One Liberty Properties (OLP) 10-K 14 Mar 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Mar. 01, 2023	Jun. 30, 2022
Document and Entity Information
Entity Registrant Name	ONE LIBERTY PROPERTIES, INC.
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 422
Entity Common Stock, Shares Outstanding		21,276,435
Entity Central Index Key	0000712770
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	New York, New York

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)		Dec. 31, 2022	Dec. 31, 2021
Real estate investments, at cost
Land		$ 181,805,000	$ 180,183,000
Buildings and improvements		697,791,000	657,458,000
Total real estate investments, at cost		879,596,000	837,641,000
Less accumulated depreciation		173,143,000	160,664,000
Real estate investments, net		706,453,000	676,977,000
Property held-for-sale			1,270,000
Investment in unconsolidated joint ventures		10,400,000	10,172,000
Cash and cash equivalents		6,718,000	16,164,000
Unbilled rent receivable		16,079,000	14,330,000
Unamortized intangible lease assets, net		19,841,000	20,694,000
Escrow, deposits and other assets and receivables		23,764,000	13,346,000
Total assets	[1]	783,255,000	752,953,000
Liabilities:
Mortgages payable, net of $0,000 and $3,316 of deferred financing costs, respectively		405,162,000	396,344,000
Line of credit, net of $000 and $216 of deferred financing costs, respectively		21,068,000	11,484,000
Dividends payable		9,693,000	9,448,000
Accrued expenses and other liabilities		19,270,000	18,992,000
Unamortized intangible lease liabilities, net		11,125,000	10,407,000
Total liabilities	[1]	466,318,000	446,675,000
Commitments and contingencies
One Liberty Properties, Inc. stockholders' equity:
Preferred stock, $1 par value; 12,500 shares authorized; none issued
Common stock, $1 par value; 50,000 shares authorized; 00,000 and 20,239 shares issued and outstanding		20,362,000	20,239,000
Paid-in capital		325,895,000	322,793,000
Accumulated other comprehensive income (loss)		1,810,000	(1,513,000)
Distributions in excess of net income		(32,102,000)	(36,187,000)
Total One Liberty Properties, Inc. stockholders' equity		315,965,000	305,332,000
Non-controlling interests in consolidated joint ventures	[1]	972,000	946,000
Total equity		316,937,000	306,278,000
Total liabilities and equity		$ 783,255,000	$ 752,953,000
[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, $17,870 and $18,472 of building and improvements, net of $5,670 and $ 4,957 of accumulated depreciation, $3,518 and $3,580 of other assets included in other line items, $18,500 and $19,193 of real estate debt, net, $1,135 and $1,350 of other liabilities included in other line items, and $972 and $946 of non-controlling interests as of December 31, 2022 and 2021, respectively.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands		Dec. 31, 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		20,362	20,239
Common stock, shares outstanding		20,362	20,239
Land		$ 181,805	$ 180,183
Buildings and improvements		697,791	657,458
Accumulated depreciation		173,143	160,664
Non-controlling interests in consolidated joint ventures	[1]	972	946
Line of Credit
Deferred financing costs		732	216
Mortgages payable
Deferred financing costs		3,355	3,316
Consolidated Joint Venture-VIEs
Land		10,365	10,365
Buildings and improvements		17,870	18,472
Accumulated depreciation		5,670	4,957
Other assets		3,518	3,580
Real estate debt, net		18,500	19,193
Other liabilities		1,135	1,350
Non-controlling interests in consolidated joint ventures		972	946
Consolidated Joint Venture-VIEs | Mortgages payable
Deferred financing costs		$ 152	$ 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, $17,870 and $18,472 of building and improvements, net of $5,670 and $ 4,957 of accumulated depreciation, $3,518 and $3,580 of other assets included in other line items, $18,500 and $19,193 of real estate debt, net, $1,135 and $1,350 of other liabilities included in other line items, and $972 and $946 of non-controlling interests as of December 31, 2022 and 2021, respectively.

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Total revenues	$ 92,216,000	$ 82,740,000	$ 81,903,000
Operating expenses:
Depreciation and amortization	23,781,000	22,832,000	22,964,000
General and administrative (see Note 10 for related party information)	15,258,000	14,310,000	13,671,000
Real estate expenses (see Note 10 for related party information)	15,508,000	13,802,000	13,634,000
State taxes	285,000	291,000	310,000
Impairment due to casualty loss (see Note 13)			430,000
Total operating expenses	54,832,000	51,235,000	51,009,000
Other operating income
Gain on sale of real estate, net	16,762,000	25,463,000	17,280,000
Operating income	54,146,000	56,968,000	48,174,000
Other income and expenses:
Equity in earnings of unconsolidated joint ventures	400,000	202,000	38,000
Equity in earnings from sale of unconsolidated joint venture properties		805,000	121,000
Prepayment costs on debt		(901,000)	(1,123,000)
Income on settlement of litigation (see Note 13)	5,388,000
Other income (see Note 13)	1,003,000	869,000	496,000
Interest:
Expense	(17,569,000)	(17,939,000)	(19,317,000)
Amortization and write-off of deferred financing costs	(1,115,000)	(970,000)	(976,000)
Net income	42,253,000	39,034,000	27,413,000
Net income attributable to non-controlling interests	(76,000)	(177,000)	(6,000)
Net income attributable to One Liberty Properties, Inc.	$ 42,177,000	$ 38,857,000	$ 27,407,000
Weighted average number of common shares outstanding:
Basic (in shares)	20,360	20,086	19,571
Diluted (in shares)	20,453	20,264	19,599
Per common share attributable to common stockholders:
Basic (in dollars per share)	$ 2	$ 1.87	$ 1.34
Diluted (in dollars per share)	1.99	1.85	1.33
Cash distributions per share of common stock (in dollars per share)	$ 1.80	$ 1.80	$ 1.46
Rental income, net (see Note 6)
Revenues:
Total revenues	$ 92,191,000	$ 82,180,000	$ 81,888,000
Lease termination fees
Revenues:
Total revenues	$ 25,000	$ 560,000	$ 15,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 42,253	$ 39,034	$ 27,413
Other comprehensive income
Net unrealized gain (loss) on derivative instruments	3,325	3,497	(3,383)
Comprehensive income	45,578	42,531	24,030
Net income attributable to non-controlling interests	(76)	(177)	(6)
Adjustment for derivative instruments attributable to non-controlling interests	(2)	(8)	4
Comprehensive income attributable to One Liberty Properties, Inc.	$ 45,500	$ 42,346	$ 24,028

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, 2019	$ 19,251	$ 301,517	$ (1,623)	$ (28,382)	$ 1,221	$ 291,984
Distributions - common stock
Cash				(29,736)		(29,736)
Stock	404	6,424		(6,828)
Restricted stock and RSU vesting	146	(146)
Shares issued through dividend reinvestment plan	77	949				1,026
Contribution from non-controlling interest					10	10
Distributions to non-controlling interests					(40)	(40)
Compensation expense - restricted stock and RSUs		4,686				4,686
Net income				27,407	6	27,413
Other comprehensive income			(3,379)		(4)	(3,383)
Balances at Dec. 31, 2020	19,878	313,430	(5,002)	(37,539)	1,193	291,960
Distributions - common stock
Cash				(37,505)		(37,505)
Restricted stock and RSU vesting	220	(220)
Shares issued through equity offering program - net	106	3,208				3,314
Shares issued through dividend reinvestment plan	35	942				977
Contribution from non-controlling interest					25	25
Distributions to non-controlling interests					(457)	(457)
Compensation expense - restricted stock and RSUs		5,433				5,433
Net income				38,857	177	39,034
Other comprehensive income			3,489		8	3,497
Balances at Dec. 31, 2021	20,239	322,793	(1,513)	(36,187)	946	306,278
Distributions - common stock
Cash				(38,092)		(38,092)
Restricted stock and RSU vesting	212	(212)
Repurchases of common stock - net	(208)	(5,032)				(5,240)
Shares issued through equity offering program - net	17	546				563
Shares issued through dividend reinvestment plan	102	2,293				2,395
Distributions to non-controlling interests					(52)	(52)
Compensation expense - restricted stock and RSUs		5,507				5,507
Net income				42,177	76	42,253
Other comprehensive income			3,323		2	3,325
Balances at Dec. 31, 2022	$ 20,362	$ 325,895	$ 1,810	$ (32,102)	$ 972	$ 316,937

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical)	12 Months Ended
	Dec. 31, 2020 $ / shares
Distributions - common stock
Cash	$ 1.46
Stock	$ 0.34

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 42,253	$ 39,034	$ 27,413
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of real estate, net	(16,762)	(25,463)	(17,280)
Impairment due to casualty loss			430
Increase in net amortization of unbilled rental income	(2,409)	(234)	(1,722)
Write-off of unbilled rent receivable			1,094
Amortization and write-off of intangibles relating to leases, net	(831)	(785)	(780)
Amortization of restricted stock and RSU compensation expense	5,507	5,433	4,686
Equity in earnings of unconsolidated joint ventures	(400)	(202)	(38)
Equity in earnings from sale of unconsolidated joint venture property		(805)	(121)
Distributions of earnings from unconsolidated joint ventures	172	1,440	208
Depreciation and amortization	23,781	22,832	22,964
Amortization and write-off of deferred financing costs	1,115	970	976
Payment of leasing commissions	(2,561)	(1,430)	(235)
(Increase) decrease in escrow, deposits, other assets and receivables	(6,856)	6,759	(3,146)
Increase in accrued expenses and other liabilities	1,188	1,012	677
Net cash provided by operating activities	44,197	48,561	35,126
Cash flows from investing activities:
Purchase of real estate	(51,217)	(24,534)	(28,504)
Improvements to real estate	(4,574)	(4,106)	(1,037)
Investments in ground leased property	(697)	(1,746)
Net proceeds from sale of real estate	30,253	52,685	29,413
Insurance recovery proceeds due to casualty loss	918	975	150
Distributions of capital from unconsolidated joint venture		97	311
Net cash (used in) provided by investing activities	(25,317)	23,371	333
Cash flows from financing activities:
Scheduled amortization payments of mortgages payable	(12,624)	(13,957)	(13,114)
Repayment of mortgages payable	(54,585)	(30,532)	(11,815)
Proceeds from mortgage financings	70,690	10,600	18,200
Proceeds from sale of common stock, net	563	3,314
Proceeds from bank line of credit	53,300	21,200	41,500
Repayments on bank line of credit	(43,200)	(22,450)	(40,000)
Issuance of shares through dividend reinvestment plan	2,395	977	1,026
Repurchases of common stock	(5,240)
Payment of financing costs	(1,669)	(232)	(189)
Capital contributions from non-controlling interests		25	10
Distributions to non-controlling interests	(52)	(457)	(40)
Cash distributions to common stockholders	(37,847)	(37,318)	(29,441)
Net cash used in financing activities	(28,269)	(68,830)	(33,863)
Net (decrease) increase in cash, cash equivalents and restricted cash	(9,389)	3,102	1,596
Cash, cash equivalents and restricted cash at beginning of year	16,666	13,564	11,968
Cash, cash equivalents and restricted cash at end of year	7,277	16,666	13,564
Supplemental disclosure of cash flow information:
Cash paid during the period for interest expense	17,475	18,972	20,213
Supplemental disclosure of non-cash investing activities:
Purchase accounting allocation - intangible lease assets	4,322	2,288	3,905
Purchase accounting allocation - intangible mortgage asset	670
Purchase accounting allocation - intangible lease liabilities	(2,006)	$ (632)	(568)
Assumption of mortgage payable upon acquisition of properties	$ 6,034
Loan receivable in connection with sale of property			4,613
Lease liabilities arising from the recognition of right of use assets			2,858
Supplemental disclosure of non-cash financing activity:
Common stock dividend - portion paid in shares of common stock			$ 6,828

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	$ 6,718	$ 16,164
Restricted cash included in escrow, deposits and other assets and receivables	559	502
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	$ 7,277	$ 16,666

ORGANIZATION AND BACKGROUND

ORGANIZATION AND BACKGROUND	12 Months Ended
	Dec. 31, 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 December 31, 2022, OLP owns ​

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2—SIGNIFICANT ACCOUNTING POLICIES ​ Principles of Consolidation ​ The consolidated financial statements include the accounts and operations of OLP, its wholly owned subsidiaries, its joint ventures in which the Company, as defined, has a controlling interest, and variable interest entities (“VIEs”) of which the Company is the primary beneficiary. OLP and its consolidated subsidiaries are referred to herein as the “Company”. Material intercompany items and transactions have been eliminated in consolidation. ​ Use of Estimates ​ The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. ​ Management believes that the estimates and assumptions that are most important to the portrayal of the Company’s consolidated financial condition and results of operations, in that they require management’s most difficult, subjective or complex judgments, form the basis of the accounting policies deemed to be most significant to the Company. These significant accounting policies relate to revenues and the value of the Company’s real estate portfolio, including investments in unconsolidated joint ventures. Management believes its estimates and assumptions related to these significant accounting policies are appropriate under the circumstances; however, should future events or occurrences result in unanticipated consequences, there could be a material impact on the Company’s future consolidated financial condition or results of operations. ​ Segment Reporting ​ Substantially all of the Company’s real estate assets, at acquisition, are comprised of real estate owned that is leased to tenants on a long-term basis. Therefore, the Company aggregates real estate assets for reporting purposes and operates in one reportable segment. ​ Revenue Recognition ​ Rental income includes the base rent that each tenant is required to pay in accordance with the terms of their respective leases reported over the non-cancelable term of the lease on a straight-line basis, if collectability is probable. On a quarterly basis, management reviews the tenant’s payment history and financial condition in determining, in its judgment, whether any accrued rental income and unbilled rent receivable balances applicable to a specific tenant is collectable. Any changes to the collectability of lease payments or unbilled rent receivables are recognized as a current period adjustment to rental revenue (see Note 3). NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) ​ Some leases provide for increases based on the Consumer Price Index or for additional contingent rental revenue in the form of percentage rents. The percentage rents are based upon the level of sales achieved by the lessee and are recognized once the required sales levels are reached. Some leases provide for an incentive for the lessee to sign a lease, such as a leasehold improvement allowance in which the Company reimburses the tenant for the construction of lessee assets. Such lease incentives are capitalized at lease commencement and recognized on a straight-line basis over the lease term as a reduction to rental income. A ground lease provides for rent which can be deferred and paid based on the operating performance of the property; therefore, this rent is recognized as rental income when the operating performance is achieved and the rent is received. ​ In 2020, due to the impact of the COVID-19 pandemic, rent concession agreements were executed with certain of the Company’s tenants. In accordance with the FASB Staff Q&A, Topic 842 and 840 – Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic, the Company elected to (i) not evaluate whether such COVID-19 pandemic related rent-relief is a lease modification under ASC 842 and (ii) treat each tenant rent deferral or forgiveness as if it were contemplated as part of the existing lease contract. The Company applied this accounting policy to those lease agreements, based on the type of concession provided to the tenant, where the revised cash flows was substantially the same or less than the original lease agreement (see Note 3). ​ Many of the Company’s properties are subject to long-term net leases under which the tenant is typically responsible to pay directly to the vendor the real estate taxes, insurance, utilities and ordinary maintenance and repairs related to the property, and the Company is not the primary obligor with respect to such items. As a result, the revenue and expenses relating to these properties are recorded on a net basis. For certain properties, in addition to contractual base rent, the tenants pay their pro rata share of real estate taxes and operating expenses to the Company. The revenue and expenses associated with properties at which the Company is the primary obligor are generally recorded on a gross basis. During 2022, 2021 and 2020, the Company recorded reimbursements of expenses of ​ Gains and losses on the sale of real estate investments are recorded when the Company no longer holds a controlling financial interest in the entity which holds the real estate investment and the relevant revenue recognition criteria under GAAP have been met. ​ 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 ( e.g., ​ The Company assesses the fair value of the gross assets acquired based on available market information which utilize estimated cash flow projections; such inputs are categorized as Level 3 inputs in the fair value hierarchy. In determining fair value, factors considered by management include an evaluation of current market demand, market capitalization rates and discount rates, estimates of carrying costs ( e.g. NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) also estimates costs to execute similar leases, including leasing commissions and tenant improvements. The values of acquired above-market and below-market leases are recorded based on the present values (using discount rates which reflect the risks associated with the leases acquired) of the difference between the contractual amounts to be received and management’s estimate of market lease rates, measured over the terms of the respective leases that management deemed appropriate at the time of the acquisitions. Such valuations include a consideration of the non-cancellable terms of the respective leases, as well as any applicable renewal period(s). The fair values associated with below-market rental renewal options are determined based on the Company’s experience and other relevant factors at the time of the acquisitions. The values of above-market leases are amortized as a reduction to rental income over the terms of the respective non-cancellable lease periods. The portion of the values of below-market leases are amortized as an increase to rental income over the terms of the respective non-cancellable lease periods. The portion of the values of the leases associated with below-market renewal options that management deemed are reasonably certain to be exercised by the tenant are amortized to rental income over such renewal periods. The value of other intangible assets ( i.e., one Accounting for Long-Lived Assets and Impairment of Real Estate Owned The Company reviews its real estate portfolio on a quarterly basis for indicators of impairment to the value of any of its real estate assets, including deferred costs and intangibles, to determine if there is any need for an impairment charge. In reviewing the portfolio, the Company examines one or more of the following: the type of asset, the current financial statements or other available financial information of the tenant, prolonged or significant vacancies, the economic environment of the area in which the asset is located and the industry in which the tenant is involved, the timeliness of the payments made by the tenant under its lease, property inspection reports and communication with, by, or relating to, the tenant. For each real estate asset owned for which indicators of impairment exist, management performs a recoverability test by comparing (i) the sum of the estimated undiscounted future cash flows attributable to the asset, which are determined using assumptions and estimates, including projected rental rates over an appropriate holding period and property capitalization rates, to (ii) the carrying amount of the asset. If the aggregate undiscounted cash flows are less than the asset’s carrying amount, an impairment is recorded to the extent that the estimated fair value is less than the asset’s carrying amount. The estimated fair value is determined using a discounted cash flow model of the expected future cash flows through the useful life of the property. The analysis includes an estimate of the future cash flows that are expected to result from the real estate investment’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, the effects of leasing demand, competition and other factors. During the three years ended December 31, 2022, there were no impairment charges related to the Company’s real estate portfolio. Properties Held-for-Sale Real estate investments are classified as properties held-for-sale when management determines that the investment meets the applicable criteria. Real estate assets that are classified as held-for-sale are: (i) valued at the lower of carrying amount or the estimated fair value less costs to sell on an individual asset basis; and (ii) not depreciated. NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) ​ Depreciation and Amortization Depreciation of buildings is computed on the straight-line method over an estimated useful life of 40 years. Depreciation of building improvements is computed on the straight-line method over the estimated useful life of the improvements. If the Company determines it is the owner of tenant improvements, the amounts funded to construct the tenant improvements are treated as a capital asset and depreciated over the lesser of the remaining lease term or the estimated useful life of the improvements on the straight-line method. Leasehold interest and the related ground lease payments are amortized over the initial lease term of the leasehold position. Depreciation expense (including amortization of a leasehold position, lease origination costs, and capitalized leasing commissions) was $23,781,000, $22,832,000 and $22,964,000, for 2022, 2021 and 2020, respectively. ​ 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 reviews on a quarterly basis its investments in unconsolidated joint ventures for other-than-temporary losses in investment value. Any decline that is not expected to be recovered based on the underlying assets of the investment is considered other than temporary and an impairment charge is recorded as a reduction in the carrying value of the investment. During the three years ended December 31, 2022, there were no impairment charges related to the Company’s investments in unconsolidated joint ventures. NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 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. ​ Fair Value Measurements The Company measures the fair value of financial instruments based on the assumptions that market participants would use in pricing the asset or liability. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs and Level 3 assets/liabilities are valued based on significant “unobservable” market inputs. ​ Derivatives and Hedging Activities The Company uses interest rate swaps to add stability to interest expense; not for trading or speculative purposes. ​ The Company records all derivatives on the consolidated balance sheets at fair value using widely accepted valuation techniques including a discounted cash flow analysis on the expected cash flows of the derivatives. In addition, the Company incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. These counterparties are generally large financial institutions engaged in providing a variety of financial services. These institutions generally face similar risks regarding adverse changes in market and economic conditions including, but not limited to, fluctuations in interest rates, exchange rates, equity and commodity prices and credit spreads. ​ The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in accumulated other comprehensive income (outside of earnings) and subsequently reclassified to earnings in the period in which the hedged transaction becomes ineffective. For derivatives not designated as cash flow hedges, changes in the fair value of the derivative are recognized directly in earnings in the period in which the change occurs; however, the Company’s policy is to not enter into such transactions. NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) ​ Stock Based Compensation ​ The fair value of restricted stock grants and restricted stock units (“RSUs”), determined as of the date of grant, is amortized into general and administrative expense over the respective vesting period. The deferred compensation to be recognized as expense is net of forfeitures. The Company recognizes the effect of forfeitures when they occur and previously recognized compensation expense is reversed in the period the grant or unit is forfeited. For share-based awards with a performance or market measure, the Company recognizes compensation expense over the requisite service period and the performance assumptions are re-evaluated quarterly. The requisite service period begins on the date the Compensation Committee of the Company’s Board of Directors authorizes the award, adopts any relevant performance measures and communicates the award to the recipient. ​ Deferred Financing Costs ​ Mortgage and credit line costs are deferred and amortized on a straight-line basis over the terms of the respective debt obligations, which approximates the effective interest method. At December 31, 2022 and 2021, accumulated amortization of such costs was $4,791,000 and $4,684,000 , respectively. The Company presents unamortized deferred financing costs as a direct deduction from the carrying amount of the associated debt liability. ​ Income Taxes ​ The Company is qualified as a REIT under the applicable provisions of the Internal Revenue Code. Under these provisions, the Company will not be subject to Federal, and generally, state and local income taxes, on amounts distributed to stockholders, provided it distributes at least 90% of its ordinary taxable income and meets certain other conditions. ​ The Company follows a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that more-likely-than-not will be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than- not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited. The Company has not identified any uncertain tax positions requiring accrual. Cash and Cash Equivalents ​ All highly liquid investments with original maturities of three months or less when purchased are considered to be cash equivalents. ​ Concentration of Credit Risk The Company maintains cash accounts at various financial institutions. While the Company attempts to limit any financial exposure, substantially all of its deposit balances exceed federally insured limits. The Company has not experienced any losses on such accounts. ​ The Company’s properties are located in 31 states. No real estate investments in any one state contributed more than 10% to the Company’s total revenues in any of the past three years. ​ No tenant contributed over 10% to the Company’s total revenues in any of the past three years. NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) ​ Escrows ​ Real estate taxes and other escrows aggregating $559,000 and $502,000 at December 31, 2022 and 2021, respectively, are included in Escrow, deposits and other assets and receivables. ​ 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 No. 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. In 2022, the Company transitioned two loans and the related derivatives away from LIBOR to a new reference rate, SOFR. The Company elected to apply several practical expedients related to these changes in the terms of the hedged forecasted transactions and changes in the terms of the hedging instruments. 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 guidance to determine the extent to which it may impact the Company’s consolidated financial statements. ​ In December 2022, the FASB issued ASU No. 2022-06, Deferral of the Sunset Date of Topic 848 , which was issued to defer the sunset date of Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform to December 31, 2024. The Company adopted the guidance in ASU No. 2022-06 and it had no impact on the Company’s consolidated financial statements for the year ended December 31, 2022. ​

LEASES

LEASES	12 Months Ended
	Dec. 31, 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 separate Fixed lease revenues represent the base rent that each tenant is required to pay in accordance with the terms of their respective leases, and any lease incentives paid or payable to the lessee, reported on a straight-line basis over the non-cancelable term of the lease. Variable lease revenues typically 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 and (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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 Fixed lease revenues ​ ​ $ 74,101 ​ $ 70,387 ​ $ 69,823 Variable lease revenues ​ ​ 17,259 (a) 11,008 ​ 11,285 Lease revenues (b) ​ $ 91,360 ​ $ 81,395 ​ $ 81,108 (a) Includes, for 2022, $4,626 of additional rent accrued from a ground lease tenant – see Note 6. (b) Excludes $831 , $785 and $780 of amortization related to lease intangible assets and liabilities for 2022, 2021 and 2020, respectively. In many of the Company’s leases, the tenant is obligated to pay the real estate taxes, insurance, and certain other expenses directly to the vendor. These obligations, which have been assumed by the tenants, are not reflected in our consolidated financial statements. To the extent any such tenant defaults on its lease or if it is deemed probable that the tenant will fail to pay for such obligations, a liability for such obligations would be recorded. 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. As of December 31, 2022, the Company has assessed the collectability of all recorded lease revenues as probable. 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 December 31, 2022, the Company collected $3,330,000, or 99.1%, of such deferred rents and wrote off $18,000. The $12,000 balance of deferred rents was collected in 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 December 31, 2022, the only amounts Regal Cinemas did not pay was their September (i) base rent of . Of an aggregate of NOTE 3—LEASES (CONTINUED) were deemed less than probable. Through March 6, 2023, the Company collected an aggregate of (i) $718,000 representing 100% of the base rent and deferred rent due through March 2023 and (ii) $63,000 representing base rent and deferred rents due from 2022. The Company prepared an impairment analysis on the properties tenanted by Regal Cinemas and determined no impairment charge was required as of December 31, 2022. Minimum Future Rents As of December 31, 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 $22,924,000 of rent related to Regal Cinemas (two leases which expire in 2032 and 2035) and does not include (i) straight-line rent or amortization of intangibles, (ii) $563,000 of COVID-19 lease deferral repayments due from Regal Cinemas which were not accrued to rental income and (iii) variable lease payments as described above. ​ ​ ​ ​ For the year ending December 31, ​ ​ ​ 2023 ​ $ 73,407 2024 ​ ​ 67,323 2025 ​ ​ 63,036 2026 ​ ​ 58,802 2027 ​ ​ 49,843 Thereafter ​ ​ 176,710 Total ​ $ 489,121 ​ Lease Incentives During 2022, the Company recognized $1,345,000 in lease incentives in connection with lease amendments with three of its tenants. As a result, during the year ended December 31, 2022, the Company amortized $44,000 of such incentives against rental income. Lease Termination Fees During 2022, 2021 and 2020, the Company received $25,000, $487,000, and $88,000, respectively, as lease termination fees from four tenants (three retail and one industrial). Unbilled Straight-Line Rent At December 31, 2022 and 2021, the Company’s unbilled rent receivables aggregating $16,079,000 and $14,330,000, respectively, represent rent reported on a straight-line basis in excess of rental payments required under the respective leases. The unbilled rent receivable is to be billed and received pursuant to the lease terms during the next 20 years. During 2022, 2021 and 2020, the Company wrote-off $519,000, $1,438,000 and $365,000, respectively, of unbilled straight-line rent receivable related to the properties sold during such years, which reduced the gain on sale reported on the consolidated statements of income. At December 31, 2022 and 2021, the Company’s unearned rental income aggregating $756,000 and $897,000, respectively, represent rent reported on a straight-line basis less than rental payments required under the respective leases. The unearned rental income is to be recognized into revenue over the term of the lease during the next 10 years. On a quarterly basis, the Company assesses the collectability of unbilled rent receivable balances by reviewing the tenant’s payment history and financial condition. The Company has assessed the collectability of all unbilled rent receivable balances as probable as of December 31, 2022. During 2020, the Company wrote-off, as a reduction to rental income, of unbilled rent receivables due from Regal Cinemas as the collection of such amounts was deemed less than probable as described above. NOTE 3—LEASES (CONTINUED) ​ Lessee Accounting ​ Ground Lease ​ The Company is a lessee under a ground lease in Greensboro, North Carolina, which is classified as an operating lease. The ground lease expires March 3, 2025 and provides for up to four, 5 options option other liabilities other assets , based on its incremental borrowing rate given the term of the lease, as the rate implicit in the lease is not known. During the years ended December 31, 2022, 2021 and 2020, the Company recognized ​ Office Lease ​ The Company is a lessee under a corporate office lease in Great Neck, New York, which is classified as an operating lease. The lease expires on December 31, 2031 and provides a 5 option . At December 31, 2022 and 2021, the Company recorded a liability of other liability other assets , respectively, on the consolidated balance sheets. Lease payments associated with the renewal option period, which was determined to be reasonably certain to be exercised, are included in the measurement of the lease liability and right of use asset. As of December 31, 2022, the remaining lease term, including renewal options deemed exercised, is , based on its incremental borrowing rate given the term of the lease, as the rate implicit in the lease is not known. During the years ended December 31, 2022, 2021 and 2020, the Company recognized ​ Minimum Future Lease Payments ​ As of December 31, 2022, the minimum future lease payments related to the operating ground and office leases are as follows (amounts in thousands): ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 ​ $ 507 2024 ​ 557 2025 ​ 626 2026 ​ 627 2027 ​ 629 Thereafter ​ 5,591 Total undiscounted cash flows ​ $ 8,537 Present value discount ​ (1,613) Lease liability ​ $ 6,924 ​

REAL ESTATE INVESTMENTS

REAL ESTATE INVESTMENTS	12 Months Ended
	Dec. 31, 2022
REAL ESTATE INVESTMENTS
REAL ESTATE INVESTMENTS	NOTE 4—REAL ESTATE INVESTMENTS ​ Acquisitions ​ The following table details the Company’s real estate acquisitions during 2022 and 2021 (amounts in thousands). The Company determined that with respect to each of these acquisitions, the gross assets acquired are concentrated in a single identifiable asset. Therefore, these transactions do not meet the definition of a business and are accounted for as asset acquisitions. As such, direct transaction costs associated with these asset acquisitions have been capitalized to real estate assets and depreciated over their respective useful lives. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract ​ ​ Capitalized ​ ​ Date ​ ​ Purchase Terms of ​ ​ Transaction Description of Industrial Property Acquired Price Payment Costs Conditioned Air Company of Naples LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ Fort Myers, Florida ​ January 5, 2022 ​ $ 8,100 All cash (a) ​ $ 66 Q.E.P. Co., Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ Dalton, Georgia ​ May 12, 2022 ​ ​ 17,000 All cash (a) ​ ​ 330 Multi-tenant ​ ​ ​ ​ ​ ​ ​ ​ ​ Hillside, Illinois ​ May 16, 2022 ​ ​ 5,770 All cash ​ ​ 112 Curaleaf, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ Lexington, Kentucky ​ June 17, 2022 ​ ​ 8,430 Cash and $5,480 mortgage (b) ​ ​ 80 Multi-tenant ​ ​ ​ ​ ​ ​ ​ ​ ​ Northwood, Ohio ​ November 15, 2022 ​ ​ 8,629 Cash and $6,034 mortgage (c) ​ ​ 87 Multi-tenant ​ ​ ​ ​ ​ ​ ​ ​ ​ Northwood, Ohio ​ November 15, 2022 ​ ​ 8,561 Cash and $6,034 mortgage (c) ​ ​ 86 TOTALS FOR 2022 ​ ​ ​ $ 56,490 ​ $ 761 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pureon, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ Monroe, North Carolina ​ May 27, 2021 ​ $ 7,000 Cash and $4,500 mortgage (d) ​ $ 60 Multi-tenant ​ ​ ​ ​ ​ ​ ​ ​ ​ Lehigh Acres, Florida ​ September 29, 2021 ​ ​ 9,355 Cash and $6,100 mortgage (d) ​ ​ 77 Home Depot USA, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ Omaha, Nebraska ​ November 12, 2021 ​ ​ 7,975 All cash ​ ​ 67 TOTALS FOR 2021 ​ ​ ​ $ 24,330 ​ $ 204 (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) Simultaneously with the acquisition of these properties, the Company assumed a $6,034 mortgage encumbering both properties, bearing an interest rate of 3.57% and maturing in 2030. (d) Simultaneously with the acquisitions of these properties, the Company obtained new mortgage debt of $4,500 and $6,100 , bearing interest rates of 3.25% and 3.17% and maturing in 2027 and 2031, respectively. NOTE 4—REAL ESTATE INVESTMENTS (CONTINUED) The following table details the allocation of the purchase price and capitalized transaction costs for the Company’s acquisition of real estate during 2022 and 2021 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building & ​ Intangible Lease ​ Mortgage ​ ​ ​ ​ Description of Industrial Property Land Improvements Asset Liability ​ Intangible ​ Total ​ Conditioned Air Company of Naples LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fort Myers, Florida ​ $ 991 ​ $ 6,876 ​ $ 568 ​ $ (269) ​ $ — ​ $ 8,166 ​ Q.E.P. Co., Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dalton, Georgia ​ ​ 547 ​ ​ 15,836 ​ ​ 1,223 ​ ​ (276) ​ ​ — ​ ​ 17,330 ​ Multi-tenant ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hillside, Illinois ​ ​ 2,560 ​ ​ 2,975 ​ ​ 539 ​ ​ (192) ​ ​ — ​ ​ 5,882 ​ Curaleaf, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lexington, Kentucky ​ ​ 1,558 ​ ​ 6,881 ​ ​ 486 ​ ​ (415) ​ ​ — ​ ​ 8,510 ​ Multi-tenant ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Northwood, Ohio ​ ​ 181 ​ ​ 8,306 ​ ​ 747 ​ ​ (854) ​ ​ 336 ​ ​ 8,716 ​ Multi-tenant ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Northwood, Ohio ​ ​ 171 ​ ​ 7,383 ​ ​ 759 ​ ​ — ​ ​ 334 ​ ​ 8,647 ​ TOTALS FOR 2022 ​ $ 6,008 ​ $ 48,257 ​ $ 4,322 ​ $ (2,006) ​ $ 670 ​ $ 57,251 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pureon, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Monroe, North Carolina ​ $ 897 ​ $ 5,106 ​ $ 1,057 ​ $ — ​ $ — ​ $ 7,060 ​ Multi-tenant ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lehigh Acres, Florida ​ ​ 1,934 ​ ​ 7,393 ​ ​ 701 ​ ​ (596) ​ ​ — ​ ​ 9,432 ​ Home Depot USA, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Omaha, Nebraska ​ ​ 1,001 ​ ​ 6,547 ​ ​ 530 ​ ​ (36) ​ ​ — ​ ​ 8,042 ​ TOTALS FOR 2021 ​ $ 3,832 ​ $ 19,046 ​ $ 2,288 ​ $ (632) ​ $ — ​ $ 24,534 ​ ​ The following table details the market capitalization and discount rates associated with the assessment of the fair value of the related lease and mortgage intangibles for the Company’s acquisition of real estate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount Rate (a) Year ​ ​ ​ Market Cap ​ Lease ​ Mortgage Acquired ​ Description of Industrial Property ​ Rate (a) ​ Intangible ​ Intangible 2022 ​ Conditioned Air Company of Naples LLC ​ 5.50% ​ 5.60% ​ — ​ ​ Fort Myers, Florida ​ ​ ​ ​ ​ ​ 2022 ​ Q.E.P. Co., Inc. ​ 5.00% ​ 5.69% ​ — ​ ​ Dalton, Georgia ​ ​ ​ ​ ​ ​ 2022 ​ Multi-tenant ​ 6.25% ​ 6.63% (b) — ​ ​ Hillside, Illinois ​ ​ ​ ​ ​ ​ 2022 ​ Curaleaf, Inc. ​ 5.25% ​ 5.88% ​ — ​ ​ Lexington, Kentucky ​ ​ ​ ​ ​ ​ 2022 ​ Multi-tenant ​ 6.75% ​ 5.60% ​ 5.75% ​ ​ Northwood, Ohio ​ ​ ​ ​ ​ ​ 2022 ​ Multi-tenant ​ 6.75% ​ 5.60% ​ 5.75% ​ ​ Northwood, Ohio ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ Pureon, Inc. ​ 7.00% ​ 6.08% ​ — ​ ​ Monroe, North Carolina ​ ​ ​ ​ ​ ​ 2021 ​ Multi-tenant ​ 6.75% ​ 5.60% ​ — ​ ​ Lehigh Acres, Florida ​ ​ ​ ​ ​ ​ 2021 ​ Home Depot USA, Inc. ​ 6.25% ​ 6.16% ​ — ​ ​ Omaha, Nebraska ​ ​ ​ ​ ​ ​ (a) The fair value of the tangible and intangible leases and mortgage 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 which is categorized as a Level 3 unobservable input in the fair value hierarchy (as defined in Note 2). (b) Represents the weighted average discount rate of the warehouse lease ( i.e., 5.77% ) and the office lease ( i.e., 9.03% ). NOTE 4—REAL ESTATE INVESTMENTS (CONTINUED) ​ The following table details information regarding the acquired intangibles related to the Company’s acquisitions of real estate during the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ December 31, 2021 ​ ​ ​ Intangible ​ ​ Intangible ​ ​ ​ Lease Assets ​ ​ Mortgage Asset (a) ​ ​ Lease Liabilities ​ ​ Lease Assets ​ ​ Mortgage Asset ​ ​ Lease Liabilities Weighted average amortization (years) ​ ​ 6.1 ​ ​ 7.1 ​ ​ 8.8 ​ ​ 4.1 ​ ​ n/a ​ ​ 8.2 Accumulated amortization (in thousands) ​ $ 23,506 ​ $ 12 ​ $ 5,061 ​ $ 25,892 ​ $ n/a ​ $ 8,968 ​ (a) In connection with the assumption of a below-market mortgage in 2022 upon the acquisition of the Northwood, Ohio properties (“Northwood mortgage intangible”). ​ The following table details the amortization of acquired intangibles and the classification in the Company’s consolidated statements of income for the periods indicated (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ Classification Intangible lease assets/liabilities $ 831 ​ $ 785 ​ $ 780 ​ Rental income, net Tenant origination costs ​ 4,722 ​ ​ 4,700 ​ ​ 4,617 ​ Depreciation and amortization Intangible mortgage asset (a) ​ 12 ​ ​ n/a ​ ​ n/a ​ Interest expense (a) In connection with the Northwood mortgage intangible. ​ As of December 31, 2022, the future amortization of the Company’s acquired intangibles are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Intangible Lease Assets ​ ​ Tenant Origination Costs ​ ​ Intangible Mortgage Asset ​ ​ Intangible Lease Liabilities ​ 2023 $ 286 ​ $ 4,561 ​ $ 93 ​ $ 1,162 ​ 2024 214 ​ 3,183 ​ 93 ​ 940 ​ 2025 188 ​ 2,684 ​ 93 ​ 718 ​ 2026 150 ​ 2,520 ​ 93 ​ 711 ​ 2027 92 ​ 1,844 ​ 93 ​ 763 ​ Thereafter 334 ​ 3,785 ​ 193 ​ 6,831 ​ Total $ 1,264 ​ $ 18,577 ​ $ 658 ​ $ 11,125 ​ (a) The result of acquired above-market leases and will be deducted from rental income through 2032. (b) The result of acquired in-place leases and will be charged to Depreciation and amortization expense through 2055. (c) In connection with the Northwood mortgage intangible and will be charged to interest expense through 2030. (d) The result of acquired below-market leases and will be added to rental income through 2055.

SALE OF PROPERTIES

SALE OF PROPERTIES	12 Months Ended
	Dec. 31, 2022
SALE OF PROPERTIES
SALE OF PROPERTIES	NOTE 5—SALES OF PROPERTIES The following chart details the Company’s sales of real estate during 2022, 2021 and 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sale ​ Mortgage ​ Prepayment ​ ​ ​ ​ Gross ​ of Real ​ Prepaid ​ Costs on Description of Property ​ Date Sold ​ Sales Price ​ Estate, Net ​ on Sale ​ Debt Wendy's restaurants - 4 properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Various cities, Pennsylvania ​ March 22, 2022 ​ $ 10,000 ​ $ 4,649 ​ $ — ​ $ — Orlando Baking industrial property ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Columbus, Ohio (a) ​ May 2, 2022 ​ ​ 8,500 ​ ​ 6,925 ​ ​ — ​ ​ — Havertys retail property ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fayetteville, Georgia ​ June 17, 2022 ​ ​ 4,800 ​ ​ 1,125 ​ ​ 1,563 ​ ​ — Vacant retail property ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Columbus, Ohio ​ August 8, 2022 ​ ​ 8,300 ​ ​ 4,063 ​ ​ — ​ ​ — TOTALS FOR 2022 ​ $ 31,600 ​ $ 16,762 (b) $ 1,563 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Whole Foods retail property & parking lot ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ West Hartford, Connecticut ​ June 17, 2021 ​ $ 40,510 ​ $ 21,469 ​ $ 15,403 ​ $ 799 Vacant retail property ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Philadelphia, Pennsylvania ​ July 1, 2021 ​ ​ 8,300 ​ ​ 1,299 (c) ​ 3,574 ​ ​ 26 Wendys restaurant property ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hanover, Pennsylvania ​ December 27, 2021 ​ ​ 2,815 ​ ​ 1,331 ​ ​ 696 ​ ​ 11 Wendys restaurant property ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gettysburg, Pennsylvania ​ December 27, 2021 ​ ​ 2,885 ​ ​ 1,364 ​ ​ 714 ​ ​ 12 TOTALS FOR 2021 ​ $ 54,510 ​ $ 25,463 (d) $ 20,387 ​ $ 848 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hobby Lobby retail property ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Onalaska, Wisconsin ​ February 11, 2020 ​ $ 7,115 ​ $ 4,252 ​ $ 3,332 ​ $ 290 CarMax retail property ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Knoxville, Tennessee ​ July 1, 2020 ​ ​ 18,000 ​ ​ 10,316 ​ ​ 8,483 ​ ​ 833 PetSmart retail property ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Houston, Texas ​ December 15, 2020 ​ ​ 4,013 (e) ​ 1,067 ​ ​ n/a ​ ​ n/a Guitar Center retail property ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Houston, Texas ​ December 15, 2020 ​ ​ 5,212 (e) ​ 1,645 ​ ​ n/a ​ ​ n/a TOTALS FOR 2020 ​ $ 34,340 ​ $ 17,280 (f) $ 11,815 ​ $ 1,123 (a) This property was classified as held-for-sale in the accompanying consolidated balance sheet at December 31, 2021. (b) As a result of these sales, the Company wrote-off, as a reduction to Gain on sale of real estate, net, an aggregate of $519 of unbilled rent receivable and $4 of net unamortized intangible lease liabilities and assets . (c) This property was owned by a consolidated joint venture in which the Company held a 90% interest. The non-controlling interest’s share of the gain was $130 . (d) As a result of these sales, the Company wrote-off, as a reduction to Gain on sale of real estate, net, an aggregate of $1,438 of unbilled rent receivables and $967 of unamortized intangible lease assets. (e) In 2020, in connection with these sales, the Company provided seller-financing of an aggregate of $4,613 . The loan was repaid in full in 2021 (see Note 13). (f) As a result of these sales, the Company wrote-off, as a reduction to Gain on sale of real estate, net, an aggregate of $365 of unbilled rent receivables and $367 of unamortized intangible lease liabilities . ​ In December 2022, the Company entered into a contract to sell a restaurant property in Hauppauge, New York for $4,200,000 . The buyer's right to terminate the contract without penalty expired on January 23, 2023 and the property was sold on February 28, 2023. The Company anticipates recognizing a gain on sale of real estate, net, of approximately $ 1,500,000 on the consolidated statement of income during the three months ending March 31, 2023

VARIABLE INTEREST ENTITIES, CON

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES	12 Months Ended
	Dec. 31, 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 Entities—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. Ground lease rental income amounted to As of December 31, 2022, the VIE’s maximum exposure to loss was $16,514,000 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 $697,000 and $1,746,000 during the years ended December 31, 2022 and 2021, respectively, and an additional $447,000 from January 1 through March 6, 2023. These amounts are included as part of the carrying amount of the land. Additional rent income Ground Lease Tenant The Company’s ground lease tenant was a plaintiff/claimant in various legal proceedings (the “Proceedings”) against, among others, the developer of such apartment complex alleging, among other things, that the buildings’ construction was flawed. The Proceedings were settled in the quarter ended December 31, 2022 and although the Company was not a party to the Proceedings, pursuant to the lease with the tenant, the Company received, in early January 2023, Variable Interest Entities—Consolidated Joint Ventures The Company has determined that 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. NOTE 6—VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES (CONTINUED) The following is a summary of the consolidated VIEs’ carrying amounts and classification in the Company’s consolidated balance sheets, none of which are restricted (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Land ​ $ 10,365 ​ $ 10,365 Buildings and improvements, net of accumulated depreciation of $5,670 and $4,957, respectively ​ ​ 17,870 ​ 18,472 Cash ​ ​ 1,163 ​ 1,134 Unbilled rent receivable ​ ​ 1,111 ​ ​ 1,020 Unamortized intangible lease assets, net ​ ​ 472 ​ ​ 548 Escrow, deposits and other assets and receivables ​ ​ 772 ​ ​ 878 Mortgages payable, net of unamortized deferred financing costs of $152 and $195, respectively ​ ​ 18,500 ​ ​ 19,193 Accrued expenses and other liabilities ​ ​ 711 ​ 875 Unamortized intangible lease liabilities, net ​ ​ 424 ​ ​ 475 Accumulated other comprehensive income (loss) ​ ​ 22 ​ ​ (33) Non-controlling interests in consolidated joint ventures ​ ​ 972 ​ 946 ​ MCB Real Estate, LLC and its affiliates (‘‘MCB’’) are the Company’s joint venture partner in two consolidated joint ventures at December 31, 2022 and 2021 in which the Company has aggregate equity investments of approximately $4,563,000 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	12 Months Ended
	Dec. 31, 2022
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	NOTE 7—INVESTMENT IN UNCONSOLIDATED JOINT VENTURES As of December 31, 2022 and 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 $10,400,000 and $10,172,000 , respectively. The Company recorded equity in earnings of during 2022, 2021 and 2020, respectively. In July 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 $805,000, which is included in Equity in earnings from sale of unconsolidated joint venture properties on the consolidated statement of income for the year ended December 31, 2021. The unconsolidated joint venture retained approximately 2.2 acres of land at this property. In March 2020, an unconsolidated joint venture sold another of its properties located in Savannah, Georgia for $819,000 , net of closing costs. The Company’s At December 31, 2022 and 2021, MCB and the Company are partners in an unconsolidated joint venture in which the Company’s equity investment is approximately $8,963,000 and $8,773,000, respectively.

DEBT OBLIGATIONS

DEBT OBLIGATIONS	12 Months Ended
	Dec. 31, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2021 Mortgages payable, gross ​ ​ $ 409,175 ​ $ 399,660 Unamortized mortgage intangible asset (a) ​ ​ ​ (658) ​ ​ — Unamortized deferred financing costs ​ ​ ​ (3,355) ​ (3,316) Mortgages payable, net ​ ​ $ 405,162 ​ $ 396,344 (a) In connection with the assumption of a below-market mortgage upon the acquisition of the Northwood, Ohio properties (see Note 4). ​ At December 31, 2022, there were 66 outstanding mortgages payable, all of which are secured by first liens on individual real estate investments with an aggregate gross carrying value of $647,524,000 before accumulated depreciation of $111,847,000. After giving effect to interest rate swap agreements (see Note 9), the mortgage payments bear interest at fixed rates ranging from 3.02% to 5.50% and mature between 2023 and 2047. The weighted average interest rate on all mortgage debt was 4.10% and 4.18% at December 31, 2022 and 2021, respectively. ​ During 2020, due to the COVID-19 pandemic, the Company and its mortgage lenders agreed to defer the payment of $1,670,000 of debt service due in 2020 and 2021. Of the total deferred, approximately $1,079,000 was repaid from 2020 through 2022, $109,000 is to be repaid during 2023 and the balance was deferred until the maturity of such debt. ​ Scheduled principal repayments during the years indicated are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ending December 31, 2023 2024 2025 2026 2027 Thereafter Total Amortization payments ​ $ 12,288 ​ $ 11,388 ​ $ 10,037 ​ $ 9,897 ​ $ 8,766 ​ $ 39,489 ​ $ 91,865 Principal due at maturity ​ 12,973 ​ 50,695 ​ 32,063 ​ 19,179 ​ 38,525 ​ 163,875 ​ 317,310 Total ​ $ 25,261 ​ $ 62,083 ​ $ 42,100 ​ $ 29,076 ​ $ 47,291 ​ $ 203,364 ​ $ 409,175 ​ Line of Credit ​ In November 2022, the Company entered into an amendment to its credit facility with Manufacturers and Traders Trust Company and VNB New York, LLC which, among other things, extended the facility’s maturity to December 31, 2026 from December 31, 2022, increased the amount available to be borrowed for renovation and operating expense purposes to the lesser of $40,000,000 or 40% of the borrowing base, provides that the interest rate will be based on 30-day SOFR and requires compliance with certain amended and additional covenants. In connection with the amendment, the Company incurred a $666,000 commitment fee which will be amortized over the remaining term of the facility. 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. ​ The facility provides for an interest rate equal to 30-day SOFR plus an applicable margin ranging from 175 basis points to 275 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 December 31, 2022 and 2021. NOTE 8—DEBT OBLIGATIONS (CONTINUED) ​ An unused facility fee of .25% per annum applies to the facility. The weighted average interest rate on the facility was approximately ​ The credit facility includes certain restrictions and covenants which may limit, among other things, the incurrence of liens, and which require compliance with financial ratios relating to, among other things, the minimum amount of tangible net worth, the minimum amount of debt service coverage, the minimum amount of fixed charge coverage, the maximum amount of debt to value, the minimum level of net income, certain investment limitations and the minimum value of unencumbered properties and the number of such properties. The Company was in compliance with all covenants at December 31, 2022. ​ The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2021 Line of credit, gross ​ ​ $ 21,800 ​ $ 11,700 Unamortized deferred financing costs ​ ​ ​ (732) ​ ​ (216) Line of credit, net ​ ​ $ 21,068 ​ $ 11,484 ​ At December 31, 2022 and March 6, 2023, $78,200,000 and $88,500,000, respectively, was available to be borrowed under the facility, including an aggregate of up to $40,000,000 available at each date for renovation and operating expense purposes.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2022
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 9—FAIR VALUE MEASUREMENTS ​ The carrying amounts of cash and cash equivalents, escrow, deposits and other assets and receivables, dividends payable, and accrued expenses and other liabilities (excluding interest rate swap assets and liabilities), 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 ​ 2021 Fair value of mortgages payable (a) ​ $ 378,943 ​ ​ $ 419,354 ​ Carrying value of mortgages payable ​ $ 409,175 ​ ​ $ 399,660 ​ Fair value (less than) greater than the carrying value ​ $ (30,232) ​ ​ $ 19,694 ​ Blended market interest rate (a) ​ ​ 5.87 % ​ ​ 3.20 % Weighted average remaining term to maturity (years) ​ ​ 6.5 ​ ​ ​ 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 December 31, 2022 and 2021, the carrying amount of the Company’s line of credit (before unamortized deferred financing costs) of $21,800,000 and $11,700,000, respectively, approximates its fair value. ​ Considerable judgment is necessary to interpret market data and develop the estimated fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. NOTE 9—FAIR VALUE MEASUREMENTS (CONTINUED) Fair Value on a Recurring Basis ​ As of December 31, 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 $49,222,000 notional amount maturing between 2023 and 2026 (weighted average remaining term to maturity of 1.7 years). These interest rate swaps, all of which were designated as cash flow hedges, converted LIBOR or SOFR 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 December 31, 2022). ​ 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 associated credit valuation adjustments use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparty. As of December 31, 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. ​ The fair value of the Company’s derivative financial instruments was determined to be the following (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ Carrying and ​ Balance Sheet ​ December 31, Fair Value Classification Financial assets: ​ 2022 ​ $ 1,811 ​ Other assets ​ 2021 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ 2022 ​ $ — ​ Other liabilities ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 2021 2020 Amount of gain (loss) recognized on derivatives in other comprehensive income (loss) $ 3,028 ​ $ 1,179 ​ $ (5,481) Amount of reclassification from Accumulated other comprehensive income (loss) into Interest expense (297) ​ (2,318) ​ (2,098) ​ During 2021 and 2020, in connection with the sale of several properties and the early payoff of the related mortgages, the Company discontinued hedge accounting on the related interest rate swaps as the hedged forecasted transactions were no longer probable to occur. As such, the Company accelerated the reclassification of $867,000 and $776,000 during 2021 and 2020, respectively, from Accumulated other comprehensive loss to interest expense which is recorded as Prepayment costs on debt in the consolidated statements of income. ​ During the twelve months ending December 31, 2023, the Company estimates an additional $1,185,000 will be reclassified from Accumulated other comprehensive income as a decrease to Interest expense. NOTE 9—FAIR VALUE MEASUREMENTS (CONTINUED) The derivative agreements in effect at December 31, 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, 2022, there were no derivatives in a liability position. As of December 31, 2021, the fair value of 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 of breaches of any of the contractual provisions of the derivative contracts, the Company would have been 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.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2022
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 10—RELATED PARTY TRANSACTIONS Compensation and Services Agreement Pursuant to the compensation and services agreement with Majestic Property Management Corp. (“Majestic”), Majestic provides the Company with 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 $3,067,000 in 2022, $3,111,000 in 2021 and $3,011,000 in 2020. Included in these fees are Executive officers and others providing services to the Company under the compensation and services agreement were awarded shares of restricted stock and restricted stock units (“RSUs”) under the Company’s stock incentive plans (described in Note 12). The related expense charged to the Company’s operations was The amounts paid under the compensation and services agreement (except for the property management services which are included in Real estate expenses) and the costs of the stock incentive plans are included in General and administrative expense on the consolidated statements of income. NOTE 10—RELATED PARTY TRANSACTIONS (CONTINUED) Joint Venture Partners and Affiliates During 2022, 2021 and 2020, the Company paid an aggregate of $84,000, $83,000 and $76,000 , 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 $131,000, $118,000 and $93,000 to the other partner of the ventures, which reduced Equity in earnings on the consolidated statements of income by $66,000, $59,000 and $47,000 during 2022, 2021 and 2020, respectively. Other During 2022, 2021 and 2020, the Company paid fees of (i) $313,000, $298,000 and $298,000, respectively, to the Company’s chairman and (ii) $125,000, $119,000 and $119,000, respectively, to the Company’s vice chairman. These fees are included in General and administrative expense on the consolidated statements of income. At December 31, 2022 and 2021, Gould Investors L.P. (“Gould Investors”), a related party, owned 1,998,535 and 1,921,712 shares of the outstanding common stock of the Company, respectively, or approximately 9.5% and 9.2%, respectively. The Company obtains its property insurance in conjunction with Gould Investors and reimburses Gould Investors annually for the Company’s insurance cost relating to its properties. Amounts reimbursed to Gould Investors were during 2022, 2021 and 2020, respectively. Included in Real estate expenses on the consolidated statements of income is insurance expense of

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	12 Months Ended
	Dec. 31, 2022
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE	NOTE 11—EARNINGS PER COMMON SHARE Basic earnings per share was determined by dividing net income allocable to common stockholders for each year by the weighted average number of shares of common stock outstanding during the applicable year. Net income is also allocated to the unvested restricted stock outstanding during each year, as the restricted stock is entitled to receive dividends and is therefore considered a participating security. As of December 31, 2022, the shares of common stock underlying the RSUs awarded between 2020 through 2022 under the 2019 and 2022 Incentive Plans (see Note 12) are excluded from the basic earnings per share calculation, as these units are not participating securities. Diluted earnings per share reflects the potential dilution that could occur if securities or other rights exercisable for, or convertible into, common stock were exercised or converted or otherwise resulted in the issuance of common stock that shared in the earnings of the Company. The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 2021 2020 Numerator for basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ ​ $ 42,253 ​ $ 39,034 ​ $ 27,413 Deduct net income attributable to non-controlling interests ​ ​ ​ (76) ​ (177) ​ (6) Deduct earnings allocated to unvested restricted stock (a) ​ ​ ​ (1,434) ​ (1,326) ​ (1,263) Net income available for common stockholders: basic and diluted ​ ​ $ 40,743 ​ $ 37,531 ​ $ 26,144 Denominator for basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding ​ ​ ​ 20,360 ​ 20,086 ​ 19,571 Effect of dilutive securities: RSUs ​ ​ ​ 93 ​ 178 ​ 28 Denominator for diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares ​ ​ ​ 20,453 ​ 20,264 ​ 19,599 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share, basic ​ ​ $ 2.00 ​ $ 1.87 ​ $ 1.34 Earnings per common share, diluted ​ ​ $ 1.99 ​ $ 1.85 ​ $ 1.33 (a) Represents an allocation of distributed earnings to unvested restricted stock that, as participating securities, are entitled to receive dividends. ​ NOTE 11—EARNINGS PER COMMON SHARE (CONTINUED) The following table identifies the number of shares of common stock underlying the RSUs that are included in the calculation, on a diluted basis, of the weighted average number of shares of common stock for such years: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 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 ​ 40,222 ​ — ​ 40,222 ​ 45,128 August 3, 2021 80,700 ​ 40,350 ​ — ​ 40,350 ​ 40,350 August 3, 2020 75,026 ​ 37,513 ​ 37,513 ​ 75,026 ​ — Totals 241,076 118,085 37,513 155,598 85,478 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021: ​ 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) August 3, 2021 ​ 80,700 ​ 40,350 ​ 40,350 ​ 80,700 ​ — August 3, 2020 75,026 ​ 37,513 ​ 37,513 ​ 75,026 ​ — July 1, 2019 (d) 75,026 ​ 37,513 ​ 37,513 ​ 75,026 ​ — Totals 230,752 ​ 115,376 115,376 230,752 — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020: ​ 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) August 3, 2020 ​ 75,026 ​ 37,513 ​ 37,513 ​ 75,026 ​ — July 1, 2019 (d) ​ 75,026 ​ 23,233 ​ — ​ 23,233 ​ 51,793 July 1, 2018 (e) ​ 73,750 ​ 24,823 ​ — ​ 24,823 ​ 48,927 Totals 223,802 ​ 85,569 37,513 123,082 100,720 (a) Reflects the number of shares underlying RSUs that would be issued assuming the measurement date used to determine whether the applicable conditions are satisfied is December 31 of the applicable year. (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 12). (c) Excluded as the applicable conditions had not been met for these shares at the applicable measurement dates. (d) 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 12). (e) With respect to the RSUs awarded July 1, 2018, all 73,750 shares vested and such shares were issued in August 2021 (see Note 12). There were no options outstanding to purchase shares of common stock or other rights exercisable for, or convertible into, common stock in 2022, 2021 and 2020.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2022
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	NOTE 12—STOCKHOLDERS’ EQUITY ​ Common Stock Dividend ​ In each of 2022 and 2021, the Board of Directors declared an aggregate $1.80 per share in cash distributions. The following table details the Company’s dividend activity for the year ended December 31, 2020 (amounts in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Dividend Paid ​ Cash Stock ​ ​ Value Declaration Date (a) ​ Dividend Cash % Stock % ​ Distributed Issued ​ ​ per Share March 13, 2020 ​ $ 9,037 ​ 100.0 ​ — ​ $ 9,037 ​ — ​ ​ — June 10, 2020 (b) ​ $ 9,068 ​ 50.0 ​ 50.0 ​ $ 4,537 ​ 263 ​ $ 17.22 September 9, 2020 (b) ​ $ 9,198 ​ 75.0 ​ 25.0 ​ $ 6,901 ​ 141 ​ $ 16.27 December 2, 2020 ​ $ 9,261 ​ 100.0 ​ — ​ $ 9,261 ​ — ​ ​ — (a) A dividend of $0.45 per share was declared in each period indicated. (b) Stockholders were entitled to elect whether the dividend payable to them would be paid in cash or shares of the Company’s common stock at the percentages indicated, subject to certain limitations. ​ On March 13, 2023, the Board of Directors declared a quarterly cash dividend of $0.45 per share on the Company’s common stock, totaling approximately $9,574,000 . The quarterly dividend is payable on April 4, 2023 to stockholders of record on March 27, 2023. ​ 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 remaining $2,286,000 available pursuant to the repurchase program authorized in March 2016). During 2022, the Company repurchased approximately 208,000 shares of common stock, for total consideration of $5,214,000, net of commissions of $12,000. At December 31, 2022, $7,500,000 is available for the repurchase of shares of common stock. No shares were repurchased by the Company during the years ended December 31, 2021 or 2020. ​ Shares Issued through the At-the-Market Equity Offering Program ​ During 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. During 2021, the Company sold 106,290 shares for proceeds of $3,379,000 , net of commissions of $69,000 , and incurred offering costs of $65,000 for professional fees. The Company did not sell any shares during the year ended December 31, 2020. ​ Dividend Reinvestment Plan ​ The Company’s 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 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 was 5% prior to the suspension and, since reinstatement, has been offered at a discount of 3%. Under the DRP, the Company issued approximately 102,000, 35,000 and 77,000 shares of common stock during 2022, 2021 and 2020, respectively. NOTE 12—STOCKHOLDERS’ EQUITY (CONTINUED) ​ 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 December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2019 ​ 2016 ​ Incentive Plan (a)(b) Incentive Plan (c) Incentive Plan (c) 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) On January 5, 2023, 152,955 restricted shares were issued pursuant to this plan, having an aggregate value of approximately $3,379,000 and are scheduled to vest in January 2028. (c) No additional awards may be granted under such plans. ​ For accounting purposes, the restricted stock is not included in the shares shown as outstanding on the balance sheet until they vest; however, dividends are paid on the unvested shares. The restricted stock grants are charged to General and administrative expense over the respective vesting periods based on the market value of the common stock on the grant date. Unless earlier forfeited because the participant’s relationship with the Company terminated, unvested restricted stock awards vest ​ The following table reflects the activities involving RSUs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ 2019 ​ 2018 ​ RSUs granted ​ 85,350 ​ 80,700 ​ 75,026 ​ 77,776 ​ 76,250 ​ RSUs vested ​ — ​ — ​ — ​ 64,488 (b) 73,750 (c) RSUs forfeited ​ — ​ — ​ — ​ 13,288 ​ 2,500 ​ RSUs outstanding ​ 85,350 ​ 80,700 ​ 75,026 ​ — ​ — ​ Vesting Date ​ 6/30/2025 ​ 6/30/2024 ​ 6/30/2023 ​ 6/30/2022 ​ 6/30/2021 ​ (a) The shares underlying the RSUs are excluded from the shares shown as outstanding on the balance sheet until they have vested and been issued. (b) Such shares were issued in August 2022. (c) Such shares were issued in August 2021. (d) 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. (e) Generally, the recipient must maintain a relationship with the Company during the applicable three-year performance cycle. (f) 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 to the extent the Compensation Committee determines that the Metrics with respect to the vesting of such shares have been satisfied. NOTE 12—STOCKHOLDERS’ EQUITY (CONTINUED) The specific metrics and other material terms and conditions of the RSUs are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performance Criteria Year RSU Granted ​ Metric ​ Weight ​ Minimum ​ Maximum 2018 - 2020 (b) ​ ROC Metric (c) ​ 50% ​ Average annual of at least 7.0% ​ Average annual of at least 9.75% ​ ​ TSR Metric (d) ​ 50% ​ Average annual of at least 7.0% ​ Average annual of at least 12.0% 2021 - 2022 (e) (f) ​ ROC Metric (c) ​ 50% ​ Average annual of at least 6.0% ​ Average annual of at least 8.75% ​ ​ TSR Metric (d) ​ 50% ​ Average annual of at least 6.0% ​ Average annual 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. For ROC Awards, the Company does not recognize expense when performance conditions are not expected to be met; such performance assumptions are reevaluated quarterly. (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. For these TSR awards, the per unit or share fair value was estimated using the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TSR Award Year Expected Life (yrs) Dividend Rate Risk-Free Interest Rate Expected Price Volatility 2022 3 7.10% ​ 1.58% - 3.33% ​ 29.37% - 39.87% ​ 2021 3 5.91% ​ 0.03% - 0.35% ​ 26.74% - 41.53% ​ 2020 3 10.40% ​ 0.10% - 0.18% ​ 51.24% - 77.92% ​ (1) Calculated based on the historical and implied volatility. (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 $48,000 and $162,000, respectively, based on the number of shares that would have been issued, underlying such RSUs, using performance and market assumptions determined as of December 31, 2022. ​ As of December 31, 2022, based on performance and market assumptions, the fair value of the RSUs granted in 2022, 2021 and 2020 is $1,420,000, $1,846,000 and $962,000 , respectively. Recognition of such deferred compensation will be charged to General and administrative expense over the respective vested NOTE 12—STOCKHOLDERS’ EQUITY (CONTINUED) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 2021 2020 Restricted stock grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of shares ​ ​ ​ 153,575 ​ ​ 151,500 ​ ​ 149,550 Average per share grant price ​ ​ $ 33.75 ​ $ 20.34 ​ $ 28.10 Deferred compensation to be recognized over vesting period ​ ​ $ 5,183,000 ​ $ 3,082,000 ​ $ 4,202,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested beginning of the year ​ ​ ​ 706,450 ​ ​ 701,675 ​ ​ 674,250 Grants ​ ​ 153,575 ​ 151,500 ​ 149,550 Vested during the year ​ ​ (146,900) ​ (145,725) ​ (122,125) Forfeitures ​ ​ (750) ​ (1,000) ​ — Non-vested end of the year ​ ​ 712,375 ​ 706,450 ​ 701,675 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSU grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of underlying shares ​ ​ ​ 85,350 ​ ​ 80,700 ​ ​ 75,026 Average per share grant price ​ ​ $ 26.44 ​ $ 30.46 ​ $ 17.31 Deferred compensation to be recognized over vesting period ​ ​ $ 1,420,000 ​ $ 1,808,000 ​ $ 850,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested beginning of the year ​ ​ ​ 230,752 ​ ​ 223,802 ​ ​ 225,026 Grants ​ ​ ​ 85,350 ​ ​ 80,700 ​ ​ 75,026 Vested during the year ​ ​ ​ (64,488) ​ ​ (73,750) ​ ​ (24,343) Forfeitures ​ ​ ​ (10,538) ​ ​ — ​ ​ (51,907) Non-vested end of the year ​ ​ ​ 241,076 ​ ​ 230,752 ​ ​ 223,802 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock and RSU grants (based on grant price): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average per share value of non-vested shares ​ ​ $ 26.26 ​ $ 25.04 ​ $ 24.98 Value of stock vested during the year ​ ​ $ 5,535,000 ​ $ 5,165,000 ​ $ 3,589,000 Weighted average per share value of shares forfeited during the year ​ ​ $ 29.12 ​ $ 24.62 ​ $ 24.03 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total charge to operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding restricted stock grants ​ ​ $ 4,057,000 ​ $ 3,734,000 ​ $ 3,529,000 Outstanding RSUs ​ ​ ​ 1,450,000 ​ ​ 1,699,000 ​ ​ 1,157,000 Total charge to operations ​ ​ $ 5,507,000 ​ $ 5,433,000 ​ $ 4,686,000 ​ As of December 31, 2022, total compensation costs of 2.1 1.5

OTHER INCOME

OTHER INCOME	12 Months Ended
	Dec. 31, 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-tenanted building at the Company’s Lake Charles, Louisiana property was damaged due to Hurricane Laura. By February 2022, the Company had been reimbursed on its claim to the insurance carrier to cover, less the $263,000 deductible, (i) the approximate $2,306,000 cost to rebuild the damaged portion of the building and (ii) $259,000 of losses in rental income. The Company recognized a gain on insurance recoveries of $918,000, $695,000 and $430,000 during the years ended December 31, 2022, 2021 and 2020, respectively, which is included in Other income on the consolidated statements of income. 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 on the consolidated statement of income for the year ended December 31, 2021. Interest Income on Loan Receivable In 2020, in connection with a sale of two properties in Houston, Texas (see Note 5), the Company provided the buyer a $4,612,500 one-year loan representing 50% of the purchase. The Company received

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2022
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 14—COMMITMENTS AND CONTINGENCIES The Company maintains a non-contributory defined contribution pension plan covering eligible employees. Contributions by the Company are made through a money purchase plan, based upon a percent of the qualified employees’ total salary (subject to the maximum amount allowed by law). Pension expense approximated The Company is party to leases obligating it to provide tenant improvement allowances and various legal proceedings. Management believes these allowances and proceedings are routine, incidental to the operation of the Company’s business and that such allowance payments or proceedings will not have a material adverse effect upon the Company’s consolidated financial statements taken as a whole.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2022
INCOME TAXES
INCOME TAXES	NOTE 15—INCOME TAXES The Company elected to be taxed as a REIT under the Internal Revenue Code, commencing with its taxable year ended December 31, 1983. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its ordinary taxable income to its stockholders. As a REIT, the Company generally will not be subject to corporate level federal, state and local income tax on taxable income it distributes currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal, state and local income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four Even though the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. As of December 31, 2022, tax returns for the calendar years 2019 through 2021 remain subject to examination by the Internal Revenue Service and various state and local tax jurisdictions. During 2022, 2021 and 2020, the Company did not incur any federal income tax expense. The Company does not have any deferred tax assets or liabilities at December 31, 2022 and 2021. The approximate allocation of the distributions made to stockholders is as follows for the years indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 2021 2020 Ordinary income (a) ​ 54 % ​ 43 % ​ 45 % Capital gains ​ 46 ​ ​ 57 ​ ​ 47 ​ Return of capital ​ — ​ ​ — ​ ​ 8 ​ ​ ​ 100 % ​ 100 % ​ 100 % (a) In 2022, 2021 and 2020, the ordinary income portion of the distributions are considered qualified REIT dividends and will be taxed at a rate reduced by up to 20% pursuant to Internal Revenue Code Section 199A. The Company treats depreciation expense, straight-line rent adjustments and certain other items differently for tax purposes than for financial reporting purposes. Therefore, its taxable income and dividends paid deduction differs from its financial statement income. The following table reconciles dividends declared with the dividends paid deduction for the years indicated (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 ​ ​ Estimate ​ Actual ​ Actual Dividends declared ​ $ 37,915 ​ $ 37,478 ​ $ 36,564 Dividend reinvestment plan (a) ​ 102 ​ 35 ​ 47 ​ ​ 38,017 ​ 37,513 ​ 36,611 Less: Spillover dividends designated to following year (b) ​ ​ — ​ ​ (2,085) ​ ​ (9,261) Less: Return of capital ​ ​ — ​ ​ — ​ ​ (3,265) Plus: Dividends designated from prior year ​ ​ 2,085 ​ ​ 9,261 ​ ​ 8,976 Plus: Dividends designated from following year ​ 4,240 ​ — ​ — Dividends paid deduction ​ $ 44,342 ​ $ 44,689 ​ $ 33,061 (a) Reflects the discount on common stock purchased through the dividend reinvestment plan of 3% from June 2021 through December 2022 and 5% prior to June 2021. (b) A portion of the dividend paid in January 2022 and the entire dividend paid in January 2021 are considered 2022 and 2021 dividends, respectively, as such dividends were in excess of the Company’s earnings and profits during 2021 and 2020, respectively.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2022
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 16—SUBSEQUENT EVENTS Subsequent events have been evaluated and, except as previously disclosed, there were no other events relative to the consolidated financial statements that require additional disclosure.

QUARTERLY FINANCIAL DATA (Unaud

QUARTERLY FINANCIAL DATA (Unaudited)	12 Months Ended
	Dec. 31, 2022
QUARTERLY FINANCIAL DATA (Unaudited)
QUARTERLY FINANCIAL DATA (Unaudited)	NOTE 17—QUARTERLY FINANCIAL DATA (Unaudited): (In Thousands, Except Per Share Data) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter Ended ​ Total ​ 2022 March 31 June 30 Sept. 30 Dec. 31 For Year ​ Total revenues (a) ​ $ 21,556 ​ $ 21,472 ​ $ 21,473 ​ $ 27,715 ​ $ 92,216 ​ Gain on sale of real estate, net ​ $ 4,649 ​ $ 8,050 ​ $ 4,063 ​ $ — ​ $ 16,762 ​ Net income (b) ​ $ 9,340 ​ $ 16,785 ​ $ 7,221 ​ $ 8,907 ​ $ 42,253 ​ Net income attributable to One Liberty Properties, Inc. (b) ​ $ 9,323 ​ $ 16,767 ​ $ 7,204 ​ $ 8,883 ​ $ 42,177 ​ Weighted average number of common shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 20,379 ​ 20,364 ​ 20,340 ​ 20,358 ​ ​ 20,360 ​ Diluted ​ 20,541 ​ 20,480 ​ 20,416 ​ 20,406 ​ ​ 20,453 ​ Net income per common share attributable to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ .44 ​ $ .80 ​ $ .34 ​ $ .42 ​ $ 2.00 (c) Diluted ​ $ .44 ​ $ .79 ​ $ .34 ​ $ .42 ​ $ 1.99 (c) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter Ended ​ Total 2021 March 31 June 30 Sept. 30 Dec. 31 For Year Total revenues ​ $ 20,816 ​ $ 20,422 ​ $ 20,436 ​ $ 21,066 ​ $ 82,740 ​ Gain on sale of real estate, net ​ $ — ​ $ 21,491 ​ $ 1,277 ​ $ 2,695 ​ $ 25,463 ​ Net income ​ $ 2,957 ​ $ 23,332 ​ $ 6,212 ​ $ 6,533 ​ $ 39,034 ​ Net income attributable to One Liberty Properties, Inc. ​ $ 2,962 ​ $ 23,329 ​ $ 6,059 ​ $ 6,507 ​ $ 38,857 ​ Weighted average number of common shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 20,003 ​ 20,013 ​ 20,115 ​ ​ 20,210 ​ ​ 20,086 ​ Diluted ​ 20,061 ​ 20,187 ​ 20,273 ​ ​ 20,369 ​ ​ 20,264 ​ Net income per common share attributable to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ .13 ​ $ 1.13 ​ $ .29 ​ $ .31 ​ $ 1.87 (a) Diluted ​ $ .13 ​ $ 1.12 ​ $ .28 ​ $ .30 ​ $ 1.85 (a) (a) Includes $4,626 of additional rent from a ground lease tenant recognized in the quarter ended December 31, 2022 – see Note 6. (b) Includes $5,388 of income from the settlement of a lawsuit received in the quarter ended June 30, 2022 – see Note 13. (c) Calculated on weighted average shares outstanding for the year.

Schedule III - Consolidated Rea

Schedule III - Consolidated Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2022
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Schedule III - Consolidated Real Estate and Accumulated Depreciation	ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES Schedule III—Consolidated Real Estate and Accumulated Depreciation December 31, 2022 (Amounts in Thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ Gross Amount at Which Carried ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ Subsequent to ​ at December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and ​ Acquisition ​ ​ ​ ​ Building & ​ ​ ​ ​ Accumulated ​ Date of ​ Date Type Location Encumbrances Land Improvements Improvements Land Improvements Total Depreciation (1) Construction Acquired Health & Fitness Tucker, GA ​ $ — ​ $ 807 ​ $ 3,027 ​ $ 3,420 ​ $ 807 ​ $ 6,447 ​ $ 7,254 ​ $ 3,259 1988 2002 Health & Fitness Hamilton, OH ​ 4,122 ​ 1,483 ​ 5,953 ​ — ​ 1,483 ​ ​ 5,953 ​ ​ 7,436 ​ 1,956 2008 2011 Health & Fitness Secaucus, NJ ​ 7,397 ​ 5,449 ​ 9,873 ​ — ​ 5,449 ​ ​ 9,873 ​ ​ 15,322 ​ 2,498 1986 2012 Industrial West Palm Beach, FL ​ — ​ 181 ​ 724 ​ 235 ​ 181 ​ ​ 959 ​ ​ 1,140 ​ 512 1973 1998 Industrial New Hyde Park, NY ​ 2,187 ​ 182 ​ 728 ​ 281 ​ 182 ​ ​ 1,009 ​ ​ 1,191 ​ 542 1960 1999 Industrial Ronkonkoma, NY ​ 5,158 ​ 1,042 ​ 4,171 ​ 2,943 ​ 1,042 ​ ​ 7,114 ​ ​ 8,156 ​ 3,376 1986 2000 Industrial Hauppauge, NY ​ 23,017 ​ 1,951 ​ 10,954 ​ 9,600 ​ 1,951 ​ ​ 20,554 ​ ​ 22,505 ​ 8,781 1982 2000 Industrial Melville, NY ​ 2,297 ​ 774 ​ 3,029 ​ 1,170 ​ 774 ​ ​ 4,199 ​ ​ 4,973 ​ 1,915 1982 2003 Industrial Saco, ME ​ 5,019 ​ 1,027 ​ 3,623 ​ 2,050 ​ 1,027 ​ ​ 5,673 ​ ​ 6,700 ​ 1,772 2001 2006 Industrial Baltimore, MD ​ 17,640 ​ 6,474 ​ 25,282 ​ — ​ 6,474 ​ ​ 25,282 ​ ​ 31,756 ​ 10,139 1960 2006 Industrial Durham, NC ​ 2,351 ​ 1,043 ​ 2,404 ​ 44 ​ 1,043 ​ ​ 2,448 ​ ​ 3,491 ​ 817 1991 2011 Industrial Pinellas Park, FL ​ 2,036 ​ 1,231 ​ 1,669 ​ 614 ​ 1,231 ​ ​ 2,283 ​ ​ 3,514 ​ 474 1995 2012 Industrial Miamisburg, OH ​ — ​ 165 ​ 1,348 ​ 83 ​ 165 ​ ​ 1,431 ​ ​ 1,596 ​ 433 1987 2012 Industrial Fort Mill, SC ​ 6,891 ​ 1,840 ​ 12,687 ​ 87 ​ 1,840 ​ ​ 12,774 ​ ​ 14,614 ​ 3,280 1992 2013 Industrial Indianapolis, IN ​ 5,006 ​ 1,224 ​ 6,935 ​ — ​ 1,224 ​ ​ 6,935 ​ ​ 8,159 ​ 1,994 1997 2013 Industrial Fort Mill, SC ​ 21,111 ​ 1,804 ​ 33,650 ​ — ​ 1,804 ​ ​ 33,650 ​ ​ 35,454 ​ 9,363 1997 2013 Industrial New Hope, MN ​ 3,763 ​ 881 ​ 6,064 ​ 234 ​ 881 ​ ​ 6,298 ​ ​ 7,179 ​ 1,303 1967 2014 Industrial Louisville, KY ​ — ​ 578 ​ 3,727 ​ 34 ​ 578 ​ ​ 3,761 ​ ​ 4,339 ​ 772 1974 2015 Industrial Louisville, KY ​ — ​ 51 ​ 230 ​ — ​ 51 ​ ​ 230 ​ ​ 281 ​ 47 1974 2015 Industrial McCalla, AL ​ 12,935 ​ 1,588 ​ 14,682 ​ — ​ 1,588 ​ ​ 14,682 ​ ​ 16,270 ​ 2,793 2003 2015 Industrial St. Louis, MO ​ 9,968 ​ 3,728 ​ 13,006 ​ 739 ​ 3,728 ​ ​ 13,745 ​ ​ 17,473 ​ 2,753 1969 2015 Industrial Greenville, SC ​ 4,368 ​ 693 ​ 6,893 ​ 307 ​ 693 ​ ​ 7,200 ​ ​ 7,893 ​ 1,315 1997 2016 Industrial Greenville, SC ​ 4,854 ​ 528 ​ 8,074 ​ 127 ​ 528 ​ ​ 8,201 ​ ​ 8,729 ​ 1,477 2000 2016 Industrial El Paso, TX ​ 23,000 ​ 3,691 ​ 17,904 ​ 2,429 ​ 3,691 ​ ​ 20,333 ​ ​ 24,024 ​ 3,241 1997 2016 Industrial Lebanon, TN ​ 19,949 ​ 2,094 ​ 30,039 ​ 44 ​ 2,094 ​ ​ 30,083 ​ ​ 32,177 ​ 4,896 1996 2016 Industrial Huntersville, NC ​ 4,409 ​ 1,046 ​ 6,674 ​ — ​ 1,046 ​ ​ 6,674 ​ ​ 7,720 ​ 991 2014 2017 Industrial Pittston, PA ​ 14,350 ​ 999 ​ 9,922 ​ 1,048 ​ 999 ​ ​ 10,970 ​ ​ 11,969 ​ 1,514 1990 2017 Industrial Ankeny, IA ​ 7,520 ​ 1,351 ​ 11,607 ​ — ​ 1,351 ​ ​ 11,607 ​ ​ 12,958 ​ 1,651 2016 2017 Industrial Memphis, TN ​ 4,599 ​ 140 ​ 7,952 ​ — ​ 140 ​ ​ 7,952 ​ ​ 8,092 ​ 1,079 1979 2017 Industrial Pennsburg, PA ​ 7,400 ​ 1,776 ​ 11,126 ​ — ​ 1,776 ​ ​ 11,126 ​ ​ 12,902 ​ 1,478 1986 2018 Industrial Plymouth, MN ​ 2,993 ​ 1,121 ​ 4,429 ​ — ​ 1,121 ​ ​ 4,429 ​ ​ 5,550 ​ 526 1978 2018 Industrial Englewood, CO ​ 7,621 ​ 1,562 ​ 11,300 ​ — ​ 1,562 ​ ​ 11,300 ​ ​ 12,862 ​ 1,237 2013 2018 Industrial Moorestown, NJ ​ 3,613 ​ 1,822 ​ 5,056 ​ — ​ 1,822 ​ ​ 5,056 ​ ​ 6,878 ​ 548 1990 2018 Industrial ​ Moorestown, NJ ​ ​ 8,066 ​ ​ 1,443 ​ ​ 10,898 ​ ​ 52 ​ ​ 1,443 ​ ​ 10,950 ​ ​ 12,393 ​ ​ 1,190 ​ 1972 ​ 2018 Industrial ​ Bakersfield, CA ​ ​ — ​ ​ 1,988 ​ ​ 9,998 ​ ​ — ​ ​ 1,988 ​ ​ 9,998 ​ ​ 11,986 ​ ​ 1,061 ​ 1980 ​ 2018 Industrial ​ Green Park, MO ​ ​ 5,834 ​ ​ 1,421 ​ ​ 7,835 ​ ​ — ​ ​ 1,421 ​ ​ 7,835 ​ ​ 9,256 ​ ​ 815 ​ 2008 ​ 2018 Industrial ​ Greenville, SC ​ ​ — ​ ​ 186 ​ ​ 6,419 ​ ​ 210 ​ ​ 186 ​ ​ 6,629 ​ ​ 6,815 ​ ​ 683 ​ 2008 ​ 2018 Industrial ​ Nashville, TN ​ ​ 4,754 ​ ​ 1,058 ​ ​ 6,350 ​ ​ — ​ ​ 1,058 ​ ​ 6,350 ​ ​ 7,408 ​ ​ 586 ​ 1974 ​ 2019 Industrial ​ Wauconda, IL ​ ​ — ​ ​ 67 ​ ​ 3,423 ​ ​ 41 ​ ​ 67 ​ ​ 3,464 ​ ​ 3,531 ​ ​ 344 ​ 1998 ​ 2019 Industrial ​ Bensalem, PA ​ ​ 3,756 ​ ​ 1,602 ​ ​ 4,323 ​ ​ 150 ​ ​ 1,602 ​ ​ 4,473 ​ ​ 6,075 ​ ​ 396 ​ 1975 ​ 2019 Industrial ​ Chandler, AZ ​ ​ 4,787 ​ ​ 1,335 ​ ​ 7,379 ​ ​ 102 ​ ​ 1,335 ​ ​ 7,481 ​ ​ 8,816 ​ ​ 693 ​ 2004 ​ 2019 Industrial ​ LaGrange, GA ​ ​ 2,948 ​ ​ 297 ​ ​ 4,500 ​ ​ — ​ ​ 297 ​ ​ 4,500 ​ ​ 4,797 ​ ​ 404 ​ 2013 ​ 2019 Industrial ​ Shakopee, MN ​ ​ 4,608 ​ ​ 1,877 ​ ​ 5,462 ​ ​ 10 ​ ​ 1,877 ​ ​ 5,472 ​ ​ 7,349 ​ ​ 478 ​ 1998 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ Gross Amount at Which Carried ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ Subsequent to ​ at December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and ​ Acquisition ​ ​ ​ ​ Building & ​ ​ ​ ​ Accumulated ​ Date of ​ Date Type Location Encumbrances Land Improvements Improvements Land Improvements Total Depreciation (1) Construction Acquired Industrial ​ Rincon, GA ​ $ 3,788 ​ $ 61 ​ $ 5,968 ​ $ — ​ $ 61 ​ $ 5,968 ​ $ 6,029 ​ $ 487 ​ 1998 ​ 2019 Industrial Chandler, AZ ​ — ​ ​ 1,164 ​ ​ 1,691 ​ ​ 4 ​ ​ 1,164 ​ ​ 1,695 ​ ​ 2,859 ​ ​ 146 ​ 2007 ​ 2019 Industrial ​ Ashland, VA ​ ​ 5,290 ​ ​ 391 ​ ​ 7,901 ​ ​ — ​ ​ 391 ​ ​ 7,901 ​ ​ 8,292 ​ ​ 593 ​ 2007 ​ 2020 Industrial ​ Lowell, AR ​ ​ 11,611 ​ ​ 1,687 ​ ​ 15,188 ​ ​ — ​ ​ 1,687 ​ ​ 15,188 ​ ​ 16,875 ​ ​ 1,197 ​ 2017 ​ 2020 Industrial ​ Monroe, NC ​ ​ 4,310 ​ ​ 897 ​ ​ 5,106 ​ ​ — ​ ​ 897 ​ ​ 5,106 ​ ​ 6,003 ​ ​ 217 ​ 2000 ​ 2021 Industrial ​ Lehigh Acres, FL ​ ​ 5,896 ​ ​ 1,934 ​ ​ 7,393 ​ ​ — ​ ​ 1,934 ​ ​ 7,393 ​ ​ 9,327 ​ ​ 246 ​ 2002 ​ 2021 Industrial ​ Omaha, NE ​ ​ — ​ ​ 1,001 ​ ​ 6,547 ​ ​ — ​ ​ 1,001 ​ ​ 6,547 ​ ​ 7,548 ​ ​ 190 ​ 1988 ​ 2021 Industrial ​ Fort Myers, FL ​ ​ 4,751 ​ ​ 991 ​ ​ 6,876 ​ ​ — ​ ​ 991 ​ ​ 6,876 ​ ​ 7,867 ​ ​ 175 ​ 2020 ​ 2022 Industrial ​ Dalton, GA ​ ​ 9,905 ​ ​ 547 ​ ​ 15,836 ​ ​ — ​ ​ 547 ​ ​ 15,836 ​ ​ 16,383 ​ ​ 249 ​ 1996 ​ 2022 Industrial ​ Hillside, IL ​ ​ — ​ ​ 2,560 ​ ​ 2,975 ​ ​ — ​ ​ 2,560 ​ ​ 2,975 ​ ​ 5,535 ​ ​ 51 ​ 2002 ​ 2022 Industrial ​ Lexington, KY ​ ​ 5,415 ​ ​ 1,558 ​ ​ 6,881 ​ ​ — ​ ​ 1,558 ​ ​ 6,881 ​ ​ 8,439 ​ ​ 97 ​ 2001 ​ 2022 Industrial ​ Northwood, OH ​ ​ 6,005 ​ ​ 181 ​ ​ 8,306 ​ ​ — ​ ​ 181 ​ ​ 8,306 ​ ​ 8,487 ​ ​ 27 ​ 1999 ​ 2022 Industrial ​ Northwood, OH ​ ​ — ​ ​ 171 ​ ​ 7,383 ​ ​ — ​ ​ 171 ​ ​ 7,383 ​ ​ 7,554 ​ ​ 24 ​ 2001 ​ 2022 Industrial ​ Joppa, MD ​ 8,176 ​ ​ 3,815 ​ ​ 8,142 ​ ​ 1,406 ​ ​ 3,815 ​ ​ 9,548 ​ ​ 13,363 ​ ​ 2,320 ​ 1994 ​ 2014 Office ​ Brooklyn, NY ​ — ​ ​ 1,381 ​ ​ 5,447 ​ ​ 3,013 ​ ​ 1,381 ​ ​ 8,460 ​ ​ 9,841 ​ ​ 4,797 ​ 1973 ​ 1998 Other Newark, DE ​ 1,263 ​ ​ 935 ​ ​ 3,643 ​ ​ 278 ​ ​ 935 ​ ​ 3,921 ​ ​ 4,856 ​ ​ 1,858 ​ 1996 ​ 2003 Other ​ Beachwood, OH ​ ​ — ​ ​ 13,901 ​ ​ — ​ ​ 2,613 ​ ​ 16,514 ​ ​ — ​ ​ 16,514 ​ ​ — ​ N/A ​ 2016 Restaurant ​ Hauppauge, NY ​ ​ — ​ ​ 725 ​ ​ 2,963 ​ ​ — ​ ​ 725 ​ ​ 2,963 ​ ​ 3,688 ​ ​ 1,268 ​ 1992 ​ 2005 Restaurant ​ Carrollton, GA ​ ​ — ​ ​ 796 ​ ​ 1,458 ​ ​ — ​ ​ 796 ​ ​ 1,458 ​ ​ 2,254 ​ ​ 466 ​ 1996 ​ 2012 Restaurant ​ Cartersville, GA ​ ​ — ​ ​ 786 ​ ​ 1,346 ​ ​ — ​ ​ 786 ​ ​ 1,346 ​ ​ 2,132 ​ ​ 457 ​ 1995 ​ 2012 Restaurant ​ Kennesaw, GA ​ ​ — ​ ​ 702 ​ ​ 916 ​ ​ — ​ ​ 702 ​ ​ 916 ​ ​ 1,618 ​ ​ 271 ​ 1989 ​ 2012 Restaurant ​ Lawrenceville, GA ​ ​ — ​ ​ 866 ​ ​ 899 ​ ​ — ​ ​ 866 ​ ​ 899 ​ ​ 1,765 ​ ​ 305 ​ 1988 ​ 2012 Restaurant ​ Concord, NC ​ ​ 1,294 ​ ​ 999 ​ ​ 1,076 ​ ​ — ​ ​ 999 ​ ​ 1,076 ​ ​ 2,075 ​ ​ 305 ​ 2000 ​ 2013 Restaurant ​ Myrtle Beach, SC ​ ​ 1,294 ​ ​ 1,102 ​ ​ 1,161 ​ ​ — ​ ​ 1,102 ​ ​ 1,161 ​ ​ 2,263 ​ ​ 324 ​ 1978 ​ 2013 Restaurant ​ Greensboro, NC ​ ​ — ​ ​ 1,770 ​ ​ 1,237 ​ ​ — ​ ​ 1,770 ​ ​ 1,237 ​ ​ 3,007 ​ ​ 417 ​ 1983 ​ 2013 Restaurant ​ Richmond, VA ​ ​ — ​ ​ 1,680 ​ ​ 1,341 ​ ​ — ​ ​ 1,680 ​ ​ 1,341 ​ ​ 3,021 ​ ​ 294 ​ 1983 ​ 2013 Restaurant ​ Indianapolis, IN ​ ​ — ​ ​ 853 ​ ​ 1,465 ​ ​ — ​ ​ 853 ​ ​ 1,465 ​ ​ 2,318 ​ ​ 382 ​ 1982 ​ 2014 Retail ​ Seattle, WA ​ ​ — ​ ​ 201 ​ ​ 189 ​ ​ 35 ​ ​ 201 ​ ​ 224 ​ ​ 425 ​ ​ 175 ​ 1986 ​ 1987 Retail ​ Rosenberg, TX ​ ​ — ​ ​ 216 ​ ​ 863 ​ ​ 66 ​ ​ 216 ​ ​ 929 ​ ​ 1,145 ​ ​ 630 ​ 1994 ​ 1995 Retail ​ Ft. Myers, FL ​ ​ — ​ ​ 1,013 ​ ​ 4,054 ​ ​ 13 ​ ​ 1,013 ​ ​ 4,067 ​ ​ 5,080 ​ ​ 2,648 ​ 1995 ​ 1996 Retail ​ Selden, NY ​ ​ 2,389 ​ ​ 572 ​ ​ 2,287 ​ ​ 150 ​ ​ 572 ​ ​ 2,437 ​ ​ 3,009 ​ ​ 1,436 ​ 1997 ​ 1999 Retail ​ Batavia, NY ​ ​ — ​ ​ 515 ​ ​ 2,061 ​ ​ — ​ ​ 515 ​ ​ 2,061 ​ ​ 2,576 ​ ​ 1,230 ​ 1998 ​ 1999 Retail ​ Champaign, IL ​ ​ — ​ ​ 791 ​ ​ 3,165 ​ ​ 530 ​ ​ 791 ​ ​ 3,695 ​ ​ 4,486 ​ ​ 2,075 ​ 1985 ​ 1999 Retail ​ El Paso, TX ​ ​ 9,511 ​ ​ 2,821 ​ ​ 11,123 ​ ​ 2,587 ​ ​ 2,821 ​ ​ 13,710 ​ ​ 16,531 ​ ​ 8,160 ​ 1974 ​ 2000 Retail ​ Somerville, MA ​ ​ — ​ ​ 510 ​ ​ 1,993 ​ ​ 24 ​ ​ 510 ​ ​ 2,017 ​ ​ 2,527 ​ ​ 1,001 ​ 1993 ​ 2003 Retail ​ Hyannis, MA ​ ​ — ​ ​ 802 ​ ​ 2,324 ​ ​ — ​ ​ 802 ​ ​ 2,324 ​ ​ 3,126 ​ ​ 869 ​ 1998 ​ 2008 Retail ​ Marston Mills, MA ​ ​ — ​ ​ 461 ​ ​ 2,313 ​ ​ — ​ ​ 461 ​ ​ 2,313 ​ ​ 2,774 ​ ​ 860 ​ 1998 ​ 2008 Retail ​ Everett, MA ​ ​ — ​ ​ 1,935 ​ ​ — ​ ​ — ​ ​ 1,935 ​ ​ — ​ ​ 1,935 ​ ​ — ​ N/A ​ 2008 Retail ​ Kennesaw, GA ​ ​ 4,635 ​ ​ 1,501 ​ ​ 4,349 ​ ​ 1,138 ​ ​ 1,501 ​ ​ 5,487 ​ ​ 6,988 ​ ​ 2,194 ​ 1995 ​ 2008 Retail ​ Royersford, PA ​ ​ 18,529 ​ ​ 19,538 ​ ​ 3,150 ​ ​ 524 ​ ​ 19,538 ​ ​ 3,674 ​ ​ 23,212 ​ ​ 1,228 ​ 2001 ​ 2010 Retail ​ Monroeville, PA ​ ​ — ​ ​ 450 ​ ​ 863 ​ ​ — ​ ​ 450 ​ ​ 863 ​ ​ 1,313 ​ ​ 272 ​ 1994 ​ 2010 Retail ​ Bolingbrook, IL ​ ​ — ​ ​ 834 ​ ​ 1,887 ​ ​ 101 ​ ​ 834 ​ ​ 1,988 ​ ​ 2,822 ​ ​ 665 ​ 2001 ​ 2011 Retail ​ Crystal Lake, IL ​ ​ — ​ ​ 615 ​ ​ 1,899 ​ ​ 492 ​ ​ 615 ​ ​ 2,391 ​ ​ 3,006 ​ ​ 651 ​ 1997 ​ 2011 Retail ​ Lawrence, KS ​ ​ — ​ ​ 134 ​ ​ 938 ​ ​ 207 ​ ​ 134 ​ ​ 1,145 ​ ​ 1,279 ​ ​ 291 ​ 1915 ​ 2012 Retail ​ Greensboro, NC ​ ​ — ​ ​ 1,046 ​ ​ 1,552 ​ ​ 29 ​ ​ 1,046 ​ ​ 1,581 ​ ​ 2,627 ​ ​ 408 ​ 2002 ​ 2014 Retail Highlands Ranch, CO — ​ ​ 2,361 ​ ​ 2,924 ​ ​ 296 ​ ​ 2,361 ​ ​ 3,220 ​ ​ 5,581 ​ ​ 828 ​ 1995 ​ 2014 Retail Woodbury, MN 2,508 ​ ​ 1,190 ​ ​ 4,003 ​ ​ — ​ ​ 1,190 ​ ​ 4,003 ​ ​ 5,193 ​ ​ 984 ​ 2006 ​ 2014 Retail Cuyahoga Falls, OH 945 ​ ​ 71 ​ ​ 1,371 ​ ​ — ​ ​ 71 ​ ​ 1,371 ​ ​ 1,442 ​ ​ 235 ​ 2004 ​ 2016 Retail Hilliard, OH 838 ​ ​ 300 ​ ​ 1,077 ​ ​ — ​ ​ 300 ​ ​ 1,077 ​ ​ 1,377 ​ ​ 189 ​ 2007 ​ 2016 Retail Port Clinton, OH 810 ​ ​ 52 ​ ​ 1,187 ​ ​ — ​ ​ 52 ​ ​ 1,187 ​ ​ 1,239 ​ ​ 209 ​ 2005 ​ 2016 Retail South Euclid, OH 918 ​ ​ 230 ​ ​ 1,566 ​ ​ 53 ​ ​ 230 ​ ​ 1,619 ​ ​ 1,849 ​ ​ 293 ​ 1975 ​ 2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ Gross Amount at Which Carried ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ Subsequent to ​ at December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and ​ Acquisition ​ ​ ​ ​ Building & ​ ​ ​ ​ Accumulated ​ Date of ​ Date Type Location Encumbrances Land Improvements Improvements Land Improvements Total Depreciation (1) Construction Acquired Retail St Louis Park, MN $ — ​ $ 3,388 ​ $ 13,088 ​ $ 152 ​ $ 3,388 ​ $ 13,240 ​ $ 16,628 ​ $ 2,264 ​ 1962 ​ 2016 Retail Deptford, NJ 2,364 ​ ​ 572 ​ ​ 1,779 ​ ​ 705 ​ ​ 572 ​ ​ 2,484 ​ ​ 3,056 ​ ​ 1,051 ​ 1981 ​ 2012 Retail Cape Girardeau, MO 925 ​ ​ 545 ​ ​ 1,547 ​ ​ — ​ ​ 545 ​ ​ 1,547 ​ ​ 2,092 ​ ​ 447 ​ 1994 ​ 2012 Retail Littleton, CO 9,550 ​ ​ 6,005 ​ ​ 11,272 ​ ​ 1,173 ​ ​ 6,005 ​ ​ 12,445 ​ ​ 18,450 ​ ​ 2,904 ​ 1985 ​ 2015 Retail-Furniture Duluth, GA — ​ ​ 778 ​ ​ 3,436 ​ ​ 30 ​ ​ 778 ​ ​ 3,466 ​ ​ 4,244 ​ ​ 1,439 ​ 1987 ​ 2006 Retail-Furniture Wichita, KS — ​ ​ 1,189 ​ ​ 5,248 ​ ​ 169 ​ ​ 1,189 ​ ​ 5,417 ​ ​ 6,606 ​ ​ 2,192 ​ 1996 ​ 2006 Retail-Furniture Lexington, KY — ​ ​ 800 ​ ​ 3,532 ​ ​ 169 ​ ​ 800 ​ ​ 3,701 ​ ​ 4,501 ​ ​ 1,480 ​ 1999 ​ 2006 Retail-Furniture Bluffton, SC — ​ ​ 589 ​ ​ 2,600 ​ ​ 155 ​ ​ 589 ​ ​ 2,755 ​ ​ 3,344 ​ ​ 1,086 ​ 1994 ​ 2006 Retail-Furniture Amarillo, TX — ​ ​ 860 ​ ​ 3,810 ​ ​ 123 ​ ​ 860 ​ ​ 3,933 ​ ​ 4,793 ​ ​ 1,591 ​ 1996 ​ 2006 Retail-Furniture Austin, TX — ​ ​ 1,587 ​ ​ 7,010 ​ ​ 193 ​ ​ 1,587 ​ ​ 7,203 ​ ​ 8,790 ​ ​ 2,942 ​ 2001 ​ 2006 Retail-Furniture Tyler, TX — ​ ​ 1,031 ​ ​ 4,554 ​ ​ 181 ​ ​ 1,031 ​ ​ 4,735 ​ ​ 5,766 ​ ​ 1,906 ​ 2001 ​ 2006 Retail-Furniture Newport News, VA — ​ ​ 751 ​ ​ 3,316 ​ ​ 85 ​ ​ 751 ​ ​ 3,401 ​ ​ 4,152 ​ ​ 1,385 ​ 1995 ​ 2006 Retail-Furniture Richmond, VA — ​ ​ 867 ​ ​ 3,829 ​ ​ 201 ​ ​ 867 ​ ​ 4,030 ​ ​ 4,897 ​ ​ 1,600 ​ 1979 ​ 2006 Retail-Furniture Virginia Beach, VA — ​ ​ 854 ​ ​ 3,770 ​ ​ 224 ​ ​ 854 ​ ​ 3,994 ​ ​ 4,848 ​ ​ 1,575 ​ 1995 ​ 2006 Retail-Furniture Gurnee, IL — ​ ​ 834 ​ ​ 3,635 ​ ​ — ​ ​ 834 ​ ​ 3,635 ​ ​ 4,469 ​ ​ 1,480 ​ 1994 ​ 2006 Retail-Furniture Naples, FL 1,753 ​ ​ 3,070 ​ ​ 2,846 ​ ​ 195 ​ ​ 3,070 ​ ​ 3,041 ​ ​ 6,111 ​ ​ 1,120 ​ 1992 ​ 2008 Retail-Office Supply Lake Charles, LA (2)(3) — ​ ​ 1,167 ​ ​ 3,887 ​ ​ 2,905 ​ ​ 1,167 ​ ​ 6,792 ​ ​ 7,959 ​ ​ 2,733 ​ 1998 ​ 2002 Retail-Office Supply Chicago, IL (3) 3,199 ​ ​ 3,877 ​ ​ 2,256 ​ ​ — ​ ​ 3,877 ​ ​ 2,256 ​ ​ 6,133 ​ ​ 806 ​ 1994 ​ 2008 Retail-Office Supply Cary, NC (3) 2,699 ​ ​ 1,129 ​ ​ 3,736 ​ ​ — ​ ​ 1,129 ​ ​ 3,736 ​ ​ 4,865 ​ ​ 1,335 ​ 1995 ​ 2008 Retail-Office Supply Eugene, OR (3) 2,403 ​ ​ 1,952 ​ ​ 2,096 ​ ​ — ​ ​ 1,952 ​ ​ 2,096 ​ ​ 4,048 ​ ​ 749 ​ 1994 ​ 2008 Retail-Office Supply El Paso, TX (3) 2,099 ​ ​ 1,035 ​ ​ 2,700 ​ ​ — ​ ​ 1,035 ​ ​ 2,700 ​ ​ 3,735 ​ ​ 965 ​ 1993 ​ 2008 Theater Greensboro, NC — ​ ​ — ​ ​ 8,328 ​ ​ 3,000 ​ ​ — ​ ​ 11,328 ​ ​ 11,328 ​ ​ 8,864 ​ 1999 ​ 2004 Theater Indianapolis, IN 3,775 ​ ​ 3,099 ​ ​ 5,225 ​ ​ 19 ​ ​ 3,099 ​ ​ 5,244 ​ ​ 8,343 ​ ​ 1,153 ​ 1997 ​ 2014 ​ ​ ​ ​ $ 409,175 ​ $ 179,192 ​ $ 651,112 ​ $ 49,292 ​ $ 181,805 ​ $ 697,791 ​ $ 879,596 ​ $ 173,143 ​ ​ ​ ​ ​ Note 1—Depreciation is provided over the estimated useful lives of the buildings and improvements, which range from 2 Note 2— Amounts for this property’s building and improvements and accumulated depreciation are shown net of $782 and $352, respectively, resulting from a 2020 impairment write-off due to casualty loss. Note 3— These five properties are retail office supply stores net leased to the same tenant, pursuant to separate leases. Four of these leases contain cross default provisions. ​ ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES Notes to Schedule III Consolidated Real Estate and Accumulated Depreciation (a) Reconciliation of “Real Estate and Accumulated Depreciation” (Amounts in Thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 Investment in real estate: ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of year ​ $ 837,641 ​ $ 839,058 ​ $ 835,837 Addition: Land, buildings and improvements ​ 59,654 ​ 28,837 ​ 26,444 Deduction: Properties sold ​ ​ (17,699) ​ ​ (28,064) ​ ​ (22,441) Deduction: Property held-for-sale ​ ​ — ​ ​ (2,190) ​ ​ — Deduction: Impairment due to casualty loss ​ — ​ — ​ (782) Balance, end of year ​ $ 879,596 ​ $ 837,641 ​ $ 839,058 ​ ​ ​ (b) ​ ​ ​ ​ ​ ​ Accumulated depreciation: ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of year ​ $ 160,664 ​ $ 147,136 ​ $ 135,302 Addition: Depreciation ​ 18,471 ​ 17,694 ​ 17,941 Deduction: Accumulated depreciation related to properties sold ​ (5,992) ​ (3,246) ​ (5,755) Deduction: Accumulated depreciation related to property held-for-sale ​ ​ — ​ ​ (920) ​ ​ — Deduction: Impairment due to casualty loss ​ ​ — ​ ​ — ​ ​ (352) Balance, end of year ​ $ 173,143 ​ $ 160,664 ​ $ 147,136 ​ (b) At December 31, 2022, the aggregate cost for federal income tax purposes is approximately $22,018 greater than the Company’s recorded values. ​

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation/Basis of Preparation	Principles of Consolidation ​ The consolidated financial statements include the accounts and operations of OLP, its wholly owned subsidiaries, its joint ventures in which the Company, as defined, has a controlling interest, and variable interest entities (“VIEs”) of which the Company is the primary beneficiary. OLP and its consolidated subsidiaries are referred to herein as the “Company”. Material intercompany items and transactions have been eliminated in consolidation. ​
Use of Estimates	Use of Estimates ​ The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. ​ Management believes that the estimates and assumptions that are most important to the portrayal of the Company’s consolidated financial condition and results of operations, in that they require management’s most difficult, subjective or complex judgments, form the basis of the accounting policies deemed to be most significant to the Company. These significant accounting policies relate to revenues and the value of the Company’s real estate portfolio, including investments in unconsolidated joint ventures. Management believes its estimates and assumptions related to these significant accounting policies are appropriate under the circumstances; however, should future events or occurrences result in unanticipated consequences, there could be a material impact on the Company’s future consolidated financial condition or results of operations. ​
Segment Reporting	Segment Reporting ​ Substantially all of the Company’s real estate assets, at acquisition, are comprised of real estate owned that is leased to tenants on a long-term basis. Therefore, the Company aggregates real estate assets for reporting purposes and operates in one reportable segment. ​
Accounting for Long-Lived Assets and Impairment of Real Estate Owned	Accounting for Long-Lived Assets and Impairment of Real Estate Owned The Company reviews its real estate portfolio on a quarterly basis for indicators of impairment to the value of any of its real estate assets, including deferred costs and intangibles, to determine if there is any need for an impairment charge. In reviewing the portfolio, the Company examines one or more of the following: the type of asset, the current financial statements or other available financial information of the tenant, prolonged or significant vacancies, the economic environment of the area in which the asset is located and the industry in which the tenant is involved, the timeliness of the payments made by the tenant under its lease, property inspection reports and communication with, by, or relating to, the tenant. For each real estate asset owned for which indicators of impairment exist, management performs a recoverability test by comparing (i) the sum of the estimated undiscounted future cash flows attributable to the asset, which are determined using assumptions and estimates, including projected rental rates over an appropriate holding period and property capitalization rates, to (ii) the carrying amount of the asset. If the aggregate undiscounted cash flows are less than the asset’s carrying amount, an impairment is recorded to the extent that the estimated fair value is less than the asset’s carrying amount. The estimated fair value is determined using a discounted cash flow model of the expected future cash flows through the useful life of the property. The analysis includes an estimate of the future cash flows that are expected to result from the real estate investment’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, the effects of leasing demand, competition and other factors. During the three years ended December 31, 2022, there were no impairment charges related to the Company’s real estate portfolio.
Properties Held-for-Sale	Properties Held-for-Sale Real estate investments are classified as properties held-for-sale when management determines that the investment meets the applicable criteria. Real estate assets that are classified as held-for-sale are: (i) valued at the lower of carrying amount or the estimated fair value less costs to sell on an individual asset basis; and (ii) not depreciated.
Depreciation and Amortization	Depreciation and Amortization Depreciation of buildings is computed on the straight-line method over an estimated useful life of 40 years. Depreciation of building improvements is computed on the straight-line method over the estimated useful life of the improvements. If the Company determines it is the owner of tenant improvements, the amounts funded to construct the tenant improvements are treated as a capital asset and depreciated over the lesser of the remaining lease term or the estimated useful life of the improvements on the straight-line method. Leasehold interest and the related ground lease payments are amortized over the initial lease term of the leasehold position. Depreciation expense (including amortization of a leasehold position, lease origination costs, and capitalized leasing commissions) was $23,781,000, $22,832,000 and $22,964,000, for 2022, 2021 and 2020, respectively. ​
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 reviews on a quarterly basis its investments in unconsolidated joint ventures for other-than-temporary losses in investment value. Any decline that is not expected to be recovered based on the underlying assets of the investment is considered other than temporary and an impairment charge is recorded as a reduction in the carrying value of the investment. During the three years ended December 31, 2022, there were no impairment charges related to the Company’s investments in unconsolidated joint ventures. NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 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. ​
Fair Value Measurements	Fair Value Measurements The Company measures the fair value of financial instruments based on the assumptions that market participants would use in pricing the asset or liability. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs and Level 3 assets/liabilities are valued based on significant “unobservable” market inputs. ​
Derivatives and Hedging Activities	Derivatives and Hedging Activities The Company uses interest rate swaps to add stability to interest expense; not for trading or speculative purposes. ​ The Company records all derivatives on the consolidated balance sheets at fair value using widely accepted valuation techniques including a discounted cash flow analysis on the expected cash flows of the derivatives. In addition, the Company incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. These counterparties are generally large financial institutions engaged in providing a variety of financial services. These institutions generally face similar risks regarding adverse changes in market and economic conditions including, but not limited to, fluctuations in interest rates, exchange rates, equity and commodity prices and credit spreads. ​ The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in accumulated other comprehensive income (outside of earnings) and subsequently reclassified to earnings in the period in which the hedged transaction becomes ineffective. For derivatives not designated as cash flow hedges, changes in the fair value of the derivative are recognized directly in earnings in the period in which the change occurs; however, the Company’s policy is to not enter into such transactions.
Deferred Financing Costs	Deferred Financing Costs ​ Mortgage and credit line costs are deferred and amortized on a straight-line basis over the terms of the respective debt obligations, which approximates the effective interest method. At December 31, 2022 and 2021, accumulated amortization of such costs was $4,791,000 and $4,684,000 , respectively. The Company presents unamortized deferred financing costs as a direct deduction from the carrying amount of the associated debt liability. ​
Income Taxes	Income Taxes ​ The Company is qualified as a REIT under the applicable provisions of the Internal Revenue Code. Under these provisions, the Company will not be subject to Federal, and generally, state and local income taxes, on amounts distributed to stockholders, provided it distributes at least 90% of its ordinary taxable income and meets certain other conditions. ​ The Company follows a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that more-likely-than-not will be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than- not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited. The Company has not identified any uncertain tax positions requiring accrual.
Cash and Cash Equivalents	Cash and Cash Equivalents ​ All highly liquid investments with original maturities of three months or less when purchased are considered to be cash equivalents. ​
Concentration of Credit Risk	Concentration of Credit Risk The Company maintains cash accounts at various financial institutions. While the Company attempts to limit any financial exposure, substantially all of its deposit balances exceed federally insured limits. The Company has not experienced any losses on such accounts. ​ The Company’s properties are located in 31 states. No real estate investments in any one state contributed more than 10% to the Company’s total revenues in any of the past three years. ​ No tenant contributed over 10% to the Company’s total revenues in any of the past three years.
Escrows	Escrows ​ Real estate taxes and other escrows aggregating $559,000 and $502,000 at December 31, 2022 and 2021, respectively, are included in Escrow, deposits and other assets and receivables. ​

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2022
LEASES
Schedule of components of lease revenues	The components of lease revenues are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 Fixed lease revenues ​ ​ $ 74,101 ​ $ 70,387 ​ $ 69,823 Variable lease revenues ​ ​ 17,259 (a) 11,008 ​ 11,285 Lease revenues (b) ​ $ 91,360 ​ $ 81,395 ​ $ 81,108 (a) Includes, for 2022, $4,626 of additional rent accrued from a ground lease tenant – see Note 6. (b) Excludes $831 , $785 and $780 of amortization related to lease intangible assets and liabilities for 2022, 2021 and 2020, respectively.
Schedule of minimum future contractual rents to be received	As of December 31, 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 $22,924,000 of rent related to Regal Cinemas (two leases which expire in 2032 and 2035) and does not include (i) straight-line rent or amortization of intangibles, (ii) $563,000 of COVID-19 lease deferral repayments due from Regal Cinemas which were not accrued to rental income and (iii) variable lease payments as described above. ​ ​ ​ ​ For the year ending December 31, ​ ​ ​ 2023 ​ $ 73,407 2024 ​ ​ 67,323 2025 ​ ​ 63,036 2026 ​ ​ 58,802 2027 ​ ​ 49,843 Thereafter ​ ​ 176,710 Total ​ $ 489,121
Schedule of minimum future lease payments	As of December 31, 2022, the minimum future lease payments related to the operating ground and office leases are as follows (amounts in thousands): ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 ​ $ 507 2024 ​ 557 2025 ​ 626 2026 ​ 627 2027 ​ 629 Thereafter ​ 5,591 Total undiscounted cash flows ​ $ 8,537 Present value discount ​ (1,613) Lease liability ​ $ 6,924

REAL ESTATE INVESTMENTS (Tables

REAL ESTATE INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
REAL ESTATE INVESTMENTS
Schedule of the Company's real estate acquisitions	The following table details the Company’s real estate acquisitions during 2022 and 2021 (amounts in thousands). The Company determined that with respect to each of these acquisitions, the gross assets acquired are concentrated in a single identifiable asset. Therefore, these transactions do not meet the definition of a business and are accounted for as asset acquisitions. As such, direct transaction costs associated with these asset acquisitions have been capitalized to real estate assets and depreciated over their respective useful lives. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract ​ ​ Capitalized ​ ​ Date ​ ​ Purchase Terms of ​ ​ Transaction Description of Industrial Property Acquired Price Payment Costs Conditioned Air Company of Naples LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ Fort Myers, Florida ​ January 5, 2022 ​ $ 8,100 All cash (a) ​ $ 66 Q.E.P. Co., Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ Dalton, Georgia ​ May 12, 2022 ​ ​ 17,000 All cash (a) ​ ​ 330 Multi-tenant ​ ​ ​ ​ ​ ​ ​ ​ ​ Hillside, Illinois ​ May 16, 2022 ​ ​ 5,770 All cash ​ ​ 112 Curaleaf, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ Lexington, Kentucky ​ June 17, 2022 ​ ​ 8,430 Cash and $5,480 mortgage (b) ​ ​ 80 Multi-tenant ​ ​ ​ ​ ​ ​ ​ ​ ​ Northwood, Ohio ​ November 15, 2022 ​ ​ 8,629 Cash and $6,034 mortgage (c) ​ ​ 87 Multi-tenant ​ ​ ​ ​ ​ ​ ​ ​ ​ Northwood, Ohio ​ November 15, 2022 ​ ​ 8,561 Cash and $6,034 mortgage (c) ​ ​ 86 TOTALS FOR 2022 ​ ​ ​ $ 56,490 ​ $ 761 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pureon, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ Monroe, North Carolina ​ May 27, 2021 ​ $ 7,000 Cash and $4,500 mortgage (d) ​ $ 60 Multi-tenant ​ ​ ​ ​ ​ ​ ​ ​ ​ Lehigh Acres, Florida ​ September 29, 2021 ​ ​ 9,355 Cash and $6,100 mortgage (d) ​ ​ 77 Home Depot USA, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ Omaha, Nebraska ​ November 12, 2021 ​ ​ 7,975 All cash ​ ​ 67 TOTALS FOR 2021 ​ ​ ​ $ 24,330 ​ $ 204 (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) Simultaneously with the acquisition of these properties, the Company assumed a $6,034 mortgage encumbering both properties, bearing an interest rate of 3.57% and maturing in 2030. (d) Simultaneously with the acquisitions of these properties, the Company obtained new mortgage debt of $4,500 and $6,100 , bearing interest rates of 3.25% and 3.17% and maturing in 2027 and 2031, respectively.
Schedule of allocation of the purchase price for the company's acquisitions of real estate	The following table details the allocation of the purchase price and capitalized transaction costs for the Company’s acquisition of real estate during 2022 and 2021 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building & ​ Intangible Lease ​ Mortgage ​ ​ ​ ​ Description of Industrial Property Land Improvements Asset Liability ​ Intangible ​ Total ​ Conditioned Air Company of Naples LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fort Myers, Florida ​ $ 991 ​ $ 6,876 ​ $ 568 ​ $ (269) ​ $ — ​ $ 8,166 ​ Q.E.P. Co., Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dalton, Georgia ​ ​ 547 ​ ​ 15,836 ​ ​ 1,223 ​ ​ (276) ​ ​ — ​ ​ 17,330 ​ Multi-tenant ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hillside, Illinois ​ ​ 2,560 ​ ​ 2,975 ​ ​ 539 ​ ​ (192) ​ ​ — ​ ​ 5,882 ​ Curaleaf, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lexington, Kentucky ​ ​ 1,558 ​ ​ 6,881 ​ ​ 486 ​ ​ (415) ​ ​ — ​ ​ 8,510 ​ Multi-tenant ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Northwood, Ohio ​ ​ 181 ​ ​ 8,306 ​ ​ 747 ​ ​ (854) ​ ​ 336 ​ ​ 8,716 ​ Multi-tenant ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Northwood, Ohio ​ ​ 171 ​ ​ 7,383 ​ ​ 759 ​ ​ — ​ ​ 334 ​ ​ 8,647 ​ TOTALS FOR 2022 ​ $ 6,008 ​ $ 48,257 ​ $ 4,322 ​ $ (2,006) ​ $ 670 ​ $ 57,251 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pureon, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Monroe, North Carolina ​ $ 897 ​ $ 5,106 ​ $ 1,057 ​ $ — ​ $ — ​ $ 7,060 ​ Multi-tenant ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lehigh Acres, Florida ​ ​ 1,934 ​ ​ 7,393 ​ ​ 701 ​ ​ (596) ​ ​ — ​ ​ 9,432 ​ Home Depot USA, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Omaha, Nebraska ​ ​ 1,001 ​ ​ 6,547 ​ ​ 530 ​ ​ (36) ​ ​ — ​ ​ 8,042 ​ TOTALS FOR 2021 ​ $ 3,832 ​ $ 19,046 ​ $ 2,288 ​ $ (632) ​ $ — ​ $ 24,534 ​
Summary of market capitalization rate and discount rates associated with the assessment of the fair value of the related lease and mortgage intangibles for the Company's acquisition of real estate	The following table details the market capitalization and discount rates associated with the assessment of the fair value of the related lease and mortgage intangibles for the Company’s acquisition of real estate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount Rate (a) Year ​ ​ ​ Market Cap ​ Lease ​ Mortgage Acquired ​ Description of Industrial Property ​ Rate (a) ​ Intangible ​ Intangible 2022 ​ Conditioned Air Company of Naples LLC ​ 5.50% ​ 5.60% ​ — ​ ​ Fort Myers, Florida ​ ​ ​ ​ ​ ​ 2022 ​ Q.E.P. Co., Inc. ​ 5.00% ​ 5.69% ​ — ​ ​ Dalton, Georgia ​ ​ ​ ​ ​ ​ 2022 ​ Multi-tenant ​ 6.25% ​ 6.63% (b) — ​ ​ Hillside, Illinois ​ ​ ​ ​ ​ ​ 2022 ​ Curaleaf, Inc. ​ 5.25% ​ 5.88% ​ — ​ ​ Lexington, Kentucky ​ ​ ​ ​ ​ ​ 2022 ​ Multi-tenant ​ 6.75% ​ 5.60% ​ 5.75% ​ ​ Northwood, Ohio ​ ​ ​ ​ ​ ​ 2022 ​ Multi-tenant ​ 6.75% ​ 5.60% ​ 5.75% ​ ​ Northwood, Ohio ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ Pureon, Inc. ​ 7.00% ​ 6.08% ​ — ​ ​ Monroe, North Carolina ​ ​ ​ ​ ​ ​ 2021 ​ Multi-tenant ​ 6.75% ​ 5.60% ​ — ​ ​ Lehigh Acres, Florida ​ ​ ​ ​ ​ ​ 2021 ​ Home Depot USA, Inc. ​ 6.25% ​ 6.16% ​ — ​ ​ Omaha, Nebraska ​ ​ ​ ​ ​ ​ (a) The fair value of the tangible and intangible leases and mortgage 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 which is categorized as a Level 3 unobservable input in the fair value hierarchy (as defined in Note 2). (b) Represents the weighted average discount rate of the warehouse lease ( i.e., 5.77% ) and the office lease ( i.e., 9.03% ).
Summary of information regarding the acquired intangibles related to acquisitions of real estate	The following table details information regarding the acquired intangibles related to the Company’s acquisitions of real estate during the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ December 31, 2021 ​ ​ ​ Intangible ​ ​ Intangible ​ ​ ​ Lease Assets ​ ​ Mortgage Asset (a) ​ ​ Lease Liabilities ​ ​ Lease Assets ​ ​ Mortgage Asset ​ ​ Lease Liabilities Weighted average amortization (years) ​ ​ 6.1 ​ ​ 7.1 ​ ​ 8.8 ​ ​ 4.1 ​ ​ n/a ​ ​ 8.2 Accumulated amortization (in thousands) ​ $ 23,506 ​ $ 12 ​ $ 5,061 ​ $ 25,892 ​ $ n/a ​ $ 8,968 ​ (a) In connection with the assumption of a below-market mortgage in 2022 upon the acquisition of the Northwood, Ohio properties (“Northwood mortgage intangible”). ​ The following table details the amortization of acquired intangibles and the classification in the Company’s consolidated statements of income for the periods indicated (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ Classification Intangible lease assets/liabilities $ 831 ​ $ 785 ​ $ 780 ​ Rental income, net Tenant origination costs ​ 4,722 ​ ​ 4,700 ​ ​ 4,617 ​ Depreciation and amortization Intangible mortgage asset (a) ​ 12 ​ ​ n/a ​ ​ n/a ​ Interest expense (a) In connection with the Northwood mortgage intangible. ​
Schedule of future amortization of acquired intangibles	As of December 31, 2022, the future amortization of the Company’s acquired intangibles are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ Intangible Lease Assets ​ ​ Tenant Origination Costs ​ ​ Intangible Mortgage Asset ​ ​ Intangible Lease Liabilities ​ 2023 $ 286 ​ $ 4,561 ​ $ 93 ​ $ 1,162 ​ 2024 214 ​ 3,183 ​ 93 ​ 940 ​ 2025 188 ​ 2,684 ​ 93 ​ 718 ​ 2026 150 ​ 2,520 ​ 93 ​ 711 ​ 2027 92 ​ 1,844 ​ 93 ​ 763 ​ Thereafter 334 ​ 3,785 ​ 193 ​ 6,831 ​ Total $ 1,264 ​ $ 18,577 ​ $ 658 ​ $ 11,125 ​ (a) The result of acquired above-market leases and will be deducted from rental income through 2032. (b) The result of acquired in-place leases and will be charged to Depreciation and amortization expense through 2055. (c) In connection with the Northwood mortgage intangible and will be charged to interest expense through 2030. (d) The result of acquired below-market leases and will be added to rental income through 2055.

SALES OF PROPERTIES (Tables)

SALES OF PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2022
SALE OF PROPERTIES
Schedule of sales of real estate	The following chart details the Company’s sales of real estate during 2022, 2021 and 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sale ​ Mortgage ​ Prepayment ​ ​ ​ ​ Gross ​ of Real ​ Prepaid ​ Costs on Description of Property ​ Date Sold ​ Sales Price ​ Estate, Net ​ on Sale ​ Debt Wendy's restaurants - 4 properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Various cities, Pennsylvania ​ March 22, 2022 ​ $ 10,000 ​ $ 4,649 ​ $ — ​ $ — Orlando Baking industrial property ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Columbus, Ohio (a) ​ May 2, 2022 ​ ​ 8,500 ​ ​ 6,925 ​ ​ — ​ ​ — Havertys retail property ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fayetteville, Georgia ​ June 17, 2022 ​ ​ 4,800 ​ ​ 1,125 ​ ​ 1,563 ​ ​ — Vacant retail property ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Columbus, Ohio ​ August 8, 2022 ​ ​ 8,300 ​ ​ 4,063 ​ ​ — ​ ​ — TOTALS FOR 2022 ​ $ 31,600 ​ $ 16,762 (b) $ 1,563 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Whole Foods retail property & parking lot ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ West Hartford, Connecticut ​ June 17, 2021 ​ $ 40,510 ​ $ 21,469 ​ $ 15,403 ​ $ 799 Vacant retail property ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Philadelphia, Pennsylvania ​ July 1, 2021 ​ ​ 8,300 ​ ​ 1,299 (c) ​ 3,574 ​ ​ 26 Wendys restaurant property ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hanover, Pennsylvania ​ December 27, 2021 ​ ​ 2,815 ​ ​ 1,331 ​ ​ 696 ​ ​ 11 Wendys restaurant property ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gettysburg, Pennsylvania ​ December 27, 2021 ​ ​ 2,885 ​ ​ 1,364 ​ ​ 714 ​ ​ 12 TOTALS FOR 2021 ​ $ 54,510 ​ $ 25,463 (d) $ 20,387 ​ $ 848 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hobby Lobby retail property ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Onalaska, Wisconsin ​ February 11, 2020 ​ $ 7,115 ​ $ 4,252 ​ $ 3,332 ​ $ 290 CarMax retail property ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Knoxville, Tennessee ​ July 1, 2020 ​ ​ 18,000 ​ ​ 10,316 ​ ​ 8,483 ​ ​ 833 PetSmart retail property ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Houston, Texas ​ December 15, 2020 ​ ​ 4,013 (e) ​ 1,067 ​ ​ n/a ​ ​ n/a Guitar Center retail property ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Houston, Texas ​ December 15, 2020 ​ ​ 5,212 (e) ​ 1,645 ​ ​ n/a ​ ​ n/a TOTALS FOR 2020 ​ $ 34,340 ​ $ 17,280 (f) $ 11,815 ​ $ 1,123 (a) This property was classified as held-for-sale in the accompanying consolidated balance sheet at December 31, 2021. (b) As a result of these sales, the Company wrote-off, as a reduction to Gain on sale of real estate, net, an aggregate of $519 of unbilled rent receivable and $4 of net unamortized intangible lease liabilities and assets . (c) This property was owned by a consolidated joint venture in which the Company held a 90% interest. The non-controlling interest’s share of the gain was $130 . (d) As a result of these sales, the Company wrote-off, as a reduction to Gain on sale of real estate, net, an aggregate of $1,438 of unbilled rent receivables and $967 of unamortized intangible lease assets. (e) In 2020, in connection with these sales, the Company provided seller-financing of an aggregate of $4,613 . The loan was repaid in full in 2021 (see Note 13). (f) As a result of these sales, the Company wrote-off, as a reduction to Gain on sale of real estate, net, an aggregate of $365 of unbilled rent receivables and $367 of unamortized intangible lease liabilities . ​

VARIABLE INTEREST ENTITIES, C_2

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES (Tables)	12 Months Ended
	Dec. 31, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Land ​ $ 10,365 ​ $ 10,365 Buildings and improvements, net of accumulated depreciation of $5,670 and $4,957, respectively ​ ​ 17,870 ​ 18,472 Cash ​ ​ 1,163 ​ 1,134 Unbilled rent receivable ​ ​ 1,111 ​ ​ 1,020 Unamortized intangible lease assets, net ​ ​ 472 ​ ​ 548 Escrow, deposits and other assets and receivables ​ ​ 772 ​ ​ 878 Mortgages payable, net of unamortized deferred financing costs of $152 and $195, respectively ​ ​ 18,500 ​ ​ 19,193 Accrued expenses and other liabilities ​ ​ 711 ​ 875 Unamortized intangible lease liabilities, net ​ ​ 424 ​ ​ 475 Accumulated other comprehensive income (loss) ​ ​ 22 ​ ​ (33) Non-controlling interests in consolidated joint ventures ​ ​ 972 ​ 946 ​

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2021 Mortgages payable, gross ​ ​ $ 409,175 ​ $ 399,660 Unamortized mortgage intangible asset (a) ​ ​ ​ (658) ​ ​ — Unamortized deferred financing costs ​ ​ ​ (3,355) ​ (3,316) Mortgages payable, net ​ ​ $ 405,162 ​ $ 396,344 (a) In connection with the assumption of a below-market mortgage upon the acquisition of the Northwood, Ohio properties (see Note 4). ​
Schedule of principal repayments	Scheduled principal repayments during the years indicated are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ending December 31, 2023 2024 2025 2026 2027 Thereafter Total Amortization payments ​ $ 12,288 ​ $ 11,388 ​ $ 10,037 ​ $ 9,897 ​ $ 8,766 ​ $ 39,489 ​ $ 91,865 Principal due at maturity ​ 12,973 ​ 50,695 ​ 32,063 ​ 19,179 ​ 38,525 ​ 163,875 ​ 317,310 Total ​ $ 25,261 ​ $ 62,083 ​ $ 42,100 ​ $ 29,076 ​ $ 47,291 ​ $ 203,364 ​ $ 409,175 ​
Schedule of line of credit, net	The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2021 Line of credit, gross ​ ​ $ 21,800 ​ $ 11,700 Unamortized deferred financing costs ​ ​ ​ (732) ​ ​ (216) Line of credit, net ​ ​ $ 21,068 ​ $ 11,484 ​

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 ​ 2021 Fair value of mortgages payable (a) ​ $ 378,943 ​ ​ $ 419,354 ​ Carrying value of mortgages payable ​ $ 409,175 ​ ​ $ 399,660 ​ Fair value (less than) greater than the carrying value ​ $ (30,232) ​ ​ $ 19,694 ​ Blended market interest rate (a) ​ ​ 5.87 % ​ ​ 3.20 % Weighted average remaining term to maturity (years) ​ ​ 6.5 ​ ​ ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ Carrying and ​ Balance Sheet ​ December 31, Fair Value Classification Financial assets: ​ 2022 ​ $ 1,811 ​ Other assets ​ 2021 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ 2022 ​ $ — ​ Other liabilities ​ 2021 ​ 1,514 ​ ​ ​
Schedule of effect of derivative financial instruments on statements of income	The following table presents the effect of the Company’s derivative financial instruments on the consolidated statements of income for the periods presented (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 2021 2020 Amount of gain (loss) recognized on derivatives in other comprehensive income (loss) $ 3,028 ​ $ 1,179 ​ $ (5,481) Amount of reclassification from Accumulated other comprehensive income (loss) into Interest expense (297) ​ (2,318) ​ (2,098) ​

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	12 Months Ended
	Dec. 31, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 2021 2020 Numerator for basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ ​ $ 42,253 ​ $ 39,034 ​ $ 27,413 Deduct net income attributable to non-controlling interests ​ ​ ​ (76) ​ (177) ​ (6) Deduct earnings allocated to unvested restricted stock (a) ​ ​ ​ (1,434) ​ (1,326) ​ (1,263) Net income available for common stockholders: basic and diluted ​ ​ $ 40,743 ​ $ 37,531 ​ $ 26,144 Denominator for basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding ​ ​ ​ 20,360 ​ 20,086 ​ 19,571 Effect of dilutive securities: RSUs ​ ​ ​ 93 ​ 178 ​ 28 Denominator for diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares ​ ​ ​ 20,453 ​ 20,264 ​ 19,599 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share, basic ​ ​ $ 2.00 ​ $ 1.87 ​ $ 1.34 Earnings per common share, diluted ​ ​ $ 1.99 ​ $ 1.85 ​ $ 1.33 (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 years: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 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 ​ 40,222 ​ — ​ 40,222 ​ 45,128 August 3, 2021 80,700 ​ 40,350 ​ — ​ 40,350 ​ 40,350 August 3, 2020 75,026 ​ 37,513 ​ 37,513 ​ 75,026 ​ — Totals 241,076 118,085 37,513 155,598 85,478 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021: ​ 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) August 3, 2021 ​ 80,700 ​ 40,350 ​ 40,350 ​ 80,700 ​ — August 3, 2020 75,026 ​ 37,513 ​ 37,513 ​ 75,026 ​ — July 1, 2019 (d) 75,026 ​ 37,513 ​ 37,513 ​ 75,026 ​ — Totals 230,752 ​ 115,376 115,376 230,752 — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020: ​ 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) August 3, 2020 ​ 75,026 ​ 37,513 ​ 37,513 ​ 75,026 ​ — July 1, 2019 (d) ​ 75,026 ​ 23,233 ​ — ​ 23,233 ​ 51,793 July 1, 2018 (e) ​ 73,750 ​ 24,823 ​ — ​ 24,823 ​ 48,927 Totals 223,802 ​ 85,569 37,513 123,082 100,720 (a) Reflects the number of shares underlying RSUs that would be issued assuming the measurement date used to determine whether the applicable conditions are satisfied is December 31 of the applicable year. (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 12). (c) Excluded as the applicable conditions had not been met for these shares at the applicable measurement dates. (d) 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 12). (e) With respect to the RSUs awarded July 1, 2018, all 73,750 shares vested and such shares were issued in August 2021 (see Note 12).

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2022
STOCKHOLDERS' EQUITY
Schedule of common stock dividend distributions	In each of 2022 and 2021, the Board of Directors declared an aggregate $1.80 per share in cash distributions. The following table details the Company’s dividend activity for the year ended December 31, 2020 (amounts in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Dividend Paid ​ Cash Stock ​ ​ Value Declaration Date (a) ​ Dividend Cash % Stock % ​ Distributed Issued ​ ​ per Share March 13, 2020 ​ $ 9,037 ​ 100.0 ​ — ​ $ 9,037 ​ — ​ ​ — June 10, 2020 (b) ​ $ 9,068 ​ 50.0 ​ 50.0 ​ $ 4,537 ​ 263 ​ $ 17.22 September 9, 2020 (b) ​ $ 9,198 ​ 75.0 ​ 25.0 ​ $ 6,901 ​ 141 ​ $ 16.27 December 2, 2020 ​ $ 9,261 ​ 100.0 ​ — ​ $ 9,261 ​ — ​ ​ — (a) A dividend of $0.45 per share was declared in each period indicated. (b) Stockholders were entitled to elect whether the dividend payable to them would be paid in cash or shares of the Company’s common stock at the percentages indicated, subject to certain limitations. ​
Summary of shares subject to outstanding awards	The following details the shares subject to awards that are outstanding under the Plans as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2019 ​ 2016 ​ Incentive Plan (a)(b) Incentive Plan (c) Incentive Plan (c) 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) On January 5, 2023, 152,955 restricted shares were issued pursuant to this plan, having an aggregate value of approximately $3,379,000 and are scheduled to vest in January 2028. (c) No additional awards may be granted under such plans. ​
Summary of RSU activity and other material terms and conditions	The following table reflects the activities involving RSUs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ 2019 ​ 2018 ​ RSUs granted ​ 85,350 ​ 80,700 ​ 75,026 ​ 77,776 ​ 76,250 ​ RSUs vested ​ — ​ — ​ — ​ 64,488 (b) 73,750 (c) RSUs forfeited ​ — ​ — ​ — ​ 13,288 ​ 2,500 ​ RSUs outstanding ​ 85,350 ​ 80,700 ​ 75,026 ​ — ​ — ​ Vesting Date ​ 6/30/2025 ​ 6/30/2024 ​ 6/30/2023 ​ 6/30/2022 ​ 6/30/2021 ​ (a) The shares underlying the RSUs are excluded from the shares shown as outstanding on the balance sheet until they have vested and been issued. (b) Such shares were issued in August 2022. (c) Such shares were issued in August 2021. (d) 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. (e) Generally, the recipient must maintain a relationship with the Company during the applicable three-year performance cycle. (f) 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 to the extent the Compensation Committee determines that the Metrics with respect to the vesting of such shares have been satisfied. NOTE 12—STOCKHOLDERS’ EQUITY (CONTINUED) The specific metrics and other material terms and conditions of the RSUs are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performance Criteria Year RSU Granted ​ Metric ​ Weight ​ Minimum ​ Maximum 2018 - 2020 (b) ​ ROC Metric (c) ​ 50% ​ Average annual of at least 7.0% ​ Average annual of at least 9.75% ​ ​ TSR Metric (d) ​ 50% ​ Average annual of at least 7.0% ​ Average annual of at least 12.0% 2021 - 2022 (e) (f) ​ ROC Metric (c) ​ 50% ​ Average annual of at least 6.0% ​ Average annual of at least 8.75% ​ ​ TSR Metric (d) ​ 50% ​ Average annual of at least 6.0% ​ Average annual 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. For ROC Awards, the Company does not recognize expense when performance conditions are not expected to be met; such performance assumptions are reevaluated quarterly. (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. For these TSR awards, the per unit or share fair value was estimated using the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TSR Award Year Expected Life (yrs) Dividend Rate Risk-Free Interest Rate Expected Price Volatility 2022 3 7.10% ​ 1.58% - 3.33% ​ 29.37% - 39.87% ​ 2021 3 5.91% ​ 0.03% - 0.35% ​ 26.74% - 41.53% ​ 2020 3 10.40% ​ 0.10% - 0.18% ​ 51.24% - 77.92% ​ (1) Calculated based on the historical and implied volatility. (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 $48,000 and $162,000, respectively, based on the number of shares that would have been issued, underlying such RSUs, using performance and market assumptions determined as of December 31, 2022. ​
Schedule of equity incentive plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 2021 2020 Restricted stock grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of shares ​ ​ ​ 153,575 ​ ​ 151,500 ​ ​ 149,550 Average per share grant price ​ ​ $ 33.75 ​ $ 20.34 ​ $ 28.10 Deferred compensation to be recognized over vesting period ​ ​ $ 5,183,000 ​ $ 3,082,000 ​ $ 4,202,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested beginning of the year ​ ​ ​ 706,450 ​ ​ 701,675 ​ ​ 674,250 Grants ​ ​ 153,575 ​ 151,500 ​ 149,550 Vested during the year ​ ​ (146,900) ​ (145,725) ​ (122,125) Forfeitures ​ ​ (750) ​ (1,000) ​ — Non-vested end of the year ​ ​ 712,375 ​ 706,450 ​ 701,675 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSU grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of underlying shares ​ ​ ​ 85,350 ​ ​ 80,700 ​ ​ 75,026 Average per share grant price ​ ​ $ 26.44 ​ $ 30.46 ​ $ 17.31 Deferred compensation to be recognized over vesting period ​ ​ $ 1,420,000 ​ $ 1,808,000 ​ $ 850,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested beginning of the year ​ ​ ​ 230,752 ​ ​ 223,802 ​ ​ 225,026 Grants ​ ​ ​ 85,350 ​ ​ 80,700 ​ ​ 75,026 Vested during the year ​ ​ ​ (64,488) ​ ​ (73,750) ​ ​ (24,343) Forfeitures ​ ​ ​ (10,538) ​ ​ — ​ ​ (51,907) Non-vested end of the year ​ ​ ​ 241,076 ​ ​ 230,752 ​ ​ 223,802 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock and RSU grants (based on grant price): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average per share value of non-vested shares ​ ​ $ 26.26 ​ $ 25.04 ​ $ 24.98 Value of stock vested during the year ​ ​ $ 5,535,000 ​ $ 5,165,000 ​ $ 3,589,000 Weighted average per share value of shares forfeited during the year ​ ​ $ 29.12 ​ $ 24.62 ​ $ 24.03 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total charge to operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding restricted stock grants ​ ​ $ 4,057,000 ​ $ 3,734,000 ​ $ 3,529,000 Outstanding RSUs ​ ​ ​ 1,450,000 ​ ​ 1,699,000 ​ ​ 1,157,000 Total charge to operations ​ ​ $ 5,507,000 ​ $ 5,433,000 ​ $ 4,686,000 ​ As of December 31, 2022, total compensation costs of 2.1 1.5

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
INCOME TAXES
Schedule of allocation of distributions made to stockholders	The approximate allocation of the distributions made to stockholders is as follows for the years indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 2021 2020 Ordinary income (a) ​ 54 % ​ 43 % ​ 45 % Capital gains ​ 46 ​ ​ 57 ​ ​ 47 ​ Return of capital ​ — ​ ​ — ​ ​ 8 ​ ​ ​ 100 % ​ 100 % ​ 100 % (a) In 2022, 2021 and 2020, the ordinary income portion of the distributions are considered qualified REIT dividends and will be taxed at a rate reduced by up to 20% pursuant to Internal Revenue Code Section 199A.
Schedule of reconciliation of dividends declared with the dividends paid deduction	The following table reconciles dividends declared with the dividends paid deduction for the years indicated (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 ​ ​ Estimate ​ Actual ​ Actual Dividends declared ​ $ 37,915 ​ $ 37,478 ​ $ 36,564 Dividend reinvestment plan (a) ​ 102 ​ 35 ​ 47 ​ ​ 38,017 ​ 37,513 ​ 36,611 Less: Spillover dividends designated to following year (b) ​ ​ — ​ ​ (2,085) ​ ​ (9,261) Less: Return of capital ​ ​ — ​ ​ — ​ ​ (3,265) Plus: Dividends designated from prior year ​ ​ 2,085 ​ ​ 9,261 ​ ​ 8,976 Plus: Dividends designated from following year ​ 4,240 ​ — ​ — Dividends paid deduction ​ $ 44,342 ​ $ 44,689 ​ $ 33,061 (a) Reflects the discount on common stock purchased through the dividend reinvestment plan of 3% from June 2021 through December 2022 and 5% prior to June 2021. (b) A portion of the dividend paid in January 2022 and the entire dividend paid in January 2021 are considered 2022 and 2021 dividends, respectively, as such dividends were in excess of the Company’s earnings and profits during 2021 and 2020, respectively.

QUARTERLY FINANCIAL DATA (Una_2

QUARTERLY FINANCIAL DATA (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2022
QUARTERLY FINANCIAL DATA (Unaudited)
Schedule of Quarterly Financial Information	(In Thousands, Except Per Share Data) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter Ended ​ Total ​ 2022 March 31 June 30 Sept. 30 Dec. 31 For Year ​ Total revenues (a) ​ $ 21,556 ​ $ 21,472 ​ $ 21,473 ​ $ 27,715 ​ $ 92,216 ​ Gain on sale of real estate, net ​ $ 4,649 ​ $ 8,050 ​ $ 4,063 ​ $ — ​ $ 16,762 ​ Net income (b) ​ $ 9,340 ​ $ 16,785 ​ $ 7,221 ​ $ 8,907 ​ $ 42,253 ​ Net income attributable to One Liberty Properties, Inc. (b) ​ $ 9,323 ​ $ 16,767 ​ $ 7,204 ​ $ 8,883 ​ $ 42,177 ​ Weighted average number of common shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 20,379 ​ 20,364 ​ 20,340 ​ 20,358 ​ ​ 20,360 ​ Diluted ​ 20,541 ​ 20,480 ​ 20,416 ​ 20,406 ​ ​ 20,453 ​ Net income per common share attributable to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ .44 ​ $ .80 ​ $ .34 ​ $ .42 ​ $ 2.00 (c) Diluted ​ $ .44 ​ $ .79 ​ $ .34 ​ $ .42 ​ $ 1.99 (c) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter Ended ​ Total 2021 March 31 June 30 Sept. 30 Dec. 31 For Year Total revenues ​ $ 20,816 ​ $ 20,422 ​ $ 20,436 ​ $ 21,066 ​ $ 82,740 ​ Gain on sale of real estate, net ​ $ — ​ $ 21,491 ​ $ 1,277 ​ $ 2,695 ​ $ 25,463 ​ Net income ​ $ 2,957 ​ $ 23,332 ​ $ 6,212 ​ $ 6,533 ​ $ 39,034 ​ Net income attributable to One Liberty Properties, Inc. ​ $ 2,962 ​ $ 23,329 ​ $ 6,059 ​ $ 6,507 ​ $ 38,857 ​ Weighted average number of common shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 20,003 ​ 20,013 ​ 20,115 ​ ​ 20,210 ​ ​ 20,086 ​ Diluted ​ 20,061 ​ 20,187 ​ 20,273 ​ ​ 20,369 ​ ​ 20,264 ​ Net income per common share attributable to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ .13 ​ $ 1.13 ​ $ .29 ​ $ .31 ​ $ 1.87 (a) Diluted ​ $ .13 ​ $ 1.12 ​ $ .28 ​ $ .30 ​ $ 1.85 (a) (a) Includes $4,626 of additional rent from a ground lease tenant recognized in the quarter ended December 31, 2022 – see Note 6. (b) Includes $5,388 of income from the settlement of a lawsuit received in the quarter ended June 30, 2022 – see Note 13. (c) Calculated on weighted average shares outstanding for the year.

ORGANIZATION AND BACKGROUND (De

ORGANIZATION AND BACKGROUND (Details)	Dec. 31, 2022 property state
Organization and Background
Number of real estate properties	120
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

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2022 item
Segment Reporting
Number of operating segments	1

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue Recognition
Revenue	$ 27,715,000	$ 21,473,000	$ 21,472,000	$ 21,556,000	$ 21,066,000	$ 20,436,000	$ 20,422,000	$ 20,816,000	$ 92,216,000	$ 82,740,000	$ 81,903,000
Tenant reimbursements
Revenue Recognition
Revenue									$ 12,548,000	$ 10,938,000	$ 10,512,000

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Purchase Accounting for Acquisition of Real Estate (Details) - Above and Below Market Leases	12 Months Ended
	Dec. 31, 2022
Minimum
Purchase Accounting for Acquisition of Real Estate
Useful Life	1 year
Maximum
Purchase Accounting for Acquisition of Real Estate
Useful Life	33 years

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES - Depreciation and Amortization (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Depreciation and Amortization
Depreciation expense	$ 23,781,000	$ 22,832,000	$ 22,964,000
Buildings
Depreciation and Amortization
Estimated useful life	40 years

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES - Investment in Joint Ventures and Variable Interest Entities (Details)	Dec. 31, 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

SIGNIFICANT ACCOUNTING POLICI_8

SIGNIFICANT ACCOUNTING POLICIES - Deferred Financing Costs (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Deferred Financing Costs
Accumulated amortization of deferred financing costs	$ 4,791,000	$ 4,684,000

SIGNIFICANT ACCOUNTING POLICI_9

SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details)	12 Months Ended
	Dec. 31, 2022 state tenant property	Dec. 31, 2021 tenant property	Dec. 31, 2020 property tenant
Concentration of Credit Risk
Number of states in which properties are located	31
Total Revenue | Geographic concentration
Concentration of Credit Risk
Number of states in which properties are located	31
Number of real estate investments in any one state contributing to more than 10% of total revenues | property	0	0	0
Total Revenue | Customer concentration
Concentration of Credit Risk
Number of tenants contributed over 10% of total revenues | tenant	0	0	0

SIGNIFICANT ACCOUNTING POLIC_10

SIGNIFICANT ACCOUNTING POLICIES - Escrows (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Escrows
Real estate taxes, insurance and other escrows	$ 559,000	$ 502,000

LEASES - As Lessor (Details)

LEASES - As Lessor (Details)	1 Months Ended	2 Months Ended	4 Months Ended	6 Months Ended	12 Months Ended			36 Months Ended
	Jan. 31, 2023 USD ($)	Mar. 06, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 06, 2023	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 item
Lessor Accounting
Operating Lease, option to extend					true
Operating Lease, option to terminate					true
Practical expedient, single lease component			false		false			false
Components of lease revenues
Fixed lease revenues					$ 74,101,000	$ 70,387,000	$ 69,823,000
Variable lease revenues					17,259,000	11,008,000	11,285,000
Lease revenues					91,360,000	81,395,000	81,108,000
Additional rent accrued from a ground lease tenant					4,626,000
Amortization of intangibles relating to leases, net					831,000	$ 785,000	780,000
Additional disclosures
Rent not accrued due to collections were deemed less than probable					0
Regal Cinemas
Additional disclosures
Percentage of deferred and base rents that have been repaid				100%
Number of properties with tenants in bankruptcy protection | item									2
Monthly base rent unpaid due to tenant's Chapter 11 bankruptcy filing					$ 158,000
Number of leases | item					2
Repayments of base and deferred rents		$ 718,000	$ 63,000
Impairment charge					$ 0
COVID-19 | Tenants, excluding Regal Cinemas
Additional disclosures
Deferred lease rent							$ 3,360,000
Repayments of COVID-19 related deferred rent	$ 12,000							$ 3,330,000
Percentage of deferred rent that has been repaid								99.10%
Lease concessions lease payments forgiven								$ 18,000
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
Aggregate amount of rents deferred			1,449,000		1,449,000			1,449,000
Lease income deferred but not accrued			$ 563,000		$ 563,000			$ 563,000

LEASES - As Lessor - Minimum Fu

LEASES - As Lessor - Minimum Future Rents (Details)	Dec. 31, 2022 USD ($)
Minimum future contractual base rents to be received
For the year ending December 31, 2023	$ 73,407,000
For the year ending December 31, 2024	67,323,000
For the year ending December 31, 2025	63,036,000
For the year ending December 31, 2026	58,802,000
For the year ending December 31, 2027	49,843,000
Thereafter	176,710,000
Total	489,121,000
Regal Cinemas
Minimum future contractual base rents to be received
Total	$ 22,924,000

LEASES - As Lessor - Lease Ince

LEASES - As Lessor - Lease Incentives and Lease Termination Fees (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) tenant	Dec. 31, 2021 USD ($) tenant	Dec. 31, 2020 USD ($) tenant
Lease Incentives
Lease incentives recognized | $	$ 1,345,000
Number of tenants with lease incentives | tenant	3
Lease incentives amortized | $	$ 44,000
Lease Termination Fee
Payments received upon early lease termination | $	$ 25,000	$ 487,000	$ 88,000
Number of retail tenants in lease buy-out transactions | tenant	4	4	4
Write-off of unbilled rent receivable | $			$ (1,094,000)
Retail tenants
Lease Termination Fee
Number of retail tenants in lease buy-out transactions | tenant	3	3	3
Industrial tenants
Lease Termination Fee
Number of retail tenants in lease buy-out transactions | tenant	1	1	1

LEASES - As Lessor - Unbilled S

LEASES - As Lessor - Unbilled Straight-Line Rent (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Unbilled Straight-Line Rent
Unbilled rent receivable	$ 16,079,000	$ 14,330,000
Period during which amount of unbilled rent receivable is to be billed and received	20 years
Unbilled straight-line rent receivables written off related to property sold	$ 519,000	1,438,000	$ 365,000
Unearned Rental Income	$ 756,000	$ 897,000
Period during which amount of unbilled rent payable is to be billed and received	10 years
Unbilled rent receivable written off of amounts where collectability is less than probable			$ 1,094,000

LEASES - As Lessee - Ground Lea

LEASES - As Lessee - Ground Lease and Office Lease (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Lessee Accounting
Operating lease liability	$ 6,924,000
Operating lease liability, Statement of Financial Position	Accrued expenses and other liabilities
Right-of-use asset	$ 5,864,000
Operating lease, right-of-use asset, Statement of Financial Position	Escrow, deposits and other assets and receivables
Real Estate in Greensboro, NC
Lessee Accounting
Operating lease liability	$ 6,366,000	$ 6,634,000
Right-of-use asset		6,267,000
Operating lease, remaining lease term	12 years 2 months 12 days
Operating lease, incremental borrowing rate (as a percent)	2.95%
Real Estate in Greensboro, NC | Real estate expenses
Lessee Accounting
Operating lease expense	$ 599,000	599,000	$ 533,000
Real Estate in Greensboro, NC | Five-Year Lease
Lessee Accounting
Operating lease, number of renewal options | item	4
Operating lease, renewal term	5 years
Operating lease, option to extend	true
Real Estate in Greensboro, NC | Seven-Month Lease
Lessee Accounting
Operating lease, number of renewal options | item	1
Operating lease, renewal term	7 months
Operating lease, option to extend	true
Corporate office lease in Great Neck, NY
Lessee Accounting
Operating lease, renewal term	5 years
Operating lease, option to extend	true
Operating lease liability	$ 558,000	578,000
Right-of-use asset	$ 535,000	564,000
Operating lease, remaining lease term	14 years
Operating lease, incremental borrowing rate (as a percent)	3.81%
Corporate office lease in Great Neck, NY | General and administrative expense
Lessee Accounting
Operating lease expense	$ 56,000	$ 55,000	$ 57,000

LEASES - As Lessee - Minimum Fu

LEASES - As Lessee - Minimum Future Lease Payments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Minimum future lease payments
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	8,537
Present value discount	(1,613)
Lease liability	$ 6,924
Operating lease liability, Statement of Financial Position	Accrued expenses and other liabilities

REAL ESTATE INVESTMENTS - Acqui

REAL ESTATE INVESTMENTS - Acquisitions (Details) - USD ($) $ in Thousands									12 Months Ended
	Nov. 15, 2022	Jun. 17, 2022	May 16, 2022	May 12, 2022	Jan. 05, 2022	Nov. 12, 2021	Sep. 29, 2021	May 27, 2021	Dec. 31, 2022	Dec. 31, 2021
Real Estate Acquisitions in 2022
REAL ESTATE INVESTMENTS
Contract Purchase Price									$ 56,490
Capitalized Transaction Costs									$ 761
Real Estate Acquisitions in 2022 | Conditioned Air Company of Naples LLC, Fort Myers, Florida
REAL ESTATE INVESTMENTS
Contract Purchase Price					$ 8,100
Capitalized Transaction Costs					66
New mortgage debt					$ 4,860
Interest rate (as a percent)					3.09%
Real Estate Acquisitions in 2022 | Q.E.P. Co., Inc., Dalton Georgia
REAL ESTATE INVESTMENTS
Contract Purchase Price				$ 17,000
Capitalized Transaction Costs				330
New mortgage debt				$ 10,000
Interest rate (as a percent)				3.50%
Real Estate Acquisitions in 2022 | Multi-tenant, Hillside, Illinois
REAL ESTATE INVESTMENTS
Contract Purchase Price			$ 5,770
Capitalized Transaction Costs			$ 112
Real Estate Acquisitions in 2022 | Curaleaf, Inc., Lexington, Kentucky
REAL ESTATE INVESTMENTS
Contract Purchase Price		$ 8,430
Capitalized Transaction Costs		80
New mortgage debt		$ 5,480
Interest rate (as a percent)		3.85%
Real Estate Acquisitions in 2022 | Two Multi Tenant Facilities In Northwood, Ohio
REAL ESTATE INVESTMENTS
New mortgage debt	$ 6,034
Interest rate (as a percent)	3.57%
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 1
REAL ESTATE INVESTMENTS
Contract Purchase Price	$ 8,629
Capitalized Transaction Costs	87
New mortgage debt	6,034
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 2
REAL ESTATE INVESTMENTS
Contract Purchase Price	8,561
Capitalized Transaction Costs	86
New mortgage debt	$ 6,034
Real Estate Acquisitions in 2021
REAL ESTATE INVESTMENTS
Contract Purchase Price										$ 24,330
Capitalized Transaction Costs										$ 204
Real Estate Acquisitions in 2021 | Pureon, Inc., Monroe, North Carolina
REAL ESTATE INVESTMENTS
Contract Purchase Price								$ 7,000
Capitalized Transaction Costs								60
New mortgage debt								$ 4,500
Interest rate (as a percent)								3.25%
Real Estate Acquisitions in 2021 | Multi-tenant, Lehigh Acres, Florida
REAL ESTATE INVESTMENTS
Contract Purchase Price							$ 9,355
Capitalized Transaction Costs							77
New mortgage debt							$ 6,100
Interest rate (as a percent)							3.17%
Real Estate Acquisitions in 2021 | Home Depot USA, Inc, Omaha, Nebraska
REAL ESTATE INVESTMENTS
Contract Purchase Price						$ 7,975
Capitalized Transaction Costs						$ 67

REAL ESTATE INVESTMENTS - Purch

REAL ESTATE INVESTMENTS - Purchase price and capitalized transaction costs (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
REAL ESTATE INVESTMENTS
Intangible Lease Liability	$ (11,125)
Real Estate Acquisitions in 2022
REAL ESTATE INVESTMENTS
Intangible Lease Asset	4,322
Intangible Lease Liability	(2,006)
Mortgage Intangible	670
Total	57,251
Real Estate Acquisitions in 2022 | Land
REAL ESTATE INVESTMENTS
Acquired property	6,008
Real Estate Acquisitions in 2022 | Building & Improvements
REAL ESTATE INVESTMENTS
Acquired property	48,257
Real Estate Acquisitions in 2022 | Conditioned Air Company of Naples LLC, Fort Myers, Florida
REAL ESTATE INVESTMENTS
Intangible Lease Asset	568
Intangible Lease Liability	(269)
Total	8,166
Real Estate Acquisitions in 2022 | Conditioned Air Company of Naples LLC, Fort Myers, Florida | Land
REAL ESTATE INVESTMENTS
Acquired property	991
Real Estate Acquisitions in 2022 | Conditioned Air Company of Naples LLC, Fort Myers, Florida | Building & Improvements
REAL ESTATE INVESTMENTS
Acquired property	6,876
Real Estate Acquisitions in 2022 | Q.E.P. Co., Inc., Dalton Georgia
REAL ESTATE INVESTMENTS
Intangible Lease Asset	1,223
Intangible Lease Liability	(276)
Total	17,330
Real Estate Acquisitions in 2022 | Q.E.P. Co., Inc., Dalton Georgia | Land
REAL ESTATE INVESTMENTS
Acquired property	547
Real Estate Acquisitions in 2022 | Q.E.P. Co., Inc., Dalton Georgia | Building & Improvements
REAL ESTATE INVESTMENTS
Acquired property	15,836
Real Estate Acquisitions in 2022 | Multi-tenant, Hillside, Illinois
REAL ESTATE INVESTMENTS
Intangible Lease Asset	539
Intangible Lease Liability	(192)
Total	5,882
Real Estate Acquisitions in 2022 | Multi-tenant, Hillside, Illinois | Land
REAL ESTATE INVESTMENTS
Acquired property	2,560
Real Estate Acquisitions in 2022 | Multi-tenant, Hillside, Illinois | Building & Improvements
REAL ESTATE INVESTMENTS
Acquired property	2,975
Real Estate Acquisitions in 2022 | Curaleaf, Inc., Lexington, Kentucky
REAL ESTATE INVESTMENTS
Intangible Lease Asset	486
Intangible Lease Liability	(415)
Total	8,510
Real Estate Acquisitions in 2022 | Curaleaf, Inc., Lexington, Kentucky | Land
REAL ESTATE INVESTMENTS
Acquired property	1,558
Real Estate Acquisitions in 2022 | Curaleaf, Inc., Lexington, Kentucky | Building & Improvements
REAL ESTATE INVESTMENTS
Acquired property	6,881
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 1
REAL ESTATE INVESTMENTS
Intangible Lease Asset	747
Intangible Lease Liability	(854)
Mortgage Intangible	336
Total	8,716
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 1 | Land
REAL ESTATE INVESTMENTS
Acquired property	181
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 1 | Building & Improvements
REAL ESTATE INVESTMENTS
Acquired property	8,306
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 2
REAL ESTATE INVESTMENTS
Intangible Lease Asset	759
Mortgage Intangible	334
Total	8,647
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 2 | Land
REAL ESTATE INVESTMENTS
Acquired property	171
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 2 | Building & Improvements
REAL ESTATE INVESTMENTS
Acquired property	$ 7,383
Real Estate Acquisitions in 2021
REAL ESTATE INVESTMENTS
Intangible Lease Asset		$ 2,288
Intangible Lease Liability		(632)
Total		24,534
Real Estate Acquisitions in 2021 | Land
REAL ESTATE INVESTMENTS
Acquired property		3,832
Real Estate Acquisitions in 2021 | Building & Improvements
REAL ESTATE INVESTMENTS
Acquired property		19,046
Real Estate Acquisitions in 2021 | Pureon, Inc., Monroe, North Carolina
REAL ESTATE INVESTMENTS
Intangible Lease Asset		1,057
Total		7,060
Real Estate Acquisitions in 2021 | Pureon, Inc., Monroe, North Carolina | Land
REAL ESTATE INVESTMENTS
Acquired property		897
Real Estate Acquisitions in 2021 | Pureon, Inc., Monroe, North Carolina | Building & Improvements
REAL ESTATE INVESTMENTS
Acquired property		5,106
Real Estate Acquisitions in 2021 | Multi-tenant, Lehigh Acres, Florida
REAL ESTATE INVESTMENTS
Intangible Lease Asset		701
Intangible Lease Liability		(596)
Total		9,432
Real Estate Acquisitions in 2021 | Multi-tenant, Lehigh Acres, Florida | Land
REAL ESTATE INVESTMENTS
Acquired property		1,934
Real Estate Acquisitions in 2021 | Multi-tenant, Lehigh Acres, Florida | Building & Improvements
REAL ESTATE INVESTMENTS
Acquired property		7,393
Real Estate Acquisitions in 2021 | Home Depot USA, Inc, Omaha, Nebraska
REAL ESTATE INVESTMENTS
Intangible Lease Asset		530
Intangible Lease Liability		(36)
Total		8,042
Real Estate Acquisitions in 2021 | Home Depot USA, Inc, Omaha, Nebraska | Land
REAL ESTATE INVESTMENTS
Acquired property		1,001
Real Estate Acquisitions in 2021 | Home Depot USA, Inc, Omaha, Nebraska | Building & Improvements
REAL ESTATE INVESTMENTS
Acquired property		$ 6,547

REAL ESTATE INVESTMENTS - Marke

REAL ESTATE INVESTMENTS - Market capitalization rate and discount rates (Details) - Level 3	Dec. 31, 2022	Dec. 31, 2021
Real Estate Acquisitions in 2022 | Conditioned Air Company of Naples LLC, Fort Myers, Florida
REAL ESTATE INVESTMENTS
Market Cap Rate	0.0550
Real Estate Acquisitions in 2022 | Conditioned Air Company of Naples LLC, Fort Myers, Florida | Lease Intangible
REAL ESTATE INVESTMENTS
Discount Rate	0.0560
Real Estate Acquisitions in 2022 | Q.E.P. Co., Inc., Dalton Georgia
REAL ESTATE INVESTMENTS
Market Cap Rate	0.0500
Real Estate Acquisitions in 2022 | Q.E.P. Co., Inc., Dalton Georgia | Lease Intangible
REAL ESTATE INVESTMENTS
Discount Rate	0.0569
Real Estate Acquisitions in 2022 | Multi-tenant, Hillside, Illinois
REAL ESTATE INVESTMENTS
Market Cap Rate	0.0625
Real Estate Acquisitions in 2022 | Multi-tenant, Hillside, Illinois | Lease Intangible
REAL ESTATE INVESTMENTS
Discount Rate	0.0663
Real Estate Acquisitions in 2022 | Multi-tenant, Hillside, Illinois | Lease Intangible | Warehouse
REAL ESTATE INVESTMENTS
Discount Rate	0.0577
Real Estate Acquisitions in 2022 | Multi-tenant, Hillside, Illinois | Lease Intangible | Office
REAL ESTATE INVESTMENTS
Discount Rate	0.0903
Real Estate Acquisitions in 2022 | Curaleaf, Inc., Lexington, Kentucky
REAL ESTATE INVESTMENTS
Market Cap Rate	0.0525
Real Estate Acquisitions in 2022 | Curaleaf, Inc., Lexington, Kentucky | Lease Intangible
REAL ESTATE INVESTMENTS
Discount Rate	0.0588
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 1
REAL ESTATE INVESTMENTS
Market Cap Rate	0.0675
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 1 | Lease Intangible
REAL ESTATE INVESTMENTS
Discount Rate	0.0560
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 1 | Mortgage Intangible
REAL ESTATE INVESTMENTS
Discount Rate	0.0575
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 2
REAL ESTATE INVESTMENTS
Market Cap Rate	0.0675
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 2 | Lease Intangible
REAL ESTATE INVESTMENTS
Discount Rate	0.0560
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 2 | Mortgage Intangible
REAL ESTATE INVESTMENTS
Discount Rate	0.0575
Real Estate Acquisitions in 2021 | Pureon, Inc., Monroe, North Carolina
REAL ESTATE INVESTMENTS
Market Cap Rate		0.0700
Real Estate Acquisitions in 2021 | Pureon, Inc., Monroe, North Carolina | Lease Intangible
REAL ESTATE INVESTMENTS
Discount Rate		0.0608
Real Estate Acquisitions in 2021 | Multi-tenant, Lehigh Acres, Florida
REAL ESTATE INVESTMENTS
Market Cap Rate		0.0675
Real Estate Acquisitions in 2021 | Multi-tenant, Lehigh Acres, Florida | Lease Intangible
REAL ESTATE INVESTMENTS
Discount Rate		0.0560
Real Estate Acquisitions in 2021 | Home Depot USA, Inc, Omaha, Nebraska
REAL ESTATE INVESTMENTS
Market Cap Rate		0.0625
Real Estate Acquisitions in 2021 | Home Depot USA, Inc, Omaha, Nebraska | Lease Intangible
REAL ESTATE INVESTMENTS
Discount Rate		0.0616

REAL ESTATE INVESTMENTS - Acq_2

REAL ESTATE INVESTMENTS - Acquired intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REAL ESTATE INVESTMENTS
Intangible Lease Liabilities, weighted average amortization (years)	8 years 9 months 18 days	8 years 2 months 12 days
Intangible Lease Liabilities, accumulated amortization	$ 5,061	$ 8,968
Amortization of intangibles relating to leases, net	831	785	$ 780
Rental income, net
REAL ESTATE INVESTMENTS
Amortization of intangibles relating to leases, net	831	785	780
Depreciation and amortization
REAL ESTATE INVESTMENTS
Amortization of origination costs	4,722	$ 4,700	$ 4,617
Interest expense
REAL ESTATE INVESTMENTS
Amortization of intangible mortgage assets	$ 12
Lease Intangible
REAL ESTATE INVESTMENTS
Intangible Assets, weighted average amortization (years)	6 years 1 month 6 days	4 years 1 month 6 days
Intangible Assets, accumulated amortization	$ 23,506	$ 25,892
Mortgage Intangible
REAL ESTATE INVESTMENTS
Intangible Assets, weighted average amortization (years)	7 years 1 month 6 days
Intangible Assets, accumulated amortization	$ 12

REAL ESTATE INVESTMENTS - Futur

REAL ESTATE INVESTMENTS - Future amortization of acquired intangibles (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Amortization of intangible lease liabilities
2023	$ 1,162
2024	940
2025	718
2026	711
2027	763
Thereafter	6,831
Total	11,125
Intangible Lease Assets - above market leases
Amortization of intangible lease assets
2023	286
2024	214
2025	188
2026	150
2027	92
Thereafter	334
Total	1,264
Tenant Origination Costs - in place leases
Amortization of intangible lease assets
2023	4,561
2024	3,183
2025	2,684
2026	2,520
2027	1,844
Thereafter	3,785
Total	18,577
Mortgage Intangible
Amortization of intangible lease assets
2023	93
2024	93
2025	93
2026	93
2027	93
Thereafter	193
Total	$ 658

SALES OF PROPERTIES (Details)

SALES OF PROPERTIES (Details) - USD ($)

3 Months Ended

12 Months Ended

Aug. 08, 2022

Jun. 17, 2022

May 02, 2022

Mar. 22, 2022

Dec. 27, 2021

Jul. 01, 2021

Jun. 17, 2021

Dec. 15, 2020

Jul. 01, 2020

Feb. 11, 2020

Mar. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

SALES OF PROPERTIES

Prepayment costs on debt

$ 901,000

$ 1,123,000

Write-off of unbilled rent receivable, as a reduction to Gain on sale of real estate, net

$ 519,000

1,438,000

365,000

Pet Smart and Guitar Center retail properties, Houston, Texas

SALES OF PROPERTIES

Seller-financing provided by the Company

$ 4,613,000

Properties disposed of by sale

SALES OF PROPERTIES

Gross Sales Price

31,600,000

54,510,000

34,340,000

Gain on Sale of Real Estate, Net

16,762,000

25,463,000

17,280,000

Mortgage Prepaid on Sale

1,563,000

20,387,000

11,815,000

Prepayment costs on debt

848,000

1,123,000

Write-off of unbilled rent receivable, as a reduction to Gain on sale of real estate, net

519,000

1,438,000

365,000

Write-off of net unamortized lease liabilities and assets, as a reduction to Gain on sale of real estate, net

4,000

Write-off of unamortized lease assets, as a reduction to Gain on sale of real estate, net

$ 967,000

Write-off of the unamortized intangible lease liability

$ 367,000

Properties disposed of by sale | Wendy's restaurants - 4 properties, Various Cities, Pennsylvania

SALES OF PROPERTIES

Gross Sales Price

$ 10,000,000

Gain on Sale of Real Estate, Net

$ 4,649,000

Properties disposed of by sale | Orlando Baking industrial property, Columbus, Ohio

SALES OF PROPERTIES

Gross Sales Price

$ 8,500,000

Gain on Sale of Real Estate, Net

$ 6,925,000

Properties disposed of by sale | Haverty's retail property, Fayetteville, Georgia

SALES OF PROPERTIES

Gross Sales Price

$ 4,800,000

Gain on Sale of Real Estate, Net

1,125,000

Mortgage Prepaid on Sale

$ 1,563,000

Properties disposed of by sale | Vacant Retail Property, Columbus, Ohio

SALES OF PROPERTIES

Gross Sales Price

$ 8,300,000

Gain on Sale of Real Estate, Net

$ 4,063,000

Properties disposed of by sale | Whole Foods retail property & parking lot, West Hartford, Connecticut

SALES OF PROPERTIES

Gross Sales Price

$ 40,510,000

Gain on Sale of Real Estate, Net

21,469,000

Mortgage Prepaid on Sale

15,403,000

Prepayment costs on debt

$ 799,000

Properties disposed of by sale | Vacant retail property, Philadelphia, Pennsylvania

SALES OF PROPERTIES

Gross Sales Price

$ 8,300,000

Gain on Sale of Real Estate, Net

1,299,000

Mortgage Prepaid on Sale

3,574,000

Prepayment costs on debt

26,000

Properties disposed of by sale | Wendys restaurant property, Hanover, Pennsylvania

SALES OF PROPERTIES

Gross Sales Price

$ 2,815,000

Gain on Sale of Real Estate, Net

1,331,000

Mortgage Prepaid on Sale

696,000

Prepayment costs on debt

11,000

Properties disposed of by sale | Wendys restaurant property, Gettysburg, Pennsylvania

SALES OF PROPERTIES

Gross Sales Price

2,885,000

Gain on Sale of Real Estate, Net

1,364,000

Mortgage Prepaid on Sale

714,000

Prepayment costs on debt

$ 12,000

Properties disposed of by sale | Hobby Lobby retail property, Onalaska, Wisconsin

SALES OF PROPERTIES

Gross Sales Price

$ 7,115,000

Gain on Sale of Real Estate, Net

4,252,000

Mortgage Prepaid on Sale

3,332,000

Prepayment costs on debt

$ 290,000

Properties disposed of by sale | CarMax retail property, Knoxville, Tennessee

SALES OF PROPERTIES

Gross Sales Price

$ 18,000,000

Gain on Sale of Real Estate, Net

10,316,000

Mortgage Prepaid on Sale

8,483,000

Prepayment costs on debt

$ 833,000

Properties disposed of by sale | Pet Smart retail property, Houston, Texas

SALES OF PROPERTIES

Gross Sales Price

4,013,000

Gain on Sale of Real Estate, Net

1,067,000

Properties disposed of by sale | Guitar Center retail property, Houston, Texas

SALES OF PROPERTIES

Gross Sales Price

5,212,000

Gain on Sale of Real Estate, Net

$ 1,645,000

Properties disposed of by sale | Real Estate in Hauppauge, NY | Forecast

SALES OF PROPERTIES

Gain on Sale of Real Estate, Net

$ 1,500,000

Properties held-for-sale | Real Estate in Hauppauge, NY

SALES OF PROPERTIES

Contracted sale price of property

$ 4,200,000

Consolidated Joint Venture-VIEs | Properties disposed of by sale

SALES OF PROPERTIES

Non-controlling interest's share of the gain

$ 130,000

Consolidated Joint Venture-VIEs | Properties disposed of by sale | Vacant retail property, Philadelphia, Pennsylvania

SALES OF PROPERTIES

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

90%

VARIABLE INTEREST ENTITIES, C_3

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES - Ground Leases (Details) - USD ($)	1 Months Ended		2 Months Ended	3 Months Ended								12 Months Ended
	Jan. 31, 2023	Nov. 30, 2020	Mar. 06, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2016
Variable Interest Entities - Ground Lease
Revenue				$ 27,715,000	$ 21,473,000	$ 21,472,000	$ 21,556,000	$ 21,066,000	$ 20,436,000	$ 20,422,000	$ 20,816,000	$ 92,216,000	$ 82,740,000	$ 81,903,000
Proceeds received from settlement of lawsuit	$ 4,626,000
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entities - Ground Lease
Maximum Exposure to Loss				16,514,000								16,514,000
Variable Interest Entity, Not Primary Beneficiary | Ground lease rental income
Variable Interest Entities - Ground Lease
Revenue												0	0	$ 729,000
Variable Interest Entity, Not Primary Beneficiary | The Vue Apartments, Beachwood, Ohio
Variable Interest Entities - Ground Lease
Owner/ Operator Mortgage from Third Party															$ 67,444,000
Current Balance of Owner or Operator Mortgage Debt Obtained From Third Party				$ 64,816,000								64,816,000
Percentage of operating expense shortfalls & cap-ex covered by the Company		78%
Amount of operating expense shortfalls & cap-ex covered by the Company			$ 447,000									$ 697,000	$ 1,746,000

VARIABLE INTEREST ENTITIES, C_4

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES - Consolidated Joint Ventures (Details)		12 Months Ended
		Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)
Consolidated VIEs carrying amount of assets and liabilities
Land		$ 181,805,000	$ 180,183,000
Unbilled rent receivable		16,079,000	14,330,000
Unamortized intangible lease assets, net		19,841,000	20,694,000
Escrow, deposits and other assets and receivables		23,764,000	13,346,000
Mortgages payable, net of unamortized deferred financing costs of $174 and $195, respectively		405,162,000	396,344,000
Accrued expenses and other liabilities		19,270,000	18,992,000
Unamortized intangible lease liabilities, net		11,125,000	10,407,000
Accumulated other comprehensive income (loss)		1,810,000	(1,513,000)
Non-controlling interests in consolidated joint ventures	[1]	972,000	946,000
Mortgages payable
Consolidated VIEs carrying amount of assets and liabilities
Mortgages payable, net of unamortized deferred financing costs of $174 and $195, respectively		405,162,000	396,344,000
Unamortized deferred financing costs		$ 3,355,000	3,316,000
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		$ 10,365,000	10,365,000
Buildings and improvements, net of accumulated depreciation of $3,525 and $4,957, respectively		17,870,000	18,472,000
Accumulated depreciation		5,670,000	4,957,000
Cash		1,163,000	1,134,000
Unbilled rent receivable		1,111,000	1,020,000
Unamortized intangible lease assets, net		472,000	548,000
Escrow, deposits and other assets and receivables		772,000	878,000
Mortgages payable, net of unamortized deferred financing costs of $174 and $195, respectively		18,500,000	19,193,000
Accrued expenses and other liabilities		711,000	875,000
Unamortized intangible lease liabilities, net		424,000	475,000
Accumulated other comprehensive income (loss)		22,000	(33,000)
Non-controlling interests in consolidated joint ventures		$ 972,000	946,000
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		$ 152,000	$ 195,000
[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, $17,870 and $18,472 of building and improvements, net of $5,670 and $ 4,957 of accumulated depreciation, $3,518 and $3,580 of other assets included in other line items, $18,500 and $19,193 of real estate debt, net, $1,135 and $1,350 of other liabilities included in other line items, and $972 and $946 of non-controlling interests as of December 31, 2022 and 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	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)
Consolidated VIEs carrying amount of assets and liabilities
Number of consolidated joint ventures | item	2
Investment in consolidated joint ventures | $	$ 4,563,000	$ 4,691,000

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Details)	1 Months Ended		12 Months Ended
	Jul. 31, 2021 USD ($) a	Mar. 31, 2020 USD ($)	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($) item	Dec. 31, 2020 USD ($)
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investment in unconsolidated joint ventures			$ 10,400,000	$ 10,172,000
Equity in earnings of unconsolidated joint ventures			$ 400,000	202,000	$ 38,000
Equity in earnings from sale of unconsolidated joint venture properties				$ 805,000	121,000
Unconsolidated Joint Ventures
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Number of unconsolidated joint ventures | item			3	3
Number of properties owned and operated by each unconsolidated joint venture | item			1	1
Investment in unconsolidated joint ventures			$ 10,400,000	$ 10,172,000
Equity in earnings of unconsolidated joint ventures			400,000	202,000	$ 38,000
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	$ 805,000
Number of acres retained by unconsolidated joint venture after sale | a	2.2
Unconsolidated Joint Ventures | Property located in Savannah, Georgia
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Net proceeds from the sale of unconsolidated joint venture		$ 819,000
Percentage of gain recognized by the Company		50%
Equity in earnings from sale of unconsolidated joint venture properties		$ 121,000
Unconsolidated Joint Ventures | MCB Real Estate LLC And Its Affiliates
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investment in unconsolidated joint ventures			$ 8,963,000	$ 8,773,000

DEBT OBLIGATIONS - Mortgages Pa

DEBT OBLIGATIONS - Mortgages Payable (Details)	12 Months Ended			36 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) item	Dec. 31, 2020 USD ($)	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)
Mortgages payable, net
Mortgages payable, gross		$ 409,175,000		$ 409,175,000	$ 399,660,000
Mortgages payable, net		405,162,000		405,162,000	396,344,000
Aggregate gross carrying value of real estate investments		879,596,000		879,596,000	837,641,000
Accumulated depreciation		$ 173,143,000		$ 173,143,000	160,664,000
Real Estate Investments with outstanding mortgages
Mortgages payable, net
Number of outstanding mortgages | item		66		66
Aggregate gross carrying value of real estate investments		$ 647,524,000		$ 647,524,000
Accumulated depreciation		111,847,000		111,847,000
Mortgages payable
Mortgages payable, net
Mortgages payable, gross		409,175,000		409,175,000	399,660,000
Unamortized mortgage intangible asset		(658,000)		(658,000)
Unamortized deferred financing costs		(3,355,000)		(3,355,000)	(3,316,000)
Mortgages payable, net		$ 405,162,000		$ 405,162,000	$ 396,344,000
Weighted average interest rate (as a percent)		4.10%		4.10%	4.18%
Mortgages payable | Minimum
Mortgages payable, net
Interest rate after giving effect to interest rate swap agreements		3.02%
Mortgages payable | Maximum
Mortgages payable, net
Interest rate after giving effect to interest rate swap agreements		5.50%
Mortgages payable | COVID-19
Mortgages payable, net
Amount of deferred debt service payments repaid				$ 1,079,000
Mortgages payable | COVID-19 | Debt service due in 2020 and 2021
Mortgages payable, net
Deferral of debt service payments			$ 1,670,000
Mortgages payable | COVID-19 | Forecast
Mortgages payable, net
Amount of deferred debt service payments repaid	$ 109,000

DEBT OBLIGATIONS - Principal re

DEBT OBLIGATIONS - Principal repayments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Amortization payments
Amortization payments, 2023	$ 12,288
Amortization payments, 2024	11,388
Amortization payments, 2025	10,037
Amortization payments, 2026	9,897
Amortization payments, 2027	8,766
Amortization payments, Thereafter	39,489
Amortization payments, Total	91,865
Total
Total, 2023	25,261
Total, 2024	62,083
Total, 2025	42,100
Total, 2026	29,076
Total, 2027	47,291
Total, Thereafter	203,364
Total	409,175	$ 399,660
Mortgages payable
Principal due at maturity
Principal due at maturity, 2023	12,973
Principal due at maturity, 2024	50,695
Principal due at maturity, 2025	32,063
Principal due at maturity, 2026	19,179
Principal due at maturity, 2027	38,525
Principal due at maturity, Thereafter	163,875
Principal due at maturity, Total	317,310
Total
Total	$ 409,175	$ 399,660

DEBT OBLIGATIONS - Line of Cred

DEBT OBLIGATIONS - Line of Credit (Details) - USD ($)	1 Months Ended	12 Months Ended
	Nov. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 06, 2023
Line of credit, net, balances per the consolidated balance sheets
Line of credit, net		$ 21,068,000	$ 11,484,000
Line of Credit
Line of Credit
Amount available to be borrowed under the facility		78,200,000			$ 88,500,000
Borrowing capacity available for renovation and operating expense purposes		$ 40,000,000			$ 40,000,000
Basis of interest rate	30-day SOFR
Commitment fee which will be amortized over the remaining term of the facility	$ 666,000
Unused facility fee (as a percent)		0.25%
Line of credit, net, balances per the consolidated balance sheets
Line of credit, gross		$ 21,800,000	11,700,000
Unamortized deferred financing costs		(732,000)	(216,000)
Line of credit, net		$ 21,068,000	$ 11,484,000
Line of Credit | Agreement Terms
Line of Credit
Borrowing capacity available for renovation and operating expense purposes	$ 40,000,000
Percentage of permitted borrowing base available for renovation and operating expense purposes	40%
Line of Credit | Weighted average
Line of Credit
Line of credit, interest rate during the period		3.42%	1.86%	2.53%
Line of Credit | SOFR
Line of Credit
Applicable margin at December 31 (as a percent)		1.75%
Line of Credit | SOFR | Agreement Terms
Line of Credit
Basis of interest rate	30-day SOFR
Line of Credit | SOFR | Minimum | Agreement Terms
Line of Credit
Applicable margin (as a percent)	1.75%
Line of Credit | SOFR | Maximum
Line of Credit
Applicable margin (as a percent)	2.75%

FAIR VALUE MEASUREMENTS - Mortg

FAIR VALUE MEASUREMENTS - Mortgages Payable (Details)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
FAIR VALUE MEASUREMENTS
Fair value of mortgages payable	$ 378,943,000	$ 419,354,000
Carrying value of mortgages payable	409,175,000	399,660,000
Fair value less than carrying value	$ (30,232,000)
Fair value greater than carrying value		$ 19,694,000
Blended market interest rate
FAIR VALUE MEASUREMENTS
Long-term debt, measurement input	0.0587	0.0320
Weighted average remaining term to maturity (years)
FAIR VALUE MEASUREMENTS
Long-term debt, measurement input	6.5	6.4
Line of Credit
FAIR VALUE MEASUREMENTS
Line of credit, gross	$ 21,800,000	$ 11,700,000
Mortgages payable
FAIR VALUE MEASUREMENTS
Carrying value of mortgages payable	$ 409,175,000	$ 399,660,000

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value of Derivatives (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)
Interest rate derivatives | Cash flow hedges
FAIR VALUE MEASUREMENTS
Number of interest rate derivatives held | item	17
Number of mortgage loans outstanding with related interest rate swaps | item	17
Notional Amount	$ 49,222,000
Weighted average maturity	1 year 8 months 12 days
Weighted average annual interest rate (as a percent)	4.07%
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
Financial assets:
Financial assets, Balance Sheet Classification	Escrow, deposits and other assets and receivables	Escrow, deposits and other assets and receivables
Financial liabilities:
Financial liabilities, Balance Sheet Classification	Accrued expenses and other liabilities	Accrued expenses and other liabilities
Interest rate swap | Level 2
Financial assets:
Financial assets	$ 1,811,000
Financial liabilities:
Financial liabilities		$ 1,514,000

FAIR VALUE MEASUREMENTS - Effec

FAIR VALUE MEASUREMENTS - Effect of derivatives on Consolidated Statements of Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Credit risk related contingent feature
Accrued interest on derivatives in a liability position		$ 84,000
Interest rate swap
Credit risk related contingent feature
Fair value of derivative in a liability position, including accrued interest but excluding adjustments for non-performance risk	$ 0	1,632,000
Adjustments for non-performance risk		34,000
Interest rate swap | Accrued expenses and other liabilities
Credit risk related contingent feature
Termination liability value		1,632,000
Interest rate swap | Cash flow hedges
FAIR VALUE MEASUREMENTS
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	3,028,000	1,179,000	$ (5,481,000)
Amount of reclassification from Accumulated other comprehensive income (loss) into Interest expense	(297,000)	(2,318,000)	(2,098,000)
Additional amount to be reclassified during the next twelve months	$ 1,185,000
Interest rate swap | Cash flow hedges | 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		$ 867,000	$ 776,000

RELATED PARTY TRANSACTIONS - Co

RELATED PARTY TRANSACTIONS - Compensation and Services Agreement (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Majestic
Related Party Transactions
Aggregate fees under compensation and services agreement	$ 3,067,000	$ 3,111,000	$ 3,011,000
Property management services	1,346,000	1,365,000	1,265,000
Additional payment for the entity's share of all direct office expenses	$ 317,000	295,000	275,000
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	$ 2,572,000	$ 2,590,000	$ 2,349,000

RELATED PARTY TRANSACTIONS - Jo

RELATED PARTY TRANSACTIONS - Joint Venture Partners and Affiliates (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Unconsolidated Joint Ventures
Related Party Transactions
Aggregate management fees paid to other partners	$ 131,000	$ 118,000	$ 93,000
Decrease in equity earnings, joint venture transaction	66,000	59,000	47,000
Joint Venture Partners and Affiliates
Related Party Transactions
Payments for property management services	$ 84,000	$ 83,000	$ 76,000

RELATED PARTY TRANSACTIONS - Ot

RELATED PARTY TRANSACTIONS - Other (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real estate expenses
Related Party Transactions
Insurance expense recognized of amounts reimbursed to related party	$ 944,000	$ 1,267,000	$ 1,091,000
Chairman | General and administrative expense
Related Party Transactions
Aggregate fees paid	313,000	298,000	298,000
Vice Chairman | General and administrative expense
Related Party Transactions
Aggregate fees paid	125,000	119,000	119,000
Gould Investors L.P.
Related Party Transactions
Amount of insurance reimbursed	$ 586,000	$ 1,402,000	$ 1,168,000
Number of common stock shares owned by the related party	1,998,535	1,921,712
Ownership percentage held by a related party	9.50%	9.20%

EARNINGS PER COMMON SHARE - Rec

EARNINGS PER COMMON SHARE - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator for basic and diluted earnings per share:
Net income	$ 8,907	$ 7,221	$ 16,785	$ 9,340	$ 6,533	$ 6,212	$ 23,332	$ 2,957	$ 42,253	$ 39,034	$ 27,413
Deduct net income loss attributable to non-controlling interests									(76)	(177)	(6)
Deduct earnings allocated to unvested restricted stock									(1,434)	(1,326)	(1,263)
Net income available for common stockholders: basic									40,743	37,531	26,144
Net income available for common stockholders: diluted									$ 40,743	$ 37,531	$ 26,144
Denominator for basic earnings per share:
Weighted average number of common shares outstanding	20,358	20,340	20,364	20,379	20,210	20,115	20,013	20,003	20,360	20,086	19,571
Effect of diluted securities:
RSUs									93	178	28
Denominator for diluted earnings per share:
Weighted average number of shares	20,406	20,416	20,480	20,541	20,369	20,273	20,187	20,061	20,453	20,264	19,599
Earnings per common share, basic (in dollars per share)	$ 0.42	$ 0.34	$ 0.80	$ 0.44	$ 0.31	$ 0.29	$ 1.13	$ 0.13	$ 2	$ 1.87	$ 1.34
Earnings per common share, diluted (in dollars per share)	$ 0.42	$ 0.34	$ 0.79	$ 0.44	$ 0.30	$ 0.28	$ 1.12	$ 0.13	$ 1.99	$ 1.85	$ 1.33

EARNINGS PER COMMON SHARE - Sha

EARNINGS PER COMMON SHARE - Shares of common stock underlying RSUs (Details) - shares	1 Months Ended		12 Months Ended
	Aug. 31, 2021	Jun. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Common Share
Number of underlying shares			241,076	230,752	223,802
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric			118,085	115,376	85,569
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric			37,513	115,376	37,513
Total			155,598	230,752	123,082
Common shares not included in calculation due applicable metric had not been met at measurement dates			85,478		100,720
Options outstanding			0	0	0
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			40,222
Total			40,222
Common shares not included in calculation due applicable metric had not been met at measurement dates			45,128
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	40,350
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric				40,350
Total			40,350	80,700
Common shares not included in calculation due applicable metric had not been met at measurement dates			40,350
August 3, 2020
Earnings Per Common Share
Number of underlying shares			75,026	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	37,513
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric			37,513	37,513	37,513
Total			75,026	75,026	75,026
July 1, 2019
Earnings Per Common Share
Number of underlying shares				75,026	75,026
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric				37,513	23,233
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric				37,513
Total				75,026	23,233
Common shares not included in calculation due applicable metric had not been met at measurement dates					51,793
July 1, 2018
Earnings Per Common Share
Number of underlying shares					73,750
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric					24,823
Total					24,823
Common shares not included in calculation due applicable metric had not been met at measurement dates					48,927
Restricted stock units
Earnings Per Common Share
Number of shares awarded			85,350	80,700	75,026
Number of shares vested			64,488	73,750	24,343
Number of shares forfeited			10,538		51,907
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 | July 1, 2018
Earnings Per Common Share
Number of shares vested	73,750
Restricted stock units | Awards granted in 2019
Earnings Per Common Share
Number of shares forfeited						2,750
Restricted stock units | Awards granted in 2018
Earnings Per Common Share
Number of shares forfeited						2,500

STOCKHOLDERS' EQUITY - Common S

STOCKHOLDERS' EQUITY - Common Stock Dividend Distributions (Details) - USD ($) $ / shares in Units, shares in Thousands						12 Months Ended
	Mar. 13, 2023	Dec. 02, 2020	Sep. 09, 2020	Jun. 10, 2020	Mar. 13, 2020	Dec. 31, 2022	Dec. 31, 2021
Common Stock Dividend
Total Dividend	$ 9,574,000
Dividend per share	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 1.80	$ 1.80
Common Stock
Common Stock Dividend
Total Dividend		$ 9,261,000	$ 9,198,000	$ 9,068,000	$ 9,037,000
Dividend Paid, Cash %		100%	75%	50%	100%
Dividend Paid, Stock %			25%	50%
Cash Distributed		$ 9,261,000	$ 6,901,000	$ 4,537,000	$ 9,037,000
Stock Issued			141	263
Value per Share			$ 16.27	$ 17.22

STOCKHOLDERS' EQUITY - Stock Re

STOCKHOLDERS' EQUITY - Stock Repurchase Program (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2022
Stock Repurchase Program
Remaining value of common shares authorized for repurchase	$ 7,500,000
Repurchases of common stock - net	$ 5,240,000
Stock Repurchase Program
Stock Repurchase Program
Number of shares repurchased	208,000	0	0
Repurchases of common stock - net	$ 5,214,000
Payment of commissions on sale of shares	$ 12,000
Stock Repurchase Program, September 2022
Stock Repurchase Program
Value of common shares authorized for repurchase				$ 7,500,000
Stock Repurchase Program, March 2016
Stock Repurchase Program
Value of common shares authorized for repurchase				$ 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 ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
STOCKHOLDERS' EQUITY
Number of shares sold	17,000	106,290
Proceeds from sale of common stock, net of commissions	$ 604,000	$ 3,379,000
Payment of commissions on sale of shares	12,000	69,000
Payment of offering costs on sale of shares	$ 41,000	$ 65,000

STOCKHOLDERS' EQUITY - Dividend

STOCKHOLDERS' EQUITY - Dividend Reinvestment Plan (Details) - shares	5 Months Ended	12 Months Ended			17 Months Ended	19 Months Ended
	May 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	May 31, 2021	Dec. 31, 2022
Dividend Reinvestment Plan
Market price discount (as a percent)	5%				5%	3%
Common shares issued under Dividend Reinvestment Plan		102,000	35,000	77,000
Maximum
Dividend Reinvestment Plan
Market price discount (as a percent)		5%

STOCKHOLDERS' EQUITY - Stock Ba

STOCKHOLDERS' EQUITY - Stock Based Compensation - Shares subject to awards outstanding (Details) - USD ($)		12 Months Ended
	Jan. 05, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted stock
Stock Based Compensation
Number of shares awarded		153,575	151,500	149,550
Vesting period		5 years
RSUs
Stock Based Compensation
Number of shares awarded		85,350	80,700	75,026
2022 Incentive Plan
Stock Based Compensation
Maximum number of shares authorized for issuance		750,000
2022 Incentive Plan | Restricted stock and RSU grants
Stock Based Compensation
Shares subject to awards outstanding		85,350
Value of shares awarded	$ 3,379,000
2022 Incentive Plan | Restricted stock
Stock Based Compensation
Number of shares awarded	152,955
2022 Incentive Plan | RSUs
Stock Based Compensation
Shares subject to awards outstanding		85,350
2019 Incentive Plan
Stock Based Compensation
Maximum number of shares authorized for issuance		750,000
2019 Incentive Plan | Restricted stock and RSU grants
Stock Based Compensation
Shares subject to awards outstanding		593,101
Remaining shares which may be granted under the Plan		0
2019 Incentive Plan | Restricted stock
Stock Based Compensation
Shares subject to awards outstanding		437,375
2019 Incentive Plan | RSUs
Stock Based Compensation
Shares subject to awards outstanding		155,726
2016 Incentive Plan
Stock Based Compensation
Maximum number of shares authorized for issuance		750,000
2016 Incentive Plan | Restricted stock and RSU grants
Stock Based Compensation
Shares subject to awards outstanding		275,000
Remaining shares which may be granted under the Plan		0
2016 Incentive Plan | Restricted stock
Stock Based Compensation
Shares subject to awards outstanding		275,000

STOCKHOLDERS' EQUITY - Stock _2

STOCKHOLDERS' EQUITY - Stock Based Compensation - RSU activities (Details) - Restricted stock units - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock Based Compensation
Number of shares granted	85,350	80,700	75,026
Number of shares vested	64,488	73,750	24,343
Number of shares forfeited	10,538		51,907
Number of shares outstanding	241,076	230,752	223,802	225,026
Performance cycle	3 years
Awards granted in 2022 | Vesting Date: June 30, 2025
Stock Based Compensation
Number of shares granted	85,350
Number of shares outstanding	85,350
Awards granted in 2021 | Vesting Date: June 30, 2024
Stock Based Compensation
Number of shares granted	80,700
Number of shares outstanding	80,700
Awards granted in 2020 | Vesting Date: June 30, 2023
Stock Based Compensation
Number of shares granted	75,026
Number of shares outstanding	75,026
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
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
Awards granted in 2018
Stock Based Compensation
Number of shares forfeited				2,500
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

STOCKHOLDERS' EQUITY - Stock _3

STOCKHOLDERS' EQUITY - Stock Based Compensation - RSU metrics (Details)	12 Months Ended
	Dec. 31, 2022 USD ($)
Awards granted in 2018 - 2020 | ROC Awards
Stock Based Compensation
Weight	50%
Awards granted in 2018 - 2020 | ROC Awards | Minimum
Stock Based Compensation
Average of annual ROC	7%
Awards granted in 2018 - 2020 | ROC Awards | Maximum
Stock Based Compensation
Average of annual ROC	9.75%
Awards granted in 2018 - 2020 | TSR awards
Stock Based Compensation
Weight	50%
Awards granted in 2018 - 2020 | TSR awards | Minimum
Stock Based Compensation
Average of annual TSR	7%
Awards granted in 2018 - 2020 | TSR awards | Maximum
Stock Based Compensation
Average of annual TSR	12%
Awards granted in 2021 - 2022 | ROC Awards
Stock Based Compensation
Weight	50%
Awards granted in 2021 - 2022 | ROC Awards | Minimum
Stock Based Compensation
Average of annual ROC	6%
Awards granted in 2021 - 2022 | ROC Awards | Maximum
Stock Based Compensation
Average of annual ROC	8.75%
Awards granted in 2021 - 2022 | TSR awards
Stock Based Compensation
Weight	50%
Awards granted in 2021 - 2022 | TSR awards | Minimum
Stock Based Compensation
Average of annual TSR	6%
Awards granted in 2021 - 2022 | TSR awards | Maximum
Stock Based Compensation
Average of annual TSR	11%
Awards granted in 2022 | Restricted stock units
Valuation assumptions
Accrual for dividend equivalent rights	$ 48,000
Awards granted in 2022 | Restricted stock units | General and administrative expense
Valuation assumptions
Aggregate fair value of the shares granted	$ 1,420,000
Awards granted in 2022 | TSR awards
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%
Awards granted in 2021 | Restricted stock units
Valuation assumptions
Accrual for dividend equivalent rights	$ 162,000
Awards granted in 2021 | Restricted stock units | General and administrative expense
Valuation assumptions
Aggregate fair value of the shares granted	$ 1,846,000
Awards granted in 2021 | TSR awards
Valuation assumptions
Expected life	3 years
Dividend rate	5.91%
Risk-free interest rate minimum	0.03%
Risk-free interest rate maximum	0.35%
Expected price volatility minimum	26.74%
Expected price volatility maximum	41.53%
Awards granted in 2020 | Restricted stock units | General and administrative expense
Valuation assumptions
Aggregate fair value of the shares granted	$ 962,000
Awards granted in 2020 | TSR awards
Valuation assumptions
Expected life	3 years
Dividend rate	10.40%
Risk-free interest rate minimum	0.10%
Risk-free interest rate maximum	0.18%
Expected price volatility minimum	51.24%
Expected price volatility maximum	77.92%

STOCKHOLDERS' EQUITY - Activity

STOCKHOLDERS' EQUITY - Activity of Equity Incentive Plans (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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	$ 24.98
Value of stock vested during the period	$ 5,535,000	$ 5,165,000	$ 3,589,000
Weighted average per share value of shares forfeited during the period (in dollars per share)	$ 29.12	$ 24.62	$ 24.03
Total charge to operations:
Total charge to operations	$ 5,507,000	$ 5,433,000	$ 4,686,000
Restricted stock grants
Summary of the activity of the incentive plans
Average per share grant price (in dollars per share)	$ 33.75	$ 20.34	$ 28.10
Deferred compensation to be recognized over vesting period	$ 5,183,000	$ 3,082,000	$ 4,202,000
Number of non-vested shares:
Non-vested beginning of period (in shares)	706,450	701,675	674,250
Number of shares awarded	153,575	151,500	149,550
Vested during period (in shares)	(146,900)	(145,725)	(122,125)
Forfeitures (in shares)	(750)	(1,000)
Non-vested end of period (in shares)	712,375	706,450	701,675	674,250
Total charge to operations:
Total charge to operations	$ 4,057,000	$ 3,734,000	$ 3,529,000
Total compensation costs related to non-vested awards that have not yet been recognized	$ 8,239,000
Weighted average vesting period	2 years 1 month 6 days
Restricted stock units
Summary of the activity of the incentive plans
Average per share grant price (in dollars per share)	$ 26.44	$ 30.46	$ 17.31
Deferred compensation to be recognized over vesting period	$ 1,420,000	$ 1,808,000	$ 850,000
Number of non-vested shares:
Non-vested beginning of period (in shares)	230,752	223,802	225,026
Number of shares awarded	85,350	80,700	75,026
Vested during period (in shares)	(64,488)	(73,750)	(24,343)
Forfeitures (in shares)	(10,538)		(51,907)
Non-vested end of period (in shares)	241,076	230,752	223,802	225,026
Total charge to operations:
Total charge to operations	$ 1,450,000	$ 1,699,000	$ 1,157,000
Total compensation costs related to non-vested awards that have not yet been recognized	$ 2,301,000
Weighted average vesting period	1 year 6 months
Restricted stock units | Awards granted in 2018
Number of non-vested shares:
Forfeitures (in shares)				(2,500)
Restricted stock units | Awards granted in 2019
Number of non-vested shares:
Forfeitures (in shares)				(2,750)
ROC Awards
Number of non-vested shares:
Vested during period (in shares)	0
Forfeitures (in shares)	0
Total charge to operations:
Weighted average vesting period		3 years

OTHER INCOME - Litigation Settl

OTHER INCOME - Litigation Settlement (Details) - USD ($)		12 Months Ended
	Apr. 15, 2022	Dec. 31, 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 ($)	12 Months Ended			14 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Feb. 28, 2022
Insurance Recoveries on Hurricane Casualty
Casualty loss, insurance recovery proceeds received, classified as investing activities	$ 918,000	$ 975,000	$ 150,000
Real Estate in Lake Charles, LA
Insurance Recoveries on Hurricane Casualty
Amount of insurance deductible			263,000
Casualty loss, insurance recovery proceeds received, classified as investing activities				$ 2,306,000
Losses in rental income				$ 259,000
Gain on insurance recoveries	$ 918,000	$ 695,000	$ 430,000

OTHER INCOME - Lease Assignment

OTHER INCOME - Lease Assignment Fee Income (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) item
Lease Assignment Fee Income
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

OTHER INCOME - Interest Income

OTHER INCOME - Interest Income on Loan Receivable (Details)	1 Months Ended	12 Months Ended
	Dec. 31, 2020 USD ($) item	Dec. 31, 2021 USD ($)
Other income
Interest Income on Loan Receivable
Interest income on loans		$ 59,000
Real Estate in Houston, TX
Interest Income on Loan Receivable
Number of properties sold | item	2
Seller-financing provided by the Company	$ 4,612,500
Term of loan	1 year
Percentage of seller-financing provided by the Company	50%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
General and administrative expense
COMMITMENTS AND CONTINGENCIES
Pension expense	$ 349,000	$ 301,000	$ 307,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	5 Months Ended	12 Months Ended			17 Months Ended	19 Months Ended
	May 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	May 31, 2021	Dec. 31, 2022
INCOME TAXES
Period of disqualification of REIT status		4 years
Approximate allocation of the distributions made to stockholders (percentages):
Ordinary income		54%	43%	45%
Capital gains		46%	57%	47%
Return of capital				8%
Total distributions made to stockholders		100%	100%	100%
Reconciliation between dividends declared with the dividends paid deduction
Dividends declared		$ 37,915	$ 37,478	$ 36,564
Dividend reinvestment plan		102	35	47
Dividends before adjustments		38,017	37,513	36,611
Less: Spillover dividends designated to following year			(2,085)	(9,261)
Less: Return of capital				(3,265)
Plus: Dividends designated from prior year		2,085	9,261	8,976
Plus: Dividends designated from following year		4,240
Dividends paid deduction		$ 44,342	$ 44,689	$ 33,061
Percentage of discount on common stock purchased through the dividend reinvestment plan	5%				5%	3%
Maximum
Reconciliation between dividends declared with the dividends paid deduction
Percentage of discount on common stock purchased through the dividend reinvestment plan		5%

QUARTERLY FINANCIAL DATA (Una_3

QUARTERLY FINANCIAL DATA (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
QUARTERLY FINANCIAL DATA (Unaudited)
Total revenues	$ 27,715	$ 21,473	$ 21,472	$ 21,556	$ 21,066	$ 20,436	$ 20,422	$ 20,816	$ 92,216	$ 82,740	$ 81,903
Gain on sale of properties		4,063	8,050	4,649	2,695	1,277	21,491		16,762	25,463
Net income	8,907	7,221	16,785	9,340	6,533	6,212	23,332	2,957	42,253	39,034	27,413
Net income attributable to One Liberty Properties, Inc.	8,883	$ 7,204	16,767	$ 9,323	$ 6,507	$ 6,059	$ 23,329	$ 2,962	$ 42,177	$ 38,857	$ 27,407
Additional rental income from ground lease tenant recognized	$ 4,626
Income from the settlement of lawsuit			$ 5,388
Weighted average number of common shares outstanding:
Basic (in shares)	20,358	20,340	20,364	20,379	20,210	20,115	20,013	20,003	20,360	20,086	19,571
Diluted (in shares)	20,406	20,416	20,480	20,541	20,369	20,273	20,187	20,061	20,453	20,264	19,599
Net income per common share attributable to common stockholders:
Basic (in dollars per share)	$ 0.42	$ 0.34	$ 0.80	$ 0.44	$ 0.31	$ 0.29	$ 1.13	$ 0.13	$ 2	$ 1.87	$ 1.34
Diluted (in dollars per share)	$ 0.42	$ 0.34	$ 0.79	$ 0.44	$ 0.30	$ 0.28	$ 1.12	$ 0.13	$ 1.99	$ 1.85	$ 1.33

Schedule III - Consolidated R_2

Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) property	Dec. 31, 2022 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		$ 409,175
Initial Cost To Company
Land		179,192
Buildings and Improvements		651,112
Costs Capitalized Subsequent to Acquisition
Improvements		49,292
Gross Amount at Which Carried at December 31, 2022
Land		181,805
Building & Improvements		697,791
Total	$ 837,641	879,596	$ 839,058	$ 835,837
Accumulated Depreciation	$ 160,664	173,143	$ 147,136	$ 135,302
Other disclosures
Estimated useful lives of buildings and improvements	40 years
Minimum
Other disclosures
Estimated useful lives of buildings and improvements	2 years
Health & Fitness | Real Estate in Tucker, GA
Initial Cost To Company
Land		807
Buildings and Improvements		3,027
Costs Capitalized Subsequent to Acquisition
Improvements		3,420
Gross Amount at Which Carried at December 31, 2022
Land		807
Building & Improvements		6,447
Total		7,254
Accumulated Depreciation		3,259
Health & Fitness | Real Estate in Hamilton, OH
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		4,122
Initial Cost To Company
Land		1,483
Buildings and Improvements		5,953
Gross Amount at Which Carried at December 31, 2022
Land		1,483
Building & Improvements		5,953
Total		7,436
Accumulated Depreciation		1,956
Health & Fitness | Real Estate in Secaucus, NJ
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		7,397
Initial Cost To Company
Land		5,449
Buildings and Improvements		9,873
Gross Amount at Which Carried at December 31, 2022
Land		5,449
Building & Improvements		9,873
Total		15,322
Accumulated Depreciation		2,498
Industrial | Real Estate in West Palm Beach, FL
Initial Cost To Company
Land		181
Buildings and Improvements		724
Costs Capitalized Subsequent to Acquisition
Improvements		235
Gross Amount at Which Carried at December 31, 2022
Land		181
Building & Improvements		959
Total		1,140
Accumulated Depreciation		512
Industrial | Real Estate in New Hyde Park, NY
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		2,187
Initial Cost To Company
Land		182
Buildings and Improvements		728
Costs Capitalized Subsequent to Acquisition
Improvements		281
Gross Amount at Which Carried at December 31, 2022
Land		182
Building & Improvements		1,009
Total		1,191
Accumulated Depreciation		542
Industrial | Real Estate in Ronkonkoma, NY
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		5,158
Initial Cost To Company
Land		1,042
Buildings and Improvements		4,171
Costs Capitalized Subsequent to Acquisition
Improvements		2,943
Gross Amount at Which Carried at December 31, 2022
Land		1,042
Building & Improvements		7,114
Total		8,156
Accumulated Depreciation		3,376
Industrial | Real Estate in Hauppauge, NY
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		23,017
Initial Cost To Company
Land		1,951
Buildings and Improvements		10,954
Costs Capitalized Subsequent to Acquisition
Improvements		9,600
Gross Amount at Which Carried at December 31, 2022
Land		1,951
Building & Improvements		20,554
Total		22,505
Accumulated Depreciation		8,781
Industrial | Real Estate in Melville, NY
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		2,297
Initial Cost To Company
Land		774
Buildings and Improvements		3,029
Costs Capitalized Subsequent to Acquisition
Improvements		1,170
Gross Amount at Which Carried at December 31, 2022
Land		774
Building & Improvements		4,199
Total		4,973
Accumulated Depreciation		1,915
Industrial | Real Estate in Saco, ME
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		5,019
Initial Cost To Company
Land		1,027
Buildings and Improvements		3,623
Costs Capitalized Subsequent to Acquisition
Improvements		2,050
Gross Amount at Which Carried at December 31, 2022
Land		1,027
Building & Improvements		5,673
Total		6,700
Accumulated Depreciation		1,772
Industrial | Real Estate in Baltimore, MD
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		17,640
Initial Cost To Company
Land		6,474
Buildings and Improvements		25,282
Gross Amount at Which Carried at December 31, 2022
Land		6,474
Building & Improvements		25,282
Total		31,756
Accumulated Depreciation		10,139
Industrial | Real Estate in Durham, NC
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		2,351
Initial Cost To Company
Land		1,043
Buildings and Improvements		2,404
Costs Capitalized Subsequent to Acquisition
Improvements		44
Gross Amount at Which Carried at December 31, 2022
Land		1,043
Building & Improvements		2,448
Total		3,491
Accumulated Depreciation		817
Industrial | Real Estate in Pinellas Park, FL
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		2,036
Initial Cost To Company
Land		1,231
Buildings and Improvements		1,669
Costs Capitalized Subsequent to Acquisition
Improvements		614
Gross Amount at Which Carried at December 31, 2022
Land		1,231
Building & Improvements		2,283
Total		3,514
Accumulated Depreciation		474
Industrial | Real Estate in Miamisburg, OH
Initial Cost To Company
Land		165
Buildings and Improvements		1,348
Costs Capitalized Subsequent to Acquisition
Improvements		83
Gross Amount at Which Carried at December 31, 2022
Land		165
Building & Improvements		1,431
Total		1,596
Accumulated Depreciation		433
Industrial | Real Estate in Fort Mill, SC
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		6,891
Initial Cost To Company
Land		1,840
Buildings and Improvements		12,687
Costs Capitalized Subsequent to Acquisition
Improvements		87
Gross Amount at Which Carried at December 31, 2022
Land		1,840
Building & Improvements		12,774
Total		14,614
Accumulated Depreciation		3,280
Industrial | Real Estate in Indianapolis, IN
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		5,006
Initial Cost To Company
Land		1,224
Buildings and Improvements		6,935
Gross Amount at Which Carried at December 31, 2022
Land		1,224
Building & Improvements		6,935
Total		8,159
Accumulated Depreciation		1,994
Industrial | Real Estate in Fort Mill, SC
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		21,111
Initial Cost To Company
Land		1,804
Buildings and Improvements		33,650
Gross Amount at Which Carried at December 31, 2022
Land		1,804
Building & Improvements		33,650
Total		35,454
Accumulated Depreciation		9,363
Industrial | Real Estate in New Hope, MN
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		3,763
Initial Cost To Company
Land		881
Buildings and Improvements		6,064
Costs Capitalized Subsequent to Acquisition
Improvements		234
Gross Amount at Which Carried at December 31, 2022
Land		881
Building & Improvements		6,298
Total		7,179
Accumulated Depreciation		1,303
Industrial | Real Estate in Louisville, KY
Initial Cost To Company
Land		578
Buildings and Improvements		3,727
Costs Capitalized Subsequent to Acquisition
Improvements		34
Gross Amount at Which Carried at December 31, 2022
Land		578
Building & Improvements		3,761
Total		4,339
Accumulated Depreciation		772
Industrial | Real Estate in Louisville, KY
Initial Cost To Company
Land		51
Buildings and Improvements		230
Gross Amount at Which Carried at December 31, 2022
Land		51
Building & Improvements		230
Total		281
Accumulated Depreciation		47
Industrial | Real Estate in McCalla, AL
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		12,935
Initial Cost To Company
Land		1,588
Buildings and Improvements		14,682
Gross Amount at Which Carried at December 31, 2022
Land		1,588
Building & Improvements		14,682
Total		16,270
Accumulated Depreciation		2,793
Industrial | Real Estate In St Louis, MO
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		9,968
Initial Cost To Company
Land		3,728
Buildings and Improvements		13,006
Costs Capitalized Subsequent to Acquisition
Improvements		739
Gross Amount at Which Carried at December 31, 2022
Land		3,728
Building & Improvements		13,745
Total		17,473
Accumulated Depreciation		2,753
Industrial | Real Estate in Greenville, SC
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		4,368
Initial Cost To Company
Land		693
Buildings and Improvements		6,893
Costs Capitalized Subsequent to Acquisition
Improvements		307
Gross Amount at Which Carried at December 31, 2022
Land		693
Building & Improvements		7,200
Total		7,893
Accumulated Depreciation		1,315
Industrial | Real Estate in Greenville, SC
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		4,854
Initial Cost To Company
Land		528
Buildings and Improvements		8,074
Costs Capitalized Subsequent to Acquisition
Improvements		127
Gross Amount at Which Carried at December 31, 2022
Land		528
Building & Improvements		8,201
Total		8,729
Accumulated Depreciation		1,477
Industrial | Real Estate in El Paso, TX
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		23,000
Initial Cost To Company
Land		3,691
Buildings and Improvements		17,904
Costs Capitalized Subsequent to Acquisition
Improvements		2,429
Gross Amount at Which Carried at December 31, 2022
Land		3,691
Building & Improvements		20,333
Total		24,024
Accumulated Depreciation		3,241
Industrial | Real Estate in Lebanon, TN
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		19,949
Initial Cost To Company
Land		2,094
Buildings and Improvements		30,039
Costs Capitalized Subsequent to Acquisition
Improvements		44
Gross Amount at Which Carried at December 31, 2022
Land		2,094
Building & Improvements		30,083
Total		32,177
Accumulated Depreciation		4,896
Industrial | Real Estate in Huntersville, NC
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		4,409
Initial Cost To Company
Land		1,046
Buildings and Improvements		6,674
Gross Amount at Which Carried at December 31, 2022
Land		1,046
Building & Improvements		6,674
Total		7,720
Accumulated Depreciation		991
Industrial | Real Estate in Pittston, PA
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		14,350
Initial Cost To Company
Land		999
Buildings and Improvements		9,922
Costs Capitalized Subsequent to Acquisition
Improvements		1,048
Gross Amount at Which Carried at December 31, 2022
Land		999
Building & Improvements		10,970
Total		11,969
Accumulated Depreciation		1,514
Industrial | Real Estate in Ankeny, IA
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		7,520
Initial Cost To Company
Land		1,351
Buildings and Improvements		11,607
Gross Amount at Which Carried at December 31, 2022
Land		1,351
Building & Improvements		11,607
Total		12,958
Accumulated Depreciation		1,651
Industrial | Real Estate in Memphis, TN
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		4,599
Initial Cost To Company
Land		140
Buildings and Improvements		7,952
Gross Amount at Which Carried at December 31, 2022
Land		140
Building & Improvements		7,952
Total		8,092
Accumulated Depreciation		1,079
Industrial | Real Estate in Pennsburg, PA
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		7,400
Initial Cost To Company
Land		1,776
Buildings and Improvements		11,126
Gross Amount at Which Carried at December 31, 2022
Land		1,776
Building & Improvements		11,126
Total		12,902
Accumulated Depreciation		1,478
Industrial | Real Estate in Plymouth, MN
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		2,993
Initial Cost To Company
Land		1,121
Buildings and Improvements		4,429
Gross Amount at Which Carried at December 31, 2022
Land		1,121
Building & Improvements		4,429
Total		5,550
Accumulated Depreciation		526
Industrial | Real Estate in Englewood, CO
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		7,621
Initial Cost To Company
Land		1,562
Buildings and Improvements		11,300
Gross Amount at Which Carried at December 31, 2022
Land		1,562
Building & Improvements		11,300
Total		12,862
Accumulated Depreciation		1,237
Industrial | Real Estate in Moorestown, NJ
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		3,613
Initial Cost To Company
Land		1,822
Buildings and Improvements		5,056
Gross Amount at Which Carried at December 31, 2022
Land		1,822
Building & Improvements		5,056
Total		6,878
Accumulated Depreciation		548
Industrial | Real Estate in Moorestown, NJ
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		8,066
Initial Cost To Company
Land		1,443
Buildings and Improvements		10,898
Costs Capitalized Subsequent to Acquisition
Improvements		52
Gross Amount at Which Carried at December 31, 2022
Land		1,443
Building & Improvements		10,950
Total		12,393
Accumulated Depreciation		1,190
Industrial | Real Estate in Bakersfield, CA
Initial Cost To Company
Land		1,988
Buildings and Improvements		9,998
Gross Amount at Which Carried at December 31, 2022
Land		1,988
Building & Improvements		9,998
Total		11,986
Accumulated Depreciation		1,061
Industrial | Real Estate in Green Park, MO
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		5,834
Initial Cost To Company
Land		1,421
Buildings and Improvements		7,835
Gross Amount at Which Carried at December 31, 2022
Land		1,421
Building & Improvements		7,835
Total		9,256
Accumulated Depreciation		815
Industrial | Real Estate in Greenville, SC
Initial Cost To Company
Land		186
Buildings and Improvements		6,419
Costs Capitalized Subsequent to Acquisition
Improvements		210
Gross Amount at Which Carried at December 31, 2022
Land		186
Building & Improvements		6,629
Total		6,815
Accumulated Depreciation		683
Industrial | Real Estate in Nashville, TN
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		4,754
Initial Cost To Company
Land		1,058
Buildings and Improvements		6,350
Gross Amount at Which Carried at December 31, 2022
Land		1,058
Building & Improvements		6,350
Total		7,408
Accumulated Depreciation		586
Industrial | Real Estate in Wauconda, IL
Initial Cost To Company
Land		67
Buildings and Improvements		3,423
Costs Capitalized Subsequent to Acquisition
Improvements		41
Gross Amount at Which Carried at December 31, 2022
Land		67
Building & Improvements		3,464
Total		3,531
Accumulated Depreciation		344
Industrial | Real Estate in Bensalem, PA
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		3,756
Initial Cost To Company
Land		1,602
Buildings and Improvements		4,323
Costs Capitalized Subsequent to Acquisition
Improvements		150
Gross Amount at Which Carried at December 31, 2022
Land		1,602
Building & Improvements		4,473
Total		6,075
Accumulated Depreciation		396
Industrial | Real Estate in Chandler, AZ
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		4,787
Initial Cost To Company
Land		1,335
Buildings and Improvements		7,379
Costs Capitalized Subsequent to Acquisition
Improvements		102
Gross Amount at Which Carried at December 31, 2022
Land		1,335
Building & Improvements		7,481
Total		8,816
Accumulated Depreciation		693
Industrial | Real Estate in LaGrange, GA
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		2,948
Initial Cost To Company
Land		297
Buildings and Improvements		4,500
Gross Amount at Which Carried at December 31, 2022
Land		297
Building & Improvements		4,500
Total		4,797
Accumulated Depreciation		404
Industrial | Real Estate in Shakopee, MN
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		4,608
Initial Cost To Company
Land		1,877
Buildings and Improvements		5,462
Costs Capitalized Subsequent to Acquisition
Improvements		10
Gross Amount at Which Carried at December 31, 2022
Land		1,877
Building & Improvements		5,472
Total		7,349
Accumulated Depreciation		478
Industrial | Real Estate in Rincon, GA
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		3,788
Initial Cost To Company
Land		61
Buildings and Improvements		5,968
Gross Amount at Which Carried at December 31, 2022
Land		61
Building & Improvements		5,968
Total		6,029
Accumulated Depreciation		487
Industrial | Real Estate in Chandler, AZ
Initial Cost To Company
Land		1,164
Buildings and Improvements		1,691
Costs Capitalized Subsequent to Acquisition
Improvements		4
Gross Amount at Which Carried at December 31, 2022
Land		1,164
Building & Improvements		1,695
Total		2,859
Accumulated Depreciation		146
Industrial | Real Estate In Ashland, VA
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		5,290
Initial Cost To Company
Land		391
Buildings and Improvements		7,901
Gross Amount at Which Carried at December 31, 2022
Land		391
Building & Improvements		7,901
Total		8,292
Accumulated Depreciation		593
Industrial | Real Estate In Lowell, AR
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		11,611
Initial Cost To Company
Land		1,687
Buildings and Improvements		15,188
Gross Amount at Which Carried at December 31, 2022
Land		1,687
Building & Improvements		15,188
Total		16,875
Accumulated Depreciation		1,197
Industrial | Real Estate in Monroe, NC
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		4,310
Initial Cost To Company
Land		897
Buildings and Improvements		5,106
Gross Amount at Which Carried at December 31, 2022
Land		897
Building & Improvements		5,106
Total		6,003
Accumulated Depreciation		217
Industrial | Real Estate in Lehigh Acres, FL
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		5,896
Initial Cost To Company
Land		1,934
Buildings and Improvements		7,393
Gross Amount at Which Carried at December 31, 2022
Land		1,934
Building & Improvements		7,393
Total		9,327
Accumulated Depreciation		246
Industrial | Real Estate in Omaha, NE
Initial Cost To Company
Land		1,001
Buildings and Improvements		6,547
Gross Amount at Which Carried at December 31, 2022
Land		1,001
Building & Improvements		6,547
Total		7,548
Accumulated Depreciation		190
Industrial | Real Estate in Fort Myers, Florida
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		4,751
Initial Cost To Company
Land		991
Buildings and Improvements		6,876
Gross Amount at Which Carried at December 31, 2022
Land		991
Building & Improvements		6,876
Total		7,867
Accumulated Depreciation		175
Industrial | Real Estate in Dalton, Georgia
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		9,905
Initial Cost To Company
Land		547
Buildings and Improvements		15,836
Gross Amount at Which Carried at December 31, 2022
Land		547
Building & Improvements		15,836
Total		16,383
Accumulated Depreciation		249
Industrial | Real Estate in Hillside, Illinois
Initial Cost To Company
Land		2,560
Buildings and Improvements		2,975
Gross Amount at Which Carried at December 31, 2022
Land		2,560
Building & Improvements		2,975
Total		5,535
Accumulated Depreciation		51
Industrial | Real Estate in Lexington, Kentucky
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		5,415
Initial Cost To Company
Land		1,558
Buildings and Improvements		6,881
Gross Amount at Which Carried at December 31, 2022
Land		1,558
Building & Improvements		6,881
Total		8,439
Accumulated Depreciation		97
Industrial | Real Estate in Northwood Ohio
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		6,005
Initial Cost To Company
Land		181
Buildings and Improvements		8,306
Gross Amount at Which Carried at December 31, 2022
Land		181
Building & Improvements		8,306
Total		8,487
Accumulated Depreciation		27
Industrial | Real Estate in Northwood Ohio
Initial Cost To Company
Land		171
Buildings and Improvements		7,383
Gross Amount at Which Carried at December 31, 2022
Land		171
Building & Improvements		7,383
Total		7,554
Accumulated Depreciation		24
Industrial | Real Estate in Joppa MD
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		8,176
Initial Cost To Company
Land		3,815
Buildings and Improvements		8,142
Costs Capitalized Subsequent to Acquisition
Improvements		1,406
Gross Amount at Which Carried at December 31, 2022
Land		3,815
Building & Improvements		9,548
Total		13,363
Accumulated Depreciation		2,320
Office | Real Estate in Brooklyn, NY
Initial Cost To Company
Land		1,381
Buildings and Improvements		5,447
Costs Capitalized Subsequent to Acquisition
Improvements		3,013
Gross Amount at Which Carried at December 31, 2022
Land		1,381
Building & Improvements		8,460
Total		9,841
Accumulated Depreciation		4,797
Other | Real Estate in Newark, DE
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		1,263
Initial Cost To Company
Land		935
Buildings and Improvements		3,643
Costs Capitalized Subsequent to Acquisition
Improvements		278
Gross Amount at Which Carried at December 31, 2022
Land		935
Building & Improvements		3,921
Total		4,856
Accumulated Depreciation		1,858
Other | Real Estate in Beachwood, OH
Initial Cost To Company
Land		13,901
Costs Capitalized Subsequent to Acquisition
Improvements		2,613
Gross Amount at Which Carried at December 31, 2022
Land		16,514
Total		16,514
Restaurant | Real Estate in Hauppauge, NY
Initial Cost To Company
Land		725
Buildings and Improvements		2,963
Gross Amount at Which Carried at December 31, 2022
Land		725
Building & Improvements		2,963
Total		3,688
Accumulated Depreciation		1,268
Restaurant | Real Estate in Carrollton, GA
Initial Cost To Company
Land		796
Buildings and Improvements		1,458
Gross Amount at Which Carried at December 31, 2022
Land		796
Building & Improvements		1,458
Total		2,254
Accumulated Depreciation		466
Restaurant | Real Estate in Cartersville, GA
Initial Cost To Company
Land		786
Buildings and Improvements		1,346
Gross Amount at Which Carried at December 31, 2022
Land		786
Building & Improvements		1,346
Total		2,132
Accumulated Depreciation		457
Restaurant | Real Estate in Kennesaw, GA
Initial Cost To Company
Land		702
Buildings and Improvements		916
Gross Amount at Which Carried at December 31, 2022
Land		702
Building & Improvements		916
Total		1,618
Accumulated Depreciation		271
Restaurant | Real Estate in Lawrenceville, GA
Initial Cost To Company
Land		866
Buildings and Improvements		899
Gross Amount at Which Carried at December 31, 2022
Land		866
Building & Improvements		899
Total		1,765
Accumulated Depreciation		305
Restaurant | Real Estate in Concord, NC
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		1,294
Initial Cost To Company
Land		999
Buildings and Improvements		1,076
Gross Amount at Which Carried at December 31, 2022
Land		999
Building & Improvements		1,076
Total		2,075
Accumulated Depreciation		305
Restaurant | Real Estate in Myrtle Beach, SC
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		1,294
Initial Cost To Company
Land		1,102
Buildings and Improvements		1,161
Gross Amount at Which Carried at December 31, 2022
Land		1,102
Building & Improvements		1,161
Total		2,263
Accumulated Depreciation		324
Restaurant | Real Estate in Greensboro, NC
Initial Cost To Company
Land		1,770
Buildings and Improvements		1,237
Gross Amount at Which Carried at December 31, 2022
Land		1,770
Building & Improvements		1,237
Total		3,007
Accumulated Depreciation		417
Restaurant | Real Estate in Richmond, VA
Initial Cost To Company
Land		1,680
Buildings and Improvements		1,341
Gross Amount at Which Carried at December 31, 2022
Land		1,680
Building & Improvements		1,341
Total		3,021
Accumulated Depreciation		294
Restaurant | Real Estate in Indianapolis, IN
Initial Cost To Company
Land		853
Buildings and Improvements		1,465
Gross Amount at Which Carried at December 31, 2022
Land		853
Building & Improvements		1,465
Total		2,318
Accumulated Depreciation		382
Retail | Real Estate in Seattle, WA
Initial Cost To Company
Land		201
Buildings and Improvements		189
Costs Capitalized Subsequent to Acquisition
Improvements		35
Gross Amount at Which Carried at December 31, 2022
Land		201
Building & Improvements		224
Total		425
Accumulated Depreciation		175
Retail | Real Estate in Rosenberg, TX
Initial Cost To Company
Land		216
Buildings and Improvements		863
Costs Capitalized Subsequent to Acquisition
Improvements		66
Gross Amount at Which Carried at December 31, 2022
Land		216
Building & Improvements		929
Total		1,145
Accumulated Depreciation		630
Retail | Real Estate in Ft. Myers, FL
Initial Cost To Company
Land		1,013
Buildings and Improvements		4,054
Costs Capitalized Subsequent to Acquisition
Improvements		13
Gross Amount at Which Carried at December 31, 2022
Land		1,013
Building & Improvements		4,067
Total		5,080
Accumulated Depreciation		2,648
Retail | Real Estate in Selden, NY
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		2,389
Initial Cost To Company
Land		572
Buildings and Improvements		2,287
Costs Capitalized Subsequent to Acquisition
Improvements		150
Gross Amount at Which Carried at December 31, 2022
Land		572
Building & Improvements		2,437
Total		3,009
Accumulated Depreciation		1,436
Retail | Real Estate in Batavia, NY
Initial Cost To Company
Land		515
Buildings and Improvements		2,061
Gross Amount at Which Carried at December 31, 2022
Land		515
Building & Improvements		2,061
Total		2,576
Accumulated Depreciation		1,230
Retail | Real Estate in Champaign, IL
Initial Cost To Company
Land		791
Buildings and Improvements		3,165
Costs Capitalized Subsequent to Acquisition
Improvements		530
Gross Amount at Which Carried at December 31, 2022
Land		791
Building & Improvements		3,695
Total		4,486
Accumulated Depreciation		2,075
Retail | Real Estate in El Paso, TX
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		9,511
Initial Cost To Company
Land		2,821
Buildings and Improvements		11,123
Costs Capitalized Subsequent to Acquisition
Improvements		2,587
Gross Amount at Which Carried at December 31, 2022
Land		2,821
Building & Improvements		13,710
Total		16,531
Accumulated Depreciation		8,160
Retail | Real Estate in Somerville, MA
Initial Cost To Company
Land		510
Buildings and Improvements		1,993
Costs Capitalized Subsequent to Acquisition
Improvements		24
Gross Amount at Which Carried at December 31, 2022
Land		510
Building & Improvements		2,017
Total		2,527
Accumulated Depreciation		1,001
Retail | Real Estate in Hyannis, MA
Initial Cost To Company
Land		802
Buildings and Improvements		2,324
Gross Amount at Which Carried at December 31, 2022
Land		802
Building & Improvements		2,324
Total		3,126
Accumulated Depreciation		869
Retail | Real Estate in Marston Mills, MA
Initial Cost To Company
Land		461
Buildings and Improvements		2,313
Gross Amount at Which Carried at December 31, 2022
Land		461
Building & Improvements		2,313
Total		2,774
Accumulated Depreciation		860
Retail | Real Estate in Everett, MA
Initial Cost To Company
Land		1,935
Gross Amount at Which Carried at December 31, 2022
Land		1,935
Total		1,935
Retail | Real Estate in Kennesaw, GA
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		4,635
Initial Cost To Company
Land		1,501
Buildings and Improvements		4,349
Costs Capitalized Subsequent to Acquisition
Improvements		1,138
Gross Amount at Which Carried at December 31, 2022
Land		1,501
Building & Improvements		5,487
Total		6,988
Accumulated Depreciation		2,194
Retail | Real Estate in Royersford, PA
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		18,529
Initial Cost To Company
Land		19,538
Buildings and Improvements		3,150
Costs Capitalized Subsequent to Acquisition
Improvements		524
Gross Amount at Which Carried at December 31, 2022
Land		19,538
Building & Improvements		3,674
Total		23,212
Accumulated Depreciation		1,228
Retail | Real Estate in Monroeville, PA
Initial Cost To Company
Land		450
Buildings and Improvements		863
Gross Amount at Which Carried at December 31, 2022
Land		450
Building & Improvements		863
Total		1,313
Accumulated Depreciation		272
Retail | Real Estate in Bolingbrook, IL
Initial Cost To Company
Land		834
Buildings and Improvements		1,887
Costs Capitalized Subsequent to Acquisition
Improvements		101
Gross Amount at Which Carried at December 31, 2022
Land		834
Building & Improvements		1,988
Total		2,822
Accumulated Depreciation		665
Retail | Real Estate in Crystal Lake, IL
Initial Cost To Company
Land		615
Buildings and Improvements		1,899
Costs Capitalized Subsequent to Acquisition
Improvements		492
Gross Amount at Which Carried at December 31, 2022
Land		615
Building & Improvements		2,391
Total		3,006
Accumulated Depreciation		651
Retail | Real Estate in Lawrence, KS
Initial Cost To Company
Land		134
Buildings and Improvements		938
Costs Capitalized Subsequent to Acquisition
Improvements		207
Gross Amount at Which Carried at December 31, 2022
Land		134
Building & Improvements		1,145
Total		1,279
Accumulated Depreciation		291
Retail | Real Estate in Greensboro, NC
Initial Cost To Company
Land		1,046
Buildings and Improvements		1,552
Costs Capitalized Subsequent to Acquisition
Improvements		29
Gross Amount at Which Carried at December 31, 2022
Land		1,046
Building & Improvements		1,581
Total		2,627
Accumulated Depreciation		408
Retail | Real Estate in Highlands Ranch, CO
Initial Cost To Company
Land		2,361
Buildings and Improvements		2,924
Costs Capitalized Subsequent to Acquisition
Improvements		296
Gross Amount at Which Carried at December 31, 2022
Land		2,361
Building & Improvements		3,220
Total		5,581
Accumulated Depreciation		828
Retail | Real Estate in Woodbury, MN
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		2,508
Initial Cost To Company
Land		1,190
Buildings and Improvements		4,003
Gross Amount at Which Carried at December 31, 2022
Land		1,190
Building & Improvements		4,003
Total		5,193
Accumulated Depreciation		984
Retail | Real Estate in Cuyahoga Falls, OH
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		945
Initial Cost To Company
Land		71
Buildings and Improvements		1,371
Gross Amount at Which Carried at December 31, 2022
Land		71
Building & Improvements		1,371
Total		1,442
Accumulated Depreciation		235
Retail | Real Estate in Hilliard, OH
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		838
Initial Cost To Company
Land		300
Buildings and Improvements		1,077
Gross Amount at Which Carried at December 31, 2022
Land		300
Building & Improvements		1,077
Total		1,377
Accumulated Depreciation		189
Retail | Real Estate in Port Clinton, OH
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		810
Initial Cost To Company
Land		52
Buildings and Improvements		1,187
Gross Amount at Which Carried at December 31, 2022
Land		52
Building & Improvements		1,187
Total		1,239
Accumulated Depreciation		209
Retail | Real Estate in South Euclid, OH
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		918
Initial Cost To Company
Land		230
Buildings and Improvements		1,566
Costs Capitalized Subsequent to Acquisition
Improvements		53
Gross Amount at Which Carried at December 31, 2022
Land		230
Building & Improvements		1,619
Total		1,849
Accumulated Depreciation		293
Retail | Real Estate in St Louis Park, MN
Initial Cost To Company
Land		3,388
Buildings and Improvements		13,088
Costs Capitalized Subsequent to Acquisition
Improvements		152
Gross Amount at Which Carried at December 31, 2022
Land		3,388
Building & Improvements		13,240
Total		16,628
Accumulated Depreciation		2,264
Retail | Real Estate in Deptford, NJ
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		2,364
Initial Cost To Company
Land		572
Buildings and Improvements		1,779
Costs Capitalized Subsequent to Acquisition
Improvements		705
Gross Amount at Which Carried at December 31, 2022
Land		572
Building & Improvements		2,484
Total		3,056
Accumulated Depreciation		1,051
Retail | Real Estate in Cape Girardeau, MO
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		925
Initial Cost To Company
Land		545
Buildings and Improvements		1,547
Gross Amount at Which Carried at December 31, 2022
Land		545
Building & Improvements		1,547
Total		2,092
Accumulated Depreciation		447
Retail | Real Estate in Littleton, CO
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		9,550
Initial Cost To Company
Land		6,005
Buildings and Improvements		11,272
Costs Capitalized Subsequent to Acquisition
Improvements		1,173
Gross Amount at Which Carried at December 31, 2022
Land		6,005
Building & Improvements		12,445
Total		18,450
Accumulated Depreciation		2,904
Retail - Furniture | Real Estate in Duluth, GA
Initial Cost To Company
Land		778
Buildings and Improvements		3,436
Costs Capitalized Subsequent to Acquisition
Improvements		30
Gross Amount at Which Carried at December 31, 2022
Land		778
Building & Improvements		3,466
Total		4,244
Accumulated Depreciation		1,439
Retail - Furniture | Real Estate in Wichita, KS
Initial Cost To Company
Land		1,189
Buildings and Improvements		5,248
Costs Capitalized Subsequent to Acquisition
Improvements		169
Gross Amount at Which Carried at December 31, 2022
Land		1,189
Building & Improvements		5,417
Total		6,606
Accumulated Depreciation		2,192
Retail - Furniture | Real Estate in Lexington, KY
Initial Cost To Company
Land		800
Buildings and Improvements		3,532
Costs Capitalized Subsequent to Acquisition
Improvements		169
Gross Amount at Which Carried at December 31, 2022
Land		800
Building & Improvements		3,701
Total		4,501
Accumulated Depreciation		1,480
Retail - Furniture | Real Estate in Bluffton, SC
Initial Cost To Company
Land		589
Buildings and Improvements		2,600
Costs Capitalized Subsequent to Acquisition
Improvements		155
Gross Amount at Which Carried at December 31, 2022
Land		589
Building & Improvements		2,755
Total		3,344
Accumulated Depreciation		1,086
Retail - Furniture | Real Estate in Amarillo, TX
Initial Cost To Company
Land		860
Buildings and Improvements		3,810
Costs Capitalized Subsequent to Acquisition
Improvements		123
Gross Amount at Which Carried at December 31, 2022
Land		860
Building & Improvements		3,933
Total		4,793
Accumulated Depreciation		1,591
Retail - Furniture | Real Estate in Austin, TX
Initial Cost To Company
Land		1,587
Buildings and Improvements		7,010
Costs Capitalized Subsequent to Acquisition
Improvements		193
Gross Amount at Which Carried at December 31, 2022
Land		1,587
Building & Improvements		7,203
Total		8,790
Accumulated Depreciation		2,942
Retail - Furniture | Real Estate in Tyler, TX
Initial Cost To Company
Land		1,031
Buildings and Improvements		4,554
Costs Capitalized Subsequent to Acquisition
Improvements		181
Gross Amount at Which Carried at December 31, 2022
Land		1,031
Building & Improvements		4,735
Total		5,766
Accumulated Depreciation		1,906
Retail - Furniture | Real Estate in Newport News, VA
Initial Cost To Company
Land		751
Buildings and Improvements		3,316
Costs Capitalized Subsequent to Acquisition
Improvements		85
Gross Amount at Which Carried at December 31, 2022
Land		751
Building & Improvements		3,401
Total		4,152
Accumulated Depreciation		1,385
Retail - Furniture | Real Estate in Richmond, VA
Initial Cost To Company
Land		867
Buildings and Improvements		3,829
Costs Capitalized Subsequent to Acquisition
Improvements		201
Gross Amount at Which Carried at December 31, 2022
Land		867
Building & Improvements		4,030
Total		4,897
Accumulated Depreciation		1,600
Retail - Furniture | Real Estate in Virginia Beach, VA
Initial Cost To Company
Land		854
Buildings and Improvements		3,770
Costs Capitalized Subsequent to Acquisition
Improvements		224
Gross Amount at Which Carried at December 31, 2022
Land		854
Building & Improvements		3,994
Total		4,848
Accumulated Depreciation		1,575
Retail - Furniture | Real Estate in Gurnee, IL
Initial Cost To Company
Land		834
Buildings and Improvements		3,635
Gross Amount at Which Carried at December 31, 2022
Land		834
Building & Improvements		3,635
Total		4,469
Accumulated Depreciation		1,480
Retail - Furniture | Real Estate in Naples, FL
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		1,753
Initial Cost To Company
Land		3,070
Buildings and Improvements		2,846
Costs Capitalized Subsequent to Acquisition
Improvements		195
Gross Amount at Which Carried at December 31, 2022
Land		3,070
Building & Improvements		3,041
Total		6,111
Accumulated Depreciation		1,120
Retail - Office Supply
Other disclosures
Number of properties net leased to same tenant pursuant to separate leases | property	5
Number of properties containing cross default provisions | property	4
Retail - Office Supply | Real Estate in Lake Charles, LA
Initial Cost To Company
Land		1,167
Buildings and Improvements		3,887
Costs Capitalized Subsequent to Acquisition
Improvements		2,905
Gross Amount at Which Carried at December 31, 2022
Land		1,167
Building & Improvements		6,792
Total		7,959
Accumulated Depreciation		2,733
Other disclosures
Adjustment to Building and Improvements for impairment write-off due to casualty loss	$ 782
Adjustment to Accumulated Depreciation for impairment write-off due to casualty loss	$ 352
Retail - Office Supply | Real Estate in Chicago, IL
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		3,199
Initial Cost To Company
Land		3,877
Buildings and Improvements		2,256
Gross Amount at Which Carried at December 31, 2022
Land		3,877
Building & Improvements		2,256
Total		6,133
Accumulated Depreciation		806
Retail - Office Supply | Real Estate in Cary, NC
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		2,699
Initial Cost To Company
Land		1,129
Buildings and Improvements		3,736
Gross Amount at Which Carried at December 31, 2022
Land		1,129
Building & Improvements		3,736
Total		4,865
Accumulated Depreciation		1,335
Retail - Office Supply | Real Estate in Eugene, OR
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		2,403
Initial Cost To Company
Land		1,952
Buildings and Improvements		2,096
Gross Amount at Which Carried at December 31, 2022
Land		1,952
Building & Improvements		2,096
Total		4,048
Accumulated Depreciation		749
Retail - Office Supply | Real Estate in El Paso, TX
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		2,099
Initial Cost To Company
Land		1,035
Buildings and Improvements		2,700
Gross Amount at Which Carried at December 31, 2022
Land		1,035
Building & Improvements		2,700
Total		3,735
Accumulated Depreciation		965
Theatre | Real Estate in Greensboro, NC
Initial Cost To Company
Buildings and Improvements		8,328
Costs Capitalized Subsequent to Acquisition
Improvements		3,000
Gross Amount at Which Carried at December 31, 2022
Building & Improvements		11,328
Total		11,328
Accumulated Depreciation		8,864
Theatre | Real Estate in Indianapolis, IN
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances		3,775
Initial Cost To Company
Land		3,099
Buildings and Improvements		5,225
Costs Capitalized Subsequent to Acquisition
Improvements		19
Gross Amount at Which Carried at December 31, 2022
Land		3,099
Building & Improvements		5,244
Total		8,343
Accumulated Depreciation		$ 1,153

Schedule III - Consolidated R_3

Schedule III - Consolidated Real Estate and Accumulated Depreciation - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investment in real estate:
Balance, beginning of year	$ 837,641	$ 839,058	$ 835,837
Addition: Land, buildings and improvements	59,654	28,837	26,444
Deduction: Properties sold	(17,699)	(28,064)	(22,441)
Deduction: Property held-for-sale		(2,190)
Deduction: Impairment due to casualty loss			(782)
Balance, end of year	879,596	837,641	839,058
Accumulated depreciation:
Balance, beginning of year	160,664	147,136	135,302
Addition: Depreciation	18,471	17,694	17,941
Deduction: Impairment due to casualty loss			(352)
Deduction: Accumulated depreciation related to properties sold	(5,992)	(3,246)	(5,755)
Deduction: Accumulated depreciation related to property held-for-sale		(920)
Balance, end of year	173,143	$ 160,664	$ 147,136
Other disclosures
Amount by which aggregate cost of the properties is higher for federal income tax purposes	$ 22,018