such shares have been satisfied. The specific metrics and other material terms and conditions of the RSUs are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year RSU Granted ​ Metric ​ Weight ​ Minimum Performance Criteria (a) ​ Maximum Performance Criteria (a) 2018 - 2020 (b) ​ ROC Metric (c) ​ 50% ​ Average of annual ROC of at least 7% ​ Average of annual ROC of at least 9.75% ​ ​ TSR Metric (d) ​ 50% ​ Average of annual TSR of at least 7% ​ Average of annual TSR of at least 12.0% 2021 - 2022 (e) (f) ​ ROC Metric (c) ​ 50% ​ Average of annual ROC of at least 6% ​ Average of annual ROC of at least 8.75% ​ ​ TSR Metric (d) ​ 50% ​ Average of annual TSR of at least 6% ​ Average of annual TSR of at least 11.0% _________________ (a) If the average annual ROC or TSR falls between the applicable minimum and maximum performance criteria, a pro-rata portion of such units, as applicable, vest. (b) Such RSUs are not entitled to voting or dividend rights. (c) The ROC Metrics meet the definition of a performance condition. 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 the performance conditions to be met. (d) The TSR Metrics meet the definition of a market condition. A third-party appraiser prepares a Monte Carlo simulation pricing model to determine the fair value of such awards, which is recognized ratably over the three-year service period. For the 2022 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 7.10% , a risk-free interest rate of 1.58% - 3.33% and an expected price volatility of 29.37% - 39.87% . (e) Such RSUs are (i) not entitled to voting rights and (ii) upon vesting, the holders 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. (f) The Company accrued dividend equivalents for the 2022 and 2021 RSUs of $23,000 and $135,000 , respectively, based on the number of shares that would have been issued, underlying such RSUs, using performance and market assumptions determined as of September 30, 2022. As of September 30, 2022, based on performance and market assumptions, the fair value of the RSUs granted in 2022, 2021 and 2020 is $1,352,000, $1,846,000 and $962,000, 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, 2022. NOTE 11 – STOCKHOLDERS’ EQUITY (CONTINUED) The following is a summary of the activity of the Plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2022 2021 2022 2021 Restricted stock grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of shares ​ ​ — ​ ​ — ​ ​ 153,575 ​ ​ 151,500 Average per share grant price ​ $ — ​ $ — ​ $ 33.75 ​ $ 20.34 Deferred compensation to be recognized over vesting period ​ $ — ​ $ — ​ $ 5,183,000 ​ $ 3,082,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested beginning of period ​ ​ 712,375 ​ ​ 707,050 ​ ​ 706,450 ​ ​ 701,675 Grants ​ ​ — ​ ​ — ​ ​ 153,575 ​ ​ 151,500 Vested during period ​ ​ — ​ ​ — ​ ​ (146,900) ​ ​ (145,725) Forfeitures ​ ​ — ​ ​ (500) ​ ​ (750) ​ ​ (900) Non-vested end of period ​ ​ 712,375 ​ ​ 706,550 ​ ​ 712,375 ​ ​ 706,550 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSU grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of underlying shares ​ ​ 85,350 ​ ​ 80,700 ​ ​ 85,350 ​ ​ 80,700 Average per share grant price ​ $ 26.44 ​ $ 30.46 ​ $ 26.44 ​ $ 30.46 Deferred compensation to be recognized over vesting period ​ $ 1,352,000 ​ $ 1,647,000 ​ $ 1,352,000 ​ $ 1,647,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested beginning of period ​ ​ 155,726 ​ ​ 150,052 ​ ​ 230,752 ​ ​ 223,802 Grants ​ ​ 85,350 ​ ​ 80,700 ​ ​ 85,350 ​ ​ 80,700 Vested during period ​ ​ — ​ ​ — ​ ​ (64,488) ​ ​ (73,750) Forfeitures ​ ​ — ​ ​ — ​ ​ (10,538) ​ ​ — Non-vested end of period ​ ​ 241,076 ​ ​ 230,752 ​ ​ 241,076 ​ ​ 230,752 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock and RSU grants (based on grant price): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average per share value of non-vested shares ​ $ 26.26 ​ $ 25.04 ​ $ 26.26 ​ $ 25.04 Value of stock vested during the period ​ $ — ​ $ — ​ $ 5,535,000 ​ $ 5,165,000 Weighted average per share value of shares forfeited during the period ​ $ — ​ $ 24.84 ​ $ 29.12 ​ $ 24.57 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total charge to operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding restricted stock grants ​ $ 951,000 ​ $ 871,000 ​ $ 3,106,000 ​ $ 2,859,000 Outstanding RSUs ​ ​ 355,000 ​ ​ 292,000 ​ ​ 1,084,000 ​ ​ 1,332,000 Total charge to operations ​ $ 1,306,000 ​ $ 1,163,000 ​ $ 4,190,000 ​ $ 4,191,000 ​ As of September 30, 2022, total compensation costs of $9,191,000 and $2,599,000 related to non-vested restricted stock awards and RSUs, respectively, have not yet been recognized. These compensation costs will be charged to General and administrative expense over the remaining respective vesting periods. The weighted average remaining vesting period is

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2022
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. The fair value and carrying amounts of the Company’s mortgages payable are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ ​ December 31, ​ ​ 2022 ​ 2021 Fair value of mortgages payable (a) ​ $ 377,467 ​ ​ $ 419,354 ​ Carrying value of mortgages payable ​ $ 406,164 ​ ​ $ 399,660 ​ Fair value (less) greater than carrying value ​ $ (28,697) ​ ​ $ 19,694 ​ Blended market interest rate ​ ​ 5.75 % ​ ​ 3.20 % Weighted average remaining term to maturity (years) ​ ​ 6.7 ​ ​ ​ 6.4 ​ ______________________ (a) 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. At September 30, 2022 and December 31, 2021, the carrying amount of the Company’s line of credit (before unamortized deferred financing costs) of $11,000,000 and $11,700,000, respectively, approximates its fair value. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Fair Value on a Recurring Basis As of September 30, 2022, the Company had in effect 17 interest rate derivatives, all of which were interest rate swaps, related to 17 outstanding mortgage loans with an aggregate $49,721,000 notional amount maturing between 2023 and 2026 (weighted average remaining term to maturity of 1.9 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 4.62% and a weighted average interest rate of 4.07% at September 30, 2022). The Company does not use derivatives for trading or speculative purposes. Fair values are approximated using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. Although the Company has determined the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with it use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparty. As of September 30, 2022, 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. NOTE 12 – FAIR VALUE MEASUREMENTS (CONTINUED) The fair value of the Company’s derivative financial instruments was determined to be the following (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying and ​ Balance Sheet ​ As of Fair Value Classification Financial assets: ​ September 30, 2022 ​ $ 1,856 ​ Other assets ​ ​ December 31, 2021 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ September 30, 2022 ​ $ — ​ Other liabilities ​ ​ December 31, 2021 ​ ​ 1,514 ​ ​ ​ 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, ​ 2022 2021 2022 2021 Amount of gain (loss) recognized on derivatives in other comprehensive loss ​ $ 931 ​ $ (31) ​ $ 2,886 ​ $ 722 Amount of reclassification from Accumulated other comprehensive income (loss) into Interest expense ​ ​ — ​ ​ (348) ​ ​ (485) ​ ​ (1,937) ​ During the nine months ended September 30, 2021, in connection with the sale of two properties and the early payoff of the related mortgages, the Company determined to discontinue 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 $24,000 and $808,000 during the three and nine months ended September 30, 2021, from accumulated other comprehensive loss to interest expense which is recorded as Prepayment costs on debt on the consolidated statements of income. During the twelve months ending September 30, 2023, the Company estimates an additional $1,001,000 will be reclassified from Accumulated other comprehensive loss as a decrease to Interest expense. The derivative agreements in effect at September 30, 2022 provide that if the wholly-owned subsidiary of the Company which is a party to such agreement defaults or is capable of being declared in default on any of its indebtedness, then a default can be declared on such subsidiary’s derivative obligation. In addition, the Company is a party to the derivative agreements and if there is a default by the subsidiary on the loan subject to the derivative agreement to which the Company is a party and if there are swap breakage losses on account of the derivative being terminated early, the Company could be held liable for such swap breakage losses. As of December 31, 2021, the fair value of the derivatives in a liability position, including accrued interest of $84,000, but excluding any adjustments for non-performance risk, was approximately $1,632,000. In the event the Company had breaches of any of the contractual provisions of the derivative contracts, it would be required to settle its obligations thereunder at their termination liability value of $1,632,000 as of December 31, 2021. This termination liability value, net of adjustments for non-performance risk of $34,000, is included in Accrued expenses and other liabilities on the consolidated balance sheet at December 31, 2021. There were no such derivatives in a liability position at September 30, 2022.

OTHER INCOME

OTHER INCOME	9 Months Ended
	Sep. 30, 2022
OTHER INCOME
OTHER INCOME	NOTE 13 – OTHER INCOME Settlement of the Round Rock Guaranty Litigation On April 15, 2022, the Company received $5,388,000 in connection with the settlement of the lawsuit captioned OLP Wyoming Springs, LLC, Plaintiff, v. Harden Healthcare, LLC, Defendant, v Benjamin Hanson, Intervenor Insurance Recoveries on Hurricane Casualty In 2020, a portion of a multi-tenant building at the Company’s Lake Charles, Louisiana property was damaged due to Hurricane Laura. The Company submitted a claim to its insurance carrier to cover, less the Lease Assignment Fee Income In March 2021, the Company received $100,000 from a tenant in connection with consenting to a lease assignment related to six of its properties; such amount is included in Other income

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Sep. 30, 2022
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. In 2020, the Company 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, 2022
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.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2022
SUMMARY ACCOUNTING POLICIES
Principles of Consolidation	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, 2022 and 2021 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, 2021. 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, 2022
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, ​ 2022 2021 2022 2021 Fixed lease revenues ​ $ 18,339 ​ $ 17,602 ​ $ 55,085 ​ $ 52,502 Variable lease revenues ​ ​ 2,914 ​ ​ 2,581 ​ ​ 8,774 ​ ​ 8,230 Lease revenues (a) ​ $ 21,253 ​ $ 20,183 ​ $ 63,859 ​ $ 60,732 (a) Excludes amortization related to lease intangible assets and liabilities of $220 and $617 for the three and nine months ended September 30, 2022, respectively, and $166 and $606 for the three and nine months ended September 30, 2021, respectively.
Schedule of minimum future contractual rents to be received	As of September 30, 2022, 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 include $23,399,000 of rent related to Regal Cinemas and does not include (i) straight-line rent or amortization of intangibles, (ii) COVID-19 lease deferral repayments accrued to rental income in 2020, (iii) $805,000 of COVID-19 lease deferral repayments due from Regal Cinemas which were not accrued to rental income and (iv) variable lease payments as described above. ​ ​ ​ ​ ​ From October 1 – December 31, 2022 ​ $ 17,731 For the year ending December 31, ​ ​ ​ 2023 ​ ​ 70,266 2024 ​ ​ 62,228 2025 ​ ​ 57,942 2026 ​ ​ 53,644 2027 ​ ​ 45,287 Thereafter ​ ​ 160,427 Total ​ $ 467,525
Schedule of minimum future lease payments	As of September 30, 2022, the minimum future lease payments related to the operating ground and office leases are as follows (amounts in thousands): ​ ​ ​ ​ From October 1 – December 31, 2022 ​ $ 126 For the year ending December 31, ​ ​ ​ 2023 ​ ​ 507 2024 ​ 557 2025 ​ 626 2026 ​ 627 2027 ​ 629 Thereafter ​ 5,591 Total undiscounted cash flows ​ $ 8,663 Present value discount ​ (1,667) Lease liability ​ $ 6,996

REAL ESTATE INVESTMENTS (Tables

REAL ESTATE INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
REAL ESTATE ACQUISITION
Schedule of the Company's real estate acquisitions and allocations of the purchase price	The following tables detail the Company’s real estate acquisitions and allocations of the purchase price during the nine months ended September 30, 2022 (amounts in thousands). The Company determined that with respect to each of these acquisitions, the gross assets acquired are concentrated in a single identifiable asset. Therefore, these transactions do not meet the definition of a business and are accounted for as asset acquisitions. As such, direct transaction costs associated with these asset acquisitions have been capitalized to real estate assets and depreciated over the respective useful lives. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract ​ ​ ​ Capitalized ​ ​ Date ​ ​ Purchase ​ Terms of ​ ​ Transaction Description of Property Acquired Price Payment Costs Conditioned Air Company of Naples LLC industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fort Myers, Florida ​ January 5, 2022 ​ $ 8,100 ​ All cash (a) ​ $ 66 Q.E.P. Co., Inc. industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dalton, Georgia ​ May 12, 2022 ​ ​ 17,000 ​ All cash (a) ​ ​ 330 Multi-tenant industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hillside, Illinois ​ May 16, 2022 ​ ​ 5,770 ​ All cash ​ ​ 112 Curaleaf, Inc. industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lexington, Kentucky ​ June 17, 2022 ​ ​ 8,430 ​ Cash and $5,480 mortgage (b) ​ ​ 80 Totals - Nine months ended September 30, 2022 ​ ​ ​ $ 39,300 ​ $ 588 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building & ​ Intangible Lease ​ ​ ​ ​ Market Cap Discount Description of Property Land Improvements Asset Liability ​ Total ​ Rate (c) ​ Rate (c) Conditioned Air Company of Naples LLC industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fort Myers, Florida ​ $ 991 ​ $ 6,876 ​ $ 568 ​ $ (269) ​ $ 8,166 ​ 5.50% ​ 5.60% ​ Q.E.P. Co., Inc. industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dalton, Georgia ​ ​ 547 ​ ​ 15,836 ​ ​ 1,223 ​ ​ (276) ​ ​ 17,330 ​ 5.00% ​ 5.69% ​ Multi-tenant industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hillside, Illinois ​ ​ 2,560 ​ ​ 2,975 ​ ​ 539 ​ ​ (192) ​ ​ 5,882 ​ 6.25% ​ 6.63% (d) Curaleaf, Inc. industrial facility, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lexington, Kentucky ​ ​ 1,558 ​ ​ 6,881 ​ ​ 486 ​ ​ (415) ​ ​ 8,510 ​ 5.25% ​ 5.88% ​ Totals - Nine months ended September 30, 2022 ​ $ 5,656 ​ $ 32,568 ​ $ 2,816 ​ $ (1,152) ​ $ 39,888 ​ ​ ​ ​ ​ ​ ______________________ (a) Subsequent to the acquisitions of the Fort Myers, Florida and Dalton, Georgia properties, the Company obtained new mortgage debt of $4,860 and $10,000 , bearing interest rates of 3.09% and 3.50% and maturing in 2031 and 2032, respectively. (b) Simultaneously with the acquisition of this property, the Company obtained new mortgage debt of $5,480 , bearing an interest rate of 3.85% and maturing in 2047. (c) The fair value of the tangible and intangible assets of each property was assessed as of the acquisition date using an income approach and estimated cash flow projections which utilize an appropriate market capitalization rate and discount rate categorized as Level 3 unobservable inputs in the fair value hierarchy (as defined in Note 12). (d) Represents the weighted average discount rate of the warehouse lease ( i.e. , 5.77% ) and the office lease ( i.e. , 9.03% ).

SALES OF PROPERTIES (Tables)

SALES OF PROPERTIES (Tables)	9 Months Ended
	Sep. 30, 2022
SALE OF PROPERTIES
Schedule of sales of real estate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gain on Sale of ​ Description of Property ​ Date Sold ​ Sales Price ​ Real Estate, Net ​ Wendy's restaurant property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Palmyra, Pennsylvania ​ March 22, 2022 ​ $ 2,555 ​ $ 1,200 (a) Wendy's restaurant property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Reading, Pennsylvania ​ March 22, 2022 ​ ​ 2,525 ​ ​ 1,184 (a) Wendy's restaurant property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Reading, Pennsylvania ​ March 22, 2022 ​ ​ 2,485 ​ ​ 1,175 (a) Wendy's restaurant property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Trexlertown, Pennsylvania ​ March 22, 2022 ​ ​ 2,435 ​ ​ 1,090 (a) Orlando Baking industrial property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Columbus, Ohio (b) ​ May 2, 2022 ​ ​ 8,500 ​ ​ 6,925 ​ Havertys retail property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Fayetteville, Georgia ​ June 17, 2022 ​ ​ 4,800 ​ ​ 1,125 (c) Vacant retail property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Columbus, Ohio ​ August 8, 2022 ​ ​ 8,300 ​ ​ 4,063 ​ Totals - Nine months ended September 30, 2022 ​ $ 31,600 ​ $ 16,762 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Whole Foods retail property & parking lot, ​ ​ ​ ​ ​ ​ ​ ​ ​ West Hartford, Connecticut (d) ​ June 17, 2021 ​ $ 40,510 ​ $ 21,469 (e) Vacant retail property, ​ ​ ​ ​ ​ ​ ​ ​ ​ Philadelphia, Pennsylvania (f) ​ July 1, 2021 ​ ​ 8,300 ​ ​ 1,299 (g) Totals - Nine months ended September 30, 2021 ​ $ 48,810 ​ $ 22,768 ​ _______________________ (a) As a result of these sales, the Company wrote-off, as a reduction to Gain on sale of real estate, net, an aggregate of $512 of unbilled rent receivable. (b) This property was classified as held-for-sale in the accompanying consolidated balance sheet at December 31, 2021. (c) As a result of this sale, the Company wrote-off, as a reduction to Gain on sale of real estate, net, $7 of unbilled rent receivable, $1 of unamortized intangible lease assets and $5 of unamortized intangible lease liabilities. In connection with the sale, the Company paid off the $1,563 mortgage. (d) In connection with the sale, the Company paid-off the $15,403 mortgage and incurred a $799 fee in connection with the early termination of the interest rate swap derivative (see Note 12), which was recorded as Prepayment costs on debt. (e) As a result of the sale, the Company 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. (f) In connection with the sale, the Company paid-off the $3,574 mortgage and incurred a $26 fee in connection with the early termination of the interest rate swap derivative (see Note 12), which was recorded as Prepayment costs on debt. (g) This property was owned by a consolidated joint venture in which the Company held a 90% interest. The non-controlling interest’s share of gain was $130 .

VARIABLE INTEREST ENTITIES, C_2

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES (Tables)	9 Months Ended
	Sep. 30, 2022
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, ​ 2022 2021 Land ​ $ 10,365 ​ $ 10,365 Buildings and improvements, net of accumulated depreciation of $5,481 and $4,957, respectively ​ ​ 17,916 ​ ​ 18,472 Cash ​ ​ 941 ​ ​ 1,134 Unbilled rent receivable ​ ​ 1,058 ​ ​ 1,020 Unamortized intangible lease assets, net ​ ​ 491 ​ ​ 548 Escrow, deposits and other assets and receivables ​ ​ 808 ​ ​ 878 Mortgages payable, net of unamortized deferred financing costs of $163 and $195, respectively ​ ​ 18,676 ​ ​ 19,193 Accrued expenses and other liabilities ​ ​ 472 ​ ​ 875 Unamortized intangible lease liabilities, net ​ ​ 437 ​ ​ 475 Accumulated other comprehensive income (loss) ​ ​ 21 ​ ​ (33) Non-controlling interests in consolidated joint ventures ​ ​ 959 ​ ​ 946

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	9 Months Ended
	Sep. 30, 2022
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, ​ 2022 2021 Mortgages payable, gross ​ $ 406,164 ​ $ 399,660 Unamortized deferred financing costs ​ (3,404) ​ (3,316) Mortgages payable, net ​ $ 402,760 ​ $ 396,344
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, ​ 2022 2021 Line of credit, gross ​ $ 11,000 ​ $ 11,700 Unamortized deferred financing costs ​ (54) ​ (216) Line of credit, net ​ $ 10,946 ​ $ 11,484

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	9 Months Ended
	Sep. 30, 2022
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, ​ 2022 2021 2022 2021 Numerator for basic and diluted earnings per share: ​ ​ Net income ​ $ 7,221 ​ $ 6,212 ​ $ 33,346 ​ $ 32,501 Deduct net income attributable to non-controlling interests ​ (17) ​ (153) ​ (52) ​ (151) Deduct earnings allocated to unvested restricted stock (a) ​ (320) ​ ​ (318) ​ ​ (1,134) ​ ​ (1,108) Net income available for common stockholders: basic and diluted ​ $ 6,884 ​ $ 5,741 ​ $ 32,160 ​ $ 31,242 Denominator for basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding ​ 20,340 ​ ​ 20,115 ​ ​ 20,361 ​ ​ 20,044 Effect of dilutive securities: RSUs ​ 76 ​ ​ 158 ​ ​ 111 ​ ​ 154 Denominator for diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares ​ 20,416 ​ 20,273 ​ 20,472 ​ 20,198 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share, basic ​ $ .34 ​ $ .29 ​ $ 1.58 ​ $ 1.56 Earnings per common share, diluted ​ $ .34 ​ $ .28 ​ $ 1.57 ​ $ 1.55 ________________________________________________________________ (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 for such periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three and Nine Months Ended September 30, 2022: ​ Total Number Shares Included Based on (a) ​ ​ ​ of Underlying ​ Return on ​ Stockholder ​ ​ ​ Shares Date of Award (b) Shares Capital Metric Return Metric Total Excluded (c) July 1, 2022 ​ 85,350 ​ 20,210 ​ — ​ 20,210 ​ 65,140 August 3, 2021 80,700 ​ 40,350 ​ — ​ 40,350 ​ 40,350 August 3, 2020 75,026 ​ 37,513 ​ 37,513 ​ 75,026 ​ — Totals 241,076 98,073 37,513 135,586 105,490 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three and Nine Months Ended September 30, 2021: ​ Total Number Shares Included Based on (a) ​ ​ ​ of Underlying ​ Return on ​ Stockholder ​ ​ ​ Shares Date of Award (b) Shares (d) Capital Metric Return Metric Total Excluded (c) August 3, 2021 80,700 ​ 23,375 ​ 17,722 ​ 41,097 ​ 39,603 August 3, 2020 75,026 ​ 37,513 ​ 37,513 ​ 75,026 ​ — July 1, 2019 ​ 75,026 ​ 37,513 ​ 37,513 ​ 75,026 ​ — Totals 230,752 98,401 92,748 191,149 39,603 __________________________ (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 of the applicable period. (b) The RSUs awarded in 2022, 2021 and 2020 vest, subject to satisfaction of the applicable market and/or performance conditions, as of June 30, 2025, 2024 and 2023, respectively (see Note 11). (c) Excluded as the applicable conditions had not been met for these shares at the applicable measurement dates. (d) During 2019, 2,750 shares of the 2019 award were forfeited. (e) With respect to the RSUs awarded July 1, 2019, 64,488 shares were deemed to have vested and the balance of 10,538 shares were forfeited in June 2022. The vested shares were issued in August 2022 (see Note 11).

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2022
STOCKHOLDERS' EQUITY
Summary of shares subject to outstanding awards	The following details the shares subject to awards that are outstanding under the Plans as of September 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2019 ​ 2016 ​ Incentive Plan (a) Incentive Plan (b) Incentive Plan (b) Restricted stock ​ — ​ 437,375 ​ 275,000 RSUs ​ 85,350 ​ 155,726 ​ — Totals ​ 85,350 ​ 593,101 ​ 275,000 _________________ (a) This plan was approved by Company’s stockholders in June 2022. (b) No additional awards may be granted under such plan .
Summary of RSU activity and other material terms and conditions	The following table reflects the activities involving RSUs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 (a) ​ 2021 ​ 2020 ​ 2019 ​ 2018 ​ RSUs granted (b) ​ 85,350 ​ 80,700 ​ 75,026 ​ 77,776 ​ 76,250 ​ RSUs vested ​ — ​ — ​ — ​ 64,488 (c) 73,750 (d) RSUs forfeited (e) ​ — ​ — ​ — ​ 13,288 ​ 2,500 ​ RSUs outstanding ​ 85,350 ​ 80,700 ​ 75,026 ​ — ​ — ​ Vesting Date (f) (g) ​ 6/30/2025 ​ 6/30/2024 ​ 6/30/2023 ​ 6/30/2022 ​ 6/30/2021 ​ _________________ (a) These shares were granted in July 2022. (b) The shares underlying the RSUs are excluded from the shares shown as outstanding on the balance sheet until they have vested and been issued. (c) Such shares were issued in August 2022. (d) Such shares were issued in August 2021. (e) 10,538 shares of the 2019 grant were not earned in 2022 because the applicable market condition was only partially satisfied. During 2019, 2,750 shares of the 2019 grant and 2,500 shares of the 2018 grant were forfeited (see Note 10). (f) Generally, the recipient must maintain a relationship with the Company during the applicable three-year performance cycle. (g) RSUs vest upon satisfaction of metrics related to average annual total stockholder return ("TSR Metric") and average annual return on capital ("ROC Metric"; together with the TSR Metric, the "Metrics") and are issued after the Compensation Committee determines the Metrics with respect to the vesting of such shares have been satisfied. The specific metrics and other material terms and conditions of the RSUs are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year RSU Granted ​ Metric ​ Weight ​ Minimum Performance Criteria (a) ​ Maximum Performance Criteria (a) 2018 - 2020 (b) ​ ROC Metric (c) ​ 50% ​ Average of annual ROC of at least 7% ​ Average of annual ROC of at least 9.75% ​ ​ TSR Metric (d) ​ 50% ​ Average of annual TSR of at least 7% ​ Average of annual TSR of at least 12.0% 2021 - 2022 (e) (f) ​ ROC Metric (c) ​ 50% ​ Average of annual ROC of at least 6% ​ Average of annual ROC of at least 8.75% ​ ​ TSR Metric (d) ​ 50% ​ Average of annual TSR of at least 6% ​ Average of annual TSR of at least 11.0% _________________ (a) If the average annual ROC or TSR falls between the applicable minimum and maximum performance criteria, a pro-rata portion of such units, as applicable, vest. (b) Such RSUs are not entitled to voting or dividend rights. (c) The ROC Metrics meet the definition of a performance condition. 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 the performance conditions to be met. (d) The TSR Metrics meet the definition of a market condition. A third-party appraiser prepares a Monte Carlo simulation pricing model to determine the fair value of such awards, which is recognized ratably over the three-year service period. For the 2022 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 7.10% , a risk-free interest rate of 1.58% - 3.33% and an expected price volatility of 29.37% - 39.87% . (e) Such RSUs are (i) not entitled to voting rights and (ii) upon vesting, the holders 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. (f) The Company accrued dividend equivalents for the 2022 and 2021 RSUs of $23,000 and $135,000 , respectively, based on the number of shares that would have been issued, underlying such RSUs, using performance and market assumptions determined as of September 30, 2022.
Schedule of equity incentive plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2022 2021 2022 2021 Restricted stock grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of shares ​ ​ — ​ ​ — ​ ​ 153,575 ​ ​ 151,500 Average per share grant price ​ $ — ​ $ — ​ $ 33.75 ​ $ 20.34 Deferred compensation to be recognized over vesting period ​ $ — ​ $ — ​ $ 5,183,000 ​ $ 3,082,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested beginning of period ​ ​ 712,375 ​ ​ 707,050 ​ ​ 706,450 ​ ​ 701,675 Grants ​ ​ — ​ ​ — ​ ​ 153,575 ​ ​ 151,500 Vested during period ​ ​ — ​ ​ — ​ ​ (146,900) ​ ​ (145,725) Forfeitures ​ ​ — ​ ​ (500) ​ ​ (750) ​ ​ (900) Non-vested end of period ​ ​ 712,375 ​ ​ 706,550 ​ ​ 712,375 ​ ​ 706,550 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSU grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of underlying shares ​ ​ 85,350 ​ ​ 80,700 ​ ​ 85,350 ​ ​ 80,700 Average per share grant price ​ $ 26.44 ​ $ 30.46 ​ $ 26.44 ​ $ 30.46 Deferred compensation to be recognized over vesting period ​ $ 1,352,000 ​ $ 1,647,000 ​ $ 1,352,000 ​ $ 1,647,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested beginning of period ​ ​ 155,726 ​ ​ 150,052 ​ ​ 230,752 ​ ​ 223,802 Grants ​ ​ 85,350 ​ ​ 80,700 ​ ​ 85,350 ​ ​ 80,700 Vested during period ​ ​ — ​ ​ — ​ ​ (64,488) ​ ​ (73,750) Forfeitures ​ ​ — ​ ​ — ​ ​ (10,538) ​ ​ — Non-vested end of period ​ ​ 241,076 ​ ​ 230,752 ​ ​ 241,076 ​ ​ 230,752 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock and RSU grants (based on grant price): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average per share value of non-vested shares ​ $ 26.26 ​ $ 25.04 ​ $ 26.26 ​ $ 25.04 Value of stock vested during the period ​ $ — ​ $ — ​ $ 5,535,000 ​ $ 5,165,000 Weighted average per share value of shares forfeited during the period ​ $ — ​ $ 24.84 ​ $ 29.12 ​ $ 24.57 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total charge to operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding restricted stock grants ​ $ 951,000 ​ $ 871,000 ​ $ 3,106,000 ​ $ 2,859,000 Outstanding RSUs ​ ​ 355,000 ​ ​ 292,000 ​ ​ 1,084,000 ​ ​ 1,332,000 Total charge to operations ​ $ 1,306,000 ​ $ 1,163,000 ​ $ 4,190,000 ​ $ 4,191,000

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
FAIR VALUE MEASUREMENTS
Schedule of fair value and carrying amounts of the Company's mortgages payable	The fair value and carrying amounts of the Company’s mortgages payable are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ ​ December 31, ​ ​ 2022 ​ 2021 Fair value of mortgages payable (a) ​ $ 377,467 ​ ​ $ 419,354 ​ Carrying value of mortgages payable ​ $ 406,164 ​ ​ $ 399,660 ​ Fair value (less) greater than carrying value ​ $ (28,697) ​ ​ $ 19,694 ​ Blended market interest rate ​ ​ 5.75 % ​ ​ 3.20 % Weighted average remaining term to maturity (years) ​ ​ 6.7 ​ ​ ​ 6.4 ​ ______________________ (a) 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.
Schedule of derivative financial instruments measured at fair value	The fair value of the Company’s derivative financial instruments was determined to be the following (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying and ​ Balance Sheet ​ As of Fair Value Classification Financial assets: ​ September 30, 2022 ​ $ 1,856 ​ Other assets ​ ​ December 31, 2021 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ September 30, 2022 ​ $ — ​ Other liabilities ​ ​ December 31, 2021 ​ ​ 1,514 ​ ​
Schedule of effect of derivative financial instruments on statements of income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying and ​ Balance Sheet ​ As of Fair Value Classification Financial assets: ​ September 30, 2022 ​ $ 1,856 ​ Other assets ​ ​ December 31, 2021 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ September 30, 2022 ​ $ — ​ Other liabilities ​ ​ December 31, 2021 ​ ​ 1,514 ​ ​

ORGANIZATION AND BACKGROUND (De

ORGANIZATION AND BACKGROUND (Details)	Sep. 30, 2022 property state
Organization and Background
Number of real estate properties	118
Number of states in which properties are located | state	31
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, 2022 USD ($) 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	33 Months Ended
	Oct. 31, 2022 USD ($)	Sep. 30, 2022 USD ($) item	Sep. 30, 2022 USD ($) item	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) item	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2022 USD ($) item	Dec. 31, 2021 USD ($)
Lessor Accounting
Operating Lease, option to extend					true
Operating Lease, option to terminate					true
Practical expedient, single lease component		false	false		false			false
Components of lease revenues
Fixed lease revenues			$ 18,339,000	$ 17,602,000	$ 55,085,000	$ 52,502,000
Variable lease revenues			2,914,000	2,581,000	8,774,000	8,230,000
Lease revenues			21,253,000	20,183,000	63,859,000	60,732,000
Amortization of intangibles relating to leases, net			$ 220,000	$ 166,000	$ 617,000	$ 606,000
Regal Cinemas
Additional disclosures
Number of properties with tenants in bankruptcy protection | item		2	2		2			2
Monthly base rent unpaid due to tenant's Chapter 11 bankruptcy filing		$ 158,000
Aggregate rent and deferred rent received	$ 239,000
Impairment					$ 0
COVID-19 | Tenants, excluding Regal Cinemas
Additional disclosures
Deferred lease rent							$ 3,360,000
Repayments of COVID-19 related deferred rent								$ 3,301,000
Percentage of deferred rent that has been repaid								98.20%
COVID-19 | Tenants, excluding Regal Cinemas | Rents expected to be collected during the remainder of 2022 through January 2023
Additional disclosures
Deferred rents outstanding		48,000	$ 48,000		48,000			$ 48,000
COVID-19 | Regal Cinemas
Additional disclosures
Monthly COVID deferral repayments unpaid due to tenant's Chapter 11 bankruptcy filing		81,000	81,000		81,000			81,000
Lease income deferred but not accrued		$ 805,000	$ 805,000		$ 805,000			$ 805,000	$ 1,449,000

LEASES - As Lessor - Minimum Fu

LEASES - As Lessor - Minimum Future Rents (Details)	Sep. 30, 2022 USD ($)
Minimum future contractual base rents to be received
From October 1 - December 31, 2022	$ 17,731,000
For the year ending December 31, 2023	70,266,000
For the year ending December 31, 2024	62,228,000
For the year ending December 31, 2025	57,942,000
For the year ending December 31, 2026	53,644,000
For the year ending December 31, 2027	45,287,000
Thereafter	160,427,000
Total	467,525,000
Regal Cinemas
Minimum future contractual base rents to be received
Total	$ 23,399,000

LEASES - As Lessor - Lease Term

LEASES - As Lessor - Lease Termination Fees (Details) - USD ($)	1 Months Ended			3 Months Ended		9 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Dec. 31, 2020	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Lease Termination Fee
Revenue				$ 21,473,000	$ 20,436,000	$ 64,501,000	$ 61,674,000
Retail tenants
Lease Termination Fee
Payments received upon early lease termination	$ 25,000	$ 350,000
Industrial tenants
Lease Termination Fee
Payments received upon early lease termination			$ 88,000
Rental income, net
Lease Termination Fee
Revenue				$ 21,473,000	20,349,000	64,476,000	61,338,000
Lease termination fees
Lease Termination Fee
Revenue					87,000	25,000	336,000
Lease termination fees | Retail tenants
Lease Termination Fee
Revenue					$ 87,000	$ 25,000	262,000
Lease termination fees | Industrial tenants
Lease Termination Fee
Revenue							$ 74,000

LEASES - As Lessee - Ground Lea

LEASES - As Lessee - Ground Lease and Office Lease (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) item	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) item	Sep. 30, 2021 USD ($)
Real Estate in Greensboro, NC
Lessee Accounting
Operating lease, option to extend			true
Operating lease, remaining lease term	12 years 4 months 24 days		12 years 4 months 24 days
Real Estate in Greensboro, NC | Real estate expenses
Lessee Accounting
Operating lease expense | $	$ 150,000	$ 150,000	$ 449,000	$ 449,000
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	14 years 3 months 18 days		14 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	$ 42,000	$ 41,000
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, 2022 USD ($)
Minimum future lease payments
From October 1 - December 31, 2022	$ 126
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
For the year ending December 31, 2027	629
Thereafter	5,591
Total undiscounted cash flows	8,663
Present value discount	(1,667)
Lease liability	$ 6,996

REAL ESTATE ACQUISITIONS - Summ

REAL ESTATE ACQUISITIONS - Summary of acquisitions (Details) - Real Estate Acquisitions in 2022 - USD ($) $ in Thousands					9 Months Ended
	Jun. 17, 2022	May 16, 2022	May 12, 2022	Jan. 05, 2022	Sep. 30, 2022
REAL ESTATE ACQUISITION
Contract Purchase Price					$ 39,300
Capitalized Transaction Costs					$ 588
Conditioned Air Company of Naples LLC, industrial facility, Fort Myers, Florida
REAL ESTATE ACQUISITION
Contract Purchase Price				$ 8,100
Capitalized Transaction Costs				66
New mortgage debt				$ 4,860
Interest rate (as a percent)				3.09%
Q.E.P. Co., Inc., industrial facility, Dalton Georgia
REAL ESTATE ACQUISITION
Contract Purchase Price			$ 17,000
Capitalized Transaction Costs			330
New mortgage debt			$ 10,000
Interest rate (as a percent)			3.50%
Multi-tenant industrial facility, Hillside, Illinois
REAL ESTATE ACQUISITION
Contract Purchase Price		$ 5,770
Capitalized Transaction Costs		$ 112
Curaleaf, Inc., industrial facility, Lexington, Kentucky
REAL ESTATE ACQUISITION
Contract Purchase Price	$ 8,430
Capitalized Transaction Costs	80
New mortgage debt	$ 5,480
Interest rate (as a percent)	3.85%

REAL ESTATE ACQUISITIONS - Purc

REAL ESTATE ACQUISITIONS - Purchase price allocation (Details) - Real Estate Acquisitions in 2022 $ in Thousands	Sep. 30, 2022 USD ($) item
REAL ESTATE ACQUISITION
Intangible Lease Asset	$ 2,816
Intangible Lease Liability	(1,152)
Total	39,888
Land
REAL ESTATE ACQUISITION
Acquired property	5,656
Building & Improvements
REAL ESTATE ACQUISITION
Acquired property	32,568
Conditioned Air Company of Naples LLC, industrial facility, Fort Myers, Florida
REAL ESTATE ACQUISITION
Intangible Lease Asset	568
Intangible Lease Liability	(269)
Total	$ 8,166
Conditioned Air Company of Naples LLC, industrial facility, Fort Myers, Florida | Level 3
REAL ESTATE ACQUISITION
Market Cap Rate | item	0.0550
Discount Rate | item	0.0560
Conditioned Air Company of Naples LLC, industrial facility, Fort Myers, Florida | Land
REAL ESTATE ACQUISITION
Acquired property	$ 991
Conditioned Air Company of Naples LLC, industrial facility, Fort Myers, Florida | Building & Improvements
REAL ESTATE ACQUISITION
Acquired property	6,876
Q.E.P. Co., Inc., industrial facility, Dalton Georgia
REAL ESTATE ACQUISITION
Intangible Lease Asset	1,223
Intangible Lease Liability	(276)
Total	$ 17,330
Q.E.P. Co., Inc., industrial facility, Dalton Georgia | Level 3
REAL ESTATE ACQUISITION
Market Cap Rate | item	0.0500
Discount Rate | item	0.0569
Q.E.P. Co., Inc., industrial facility, Dalton Georgia | Land
REAL ESTATE ACQUISITION
Acquired property	$ 547
Q.E.P. Co., Inc., industrial facility, Dalton Georgia | Building & Improvements
REAL ESTATE ACQUISITION
Acquired property	15,836
Multi-tenant industrial facility, Hillside, Illinois
REAL ESTATE ACQUISITION
Intangible Lease Asset	539
Intangible Lease Liability	(192)
Total	$ 5,882
Multi-tenant industrial facility, Hillside, Illinois | Level 3
REAL ESTATE ACQUISITION
Market Cap Rate | item	0.0625
Discount Rate | item	0.0663
Multi-tenant industrial facility, Hillside, Illinois | Warehouse | Level 3
REAL ESTATE ACQUISITION
Discount Rate | item	0.0577
Multi-tenant industrial facility, Hillside, Illinois | Office | Level 3
REAL ESTATE ACQUISITION
Discount Rate | item	0.0903
Multi-tenant industrial facility, Hillside, Illinois | Land
REAL ESTATE ACQUISITION
Acquired property	$ 2,560
Multi-tenant industrial facility, Hillside, Illinois | Building & Improvements
REAL ESTATE ACQUISITION
Acquired property	2,975
Curaleaf, Inc., industrial facility, Lexington, Kentucky
REAL ESTATE ACQUISITION
Intangible Lease Asset	486
Intangible Lease Liability	(415)
Total	$ 8,510
Curaleaf, Inc., industrial facility, Lexington, Kentucky | Level 3
REAL ESTATE ACQUISITION
Market Cap Rate | item	0.0525
Discount Rate | item	0.0588
Curaleaf, Inc., industrial facility, Lexington, Kentucky | Land
REAL ESTATE ACQUISITION
Acquired property	$ 1,558
Curaleaf, Inc., industrial facility, Lexington, Kentucky | Building & Improvements
REAL ESTATE ACQUISITION
Acquired property	$ 6,881

SALE OF PROPERTIES (Details)

SALE OF PROPERTIES (Details) - USD ($) $ in Thousands								3 Months Ended	9 Months Ended
	Aug. 08, 2022	Jul. 01, 2022	Jun. 17, 2022	May 02, 2022	Mar. 22, 2022	Jul. 01, 2021	Jun. 17, 2021	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
SALES OF PROPERTIES
Prepayment costs on debt								$ 38		$ 837
Vacant retail property, Philadelphia, Pennsylvania
SALES OF PROPERTIES
Ownership interest (percentage)		90%
Non-controlling interest's share of the gain		$ 130
Properties disposed of by sale
SALES OF PROPERTIES
Gross Sales Price									$ 31,600	48,810
Gain on sale of real estate, net									$ 16,762	$ 22,768
Properties disposed of by sale | Four restaurant properties located in Pennsylvania
SALES OF PROPERTIES
Write-off of unbilled rent receivable, as a reduction to Gain on sale of real estate, net					$ 512
Properties disposed of by sale | Wendy's restaurant property, Palmyra, Pennsylvania
SALES OF PROPERTIES
Gross Sales Price					2,555
Gain on sale of real estate, net					1,200
Properties disposed of by sale | Wendy's restaurant property 1, Reading, Pennsylvania
SALES OF PROPERTIES
Gross Sales Price					2,525
Gain on sale of real estate, net					1,184
Properties disposed of by sale | Wendy's Restaurant Property 2, Reading, Pennsylvania
SALES OF PROPERTIES
Gross Sales Price					2,485
Gain on sale of real estate, net					1,175
Properties disposed of by sale | Wendy's Restaurant Property, Trexlertown, Pennsylvania
SALES OF PROPERTIES
Gross Sales Price					2,435
Gain on sale of real estate, net					$ 1,090
Properties disposed of by sale | Orlando Baking industrial property, Columbus, Ohio
SALES OF PROPERTIES
Gross Sales Price				$ 8,500
Gain on sale of real estate, net				$ 6,925
Properties disposed of by sale | Haverty's retail property, Fayetteville, Georgia
SALES OF PROPERTIES
Gross Sales Price			$ 4,800
Gain on sale of real estate, net			1,125
Mortgage Prepaid on Sale			1,563
Write-off of unbilled rent receivable, as a reduction to Gain on sale of real estate, net			7
Write-off of unamortized lease assets, as a reduction to Gain on sale of real estate, net			1
Write-off of unamortized lease liabilities, as a reduction to Gain on sale of real estate, net			$ 5
Properties disposed of by sale | Vacant Retail Property, Columbus, Ohio
SALES OF PROPERTIES
Gross Sales Price	$ 8,300
Gain on sale of real estate, net	$ 4,063
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 unamortized lease assets, as a reduction to Gain on sale of real estate, net							$ 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

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		24 Months Ended
	Nov. 30, 2020	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2016	Sep. 30, 2022
Variable Interest Entities - Ground Lease
Revenue		$ 21,473,000	$ 20,436,000	$ 64,501,000	$ 61,674,000
Variable Interest Entity, Not Primary Beneficiary | The Vue
Variable Interest Entities - Ground Lease
Maximum exposure to loss		16,146,000		16,146,000				$ 16,146,000
Owner/ Operator Mortgage from Third Party							$ 67,444,000
Current Balance of Owner or Operator Mortgage Debt Obtained From Third Party		65,122,000		65,122,000				65,122,000
Percentage of operating expense shortfalls & cap-ex covered by the Company	78%
Amount of operating expense shortfalls & cap-ex covered by the Company		$ 156,000		$ 499,000		$ 1,746,000
Variable Interest Entity, Not Primary Beneficiary | The Vue | Ground lease rental income
Variable Interest Entities - Ground Lease
Revenue								$ 0

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, 2022 USD ($) item	Dec. 31, 2021 USD ($)
Consolidated VIEs Carrying Amount of Assets and Liabilities
Land		$ 181,086	$ 180,183
Unbilled rent receivable		15,285	14,330
Unamortized intangible lease assets, net		19,594	20,694
Escrow, deposits and other assets and receivables		17,202	13,346
Mortgages payable, net of unamortized deferred financing costs of $174 and $195, respectively		402,760	396,344
Accrued expenses and other liabilities		18,212	18,992
Unamortized intangible lease liabilities, net		10,560	10,407
Accumulated other comprehensive income (loss)		1,855	(1,513)
Non-controlling interests in consolidated joint ventures	[1]	959	946
Mortgages payable
Consolidated VIEs Carrying Amount of Assets and Liabilities
Mortgages payable, net of unamortized deferred financing costs of $174 and $195, respectively		402,760	396,344
Unamortized deferred financing costs		$ 3,404	3,316
Consolidated Joint Venture-VIEs
Variable Interest Entities
Number of joint ventures with controlling interest | item		3
Consolidated VIEs Carrying Amount of Assets and Liabilities
Land		$ 10,365	10,365
Buildings and improvements, net of accumulated depreciation of $3,525 and $4,957, respectively		17,916	18,472
Accumulated depreciation		5,481	4,957
Cash		941	1,134
Unbilled rent receivable		1,058	1,020
Unamortized intangible lease assets, net		491	548
Escrow, deposits and other assets and receivables		808	878
Mortgages payable, net of unamortized deferred financing costs of $174 and $195, respectively		18,676	19,193
Accrued expenses and other liabilities		472	875
Unamortized intangible lease liabilities, net		437	475
Accumulated other comprehensive income (loss)		21	(33)
Non-controlling interests in consolidated joint ventures		$ 959	946
Consolidated Joint Venture-VIEs | Minimum
Variable Interest Entities
Ownership interest in consolidated joint venture of the company (as a percent)		90%
Consolidated Joint Venture-VIEs | Maximum
Variable Interest Entities
Ownership interest in consolidated joint venture of the company (as a percent)		95%
Consolidated Joint Venture-VIEs | Mortgages payable
Consolidated VIEs Carrying Amount of Assets and Liabilities
Unamortized deferred financing costs		$ 163	$ 195
[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 $10,365 of land, $17,916 and $18,472 of building and improvements, net of $5,481 and $4,957 of accumulated depreciation, $3,298 and $3,580 of other assets included in other line items, $18,676 and $19,193 of real estate debt, net, $909 and $1,350 of other liabilities included in other line items and $959 and $946 of non-controlling interests as of September 30, 2022 and December 31, 2021, 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, 2022 USD ($) item	Dec. 31, 2021 USD ($) item
Consolidated VIEs Carrying Amount of Assets and Liabilities
Number of consolidated joint ventures | item	2	2
Investment in consolidated joint ventures | $	$ 4,612,000	$ 4,691,000

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Details)		3 Months Ended		9 Months Ended
	Jul. 12, 2021 USD ($) a	Sep. 30, 2022 USD ($) item	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) item	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) item
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investment in unconsolidated joint ventures		$ 10,309,000		$ 10,309,000		$ 10,172,000
Equity in earnings of unconsolidated joint ventures		$ 82,000	$ 77,000	$ 310,000	$ 75,000
Equity in earnings from sale of unconsolidated joint venture properties			801,000		801,000
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		$ 10,309,000		$ 10,309,000		$ 10,172,000
Equity in earnings of unconsolidated joint ventures		82,000	$ 77,000	310,000	$ 75,000
Unconsolidated Joint Ventures | MCB Real Estate LLC And Its Affiliates
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investment in unconsolidated joint ventures		$ 8,920,000		$ 8,920,000		$ 8,773,000
Unconsolidated Joint Ventures | Land located in Savannah, Georgia
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Net proceeds from the sale of unconsolidated joint venture	$ 2,559,000
Percentage of gain recognized by the Company	50%
Equity in earnings from sale of unconsolidated joint venture properties	$ 801,000
Number of acres retained by unconsolidated joint venture after sale | a	2.2

DEBT OBLIGATIONS - Mortgage Pay

DEBT OBLIGATIONS - Mortgage Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Mortgages Payable
Mortgages payable, net	$ 402,760	$ 396,344
Mortgages payable
Mortgages Payable
Mortgages payable, gross	406,164	399,660
Unamortized deferred financing costs	(3,404)	(3,316)
Mortgages payable, net	$ 402,760	$ 396,344

DEBT OBLIGATIONS - Line of Cred

DEBT OBLIGATIONS - Line of Credit (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Nov. 01, 2022	Dec. 31, 2021
Line of credit, net, balances per the consolidated balance sheets
Line of credit, net	$ 10,946,000			$ 11,484,000
Line of Credit
Line of Credit
Maximum borrowing capacity	100,000,000
Amount available to be borrowed under the facility	$ 89,000,000		$ 86,200,000
Unused facility fee (as a percent)	0.25%
Borrowing capacity available for renovation and operating expense purposes	$ 30,000,000		$ 30,000,000
Percentage of permitted borrowing base available for renovation and operating expense purposes	30%
Borrowing capacity available for renovation expenses purposes	$ 20,000,000
Borrowing capacity available for operating expense purposes	10,000,000
Line of credit, net, balances per the consolidated balance sheets
Line of credit, gross	11,000,000			11,700,000
Unamortized deferred financing costs	(54,000)			(216,000)
Line of credit, net	$ 10,946,000			$ 11,484,000
Line of Credit | Weighted average
Line of Credit
Line of credit, interest rate during the period	2.74%	1.86%
Line of Credit | LIBOR
Line of Credit
Basis of interest rate	30-day LIBOR
Applicable margin (as a percent)	1.75%	1.75%
Line of Credit | LIBOR | Minimum
Line of Credit
Applicable margin (as a percent)	1.75%
Line of Credit | LIBOR | Maximum
Line of Credit
Applicable margin (as a percent)	3%

RELATED PARTY TRANSACTIONS - Co

RELATED PARTY TRANSACTIONS - Compensation and Services Agreement (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Majestic
Related Party Transactions
Aggregate fees under compensation and services agreement	$ 763,000	$ 766,000	$ 2,289,000	$ 2,330,000
Property management services	333,000	330,000	999,000	1,021,000
Additional payment for the entity's share of all direct office expenses	79,000	74,000	$ 238,000	221,000
Majestic | Net lease tenants
Related Party Transactions
Property management costs as a percentage of rental payments			1.50%
Majestic | Operating lease tenants
Related Party Transactions
Property management costs as a percentage of rental payments			2%
Executive officers and others
Related Party Transactions
Stock incentive plan expense	$ 640,000	$ 581,000	$ 1,927,000	$ 1,971,000

RELATED PARTY TRANSACTIONS - Jo

RELATED PARTY TRANSACTIONS - Joint Venture Partners and Affiliates (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Unconsolidated Joint Ventures
Related Party Transactions
Aggregate management fees paid to other partners	$ 32,000	$ 28,000	$ 101,000	$ 88,000
Decrease in equity earnings, joint venture transaction	16,000	14,000	51,000	44,000
Joint Venture Partners and Affiliates | Real estate expenses
Related Party Transactions
Payments for property management services	$ 19,000	$ 21,000	$ 60,000	$ 59,000

RELATED PARTY TRANSACTIONS - Ot

RELATED PARTY TRANSACTIONS - Other (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Chairman | General and administrative expense
Related Party Transactions
Quarterly fees paid	$ 78,250	$ 78,250	$ 78,250	$ 74,500	$ 74,500	$ 74,500
Vice Chairman | General and administrative expense
Related Party Transactions
Quarterly fees paid	31,300	$ 31,300	$ 31,300	29,800	$ 29,800	$ 29,800
Gould Investors L.P.
Related Party Transactions
Amount of insurance reimbursed	586,000			1,402,000			$ 586,000	$ 1,402,000
Gould Investors L.P. | Real estate expenses
Related Party Transactions
Insurance expense recognized of amounts reimbursed to related party	$ 187,000			$ 366,000			$ 793,000	$ 928,000

EARNINGS PER COMMON SHARE - Rec

EARNINGS PER COMMON SHARE - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator for basic and diluted earnings per share:
Net income	$ 7,221	$ 16,785	$ 9,340	$ 6,212	$ 23,332	$ 2,957			$ 33,346	$ 32,501
Deduct net income loss attributable to non-controlling interests	(17)			(153)					(52)	(151)
Deduct earnings allocated to unvested restricted stock	(320)			(318)					(1,134)	(1,108)
Net income available for common stockholders: basic	$ 6,884			$ 5,741					$ 32,160	$ 31,242
Net income available for common stockholders: diluted		$ 6,884			$ 5,741		$ 32,160	$ 31,242
Denominator for basic earnings per share:
Weighted average number of common shares outstanding	20,340			20,115					20,361	20,044
Effect of diluted securities:
RSUs	76			158					111	154
Denominator for diluted earnings per share:
Weighted average number of shares	20,416			20,273					20,472	20,198
Earnings per common share, basic (in dollars per share)	$ 0.34			$ 0.29					$ 1.58	$ 1.56
Earnings per common share, diluted (in dollars per share)	$ 0.34			$ 0.28					$ 1.57	$ 1.55

EARNINGS PER COMMON SHARE - Sha

EARNINGS PER COMMON SHARE - Shares of common stock underlying RSUs (Details) - shares	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2019
Earnings Per Common Share
Number of underlying shares				241,076	230,752
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric				98,073	98,401
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric				37,513	92,748
Total				135,586	191,149
Common shares not included in calculation due applicable metric had not been met at measurement dates				105,490	39,603
July 1, 2022
Earnings Per Common Share
Number of underlying shares				85,350
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric				20,210
Total				20,210
Common shares not included in calculation due applicable metric had not been met at measurement dates				65,140
August 3, 2021
Earnings Per Common Share
Number of underlying shares				80,700	80,700
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric				40,350	23,375
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric					17,722
Total				40,350	41,097
Common shares not included in calculation due applicable metric had not been met at measurement dates				40,350	39,603
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	37,513
Total				75,026	75,026
July 1, 2019
Earnings Per Common Share
Number of underlying shares					75,026
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric					37,513
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric					37,513
Total					75,026
Restricted stock units
Earnings Per Common Share
Number of shares awarded		85,350	80,700	85,350	80,700
Number of shares vested				64,488	73,750
Number of shares forfeited				10,538
Restricted stock units | July 1, 2019
Earnings Per Common Share
Number of shares vested	64,488
Number of shares forfeited	10,538
Restricted stock units | Awards granted in 2018
Earnings Per Common Share
Number of shares forfeited						2,500
Restricted stock units | Awards granted in 2019
Earnings Per Common Share
Number of shares forfeited						2,750

STOCKHOLDERS' EQUITY - Common S

STOCKHOLDERS' EQUITY - Common Stock Dividend (Details)	Sep. 15, 2022 USD ($) $ / shares
Common Stock Dividend
Quarterly cash dividend declared (in dollars per share) | $ / shares	$ 0.45
Total Dividend | $	$ 9,460,000

STOCKHOLDERS' EQUITY - Stock Re

STOCKHOLDERS' EQUITY - Stock Repurchase Program (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Stock Repurchase Program
Repurchases of common stock - net	$ 1,822,000	$ 3,418,000
Stock Repurchase Program
Stock Repurchase Program
Value of common shares authorized for repurchase	$ 7,500,000			$ 7,500,000
Number of shares repurchased	75,000		0	208,000	0
Repurchases of common stock - net	$ 1,822,000			$ 5,214,000
Payment of commissions on sale of shares	5,000			12,000
Stock Repurchase Program, September 2022
Stock Repurchase Program
Value of common shares authorized for repurchase	7,500,000			7,500,000
Stock Repurchase Program, March 2016
Stock Repurchase Program
Remaining value of common shares authorized for repurchase	$ 2,286,000			$ 2,286,000

STOCKHOLDERS' EQUITY - Shares I

STOCKHOLDERS' EQUITY - Shares Issued through the At-the-Market Offering Program (Details) - At-the-Market Equity Offering Program - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
STOCKHOLDERS' EQUITY
Number of shares sold	0	49,000	17,000	49,000
Proceeds from sale of common stock, net of commissions		$ 1,489,000	$ 604,000	$ 1,489,000
Payment of commissions on sale of shares		30,000	12,000	30,000
Payment of offering costs on sale of shares		$ 65,000	$ 41,000	$ 65,000

STOCKHOLDERS' EQUITY - Dividend

STOCKHOLDERS' EQUITY - Dividend Reinvestment Plan (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Dividend Reinvestment Plan
Market price discount (as a percent)			3%
Common shares issued under Dividend Reinvestment Plan	40,000	31,000	51,000	31,000
Maximum
Dividend Reinvestment Plan
Market price discount (as a percent)			5%

STOCKHOLDERS' EQUITY - Stock Ba

STOCKHOLDERS' EQUITY - Stock Based Compensation - Summary of Plans (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Restricted stock grants
Stock Based Compensation
Number of shares outstanding	712,375	706,550	712,375	706,550	712,375	706,450	707,050	701,675
Number of shares awarded			153,575	151,500
Vesting period			5 years
Restricted stock units
Stock Based Compensation
Number of shares outstanding	241,076	230,752	241,076	230,752	155,726	230,752	150,052	223,802
Number of shares awarded	85,350	80,700	85,350	80,700
2022 Incentive Plan
Stock Based Compensation
Maximum number of shares authorized for issuance	750,000		750,000
2022 Incentive Plan | Restricted stock and RSU grants
Stock Based Compensation
Number of shares outstanding	85,350		85,350
2022 Incentive Plan | Restricted stock units
Stock Based Compensation
Number of shares outstanding	85,350		85,350
2019 Incentive Plan
Stock Based Compensation
Maximum number of shares authorized for issuance	750,000		750,000
Remaining shares which may be granted under the Plan	0		0
2019 Incentive Plan | Restricted stock and RSU grants
Stock Based Compensation
Number of shares outstanding	593,101		593,101
2019 Incentive Plan | Restricted stock grants
Stock Based Compensation
Number of shares outstanding	437,375		437,375
2019 Incentive Plan | Restricted stock units
Stock Based Compensation
Number of shares outstanding	155,726		155,726
2016 Incentive Plan
Stock Based Compensation
Maximum number of shares authorized for issuance	750,000		750,000
Remaining shares which may be granted under the Plan	0		0
2016 Incentive Plan | Restricted stock and RSU grants
Stock Based Compensation
Number of shares outstanding	275,000		275,000
2016 Incentive Plan | Restricted stock grants
Stock Based Compensation
Number of shares outstanding	275,000		275,000

STOCKHOLDERS' EQUITY - Stock _2

STOCKHOLDERS' EQUITY - Stock Based Compensation - RSUs (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2019	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Restricted stock units
Stock Based Compensation
Number of shares granted	85,350	80,700	85,350	80,700
Number of shares vested			64,488	73,750
Number of shares forfeited			10,538
Number of shares outstanding	241,076	230,752	241,076	230,752		155,726	230,752	150,052	223,802
Performance cycle			3 years
Restricted stock units | Awards granted in 2022
Stock Based Compensation
Accrual for dividend equivalent rights	$ 23,000		$ 23,000
Aggregate fair value of the shares granted	$ 1,352,000		$ 1,352,000
Restricted stock units | Awards granted in 2022 | Vesting Date: June 30, 2025
Stock Based Compensation
Number of shares granted			85,350
Number of shares outstanding	85,350		85,350
Restricted stock units | Awards granted in 2021
Stock Based Compensation
Accrual for dividend equivalent rights	$ 135,000		$ 135,000
Aggregate fair value of the shares granted	$ 1,846,000		$ 1,846,000
Restricted stock units | Awards granted in 2021 | Vesting Date: June 30, 2024
Stock Based Compensation
Number of shares granted			80,700
Number of shares outstanding	80,700		80,700
Restricted stock units | Awards granted in 2020
Stock Based Compensation
Aggregate fair value of the shares granted	$ 962,000		$ 962,000
Restricted stock units | Awards granted in 2020 | Vesting Date: June 30, 2023
Stock Based Compensation
Number of shares granted			75,026
Number of shares outstanding	75,026		75,026
Restricted stock units | Awards granted in 2019
Stock Based Compensation
Number of shares forfeited					2,750
Number of shares not earned due to applicable market conditions not being satisfied			10,538
Restricted stock units | Awards granted in 2019 | Vesting Date: June 30, 2022
Stock Based Compensation
Number of shares granted			77,776
Number of shares vested			64,488
Number of shares forfeited			13,288
Restricted stock units | Awards granted in 2018
Stock Based Compensation
Number of shares forfeited					2,500
Restricted stock units | Awards granted in 2018 | Vesting Date: June 30, 2021
Stock Based Compensation
Number of shares granted			76,250
Number of shares vested			73,750
Number of shares forfeited			2,500
Restricted stock units | Years granted: 2021 - 2022
Stock Based Compensation
Performance cycle			3 years
ROC Awards | Years granted: 2018 - 2020
Stock Based Compensation
Weight			50%
ROC Awards | Years granted: 2018 - 2020 | Minimum
Stock Based Compensation
Average of annual ROC			7%
ROC Awards | Years granted: 2018 - 2020 | Maximum
Stock Based Compensation
Average of annual ROC			9.75%
ROC Awards | Years granted: 2021 - 2022
Stock Based Compensation
Weight			50%
ROC Awards | Years granted: 2021 - 2022 | Minimum
Stock Based Compensation
Average of annual ROC			6%
ROC Awards | Years granted: 2021 - 2022 | Maximum
Stock Based Compensation
Average of annual ROC			8.75%
TSR awards
Stock Based Compensation
Performance cycle			3 years
TSR awards | Awards granted in 2022
Valuation assumptions
Expected life			3 years
Dividend rate			7.10%
Risk-free interest rate minimum			1.58%
Risk-free interest rate maximum			3.33%
Expected price volatility minimum			29.37%
Expected price volatility maximum			39.87%
TSR awards | Years granted: 2018 - 2020
Stock Based Compensation
Weight			50%
TSR awards | Years granted: 2018 - 2020 | Minimum
Stock Based Compensation
Average of annual TSR			7%
TSR awards | Years granted: 2018 - 2020 | Maximum
Stock Based Compensation
Average of annual TSR			12%
TSR awards | Years granted: 2021 - 2022
Stock Based Compensation
Weight			50%
TSR awards | Years granted: 2021 - 2022 | Minimum
Stock Based Compensation
Average of annual TSR			6%
TSR awards | Years granted: 2021 - 2022 | Maximum
Stock Based Compensation
Average of annual TSR			11%
Pay-for-performance program | Restricted stock units
Stock Based Compensation
Vesting period			3 years
Number of shares vested	0		0
Number of shares forfeited	0		0

STOCKHOLDERS' EQUITY - Activity

STOCKHOLDERS' EQUITY - Activity of the Plans (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restricted stock and RSU grants
Restricted stock and RSU grants (based on grant price):
Weighted average per share value of non-vested shares (in dollars per share)	$ 26.26	$ 25.04	$ 26.26	$ 25.04
Value of stock vested during the period			$ 5,535,000	$ 5,165,000
Weighted average per share value of shares forfeited during the period (in dollars per share)		$ 24.84	$ 29.12	$ 24.57
Total charge to operations:
Total charge to operations	$ 1,306,000	$ 1,163,000	$ 4,190,000	$ 4,191,000
Restricted stock grants
Summary of the activity of the incentive plans
Average per share grant price (in dollars per share)			$ 33.75	$ 20.34
Deferred compensation to be recognized over vesting period	$ 5,183,000	$ 3,082,000	$ 5,183,000	$ 3,082,000
Number of non-vested shares:
Non-vested beginning of period (in shares)	712,375	707,050	706,450	701,675
Number of shares granted			153,575	151,500
Vested during period (in shares)			(146,900)	(145,725)
Forfeitures (in shares)		(500)	(750)	(900)
Non-vested end of period (in shares)	712,375	706,550	712,375	706,550
Total charge to operations:
Total charge to operations	$ 951,000	$ 871,000	$ 3,106,000	$ 2,859,000
Weighted average vesting period			2 years 3 months 18 days
Restricted stock grants | General and administrative expense
Total charge to operations:
Total compensation costs related to non-vested awards that have not yet been recognized	$ 9,191,000		$ 9,191,000
Restricted stock units
Summary of the activity of the incentive plans
Average per share grant price (in dollars per share)	$ 26.44	$ 30.46	$ 26.44	$ 30.46
Deferred compensation to be recognized over vesting period	$ 1,352,000	$ 1,647,000	$ 1,352,000	$ 1,647,000
Number of non-vested shares:
Non-vested beginning of period (in shares)	155,726	150,052	230,752	223,802
Number of shares granted	85,350	80,700	85,350	80,700
Vested during period (in shares)			(64,488)	(73,750)
Forfeitures (in shares)			(10,538)
Non-vested end of period (in shares)	241,076	230,752	241,076	230,752
Total charge to operations:
Total charge to operations	$ 355,000	$ 292,000	$ 1,084,000	$ 1,332,000
Weighted average vesting period			1 year 9 months 18 days
Restricted stock units | General and administrative expense
Total charge to operations:
Total compensation costs related to non-vested awards that have not yet been recognized	$ 2,599,000		$ 2,599,000

FAIR VALUE MEASUREMENTS - Mortg

FAIR VALUE MEASUREMENTS - Mortgages payable (Details)	Sep. 30, 2022 USD ($) Y item	Dec. 31, 2021 USD ($) item Y
Line of Credit
FAIR VALUE MEASUREMENTS
Line of credit, gross	$ 11,000,000	$ 11,700,000
Mortgages payable
FAIR VALUE MEASUREMENTS
Fair value of mortgages payable	377,467,000	419,354,000
Carrying value of mortgages payable	406,164,000	399,660,000
Fair value less than carrying value	$ (28,697,000)
Fair value greater than carrying value		$ 19,694,000
Mortgages payable | Blended market interest rate
FAIR VALUE MEASUREMENTS
Long-term debt, measurement input | item	0.0575	0.0320
Mortgages payable | Weighted average remaining term to maturity (years)
FAIR VALUE MEASUREMENTS
Long-term debt, measurement input | Y	6.7	6.4

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value of Derivatives (Details)	9 Months Ended
	Sep. 30, 2022 USD ($) item	Jun. 30, 2022	Dec. 31, 2021 USD ($)
Interest rate derivatives
FAIR VALUE MEASUREMENTS
Number of mortgage loans outstanding with related interest rate swaps | item	17
Interest rate derivatives | Cash flow hedges
FAIR VALUE MEASUREMENTS
Number of interest rate derivatives held | item	17
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)	4.62%
Interest rate swap
FAIR VALUE MEASUREMENTS
Notional Amount	$ 49,721,000
Weighted average maturity	1 year 10 months 24 days
Financial assets:
Financial assets	$ 1,856,000
Financial assets, Balance Sheet Classification		Escrow, deposits and other assets and receivables	Escrow, deposits and other assets and receivables
Financial liabilities:
Financial liabilities			$ 1,514,000
Financial liabilities, Balance Sheet Classification		Accrued expenses and other liabilities	Accrued expenses and other liabilities
Interest rate swap | Cash flow hedges | Weighted average
FAIR VALUE MEASUREMENTS
Weighted average annual interest rate (as a percent)	4.07%

FAIR VALUE MEASUREMENTS - Effec

FAIR VALUE MEASUREMENTS - Effect of derivatives on Consolidated Statements of Income (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($) property	Dec. 31, 2021 USD ($)
FAIR VALUE MEASUREMENTS
Amount of gain (loss) recognized on derivatives in other comprehensive loss	$ 931,000	$ (31,000)	$ 2,886,000	$ 722,000
Amount of reclassification from Accumulated other comprehensive income (loss) into Interest expense		(348,000)	(485,000)	$ (1,937,000)
Number of properties sold | property				2
Additional amount to be reclassified during the next twelve months			1,001,000
Credit risk related contingent feature
Accrued interest					$ 84,000
Fair value of derivative in a liability position, including accrued interest but excluding adjustments for non-performance risk	$ 0		$ 0		1,632,000
Termination liability value					1,632,000
Accrued expenses and other liabilities
Credit risk related contingent feature
Non-performance risk					$ 34,000
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		$ 808,000

OTHER INCOME - Litigation Settl

OTHER INCOME - Litigation Settlement (Details) - USD ($)		9 Months Ended
	Apr. 15, 2022	Sep. 30, 2022
OTHER INCOME
Income on settlement of litigation		$ 5,388,000
Round Rock Guaranty Litigation
OTHER INCOME
Income on settlement of litigation	$ 5,388,000

OTHER INCOME - Insurance Recove

OTHER INCOME - Insurance Recoveries on Hurricane Casualty (Details) - USD ($)	3 Months Ended		9 Months Ended		15 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Feb. 28, 2022	Dec. 31, 2020
Insurance Recoveries on Hurricane Casualty
Casualty loss, insurance recovery proceeds received, classified as investing activities			$ 918,000	$ 550,000
Real Estate in Lake Charles, LA
Insurance Recoveries on Hurricane Casualty
Amount of insurance deductible						$ 263,000
Losses in rental income					$ 259,000
Recoveries on losses in rental income from casualty					$ 2,306,000
Real Estate in Lake Charles, LA | Other income
Insurance Recoveries on Hurricane Casualty
Gain on insurance recoveries	$ 0	$ 675,000	$ 918,000	$ 695,000

OTHER INCOME - Lease Assignment

OTHER INCOME - Lease Assignment Fee Income (Details)	1 Months Ended	9 Months Ended
	Mar. 31, 2021 USD ($) item	Sep. 30, 2021 USD ($)
Lease Assignment Fee Income
Fee income, lease assignment agreement	$ 100,000
Number of properties included in a lease split and assignment agreement | item	6
Other income
Lease Assignment Fee Income
Fee income, lease assignment agreement		$ 100,000