One Liberty Properties (OLP) 10-Q 7 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 01, 2024
Document and Entity Information
Entity Registrant Name	ONE LIBERTY PROPERTIES, INC.
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Entity File Number	001-09279
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	13-3147497
Entity Address, Address Line One	60 Cutter Mill Road
Entity Address, City or Town	Great Neck
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11021
City Area Code	516
Local Phone Number	466-3100
Title of 12(b) Security	Common Stock
Trading Symbol	OLP
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		21,320,443
Entity Central Index Key	0000712770
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Real estate investments, at cost
Land		$ 172,135	$ 172,309
Buildings and improvements		692,489	692,346
Total real estate investments, at cost		864,624	864,655
Less accumulated depreciation		187,346	182,705
Real estate investments, net		677,278	681,950
Investment in unconsolidated joint ventures		2,104	2,051
Cash and cash equivalents		27,373	26,430
Unbilled rent receivable		16,872	16,661
Unamortized intangible lease assets, net		13,650	14,681
Escrow, deposits and other assets and receivables		18,392	19,833
Total assets	[1]	755,669	761,606
Liabilities:
Mortgages payable, net		416,539	418,347
Dividends payable		10,092	9,916
Accrued expenses and other liabilities		13,309	15,502
Unamortized intangible lease liabilities, net		9,679	10,096
Total liabilities	[1]	449,619	453,861
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; 20,526 and 20,323 shares issued and outstanding		20,526	20,323
Paid-in capital		328,883	326,379
Accumulated other comprehensive income		755	844
Distributions in excess of net income		(45,330)	(40,843)
Total One Liberty Properties, Inc. stockholders' equity		304,834	306,703
Non-controlling interests in consolidated joint ventures	[1]	1,216	1,042
Total equity		306,050	307,745
Total liabilities and equity		$ 755,669	$ 761,606
[1] The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 5. The consolidated balance sheets include the following amounts related to the Company’s consolidated VIEs: $9,743 and $9,917 of land, $16,952 and $17,475 of building and improvements, net of $6,383 and $6,380 of accumulated depreciation, $3,038 and $3,158 of other assets included in other line items, $13,731 and $16,660 of real estate debt, net, $1,084 and $1,130 of other liabilities included in other line items and $1,216 and $1,042 of non-controlling interests as of March 31, 2024 and December 31, 2023, respectively.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
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		20,526	20,323
Common stock, shares outstanding		20,526	20,323
Land		$ 172,135	$ 172,309
Buildings and improvements		692,489	692,346
Accumulated depreciation		187,346	182,705
Non-controlling interests in consolidated joint ventures	[1]	1,216	1,042
Consolidated Joint Venture-VIEs
Land		9,743	9,917
Buildings and improvements		16,952	17,475
Accumulated depreciation		6,383	6,380
Other assets		3,038	3,158
Real estate debt, net		13,731	16,660
Other liabilities		1,084	1,130
Non-controlling interests in consolidated joint ventures		$ 1,216	$ 1,042
[1] The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 5. The consolidated balance sheets include the following amounts related to the Company’s consolidated VIEs: $9,743 and $9,917 of land, $16,952 and $17,475 of building and improvements, net of $6,383 and $6,380 of accumulated depreciation, $3,038 and $3,158 of other assets included in other line items, $13,731 and $16,660 of real estate debt, net, $1,084 and $1,130 of other liabilities included in other line items and $1,216 and $1,042 of non-controlling interests as of March 31, 2024 and December 31, 2023, respectively.

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Total revenues	$ 22,696	$ 22,952
Operating expenses:
Depreciation and amortization	6,021	6,145
General and administrative	3,923	4,039
Real estate expenses	4,470	4,124
State taxes	63	68
Total operating expenses	14,477	14,376
Other operating income
Gain on sale of real estate, net	1,784	1,534
Operating income	10,003	10,110
Other income and expenses:
Equity in earnings of unconsolidated joint ventures	53	85
Other income	267	15
Interest:
Expense	(4,717)	(4,600)
Amortization and write-off of deferred financing costs	(226)	(202)
Net income	5,380	5,408
Net income attributable to non-controlling interests	(225)	(22)
Net income attributable to One Liberty Properties, Inc.	$ 5,155	$ 5,386
Weighted average number of common shares outstanding:
Basic (in shares)	20,509	20,514
Diluted (in shares)	20,579	20,579
Per common share attributable to common stockholders:
Basic (in dollars per share)	$ 0.24	$ 0.25
Diluted (in dollars per share)	0.23	0.25
Cash distributions per share of common stock (in dollars per share)	$ 0.45	$ 0.45
Rental income, net
Revenues:
Total revenues	$ 22,446	$ 22,952
Lease termination fee
Revenues:
Total revenues	$ 250

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 5,380	$ 5,408
Other comprehensive income
Net unrealized loss on derivative instruments	(89)	(409)
Comprehensive income	5,291	4,999
Net income attributable to non-controlling interests	(225)	(22)
Comprehensive income attributable to One Liberty Properties, Inc.	$ 5,066	$ 4,977

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, 2022	$ 20,362	$ 325,895	$ 1,810	$ (32,102)	$ 972	$ 316,937
Distributions - common stock
Cash				(9,628)		(9,628)
Shares issued through dividend reinvestment plan	49	1,025				1,074
Restricted stock vesting	135	(135)
Compensation expense - restricted stock and RSUs		1,328				1,328
Distributions to non-controlling interests					(9)	(9)
Net income				5,386	22	5,408
Other comprehensive loss			(409)			(409)
Ending Balance at Mar. 31, 2023	20,546	328,113	1,401	(36,344)	985	314,701
Beginning Balance at Dec. 31, 2023	20,323	326,379	844	(40,843)	1,042	307,745
Distributions - common stock
Cash				(9,642)		(9,642)
Shares issued through dividend reinvestment plan	66	1,369				1,435
Restricted stock vesting	137	(137)
Compensation expense - restricted stock and RSUs		1,272				1,272
Contribution from non-controlling interest					43	43
Distributions to non-controlling interests					(94)	(94)
Net income				5,155	225	5,380
Other comprehensive loss			(89)			(89)
Ending Balance at Mar. 31, 2024	$ 20,526	$ 328,883	$ 755	$ (45,330)	$ 1,216	$ 306,050

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Distributions - common stock
Cash	$ 0.45	$ 0.45

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 5,380	$ 5,408
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of real estate, net	(1,784)	(1,534)
Increase in net amortization of unbilled rental income	(283)	(669)
Amortization and write-off of intangibles relating to leases, net	(378)	(224)
Amortization of restricted stock and RSU compensation expense	1,272	1,328
Equity in earnings of unconsolidated joint ventures	(53)	(85)
Depreciation and amortization	6,021	6,145
Amortization and write-off of deferred financing costs	226	202
Payment of leasing commissions	(4)	(179)
Decrease in escrow, deposits, other assets and receivables	740	5,571
Decrease in accrued expenses and other liabilities	(2,230)	(1,251)
Net cash provided by operating activities	8,907	14,712
Cash flows from investing activities:
Net proceeds from sale of real estate	2,670	4,076
Improvements to real estate	(844)	(725)
Investments in ground leased property		(447)
Net cash provided by investing activities	1,826	2,904
Cash flows from financing activities:
Scheduled amortization payments of mortgages payable	(3,046)	(3,078)
Repayments of mortgages payable	(26,527)
Proceeds from mortgage financings	28,000	4,800
Proceeds from bank line of credit		8,400
Repayments on bank line of credit		(18,700)
Issuance of shares through dividend reinvestment plan	1,435	1,074
Payment of financing costs	(449)	(118)
Capital contribution from non-controlling interests	43
Distributions to non-controlling interests	(94)	(9)
Cash distributions to common stockholders	(9,466)	(9,483)
Net cash used in financing activities	(10,104)	(17,114)
Net increase in cash, cash equivalents and restricted cash	629	502
Cash, cash equivalents and restricted cash at beginning of year	29,592	7,277
Cash, cash equivalents and restricted cash at end of period	30,221	7,779
Supplemental disclosure of cash flow information:
Cash paid during the period for interest expense	$ 4,741	$ 4,630

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	$ 27,373	$ 7,016
Restricted cash included in escrow, deposits and other assets and receivables	2,848	763
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	$ 30,221	$ 7,779

ORGANIZATION AND BACKGROUND

ORGANIZATION AND BACKGROUND	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, OLP owns

SUMMARY ACCOUNTING POLICIES

SUMMARY ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2024
SUMMARY ACCOUNTING POLICIES
SUMMARY ACCOUNTING POLICIES	NOTE 2 – SUMMARY ACCOUNTING POLICIES Principles of Consolidation/Basis of Preparation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments of a normal recurring nature necessary for fair presentation have been included. The results of operations for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results for the full year. These statements should be read in conjunction with the consolidated financial statements and related notes included in OLP’s Annual Report on Form 10-K for the year ended December 31, 2023. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The consolidated financial statements include the accounts and operations of OLP, its wholly-owned subsidiaries, its joint ventures in which the Company, as defined, has a controlling interest, and variable interest entities (“VIEs”) of which the Company is the primary beneficiary. OLP and its consolidated subsidiaries are referred to herein as the “Company”. Material intercompany items and transactions have been eliminated in consolidation. ​ Purchase Accounting for Acquisition of Real Estate In acquiring real estate, the Company evaluates whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, and if that requirement is met, the asset group is accounted for as an asset acquisition and not a business combination. Transaction costs incurred with such asset acquisitions are capitalized to real estate assets and depreciated over the respectful useful lives. ​ The Company allocates the purchase price of real estate, including direct transaction costs applicable to an asset acquisition, among land, building, improvements and intangibles ( e.g., The Company assesses the fair value of the gross assets acquired based on available market information which utilize estimated cash flow projections; such inputs are categorized as Level 3 inputs in the fair value hierarchy. In determining fair value, factors considered by management include an evaluation of current market demand, market capitalization rates and discount rates, estimates of carrying costs ( e.g. NOTE 2 – SUMMARY ACCOUNTING POLICIES (CONTINUED) Investment in Joint Ventures and Variable Interest Entities The Financial Accounting Standards Board, or FASB, provides guidance for determining whether an entity is a VIE. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE’s economic performance and (ii) has the obligation to absorb losses, or the right to receive benefits, of the VIE that could potentially be significant to the VIE. The Company assesses the accounting treatment for each of its investments, including a review of each venture or limited liability company or partnership agreement, to determine the rights of each party and whether those rights are protective or participating. The agreements typically contain certain protective rights, such as the requirement of partner approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget or operating plan. In situations where, among other things, the Company and its partners jointly (i) approve the annual budget, (ii) approve certain expenditures, (iii) prepare or review and approve the joint venture’s tax return before filing, or (iv) approve each lease at a property, the Company does not consolidate as the Company considers these to be substantive participation rights that result in shared, joint power over the activities that most significantly impact the performance of the joint venture or property. Additionally, the Company assesses the accounting treatment for any interests pursuant to which the Company may have a variable interest as a lessor. Leases may contain certain protective rights, such as the right of sale and the receipt of certain escrow deposits. The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. All investments in unconsolidated joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are VIEs. In addition, the Company shares power with its co-managing members over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions. None of the joint venture debt is recourse to the Company, subject to standard carve-outs. The Company 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 months ended March 31, 2024 and 2023, there were no such other-than-temporary 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.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2024
LEASES
LEASES	NOTE 3 – LEASES Lessor Accounting The Company owns rental properties which are leased to tenants under operating leases with current expirations ranging from 2024 to 2055, with options to extend terminate not ​ Fixed lease revenues represent the base rent that each tenant is required to pay in accordance with the terms of its respective leases, and any lease incentives paid or payable to the lessee, reported on a straight-line basis over the non-cancelable term of the lease. Variable lease revenues typically include payments based on (i) tenant reimbursements, (ii) changes in the index or market-based indices after the inception of the lease, (iii) percentage rents and (iv) the operating performance of the property. Variable lease revenues are not recognized until the specific events that trigger the variable payments have occurred. The components of lease revenues are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 Fixed lease revenues ​ $ 18,272 ​ $ 19,358 Variable lease revenues ​ ​ 3,796 ​ ​ 3,370 Lease revenues (a) ​ $ 22,068 ​ $ 22,728 (a) Excludes $378 and $224 of amortization related to lease intangible assets and liabilities for the three months ended March 31, 2024 and 2023, 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 March 31, 2024, the Company has assessed the collectability of all recorded lease revenues as probable. ​ Minimum Future Rents As of March 31, 2024, 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. ​ ​ ​ ​ From April 1 – December 31, 2024 ​ $ 53,150 For the year ending December 31, ​ ​ ​ 2025 ​ ​ 66,344 2026 ​ ​ 62,269 2027 ​ ​ 52,627 2028 ​ ​ 41,328 2029 ​ ​ 32,078 Thereafter ​ ​ 94,798 Total ​ $ 402,594 ​ 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-year renewal options and one seven-month renewal option. As of March 31, 2024, the remaining lease term, including a five-year ​ Office Lease ​ The Company is a lessee under a corporate office lease in Great Neck, New York, which is classified as an operating lease. The lease expires on December 31, 2031 and provides for a five-year ​ Minimum Future Lease Payments ​ As of March 31, 2024, the minimum future lease payments related to these operating leases are as follows (amounts in thousands): ​ ​ ​ ​ ​ From April 1 – December 31, 2024 ​ $ 430 For the year ending December 31, ​ ​ ​ 2025 ​ ​ 626 2026 ​ ​ 627 2027 ​ 629 2028 ​ 630 2029 ​ 692 Thereafter ​ 537 Total undiscounted cash flows ​ $ 4,171 Present value discount ​ (893) Lease liability ​ $ 3,278 ​ The lease liability is included in Accrued expenses and other liabilities on the consolidated balance sheet. ​ Lease termination fee ​

SALES OF PROPERTIES

SALES OF PROPERTIES	3 Months Ended
	Mar. 31, 2024
SALES OF PROPERTIES
SALES OF PROPERTIES	NOTE 4 SALES OF PROPERTIES On March 6, 2024, a consolidated joint venture, in which the Company holds a 90% interest, sold a restaurant parcel at its multi-tenant shopping center in Lakewood, Colorado for $2,670,000 , net of closing costs. The sale resulted in a gain of which was recorded as Gain on sale of real estate, net, in the consolidated statement of income for the three months ended March 31, 2024. In connection with this sale, the joint venture (i) wrote-off ​ On February 28, 2023, the Company sold a restaurant property located in Hauppauge, New York for $4,076,000, net of closing costs. The sale resulted in a gain of $1,534,000 which was recorded as Gain on sale of real estate, net, in the consolidated statement of income for the three months ended March 31, 2023. In connection with the sale, the Company wrote-off $128,000 of other assets and receivables as an adjustment to Gain on sale of real estate, net. ​ Sales subsequent to March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Gain ​ ​ ​ ​ Held-for-sale ​ Date Sold/ ​ Gross ​ on Sale of Real Description of Property ​ City, State ​ Date (a) ​ Estimated Sale ​ Sales Price ​ Estate Net (b) Applebee's restaurant property ​ Kennesaw, Georgia ​ April 5, 2024 ​ May 6, 2024 ​ $ 2,834 ​ $ 1,000 Vacant retail property (c) ​ Kennesaw, Georgia ​ April 16, 2024 ​ June 28, 2024 ​ ​ 6,700 ​ ​ 1,900 FedEx industrial property ​ Miamisburg, Ohio ​ April 17, 2024 ​ May 8, 2024 ​ ​ 2,793 ​ ​ 1,500 Havertys retail property ​ Wichita, Kansas ​ April 21, 2024 ​ June 6, 2024 ​ ​ 6,600 ​ ​ 2,000 (a) The Company has determined the held-for-sale criteria has been met as the buyers’ right to terminate the contracts without penalty expired on these dates. ​ (b) Such gain will be recognized as Gain on sale of real estate, net, in the consolidated statements of income for the three and six months ending June 30, 2024. ​ (c) In connection with this sale, the Company intends to payoff the mortgage on this property which had a balance of $4,434 as of March 31, 2024.

VARIABLE INTEREST ENTITIES, CON

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES	3 Months Ended
	Mar. 31, 2024
VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES
VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES	NOTE 5 – VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES ​ Variable Interest Entity – Ground Lease ​ The Company determined it has a variable interest through its ground lease at its Beachwood, Ohio property (the Vue Apartments) and the owner/operator is a VIE because its equity investment at risk is insufficient to finance its activities without additional subordinated financial support. The Company further determined that it is not the primary beneficiary of this VIE because the Company does not have power over the activities that most significantly impact the owner/operator’s economic performance and therefore, does not consolidate this VIE for financial statement purposes. Accordingly, the Company accounts for this investment as land and the revenues from the ground lease as Rental income, net. The ground lease provides for rent which can be deferred and paid based on the operating performance of the property; therefore, this rent is recognized as rental income when the operating performance is achieved and the rent is received. ​ As of March 31, 2024, 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 NOTE 5 – VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES (CONTINUED) ​ 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 during the year ended December 31, 2023. These amounts are included as part of the carrying amount of the land. No such amounts were funded during the three months ended March 31, 2024. ​ Variable Interest Entities – Consolidated Joint Ventures ​ The Company has determined the three consolidated joint ventures in which it holds between a 90% to 95% interest are VIEs because the non-controlling interests do not hold substantive kick-out or participating rights. The Company has determined it is the primary beneficiary of these VIEs as it has the power to direct the activities that most significantly impact each joint venture’s performance including management, approval of expenditures, and the obligation to absorb the losses or rights to receive benefits. Accordingly, the Company consolidates the operations of these VIEs for financial statement purposes. The VIEs’ creditors do not have recourse to the assets of the Company other than those held by the applicable joint venture. ​ The following is a summary of the consolidated VIEs’ carrying amounts and classification in the Company’s consolidated balance sheets, none of which are restricted (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 (a) 2023 Land ​ $ 9,743 ​ $ 9,917 Buildings and improvements, net of accumulated depreciation of $6,383 and $6,380, respectively ​ ​ 16,952 ​ ​ 17,475 Cash ​ ​ 889 ​ ​ 1,059 Unbilled rent receivable ​ ​ 910 ​ ​ 938 Unamortized intangible lease assets, net ​ ​ 406 ​ ​ 412 Escrow, deposits and other assets and receivables ​ ​ 833 ​ ​ 749 Mortgages payable, net of unamortized deferred financing costs of $99 and $109, respectively ​ ​ 13,731 ​ ​ 16,660 Accrued expenses and other liabilities ​ ​ 705 ​ ​ 745 Unamortized intangible lease liabilities, net ​ ​ 379 ​ ​ 385 Accumulated other comprehensive income ​ ​ — ​ ​ 2 Non-controlling interests in consolidated joint ventures ​ ​ 1,216 ​ ​ 1,042 (a) A consolidated joint venture in Lakewood, Colorado, in which the Company holds a 90% interest, sold a restaurant parcel at its multi-tenant shopping center in March 2024 and paid down the related mortgage by $1,885 (see Note 4). ​ As of March 31, 2024 and December 31, 2023, 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 $5,242,000 and $4,448,000, 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	3 Months Ended
	Mar. 31, 2024
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	NOTE 6 – INVESTMENT IN UNCONSOLIDATED JOINT VENTURES ​ As of March 31, 2024 and December 31, 2023, the Company participated in two unconsolidated joint ventures, each of which owns and operates one property; the Company’s equity investment in these ventures totaled $2,104,000 and $2,051,000 , respectively. The Company recorded equity in earnings of for the three months ended March 31, 2024 and 2023, respectively.

DEBT OBLIGATIONS

DEBT OBLIGATIONS	3 Months Ended
	Mar. 31, 2024
DEBT OBLIGATIONS
DEBT OBLIGATIONS	NOTE 7 – DEBT OBLIGATIONS ​ Mortgages Payable ​ The following table details the Mortgages payable, net, balances per the consolidated balance sheets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Mortgages payable, gross ​ $ 420,992 ​ $ 422,565 Unamortized deferred financing costs ​ (3,683) ​ (3,414) Unamortized mortgage intangible assets (a) ​ ​ (770) ​ ​ (804) Mortgages payable, net ​ $ 416,539 ​ $ 418,347 (a) In connection with the assumption of two below-market mortgages. ​ The following table sets forth, as of March 31, 2024, scheduled principal repayments with respect to the Company’s mortgage debt during the nine months ending December 31, 2024 and for each of the subsequent twelve months through maturity (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ending December 31, 2024 2025 2026 2027 2028 Thereafter Total Amortization payments ​ $ 8,954 ​ $ 10,908 ​ $ 10,865 ​ $ 9,797 ​ $ 9,141 ​ $ 36,859 ​ $ 86,524 Principal due at maturity ​ 25,309 ​ 29,157 ​ 19,179 ​ 38,525 ​ 30,156 ​ 192,142 ​ 334,468 Total ​ $ 34,263 ​ $ 40,065 ​ $ 30,044 ​ $ 48,322 ​ $ 39,297 ​ $ 229,001 ​ $ 420,992 ​ 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 March 31, 2024 and 2023. An unused facility fee of per annum applies to the facility. The Company had balance outstanding on the facility during the three months ended March 31, 2024. The weighted average interest rate on the facility was approximately ​ At each of March 31, 2024 and May 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. The interest rate on the facility was 7.06% on May 1, 2024. ​ At March 31, 2024 and December 31, 2023, the Company had unamortized deferred financing costs of $503,000 and $549,000, respectively, which are included in Escrow, deposits and other assets and receivables on the consolidated balance sheets.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2024
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 8 – RELATED PARTY TRANSACTIONS ​ Compensation and Services Agreement ​ Pursuant to the compensation and services agreement with Majestic Property Management Corp. (“Majestic”), Majestic provides the Company with certain (i) executive, administrative, legal, accounting, clerical, property management, property acquisition, consulting ( i.e ., sale, leasing, brokerage, and mortgage financing), and construction supervisory services (collectively, the “Services”) and (ii) facilities and other resources. Majestic is wholly-owned by the Company’s vice- chairman and it provides compensation to several of the Company’s executive officers. ​ In consideration for the Services, the Company paid Majestic $826,000 and $879,000 for the three months ended March 31, 2024 and 2023, respectively. Included in these amounts are fees for property management services of ​ Executive officers and others providing services to the Company under the compensation and services agreement were awarded shares of restricted stock and restricted stock units (“RSUs”) under the Company’s stock incentive plans (described in Note 9). The related expense charged to the Company’s operations was $614,000 and $642,000 for the three months ended March 31, 2024 and 2023, respectively. ​ The amounts paid under the compensation and services agreement (except for the property management services which are included in Real estate expenses) and the costs of the stock incentive plans are included in General and administrative expense on the consolidated statements of income. ​ Joint Venture Partners and Affiliates ​ The Company paid an aggregate of $23,000 and $22,000 for the three months ended March 31, 2024 and 2023, respectively, to its consolidated joint venture partner or their affiliates (none of whom are officers, directors, or employees of the Company) for property management services, which are included in Real estate expenses on the consolidated statements of income. ​ The Company’s unconsolidated joint ventures paid management fees of $2,000 and $27,000 for the three months ended March 31, 2024 and 2023, respectively, to the other partner of the ventures, which reduced Equity in earnings of unconsolidated joint ventures on the consolidated statements of income by $1,000 and $13,000 for the three months ended March 31, 2024 and 2023, respectively. ​ Other ​ During the three months ended March 31, 2024 and 2023, the Company paid quarterly fees of (i) $81,378 and $78,250, respectively, to the Company’s chairman and (ii) $32,551 and $31,300, respectively, to the Company’s vice-chairman. These fees are included in General and administrative expenses on the consolidated statements of income. ​ The Company obtains its property insurance in conjunction with Gould Investors L.P. (“Gould Investors”), a related party, and reimburses Gould Investors annually for the Company’s insurance cost relating to its properties. Included in Real estate expenses on the consolidated statements of income is insurance expense of

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2024
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	NOTE 9 – STOCKHOLDERS’ EQUITY ​ ​ Common Stock Dividend ​ On March 4, 2024, the Board of Directors declared a quarterly cash dividend of $0.45 per share on the Company’s common stock, totaling approximately $9,564,000 , payable to stockholders of record at the close of business on March 27, 2024. The quarterly dividend was paid on April 4, 2024; ​ ​ 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 66,000 and 49,000 shares of common stock during the three months ended March 31, 2024 and 2023, respectively. ​ 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. such shares were repurchased during the three months ended March 31, 2024 and 2023. ​ ​ Stock Based Compensation ​ The Company’s 2022 and 2019 Incentive Plans (collectively, the “Plans”), permit the Company to grant, among other things, stock options, restricted stock, RSUs, performance share awards and dividend equivalent rights and any one or more of the foregoing to its employees, officers, directors and consultants. A maximum of 750,000 shares of the Company’s common stock was authorized for issuance pursuant to each plan at such plan’s inception. ​ The following details the shares subject to awards that are outstanding under the Plans as of March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2019 ​ Incentive Plan Incentive Plan (a) Restricted stock ​ 300,515 ​ 426,625 RSUs ​ 168,490 ​ 79,622 Totals ​ 469,005 ​ 506,247 (a) No additional awards may be granted under such plan. ​ ​ For accounting purposes, the restricted stock is not included in the shares shown as outstanding on the balance sheet until they vest; however, dividends are paid on the unvested shares. The restricted stock grants are charged to General and administrative expense over the respective vesting periods based on the market value of the common stock on the grant date. Unless earlier forfeited because the participant’s relationship with the Company terminated, unvested restricted stock awards vest NOTE 9 – STOCKHOLDERS’ EQUITY (CONTINUED) ​ ​ The following table reflects the RSUs outstanding as of March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 Grant ​ 2022 Grant ​ 2021 Grant RSUs outstanding (a)(b) ​ 85,250 ​ 83,240 ​ 79,622 Vesting Date (c)(d) ​ 6/30/2026 ​ 6/30/2025 ​ 6/30/2024 (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) No shares were granted, vested or forfeited during the three months ended March 31, 2024 and 2023. (c) Generally, the recipient must maintain a relationship with the Company during the applicable three-year performance cycle. (d) RSUs vest upon satisfaction of metrics related to average annual total stockholder return (“TSR Metric”) and average annual return on capital (“ROC Metric”; together with the TSR Metric, the “Metrics”) and are issued to the extent the Compensation Committee determines that the Metrics with respect to the vesting of such shares have been satisfied. ​ ​ The specific metrics and other material terms and conditions of the RSUs are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performance Criteria (a) Year RSU Granted ​ Metric ​ Weight ​ Minimum ​ Maximum 2021 - 2023 (b)(c) ​ ROC Metric (d) ​ 50% ​ Average annual of at least 6.0% ​ Average annual of at least 8.75% ​ ​ TSR Metric (e) ​ 50% ​ Average annual of at least 6.0% ​ Average annual of at least 11.0% ​ (a) If the average annual ROC or TSR falls between the applicable minimum and maximum performance criteria, a pro-rata portion of such units, as applicable, vest. (b) Such RSUs are not entitled to voting rights. (c) The holders of such RSUs 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. As of March 31, 2024 and December 31, 2023, the Company accrued an aggregate of $528,000 and $450,000 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 at such dates. (d) 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. (e) 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. ​ As of March 31, 2024, based on performance and market assumptions, the fair value of the RSUs granted in 2023, 2022 and 2021 is $959,000, $1,419,000 and $1,822,000, respectively. Recognition of such deferred compensation will be charged to General and administrative expense over the respective three-year performance cycles. NOTE 9 – STOCKHOLDERS’ EQUITY (CONTINUED) ​ The following is a summary of the activity of the Plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 Restricted stock grants: ​ ​ ​ ​ ​ ​ Number of shares ​ ​ 151,180 ​ ​ 152,955 Average per share grant price ​ $ 21.60 ​ $ 22.09 Deferred compensation to be recognized over vesting period ​ $ 3,265,000 ​ $ 3,379,000 ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ Non-vested beginning of the period ​ ​ 712,560 ​ ​ 712,375 Grants ​ ​ 151,180 ​ ​ 152,955 Vested during the period ​ ​ (136,600) ​ ​ (134,800) Forfeitures ​ ​ — ​ ​ — Non-vested end of the period ​ ​ 727,140 ​ ​ 730,530 ​ ​ ​ ​ ​ ​ ​ RSU grants: ​ ​ ​ ​ ​ ​ Number of underlying shares ​ ​ — ​ ​ — Average per share grant price ​ $ — ​ $ — Deferred compensation to be recognized over vesting period ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ Non-vested beginning of the period ​ ​ 248,112 ​ ​ 241,076 Grants ​ ​ — ​ ​ — Vested during the period ​ ​ — ​ ​ — Forfeitures ​ ​ — ​ ​ — Non-vested end of the period ​ ​ 248,112 ​ ​ 241,076 ​ ​ ​ ​ ​ ​ ​ Restricted stock and RSU grants (based on grant price): ​ ​ ​ ​ ​ ​ Weighted average per share value of non-vested shares ​ $ 25.27 ​ $ 25.74 Value of stock vested during the period ​ $ 3,511,000 ​ $ 3,412,000 Weighted average per share value of shares forfeited during the period ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ Total charge to operations: ​ ​ ​ ​ ​ ​ Outstanding restricted stock grants ​ $ 893,000 ​ $ 950,000 Outstanding RSUs ​ ​ 379,000 ​ ​ 378,000 Total charge to operations ​ $ 1,272,000 ​ $ 1,328,000 ​ As of March 31, 2024, total compensation costs of $10,000,000 and $1,467,000 related to non-vested restricted stock awards and RSUs, respectively, have not yet been recognized. These compensation costs will be charged to General and administrative expense over the remaining respective vesting periods. The weighted average remaining vesting period is years for the RSUs. The Company recognizes the effect of forfeitures on restricted stock awards and RSUs when they occur, and previously recognized compensation expense is reversed in the period the grant or unit is forfeited.

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	3 Months Ended
	Mar. 31, 2024
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE	NOTE 10 – EARNINGS PER COMMON SHARE ​ Basic earnings per share was determined by dividing net income allocable to common stockholders for each period by the weighted average number of shares of common stock outstanding during the applicable period. Net income is also allocated to the unvested restricted stock outstanding during each period, as the restricted stock is entitled to receive dividends and is therefore considered a participating security. As of March 31, 2024, the shares of common stock underlying the RSUs (see Note 9) are excluded from the basic earnings per share calculation, as these units are not participating securities until they vest and are issued. ​ Diluted earnings per share reflects the potential dilution that could occur if securities or other rights exercisable for, or convertible into, common stock were exercised or converted or otherwise resulted in the issuance of common stock that shared in the earnings of the Company. ​ The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 Numerator for basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ Net income ​ $ 5,380 ​ $ 5,408 Deduct net income attributable to non-controlling interests ​ (225) ​ (22) Deduct earnings allocated to unvested restricted stock (a) ​ (327) ​ ​ (329) Net income available for common stockholders: basic and diluted ​ $ 4,828 ​ $ 5,057 ​ ​ ​ ​ ​ ​ ​ Denominator for basic earnings per share: ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding ​ 20,509 ​ ​ 20,514 Effect of dilutive securities: RSUs ​ 70 ​ ​ 65 Denominator for diluted earnings per share: ​ ​ ​ ​ ​ ​ Weighted average number of shares ​ 20,579 ​ 20,579 ​ ​ ​ ​ ​ ​ ​ Earnings per common share: basic ​ $ .24 ​ $ .25 Earnings per common share: diluted ​ $ .23 ​ $ .25 (a) Represents an allocation of distributed earnings to unvested restricted stock that, as participating securities, are entitled to receive dividends. NOTE 10 – EARNINGS PER COMMON SHARE (CONTINUED) ​ The following table identifies the number of shares of common stock underlying the RSUs that are included in the calculation, on a diluted basis, of the weighted average number of shares of common stock for such periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2024: ​ 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 ​ 27,062 ​ 42,625 ​ 69,687 ​ 15,563 July 1, 2022 (c) 83,240 ​ 36,917 ​ — ​ 36,917 ​ 46,323 August 3, 2021 (c) 79,622 ​ 39,811 ​ — ​ 39,811 ​ 39,811 Totals 248,112 103,790 42,625 146,415 101,697 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 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, 2022 (c)(d) 85,350 ​ 42,522 ​ — ​ 42,522 ​ 42,828 August 3, 2021 (c)(d) 80,700 ​ 40,350 ​ — ​ 40,350 ​ 40,350 August 3, 2020 ​ 75,026 ​ 37,513 ​ 37,513 ​ 75,026 ​ — Totals 241,076 120,385 37,513 157,898 83,178 (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 March 31 of the applicable period. (b) Excluded as the applicable conditions had not been met for these shares at the applicable measurement dates. (c) The RSUs awarded in 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 9). (d) Subsequent to March 31, 2023, 2,110 shares of the 2022 award and 1,078 shares of the 2021 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.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2024
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 11 – FAIR VALUE MEASUREMENTS ​ The Company measures the fair value of financial instruments based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs. ​ The carrying amounts of cash and cash equivalents, escrow, deposits and other assets and receivables (excluding interest rate swaps), dividends payable, and accrued expenses and other liabilities, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ December 31, ​ ​ 2024 ​ 2023 Fair value of mortgages payable (a) ​ $ 394,661 ​ ​ $ 397,031 ​ Carrying value of mortgages payable, gross ​ $ 420,992 ​ ​ $ 422,565 ​ Fair value less than the carrying value ​ $ (26,331) ​ ​ $ (25,534) ​ Blended market interest rate (a) ​ ​ 6.08 % ​ ​ 5.93 % Weighted average interest rate ​ ​ 4.41 % ​ ​ 4.31 % Weighted average remaining term to maturity (years) ​ ​ 6.3 ​ ​ ​ 5.9 ​ (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. ​ Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. ​ Fair Value on a Recurring Basis ​ As of March 31, 2024, the Company had in effect 12 interest rate derivatives, all of which were interest rate swaps, related to 12 outstanding mortgage loans with an aggregate $28,485,000 notional amount maturing between 2024 and 2026 (weighted average remaining term to maturity of 1.0 years). The Company’s objective in using interest rate swaps is to add stability to interest expense. These interest rate swaps, all of which were designated as cash flow hedges, converted SOFR based variable rate mortgages to fixed annual rate mortgages. The interest rates range from at March 31, 2024. The Company does not use derivatives for trading or speculative purposes. ​ Fair values are approximated using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This fair value analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. Although the Company has determined the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the associated credit valuation adjustments use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparty. As of March 31, 2024, 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 11 – FAIR VALUE MEASUREMENTS (CONTINUED) ​ The fair value of the Company’s derivative financial instruments was determined to be the following (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying and ​ Balance Sheet ​ As of Fair Value Classification Financial assets: ​ March 31, 2024 ​ $ 755 ​ Other assets ​ ​ December 31, 2023 ​ ​ 824 ​ Other assets ​ As of March 31, 2024 and December 31, 2023, 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 periods presented (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 ​ 2023 Amount of gain (loss) recognized on derivatives in other comprehensive income ​ $ 183 ​ $ (121) Amount of reclassification from Accumulated other comprehensive income into Interest expense ​ ​ 272 ​ ​ 288 ​ During the twelve months ending March 31, 2025, the Company estimates an additional $610,000 will be reclassified from Accumulated other comprehensive income as a decrease to Interest expense. ​ The derivative agreements in effect at March 31, 2024 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.

REAL ESTATE ACQUISITION

REAL ESTATE ACQUISITION	3 Months Ended
	Mar. 31, 2024
REAL ESTATE ACQUISITION
REAL ESTATE ACQUISITION	NOTE 12 – REAL ESTATE ACQUISITION ​ Acquisition subsequent to March 31, 2024 ​ On April 24, 2024, the Company acquired a single-tenant industrial property located in Albuquerque, New Mexico for $6,450,000. The initial term of the lease expires in 2031. ​

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2024
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS	NOTE 13 – NEW ACCOUNTING PRONOUNCEMENT On January 1, 2024, the Company adopted the FASB ASU No. 2023-07, Segment Reporting – Improvements to Reportable Segments Disclosures, which enhances disclosures of significant segment expenses regularly provided to the chief operating decision maker. ​ 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. ​ The Company’s Chief Operating Decision Makers (“CODMs”) are its Chief Executive Officer and Chief Operating Officer. As the Company operates in one reportable segment, the CODMs are provided financial reports which include (i) a consolidated income statement (detailing total revenues, operating income and net income) and (ii) Funds from Operations (“FFO”) and Adjusted Funds from Operations (“AFFO”). These financial reports assist the CODMs in assessing the Company’s financial performance and in allocating resources appropriately.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2024
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 14 – SUBSEQUENT EVENTS Subsequent events have been evaluated and except as disclosed herein, there were no other events relative to the consolidated financial statements that require additional disclosure.

SUMMARY ACCOUNTING POLICIES (Po

SUMMARY ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
SUMMARY ACCOUNTING POLICIES
Principles of Consolidation/Basis of Preparation	Principles of Consolidation/Basis of Preparation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments of a normal recurring nature necessary for fair presentation have been included. The results of operations for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results for the full year. These statements should be read in conjunction with the consolidated financial statements and related notes included in OLP’s Annual Report on Form 10-K for the year ended December 31, 2023. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The consolidated financial statements include the accounts and operations of OLP, its wholly-owned subsidiaries, its joint ventures in which the Company, as defined, has a controlling interest, and variable interest entities (“VIEs”) of which the Company is the primary beneficiary. OLP and its consolidated subsidiaries are referred to herein as the “Company”. Material intercompany items and transactions have been eliminated in consolidation.
Purchase Accounting for Acquisition of Real Estate	Purchase Accounting for Acquisition of Real Estate In acquiring real estate, the Company evaluates whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, and if that requirement is met, the asset group is accounted for as an asset acquisition and not a business combination. Transaction costs incurred with such asset acquisitions are capitalized to real estate assets and depreciated over the respectful useful lives. ​ The Company allocates the purchase price of real estate, including direct transaction costs applicable to an asset acquisition, among land, building, improvements and intangibles ( e.g., The Company assesses the fair value of the gross assets acquired based on available market information which utilize estimated cash flow projections; such inputs are categorized as Level 3 inputs in the fair value hierarchy. In determining fair value, factors considered by management include an evaluation of current market demand, market capitalization rates and discount rates, estimates of carrying costs ( e.g.
Investment in Joint Ventures and Variable Interest Entities	Investment in Joint Ventures and Variable Interest Entities The Financial Accounting Standards Board, or FASB, provides guidance for determining whether an entity is a VIE. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE’s economic performance and (ii) has the obligation to absorb losses, or the right to receive benefits, of the VIE that could potentially be significant to the VIE. The Company assesses the accounting treatment for each of its investments, including a review of each venture or limited liability company or partnership agreement, to determine the rights of each party and whether those rights are protective or participating. The agreements typically contain certain protective rights, such as the requirement of partner approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget or operating plan. In situations where, among other things, the Company and its partners jointly (i) approve the annual budget, (ii) approve certain expenditures, (iii) prepare or review and approve the joint venture’s tax return before filing, or (iv) approve each lease at a property, the Company does not consolidate as the Company considers these to be substantive participation rights that result in shared, joint power over the activities that most significantly impact the performance of the joint venture or property. Additionally, the Company assesses the accounting treatment for any interests pursuant to which the Company may have a variable interest as a lessor. Leases may contain certain protective rights, such as the right of sale and the receipt of certain escrow deposits. The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. All investments in unconsolidated joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are VIEs. In addition, the Company shares power with its co-managing members over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions. None of the joint venture debt is recourse to the Company, subject to standard carve-outs. The Company 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 months ended March 31, 2024 and 2023, there were no such other-than-temporary 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.

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2024
LEASES
Schedule of components of lease revenues	The components of lease revenues are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 Fixed lease revenues ​ $ 18,272 ​ $ 19,358 Variable lease revenues ​ ​ 3,796 ​ ​ 3,370 Lease revenues (a) ​ $ 22,068 ​ $ 22,728 (a) Excludes $378 and $224 of amortization related to lease intangible assets and liabilities for the three months ended March 31, 2024 and 2023, respectively.
Schedule of minimum future contractual rents to be received	As of March 31, 2024, 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. ​ ​ ​ ​ From April 1 – December 31, 2024 ​ $ 53,150 For the year ending December 31, ​ ​ ​ 2025 ​ ​ 66,344 2026 ​ ​ 62,269 2027 ​ ​ 52,627 2028 ​ ​ 41,328 2029 ​ ​ 32,078 Thereafter ​ ​ 94,798 Total ​ $ 402,594
Schedule of minimum future lease payments	​ As of March 31, 2024, the minimum future lease payments related to these operating leases are as follows (amounts in thousands): ​ ​ ​ ​ ​ From April 1 – December 31, 2024 ​ $ 430 For the year ending December 31, ​ ​ ​ 2025 ​ ​ 626 2026 ​ ​ 627 2027 ​ 629 2028 ​ 630 2029 ​ 692 Thereafter ​ 537 Total undiscounted cash flows ​ $ 4,171 Present value discount ​ (893) Lease liability ​ $ 3,278

SALES OF PROPERTIES (Tables)

SALES OF PROPERTIES (Tables)	3 Months Ended
	Mar. 31, 2024
SALES OF PROPERTIES
Schedule of sales of real estate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Gain ​ ​ ​ ​ Held-for-sale ​ Date Sold/ ​ Gross ​ on Sale of Real Description of Property ​ City, State ​ Date (a) ​ Estimated Sale ​ Sales Price ​ Estate Net (b) Applebee's restaurant property ​ Kennesaw, Georgia ​ April 5, 2024 ​ May 6, 2024 ​ $ 2,834 ​ $ 1,000 Vacant retail property (c) ​ Kennesaw, Georgia ​ April 16, 2024 ​ June 28, 2024 ​ ​ 6,700 ​ ​ 1,900 FedEx industrial property ​ Miamisburg, Ohio ​ April 17, 2024 ​ May 8, 2024 ​ ​ 2,793 ​ ​ 1,500 Havertys retail property ​ Wichita, Kansas ​ April 21, 2024 ​ June 6, 2024 ​ ​ 6,600 ​ ​ 2,000 (a) The Company has determined the held-for-sale criteria has been met as the buyers’ right to terminate the contracts without penalty expired on these dates. ​ (b) Such gain will be recognized as Gain on sale of real estate, net, in the consolidated statements of income for the three and six months ending June 30, 2024. ​ (c) In connection with this sale, the Company intends to payoff the mortgage on this property which had a balance of $4,434 as of March 31, 2024.

VARIABLE INTEREST ENTITIES, C_2

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES (Tables)	3 Months Ended
	Mar. 31, 2024
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 (a) 2023 Land ​ $ 9,743 ​ $ 9,917 Buildings and improvements, net of accumulated depreciation of $6,383 and $6,380, respectively ​ ​ 16,952 ​ ​ 17,475 Cash ​ ​ 889 ​ ​ 1,059 Unbilled rent receivable ​ ​ 910 ​ ​ 938 Unamortized intangible lease assets, net ​ ​ 406 ​ ​ 412 Escrow, deposits and other assets and receivables ​ ​ 833 ​ ​ 749 Mortgages payable, net of unamortized deferred financing costs of $99 and $109, respectively ​ ​ 13,731 ​ ​ 16,660 Accrued expenses and other liabilities ​ ​ 705 ​ ​ 745 Unamortized intangible lease liabilities, net ​ ​ 379 ​ ​ 385 Accumulated other comprehensive income ​ ​ — ​ ​ 2 Non-controlling interests in consolidated joint ventures ​ ​ 1,216 ​ ​ 1,042 (a) A consolidated joint venture in Lakewood, Colorado, in which the Company holds a 90% interest, sold a restaurant parcel at its multi-tenant shopping center in March 2024 and paid down the related mortgage by $1,885 (see Note 4). ​

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	3 Months Ended
	Mar. 31, 2024
DEBT OBLIGATIONS
Schedule of mortgages payable, net	The following table details the Mortgages payable, net, balances per the consolidated balance sheets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Mortgages payable, gross ​ $ 420,992 ​ $ 422,565 Unamortized deferred financing costs ​ (3,683) ​ (3,414) Unamortized mortgage intangible assets (a) ​ ​ (770) ​ ​ (804) Mortgages payable, net ​ $ 416,539 ​ $ 418,347 (a) In connection with the assumption of two below-market mortgages. ​
Schedule of principal repayments	The following table sets forth, as of March 31, 2024, scheduled principal repayments with respect to the Company’s mortgage debt during the nine months ending December 31, 2024 and for each of the subsequent twelve months through maturity (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ending December 31, 2024 2025 2026 2027 2028 Thereafter Total Amortization payments ​ $ 8,954 ​ $ 10,908 ​ $ 10,865 ​ $ 9,797 ​ $ 9,141 ​ $ 36,859 ​ $ 86,524 Principal due at maturity ​ 25,309 ​ 29,157 ​ 19,179 ​ 38,525 ​ 30,156 ​ 192,142 ​ 334,468 Total ​ $ 34,263 ​ $ 40,065 ​ $ 30,044 ​ $ 48,322 ​ $ 39,297 ​ $ 229,001 ​ $ 420,992 ​

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2019 ​ Incentive Plan Incentive Plan (a) Restricted stock ​ 300,515 ​ 426,625 RSUs ​ 168,490 ​ 79,622 Totals ​ 469,005 ​ 506,247 (a) No additional awards may be granted under such plan. ​
Summary of RSU activity and other material terms and conditions	The following table reflects the RSUs outstanding as of March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 Grant ​ 2022 Grant ​ 2021 Grant RSUs outstanding (a)(b) ​ 85,250 ​ 83,240 ​ 79,622 Vesting Date (c)(d) ​ 6/30/2026 ​ 6/30/2025 ​ 6/30/2024 (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) No shares were granted, vested or forfeited during the three months ended March 31, 2024 and 2023. (c) Generally, the recipient must maintain a relationship with the Company during the applicable three-year performance cycle. (d) RSUs vest upon satisfaction of metrics related to average annual total stockholder return (“TSR Metric”) and average annual return on capital (“ROC Metric”; together with the TSR Metric, the “Metrics”) and are issued to the extent the Compensation Committee determines that the Metrics with respect to the vesting of such shares have been satisfied. ​ ​ The specific metrics and other material terms and conditions of the RSUs are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performance Criteria (a) Year RSU Granted ​ Metric ​ Weight ​ Minimum ​ Maximum 2021 - 2023 (b)(c) ​ ROC Metric (d) ​ 50% ​ Average annual of at least 6.0% ​ Average annual of at least 8.75% ​ ​ TSR Metric (e) ​ 50% ​ Average annual of at least 6.0% ​ Average annual of at least 11.0% ​ (a) If the average annual ROC or TSR falls between the applicable minimum and maximum performance criteria, a pro-rata portion of such units, as applicable, vest. (b) Such RSUs are not entitled to voting rights. (c) The holders of such RSUs 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. As of March 31, 2024 and December 31, 2023, the Company accrued an aggregate of $528,000 and $450,000 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 at such dates. (d) 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. (e) 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.
Summary of the activity of the Plans	The following is a summary of the activity of the Plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 Restricted stock grants: ​ ​ ​ ​ ​ ​ Number of shares ​ ​ 151,180 ​ ​ 152,955 Average per share grant price ​ $ 21.60 ​ $ 22.09 Deferred compensation to be recognized over vesting period ​ $ 3,265,000 ​ $ 3,379,000 ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ Non-vested beginning of the period ​ ​ 712,560 ​ ​ 712,375 Grants ​ ​ 151,180 ​ ​ 152,955 Vested during the period ​ ​ (136,600) ​ ​ (134,800) Forfeitures ​ ​ — ​ ​ — Non-vested end of the period ​ ​ 727,140 ​ ​ 730,530 ​ ​ ​ ​ ​ ​ ​ RSU grants: ​ ​ ​ ​ ​ ​ Number of underlying shares ​ ​ — ​ ​ — Average per share grant price ​ $ — ​ $ — Deferred compensation to be recognized over vesting period ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ Non-vested beginning of the period ​ ​ 248,112 ​ ​ 241,076 Grants ​ ​ — ​ ​ — Vested during the period ​ ​ — ​ ​ — Forfeitures ​ ​ — ​ ​ — Non-vested end of the period ​ ​ 248,112 ​ ​ 241,076 ​ ​ ​ ​ ​ ​ ​ Restricted stock and RSU grants (based on grant price): ​ ​ ​ ​ ​ ​ Weighted average per share value of non-vested shares ​ $ 25.27 ​ $ 25.74 Value of stock vested during the period ​ $ 3,511,000 ​ $ 3,412,000 Weighted average per share value of shares forfeited during the period ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ Total charge to operations: ​ ​ ​ ​ ​ ​ Outstanding restricted stock grants ​ $ 893,000 ​ $ 950,000 Outstanding RSUs ​ ​ 379,000 ​ ​ 378,000 Total charge to operations ​ $ 1,272,000 ​ $ 1,328,000

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	3 Months Ended
	Mar. 31, 2024
EARNINGS PER COMMON SHARE
Schedule of reconciliation of the numerator and denominator of earnings per share calculations	The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 Numerator for basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ Net income ​ $ 5,380 ​ $ 5,408 Deduct net income attributable to non-controlling interests ​ (225) ​ (22) Deduct earnings allocated to unvested restricted stock (a) ​ (327) ​ ​ (329) Net income available for common stockholders: basic and diluted ​ $ 4,828 ​ $ 5,057 ​ ​ ​ ​ ​ ​ ​ Denominator for basic earnings per share: ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding ​ 20,509 ​ ​ 20,514 Effect of dilutive securities: RSUs ​ 70 ​ ​ 65 Denominator for diluted earnings per share: ​ ​ ​ ​ ​ ​ Weighted average number of shares ​ 20,579 ​ 20,579 ​ ​ ​ ​ ​ ​ ​ Earnings per common share: basic ​ $ .24 ​ $ .25 Earnings per common share: diluted ​ $ .23 ​ $ .25 (a) Represents an allocation of distributed earnings to unvested restricted stock that, as participating securities, are entitled to receive dividends.
Schedule of impact to the diluted weighted average number of shares of common stock related to the RSUs	The following table identifies the number of shares of common stock underlying the RSUs that are included in the calculation, on a diluted basis, of the weighted average number of shares of common stock for such periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2024: ​ 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 ​ 27,062 ​ 42,625 ​ 69,687 ​ 15,563 July 1, 2022 (c) 83,240 ​ 36,917 ​ — ​ 36,917 ​ 46,323 August 3, 2021 (c) 79,622 ​ 39,811 ​ — ​ 39,811 ​ 39,811 Totals 248,112 103,790 42,625 146,415 101,697 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 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, 2022 (c)(d) 85,350 ​ 42,522 ​ — ​ 42,522 ​ 42,828 August 3, 2021 (c)(d) 80,700 ​ 40,350 ​ — ​ 40,350 ​ 40,350 August 3, 2020 ​ 75,026 ​ 37,513 ​ 37,513 ​ 75,026 ​ — Totals 241,076 120,385 37,513 157,898 83,178 (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 March 31 of the applicable period. (b) Excluded as the applicable conditions had not been met for these shares at the applicable measurement dates. (c) The RSUs awarded in 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 9). (d) Subsequent to March 31, 2023, 2,110 shares of the 2022 award and 1,078 shares of the 2021 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.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ December 31, ​ ​ 2024 ​ 2023 Fair value of mortgages payable (a) ​ $ 394,661 ​ ​ $ 397,031 ​ Carrying value of mortgages payable, gross ​ $ 420,992 ​ ​ $ 422,565 ​ Fair value less than the carrying value ​ $ (26,331) ​ ​ $ (25,534) ​ Blended market interest rate (a) ​ ​ 6.08 % ​ ​ 5.93 % Weighted average interest rate ​ ​ 4.41 % ​ ​ 4.31 % Weighted average remaining term to maturity (years) ​ ​ 6.3 ​ ​ ​ 5.9 ​ (a) Estimated using unobservable inputs such as available market information and discounted cash flow analysis based on borrowing rates the Company believes it could obtain with similar terms and maturities. These fair value measurements fall within Level 3 of the fair value hierarchy. ​
Schedule of derivative financial instruments measured at fair value	The fair value of the Company’s derivative financial instruments was determined to be the following (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying and ​ Balance Sheet ​ As of Fair Value Classification Financial assets: ​ March 31, 2024 ​ $ 755 ​ Other assets ​ ​ December 31, 2023 ​ ​ 824 ​ 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 periods presented (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 ​ 2023 Amount of gain (loss) recognized on derivatives in other comprehensive income ​ $ 183 ​ $ (121) Amount of reclassification from Accumulated other comprehensive income into Interest expense ​ ​ 272 ​ ​ 288 ​

ORGANIZATION AND BACKGROUND (De

ORGANIZATION AND BACKGROUND (Details)	Mar. 31, 2024 state property
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

SUMMARY ACCOUNTING POLICIES (De

SUMMARY ACCOUNTING POLICIES (Details)	Mar. 31, 2024 USD ($) item
Investment in Joint Ventures and Variable Interest Entities
Number of Unconsolidated Joint Venture VIEs | item	0
Recourse debt of joint ventures | $	$ 0

LEASES - As Lessor (Details)

LEASES - As Lessor (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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	$ 18,272	$ 19,358
Variable lease revenues	3,796	3,370
Lease revenues	22,068	22,728
Amortization of acquired intangible lease assets/liabilities	$ 378	$ 224

LEASES - As Lessor - Minimum Fu

LEASES - As Lessor - Minimum Future Rents (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Minimum future contractual base rents to be received
From April 1 - December 31, 2024	$ 53,150
For the year ending December 31, 2025	66,344
For the year ending December 31, 2026	62,269
For the year ending December 31, 2027	52,627
For the year ending December 31, 2028	41,328
For the year ending December 31, 2029	32,078
Thereafter	94,798
Total	$ 402,594

LEASES - As Lessee - Ground Lea

LEASES - As Lessee - Ground Lease and Office Lease (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) item	Mar. 31, 2023 USD ($)
Real Estate in Greensboro, NC
Lessee Accounting
Operating lease, renewal term	5 years
Operating lease, option to extend	true
Operating lease, remaining lease term	5 years 10 months 24 days
Real Estate in Greensboro, NC | Real estate expenses
Lessee Accounting
Operating lease expense | $	$ 122,000	$ 150,000
Real Estate in Greensboro, NC | Five-Year Lease
Lessee Accounting
Operating lease, renewal term	5 years
Real Estate in Greensboro, NC | Five-Year Lease | Maximum
Lessee Accounting
Operating lease, number of renewal options | item	4
Real Estate in Greensboro, NC | Seven-Month Lease
Lessee Accounting
Operating lease, number of renewal options | item	1
Operating lease, renewal term	7 months
Corporate office lease in Great Neck, NY
Lessee Accounting
Operating lease, option to extend	true
Operating lease, remaining lease term	12 years 9 months 18 days
Corporate office lease in Great Neck, NY | General and administrative expense
Lessee Accounting
Operating lease expense | $	$ 14,000	$ 14,000
Corporate office lease in Great Neck, NY | Five-Year Lease
Lessee Accounting
Operating lease, renewal term	5 years

LEASES - As Lessee - Minimum Fu

LEASES - As Lessee - Minimum Future Lease Payments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Minimum future lease payments
From April 1 - December 31, 2024	$ 430
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
For the year ending December 31, 2029	692
Thereafter	537
Total undiscounted cash flows	4,171
Present value discount	(893)
Lease liability	$ 3,278

LEASES - As Lessee - Lease term

LEASES - As Lessee - Lease termination fee (Details) - USD ($)		1 Months Ended	3 Months Ended
	Mar. 06, 2024	Mar. 31, 2024	Mar. 31, 2024	Mar. 31, 2023
LEASES
Total revenues			$ 22,696,000	$ 22,952,000
Lease termination fee
LEASES
Total revenues			$ 250,000
Consolidated Joint Venture-VIEs | Multi-Tenant Shopping Center, Lakewood, Colorado
LEASES
Ownership interest in consolidated joint venture of the company (as a percent)	90%	90%
Consolidated Joint Venture-VIEs | Multi-Tenant Shopping Center, Lakewood, Colorado | Lease termination fee
LEASES
Total revenues		$ 250,000

SALES OF PROPERTIES (Details)

SALES OF PROPERTIES (Details) - USD ($)			1 Months Ended	3 Months Ended			6 Months Ended
	Mar. 06, 2024	Feb. 28, 2023	Mar. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2024	Jun. 28, 2024	Jun. 06, 2024	May 08, 2024	May 06, 2024
SALES OF PROPERTIES
Gain on sale of real estate, net					$ 1,784,000	$ 1,534,000
Properties disposed of by sale | Multi-Tenant Shopping Center, Lakewood, Colorado
SALES OF PROPERTIES
Proceeds from sale of real estate, net of closing costs	$ 2,670,000
Gain on sale of real estate, net					1,784,000
Reduction to Gain on sale of real estate, net, attributable to the write-off of unbilled rent receivable	50,000
Reduction to Gain on sale of real estate, net, attributable to the write-off of other assets	68,000
Mortgage prepaid on sale of real estate	1,885,000		$ 1,885,000
Non-controlling interest's share of the gain	$ 178,000
Properties disposed of by sale | Restaurant property located in Hauppauge, New York
SALES OF PROPERTIES
Proceeds from sale of real estate, net of closing costs		$ 4,076,000
Gain on sale of real estate, net						$ 1,534,000
Reduction to Gain on sale of real estate, net, attributable to the write-off of other assets and receivables		$ 128,000
Properties disposed of by sale | Applebee's Restaurant Property in Kennesaw, Georgia
SALES OF PROPERTIES
Gross Sales Price											$ 2,834,000
Properties disposed of by sale | Applebee's Restaurant Property in Kennesaw, Georgia | Forecast
SALES OF PROPERTIES
Gain on sale of real estate, net				$ 1,000,000			$ 1,000,000
Properties disposed of by sale | Vacant retail property in Kennesaw, Georgia
SALES OF PROPERTIES
Mortgage amount to be repaid upon completion of sale			$ 4,434,000		$ 4,434,000
Properties disposed of by sale | Vacant retail property in Kennesaw, Georgia | Forecast
SALES OF PROPERTIES
Gross Sales Price								$ 6,700,000
Gain on sale of real estate, net				1,900,000			1,900,000
Properties disposed of by sale | FedEx Industrial Property in Miamisburg, Ohio
SALES OF PROPERTIES
Gross Sales Price										$ 2,793,000
Properties disposed of by sale | FedEx Industrial Property in Miamisburg, Ohio | Forecast
SALES OF PROPERTIES
Gain on sale of real estate, net				1,500,000			1,500,000
Properties disposed of by sale | Havertys Retail Property in Wichita, Kansas | Forecast
SALES OF PROPERTIES
Gross Sales Price									$ 6,600,000
Gain on sale of real estate, net				$ 2,000,000			$ 2,000,000
Consolidated Joint Venture-VIEs | Multi-Tenant Shopping Center, Lakewood, Colorado
SALES OF PROPERTIES
Ownership interest in consolidated joint venture of the company (as a percent)	90%		90%

VARIABLE INTEREST ENTITIES, C_3

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES - Ground Leases (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended			42 Months Ended
	Nov. 30, 2020	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2016	Mar. 31, 2024
Variable Interest Entities - Ground Lease
Revenue		$ 22,696,000	$ 22,952,000
Variable Interest Entity, Not Primary Beneficiary | The Vue
Variable Interest Entities - Ground Lease
Proceeds received from settlement of lawsuit					$ 4,642,000
Maximum exposure to loss		17,276,000					$ 17,276,000
Owner/ Operator Mortgage from Third Party						$ 67,444,000
Current Balance of Owner or Operator Mortgage Debt Obtained From Third Party		63,247,000					63,247,000
Percentage of operating expense shortfalls & cap-ex covered by the Company	78%
Amount of operating expense shortfalls & cap-ex covered by the Company		$ 0		$ 932,000
Variable Interest Entity, Not Primary Beneficiary | The Vue | Ground lease rental income
Variable Interest Entities - Ground Lease
Revenue							$ 0

VARIABLE INTEREST ENTITIES, C_4

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES - Consolidated Joint Ventures (Details)			1 Months Ended	3 Months Ended
		Mar. 06, 2024 USD ($)	Mar. 31, 2024 USD ($) item	Mar. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)
Consolidated VIEs Carrying Amount of Assets and Liabilities
Land			$ 172,135,000	$ 172,135,000	$ 172,309,000
Unbilled rent receivable			16,872,000	16,872,000	16,661,000
Unamortized intangible lease assets, net			13,650,000	13,650,000	14,681,000
Escrow, deposits and other assets and receivables			18,392,000	18,392,000	19,833,000
Mortgages payable, net of unamortized deferred financing costs of $99 and $109, respectively			416,539,000	416,539,000	418,347,000
Accrued expenses and other liabilities			13,309,000	13,309,000	15,502,000
Unamortized intangible lease liabilities, net			9,679,000	9,679,000	10,096,000
Accumulated other comprehensive income			755,000	755,000	844,000
Non-controlling interests in consolidated joint ventures	[1]		1,216,000	1,216,000	1,042,000
Mortgages payable
Consolidated VIEs Carrying Amount of Assets and Liabilities
Mortgages payable, net of unamortized deferred financing costs of $99 and $109, respectively			416,539,000	416,539,000	418,347,000
Unamortized deferred financing costs			3,683,000	$ 3,683,000	3,414,000
Multi-Tenant Shopping Center, Lakewood, Colorado | Properties disposed of by sale
Consolidated VIEs Carrying Amount of Assets and Liabilities
Mortgage prepaid on sale of real estate		$ 1,885,000	$ 1,885,000
Consolidated Joint Venture-VIEs
Variable Interest Entities
Number of joint ventures with controlling interest | item			3	3
Consolidated VIEs Carrying Amount of Assets and Liabilities
Land			$ 9,743,000	$ 9,743,000	9,917,000
Buildings and improvements, net of accumulated depreciation of $6,383 and $6,380, respectively			16,952,000	16,952,000	17,475,000
Accumulated depreciation			6,383,000	6,383,000	6,380,000
Cash			889,000	889,000	1,059,000
Unbilled rent receivable			910,000	910,000	938,000
Unamortized intangible lease assets, net			406,000	406,000	412,000
Escrow, deposits and other assets and receivables			833,000	833,000	749,000
Mortgages payable, net of unamortized deferred financing costs of $99 and $109, respectively			13,731,000	13,731,000	16,660,000
Accrued expenses and other liabilities			705,000	705,000	745,000
Unamortized intangible lease liabilities, net			379,000	379,000	385,000
Accumulated other comprehensive income					2,000
Non-controlling interests in consolidated joint ventures			1,216,000	$ 1,216,000	1,042,000
Consolidated Joint Venture-VIEs | Minimum
Variable Interest Entities
Ownership interest in consolidated joint venture of the company (as a percent)				90%
Consolidated Joint Venture-VIEs | Maximum
Variable Interest Entities
Ownership interest in consolidated joint venture of the company (as a percent)				95%
Consolidated Joint Venture-VIEs | Mortgages payable
Consolidated VIEs Carrying Amount of Assets and Liabilities
Unamortized deferred financing costs			$ 99,000	$ 99,000	$ 109,000
Consolidated Joint Venture-VIEs | Multi-Tenant Shopping Center, Lakewood, Colorado
Variable Interest Entities
Ownership interest in consolidated joint venture of the company (as a percent)		90%	90%
[1] The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 5. The consolidated balance sheets include the following amounts related to the Company’s consolidated VIEs: $9,743 and $9,917 of land, $16,952 and $17,475 of building and improvements, net of $6,383 and $6,380 of accumulated depreciation, $3,038 and $3,158 of other assets included in other line items, $13,731 and $16,660 of real estate debt, net, $1,084 and $1,130 of other liabilities included in other line items and $1,216 and $1,042 of non-controlling interests as of March 31, 2024 and December 31, 2023, 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	Mar. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($) item
Consolidated VIEs Carrying Amount of Assets and Liabilities
Number of consolidated joint ventures | item	2	2
Investment in consolidated joint ventures | $	$ 5,242,000	$ 4,448,000

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) item	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) item
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Equity investment in unconsolidated joint ventures	$ 2,104,000		$ 2,051,000
Equity in earnings of unconsolidated joint ventures	$ 53,000	$ 85,000
Unconsolidated Joint Venture
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Number of unconsolidated joint ventures | item	2		2
Equity investment in unconsolidated joint ventures	$ 2,104,000		$ 2,051,000
Equity in earnings of unconsolidated joint ventures	$ (53,000)	$ (85,000)
Unconsolidated Joint Venture
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Number of properties owned and operated by each unconsolidated joint venture | item	1		1

DEBT OBLIGATIONS - Mortgage Pay

DEBT OBLIGATIONS - Mortgage Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Mortgages payable, net
Mortgages payable, net	$ 416,539	$ 418,347
Mortgages payable
Mortgages payable, net
Mortgages payable, gross	420,992	422,565
Unamortized deferred financing costs	(3,683)	(3,414)
Unamortized mortgage intangible asset	(770)	(804)
Mortgages payable, net	$ 416,539	$ 418,347

DEBT OBLIGATIONS - Principal re

DEBT OBLIGATIONS - Principal repayments (Details) - Mortgages payable - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Amortization payments
Amortization payments, nine months ended December 31, 2024	$ 8,954
Amortization payments, Year Ending December 31, 2025	10,908
Amortization payments, Year Ending December 31, 2026	10,865
Amortization payments, Year Ending December 31, 2027	9,797
Amortization payments, Year Ending December 31, 2028	9,141
Amortization payments, Thereafter	36,859
Amortization payments, Total	86,524
Principal due at maturity
Principal due at maturity, nine months ended December 31, 2024	25,309
Principal due at maturity, Year Ending December 31, 2025	29,157
Principal due at maturity, Year Ending December 31, 2026	19,179
Principal due at maturity, Year Ending December 31, 2027	38,525
Principal due at maturity, Year Ending December 31, 2028	30,156
Principal due at maturity, Thereafter	192,142
Principal due at maturity, Total	334,468
Total
Total, nine months ended December 31, 2024	34,263
Total, Year Ending December 31, 2025	40,065
Total, Year Ending December 31, 2026	30,044
Total, Year Ending December 31, 2027	48,322
Total, Year Ending December 31, 2028	39,297
Total, Thereafter	229,001
Total	$ 420,992	$ 422,565

DEBT OBLIGATIONS - Line of Cred

DEBT OBLIGATIONS - Line of Credit (Details) - Line of Credit - USD ($)		3 Months Ended
	May 01, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Line of Credit
Maximum borrowing capacity		$ 100,000,000
Borrowing capacity available for renovation and operating expense purposes		$ 40,000,000
Percentage of permitted borrowing base available for renovation and operating expense purposes		40%
Unused facility fee (as a percent)		0.25%
Line of credit		$ 0
Line of credit, interest rate during the period	7.06%
Remaining amount available to be borrowed under the facility	$ 100,000,000	100,000,000
Remaining borrowing capacity available for renovation and operating expense purposes	$ 40,000,000	40,000,000
Deferred financing costs		$ 503,000		$ 549,000
Weighted average
Line of Credit
Line of credit, interest rate during the period			6.23%
SOFR
Line of Credit
Basis of interest rate		30-day SOFR
Applicable margin (as a percent)		1.75%	1.75%
SOFR | Minimum
Line of Credit
Applicable margin (as a percent)		1.75%
SOFR | Maximum
Line of Credit
Applicable margin (as a percent)		2.75%

RELATED PARTY TRANSACTIONS - Co

RELATED PARTY TRANSACTIONS - Compensation and Services Agreement (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Affiliated Entity | Majestic
Related Party Transactions
Aggregate fees under compensation and services agreement	$ 826,000	$ 879,000
Property management services	357,000	428,000
Additional payment for the entity's share of all direct office expenses	$ 84,000	$ 79,000
Affiliated Entity | Majestic | Net lease tenants
Related Party Transactions
Property management costs as a percentage of rental payments	1.50%	1.50%
Affiliated Entity | Majestic | Operating lease tenants
Related Party Transactions
Property management costs as a percentage of rental payments	2%	2%
Executive officers and others
Related Party Transactions
Stock incentive plan expense	$ 614,000	$ 642,000

RELATED PARTY TRANSACTIONS - Jo

RELATED PARTY TRANSACTIONS - Joint Venture Partners and Affiliates (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Unconsolidated Joint Venture
Related Party Transactions
Aggregate management fees paid to other partners	$ 2,000	$ 27,000
Decrease in equity earnings, joint venture transaction	1,000	13,000
Joint Venture Partners and Affiliates | Real estate expenses
Related Party Transactions
Payments for property management services	$ 23,000	$ 22,000

RELATED PARTY TRANSACTIONS - Ot

RELATED PARTY TRANSACTIONS - Other (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Chairman | General and administrative expense
Related Party Transactions
Quarterly fees paid	$ 81,378	$ 78,250
Vice Chairman | General and administrative expense
Related Party Transactions
Quarterly fees paid	32,551	31,300
Affiliated Entity | Gould Investors L.P. | Real estate expenses
Related Party Transactions
Insurance expense recognized of amounts reimbursed to related party	$ 277,000	$ 148,000

STOCKHOLDERS' EQUITY - Common S

STOCKHOLDERS' EQUITY - Common Stock Dividend (Details) - USD ($)	Apr. 04, 2024	Mar. 04, 2024
Common Stock Dividend
Quarterly cash dividend declared (in dollars per share)		$ 0.45
Total Dividend		$ 9,564,000
Cash Distributed	$ 8,101,000
Stock Issued	67,000

STOCKHOLDERS' EQUITY - Dividend

STOCKHOLDERS' EQUITY - Dividend Reinvestment Plan (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Dividend Reinvestment Plan
Market price discount (as a percent)	3%
Common shares issued under Dividend Reinvestment Plan	66,000	49,000
Maximum
Dividend Reinvestment Plan
Market price discount (as a percent)	5%

STOCKHOLDERS' EQUITY - Stock Re

STOCKHOLDERS' EQUITY - Stock Repurchase Program (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
STOCKHOLDERS' EQUITY
Number of shares repurchased	0	0

STOCKHOLDERS' EQUITY - Stock Ba

STOCKHOLDERS' EQUITY - Stock Based Compensation - Summary of Plans (Details) - shares	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Restricted stock
STOCKHOLDERS' EQUITY
Number of shares outstanding	727,140	712,560	730,530	712,375
Vesting period	5 years
RSUs
STOCKHOLDERS' EQUITY
Number of shares outstanding	248,112	248,112	241,076	241,076
Vesting period	3 years
2022 Incentive Plan
STOCKHOLDERS' EQUITY
Maximum number of shares authorized for issuance	750,000
2022 Incentive Plan | Restricted stock and RSUs
STOCKHOLDERS' EQUITY
Number of shares outstanding	469,005
2022 Incentive Plan | Restricted stock
STOCKHOLDERS' EQUITY
Number of shares outstanding	300,515
2022 Incentive Plan | RSUs
STOCKHOLDERS' EQUITY
Number of shares outstanding	168,490
2019 Incentive Plan
STOCKHOLDERS' EQUITY
Remaining shares which may be granted under the Plan	0
2019 Incentive Plan | Restricted stock and RSUs
STOCKHOLDERS' EQUITY
Number of shares outstanding	506,247
2019 Incentive Plan | Restricted stock
STOCKHOLDERS' EQUITY
Number of shares outstanding	426,625
2019 Incentive Plan | RSUs
STOCKHOLDERS' EQUITY
Number of shares outstanding	79,622

STOCKHOLDERS' EQUITY - Stock _2

STOCKHOLDERS' EQUITY - Stock Based Compensation - RSUs (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
RSUs
STOCKHOLDERS' EQUITY
Number of shares outstanding	248,112	241,076	248,112	241,076
Number of shares granted	0	0
Number of shares vested	0	0
Number of shares forfeited	0	0
Performance cycle	3 years
RSUs | Awards granted in 2023
STOCKHOLDERS' EQUITY
Number of shares outstanding	85,250
Aggregate fair value of the shares granted	$ 959,000
RSUs | Awards granted in 2022
STOCKHOLDERS' EQUITY
Number of shares outstanding	83,240
Aggregate fair value of the shares granted	$ 1,419,000
RSUs | Awards granted in 2021
STOCKHOLDERS' EQUITY
Number of shares outstanding	79,622
Aggregate fair value of the shares granted	$ 1,822,000
RSUs | Awards granted in 2021 - 2023
STOCKHOLDERS' EQUITY
Performance cycle	3 years
Accrual for dividend equivalent rights	$ 528,000		$ 450,000
ROC Awards | Awards granted in 2021 - 2023
STOCKHOLDERS' EQUITY
Weight	50%	50%
ROC Awards | Awards granted in 2021 - 2023 | Minimum
STOCKHOLDERS' EQUITY
Average of annual ROC	6%	6%
ROC Awards | Awards granted in 2021 - 2023 | Maximum
STOCKHOLDERS' EQUITY
Average of annual ROC	8.75%	8.75%
TSR awards
STOCKHOLDERS' EQUITY
Service period	3 years
TSR awards | Awards granted in 2021 - 2023
STOCKHOLDERS' EQUITY
Weight	50%	50%
TSR awards | Awards granted in 2021 - 2023 | Minimum
STOCKHOLDERS' EQUITY
Average of annual TSR	6%	6%
TSR awards | Awards granted in 2021 - 2023 | Maximum
STOCKHOLDERS' EQUITY
Average of annual TSR	11%	11%

STOCKHOLDERS' EQUITY - Activity

STOCKHOLDERS' EQUITY - Activity of the Plans (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024
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)	$ 25.27	$ 25.74	$ 25.27
Value of stock vested during the period	$ 3,511,000	$ 3,412,000
Weighted average per share value of shares forfeited during the period (in dollars per share)	$ 0	$ 0
Total charge to operations:
Total charge to operations	$ 1,272,000	$ 1,328,000
Restricted stock grants
Summary of the activity of the incentive Plans
Average per share grant price (in dollars per share)	$ 21.60	$ 22.09
Deferred compensation to be recognized over vesting period	$ 3,265,000	$ 3,379,000	$ 3,265,000
Number of non-vested shares:
Non-vested beginning of period (in shares)	712,560	712,375	730,530
Number of shares granted	151,180	152,955
Vested during period (in shares)	(136,600)	(134,800)
Non-vested end of period (in shares)	727,140	730,530	727,140
Total charge to operations:
Total charge to operations	$ 893,000	$ 950,000
Weighted average vesting period	2 years 9 months 18 days
Restricted stock grants | General and administrative expense
Total charge to operations:
Total compensation costs related to non-vested awards that have not yet been recognized	$ 10,000,000		$ 10,000,000
RSU grants
Summary of the activity of the incentive Plans
Average per share grant price (in dollars per share)	$ 0	$ 0
Deferred compensation to be recognized over vesting period	$ 0	$ 0	$ 0
Number of non-vested shares:
Non-vested beginning of period (in shares)	248,112	241,076	241,076
Number of shares granted	0	0
Vested during period (in shares)	0	0
Forfeitures (in shares)	0	0
Non-vested end of period (in shares)	248,112	241,076	248,112
Total charge to operations:
Total charge to operations	$ 379,000	$ 378,000
Weighted average vesting period	1 year 3 months 18 days
RSU grants | General and administrative expense
Total charge to operations:
Total compensation costs related to non-vested awards that have not yet been recognized	$ 1,467,000		$ 1,467,000

EARNINGS PER COMMON SHARE - Rec

EARNINGS PER COMMON SHARE - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator for basic and diluted earnings per share:
Net income	$ 5,380	$ 5,408
Deduct net income loss attributable to non-controlling interests	(225)	(22)
Deduct earnings allocated to unvested restricted stock	(327)	(329)
Net income available for common stockholders: basic	4,828	5,057
Net income available for common stockholders: diluted	$ 4,828	$ 5,057
Denominator for basic earnings per share:
Weighted average number of common shares outstanding	20,509	20,514
Effect of diluted securities:
RSUs	70	65
Denominator for diluted earnings per share:
Weighted average number of shares	20,579	20,579
Earnings per common share, basic (in dollars per share)	$ 0.24	$ 0.25
Earnings per common share, diluted (in dollars per share)	$ 0.23	$ 0.25

EARNINGS PER COMMON SHARE - Sha

EARNINGS PER COMMON SHARE - Shares of common stock underlying RSUs (Details) - RSUs - shares			1 Months Ended	3 Months Ended		12 Months Ended
	Jul. 01, 2022	Aug. 03, 2021	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024
Earnings Per Common Share
Number of underlying shares				248,112	241,076
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric				103,790	120,385
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric				42,625	37,513
Total				146,415	157,898
Common shares not included in calculation due applicable metric had not been met at measurement dates				101,697	83,178
Number of shares vested				0	0
Number of shares forfeited				0	0
Performance cycle				3 years
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				27,062
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric				42,625
Total				69,687
Common shares not included in calculation due applicable metric had not been met at measurement dates				15,563
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				36,917	42,522
Total				36,917	42,522
Common shares not included in calculation due applicable metric had not been met at measurement dates				46,323	42,828
Number of shares forfeited						2,110
Performance cycle	3 years
August 3, 2021
Earnings Per Common Share
Number of underlying shares				79,622	80,700
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric				39,811	40,350
Total				39,811	40,350
Common shares not included in calculation due applicable metric had not been met at measurement dates				39,811	40,350
Number of shares forfeited						1,078
Performance cycle		3 years
August 3, 2020
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
Number of shares vested			74,988
Number of shares forfeited			38

FAIR VALUE MEASUREMENTS - Mortg

FAIR VALUE MEASUREMENTS - Mortgages Payable (Details) - Mortgages payable $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) Y	Dec. 31, 2023 USD ($) Y
FAIR VALUE MEASUREMENTS
Fair value of mortgages payable	$ 394,661	$ 397,031
Carrying value of mortgages payable, gross	420,992	422,565
Fair value less than carrying value	$ (26,331)	$ (25,534)
Weighted average interest rate	4.41%	4.31%
Blended market interest rate
FAIR VALUE MEASUREMENTS
Long-term debt, measurement input	0.0608	0.0593
Weighted average remaining term to maturity (years)
FAIR VALUE MEASUREMENTS
Long-term debt, measurement input | Y	6.3	5.9

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value of Derivatives (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)
FAIR VALUE MEASUREMENTS
Number of mortgage loans outstanding with related interest rate swaps | item	12
Interest rate swap | Level 2
Financial assets:
Financial assets	$ 755,000	$ 824,000
Financial assets, Balance Sheet Classification	Escrow, deposits and other assets and receivables	Escrow, deposits and other assets and receivables
Interest rate swap | Cash flow hedges
FAIR VALUE MEASUREMENTS
Number of interest rate derivatives held | item	12
Notional Amount	$ 28,485,000
Weighted average maturity	1 year
Weighted average annual interest rate (as a percent)	3.86%
Financial liabilities:
Financial liabilities	$ 0
Interest rate swap | Cash flow hedges | Minimum
FAIR VALUE MEASUREMENTS
Fixed interest rate (as a percent)	3.22%
Interest rate swap | Cash flow hedges | Maximum
FAIR VALUE MEASUREMENTS
Fixed interest rate (as a percent)	4.34%

FAIR VALUE MEASUREMENTS - Effec

FAIR VALUE MEASUREMENTS - Effect of derivatives on Consolidated Statements of Income (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
FAIR VALUE MEASUREMENTS
Additional amount to be reclassified during the next twelve months	$ 610,000
Interest rate swap | Cash flow hedges
FAIR VALUE MEASUREMENTS
Amount of gain (loss) recognized on derivatives in other comprehensive income	183,000	$ (121,000)
Amount of reclassification from Accumulated other comprehensive income into Interest expense	$ 272,000	$ 288,000

REAL ESTATE ACQUISITION (Detail

REAL ESTATE ACQUISITION (Details)	Apr. 24, 2024 USD ($)
Real Estate Acquisitions in 2024 | Industrial property located in Albuquerque, New Mexico
REAL ESTATE INVESTMENTS
Contract Purchase Price	$ 6,450,000

NEW ACCOUNTING PRONOUNCEMENTS (

NEW ACCOUNTING PRONOUNCEMENTS (Details)	3 Months Ended
	Mar. 31, 2024 segment
NEW ACCOUNTING PRONOUNCEMENTS
Number of reportable segments	1

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 5,155	$ 5,386

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Item 5. Other Information ​ None of our officers or directors had any contract, instruction, or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement" in effect at any time during the three months ended March 31, 2024.
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