Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 01, 2024 | Jun. 30, 2023 | |
Document and Entity Information | |||
Entity Registrant Name | ONE LIBERTY PROPERTIES, INC. | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 329 | ||
Entity Common Stock, Shares Outstanding | 21,253,398 | ||
Entity Central Index Key | 0000712770 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Auditor Firm ID | 42 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | New York, New York |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | |
Real estate investments, at cost | |||
Land | $ 172,309,000 | $ 181,805,000 | |
Buildings and improvements | 692,346,000 | 697,791,000 | |
Total real estate investments, at cost | 864,655,000 | 879,596,000 | |
Less accumulated depreciation | 182,705,000 | 173,143,000 | |
Real estate investments, net | 681,950,000 | 706,453,000 | |
Investment in unconsolidated joint ventures | 2,051,000 | 10,400,000 | |
Cash and cash equivalents | 26,430,000 | 6,718,000 | |
Unbilled rent receivable | 16,661,000 | 16,079,000 | |
Unamortized intangible lease assets, net | 14,681,000 | 19,841,000 | |
Escrow, deposits and other assets and receivables | 19,833,000 | 23,764,000 | |
Total assets | [1] | 761,606,000 | 783,255,000 |
Liabilities: | |||
Mortgages payable, net | 418,347,000 | 405,162,000 | |
Line of credit, net | 21,068,000 | ||
Dividends payable | 9,916,000 | 9,693,000 | |
Accrued expenses and other liabilities | 15,502,000 | 19,270,000 | |
Unamortized intangible lease liabilities, net | 10,096,000 | 11,125,000 | |
Total liabilities | [1] | 453,861,000 | 466,318,000 |
Commitments and contingencies | |||
One Liberty Properties, Inc. stockholders' equity: | |||
Preferred stock, $1 par value; 12,500 shares authorized; none issued | |||
Common stock, $1 par value; 50,000 shares authorized; 20,323 and 20,362 shares issued and outstanding | 20,323,000 | 20,362,000 | |
Paid-in capital | 326,379,000 | 325,895,000 | |
Accumulated other comprehensive income | 844,000 | 1,810,000 | |
Distributions in excess of net income | (40,843,000) | (32,102,000) | |
Total One Liberty Properties, Inc. stockholders' equity | 306,703,000 | 315,965,000 | |
Non-controlling interests in consolidated joint ventures | [1] | 1,042,000 | 972,000 |
Total equity | 307,745,000 | 316,937,000 | |
Total liabilities and equity | $ 761,606,000 | $ 783,255,000 | |
[1] The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 6. The consolidated balance sheets include the following amounts related to the Company’s consolidated VIEs: $9,917 and $10,365 of land, $17,475 and $17,870 of building and improvements, net of $6,380 and $ 5,670 of accumulated depreciation, $3,158 and $3,518 of other assets included in other line items, $16,660 and $18,500 of real estate debt, net, $1,130 and $1,135 of other liabilities included in other line items, and $1,042 and $972 of non-controlling interests as of December 31, 2023 and 2022, respectively. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 | |
Preferred stock, shares authorized | 12,500 | 12,500 | |
Preferred stock, shares issued | 0 | 0 | |
Common stock, par value (in dollars per share) | $ 1 | $ 1 | |
Common stock, shares authorized | 50,000 | 50,000 | |
Common stock, shares issued | 20,323 | 20,362 | |
Common stock, shares outstanding | 20,323 | 20,362 | |
Land | $ 172,309 | $ 181,805 | |
Buildings and improvements | 692,346 | 697,791 | |
Accumulated depreciation | 182,705 | 173,143 | |
Non-controlling interests in consolidated joint ventures | [1] | 1,042 | 972 |
Consolidated Joint Venture-VIEs | |||
Land | 9,917 | 10,365 | |
Buildings and improvements | 17,475 | 17,870 | |
Accumulated depreciation | 6,380 | 5,670 | |
Other assets | 3,158 | 3,518 | |
Real estate debt, net | 16,660 | 18,500 | |
Other liabilities | 1,130 | 1,135 | |
Non-controlling interests in consolidated joint ventures | $ 1,042 | $ 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: $9,917 and $10,365 of land, $17,475 and $17,870 of building and improvements, net of $6,380 and $ 5,670 of accumulated depreciation, $3,158 and $3,518 of other assets included in other line items, $16,660 and $18,500 of real estate debt, net, $1,130 and $1,135 of other liabilities included in other line items, and $1,042 and $972 of non-controlling interests as of December 31, 2023 and 2022, respectively. |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues: | |||
Total revenues | $ 90,646,000 | $ 92,216,000 | $ 82,740,000 |
Operating expenses: | |||
Depreciation and amortization | 24,789,000 | 23,781,000 | 22,832,000 |
General and administrative (see Note 10 for related party information) | 15,822,000 | 15,258,000 | 14,310,000 |
Real estate expenses (see Note 10 for related party information) | 16,444,000 | 15,508,000 | 13,802,000 |
State taxes | 284,000 | 285,000 | 291,000 |
Total operating expenses | 57,339,000 | 54,832,000 | 51,235,000 |
Other operating income | |||
Gain on sale of real estate, net | 17,008,000 | 16,762,000 | 25,463,000 |
Operating income | 50,315,000 | 54,146,000 | 56,968,000 |
Other income and expenses: | |||
Equity in (loss) earnings of unconsolidated joint ventures | (904,000) | 400,000 | 202,000 |
Equity in (loss) earnings from sale of unconsolidated joint venture properties | (108,000) | 805,000 | |
Prepayment costs on debt | (901,000) | ||
Income on settlement of litigation | 5,388,000 | ||
Other income | 234,000 | 1,003,000 | 869,000 |
Interest: | |||
Expense | (18,780,000) | (17,569,000) | (17,939,000) |
Amortization and write-off of deferred financing costs | (839,000) | (1,115,000) | (970,000) |
Net income | 29,918,000 | 42,253,000 | 39,034,000 |
Net income attributable to non-controlling interests | (304,000) | (76,000) | (177,000) |
Net income attributable to One Liberty Properties, Inc. | $ 29,614,000 | $ 42,177,000 | $ 38,857,000 |
Weighted average number of common shares outstanding: | |||
Basic (in shares) | 20,499 | 20,360 | 20,086 |
Diluted (in shares) | 20,556 | 20,453 | 20,264 |
Per common share attributable to common stockholders: | |||
Basic (in dollars per share) | $ 1.38 | $ 2 | $ 1.87 |
Diluted (in dollars per share) | 1.38 | 1.99 | 1.85 |
Cash distributions per share of common stock (in dollars per share) | $ 1.80 | $ 1.80 | $ 1.80 |
Rental income, net | |||
Revenues: | |||
Total revenues | $ 90,646,000 | $ 92,191,000 | $ 82,180,000 |
Lease termination fee | |||
Revenues: | |||
Total revenues | $ 25,000 | $ 560,000 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Net income | $ 29,918 | $ 42,253 | $ 39,034 |
Other comprehensive income | |||
Net unrealized (loss) gain on derivative instruments | (967) | 3,325 | 3,497 |
Comprehensive income | 28,951 | 45,578 | 42,531 |
Net income attributable to non-controlling interests | (304) | (76) | (177) |
Adjustment for derivative instruments attributable to non-controlling interests | 1 | (2) | (8) |
Comprehensive income attributable to One Liberty Properties, Inc. | $ 28,648 | $ 45,500 | $ 42,346 |
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 |
Beginning Balance at Dec. 31, 2020 | $ 19,878 | $ 313,430 | $ (5,002) | $ (37,539) | $ 1,193 | $ 291,960 |
Distributions - common stock | ||||||
Cash | (37,505) | (37,505) | ||||
Shares issued through dividend reinvestment plan | 35 | 942 | 977 | |||
Shares issued through equity offering program - net | 106 | 3,208 | 3,314 | |||
Restricted stock and RSU vesting | 220 | (220) | ||||
Compensation expense - restricted stock and RSUs | 5,433 | 5,433 | ||||
Contribution from non-controlling interest | 25 | 25 | ||||
Distributions to non-controlling interests | (457) | (457) | ||||
Net income | 38,857 | 177 | 39,034 | |||
Other comprehensive income (loss) | 3,489 | 8 | 3,497 | |||
Ending Balance at Dec. 31, 2021 | 20,239 | 322,793 | (1,513) | (36,187) | 946 | 306,278 |
Distributions - common stock | ||||||
Cash | (38,092) | (38,092) | ||||
Repurchases of common stock - net | (208) | (5,032) | (5,240) | |||
Shares issued through dividend reinvestment plan | 102 | 2,293 | 2,395 | |||
Shares issued through equity offering program - net | 17 | 546 | 563 | |||
Restricted stock and RSU vesting | 212 | (212) | ||||
Compensation expense - restricted stock and RSUs | 5,507 | 5,507 | ||||
Distributions to non-controlling interests | (52) | (52) | ||||
Net income | 42,177 | 76 | 42,253 | |||
Other comprehensive income (loss) | 3,323 | 2 | 3,325 | |||
Ending Balance at Dec. 31, 2022 | 20,362 | 325,895 | 1,810 | (32,102) | 972 | 316,937 |
Distributions - common stock | ||||||
Cash | (38,355) | (38,355) | ||||
Repurchases of common stock - net | (499) | (9,139) | (9,638) | |||
Shares issued through dividend reinvestment plan | 233 | 4,483 | 4,716 | |||
Restricted stock and RSU vesting | 227 | (227) | ||||
Compensation expense - restricted stock and RSUs | 5,367 | 5,367 | ||||
Distributions to non-controlling interests | (233) | (233) | ||||
Net income | 29,614 | 304 | 29,918 | |||
Other comprehensive income (loss) | (966) | (1) | (967) | |||
Ending Balance at Dec. 31, 2023 | $ 20,323 | $ 326,379 | $ 844 | $ (40,843) | $ 1,042 | $ 307,745 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Distributions - common stock | |||
Cash | $ 1.80 | $ 1.80 | $ 1.80 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 29,918 | $ 42,253 | $ 39,034 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Gain on sale of real estate, net | (17,008) | (16,762) | (25,463) |
Increase in net amortization of unbilled rental income | (1,898) | (2,409) | (234) |
Write-off of unbilled rent receivable | 133 | ||
Amortization and write-off of intangibles relating to leases, net | (952) | (831) | (785) |
Amortization of restricted stock and RSU compensation expense | 5,367 | 5,507 | 5,433 |
Equity in loss (earnings) of unconsolidated joint ventures | 904 | (400) | (202) |
Equity in loss (earnings) from sale of unconsolidated joint venture properties | 108 | (805) | |
Distributions of earnings from unconsolidated joint venture | 194 | 172 | 1,440 |
Depreciation and amortization | 24,789 | 23,781 | 22,832 |
Amortization and write-off of deferred financing costs | 839 | 1,115 | 970 |
Payment of leasing commissions | (755) | (2,561) | (1,430) |
Decrease (Increase) in escrow, deposits, other assets and receivables | 3,818 | (6,856) | 6,759 |
Increase in accrued expenses and other liabilities | 596 | 1,188 | 1,012 |
Net cash provided by operating activities | 46,053 | 44,197 | 48,561 |
Cash flows from investing activities: | |||
Purchase of real estate | (9,229) | (51,217) | (24,534) |
Improvements to real estate | (4,866) | (4,574) | (4,106) |
Investments in ground leased property | (932) | (697) | (1,746) |
Net proceeds from sale of real estate | 40,839 | 30,253 | 52,685 |
Insurance recovery proceeds due to casualty loss | 918 | 975 | |
Distributions of capital from unconsolidated joint venture | 7,143 | 97 | |
Net cash provided by (used in) investing activities | 32,955 | (25,317) | 23,371 |
Cash flows from financing activities: | |||
Scheduled amortization payments of mortgages payable | (12,405) | (12,624) | (13,957) |
Repayment of mortgages payable | (14,935) | (54,585) | (30,532) |
Proceeds from mortgage financings | 36,450 | 70,690 | 10,600 |
Proceeds from bank line of credit | 40,900 | 53,300 | 21,200 |
Repayments on bank line of credit | (62,700) | (43,200) | (22,450) |
Issuance of shares through dividend reinvestment plan | 4,716 | 2,395 | 977 |
Repurchases of common stock, net | (9,638) | (5,240) | |
Proceeds from sale of common stock, net | 563 | 3,314 | |
Payment of financing costs | (716) | (1,669) | (232) |
Capital contributions from non-controlling interests | 25 | ||
Distributions to non-controlling interests | (233) | (52) | (457) |
Cash distributions to common stockholders | (38,132) | (37,847) | (37,318) |
Net cash used in financing activities | (56,693) | (28,269) | (68,830) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 22,315 | (9,389) | 3,102 |
Cash, cash equivalents and restricted cash at beginning of year | 7,277 | 16,666 | 13,564 |
Cash, cash equivalents and restricted cash at end of year | 29,592 | 7,277 | 16,666 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest expense and prepayment costs on debt | 18,798 | 17,475 | 18,972 |
Supplemental disclosure of non-cash investing activities: | |||
Assumption of mortgage payable upon acquisition of properties | 4,280 | 6,034 | |
Lease liabilities adjustment from the reassessment of right of use assets | 3,366 | ||
Loan receivable in connection with sale of property | 1,816 | ||
Purchase accounting allocation - intangible lease assets | 871 | 4,322 | 2,288 |
Purchase accounting allocation - mortgage intangible asset | 260 | 670 | |
Purchase accounting allocation - intangible lease liabilities | $ (237) | $ (2,006) | $ (632) |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Reconciliation of cash, cash equivalents, and restricted cash | ||
Cash and cash equivalents | $ 26,430 | $ 6,718 |
Restricted cash included in escrow, deposits and other assets and receivables | 3,162 | 559 |
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows | $ 29,592 | $ 7,277 |
ORGANIZATION AND BACKGROUND
ORGANIZATION AND BACKGROUND | 12 Months Ended |
Dec. 31, 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, to a lesser extent, retail properties, many of which are subject to long-term net leases. As of December 31, 2023, OLP owns |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
SUMMARY ACCOUNTING POLICIES | |
SUMMARY ACCOUNTING POLICIES | NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts and operations of OLP, its wholly owned subsidiaries, its joint ventures in which the Company, as defined, has a controlling interest, and variable interest entities (“VIEs”) of which the Company is the primary beneficiary. OLP and its consolidated subsidiaries are referred to herein as the “Company”. Material intercompany items and transactions have been eliminated in consolidation. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Management believes that the estimates and assumptions that are most important to the portrayal of the Company’s consolidated financial condition and results of operations, in that they require management’s most difficult, subjective or complex judgments, form the basis of the accounting policies deemed to be most significant to the Company. These significant accounting policies relate to revenues and the value of the Company’s real estate portfolio, including investments in unconsolidated joint ventures. Management believes its estimates and assumptions related to these significant accounting policies are appropriate under the circumstances; however, should future events or occurrences result in unanticipated consequences, there could be a material impact on the Company’s future consolidated financial condition or results of operations. Segment Reporting Substantially all of the Company’s real estate assets, at acquisition, are comprised of real estate owned that is leased to tenants on a long-term basis. Therefore, the Company aggregates real estate assets for reporting purposes and operates in one reportable segment. Revenue Recognition Rental income includes the base rent that each tenant is required to pay in accordance with the terms of its lease reported over the non-cancelable term of the lease on a straight-line basis, if collectability is probable. On a quarterly basis, management reviews the tenant’s payment history and financial condition in determining, in its judgment, whether any accrued rental income and unbilled rent receivable balances applicable to a specific tenant is collectable. Any change to the collectability of lease payments or unbilled rent receivables is recognized as a current period adjustment to rental revenue (see Note 3). NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Some leases provide for increases based on the Consumer Price Index or for additional contingent rental revenue in the form of percentage rents. The percentage rents are based upon the level of sales achieved by the lessee and are recognized once the required sales levels are reached. Some leases provide for an incentive for the lessee to sign a lease, such as a leasehold improvement allowance in which the Company reimburses the tenant for the construction of lessee assets. Such lease incentives are capitalized at lease commencement and recognized on a straight-line basis over the lease term as a reduction to rental income. A ground lease provides for rent which can be deferred and paid based on the operating performance of the property; therefore, this rent is recognized as rental income when the operating performance is achieved and the rent is received. Many of the Company’s properties are subject to long-term net leases under which the tenant is typically responsible to pay directly to the vendor the real estate taxes, insurance, utilities and ordinary maintenance and repairs related to the property, and the Company is not the primary obligor with respect to such items. As a result, the revenue and expenses relating to these properties are recorded on a net basis. For certain properties, in addition to contractual base rent, the tenants pay their contracted for share of real estate taxes and operating expenses to the Company. The revenue and expenses associated with properties at which the Company is the primary obligor are generally recorded on a gross basis. During 2023, 2022 and 2021, the Company recorded reimbursements of expenses of Gains and losses on the sale of real estate investments are recorded when the Company no longer holds a controlling financial interest in the entity which holds the real estate investment and the relevant revenue recognition criteria under GAAP have been met. Purchase Accounting for Acquisition of Real Estate In acquiring real estate, the Company evaluates whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, and if that requirement is met, the asset group is accounted for as an asset acquisition and not a business combination. Transaction costs incurred with such asset acquisitions are capitalized to real estate assets and depreciated over the respectful useful lives. The Company allocates the purchase price of real estate, including direct transaction costs applicable to an asset acquisition, among land, building, improvements and intangibles ( e.g., The Company assesses the fair value of the gross assets acquired based on available market information which utilize estimated cash flow projections; such inputs are categorized as Level 3 inputs in the fair value hierarchy. In determining fair value, factors considered by management include an evaluation of current market demand, market capitalization rates and discount rates, estimates of carrying costs ( e.g. The values of acquired above-market and below-market leases are recorded based on the present values (using discount rates which reflect the risks associated with the leases acquired) of the difference between the contractual amounts to be received and management’s estimate of market lease rates, measured over the terms of the respective leases that management deemed appropriate at the time of the acquisitions. Such valuations include a consideration of the non-cancellable terms of the respective leases, as well as any applicable renewal NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) period(s). The fair values associated with below-market rental renewal options are determined based on the Company’s experience and other relevant factors at the time of the acquisitions. The values of above-market leases are amortized as a reduction to rental income over the terms of the respective non-cancellable lease periods. The portion of the values of below-market leases are amortized as an increase to rental income over the terms of the respective non-cancellable lease periods. The portion of the values of the leases associated with below-market renewal options that management deemed are reasonably certain to be exercised by the tenant are amortized to rental income over such renewal periods. The value of other intangible assets ( i.e., one The values of assumed mortgages are recorded based on the present values (using discount rates which reflect the risks associated with the mortgage assumed) of the difference between the contractual amounts to be paid at the stated interest rates and management’s estimate of market interest rates for similar debt, at the time of the acquisition, measured over the terms of the respective debt. The values of above or below-market mortgages are amortized as a decrease or increase, respectively, to interest expense over the term of the respective debt which range from six Accounting for Long-Lived Assets and Impairment of Real Estate Owned The Company reviews its real estate portfolio on a quarterly basis for indicators of impairment to the value of any of its real estate assets, including deferred costs and intangibles, to determine if there is any need for an impairment charge. In reviewing the portfolio, the Company examines one or more of the following: the type of asset, the current financial statements or other available financial information of the tenant, prolonged or significant vacancies, the economic environment of the area in which the asset is located and the industry in which the tenant is involved, the timeliness of the payments made by the tenant under its lease, property inspection reports and communication with, by, or relating to, the tenant. For each real estate asset owned for which indicators of impairment exist, management performs a recoverability test by comparing (i) the sum of the estimated undiscounted future cash flows attributable to the asset, which are determined using assumptions and estimates, including projected rental rates over an appropriate holding period and property capitalization rates, to (ii) the carrying amount of the asset. If the aggregate undiscounted cash flows are less than the asset’s carrying amount, an impairment is recorded to the extent that the estimated fair value is less than the asset’s carrying amount. The estimated fair value is determined using a discounted cash flow model of the expected future cash flows through the useful life of the property. The analysis includes an estimate of the future cash flows that are expected to result from the real estate investment’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, the effects of leasing demand, competition and other factors. During the three years ended December 31, 2023, there were no impairment charges related to the Company’s real estate portfolio. Properties Held-for-Sale Real estate investments are classified as properties held-for-sale when management determines that the investment meets the applicable criteria. Real estate assets that are classified as held-for-sale are: (i) valued at the lower of carrying amount or the estimated fair value less costs to sell on an individual asset basis; and (ii) not depreciated. NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Investment in Joint Ventures and Variable Interest Entities The Financial Accounting Standards Board, or FASB, provides guidance for determining whether an entity is a VIE. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE’s economic performance and (ii) has the obligation to absorb losses, or the right to receive benefits, of the VIE that could potentially be significant to the VIE. The Company assesses the accounting treatment for each of its investments, including a review of each venture or limited liability company or partnership agreement, to determine the rights of each party and whether those rights are protective or participating. The agreements typically contain certain protective rights, such as the requirement of partner approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget or operating plan. In situations where, among other things, the Company and its partners jointly (i) approve the annual budget, (ii) approve certain expenditures, (iii) prepare or review and approve the joint venture’s tax return before filing, or (iv) approve each lease at a property, the Company does not consolidate as the Company considers these to be substantive participation rights that result in shared, joint power over the activities that most significantly impact the performance of the joint venture or property. Additionally, the Company assesses the accounting treatment for any interests pursuant to which the Company may have a variable interest as a lessor. Leases may contain certain protective rights, such as the right of sale and the receipt of certain escrow deposits. The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. All investments in unconsolidated joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are VIEs. In addition, the Company shares power with its co-managing members over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions. None of the joint venture debt is recourse to the Company, subject to standard carve-outs. The Company reviews on a quarterly basis its investments in unconsolidated joint ventures for other-than-temporary losses in investment value. Any decline that is not expected to be recovered based on the underlying assets of the investment is considered other than temporary and an impairment charge is recorded as a reduction in the carrying value of the investment. During the three years ended December 31, 2023, there were no impairment charges related to the Company’s investments in unconsolidated joint ventures. The Company has elected to follow the cumulative earnings approach when assessing, for the consolidated statement of cash flows, whether the distribution from the investee is a return of the investor’s investment as compared to a return on its investment. The source of the cash generated by the investee to fund the distribution is not a factor in the analysis (that is, it does not matter whether the cash was generated through investee refinancing, sale of assets or operating results). Consequently, the investor only considers the relationship between the cash received from the investee to its equity in the undistributed earnings of the investee, on a cumulative basis, in assessing whether the distribution from the investee is a return on or a return of its investment. Cash received from the unconsolidated entity is presumed to be a return on the investment to the extent that, on a cumulative basis, distributions received by the investor are less than its share of the equity in the undistributed earnings of the entity. NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Fair Value Measurements The Company measures the fair value of financial instruments based on the assumptions that market participants would use in pricing the asset or liability. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs and Level 3 assets/liabilities are valued based on significant “unobservable” market inputs. Derivatives and Hedging Activities The Company uses interest rate swaps to add stability to interest expense; not for trading or speculative purposes. The Company records all derivatives on the consolidated balance sheets at fair value using widely accepted valuation techniques including a discounted cash flow analysis on the expected cash flows of the derivatives. In addition, the Company incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. These counterparties are generally large financial institutions engaged in providing a variety of financial services. These institutions generally face similar risks regarding adverse changes in market and economic conditions including, but not limited to, fluctuations in interest rates, exchange rates, equity and commodity prices and credit spreads. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in accumulated other comprehensive income (outside of earnings) and subsequently reclassified to earnings in the period in which the hedged transaction becomes ineffective. For derivatives not designated as cash flow hedges, changes in the fair value of the derivative are recognized directly in earnings in the period in which the change occurs; however, the Company’s policy is to not enter into such transactions. Stock Based Compensation The fair value of restricted stock grants and restricted stock units (“RSUs”), determined as of the date of grant, is amortized into general and administrative expense over the respective vesting period. The deferred compensation to be recognized as expense is net of forfeitures. The Company recognizes the effect of forfeitures when they occur and previously recognized compensation expense is reversed in the period the grant or unit is forfeited. For share-based awards with a performance or market measure, the Company recognizes compensation expense over the requisite service period and the performance assumptions are re-evaluated quarterly. The requisite service period begins on the date the Compensation Committee of the Company’s Board of Directors authorizes the award, adopts any relevant performance measures and communicates the award to the recipient. NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Income Taxes The Company is qualified as a REIT under the applicable provisions of the Internal Revenue Code. Under these provisions, the Company will not be subject to Federal, and generally, state and local income taxes, on amounts distributed to stockholders, provided it distributes at least 90% of its ordinary taxable income and meets certain other conditions. The Company follows a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that more-likely-than-not will be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than- not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited. The Company has not identified any uncertain tax positions requiring accrual. Cash and Cash Equivalents All highly liquid investments with original maturities of three months or less when purchased are considered to be cash equivalents. Concentration of Credit Risk The Company maintains cash accounts at various financial institutions. While the Company attempts to limit any financial exposure, substantially all of its deposit balances exceed federally insured limits. The Company has not experienced any losses on such accounts. The Company’s properties are located in 31 states. Only one state, South Carolina, contributed more than 10% ( i.e. No tenant contributed over 10% to the Company’s total revenues in any of the past three years. Escrows Real estate taxes and other escrows aggregating $3,162,000 and $559,000 at December 31, 2023 and 2022, respectively, are included in Escrow, deposits and other assets and receivables. New Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting – Improvements to Reportable Segments Disclosures, In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 . This Topic contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. As of December 31, 2023, the Company has converted all its LIBOR indexed debt and derivatives to SOFR based indexes. For all derivative financial instruments designated as effective hedges, the Company utilized the elective relief in Topic 848 which allows for the continuation of hedge accounting through the transition process. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2023 | |
LEASES | |
LEASES | Lessor Accounting The Company owns rental properties which are leased to tenants under operating leases with current expirations ranging from 2024 to 2055, with options to extend terminate not separate Fixed lease revenues represent the base rent that each tenant is required to pay in accordance with the terms of its respective lease, and any lease incentives paid or payable to the lessee, reported on a straight-line basis over the non-cancelable term of the lease. Variable lease revenues typically include payments based on (i) tenant reimbursements, (ii) changes in the index or market-based indices after the inception of the lease, (iii) percentage rents and (iv) the operating performance of the property. Variable lease revenues are not recognized until the specific events that trigger the variable payments have occurred. The components of lease revenues are as follows (amounts in thousands): Year Ended December 31, 2023 2022 2021 Fixed lease revenues $ 75,935 $ 74,101 $ 70,387 Variable lease revenues 13,759 17,259 (a) 11,008 Lease revenues (b) $ 89,694 $ 91,360 $ 81,395 (a) Includes, for 2022, $4,626 of additional rent accrued from a ground lease tenant – see Note 6. (b) Excludes $952, $831 and $785 of amortization related to lease intangible assets and liabilities for 2023, 2022 and 2021, respectively. In many of the Company’s leases, the tenant is obligated to pay the real estate taxes, insurance, and certain other expenses directly to the vendor. These obligations, which have been assumed by the tenants, are not reflected in the Company’s consolidated financial statements. To the extent any such tenant defaults on its lease or if it is deemed probable that the tenant will fail to pay for such obligations, a liability for such obligations would be recorded. On a quarterly basis, the Company assesses the collectability of substantially all lease payments due by reviewing the tenant’s payment history or financial condition. Changes to collectability are recognized as a current period adjustment to rental revenue. As of December 31, 2023, the Company has assessed the collectability of all recorded lease revenues as probable. NOTE 3 — LEASES (CONTINUED) Minimum Future Rents As of December 31, 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 do not include (i) straight-line rent or amortization of lease intangibles or incentives and (ii) variable lease payments as described above. For the year ending December 31, 2024 $ 70,906 2025 65,473 2026 61,286 2027 51,983 2028 41,028 Thereafter 127,437 Total $ 418,113 Lease Incentives At December 31, 2023 and 2022, the Company’s unamortized lease incentives aggregating $1,095,000 and $1,300,000, respectively, are recorded in other assets and receivables on the consolidated balance sheets. During 2023 and 2022, the Company amortized $121,000 and $44,000, respectively, of such incentives as a reduction to rental income. During 2023, the Company wrote-off $84,000 of a tenant’s unamortized lease incentive balance as the related property was sold during such year, which reduced the gain on sale reported on the consolidated statement of income. The lease incentives will be amortized against rental income over the term of the leases during the next Unbilled Straight-Line Rent At December 31, 2023 and 2022, the Company’s unbilled rent receivables aggregating $16,661,000 and $16,079,000, respectively, represent rent reported on a straight-line basis in excess of rental payments required under the respective leases. The unbilled rent receivable is to be billed and received pursuant to the lease terms during the next 19 years. During 2023, 2022 and 2021, the Company wrote-off $1,048,000, $519,000 and $1,438,000, respectively, of unbilled straight-line rent receivable related to the properties sold during such years, which reduced the gain on sale reported on the consolidated statements of income. At December 31, 2023 and 2022, the Company’s unearned rental income aggregating $579,000 and $756,000, respectively, represent rent reported on a straight-line basis less than rental payments required under the respective leases. Such amounts are recorded in other liabilities on the consolidated balance sheets. The unearned rental income is to be recognized into revenue over the term of the leases during the next eight years. During 2023, the Company wrote-off $43,000 of a tenant’s unearned rental income as the related property sold was sold during such year, which increased the gain on sale reported on the consolidated statement of income. No such amounts were written off during 2022 or 2021. On a quarterly basis, the Company assesses the collectability of unbilled rent receivable balances by reviewing the tenant’s payment history and financial condition. The Company has assessed the collectability of all unbilled rent receivable balances as probable as of December 31, 2023. During 2023, the Company wrote-off, as a reduction of rental income, net, NOTE 3 — LEASES (CONTINUED) Lessee Accounting Ground Lease The Company is a lessee under a ground lease in Greensboro, North Carolina, which is classified as an operating lease. The ground lease expires March 3, 2025 and provides for up to four, five options option other liabilities other assets , based on its incremental borrowing rate given the term of the lease, as the rate implicit in the lease is not known. During the years ended December 31, 2023, 2022 and 2021, the Company recognized Office Lease The Company is a lessee under a corporate office lease in Great Neck, New York, which is classified as an operating lease. The lease expires on December 31, 2031 and provides a 5 option . At December 31, 2023 and 2022, the Company recorded a liability of other liability other assets , respectively, on the consolidated balance sheets. Lease payments associated with the renewal option period, which was determined to be reasonably certain to be exercised, are included in the measurement of the lease liability and right of use asset. As of December 31, 2023, the remaining lease term, including the renewal option deemed exercised, is , based on its incremental borrowing rate given the term of the lease, as the rate implicit in the lease is not known. During the years ended December 31, 2023, 2022 and 2021, the Company recognized Minimum Future Lease Payments As of December 31, 2023, the minimum future lease payments related to the operating ground and office leases are as follows (amounts in thousands): For the year ending December 31, 2024 $ 557 2025 626 2026 627 2027 629 2028 630 Thereafter 1,229 Total undiscounted cash flows $ 4,298 Present value discount (935) Lease liability $ 3,363 |
REAL ESTATE INVESTMENTS
REAL ESTATE INVESTMENTS | 12 Months Ended |
Dec. 31, 2023 | |
REAL ESTATE INVESTMENTS | |
REAL ESTATE INVESTMENTS | NOTE 4 — REAL ESTATE INVESTMENTS Acquisitions The following table details the Company’s real estate acquisitions during 2023 and 2022 (amounts in thousands). The Company determined that with respect to each of these acquisitions, the gross assets acquired are concentrated in a single identifiable asset. Therefore, these transactions do not meet the definition of a business and are accounted for as asset acquisitions. As such, direct transaction costs associated with these asset acquisitions have been capitalized to real estate assets and depreciated over their respective useful lives. Contract Capitalized Date Purchase Terms of Transaction Description of Industrial Property Acquired Price Payment Costs Multi-tenant Blythewood, South Carolina July 13, 2023 $ 13,400 Cash and $4,280 mortgage (a) $ 109 Totals for 2023 $ 13,400 $ 109 Conditioned Air Company of Naples LLC Fort Myers, Florida January 5, 2022 $ 8,100 All cash (b) $ 66 Q.E.P. Co., Inc. Dalton, Georgia May 12, 2022 17,000 All cash (b) 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 (c) 80 Multi-tenant Northwood, Ohio November 15, 2022 8,629 Cash and $6,034 mortgage (d) 87 Multi-tenant Northwood, Ohio November 15, 2022 8,561 Cash and $6,034 mortgage (d) 86 Totals for 2022 $ 56,490 $ 761 (a) Simultaneously with the acquisition of this property, the Company assumed a $4,280 mortgage, bearing an interest rate of 4.60% and maturing in 2029. (b) 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. (c) 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. (d) 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. NOTE 4 — REAL ESTATE INVESTMENTS (CONTINUED) The following table details the allocation of the purchase price and capitalized transaction costs for the Company’s acquisition of real estate during 2023 and 2022 (amounts in thousands): Building & Intangible Lease Mortgage Description of Industrial Property Land Improvements Asset (a) Liability (b) Intangible (c) Total Multi-tenant Blythewood, South Carolina $ 311 $ 12,304 $ 871 $ (237) $ 260 $ 13,509 Totals for 2023 $ 311 $ 12,304 $ 871 $ (237) $ 260 $ 13,509 Conditioned Air Company of Naples LLC Fort Myers, Florida $ 991 $ 6,876 $ 568 $ (269) $ — $ 8,166 Q.E.P. Co., Inc. Dalton, Georgia 547 15,836 1,223 (276) — 17,330 Multi-tenant Hillside, Illinois 2,560 2,975 539 (192) — 5,882 Curaleaf, Inc. Lexington, Kentucky 1,558 6,881 486 (415) — 8,510 Multi-tenant Northwood, Ohio 181 8,306 747 (854) 336 8,716 Multi-tenant Northwood, Ohio 171 7,383 759 — 334 8,647 Totals for 2022 $ 6,008 $ 48,257 $ 4,322 $ (2,006) $ 670 $ 57,251 (a) With respect to the intangible lease assets, the weighted average amortization period for the 2023 and 2022 acquisitions is 1.1 years and 6.1 years, respectively. (b) With respect to the intangible lease liabilities, the weighted average amortization period for the 2023 and 2022 acquisitions is 1.1 years and 8.8 years, respectively. (c) With respect to the mortgage intangible assets, the weighted average amortization period for the 2023 and 2022 acquisitions is 5.4 years and 7.1 years, respectively. The following table details the market capitalization and discount rates associated with the assessment of the fair value of the related lease and mortgage intangibles for the Company’s acquisition of real estate: Discount Rate (a) Year Market Cap Lease Mortgage Acquired Description of Industrial Property Rate (a) Intangible Intangible 2023 Multi-tenant Blythewood, South Carolina 6.75% 6.75% 6.00% 2022 Conditioned Air Company of Naples LLC Fort Myers, Florida 5.50% 5.60% — 2022 Q.E.P. Co., Inc. Dalton, Georgia 5.00% 5.69% — 2022 Multi-tenant Hillside, Illinois 6.25% 6.63% (b) — 2022 Curaleaf, Inc. Lexington, Kentucky 5.25% 5.88% — 2022 Multi-tenant Northwood, Ohio 6.75% 5.60% 5.75% 2022 Multi-tenant Northwood, Ohio 6.75% 5.60% 5.75% (a) The fair value of the tangible and intangible leases and mortgages were assessed as of the acquisition date using an income approach and estimated cash flow projections which utilize an appropriate market capitalization rate and discount rate which are categorized as Level 3 unobservable inputs in the fair value hierarchy (as defined in Note 2). (b) Represents the weighted average discount rate of the warehouse lease ( i.e., 5.77% ) and the office lease ( i.e., 9.03% ). NOTE 4 — REAL ESTATE INVESTMENTS (CONTINUED) The following table details the accumulated amortization of acquired intangibles during the periods indicated (amounts in thousands): December 31, 2023 December 31, 2022 Intangible Intangible Lease Assets Mortgage Asset (a) Lease Liabilities Lease Assets Mortgage Asset (a) Lease Liabilities Accumulated amortization $ 19,377 $ 126 $ 5,191 $ 23,506 $ 12 $ 5,061 (a) In connection with the assumption of below-market mortgages in 2022 and 2023 upon the acquisition of the Northwood, Ohio and Blythewood, South Carolina properties. The following table details the amortization of acquired intangibles and the classification in the Company’s consolidated statements of income for the periods indicated (amounts in thousands): Year Ended December 31, 2023 2022 2021 Classification Intangible lease assets/liabilities $ 952 $ 831 $ 785 Rental income, net Tenant origination costs 4,821 4,722 4,700 Depreciation and amortization Intangible mortgage assets 114 12 — Interest expense As of December 31, 2023, the future amortization of the Company’s acquired intangibles are as follows (amounts in thousands): For the year ending December 31, Intangible Lease Assets Tenant Origination Costs Intangible Mortgage Assets Intangible Lease Liabilities 2024 $ 154 $ 3,685 $ 137 $ 1,085 2025 128 2,672 137 723 2026 91 2,462 137 704 2027 31 1,785 137 756 2028 28 1,103 137 735 Thereafter 80 2,462 119 6,093 Total $ 512 $ 14,169 $ 804 $ 10,096 (a) The result of acquired above-market leases and will be deducted from rental income through 2032. (b) The result of acquired in-place leases and will be charged to Depreciation and amortization expense through 2055. (c) The result of acquired below-market mortgages and will be charged to interest expense through 2030. (d) The result of acquired below-market leases and will be added to rental income through 2055. Depreciation and Amortization Depreciation of buildings is computed on the straight-line method over an estimated useful life of 40 years. Depreciation of building improvements is computed on the straight-line method over the estimated useful life of the improvements. If the Company determines it is the owner of tenant improvements, the amounts funded to construct the tenant improvements are treated as a capital asset and depreciated over the lesser of the remaining lease term or the estimated useful life of the improvements on the straight-line method. Leasehold interest and the related ground lease payments are amortized over the initial lease term of the leasehold position. During 2023, 2022 and 2021, the Company recorded depreciation expense (including amortization of a leasehold position, lease origination costs, and capitalized leasing commissions) of $24,789,000, $23,781,000 and $22,832,000, respectively. |
SALES OF PROPERTIES
SALES OF PROPERTIES | 12 Months Ended |
Dec. 31, 2023 | |
SALES OF PROPERTIES | |
SALES OF PROPERTIES | NOTE 5 — SALES OF PROPERTIES The following table details the Company’s sales of real estate during 2023, 2022 and 2021 (amounts in thousands): Gross Gain on Sale of Description of Property City, State Date Sold Sales Price Real Estate, Net TGI Fridays restaurant property Hauppauge, New York February 28, 2023 $ 4,200 $ 1,534 Havertys retail property Duluth, Georgia May 31, 2023 6,000 3,180 TGI Fridays restaurant property Greensboro, North Carolina September 20, 2023 3,250 332 Land (a) Lakewood, Colorado November 14, 2023 3,333 (a) 2,177 (a) Chuck E Cheese restaurant property Indianapolis, Indiana November 15, 2023 2,200 226 TGI Fridays restaurant property Richmond, Virginia November 17, 2023 3,200 265 Applebee's restaurants (2 properties) Cartersville & Carrollton, Georgia December 5, 2023 7,300 2,581 Applebee's restaurant property Lawrenceville, Georgia December 7, 2023 2,903 (b) 989 Havertys retail property Virginia Beach, Virginia December 15, 2023 5,500 1,727 Barnes & Noble retail property Fort Myers, Florida December 21, 2023 7,300 3,997 Totals for 2023 $ 45,186 $ 17,008 (c) 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 June 17, 2022 4,800 (d) 1,125 Vacant retail property Columbus, Ohio August 8, 2022 8,300 4,063 Totals for 2022 $ 31,600 $ 16,762 (e) Whole Foods retail property & parking lot West Hartford, Connecticut June 17, 2021 $ 40,510 $ 21,469 Vacant retail property Philadelphia, Pennsylvania July 1, 2021 8,300 1,299 (f) Wendy's restaurants - 2 properties Hanover & Gettysburg, Pennsylvania December 27, 2021 5,700 2,695 Totals for 2021 $ 54,510 (g) $ 25,463 (h) (a) A consolidated joint venture, in which the Company holds a 90% interest, sold a land parcel which was part of a multi-tenant shopping center. In connection with the sale of this parcel, the joint venture paid down $1,116 of the mortgage on this property. The non-controlling interest’s share of the gain was $218 . (b) In connection with this sale, the Company provided seller-financing of $1,816 which is included in other receivables on the consolidated balance sheet as of December 31, 2023. The loan receivable bears interest at 8.0% and matures on July 1, 2024, with a buyer’s option to extend the maturity an additional six months . (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 $1,005 of unbilled/unearned rent, $982 of net unamortized intangible lease assets and liabilities and $223 of other assets and receivables. (d) In connection with this sale, the Company paid off the $1,563 mortgage on this property. (e) 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 receivables and $4 of net unamortized intangible lease liabilities and assets. (f) This property was owned by a consolidated joint venture in which the Company held a 90% interest. The non-controlling interest’s share of the gain was $130 . (g) In connection with these sales, the Company paid off mortgages in an aggregate of $20,387 and incurred $848 of prepayment costs on debt. (h) As a result of these sales, the Company wrote-off, as a reduction to Gain on sale of real estate, net, an aggregate of $1,438 of unbilled rent receivables and $967 of unamortized intangible lease assets. NOTE 5 — SALES OF PROPERTIES (CONTINUED) Sale subsequent to December 31, 2023 On January 19, 2024, the Company entered into a contract to sell a pad site at a multi-tenant shopping center in Lakewood, Colorado, which is owned by a consolidated joint venture in which the Company holds a 90% interest, for $2,900,000 . The buyer’s right to terminate the contract expired February 23, 2024 and the sale is anticipated to close during the quarter ending March 31, 2024. The Company anticipates recognizing a gain on sale of real estate, net on its consolidated statement of income of approximately $ |
VARIABLE INTEREST ENTITIES, CON
VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES | 12 Months Ended |
Dec. 31, 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. No ground lease rental income has been collected since October 2020 other than the proceeds from the settlement of the Proceedings (as defined under “ Additional rent income – Ground Lease Tenant As of December 31, 2023, the VIE’s maximum exposure to loss was $17,276,000 which represented the carrying amount of the land. In purchasing the property in 2016, the owner/operator obtained a mortgage 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 $932,000 and $697,000 during the years ended December 31, 2023 and 2022, respectively. These amounts are included as part of the carrying amount of the land. Additional rent income Ground Lease Tenant The Company’s ground lease tenant was a plaintiff/claimant in various legal proceedings (the “Proceedings”) against, among others, the developer of such apartment complex alleging, among other things, that the buildings’ construction was flawed. The Proceedings were settled in the quarter ended December 31, 2022 and although the Company was not a party to the Proceedings, pursuant to the lease with the tenant, the Company received NOTE 6 — VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES (CONTINUED) Variable Interest Entities—Consolidated Joint Ventures The Company has determined that the three consolidated joint ventures in which it holds between a 90% to 95% interest are VIEs because the non-controlling interests do not hold substantive kick-out or participating rights. The Company has determined it is the primary beneficiary of these VIEs as it has the power to direct the activities that most significantly impact each joint venture’s performance including management, approval of expenditures, and the obligation to absorb the losses or rights to receive benefits. Accordingly, the Company consolidates the operations of these VIEs for financial statement purposes. The VIEs’ creditors do not have recourse to the assets of the Company other than those held by the applicable joint venture. The following is a summary of the consolidated VIEs’ carrying amounts and classification in the Company’s consolidated balance sheets, none of which are restricted (amounts in thousands): December 31, 2023 2022 Land $ 9,917 $ 10,365 Buildings and improvements, net of accumulated depreciation of $6,380 and $5,670, respectively 17,475 17,870 Cash 1,059 1,163 Unbilled rent receivable 938 1,111 Unamortized intangible lease assets, net 412 472 Escrow, deposits and other assets and receivables 749 772 Mortgages payable, net of unamortized deferred financing costs of $109 and $152, respectively 16,660 18,500 Accrued expenses and other liabilities 745 711 Unamortized intangible lease liabilities, net 385 424 Accumulated other comprehensive income 2 22 Non-controlling interests in consolidated joint ventures 1,042 972 (a) A consolidated joint venture located in Lakewood, Colorado, in which the Company holds a 90% interest, sold a portion of land at this property in November 2023 and paid down the related mortgage by $1,116 (see Note 5). As of December 31, 2023 and 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 $4,448,000 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 | 12 Months Ended |
Dec. 31, 2023 | |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | NOTE 7 — INVESTMENT IN UNCONSOLIDATED JOINT VENTURES In September 2023, an unconsolidated joint venture in which the Company had a 50% interest entered into a contract to sell this multi-tenant shopping center in Manahawkin, New Jersey for $36,500,000 . As a result, the joint venture recorded an impairment charge of and was recorded in Equity in loss from unconsolidated joint ventures on the consolidated statement of income for the year ended December 31, 2023. On December 15, 2023, this property was sold for , net of closing costs. The Company’s In July 2021, an unconsolidated joint venture in which the Company had a 50% interest sold a portion of its land in Savannah, Georgia for $2,559,000, net of closing costs. The Company’s 50% share of the gain from this sale was $805,000, which is included in Equity in earnings from sale of unconsolidated joint venture properties on the consolidated statement of income for the year ended December 31, 2021. The unconsolidated joint venture retained approximately 2.2 acres of land at this property. The Company’s remaining two unconsolidated joint ventures each own and operate one property. As of December 31, 2023 and 2022, the Company’s equity investment in unconsolidated joint ventures totaled $2,051,000 and $10,400,000 , respectively. The Company recorded equity in loss of during 2022 and 2021, respectively. |
DEBT OBLIGATIONS
DEBT OBLIGATIONS | 12 Months Ended |
Dec. 31, 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): December 31, 2023 2022 Mortgages payable, gross $ 422,565 $ 409,175 Unamortized deferred financing costs (3,414) (3,355) Unamortized mortgage intangible assets (a) (804) (658) Mortgages payable, net $ 418,347 $ 405,162 (a) In connection with the assumption of two below-market mortgages upon the acquisition of the Northwood, Ohio and Blythewood, South Carolina properties (see Note 4). At December 31, 2023, there were 68 outstanding mortgages payable, all of which are secured by first liens on individual real estate investments with an aggregate gross carrying value of $670,157,000 before accumulated depreciation of $127,325,000. After giving effect to interest rate swap agreements (see Note 9), the mortgage payments bear interest at fixed rates ranging from 3.05% to 8.40% and mature between 2024 and 2047. The weighted average interest rate on all mortgage debt was 4.31% and 4.10% at December 31, 2023 and 2022, respectively. Scheduled principal repayments during the years indicated are as follows (amounts in thousands): Year Ending December 31, 2024 2025 2026 2027 2028 Thereafter Total Amortization payments $ 11,873 $ 10,627 $ 10,491 $ 9,399 $ 8,718 $ 34,283 $ 85,391 Principal due at maturity 49,906 30,850 19,179 38,524 30,155 168,560 337,174 Total $ 61,779 $ 41,477 $ 29,670 $ 47,923 $ 38,873 $ 202,843 $ 422,565 NOTE 8 — DEBT OBLIGATIONS (CONTINUED) 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 December 31, 2023 and 2022. An unused facility fee of .25% per annum applies to the facility. The weighted average interest rate on the facility was approximately The credit facility includes certain restrictions and covenants which may limit, among other things, the incurrence of liens, and which require compliance with financial ratios relating to, among other things, the minimum amount of tangible net worth, the minimum amount of debt service coverage, the minimum amount of fixed charge coverage, the maximum amount of debt to value, the minimum level of net income, certain investment limitations and the minimum value of unencumbered properties and the number of such properties. The Company was in compliance with all covenants at December 31, 2023. The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands): December 31, 2023 2022 Line of credit, gross $ — $ 21,800 Unamortized deferred financing costs — (a) (732) Line of credit, net $ — $ 21,068 (a) In accordance with ASU 2015-15, the Company reclassified the $549 balance of unamortized deferred financing costs to other assets and receivables on the consolidated balance sheet at December 31, 2023, as there was no balance outstanding on the Line of credit. At each of December 31, 2023 and March 1, 2024, $100,000,000 was available to be borrowed under the facility, including an aggregate of up to $40,000,000 available for renovation and operating expense purposes. Deferred Financing Costs Mortgage and credit line costs are deferred and amortized on a straight-line basis over the terms of the respective debt obligations, which approximates the effective interest method. At December 31, 2023 and 2022, accumulated amortization of such costs was $5,298,000 and $4,791,000 , respectively. The Company generally presents unamortized deferred financing costs as a direct deduction from the carrying amount of the associated debt liability. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2023 | |
FAIR VALUE MEASUREMENTS | |
FAIR VALUE MEASUREMENTS | NOTE 9—FAIR VALUE MEASUREMENTS The carrying amounts of cash and cash equivalents, escrow, deposits and other assets and receivables (excluding interest rate swaps), dividends payable, and accrued expenses and other liabilities, are not measured at fair value on a recurring basis but are considered to be recorded at amounts that approximate fair value. The fair value and carrying amounts of the Company’s mortgages payable are as follows (dollars in thousands): December 31, 2023 2022 Fair value of mortgages payable (a) $ 397,031 $ 378,943 Carrying value of mortgages payable, gross $ 422,565 $ 409,175 Fair value less than the carrying value $ (25,534) $ (30,232) Blended market interest rate (a) 5.93 % 5.87 % Weighted average interest rate 4.31 % 4.10 % Weighted average remaining term to maturity (years) 5.9 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 December 31, 2023 and 2022, the carrying amount of the Company’s line of credit (before unamortized deferred financing costs) of $0 and $21,800,000, respectively, approximates its fair value. Considerable judgment is necessary to interpret market data and develop the estimated fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Fair Value on a Recurring Basis As of December 31, 2023, the Company had in effect 13 interest rate derivatives, all of which were interest rate swaps, related to 13 outstanding mortgage loans with an aggregate $29,650,000 notional amount maturing between 2024 and 2026 (weighted average remaining term to maturity of 1.2 years). These interest rate swaps, all of which were designated as cash flow hedges, converted SOFR based variable rate mortgages to fixed annual rate mortgages. The interest rates range from Fair values are approximated using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. Although the Company has determined the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the associated credit valuation adjustments use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparty. As of December 31, 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. NOTE 9 — FAIR VALUE MEASUREMENTS (CONTINUED) The fair value of the Company’s derivative financial instruments was determined to be the following (amounts in thousands): As of Carrying and Balance Sheet December 31, Fair Value Classification Financial assets: 2023 $ 824 Other assets 2022 1,811 Other assets As of December 31, 2023 and 2022, there were no derivatives in a liability position. The following table presents the effect of the Company’s derivative financial instruments on the consolidated statements of income for the years presented (amounts in thousands): Year Ended December 31, 2023 2022 2021 Amount of gain (loss) recognized on derivatives in other comprehensive income (loss) $ 328 $ 3,028 $ 1,179 Amount of reclassification from Accumulated other comprehensive income (loss) into Interest expense 1,295 (297) (2,318) During 2021, in connection with the sale of two properties and the early payoff of the related mortgages, the Company discontinued hedge accounting on the related interest rate swaps as the hedged forecasted transactions were no longer probable to occur. As such, the Company accelerated the reclassification of $867,000 from Accumulated other comprehensive loss to interest expense which is included as part of Prepayment costs on debt in the consolidated statement of income for the year ended December 31, 2021. During the twelve months ending December 31, 2024, the Company estimates an additional $714,000 will be reclassified from Accumulated other comprehensive income as a decrease to Interest expense. The derivative agreements in effect at December 31, 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. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2023 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | NOTE 10 — RELATED PARTY TRANSACTIONS Compensation and Services Agreement Pursuant to the compensation and services agreement with Majestic Property Management Corp. (“Majestic”), Majestic provides the Company with certain (i) executive, administrative, legal, accounting, clerical, property management, property acquisition, consulting ( i.e ., sale, leasing, brokerage, and mortgage financing), and construction supervisory services (collectively, the “Services”) and (ii) facilities and other resources. Majestic is wholly owned by the Company’s vice chairman and it provides compensation to several of the Company’s executive officers. NOTE 10 — RELATED PARTY TRANSACTIONS (CONTINUED) During 2023, 2022, and 2021, in consideration for the Services, the Company paid Majestic $3,317,000, $3,067,000 and $3,111,000, respectively. Included in these fees are $1,510,000 in 2023, $1,346,000 in 2022 and $1,365,000 in 2021 of property management services. The amounts paid for property management services are based on 1.5% and 2.0% of the rental payments (including tenant reimbursements) actually received by the Company from net lease tenants and operating lease tenants, respectively. The Company does not pay Majestic with respect to properties managed by third parties. During 2023, 2022 and 2021, the Company also paid Majestic, pursuant to the compensation and services agreement, $317,000, $317,000 and $295,000, respectively, for the Company’s share of all direct office expenses, including rent, telephone, postage, computer services, internet usage and supplies. Executive officers and all 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. During 2023, 2022 and 2021, the related expense charged to the Company’s operations was The amounts paid under the compensation and services agreement (except for the property management services which are included in Real estate expenses) and the costs of the stock incentive plans are included in General and administrative expense on the consolidated statements of income. Joint Venture Partners and Affiliates During 2023, 2022 and 2021, the Company paid an aggregate of $90,000, $84,000 and $83,000 , respectively, to its consolidated joint venture partner or their affiliates (none of whom are officers, directors, or employees of the Company) for property management services, which are included in Real estate expenses on the consolidated statements of income. During 2023, 2022 and 2021, the Company’s unconsolidated joint ventures paid management fees of $115,000, $131,000 and $118,000, respectively, to the other partner of the ventures, which increased Equity in loss on the consolidated statement of income by $57,000 during 2023 and reduced Equity in earnings on the consolidated statements of income by $66,000 and $59,000 during 2022 and 2021, respectively. Other During 2023, 2022 and 2021, the Company paid fees of (i) $313,000, $313,000 and $298,000, respectively, to the Company’s chairman and (ii) $125,000, $125,000 and $119,000, respectively, to the Company’s vice chairman. These fees are included in General and administrative expense on the consolidated statements of income. At December 31, 2023 and 2022, Gould Investors L.P. (“Gould Investors”), a related party, owned 2,180,931 and 1,998,535 shares of the outstanding common stock of the Company, respectively, or approximately 10.4% and 9.5%, respectively. The Company obtains its property insurance in conjunction with Gould Investors and reimburses Gould Investors annually for the Company’s insurance cost relating to its properties. Amounts reimbursed to Gould Investors were during 2023, 2022 and 2021, respectively. Included in Real estate expenses on the consolidated statements of income is insurance expense of |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2023 | |
STOCKHOLDERS' EQUITY | |
STOCKHOLDERS' EQUITY | NOTE 11 — STOCKHOLDERS’ EQUITY Common Stock Dividend In each of 2023, 2022 and 2021, the Board of Directors declared an aggregate $1.80 per share in cash distributions. On March 4, 2024, the Board of Directors declared a quarterly cash dividend of . The quarterly dividend is payable on April 4, 2024 to stockholders of record on March 27, 2024. Stock Repurchase Program During 2022 and 2023, the Board of Directors authorized and/or amended repurchase programs pursuant to which the Company could repurchase shares of its common stock in open-market, through privately negotiated transactions or otherwise. During 2023 and 2022, the Company repurchased approximately 499,000 and 208,000 shares of common stock, for total consideration of $9,638,000 and $5,214,000, net of commissions of $30,000 and $12,000, respectively. As of December 31, 2023, the Company is authorized to repurchase approximately $8,082,000 of shares of common stock. No shares were repurchased by the Company during 2021. Shares Issued through the At-the-Market Equity Offering Program The Company did not sell any shares during 2023. During 2022, the Company sold approximately 17,000 shares for proceeds of $604,000 , net of commissions of $12,000 , and incurred offering costs of $41,000 for professional fees. During 2021, the Company sold 106,290 shares for proceeds of $3,379,000 , net of commissions of $69,000 , and incurred offering costs of $65,000 for professional fees. 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 233,000, 102,000 and 35,000 shares of common stock during 2023, 2022 and 2021, respectively. Stock Based Compensation The Company’s 2022, 2019 and 2016 Incentive Plans (collectively, the “Plans”) permit the Company to grant, among other things, stock options, restricted stock, RSUs, performance share awards and dividend equivalent rights and any one or more of the foregoing to its employees, officers, directors and consultants. A maximum of 750,000 shares of the Company’s common stock was authorized plan NOTE 11 — STOCKHOLDERS’ EQUITY (CONTINUED) The following details the shares subject to awards that are outstanding under the Plans as of December 31, 2023: 2022 2019 2016 Incentive Plan (a) Incentive Plan (b) Incentive Plan (b) Restricted stock 149,335 426,625 136,600 RSUs 168,490 79,622 — Totals 317,825 506,247 136,600 (a) On January 12, 2024, 151,180 restricted shares were issued pursuant to this plan, having an aggregate value of approximately $3,265,000 and are scheduled to vest in January 2029. (b) No additional awards may be granted under such plans. For accounting purposes, the restricted stock is not included in the shares shown as outstanding on the balance sheet until they vest; however, dividends are paid on the unvested shares. The restricted stock grants are charged to General and administrative expense over the respective vesting periods based on the market value of the common stock on the grant date. Unless earlier forfeited because the participant’s relationship with the Company terminated, unvested restricted stock awards vest The following table reflects the activities involving RSUs that were outstanding during the year ended December 31, 2023: 2023 2022 2021 2020 2019 RSUs granted (a) 85,250 85,350 80,700 75,026 77,776 RSUs vested — — — 74,988 (b) 64,488 (c) RSUs forfeited — 2,110 (d) 1,078 (d) 38 (d) 13,288 (e) RSUs outstanding 85,250 83,240 79,622 — — Vesting Date (f) (g) 6/30/2026 6/30/2025 6/30/2024 6/30/2023 6/30/2022 (a) The shares underlying the RSUs are excluded from the shares shown as outstanding on the balance sheet until they have vested and been issued. (b) Such shares were issued in August 2023. (c) Such shares were issued in August 2022. (d) Such shares were forfeited due to the retirement of a recipient before the completion of the applicable three -year performance cycle. (e) Of the shares forfeited from the 2019 grant, 10,538 shares were not earned in 2022 because the applicable market condition was only partially satisfied and the remaining 2,750 shares were forfeited in 2019. (f) Generally, the recipient must maintain a relationship with the Company during the applicable three -year performance cycle. (g) RSUs vest upon satisfaction of metrics related to average annual total stockholder return (“TSR Metric”) and average annual return on capital (“ROC Metric”; together with the TSR Metric, the “Metrics”) and are issued to the extent the Compensation Committee determines that the Metrics with respect to the vesting of such shares have been satisfied. NOTE 11 — STOCKHOLDERS’ EQUITY (CONTINUED) 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 2019 - 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 were 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, which is recognized ratably over the three -year service period. For these TSR awards, the per unit or share fair value was estimated using the following assumptions: TSR Award Year Expected Life (yrs) Dividend Rate Risk-Free Interest Rate Expected Price Volatility 2023 3 8.72% 4.42% - 5.28% 28.69% - 30.05% 2022 3 7.10% 1.58% - 3.33% 29.37% - 39.87% 2021 3 5.91% 0.03% - 0.35% 26.74% - 41.53% (1) Calculated based on the historical and implied volatility. (e) Such RSUs are (i) not entitled to voting rights and (ii) upon vesting, the holders receive an amount equal to the dividends that would have been paid on the underlying shares had such shares been outstanding during the three -year performance cycle. (f) As of December 31, 2023 and 2022, the Company accrued an aggregate of $450,000 and $210,000 of dividend equivalents, respectively, for the 2023, 2022 and 2021 RSUs based on the number of shares that would have been issued, underlying such RSUs, using performance and market assumptions determined as of such dates. As of December 31, 2023, based on performance and market assumptions, the fair value of the RSUs granted in 2023, 2022 and 2021 is $958,000, $1,371,000 and $1,822,000 , respectively. Recognition of such deferred compensation will be charged to General and administrative expense over the respective NOTE 11 — STOCKHOLDERS’ EQUITY (CONTINUED) The following is a summary of the activity of the equity incentive plans: Year Ended December 31, 2023 2022 2021 Restricted stock grants: Number of shares 152,955 153,575 151,500 Average per share grant price $ 22.09 $ 33.75 $ 20.34 Deferred compensation to be recognized over vesting period $ 3,379,000 $ 5,183,000 $ 3,082,000 Number of non-vested shares: Non-vested beginning of the year 712,375 706,450 701,675 Grants 152,955 153,575 151,500 Vested during the year (152,300) (146,900) (145,725) Forfeitures (470) (750) (1,000) Non-vested end of the year 712,560 712,375 706,450 RSU grants: Number of underlying shares 85,250 85,350 80,700 Average per share grant price $ 20.32 $ 26.44 $ 30.46 Deferred compensation to be recognized over vesting period $ 958,000 $ 1,420,000 $ 1,808,000 Number of non-vested shares: Non-vested beginning of the year 241,076 230,752 223,802 Grants 85,250 85,350 80,700 Vested during the year (74,988) (64,488) (73,750) Forfeitures (3,226) (10,538) — Non-vested end of the year 248,112 241,076 230,752 Restricted stock and RSU grants (based on grant price): Weighted average per share value of non-vested shares $ 25.90 $ 26.26 $ 25.04 Value of stock vested during the year $ 5,165,000 $ 5,535,000 $ 5,165,000 Weighted average per share value of shares forfeited during the year $ 27.52 $ 29.12 $ 24.62 Total charge to operations: Outstanding restricted stock grants $ 3,979,000 $ 4,057,000 $ 3,734,000 Outstanding RSUs 1,388,000 1,450,000 1,699,000 Total charge to operations $ 5,367,000 $ 5,507,000 $ 5,433,000 As of December 31, 2023, total compensation costs of $7,627,000 and $1,797,000 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 vesting period is 2.1 1.5 |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 12 Months Ended |
Dec. 31, 2023 | |
EARNINGS PER COMMON SHARE | |
EARNINGS PER COMMON SHARE | NOTE 12 — EARNINGS PER COMMON SHARE Basic earnings per share was determined by dividing net income allocable to common stockholders for each year by the weighted average number of shares of common stock outstanding during the applicable year. Net income is also allocated to the unvested restricted stock outstanding during each year, as the restricted stock is entitled to receive dividends and is therefore considered a participating security. As of December 31, 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): Year Ended December 31, 2023 2022 2021 Numerator for basic and diluted earnings per share: Net income $ 29,918 $ 42,253 $ 39,034 Deduct net income attributable to non-controlling interests (304) (76) (177) Deduct earnings allocated to unvested restricted stock (a) (1,291) (1,434) (1,326) Net income available for common stockholders: basic and diluted $ 28,323 $ 40,743 $ 37,531 Denominator for basic earnings per share: Weighted average number of common shares outstanding 20,499 20,360 20,086 Effect of dilutive securities: RSUs 57 93 178 Denominator for diluted earnings per share: Weighted average number of shares 20,556 20,453 20,264 Earnings per common share, basic $ 1.38 $ 2.00 $ 1.87 Earnings per common share, diluted $ 1.38 $ 1.99 $ 1.85 (a) Represents an allocation of distributed earnings to unvested restricted stock that, as participating securities, are entitled to receive dividends. NOTE 12 — EARNINGS PER COMMON SHARE (CONTINUED) The following table identifies the number of shares of common stock underlying the RSUs that are included in the calculation, on a diluted basis, of the weighted average number of shares of common stock for such years: Year Ended December 31, 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, 2023 (c) 85,250 23,237 42,625 65,862 19,388 July 1, 2022 (c)(d) 83,240 35,050 — 35,050 48,190 August 3, 2021 (c)(d) 79,622 39,811 — 39,811 39,811 Totals 248,112 98,098 42,625 140,723 107,389 Year Ended December 31, 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) July 1, 2022 (c) 85,350 40,222 — 40,222 45,128 August 3, 2021 (c) 80,700 40,350 — 40,350 40,350 August 3, 2020 (e) 75,026 37,513 37,513 75,026 — Totals 241,076 118,085 37,513 155,598 85,478 Year Ended December 31, 2021: Total Number Shares Included Based on (a) of Underlying Return on Stockholder Shares Date of Award Shares Capital Metric Return Metric Total Excluded (b) August 3, 2021 (c) 80,700 40,350 40,350 80,700 — August 3, 2020 (e) 75,026 37,513 37,513 75,026 — July 1, 2019 (f) 75,026 37,513 37,513 75,026 — Totals 230,752 115,376 115,376 230,752 — (a) Reflects the number of shares underlying RSUs that would be issued assuming the measurement date used to determine whether the applicable conditions are satisfied is December 31 of the applicable year. (b) Excluded as the applicable conditions had not been met for these shares at the applicable measurement dates. (c) The RSUs awarded in 2023, 2022 and 2021 vest, subject to satisfaction of the applicable market and/or performance conditions, as of June 30, 2026, 2025 and 2024, respectively (see Note 11). (d) As of December 31, 2023, 1,078 shares of the 2021 award and 2,110 shares of the 2022 award were forfeited due to the retirement of a recipient before the completion of the applicable three -year performance cycle. (e) 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 in June 2023. The vested shares were issued in August 2023 (see Note 11). (f) 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). There were no options outstanding to purchase shares of common stock or other rights exercisable for, or convertible into, common stock in 2023, 2022 and 2021. |
OTHER INCOME
OTHER INCOME | 12 Months Ended |
Dec. 31, 2023 | |
OTHER INCOME | |
OTHER INCOME | NOTE 13 OTHER INCOME Settlement of Litigation During 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 statement of income for such year. Insurance Recoveries on Hurricane Casualty During 2022 and 2021, the Company recognized a gain on insurance recoveries of $918,000 and $695,000, respectively, which is included in Other income on the consolidated statements of income for such years, related to hurricane damage to one of its properties in 2020. No such gain was recognized during 2023. Lease Assignment Fee Income During 2021, the Company received $100,000 from a tenant in connection with consenting to a lease assignment related to six of its properties; such amount is included in Other income on the consolidated statement of income for such year. No such income was recognized during 2023 and 2022. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | NOTE 14 — COMMITMENTS AND CONTINGENCIES The Company maintains a non-contributory defined contribution pension plan covering eligible employees. Contributions by the Company are made through a money purchase plan, based upon a percent of the qualified employees’ total salary (subject to the maximum amount allowed by law). Pension expense approximated The Company is party to (i) leases obligating it to provide tenant improvement allowances and (ii) various legal proceedings. Management believes these allowances and proceedings are routine, incidental to the operation of the Company’s business and that such allowance payments or proceedings will not have a material adverse effect upon the Company’s consolidated financial statements taken as a whole. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
INCOME TAXES | |
INCOME TAXES | NOTE 15 — INCOME TAXES The Company elected to be taxed as a REIT under the Internal Revenue Code, commencing with its taxable year ended December 31, 1983. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its ordinary taxable income to its stockholders. As a REIT, the Company generally will not be subject to corporate level federal, state and local income tax on taxable income it distributes currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal, state and local income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four Even though the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. As of December 31, 2023, tax returns for the calendar years 2020 through 2022 remain subject to examination by the Internal Revenue Service and various state and local tax jurisdictions. During 2023, 2022 and 2021, the Company did not incur any federal income tax expense. The Company does not have any deferred tax assets or liabilities at December 31, 2023 and 2022. The approximate allocation of the distributions made to stockholders is as follows for the years indicated: Year Ended December 31, 2023 2022 2021 Ordinary income (a) 53 % 54 % 43 % Capital gains 47 46 57 100 % 100 % 100 % (a) In 2023, 2022 and 2021, the ordinary income portion of the distributions are considered qualified REIT dividends and will be taxed at a rate reduced by up to 20% pursuant to Internal Revenue Code Section 199A . The Company treats depreciation expense, straight-line rent adjustments and certain other items differently for tax purposes than for financial reporting purposes. Therefore, its taxable income and dividends paid deduction differs from its financial statement income. The following table reconciles dividends declared with the dividends paid deduction for the years indicated (amounts in thousands): 2023 2022 2021 Estimate Actual Actual Dividends declared $ 38,116 $ 37,915 $ 37,478 Dividend reinvestment plan (a) 157 102 35 38,273 38,017 37,513 Less: Spillover dividends designated to previous year (4,240) — — Less: Spillover dividends designated to following year — — (2,085) Plus: Dividends designated from prior year — 2,085 9,261 Plus: Dividends designated from following year 737 4,240 — Dividends paid deduction $ 34,770 $ 44,342 $ 44,689 (a) Reflects the discount on common stock purchased through the dividend reinvestment plan of 3% . |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 16 — SUBSEQUENT EVENTS Subsequent events have been evaluated and, except as previously disclosed, there were no other events relative to the consolidated financial statements that require additional disclosure. |
QUARTERLY FINANCIAL DATA (Unaud
QUARTERLY FINANCIAL DATA (Unaudited) | 12 Months Ended |
Dec. 31, 2023 | |
QUARTERLY FINANCIAL DATA (Unaudited) | |
QUARTERLY FINANCIAL DATA (Unaudited) | NOTE 17 — QUARTERLY FINANCIAL DATA (Unaudited): (In Thousands, Except Per Share Data) Quarter Ended Total 2023 March 31 June 30 Sept. 30 Dec. 31 For Year Total revenues $ 22,952 $ 22,407 $ 22,546 $ 22,741 $ 90,646 Gain on sale of real estate, net $ 1,534 $ 3,180 $ 332 $ 11,962 $ 17,008 Net income $ 5,408 $ 6,539 $ 2,769 $ 15,202 $ 29,918 Net income attributable to One Liberty Properties, Inc. $ 5,386 $ 6,519 $ 2,747 $ 14,962 $ 29,614 Weighted average number of common shares outstanding: Basic 20,514 20,571 20,567 20,342 20,499 Diluted 20,579 20,642 20,596 20,383 20,556 Net income per common share attributable to common stockholders: Basic and Diluted $ .25 $ .30 $ .12 $ .71 $ 1.38 (a) Quarter Ended Total 2022 March 31 June 30 Sept. 30 Dec. 31 For Year Total revenues (b) $ 21,556 $ 21,472 $ 21,473 $ 27,715 $ 92,216 Gain on sale of real estate, net $ 4,649 $ 8,050 $ 4,063 $ — $ 16,762 Net income (c) $ 9,340 $ 16,785 $ 7,221 $ 8,907 $ 42,253 Net income attributable to One Liberty Properties, Inc. (c) $ 9,323 $ 16,767 $ 7,204 $ 8,883 $ 42,177 Weighted average number of common shares outstanding: Basic 20,379 20,364 20,340 20,358 20,360 Diluted 20,541 20,480 20,416 20,406 20,453 Net income per common share attributable to common stockholders: Basic $ .44 $ .80 $ .34 $ .42 $ 2.00 (a) Diluted $ .44 $ .79 $ .34 $ .42 $ 1.99 (a) (a) Calculated on weighted average shares outstanding for the year. (b) Includes $4,626 of additional rent from a ground lease tenant recognized in the quarter ended December 31, 2022 – see Note 6. (c) Includes $5,388 of income from the settlement of a lawsuit received in the quarter ended June 30, 2022 – see Note 13. |
Schedule III - Consolidated Rea
Schedule III - Consolidated Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2023 | |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | Cost Capitalized Gross Amount at Which Carried Initial Cost to Company Subsequent to at December 31, 2023 Building and Acquisition Building & Accumulated Date of Date Type Location Encumbrances Land Improvements Improvements Land Improvements Total Depreciation (1) Construction Acquired Health & Fitness Tucker, GA $ — $ 807 $ 3,027 $ 3,420 $ 807 $ 6,447 $ 7,254 $ 3,461 1988 2002 Health & Fitness Hamilton, OH 3,969 1,483 5,953 10 1,483 5,963 7,446 2,128 2008 2011 Health & Fitness Secaucus, NJ 7,058 5,449 9,873 — 5,449 9,873 15,322 2,744 1986 2012 Industrial West Palm Beach, FL — 181 724 235 181 959 1,140 551 1973 1998 Industrial New Hyde Park, NY 2,103 182 728 281 182 1,009 1,191 574 1960 1999 Industrial Ronkonkoma, NY 5,004 1,042 4,171 2,943 1,042 7,114 8,156 3,625 1986 2000 Industrial Hauppauge, NY 21,984 1,951 10,954 9,600 1,951 20,554 22,505 9,279 1982 2000 Industrial Melville, NY 2,195 774 3,029 1,170 774 4,199 4,973 2,037 1982 2003 Industrial Saco, ME 4,865 1,027 3,623 2,050 1,027 5,673 6,700 1,914 2001 2006 Industrial Baltimore, MD 16,995 6,474 25,282 — 6,474 25,282 31,756 10,772 1960 2006 Industrial Durham, NC 4,250 1,043 2,404 44 1,043 2,448 3,491 877 1991 2011 Industrial Pinellas Park, FL 1,957 1,231 1,669 614 1,231 2,283 3,514 555 1995 2012 Industrial Miamisburg, OH — 165 1,348 90 165 1,438 1,603 489 1987 2012 Industrial Fort Mill, SC 18,548 1,840 12,687 557 1,840 13,244 15,084 3,593 1992 2013 Industrial Indianapolis, IN 8,741 1,224 6,935 — 1,224 6,935 8,159 2,155 1997 2013 Industrial Fort Mill, SC 20,197 1,804 33,650 — 1,804 33,650 35,454 10,154 1997 2013 Industrial New Hope, MN 3,658 881 6,064 234 881 6,298 7,179 1,480 1967 2014 Industrial Louisville, KY — 578 3,727 570 578 4,297 4,875 877 1974 2015 Industrial Louisville, KY — 51 230 — 51 230 281 53 1974 2015 Industrial McCalla, AL 12,665 1,588 14,682 — 1,588 14,682 16,270 3,167 2003 2015 Industrial St. Louis, MO 9,580 3,728 13,006 779 3,728 13,785 17,513 3,140 1969 2015 Industrial Greenville, SC 4,206 693 6,893 1,101 693 7,994 8,687 1,558 1997 2016 Industrial Greenville, SC 4,674 528 8,074 938 528 9,012 9,540 1,732 2000 2016 Industrial El Paso, TX 23,000 3,691 17,904 2,429 3,691 20,333 24,024 3,871 1997 2016 Industrial Lebanon, TN 19,504 2,094 30,039 214 2,094 30,253 32,347 5,676 1996 2016 Industrial Huntersville, NC 4,251 1,046 6,674 — 1,046 6,674 7,720 1,167 2014 2017 Industrial Pittston, PA 14,350 999 9,922 1,609 999 11,531 12,530 1,891 1990 2017 Industrial Ankeny, IA 7,251 1,351 11,607 — 1,351 11,607 12,958 1,949 2016 2017 Industrial Memphis, TN 4,457 140 7,952 — 140 7,952 8,092 1,286 1979 2017 Industrial Pennsburg, PA 7,182 1,776 11,126 — 1,776 11,126 12,902 1,786 1986 2018 Industrial Plymouth, MN 2,904 1,121 4,429 — 1,121 4,429 5,550 642 1978 2018 Industrial Englewood, CO 7,412 1,562 11,300 — 1,562 11,300 12,862 1,531 2013 2018 Industrial Moorestown, NJ 3,507 1,822 5,056 — 1,822 5,056 6,878 681 1990 2018 Industrial Moorestown, NJ 7,844 1,443 10,898 52 1,443 10,950 12,393 1,497 1972 2018 Industrial Bakersfield, CA — 1,988 9,998 — 1,988 9,998 11,986 1,323 1980 2018 Industrial Green Park, MO 5,666 1,421 7,835 — 1,421 7,835 9,256 1,016 2008 2018 Industrial Greenville, SC 4,800 186 6,419 210 186 6,629 6,815 889 2008 2018 Industrial Nashville, TN 4,611 1,058 6,350 255 1,058 6,605 7,663 767 1974 2019 Industrial Wauconda, IL — 67 3,423 41 67 3,464 3,531 439 1998 2019 Industrial Bensalem, PA 3,649 1,602 4,323 150 1,602 4,473 6,075 516 1975 2019 Industrial Chandler, AZ 4,648 1,335 7,379 102 1,335 7,481 8,816 897 2004 2019 Industrial LaGrange, GA 2,862 297 4,500 — 297 4,500 4,797 521 2013 2019 Industrial Shakopee, MN 4,469 1,877 5,462 10 1,877 5,472 7,349 624 1998 2019 Cost Capitalized Gross Amount at Which Carried Initial Cost to Company Subsequent to at December 31, 2023 Building and Acquisition Building & Accumulated Date of Date Type Location Encumbrances Land Improvements Improvements Land Improvements Total Depreciation (1) Construction Acquired Industrial Rincon, GA $ 3,675 $ 61 $ 5,968 $ — $ 61 $ 5,968 $ 6,029 $ 638 1998 2019 Industrial Chandler, AZ — 1,164 1,691 4 1,164 1,695 2,859 192 2007 2019 Industrial Ashland, VA 5,131 391 7,901 — 391 7,901 8,292 799 2007 2020 Industrial Lowell, AR 11,265 1,687 15,188 — 1,687 15,188 16,875 1,613 2017 2020 Industrial Monroe, NC 4,185 897 5,106 — 897 5,106 6,003 351 2000 2021 Industrial Lehigh Acres, FL 5,727 1,934 7,393 — 1,934 7,393 9,327 437 2002 2021 Industrial Omaha, NE — 1,001 6,547 6 1,001 6,553 7,554 360 1988 2021 Industrial Fort Myers, FL 4,617 991 6,876 — 991 6,876 7,867 358 2020 2022 Industrial Dalton, GA 9,710 547 15,836 — 547 15,836 16,383 646 1996 2022 Industrial Hillside, IL — 2,560 2,975 — 2,560 2,975 5,535 131 2002 2022 Industrial Lexington, KY 5,279 1,558 6,881 — 1,558 6,881 8,439 276 2001 2022 Industrial Northwood, OH 5,823 181 8,306 — 181 8,306 8,487 242 1999 2022 Industrial Northwood, OH — 171 7,383 — 171 7,383 7,554 218 2001 2022 Industrial Blythewood, SC 4,236 311 12,304 — 311 12,304 12,615 147 2004 2023 Industrial Joppa, MD 7,859 3,815 8,142 1,406 3,815 9,548 13,363 2,618 1994 2014 Office Brooklyn, NY — 1,381 5,447 3,161 1,381 8,608 9,989 5,039 1973 1998 Other Newark, DE 1,157 935 3,643 278 935 3,921 4,856 1,978 1996 2003 Other Beachwood, OH — 13,901 — 3,375 17,276 — 17,276 — N/A 2016 Restaurant Kennesaw, GA — 702 916 — 702 916 1,618 293 1989 2012 Restaurant Concord, NC 1,240 999 1,076 — 999 1,076 2,075 338 2000 2013 Restaurant Myrtle Beach, SC 1,240 1,102 1,161 — 1,102 1,161 2,263 352 1978 2013 Retail Seattle, WA — 201 189 35 201 224 425 182 1986 1987 Retail Rosenberg, TX — 216 863 66 216 929 1,145 656 1994 1995 Retail Selden, NY 2,314 572 2,287 150 572 2,437 3,009 1,497 1997 1999 Retail Batavia, NY — 515 2,061 — 515 2,061 2,576 1,282 1998 1999 Retail Champaign, IL — 791 3,165 530 791 3,695 4,486 2,184 1985 1999 Retail El Paso, TX 9,157 2,821 11,123 2,813 2,821 13,936 16,757 8,694 1974 2000 Retail Somerville, MA — 510 1,993 24 510 2,017 2,527 1,051 1993 2003 Retail Hyannis, MA — 802 2,324 — 802 2,324 3,126 927 1998 2008 Retail Marston Mills, MA — 461 2,313 — 461 2,313 2,774 918 1998 2008 Retail Everett, MA — 1,935 — — 1,935 — 1,935 — N/A 2008 Retail Kennesaw, GA 4,467 1,501 4,349 1,138 1,501 5,487 6,988 2,403 1995 2008 Retail Royersford, PA 18,165 19,538 3,150 524 19,538 3,674 23,212 1,337 2001 2010 Retail Monroeville, PA — 450 863 57 450 920 1,370 297 1994 2010 Retail Bolingbrook, IL — 834 1,887 101 834 1,988 2,822 713 2001 2011 Retail Crystal Lake, IL — 615 1,899 535 615 2,434 3,049 759 1997 2011 Retail Lawrence, KS — 134 938 207 134 1,145 1,279 327 1915 2012 Retail Greensboro, NC — 1,046 1,552 29 1,046 1,581 2,627 450 2002 2014 Retail Highlands Ranch, CO — 2,361 2,924 296 2,361 3,220 5,581 935 1995 2014 Retail Woodbury, MN 2,405 1,190 4,003 — 1,190 4,003 5,193 1,098 2006 2014 Retail Cuyahoga Falls, OH 908 71 1,371 — 71 1,371 1,442 271 2004 2016 Retail Hilliard, OH 805 300 1,077 — 300 1,077 1,377 218 2007 2016 Retail Port Clinton, OH 779 52 1,187 — 52 1,187 1,239 241 2005 2016 Retail South Euclid, OH 882 230 1,566 53 230 1,619 1,849 343 1975 2016 Retail St Louis Park, MN — 3,388 13,088 152 3,388 13,240 16,628 2,621 1962 2016 Retail Deptford, NJ 2,277 572 1,779 705 572 2,484 3,056 1,139 1981 2012 Retail Cape Girardeau, MO 862 545 1,547 — 545 1,547 2,092 484 1994 2012 Retail Littleton, CO 8,048 6,005 11,272 1,037 5,557 12,757 18,314 3,278 1985 2015 Cost Capitalized Gross Amount at Which Carried Initial Cost to Company Subsequent to at December 31, 2023 Building and Acquisition Building & Accumulated Date of Date Type Location Encumbrances Land Improvements Improvements Land Improvements Total Depreciation (1) Construction Acquired Retail-Furniture Wichita, KS — 1,189 5,248 126 1,189 5,374 6,563 2,325 1996 2006 Retail-Furniture Lexington, KY — 800 3,532 266 800 3,798 4,598 1,587 1999 2006 Retail-Furniture Bluffton, SC — 589 2,600 170 589 2,770 3,359 1,158 1994 2006 Retail-Furniture Amarillo, TX — 860 3,810 2 860 3,812 4,672 1,687 1996 2006 Retail-Furniture Austin, TX — 1,587 7,010 192 1,587 7,202 8,789 3,138 2001 2006 Retail-Furniture Tyler, TX — 1,031 4,554 168 1,031 4,722 5,753 2,029 2001 2006 Retail-Furniture Newport News, VA — 751 3,316 229 751 3,545 4,296 1,471 1995 2006 Retail-Furniture Richmond, VA — 867 3,829 164 867 3,993 4,860 1,698 1979 2006 Retail-Furniture Gurnee, IL — 834 3,635 — 834 3,635 4,469 1,571 1994 2006 Retail-Furniture Naples, FL 1,684 3,070 2,846 195 3,070 3,041 6,111 1,204 1992 2008 Retail-Office Supply Lake Charles, LA (2) — 1,167 3,887 2,905 1,167 6,792 7,959 3,063 1998 2002 Retail-Office Supply Chicago, IL (2) 3,076 3,877 2,256 — 3,877 2,256 6,133 862 1994 2008 Retail-Office Supply Cary, NC (2) 2,595 1,129 3,736 — 1,129 3,736 4,865 1,428 1995 2008 Retail-Office Supply Eugene, OR (2) 2,312 1,952 2,096 — 1,952 2,096 4,048 801 1994 2008 Retail-Office Supply El Paso, TX (2) 2,021 1,035 2,700 — 1,035 2,700 3,735 1,032 1993 2008 Theater Greensboro, NC — — 8,328 3,000 — 11,328 11,328 9,142 1999 2004 Theater Indianapolis, IN 3,648 3,099 5,225 19 3,099 5,244 8,343 1,294 1997 2014 $ 422,565 $ 169,382 $ 641,447 $ 53,826 $ 172,309 $ 692,346 $ 864,655 $ 182,705 Note 1—Depreciation is provided over the estimated useful lives of the buildings and improvements, which range from 2 Note 2—These five properties are retail office supply stores net leased to the same tenant, pursuant to separate leases. Four of these leases contain cross default provisions. ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES Notes to Schedule III Consolidated Real Estate and Accumulated Depreciation (a) Reconciliation of “Real Estate and Accumulated Depreciation” (Amounts in Thousands) Year Ended December 31, 2023 2022 2021 Investment in real estate: Balance, beginning of year $ 879,596 $ 837,641 $ 839,058 Addition: Land, buildings and improvements 18,176 59,654 28,837 Deduction: Properties sold (33,117) (17,699) (28,064) Deduction: Property held-for-sale — — (2,190) Balance, end of year $ 864,655 $ 879,596 $ 837,641 (b) Accumulated depreciation: Balance, beginning of year $ 173,143 $ 160,664 $ 147,136 Addition: Depreciation 19,242 18,471 17,694 Deduction: Accumulated depreciation related to properties sold (9,680) (5,992) (3,246) Deduction: Accumulated depreciation related to property held-for-sale — — (920) Balance, end of year $ 182,705 $ 173,143 $ 160,664 (b) At December 31, 2023, the aggregate cost for federal income tax purposes is approximately $20,749 greater than the Company’s recorded values. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
SUMMARY ACCOUNTING POLICIES | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts and operations of OLP, its wholly owned subsidiaries, its joint ventures in which the Company, as defined, has a controlling interest, and variable interest entities (“VIEs”) of which the Company is the primary beneficiary. OLP and its consolidated subsidiaries are referred to herein as the “Company”. Material intercompany items and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Management believes that the estimates and assumptions that are most important to the portrayal of the Company’s consolidated financial condition and results of operations, in that they require management’s most difficult, subjective or complex judgments, form the basis of the accounting policies deemed to be most significant to the Company. These significant accounting policies relate to revenues and the value of the Company’s real estate portfolio, including investments in unconsolidated joint ventures. Management believes its estimates and assumptions related to these significant accounting policies are appropriate under the circumstances; however, should future events or occurrences result in unanticipated consequences, there could be a material impact on the Company’s future consolidated financial condition or results of operations. |
Segment Reporting | Segment Reporting Substantially all of the Company’s real estate assets, at acquisition, are comprised of real estate owned that is leased to tenants on a long-term basis. Therefore, the Company aggregates real estate assets for reporting purposes and operates in one reportable segment. |
Revenue Recognition | Revenue Recognition Rental income includes the base rent that each tenant is required to pay in accordance with the terms of its lease reported over the non-cancelable term of the lease on a straight-line basis, if collectability is probable. On a quarterly basis, management reviews the tenant’s payment history and financial condition in determining, in its judgment, whether any accrued rental income and unbilled rent receivable balances applicable to a specific tenant is collectable. Any change to the collectability of lease payments or unbilled rent receivables is recognized as a current period adjustment to rental revenue (see Note 3). NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Some leases provide for increases based on the Consumer Price Index or for additional contingent rental revenue in the form of percentage rents. The percentage rents are based upon the level of sales achieved by the lessee and are recognized once the required sales levels are reached. Some leases provide for an incentive for the lessee to sign a lease, such as a leasehold improvement allowance in which the Company reimburses the tenant for the construction of lessee assets. Such lease incentives are capitalized at lease commencement and recognized on a straight-line basis over the lease term as a reduction to rental income. A ground lease provides for rent which can be deferred and paid based on the operating performance of the property; therefore, this rent is recognized as rental income when the operating performance is achieved and the rent is received. Many of the Company’s properties are subject to long-term net leases under which the tenant is typically responsible to pay directly to the vendor the real estate taxes, insurance, utilities and ordinary maintenance and repairs related to the property, and the Company is not the primary obligor with respect to such items. As a result, the revenue and expenses relating to these properties are recorded on a net basis. For certain properties, in addition to contractual base rent, the tenants pay their contracted for share of real estate taxes and operating expenses to the Company. The revenue and expenses associated with properties at which the Company is the primary obligor are generally recorded on a gross basis. During 2023, 2022 and 2021, the Company recorded reimbursements of expenses of Gains and losses on the sale of real estate investments are recorded when the Company no longer holds a controlling financial interest in the entity which holds the real estate investment and the relevant revenue recognition criteria under GAAP have been met. |
Purchase Accounting for Acquisition of Real Estate | 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. The values of acquired above-market and below-market leases are recorded based on the present values (using discount rates which reflect the risks associated with the leases acquired) of the difference between the contractual amounts to be received and management’s estimate of market lease rates, measured over the terms of the respective leases that management deemed appropriate at the time of the acquisitions. Such valuations include a consideration of the non-cancellable terms of the respective leases, as well as any applicable renewal NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) period(s). The fair values associated with below-market rental renewal options are determined based on the Company’s experience and other relevant factors at the time of the acquisitions. The values of above-market leases are amortized as a reduction to rental income over the terms of the respective non-cancellable lease periods. The portion of the values of below-market leases are amortized as an increase to rental income over the terms of the respective non-cancellable lease periods. The portion of the values of the leases associated with below-market renewal options that management deemed are reasonably certain to be exercised by the tenant are amortized to rental income over such renewal periods. The value of other intangible assets ( i.e., one The values of assumed mortgages are recorded based on the present values (using discount rates which reflect the risks associated with the mortgage assumed) of the difference between the contractual amounts to be paid at the stated interest rates and management’s estimate of market interest rates for similar debt, at the time of the acquisition, measured over the terms of the respective debt. The values of above or below-market mortgages are amortized as a decrease or increase, respectively, to interest expense over the term of the respective debt which range from six |
Accounting for Long-Lived Assets and Impairment of Real Estate Owned | Accounting for Long-Lived Assets and Impairment of Real Estate Owned The Company reviews its real estate portfolio on a quarterly basis for indicators of impairment to the value of any of its real estate assets, including deferred costs and intangibles, to determine if there is any need for an impairment charge. In reviewing the portfolio, the Company examines one or more of the following: the type of asset, the current financial statements or other available financial information of the tenant, prolonged or significant vacancies, the economic environment of the area in which the asset is located and the industry in which the tenant is involved, the timeliness of the payments made by the tenant under its lease, property inspection reports and communication with, by, or relating to, the tenant. For each real estate asset owned for which indicators of impairment exist, management performs a recoverability test by comparing (i) the sum of the estimated undiscounted future cash flows attributable to the asset, which are determined using assumptions and estimates, including projected rental rates over an appropriate holding period and property capitalization rates, to (ii) the carrying amount of the asset. If the aggregate undiscounted cash flows are less than the asset’s carrying amount, an impairment is recorded to the extent that the estimated fair value is less than the asset’s carrying amount. The estimated fair value is determined using a discounted cash flow model of the expected future cash flows through the useful life of the property. The analysis includes an estimate of the future cash flows that are expected to result from the real estate investment’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, the effects of leasing demand, competition and other factors. During the three years ended December 31, 2023, there were no impairment charges related to the Company’s real estate portfolio. |
Properties Held-for-Sale | Properties Held-for-Sale Real estate investments are classified as properties held-for-sale when management determines that the investment meets the applicable criteria. Real estate assets that are classified as held-for-sale are: (i) valued at the lower of carrying amount or the estimated fair value less costs to sell on an individual asset basis; and (ii) not depreciated. |
Investment in Joint Ventures and Variable Interest Entities | Investment in Joint Ventures and Variable Interest Entities The Financial Accounting Standards Board, or FASB, provides guidance for determining whether an entity is a VIE. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE’s economic performance and (ii) has the obligation to absorb losses, or the right to receive benefits, of the VIE that could potentially be significant to the VIE. The Company assesses the accounting treatment for each of its investments, including a review of each venture or limited liability company or partnership agreement, to determine the rights of each party and whether those rights are protective or participating. The agreements typically contain certain protective rights, such as the requirement of partner approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget or operating plan. In situations where, among other things, the Company and its partners jointly (i) approve the annual budget, (ii) approve certain expenditures, (iii) prepare or review and approve the joint venture’s tax return before filing, or (iv) approve each lease at a property, the Company does not consolidate as the Company considers these to be substantive participation rights that result in shared, joint power over the activities that most significantly impact the performance of the joint venture or property. Additionally, the Company assesses the accounting treatment for any interests pursuant to which the Company may have a variable interest as a lessor. Leases may contain certain protective rights, such as the right of sale and the receipt of certain escrow deposits. The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. All investments in unconsolidated joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are VIEs. In addition, the Company shares power with its co-managing members over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions. None of the joint venture debt is recourse to the Company, subject to standard carve-outs. The Company reviews on a quarterly basis its investments in unconsolidated joint ventures for other-than-temporary losses in investment value. Any decline that is not expected to be recovered based on the underlying assets of the investment is considered other than temporary and an impairment charge is recorded as a reduction in the carrying value of the investment. During the three years ended December 31, 2023, there were no impairment charges related to the Company’s investments in unconsolidated joint ventures. The Company has elected to follow the cumulative earnings approach when assessing, for the consolidated statement of cash flows, whether the distribution from the investee is a return of the investor’s investment as compared to a return on its investment. The source of the cash generated by the investee to fund the distribution is not a factor in the analysis (that is, it does not matter whether the cash was generated through investee refinancing, sale of assets or operating results). Consequently, the investor only considers the relationship between the cash received from the investee to its equity in the undistributed earnings of the investee, on a cumulative basis, in assessing whether the distribution from the investee is a return on or a return of its investment. Cash received from the unconsolidated entity is presumed to be a return on the investment to the extent that, on a cumulative basis, distributions received by the investor are less than its share of the equity in the undistributed earnings of the entity. |
Fair Value Measurements | Fair Value Measurements The Company measures the fair value of financial instruments based on the assumptions that market participants would use in pricing the asset or liability. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs and Level 3 assets/liabilities are valued based on significant “unobservable” market inputs. |
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company uses interest rate swaps to add stability to interest expense; not for trading or speculative purposes. The Company records all derivatives on the consolidated balance sheets at fair value using widely accepted valuation techniques including a discounted cash flow analysis on the expected cash flows of the derivatives. In addition, the Company incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. These counterparties are generally large financial institutions engaged in providing a variety of financial services. These institutions generally face similar risks regarding adverse changes in market and economic conditions including, but not limited to, fluctuations in interest rates, exchange rates, equity and commodity prices and credit spreads. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in accumulated other comprehensive income (outside of earnings) and subsequently reclassified to earnings in the period in which the hedged transaction becomes ineffective. For derivatives not designated as cash flow hedges, changes in the fair value of the derivative are recognized directly in earnings in the period in which the change occurs; however, the Company’s policy is to not enter into such transactions. |
Stock Based Compensation | Stock Based Compensation The fair value of restricted stock grants and restricted stock units (“RSUs”), determined as of the date of grant, is amortized into general and administrative expense over the respective vesting period. The deferred compensation to be recognized as expense is net of forfeitures. The Company recognizes the effect of forfeitures when they occur and previously recognized compensation expense is reversed in the period the grant or unit is forfeited. For share-based awards with a performance or market measure, the Company recognizes compensation expense over the requisite service period and the performance assumptions are re-evaluated quarterly. The requisite service period begins on the date the Compensation Committee of the Company’s Board of Directors authorizes the award, adopts any relevant performance measures and communicates the award to the recipient. |
Income Taxes | Income Taxes The Company is qualified as a REIT under the applicable provisions of the Internal Revenue Code. Under these provisions, the Company will not be subject to Federal, and generally, state and local income taxes, on amounts distributed to stockholders, provided it distributes at least 90% of its ordinary taxable income and meets certain other conditions. The Company follows a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that more-likely-than-not will be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than- not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited. The Company has not identified any uncertain tax positions requiring accrual. |
Cash and Cash Equivalents | Cash and Cash Equivalents All highly liquid investments with original maturities of three months or less when purchased are considered to be cash equivalents. |
Concentration of Credit Risk | Concentration of Credit Risk The Company maintains cash accounts at various financial institutions. While the Company attempts to limit any financial exposure, substantially all of its deposit balances exceed federally insured limits. The Company has not experienced any losses on such accounts. The Company’s properties are located in 31 states. Only one state, South Carolina, contributed more than 10% ( i.e. No tenant contributed over 10% to the Company’s total revenues in any of the past three years. |
Escrows | Escrows Real estate taxes and other escrows aggregating $3,162,000 and $559,000 at December 31, 2023 and 2022, respectively, are included in Escrow, deposits and other assets and receivables. |
New Accounting Pronouncements | New Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting – Improvements to Reportable Segments Disclosures, In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 . This Topic contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. As of December 31, 2023, the Company has converted all its LIBOR indexed debt and derivatives to SOFR based indexes. For all derivative financial instruments designated as effective hedges, the Company utilized the elective relief in Topic 848 which allows for the continuation of hedge accounting through the transition process. |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
LEASES | |
Schedule of components of lease revenues | The components of lease revenues are as follows (amounts in thousands): Year Ended December 31, 2023 2022 2021 Fixed lease revenues $ 75,935 $ 74,101 $ 70,387 Variable lease revenues 13,759 17,259 (a) 11,008 Lease revenues (b) $ 89,694 $ 91,360 $ 81,395 (a) Includes, for 2022, $4,626 of additional rent accrued from a ground lease tenant – see Note 6. (b) Excludes $952, $831 and $785 of amortization related to lease intangible assets and liabilities for 2023, 2022 and 2021, respectively. |
Schedule of minimum future contractual rents to be received | As of December 31, 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 do not include (i) straight-line rent or amortization of lease intangibles or incentives and (ii) variable lease payments as described above. For the year ending December 31, 2024 $ 70,906 2025 65,473 2026 61,286 2027 51,983 2028 41,028 Thereafter 127,437 Total $ 418,113 |
Schedule of minimum future lease payments | As of December 31, 2023, the minimum future lease payments related to the operating ground and office leases are as follows (amounts in thousands): For the year ending December 31, 2024 $ 557 2025 626 2026 627 2027 629 2028 630 Thereafter 1,229 Total undiscounted cash flows $ 4,298 Present value discount (935) Lease liability $ 3,363 |
REAL ESTATE INVESTMENTS (Tables
REAL ESTATE INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
REAL ESTATE INVESTMENTS | |
Schedule of the Company's real estate acquisitions | The following table details the Company’s real estate acquisitions during 2023 and 2022 (amounts in thousands). The Company determined that with respect to each of these acquisitions, the gross assets acquired are concentrated in a single identifiable asset. Therefore, these transactions do not meet the definition of a business and are accounted for as asset acquisitions. As such, direct transaction costs associated with these asset acquisitions have been capitalized to real estate assets and depreciated over their respective useful lives. Contract Capitalized Date Purchase Terms of Transaction Description of Industrial Property Acquired Price Payment Costs Multi-tenant Blythewood, South Carolina July 13, 2023 $ 13,400 Cash and $4,280 mortgage (a) $ 109 Totals for 2023 $ 13,400 $ 109 Conditioned Air Company of Naples LLC Fort Myers, Florida January 5, 2022 $ 8,100 All cash (b) $ 66 Q.E.P. Co., Inc. Dalton, Georgia May 12, 2022 17,000 All cash (b) 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 (c) 80 Multi-tenant Northwood, Ohio November 15, 2022 8,629 Cash and $6,034 mortgage (d) 87 Multi-tenant Northwood, Ohio November 15, 2022 8,561 Cash and $6,034 mortgage (d) 86 Totals for 2022 $ 56,490 $ 761 (a) Simultaneously with the acquisition of this property, the Company assumed a $4,280 mortgage, bearing an interest rate of 4.60% and maturing in 2029. (b) 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. (c) 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. (d) 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. |
Schedule of allocation of the purchase price for the company's acquisitions of real estate | The following table details the allocation of the purchase price and capitalized transaction costs for the Company’s acquisition of real estate during 2023 and 2022 (amounts in thousands): Building & Intangible Lease Mortgage Description of Industrial Property Land Improvements Asset (a) Liability (b) Intangible (c) Total Multi-tenant Blythewood, South Carolina $ 311 $ 12,304 $ 871 $ (237) $ 260 $ 13,509 Totals for 2023 $ 311 $ 12,304 $ 871 $ (237) $ 260 $ 13,509 Conditioned Air Company of Naples LLC Fort Myers, Florida $ 991 $ 6,876 $ 568 $ (269) $ — $ 8,166 Q.E.P. Co., Inc. Dalton, Georgia 547 15,836 1,223 (276) — 17,330 Multi-tenant Hillside, Illinois 2,560 2,975 539 (192) — 5,882 Curaleaf, Inc. Lexington, Kentucky 1,558 6,881 486 (415) — 8,510 Multi-tenant Northwood, Ohio 181 8,306 747 (854) 336 8,716 Multi-tenant Northwood, Ohio 171 7,383 759 — 334 8,647 Totals for 2022 $ 6,008 $ 48,257 $ 4,322 $ (2,006) $ 670 $ 57,251 (a) With respect to the intangible lease assets, the weighted average amortization period for the 2023 and 2022 acquisitions is 1.1 years and 6.1 years, respectively. (b) With respect to the intangible lease liabilities, the weighted average amortization period for the 2023 and 2022 acquisitions is 1.1 years and 8.8 years, respectively. (c) With respect to the mortgage intangible assets, the weighted average amortization period for the 2023 and 2022 acquisitions is 5.4 years and 7.1 years, respectively. |
Summary of market capitalization rate and discount rates associated with the assessment of the fair value of the related lease and mortgage intangibles for the Company's acquisition of real estate | The following table details the market capitalization and discount rates associated with the assessment of the fair value of the related lease and mortgage intangibles for the Company’s acquisition of real estate: Discount Rate (a) Year Market Cap Lease Mortgage Acquired Description of Industrial Property Rate (a) Intangible Intangible 2023 Multi-tenant Blythewood, South Carolina 6.75% 6.75% 6.00% 2022 Conditioned Air Company of Naples LLC Fort Myers, Florida 5.50% 5.60% — 2022 Q.E.P. Co., Inc. Dalton, Georgia 5.00% 5.69% — 2022 Multi-tenant Hillside, Illinois 6.25% 6.63% (b) — 2022 Curaleaf, Inc. Lexington, Kentucky 5.25% 5.88% — 2022 Multi-tenant Northwood, Ohio 6.75% 5.60% 5.75% 2022 Multi-tenant Northwood, Ohio 6.75% 5.60% 5.75% (a) The fair value of the tangible and intangible leases and mortgages were assessed as of the acquisition date using an income approach and estimated cash flow projections which utilize an appropriate market capitalization rate and discount rate which are categorized as Level 3 unobservable inputs in the fair value hierarchy (as defined in Note 2). (b) Represents the weighted average discount rate of the warehouse lease ( i.e., 5.77% ) and the office lease ( i.e., 9.03% ). |
Summary of information regarding the acquired intangibles related to acquisitions of real estate | The following table details the accumulated amortization of acquired intangibles during the periods indicated (amounts in thousands): December 31, 2023 December 31, 2022 Intangible Intangible Lease Assets Mortgage Asset (a) Lease Liabilities Lease Assets Mortgage Asset (a) Lease Liabilities Accumulated amortization $ 19,377 $ 126 $ 5,191 $ 23,506 $ 12 $ 5,061 (a) In connection with the assumption of below-market mortgages in 2022 and 2023 upon the acquisition of the Northwood, Ohio and Blythewood, South Carolina properties. The following table details the amortization of acquired intangibles and the classification in the Company’s consolidated statements of income for the periods indicated (amounts in thousands): Year Ended December 31, 2023 2022 2021 Classification Intangible lease assets/liabilities $ 952 $ 831 $ 785 Rental income, net Tenant origination costs 4,821 4,722 4,700 Depreciation and amortization Intangible mortgage assets 114 12 — Interest expense |
Schedule of future amortization of acquired intangibles | As of December 31, 2023, the future amortization of the Company’s acquired intangibles are as follows (amounts in thousands): For the year ending December 31, Intangible Lease Assets Tenant Origination Costs Intangible Mortgage Assets Intangible Lease Liabilities 2024 $ 154 $ 3,685 $ 137 $ 1,085 2025 128 2,672 137 723 2026 91 2,462 137 704 2027 31 1,785 137 756 2028 28 1,103 137 735 Thereafter 80 2,462 119 6,093 Total $ 512 $ 14,169 $ 804 $ 10,096 (a) The result of acquired above-market leases and will be deducted from rental income through 2032. (b) The result of acquired in-place leases and will be charged to Depreciation and amortization expense through 2055. (c) The result of acquired below-market mortgages and will be charged to interest expense through 2030. (d) The result of acquired below-market leases and will be added to rental income through 2055. |
SALES OF PROPERTIES (Tables)
SALES OF PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SALES OF PROPERTIES | |
Schedule of sales of real estate | The following table details the Company’s sales of real estate during 2023, 2022 and 2021 (amounts in thousands): Gross Gain on Sale of Description of Property City, State Date Sold Sales Price Real Estate, Net TGI Fridays restaurant property Hauppauge, New York February 28, 2023 $ 4,200 $ 1,534 Havertys retail property Duluth, Georgia May 31, 2023 6,000 3,180 TGI Fridays restaurant property Greensboro, North Carolina September 20, 2023 3,250 332 Land (a) Lakewood, Colorado November 14, 2023 3,333 (a) 2,177 (a) Chuck E Cheese restaurant property Indianapolis, Indiana November 15, 2023 2,200 226 TGI Fridays restaurant property Richmond, Virginia November 17, 2023 3,200 265 Applebee's restaurants (2 properties) Cartersville & Carrollton, Georgia December 5, 2023 7,300 2,581 Applebee's restaurant property Lawrenceville, Georgia December 7, 2023 2,903 (b) 989 Havertys retail property Virginia Beach, Virginia December 15, 2023 5,500 1,727 Barnes & Noble retail property Fort Myers, Florida December 21, 2023 7,300 3,997 Totals for 2023 $ 45,186 $ 17,008 (c) 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 June 17, 2022 4,800 (d) 1,125 Vacant retail property Columbus, Ohio August 8, 2022 8,300 4,063 Totals for 2022 $ 31,600 $ 16,762 (e) Whole Foods retail property & parking lot West Hartford, Connecticut June 17, 2021 $ 40,510 $ 21,469 Vacant retail property Philadelphia, Pennsylvania July 1, 2021 8,300 1,299 (f) Wendy's restaurants - 2 properties Hanover & Gettysburg, Pennsylvania December 27, 2021 5,700 2,695 Totals for 2021 $ 54,510 (g) $ 25,463 (h) (a) A consolidated joint venture, in which the Company holds a 90% interest, sold a land parcel which was part of a multi-tenant shopping center. In connection with the sale of this parcel, the joint venture paid down $1,116 of the mortgage on this property. The non-controlling interest’s share of the gain was $218 . (b) In connection with this sale, the Company provided seller-financing of $1,816 which is included in other receivables on the consolidated balance sheet as of December 31, 2023. The loan receivable bears interest at 8.0% and matures on July 1, 2024, with a buyer’s option to extend the maturity an additional six months . (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 $1,005 of unbilled/unearned rent, $982 of net unamortized intangible lease assets and liabilities and $223 of other assets and receivables. (d) In connection with this sale, the Company paid off the $1,563 mortgage on this property. (e) 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 receivables and $4 of net unamortized intangible lease liabilities and assets. (f) This property was owned by a consolidated joint venture in which the Company held a 90% interest. The non-controlling interest’s share of the gain was $130 . (g) In connection with these sales, the Company paid off mortgages in an aggregate of $20,387 and incurred $848 of prepayment costs on debt. (h) As a result of these sales, the Company wrote-off, as a reduction to Gain on sale of real estate, net, an aggregate of $1,438 of unbilled rent receivables and $967 of unamortized intangible lease assets. |
VARIABLE INTEREST ENTITIES, C_2
VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES (Tables) | 12 Months Ended |
Dec. 31, 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): December 31, 2023 2022 Land $ 9,917 $ 10,365 Buildings and improvements, net of accumulated depreciation of $6,380 and $5,670, respectively 17,475 17,870 Cash 1,059 1,163 Unbilled rent receivable 938 1,111 Unamortized intangible lease assets, net 412 472 Escrow, deposits and other assets and receivables 749 772 Mortgages payable, net of unamortized deferred financing costs of $109 and $152, respectively 16,660 18,500 Accrued expenses and other liabilities 745 711 Unamortized intangible lease liabilities, net 385 424 Accumulated other comprehensive income 2 22 Non-controlling interests in consolidated joint ventures 1,042 972 (a) A consolidated joint venture located in Lakewood, Colorado, in which the Company holds a 90% interest, sold a portion of land at this property in November 2023 and paid down the related mortgage by $1,116 (see Note 5). |
DEBT OBLIGATIONS (Tables)
DEBT OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 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): December 31, 2023 2022 Mortgages payable, gross $ 422,565 $ 409,175 Unamortized deferred financing costs (3,414) (3,355) Unamortized mortgage intangible assets (a) (804) (658) Mortgages payable, net $ 418,347 $ 405,162 (a) In connection with the assumption of two below-market mortgages upon the acquisition of the Northwood, Ohio and Blythewood, South Carolina properties (see Note 4). |
Schedule of principal repayments | Scheduled principal repayments during the years indicated are as follows (amounts in thousands): Year Ending December 31, 2024 2025 2026 2027 2028 Thereafter Total Amortization payments $ 11,873 $ 10,627 $ 10,491 $ 9,399 $ 8,718 $ 34,283 $ 85,391 Principal due at maturity 49,906 30,850 19,179 38,524 30,155 168,560 337,174 Total $ 61,779 $ 41,477 $ 29,670 $ 47,923 $ 38,873 $ 202,843 $ 422,565 |
Schedule of line of credit, net | The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands): December 31, 2023 2022 Line of credit, gross $ — $ 21,800 Unamortized deferred financing costs — (a) (732) Line of credit, net $ — $ 21,068 (a) In accordance with ASU 2015-15, the Company reclassified the $549 balance of unamortized deferred financing costs to other assets and receivables on the consolidated balance sheet at December 31, 2023, as there was no balance outstanding on the Line of credit. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 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): December 31, 2023 2022 Fair value of mortgages payable (a) $ 397,031 $ 378,943 Carrying value of mortgages payable, gross $ 422,565 $ 409,175 Fair value less than the carrying value $ (25,534) $ (30,232) Blended market interest rate (a) 5.93 % 5.87 % Weighted average interest rate 4.31 % 4.10 % Weighted average remaining term to maturity (years) 5.9 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): As of Carrying and Balance Sheet December 31, Fair Value Classification Financial assets: 2023 $ 824 Other assets 2022 1,811 Other assets |
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 years presented (amounts in thousands): Year Ended December 31, 2023 2022 2021 Amount of gain (loss) recognized on derivatives in other comprehensive income (loss) $ 328 $ 3,028 $ 1,179 Amount of reclassification from Accumulated other comprehensive income (loss) into Interest expense 1,295 (297) (2,318) |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2023: 2022 2019 2016 Incentive Plan (a) Incentive Plan (b) Incentive Plan (b) Restricted stock 149,335 426,625 136,600 RSUs 168,490 79,622 — Totals 317,825 506,247 136,600 (a) On January 12, 2024, 151,180 restricted shares were issued pursuant to this plan, having an aggregate value of approximately $3,265,000 and are scheduled to vest in January 2029. (b) No additional awards may be granted under such plans. |
Summary of RSU activity and other material terms and conditions | The following table reflects the activities involving RSUs that were outstanding during the year ended December 31, 2023: 2023 2022 2021 2020 2019 RSUs granted (a) 85,250 85,350 80,700 75,026 77,776 RSUs vested — — — 74,988 (b) 64,488 (c) RSUs forfeited — 2,110 (d) 1,078 (d) 38 (d) 13,288 (e) RSUs outstanding 85,250 83,240 79,622 — — Vesting Date (f) (g) 6/30/2026 6/30/2025 6/30/2024 6/30/2023 6/30/2022 (a) The shares underlying the RSUs are excluded from the shares shown as outstanding on the balance sheet until they have vested and been issued. (b) Such shares were issued in August 2023. (c) Such shares were issued in August 2022. (d) Such shares were forfeited due to the retirement of a recipient before the completion of the applicable three -year performance cycle. (e) Of the shares forfeited from the 2019 grant, 10,538 shares were not earned in 2022 because the applicable market condition was only partially satisfied and the remaining 2,750 shares were forfeited in 2019. (f) Generally, the recipient must maintain a relationship with the Company during the applicable three -year performance cycle. (g) RSUs vest upon satisfaction of metrics related to average annual total stockholder return (“TSR Metric”) and average annual return on capital (“ROC Metric”; together with the TSR Metric, the “Metrics”) and are issued to the extent the Compensation Committee determines that the Metrics with respect to the vesting of such shares have been satisfied. NOTE 11 — STOCKHOLDERS’ EQUITY (CONTINUED) 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 2019 - 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 were 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, which is recognized ratably over the three -year service period. For these TSR awards, the per unit or share fair value was estimated using the following assumptions: TSR Award Year Expected Life (yrs) Dividend Rate Risk-Free Interest Rate Expected Price Volatility 2023 3 8.72% 4.42% - 5.28% 28.69% - 30.05% 2022 3 7.10% 1.58% - 3.33% 29.37% - 39.87% 2021 3 5.91% 0.03% - 0.35% 26.74% - 41.53% (1) Calculated based on the historical and implied volatility. (e) Such RSUs are (i) not entitled to voting rights and (ii) upon vesting, the holders receive an amount equal to the dividends that would have been paid on the underlying shares had such shares been outstanding during the three -year performance cycle. (f) As of December 31, 2023 and 2022, the Company accrued an aggregate of $450,000 and $210,000 of dividend equivalents, respectively, for the 2023, 2022 and 2021 RSUs based on the number of shares that would have been issued, underlying such RSUs, using performance and market assumptions determined as of such dates. |
Schedule of equity incentive plans | The following is a summary of the activity of the equity incentive plans: Year Ended December 31, 2023 2022 2021 Restricted stock grants: Number of shares 152,955 153,575 151,500 Average per share grant price $ 22.09 $ 33.75 $ 20.34 Deferred compensation to be recognized over vesting period $ 3,379,000 $ 5,183,000 $ 3,082,000 Number of non-vested shares: Non-vested beginning of the year 712,375 706,450 701,675 Grants 152,955 153,575 151,500 Vested during the year (152,300) (146,900) (145,725) Forfeitures (470) (750) (1,000) Non-vested end of the year 712,560 712,375 706,450 RSU grants: Number of underlying shares 85,250 85,350 80,700 Average per share grant price $ 20.32 $ 26.44 $ 30.46 Deferred compensation to be recognized over vesting period $ 958,000 $ 1,420,000 $ 1,808,000 Number of non-vested shares: Non-vested beginning of the year 241,076 230,752 223,802 Grants 85,250 85,350 80,700 Vested during the year (74,988) (64,488) (73,750) Forfeitures (3,226) (10,538) — Non-vested end of the year 248,112 241,076 230,752 Restricted stock and RSU grants (based on grant price): Weighted average per share value of non-vested shares $ 25.90 $ 26.26 $ 25.04 Value of stock vested during the year $ 5,165,000 $ 5,535,000 $ 5,165,000 Weighted average per share value of shares forfeited during the year $ 27.52 $ 29.12 $ 24.62 Total charge to operations: Outstanding restricted stock grants $ 3,979,000 $ 4,057,000 $ 3,734,000 Outstanding RSUs 1,388,000 1,450,000 1,699,000 Total charge to operations $ 5,367,000 $ 5,507,000 $ 5,433,000 |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 12 Months Ended |
Dec. 31, 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): Year Ended December 31, 2023 2022 2021 Numerator for basic and diluted earnings per share: Net income $ 29,918 $ 42,253 $ 39,034 Deduct net income attributable to non-controlling interests (304) (76) (177) Deduct earnings allocated to unvested restricted stock (a) (1,291) (1,434) (1,326) Net income available for common stockholders: basic and diluted $ 28,323 $ 40,743 $ 37,531 Denominator for basic earnings per share: Weighted average number of common shares outstanding 20,499 20,360 20,086 Effect of dilutive securities: RSUs 57 93 178 Denominator for diluted earnings per share: Weighted average number of shares 20,556 20,453 20,264 Earnings per common share, basic $ 1.38 $ 2.00 $ 1.87 Earnings per common share, diluted $ 1.38 $ 1.99 $ 1.85 (a) Represents an allocation of distributed earnings to unvested restricted stock that, as participating securities, are entitled to receive dividends. |
Schedule of impact to the diluted weighted average number of shares of common stock related to the RSUs | The following table identifies the number of shares of common stock underlying the RSUs that are included in the calculation, on a diluted basis, of the weighted average number of shares of common stock for such years: Year Ended December 31, 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, 2023 (c) 85,250 23,237 42,625 65,862 19,388 July 1, 2022 (c)(d) 83,240 35,050 — 35,050 48,190 August 3, 2021 (c)(d) 79,622 39,811 — 39,811 39,811 Totals 248,112 98,098 42,625 140,723 107,389 Year Ended December 31, 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) July 1, 2022 (c) 85,350 40,222 — 40,222 45,128 August 3, 2021 (c) 80,700 40,350 — 40,350 40,350 August 3, 2020 (e) 75,026 37,513 37,513 75,026 — Totals 241,076 118,085 37,513 155,598 85,478 Year Ended December 31, 2021: Total Number Shares Included Based on (a) of Underlying Return on Stockholder Shares Date of Award Shares Capital Metric Return Metric Total Excluded (b) August 3, 2021 (c) 80,700 40,350 40,350 80,700 — August 3, 2020 (e) 75,026 37,513 37,513 75,026 — July 1, 2019 (f) 75,026 37,513 37,513 75,026 — Totals 230,752 115,376 115,376 230,752 — (a) Reflects the number of shares underlying RSUs that would be issued assuming the measurement date used to determine whether the applicable conditions are satisfied is December 31 of the applicable year. (b) Excluded as the applicable conditions had not been met for these shares at the applicable measurement dates. (c) The RSUs awarded in 2023, 2022 and 2021 vest, subject to satisfaction of the applicable market and/or performance conditions, as of June 30, 2026, 2025 and 2024, respectively (see Note 11). (d) As of December 31, 2023, 1,078 shares of the 2021 award and 2,110 shares of the 2022 award were forfeited due to the retirement of a recipient before the completion of the applicable three -year performance cycle. (e) 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 in June 2023. The vested shares were issued in August 2023 (see Note 11). (f) 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). |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INCOME TAXES | |
Schedule of allocation of distributions made to stockholders | The approximate allocation of the distributions made to stockholders is as follows for the years indicated: Year Ended December 31, 2023 2022 2021 Ordinary income (a) 53 % 54 % 43 % Capital gains 47 46 57 100 % 100 % 100 % (a) In 2023, 2022 and 2021, the ordinary income portion of the distributions are considered qualified REIT dividends and will be taxed at a rate reduced by up to 20% pursuant to Internal Revenue Code Section 199A . |
Schedule of reconciliation of dividends declared with the dividends paid deduction | The following table reconciles dividends declared with the dividends paid deduction for the years indicated (amounts in thousands): 2023 2022 2021 Estimate Actual Actual Dividends declared $ 38,116 $ 37,915 $ 37,478 Dividend reinvestment plan (a) 157 102 35 38,273 38,017 37,513 Less: Spillover dividends designated to previous year (4,240) — — Less: Spillover dividends designated to following year — — (2,085) Plus: Dividends designated from prior year — 2,085 9,261 Plus: Dividends designated from following year 737 4,240 — Dividends paid deduction $ 34,770 $ 44,342 $ 44,689 (a) Reflects the discount on common stock purchased through the dividend reinvestment plan of 3% . |
QUARTERLY FINANCIAL DATA (Una_2
QUARTERLY FINANCIAL DATA (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
QUARTERLY FINANCIAL DATA (Unaudited) | |
Schedule of Quarterly Financial Information | (In Thousands, Except Per Share Data) Quarter Ended Total 2023 March 31 June 30 Sept. 30 Dec. 31 For Year Total revenues $ 22,952 $ 22,407 $ 22,546 $ 22,741 $ 90,646 Gain on sale of real estate, net $ 1,534 $ 3,180 $ 332 $ 11,962 $ 17,008 Net income $ 5,408 $ 6,539 $ 2,769 $ 15,202 $ 29,918 Net income attributable to One Liberty Properties, Inc. $ 5,386 $ 6,519 $ 2,747 $ 14,962 $ 29,614 Weighted average number of common shares outstanding: Basic 20,514 20,571 20,567 20,342 20,499 Diluted 20,579 20,642 20,596 20,383 20,556 Net income per common share attributable to common stockholders: Basic and Diluted $ .25 $ .30 $ .12 $ .71 $ 1.38 (a) Quarter Ended Total 2022 March 31 June 30 Sept. 30 Dec. 31 For Year Total revenues (b) $ 21,556 $ 21,472 $ 21,473 $ 27,715 $ 92,216 Gain on sale of real estate, net $ 4,649 $ 8,050 $ 4,063 $ — $ 16,762 Net income (c) $ 9,340 $ 16,785 $ 7,221 $ 8,907 $ 42,253 Net income attributable to One Liberty Properties, Inc. (c) $ 9,323 $ 16,767 $ 7,204 $ 8,883 $ 42,177 Weighted average number of common shares outstanding: Basic 20,379 20,364 20,340 20,358 20,360 Diluted 20,541 20,480 20,416 20,406 20,453 Net income per common share attributable to common stockholders: Basic $ .44 $ .80 $ .34 $ .42 $ 2.00 (a) Diluted $ .44 $ .79 $ .34 $ .42 $ 1.99 (a) (a) Calculated on weighted average shares outstanding for the year. (b) Includes $4,626 of additional rent from a ground lease tenant recognized in the quarter ended December 31, 2022 – see Note 6. (c) Includes $5,388 of income from the settlement of a lawsuit received in the quarter ended June 30, 2022 – see Note 13. |
ORGANIZATION AND BACKGROUND (De
ORGANIZATION AND BACKGROUND (Details) | Dec. 31, 2023 property state |
Organization and Background | |
Number of real estate properties | 110 |
Number of states in which properties are located | state | 31 |
Properties owned by consolidated joint ventures | |
Organization and Background | |
Number of real estate properties | 3 |
Properties owned by unconsolidated joint ventures | |
Organization and Background | |
Number of real estate properties | 2 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting (Details) | 12 Months Ended |
Dec. 31, 2023 item | |
Segment Reporting | |
Number of operating segments | 1 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue Recognition | |||||||||||
Revenue | $ 22,741,000 | $ 22,546,000 | $ 22,407,000 | $ 22,952,000 | $ 27,715,000 | $ 21,473,000 | $ 21,472,000 | $ 21,556,000 | $ 90,646,000 | $ 92,216,000 | $ 82,740,000 |
Tenant reimbursements | |||||||||||
Revenue Recognition | |||||||||||
Revenue | $ 13,636,000 | $ 12,548,000 | $ 10,938,000 |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES - Purchase Accounting for Acquisition of Real Estate (Details) - Above and Below Market Leases | 12 Months Ended |
Dec. 31, 2023 | |
Minimum | |
Purchase Accounting for Acquisition of Real Estate | |
Useful Life | 1 year |
Intangible Assets, weighted average amortization (years) | 6 years |
Maximum | |
Purchase Accounting for Acquisition of Real Estate | |
Useful Life | 32 years |
Intangible Assets, weighted average amortization (years) | 7 years |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES - Investment in Joint Ventures and Variable Interest Entities (Details) | 12 Months Ended |
Dec. 31, 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 |
Impairment charges | $ 0 |
SIGNIFICANT ACCOUNTING POLICI_7
SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details) | 12 Months Ended | |
Dec. 31, 2023 state item tenant | Dec. 31, 2022 item | |
Concentration of Credit Risk | ||
Number of states in which properties are located | state | 31 | |
Total Revenue | Geographic concentration | ||
Concentration of Credit Risk | ||
Number of states in which properties are located | state | 31 | |
Number of real estate investments in any one state contributing to more than 10% of total revenues | item | 0 | 0 |
Total Revenue | Geographic concentration | South Carolina | ||
Concentration of Credit Risk | ||
Number of states contributing more than 10% of revenue | item | 1 | |
Concentration risk percentage | 10.30% | |
Total Revenue | Customer concentration | ||
Concentration of Credit Risk | ||
Number of tenants contributed over 10% of total revenues | tenant | 0 |
SIGNIFICANT ACCOUNTING POLICI_8
SIGNIFICANT ACCOUNTING POLICIES - Escrows (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Escrows | ||
Real estate taxes, insurance and other escrows | $ 3,162,000 | $ 559,000 |
LEASES - As Lessor (Details)
LEASES - As Lessor (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lessor Accounting | |||
Operating Lease, option to extend | true | ||
Operating Lease, option to terminate | true | ||
Practical expedient, single lease component | false | ||
Components of lease revenues | |||
Fixed lease revenues | $ 75,935 | $ 74,101 | $ 70,387 |
Variable lease revenues | 13,759 | 17,259 | 11,008 |
Lease revenues | 89,694 | 91,360 | 81,395 |
Additional rent accrued from a ground lease tenant | 4,626 | ||
Amortization related to lease intangible assets and liabilities | $ 952 | $ 831 | $ 785 |
LEASES - As Lessor - Minimum Fu
LEASES - As Lessor - Minimum Future Rents (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Minimum future contractual base rents to be received | |
For the year ending December 31, 2024 | $ 70,906 |
For the year ending December 31, 2025 | 65,473 |
For the year ending December 31, 2026 | 61,286 |
For the year ending December 31, 2027 | 51,983 |
For the year ending December 31, 2028 | 41,028 |
Thereafter | 127,437 |
Total | $ 418,113 |
LEASES - As Lessor - Lease Ince
LEASES - As Lessor - Lease Incentives (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Lease Incentives | ||
Unamortized lease incentives | $ 1,095,000 | $ 1,300,000 |
Lease incentives amortized | 121,000 | $ 44,000 |
Write-off of unamortized lease incentives | $ 84,000 | |
Amortization term of lease incentives | 10 years |
LEASES - As Lessor - Unbilled S
LEASES - As Lessor - Unbilled Straight-Line Rent (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Unbilled Straight-Line Rent | |||
Unbilled rent receivable | $ 16,661,000 | $ 16,079,000 | |
Period during which amount of unbilled rent receivable is to be billed and received | 19 years | ||
Unbilled straight-line rent receivables written off related to property sold | $ 1,048,000 | 519,000 | $ 1,438,000 |
Unearned rental income | $ 579,000 | 756,000 | |
Period during which amount of unbilled rent payable is to be billed and received | 8 years | ||
Unbilled rent receivable written off during the period due to the sale of property | $ 43,000 | $ 0 | $ 0 |
Unbilled rent straight-line rent receivable written off related to tenant bankruptcy | $ 133,000 |
LEASES - As Lessee - Ground Lea
LEASES - As Lessee - Ground Lease and Office Lease (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) item | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Lessee Accounting | |||
Operating lease liability | $ 3,363,000 | ||
Operating lease liability, Statement of Financial Position | Accrued expenses and other liabilities | ||
Real Estate in Greensboro, NC | |||
Lessee Accounting | |||
Operating lease liability | $ 2,827,000 | $ 6,366,000 | |
Operating lease liability, Statement of Financial Position | Accrued expenses and other liabilities | ||
Right-of-use asset | $ 2,246,000 | 5,864,000 | |
Operating lease, right-of-use asset, Statement of Financial Position | Escrow, deposits and other assets and receivables | ||
Operating lease, remaining lease term | 6 years 2 months 12 days | ||
Operating lease, incremental borrowing rate (as a percent) | 6.91% | ||
Operating lease expense | $ 544,000 | 599,000 | $ 599,000 |
Real Estate in Greensboro, NC | Five-Year Lease | |||
Lessee Accounting | |||
Operating lease, number of renewal options | item | 4 | ||
Operating lease, renewal term | 5 years | ||
Operating lease, option to extend | true | ||
Real Estate in Greensboro, NC | Seven-Month Lease | |||
Lessee Accounting | |||
Operating lease, number of renewal options | item | 1 | ||
Operating lease, renewal term | 7 months | ||
Operating lease, option to extend | true | ||
Corporate office lease in Great Neck, NY | |||
Lessee Accounting | |||
Operating lease, renewal term | 5 years | ||
Operating lease, option to extend | true | ||
Operating lease liability | $ 536,000 | 558,000 | |
Operating lease liability, Statement of Financial Position | Accrued expenses and other liabilities | ||
Right-of-use asset | $ 505,000 | 535,000 | |
Operating lease, right-of-use asset, Statement of Financial Position | Escrow, deposits and other assets and receivables | ||
Operating lease, remaining lease term | 13 years | ||
Operating lease, incremental borrowing rate (as a percent) | 3.81% | ||
Corporate office lease in Great Neck, NY | General and administrative expense | |||
Lessee Accounting | |||
Operating lease expense | $ 56,000 | $ 56,000 | $ 55,000 |
LEASES - As Lessee - Minimum Fu
LEASES - As Lessee - Minimum Future Lease Payments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Minimum future lease payments | |
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 | 1,229 |
Total undiscounted cash flows | 4,298 |
Present value discount | (935) |
Lease liability | $ 3,363 |
Operating lease liability, Statement of Financial Position | Accrued expenses and other liabilities |
REAL ESTATE INVESTMENTS - Acqui
REAL ESTATE INVESTMENTS - Acquisitions (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Jul. 13, 2023 | Nov. 15, 2022 | Jun. 17, 2022 | May 16, 2022 | May 12, 2022 | Jan. 05, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Real Estate Acquisitions in 2023 | ||||||||
REAL ESTATE INVESTMENTS | ||||||||
Contract Purchase Price | $ 13,400 | |||||||
Capitalized Transaction Costs | $ 109 | |||||||
Real Estate Acquisitions in 2023 | Multi-Tenant Industrial Property, Blythewood, South Carolina | ||||||||
REAL ESTATE INVESTMENTS | ||||||||
Contract Purchase Price | $ 13,400 | |||||||
Capitalized Transaction Costs | 109 | |||||||
New mortgage debt | $ 4,280 | |||||||
Interest rate (as a percent) | 4.60% | |||||||
Real Estate Acquisitions in 2022 | ||||||||
REAL ESTATE INVESTMENTS | ||||||||
Contract Purchase Price | $ 56,490 | |||||||
Capitalized Transaction Costs | $ 761 | |||||||
Real Estate Acquisitions in 2022 | Conditioned Air Company of Naples LLC, Fort Myers, Florida | ||||||||
REAL ESTATE INVESTMENTS | ||||||||
Contract Purchase Price | $ 8,100 | |||||||
Capitalized Transaction Costs | 66 | |||||||
New mortgage debt | $ 4,860 | |||||||
Interest rate (as a percent) | 3.09% | |||||||
Real Estate Acquisitions in 2022 | Q.E.P. Co., Inc., Dalton Georgia | ||||||||
REAL ESTATE INVESTMENTS | ||||||||
Contract Purchase Price | $ 17,000 | |||||||
Capitalized Transaction Costs | 330 | |||||||
New mortgage debt | $ 10,000 | |||||||
Interest rate (as a percent) | 3.50% | |||||||
Real Estate Acquisitions in 2022 | Multi-tenant, Hillside, Illinois | ||||||||
REAL ESTATE INVESTMENTS | ||||||||
Contract Purchase Price | $ 5,770 | |||||||
Capitalized Transaction Costs | $ 112 | |||||||
Real Estate Acquisitions in 2022 | Curaleaf, Inc., Lexington, Kentucky | ||||||||
REAL ESTATE INVESTMENTS | ||||||||
Contract Purchase Price | $ 8,430 | |||||||
Capitalized Transaction Costs | 80 | |||||||
New mortgage debt | $ 5,480 | |||||||
Interest rate (as a percent) | 3.85% | |||||||
Real Estate Acquisitions in 2022 | Two Multi Tenant Facilities In Northwood, Ohio | ||||||||
REAL ESTATE INVESTMENTS | ||||||||
New mortgage debt | $ 6,034 | |||||||
Interest rate (as a percent) | 3.57% | |||||||
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 1 | ||||||||
REAL ESTATE INVESTMENTS | ||||||||
Contract Purchase Price | $ 8,629 | |||||||
Capitalized Transaction Costs | 87 | |||||||
New mortgage debt | 6,034 | |||||||
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 2 | ||||||||
REAL ESTATE INVESTMENTS | ||||||||
Contract Purchase Price | 8,561 | |||||||
Capitalized Transaction Costs | 86 | |||||||
New mortgage debt | $ 6,034 |
REAL ESTATE INVESTMENTS - Purch
REAL ESTATE INVESTMENTS - Purchase price and capitalized transaction costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
REAL ESTATE INVESTMENTS | ||
Intangible Lease Liability | $ (10,096) | |
Intangible Lease - Asset | ||
REAL ESTATE INVESTMENTS | ||
Intangible Assets, weighted average amortization (years) | 1 year 1 month 6 days | 6 years 1 month 6 days |
Intangible Lease - Liabilities | ||
REAL ESTATE INVESTMENTS | ||
Intangible Assets, weighted average amortization (years) | 1 year 1 month 6 days | 8 years 9 months 18 days |
Intangible Mortgage Assets | ||
REAL ESTATE INVESTMENTS | ||
Intangible Assets, weighted average amortization (years) | 5 years 4 months 24 days | 7 years 1 month 6 days |
Real Estate Acquisitions in 2023 | ||
REAL ESTATE INVESTMENTS | ||
Intangible Lease Asset | $ 871 | |
Intangible Lease Liability | (237) | |
Mortgage Intangible | 260 | |
Total | 13,509 | |
Real Estate Acquisitions in 2023 | Land | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 311 | |
Real Estate Acquisitions in 2023 | Building & Improvements | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 12,304 | |
Real Estate Acquisitions in 2023 | Multi-Tenant Industrial Property, Blythewood, South Carolina | ||
REAL ESTATE INVESTMENTS | ||
Intangible Lease Asset | 871 | |
Intangible Lease Liability | (237) | |
Mortgage Intangible | 260 | |
Total | 13,509 | |
Real Estate Acquisitions in 2023 | Multi-Tenant Industrial Property, Blythewood, South Carolina | Land | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 311 | |
Real Estate Acquisitions in 2023 | Multi-Tenant Industrial Property, Blythewood, South Carolina | Building & Improvements | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | $ 12,304 | |
Real Estate Acquisitions in 2022 | ||
REAL ESTATE INVESTMENTS | ||
Intangible Lease Asset | $ 4,322 | |
Intangible Lease Liability | (2,006) | |
Mortgage Intangible | 670 | |
Total | 57,251 | |
Real Estate Acquisitions in 2022 | Land | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 6,008 | |
Real Estate Acquisitions in 2022 | Building & Improvements | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 48,257 | |
Real Estate Acquisitions in 2022 | Conditioned Air Company of Naples LLC, Fort Myers, Florida | ||
REAL ESTATE INVESTMENTS | ||
Intangible Lease Asset | 568 | |
Intangible Lease Liability | (269) | |
Total | 8,166 | |
Real Estate Acquisitions in 2022 | Conditioned Air Company of Naples LLC, Fort Myers, Florida | Land | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 991 | |
Real Estate Acquisitions in 2022 | Conditioned Air Company of Naples LLC, Fort Myers, Florida | Building & Improvements | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 6,876 | |
Real Estate Acquisitions in 2022 | Q.E.P. Co., Inc., Dalton Georgia | ||
REAL ESTATE INVESTMENTS | ||
Intangible Lease Asset | 1,223 | |
Intangible Lease Liability | (276) | |
Total | 17,330 | |
Real Estate Acquisitions in 2022 | Q.E.P. Co., Inc., Dalton Georgia | Land | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 547 | |
Real Estate Acquisitions in 2022 | Q.E.P. Co., Inc., Dalton Georgia | Building & Improvements | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 15,836 | |
Real Estate Acquisitions in 2022 | Multi-tenant, Hillside, Illinois | ||
REAL ESTATE INVESTMENTS | ||
Intangible Lease Asset | 539 | |
Intangible Lease Liability | (192) | |
Total | 5,882 | |
Real Estate Acquisitions in 2022 | Multi-tenant, Hillside, Illinois | Land | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 2,560 | |
Real Estate Acquisitions in 2022 | Multi-tenant, Hillside, Illinois | Building & Improvements | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 2,975 | |
Real Estate Acquisitions in 2022 | Curaleaf, Inc., Lexington, Kentucky | ||
REAL ESTATE INVESTMENTS | ||
Intangible Lease Asset | 486 | |
Intangible Lease Liability | (415) | |
Total | 8,510 | |
Real Estate Acquisitions in 2022 | Curaleaf, Inc., Lexington, Kentucky | Land | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 1,558 | |
Real Estate Acquisitions in 2022 | Curaleaf, Inc., Lexington, Kentucky | Building & Improvements | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 6,881 | |
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 1 | ||
REAL ESTATE INVESTMENTS | ||
Intangible Lease Asset | 747 | |
Intangible Lease Liability | (854) | |
Mortgage Intangible | 336 | |
Total | 8,716 | |
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 1 | Land | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 181 | |
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 1 | Building & Improvements | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 8,306 | |
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 2 | ||
REAL ESTATE INVESTMENTS | ||
Intangible Lease Asset | 759 | |
Mortgage Intangible | 334 | |
Total | 8,647 | |
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 2 | Land | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 171 | |
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 2 | Building & Improvements | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | $ 7,383 |
REAL ESTATE INVESTMENTS - Marke
REAL ESTATE INVESTMENTS - Market capitalization rate and discount rates (Details) - Level 3 | Dec. 31, 2023 | Dec. 31, 2022 |
Multi-Tenant Industrial Property, Blythewood, South Carolina | ||
REAL ESTATE INVESTMENTS | ||
Market Cap Rate | 0.0675 | |
Multi-Tenant Industrial Property, Blythewood, South Carolina | Lease Intangible | ||
REAL ESTATE INVESTMENTS | ||
Discount Rate | 0.0675 | |
Multi-Tenant Industrial Property, Blythewood, South Carolina | Intangible Mortgage Assets | ||
REAL ESTATE INVESTMENTS | ||
Discount Rate | 0.0600 | |
Conditioned Air Company of Naples LLC, Fort Myers, Florida | ||
REAL ESTATE INVESTMENTS | ||
Market Cap Rate | 0.0550 | |
Conditioned Air Company of Naples LLC, Fort Myers, Florida | Lease Intangible | ||
REAL ESTATE INVESTMENTS | ||
Discount Rate | 0.0560 | |
Q.E.P. Co., Inc., Dalton Georgia | ||
REAL ESTATE INVESTMENTS | ||
Market Cap Rate | 0.0500 | |
Q.E.P. Co., Inc., Dalton Georgia | Lease Intangible | ||
REAL ESTATE INVESTMENTS | ||
Discount Rate | 0.0569 | |
Multi-tenant, Hillside, Illinois | ||
REAL ESTATE INVESTMENTS | ||
Market Cap Rate | 0.0625 | |
Multi-tenant, Hillside, Illinois | Lease Intangible | ||
REAL ESTATE INVESTMENTS | ||
Discount Rate | 0.0663 | |
Curaleaf, Inc., Lexington, Kentucky | ||
REAL ESTATE INVESTMENTS | ||
Market Cap Rate | 0.0525 | |
Curaleaf, Inc., Lexington, Kentucky | Lease Intangible | ||
REAL ESTATE INVESTMENTS | ||
Discount Rate | 0.0588 | |
Multi-tenant, Northwood, Ohio - 1 | ||
REAL ESTATE INVESTMENTS | ||
Market Cap Rate | 0.0675 | |
Multi-tenant, Northwood, Ohio - 1 | Lease Intangible | ||
REAL ESTATE INVESTMENTS | ||
Discount Rate | 0.0560 | |
Multi-tenant, Northwood, Ohio - 1 | Intangible Mortgage Assets | ||
REAL ESTATE INVESTMENTS | ||
Discount Rate | 0.0575 | |
Multi-tenant, Northwood, Ohio - 2 | ||
REAL ESTATE INVESTMENTS | ||
Market Cap Rate | 0.0675 | |
Multi-tenant, Northwood, Ohio - 2 | Lease Intangible | ||
REAL ESTATE INVESTMENTS | ||
Discount Rate | 0.0560 | |
Multi-tenant, Northwood, Ohio - 2 | Intangible Mortgage Assets | ||
REAL ESTATE INVESTMENTS | ||
Discount Rate | 0.0575 | |
Real Estate Acquisitions in 2022 | Multi-tenant, Hillside, Illinois | Lease Intangible | Warehouse | ||
REAL ESTATE INVESTMENTS | ||
Discount Rate | 0.0577 | |
Real Estate Acquisitions in 2022 | Multi-tenant, Hillside, Illinois | Lease Intangible | Office | ||
REAL ESTATE INVESTMENTS | ||
Discount Rate | 0.0903 |
REAL ESTATE INVESTMENTS - Acq_2
REAL ESTATE INVESTMENTS - Acquired intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
REAL ESTATE INVESTMENTS | |||
Accumulated amortization, Intangible Lease Liabilities | $ 5,191 | $ 5,061 | |
Amortization of acquired intangible lease assets/liabilities | 952 | 831 | $ 785 |
Rental income, net | |||
REAL ESTATE INVESTMENTS | |||
Amortization of acquired intangible lease assets/liabilities | 952 | 831 | 785 |
Depreciation and amortization | |||
REAL ESTATE INVESTMENTS | |||
Amortization of tenant origination costs | 4,821 | 4,722 | $ 4,700 |
Interest expense | |||
REAL ESTATE INVESTMENTS | |||
Amortization of intangible mortgage assets | 114 | 12 | |
Lease Intangible | |||
REAL ESTATE INVESTMENTS | |||
Accumulated amortization, Intangible Assets | 19,377 | 23,506 | |
Intangible Mortgage Assets | |||
REAL ESTATE INVESTMENTS | |||
Accumulated amortization, Intangible Assets | $ 126 | $ 12 |
REAL ESTATE INVESTMENTS - Futur
REAL ESTATE INVESTMENTS - Future amortization of acquired intangibles (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Amortization of intangible lease liabilities | |
2024 | $ 1,085 |
2025 | 723 |
2026 | 704 |
2027 | 756 |
2028 | 735 |
Thereafter | 6,093 |
Total | 10,096 |
Intangible Lease Assets | |
Amortization of intangible lease assets | |
2024 | 154 |
2025 | 128 |
2026 | 91 |
2027 | 31 |
2028 | 28 |
Thereafter | 80 |
Total | 512 |
Tenant Origination Costs | |
Amortization of intangible lease assets | |
2024 | 3,685 |
2025 | 2,672 |
2026 | 2,462 |
2027 | 1,785 |
2028 | 1,103 |
Thereafter | 2,462 |
Total | 14,169 |
Intangible Mortgage Assets | |
Amortization of intangible lease assets | |
2024 | 137 |
2025 | 137 |
2026 | 137 |
2027 | 137 |
2028 | 137 |
Thereafter | 119 |
Total | $ 804 |
REAL ESTATE INVESTMENTS - Depre
REAL ESTATE INVESTMENTS - Depreciation and Amortization (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Depreciation and Amortization | |||
Depreciation expense | $ 24,789,000 | $ 23,781,000 | $ 22,832,000 |
Buildings | |||
Depreciation and Amortization | |||
Estimated useful life | 40 years |
SALES OF PROPERTIES (Details)
SALES OF PROPERTIES (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jan. 19, 2024 | Dec. 21, 2023 | Dec. 15, 2023 | Dec. 07, 2023 | Dec. 05, 2023 | Nov. 17, 2023 | Nov. 15, 2023 | Nov. 14, 2023 | Sep. 20, 2023 | May 31, 2023 | Feb. 28, 2023 | Aug. 08, 2022 | Jun. 17, 2022 | May 02, 2022 | Mar. 22, 2022 | Dec. 27, 2021 | Jul. 01, 2021 | Jun. 17, 2021 | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SALES OF PROPERTIES & PROPERTIE HELD-FOR-SALE | ||||||||||||||||||||||
Prepayment costs on debt | $ 901,000 | |||||||||||||||||||||
Reduction to Gain on sale of real estate, net, attributable to the write-off of unbilled rent receivable. | $ 1,048,000 | $ 519,000 | 1,438,000 | |||||||||||||||||||
Gain on sale of real estate, net | 17,008,000 | 16,762,000 | 25,463,000 | |||||||||||||||||||
Applebees restaurant property, Lawrenceville, Georgia | ||||||||||||||||||||||
SALES OF PROPERTIES & PROPERTIE HELD-FOR-SALE | ||||||||||||||||||||||
Seller-financing provided by the Company | $ 1,816,000 | 1,816,000 | ||||||||||||||||||||
Loan receivable interest rate | 8% | |||||||||||||||||||||
Loan receivable, option to extend, term | 6 months | |||||||||||||||||||||
Properties disposed of by sale | ||||||||||||||||||||||
SALES OF PROPERTIES & PROPERTIE HELD-FOR-SALE | ||||||||||||||||||||||
Gross Sales Price | 45,186,000 | 31,600,000 | 54,510,000 | |||||||||||||||||||
Gain on Sale of Real Estate, Net | 17,008,000 | 16,762,000 | 25,463,000 | |||||||||||||||||||
Mortgage Prepaid on Sale | 20,387,000 | |||||||||||||||||||||
Prepayment costs on debt | 848,000 | |||||||||||||||||||||
Reduction to Gain on sale of real estate, net, attributable to the write-off of unbilled rent receivable. | 1,005,000 | 519,000 | 1,438,000 | |||||||||||||||||||
Reduction to Gain on sale of real estate, net, attributable to the write-off of net unamortized lease liabilities and assets | 982,000 | $ 4,000 | ||||||||||||||||||||
Reduction to Gain on sale of real estate, net, attributable to the write-off of net unamortized lease assets | $ 967,000 | |||||||||||||||||||||
Reduction to Gain on sale of real estate, net, attributable to the write-off of other assets and receivables. | $ 223,000 | |||||||||||||||||||||
Properties disposed of by sale | TGI Fridays Restaurant, Hauppauge, New York | ||||||||||||||||||||||
SALES OF PROPERTIES & PROPERTIE HELD-FOR-SALE | ||||||||||||||||||||||
Gross Sales Price | $ 4,200,000 | |||||||||||||||||||||
Gain on Sale of Real Estate, Net | $ 1,534,000 | |||||||||||||||||||||
Properties disposed of by sale | Haverty's retail property, Duluth, Georgia | ||||||||||||||||||||||
SALES OF PROPERTIES & PROPERTIE HELD-FOR-SALE | ||||||||||||||||||||||
Gross Sales Price | $ 6,000,000 | |||||||||||||||||||||
Gain on Sale of Real Estate, Net | $ 3,180,000 | |||||||||||||||||||||
Properties disposed of by sale | TGI Fridays Restaurant, Greensboro, North Carolina | ||||||||||||||||||||||
SALES OF PROPERTIES & PROPERTIE HELD-FOR-SALE | ||||||||||||||||||||||
Gross Sales Price | $ 3,250,000 | |||||||||||||||||||||
Gain on Sale of Real Estate, Net | $ 332,000 | |||||||||||||||||||||
Properties disposed of by sale | Land, Lakewood, Colorado | ||||||||||||||||||||||
SALES OF PROPERTIES & PROPERTIE HELD-FOR-SALE | ||||||||||||||||||||||
Gross Sales Price | $ 3,333,000 | |||||||||||||||||||||
Gain on Sale of Real Estate, Net | $ 2,177,000 | |||||||||||||||||||||
Properties disposed of by sale | Chuck E Cheese restaurant property, Indianapolis, Indiana | ||||||||||||||||||||||
SALES OF PROPERTIES & PROPERTIE HELD-FOR-SALE | ||||||||||||||||||||||
Gross Sales Price | $ 2,200,000 | |||||||||||||||||||||
Gain on Sale of Real Estate, Net | $ 226,000 | |||||||||||||||||||||
Properties disposed of by sale | TGI Fridays restaurant property, Richmond, Virginia | ||||||||||||||||||||||
SALES OF PROPERTIES & PROPERTIE HELD-FOR-SALE | ||||||||||||||||||||||
Gross Sales Price | $ 3,200,000 | |||||||||||||||||||||
Gain on Sale of Real Estate, Net | $ 265,000 | |||||||||||||||||||||
Properties disposed of by sale | Applebees restaurants - 2 properties, Cartersville & Carrolton, Georgia | ||||||||||||||||||||||
SALES OF PROPERTIES & PROPERTIE HELD-FOR-SALE | ||||||||||||||||||||||
Gross Sales Price | $ 7,300,000 | |||||||||||||||||||||
Gain on Sale of Real Estate, Net | $ 2,581,000 | |||||||||||||||||||||
Properties disposed of by sale | Applebees restaurant property, Lawrenceville, Georgia | ||||||||||||||||||||||
SALES OF PROPERTIES & PROPERTIE HELD-FOR-SALE | ||||||||||||||||||||||
Gross Sales Price | $ 2,903,000 | |||||||||||||||||||||
Gain on Sale of Real Estate, Net | $ 989,000 | |||||||||||||||||||||
Properties disposed of by sale | Havertys retail property, Virginia Beach, Virginia | ||||||||||||||||||||||
SALES OF PROPERTIES & PROPERTIE HELD-FOR-SALE | ||||||||||||||||||||||
Gross Sales Price | $ 5,500,000 | |||||||||||||||||||||
Gain on Sale of Real Estate, Net | $ 1,727,000 | |||||||||||||||||||||
Properties disposed of by sale | Barnes & Noble retail property, Fort Myers, Florida | ||||||||||||||||||||||
SALES OF PROPERTIES & PROPERTIE HELD-FOR-SALE | ||||||||||||||||||||||
Gross Sales Price | $ 7,300,000 | |||||||||||||||||||||
Gain on Sale of Real Estate, Net | $ 3,997,000 | |||||||||||||||||||||
Properties disposed of by sale | Wendy's restaurants - 4 properties, Various Cities, Pennsylvania | ||||||||||||||||||||||
SALES OF PROPERTIES & PROPERTIE HELD-FOR-SALE | ||||||||||||||||||||||
Gross Sales Price | $ 10,000,000 | |||||||||||||||||||||
Gain on Sale of Real Estate, Net | $ 4,649,000 | |||||||||||||||||||||
Properties disposed of by sale | Orlando Baking industrial property, Columbus, Ohio | ||||||||||||||||||||||
SALES OF PROPERTIES & PROPERTIE HELD-FOR-SALE | ||||||||||||||||||||||
Gross Sales Price | $ 8,500,000 | |||||||||||||||||||||
Gain on Sale of Real Estate, Net | $ 6,925,000 | |||||||||||||||||||||
Properties disposed of by sale | Haverty's retail property, Fayetteville, Georgia | ||||||||||||||||||||||
SALES OF PROPERTIES & PROPERTIE HELD-FOR-SALE | ||||||||||||||||||||||
Gross Sales Price | $ 4,800,000 | |||||||||||||||||||||
Gain on Sale of Real Estate, Net | 1,125,000 | |||||||||||||||||||||
Mortgage Prepaid on Sale | $ 1,563,000 | |||||||||||||||||||||
Properties disposed of by sale | Vacant retail property, Columbus, Ohio | ||||||||||||||||||||||
SALES OF PROPERTIES & PROPERTIE HELD-FOR-SALE | ||||||||||||||||||||||
Gross Sales Price | $ 8,300,000 | |||||||||||||||||||||
Gain on Sale of Real Estate, Net | $ 4,063,000 | |||||||||||||||||||||
Properties disposed of by sale | Whole Foods retail property & parking lot, West Hartford, Connecticut | ||||||||||||||||||||||
SALES OF PROPERTIES & PROPERTIE HELD-FOR-SALE | ||||||||||||||||||||||
Gross Sales Price | $ 40,510,000 | |||||||||||||||||||||
Gain on Sale of Real Estate, Net | $ 21,469,000 | |||||||||||||||||||||
Properties disposed of by sale | Vacant retail property, Philadelphia, Pennsylvania | ||||||||||||||||||||||
SALES OF PROPERTIES & PROPERTIE HELD-FOR-SALE | ||||||||||||||||||||||
Gross Sales Price | $ 8,300,000 | |||||||||||||||||||||
Gain on Sale of Real Estate, Net | $ 1,299,000 | |||||||||||||||||||||
Ownership interest in consolidated joint venture of the company (as a percent) | 90% | |||||||||||||||||||||
Non-controlling interest's share of the gain | $ 130,000 | |||||||||||||||||||||
Properties disposed of by sale | Wendy's restaurants - 2 properties, Hanover & Gettysburg, Pennsylvania | ||||||||||||||||||||||
SALES OF PROPERTIES & PROPERTIE HELD-FOR-SALE | ||||||||||||||||||||||
Gross Sales Price | $ 5,700,000 | |||||||||||||||||||||
Gain on Sale of Real Estate, Net | $ 2,695,000 | |||||||||||||||||||||
Properties held-for-sale | Pad site at a multi-tenant shopping center in Lakewood, Colorado | ||||||||||||||||||||||
SALES OF PROPERTIES & PROPERTIE HELD-FOR-SALE | ||||||||||||||||||||||
Contracted sale price of property | $ 2,900,000 | |||||||||||||||||||||
Consolidated Joint Venture-VIEs | Properties disposed of by sale | Land, Lakewood, Colorado | ||||||||||||||||||||||
SALES OF PROPERTIES & PROPERTIE HELD-FOR-SALE | ||||||||||||||||||||||
Ownership interest in consolidated joint venture of the company (as a percent) | 90% | |||||||||||||||||||||
Non-controlling interest's share of the gain | $ 218,000 | |||||||||||||||||||||
Mortgage Prepaid on Sale | $ 1,116,000 | |||||||||||||||||||||
Consolidated Joint Venture-VIEs | Properties held-for-sale | Pad site at a multi-tenant shopping center in Lakewood, Colorado | ||||||||||||||||||||||
SALES OF PROPERTIES & PROPERTIE HELD-FOR-SALE | ||||||||||||||||||||||
Ownership interest in consolidated joint venture of the company (as a percent) | 90% | |||||||||||||||||||||
Consolidated Joint Venture-VIEs | Properties held-for-sale | Pad site at a multi-tenant shopping center in Lakewood, Colorado | Forecast | ||||||||||||||||||||||
SALES OF PROPERTIES & PROPERTIE HELD-FOR-SALE | ||||||||||||||||||||||
Non-controlling interest's share of the gain | $ 180,000 | |||||||||||||||||||||
Gain on sale of real estate, net | $ 1,800,000 |
VARIABLE INTEREST ENTITIES, C_3
VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES - Ground Lease (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2016 | |
Variable Interest Entities - Ground Lease | ||||
Additional rent accrued from a ground lease tenant | $ 4,626,000 | |||
Variable Interest Entity, Not Primary Beneficiary | The Vue Apartments, Beachwood, Ohio | ||||
Variable Interest Entities - Ground Lease | ||||
Maximum Exposure to Loss | $ 17,276,000 | |||
Owner/ Operator Mortgage from Third Party | $ 67,444,000 | |||
Current Balance of Owner or Operator Mortgage Debt Obtained From Third Party | 63,569,000 | |||
Percentage of operating expense shortfalls & cap-ex covered by the Company | 78% | |||
Amount of operating expense shortfalls & cap-ex covered by the Company | $ 932,000 | 697,000 | ||
Proceeds received from settlement of lawsuit | 4,642,000 | |||
Additional rent accrued from a ground lease tenant | $ 4,626,000 |
VARIABLE INTEREST ENTITIES, C_4
VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES - Consolidated Joint Ventures (Details) | 12 Months Ended | ||||
Nov. 14, 2023 USD ($) | Dec. 31, 2023 USD ($) item | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) | ||
Consolidated VIEs carrying amount of assets and liabilities | |||||
Land | $ 172,309,000 | $ 181,805,000 | |||
Unbilled rent receivable | 16,661,000 | 16,079,000 | |||
Unamortized intangible lease assets, net | 14,681,000 | 19,841,000 | |||
Escrow, deposits and other assets and receivables | 19,833,000 | 23,764,000 | |||
Mortgages payable, net of unamortized deferred financing costs of $109 and $152, respectively | 418,347,000 | 405,162,000 | |||
Accrued expenses and other liabilities | 15,502,000 | 19,270,000 | |||
Unamortized intangible lease liabilities, net | 10,096,000 | 11,125,000 | |||
Accumulated other comprehensive income | 844,000 | 1,810,000 | |||
Non-controlling interests in consolidated joint ventures | [1] | 1,042,000 | 972,000 | ||
Properties disposed of by sale | |||||
Variable Interest Entities | |||||
Mortgage Prepaid on Sale | $ 20,387,000 | ||||
Mortgages payable | |||||
Consolidated VIEs carrying amount of assets and liabilities | |||||
Mortgages payable, net of unamortized deferred financing costs of $109 and $152, respectively | 418,347,000 | 405,162,000 | |||
Unamortized deferred financing costs | $ 3,414,000 | 3,355,000 | |||
Consolidated Joint Venture-VIEs | |||||
Variable Interest Entities | |||||
Number of joint ventures with controlling interest | item | 3 | ||||
Consolidated VIEs carrying amount of assets and liabilities | |||||
Land | $ 9,917,000 | 10,365,000 | |||
Buildings and improvements, net of accumulated depreciation of $6,380 and $5,670, respectively | 17,475,000 | 17,870,000 | |||
Accumulated depreciation | 6,380,000 | 5,670,000 | |||
Cash | 1,059,000 | 1,163,000 | |||
Unbilled rent receivable | 938,000 | 1,111,000 | |||
Unamortized intangible lease assets, net | 412,000 | 472,000 | |||
Escrow, deposits and other assets and receivables | 749,000 | 772,000 | |||
Mortgages payable, net of unamortized deferred financing costs of $109 and $152, respectively | 16,660,000 | 18,500,000 | |||
Unamortized deferred financing costs | 109,000 | 152,000 | |||
Accrued expenses and other liabilities | 745,000 | 711,000 | |||
Unamortized intangible lease liabilities, net | 385,000 | 424,000 | |||
Accumulated other comprehensive income | 2,000 | 22,000 | |||
Non-controlling interests in consolidated joint ventures | $ 1,042,000 | $ 972,000 | |||
Consolidated Joint Venture-VIEs | Properties disposed of by sale | Land, Lakewood, Colorado | |||||
Variable Interest Entities | |||||
Ownership interest in consolidated joint venture of the company (as a percent) | 90% | ||||
Mortgage Prepaid on Sale | $ 1,116,000 | ||||
Consolidated Joint Venture-VIEs | Minimum | |||||
Variable Interest Entities | |||||
Ownership interest in consolidated joint venture of the company (as a percent) | 90% | ||||
Consolidated Joint Venture-VIEs | Maximum | |||||
Variable Interest Entities | |||||
Ownership interest in consolidated joint venture of the company (as a percent) | 95% | ||||
[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: $9,917 and $10,365 of land, $17,475 and $17,870 of building and improvements, net of $6,380 and $ 5,670 of accumulated depreciation, $3,158 and $3,518 of other assets included in other line items, $16,660 and $18,500 of real estate debt, net, $1,130 and $1,135 of other liabilities included in other line items, and $1,042 and $972 of non-controlling interests as of December 31, 2023 and 2022, respectively. |
VARIABLE INTEREST ENTITIES, C_5
VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES - MCB Real Estate, LLC (Details) - Consolidated Joint Venture-VIEs - Joint venture partner - MCB Real Estate LLC And Its Affiliates | Dec. 31, 2023 USD ($) 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 | $ | $ 4,448,000 | $ 4,563,000 |
INVESTMENT IN UNCONSOLIDATED _2
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Details) | 1 Months Ended | 12 Months Ended | ||||
Dec. 15, 2023 USD ($) | Sep. 30, 2023 USD ($) | Jul. 31, 2021 USD ($) a | Dec. 31, 2023 USD ($) item | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | ||||||
Equity in (loss) earnings from sale of unconsolidated joint venture properties | $ (108,000) | $ 805,000 | ||||
Equity investment in unconsolidated joint ventures | 2,051,000 | $ 10,400,000 | ||||
Equity in (loss) earnings of unconsolidated joint ventures | $ (904,000) | $ 400,000 | 202,000 | |||
Unconsolidated Joint Venture | ||||||
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | ||||||
Number of unconsolidated joint ventures | item | 2 | 2 | ||||
Equity investment in unconsolidated joint ventures | $ 2,051,000 | $ 10,400,000 | ||||
Equity in (loss) earnings of unconsolidated joint ventures | $ (904,000) | $ 400,000 | $ 202,000 | |||
Unconsolidated Joint Venture | Joint Venture Property in Manahawkin, New Jersey | ||||||
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | ||||||
Ownership interest (as a percent) | 50% | |||||
Percentage of impairment charges recognized by the Company | 50% | |||||
Impairment charge related to sale of joint venture property | $ 850,000 | |||||
Percentage of gain recognized by the Company | 50% | |||||
Equity in (loss) earnings from sale of unconsolidated joint venture properties | $ (108,000) | |||||
Unconsolidated Joint Venture | Land located in Savannah, Georgia | ||||||
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | ||||||
Ownership interest (as a percent) | 50% | |||||
Percentage of gain recognized by the Company | 50% | |||||
Equity in (loss) earnings from sale of unconsolidated joint venture properties | $ 805,000 | |||||
Unconsolidated Joint Venture | ||||||
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | ||||||
Number of properties owned and operated by each unconsolidated joint venture | item | 1 | 1 | ||||
Unconsolidated Joint Venture | Joint Venture Property in Manahawkin, New Jersey | ||||||
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | ||||||
Contract sale price of joint venture property | $ 36,500,000 | |||||
Impairment charge related to sale of joint venture property | $ 1,699,000 | |||||
Net proceeds from the sale of unconsolidated joint venture | $ 35,070,000 | |||||
Unconsolidated Joint Venture | Land located in Savannah, Georgia | ||||||
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | ||||||
Net proceeds from the sale of unconsolidated joint venture | $ 2,559,000 | |||||
Unconsolidated Joint Venture | Land located in Savannah, Georgia | ||||||
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | ||||||
Number of acres retained by unconsolidated joint venture after sale | a | 2.2 |
DEBT OBLIGATIONS - Mortgages Pa
DEBT OBLIGATIONS - Mortgages Payable (Details) | 12 Months Ended | |
Dec. 31, 2023 USD ($) item | Dec. 31, 2022 USD ($) | |
Mortgages payable, net | ||
Mortgages payable, gross | $ 422,565,000 | $ 409,175,000 |
Mortgages payable, net | $ 418,347,000 | 405,162,000 |
Number of outstanding mortgages | item | 68 | |
Aggregate gross carrying value of real estate investments | $ 670,157,000 | |
Accumulated depreciation | 127,325,000 | |
Mortgages payable | ||
Mortgages payable, net | ||
Mortgages payable, gross | 422,565,000 | 409,175,000 |
Unamortized deferred financing costs | (3,414,000) | (3,355,000) |
Unamortized mortgage intangible asset | (804,000) | (658,000) |
Mortgages payable, net | $ 418,347,000 | $ 405,162,000 |
Weighted average interest rate (as a percent) | 4.31% | 4.10% |
Mortgages payable | Minimum | ||
Mortgages payable, net | ||
Interest rate after giving effect to interest rate swap agreements | 3.05% | |
Mortgages payable | Maximum | ||
Mortgages payable, net | ||
Interest rate after giving effect to interest rate swap agreements | 8.40% |
DEBT OBLIGATIONS - Principal re
DEBT OBLIGATIONS - Principal repayments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Amortization payments | ||
Amortization payments, Year Ending December 31, 2024 | $ 11,873 | |
Amortization payments, Year Ending December 31, 2025 | 10,627 | |
Amortization payments, Year Ending December 31, 2026 | 10,491 | |
Amortization payments, Year Ending December 31, 2027 | 9,399 | |
Amortization payments, Year Ending December 31, 2028 | 8,718 | |
Amortization payments, Thereafter | 34,283 | |
Amortization payments, Total | 85,391 | |
Total | ||
Total, Year Ending December 31, 2024 | 61,779 | |
Total, Year Ending December 31, 2025 | 41,477 | |
Total, Year Ending December 31, 2026 | 29,670 | |
Total, Year Ending December 31, 2027 | 47,923 | |
Total, Year Ending December 31, 2028 | 38,873 | |
Total, Thereafter | 202,843 | |
Total | 422,565 | $ 409,175 |
Mortgages payable | ||
Principal due at maturity | ||
Principal due at maturity, Year Ending December 31, 2024 | 49,906 | |
Principal due at maturity, Year Ending December 31, 2025 | 30,850 | |
Principal due at maturity, Year Ending December 31, 2026 | 19,179 | |
Principal due at maturity, Year Ending December 31, 2027 | 38,524 | |
Principal due at maturity, Year Ending December 31, 2028 | 30,155 | |
Principal due at maturity, Thereafter | 168,560 | |
Principal due at maturity, Total | 337,174 | |
Total | ||
Total | $ 422,565 | $ 409,175 |
DEBT OBLIGATIONS - Line of Cred
DEBT OBLIGATIONS - Line of Credit (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 01, 2024 | |
Line of credit, net, balances per the consolidated balance sheets | ||||
Line of credit, net | $ 21,068,000 | |||
Accumulated amortization of deferred financing costs | $ 5,298,000 | 4,791,000 | ||
Line of Credit | ||||
Line of Credit | ||||
Maximum borrowing capacity | 100,000,000 | |||
Remaining amount available to be borrowed under the facility | 100,000,000 | $ 100,000,000 | ||
Borrowing capacity available for renovation and operating expense purposes | $ 40,000,000 | $ 40,000,000 | ||
Percentage of permitted borrowing base available for renovation and operating expense purposes | 40% | |||
Basis of interest rate | 30-day SOFR | |||
Unused facility fee (as a percent) | 0.25% | |||
Line of credit, net, balances per the consolidated balance sheets | ||||
Line of credit, gross | $ 0 | 21,800,000 | ||
Unamortized deferred financing costs | (732,000) | |||
Line of credit, net | 0 | $ 21,068,000 | ||
Amount of unamortized deferred financing costs reclassified to Escrow, deposits and other assets and receivables | $ 549,000 | |||
Line of Credit | Weighted average | ||||
Line of Credit | ||||
Line of credit, interest rate during the period | 6.69% | 3.42% | 1.86% | |
Line of Credit | SOFR | ||||
Line of Credit | ||||
Applicable margin at December 31 (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% |
FAIR VALUE MEASUREMENTS - Mortg
FAIR VALUE MEASUREMENTS - Mortgages Payable (Details) | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
FAIR VALUE MEASUREMENTS | ||
Fair value of mortgages payable | $ 397,031,000 | $ 378,943,000 |
Carrying value of mortgages payable, gross | 422,565,000 | 409,175,000 |
Fair value less than carrying value | $ (25,534,000) | $ (30,232,000) |
Weighted average interest rate | 4.31% | 4.10% |
Blended market interest rate | ||
FAIR VALUE MEASUREMENTS | ||
Long-term debt, measurement input | 0.0593 | 0.0587 |
Weighted average remaining term to maturity (years) | ||
FAIR VALUE MEASUREMENTS | ||
Long-term debt, measurement input | 5.9 | 6.5 |
Line of Credit | ||
FAIR VALUE MEASUREMENTS | ||
Line of credit, gross | $ 0 | $ 21,800,000 |
Mortgages payable | ||
FAIR VALUE MEASUREMENTS | ||
Carrying value of mortgages payable, gross | $ 422,565,000 | $ 409,175,000 |
FAIR VALUE MEASUREMENTS - Fair
FAIR VALUE MEASUREMENTS - Fair Value of Derivatives (Details) | 12 Months Ended | |
Dec. 31, 2023 USD ($) item | Dec. 31, 2022 USD ($) | |
Interest rate derivatives | Cash flow hedges | ||
FAIR VALUE MEASUREMENTS | ||
Number of interest rate derivatives held | item | 13 | |
Number of mortgage loans outstanding with related interest rate swaps | item | 13 | |
Notional Amount | $ | $ 29,650,000 | |
Weighted average maturity | 1 year 2 months 12 days | |
Weighted average annual interest rate (as a percent) | 3.88% | |
Interest rate derivatives | Cash flow hedges | Minimum | ||
FAIR VALUE MEASUREMENTS | ||
Fixed interest rate (as a percent) | 3.22% | |
Interest rate derivatives | Cash flow hedges | Maximum | ||
FAIR VALUE MEASUREMENTS | ||
Fixed interest rate (as a percent) | 4.55% | |
Interest rate swap | ||
Financial assets: | ||
Financial assets, Balance Sheet Classification | Escrow, deposits and other assets and receivables | Escrow, deposits and other assets and receivables |
Interest rate swap | Level 2 | ||
Financial assets: | ||
Financial assets | $ | $ 824,000 | $ 1,811,000 |
FAIR VALUE MEASUREMENTS - Effec
FAIR VALUE MEASUREMENTS - Effect of derivatives on Consolidated Statements of Income (Details) - Interest rate swap - Cash flow hedges - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
FAIR VALUE MEASUREMENTS | |||
Amount of gain recognized on derivatives in other comprehensive income | $ 328,000 | $ 3,028,000 | $ 1,179,000 |
Amount of reclassification from Accumulated other comprehensive income into Interest expense | 1,295,000 | $ (297,000) | (2,318,000) |
Additional amount to be reclassified during the next twelve months | $ 714,000 | ||
Prepayment costs on debt | |||
FAIR VALUE MEASUREMENTS | |||
Amounts reclassified from Accumulated other comprehensive loss into Interest Expense as a result of forecasted transactions being no longer probable of occurring | $ 867,000 |
RELATED PARTY TRANSACTIONS - Co
RELATED PARTY TRANSACTIONS - Compensation and Services Agreement (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Affiliated Entity | Majestic | |||
Related Party Transactions | |||
Aggregate fees under compensation and services agreement | $ 3,317,000 | $ 3,067,000 | $ 3,111,000 |
Property management services | 1,510,000 | 1,346,000 | 1,365,000 |
Additional payment for the entity's share of all direct office expenses | $ 317,000 | 317,000 | 295,000 |
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 | $ 2,499,000 | $ 2,572,000 | $ 2,590,000 |
RELATED PARTY TRANSACTIONS - Jo
RELATED PARTY TRANSACTIONS - Joint Venture Partners and Affiliates (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Unconsolidated Joint Venture | |||
Related Party Transactions | |||
Aggregate management fees paid to other partners | $ 115,000 | $ 131,000 | $ 118,000 |
Increase (decrease) in equity earnings, joint venture transaction | (57,000) | (66,000) | (59,000) |
Joint Venture Partners and Affiliates | |||
Related Party Transactions | |||
Payments for property management services | $ 90,000 | $ 84,000 | $ 83,000 |
RELATED PARTY TRANSACTIONS - Ot
RELATED PARTY TRANSACTIONS - Other (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Real estate expenses | |||
Related Party Transactions | |||
Insurance expense recognized of amounts reimbursed to related party | $ 893,000 | $ 944,000 | $ 1,267,000 |
Chairman | General and administrative expense | |||
Related Party Transactions | |||
Aggregate fees paid | 313,000 | 313,000 | 298,000 |
Vice Chairman | General and administrative expense | |||
Related Party Transactions | |||
Aggregate fees paid | $ 125,000 | $ 125,000 | 119,000 |
Affiliated Entity | Gould Investors L.P. | |||
Related Party Transactions | |||
Number of common stock shares owned by the related party | 2,180,931 | 1,998,535 | |
Ownership percentage held by a related party | 10.40% | 9.50% | |
Amount of insurance reimbursed | $ 1,093,000 | $ 586,000 | $ 1,402,000 |
STOCKHOLDERS' EQUITY - Common S
STOCKHOLDERS' EQUITY - Common Stock Dividend (Details) - USD ($) | 12 Months Ended | |||
Mar. 04, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Common Stock Dividend | ||||
Aggregate dividend per share | $ 0.45 | $ 1.80 | $ 1.80 | $ 1.80 |
Total Dividend | $ 9,500,000 |
STOCKHOLDERS' EQUITY - Stock Re
STOCKHOLDERS' EQUITY - Stock Repurchase Program (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock Repurchase Program | |||
Repurchases of common stock - net | $ 9,638,000 | $ 5,240,000 | |
Stock Repurchase Program | |||
Stock Repurchase Program | |||
Number of shares repurchased | 499,000 | 208,000 | 0 |
Repurchases of common stock - net | $ 9,638,000 | $ 5,214,000 | |
Payment of commissions on sale of shares | 30,000 | $ 12,000 | |
2023 Repurchase Plan | |||
Stock Repurchase Program | |||
Remaining value of common shares authorized for repurchase | $ 8,082,000 |
STOCKHOLDERS' EQUITY - Shares I
STOCKHOLDERS' EQUITY - Shares Issued through the At-the-Market Offering Program (Details) - At-the-Market Equity Offering Program - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
STOCKHOLDERS' EQUITY | ||
Number of shares sold | 17,000 | 106,290 |
Proceeds from sale of common stock, net of commissions | $ 604,000 | $ 3,379,000 |
Payment of commissions on sale of shares | 12,000 | 69,000 |
Payment of offering costs on sale of shares | $ 41,000 | $ 65,000 |
STOCKHOLDERS' EQUITY - Dividend
STOCKHOLDERS' EQUITY - Dividend Reinvestment Plan (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Dividend Reinvestment Plan | |||
Market price discount (as a percent) | 3% | 3% | 3% |
Common shares issued under Dividend Reinvestment Plan | 233,000 | 102,000 | 35,000 |
Maximum | |||
Dividend Reinvestment Plan | |||
Market price discount (as a percent) | 5% |
STOCKHOLDERS' EQUITY - Stock Ba
STOCKHOLDERS' EQUITY - Stock Based Compensation - Shares subject to awards outstanding (Details) - USD ($) | 12 Months Ended | |||||
Jan. 12, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted stock | ||||||
STOCKHOLDERS' EQUITY | ||||||
Number of shares awarded | 152,955 | 153,575 | 151,500 | |||
Vesting period | 5 years | |||||
RSUs | ||||||
STOCKHOLDERS' EQUITY | ||||||
Number of shares awarded | 85,250 | 85,350 | 80,700 | |||
Vesting period | 3 years | 3 years | 3 years | 3 years | 3 years | |
2022 Incentive Plan | ||||||
STOCKHOLDERS' EQUITY | ||||||
Maximum number of shares authorized for issuance | 750,000 | |||||
Number of shares awarded | 151,180 | |||||
Value of shares awarded | $ 3,265,000 | |||||
2022 Incentive Plan | Restricted stock and RSU grants | ||||||
STOCKHOLDERS' EQUITY | ||||||
Shares subject to awards outstanding | 317,825 | |||||
2022 Incentive Plan | Restricted stock | ||||||
STOCKHOLDERS' EQUITY | ||||||
Shares subject to awards outstanding | 149,335 | |||||
2022 Incentive Plan | RSUs | ||||||
STOCKHOLDERS' EQUITY | ||||||
Shares subject to awards outstanding | 168,490 | |||||
2019 Incentive Plan | ||||||
STOCKHOLDERS' EQUITY | ||||||
Maximum number of shares authorized for issuance | 750,000 | |||||
Remaining shares which may be granted under the Plan | 0 | |||||
2019 Incentive Plan | Restricted stock and RSU grants | ||||||
STOCKHOLDERS' EQUITY | ||||||
Shares subject to awards outstanding | 506,247 | |||||
2019 Incentive Plan | Restricted stock | ||||||
STOCKHOLDERS' EQUITY | ||||||
Shares subject to awards outstanding | 426,625 | |||||
2019 Incentive Plan | RSUs | ||||||
STOCKHOLDERS' EQUITY | ||||||
Shares subject to awards outstanding | 79,622 | |||||
2016 Incentive Plan | ||||||
STOCKHOLDERS' EQUITY | ||||||
Maximum number of shares authorized for issuance | 750,000 | |||||
2016 Incentive Plan | Restricted stock and RSU grants | ||||||
STOCKHOLDERS' EQUITY | ||||||
Shares subject to awards outstanding | 136,600 | |||||
Remaining shares which may be granted under the Plan | 0 | |||||
2016 Incentive Plan | Restricted stock | ||||||
STOCKHOLDERS' EQUITY | ||||||
Shares subject to awards outstanding | 136,600 |
STOCKHOLDERS' EQUITY - Stock _2
STOCKHOLDERS' EQUITY - Stock Based Compensation - RSU activities (Details) - Restricted stock units - shares | 1 Months Ended | 12 Months Ended | 48 Months Ended | |||||||
Aug. 31, 2023 | Jun. 30, 2023 | Aug. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2022 | |
STOCKHOLDERS' EQUITY | ||||||||||
Number of shares granted | 85,250 | 85,350 | 80,700 | |||||||
Number of shares vested | 74,988 | 64,488 | 73,750 | |||||||
Number of shares forfeited | 3,226 | 10,538 | ||||||||
Number of shares outstanding | 248,112 | 241,076 | 230,752 | 223,802 | 241,076 | |||||
Performance cycle | 3 years | 3 years | 3 years | 3 years | 3 years | |||||
Awards granted in 2023 | ||||||||||
STOCKHOLDERS' EQUITY | ||||||||||
Number of shares granted | 85,250 | |||||||||
Number of shares outstanding | 85,250 | |||||||||
Awards granted in 2022 | ||||||||||
STOCKHOLDERS' EQUITY | ||||||||||
Number of shares granted | 85,350 | |||||||||
Number of shares forfeited | 2,110 | |||||||||
Number of shares outstanding | 83,240 | |||||||||
Awards granted in 2021 | ||||||||||
STOCKHOLDERS' EQUITY | ||||||||||
Number of shares granted | 80,700 | |||||||||
Number of shares forfeited | 1,078 | |||||||||
Number of shares outstanding | 79,622 | |||||||||
Awards granted in 2020 | ||||||||||
STOCKHOLDERS' EQUITY | ||||||||||
Number of shares granted | 75,026 | |||||||||
Number of shares vested | 74,988 | 74,988 | ||||||||
Number of shares forfeited | 38 | |||||||||
Awards granted in 2019 | ||||||||||
STOCKHOLDERS' EQUITY | ||||||||||
Number of shares granted | 77,776 | |||||||||
Number of shares vested | 64,488 | |||||||||
Number of shares forfeited | 10,538 | 2,750 | 13,288 |
STOCKHOLDERS' EQUITY - Stock _3
STOCKHOLDERS' EQUITY - Stock Based Compensation - RSU metrics (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Valuation assumptions | |||||
Accrual for dividend equivalent rights | $ 450,000 | $ 210,000 | |||
Restricted stock units | |||||
Valuation assumptions | |||||
Performance cycle | 3 years | 3 years | 3 years | 3 years | 3 years |
ROC Awards | |||||
Valuation assumptions | |||||
Performance cycle | 3 years | ||||
TSR awards | |||||
STOCKHOLDERS' EQUITY | |||||
Service period | 3 years | ||||
Awards Granted in 2019 - 2020 | ROC Awards | |||||
STOCKHOLDERS' EQUITY | |||||
Weight | 50% | ||||
Awards Granted in 2019 - 2020 | ROC Awards | Minimum | |||||
STOCKHOLDERS' EQUITY | |||||
Average of annual ROC | 7% | ||||
Awards Granted in 2019 - 2020 | ROC Awards | Maximum | |||||
STOCKHOLDERS' EQUITY | |||||
Average of annual ROC | 9.75% | ||||
Awards Granted in 2019 - 2020 | TSR awards | |||||
STOCKHOLDERS' EQUITY | |||||
Weight | 50% | ||||
Awards Granted in 2019 - 2020 | TSR awards | Minimum | |||||
STOCKHOLDERS' EQUITY | |||||
Average of annual TSR | 7% | ||||
Awards Granted in 2019 - 2020 | TSR awards | Maximum | |||||
STOCKHOLDERS' EQUITY | |||||
Average of annual TSR | 12% | ||||
Awards granted in 2021 - 2023 | ROC Awards | |||||
STOCKHOLDERS' EQUITY | |||||
Weight | 50% | ||||
Awards granted in 2021 - 2023 | ROC Awards | Minimum | |||||
STOCKHOLDERS' EQUITY | |||||
Average of annual ROC | 6% | ||||
Awards granted in 2021 - 2023 | ROC Awards | Maximum | |||||
STOCKHOLDERS' EQUITY | |||||
Average of annual ROC | 8.75% | ||||
Awards granted in 2021 - 2023 | TSR awards | |||||
STOCKHOLDERS' EQUITY | |||||
Weight | 50% | ||||
Awards granted in 2021 - 2023 | TSR awards | Minimum | |||||
STOCKHOLDERS' EQUITY | |||||
Average of annual TSR | 6% | ||||
Awards granted in 2021 - 2023 | TSR awards | Maximum | |||||
STOCKHOLDERS' EQUITY | |||||
Average of annual TSR | 11% | ||||
Awards granted in 2023 | |||||
Valuation assumptions | |||||
Aggregate fair value of the shares granted | $ 958,000 | ||||
Awards granted in 2023 | TSR awards | |||||
Valuation assumptions | |||||
Expected life | 3 years | ||||
Dividend rate | 8.72% | ||||
Risk-free interest rate minimum | 4.42% | ||||
Risk-free interest rate maximum | 5.28% | ||||
Expected price volatility minimum | 28.69% | ||||
Expected price volatility maximum | 30.05% | ||||
Awards granted in 2022 | |||||
Valuation assumptions | |||||
Aggregate fair value of the shares granted | $ 1,371,000 | ||||
Awards granted in 2022 | TSR awards | |||||
Valuation assumptions | |||||
Expected life | 3 years | ||||
Dividend rate | 7.10% | ||||
Risk-free interest rate minimum | 1.58% | ||||
Risk-free interest rate maximum | 3.33% | ||||
Expected price volatility minimum | 29.37% | ||||
Expected price volatility maximum | 39.87% | ||||
Awards granted in 2021 | |||||
Valuation assumptions | |||||
Aggregate fair value of the shares granted | $ 1,822,000 | ||||
Awards granted in 2021 | TSR awards | |||||
Valuation assumptions | |||||
Expected life | 3 years | ||||
Dividend rate | 5.91% | ||||
Risk-free interest rate minimum | 0.03% | ||||
Risk-free interest rate maximum | 0.35% | ||||
Expected price volatility minimum | 26.74% | ||||
Expected price volatility maximum | 41.53% |
STOCKHOLDERS' EQUITY - Activity
STOCKHOLDERS' EQUITY - Activity of Equity Incentive Plans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted stock and RSU grants | |||
Restricted stock and RSU grants (based on grant price): | |||
Weighted average per share value of non-vested shares (in dollars per share) | $ 25.90 | $ 26.26 | $ 25.04 |
Value of stock vested during the period | $ 5,165,000 | $ 5,535,000 | $ 5,165,000 |
Weighted average per share value of shares forfeited during the period (in dollars per share) | $ 27.52 | $ 29.12 | $ 24.62 |
Total charge to operations: | |||
Total charge to operations | $ 5,367,000 | $ 5,507,000 | $ 5,433,000 |
Restricted stock grants | |||
Summary of the activity of the incentive Plans | |||
Average per share grant price (in dollars per share) | $ 22.09 | $ 33.75 | $ 20.34 |
Deferred compensation to be recognized over vesting period | $ 3,379,000 | $ 5,183,000 | $ 3,082,000 |
Number of non-vested shares: | |||
Non-vested beginning of period (in shares) | 712,375 | 706,450 | 701,675 |
Number of shares awarded | 152,955 | 153,575 | 151,500 |
Vested during period (in shares) | (152,300) | (146,900) | (145,725) |
Forfeitures (in shares) | (470) | (750) | (1,000) |
Non-vested end of period (in shares) | 712,560 | 712,375 | 706,450 |
Total charge to operations: | |||
Total charge to operations | $ 3,979,000 | $ 4,057,000 | $ 3,734,000 |
Total compensation costs related to non-vested awards that have not yet been recognized | $ 7,627,000 | ||
Weighted average vesting period | 2 years 1 month 6 days | ||
Restricted stock units | |||
Summary of the activity of the incentive Plans | |||
Average per share grant price (in dollars per share) | $ 20.32 | $ 26.44 | $ 30.46 |
Deferred compensation to be recognized over vesting period | $ 958,000 | $ 1,420,000 | $ 1,808,000 |
Number of non-vested shares: | |||
Non-vested beginning of period (in shares) | 241,076 | 230,752 | 223,802 |
Number of shares awarded | 85,250 | 85,350 | 80,700 |
Vested during period (in shares) | (74,988) | (64,488) | (73,750) |
Forfeitures (in shares) | (3,226) | (10,538) | |
Non-vested end of period (in shares) | 248,112 | 241,076 | 230,752 |
Total charge to operations: | |||
Total charge to operations | $ 1,388,000 | $ 1,450,000 | $ 1,699,000 |
Total compensation costs related to non-vested awards that have not yet been recognized | $ 1,797,000 | ||
Weighted average vesting period | 1 year 6 months |
EARNINGS PER COMMON SHARE - Rec
EARNINGS PER COMMON SHARE - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator for basic and diluted earnings per share: | |||||||||||
Net income | $ 15,202 | $ 2,769 | $ 6,539 | $ 5,408 | $ 8,907 | $ 7,221 | $ 16,785 | $ 9,340 | $ 29,918 | $ 42,253 | $ 39,034 |
Deduct net income loss attributable to non-controlling interests | (304) | (76) | (177) | ||||||||
Deduct earnings allocated to unvested restricted stock | (1,291) | (1,434) | (1,326) | ||||||||
Net income available for common stockholders: basic | 28,323 | 40,743 | 37,531 | ||||||||
Net income available for common stockholders: diluted | $ 28,323 | $ 40,743 | $ 37,531 | ||||||||
Denominator for basic earnings per share: | |||||||||||
Weighted average number of common shares outstanding | 20,342 | 20,567 | 20,571 | 20,514 | 20,358 | 20,340 | 20,364 | 20,379 | 20,499 | 20,360 | 20,086 |
Effect of diluted securities: | |||||||||||
RSUs | 57 | 93 | 178 | ||||||||
Denominator for diluted earnings per share: | |||||||||||
Weighted average number of shares | 20,383 | 20,596 | 20,642 | 20,579 | 20,406 | 20,416 | 20,480 | 20,541 | 20,556 | 20,453 | 20,264 |
Earnings per common share, basic (in dollars per share) | $ 0.71 | $ 0.12 | $ 0.30 | $ 0.25 | $ 0.42 | $ 0.34 | $ 0.80 | $ 0.44 | $ 1.38 | $ 2 | $ 1.87 |
Earnings per common share, diluted (in dollars per share) | $ 0.71 | $ 0.12 | $ 0.30 | $ 0.25 | $ 0.42 | $ 0.34 | $ 0.79 | $ 0.44 | $ 1.38 | $ 1.99 | $ 1.85 |
EARNINGS PER COMMON SHARE - Sha
EARNINGS PER COMMON SHARE - Shares of common stock underlying RSUs (Details) - shares | 1 Months Ended | 12 Months Ended | 48 Months Ended | |||||||
Aug. 31, 2023 | Jun. 30, 2023 | Aug. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2022 | |
Earnings Per Common Share | ||||||||||
Number of underlying shares | 248,112 | 241,076 | 230,752 | |||||||
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric | 98,098 | 118,085 | 115,376 | |||||||
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric | 42,625 | 37,513 | 115,376 | |||||||
Total | 140,723 | 155,598 | 230,752 | |||||||
Common shares not included in calculation due applicable metric had not been met at measurement dates | 107,389 | 85,478 | ||||||||
Options outstanding | 0 | 0 | 0 | 0 | ||||||
July 1, 2023 | ||||||||||
Earnings Per Common Share | ||||||||||
Number of underlying shares | 85,250 | |||||||||
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric | 23,237 | |||||||||
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric | 42,625 | |||||||||
Total | 65,862 | |||||||||
Common shares not included in calculation due applicable metric had not been met at measurement dates | 19,388 | |||||||||
July 1, 2022 | ||||||||||
Earnings Per Common Share | ||||||||||
Number of underlying shares | 83,240 | 85,350 | ||||||||
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric | 35,050 | 40,222 | ||||||||
Total | 35,050 | 40,222 | ||||||||
Common shares not included in calculation due applicable metric had not been met at measurement dates | 48,190 | 45,128 | ||||||||
August 3, 2021 | ||||||||||
Earnings Per Common Share | ||||||||||
Number of underlying shares | 79,622 | 80,700 | 80,700 | |||||||
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric | 39,811 | 40,350 | 40,350 | |||||||
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric | 40,350 | |||||||||
Total | 39,811 | 40,350 | 80,700 | |||||||
Common shares not included in calculation due applicable metric had not been met at measurement dates | 39,811 | 40,350 | ||||||||
August 3, 2020 | ||||||||||
Earnings Per Common Share | ||||||||||
Number of underlying shares | 75,026 | 75,026 | ||||||||
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric | 37,513 | 37,513 | ||||||||
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric | 37,513 | 37,513 | ||||||||
Total | 75,026 | 75,026 | ||||||||
July 1, 2019 | ||||||||||
Earnings Per Common Share | ||||||||||
Number of underlying shares | 75,026 | |||||||||
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric | 37,513 | |||||||||
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric | 37,513 | |||||||||
Total | 75,026 | |||||||||
Restricted stock units | ||||||||||
Earnings Per Common Share | ||||||||||
Number of shares vested | 74,988 | 64,488 | 73,750 | |||||||
Number of shares forfeited | 3,226 | 10,538 | ||||||||
Performance cycle | 3 years | 3 years | 3 years | 3 years | 3 years | |||||
Restricted stock units | Awards granted in 2022 | ||||||||||
Earnings Per Common Share | ||||||||||
Number of shares forfeited | 2,110 | |||||||||
Restricted stock units | Awards granted in 2021 | ||||||||||
Earnings Per Common Share | ||||||||||
Number of shares forfeited | 1,078 | |||||||||
Restricted stock units | Awards granted in 2020 | ||||||||||
Earnings Per Common Share | ||||||||||
Number of shares vested | 74,988 | 74,988 | ||||||||
Number of shares forfeited | 38 | |||||||||
Restricted stock units | Awards granted in 2019 | ||||||||||
Earnings Per Common Share | ||||||||||
Number of shares vested | 64,488 | |||||||||
Number of shares forfeited | 10,538 | 2,750 | 13,288 |
OTHER INCOME (Details)
OTHER INCOME (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) item | |
Settlement of Litigation | |||
Income on settlement of litigation | $ 5,388,000 | ||
Lease Assignment Fee Income | |||
Fee income, lease assignment agreement | $ 0 | 0 | |
Number of properties included in a lease split and assignment agreement | item | 6 | ||
Other income | |||
Insurance Recoveries on Hurricane Casualty | |||
Gain on insurance recoveries | $ 0 | $ 918,000 | $ 695,000 |
Lease Assignment Fee Income | |||
Fee income, lease assignment agreement | $ 100,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
General and administrative expense | |||
COMMITMENTS AND CONTINGENCIES | |||
Pension expense | $ 436,000 | $ 349,000 | $ 301,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
INCOME TAXES | |||
Period of disqualification of REIT status | 4 years | ||
Approximate allocation of the distributions made to stockholders (percentages): | |||
Ordinary income | 53% | 54% | 43% |
Capital gains | 47% | 46% | 57% |
Total distributions made to stockholders | 100% | 100% | 100% |
Reconciliation between dividends declared with the dividends paid deduction | |||
Dividends declared | $ 38,116 | $ 37,915 | $ 37,478 |
Dividend reinvestment plan | 157 | 102 | 35 |
Dividends before adjustments | 38,273 | 38,017 | 37,513 |
Less: Spillover dividends designated to previous year | (4,240) | ||
Less: Spillover dividends designated to following year | (2,085) | ||
Plus: Dividends designated from prior year | 2,085 | 9,261 | |
Plus: Dividends designated from following year | 737 | 4,240 | |
Dividends paid deduction | $ 34,770 | $ 44,342 | $ 44,689 |
Percentage of discount on common stock purchased through the dividend reinvestment plan | 3% | 3% | 3% |
Maximum | |||
Reconciliation between dividends declared with the dividends paid deduction | |||
Percentage of discount on common stock purchased through the dividend reinvestment plan | 5% |
QUARTERLY FINANCIAL DATA (Una_3
QUARTERLY FINANCIAL DATA (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
QUARTERLY FINANCIAL DATA (Unaudited) | |||||||||||
Total revenues | $ 22,741 | $ 22,546 | $ 22,407 | $ 22,952 | $ 27,715 | $ 21,473 | $ 21,472 | $ 21,556 | $ 90,646 | $ 92,216 | $ 82,740 |
Gain on sale of properties | 11,962 | 332 | 3,180 | 1,534 | 4,063 | 8,050 | 4,649 | 17,008 | 16,762 | ||
Net income | 15,202 | 2,769 | 6,539 | 5,408 | 8,907 | 7,221 | 16,785 | 9,340 | 29,918 | 42,253 | 39,034 |
Net Income (Loss) | $ 14,962 | $ 2,747 | $ 6,519 | $ 5,386 | 8,883 | $ 7,204 | 16,767 | $ 9,323 | $ 29,614 | $ 42,177 | $ 38,857 |
Additional rental income from ground lease tenant recognized | $ 4,626 | ||||||||||
Income from the settlement of lawsuit | $ 5,388 | ||||||||||
Weighted average number of common shares outstanding: | |||||||||||
Basic (in shares) | 20,342 | 20,567 | 20,571 | 20,514 | 20,358 | 20,340 | 20,364 | 20,379 | 20,499 | 20,360 | 20,086 |
Diluted (in shares) | 20,383 | 20,596 | 20,642 | 20,579 | 20,406 | 20,416 | 20,480 | 20,541 | 20,556 | 20,453 | 20,264 |
Net income per common share attributable to common stockholders: | |||||||||||
Basic (in dollars per share) | $ 0.71 | $ 0.12 | $ 0.30 | $ 0.25 | $ 0.42 | $ 0.34 | $ 0.80 | $ 0.44 | $ 1.38 | $ 2 | $ 1.87 |
Diluted (in dollars per share) | $ 0.71 | $ 0.12 | $ 0.30 | $ 0.25 | $ 0.42 | $ 0.34 | $ 0.79 | $ 0.44 | $ 1.38 | $ 1.99 | $ 1.85 |
Schedule III - Consolidated R_2
Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details) $ in Thousands | Dec. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 422,565 | |||
Initial Cost To Company | ||||
Land | 169,382 | |||
Buildings and Improvements | 641,447 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 53,826 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 172,309 | |||
Building & Improvements | 692,346 | |||
Total | 864,655 | $ 879,596 | $ 837,641 | $ 839,058 |
Accumulated Depreciation | $ 182,705 | $ 173,143 | $ 160,664 | $ 147,136 |
Minimum | ||||
Other disclosures | ||||
Estimated useful lives of buildings and improvements | 2 years | |||
Maximum | ||||
Other disclosures | ||||
Estimated useful lives of buildings and improvements | 40 years | |||
Health & Fitness | Real Estate in Tucker, GA | ||||
Initial Cost To Company | ||||
Land | $ 807 | |||
Buildings and Improvements | 3,027 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 3,420 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 807 | |||
Building & Improvements | 6,447 | |||
Total | 7,254 | |||
Accumulated Depreciation | 3,461 | |||
Health & Fitness | Real Estate in Hamilton, OH | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 3,969 | |||
Initial Cost To Company | ||||
Land | 1,483 | |||
Buildings and Improvements | 5,953 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 10 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,483 | |||
Building & Improvements | 5,963 | |||
Total | 7,446 | |||
Accumulated Depreciation | 2,128 | |||
Health & Fitness | Real Estate in Secaucus, NJ | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 7,058 | |||
Initial Cost To Company | ||||
Land | 5,449 | |||
Buildings and Improvements | 9,873 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 5,449 | |||
Building & Improvements | 9,873 | |||
Total | 15,322 | |||
Accumulated Depreciation | 2,744 | |||
Industrial | Real Estate in West Palm Beach, FL | ||||
Initial Cost To Company | ||||
Land | 181 | |||
Buildings and Improvements | 724 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 235 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 181 | |||
Building & Improvements | 959 | |||
Total | 1,140 | |||
Accumulated Depreciation | 551 | |||
Industrial | Real Estate in New Hyde Park, NY | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 2,103 | |||
Initial Cost To Company | ||||
Land | 182 | |||
Buildings and Improvements | 728 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 281 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 182 | |||
Building & Improvements | 1,009 | |||
Total | 1,191 | |||
Accumulated Depreciation | 574 | |||
Industrial | Real Estate in Ronkonkoma, NY | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 5,004 | |||
Initial Cost To Company | ||||
Land | 1,042 | |||
Buildings and Improvements | 4,171 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 2,943 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,042 | |||
Building & Improvements | 7,114 | |||
Total | 8,156 | |||
Accumulated Depreciation | 3,625 | |||
Industrial | Real Estate in Hauppauge, NY | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 21,984 | |||
Initial Cost To Company | ||||
Land | 1,951 | |||
Buildings and Improvements | 10,954 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 9,600 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,951 | |||
Building & Improvements | 20,554 | |||
Total | 22,505 | |||
Accumulated Depreciation | 9,279 | |||
Industrial | Real Estate in Melville, NY | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 2,195 | |||
Initial Cost To Company | ||||
Land | 774 | |||
Buildings and Improvements | 3,029 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 1,170 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 774 | |||
Building & Improvements | 4,199 | |||
Total | 4,973 | |||
Accumulated Depreciation | 2,037 | |||
Industrial | Real Estate in Saco, ME | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 4,865 | |||
Initial Cost To Company | ||||
Land | 1,027 | |||
Buildings and Improvements | 3,623 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 2,050 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,027 | |||
Building & Improvements | 5,673 | |||
Total | 6,700 | |||
Accumulated Depreciation | 1,914 | |||
Industrial | Real Estate in Baltimore, MD | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 16,995 | |||
Initial Cost To Company | ||||
Land | 6,474 | |||
Buildings and Improvements | 25,282 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 6,474 | |||
Building & Improvements | 25,282 | |||
Total | 31,756 | |||
Accumulated Depreciation | 10,772 | |||
Industrial | Real Estate in Durham, NC | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 4,250 | |||
Initial Cost To Company | ||||
Land | 1,043 | |||
Buildings and Improvements | 2,404 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 44 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,043 | |||
Building & Improvements | 2,448 | |||
Total | 3,491 | |||
Accumulated Depreciation | 877 | |||
Industrial | Real Estate in Pinellas Park, FL | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 1,957 | |||
Initial Cost To Company | ||||
Land | 1,231 | |||
Buildings and Improvements | 1,669 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 614 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,231 | |||
Building & Improvements | 2,283 | |||
Total | 3,514 | |||
Accumulated Depreciation | 555 | |||
Industrial | Real Estate in Miamisburg, OH | ||||
Initial Cost To Company | ||||
Land | 165 | |||
Buildings and Improvements | 1,348 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 90 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 165 | |||
Building & Improvements | 1,438 | |||
Total | 1,603 | |||
Accumulated Depreciation | 489 | |||
Industrial | Real Estate in Fort Mill, SC | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 18,548 | |||
Initial Cost To Company | ||||
Land | 1,840 | |||
Buildings and Improvements | 12,687 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 557 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,840 | |||
Building & Improvements | 13,244 | |||
Total | 15,084 | |||
Accumulated Depreciation | 3,593 | |||
Industrial | Real Estate in Indianapolis, IN | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 8,741 | |||
Initial Cost To Company | ||||
Land | 1,224 | |||
Buildings and Improvements | 6,935 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,224 | |||
Building & Improvements | 6,935 | |||
Total | 8,159 | |||
Accumulated Depreciation | 2,155 | |||
Industrial | Real Estate in Fort Mill, SC | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 20,197 | |||
Initial Cost To Company | ||||
Land | 1,804 | |||
Buildings and Improvements | 33,650 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,804 | |||
Building & Improvements | 33,650 | |||
Total | 35,454 | |||
Accumulated Depreciation | 10,154 | |||
Industrial | Real Estate in New Hope, MN | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 3,658 | |||
Initial Cost To Company | ||||
Land | 881 | |||
Buildings and Improvements | 6,064 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 234 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 881 | |||
Building & Improvements | 6,298 | |||
Total | 7,179 | |||
Accumulated Depreciation | 1,480 | |||
Industrial | Real Estate in Louisville, KY | ||||
Initial Cost To Company | ||||
Land | 578 | |||
Buildings and Improvements | 3,727 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 570 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 578 | |||
Building & Improvements | 4,297 | |||
Total | 4,875 | |||
Accumulated Depreciation | 877 | |||
Industrial | Real Estate in Louisville, KY | ||||
Initial Cost To Company | ||||
Land | 51 | |||
Buildings and Improvements | 230 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 51 | |||
Building & Improvements | 230 | |||
Total | 281 | |||
Accumulated Depreciation | 53 | |||
Industrial | Real Estate in McCalla, AL | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 12,665 | |||
Initial Cost To Company | ||||
Land | 1,588 | |||
Buildings and Improvements | 14,682 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,588 | |||
Building & Improvements | 14,682 | |||
Total | 16,270 | |||
Accumulated Depreciation | 3,167 | |||
Industrial | Real Estate In St Louis, MO | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 9,580 | |||
Initial Cost To Company | ||||
Land | 3,728 | |||
Buildings and Improvements | 13,006 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 779 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 3,728 | |||
Building & Improvements | 13,785 | |||
Total | 17,513 | |||
Accumulated Depreciation | 3,140 | |||
Industrial | Real Estate in Greenville, SC | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 4,206 | |||
Initial Cost To Company | ||||
Land | 693 | |||
Buildings and Improvements | 6,893 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 1,101 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 693 | |||
Building & Improvements | 7,994 | |||
Total | 8,687 | |||
Accumulated Depreciation | 1,558 | |||
Industrial | Real Estate in Greenville, SC | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 4,674 | |||
Initial Cost To Company | ||||
Land | 528 | |||
Buildings and Improvements | 8,074 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 938 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 528 | |||
Building & Improvements | 9,012 | |||
Total | 9,540 | |||
Accumulated Depreciation | 1,732 | |||
Industrial | Real Estate in El Paso, TX | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 23,000 | |||
Initial Cost To Company | ||||
Land | 3,691 | |||
Buildings and Improvements | 17,904 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 2,429 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 3,691 | |||
Building & Improvements | 20,333 | |||
Total | 24,024 | |||
Accumulated Depreciation | 3,871 | |||
Industrial | Real Estate in Lebanon, TN | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 19,504 | |||
Initial Cost To Company | ||||
Land | 2,094 | |||
Buildings and Improvements | 30,039 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 214 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 2,094 | |||
Building & Improvements | 30,253 | |||
Total | 32,347 | |||
Accumulated Depreciation | 5,676 | |||
Industrial | Real Estate in Huntersville, NC | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 4,251 | |||
Initial Cost To Company | ||||
Land | 1,046 | |||
Buildings and Improvements | 6,674 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,046 | |||
Building & Improvements | 6,674 | |||
Total | 7,720 | |||
Accumulated Depreciation | 1,167 | |||
Industrial | Real Estate in Pittston, PA | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 14,350 | |||
Initial Cost To Company | ||||
Land | 999 | |||
Buildings and Improvements | 9,922 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 1,609 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 999 | |||
Building & Improvements | 11,531 | |||
Total | 12,530 | |||
Accumulated Depreciation | 1,891 | |||
Industrial | Real Estate in Ankeny, IA | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 7,251 | |||
Initial Cost To Company | ||||
Land | 1,351 | |||
Buildings and Improvements | 11,607 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,351 | |||
Building & Improvements | 11,607 | |||
Total | 12,958 | |||
Accumulated Depreciation | 1,949 | |||
Industrial | Real Estate in Memphis, TN | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 4,457 | |||
Initial Cost To Company | ||||
Land | 140 | |||
Buildings and Improvements | 7,952 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 140 | |||
Building & Improvements | 7,952 | |||
Total | 8,092 | |||
Accumulated Depreciation | 1,286 | |||
Industrial | Real Estate in Pennsburg, PA | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 7,182 | |||
Initial Cost To Company | ||||
Land | 1,776 | |||
Buildings and Improvements | 11,126 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,776 | |||
Building & Improvements | 11,126 | |||
Total | 12,902 | |||
Accumulated Depreciation | 1,786 | |||
Industrial | Real Estate in Plymouth, MN | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 2,904 | |||
Initial Cost To Company | ||||
Land | 1,121 | |||
Buildings and Improvements | 4,429 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,121 | |||
Building & Improvements | 4,429 | |||
Total | 5,550 | |||
Accumulated Depreciation | 642 | |||
Industrial | Real Estate in Englewood, CO | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 7,412 | |||
Initial Cost To Company | ||||
Land | 1,562 | |||
Buildings and Improvements | 11,300 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,562 | |||
Building & Improvements | 11,300 | |||
Total | 12,862 | |||
Accumulated Depreciation | 1,531 | |||
Industrial | Real Estate in Moorestown, NJ | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 3,507 | |||
Initial Cost To Company | ||||
Land | 1,822 | |||
Buildings and Improvements | 5,056 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,822 | |||
Building & Improvements | 5,056 | |||
Total | 6,878 | |||
Accumulated Depreciation | 681 | |||
Industrial | Real Estate in Moorestown, NJ | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 7,844 | |||
Initial Cost To Company | ||||
Land | 1,443 | |||
Buildings and Improvements | 10,898 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 52 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,443 | |||
Building & Improvements | 10,950 | |||
Total | 12,393 | |||
Accumulated Depreciation | 1,497 | |||
Industrial | Real Estate in Bakersfield, CA | ||||
Initial Cost To Company | ||||
Land | 1,988 | |||
Buildings and Improvements | 9,998 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,988 | |||
Building & Improvements | 9,998 | |||
Total | 11,986 | |||
Accumulated Depreciation | 1,323 | |||
Industrial | Real Estate in Green Park, MO | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 5,666 | |||
Initial Cost To Company | ||||
Land | 1,421 | |||
Buildings and Improvements | 7,835 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,421 | |||
Building & Improvements | 7,835 | |||
Total | 9,256 | |||
Accumulated Depreciation | 1,016 | |||
Industrial | Real Estate in Greenville, SC | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 4,800 | |||
Initial Cost To Company | ||||
Land | 186 | |||
Buildings and Improvements | 6,419 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 210 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 186 | |||
Building & Improvements | 6,629 | |||
Total | 6,815 | |||
Accumulated Depreciation | 889 | |||
Industrial | Real Estate in Nashville, TN | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 4,611 | |||
Initial Cost To Company | ||||
Land | 1,058 | |||
Buildings and Improvements | 6,350 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 255 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,058 | |||
Building & Improvements | 6,605 | |||
Total | 7,663 | |||
Accumulated Depreciation | 767 | |||
Industrial | Real Estate in Wauconda, IL | ||||
Initial Cost To Company | ||||
Land | 67 | |||
Buildings and Improvements | 3,423 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 41 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 67 | |||
Building & Improvements | 3,464 | |||
Total | 3,531 | |||
Accumulated Depreciation | 439 | |||
Industrial | Real Estate in Bensalem, PA | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 3,649 | |||
Initial Cost To Company | ||||
Land | 1,602 | |||
Buildings and Improvements | 4,323 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 150 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,602 | |||
Building & Improvements | 4,473 | |||
Total | 6,075 | |||
Accumulated Depreciation | 516 | |||
Industrial | Real Estate in Chandler, AZ | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 4,648 | |||
Initial Cost To Company | ||||
Land | 1,335 | |||
Buildings and Improvements | 7,379 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 102 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,335 | |||
Building & Improvements | 7,481 | |||
Total | 8,816 | |||
Accumulated Depreciation | 897 | |||
Industrial | Real Estate in LaGrange, GA | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 2,862 | |||
Initial Cost To Company | ||||
Land | 297 | |||
Buildings and Improvements | 4,500 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 297 | |||
Building & Improvements | 4,500 | |||
Total | 4,797 | |||
Accumulated Depreciation | 521 | |||
Industrial | Real Estate in Shakopee, MN | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 4,469 | |||
Initial Cost To Company | ||||
Land | 1,877 | |||
Buildings and Improvements | 5,462 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 10 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,877 | |||
Building & Improvements | 5,472 | |||
Total | 7,349 | |||
Accumulated Depreciation | 624 | |||
Industrial | Real Estate in Rincon, GA | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 3,675 | |||
Initial Cost To Company | ||||
Land | 61 | |||
Buildings and Improvements | 5,968 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 61 | |||
Building & Improvements | 5,968 | |||
Total | 6,029 | |||
Accumulated Depreciation | 638 | |||
Industrial | Real Estate in Chandler, AZ | ||||
Initial Cost To Company | ||||
Land | 1,164 | |||
Buildings and Improvements | 1,691 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 4 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,164 | |||
Building & Improvements | 1,695 | |||
Total | 2,859 | |||
Accumulated Depreciation | 192 | |||
Industrial | Real Estate In Ashland, VA | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 5,131 | |||
Initial Cost To Company | ||||
Land | 391 | |||
Buildings and Improvements | 7,901 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 391 | |||
Building & Improvements | 7,901 | |||
Total | 8,292 | |||
Accumulated Depreciation | 799 | |||
Industrial | Real Estate In Lowell, AR | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 11,265 | |||
Initial Cost To Company | ||||
Land | 1,687 | |||
Buildings and Improvements | 15,188 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,687 | |||
Building & Improvements | 15,188 | |||
Total | 16,875 | |||
Accumulated Depreciation | 1,613 | |||
Industrial | Real Estate in Monroe, NC | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 4,185 | |||
Initial Cost To Company | ||||
Land | 897 | |||
Buildings and Improvements | 5,106 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 897 | |||
Building & Improvements | 5,106 | |||
Total | 6,003 | |||
Accumulated Depreciation | 351 | |||
Industrial | Real Estate in Lehigh Acres, FL | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 5,727 | |||
Initial Cost To Company | ||||
Land | 1,934 | |||
Buildings and Improvements | 7,393 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,934 | |||
Building & Improvements | 7,393 | |||
Total | 9,327 | |||
Accumulated Depreciation | 437 | |||
Industrial | Real Estate in Omaha, NE | ||||
Initial Cost To Company | ||||
Land | 1,001 | |||
Buildings and Improvements | 6,547 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 6 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,001 | |||
Building & Improvements | 6,553 | |||
Total | 7,554 | |||
Accumulated Depreciation | 360 | |||
Industrial | Real Estate in Fort Myers, Florida | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 4,617 | |||
Initial Cost To Company | ||||
Land | 991 | |||
Buildings and Improvements | 6,876 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 991 | |||
Building & Improvements | 6,876 | |||
Total | 7,867 | |||
Accumulated Depreciation | 358 | |||
Industrial | Real Estate in Dalton, Georgia | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 9,710 | |||
Initial Cost To Company | ||||
Land | 547 | |||
Buildings and Improvements | 15,836 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 547 | |||
Building & Improvements | 15,836 | |||
Total | 16,383 | |||
Accumulated Depreciation | 646 | |||
Industrial | Real Estate in Hillside, Illinois | ||||
Initial Cost To Company | ||||
Land | 2,560 | |||
Buildings and Improvements | 2,975 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 2,560 | |||
Building & Improvements | 2,975 | |||
Total | 5,535 | |||
Accumulated Depreciation | 131 | |||
Industrial | Real Estate in Lexington, Kentucky | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 5,279 | |||
Initial Cost To Company | ||||
Land | 1,558 | |||
Buildings and Improvements | 6,881 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,558 | |||
Building & Improvements | 6,881 | |||
Total | 8,439 | |||
Accumulated Depreciation | 276 | |||
Industrial | Real Estate in Northwood Ohio | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 5,823 | |||
Initial Cost To Company | ||||
Land | 181 | |||
Buildings and Improvements | 8,306 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 181 | |||
Building & Improvements | 8,306 | |||
Total | 8,487 | |||
Accumulated Depreciation | 242 | |||
Industrial | Real Estate in Northwood Ohio | ||||
Initial Cost To Company | ||||
Land | 171 | |||
Buildings and Improvements | 7,383 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 171 | |||
Building & Improvements | 7,383 | |||
Total | 7,554 | |||
Accumulated Depreciation | 218 | |||
Industrial | Real Estate in Blythewood, SC | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 4,236 | |||
Initial Cost To Company | ||||
Land | 311 | |||
Buildings and Improvements | 12,304 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 311 | |||
Building & Improvements | 12,304 | |||
Total | 12,615 | |||
Accumulated Depreciation | 147 | |||
Industrial | Real Estate in Joppa MD | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 7,859 | |||
Initial Cost To Company | ||||
Land | 3,815 | |||
Buildings and Improvements | 8,142 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 1,406 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 3,815 | |||
Building & Improvements | 9,548 | |||
Total | 13,363 | |||
Accumulated Depreciation | 2,618 | |||
Office | Real Estate in Brooklyn, NY | ||||
Initial Cost To Company | ||||
Land | 1,381 | |||
Buildings and Improvements | 5,447 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 3,161 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,381 | |||
Building & Improvements | 8,608 | |||
Total | 9,989 | |||
Accumulated Depreciation | 5,039 | |||
Other | Real Estate in Newark, DE | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 1,157 | |||
Initial Cost To Company | ||||
Land | 935 | |||
Buildings and Improvements | 3,643 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 278 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 935 | |||
Building & Improvements | 3,921 | |||
Total | 4,856 | |||
Accumulated Depreciation | 1,978 | |||
Other | Real Estate in Beachwood, OH | ||||
Initial Cost To Company | ||||
Land | 13,901 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 3,375 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 17,276 | |||
Total | 17,276 | |||
Restaurant | Real Estate in Kennesaw, GA | ||||
Initial Cost To Company | ||||
Land | 702 | |||
Buildings and Improvements | 916 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 702 | |||
Building & Improvements | 916 | |||
Total | 1,618 | |||
Accumulated Depreciation | 293 | |||
Restaurant | Real Estate in Concord, NC | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 1,240 | |||
Initial Cost To Company | ||||
Land | 999 | |||
Buildings and Improvements | 1,076 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 999 | |||
Building & Improvements | 1,076 | |||
Total | 2,075 | |||
Accumulated Depreciation | 338 | |||
Restaurant | Real Estate in Myrtle Beach, SC | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 1,240 | |||
Initial Cost To Company | ||||
Land | 1,102 | |||
Buildings and Improvements | 1,161 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,102 | |||
Building & Improvements | 1,161 | |||
Total | 2,263 | |||
Accumulated Depreciation | 352 | |||
Retail | Real Estate in Seattle, WA | ||||
Initial Cost To Company | ||||
Land | 201 | |||
Buildings and Improvements | 189 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 35 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 201 | |||
Building & Improvements | 224 | |||
Total | 425 | |||
Accumulated Depreciation | 182 | |||
Retail | Real Estate in Rosenberg, TX | ||||
Initial Cost To Company | ||||
Land | 216 | |||
Buildings and Improvements | 863 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 66 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 216 | |||
Building & Improvements | 929 | |||
Total | 1,145 | |||
Accumulated Depreciation | 656 | |||
Retail | Real Estate in Selden, NY | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 2,314 | |||
Initial Cost To Company | ||||
Land | 572 | |||
Buildings and Improvements | 2,287 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 150 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 572 | |||
Building & Improvements | 2,437 | |||
Total | 3,009 | |||
Accumulated Depreciation | 1,497 | |||
Retail | Real Estate in Batavia, NY | ||||
Initial Cost To Company | ||||
Land | 515 | |||
Buildings and Improvements | 2,061 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 515 | |||
Building & Improvements | 2,061 | |||
Total | 2,576 | |||
Accumulated Depreciation | 1,282 | |||
Retail | Real Estate in Champaign, IL | ||||
Initial Cost To Company | ||||
Land | 791 | |||
Buildings and Improvements | 3,165 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 530 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 791 | |||
Building & Improvements | 3,695 | |||
Total | 4,486 | |||
Accumulated Depreciation | 2,184 | |||
Retail | Real Estate in El Paso, TX | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 9,157 | |||
Initial Cost To Company | ||||
Land | 2,821 | |||
Buildings and Improvements | 11,123 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 2,813 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 2,821 | |||
Building & Improvements | 13,936 | |||
Total | 16,757 | |||
Accumulated Depreciation | 8,694 | |||
Retail | Real Estate in Somerville, MA | ||||
Initial Cost To Company | ||||
Land | 510 | |||
Buildings and Improvements | 1,993 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 24 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 510 | |||
Building & Improvements | 2,017 | |||
Total | 2,527 | |||
Accumulated Depreciation | 1,051 | |||
Retail | Real Estate in Hyannis, MA | ||||
Initial Cost To Company | ||||
Land | 802 | |||
Buildings and Improvements | 2,324 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 802 | |||
Building & Improvements | 2,324 | |||
Total | 3,126 | |||
Accumulated Depreciation | 927 | |||
Retail | Real Estate in Marston Mills, MA | ||||
Initial Cost To Company | ||||
Land | 461 | |||
Buildings and Improvements | 2,313 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 461 | |||
Building & Improvements | 2,313 | |||
Total | 2,774 | |||
Accumulated Depreciation | 918 | |||
Retail | Real Estate in Everett, MA | ||||
Initial Cost To Company | ||||
Land | 1,935 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,935 | |||
Total | 1,935 | |||
Retail | Real Estate in Kennesaw, GA | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 4,467 | |||
Initial Cost To Company | ||||
Land | 1,501 | |||
Buildings and Improvements | 4,349 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 1,138 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,501 | |||
Building & Improvements | 5,487 | |||
Total | 6,988 | |||
Accumulated Depreciation | 2,403 | |||
Retail | Real Estate in Royersford, PA | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 18,165 | |||
Initial Cost To Company | ||||
Land | 19,538 | |||
Buildings and Improvements | 3,150 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 524 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 19,538 | |||
Building & Improvements | 3,674 | |||
Total | 23,212 | |||
Accumulated Depreciation | 1,337 | |||
Retail | Real Estate in Monroeville, PA | ||||
Initial Cost To Company | ||||
Land | 450 | |||
Buildings and Improvements | 863 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 57 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 450 | |||
Building & Improvements | 920 | |||
Total | 1,370 | |||
Accumulated Depreciation | 297 | |||
Retail | Real Estate in Bolingbrook, IL | ||||
Initial Cost To Company | ||||
Land | 834 | |||
Buildings and Improvements | 1,887 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 101 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 834 | |||
Building & Improvements | 1,988 | |||
Total | 2,822 | |||
Accumulated Depreciation | 713 | |||
Retail | Real Estate in Crystal Lake, IL | ||||
Initial Cost To Company | ||||
Land | 615 | |||
Buildings and Improvements | 1,899 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 535 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 615 | |||
Building & Improvements | 2,434 | |||
Total | 3,049 | |||
Accumulated Depreciation | 759 | |||
Retail | Real Estate in Lawrence, KS | ||||
Initial Cost To Company | ||||
Land | 134 | |||
Buildings and Improvements | 938 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 207 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 134 | |||
Building & Improvements | 1,145 | |||
Total | 1,279 | |||
Accumulated Depreciation | 327 | |||
Retail | Real Estate in Greensboro, NC | ||||
Initial Cost To Company | ||||
Land | 1,046 | |||
Buildings and Improvements | 1,552 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 29 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,046 | |||
Building & Improvements | 1,581 | |||
Total | 2,627 | |||
Accumulated Depreciation | 450 | |||
Retail | Real Estate in Highlands Ranch, CO | ||||
Initial Cost To Company | ||||
Land | 2,361 | |||
Buildings and Improvements | 2,924 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 296 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 2,361 | |||
Building & Improvements | 3,220 | |||
Total | 5,581 | |||
Accumulated Depreciation | 935 | |||
Retail | Real Estate in Woodbury, MN | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 2,405 | |||
Initial Cost To Company | ||||
Land | 1,190 | |||
Buildings and Improvements | 4,003 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,190 | |||
Building & Improvements | 4,003 | |||
Total | 5,193 | |||
Accumulated Depreciation | 1,098 | |||
Retail | Real Estate in Cuyahoga Falls, OH | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 908 | |||
Initial Cost To Company | ||||
Land | 71 | |||
Buildings and Improvements | 1,371 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 71 | |||
Building & Improvements | 1,371 | |||
Total | 1,442 | |||
Accumulated Depreciation | 271 | |||
Retail | Real Estate in Hilliard, OH | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 805 | |||
Initial Cost To Company | ||||
Land | 300 | |||
Buildings and Improvements | 1,077 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 300 | |||
Building & Improvements | 1,077 | |||
Total | 1,377 | |||
Accumulated Depreciation | 218 | |||
Retail | Real Estate in Port Clinton, OH | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 779 | |||
Initial Cost To Company | ||||
Land | 52 | |||
Buildings and Improvements | 1,187 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 52 | |||
Building & Improvements | 1,187 | |||
Total | 1,239 | |||
Accumulated Depreciation | 241 | |||
Retail | Real Estate in South Euclid, OH | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 882 | |||
Initial Cost To Company | ||||
Land | 230 | |||
Buildings and Improvements | 1,566 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 53 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 230 | |||
Building & Improvements | 1,619 | |||
Total | 1,849 | |||
Accumulated Depreciation | 343 | |||
Retail | Real Estate in St Louis Park, MN | ||||
Initial Cost To Company | ||||
Land | 3,388 | |||
Buildings and Improvements | 13,088 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 152 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 3,388 | |||
Building & Improvements | 13,240 | |||
Total | 16,628 | |||
Accumulated Depreciation | 2,621 | |||
Retail | Real Estate in Deptford, NJ | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 2,277 | |||
Initial Cost To Company | ||||
Land | 572 | |||
Buildings and Improvements | 1,779 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 705 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 572 | |||
Building & Improvements | 2,484 | |||
Total | 3,056 | |||
Accumulated Depreciation | 1,139 | |||
Retail | Real Estate in Cape Girardeau, MO | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 862 | |||
Initial Cost To Company | ||||
Land | 545 | |||
Buildings and Improvements | 1,547 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 545 | |||
Building & Improvements | 1,547 | |||
Total | 2,092 | |||
Accumulated Depreciation | 484 | |||
Retail | Real Estate in Littleton, CO | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 8,048 | |||
Initial Cost To Company | ||||
Land | 6,005 | |||
Buildings and Improvements | 11,272 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 1,037 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 5,557 | |||
Building & Improvements | 12,757 | |||
Total | 18,314 | |||
Accumulated Depreciation | 3,278 | |||
Retail - Furniture | Real Estate in Wichita, KS | ||||
Initial Cost To Company | ||||
Land | 1,189 | |||
Buildings and Improvements | 5,248 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 126 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,189 | |||
Building & Improvements | 5,374 | |||
Total | 6,563 | |||
Accumulated Depreciation | 2,325 | |||
Retail - Furniture | Real Estate in Lexington, KY | ||||
Initial Cost To Company | ||||
Land | 800 | |||
Buildings and Improvements | 3,532 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 266 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 800 | |||
Building & Improvements | 3,798 | |||
Total | 4,598 | |||
Accumulated Depreciation | 1,587 | |||
Retail - Furniture | Real Estate in Bluffton, SC | ||||
Initial Cost To Company | ||||
Land | 589 | |||
Buildings and Improvements | 2,600 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 170 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 589 | |||
Building & Improvements | 2,770 | |||
Total | 3,359 | |||
Accumulated Depreciation | 1,158 | |||
Retail - Furniture | Real Estate in Amarillo, TX | ||||
Initial Cost To Company | ||||
Land | 860 | |||
Buildings and Improvements | 3,810 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 2 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 860 | |||
Building & Improvements | 3,812 | |||
Total | 4,672 | |||
Accumulated Depreciation | 1,687 | |||
Retail - Furniture | Real Estate in Austin, TX | ||||
Initial Cost To Company | ||||
Land | 1,587 | |||
Buildings and Improvements | 7,010 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 192 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,587 | |||
Building & Improvements | 7,202 | |||
Total | 8,789 | |||
Accumulated Depreciation | 3,138 | |||
Retail - Furniture | Real Estate in Tyler, TX | ||||
Initial Cost To Company | ||||
Land | 1,031 | |||
Buildings and Improvements | 4,554 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 168 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,031 | |||
Building & Improvements | 4,722 | |||
Total | 5,753 | |||
Accumulated Depreciation | 2,029 | |||
Retail - Furniture | Real Estate in Newport News, VA | ||||
Initial Cost To Company | ||||
Land | 751 | |||
Buildings and Improvements | 3,316 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 229 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 751 | |||
Building & Improvements | 3,545 | |||
Total | 4,296 | |||
Accumulated Depreciation | 1,471 | |||
Retail - Furniture | Real Estate in Richmond, VA | ||||
Initial Cost To Company | ||||
Land | 867 | |||
Buildings and Improvements | 3,829 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 164 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 867 | |||
Building & Improvements | 3,993 | |||
Total | 4,860 | |||
Accumulated Depreciation | 1,698 | |||
Retail - Furniture | Real Estate in Gurnee, IL | ||||
Initial Cost To Company | ||||
Land | 834 | |||
Buildings and Improvements | 3,635 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 834 | |||
Building & Improvements | 3,635 | |||
Total | 4,469 | |||
Accumulated Depreciation | 1,571 | |||
Retail - Furniture | Real Estate in Naples, FL | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 1,684 | |||
Initial Cost To Company | ||||
Land | 3,070 | |||
Buildings and Improvements | 2,846 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 195 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 3,070 | |||
Building & Improvements | 3,041 | |||
Total | 6,111 | |||
Accumulated Depreciation | $ 1,204 | |||
Retail - Office Supply | ||||
Other disclosures | ||||
Number of properties net leased to same tenant pursuant to separate leases | property | 5 | |||
Number of properties containing cross default provisions | property | 4 | |||
Retail - Office Supply | Real Estate in Lake Charles, LA | ||||
Initial Cost To Company | ||||
Land | $ 1,167 | |||
Buildings and Improvements | 3,887 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 2,905 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,167 | |||
Building & Improvements | 6,792 | |||
Total | 7,959 | |||
Accumulated Depreciation | 3,063 | |||
Retail - Office Supply | Real Estate in Chicago, IL | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 3,076 | |||
Initial Cost To Company | ||||
Land | 3,877 | |||
Buildings and Improvements | 2,256 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 3,877 | |||
Building & Improvements | 2,256 | |||
Total | 6,133 | |||
Accumulated Depreciation | 862 | |||
Retail - Office Supply | Real Estate in Cary, NC | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 2,595 | |||
Initial Cost To Company | ||||
Land | 1,129 | |||
Buildings and Improvements | 3,736 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,129 | |||
Building & Improvements | 3,736 | |||
Total | 4,865 | |||
Accumulated Depreciation | 1,428 | |||
Retail - Office Supply | Real Estate in Eugene, OR | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 2,312 | |||
Initial Cost To Company | ||||
Land | 1,952 | |||
Buildings and Improvements | 2,096 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,952 | |||
Building & Improvements | 2,096 | |||
Total | 4,048 | |||
Accumulated Depreciation | 801 | |||
Retail - Office Supply | Real Estate in El Paso, TX | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 2,021 | |||
Initial Cost To Company | ||||
Land | 1,035 | |||
Buildings and Improvements | 2,700 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 1,035 | |||
Building & Improvements | 2,700 | |||
Total | 3,735 | |||
Accumulated Depreciation | 1,032 | |||
Theater | Real Estate in Greensboro, NC | ||||
Initial Cost To Company | ||||
Buildings and Improvements | 8,328 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 3,000 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Building & Improvements | 11,328 | |||
Total | 11,328 | |||
Accumulated Depreciation | 9,142 | |||
Theater | Real Estate in Indianapolis, IN | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 3,648 | |||
Initial Cost To Company | ||||
Land | 3,099 | |||
Buildings and Improvements | 5,225 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 19 | |||
Gross Amount at Which Carried at December 31, 2023 | ||||
Land | 3,099 | |||
Building & Improvements | 5,244 | |||
Total | 8,343 | |||
Accumulated Depreciation | $ 1,294 |
Schedule III - Consolidated R_3
Schedule III - Consolidated Real Estate and Accumulated Depreciation - Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investment in real estate: | |||
Balance, beginning of year | $ 879,596 | $ 837,641 | $ 839,058 |
Addition: Land, buildings and improvements | 18,176 | 59,654 | 28,837 |
Deduction: Properties sold | (33,117) | (17,699) | (28,064) |
Deduction: Property held-for-sale | (2,190) | ||
Balance, end of year | 864,655 | 879,596 | 837,641 |
Accumulated depreciation: | |||
Balance, beginning of year | 173,143 | 160,664 | 147,136 |
Addition: Depreciation | 19,242 | 18,471 | 17,694 |
Deduction: Accumulated depreciation related to properties sold | (9,680) | (5,992) | (3,246) |
Deduction: Accumulated depreciation related to property held-for-sale | (920) | ||
Balance, end of year | 182,705 | $ 173,143 | $ 160,664 |
Other disclosures | |||
Amount by which aggregate cost of the properties is higher for federal income tax purposes | $ 20,749 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||||||||||
Net Income (Loss) | $ 14,962 | $ 2,747 | $ 6,519 | $ 5,386 | $ 8,883 | $ 7,204 | $ 16,767 | $ 9,323 | $ 29,614 | $ 42,177 | $ 38,857 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | Item 9B. 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 December 31, 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 |