One Liberty Properties (OLP) 10-Q 7 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 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	Jun. 30, 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		21,340,344
Entity Central Index Key	0000712770
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Real estate investments, at cost
Land		$ 170,023	$ 172,309
Buildings and improvements		686,636	692,346
Total real estate investments, at cost		856,659	864,655
Less accumulated depreciation		185,228	182,705
Real estate investments, net		671,431	681,950
Investment in unconsolidated joint ventures		2,148	2,051
Cash and cash equivalents		35,020	26,430
Unbilled rent receivable		16,847	16,661
Unamortized intangible lease assets, net		13,292	14,681
Escrow, deposits and other assets and receivables		20,492	19,833
Total assets	[1]	759,230	761,606
Liabilities:
Mortgages payable, net		415,470	418,347
Line of credit
Dividends payable		10,062	9,916
Accrued expenses and other liabilities		14,200	15,502
Unamortized intangible lease liabilities, net		11,065	10,096
Total liabilities	[1]	450,797	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; 20,593 and 20,323 shares issued and outstanding		20,593	20,323
Paid-in capital		331,446	326,379
Accumulated other comprehensive income		567	844
Distributions in excess of net income		(45,311)	(40,843)
Total One Liberty Properties, Inc. stockholders' equity		307,295	306,703
Non-controlling interests in consolidated joint ventures	[1]	1,138	1,042
Total equity		308,433	307,745
Total liabilities and equity		$ 759,230	$ 761,606
[1] The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 6. The consolidated balance sheets include the following amounts related to the Company’s consolidated VIEs: $9,198 and $9,917 of land, $15,778 and $17,475 of building and improvements, net of $6,091 and $6,380 of accumulated depreciation, $2,599 and $3,158 of other assets included in other line items, $13,579 and $16,660 of real estate debt, net, $769 and $1,130 of other liabilities included in other line items and $1,138 and $1,042 of non-controlling interests as of June 30, 2024 and December 31, 2023, respectively.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands		Jun. 30, 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		20,593	20,323
Common stock, shares outstanding		20,593	20,323
Land		$ 170,023	$ 172,309
Buildings and improvements		686,636	692,346
Accumulated depreciation		185,228	182,705
Non-controlling interests in consolidated joint ventures	[1]	1,138	1,042
Consolidated Joint Venture-VIEs
Land		9,198	9,917
Buildings and improvements		15,778	17,475
Accumulated depreciation		6,091	6,380
Other assets		2,599	3,158
Real estate debt, net		13,579	16,660
Other liabilities		769	1,130
Non-controlling interests in consolidated joint ventures		$ 1,138	$ 1,042
[1] The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 6. The consolidated balance sheets include the following amounts related to the Company’s consolidated VIEs: $9,198 and $9,917 of land, $15,778 and $17,475 of building and improvements, net of $6,091 and $6,380 of accumulated depreciation, $2,599 and $3,158 of other assets included in other line items, $13,579 and $16,660 of real estate debt, net, $769 and $1,130 of other liabilities included in other line items and $1,138 and $1,042 of non-controlling interests as of June 30, 2024 and December 31, 2023, respectively.

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Total revenues	$ 21,800	$ 22,407	$ 44,496	$ 45,359
Operating expenses:
Depreciation and amortization	5,965	6,114	11,986	12,259
General and administrative	3,776	4,165	7,699	8,204
Real estate expenses	3,976	3,954	8,446	8,078
Impairment loss	1,086		1,086
State taxes	47	88	110	156
Total operating expenses	14,850	14,321	29,327	28,697
Other operating income
Gain on sale of real estate, net	7,448	3,180	9,232	4,714
Operating income	14,398	11,266	24,401	21,376
Other income and expenses:
Equity in earnings of unconsolidated joint ventures	43	60	96	145
Other income	276	28	543	43
Interest:
Expense	(4,750)	(4,610)	(9,467)	(9,210)
Amortization and write-off of deferred financing costs	(290)	(205)	(516)	(407)
Net income	9,677	6,539	15,057	11,947
Net income attributable to non-controlling interests	(124)	(20)	(349)	(42)
Net income attributable to One Liberty Properties, Inc.	$ 9,553	$ 6,519	$ 14,708	$ 11,905
Weighted average number of common shares outstanding:
Basic (in shares)	20,590	20,571	20,550	20,544
Diluted (in shares)	20,683	20,642	20,632	20,612
Per common share attributable to common stockholders:
Basic (in dollars per share)	$ 0.45	$ 0.30	$ 0.68	$ 0.55
Diluted (in dollars per share)	0.45	0.30	0.68	0.55
Cash distributions per share of common stock (in dollars per share)	$ 0.45	$ 0.45	$ 0.90	$ 0.90
Rental income, net
Revenues:
Total revenues	$ 21,800	$ 22,407	$ 44,246	$ 45,359
Lease termination fee
Revenues:
Total revenues			$ 250

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 9,677	$ 6,539	$ 15,057	$ 11,947
Other comprehensive income
Net unrealized (loss) gain on derivative instruments	(188)	141	(277)	(268)
Comprehensive income	9,489	6,680	14,780	11,679
Net income attributable to non-controlling interests	(124)	(20)	(349)	(42)
Adjustment for derivative instruments attributable to non-controlling interests		1		1
Comprehensive income attributable to One Liberty Properties, Inc.	$ 9,365	$ 6,661	$ 14,431	$ 11,638

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)	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	$ 20,362,000	$ 325,895,000	$ 1,810,000	$ (32,102,000)	$ 972,000	$ 316,937,000
Distributions - common stock
Cash				(9,628,000)		(9,628,000)
Shares issued through dividend reinvestment plan	49,000	1,025,000				1,074,000
Restricted stock vesting and RSU vesting	135,000	(135,000)
Compensation expense - restricted stock and RSUs		1,328,000				1,328,000
Distributions to non-controlling interests					(9,000)	(9,000)
Net income				5,386,000	22,000	5,408,000
Other comprehensive income (loss)			(409,000)			(409,000)
Ending Balance at Mar. 31, 2023	20,546,000	328,113,000	1,401,000	(36,344,000)	985,000	314,701,000
Beginning Balance at Dec. 31, 2022	20,362,000	325,895,000	1,810,000	(32,102,000)	972,000	316,937,000
Distributions - common stock
Repurchases of common stock - net						(1,455,000)
Net income						11,947,000
Ending Balance at Jun. 30, 2023	20,540,000	329,326,000	1,543,000	(39,451,000)	997,000	312,955,000
Beginning Balance at Mar. 31, 2023	20,546,000	328,113,000	1,401,000	(36,344,000)	985,000	314,701,000
Distributions - common stock
Cash				(9,626,000)		(9,626,000)
Shares issued through dividend reinvestment plan	50,000	1,048,000				1,098,000
Repurchases of common stock - net	(73,000)	(1,382,000)				(1,455,000)
Restricted stock vesting and RSU vesting	17,000	(17,000)
Compensation expense - restricted stock and RSUs		1,564,000				1,564,000
Distributions to non-controlling interests					(7,000)	(7,000)
Net income				6,519,000	20,000	6,539,000
Other comprehensive income (loss)			142,000		(1,000)	141,000
Ending Balance at Jun. 30, 2023	20,540,000	329,326,000	1,543,000	(39,451,000)	997,000	312,955,000
Beginning Balance at Dec. 31, 2023	20,323,000	326,379,000	844,000	(40,843,000)	1,042,000	307,745,000
Distributions - common stock
Cash				(9,642,000)		(9,642,000)
Shares issued through dividend reinvestment plan	66,000	1,369,000				1,435,000
Restricted stock vesting and RSU vesting	137,000	(137,000)
Compensation expense - restricted stock and RSUs		1,272,000				1,272,000
Contribution from non-controlling interest					43,000	43,000
Distributions to non-controlling interests					(94,000)	(94,000)
Net income				5,155,000	225,000	5,380,000
Other comprehensive income (loss)			(89,000)			(89,000)
Ending Balance at Mar. 31, 2024	20,526,000	328,883,000	755,000	(45,330,000)	1,216,000	306,050,000
Beginning Balance at Dec. 31, 2023	20,323,000	326,379,000	844,000	(40,843,000)	1,042,000	307,745,000
Distributions - common stock
Net income						15,057,000
Ending Balance at Jun. 30, 2024	20,593,000	331,446,000	567,000	(45,311,000)	1,138,000	308,433,000
Beginning Balance at Mar. 31, 2024	20,526,000	328,883,000	755,000	(45,330,000)	1,216,000	306,050,000
Distributions - common stock
Cash				(9,534,000)		(9,534,000)
Shares issued through dividend reinvestment plan	67,000	1,396,000				1,463,000
Compensation expense - restricted stock and RSUs		1,167,000				1,167,000
Distributions to non-controlling interests					(202,000)	(202,000)
Net income				9,553,000	124,000	9,677,000
Other comprehensive income (loss)			(188,000)			(188,000)
Ending Balance at Jun. 30, 2024	$ 20,593,000	$ 331,446,000	$ 567,000	$ (45,311,000)	$ 1,138,000	$ 308,433,000

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Distributions - common stock
Cash	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 0.90	$ 0.90

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 15,057	$ 11,947
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of real estate, net	(9,232)	(4,714)
Impairment loss	1,086
Increase in net amortization of unbilled rental income	(504)	(1,199)
Write-off of unbilled rent receivable		133
Amortization and write-off of intangibles relating to leases, net	(665)	(454)
Amortization of restricted stock and RSU compensation expense	2,439	2,892
Equity in earnings of unconsolidated joint ventures	(96)	(145)
Distributions of earnings from unconsolidated joint venture		23
Depreciation and amortization	11,986	12,259
Amortization and write-off of deferred financing costs	516	407
Payment of leasing commissions	(173)	(179)
(Increase) decrease in escrow, deposits, other assets and receivables	(961)	5,015
Decrease in accrued expenses and other liabilities	(1,931)	(1,055)
Net cash provided by operating activities	17,522	24,930
Cash flows from investing activities:
Net proceeds from sale of real estate	24,485	10,069
Purchase of real estate	(11,798)
Improvements to real estate	(1,493)	(2,863)
Investments in ground leased property	(44)	(668)
Net cash provided by investing activities	11,150	6,538
Cash flows from financing activities:
Scheduled amortization payments of mortgages payable	(6,074)	(6,174)
Repayments of mortgages payable	(30,939)	(6,735)
Proceeds from mortgage financings	34,213	23,450
Proceeds from bank line of credit		16,900
Repayments on bank line of credit		(36,200)
Issuance of shares through dividend reinvestment plan	2,898	2,172
Repurchases of common stock, net		(1,455)
Payment of financing costs	(570)	(370)
Capital contribution from non-controlling interests	43
Distributions to non-controlling interests	(296)	(16)
Cash distributions to common stockholders	(19,030)	(19,056)
Net cash used in financing activities	(19,755)	(27,484)
Net increase in cash, cash equivalents and restricted cash	8,917	3,984
Cash, cash equivalents and restricted cash at beginning of year	29,592	7,277
Cash, cash equivalents and restricted cash at end of period	38,509	11,261
Supplemental disclosure of cash flow information:
Cash paid during the period for interest expense	9,463	$ 9,258
Supplemental disclosure of non-cash investing activities:
Purchase accounting allocation - intangible lease assets	1,214
Purchase accounting allocation - intangible lease liabilities	$ (1,855)

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	$ 35,020	$ 8,079
Restricted cash included in escrow, deposits and other assets and receivables	3,489	3,182
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	$ 38,509	$ 11,261

ORGANIZATION AND BACKGROUND

ORGANIZATION AND BACKGROUND	6 Months Ended
	Jun. 30, 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 June 30, 2024, OLP owns

SUMMARY ACCOUNTING POLICIES

SUMMARY ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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. 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 and six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 2042, 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 ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2024 2023 2024 2023 Fixed lease revenues ​ $ 18,319 ​ $ 18,929 ​ $ 36,591 ​ $ 38,287 Variable lease revenues ​ ​ 3,194 ​ ​ 3,248 ​ ​ 6,990 ​ ​ 6,618 Lease revenues (a) ​ $ 21,513 ​ $ 22,177 ​ $ 43,581 ​ $ 44,905 (a) Excludes amortization related to lease intangible assets and liabilities of $ 287 and $ 665 for the three and six months ended June 30, 2024, respectively, and $230 and $454 for the three and six months ended June 30, 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 June 30, 2024, the Company has assessed the collectability of all recorded lease revenues as probable. ​ Minimum Future Rents As of June 30, 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 July 1 – December 31, 2024 ​ $ 35,547 For the year ending December 31, ​ ​ ​ 2025 ​ ​ 69,639 2026 ​ ​ 65,547 2027 ​ ​ 55,773 2028 ​ ​ 44,821 2029 ​ ​ 34,506 Thereafter ​ ​ 114,006 Total ​ $ 419,839 ​ 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 June 30, 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 June 30, 2024, the minimum future lease payments related to these operating leases are as follows (amounts in thousands): ​ ​ ​ ​ ​ From July 1 – December 31, 2024 ​ $ 303 For the year ending December 31, ​ ​ ​ 2025 ​ ​ 626 2026 ​ ​ 627 2027 ​ 629 2028 ​ 630 2029 ​ 692 Thereafter ​ 537 Total undiscounted cash flows ​ $ 4,044 Present value discount ​ (851) Lease liability ​ $ 3,193 ​ The lease liability is included in Accrued expenses and other liabilities on the consolidated balance sheet. ​ Lease termination fee ​

REAL ESTATE ACQUISITIONS

REAL ESTATE ACQUISITIONS	6 Months Ended
	Jun. 30, 2024
REAL ESTATE ACQUISITIONS
REAL ESTATE ACQUISITION	NOTE 4 – REAL ESTATE ACQUISITIONS ​ ​ The following tables detail the Company’s real estate acquisitions and purchase price allocations during the six months ended June 30, 2024 (amounts in thousands). The Company determined that with respect to these acquisitions, the gross assets acquired are concentrated in a single identifiable asset. Therefore, these transactions do not meet the definition of a business and are accounted for as asset acquisitions. As such, direct transaction costs associated with these asset acquisitions have been capitalized to real estate assets and depreciated over the respective useful lives. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ ​ ​ ​ Contract ​ Terms of ​ Transaction Description of Industrial Property Date Acquired Purchase Price Payment Costs Quality Custom Distribution Services, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Albuquerque, New Mexico ​ April 24, 2024 ​ $ 6,450 ​ All cash (a) ​ $ 55 Russell Equipment, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Savannah, GA ​ May 23, 2024 ​ ​ 5,240 ​ All cash (b) ​ ​ 53 Totals for the six months ended June 30, 2024 ​ ​ ​ $ 11,690 ​ $ 108 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building & ​ Intangible Lease ​ ​ ​ ​ Market Cap ​ Discount Description of Industrial Property Land Improvements Asset Liability ​ Total ​ Rate (c) ​ Rate (c) Quality Custom Distribution Services, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Albuquerque, New Mexico ​ $ 1,341 ​ $ 6,330 ​ $ 689 ​ $ (1,855) ​ $ 6,505 ​ 6.75% ​ 7.14% Russell Equipment, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Savannah, GA ​ ​ 1,044 ​ ​ 3,724 ​ ​ 525 ​ ​ — ​ ​ 5,293 ​ 7.00% ​ 7.15% Totals for the six months ended June 30, 2024 ​ $ 2,385 ​ $ 10,054 ​ $ 1,214 ​ $ (1,855) ​ $ 11,798 ​ ​ ​ ​ ​ (a) Subsequent to the acquisition of the Albuquerque, New Mexico property, the Company obtained new mortgage debt of $ 3,401 bearing an interest rate of 6.00 % and maturing in 2032. (b) Subsequent to the acquisition of the Savannah, Georgia property, the Company obtained new mortgage debt of $ 2,812 bearing an interest rate of 6.00 % and maturing in 2035. (c) The fair value of the tangible and intangible assets of each property was assessed as of the acquisition date using an income approach and estimated cash flow projections which utilize an appropriate market capitalization rate and discount rate categorized as Level 3 unobservable inputs in the fair value hierarchy (as defined in Note 12 ).

SALES OF PROPERTIES AND IMPAIRM

SALES OF PROPERTIES AND IMPAIRMENT LOSS	6 Months Ended
	Jun. 30, 2024
SALES OF PROPERTIES AND IMPAIRMENT LOSS
SALES OF PROPERTIES AND IMPAIRMENT LOSS	NOTE 5 SALES OF PROPERTIES AND IMPAIRMENT LOSS Sales of Properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gain on Sale of ​ Description of Property ​ City, State ​ Date Sold ​ Sales Price ​ Real Estate, Net ​ Hacienda Colorado restaurant parcel ​ Lakewood, Colorado ​ March 6, 2024 ​ $ 2,900 ​ $ 1,784 (a) Applebee's restaurant property ​ Kennesaw, Georgia ​ May 6, 2024 ​ ​ 2,834 ​ ​ 964 ​ FedEx industrial property ​ Miamisburg, Ohio ​ May 9, 2024 ​ ​ 2,793 ​ ​ 1,507 ​ Havertys retail property ​ Wichita, Kansas ​ June 6, 2024 ​ ​ 6,600 ​ ​ 1,884 ​ Urban Outfitters retail property ​ Lawrence, Kansas ​ June 7, 2024 ​ ​ 1,300 ​ ​ 43 ​ Walgreens retail property ​ Cape Girardeau, Missouri ​ June 10, 2024 ​ ​ 2,793 ​ ​ 978 (b) Vacant retail property ​ Kennesaw, Georgia ​ June 28, 2024 ​ ​ 6,700 ​ ​ 2,072 ​ Totals for the six months ended June 30, 2024 $ 25,920 ​ $ 9,232 (d) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gain on Sale of ​ Description of Property ​ City, State ​ Date Sold ​ Sales Price ​ Real Estate, Net ​ TGI Fridays restaurant property ​ Hauppauge, New York ​ February 28, 2023 ​ $ 4,200 ​ $ 1,534 ​ Havertys retail property ​ Duluth, Georgia ​ May 31, 2023 ​ ​ 6,000 ​ ​ 3,180 ​ Totals for the six months ended June 30, 2023 $ 10,200 ​ $ 4,714 (e) (a) A consolidated joint venture, in which the Company holds a 90% interest, sold a restaurant parcel which was part of a multi-tenant shopping center. In connection with the sale of this parcel, the joint venture paid down $1,885 of the mortgage on this property. The non-controlling interest’s share of the gain was $178 . (b) This property was owned by a consolidated joint venture in which the Company held a 95% interest. The non-controlling interest’s share of the gain was $105 . (c) In connection with this sale, the Company paid off the $4,412 mortgage on this property. (d) As a result of these sales, the Company wrote-off, as a reduction to Gain on sale of real estate, net, an aggregate of $275 of unbilled rent receivables, $439 of net unamortized intangible lease assets and liabilities and $108 of other assets and receivables. (e) As a result of these sales, the Company wrote-off, as a reduction to Gain on sale of real estate, net, an aggregate of $190 of other assets and receivables and $32 of unearned rental income. ​ Sales Contracts subsequent to June 30, 2024 ​ ​ Impairment Loss ​ On July 11, 2024, the Company entered into a contract to sell its health and fitness property in Hamilton, Ohio for $4,350,000 . The sale is subject to the buyer’s right to terminate, which expires on August 10, 2024. This property was formerly tenanted by LA Fitness whose lease expired in May 2024. As a result of the contract, the Company re-measured the property’s net book value to its fair value (as discussed in Note 12) and recognized a at June 30, 2024. The Company anticipates this property will be sold during the three months ending September 30, 2024.

VARIABLE INTEREST ENTITIES, CON

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES	6 Months Ended
	Jun. 30, 2024
VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES
VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES	NOTE 6 – VARIABLE INTEREST ENTITIES, CONSOLIDATED JOINT VENTURES AND CONTINGENT LIABILITY ​ Variable Interest Entities – Consolidated Joint Ventures ​ The Company has determined the two consolidated joint ventures in which it holds between a 90% to 95% interest are VIEs because the non-controlling interests do not hold substantive kick-out or participating rights. The Company has determined it is the primary beneficiary of these VIEs as it has the power to direct the activities that most significantly impact each joint venture’s performance including management, approval of expenditures, and the obligation to absorb the losses or rights to receive benefits. Accordingly, the Company consolidates the operations of these VIEs for financial statement purposes. The VIEs’ creditors do not have recourse to the assets of the Company other than those held by the applicable joint venture. ​ The following is a summary of the consolidated VIEs’ carrying amounts and classification in the Company’s consolidated balance sheets, none of which are restricted (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2024 (a) 2023 Land ​ $ 9,198 ​ $ 9,917 Buildings and improvements, net of accumulated depreciation of $6,091 and $6,380, respectively ​ ​ 15,778 ​ ​ 17,475 Cash ​ ​ 721 ​ ​ 1,059 Unbilled rent receivable ​ ​ 895 ​ ​ 938 Unamortized intangible lease assets, net ​ ​ 126 ​ ​ 412 Escrow, deposits and other assets and receivables ​ ​ 857 ​ ​ 749 Mortgages payable, net of unamortized deferred financing costs of $90 and $109, respectively ​ ​ 13,579 ​ ​ 16,660 Accrued expenses and other liabilities ​ ​ 544 ​ ​ 745 Unamortized intangible lease liabilities, net ​ ​ 225 ​ ​ 385 Accumulated other comprehensive income ​ ​ — ​ ​ 2 Non-controlling interests in consolidated joint ventures ​ ​ 1,138 ​ ​ 1,042 (a) During the six months ended June 30, 2024, the Company and its joint venture partners sold a restaurant parcel at its multi-tenant shopping center in Lakewood, Colorado and a retail property in Cape Girardeau, Missouri. In connection with the sale of the restaurant parcel, the joint venture paid down the mortgage on its property by $1,885 (see Note 5). ​ As of June 30, 2024, MCB Real Estate, LLC and its affiliates (‘‘MCB’’) are the Company’s joint venture partner in a consolidated joint venture in which the Company has an aggregate equity investment of approximately $3,512,000. ​ 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. ​ 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. NOTE 6 – VARIABLE INTEREST ENTITIES, CONSOLIDATED JOINT VENTURES AND CONTINGENT LIABILITY (CONTINUED) ​ As of June 30, 2024, the VIE’s maximum exposure to loss was $17,320,000 which represented the carrying amount of the land. In purchasing the property in 2016, the owner/operator obtained a mortgage from a third party which, together with the Company’s purchase of the land, provided substantially all of the funds to acquire the multi-family property. The Company provided its land as collateral for the owner/operator’s mortgage loan; accordingly, the land position is subordinated to the mortgage. The mortgage balance was as of June 30, 2024. Pursuant to the ground lease, as amended in November 2020, the Company agreed, in its discretion, to fund

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	6 Months Ended
	Jun. 30, 2024
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	NOTE 7 – INVESTMENT IN UNCONSOLIDATED JOINT VENTURES ​ As of June 30, 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 $2,148,000 and $2,051,000 , respectively. The Company recorded equity in earnings of for the three and six months ended June 30, 2023, respectively.

DEBT OBLIGATIONS

DEBT OBLIGATIONS	6 Months Ended
	Jun. 30, 2024
DEBT OBLIGATIONS
DEBT OBLIGATIONS	NOTE 8 – DEBT OBLIGATIONS ​ Mortgages Payable ​ The following table details the Mortgages payable, net, balances per the consolidated balance sheets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2024 2023 Mortgages payable, gross ​ $ 419,765 ​ $ 422,565 Unamortized deferred financing costs ​ (3,559) ​ (3,414) Unamortized mortgage intangible assets (a) ​ ​ (736) ​ ​ (804) Mortgages payable, net ​ $ 415,470 ​ $ 418,347 (a) In connection with the assumption of two below-market mortgages. ​ The following table sets forth, as of June 30, 2024, scheduled principal repayments with respect to the Company’s mortgage debt during the six months ending December 31, 2024 and for each of the subsequent twelve months through maturity (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2025 2026 2027 2028 Thereafter Total Amortization payments ​ $ 5,884 ​ $ 10,842 ​ $ 10,794 ​ $ 9,721 ​ $ 9,060 ​ $ 33,678 ​ $ 79,979 Principal due at maturity ​ 25,309 ​ 29,157 ​ 19,179 ​ 38,525 ​ 30,156 ​ 197,460 ​ 339,786 Total ​ $ 31,193 ​ $ 39,999 ​ $ 29,973 ​ $ 48,246 ​ $ 39,216 ​ $ 231,138 ​ $ 419,765 ​ NOTE 8 – DEBT OBLIGATIONS (CONTINUED) ​ Line of Credit ​ The Company’s credit facility with Manufacturers and Traders Trust Company and VNB New York, LLC, provides that it may borrow up to $100,000,000, subject to borrowing base requirements. The facility is available for the acquisition of commercial real estate, repayment of mortgage debt, and renovation and operating expense purposes; provided, that if used for renovation and operating expense purposes, the amount outstanding for such purposes will not exceed the lesser of $40,000,000 and 40% of the borrowing base. Net proceeds received from the sale, financing or refinancing of properties are generally required to be used to repay amounts outstanding under the credit facility. The facility is guaranteed by subsidiaries of the Company that own unencumbered properties and the Company is required to pledge to the lenders the equity interests in such subsidiaries. ​ The facility, which matures December 31, 2026, provides for an interest rate equal to 30-day SOFR plus an applicable margin ranging from 175 basis points to 275 basis points depending on the ratio of the Company’s total debt to total value, as determined pursuant to the facility. The applicable margin was 175 basis points at June 30, 2024 and December 31, 2023. An unused facility fee of per annum applies to the facility. The Company had balance outstanding on the facility during the six months ended June 30, 2024. The weighted average interest rate on the facility was approximately ​ At each of June 30, 2024 and August 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 7.09% on August 1, 2024. ​ At June 30, 2024 and December 31, 2023, the Company had unamortized deferred financing costs of $457,000 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	6 Months Ended
	Jun. 30, 2024
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 9 – RELATED PARTY TRANSACTIONS ​ Compensation and Services Agreement ​ Pursuant to the compensation and services agreement with Majestic Property Management Corp. (“Majestic”), Majestic provides the Company with certain (i) executive, administrative, legal, accounting, clerical, property management, property acquisition, consulting ( i.e ., sale, leasing, brokerage, and mortgage financing), and construction supervisory services (collectively, the “Services”) and (ii) facilities and other resources. Majestic is wholly-owned by the Company’s vice- chairman and it provides compensation to several of the Company’s executive officers. ​ In consideration for the Services, the Company paid Majestic $831,000 and $1,657,000 for the three and six months ended June 30, 2024, respectively, and $810,000 and $1,689,000 for the three and six months ended June 30, 2023, respectively. Included in these amounts are fees for property management services of NOTE 9 – RELATED PARTY TRANSACTIONS (CONTINUED) Executive officers and others providing services to the Company under the compensation and services agreement were awarded shares of restricted stock and restricted stock units (“RSUs”) under the Company’s stock incentive plans (described in Note 10). The related expense charged to the Company’s operations was $569,000 and $1,182,000 for the three and six months ended June 30, 2024, respectively, and $643,000 and $1,284,000 for the three and six months ended June 30, 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 $46,000 for the three and six months ended June 30, 2024, respectively, and $24,000 and $46,000 for the three and six months ended June 30, 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 $1,000 and $3,000 for the three and six months ended June 30, 2024, respectively, and $31,000 and $57,000 for the three and six months ended June 30, 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 $2,000 for the three and six months ended June 30, 2024, respectively, and $15,000 and $29,000 for the three and six months ended June 30, 2023, respectively. Other During 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	6 Months Ended
	Jun. 30, 2024
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	NOTE 10 – STOCKHOLDERS’ EQUITY ​ Common Stock Dividend ​ On June 10, 2024, the Board of Directors declared a quarterly cash dividend of $0.45 per share on the Company’s common stock, totaling approximately $9,594,000 , payable to stockholders of record at the close of business on June 25, 2024. The quarterly dividend was paid on July 9, 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 67,000 and 133,000 shares of common stock during the three and six months ended June 30, 2024, respectively, and approximately 50,000 and 99,000 shares of common stock during the three and six months ended June 30, 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 and six months ended June 30, 2024. During the three and six months ended June 30, 2023, the Company repurchased approximately ​ 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 June 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted Stock ​ RSUs ​ 2022 Incentive Plan ​ 300,515 ​ 168,490 (a) 2019 Incentive Plan (b) ​ 426,625 ​ — ​ Totals ​ 727,140 ​ 168,490 ​ (a) In July 2024, the Company granted RSUs to acquire 88,250 shares of common stock. (b) No additional awards may be granted under such plan. ​ Restricted Stock ​ 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 10 – STOCKHOLDERS’ EQUITY (CONTINUED) ​ RSUs ​ The following table reflects the activities involving RSUs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 Grant ​ ​ 2023 Grant ​ 2022 Grant ​ 2021 Grant ​ 2020 Grant ​ RSUs granted ​ 88,250 ​ ​ 85,250 ​ 85,350 ​ 80,700 ​ 75,026 ​ RSUs vested ​ — ​ ​ — ​ — ​ 39,811 (c) 74,988 (d) RSUs forfeited ​ — ​ ​ — ​ 2,110 (e) 40,889 (f) 38 (e) RSUs outstanding ​ 88,250 ​ ​ 85,250 ​ 83,240 ​ — ​ — ​ Vesting Date ​ 6/30/2027 ​ ​ 6/30/2026 ​ 6/30/2025 ​ 6/30/2024 ​ 6/30/2023 ​ (a) These shares were granted in July 2024. (b) The shares underlying the RSUs are excluded from the shares shown as outstanding on the balance sheet until they have vested and been issued. (c) Such shares will be issued in August 2024. (d) Such shares were issued in August 2023. (e) Such shares were forfeited due to the retirement of an executive officer before the completion of the applicable three-year performance cycle. (f) Of the 40,889 shares (i) 39,811 shares were not earned because the applicable market condition had not been satisfied and (ii) 1,078 shares were forfeited due to the retirement of an executive officer before the completion of the applicable three-year performance cycle. (g) Generally, the recipient must maintain a relationship with the Company during the applicable three-year performance cycle. (h) 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 - 2024 (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 June 30, 2024 and December 31, 2023, the Company accrued an aggregate of $468,000 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. In August 2024, the Company will pay the holders of the 2021 RSU grant an aggregate of approximately $ 215,000 with respect to the dividend equivalent rights on the vested 39,811 shares. (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 recognizes expense only when performance conditions are 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. NOTE 10 – STOCKHOLDERS’ EQUITY (CONTINUED) ​ As of June 30, 2024, based on performance and market assumptions, the fair value of the RSUs granted in 2023 and 2022 is $841,000 and $1,315,000, respectively. Recognition of such deferred compensation will be charged to General and administrative expense over the respective three-year performance cycles. ​ The following is a summary of the activity of the Plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2024 2023 2024 2023 Restricted stock : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of shares granted ​ ​ — ​ ​ — ​ ​ 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 ​ ​ 727,140 ​ ​ 730,530 ​ ​ 712,560 ​ ​ 712,375 Grants ​ ​ — ​ ​ — ​ ​ 151,180 ​ ​ 152,955 Vested during the period ​ ​ — ​ ​ (17,500) ​ ​ (136,600) ​ ​ (152,300) Forfeitures ​ ​ — ​ ​ (110) ​ ​ — ​ ​ (110) Non-vested end of the period ​ ​ 727,140 ​ ​ 712,920 ​ ​ 727,140 ​ ​ 712,920 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSUs : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested beginning of the period ​ ​ 248,112 ​ ​ 241,076 ​ ​ 248,112 ​ ​ 241,076 Grants ​ ​ — ​ ​ — ​ ​ — ​ ​ — Vested during the period ​ ​ (39,811) ​ ​ (74,988) ​ ​ (39,811) ​ ​ (74,988) Forfeitures ​ ​ (39,811) ​ ​ (38) ​ ​ (39,811) ​ ​ (38) Non-vested end of the period ​ ​ 168,490 ​ ​ 166,050 ​ ​ 168,490 ​ ​ 166,050 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock and RSU grants (based on grant price): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average per share value of non-vested shares ​ $ 24.80 ​ $ 26.45 ​ $ 24.80 ​ $ 26.45 Value of stock vested during the period ​ $ 1,213,000 ​ $ 1,753,000 ​ $ 4,723,000 ​ $ 5,165,000 Weighted average per share value of shares forfeited during the period ​ $ 30.46 ​ $ 24.80 ​ $ 30.46 ​ $ 24.80 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total charge to operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding restricted stock grants ​ $ 921,000 ​ $ 1,178,000 ​ $ 1,814,000 ​ $ 2,128,000 Outstanding RSUs ​ ​ 246,000 ​ ​ 386,000 ​ ​ 625,000 ​ ​ 764,000 Total charge to operations ​ $ 1,167,000 ​ $ 1,564,000 ​ $ 2,439,000 ​ $ 2,892,000 ​ (a) There were no RSUs granted during the three or six months ended June 30, 2024 and 2023. As of June 30, 2024, total compensation costs of $9,079,000 and $999,000 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	6 Months Ended
	Jun. 30, 2024
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE	NOTE 11 – EARNINGS PER COMMON SHARE ​ Basic earnings per share was determined by dividing net income allocable to common stockholders for each period by the weighted average number of shares of common stock outstanding during the applicable period. Net income is also allocated to the unvested restricted stock outstanding during each period, as the restricted stock is entitled to receive dividends and is therefore considered a participating security. As of June 30, 2024, the shares of common stock underlying the RSUs (see Note 10) are excluded from the basic earnings per share calculation, as these units are not participating securities until they vest and are issued. ​ Diluted earnings per share reflects the potential dilution that could occur if securities or other rights exercisable for, or convertible into, common stock were exercised or converted or otherwise resulted in the issuance of common stock that shared in the earnings of the Company. ​ The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2024 2023 2024 2023 Numerator for basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 9,677 ​ $ 6,539 ​ $ 15,057 ​ $ 11,947 Deduct net income attributable to non-controlling interests ​ (124) ​ (20) ​ (349) ​ (42) Deduct earnings allocated to unvested restricted stock (a) ​ (327) ​ ​ (320) ​ ​ (654) ​ ​ (649) Net income available for common stockholders: basic and diluted ​ $ 9,226 ​ $ 6,199 ​ $ 14,054 ​ $ 11,256 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding ​ 20,590 ​ ​ 20,571 ​ ​ 20,550 ​ ​ 20,544 Effect of dilutive securities: RSUs ​ 93 ​ ​ 71 ​ ​ 82 ​ ​ 68 Denominator for diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares ​ 20,683 ​ 20,642 ​ 20,632 ​ 20,612 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share: basic and diluted ​ $ .45 ​ $ .30 ​ $ .68 ​ $ .55 (a) Represents an allocation of distributed earnings to unvested restricted stock that, as participating securities, are entitled to receive dividends. NOTE 11 – EARNINGS PER COMMON SHARE (CONTINUED) ​ The following table identifies the number of shares of common stock underlying the RSUs that are included in the calculation, on a diluted basis, of the weighted average number of shares of common stock for such periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three and Six Months Ended June 30, 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 ​ 26,750 ​ 42,625 ​ 69,375 ​ 15,875 July 1, 2022 (c) 83,240 ​ 36,765 ​ — ​ 36,765 ​ 46,475 August 3, 2021 (d) 79,622 ​ 39,811 ​ — ​ 39,811 ​ 39,811 Totals 248,112 103,326 42,625 145,951 102,161 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three and Six Months Ended June 30, 2023: ​ Total Number Shares Included Based on (a) ​ ​ ​ of Underlying ​ Return on ​ Stockholder ​ ​ ​ Shares Date of Award Shares Capital Metric Return Metric Total Excluded (b) July 1, 2022 (c) 85,350 ​ 42,675 ​ — ​ 42,675 ​ 42,675 August 3, 2021 (d) 80,700 ​ 40,350 ​ — ​ 40,350 ​ 40,350 August 3, 2020 ​ 75,026 ​ 37,494 ​ 37,494 ​ 74,988 ​ 38 Totals 241,076 120,519 37,494 158,013 83,063 (a) Reflects the number of shares underlying RSUs that would be issued assuming the measurement date used to determine whether the applicable conditions are satisfied is June 30 of the applicable period. (b) Excluded as the applicable conditions had not been met for these shares at the applicable measurement dates. (c) The RSUs awarded in 2023 and 2022 vest, subject to satisfaction of the applicable market and/or performance conditions, as of June 30, 2026 and 2025, respectively (see Note 10). (d) With respect to the RSUs awarded August 3, 2021, 39,811 shares were deemed to have vested and the balance of 39,811 shares were forfeited as of June 30, 2024 (see Note 10). The vested shares will be issued in August 2024. (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 as of June 30, 2023 (see Note 10). The vested shares were issued in August 2023.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2024
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 12 – FAIR VALUE MEASUREMENTS ​ The Company measures the fair value of financial instruments based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs. ​ The carrying amounts of cash and cash equivalents, escrow, deposits and other assets and receivables (excluding interest rate swaps), dividends payable, and accrued expenses and other liabilities, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ December 31, ​ ​ 2024 ​ 2023 Fair value of mortgages payable (a) ​ $ 392,896 ​ ​ $ 397,031 ​ Carrying value of mortgages payable, gross ​ $ 419,765 ​ ​ $ 422,565 ​ Fair value less than the carrying value ​ $ (26,869) ​ ​ $ (25,534) ​ Blended market interest rate (a) ​ ​ 6.18 % ​ ​ 5.93 % Weighted average interest rate ​ ​ 4.41 % ​ ​ 4.31 % Weighted average remaining term to maturity (years) ​ ​ 6.0 ​ ​ ​ 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 June 30, 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 $28,183,000 notional amount maturing between 2024 and 2026 (weighted average remaining term to maturity of approximately one year ). 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 June 30, 2024. The Company’s objective in using interest rate swaps is to add stability to interest expense. The Company does not use derivatives for trading or speculative purposes. ​ Fair values are approximated using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This fair value analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. Although the Company has determined the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the associated credit valuation adjustments use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparty. As of June 30, 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 12 – FAIR VALUE MEASUREMENTS (CONTINUED) ​ ​ The fair value of the Company’s derivative financial instruments was determined to be the following (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying and ​ Balance Sheet ​ As of Fair Value Classification Financial assets: ​ June 30, 2024 ​ $ 567 ​ Other assets ​ ​ December 31, 2023 ​ ​ 824 ​ Other assets ​ As of June 30, 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 ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2024 ​ 2023 2024 2023 Amount of gain recognized on derivatives in other comprehensive income ​ $ 58 ​ $ 488 ​ $ 241 ​ $ 367 Amount of reclassification from Accumulated other comprehensive income into Interest expense ​ ​ 246 ​ ​ 347 ​ ​ 518 ​ ​ 635 ​ ​ During the twelve months ending June 30, 2025, the Company estimates an additional $477,000 will be reclassified from Accumulated other comprehensive income as a decrease to Interest expense. ​ The derivative agreements in effect at June 30, 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. ​ ​ Fair Value on a Non-Recurring Basis ​ at June 30, 2024 (as discussed in Note 5). The Company determined fair value based on an executed contract of sale for the property which was determined to be a Level 3 input in the fair value hierarchy.

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 9,553	$ 6,519	$ 14,708	$ 11,905

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 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 June 30, 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

SUMMARY ACCOUNTING POLICIES (Po

SUMMARY ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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. 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 and six months ended June 30, 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)	6 Months Ended
	Jun. 30, 2024
LEASES
Schedule of components of lease revenues	The components of lease revenues are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2024 2023 2024 2023 Fixed lease revenues ​ $ 18,319 ​ $ 18,929 ​ $ 36,591 ​ $ 38,287 Variable lease revenues ​ ​ 3,194 ​ ​ 3,248 ​ ​ 6,990 ​ ​ 6,618 Lease revenues (a) ​ $ 21,513 ​ $ 22,177 ​ $ 43,581 ​ $ 44,905 (a) Excludes amortization related to lease intangible assets and liabilities of $ 287 and $ 665 for the three and six months ended June 30, 2024, respectively, and $230 and $454 for the three and six months ended June 30, 2023, respectively.
Schedule of minimum future contractual rents to be received	As of June 30, 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 July 1 – December 31, 2024 ​ $ 35,547 For the year ending December 31, ​ ​ ​ 2025 ​ ​ 69,639 2026 ​ ​ 65,547 2027 ​ ​ 55,773 2028 ​ ​ 44,821 2029 ​ ​ 34,506 Thereafter ​ ​ 114,006 Total ​ $ 419,839
Schedule of minimum future lease payments	​ As of June 30, 2024, the minimum future lease payments related to these operating leases are as follows (amounts in thousands): ​ ​ ​ ​ ​ From July 1 – December 31, 2024 ​ $ 303 For the year ending December 31, ​ ​ ​ 2025 ​ ​ 626 2026 ​ ​ 627 2027 ​ 629 2028 ​ 630 2029 ​ 692 Thereafter ​ 537 Total undiscounted cash flows ​ $ 4,044 Present value discount ​ (851) Lease liability ​ $ 3,193

REAL ESTATE ACQUISITIONS (Table

REAL ESTATE ACQUISITIONS (Tables)	6 Months Ended
	Jun. 30, 2024
REAL ESTATE ACQUISITIONS
Schedule of the Company's real estate acquisitions and allocations of the purchase price	The following tables detail the Company’s real estate acquisitions and purchase price allocations during the six months ended June 30, 2024 (amounts in thousands). The Company determined that with respect to these acquisitions, the gross assets acquired are concentrated in a single identifiable asset. Therefore, these transactions do not meet the definition of a business and are accounted for as asset acquisitions. As such, direct transaction costs associated with these asset acquisitions have been capitalized to real estate assets and depreciated over the respective useful lives. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ ​ ​ ​ Contract ​ Terms of ​ Transaction Description of Industrial Property Date Acquired Purchase Price Payment Costs Quality Custom Distribution Services, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Albuquerque, New Mexico ​ April 24, 2024 ​ $ 6,450 ​ All cash (a) ​ $ 55 Russell Equipment, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Savannah, GA ​ May 23, 2024 ​ ​ 5,240 ​ All cash (b) ​ ​ 53 Totals for the six months ended June 30, 2024 ​ ​ ​ $ 11,690 ​ $ 108 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building & ​ Intangible Lease ​ ​ ​ ​ Market Cap ​ Discount Description of Industrial Property Land Improvements Asset Liability ​ Total ​ Rate (c) ​ Rate (c) Quality Custom Distribution Services, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Albuquerque, New Mexico ​ $ 1,341 ​ $ 6,330 ​ $ 689 ​ $ (1,855) ​ $ 6,505 ​ 6.75% ​ 7.14% Russell Equipment, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Savannah, GA ​ ​ 1,044 ​ ​ 3,724 ​ ​ 525 ​ ​ — ​ ​ 5,293 ​ 7.00% ​ 7.15% Totals for the six months ended June 30, 2024 ​ $ 2,385 ​ $ 10,054 ​ $ 1,214 ​ $ (1,855) ​ $ 11,798 ​ ​ ​ ​ ​ (a) Subsequent to the acquisition of the Albuquerque, New Mexico property, the Company obtained new mortgage debt of $ 3,401 bearing an interest rate of 6.00 % and maturing in 2032. (b) Subsequent to the acquisition of the Savannah, Georgia property, the Company obtained new mortgage debt of $ 2,812 bearing an interest rate of 6.00 % and maturing in 2035. (c) The fair value of the tangible and intangible assets of each property was assessed as of the acquisition date using an income approach and estimated cash flow projections which utilize an appropriate market capitalization rate and discount rate categorized as Level 3 unobservable inputs in the fair value hierarchy (as defined in Note 12 ).

SALES OF PROPERTIES AND IMPAI_2

SALES OF PROPERTIES AND IMPAIRMENT LOSS (Tables)	6 Months Ended
	Jun. 30, 2024
SALES OF PROPERTIES AND IMPAIRMENT LOSS
Schedule of sales of real estate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gain on Sale of ​ Description of Property ​ City, State ​ Date Sold ​ Sales Price ​ Real Estate, Net ​ Hacienda Colorado restaurant parcel ​ Lakewood, Colorado ​ March 6, 2024 ​ $ 2,900 ​ $ 1,784 (a) Applebee's restaurant property ​ Kennesaw, Georgia ​ May 6, 2024 ​ ​ 2,834 ​ ​ 964 ​ FedEx industrial property ​ Miamisburg, Ohio ​ May 9, 2024 ​ ​ 2,793 ​ ​ 1,507 ​ Havertys retail property ​ Wichita, Kansas ​ June 6, 2024 ​ ​ 6,600 ​ ​ 1,884 ​ Urban Outfitters retail property ​ Lawrence, Kansas ​ June 7, 2024 ​ ​ 1,300 ​ ​ 43 ​ Walgreens retail property ​ Cape Girardeau, Missouri ​ June 10, 2024 ​ ​ 2,793 ​ ​ 978 (b) Vacant retail property ​ Kennesaw, Georgia ​ June 28, 2024 ​ ​ 6,700 ​ ​ 2,072 ​ Totals for the six months ended June 30, 2024 $ 25,920 ​ $ 9,232 (d) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gain on Sale of ​ Description of Property ​ City, State ​ Date Sold ​ Sales Price ​ Real Estate, Net ​ TGI Fridays restaurant property ​ Hauppauge, New York ​ February 28, 2023 ​ $ 4,200 ​ $ 1,534 ​ Havertys retail property ​ Duluth, Georgia ​ May 31, 2023 ​ ​ 6,000 ​ ​ 3,180 ​ Totals for the six months ended June 30, 2023 $ 10,200 ​ $ 4,714 (e) (a) A consolidated joint venture, in which the Company holds a 90% interest, sold a restaurant parcel which was part of a multi-tenant shopping center. In connection with the sale of this parcel, the joint venture paid down $1,885 of the mortgage on this property. The non-controlling interest’s share of the gain was $178 . (b) This property was owned by a consolidated joint venture in which the Company held a 95% interest. The non-controlling interest’s share of the gain was $105 . (c) In connection with this sale, the Company paid off the $4,412 mortgage on this property. (d) As a result of these sales, the Company wrote-off, as a reduction to Gain on sale of real estate, net, an aggregate of $275 of unbilled rent receivables, $439 of net unamortized intangible lease assets and liabilities and $108 of other assets and receivables. (e) As a result of these sales, the Company wrote-off, as a reduction to Gain on sale of real estate, net, an aggregate of $190 of other assets and receivables and $32 of unearned rental income.

VARIABLE INTEREST ENTITIES, C_2

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES (Tables)	6 Months Ended
	Jun. 30, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2024 (a) 2023 Land ​ $ 9,198 ​ $ 9,917 Buildings and improvements, net of accumulated depreciation of $6,091 and $6,380, respectively ​ ​ 15,778 ​ ​ 17,475 Cash ​ ​ 721 ​ ​ 1,059 Unbilled rent receivable ​ ​ 895 ​ ​ 938 Unamortized intangible lease assets, net ​ ​ 126 ​ ​ 412 Escrow, deposits and other assets and receivables ​ ​ 857 ​ ​ 749 Mortgages payable, net of unamortized deferred financing costs of $90 and $109, respectively ​ ​ 13,579 ​ ​ 16,660 Accrued expenses and other liabilities ​ ​ 544 ​ ​ 745 Unamortized intangible lease liabilities, net ​ ​ 225 ​ ​ 385 Accumulated other comprehensive income ​ ​ — ​ ​ 2 Non-controlling interests in consolidated joint ventures ​ ​ 1,138 ​ ​ 1,042 (a) During the six months ended June 30, 2024, the Company and its joint venture partners sold a restaurant parcel at its multi-tenant shopping center in Lakewood, Colorado and a retail property in Cape Girardeau, Missouri. In connection with the sale of the restaurant parcel, the joint venture paid down the mortgage on its property by $1,885 (see Note 5). ​

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	6 Months Ended
	Jun. 30, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2024 2023 Mortgages payable, gross ​ $ 419,765 ​ $ 422,565 Unamortized deferred financing costs ​ (3,559) ​ (3,414) Unamortized mortgage intangible assets (a) ​ ​ (736) ​ ​ (804) Mortgages payable, net ​ $ 415,470 ​ $ 418,347 (a) In connection with the assumption of two below-market mortgages. ​
Schedule of principal repayments	The following table sets forth, as of June 30, 2024, scheduled principal repayments with respect to the Company’s mortgage debt during the six months ending December 31, 2024 and for each of the subsequent twelve months through maturity (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2025 2026 2027 2028 Thereafter Total Amortization payments ​ $ 5,884 ​ $ 10,842 ​ $ 10,794 ​ $ 9,721 ​ $ 9,060 ​ $ 33,678 ​ $ 79,979 Principal due at maturity ​ 25,309 ​ 29,157 ​ 19,179 ​ 38,525 ​ 30,156 ​ 197,460 ​ 339,786 Total ​ $ 31,193 ​ $ 39,999 ​ $ 29,973 ​ $ 48,246 ​ $ 39,216 ​ $ 231,138 ​ $ 419,765 ​

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted Stock ​ RSUs ​ 2022 Incentive Plan ​ 300,515 ​ 168,490 (a) 2019 Incentive Plan (b) ​ 426,625 ​ — ​ Totals ​ 727,140 ​ 168,490 ​ (a) In July 2024, the Company granted RSUs to acquire 88,250 shares of common stock. (b) No additional awards may be granted under such plan.
Summary of RSU activity and other material terms and conditions	The following table reflects the activities involving RSUs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 Grant ​ ​ 2023 Grant ​ 2022 Grant ​ 2021 Grant ​ 2020 Grant ​ RSUs granted ​ 88,250 ​ ​ 85,250 ​ 85,350 ​ 80,700 ​ 75,026 ​ RSUs vested ​ — ​ ​ — ​ — ​ 39,811 (c) 74,988 (d) RSUs forfeited ​ — ​ ​ — ​ 2,110 (e) 40,889 (f) 38 (e) RSUs outstanding ​ 88,250 ​ ​ 85,250 ​ 83,240 ​ — ​ — ​ Vesting Date ​ 6/30/2027 ​ ​ 6/30/2026 ​ 6/30/2025 ​ 6/30/2024 ​ 6/30/2023 ​ (a) These shares were granted in July 2024. (b) The shares underlying the RSUs are excluded from the shares shown as outstanding on the balance sheet until they have vested and been issued. (c) Such shares will be issued in August 2024. (d) Such shares were issued in August 2023. (e) Such shares were forfeited due to the retirement of an executive officer before the completion of the applicable three-year performance cycle. (f) Of the 40,889 shares (i) 39,811 shares were not earned because the applicable market condition had not been satisfied and (ii) 1,078 shares were forfeited due to the retirement of an executive officer before the completion of the applicable three-year performance cycle. (g) Generally, the recipient must maintain a relationship with the Company during the applicable three-year performance cycle. (h) 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 - 2024 (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 June 30, 2024 and December 31, 2023, the Company accrued an aggregate of $468,000 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. In August 2024, the Company will pay the holders of the 2021 RSU grant an aggregate of approximately $ 215,000 with respect to the dividend equivalent rights on the vested 39,811 shares. (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 recognizes expense only when performance conditions are 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 ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2024 2023 2024 2023 Restricted stock : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of shares granted ​ ​ — ​ ​ — ​ ​ 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 ​ ​ 727,140 ​ ​ 730,530 ​ ​ 712,560 ​ ​ 712,375 Grants ​ ​ — ​ ​ — ​ ​ 151,180 ​ ​ 152,955 Vested during the period ​ ​ — ​ ​ (17,500) ​ ​ (136,600) ​ ​ (152,300) Forfeitures ​ ​ — ​ ​ (110) ​ ​ — ​ ​ (110) Non-vested end of the period ​ ​ 727,140 ​ ​ 712,920 ​ ​ 727,140 ​ ​ 712,920 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSUs : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of non-vested shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested beginning of the period ​ ​ 248,112 ​ ​ 241,076 ​ ​ 248,112 ​ ​ 241,076 Grants ​ ​ — ​ ​ — ​ ​ — ​ ​ — Vested during the period ​ ​ (39,811) ​ ​ (74,988) ​ ​ (39,811) ​ ​ (74,988) Forfeitures ​ ​ (39,811) ​ ​ (38) ​ ​ (39,811) ​ ​ (38) Non-vested end of the period ​ ​ 168,490 ​ ​ 166,050 ​ ​ 168,490 ​ ​ 166,050 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock and RSU grants (based on grant price): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average per share value of non-vested shares ​ $ 24.80 ​ $ 26.45 ​ $ 24.80 ​ $ 26.45 Value of stock vested during the period ​ $ 1,213,000 ​ $ 1,753,000 ​ $ 4,723,000 ​ $ 5,165,000 Weighted average per share value of shares forfeited during the period ​ $ 30.46 ​ $ 24.80 ​ $ 30.46 ​ $ 24.80 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total charge to operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding restricted stock grants ​ $ 921,000 ​ $ 1,178,000 ​ $ 1,814,000 ​ $ 2,128,000 Outstanding RSUs ​ ​ 246,000 ​ ​ 386,000 ​ ​ 625,000 ​ ​ 764,000 Total charge to operations ​ $ 1,167,000 ​ $ 1,564,000 ​ $ 2,439,000 ​ $ 2,892,000 ​ (a) There were no RSUs granted during the three or six months ended June 30, 2024 and 2023.

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	6 Months Ended
	Jun. 30, 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 ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2024 2023 2024 2023 Numerator for basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 9,677 ​ $ 6,539 ​ $ 15,057 ​ $ 11,947 Deduct net income attributable to non-controlling interests ​ (124) ​ (20) ​ (349) ​ (42) Deduct earnings allocated to unvested restricted stock (a) ​ (327) ​ ​ (320) ​ ​ (654) ​ ​ (649) Net income available for common stockholders: basic and diluted ​ $ 9,226 ​ $ 6,199 ​ $ 14,054 ​ $ 11,256 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding ​ 20,590 ​ ​ 20,571 ​ ​ 20,550 ​ ​ 20,544 Effect of dilutive securities: RSUs ​ 93 ​ ​ 71 ​ ​ 82 ​ ​ 68 Denominator for diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares ​ 20,683 ​ 20,642 ​ 20,632 ​ 20,612 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share: basic and diluted ​ $ .45 ​ $ .30 ​ $ .68 ​ $ .55 (a) Represents an allocation of distributed earnings to unvested restricted stock that, as participating securities, are entitled to receive dividends.
Schedule of impact to the diluted weighted average number of shares of common stock related to the RSUs	The following table identifies the number of shares of common stock underlying the RSUs that are included in the calculation, on a diluted basis, of the weighted average number of shares of common stock for such periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three and Six Months Ended June 30, 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 ​ 26,750 ​ 42,625 ​ 69,375 ​ 15,875 July 1, 2022 (c) 83,240 ​ 36,765 ​ — ​ 36,765 ​ 46,475 August 3, 2021 (d) 79,622 ​ 39,811 ​ — ​ 39,811 ​ 39,811 Totals 248,112 103,326 42,625 145,951 102,161 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three and Six Months Ended June 30, 2023: ​ Total Number Shares Included Based on (a) ​ ​ ​ of Underlying ​ Return on ​ Stockholder ​ ​ ​ Shares Date of Award Shares Capital Metric Return Metric Total Excluded (b) July 1, 2022 (c) 85,350 ​ 42,675 ​ — ​ 42,675 ​ 42,675 August 3, 2021 (d) 80,700 ​ 40,350 ​ — ​ 40,350 ​ 40,350 August 3, 2020 ​ 75,026 ​ 37,494 ​ 37,494 ​ 74,988 ​ 38 Totals 241,076 120,519 37,494 158,013 83,063 (a) Reflects the number of shares underlying RSUs that would be issued assuming the measurement date used to determine whether the applicable conditions are satisfied is June 30 of the applicable period. (b) Excluded as the applicable conditions had not been met for these shares at the applicable measurement dates. (c) The RSUs awarded in 2023 and 2022 vest, subject to satisfaction of the applicable market and/or performance conditions, as of June 30, 2026 and 2025, respectively (see Note 10). (d) With respect to the RSUs awarded August 3, 2021, 39,811 shares were deemed to have vested and the balance of 39,811 shares were forfeited as of June 30, 2024 (see Note 10). The vested shares will be issued in August 2024. (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 as of June 30, 2023 (see Note 10). The vested shares were issued in August 2023.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ December 31, ​ ​ 2024 ​ 2023 Fair value of mortgages payable (a) ​ $ 392,896 ​ ​ $ 397,031 ​ Carrying value of mortgages payable, gross ​ $ 419,765 ​ ​ $ 422,565 ​ Fair value less than the carrying value ​ $ (26,869) ​ ​ $ (25,534) ​ Blended market interest rate (a) ​ ​ 6.18 % ​ ​ 5.93 % Weighted average interest rate ​ ​ 4.41 % ​ ​ 4.31 % Weighted average remaining term to maturity (years) ​ ​ 6.0 ​ ​ ​ 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: ​ June 30, 2024 ​ $ 567 ​ 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 ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2024 ​ 2023 2024 2023 Amount of gain recognized on derivatives in other comprehensive income ​ $ 58 ​ $ 488 ​ $ 241 ​ $ 367 Amount of reclassification from Accumulated other comprehensive income into Interest expense ​ ​ 246 ​ ​ 347 ​ ​ 518 ​ ​ 635 ​ ​

ORGANIZATION AND BACKGROUND (De

ORGANIZATION AND BACKGROUND (Details)	Jun. 30, 2024 property state
Organization and Background
Number of real estate properties	106
Number of states in which properties are located | state	31
Properties owned by consolidated joint ventures
Organization and Background
Number of real estate properties	2
Properties owned by unconsolidated joint ventures
Organization and Background
Number of real estate properties	2

SUMMARY ACCOUNTING POLICIES (De

SUMMARY ACCOUNTING POLICIES (Details)	Jun. 30, 2024 item
Investment in Joint Ventures and Variable Interest Entities
Number of Unconsolidated Joint Venture VIEs	0

LEASES - As Lessor (Details)

LEASES - As Lessor (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lessor Accounting
Operating Lease, option to extend			true
Operating Lease, option to terminate			true
Practical expedient, single lease component	false		false
Components of lease revenues
Fixed lease revenues	$ 18,319	$ 18,929	$ 36,591	$ 38,287
Variable lease revenues	3,194	3,248	6,990	6,618
Lease revenues	21,513	22,177	43,581	44,905
Amortization of acquired intangible lease assets/liabilities	$ 287	$ 230	$ 665	454
Write-off of unbilled rent receivable				$ 133

LEASES - As Lessor - Minimum Fu

LEASES - As Lessor - Minimum Future Rents (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Minimum future contractual base rents to be received
From July 1 - December 31, 2024	$ 35,547
For the year ending December 31, 2025	69,639
For the year ending December 31, 2026	65,547
For the year ending December 31, 2027	55,773
For the year ending December 31, 2028	44,821
For the year ending December 31, 2029	34,506
Thereafter	114,006
Total	$ 419,839

LEASES - As Lessee - Ground Lea

LEASES - As Lessee - Ground Lease and Office Lease (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) item	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) item	Jun. 30, 2023 USD ($)
Real Estate in Greensboro, NC
Lessee Accounting
Operating lease, renewal term	5 years		5 years
Operating lease, option to extend			true
Operating lease, remaining lease term	5 years 8 months 12 days		5 years 8 months 12 days
Real Estate in Greensboro, NC | Real estate expenses
Lessee Accounting
Operating lease expense | $	$ 122,000	$ 150,000	$ 244,000	$ 300,000
Real Estate in Greensboro, NC | Five-Year Lease
Lessee Accounting
Operating lease, renewal term	5 years		5 years
Real Estate in Greensboro, NC | Five-Year Lease | Maximum
Lessee Accounting
Operating lease, number of renewal options | item	4		4
Real Estate in Greensboro, NC | Seven-Month Lease
Lessee Accounting
Operating lease, number of renewal options | item	1		1
Operating lease, renewal term	7 months		7 months
Corporate office lease in Great Neck, NY
Lessee Accounting
Operating lease, option to extend			true
Operating lease, remaining lease term	12 years 6 months		12 years 6 months
Corporate office lease in Great Neck, NY | General and administrative expense
Lessee Accounting
Operating lease expense | $	$ 14,000	$ 14,000	$ 28,000	$ 28,000
Corporate office lease in Great Neck, NY | Five-Year Lease
Lessee Accounting
Operating lease, renewal term	5 years		5 years

LEASES - As Lessee - Minimum Fu

LEASES - As Lessee - Minimum Future Lease Payments (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Minimum future lease payments
From July 1 - December 31, 2024	$ 303
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	4,044
Present value discount	(851)
Lease liability	$ 3,193

LEASES - As Lessee - Lease term

LEASES - As Lessee - Lease termination fee (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
LEASES
Total revenues		$ 21,800,000	$ 22,407,000	$ 44,496,000	$ 45,359,000
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%
Consolidated Joint Venture-VIEs | Multi-Tenant Shopping Center, Lakewood, Colorado | Lease termination fee
LEASES
Total revenues	$ 250,000

REAL ESTATE ACQUISITIONS - Acqu

REAL ESTATE ACQUISITIONS - Acquisitions (Details) - Real Estate Acquisitions in 2024 - USD ($) $ in Thousands			6 Months Ended
	May 23, 2024	Apr. 24, 2024	Jun. 30, 2024
REAL ESTATE ACQUISITIONS
Contract Purchase Price			$ 11,690
Capitalized Transaction Costs			$ 108
Quality Custom Distribution Services, Inc. in Albuquerque, New Mexico
REAL ESTATE ACQUISITIONS
Contract Purchase Price		$ 6,450
Capitalized Transaction Costs		55
New mortgage debt		$ 3,401
Interest rate (as a percent)		6%
Russell Equipment, Inc. in Savannah, Georgia
REAL ESTATE ACQUISITIONS
Contract Purchase Price	$ 5,240
Capitalized Transaction Costs	53
New mortgage debt	$ 2,812
Interest rate (as a percent)	6%

REAL ESTATE ACQUISITIONS - Purc

REAL ESTATE ACQUISITIONS - Purchase price allocation (Details) - Real Estate Acquisitions in 2024 $ in Thousands	Jun. 30, 2024 USD ($)
REAL ESTATE ACQUISITIONS
Intangible Lease Asset	$ 1,214
Intangible Lease Liability	(1,855)
Total	11,798
Land
REAL ESTATE ACQUISITIONS
Acquired property	2,385
Building & Improvements
REAL ESTATE ACQUISITIONS
Acquired property	10,054
Quality Custom Distribution Services, Inc. in Albuquerque, New Mexico
REAL ESTATE ACQUISITIONS
Intangible Lease Asset	689
Intangible Lease Liability	(1,855)
Total	$ 6,505
Market capitalization rate	0.0675
Discount rate	0.0714
Quality Custom Distribution Services, Inc. in Albuquerque, New Mexico | Land
REAL ESTATE ACQUISITIONS
Acquired property	$ 1,341
Quality Custom Distribution Services, Inc. in Albuquerque, New Mexico | Building & Improvements
REAL ESTATE ACQUISITIONS
Acquired property	6,330
Russell Equipment, Inc. in Savannah, Georgia
REAL ESTATE ACQUISITIONS
Intangible Lease Asset	525
Total	$ 5,293
Market capitalization rate	0.0700
Discount rate	0.0715
Russell Equipment, Inc. in Savannah, Georgia | Land
REAL ESTATE ACQUISITIONS
Acquired property	$ 1,044
Russell Equipment, Inc. in Savannah, Georgia | Building & Improvements
REAL ESTATE ACQUISITIONS
Acquired property	$ 3,724

SALES OF PROPERTIES AND IMPAI_3

SALES OF PROPERTIES AND IMPAIRMENT LOSS (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 28, 2024

Jun. 10, 2024

Jun. 07, 2024

Jun. 06, 2024

May 09, 2024

May 06, 2024

Mar. 06, 2024

May 31, 2023

Feb. 28, 2023

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Jul. 11, 2024

Jul. 01, 2024

SALES OF PROPERTIES

Gain on sale of real estate, net

$ 7,448,000

$ 3,180,000

$ 9,232,000

$ 4,714,000

Impairment loss

1,086,000

1,086,000

Properties disposed of by sale

SALES OF PROPERTIES

Gross Sales Price

25,920,000

10,200,000

Gain on sale of real estate, net

9,232,000

4,714,000

Reduction to Gain on sale of real estate, net, attributable to the write-off of unbilled rent receivable

275,000

Reduction to Gain on sale of real estate, net, attributable to the write-off of net unamortized lease liabilities and assets

439,000

Reduction to Gain on sale of real estate, net, attributable to the write-off of other assets and receivables

108,000

190,000

Reduction to Gain on sale of real estate, net, attributable to the write-off of unearned rental income

$ 32,000

Properties disposed of by sale | Hacienda Colorado Restaurant Parcel in Lakewood, Colorado

SALES OF PROPERTIES

Gross Sales Price

$ 2,900,000

Gain on sale of real estate, net

$ 1,784,000

Properties disposed of by sale | Applebee's Restaurant Property in Kennesaw, Georgia

SALES OF PROPERTIES

Gross Sales Price

$ 2,834,000

Gain on sale of real estate, net

$ 964,000

Properties disposed of by sale | FedEx Industrial Property in Miamisburg, Ohio

SALES OF PROPERTIES

Gross Sales Price

$ 2,793,000

Gain on sale of real estate, net

$ 1,507,000

Properties disposed of by sale | Havertys retail property in Wichita, Kansas

SALES OF PROPERTIES

Gross Sales Price

$ 6,600,000

Gain on sale of real estate, net

$ 1,884,000

Properties disposed of by sale | Urban Outfitters retail property in Lawrence, Kansas

SALES OF PROPERTIES

Gross Sales Price

$ 1,300,000

Gain on sale of real estate, net

$ 43,000

Properties disposed of by sale | Walgreens retail property in Cape Girardeau, Missouri

SALES OF PROPERTIES

Gross Sales Price

$ 2,793,000

Gain on sale of real estate, net

$ 978,000

Properties disposed of by sale | Vacant retail property in Kennesaw, Georgia

SALES OF PROPERTIES

Gross Sales Price

$ 6,700,000

Gain on sale of real estate, net

2,072,000

Mortgage prepaid on sale of real estate

$ 4,412,000

Properties disposed of by sale | TGI Fridays Restaurant, Hauppauge, New York

SALES OF PROPERTIES

Gross Sales Price

$ 4,200,000

Gain on sale of real estate, net

$ 1,534,000

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

SALES OF PROPERTIES

Gross Sales Price

$ 6,000,000

Gain on sale of real estate, net

$ 3,180,000

Properties disposed of by sale | Vacant industrial property in Wauconda, IL

SALES OF PROPERTIES

Contracted sale price of property

$ 4,500,000

Properties held-for-sale | Health and fitness property in Real Estate in Hamilton, OH

SALES OF PROPERTIES

Contracted sale price of property

$ 4,350,000

Impairment loss

1,086,000

1,086,000

Adjusted net book value

$ 4,161,000

$ 4,161,000

Consolidated Joint Venture-VIEs | Properties disposed of by sale | Hacienda Colorado Restaurant Parcel in Lakewood, Colorado

SALES OF PROPERTIES

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

90%

Mortgage prepaid on sale of real estate

$ 1,885,000

Non-controlling interest's share of the gain

$ 178,000

Consolidated Joint Venture-VIEs | Properties disposed of by sale | Walgreens retail property in Cape Girardeau, Missouri

SALES OF PROPERTIES

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

95%

Non-controlling interest's share of the gain

$ 105,000

VARIABLE INTEREST ENTITIES, C_3

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES - Consolidated Joint Ventures (Details) $ in Thousands		1 Months Ended	6 Months Ended
		Mar. 31, 2024	Jun. 30, 2024 USD ($) item	Dec. 31, 2023 USD ($)
Consolidated VIEs Carrying Amount of Assets and Liabilities
Land			$ 170,023	$ 172,309
Unbilled rent receivable			16,847	16,661
Unamortized intangible lease assets, net			13,292	14,681
Escrow, deposits and other assets and receivables			20,492	19,833
Mortgages payable, net of unamortized deferred financing costs of $99 and $109, respectively			415,470	418,347
Accrued expenses and other liabilities			14,200	15,502
Unamortized intangible lease liabilities, net			11,065	10,096
Accumulated other comprehensive income			567	844
Non-controlling interests in consolidated joint ventures	[1]		1,138	1,042
Mortgages payable
Consolidated VIEs Carrying Amount of Assets and Liabilities
Mortgages payable, net of unamortized deferred financing costs of $99 and $109, respectively			415,470	418,347
Unamortized deferred financing costs			3,559	3,414
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
Consolidated Joint Venture-VIEs
Variable Interest Entities
Number of joint ventures with controlling interest | item			2
Consolidated VIEs Carrying Amount of Assets and Liabilities
Land			$ 9,198	9,917
Buildings and improvements, net of accumulated depreciation of $6,091 and $6,380, respectively			15,778	17,475
Accumulated depreciation			6,091	6,380
Cash			721	1,059
Unbilled rent receivable			895	938
Unamortized intangible lease assets, net			126	412
Escrow, deposits and other assets and receivables			857	749
Mortgages payable, net of unamortized deferred financing costs of $99 and $109, respectively			13,579	16,660
Accrued expenses and other liabilities			544	745
Unamortized intangible lease liabilities, net			225	385
Accumulated other comprehensive income				2
Non-controlling interests in consolidated joint ventures			$ 1,138	1,042
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			$ 90	$ 109
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%
[1] The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 6. The consolidated balance sheets include the following amounts related to the Company’s consolidated VIEs: $9,198 and $9,917 of land, $15,778 and $17,475 of building and improvements, net of $6,091 and $6,380 of accumulated depreciation, $2,599 and $3,158 of other assets included in other line items, $13,579 and $16,660 of real estate debt, net, $769 and $1,130 of other liabilities included in other line items and $1,138 and $1,042 of non-controlling interests as of June 30, 2024 and December 31, 2023, respectively.

VARIABLE INTEREST ENTITIES, C_4

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES - MCB Real Estate, LLC (Details)	Jun. 30, 2024 USD ($)
Consolidated Joint Venture-VIEs | Joint venture partner | MCB Real Estate LLC And Its Affiliates
Consolidated VIEs Carrying Amount of Assets and Liabilities
Investment in consolidated joint ventures	$ 3,512,000

VARIABLE INTEREST ENTITIES, C_5

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES - Ground Leases (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended			45 Months Ended
	Nov. 30, 2020	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2016	Jun. 30, 2024
Variable Interest Entities - Ground Lease
Revenue		$ 21,800,000	$ 22,407,000	$ 44,496,000	$ 45,359,000
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		17,320,000		17,320,000					$ 17,320,000
Owner/ Operator Mortgage from Third Party								$ 67,444,000
Current Balance of Owner or Operator Mortgage Debt Obtained From Third Party		$ 62,930,000		62,930,000					62,930,000
Percentage of operating expense shortfalls & cap-ex covered by the Company	78%
Amount of operating expense shortfalls & cap-ex covered by the Company				$ 44,000		$ 932,000
Variable Interest Entity, Not Primary Beneficiary | The Vue | Ground lease rental income
Variable Interest Entities - Ground Lease
Revenue									$ 0

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) item	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) item	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) item
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Equity investment in unconsolidated joint ventures	$ 2,148,000		$ 2,148,000		$ 2,051,000
Equity in earnings of unconsolidated joint ventures	$ 43,000	$ 60,000	$ 96,000	$ 145,000
Unconsolidated Joint Venture
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Number of unconsolidated joint ventures | item	2		2		2
Equity investment in unconsolidated joint ventures	$ 2,148,000		$ 2,148,000		$ 2,051,000
Equity in earnings of unconsolidated joint ventures	$ 43,000	$ 60,000	$ 96,000	$ 145,000
Unconsolidated Joint Venture
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Number of properties owned and operated by each unconsolidated joint venture | item	1		1		1

DEBT OBLIGATIONS - Mortgage Pay

DEBT OBLIGATIONS - Mortgage Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Mortgages payable, net
Mortgages payable, net	$ 415,470	$ 418,347
Mortgages payable
Mortgages payable, net
Mortgages payable, gross	419,765	422,565
Unamortized deferred financing costs	(3,559)	(3,414)
Unamortized mortgage intangible asset	(736)	(804)
Mortgages payable, net	$ 415,470	$ 418,347

DEBT OBLIGATIONS - Principal re

DEBT OBLIGATIONS - Principal repayments (Details) - Mortgages payable - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Amortization payments
Amortization payments, six months ended December 31, 2024	$ 5,884
Amortization payments, Year Ending December 31, 2025	10,842
Amortization payments, Year Ending December 31, 2026	10,794
Amortization payments, Year Ending December 31, 2027	9,721
Amortization payments, Year Ending December 31, 2028	9,060
Amortization payments, Thereafter	33,678
Amortization payments, Total	79,979
Principal due at maturity
Principal due at maturity, six 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	197,460
Principal due at maturity, Total	339,786
Total
Total, six months ended December 31, 2024	31,193
Total, Year Ending December 31, 2025	39,999
Total, Year Ending December 31, 2026	29,973
Total, Year Ending December 31, 2027	48,246
Total, Year Ending December 31, 2028	39,216
Total, Thereafter	231,138
Total	$ 419,765	$ 422,565

DEBT OBLIGATIONS - Line of Cred

DEBT OBLIGATIONS - Line of Credit (Details) - USD ($)		6 Months Ended		12 Months Ended
	Aug. 01, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Line of Credit
Line of credit
Line of Credit
Line of Credit
Maximum borrowing capacity		100,000,000
Borrowing capacity available for renovation and operating expense purposes		$ 40,000,000
Percentage of permitted borrowing base available for renovation and operating expense purposes		40%
Unused facility fee (as a percent)		0.25%
Line of credit		$ 0
Line of credit, interest rate during the period	7.09%
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		$ 457,000		$ 549,000
Line of Credit | Weighted average
Line of Credit
Line of credit, interest rate during the period			6.44%
Line of Credit | SOFR
Line of Credit
Basis of interest rate		30-day SOFR
Applicable margin (as a percent)		1.75%		1.75%
Line of Credit | SOFR | Minimum
Line of Credit
Applicable margin (as a percent)		1.75%
Line of Credit | SOFR | Maximum
Line of Credit
Applicable margin (as a percent)		2.75%

RELATED PARTY TRANSACTIONS - Co

RELATED PARTY TRANSACTIONS - Compensation and Services Agreement (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Affiliated Entity | Majestic
Related Party Transactions
Aggregate fees under compensation and services agreement	$ 831,000	$ 810,000	$ 1,657,000	$ 1,689,000
Property management services	361,000	358,000	718,000	786,000
Additional payment for the entity's share of all direct office expenses	84,000	79,000	$ 168,000	$ 159,000
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	$ 569,000	$ 643,000	$ 1,182,000	$ 1,284,000

RELATED PARTY TRANSACTIONS - Jo

RELATED PARTY TRANSACTIONS - Joint Venture Partners and Affiliates (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transactions
Increase (decrease) in equity earnings, joint venture transaction				$ (29,000)
Unconsolidated Joint Venture
Related Party Transactions
Payments for property management services		$ 31,000		57,000
Aggregate management fees paid to other partners	$ 1,000		$ 3,000
Increase (decrease) in equity earnings, joint venture transaction	(1,000)	(15,000)	(2,000)
Joint Venture Partners and Affiliates | Real estate expenses
Related Party Transactions
Payments for property management services	$ 23,000	$ 24,000	$ 46,000	$ 46,000

RELATED PARTY TRANSACTIONS - Ot

RELATED PARTY TRANSACTIONS - Other (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Chairman | General and administrative expense
Related Party Transactions
Quarterly fees paid	$ 81,378	$ 81,378	$ 78,250	$ 78,250
Vice Chairman | General and administrative expense
Related Party Transactions
Quarterly fees paid	32,551	$ 32,551	31,300	$ 31,300
Affiliated Entity | Gould Investors L.P. | Real estate expenses
Related Party Transactions
Insurance expense recognized of amounts reimbursed to related party	$ 189,000		$ 102,000		$ 467,000	$ 250,000

STOCKHOLDERS' EQUITY - Common S

STOCKHOLDERS' EQUITY - Common Stock Dividend (Details) - USD ($)			3 Months Ended
	Jul. 09, 2024	Jun. 10, 2024	Jun. 30, 2024
Common Stock Dividend
Quarterly cash dividend declared (in dollars per share)			$ 0.45
Total Dividend		$ 9,594,000
Cash Distributed	$ 9,145,000
Stock Issued	20,000

STOCKHOLDERS' EQUITY - Dividend

STOCKHOLDERS' EQUITY - Dividend Reinvestment Plan (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Dividend Reinvestment Plan
Market price discount (as a percent)			3%
Common shares issued under Dividend Reinvestment Plan	67,000	50,000	133,000	99,000
Maximum
Dividend Reinvestment Plan
Market price discount (as a percent)			5%

STOCKHOLDERS' EQUITY - Stock Re

STOCKHOLDERS' EQUITY - Stock Repurchase Program (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
STOCKHOLDERS' EQUITY
Number of shares repurchased	0	73,000	0	73,000
Value of shares repurchased, net of commissions		$ 1,455,000		$ 1,455,000
Payment of commissions on sale of shares		$ 4,000		$ 4,000

STOCKHOLDERS' EQUITY - Stock Ba

STOCKHOLDERS' EQUITY - Stock Based Compensation - Summary of Plans (Details) - shares	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Restricted stock
STOCKHOLDERS' EQUITY
Number of shares outstanding		727,140	712,920	727,140	712,920	727,140	712,560	730,530	712,375
Number of shares granted				151,180	152,955
Vesting period				5 years
RSUs
STOCKHOLDERS' EQUITY
Number of shares outstanding		168,490	166,050	168,490	166,050	248,112	248,112	241,076	241,076
Number of shares granted	88,250	0	0	0	0
Vesting period				3 years
2022 Incentive Plan
STOCKHOLDERS' EQUITY
Maximum number of shares authorized for issuance		750,000		750,000
2022 Incentive Plan | Restricted stock
STOCKHOLDERS' EQUITY
Number of shares outstanding		300,515		300,515
2022 Incentive Plan | RSUs
STOCKHOLDERS' EQUITY
Number of shares outstanding		168,490		168,490
2019 Incentive Plan
STOCKHOLDERS' EQUITY
Remaining shares which may be granted under the Plan		0		0
2019 Incentive Plan | Restricted stock
STOCKHOLDERS' EQUITY
Number of shares outstanding		426,625		426,625

STOCKHOLDERS' EQUITY - Stock _2

STOCKHOLDERS' EQUITY - Stock Based Compensation - RSUs (Details) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	Aug. 31, 2024	Jul. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2024	Mar. 31, 2023
RSUs
STOCKHOLDERS' EQUITY
Number of shares granted		88,250	0	0	0	0
Number of shares vested			39,811	74,988	39,811	74,988
Number of shares forfeited			39,811	38	39,811	38
Number of shares outstanding			168,490	166,050	168,490	166,050	168,490	248,112	241,076			248,112	241,076
Performance cycle					3 years
RSUs | Awards granted in 2024
STOCKHOLDERS' EQUITY
Number of shares granted					88,250
Number of shares outstanding			88,250		88,250		88,250
RSUs | Awards granted in 2023
STOCKHOLDERS' EQUITY
Number of shares granted								85,250
Number of shares outstanding			85,250		85,250		85,250
Aggregate fair value of the shares granted			$ 841,000		$ 841,000		$ 841,000
RSUs | Awards granted in 2022
STOCKHOLDERS' EQUITY
Number of shares granted									85,350
Number of shares forfeited					2,110
Number of shares outstanding			83,240		83,240		83,240
Performance cycle					3 years
Aggregate fair value of the shares granted			$ 1,315,000		$ 1,315,000		$ 1,315,000
RSUs | Awards granted in 2021
STOCKHOLDERS' EQUITY
Number of shares granted										80,700
Number of shares vested					39,811
Number of shares forfeited					40,889		40,889
Performance cycle					3 years
RSUs | Awards granted in 2021 | Forecast
STOCKHOLDERS' EQUITY
Payment of dividends to RSU grant holders	$ 215,000
RSUs | Awards granted in 2020
STOCKHOLDERS' EQUITY
Number of shares granted											75,026
Number of shares vested						74,988
Number of shares forfeited						38
RSUs | Awards granted in 2021 - 2023
STOCKHOLDERS' EQUITY
Performance cycle					3 years
Accrual for dividend equivalent rights			$ 468,000		$ 468,000		$ 468,000	$ 450,000
ROC Awards | Awards granted in 2021
STOCKHOLDERS' EQUITY
Number of shares vested					39,811
Number of shares forfeited					39,811
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
STOCKHOLDERS' EQUITY
Number of shares forfeited					1,078
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 ($)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
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)		$ 24.80	$ 26.45	$ 24.80	$ 26.45	$ 24.80
Value of stock vested during the period		$ 1,213,000	$ 1,753,000	$ 4,723,000	$ 5,165,000
Weighted average per share value of shares forfeited during the period (in dollars per share)		$ 30.46	$ 24.80	$ 30.46	$ 24.80
Total charge to operations:
Total charge to operations		$ 1,167,000	$ 1,564,000	$ 2,439,000	$ 2,892,000
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	$ 3,379,000	$ 3,265,000
Number of non-vested shares:
Non-vested beginning of period (in shares)	727,140	727,140	730,530	712,560	712,375	712,920	712,375
Number of shares granted				151,180	152,955
Vested during period (in shares)			(17,500)	(136,600)	(152,300)
Forfeitures (in shares)			(110)		(110)
Non-vested end of period (in shares)		727,140	712,920	727,140	712,920	727,140	712,560
Total charge to operations:
Total charge to operations		$ 921,000	$ 1,178,000	$ 1,814,000	$ 2,128,000
Weighted average vesting period				2 years 7 months 6 days
Restricted stock grants | General and administrative expense
Total charge to operations:
Total compensation costs related to non-vested awards that have not yet been recognized		$ 9,079,000		$ 9,079,000		$ 9,079,000
RSU grants
Number of non-vested shares:
Non-vested beginning of period (in shares)	168,490	248,112	241,076	248,112	241,076	166,050	241,076
Number of shares granted	88,250	0	0	0	0
Vested during period (in shares)		(39,811)	(74,988)	(39,811)	(74,988)
Forfeitures (in shares)		(39,811)	(38)	(39,811)	(38)
Non-vested end of period (in shares)		168,490	166,050	168,490	166,050	168,490	248,112
Total charge to operations:
Total charge to operations		$ 246,000	$ 386,000	$ 625,000	$ 764,000
Weighted average vesting period				1 year 6 months
RSU grants | General and administrative expense
Total charge to operations:
Total compensation costs related to non-vested awards that have not yet been recognized		$ 999,000		$ 999,000		$ 999,000

EARNINGS PER COMMON SHARE - Rec

EARNINGS PER COMMON SHARE - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator for basic and diluted earnings per share:
Net income	$ 9,677	$ 5,380	$ 6,539	$ 5,408	$ 15,057	$ 11,947
Deduct net income loss attributable to non-controlling interests	(124)		(20)		(349)	(42)
Deduct earnings allocated to unvested restricted stock	(327)		(320)		(654)	(649)
Net income available for common stockholders: basic	9,226		6,199		14,054	11,256
Net income available for common stockholders: diluted	$ 9,226		$ 6,199		$ 14,054	$ 11,256
Denominator for basic earnings per share:
Weighted average number of common shares outstanding	20,590		20,571		20,550	20,544
Effect of diluted securities:
RSUs	93		71		82	68
Denominator for diluted earnings per share:
Weighted average number of shares	20,683		20,642		20,632	20,612
Earnings per common share, basic (in dollars per share)	$ 0.45		$ 0.30		$ 0.68	$ 0.55
Earnings per common share, diluted (in dollars per share)	$ 0.45		$ 0.30		$ 0.68	$ 0.55

EARNINGS PER COMMON SHARE - Sha

EARNINGS PER COMMON SHARE - Shares of common stock underlying RSUs (Details) - RSUs - shares	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
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				103,326	120,519
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric				42,625	37,494
Total				145,951	158,013
Common shares not included in calculation due applicable metric had not been met at measurement dates				102,161	83,063
Number of shares vested		39,811	74,988	39,811	74,988
Number of shares forfeited		39,811	38	39,811	38
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				26,750
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric				42,625
Total				69,375
Common shares not included in calculation due applicable metric had not been met at measurement dates				15,875
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				36,765	42,675
Total				36,765	42,675
Common shares not included in calculation due applicable metric had not been met at measurement dates				46,475	42,675
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 vested				39,811
Number of shares forfeited				39,811
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					37,494
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric					37,494
Total					74,988
Common shares not included in calculation due applicable metric had not been met at measurement dates					38
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	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) Y	Dec. 31, 2023 USD ($) Y
FAIR VALUE MEASUREMENTS
Fair value of mortgages payable	$ 392,896	$ 397,031
Carrying value of mortgages payable, gross	419,765	422,565
Fair value less than carrying value	$ (26,869)	$ (25,534)
Weighted average interest rate	4.41%	4.31%
Blended market interest rate
FAIR VALUE MEASUREMENTS
Long-term debt, measurement input	0.0618	0.0593
Weighted average remaining term to maturity (years)
FAIR VALUE MEASUREMENTS
Long-term debt, measurement input | Y	6	5.9

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value of Derivatives (Details)	6 Months Ended
	Jun. 30, 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	$ 567,000	$ 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	$ 28,183,000
Weighted average maturity	1 year
Weighted average annual interest rate (as a percent)	3.86%
Financial liabilities:
Financial liabilities	$ 0	$ 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
FAIR VALUE MEASUREMENTS
Additional amount to be reclassified during the next twelve months			$ 477,000
Interest rate swap | Cash flow hedges
FAIR VALUE MEASUREMENTS
Amount of gain recognized on derivatives in other comprehensive income	$ 58,000	$ 488,000	241,000	$ 367,000
Amount of reclassification from Accumulated other comprehensive income into Interest expense	$ 246,000	$ 347,000	$ 518,000	$ 635,000

FAIR VALUE MEASUREMENTS - Non-r

FAIR VALUE MEASUREMENTS - Non-recurring (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
FAIR VALUE MEASUREMENTS
Impairment loss	$ 1,086,000	$ 1,086,000
Non-recurring | Level 3 | Health and fitness property in Real Estate in Hamilton, OH
FAIR VALUE MEASUREMENTS
Impairment loss		$ 1,086,000

NEW ACCOUNTING PRONOUNCEMENTS (

NEW ACCOUNTING PRONOUNCEMENTS (Details)	6 Months Ended
	Jun. 30, 2024 segment
NEW ACCOUNTING PRONOUNCEMENTS
Number of reportable segments	1