One Liberty Properties (OLP) 10-Q 4 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Document and Entity Information
Entity Registrant Name	ONE LIBERTY PROPERTIES, INC.
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Entity File Number	001-09279
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	13-3147497
Entity Address, Address Line One	60 Cutter Mill Road
Entity Address, City or Town	Great Neck
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11021
City Area Code	516
Local Phone Number	466-3100
Title of 12(b) Security	Common Stock
Trading Symbol	OLP
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		21,309,028
Entity Central Index Key	0000712770
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Real estate investments, at cost
Land		$ 180,800	$ 181,805
Buildings and improvements		694,591	697,791
Total real estate investments, at cost		875,391	879,596
Less accumulated depreciation		179,906	173,143
Real estate investments, net		695,485	706,453
Investment in unconsolidated joint ventures		10,521	10,400
Cash and cash equivalents		8,079	6,718
Unbilled rent receivable		17,060	16,079
Unamortized intangible lease assets, net		17,298	19,841
Escrow, deposits and other assets and receivables		20,938	23,764
Total assets	[1]	769,381	783,255
Liabilities:
Mortgages payable, net		415,695	405,162
Line of credit, net of $640 and $732 of deferred financing costs, respectively		1,860	21,068
Dividends payable		9,891	9,693
Accrued expenses and other liabilities		18,458	19,270
Unamortized intangible lease liabilities, net		10,522	11,125
Total liabilities	[1]	456,426	466,318
Commitments and contingencies
One Liberty Properties, Inc. stockholders' equity:
Preferred stock, $1 par value; 12,500 shares authorized; none issued
Common stock, $1 par value; 50,000 shares authorized; 20,540 and 20,362 shares issued and outstanding		20,540	20,362
Paid-in capital		329,326	325,895
Accumulated other comprehensive income		1,543	1,810
Distributions in excess of net income		(39,451)	(32,102)
Total One Liberty Properties, Inc. stockholders' equity		311,958	315,965
Non-controlling interests in consolidated joint ventures	[1]	997	972
Total equity		312,955	316,937
Total liabilities and equity		$ 769,381	$ 783,255
[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, $17,880 and $17,870 of building and improvements, net of $6,046 and $5,670 of accumulated depreciation, $3,262 and $3,518 of other assets included in other line items, $18,141 and $18,500 of real estate debt, net, $1,027 and $1,135 of other liabilities included in other line items and $997 and $972 of non-controlling interests as of June 30, 2023 and December 31, 2022, respectively.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Preferred stock, par value (in dollars per share)		$ 1	$ 1
Preferred stock, shares authorized		12,500,000	12,500,000
Preferred stock, shares issued		0	0
Common stock, par value (in dollars per share)		$ 1	$ 1
Common stock, shares authorized		50,000,000	50,000,000
Common stock, shares issued		20,362	20,540,000
Common stock, shares outstanding			20,362,000
Land		$ 180,800	$ 181,805
Buildings and improvements		694,591	697,791
Accumulated depreciation		179,906	173,143
Non-controlling interests in consolidated joint ventures	[1]	997	972
Line of Credit
Deferred financing costs		640	732
Consolidated Joint Venture-VIEs
Land		10,365	10,365
Buildings and improvements		17,880	17,870
Accumulated depreciation		6,046	5,670
Other assets		3,262	3,518
Real estate debt, net		18,141	18,500
Other liabilities		1,027	1,135
Non-controlling interests in consolidated joint ventures		$ 997	$ 972
[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, $17,880 and $17,870 of building and improvements, net of $6,046 and $5,670 of accumulated depreciation, $3,262 and $3,518 of other assets included in other line items, $18,141 and $18,500 of real estate debt, net, $1,027 and $1,135 of other liabilities included in other line items and $997 and $972 of non-controlling interests as of June 30, 2023 and December 31, 2022, respectively.

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Total revenues	$ 22,407,000	$ 21,472,000	$ 45,359,000	$ 43,028,000
Operating expenses:
Depreciation and amortization	6,114,000	5,905,000	12,259,000	11,748,000
General and administrative (see Note 9 for related party information)	4,165,000	3,973,000	8,204,000	7,765,000
Real estate expenses (see Note 9 for related party information)	3,954,000	3,549,000	8,078,000	7,236,000
State taxes	88,000	77,000	156,000	151,000
Total operating expenses	14,321,000	13,504,000	28,697,000	26,900,000
Other operating income
Gain on sale of real estate, net	3,180,000	8,050,000	4,714,000	12,699,000
Operating income	11,266,000	16,018,000	21,376,000	28,827,000
Other income and expenses:
Equity in earnings of unconsolidated joint ventures	60,000	112,000	145,000	228,000
Income on settlement of litigation (see Note 13)		5,388,000		5,388,000
Other income (see Note 13)	28,000	54,000	43,000	980,000
Interest:
Expense	(4,610,000)	(4,353,000)	(9,210,000)	(8,659,000)
Amortization and write-off of deferred financing costs	(205,000)	(434,000)	(407,000)	(639,000)
Net income	6,539,000	16,785,000	11,947,000	26,125,000
Net income attributable to non-controlling interests	(20,000)	(18,000)	(42,000)	(35,000)
Net income attributable to One Liberty Properties, Inc.	$ 6,519,000	$ 16,767,000	$ 11,905,000	$ 26,090,000
Weighted average number of common shares outstanding:
Basic (in shares)	20,571	20,364	20,544	20,372
Diluted (in shares)	20,642	20,480	20,612	20,485
Per common share attributable to common stockholders:
Basic (in dollars per share)	$ 0.30	$ 0.80	$ 0.55	$ 1.24
Diluted (in dollars per share)	0.30	0.79	0.55	1.23
Cash distributions per share of common stock (in dollars per share)	$ 0.45	$ 0.45	$ 0.90	$ 0.90
Rental income, net
Revenues:
Total revenues	$ 22,407,000	$ 21,472,000	$ 45,359,000	$ 43,003,000
Lease termination fee
Revenues:
Total revenues				$ 25,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 6,539	$ 16,785	$ 11,947	$ 26,125
Other comprehensive income
Net unrealized gain (loss) on derivative instruments	141	665	(268)	2,440
Comprehensive income	6,680	17,450	11,679	28,565
Net income attributable to non-controlling interests	(20)	(18)	(42)	(35)
Adjustment for derivative instruments attributable to non-controlling interests	1		1	(2)
Comprehensive income attributable to One Liberty Properties, Inc.	$ 6,661	$ 17,432	$ 11,638	$ 28,528

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, 2021	$ 20,239	$ 322,793	$ (1,513)	$ (36,187)	$ 946	$ 306,278
Distributions - common stock
Cash				(9,559)		(9,559)
Restricted stock vesting	131	(131)
Shares issued through equity offering program - net	17	546				563
Shares issued through dividend reinvestment plan	5	156				161
Distributions to non-controlling interests					(33)	(33)
Compensation expense - restricted stock and RSUs		1,325				1,325
Net income				9,323	17	9,340
Other comprehensive income (loss)			1,773		2	1,775
Balances at Mar. 31, 2022	20,392	324,689	260	(36,423)	932	309,850
Balances at Dec. 31, 2021	20,239	322,793	(1,513)	(36,187)	946	306,278
Distributions - common stock
Net income						26,125
Balances at Jun. 30, 2022	20,281	323,104	925	(29,150)	942	316,102
Balances at Mar. 31, 2022	20,392	324,689	260	(36,423)	932	309,850
Distributions - common stock
Cash				(9,494)		(9,494)
Restricted stock vesting	16	(16)
Repurchases of common stock - net	(133)	(3,285)				(3,418)
Shares issued through dividend reinvestment plan	6	157				163
Distributions to non-controlling interests					(8)	(8)
Compensation expense - restricted stock and RSUs		1,559				1,559
Net income				16,767	18	16,785
Other comprehensive income (loss)			665			665
Balances at Jun. 30, 2022	20,281	323,104	925	(29,150)	942	316,102
Balances at Dec. 31, 2022	20,362	325,895	1,810	(32,102)	972	316,937
Distributions - common stock
Cash				(9,628)		(9,628)
Restricted stock vesting	135	(135)
Shares issued through dividend reinvestment plan	49	1,025				1,074
Distributions to non-controlling interests					(9)	(9)
Compensation expense - restricted stock and RSUs		1,328				1,328
Net income				5,386	22	5,408
Other comprehensive income (loss)			(409)			(409)
Balances at Mar. 31, 2023	20,546	328,113	1,401	(36,344)	985	314,701
Balances at Dec. 31, 2022	20,362	325,895	1,810	(32,102)	972	316,937
Distributions - common stock
Net income						11,947
Balances at Jun. 30, 2023	20,540	329,326	1,543	(39,451)	997	312,955
Balances at Mar. 31, 2023	20,546	328,113	1,401	(36,344)	985	314,701
Distributions - common stock
Cash				(9,626)		(9,626)
Restricted stock vesting	17	(17)
Repurchases of common stock - net	(73)	(1,382)				(1,455)
Shares issued through equity offering program - net	50	1,048				1,098
Distributions to non-controlling interests					(7)	(7)
Compensation expense - restricted stock and RSUs		1,564				1,564
Net income				6,519	20	6,539
Other comprehensive income (loss)			142		(1)	141
Balances at Jun. 30, 2023	$ 20,540	$ 329,326	$ 1,543	$ (39,451)	$ 997	$ 312,955

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Distributions - common stock
Cash	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 0.90	$ 0.90

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 11,947,000	$ 26,125,000
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of real estate, net	(4,714,000)	(12,699,000)
Increase in net amortization of unbilled rental income	(1,199,000)	(1,087,000)
Write-off of unbilled rent receivable	133,000
Amortization and write-off of intangibles relating to leases, net	(454,000)	(396,000)
Amortization of restricted stock and RSU compensation expense	2,892,000	2,884,000
Equity in earnings of unconsolidated joint ventures	(145,000)	(228,000)
Distributions of earnings from unconsolidated joint venture	23,000
Depreciation and amortization	12,259,000	11,748,000
Amortization and write-off of deferred financing costs	407,000	639,000
Payment of leasing commissions	(179,000)	(1,030,000)
Decrease (Increase) in escrow, deposits, other assets and receivables	5,015,000	(1,411,000)
Decrease in accrued expenses and other liabilities	(1,055,000)	(756,000)
Net cash provided by operating activities	24,930,000	23,789,000
Cash flows from investing activities:
Purchase of real estate		(39,888,000)
Improvements to real estate	(2,863,000)	(2,423,000)
Investments in ground leased property	(668,000)	(343,000)
Net proceeds from sale of real estate	10,069,000	22,424,000
Insurance recovery proceeds due to casualty loss		918,000
Net cash provided by (used in) investing activities	6,538,000	(19,312,000)
Cash flows from financing activities:
Scheduled amortization payments of mortgages payable	(6,174,000)	(6,613,000)
Repayment of mortgages payable	(6,735,000)	(33,571,000)
Proceeds from mortgage financings	23,450,000	43,339,000
Proceeds from bank line of credit	16,900,000	39,500,000
Repayments on bank line of credit	(36,200,000)	(23,700,000)
Issuance of shares through dividend reinvestment plan	2,172,000	324,000
Proceeds from sale of common stock, net		563,000
Repurchases of common stock, net	(1,455,000)	(3,418,000)
Payment of financing costs	(370,000)	(554,000)
Distributions to non-controlling interests	(16,000)	(41,000)
Cash distributions to common stockholders	(19,056,000)	(18,926,000)
Net cash used in financing activities	(27,484,000)	(3,097,000)
Net increase in cash, cash equivalents and restricted cash	3,984,000	1,380,000
Cash, cash equivalents and restricted cash at beginning of year	7,277,000	16,666,000
Cash, cash equivalents and restricted cash at end of period	11,261,000	18,046,000
Supplemental disclosure of cash flow information:
Cash paid during the period for interest expense	$ 9,258,000	8,673,000
Supplemental disclosure of non-cash investing activities:
Purchase accounting allocation - intangible lease assets		2,816,000
Purchase accounting allocation - intangible lease liabilities		$ (1,152,000)

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	$ 8,079	$ 17,624
Restricted cash included in escrow, deposits and other assets and receivables	3,182	422
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	$ 11,261	$ 18,046

ORGANIZATION AND BACKGROUND

ORGANIZATION AND BACKGROUND	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023, OLP owns

SUMMARY ACCOUNTING POLICIES

SUMMARY ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2023
SUMMARY ACCOUNTING POLICIES
SUMMARY ACCOUNTING POLICIES	NOTE 2 – SUMMARY ACCOUNTING POLICIES Principles of Consolidation/Basis of Preparation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments of a normal recurring nature necessary for fair presentation have been included. The results of operations for the three and six months ended June 30, 2023 and 2022 are not necessarily indicative of the results for the full year. These statements should be read in conjunction with the consolidated financial statements and related notes included in OLP’s Annual Report on Form 10-K for the year ended December 31, 2022. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The consolidated financial statements include the accounts and operations of OLP, its wholly-owned subsidiaries, its joint ventures in which the Company, as defined, has a controlling interest, and variable interest entities (“VIEs”) of which the Company is the primary beneficiary. OLP and its consolidated subsidiaries are referred to herein as the “Company”. Material intercompany items and transactions have been eliminated in consolidation. ​ Purchase Accounting for Acquisition of Real Estate In acquiring real estate, the Company evaluates whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, and if that requirement is met, the asset group is accounted for as an asset acquisition and not a business combination. Transaction costs incurred with such asset acquisitions are capitalized to real estate assets and depreciated over the respectful useful lives. ​ The Company allocates the purchase price of real estate, including direct transaction costs applicable to an asset acquisition, among land, building, improvements and intangibles ( 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 – SUMMARY ACCOUNTING POLICIES (CONTINUED) Investment in Joint Ventures and Variable Interest Entities The Financial Accounting Standards Board, or FASB, provides guidance for determining whether an entity is a VIE. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE’s economic performance and (ii) has the obligation to absorb losses, or the right to receive benefits, of the VIE that could potentially be significant to the VIE. The Company assesses the accounting treatment for each of its investments, including a review of each venture or limited liability company or partnership agreement, to determine the rights of each party and whether those rights are protective or participating. The agreements typically contain certain protective rights, such as the requirement of partner approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget or operating plan. In situations where, among other things, the Company and its partners jointly (i) approve the annual budget, (ii) approve certain expenditures, (iii) prepare or review and approve the joint venture’s tax return before filing, or (iv) approve each lease at a property, the Company does not consolidate as the Company considers these to be substantive participation rights that result in shared, joint power over the activities that most significantly impact the performance of the joint venture or property. Additionally, the Company assesses the accounting treatment for any interests pursuant to which the Company may have a variable interest as a lessor. Leases may contain certain protective rights, such as the right of sale and the receipt of certain escrow deposits. The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. All investments in unconsolidated joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are VIEs. In addition, the Company shares power with its co-managing members over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions. None of the joint venture debt is recourse to the Company, subject to standard carve-outs. The Company has elected to follow the cumulative earnings approach when assessing, for the consolidated statement of cash flows, whether the distribution from the investee is a return of the investor’s investment as compared to a return on its investment. The source of the cash generated by the investee to fund the distribution is not a factor in the analysis (that is, it does not matter whether the cash was generated through investee refinancing, sale of assets or operating results). Consequently, the investor only considers the relationship between the cash received from the investee to its equity in the undistributed earnings of the investee, on a cumulative basis, in assessing whether the distribution from the investee is a return on or a return of its investment. Cash received from the unconsolidated entity is presumed to be a return on the investment to the extent that, on a cumulative basis, distributions received by the investor are less than its share of the equity in the undistributed earnings of the entity. ​

LEASES

LEASES	6 Months Ended
	Jun. 30, 2023
LEASES
LEASES	NOTE 3 – LEASES Lessor Accounting The Company owns rental properties which are leased to tenants under operating leases with current expirations ranging from 2023 to 2055, with options to extend terminate not ​ Fixed lease revenues represent the base rent that each tenant is required to pay in accordance with the terms of their respective leases, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2023 2022 2023 2022 Fixed lease revenues ​ $ 18,929 ​ $ 18,405 ​ $ 38,287 ​ $ 36,746 Variable lease revenues ​ ​ 3,248 ​ ​ 2,860 ​ ​ 6,618 ​ ​ 5,861 Lease revenues (a) ​ $ 22,177 ​ $ 21,265 ​ $ 44,905 ​ $ 42,607 (a) Excludes $230 and $454 of amortization related to lease intangible assets and liabilities for the three and six months ended June 30, 2023, respectively, and $207 and $396 for the three and six months ended June 30, 2022, 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 June 30, 2023, the Company has assessed the collectability of all recorded lease revenues as probable. ​ During the three and six months ended June 30, 2023, the Company wrote-off, as a reduction to rental income, net, $133,000 of unbilled rent receivable related to its tenant, Bed Bath & Beyond at its Kennesaw, Georgia property, as the tenant filed for Chapter 11 bankruptcy protection and rejected its lease in April 2023. NOTE 3 – LEASES (CONTINUED) Minimum Future Rents ​ As of June 30, 2023, 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 $8,248,000 of rent related to Regal Cinemas (based on modified leases that became effective July 31, 2023) and does not include (i) straight-line rent or amortization of lease intangibles or incentives and (ii) variable lease payments as described above. ​ ​ ​ ​ From July 1 – December 31, 2023 ​ $ 36,149 For the year ending December 31, ​ ​ ​ 2024 ​ ​ 67,157 2025 ​ ​ 63,027 2026 ​ ​ 58,967 2027 ​ ​ 50,584 2028 ​ ​ 40,517 Thereafter ​ ​ 129,304 Total ​ $ 445,705 ​ Lessee Accounting ​ Ground Lease ​ The Company is a lessee under a ground lease in Greensboro, North Carolina, which is classified as an operating lease. The ground lease expires March 3, 2025 and provides for up to four, 5-year renewal options and one seven-month renewal option. As of June 30, 2023, the remaining lease term, including renewal options deemed exercised, is 11.7 years. The Company recognized lease expense related to this ground lease of $150,000 and $300,000 for both the three and six months ended June 30, 2023 and 2022, respectively, which is included in Real estate expenses on the consolidated statements of income. ​ Office Lease ​ The Company is a lessee under a corporate office lease in Great Neck, New York, which is classified as an operating lease. The lease expires on December 31, 2031 and provides for a five-year ​ Minimum Future Lease Payments ​ As of June 30, 2023, the minimum future lease payments related to these operating leases are as follows (amounts in thousands): ​ ​ ​ ​ From July 1 – December 31, 2023 ​ $ 254 For the year ending December 31, ​ ​ ​ 2024 ​ ​ 557 2025 ​ ​ 626 2026 ​ 627 2027 ​ 629 2028 ​ 630 Thereafter ​ 4,960 Total undiscounted cash flows ​ $ 8,283 Present value discount ​ (1,508) Lease liability ​ $ 6,775 ​

REAL ESTATE ACQUISITION

REAL ESTATE ACQUISITION	6 Months Ended
	Jun. 30, 2023
REAL ESTATE ACQUISITION
REAL ESTATE ACQUISITION	NOTE 4 – REAL ESTATE ACQUISITIONS Acquisitions The following table details the Company’s real estate acquisitions during 2022 (amounts in thousands). There were no acquisitions during the six months ended June 30, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract ​ ​ ​ Capitalized ​ ​ Date ​ ​ Purchase ​ Terms of ​ ​ Transaction Description of 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 (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. ​ Acquisition Subsequent to June 30, 2023 ​ On July 13, 2023, the Company acquired for $13,400,000 an industrial property located in Blythewood, South Carolina, and leased by two tenants. In connection with the acquisition, the Company assumed a $ and which matures in June 2029.

SALES OF PROPERTIES

SALES OF PROPERTIES	6 Months Ended
	Jun. 30, 2023
SALES OF PROPERTIES
SALE OF PROPERTIES	NOTE 5 SALES OF PROPERTIES The following table details the Company’s sales of real estate during the six months ended June 30, 2023 and 2022 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gain on Sale of ​ Description of Property ​ Date Sold ​ Sales Price ​ Real Estate, Net ​ TGI Fridays restaurant ​ ​ ​ ​ ​ ​ ​ ​ ​ Hauppauge, New York ​ February 28, 2023 ​ $ 4,200 ​ $ 1,534 ​ Havertys retail property ​ ​ ​ ​ ​ ​ ​ ​ ​ Duluth, Georgia ​ May 31, 2023 ​ ​ 6,000 ​ ​ 3,180 ​ TOTAL - Six months ended June 30, 2023 ​ $ 10,200 ​ $ 4,714 (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wendy's restaurants - 4 properties ​ ​ ​ ​ ​ ​ ​ ​ ​ Various cities, Pennsylvania ​ March 22, 2022 ​ $ 10,000 ​ $ 4,649 ​ Orlando Baking industrial property ​ ​ ​ ​ ​ ​ ​ ​ ​ Columbus, Ohio ​ May 2, 2022 ​ ​ 8,500 ​ ​ 6,925 ​ Havertys retail property ​ ​ ​ ​ ​ ​ ​ ​ ​ Fayetteville, Georgia (b) ​ June 17, 2022 ​ ​ 4,800 ​ ​ 1,125 ​ TOTAL - Six months ended June 30, 2022 ​ $ 23,300 ​ $ 12,699 (c) (a) As a result of these sales, the Company wrote-off, as a net reduction to Gain on sale of real estate, net, an aggregate of $190 of other assets and receivables and $32 of unearned rental income. (b) In connection with this sale, the Company paid off the $1,563 mortgage. (c) 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.

VARIABLE INTEREST ENTITIES, CON

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES	6 Months Ended
	Jun. 30, 2023
VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES
VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES	NOTE 6 – VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES ​ Variable Interest Entity – Ground Lease ​ The Company determined it has a variable interest through its ground lease at its Beachwood, Ohio property (the “Vue Apartments”) and the owner/operator is a VIE because its equity investment at risk is insufficient to finance its activities without additional subordinated financial support. The Company further determined that it is not the primary beneficiary of this VIE because the Company does not have power over the activities that most significantly impact the owner/operator’s economic performance and therefore, does not consolidate this VIE for financial statement purposes. Accordingly, the Company accounts for this investment as land and the revenues from the ground lease as Rental income, net. The ground lease provides for rent which can be deferred and paid based on the operating performance of the property; therefore, this rent is recognized as rental income when the operating performance is achieved and the rent is received. ​ As of June 30, 2023, the VIE’s maximum exposure to loss was $17,012,000 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 during the year ended December 31, 2022 and $221,000 and $668,000 during the three and six months ended June 30, 2023, respectively. These amounts are included as part of the carrying amount of the land. ​ 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, receivables NOTE 6 – VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES (CONTINUED) ​ Variable Interest Entities – Consolidated Joint Ventures ​ The Company has determined the three consolidated joint ventures in which it holds between a 90% to 95% interest are VIEs because the non-controlling interests do not hold substantive kick-out or participating rights. The Company has determined it is the primary beneficiary of these VIEs as it has the power to direct the activities that most significantly impact each joint venture’s performance including management, approval of expenditures, and the obligation to absorb the losses or rights to receive benefits. Accordingly, the Company consolidates the operations of these VIEs for financial statement purposes. The VIEs’ creditors do not have recourse to the assets of the Company other than those held by the applicable joint venture. ​ The following is a summary of the consolidated VIEs’ carrying amounts and classification in the Company’s consolidated balance sheets, none of which are restricted (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2023 2022 Land ​ $ 10,365 ​ $ 10,365 Buildings and improvements, net of accumulated depreciation of $6,046 and $5,670, respectively ​ ​ 17,880 ​ ​ 17,870 Cash ​ ​ 803 ​ ​ 1,163 Unbilled rent receivable ​ ​ 1,082 ​ ​ 1,111 Unamortized intangible lease assets, net ​ ​ 434 ​ ​ 472 Escrow, deposits and other assets and receivables ​ ​ 943 ​ ​ 772 Mortgages payable, net of unamortized deferred financing costs of $131 and $152, respectively ​ ​ 18,141 ​ ​ 18,500 Accrued expenses and other liabilities ​ ​ 628 ​ ​ 711 Unamortized intangible lease liabilities, net ​ ​ 399 ​ ​ 424 Accumulated other comprehensive income ​ ​ 15 ​ ​ 22 Non-controlling interests in consolidated joint ventures ​ ​ 997 ​ ​ 972 ​ As of June 30, 2023 and December 31, 2022, MCB Real Estate, LLC and its affiliates (‘‘MCB’’) are the Company’s joint venture partner in two consolidated joint ventures in which the Company has aggregate equity investments of approximately $4,501,000 and $4,563,000, 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	6 Months Ended
	Jun. 30, 2023
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	NOTE 7 – INVESTMENT IN UNCONSOLIDATED JOINT VENTURES ​ As of June 30, 2023 and December 31, 2022, 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 $10,521,000 and $10,400,000 , respectively. The Company recorded equity in earnings of for the three and six months ended June 30, 2022, respectively. ​ As of June 30, 2023 and December 31, 2022, MCB and the Company are partners in an unconsolidated joint venture in which the Company’s equity investment is approximately $9,019,000 and $8,963,000, respectively.

DEBT OBLIGATIONS

DEBT OBLIGATIONS	6 Months Ended
	Jun. 30, 2023
DEBT OBLIGATIONS
DEBT OBLIGATIONS	NOTE 8 – DEBT OBLIGATIONS ​ Mortgages Payable ​ The following table details the Mortgages payable, net, balances per the consolidated balance sheets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2023 2022 Mortgages payable, gross ​ $ 419,716 ​ $ 409,175 Unamortized deferred financing costs ​ (3,409) ​ (3,355) Unamortized mortgage intangible asset (a) ​ ​ (612) ​ ​ (658) Mortgages payable, net ​ $ 415,695 ​ $ 405,162 (a) In connection with the assumption of a below-market mortgage upon the acquisition of the Northwood, Ohio properties in 2022 (see Note 4). ​ The following table sets forth, as of June 30, 2023, scheduled principal repayments with respect to the Company’s mortgage debt during the six months ending December 31, 2023 and for each of the subsequent twelve months through maturity (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2024 2025 2026 2027 Thereafter Total Amortization payments ​ $ 6,216 ​ $ 11,642 ​ $ 10,355 ​ $ 10,249 ​ $ 9,138 ​ $ 41,699 ​ $ 89,299 Principal due at maturity ​ 6,238 ​ 50,695 ​ 32,063 ​ 19,179 ​ 38,525 ​ 183,717 ​ 330,417 Total ​ $ 12,454 ​ $ 62,337 ​ $ 42,418 ​ $ 29,428 ​ $ 47,663 ​ $ 225,416 ​ $ 419,716 ​ Line of Credit ​ The Company’s credit facility with Manufacturers and Traders Trust Company and VNB New York, LLC, provides that it may borrow up to $100,000,000, subject to borrowing base requirements. The facility is available for the acquisition of commercial real estate, repayment of mortgage debt, and renovation and operating expense purposes; provided, that if used for renovation and operating expense purposes, the amount outstanding for such purposes will not exceed the lesser of $40,000,000 and 40% of the borrowing base. 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, which matures December 31, 2026, 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 June 30, 2023 and 2022. An unused facility fee of per annum applies to the facility. The weighted average interest rate on the facility was approximately ​ The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2023 2022 Line of credit, gross ​ $ 2,500 ​ $ 21,800 Unamortized deferred financing costs ​ (640) ​ (732) Line of credit, net ​ $ 1,860 ​ $ 21,068 ​ At June 30, 2023 and August 1, 2023, $97,500,000 and $83,500,000, respectively, was available to be borrowed under the facility, including an aggregate of up to $40,000,000 and $32,000,000, respectively, available for renovation and operating expense purposes.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2023
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 9 – RELATED PARTY TRANSACTIONS Compensation and Services Agreement Pursuant to the compensation and services agreement with Majestic Property Management Corp. (“Majestic”), Majestic provides the Company with certain (i) executive, administrative, legal, accounting, clerical, property management, property acquisition, consulting ( i.e ., sale, leasing, brokerage, and mortgage financing), and construction supervisory services (collectively, the “Services”) and (ii) facilities and other resources. Majestic is wholly-owned by the Company’s vice chairman and it provides compensation to several of the Company’s executive officers. ​ In consideration for the Services, the Company paid Majestic $810,000 and $1,689,000 for the three and six months ended June 30, 2023, respectively, and $760,000 and $1,526,000 for the three and six months ended June 30, 2022, respectively. Included in these amounts are fees for property management services of ​ Executive officers and others providing services to the Company under the compensation and services agreement were awarded shares of restricted stock and restricted stock units (“RSUs”) under the Company’s stock incentive plans (described in Note 11). The related expense charged to the Company’s operations was $643,000 and $1,284,000 for the three and six months ended June 30, 2023, respectively, and $643,000 and $1,287,000 for the three and six months ended June 30, 2022, respectively. ​ 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. Joint Venture Partners and Affiliates The Company paid an aggregate of $24,000 and $46,000 for the three and six months ended June 30, 2023, respectively, and $20,000 and $42,000 for the three and six months ended June 30, 2022, 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 $31,000 and $57,000 for the three and six months ended June 30, 2023, respectively, and $34,000 and $70,000 for the three and six months ended June 30, 2022, respectively, to the other partner of the ventures, which reduced Equity in earnings on the consolidated statements of income by $15,000 and $29,000 for the three and six months ended June 30, 2023, respectively, and $17,000 and $35,000 for the three and six months ended June 30, 2022, respectively. Other During 2023 and 2022, the Company paid quarterly fees of (i) $78,250 to the Company’s chairman and (ii) $31,300 to the Company’s vice-chairman. These fees are included in General and administrative expenses on the consolidated statements of income. ​ The Company obtains its property insurance in conjunction with Gould Investors L.P. (“Gould Investors”), a related party, and reimburses Gould Investors annually for the Company’s insurance cost relating to its properties. Included in Real estate expenses on the consolidated statements of income is insurance expense of

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	6 Months Ended
	Jun. 30, 2023
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE	NOTE 10 – EARNINGS PER COMMON SHARE ​ Basic earnings per share was determined by dividing net income allocable to common stockholders for each period by the weighted average number of shares of common stock outstanding during the applicable period. Net income is also allocated to the unvested restricted stock outstanding during each period, as the restricted stock is entitled to receive dividends and is therefore considered a participating security. As of June 30, 2023, the shares of common stock underlying the RSUs (see Note 11) are excluded from the basic earnings per share calculation, as these units are not participating securities until they vest and are issued. ​ Diluted earnings per share reflects the potential dilution that could occur if securities or other rights exercisable for, or convertible into, common stock were exercised or converted or otherwise resulted in the issuance of common stock that shared in the earnings of the Company. ​ The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2023 2022 2023 2022 Numerator for basic and diluted earnings per share: ​ ​ Net income ​ $ 6,539 ​ $ 16,785 ​ $ 11,947 ​ $ 26,125 Deduct net income attributable to non-controlling interests ​ (20) ​ (18) ​ (42) ​ (35) Deduct earnings allocated to unvested restricted stock (a) ​ (320) ​ ​ (570) ​ ​ (649) ​ ​ (891) Net income available for common stockholders: basic and diluted ​ $ 6,199 ​ $ 16,197 ​ $ 11,256 ​ $ 25,199 Denominator for basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding ​ 20,571 ​ ​ 20,364 ​ ​ 20,544 ​ ​ 20,372 Effect of dilutive securities: RSUs ​ 71 ​ ​ 116 ​ ​ 68 ​ ​ 113 Denominator for diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares ​ 20,642 ​ 20,480 ​ 20,612 ​ 20,485 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share, basic ​ $ .30 ​ $ .80 ​ $ .55 ​ $ 1.24 Earnings per common share, diluted ​ $ .30 ​ $ .79 ​ $ .55 ​ $ 1.23 (a) Represents an allocation of distributed earnings to unvested restricted stock that, as participating securities, are entitled to receive dividends. NOTE 10 – EARNINGS PER COMMON SHARE (CONTINUED) The following table identifies the number of shares of common stock underlying the RSUs that are included in the calculation, on a diluted basis, of the weighted average number of shares of common stock for such periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three and Six Months Ended June 30, 2023: ​ Total Number Shares Included Based on (a) ​ ​ ​ of Underlying ​ Return on ​ Stockholder ​ ​ ​ Shares Date of Award Shares Capital Metric Return Metric Total Excluded (b) July 1, 2022 ​ 85,350 ​ 42,675 ​ — ​ 42,675 ​ 42,675 August 3, 2021 80,700 ​ 40,350 ​ — ​ 40,350 ​ 40,350 August 3, 2020 75,026 ​ 37,494 ​ 37,494 ​ 74,988 ​ 38 Totals 241,076 120,519 37,494 158,013 83,063 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three and Six Months Ended June 30, 2022: ​ Total Number Shares Included Based on (a) ​ ​ ​ of Underlying ​ Return on ​ Stockholder ​ ​ ​ Shares Date of Award Shares Capital Metric Return Metric Total Excluded (b) August 3, 2021 80,700 ​ 40,350 ​ — ​ 40,350 ​ 40,350 August 3, 2020 75,026 ​ 37,513 ​ 37,513 ​ 75,026 ​ — July 1, 2019 ​ 75,026 ​ 37,513 ​ 26,975 ​ 64,488 ​ 10,538 Totals 230,752 115,376 64,488 179,864 50,888 (a) Reflects the number of shares underlying RSUs that would be issued assuming the measurement date used to determine whether the applicable conditions are satisfied is June 30 of the applicable period. (b) Excluded as the applicable conditions had not been met for these shares at the applicable measurement dates. (c) The RSUs awarded in 2022 and 2021 vest, subject to satisfaction of the applicable market and/or performance conditions, as of June 30, 2025 and 2024, respectively (see Note 11). (d) With respect to the RSUs awarded August 3, 2020, 74,988 shares were deemed to have vested and the balance of 38 shares were forfeited as of June 30, 2023. The 74,988 vested shares were issued in August 2023 (see Note 11). (e) With respect to the RSUs awarded July 1, 2019, 64,488 shares were deemed to have vested and the balance of 10,538 shares were forfeited in June 2022. The vested shares were issued in August 2022 (see Note 11).

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2023
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	NOTE 11 – STOCKHOLDERS’ EQUITY ​ 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 for issuance pursuant to each plan at such plan’s inception. ​ The following details the shares subject to awards that are outstanding under the Plans as of June 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2019 ​ 2016 ​ Incentive Plan (a) Incentive Plan (b) Incentive Plan (b) Restricted stock ​ 149,395 ​ 426,825 ​ 136,700 RSUs ​ 85,350 ​ 80,700 ​ — Totals ​ 234,745 ​ 507,525 ​ 136,700 (a) In July 2023, the Company granted RSUs to acquire 85,250 shares of common stock. (b) No additional awards may be granted under such plan . ​ NOTE 11 – STOCKHOLDERS’ EQUITY (CONTINUED) ​ For accounting purposes, the restricted stock is not included in the shares shown as outstanding on the balance sheet until they vest; however, dividends are paid on the unvested shares. The restricted stock grants are charged to General and administrative expense over the respective vesting periods based on the market value of the common stock on the grant date. Unless earlier forfeited because the participant’s relationship with the Company terminated, unvested restricted stock awards vest ​ The following table reflects the activities involving RSUs during the indicated years: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 (a) ​ 2022 ​ 2021 ​ 2020 ​ RSUs granted (b) ​ 85,250 ​ 85,350 ​ 80,700 ​ 75,026 ​ RSUs vested ​ — ​ — ​ — ​ 74,988 (c) RSUs forfeited ​ — ​ — ​ — ​ 38 (d) RSUs outstanding ​ 85,250 ​ 85,350 ​ 80,700 ​ — ​ Vesting Date (e) (f) ​ 6/30/2026 ​ 6/30/2025 ​ 6/30/2024 ​ 6/30/2023 ​ (a) For accounting purposes, these shares were granted in July 2023. (b) The shares underlying the RSUs are excluded from the shares shown as outstanding on the balance sheet until they have vested and been issued. (c) Such shares were issued in August 2023. (d) Such shares were forfeited due to the retirement of a plan participant prior to the end of the performance period. (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. ​ The specific metrics and other material terms and conditions of the RSUs are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performance Criteria (a) Year RSU Granted ​ Metric ​ Weight ​ Minimum ​ Maximum 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 - 2023 (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 re-evaluated 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. (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) As of June 30, 2023 and December 31, 2022, the Company accrued an aggregate of $320,000 and $210,000 of dividend equivalents, respectively, for the 2022 and 2021 RSUs based on the number of shares that would have been issued, underlying such RSUs, using performance and market assumptions determined at such dates. NOTE 11 – STOCKHOLDERS’ EQUITY (CONTINUED) ​ As of June 30, 2023, based on performance and market assumptions, the fair value of the RSUs granted in 2022 and 2021 is $1,552,000 and $1,846,000, respectively. Recognition of such deferred compensation will be charged to General and administrative expense over the respective three-year performance cycles. ​ The following is a summary of the activity of the Plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2023 2022 2023 2022 Restricted stock grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of shares ​ ​ — ​ ​ — ​ ​ 152,955 ​ ​ 153,575 Average per share grant price ​ $ — ​ $ — ​ $ 22.09 ​ $ 33.75 Deferred compensation to be recognized over vesting period ​ $ — ​ $ — ​ $ 3,379,000 ​ $ 5,183,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested beginning of the period ​ ​ 730,530 ​ ​ 728,775 ​ ​ 712,375 ​ ​ 706,450 Grants ​ ​ — ​ ​ — ​ ​ 152,955 ​ ​ 153,575 Vested during the period ​ ​ (17,500) ​ ​ (16,150) ​ ​ (152,300) ​ ​ (146,900) Forfeitures ​ ​ (110) ​ ​ (250) ​ ​ (110) ​ ​ (750) Non-vested end of the period ​ ​ 712,920 ​ ​ 712,375 ​ ​ 712,920 ​ ​ 712,375 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSU grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of underlying shares ​ ​ — ​ ​ — ​ ​ — ​ ​ — Average per share grant price ​ $ — ​ $ — ​ $ — ​ $ — Deferred compensation to be recognized over vesting period ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested beginning of the period ​ ​ 241,076 ​ ​ 230,752 ​ ​ 241,076 ​ ​ 230,752 Grants ​ ​ — ​ ​ — ​ ​ — ​ ​ — Vested during the period ​ ​ (74,988) ​ ​ (64,488) ​ ​ (74,988) ​ ​ (64,488) Forfeitures ​ ​ (38) ​ ​ (10,538) ​ ​ (38) ​ ​ (10,538) Non-vested end of the period ​ ​ 166,050 ​ ​ 155,726 ​ ​ 166,050 ​ ​ 155,726 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock and RSU grants (based on grant price): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average per share value of non-vested shares ​ $ 26.45 ​ $ 26.25 ​ $ 26.45 ​ $ 26.25 Value of stock vested during the period ​ $ 1,753,000 ​ $ 2,299,000 ​ $ 5,165,000 ​ $ 5,535,000 Weighted average per share value of shares forfeited during the period ​ $ 24.80 ​ $ 28.91 ​ $ 24.80 ​ $ 29.12 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total charge to operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding restricted stock grants ​ $ 1,178,000 ​ $ 1,197,000 ​ $ 2,128,000 ​ $ 2,154,000 Outstanding RSUs ​ ​ 386,000 ​ ​ 362,000 ​ ​ 764,000 ​ ​ 730,000 Total charge to operations ​ $ 1,564,000 ​ $ 1,559,000 ​ $ 2,892,000 ​ $ 2,884,000 ​ As of June 30, 2023, total compensation costs of $9,487,000 and $1,670,000 related to non-vested restricted stock awards and RSUs, respectively, have not yet been recognized. These compensation costs will be charged to General and administrative expense over the remaining respective vesting periods. The weighted average remaining vesting period is years for the RSUs. The Company recognizes the effect of forfeitures on restricted stock awards and RSUs when they occur, and previously recognized compensation expense is reversed in the period the grant or unit is forfeited. NOTE 11 – STOCKHOLDERS’ EQUITY (CONTINUED) ​ Common Stock Dividend ​ On June 13, 2023, the Board of Directors declared a quarterly cash dividend of $0.45 per share on the Company’s common stock, totaling approximately $9,571,000 , payable to stockholders of record at the close of business on June 26, 2023. The quarterly dividend was paid on July 6, 2023; ​ 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 sole discretion, of up to 5% from the market price (as such price is calculated pursuant to the DRP). The discount is currently being offered at 3%. Under the DRP, the Company issued approximately 50,000 and 99,000 shares of common stock during the three and six months ended June 30, 2023, respectively, and 6,000 and 11,000 shares of common stock during the three and six months ended June 30, 2022, respectively. 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. During the three and six months ended June 30, 2023, the Company repurchased approximately . After giving effect to such repurchases, the Company is authorized to repurchase approximately $ ​ During the three and six months ended June 30, 2022, the Company repurchased 133,000 shares of common stock for total consideration of $3,392,000, net of commissions of $8,000. ​ Shares Issued through the At-the-Market Equity Offering Program ​ During the six months ended June 30, 2022, the Company sold approximately 17,000 shares for proceeds of $604,000, net of commissions of $12,000, and incurred offering costs of $41,000 for professional fees.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2023
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 12 – FAIR VALUE MEASUREMENTS ​ The Company measures the fair value of financial instruments based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs. ​ The carrying amounts of cash and cash equivalents, escrow, deposits and other assets and receivables, dividends payable, and accrued expenses and other liabilities (excluding interest rate swaps), are not measured at fair value on a recurring basis but are considered to be recorded at amounts that approximate fair value. NOTE 12 – FAIR VALUE MEASUREMENTS (CONTINUED) ​ The fair value and carrying amounts of the Company’s mortgages payable are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ December 31, ​ ​ 2023 ​ 2022 Fair value of mortgages payable (a) ​ $ 389,831 ​ ​ $ 378,943 ​ Carrying value of mortgages payable ​ $ 419,716 ​ ​ $ 409,175 ​ Fair value less than the carrying value ​ $ (29,885) ​ ​ $ (30,232) ​ Blended market interest rate (a) ​ ​ 5.98 % ​ ​ 5.87 % Weighted average remaining term to maturity (years) ​ ​ 6.2 ​ ​ ​ 6.5 ​ (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 June 30, 2023 and December 31, 2022, the carrying amount of the Company’s line of credit (before unamortized deferred financing costs) of $2,500,000 and $21,800,000, respectively, approximates its fair value. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. ​ Fair Value on a Recurring Basis As of June 30, 2023, the Company had in effect 16 interest rate derivatives, all of which were interest rate swaps, related to 16 outstanding mortgage loans with an aggregate $41,484,000 notional amount maturing between 2023 and 2026 (weighted average remaining term to maturity of 1.4 years). The Company’s objective in using interest rate swaps is to add stability to interest expense. These interest rate swaps, all of which were designated as cash flow hedges, converted SOFR or LIBOR based variable rate mortgages to fixed annual rate mortgages (with interest rates ranging from 2.97% to 4.60% and a weighted average interest rate of 3.97% at June 30, 2023). The Company does not use derivatives for trading or speculative purposes. Fair values are approximated using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This fair value 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 June 30, 2023, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying and ​ Balance Sheet ​ As of Fair Value Classification Financial assets: ​ June 30, 2023 ​ $ 1,543 ​ Other assets ​ ​ December 31, 2022 ​ ​ 1,811 ​ ​ ​ As of June 30, 2023 and December 31, 2022, there were no derivatives in a liability position. ​ NOTE 12 – FAIR VALUE MEASUREMENTS (CONTINUED) ​ The following table presents the effect of the Company’s derivative financial instruments on the consolidated statements of income for the periods presented (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2023 ​ 2022 2023 2022 Amount of gain recognized on derivatives in other comprehensive income ​ $ 488 ​ $ 466 ​ $ 367 ​ $ 1,955 Amount of reclassification from Accumulated other comprehensive income into Interest expense ​ ​ 347 ​ ​ (199) ​ ​ 635 ​ ​ (485) ​ During the twelve months ending June 30, 2024, the Company estimates an additional $1,134,000 will be reclassified from Accumulated other comprehensive income as a decrease to Interest expense. ​ The derivative agreements in effect at June 30, 2023 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.

OTHER INCOME

OTHER INCOME	6 Months Ended
	Jun. 30, 2023
OTHER INCOME
OTHER INCOME	NOTE 13 – OTHER INCOME Settlement of Litigation In April 2022, the Company received $5,388,000 in connection with the settlement of a lawsuit which was recognized as Income on settlement of litigation on the consolidated statements of income during the three and six months ended June 30, 2022. Insurance Recovery on Hurricane Casualty ​ During the six months ended June 30, 2022, the Company recognized a gain on insurance recovery of $918,000, which is included in Other income on the consolidated statement of income, related to hurricane damage to one of its properties in 2020. No such gain was recognized during the three and six months ended June 30, 2023.

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2023
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS	NOTE 14 – NEW ACCOUNTING PRONOUNCEMENT In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) , which contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. In 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. In 2022 and 2023, the Company transitioned twelve 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 new guidance to determine the extent to which it may impact the Company’s consolidated financial statements.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 15 – SUBSEQUENT EVENTS Subsequent events have been evaluated and except as disclosed herein, there were no other events relative to the consolidated financial statements that require additional disclosure.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2023
SUMMARY ACCOUNTING POLICIES
Principles of Consolidation/Basis of Preparation	Principles of Consolidation/Basis of Preparation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments of a normal recurring nature necessary for fair presentation have been included. The results of operations for the three and six months ended June 30, 2023 and 2022 are not necessarily indicative of the results for the full year. These statements should be read in conjunction with the consolidated financial statements and related notes included in OLP’s Annual Report on Form 10-K for the year ended December 31, 2022. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The consolidated financial statements include the accounts and operations of OLP, its wholly-owned subsidiaries, its joint ventures in which the Company, as defined, has a controlling interest, and variable interest entities (“VIEs”) of which the Company is the primary beneficiary. OLP and its consolidated subsidiaries are referred to herein as the “Company”. Material intercompany items and transactions have been eliminated in consolidation.
Purchase Accounting for Acquisition of Real Estate	Purchase Accounting for Acquisition of Real Estate In acquiring real estate, the Company evaluates whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, and if that requirement is met, the asset group is accounted for as an asset acquisition and not a business combination. Transaction costs incurred with such asset acquisitions are capitalized to real estate assets and depreciated over the respectful useful lives. ​ The Company allocates the purchase price of real estate, including direct transaction costs applicable to an asset acquisition, among land, building, improvements and intangibles ( 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.
Investment in Joint Ventures and Variable Interest Entities	Investment in Joint Ventures and Variable Interest Entities The Financial Accounting Standards Board, or FASB, provides guidance for determining whether an entity is a VIE. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE’s economic performance and (ii) has the obligation to absorb losses, or the right to receive benefits, of the VIE that could potentially be significant to the VIE. The Company assesses the accounting treatment for each of its investments, including a review of each venture or limited liability company or partnership agreement, to determine the rights of each party and whether those rights are protective or participating. The agreements typically contain certain protective rights, such as the requirement of partner approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget or operating plan. In situations where, among other things, the Company and its partners jointly (i) approve the annual budget, (ii) approve certain expenditures, (iii) prepare or review and approve the joint venture’s tax return before filing, or (iv) approve each lease at a property, the Company does not consolidate as the Company considers these to be substantive participation rights that result in shared, joint power over the activities that most significantly impact the performance of the joint venture or property. Additionally, the Company assesses the accounting treatment for any interests pursuant to which the Company may have a variable interest as a lessor. Leases may contain certain protective rights, such as the right of sale and the receipt of certain escrow deposits. The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. All investments in unconsolidated joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are VIEs. In addition, the Company shares power with its co-managing members over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions. None of the joint venture debt is recourse to the Company, subject to standard carve-outs. The Company has elected to follow the cumulative earnings approach when assessing, for the consolidated statement of cash flows, whether the distribution from the investee is a return of the investor’s investment as compared to a return on its investment. The source of the cash generated by the investee to fund the distribution is not a factor in the analysis (that is, it does not matter whether the cash was generated through investee refinancing, sale of assets or operating results). Consequently, the investor only considers the relationship between the cash received from the investee to its equity in the undistributed earnings of the investee, on a cumulative basis, in assessing whether the distribution from the investee is a return on or a return of its investment. Cash received from the unconsolidated entity is presumed to be a return on the investment to the extent that, on a cumulative basis, distributions received by the investor are less than its share of the equity in the undistributed earnings of the entity.

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2023
LEASES
Schedule of components of lease revenues	The components of lease revenues are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2023 2022 2023 2022 Fixed lease revenues ​ $ 18,929 ​ $ 18,405 ​ $ 38,287 ​ $ 36,746 Variable lease revenues ​ ​ 3,248 ​ ​ 2,860 ​ ​ 6,618 ​ ​ 5,861 Lease revenues (a) ​ $ 22,177 ​ $ 21,265 ​ $ 44,905 ​ $ 42,607 (a) Excludes $230 and $454 of amortization related to lease intangible assets and liabilities for the three and six months ended June 30, 2023, respectively, and $207 and $396 for the three and six months ended June 30, 2022, respectively.
Schedule of minimum future contractual rents to be received	As of June 30, 2023, 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 $8,248,000 of rent related to Regal Cinemas (based on modified leases that became effective July 31, 2023) and does not include (i) straight-line rent or amortization of lease intangibles or incentives and (ii) variable lease payments as described above. ​ ​ ​ ​ From July 1 – December 31, 2023 ​ $ 36,149 For the year ending December 31, ​ ​ ​ 2024 ​ ​ 67,157 2025 ​ ​ 63,027 2026 ​ ​ 58,967 2027 ​ ​ 50,584 2028 ​ ​ 40,517 Thereafter ​ ​ 129,304 Total ​ $ 445,705 ​
Schedule of minimum future lease payments	As of June 30, 2023, the minimum future lease payments related to these operating leases are as follows (amounts in thousands): ​ ​ ​ ​ From July 1 – December 31, 2023 ​ $ 254 For the year ending December 31, ​ ​ ​ 2024 ​ ​ 557 2025 ​ ​ 626 2026 ​ 627 2027 ​ 629 2028 ​ 630 Thereafter ​ 4,960 Total undiscounted cash flows ​ $ 8,283 Present value discount ​ (1,508) Lease liability ​ $ 6,775

REAL ESTATE INVESTMENT (Tables)

REAL ESTATE INVESTMENT (Tables)	6 Months Ended
	Jun. 30, 2023
REAL ESTATE ACQUISITION
Schedule of the Company's real estate acquisitions	The following table details the Company’s real estate acquisitions during 2022 (amounts in thousands). There were no acquisitions during the six months ended June 30, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract ​ ​ ​ Capitalized ​ ​ Date ​ ​ Purchase ​ Terms of ​ ​ Transaction Description of 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 (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. ​

SALES OF PROPERTIES (Tables)

SALES OF PROPERTIES (Tables)	6 Months Ended
	Jun. 30, 2023
SALES OF PROPERTIES
Schedule of sales of real estate	The following table details the Company’s sales of real estate during the six months ended June 30, 2023 and 2022 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gain on Sale of ​ Description of Property ​ Date Sold ​ Sales Price ​ Real Estate, Net ​ TGI Fridays restaurant ​ ​ ​ ​ ​ ​ ​ ​ ​ Hauppauge, New York ​ February 28, 2023 ​ $ 4,200 ​ $ 1,534 ​ Havertys retail property ​ ​ ​ ​ ​ ​ ​ ​ ​ Duluth, Georgia ​ May 31, 2023 ​ ​ 6,000 ​ ​ 3,180 ​ TOTAL - Six months ended June 30, 2023 ​ $ 10,200 ​ $ 4,714 (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wendy's restaurants - 4 properties ​ ​ ​ ​ ​ ​ ​ ​ ​ Various cities, Pennsylvania ​ March 22, 2022 ​ $ 10,000 ​ $ 4,649 ​ Orlando Baking industrial property ​ ​ ​ ​ ​ ​ ​ ​ ​ Columbus, Ohio ​ May 2, 2022 ​ ​ 8,500 ​ ​ 6,925 ​ Havertys retail property ​ ​ ​ ​ ​ ​ ​ ​ ​ Fayetteville, Georgia (b) ​ June 17, 2022 ​ ​ 4,800 ​ ​ 1,125 ​ TOTAL - Six months ended June 30, 2022 ​ $ 23,300 ​ $ 12,699 (c) (a) As a result of these sales, the Company wrote-off, as a net reduction to Gain on sale of real estate, net, an aggregate of $190 of other assets and receivables and $32 of unearned rental income. (b) In connection with this sale, the Company paid off the $1,563 mortgage. (c) 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.

VARIABLE INTEREST ENTITIES, C_2

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES (Tables)	6 Months Ended
	Jun. 30, 2023
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2023 2022 Land ​ $ 10,365 ​ $ 10,365 Buildings and improvements, net of accumulated depreciation of $6,046 and $5,670, respectively ​ ​ 17,880 ​ ​ 17,870 Cash ​ ​ 803 ​ ​ 1,163 Unbilled rent receivable ​ ​ 1,082 ​ ​ 1,111 Unamortized intangible lease assets, net ​ ​ 434 ​ ​ 472 Escrow, deposits and other assets and receivables ​ ​ 943 ​ ​ 772 Mortgages payable, net of unamortized deferred financing costs of $131 and $152, respectively ​ ​ 18,141 ​ ​ 18,500 Accrued expenses and other liabilities ​ ​ 628 ​ ​ 711 Unamortized intangible lease liabilities, net ​ ​ 399 ​ ​ 424 Accumulated other comprehensive income ​ ​ 15 ​ ​ 22 Non-controlling interests in consolidated joint ventures ​ ​ 997 ​ ​ 972

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	6 Months Ended
	Jun. 30, 2023
DEBT OBLIGATIONS
Schedule of mortgages payable, net	The following table details the Mortgages payable, net, balances per the consolidated balance sheets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2023 2022 Mortgages payable, gross ​ $ 419,716 ​ $ 409,175 Unamortized deferred financing costs ​ (3,409) ​ (3,355) Unamortized mortgage intangible asset (a) ​ ​ (612) ​ ​ (658) Mortgages payable, net ​ $ 415,695 ​ $ 405,162 (a) In connection with the assumption of a below-market mortgage upon the acquisition of the Northwood, Ohio properties in 2022 (see Note 4). ​
Schedule of principal repayments	The following table sets forth, as of June 30, 2023, scheduled principal repayments with respect to the Company’s mortgage debt during the six months ending December 31, 2023 and for each of the subsequent twelve months through maturity (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2024 2025 2026 2027 Thereafter Total Amortization payments ​ $ 6,216 ​ $ 11,642 ​ $ 10,355 ​ $ 10,249 ​ $ 9,138 ​ $ 41,699 ​ $ 89,299 Principal due at maturity ​ 6,238 ​ 50,695 ​ 32,063 ​ 19,179 ​ 38,525 ​ 183,717 ​ 330,417 Total ​ $ 12,454 ​ $ 62,337 ​ $ 42,418 ​ $ 29,428 ​ $ 47,663 ​ $ 225,416 ​ $ 419,716 ​
Schedule of line of credit, net	The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2023 2022 Line of credit, gross ​ $ 2,500 ​ $ 21,800 Unamortized deferred financing costs ​ (640) ​ (732) Line of credit, net ​ $ 1,860 ​ $ 21,068

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	6 Months Ended
	Jun. 30, 2023
EARNINGS PER COMMON SHARE
Schedule of reconciliation of the numerator and denominator of earnings per share calculations	The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2023 2022 2023 2022 Numerator for basic and diluted earnings per share: ​ ​ Net income ​ $ 6,539 ​ $ 16,785 ​ $ 11,947 ​ $ 26,125 Deduct net income attributable to non-controlling interests ​ (20) ​ (18) ​ (42) ​ (35) Deduct earnings allocated to unvested restricted stock (a) ​ (320) ​ ​ (570) ​ ​ (649) ​ ​ (891) Net income available for common stockholders: basic and diluted ​ $ 6,199 ​ $ 16,197 ​ $ 11,256 ​ $ 25,199 Denominator for basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding ​ 20,571 ​ ​ 20,364 ​ ​ 20,544 ​ ​ 20,372 Effect of dilutive securities: RSUs ​ 71 ​ ​ 116 ​ ​ 68 ​ ​ 113 Denominator for diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares ​ 20,642 ​ 20,480 ​ 20,612 ​ 20,485 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share, basic ​ $ .30 ​ $ .80 ​ $ .55 ​ $ 1.24 Earnings per common share, diluted ​ $ .30 ​ $ .79 ​ $ .55 ​ $ 1.23 (a) Represents an allocation of distributed earnings to unvested restricted stock that, as participating securities, are entitled to receive dividends.
Schedule of impact to the diluted weighted average number of shares of common stock related to the RSUs	The following table identifies the number of shares of common stock underlying the RSUs that are included in the calculation, on a diluted basis, of the weighted average number of shares of common stock for such periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three and Six Months Ended June 30, 2023: ​ Total Number Shares Included Based on (a) ​ ​ ​ of Underlying ​ Return on ​ Stockholder ​ ​ ​ Shares Date of Award Shares Capital Metric Return Metric Total Excluded (b) July 1, 2022 ​ 85,350 ​ 42,675 ​ — ​ 42,675 ​ 42,675 August 3, 2021 80,700 ​ 40,350 ​ — ​ 40,350 ​ 40,350 August 3, 2020 75,026 ​ 37,494 ​ 37,494 ​ 74,988 ​ 38 Totals 241,076 120,519 37,494 158,013 83,063 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three and Six Months Ended June 30, 2022: ​ Total Number Shares Included Based on (a) ​ ​ ​ of Underlying ​ Return on ​ Stockholder ​ ​ ​ Shares Date of Award Shares Capital Metric Return Metric Total Excluded (b) August 3, 2021 80,700 ​ 40,350 ​ — ​ 40,350 ​ 40,350 August 3, 2020 75,026 ​ 37,513 ​ 37,513 ​ 75,026 ​ — July 1, 2019 ​ 75,026 ​ 37,513 ​ 26,975 ​ 64,488 ​ 10,538 Totals 230,752 115,376 64,488 179,864 50,888 (a) Reflects the number of shares underlying RSUs that would be issued assuming the measurement date used to determine whether the applicable conditions are satisfied is June 30 of the applicable period. (b) Excluded as the applicable conditions had not been met for these shares at the applicable measurement dates. (c) The RSUs awarded in 2022 and 2021 vest, subject to satisfaction of the applicable market and/or performance conditions, as of June 30, 2025 and 2024, respectively (see Note 11). (d) With respect to the RSUs awarded August 3, 2020, 74,988 shares were deemed to have vested and the balance of 38 shares were forfeited as of June 30, 2023. The 74,988 vested shares were issued in August 2023 (see Note 11). (e) With respect to the RSUs awarded July 1, 2019, 64,488 shares were deemed to have vested and the balance of 10,538 shares were forfeited in June 2022. The vested shares were issued in August 2022 (see Note 11).

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2023
STOCKHOLDERS' EQUITY
Summary of shares subject to outstanding awards	The following details the shares subject to awards that are outstanding under the Plans as of June 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2019 ​ 2016 ​ Incentive Plan (a) Incentive Plan (b) Incentive Plan (b) Restricted stock ​ 149,395 ​ 426,825 ​ 136,700 RSUs ​ 85,350 ​ 80,700 ​ — Totals ​ 234,745 ​ 507,525 ​ 136,700 (a) In July 2023, the Company granted RSUs to acquire 85,250 shares of common stock. (b) No additional awards may be granted under such plan . ​
Summary of RSU activity and other material terms and conditions	The following table reflects the activities involving RSUs during the indicated years: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 (a) ​ 2022 ​ 2021 ​ 2020 ​ RSUs granted (b) ​ 85,250 ​ 85,350 ​ 80,700 ​ 75,026 ​ RSUs vested ​ — ​ — ​ — ​ 74,988 (c) RSUs forfeited ​ — ​ — ​ — ​ 38 (d) RSUs outstanding ​ 85,250 ​ 85,350 ​ 80,700 ​ — ​ Vesting Date (e) (f) ​ 6/30/2026 ​ 6/30/2025 ​ 6/30/2024 ​ 6/30/2023 ​ (a) For accounting purposes, these shares were granted in July 2023. (b) The shares underlying the RSUs are excluded from the shares shown as outstanding on the balance sheet until they have vested and been issued. (c) Such shares were issued in August 2023. (d) Such shares were forfeited due to the retirement of a plan participant prior to the end of the performance period. (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. ​ The specific metrics and other material terms and conditions of the RSUs are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performance Criteria (a) Year RSU Granted ​ Metric ​ Weight ​ Minimum ​ Maximum 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 - 2023 (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 re-evaluated 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. (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) As of June 30, 2023 and December 31, 2022, the Company accrued an aggregate of $320,000 and $210,000 of dividend equivalents, respectively, for the 2022 and 2021 RSUs based on the number of shares that would have been issued, underlying such RSUs, using performance and market assumptions determined at such dates.
Schedule of equity incentive plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2023 2022 2023 2022 Restricted stock grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of shares ​ ​ — ​ ​ — ​ ​ 152,955 ​ ​ 153,575 Average per share grant price ​ $ — ​ $ — ​ $ 22.09 ​ $ 33.75 Deferred compensation to be recognized over vesting period ​ $ — ​ $ — ​ $ 3,379,000 ​ $ 5,183,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested beginning of the period ​ ​ 730,530 ​ ​ 728,775 ​ ​ 712,375 ​ ​ 706,450 Grants ​ ​ — ​ ​ — ​ ​ 152,955 ​ ​ 153,575 Vested during the period ​ ​ (17,500) ​ ​ (16,150) ​ ​ (152,300) ​ ​ (146,900) Forfeitures ​ ​ (110) ​ ​ (250) ​ ​ (110) ​ ​ (750) Non-vested end of the period ​ ​ 712,920 ​ ​ 712,375 ​ ​ 712,920 ​ ​ 712,375 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSU grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of underlying shares ​ ​ — ​ ​ — ​ ​ — ​ ​ — Average per share grant price ​ $ — ​ $ — ​ $ — ​ $ — Deferred compensation to be recognized over vesting period ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested beginning of the period ​ ​ 241,076 ​ ​ 230,752 ​ ​ 241,076 ​ ​ 230,752 Grants ​ ​ — ​ ​ — ​ ​ — ​ ​ — Vested during the period ​ ​ (74,988) ​ ​ (64,488) ​ ​ (74,988) ​ ​ (64,488) Forfeitures ​ ​ (38) ​ ​ (10,538) ​ ​ (38) ​ ​ (10,538) Non-vested end of the period ​ ​ 166,050 ​ ​ 155,726 ​ ​ 166,050 ​ ​ 155,726 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock and RSU grants (based on grant price): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average per share value of non-vested shares ​ $ 26.45 ​ $ 26.25 ​ $ 26.45 ​ $ 26.25 Value of stock vested during the period ​ $ 1,753,000 ​ $ 2,299,000 ​ $ 5,165,000 ​ $ 5,535,000 Weighted average per share value of shares forfeited during the period ​ $ 24.80 ​ $ 28.91 ​ $ 24.80 ​ $ 29.12 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total charge to operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding restricted stock grants ​ $ 1,178,000 ​ $ 1,197,000 ​ $ 2,128,000 ​ $ 2,154,000 Outstanding RSUs ​ ​ 386,000 ​ ​ 362,000 ​ ​ 764,000 ​ ​ 730,000 Total charge to operations ​ $ 1,564,000 ​ $ 1,559,000 ​ $ 2,892,000 ​ $ 2,884,000

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ December 31, ​ ​ 2023 ​ 2022 Fair value of mortgages payable (a) ​ $ 389,831 ​ ​ $ 378,943 ​ Carrying value of mortgages payable ​ $ 419,716 ​ ​ $ 409,175 ​ Fair value less than the carrying value ​ $ (29,885) ​ ​ $ (30,232) ​ Blended market interest rate (a) ​ ​ 5.98 % ​ ​ 5.87 % Weighted average remaining term to maturity (years) ​ ​ 6.2 ​ ​ ​ 6.5 ​ (a) Estimated using unobservable inputs such as available market information and discounted cash flow analysis based on borrowing rates the Company believes it could obtain with similar terms and maturities. These fair value measurements fall within Level 3 of the fair value hierarchy. ​
Schedule of derivative financial instruments measured at fair value	The fair value of the Company’s derivative financial instruments was determined to be the following (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying and ​ Balance Sheet ​ As of Fair Value Classification Financial assets: ​ June 30, 2023 ​ $ 1,543 ​ Other assets ​ ​ December 31, 2022 ​ ​ 1,811 ​ ​
Schedule of effect of derivative financial instruments on statements of income	The following table presents the effect of the Company’s derivative financial instruments on the consolidated statements of income for the periods presented (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2023 ​ 2022 2023 2022 Amount of gain recognized on derivatives in other comprehensive income ​ $ 488 ​ $ 466 ​ $ 367 ​ $ 1,955 Amount of reclassification from Accumulated other comprehensive income into Interest expense ​ ​ 347 ​ ​ (199) ​ ​ 635 ​ ​ (485) ​

ORGANIZATION AND BACKGROUND (De

ORGANIZATION AND BACKGROUND (Details)	Jun. 30, 2023 property state
Organization and Background
Number of real estate properties	118
Number of states in which properties are located | state	31
Properties owned by consolidated joint ventures
Organization and Background
Number of real estate properties	3
Properties owned by unconsolidated joint ventures
Organization and Background
Number of real estate properties	3

SUMMARY ACCOUNTING POLICIES (De

SUMMARY ACCOUNTING POLICIES (Details)	Jun. 30, 2023 USD ($) item
Investment in Joint Ventures and Variable Interest Entities
Number of Unconsolidated Joint Venture VIEs | item	0
Recourse debt of joint ventures | $	$ 0

LEASES - As Lessor (Details)

LEASES - As Lessor (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Lessor Accounting
Operating Lease, option to extend			true
Operating Lease, option to terminate			true
Practical expedient, single lease component	false		false
Components of lease revenues
Fixed lease revenues	$ 18,929,000	$ 18,405,000	$ 38,287,000	$ 36,746,000
Variable lease revenues	3,248,000	2,860,000	6,618,000	5,861,000
Lease revenues	22,177,000	21,265,000	44,905,000	42,607,000
Amortization of intangibles relating to leases, net	230,000	$ 207,000	454,000	$ 396,000
Write-off of unbilled rent receivable	$ 133,000		$ 133,000

LEASES - As Lessor - Minimum Fu

LEASES - As Lessor - Minimum Future Rents (Details)	Jun. 30, 2023 USD ($)
Minimum future contractual base rents to be received
From July 1 - December 31, 2023	$ 36,149,000
For the year ending December 31, 2024	67,157,000
For the year ending December 31, 2025	63,027,000
For the year ending December 31, 2026	58,967,000
For the year ending December 31, 2027	50,584,000
For the year ending December 31, 2028	40,517,000
Thereafter	129,304,000
Total	445,705,000
Regal Cinemas
Minimum future contractual base rents to be received
Total	$ 8,248,000

LEASES - As Lessee - Ground Lea

LEASES - As Lessee - Ground Lease and Office Lease (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) item	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) item	Jun. 30, 2022 USD ($)
Real Estate in Greensboro, NC
Lessee Accounting
Operating lease, option to extend			true
Operating lease, remaining lease term	11 years 8 months 12 days		11 years 8 months 12 days
Real Estate in Greensboro, NC | Real estate expenses
Lessee Accounting
Operating lease expense | $	$ 150,000	$ 150,000	$ 300,000	$ 300,000
Real Estate in Greensboro, NC | Five-Year Lease
Lessee Accounting
Operating lease, renewal term	5 years		5 years
Real Estate in Greensboro, NC | Five-Year Lease | Maximum
Lessee Accounting
Operating lease, number of renewal options | item	4		4
Real Estate in Greensboro, NC | Seven-Month Lease
Lessee Accounting
Operating lease, number of renewal options | item	1		1
Operating lease, renewal term	7 months		7 months
Corporate office lease in Great Neck, NY
Lessee Accounting
Operating lease, option to extend			true
Operating lease, remaining lease term	13 years 6 months		13 years 6 months
Corporate office lease in Great Neck, NY | General and administrative expense
Lessee Accounting
Operating lease expense | $	$ 14,000	$ 14,000	$ 28,000	$ 28,000
Corporate office lease in Great Neck, NY | Five-Year Lease
Lessee Accounting
Operating lease, renewal term	5 years		5 years

LEASES - As Lessee - Minimum Fu

LEASES - As Lessee - Minimum Future Lease Payments (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Minimum future lease payments
From July 1 - December 31, 2023	$ 254
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
For the year ending December 31, 2028	630
Thereafter	4,960
Total undiscounted cash flows	8,283
Present value discount	(1,508)
Lease liability	$ 6,775

REAL ESTATE INVESTMENTS - Acqui

REAL ESTATE INVESTMENTS - Acquisitions (Details) - Real Estate Acquisitions in 2022 - USD ($) $ in Thousands						12 Months Ended
	Nov. 15, 2022	Jun. 17, 2022	May 16, 2022	May 12, 2022	Jan. 05, 2022	Dec. 31, 2022
REAL ESTATE INVESTMENTS
Contract Purchase Price						$ 56,490
Capitalized Transaction Costs						$ 761
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%
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%
Multi-tenant, Hillside, Illinois
REAL ESTATE INVESTMENTS
Contract Purchase Price			$ 5,770
Capitalized Transaction Costs			$ 112
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%
Multi-tenant, Northwood, Ohio - 1
REAL ESTATE INVESTMENTS
Contract Purchase Price	$ 8,629
Capitalized Transaction Costs	87
New mortgage debt	$ 6,034
Interest rate (as a percent)	3.57%
Multi-tenant, Northwood, Ohio - 2
REAL ESTATE INVESTMENTS
Contract Purchase Price	$ 8,561
Capitalized Transaction Costs	86
New mortgage debt	$ 6,034

REAL ESTATE ACQUISITION - Acqui

REAL ESTATE ACQUISITION - Acquisition subsequent to June 30, 2023 (Details) - Real Estate Acquisitions in 2023 - Multi-Tenant Industrial Property, Blythewood, South Carolina	Jul. 13, 2023 USD ($) tenant
REAL ESTATE ACQUISITION
Contract Purchase Price	$ 13,400,000
Number of tenants with leases | tenant	2
New mortgage debt	$ 4,280,000
Interest rate (as a percent)	4.60%

SALES OF PROPERTIES (Details)

SALES OF PROPERTIES (Details) - Properties disposed of by sale - USD ($) $ in Thousands						6 Months Ended
	May 31, 2023	Feb. 28, 2023	Jun. 17, 2022	May 02, 2022	Mar. 22, 2022	Jun. 30, 2023	Jun. 30, 2022
SALES OF PROPERTIES
Gross Sales Price						$ 10,200	$ 23,300
Gain on sale of real estate, net						4,714	12,699
Write-off of other assets and receivables related to sale of property						190
Write-off of unearned rental income related to sale of real estate property						$ 32
Reduction to Gain on sale of real estate, net, attributable to the write-off of unbilled rent receivable.							519
Reduction to Gain on sale of real estate, net, attributable to write-off of prepaid leasing commissions							$ 4
TGI Fridays Restaurant, Hauppauge, New York
SALES OF PROPERTIES
Gross Sales Price		$ 4,200
Gain on sale of real estate, net		$ 1,534
Haverty's retail property, Duluth, Georgia
SALES OF PROPERTIES
Gross Sales Price	$ 6,000
Gain on sale of real estate, net	$ 3,180
Wendy's restaurants - 4 properties, Various cities, Pennsylvania
SALES OF PROPERTIES
Gross Sales Price					$ 10,000
Gain on sale of real estate, net					$ 4,649
Orlando Baking industrial property, Columbus, Ohio
SALES OF PROPERTIES
Gross Sales Price				$ 8,500
Gain on sale of real estate, net				$ 6,925
Haverty's retail property, Fayetteville, Georgia
SALES OF PROPERTIES
Gross Sales Price			$ 4,800
Gain on sale of real estate, net			1,125
Mortgage prepaid on sale of real estate			$ 1,563

VARIABLE INTEREST ENTITIES, C_3

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES - Ground Leases (Details) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended		33 Months Ended
	Jan. 31, 2023	Nov. 30, 2020	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2016	Jun. 30, 2023
Variable Interest Entities - Ground Lease
Revenue			$ 22,407,000	$ 21,472,000	$ 45,359,000	$ 43,028,000
Variable Interest Entity, Not Primary Beneficiary | The Vue
Variable Interest Entities - Ground Lease
Maximum exposure to loss			17,012,000		17,012,000				$ 17,012,000
Owner/ Operator Mortgage from Third Party								$ 67,444,000
Current Balance of Owner or Operator Mortgage Debt Obtained From Third Party			64,195,000		64,195,000				64,195,000
Percentage of operating expense shortfalls & cap-ex covered by the Company		78%
Amount of operating expense shortfalls & cap-ex covered by the Company			$ 221,000		$ 668,000		$ 697,000
Proceeds received from settlement of lawsuit	$ 4,642,000
Accrued rental income							$ 4,626,000
Variable Interest Entity, Not Primary Beneficiary | The Vue | Ground lease rental income
Variable Interest Entities - Ground Lease
Revenue									$ 0

VARIABLE INTEREST ENTITIES, C_4

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES - Consolidated Joint Ventures (Details) $ in Thousands		6 Months Ended
		Jun. 30, 2023 USD ($) item	Dec. 31, 2022 USD ($)
Consolidated VIEs Carrying Amount of Assets and Liabilities
Land		$ 180,800	$ 181,805
Unbilled rent receivable		17,060	16,079
Unamortized intangible lease assets, net		17,298	19,841
Escrow, deposits and other assets and receivables		20,938	23,764
Mortgages payable, net of unamortized deferred financing costs of $131 and $152, respectively		415,695	405,162
Accrued expenses and other liabilities		18,458	19,270
Unamortized intangible lease liabilities, net		10,522	11,125
Accumulated other comprehensive income		1,543	1,810
Non-controlling interests in consolidated joint ventures	[1]	997	972
Mortgages payable
Consolidated VIEs Carrying Amount of Assets and Liabilities
Mortgages payable, net of unamortized deferred financing costs of $131 and $152, respectively		415,695	405,162
Unamortized deferred financing costs		$ 3,409	3,355
Consolidated Joint Venture-VIEs
Variable Interest Entities
Number of joint ventures with controlling interest | item		3
Consolidated VIEs Carrying Amount of Assets and Liabilities
Land		$ 10,365	10,365
Buildings and improvements, net of accumulated depreciation of $6,046 and $5,670, respectively		17,880	17,870
Accumulated depreciation		6,046	5,670
Cash		803	1,163
Unbilled rent receivable		1,082	1,111
Unamortized intangible lease assets, net		434	472
Escrow, deposits and other assets and receivables		943	772
Mortgages payable, net of unamortized deferred financing costs of $131 and $152, respectively		18,141	18,500
Accrued expenses and other liabilities		628	711
Unamortized intangible lease liabilities, net		399	424
Accumulated other comprehensive income		15	22
Non-controlling interests in consolidated joint ventures		$ 997	972
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		$ 131	$ 152
[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, $17,880 and $17,870 of building and improvements, net of $6,046 and $5,670 of accumulated depreciation, $3,262 and $3,518 of other assets included in other line items, $18,141 and $18,500 of real estate debt, net, $1,027 and $1,135 of other liabilities included in other line items and $997 and $972 of non-controlling interests as of June 30, 2023 and December 31, 2022, respectively.

VARIABLE INTEREST ENTITIES, C_5

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES - MCB Real Estate, LLC (Details) - Consolidated Joint Venture-VIEs - Joint venture partner - MCB Real Estate LLC And Its Affiliates	Jun. 30, 2023 USD ($) item	Dec. 31, 2022 USD ($) item
Consolidated VIEs Carrying Amount of Assets and Liabilities
Number of consolidated joint ventures | item	2	2
Investment in consolidated joint ventures | $	$ 4,501,000	$ 4,563,000

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) item	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) item	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) item
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investment in unconsolidated joint ventures	$ 10,521,000		$ 10,521,000		$ 10,400,000
Equity in earnings of unconsolidated joint ventures	$ 60,000	$ 112,000	$ 145,000	$ 228,000
Unconsolidated Joint Ventures
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Number of unconsolidated joint ventures | item	3		3		3
Number of properties owned and operated by each unconsolidated joint venture | item	1		1		1
Investment in unconsolidated joint ventures	$ 10,521,000		$ 10,521,000		$ 10,400,000
Equity in earnings of unconsolidated joint ventures	60,000	$ 112,000	145,000	$ 228,000
Unconsolidated Joint Ventures | Joint venture partner | MCB Real Estate LLC And Its Affiliates
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investment in unconsolidated joint ventures	$ 9,019,000		$ 9,019,000		$ 8,963,000

DEBT OBLIGATIONS - Mortgage Pay

DEBT OBLIGATIONS - Mortgage Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Mortgages payable, net
Mortgages payable, net	$ 415,695	$ 405,162
Mortgages payable
Mortgages payable, net
Mortgages payable, gross	419,716	409,175
Unamortized deferred financing costs	(3,409)	(3,355)
Unamortized mortgage intangible asset	(612)	(658)
Mortgages payable, net	$ 415,695	$ 405,162

DEBT OBLIGATIONS - Principal re

DEBT OBLIGATIONS - Principal repayments (Details) - Mortgages payable - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Amortization payments
Amortization payments, six months ended December 31, 2023	$ 6,216
Amortization payments, 2024	11,642
Amortization payments, 2025	10,355
Amortization payments, 2026	10,249
Amortization payments, 2027	9,138
Amortization payments, Thereafter	41,699
Amortization payments, Total	89,299
Principal due at maturity
Principal due at maturity, six months ended December 31, 2023	6,238
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	183,717
Principal due at maturity, Total	330,417
Total
Total, six months ended December 31, 2023	12,454
Total, 2024	62,337
Total, 2025	42,418
Total, 2026	29,428
Total, 2027	47,663
Total, Thereafter	225,416
Total	$ 419,716	$ 409,175

DEBT OBLIGATIONS - Line of Cred

DEBT OBLIGATIONS - Line of Credit (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Aug. 01, 2023	Dec. 31, 2022
Line of credit, net, balances per the consolidated balance sheets
Line of credit, net	$ 1,860,000			$ 21,068,000
Line of Credit
Line of Credit
Maximum borrowing capacity	100,000,000
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%
Unused facility fee (as a percent)	0.25%
Amount available to be borrowed under the facility	$ 97,500,000		$ 83,500,000
Remaining borrowing capacity available for renovation and operating expense purposes	40,000,000		$ 32,000,000
Line of credit, net, balances per the consolidated balance sheets
Line of credit, gross	2,500,000			21,800,000
Unamortized deferred financing costs	(640,000)			(732,000)
Line of credit, net	$ 1,860,000			$ 21,068,000
Line of Credit | Weighted average
Line of Credit
Line of credit, interest rate during the period	6.44%	2.31%
Line of Credit | SOFR
Line of Credit
Basis of interest rate	30-day SOFR
Applicable margin (as a percent)	1.75%	1.75%
Line of Credit | SOFR | Minimum
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%

RELATED PARTY TRANSACTIONS - Co

RELATED PARTY TRANSACTIONS - Compensation and Services Agreement (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Affiliated Entity | Majestic
Related Party Transactions
Aggregate fees under compensation and services agreement	$ 810,000	$ 760,000	$ 1,689,000	$ 1,526,000
Property management services	358,000	329,000	786,000	666,000
Additional payment for the entity's share of all direct office expenses	79,000	79,000	$ 159,000	159,000
Affiliated Entity | Majestic | Net lease tenants
Related Party Transactions
Property management costs as a percentage of rental payments			1.50%
Affiliated Entity | 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	$ 643,000	$ 643,000	$ 1,284,000	$ 1,287,000

RELATED PARTY TRANSACTIONS - Jo

RELATED PARTY TRANSACTIONS - Joint Venture Partners and Affiliates (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Unconsolidated Joint Ventures
Related Party Transactions
Aggregate management fees paid to other partners	$ 31,000	$ 34,000	$ 57,000	$ 70,000
Decrease in equity earnings, joint venture transaction	15,000	17,000	29,000	35,000
Joint Venture Partners and Affiliates | Real estate expenses
Related Party Transactions
Payments for property management services	$ 24,000	$ 20,000	$ 46,000	$ 42,000

RELATED PARTY TRANSACTIONS - Ot

RELATED PARTY TRANSACTIONS - Other (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Chairman | General and administrative expense
Related Party Transactions
Quarterly fees paid	$ 78,250	$ 78,250	$ 78,250	$ 78,250
Vice Chairman | General and administrative expense
Related Party Transactions
Quarterly fees paid	31,300	$ 31,300	31,300	$ 31,300
Affiliated Entity | Gould Investors L.P. | Real estate expenses
Related Party Transactions
Insurance expense recognized of amounts reimbursed to related party	$ 102,000		$ 267,000		$ 250,000	$ 606,000

EARNINGS PER COMMON SHARE - Rec

EARNINGS PER COMMON SHARE - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator for basic and diluted earnings per share:
Net income	$ 6,539	$ 5,408	$ 16,785	$ 9,340	$ 11,947	$ 26,125
Deduct net income loss attributable to non-controlling interests	(20)		(18)		(42)	(35)
Deduct earnings allocated to unvested restricted stock	(320)		(570)		(649)	(891)
Net income available for common stockholders: basic	6,199		16,197		11,256	25,199
Net income available for common stockholders: diluted	$ 6,199		$ 16,197		$ 11,256	$ 25,199
Denominator for basic earnings per share:
Weighted average number of common shares outstanding	20,571		20,364		20,544	20,372
Effect of diluted securities:
RSUs	71		116		68	113
Denominator for diluted earnings per share:
Weighted average number of shares	20,642		20,480		20,612	20,485
Earnings per common share, basic (in dollars per share)	$ 0.30		$ 0.80		$ 0.55	$ 1.24
Earnings per common share, diluted (in dollars per share)	$ 0.30		$ 0.79		$ 0.55	$ 1.23

EARNINGS PER COMMON SHARE - Sha

EARNINGS PER COMMON SHARE - Shares of common stock underlying RSUs (Details) - shares		1 Months Ended			3 Months Ended		6 Months Ended
	Jun. 30, 2023	Aug. 31, 2023	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Common Share
Number of underlying shares					241,076	230,752	241,076	230,752
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric					120,519	115,376	120,519	115,376
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric					37,494	64,488	37,494	64,488
Total					158,013	179,864	158,013	179,864
Common shares not included in calculation due applicable metric had not been met at measurement dates					83,063	50,888	83,063	50,888
July 1, 2022
Earnings Per Common Share
Number of underlying shares					85,350		85,350
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric					42,675		42,675
Total					42,675		42,675
Common shares not included in calculation due applicable metric had not been met at measurement dates					42,675		42,675
August 3, 2021
Earnings Per Common Share
Number of underlying shares					80,700	80,700	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	40,350	40,350
Total					40,350	40,350	40,350	40,350
Common shares not included in calculation due applicable metric had not been met at measurement dates					40,350	40,350	40,350	40,350
August 3, 2020
Earnings Per Common Share
Number of underlying shares					75,026	75,026	75,026	75,026
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric					37,494	37,513	37,494	37,513
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric					37,494	37,513	37,494	37,513
Total					74,988	75,026	74,988	75,026
Common shares not included in calculation due applicable metric had not been met at measurement dates					38		38
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		37,513
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric						26,975		26,975
Total						64,488		64,488
Common shares not included in calculation due applicable metric had not been met at measurement dates						10,538		10,538
Restricted stock units
Earnings Per Common Share
Number of shares vested	74,988				74,988	64,488	74,988	64,488
Number of shares forfeited	38				38	10,538	38	10,538
Restricted stock units | August 3, 2020
Earnings Per Common Share
Number of shares vested							74,988
Number of shares forfeited							38
Number of shares issued upon vesting		74,988
Restricted stock units | July 1, 2019
Earnings Per Common Share
Number of shares vested			64,488
Number of shares forfeited				10,538

STOCKHOLDERS' EQUITY - Stock Ba

STOCKHOLDERS' EQUITY - Stock Based Compensation - Summary of Plans (Details) - shares	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Restricted stock grants
STOCKHOLDERS' EQUITY
Number of shares outstanding		712,920	712,375	712,920	712,375	730,530	712,375	728,775	706,450
Number of shares granted				152,955	153,575
Vesting period				5 years
Restricted stock units
STOCKHOLDERS' EQUITY
Number of shares outstanding		166,050	155,726	166,050	155,726	241,076	241,076	230,752	230,752
Number of shares granted		0	0	0	0
Vesting period				3 years
2022 Incentive Plan
STOCKHOLDERS' EQUITY
Maximum number of shares authorized for issuance		750,000		750,000
2022 Incentive Plan | Restricted stock and RSU grants
STOCKHOLDERS' EQUITY
Number of shares outstanding		234,745		234,745
2022 Incentive Plan | Restricted stock grants
STOCKHOLDERS' EQUITY
Number of shares outstanding		149,395		149,395
2022 Incentive Plan | Restricted stock units
STOCKHOLDERS' EQUITY
Number of shares outstanding		85,350		85,350
Number of shares granted	85,250
2019 Incentive Plan
STOCKHOLDERS' EQUITY
Remaining shares which may be granted under the Plan		0		0
2019 Incentive Plan | Restricted stock and RSU grants
STOCKHOLDERS' EQUITY
Number of shares outstanding		507,525		507,525
2019 Incentive Plan | Restricted stock grants
STOCKHOLDERS' EQUITY
Number of shares outstanding		426,825		426,825
2019 Incentive Plan | Restricted stock units
STOCKHOLDERS' EQUITY
Number of shares outstanding		80,700		80,700
2016 Incentive Plan
STOCKHOLDERS' EQUITY
Remaining shares which may be granted under the Plan		0		0
2016 Incentive Plan | Restricted stock and RSU grants
STOCKHOLDERS' EQUITY
Number of shares outstanding		136,700		136,700
2016 Incentive Plan | Restricted stock grants
STOCKHOLDERS' EQUITY
Number of shares outstanding		136,700		136,700

STOCKHOLDERS' EQUITY - Stock _2

STOCKHOLDERS' EQUITY - Stock Based Compensation - RSUs (Details) - USD ($)		3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2023	Mar. 31, 2022
Restricted stock units
STOCKHOLDERS' EQUITY
Number of shares granted		0	0	0	0
Number of shares vested	74,988	74,988	64,488	74,988	64,488
Number of shares forfeited	38	38	10,538	38	10,538
Number of shares outstanding	166,050	166,050	155,726	166,050	155,726	241,076	230,752		241,076	230,752
Performance cycle				3 years
Restricted stock units | Vesting Date: June 30, 2026
STOCKHOLDERS' EQUITY
Number of shares granted				85,250
Restricted stock units | Vesting Date: June 30, 2025
STOCKHOLDERS' EQUITY
Number of shares granted						85,350
Restricted stock units | Vesting Date: June 30, 2024
STOCKHOLDERS' EQUITY
Number of shares granted							80,700
Restricted stock units | Vesting Date: June 30, 2023
STOCKHOLDERS' EQUITY
Number of shares granted								75,026
Restricted stock units | Awards granted in 2023
STOCKHOLDERS' EQUITY
Number of shares outstanding	85,250	85,250		85,250
Restricted stock units | Awards granted in 2022
STOCKHOLDERS' EQUITY
Number of shares outstanding	85,350	85,350		85,350
Aggregate fair value of the shares granted	$ 1,552,000	$ 1,552,000		$ 1,552,000
Restricted stock units | Awards granted in 2021
STOCKHOLDERS' EQUITY
Number of shares outstanding	80,700	80,700		80,700
Aggregate fair value of the shares granted	$ 1,846,000	$ 1,846,000		$ 1,846,000
Restricted stock units | Years granted: 2021 - 2022
STOCKHOLDERS' EQUITY
Performance cycle				3 years
Accrual for dividend equivalent rights	$ 320,000	$ 320,000		$ 320,000		$ 210,000
ROC Awards | Awards granted in 2020
STOCKHOLDERS' EQUITY
Weight				50%	50%
ROC Awards | Awards granted in 2020 | Minimum
STOCKHOLDERS' EQUITY
Average of annual ROC				7%	7%
ROC Awards | Awards granted in 2020 | Maximum
STOCKHOLDERS' EQUITY
Average of annual ROC				9.75%	9.75%
ROC Awards | Years granted: 2021 - 2022
STOCKHOLDERS' EQUITY
Weight				50%	50%
ROC Awards | Years granted: 2021 - 2022 | Minimum
STOCKHOLDERS' EQUITY
Average of annual ROC				6%	6%
ROC Awards | Years granted: 2021 - 2022 | Maximum
STOCKHOLDERS' EQUITY
Average of annual ROC				8.75%	8.75%
TSR awards | Awards granted in 2020
STOCKHOLDERS' EQUITY
Weight				50%	50%
TSR awards | Awards granted in 2020 | Minimum
STOCKHOLDERS' EQUITY
Average of annual TSR				7%	7%
TSR awards | Awards granted in 2020 | Maximum
STOCKHOLDERS' EQUITY
Average of annual TSR				12%	12%
TSR awards | Years granted: 2021 - 2022
STOCKHOLDERS' EQUITY
Weight				50%	50%
TSR awards | Years granted: 2021 - 2022 | Minimum
STOCKHOLDERS' EQUITY
Average of annual TSR				6%	6%
TSR awards | Years granted: 2021 - 2022 | Maximum
STOCKHOLDERS' EQUITY
Average of annual TSR				11%	11%

STOCKHOLDERS' EQUITY - Activity

STOCKHOLDERS' EQUITY - Activity of the Plans (Details) - USD ($)		3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
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)	$ 26.45	$ 26.45	$ 26.25	$ 26.45	$ 26.25
Value of stock vested during the period		$ 1,753,000	$ 2,299,000	$ 5,165,000	$ 5,535,000
Weighted average per share value of shares forfeited during the period (in dollars per share)		$ 24.80	$ 28.91	$ 24.80	$ 29.12
Total charge to operations:
Total charge to operations		$ 1,564,000	$ 1,559,000	$ 2,892,000	$ 2,884,000
Restricted stock grants
Summary of the activity of the incentive Plans
Average per share grant price (in dollars per share)				$ 22.09	$ 33.75
Deferred compensation to be recognized over vesting period	$ 3,379,000	$ 3,379,000	$ 5,183,000	$ 3,379,000	$ 5,183,000
Number of non-vested shares:
Non-vested beginning of period (in shares)		730,530	728,775	712,375	706,450	706,450
Number of shares granted				152,955	153,575
Vested during period (in shares)		(17,500)	(16,150)	(152,300)	(146,900)
Forfeitures (in shares)		(110)	(250)	(110)	(750)
Non-vested end of period (in shares)	712,920	712,920	712,375	712,920	712,375	712,375
Total charge to operations:
Total charge to operations		$ 1,178,000	$ 1,197,000	$ 2,128,000	$ 2,154,000
Weighted average vesting period				2 years 7 months 6 days
Restricted stock grants | General and administrative expense
Total charge to operations:
Total compensation costs related to non-vested awards that have not yet been recognized	$ 9,487,000	$ 9,487,000		$ 9,487,000
Restricted stock units
Summary of the activity of the incentive Plans
Average per share grant price (in dollars per share)		$ 0	$ 0	$ 0	$ 0
Deferred compensation to be recognized over vesting period	$ 0	$ 0	$ 0	$ 0	$ 0
Number of non-vested shares:
Non-vested beginning of period (in shares)		241,076	230,752	241,076	230,752	230,752
Number of shares granted		0	0	0	0
Vested during period (in shares)	(74,988)	(74,988)	(64,488)	(74,988)	(64,488)
Forfeitures (in shares)	(38)	(38)	(10,538)	(38)	(10,538)
Non-vested end of period (in shares)	166,050	166,050	155,726	166,050	155,726	241,076
Total charge to operations:
Total charge to operations		$ 386,000	$ 362,000	$ 764,000	$ 730,000
Weighted average vesting period				1 year 6 months
Restricted stock units | General and administrative expense
Total charge to operations:
Total compensation costs related to non-vested awards that have not yet been recognized	$ 1,670,000	$ 1,670,000		$ 1,670,000

STOCKHOLDERS' EQUITY - Common S

STOCKHOLDERS' EQUITY - Common Stock Dividend (Details) - USD ($)	Jul. 06, 2023	Jun. 13, 2023
Common Stock Dividend
Quarterly cash dividend declared (in dollars per share)		$ 0.45
Total Dividend		$ 9,571,000
Cash Distributed	$ 8,461,000
Stock Issued	56,000

STOCKHOLDERS' EQUITY - Dividend

STOCKHOLDERS' EQUITY - Dividend Reinvestment Plan (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Dividend Reinvestment Plan
Market price discount (as a percent)			3%
Common shares issued under Dividend Reinvestment Plan	50,000	6,000	99,000	11,000
Maximum
Dividend Reinvestment Plan
Market price discount (as a percent)			5%

STOCKHOLDERS' EQUITY - Stock Re

STOCKHOLDERS' EQUITY - Stock Repurchase Program (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022
Stock Repurchase Program
Repurchases of common stock - net	$ 1,455,000	$ 3,418,000
Stock Repurchase Program
Stock Repurchase Program
Remaining value of common shares authorized for repurchase	$ 6,045,000		$ 6,045,000
Number of shares repurchased	73,000	133,000	73,000	133,000
Repurchases of common stock - net	$ 1,455,000	$ 3,392,000	$ 1,455,000	$ 3,392,000
Payment of commissions on sale of shares	$ 4,000	$ 8,000	$ 4,000	$ 8,000
Stock Repurchase Program, September 2022
Stock Repurchase Program
Value of common shares authorized for repurchase					$ 7,500,000

STOCKHOLDERS' EQUITY - Shares I

STOCKHOLDERS' EQUITY - Shares Issued through the At-the-Market Offering Program (Details) - At-the-Market Equity Offering Program - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
STOCKHOLDERS' EQUITY
Number of shares sold	0	17,000	0	17,000
Proceeds from sale of common stock, net of commissions			$ 604,000
Payment of commissions on sale of shares			12,000
Payment of offering costs on sale of shares			$ 41,000

FAIR VALUE MEASUREMENTS - Mortg

FAIR VALUE MEASUREMENTS - Mortgages Payable (Details)	Jun. 30, 2023 USD ($) Y	Dec. 31, 2022 USD ($) Y
Line of Credit
FAIR VALUE MEASUREMENTS
Line of credit, gross	$ 2,500,000	$ 21,800,000
Mortgages payable
FAIR VALUE MEASUREMENTS
Fair value of mortgages payable	389,831,000	378,943,000
Carrying value of mortgages payable	419,716,000	409,175,000
Fair value less than carrying value	$ (29,885,000)	$ (30,232,000)
Mortgages payable | Blended market interest rate
FAIR VALUE MEASUREMENTS
Long-term debt, measurement input	0.0598	0.0587
Mortgages payable | Weighted average remaining term to maturity (years)
FAIR VALUE MEASUREMENTS
Long-term debt, measurement input | Y	6.2	6.5

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value of Derivatives (Details)	6 Months Ended
	Jun. 30, 2023 USD ($) item	Dec. 31, 2022 USD ($)
FAIR VALUE MEASUREMENTS
Number of mortgage loans outstanding with related interest rate swaps | item	16
Interest rate swap | Level 2
Financial assets:
Financial assets	$ 1,543,000	$ 1,811,000
Financial assets, Balance Sheet Classification	Escrow, deposits and other assets and receivables	Escrow, deposits and other assets and receivables
Interest rate swap | Cash flow hedges
FAIR VALUE MEASUREMENTS
Number of interest rate derivatives held | item	16
Notional Amount	$ 41,484,000
Weighted average maturity	1 year 4 months 24 days
Weighted average annual interest rate (as a percent)	3.97%
Financial liabilities:
Financial liabilities	$ 0	$ 0
Interest rate swap | Cash flow hedges | Minimum
FAIR VALUE MEASUREMENTS
Fixed interest rate (as a percent)	2.97%
Interest rate swap | Cash flow hedges | Maximum
FAIR VALUE MEASUREMENTS
Fixed interest rate (as a percent)	4.60%

FAIR VALUE MEASUREMENTS - Effec

FAIR VALUE MEASUREMENTS - Effect of derivatives on Consolidated Statements of Income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
FAIR VALUE MEASUREMENTS
Additional amount to be reclassified during the next twelve months			$ 1,134,000
Interest rate swap | Cash flow hedges
FAIR VALUE MEASUREMENTS
Amount of gain recognized on derivatives in other comprehensive income	$ 488,000	$ 466,000	367,000	$ 1,955,000
Amount of reclassification from Accumulated other comprehensive income into Interest expense	$ 347,000	$ (199,000)	$ 635,000	$ (485,000)

OTHER INCOME - Litigation Settl

OTHER INCOME - Litigation Settlement (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
OTHER INCOME
Income on settlement of litigation	$ 5,388,000	$ 5,388,000

OTHER INCOME - Insurance Recove

OTHER INCOME - Insurance Recoveries on Hurricane Casualty (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022
Insurance Recoveries on Hurricane Casualty
Casualty loss, insurance recovery proceeds received, classified as investing activities			$ 918,000
Other income
Insurance Recoveries on Hurricane Casualty
Gain on insurance recoveries	$ 0	$ 0	$ 918,000

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 6,519	$ 16,767	$ 11,905	$ 26,090

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Item 5. Other Information ​ None of our officers or directors had any contract, instruction, or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement" in effect at any time during the three months ended June 30, 2023. ​
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false