Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 01, 2022 | Jun. 30, 2021 | |
Document and Entity Information | |||
Entity Registrant Name | ONE LIBERTY PROPERTIES, INC. | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 001-09279 | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 13-3147497 | ||
Entity Address, Address Line One | 60 Cutter Mill Road | ||
Entity Address, City or Town | Great Neck | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 11021 | ||
City Area Code | 516 | ||
Local Phone Number | 466-3100 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | OLP | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 458 | ||
Entity Common Stock, Shares Outstanding | 21,120,936 | ||
Entity Central Index Key | 0000712770 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | New York, New York |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | |
Real estate investments, at cost | |||
Land | $ 180,183,000 | $ 190,391,000 | |
Buildings and improvements | 657,458,000 | 648,667,000 | |
Total real estate investments, at cost | 837,641,000 | 839,058,000 | |
Less accumulated depreciation | 160,664,000 | 147,136,000 | |
Real estate investments, net | 676,977,000 | 691,922,000 | |
Property held-for-sale | 1,270,000 | ||
Investment in unconsolidated joint ventures | 10,172,000 | 10,702,000 | |
Cash and cash equivalents | 16,164,000 | 12,705,000 | |
Unbilled rent receivable | 14,330,000 | 15,438,000 | |
Unamortized intangible lease assets, net | 20,694,000 | 24,703,000 | |
Escrow, deposits and other assets and receivables | 13,346,000 | 20,667,000 | |
Total assets | [1] | 752,953,000 | 776,137,000 |
Liabilities: | |||
Mortgages payable, net of $000 and $3,845 of deferred financing costs, respectively | 396,344,000 | 429,704,000 | |
Line of credit, net of $000 and $425 of deferred financing costs, respectively | 11,484,000 | 12,525,000 | |
Dividends payable | 9,448,000 | 9,261,000 | |
Accrued expenses and other liabilities | 18,992,000 | 21,498,000 | |
Unamortized intangible lease liabilities, net | 10,407,000 | 11,189,000 | |
Total liabilities | [1] | 446,675,000 | 484,177,000 |
Commitments and contingencies | |||
One Liberty Properties, Inc. stockholders' equity: | |||
Preferred stock, $1 par value; 12,500 shares authorized; none issued | |||
Common stock, $1 par value; 50,000 shares authorized; 000 and 19,878 shares issued and outstanding | 20,239,000 | 19,878,000 | |
Paid-in capital | 322,793,000 | 313,430,000 | |
Accumulated other comprehensive loss | (1,513,000) | (5,002,000) | |
Distributions in excess of net income | (36,187,000) | (37,539,000) | |
Total One Liberty Properties, Inc. stockholders' equity | 305,332,000 | 290,767,000 | |
Non-controlling interests in consolidated joint ventures | [1] | 946,000 | 1,193,000 |
Total equity | 306,278,000 | 291,960,000 | |
Total liabilities and equity | $ 752,953,000 | $ 776,137,000 | |
[1] | The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 6. The consolidated balance sheets include the following amounts related to the Company’s consolidated VIEs: $10,365 and $12,158 of land, $18,472 and $23,372 of building and improvements, net of $4,957 and $ 5,232 of accumulated depreciation, $3,580 and $3,679 of other assets included in other line items, $19,193 and $23,530 of real estate debt, net $1,350 and $1,278 of other liabilities included in other line items, and $946 and $1,193 of non-controlling interests as of December 31, 2021 and 2020, respectively. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 | |
Preferred stock, shares authorized | 12,500,000 | 12,500,000 | |
Preferred stock, shares issued | 0 | 0 | |
Common stock, par value (in dollars per share) | $ 1 | $ 1 | |
Common stock, shares authorized | 50,000,000 | 50,000,000 | |
Common stock, shares issued | 20,239,000 | 19,878,000 | |
Common stock, shares outstanding | 20,239,000 | 19,878,000 | |
Land | $ 180,183 | $ 190,391 | |
Buildings and improvements | 657,458 | 648,667 | |
Accumulated depreciation | 160,664 | 147,136 | |
Non-controlling interests in consolidated joint ventures | [1] | 946 | 1,193 |
Line of Credit | |||
Deferred financing costs | 216 | 425 | |
Mortgages payable | |||
Deferred financing costs | 3,316 | 3,845 | |
Consolidated Joint Venture-VIEs | |||
Land | 10,365 | 12,158 | |
Buildings and improvements | 18,472 | 23,372 | |
Accumulated depreciation | 4,957 | 5,232 | |
Other assets | 3,580 | 3,679 | |
Real estate debt, net | 19,193 | 23,530 | |
Other liabilities | 1,350 | 1,278 | |
Non-controlling interests in consolidated joint ventures | 946 | 1,193 | |
Consolidated Joint Venture-VIEs | Mortgages payable | |||
Deferred financing costs | $ 195 | $ 253 | |
[1] | The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 6. The consolidated balance sheets include the following amounts related to the Company’s consolidated VIEs: $10,365 and $12,158 of land, $18,472 and $23,372 of building and improvements, net of $4,957 and $ 5,232 of accumulated depreciation, $3,580 and $3,679 of other assets included in other line items, $19,193 and $23,530 of real estate debt, net $1,350 and $1,278 of other liabilities included in other line items, and $946 and $1,193 of non-controlling interests as of December 31, 2021 and 2020, respectively. |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues: | |||
Total revenues | $ 82,740,000 | $ 81,903,000 | $ 84,736,000 |
Operating expenses: | |||
Depreciation and amortization | 22,832,000 | 22,964,000 | 22,026,000 |
General and administrative (see Note 10 for related party information) | 14,310,000 | 13,671,000 | 12,442,000 |
Real estate expenses (see Note 10 for related party information) | 13,802,000 | 13,634,000 | 14,074,000 |
State taxes | 291,000 | 310,000 | 348,000 |
Impairment due to casualty loss (see Note 13) | 430,000 | ||
Total operating expenses | 51,235,000 | 51,009,000 | 48,890,000 |
Other operating income | |||
Gain on sale of real estate, net | 25,463,000 | 17,280,000 | 4,327,000 |
Operating income | 56,968,000 | 48,174,000 | 40,173,000 |
Other income and expenses: | |||
Equity in earnings of unconsolidated joint ventures | 202,000 | 38,000 | 16,000 |
Equity in earnings from sale of unconsolidated joint venture properties | 805,000 | 121,000 | |
Prepayment costs on debt | (901,000) | (1,123,000) | (827,000) |
Other income (see Note 13) | 869,000 | 496,000 | 8,000 |
Interest: | |||
Expense | (17,939,000) | (19,317,000) | (19,831,000) |
Amortization and write-off of deferred financing costs | (970,000) | (976,000) | (995,000) |
Net income | 39,034,000 | 27,413,000 | 18,544,000 |
Net income attributable to non-controlling interests | (177,000) | (6,000) | (533,000) |
Net income attributable to One Liberty Properties, Inc. | $ 38,857,000 | $ 27,407,000 | $ 18,011,000 |
Weighted average number of common shares outstanding: | |||
Basic (in shares) | 20,086 | 19,571 | 19,090 |
Diluted (in shares) | 20,264 | 19,599 | 19,119 |
Per common share attributable to common stockholders: | |||
Basic (in dollars per share) | $ 1.87 | $ 1.34 | $ 0.88 |
Diluted (in dollars per share) | $ 1.85 | $ 1.33 | $ 0.88 |
Rental income, net | |||
Revenues: | |||
Total revenues | $ 82,180,000 | $ 81,888,000 | $ 83,786,000 |
Lease termination fees | |||
Revenues: | |||
Total revenues | $ 560,000 | $ 15,000 | $ 950,000 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Net income | $ 39,034 | $ 27,413 | $ 18,544 |
Other comprehensive income | |||
Net unrealized gain (loss) on derivative instruments | 3,497 | (3,383) | (3,522) |
Comprehensive income | 42,531 | 24,030 | 15,022 |
Net income attributable to non-controlling interests | (177) | (6) | (533) |
Adjustment for derivative instruments attributable to non-controlling interests | (8) | 4 | 9 |
Comprehensive income attributable to One Liberty Properties, Inc. | $ 42,346 | $ 24,028 | $ 14,498 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Common Stock | Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Undistributed Net Income | Distributions in Excess of Net Income | Non-Controlling Interests in Joint Ventures | Total |
Balances at Dec. 31, 2018 | $ 18,736 | $ 287,250 | $ 1,890 | $ (10,730) | $ 1,449 | $ 298,595 | |
Distributions - common stock | |||||||
Cash | (35,663) | (35,663) | |||||
Shares issued through equity offering program - net | 180 | 5,020 | 5,200 | ||||
Restricted stock and RSU vesting | 115 | (115) | |||||
Shares issued through dividend reinvestment plan | 220 | 5,492 | 5,712 | ||||
Distributions to non-controlling interests | (752) | (752) | |||||
Compensation expense - restricted stock and RSUs | 3,870 | 3,870 | |||||
Net income | $ 18,011 | 533 | 18,544 | ||||
Other comprehensive income (loss) | (3,513) | (9) | (3,522) | ||||
Balances at Dec. 31, 2019 | 19,251 | 301,517 | (1,623) | (28,382) | 1,221 | 291,984 | |
Distributions - common stock | |||||||
Cash | (29,736) | (29,736) | |||||
Stock | 404 | 6,424 | (6,828) | ||||
Restricted stock and RSU vesting | 146 | (146) | |||||
Shares issued through dividend reinvestment plan | 77 | 949 | 1,026 | ||||
Contribution from non-controlling interest | 10 | 10 | |||||
Distributions to non-controlling interests | (40) | (40) | |||||
Compensation expense - restricted stock and RSUs | 4,686 | 4,686 | |||||
Net income | $ 27,407 | 6 | 27,413 | ||||
Other comprehensive income (loss) | (3,379) | (4) | (3,383) | ||||
Balances at Dec. 31, 2020 | 19,878 | 313,430 | (5,002) | (37,539) | 1,193 | 291,960 | |
Distributions - common stock | |||||||
Cash | (37,505) | (37,505) | |||||
Shares issued through equity offering program - net | 106 | 3,208 | 3,314 | ||||
Restricted stock and RSU vesting | 220 | (220) | |||||
Shares issued through dividend reinvestment plan | 35 | 942 | 977 | ||||
Contribution from non-controlling interest | 25 | 25 | |||||
Distributions to non-controlling interests | (457) | (457) | |||||
Compensation expense - restricted stock and RSUs | 5,433 | 5,433 | |||||
Net income | 38,857 | 177 | 39,034 | ||||
Other comprehensive income (loss) | 3,489 | 8 | 3,497 | ||||
Balances at Dec. 31, 2021 | $ 20,239 | $ 322,793 | $ (1,513) | $ (36,187) | $ 946 | $ 306,278 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Distributions - common stock | |||
Cash | $ 1.80 | $ 1.46 | $ 1.80 |
Stock | $ 0.34 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income | $ 39,034 | $ 27,413 | $ 18,544 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Gain on sale of real estate, net | (25,463) | (17,280) | (4,327) |
Impairment due to casualty loss | 430 | ||
Increase in unbilled rent receivable | (234) | (1,722) | (1,547) |
Write-off of unbilled rent receivable | 1,094 | 585 | |
Amortization and write-off of intangibles relating to leases, net | (785) | (780) | (914) |
Amortization of restricted stock and RSU compensation expense | 5,433 | 4,686 | 3,870 |
Equity in earnings of unconsolidated joint ventures | (202) | (38) | (16) |
Equity in earnings from sale of unconsolidated joint venture property | (805) | (121) | |
Distributions of earnings from unconsolidated joint ventures | 1,440 | 208 | 97 |
Depreciation and amortization | 22,832 | 22,964 | 22,026 |
Amortization and write-off of deferred financing costs | 970 | 976 | 995 |
Payment of leasing commissions | (1,430) | (235) | (523) |
Decrease (increase) in escrow, deposits, other assets and receivables | 6,759 | (3,146) | 129 |
Increase (decrease) in accrued expenses and other liabilities | 1,012 | 677 | (2,687) |
Net cash provided by operating activities | 48,561 | 35,126 | 36,232 |
Cash flows from investing activities: | |||
Purchase of real estate | (24,534) | (28,504) | (49,887) |
Improvements to real estate | (4,106) | (1,037) | (3,514) |
Investments in ground leased property | (1,746) | ||
Net proceeds from sale of real estate | 52,685 | 29,413 | 40,761 |
Insurance recovery proceeds due to casualty loss | 975 | 150 | |
Contributions of capital to unconsolidated joint venture | (296) | ||
Distributions of capital from unconsolidated joint venture | 97 | 311 | 11 |
Net cash provided by (used in) investing activities | 23,371 | 333 | (12,925) |
Cash flows from financing activities: | |||
Scheduled amortization payments of mortgages payable | (13,957) | (13,114) | (13,158) |
Repayment of mortgages payable | (30,532) | (11,815) | (19,970) |
Proceeds from mortgage financings | 10,600 | 18,200 | 50,310 |
Proceeds from sale of common stock, net | 3,314 | 5,200 | |
Proceeds from bank line of credit | 21,200 | 41,500 | 54,550 |
Repayment on bank line of credit | (22,450) | (40,000) | (73,100) |
Issuance of shares through dividend reinvestment plan | 977 | 1,026 | 5,712 |
Payment of financing costs | (232) | (189) | (1,443) |
Capital contributions from non-controlling interests | 25 | 10 | |
Distributions to non-controlling interests | (457) | (40) | (752) |
Cash distributions to common stockholders | (37,318) | (29,441) | (35,421) |
Net cash used in financing activities | (68,830) | (33,863) | (28,072) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 3,102 | 1,596 | (4,765) |
Cash, cash equivalents and restricted cash at beginning of year | 13,564 | 11,968 | 16,733 |
Cash, cash equivalents and restricted cash at end of year | 16,666 | 13,564 | 11,968 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest expense and prepayment costs on debt | 18,972 | 20,213 | 19,976 |
Supplemental disclosure of non-cash investing activity: | |||
Purchase accounting allocation - intangible lease assets | 2,288 | 3,905 | 4,245 |
Purchase accounting allocation - intangible lease liabilities | $ (632) | (568) | (915) |
Loan receivable in connection with sale of property | 4,613 | ||
Lease liabilities arising from the recognition of right of use assets | 2,858 | $ 5,027 | |
Supplemental disclosure of non-cash financing activity: | |||
Common stock dividend - portion paid in shares of common stock | $ 6,828 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Reconciliation of cash, cash equivalents, and restricted cash | ||
Cash and cash equivalents | $ 16,164 | $ 12,705 |
Restricted cash included in escrow, deposits and other assets and receivables | 502 | 859 |
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows | $ 16,666 | $ 13,564 |
ORGANIZATION AND BACKGROUND
ORGANIZATION AND BACKGROUND | 12 Months Ended |
Dec. 31, 2021 | |
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, retail, restaurant, health and fitness, and theater properties, many of which are subject to long-term net leases. As of December 31, 2021, OLP owns 121 properties, including three properties owned by consolidated joint ventures and three properties owned by unconsolidated joint ventures. The 121 properties are located in 31 states. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
SIGNIFICANT ACCOUNTING POLICIES | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2—SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts and operations of OLP, its wholly-owned subsidiaries, its joint ventures in which the Company, as defined, has a controlling interest, and variable interest entities (“VIEs”) of which the Company is the primary beneficiary. OLP and its consolidated subsidiaries are referred to herein as the “Company”. Material intercompany items and transactions have been eliminated in consolidation. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Management believes that the estimates and assumptions that are most important to the portrayal of the Company’s consolidated financial condition and results of operations, in that they require management’s most difficult, subjective or complex judgments, form the basis of the accounting policies deemed to be most significant to the Company. These significant accounting policies relate to revenues and the value of the Company’s real estate portfolio, including investments in unconsolidated joint ventures. Management believes its estimates and assumptions related to these significant accounting policies are appropriate under the circumstances; however, should future events or occurrences result in unanticipated consequences, there could be a material impact on the Company’s future consolidated financial condition or results of operations. Segment Reporting Substantially all of the Company’s real estate assets, at acquisition, are comprised of real estate owned that is leased to tenants on a long-term basis. Therefore, the Company aggregates real estate assets for reporting purposes and operates in one reportable segment. Revenue Recognition Rental income includes the base rent that each tenant is required to pay in accordance with the terms of their respective leases reported on a straight-line basis over the non-cancelable term of the lease, if collectability is probable. On a quarterly basis, management reviews the tenant’s payment history and financial condition in determining, in its judgment, whether any accrued rental income and unbilled rent receivable balances applicable to each specific property is collectable. Any changes to the collectability of lease payments or unbilled rent receivables are recognized as a current period adjustment to rental revenue (see Note 3). Some leases provide for increases based on the Consumer Price Index or for additional contingent rental revenue in the form of percentage rents. The percentage rents are based upon the level of sales achieved by the lessee and are recognized once the required sales levels are reached. A ground lease provides for rent which can be deferred and paid based on the operating performance of the property; therefore, this rent is recognized as NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (Continued) rental income when the operating performance is achieved and the rent is received. In 2020, due to the impact of the COVID-19 pandemic, rent concession agreements were executed with certain of the Company’s tenants. In accordance with the FASB Staff Q&A, Topic 842 and 840 – Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic, the Company elected to (i) not evaluate whether such COVID-19 pandemic related rent-relief is a lease modification under ASC 842 and (ii) treat each tenant rent deferral or forgiveness as if it were contemplated as part of the existing lease contract. The Company applied this accounting policy to those lease agreements, based on the type of concession provided to the tenant, where the revised cash flows was substantially the same or less than the original lease agreement (see Note 3). Many of the Company’s properties are subject to long-term net leases under which the tenant is typically responsible to pay directly to the vendor the real estate taxes, insurance, utilities and ordinary maintenance and repairs related to the property, and the Company is not the primary obligor with respect to such items. As a result, the revenue and expenses relating to these properties are recorded on a net basis. For certain properties, in addition to contractual base rent, the tenants pay their pro rata share of real estate taxes and operating expenses to the Company. The income and expenses associated with properties at which the Company is the primary obligor are generally recorded on a gross basis. During 2021, 2020 and 2019, the Company recorded reimbursements of expenses of $10,938,000, $10,512,000 and $10,443,000, respectively, which are included in Rental income, net in the accompanying consolidated statements of income. Gains and losses on the sale of real estate investments are recorded when the Company no longer holds a controlling financial interest in the entity which holds the real estate investment and the relevant revenue recognition criteria under GAAP have been met. Purchase Accounting for Acquisition of Real Estate In acquiring real estate, the Company evaluates whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, and if that requirement is met, the asset group is accounted for as an asset acquisition and not a business combination. Transaction costs incurred with such asset acquisitions are capitalized to real estate assets and depreciated over the respectful useful lives. The Company allocates the purchase price of real estate, including direct transaction costs applicable to an asset acquisition, among land, building, improvements and intangibles, such as the value of above, below and at-market leases, and origination costs associated with in-place leases at the acquisition date. The Company assesses the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. The value, as determined, is allocated to land, building and improvements based on management’s determination of the relative fair values of these assets. The Company assesses the fair value of the lease intangibles based on estimated cash flow projections that utilize available market information; such inputs are categorized as Level 3 inputs in the fair value hierarchy. In valuing an acquired property’s intangibles, factors considered by management include estimates of carrying costs ( e.g. The values of acquired above-market and below-market leases are recorded based on the present values (using discount rates which reflect the risks associated with the leases acquired) of the difference between the contractual amounts to be received and management’s estimate of market lease rates, measured over the terms of the respective leases that management deemed appropriate at the time of the acquisitions. Such valuations include a consideration of the non-cancellable terms of the respective leases, as well as any applicable renewal period(s). The fair values associated with below-market rental renewal options are determined based on the Company’s experience and other relevant factors at the time of the acquisitions. The values of above-market NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (Continued) leases are amortized as a reduction to rental income over the terms of the respective non-cancellable lease periods. The portion of the values of below-market leases are amortized as an increase to rental income over the terms of the respective non-cancellable lease periods. The portion of the values of the leases associated with below-market renewal options that management deemed are reasonably certain to be exercised by the tenant are amortized to rental income over such renewal periods. The value of other intangible assets ( i.e., one Accounting for Long-Lived Assets and Impairment of Real Estate Owned The Company reviews its real estate portfolio on a quarterly basis for indicators of impairment to the value of any of its real estate assets, including deferred costs and intangibles, to determine if there is any need for an impairment charge. In reviewing the portfolio, the Company examines one or more of the following: the type of asset, the current financial statements or other available financial information of the tenant, prolonged or significant vacancies, the economic situation in the area in which the asset is located, the economic situation of the industry in which the tenant is involved, the timeliness of the payments made by the tenant under its lease, property inspection reports and communication with, by, or relating to, the tenant. For each real estate asset owned for which indicators of impairment exist, management performs a recoverability test by comparing (i) the sum of the estimated undiscounted future cash flows attributable to the asset, which are determined using assumptions and estimates, including projected rental rates over an appropriate holding period and property capitalization rates, to (ii) the carrying amount of the asset. If the aggregate undiscounted cash flows are less than the asset’s carrying amount, an impairment loss is recorded to the extent that the estimated fair value is less than the asset’s carrying amount. The estimated fair value is determined using a discounted cash flow model of the expected future cash flows through the useful life of the property. The analysis includes an estimate of the future cash flows that ar e expected to result from the real estate investment’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, the effects of leasing demand, competition and other factors. Properties Held-for-Sale Real estate investments are classified as properties held-for-sale when management determines that the investment meets the applicable criteria. Real estate assets that are classified as held-for-sale are: (i) valued at the lower of carrying amount or the estimated fair value less costs to sell on an individual asset basis; and (ii) not depreciated. Depreciation and Amortization Depreciation of buildings is computed on the straight-line method over an estimated useful life of 40 years . Depreciation of building improvements is computed on the straight-line method over the estimated useful life of the improvements. If the Company determines it is the owner of tenant improvements, the amounts funded to construct the tenant improvements are treated as a capital asset and depreciated over the lesser of the remaining lease term or the estimated useful life of the improvements on the straight-line method. Leasehold interest and the related ground lease payments are amortized over the initial lease term of the leasehold position. Depreciation expense (including amortization of a leasehold position, lease origination costs, and capitalized leasing commissions) was $22,832,000, $22,964,000 and $22,026,000, for 2021, 2020 and 2019, respectively. Cash and Cash Equivalents All highly liquid investments with original maturities of three months or less when purchased are considered to be cash equivalents. NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (Continued) Investment in Joint Ventures and Variable Interest Entities The Financial Accounting Standards Board, or FASB, provides guidance for determining whether an entity is a VIE. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE’s economic performance and (ii) has the obligation to absorb losses, or the right to receive benefits, of the VIE that could potentially be significant to the VIE. The Company assesses the accounting treatment for each of its investments, including a review of each venture or limited liability company or partnership agreement, to determine the rights of each party and whether those rights are protective or participating. The agreements typically contain certain protective rights, such as the requirement of partner approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget or operating plan. In situations where, among other things, the Company and its partners jointly (i) approve the annual budget, (ii) approve certain expenditures, (iii) prepare or review and approve the joint venture’s tax return before filing, or (iv) approve each lease at a property, the Company does not consolidate as the Company considers these to be substantive participation rights that result in shared, joint power over the activities that most significantly impact the performance of the joint venture or property. Additionally, the Company assesses the accounting treatment for any interests pursuant to which the Company may have a variable interest as a lessor. Leases may contain certain protective rights, such as the right of sale and the receipt of certain escrow deposits. The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. All investments in unconsolidated joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are VIEs. In addition, the Company shares power with its co-managing members over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions. None of the joint venture debt is recourse to the Company, subject to standard carve-outs. The Company reviews on a quarterly basis its investments in unconsolidated joint ventures for other-than-temporary losses in investment value. Any decline that is not expected to be recovered based on the underlying assets of the investment is considered other than temporary and an impairment charge is recorded as a reduction in the carrying value of the investment. During the three years ended December 31, 2021, there were no impairment charges related to the Company’s investments in unconsolidated joint ventures. The Company has elected to follow the cumulative earnings approach when assessing, for the consolidated statement of cash flows, whether the distribution from the investee is a return of the investor’s investment as compared to a return on its investment. The source of the cash generated by the investee to fund the distribution is not a factor in the analysis (that is, it does not matter whether the cash was generated through investee refinancing, sale of assets or operating results). Consequently, the investor only considers the relationship between the cash received from the investee to its equity in the undistributed earnings of the investee, on a cumulative basis, in assessing whether the distribution from the investee is a return on or a return of its investment. Cash received from the unconsolidated entity is presumed to be a return on the investment to the extent that, on a cumulative basis, distributions received by the investor are less than its share of the equity in the undistributed earnings of the entity. NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (Continued) Fair Value Measurements The Company measures the fair value of financial instruments based on the assumptions that market participants would use in pricing the asset or liability. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs and Level 3 assets/liabilities are valued based on significant “unobservable” market inputs. Deferred Financing Costs Mortgage and credit line costs are deferred and amortized on a straight-line basis over the terms of the respective debt obligations, which approximates the effective interest method. At December 31, 2021 and 2020, accumulated amortization of such costs was $4,684,000 and $4,599,000 , respectively. The Company presents unamortized deferred financing costs as a direct deduction from the carrying amount of the associated debt liability. Escrows Real estate taxes and other escrows aggregating $502,000 and $859,000 at December 31, 2021 and 2020, respectively, are included in Escrow, deposits and other assets and receivables. Income Taxes The Company is qualified as a REIT under the applicable provisions of the Internal Revenue Code. Under these provisions, the Company will not be subject to Federal, and generally, state and local income taxes, on amounts distributed to stockholders, provided it distributes at least 90% of its ordinary taxable income and meets certain other conditions. The Company follows a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that more-likely-than-not will be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited. The Company has not identified any uncertain tax positions requiring accrual. Concentration of Credit Risk The Company maintains cash accounts at various financial institutions. While the Company attempts to limit any financial exposure, substantially all of its deposit balances exceed federally insured limits. The Company has not experienced any losses on such accounts. The Company’s properties are located in 31 states. No real estate investments in any one state contributed more than 10% to the Company’s total revenues in any of the past three years. No tenant contributed over 10% to the Company’s total revenues during 2021, 2020 and 2019. NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (Continued) Stock Based Compensation The fair value of restricted stock grants and restricted stock units (“RSUs”), determined as of the date of grant, is amortized into general and administrative expense over the respective vesting period. The deferred compensation to be recognized as expense is net of forfeitures and the performance assumptions are re-evaluated quarterly. The Company recognizes the effect of forfeitures when they occur and previously recognized compensation expense is reversed in the period the grant or unit is forfeited. For share-based awards with a performance or market measure, the Company recognizes compensation expense over the requisite service period. The requisite service period begins on the date the Compensation Committee of the Company’s Board of Directors authorizes the award, adopts any relevant performance measures and communicates the award to the recipient. Derivatives and Hedging Activities The Company uses interest rate swaps to add stability to interest expense; not for trading or speculative purposes. The Company records all derivatives on the consolidated balance sheets at fair value using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. In addition, the Company incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. These counterparties are generally large financial institutions engaged in providing a variety of financial services. These institutions generally face similar risks regarding adverse changes in market and economic conditions including, but not limited to, fluctuations in interest rates, exchange rates, equity and commodity prices and credit spreads. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in accumulated other comprehensive income (outside of earnings) and subsequently reclassified to earnings in the period in which the hedged transaction becomes ineffective. For derivatives not designated as cash flow hedges, changes in the fair value of the derivative are recognized directly in earnings in the period in which the change occurs; however, the Company’s policy is to not enter into such transactions. New Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) , which contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. In 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company may apply other elections, as applicable, as additional changes in the market occur. The Company continues to evaluate the new guidance to determine the extent to which it may impact the Company’s consolidated financial statements. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2021 | |
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 2022 to 2055, with options to extend terminate not separate Fixed lease revenues represent the base rent that each tenant is required to pay in accordance with the terms of their respective leases reported on a straight-line basis over the non-cancelable term of the lease. Variable lease revenues 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 or (iv) the operating performance of the property. Variable lease revenues are not recognized until the specific events that trigger the variable payments have occurred. The components of lease revenues are as follows (amounts in thousands): Year Ended December 31, 2021 2020 2019 Fixed lease revenues $ 70,387 $ 69,823 $ 70,788 Variable lease revenues 11,008 11,285 12,084 Lease revenues (a) $ 81,395 $ 81,108 $ 82,872 (a) Excludes $785 , $780 and $914 of amortization related to lease intangible assets and liabilities for 2021, 2020 and 2019, respectively. In many of the Company’s leases, the tenant is obligated to pay the real estate taxes, insurance, and certain other expenses directly to the vendor. These obligations, which have been assumed by the tenants, are not reflected in our consolidated financial statements. To the extent any such tenant defaults on its lease or if it is deemed probable that the tenant will fail to pay for such obligations, a liability for such obligations would be recorded. On a quarterly basis, the Company assesses the collectability of substantially all lease payments due by reviewing the tenant’s payment history or financial condition. Changes to collectability are recognized as a current period adjustment to rental revenue. The Company has assessed the collectability of all recorded lease revenues as probable as of December 31, 2021. During 2020, in response to requests for rent relief from tenants impacted by the COVID-19 pandemic and the governmental and non-governmental responses thereto, the Company (i) deferred and accrued $3,360,000 of rent payments and (ii) forgave $695,000 of rent payments, excluding amounts related to Regal Cinemas as described below. During 2020, 2021 and through February 2022, the Company collected $497,000, $2,679,000 and $28,000, respectively, of such deferred rents. The $145,000 balance of deferred rents is deemed collectible and $132,000 and $12,000 is expected to be collected during 2022 and 2023, respectively. During 2020, the Company forgave $676,000 of rent payments from Regal Cinemas, a tenant at two properties, which was adversely affected by the pandemic. In February 2021, the Company executed lease amendments with this tenant pursuant to which (i) the Company agreed to defer an aggregate of $1,449,000 of rent which was originally payable from September 2020 through August 2021 (such amounts were not accrued as collections were deemed less than probable), (ii) the tenant agreed to pay an aggregate of $441,000 of rent from September 2020 through August 2021 and (iii) the parties extended the lease for one of these properties for two years . Through February 28, 2022, the tenant is current on all lease payments, including COVID-19 deferral repayments, in accordance with these lease amendments. NOTE 3—LEASES (Continued) Minimum Future Rents As of December 31, 2021, 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 intangibles, (ii) COVID-19 lease deferral repayments accrued to rental income in 2020, (iii) $1,449,000 of COVID-19 lease deferral repayments due from Regal Cinemas which were not accrued to rental income and (iv) variable lease payments as described above. For the year ended December 31, 2022 $ 68,365 2023 64,478 2024 55,868 2025 51,484 2026 47,306 Thereafter 153,783 Total $ 441,284 Lease Termination Fees During 2021, the Company received an aggregate of $487,000 as lease termination fees from two retail tenants. During 2020, the Company received $88,000 as a lease termination fee from an industrial tenant, of which $73,000 and 15,000 was recognized in 2021 and 2020, respectively. During 2019, the Company received an aggregate of $950,000 as lease termination fees from two retail tenants and wrote-off $37,000 of unbilled rent receivable against rental income. Unbilled Straight-Line Rent At December 31, 2021 and 2020, the Company’s unbilled rent receivables aggregating $14,330,000 and $15,438,000, respectively, represent rent reported on a straight-line basis in excess of rental payments required under the respective leases. The unbilled rent receivable is to be billed and received pursuant to the lease terms during the next 15 years . During 2021, 2020 and 2019, the Company wrote-off $1,438,000, $365,000 and $182,000, respectively, of unbilled straight-line rent receivable related to the properties sold during such years, which reduced the gain on sale reported on the consolidated statements of income. At December 31, 2021 and 2020, the Company’s unbilled rent payables aggregating $897,000 and $801,000, respectively, represent rent reported on a straight-line basis less than rental payments required under the respective leases. The unbilled rent payable is to be billed and received pursuant to the lease terms during the next 20 years . On a quarterly basis, the Company assesses the collectability of unbilled rent receivable balances by reviewing the tenant’s payment history and financial condition. The Company has assessed the collectability of all unbilled rent receivable balances as probable as of December 31, 2021. During 2020, the Company wrote-off, as a reduction to rental income, $1,094,000 of unbilled rent receivables due from Regal Cinemas, a tenant at two locations which was adversely affected by the pandemic, as the collection of such amounts was deemed less than probable. During 2019, due to uncertainty related to certain tenants with going concern or bankruptcy issues, the Company wrote-off, as a reduction to rental income, $548,000 of unbilled rent receivables. NOTE 3—LEASES (Continued) Lessee Accounting Ground Lease The Company is a lessee under a ground lease in Greensboro, North Carolina, which is classified as an operating lease. The ground lease expires March 3, 2025 and provides for up to four, 5 options option other liabilities other assets %, based on its incremental borrowing rate given the term of the lease, as the rate implicit in the lease is not known. During the years ended December 31, 2021, 2020 and 2019, the Company recognized $599,000, $533,000 and $525,000, respectively, of lease expense related to this ground lease which is included in Real estate expenses on the consolidated statement of income. Office Lease The Company is a lessee under a corporate office lease in Great Neck, New York, which is classified as an operating lease. The lease expires on December 31, 2031 and provides a 5 option . At December 31, 2021 and 2020, the Company recorded a liability of $578,000 and $602,000, respectively, for the obligation to make payments under the lease and an asset of $564,000 and $593,000, respectively, for the right to use the underlying asset during the lease term which are included in other liability and other assets , respectively, on the consolidated balance sheet. Lease payments associated with the renewal option period, which was determined to be reasonably certain to be exercised, are included in the measurement of the lease liability and right of use asset. As of December 31, 2021, the remaining lease term, including renewal options deemed exercised, is 15.0 years. The Company applied a discount rate of 3.81 %, based on its incremental borrowing rate given the term of the lease, as the rate implicit in the lease is not known. During the years ended December 31, 2021, 2020 and 2019, the Company recognized $55,000, $57,000 and $54,000, respectively, of lease expense related to this office lease which is included in General and administrative expenses on the consolidated statement of income. Minimum Future Lease Payments As of December 31, 2021, the minimum future lease payments related to the operating ground and office leases are as follows (amounts in thousands): For the year ended December 31, 2022 $ 506 2023 507 2024 557 2025 626 2026 627 Thereafter 6,220 Total undiscounted cash flows $ 9,043 Present value discount (1,831) Lease liability $ 7,212 |
REAL ESTATE INVESTMENTS
REAL ESTATE INVESTMENTS | 12 Months Ended |
Dec. 31, 2021 | |
REAL ESTATE INVESTMENTS | |
REAL ESTATE INVESTMENTS | NOTE 4—REAL ESTATE INVESTMENTS Acquisitions The following tables detail the Company’s real estate acquisitions and allocations of the purchase price during 2021 and 2020 (amounts in thousands). The Company determined that with respect to each of these acquisitions, the gross assets acquired are concentrated in a single identifiable asset. Therefore, these transactions do not meet the definition of a business and are accounted for as asset acquisitions. As such, direct transaction costs associated with these asset acquisitions have been capitalized to real estate assets and depreciated over their respective useful lives. Contract Capitalized Date Purchase Terms of Transaction Description of Property Acquired Price Payment Costs Pureon, Inc. industrial facility, Monroe, North Carolina May 27, 2021 $ 7,000 Cash and $4,500 mortgage (a) $ 60 Multi-tenant industrial facility, Lehigh Acres, Florida September 29, 2021 9,355 Cash and $6,100 mortgage (a) 77 Home Depot USA, Inc. industrial facility, Omaha, Nebraska November 12, 2021 7,975 All cash 67 TOTALS FOR 2021 $ 24,330 $ 204 Creative Office Environments industrial facility, Ashland, Virginia February 20, 2020 $ 9,100 All cash (b) $ 119 Fed Ex industrial facility, Lowell, Arkansas February 24, 2020 19,150 All cash (b) 135 TOTALS FOR 2020 $ 28,250 $ 254 (a) In 2021, simultaneously with the acquisitions of these properties, the Company obtained new mortgage debt of $4,500 and $6,100, bearing interest rates of 3.25% and 3.17% and maturing in 2027 and 2031, respectively. (b) In 2020, subsequent to these acquisitions, the Company obtained new mortgage debt of $5,700 and $12,500, bearing interest rates of 3.54% and 3.63% and maturing in 2035 and 2027, respectively. Building & Intangible Lease Market Cap Discount Description of Property Land Improvements Asset (a) Liability (b) Total Rate (c) Rate (c) Pureon, Inc. industrial facility, Monroe, North Carolina $ 897 $ 5,106 $ 1,057 $ — $ 7,060 7.00% 6.08% Multi-tenant industrial facility, Lehigh Acres, Florida 1,935 7,393 701 (596) 9,433 6.75% 5.60% Home Depot USA, Inc. industrial facility, Omaha, Nebraska 1,000 6,547 530 (36) 8,041 6.25% 6.16% TOTALS FOR 2021 $ 3,832 $ 19,046 $ 2,288 $ (632) $ 24,534 Creative Office Environments industrial facility, Ashland, Virginia $ 391 $ 7,901 $ 927 $ — $ 9,219 6.50% n/a Fed Ex industrial facility, Lowell, Arkansas 1,687 15,188 2,978 (568) 19,285 6.25% 6.16% TOTALS FOR 2020 $ 2,078 $ 23,089 $ 3,905 $ (568) $ 28,504 (a) The weighted average amortization period for the 2021 and 2020 acquisitions is 4.1 years and 8.3 years for the intangible lease assets, respectively. (b) The weighted average amortization period for the 2021 and 2020 acquisitions is 8.2 years and 13.7 years for the intangible lease liabilities, respectively. (c) The fair value of the tangible and intangible lease assets of each property was assessed as of the acquisition date using an income approach with a market capitalization and discount rate categorized as a Level 3 unobservable input in the fair value hierarchy (as definted in Note 2) . NOTE 4—REAL ESTATE INVESTMENTS (Continued) The Company assessed the fair value of the lease intangibles based on estimated cash flow projections that utilize appropriate discount rates and available market information. Such inputs are Level 3 (as defined in Note 2) in the fair value hierarchy. At December 31, 2021 and 2020, accumulated amortization of intangible lease assets was $25,892,000 and $24,530,000, respectively, and accumulated amortization of intangible lease liabilities was $8,968,000 and $8,539,000, respectively. During 2021, 2020 and 2019, the Company recognized net rental income of $785,000, $780,000 and $914,000, respectively, for the amortization of the above/below market leases. During 2021, 2020 and 2019, the Company recognized amortization expense of $4,700,000, $4,617,000 and $4,039,000, respectively, relating to the amortization of the origination costs associated with in-place leases, which is included in Depreciation and amortization expense. The unamortized balance of intangible lease assets as a result of acquired above market leases at December 31, 2021 will be deducted from rental income through 2032 as follows (amounts in thousands): 2022 $ 449 2023 256 2024 186 2025 163 2026 125 Thereafter 425 Total $ 1,604 The unamortized balance of intangible lease liabilities as a result of acquired below market leases at December 31, 2021 will be added to rental income through 2055 as follows (amounts in thousands): 2022 $ 1,203 2023 961 2024 742 2025 519 2026 512 Thereafter 6,470 Total $ 10,407 The unamortized balance of origination costs associated with in-place leases at December 31, 2021 will be charged to amortization expense through 2055 as follows (amounts in thousands): 2022 $ 4,398 2023 3,756 2024 2,472 2025 2,011 2026 1,907 Thereafter 4,546 Total $ 19,090 Property Acquisition Subsequent to December 31, 2021 On January 5, 2022, the Company acquired an industrial property located in Fort Myers, Florida for $8,100,000. The initial term of the lease expires in 2030. Subsequent to the acquisition, the Company obtained $4,860,000 of nine-year mortgage debt with an interest rate of 3.09% and amortizing over 25 years . |
SALES OF PROPERTIES AND PROPERT
SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE | 12 Months Ended |
Dec. 31, 2021 | |
SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE | |
SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE | NOTE 5—SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE The following chart details the Company’s sales of real estate during 2021, 2020 and 2019 (amounts in thousands): Gain on sale Mortgage Prepayment Gross of Real Prepaid Costs on Description of Property Date Sold Sales Price Estate, Net on Sale Debt Whole Foods retail property & parking lot, West Hartford, Connecticut June 17, 2021 $ 40,510 $ 21,469 $ 15,403 $ 799 Vacant retail property, Philadelphia, Pennsylvania July 1, 2021 8,300 1,299 (a) 3,574 26 Wendys restaurant property, Hanover, Pennsylvania December 27, 2021 2,815 1,331 696 11 Wendys restaurant property, Gettysburg, Pennsylvania December 27, 2021 2,885 1,364 714 12 TOTALS FOR 2021 $ 54,510 $ 25,463 (b) $ 20,387 $ 848 Hobby Lobby retail property, Onalaska, Wisconsin February 11, 2020 $ 7,115 $ 4,252 $ 3,332 $ 290 CarMax retail property, Knoxville, Tennessee July 1, 2020 18,000 10,316 8,483 833 PetSmart retail property Houston, Texas December 15, 2020 4,013 (c) 1,067 n/a n/a Guitar Center retail property, Houston, Texas December 15, 2020 5,212 (c) 1,645 n/a n/a TOTALS FOR 2020 $ 34,340 $ 17,280 (d) $ 11,815 $ 1,123 Kmart retail property, Clemmons, North Carolina June 20, 2019 $ 5,500 $ 1,099 (e) $ 1,705 $ 41 Multi-tenant retail property, Athens, Georgia August 23, 2019 6,050 1,045 2,645 161 Land - The Briarbrook Village Apartments, Wheaton, Illinois August 29, 2019 12,066 1,530 n/a n/a Aaron's retail property, Houston, Texas October 21, 2019 1,675 218 n/a n/a Assisted living facility, Round Rock, Texas December 10, 2019 16,600 435 13,157 625 TOTALS FOR 2019 $ 41,891 $ 4,327 (f) $ 17,507 $ 827 (a) This property was owned by a consolidated joint venture in which the Company held a 90% interest. The non-controlling interest’s share of the gain was $130 . (b) As a result of these sales, the Company wrote-off, as a reduction to Gain on sale of real estate, net, an aggregate of $1,438 of unbilled rent receivables and $967 of unamortized intangible lease assets. (c) In connection with these sales, the Company provided seller-financing of an aggregate of $4,613 which was included in other receivables on the consolidated balance sheet at December 31, 2020. The loan was repaid in full in 2021 (see Note 13). (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 $365 of unbilled rent receivables and $367 of unamortized intangible lease liabilities. (e) This property was owned by a consolidated joint venture in which the Company held a 90% interest. The non-controlling interest’s share of the gain was $422 . (f) As a result of these sales, the Company wrote-off, as a reduction to Gain on sale of real estate, net, an aggregate of $182 of unbilled rent receivables and $915 of unamortized intangible lease liabilities. NOTE 5—SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE (Continued) In September 2021, the Company entered into a contract to sell an industrial property located in Columbus, Ohio for $8,500,000 . The buyer’s right to terminate the contract without penalty expired on December 14, 2021. At December 31, 2021, the Company classified the $1,270,000 net book value of the property’s land, building and improvements as Property held-for-sale in the accompanying consolidated balance sheet. It is anticipated that this sale will be completed in April 2022 and will result in a gain which will be recognized in the three and six months ending June 30, 2022. In January 2022, the Company entered into a contract to sell four restaurant properties located in Pennsylvania for $10,000,000. The buyer’s right to terminate the contract without penalty expired on February 28, 2022. It is anticipated the sale will be completed in April 2022. |
VARIABLE INTEREST ENTITIES, CON
VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES | 12 Months Ended |
Dec. 31, 2021 | |
VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES | |
VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES | NOTE 6—VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES Variable Interest Entities—Ground Lease The Company determined it has a variable interest through its ground lease at its Beachwood, Ohio property (The Vue Apartments) and the owner/operator is a VIE because its equity investment at risk is insufficient to finance its activities without additional subordinated financial support. The Company further determined that it is not the primary beneficiary of this VIE because the Company does not have power over the activities that most significantly impact the owner/operator’s economic performance and therefore, does not consolidate this VIE for financial statement purposes. Accordingly, the Company accounts for this investment as land and the revenues from the ground lease as Rental income, net. The ground lease provides for rent which can be deferred and paid based on the operating performance of the property; therefore, this rent is recognized as rental income when the operating performance is achieved and the rent is received. Ground lease rental income amounted to $0, $729,000 and $1,597,000 during 2021, 2020 and 2019, respectively. Included in the 2019 amounts is rental income of $814,000 from a previously held VIE property located in Wheaton, Illinois which was sold in August 2019 (see Note 5). As of December 31, 2021, the VIE’s maximum exposure to loss was $15,756,000 which represented the carrying amount of the land. In purchasing the property in 2016, the owner/operator obtained a mortgage for $67,444,000 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 $66,013,000 as of December 31, 2021. Pursuant to the ground lease, as amended in November 2020, the Company agreed, in its discretion, to fund 78% of (i) any operating expense shortfalls at the property and (ii) any capital expenditures required at the property. The Company funded $1,746,000 during the year ended December 31, 2021 and an additional $271,000 from January 1 through March 1, 2022. These amounts are included as part of the carrying amount of the land. The Company did not fund any such amounts during the year ended December 31, 2020. Variable Interest Entities—Consolidated Joint Ventures The Company has determined that the three consolidated joint ventures in which it holds between a 90% to 95 % interest are VIEs because the non-controlling interests do not hold substantive kick-out or participating rights. The Company has determined it is the primary beneficiary of these VIEs as it has the power to direct the activities that most significantly impact each joint venture’s performance including management, approval of expenditures, and the obligation to absorb the losses or rights to receive benefits. Accordingly, the Company NOTE 6—VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES (Continued) consolidates the operations of these VIEs for financial statement purposes. The VIEs’ creditors do not have recourse to the assets of the Company other than those held by the applicable joint venture. The following is a summary of the consolidated VIEs’ carrying amounts and classification in the Company’s consolidated balance sheets, none of which are restricted (amounts in thousands): December 31, 2021 2020 (a) Land $ 10,365 $ 12,158 Buildings and improvements, net of accumulated depreciation of $4,957 and $5,232, respectively 18,472 23,372 Cash 1,134 1,102 Unbilled rent receivable 1,020 861 Unamortized intangible lease assets, net 548 627 Escrow, deposits and other assets and receivables 878 1,089 Mortgages payable, net of unamortized deferred financing costs of $195 and $253, respectively 19,193 23,530 Accrued expenses and other liabilities 875 752 Unamortized intangible lease liabilities, net 475 526 Accumulated other comprehensive loss (33) (127) Non-controlling interests in consolidated joint ventures 946 1,193 (a) Includes a consolidated joint venture, in which the Company held an 90% interest, located in Philadelphia, Pennsylvania which was sold in July 2021 (see Note 5). MCB Real Estate, LLC and its affiliates (‘‘MCB’’) are the Company’s joint venture partner in two and three consolidated joint ventures at December 31, 2021 and 2020, respectively, in which the Company has aggregate equity investments of approximately $4,691,000 and $7,495,000, respectively. Distributions to each joint venture partner are determined pursuant to the applicable operating agreement and, in the event of a sale of, or refinancing of the mortgage encumbering, the property owned by such venture, the distributions to the Company may be less than that implied by the equity ownership interest in the venture. |
INVESTMENT IN UNCONSOLIDATED JO
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | 12 Months Ended |
Dec. 31, 2021 | |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | NOTE 7—INVESTMENT IN UNCONSOLIDATED JOINT VENTURES As of December 31, 2021 and 2020, the Company participated in three unconsolidated joint ventures, each of which owns and operates one property; the Company’s equity investment in these ventures totaled $10,172,000 and $10,702,000 , respectively. The Company recorded equity in earnings of $202,000, $38,000 and $16,000 during 2021, 2020 and 2019, respectively. In July 2021, an unconsolidated joint venture sold a portion of its land, located in Savannah, Georgia for $2,559,000 , net of closing costs. The Company’s 50% share of the gain from this sale was $805,000, which is included in Equity in earnings from sale of unconsolidated joint venture properties on the consolidated statement of income for the year ended December 31, 2021. The unconsolidated joint venture retained approximately 2.2 acres of land at this property. In March 2020, an unconsolidated joint venture sold another of its properties located in Savannah, Georgia for $819,000 , net of closing costs. The Company’s 50% share of the gain from this sale was $121,000, which is included in Equity in earnings from sale of unconsolidated joint venture properties on the consolidated statement of income for the year ended December 31, 2020. At December 31, 2021 and 2020, MCB and the Company are partners in an unconsolidated joint venture in which the Company’s equity investment is approximately $8,773,000 and $8,761,000, respectively. |
DEBT OBLIGATIONS
DEBT OBLIGATIONS | 12 Months Ended |
Dec. 31, 2021 | |
DEBT OBLIGATIONS | |
DEBT OBLIGATIONS | NOTE 8—DEBT OBLIGATIONS Mortgages Payable The following table details the Mortgages payable, net, balances per the consolidated balance sheets (amounts in thousands): December 31, 2021 2020 Mortgages payable, gross $ 399,660 $ 433,549 Unamortized deferred financing costs (3,316) (3,845) Mortgages payable, net $ 396,344 $ 429,704 At December 31, 2021, there were 69 outstanding mortgages payable, all of which are secured by first liens on individual real estate investments with an aggregate gross carrying value of $670,462,000 before accumulated depreciation of $120,055,000. After giving effect to interest rate swap agreements (see Note 9), the mortgage payments bear interest at fixed rates ranging from 3.02% to 5.50%, and mature between 2022 and 2042. The weighted average interest rate on all mortgage debt was 4.18% and 4.19% at December 31, 2021 and 2020, respectively. During 2020, due to the COVID-19 pandemic, the Company and its mortgage lenders agreed to defer the payment of $1,670,000 of debt service due in 2020 and 2021. Of the total deferred, approximately $215,000 and $174,000 was repaid in 2021 and 2020, respectively, $210,000 was deferred until 2022 through 2023 and the balance was deferred until the maturity of such debt. Scheduled principal repayments during the periods indicated are as follows (amounts in thousands): Year Ending December 31, 2022 $ 44,843 2023 25,774 2024 62,634 2025 42,615 2026 29,277 Thereafter 194,517 Total $ 399,660 Line of Credit The Company has a credit facility with Manufacturers & Traders Trust Company, People’s United Bank, VNB New York, LLC, and Bank Leumi USA, pursuant to which 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 NOTE 8—DEBT OBLIGATIONS (Continued) The facility, which matures December 31, 2022, provides for an interest rate equal to the one month LIBOR rate plus an applicable margin ranging from 175 basis points to 300 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 and 200 basis points at December 31, 2021 and 2020, respectively. An unused facility fee of .25 % per annum applies to the facility. The weighted average interest rate on the facility was approximately 1.86%, 2.53% and 4.03% during 2021, 2020 and 2019, respectively. The credit facility includes certain restrictions and covenants which may limit, among other things, the incurrence of liens, and which require compliance with financial ratios relating to, among other things, the minimum amount of tangible net worth, the minimum amount of debt service coverage, the minimum amount of fixed charge coverage, the maximum amount of debt to value, the minimum level of net income, certain investment limitations and the minimum value of unencumbered properties and the number of such properties. The Company was in compliance with all covenants at December 31, 2021. The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands): December 31, 2021 2020 Line of credit, gross $ 11,700 $ 12,950 Unamortized deferred financing costs (216) (425) Line of credit, net $ 11,484 $ 12,525 At March 1, 2022, there was an outstanding balance of $14,700,000 (before unamortized deferred financing costs), and $20,000,000 was available for operating expense purposes under the facility. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2021 | |
FAIR VALUE MEASUREMENTS | |
FAIR VALUE MEASUREMENTS | NOTE 9—FAIR VALUE MEASUREMENTS The carrying amounts of cash and cash equivalents, escrow, deposits and other assets and receivables (excluding interest rate swaps), dividends payable, and accrued expenses and other liabilities (excluding interest rate swaps), are not measured at fair value on a recurring basis, but are considered to be recorded at amounts that approximate fair value. At December 31, 2021, the $419,354,000 estimated fair value of the Company’s mortgages payable is greater than their $399,660,000 carrying value (before unamortized deferred financing costs) by approximately $19,694,000, assuming a blended market interest rate of 3.20% based on the 6.4 year weighted average remaining term to maturity of the mortgages. At December 31, 2020, the $461,965,000 estimated fair value of the Company’s mortgages payable is greater than their $433,549,000 carrying value (before unamortized deferred financing costs) by approximately $28,416,000, assuming a blended market interest rate of 3.00% based on the 7.1 year weighted average remaining term to maturity of the mortgages. At December 31, 2021 and 2020, the carrying amount of the Company’s line of credit (before unamortized deferred financing costs) of $11,700,000 and $12,950,000, respectively, approximates its fair value. The fair value of the Company’s mortgages payable and line of credit are 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 the estimated fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. NOTE 9—FAIR VALUE MEASUREMENTS (Continued) Fair Value on a Recurring Basis As of December 31, 2021, the Company had in effect 19 interest rate derivatives, all of which were interest rate swaps, related to 19 outstanding mortgage loans with an aggregate $56,884,000 notional amount maturing between 2022 and 2026 (weighted average remaining term to maturity of 2.5 years). These interest rate swaps, all of which were designated as cash flow hedges, converted LIBOR based variable rate mortgages to fixed annual rate mortgages (with interest rates ranging from 3.02% to 5.16% and a weighted average interest rate of 4.05 % at December 31, 2021). The fair value of the Company’s derivative financial instruments, using Level 2 inputs, was determined to be the following (amounts in thousands): As of Carrying and Balance Sheet December 31, Fair Value Classification Financial liabilities: Interest rate swaps 2021 $ 1,514 Other liabilities 2020 5,012 Fair values are approximated using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. Although the Company has determined the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with it use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparty. As of December 31, 2021, the Company has assessed and determined the impact of the credit valuation adjustments on the overall valuation of its derivative positions is not significant. As a result, the Company determined its derivative valuation is classified in Level 2 of the fair value hierarchy. The Company does not currently own any financial instruments that are measured on a recurring basis and that are classified as Level 1 or 3. The following table presents the effect of the Company’s derivative financial instruments on the consolidated statements of income for the periods presented (amounts in thousands): Year Ended December 31, 2021 2020 2019 One Liberty Properties Inc. and Consolidated Subsidiaries Amount of gain (loss) recognized on derivatives in other comprehensive loss $ 1,179 $ (5,481) $ (4,224) Amount of reclassification from Accumulated other comprehensive loss into Interest expense (2,318) (2,098) (702) During 2021, 2020 and 2019, in connection with the sale of several properties and the early payoff of the related mortgages, the Company discontinued hedge accounting on the related interest rate swaps as the hedged forecasted transactions were no longer probable to occur. As such, the Company accelerated the reclassification of amounts from accumulated other comprehensive loss to interest expense which is recorded as Prepayment costs on debt in the consolidated statements of income. Such reclassifications amounted to $867,000, $776,000 and $816,000 during 2021, 2020 and 2019, respectively. During the twelve months ending December 31, 2022, the Company estimates an additional $930,000 will be reclassified from Accumulated other comprehensive income as an increase to Interest expense. NOTE 9—FAIR VALUE MEASUREMENTS (Continued) The derivative agreements in effect at December 31, 2021 provide that if the wholly-owned subsidiary of the Company which is a party to such agreement defaults or is capable of being declared in default on any of its indebtedness, then a default can be declared on such subsidiary’s derivative obligation. In addition, the Company is a party to the derivative agreements and if there is a default by the subsidiary on the loan subject to the derivative agreement to which the Company is a party and if there are swap breakage losses on account of the derivative being terminated early, the Company could be held liable for such swap breakage losses. As of December 31, 2021 and 2020, the fair value of the derivatives in a liability position, including accrued interest of $84,000 and $120,000 , respectively, but excluding any adjustments for non-performance risk, was approximately $1,632,000 and $5,314,000 , respectively. In the event the Company had breaches of any of the contractual provisions of the derivative contracts, it would be required to settle its obligations thereunder at their termination liability value of $1,632,000 and $5,314,000 as of December 31, 2021 and 2020, respectively. This termination liability value, net of adjustments for non-performance risk of $34,000 and $182,000 , is included in Accrued expenses and other liabilities on the consolidated balance sheets at December 31, 2021 and 2020, respectively. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2021 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | NOTE 10—RELATED PARTY TRANSACTIONS Compensation and Services Agreement Pursuant to the compensation and services agreement with Majestic Property Management Corp. (“Majestic”), Majestic provides the Company with certain (i) executive, administrative, legal, accounting, clerical, property management, property acquisition, consulting ( i.e ., sale, leasing, brokerage, and mortgage financing), and construction supervisory services (collectively, the “Services”) and (ii) facilities and other resources. Majestic is wholly-owned by the Company’s vice chairman and it provides compensation to several of the Company’s executive officers. In consideration for the Services, the Company paid Majestic $3,111,000 in 2021, $3,011,000 in 2020 and $2,826,000 in 2019. Included in these fees are $1,365,000 in 2021, $1,265,000 in 2020 and $1,307,000 in 2019, of property management services. The amounts paid for property management services is based on 1.5% and 2.0% of the rental payments (including tenant reimbursements) actually received by the Company from net lease tenants and operating lease tenants, respectively. The Company does not pay Majestic with respect to properties managed by third parties. The Company also paid Majestic, pursuant to the compensation and services agreement $295,000 in 2021, $275,000 in 2020 and $216,000 in 2019 for the Company’s share of all direct office expenses, including rent, telephone, postage, computer services, internet usage and supplies. Executive officers and others providing services to the Company under the compensation and services agreement were awarded shares of restricted stock and RSUs under the Company’s stock incentive plans (described in Note 12). The related expense charged to the Company’s operations was $2,590,000, $2,349,000 and $1,973,000 in 2021, 2020 and 2019, 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 for 2021, 2020 and 2019. NOTE 10—RELATED PARTY TRANSACTIONS (Continued) Joint Venture Partners and Affiliates During 2021, 2020 and 2019, the Company paid an aggregate of $83,000, $76,000 and $82,000 , respectively, to its consolidated joint venture partner or their affiliates (none of whom are officers, directors, or employees of the Company) for property management services, which are included in Real estate expenses on the consolidated statements of income. The Company’s unconsolidated joint ventures paid management fees of $118,000, $93,000 and $117,000 to the other partner of the ventures, which reduced Equity in earnings on the consolidated statements of income by $59,000, $47,000 and $59,000 during 2021, 2020 and 2019, respectively. In addition, in 2020, an unconsolidated joint venture of the Company paid a leasing commission and development fee totaling $75,000 to the other partner of the venture, which was in Investment in unconsolidated joint ventures on the consolidated balance sheet as of December 31, 2020. Other During 2021, 2020 and 2019, the Company paid fees of (i) $298,000, $298,000 and $289,000, respectively, to the Company’s chairman and (ii) $119,000, $119,000 and $116,000, respectively, to the Company’s vice chairman. These fees are included in General and administrative expense on the consolidated statements of income. At December 31, 2021 and 2020, Gould Investors L.P. (“Gould Investors”), a related party, owned 1,921,712 and 1,894,883 shares of the outstanding common stock of the Company, respectively, or approximately 9.2% and 9.2%, respectively. The Company obtains its property insurance in conjunction with Gould Investors and reimburses Gould Investors annually for the Company’s insurance cost relating to its properties. Amounts reimbursed to Gould Investors were $1,402,000, $1,168,000 and $1,025,000 during 2021, 2020 and 2019, respectively. Included in Real estate expenses on the consolidated statements of income is insurance expense of $1,267,000, $1,091,000 and $927,000 during 2021, 2020 and 2019, respectively. The balance of the amounts reimbursed to Gould Investors represents prepaid insurance and is included in Other assets on the consolidated balance sheets. |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 12 Months Ended |
Dec. 31, 2021 | |
EARNINGS PER COMMON SHARE | |
EARNINGS PER COMMON SHARE | NOTE 11—EARNINGS PER COMMON SHARE Basic earnings per share was determined by dividing net income allocable to common stockholders for each year by the weighted average number of shares of common stock outstanding during the applicable year. Net income is also allocated to the unvested restricted stock outstanding during each year, as the restricted stock is entitled to receive dividends and is therefore considered a participating security. As of December 31, 2021, the shares of common stock underlying the RSUs awarded in 2019 through 2021 under the 2019 Incentive Plan (see Note 12) are excluded from the basic earnings per share calculation, as these units are not participating securities. Diluted earnings per share reflects the potential dilution that could occur if securities or other rights exercisable for, or convertible into, common stock were exercised or converted or otherwise resulted in the issuance of common stock that shared in the earnings of the Company. The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts): Year Ended December 31, 2021 2020 2019 Numerator for basic and diluted earnings per share: Net income $ 39,034 $ 27,413 $ 18,544 Deduct net income attributable to non-controlling interests (177) (6) (533) Deduct earnings allocated to unvested restricted stock (a) (1,326) (1,263) (1,227) Net income available for common stockholders: basic and diluted $ 37,531 $ 26,144 $ 16,784 Denominator for basic earnings per share: Weighted average number of common shares outstanding 20,086 19,571 19,090 Effect of dilutive securities: RSUs 178 28 29 Denominator for diluted earnings per share: Weighted average number of shares 20,264 19,599 19,119 Earnings per common share, basic $ 1.87 $ 1.34 $ 0.88 Earnings per common share, diluted $ 1.85 $ 1.33 $ 0.88 (a) Represents an allocation of distributed earnings to unvested restricted stock that, as participating securities, are entitled to receive dividends. NOTE 11—EARNINGS PER COMMON SHARE (Continued) The following table identifies the number of shares of common stock underlying the RSUs that are included in the calculation, on a diluted basis, of the weighted average number of shares of common stock for such years: Year Ended December 31, 2021: Total Number of Shares Included Based on (a) Underlying Return on Stockholder Shares Date of Award Shares (b)(c) Capital Metric Return Metric Total Excluded (d) August 3, 2021 80,700 40,350 40,350 80,700 — August 3, 2020 75,026 37,513 37,513 75,026 — July 1, 2019 75,026 37,513 37,513 75,026 — Totals 230,752 115,376 115,376 230,752 — Year Ended December 31, 2020: Total Number of Shares Included Based on (a) Underlying Return on Stockholder Shares Date of Award Shares (b)(c) Capital Metric Return Metric Total Excluded (d) August 3, 2020 75,026 37,513 37,513 75,026 — July 1, 2019 75,026 23,233 — 23,233 51,793 July 1, 2018 73,750 24,823 — 24,823 48,927 Totals 223,802 85,569 37,513 123,082 100,720 Year Ended December 31, 2019: Total Number of Shares Included Based on (a) Underlying Return on Stockholder Shares Date of Award Shares (b)(c) Capital Metric Return Metric Total Excluded (d) July 1, 2019 75,026 728 — 728 74,298 July 1, 2018 73,750 14,755 3,273 18,028 55,722 September 26, 2017 76,250 22,129 31,498 53,627 22,623 Totals 225,026 37,612 34,771 72,383 152,643 (a) Reflects the number of shares underlying RSUs that would be issued assuming the measurement date used to determine whether the applicable conditions are satisfied is December 31 of the applicable year. (b) The RSUs awarded in 2021, 2020 and 2019 vest, subject to satisfaction of the applicable market and/or performance conditions, on June 30, 2024, 2023 and 2022, respectively (see Note 12). (c) During 2019, 2,500 shares of the 2018 award and 2,750 shares of the 2019 award were forfeited. (d) Excluded as the applicable conditions had not been met for these shares at the applicable measurement dates. (e) With respect to the RSUs awarded July 1, 2018, all 73,750 shares vested in June 2021 and such shares were issued in August 2021 (see Note 12). (f) With respect to the RSUs awarded September 26, 2017, 24,343 shares vested and 51,907 shares were forfeited in June 2020; the vested shares were issued in August 2020 (see Note 12). There were no options outstanding to purchase shares of common stock or other rights exercisable for, or convertible into, common stock in 2021, 2020 and 2019. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2021 | |
STOCKHOLDERS' EQUITY | |
STOCKHOLDERS' EQUITY | NOTE 12—STOCKHOLDERS’ EQUITY Stock Based Compensation The Company’s 2019 Incentive Plan (“Plan”), approved by the Company’s stockholders in June 2019, permits 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 is authorized for issuance pursuant to this Plan. As of December 31, 2021, an aggregate of 524,952 shares subject to awards in the form of restricted stock (294,200 shares) and RSUs (230,752 shares) are outstanding under the Plan. On January 12, 2022, 153,575 restricted shares were issued pursuant to this Plan, having an aggregate value of approximately $5,183,000 and are scheduled to vest in January 2027. Under the Company’s 2016 equity incentive plan (the “Prior Plan”), as of December 31, 2021, (i) an aggregate of 412,250 shares in the form of restricted stock are outstanding and have not yet vested, and (ii) with respect to 76,250 shares of common stock underlying RSUs that had been granted in each of 2018 and 2017, 73,750 and 24,343 shares were deemed to have vested in 2021 and 2020, respectively, and such shares were issued after the Compensation Committee determined that the metrics with respect to such shares had been satisfied. RSUs with respect to the 2,500 and 51,907 share balances under the 2018 and 2017 RSU grants were forfeited in 2019 and 2020, respectively. No additional awards may be granted under the Prior Plan. For accounting purposes, the restricted stock is not included in the shares shown as outstanding on the balance sheet until they vest; however, dividends are paid on the unvested shares. The restricted stock grants are charged to General and administrative expense over the respective vesting periods based on the market value of the common stock on the grant date. Unless earlier forfeited because the participant’s relationship with the Company terminated, unvested restricted stock awards vest five years from the grant date, and under certain circumstances may vest earlier. In 2021, 2020 and 2019, the Company granted RSUs exchangeable for up to 80,700, 75,026 and 77,776 shares, respectively, of common stock upon satisfaction, through June 30, 2024, June 30, 2023 and June 30, 2022, respectively, of metrics related to average annual total stockholder return (the “TSR Metric”) and average annual return on capital (the “ROC Metric”; together with the TSR Metric, the “Metrics”). Up to 50% of the RSUs vest upon satisfaction of the TSR Metric (the “TSR Awards”) and up to 50 % of the RSUs vest upon satisfaction of the ROC Metric (the “ROC Awards”). The RSUs vest only if the recipient maintains a relationship with the Company during the applicable three-year performance cycle. RSUs are not entitled to voting or dividends rights; however, upon vesting, the holders of the RSUs granted in 2021 are entitled to 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. The Company accrued $27,000 for such dividend equivalent rights based on the number of shares underlying the 2021 RSUs that would be issued based on performance and market assumptions determined as of December 31, 2021. The TSR Metrics and ROC Metrics meet the definition of a market condition and performance condition, respectively. The shares underlying the RSUs are excluded from the shares shown as outstanding on the balance sheet. For the TSR Awards, a third party appraiser prepared a Monte Carlo simulation pricing model to determine the fair value of such awards, which is recognized ratably over the service period. The Monte Carlo valuation consisted of computing the grant date fair value of the awards using the Company’s simulated stock price. For these TSR awards, the per unit or share fair value was estimated using the following assumptions: TSR Award Year Expected Life (yrs) Dividend Rate Risk-Free Interest Rate Expected Price Volatility (a) 2021 3 5.91% 0.03% - 0.35% 26.74% - 41.53% 2020 3 10.40% 0.10% - 0.18% 51.24% - 77.92% 2019 3 6.22% 1.79% - 2.07% 21.37% - 23.04% (a) Calculated based on the historical and implied volatility. NOTE 12—STOCKHOLDERS’ EQUITY (Continued) For the ROC Awards, the fair value is based on the market value on the date of grant and the performance assumptions are re-evaluated quarterly. The Company does not recognize expense on ROC Awards which it does not expect the performance and/or market conditions to be met. As of December 31, 2021, based on performance and market assumptions, the fair value of the RSUs granted in 2021, 2020 and 2019 is $1,808,000, $962,000 and $1,446,000 , respectively. Recognition of such deferred compensation will be charged to General and administrative expense over the respective three-year performance cycle. None of these RSUs were forfeited or vested during the year ended December 31, 2021. The following is a summary of the activity of the equity incentive plans: Year Ended December 31, 2021 2020 2019 Restricted stock grants: Number of shares 151,500 149,550 150,050 Average per share grant price $ 20.34 $ 28.10 $ 25.70 Deferred compensation to be recognized over vesting period $ 3,082,000 $ 4,202,000 $ 3,856,000 Number of non-vested shares: Non-vested beginning of year 701,675 674,250 651,250 Grants 151,500 149,550 150,050 Vested during year (145,725) (122,125) (114,650) Forfeitures (1,000) — (12,400) Non-vested end of year 706,450 701,675 674,250 RSU grants: Number of underlying shares 80,700 75,026 77,776 Average per share grant price $ 30.46 $ 17.31 $ 28.96 Deferred compensation to be recognized over vesting period $ 1,808,000 $ 850,000 $ 865,000 Number of non-vested shares: Non-vested beginning of year 223,802 225,026 152,500 Grants 80,700 75,026 77,776 Vested during year (73,750) (24,343) — Forfeitures — (51,907) (5,250) Non-vested end of year 230,752 223,802 225,026 Restricted stock and RSU grants (based on grant price): Weighted average per share value of non-vested shares $ 25.04 $ 24.98 $ 24.96 Value of stock vested during the year $ 5,165,000 $ 3,589,000 $ 2,365,000 Weighted average per share value of shares forfeited during the year $ 24.62 $ 24.03 $ 25.40 Total charge to operations: Outstanding restricted stock grants $ 3,734,000 $ 3,529,000 $ 3,229,000 Outstanding RSUs 1,699,000 1,157,000 641,000 Total charge to operations $ 5,433,000 $ 4,686,000 $ 3,870,000 NOTE 12—STOCKHOLDERS’ EQUITY (Continued) As of December 31, 2021, total compensation costs of $7,137,000 and $2,292,000 related to non-vested restricted stock awards and RSUs, respectively, have not yet been recognized. These compensation costs will be charged to General and administrative expense over the remaining respective vesting periods. The weighted average vesting period is 2.1 years for the restricted stock and 1.5 years for the RSUs. Common Stock Dividend Distributions In each of 2021 and 2019, the Board of Directors declared an aggregate $1.80 per share in cash distributions. The following table details the Company’s dividend activity for the year ended December 31, 2020 (amounts in thousands, except per share data): Total Dividend Paid Cash Stock Value Declaration Date (a) Dividend Cash % Stock % Distributed Issued per Share March 13, 2020 $ 9,037 100.0 — $ 9,037 — — June 10, 2020 (b) $ 9,068 50.0 50.0 $ 4,537 263 $ 17.22 September 9, 2020 (b) $ 9,198 75.0 25.0 $ 6,901 141 $ 16.27 December 2, 2020 $ 9,261 100.0 — $ 9,261 — — (a) A dividend of $0.45 per share was declared in each period indicated. (b) Stockholders were entitled to elect whether the dividend payable to them would be paid in cash or shares of the Company’s common stock at the percentages indicated, subject to certain limitations. On March 10, 2022, the Board of Directors declared a quarterly cash dividend of $0.45 per share on the Company’s common stock, totaling approximately $9,504,000 . The quarterly dividend is payable on April 7, 2022 to stockholders of record on March 24, 2022. Change in Authorized Capital In 2020, the Company filed an amended and restated charter with the Maryland State Department of Assessments and Taxation, which, among other things, increased the number of shares of common stock the Company is authorized to issue from 25,000,000 shares to 50,000,000 shares. Dividend Reinvestment Plan The 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 of up to 5 % from the market price (as such price is calculated pursuant to the DRP). In June 2020, the Company suspended, and in June 2021, the Company reinstated, the dividend reinvestment feature of its DRP. The discount from the market price is determined in the Company’s sole discretion; prior to the suspension, the shares were offered at a 5% discount and after the reinstatement shares were offered at a 3% discount. Under the DRP, the Company issued 35,000, 77,000 and 220,000 shares of common stock during 2021, 2020 and 2019, respectively. Shares Issued through the At-the-Market Equity Offering Program During 2021, the Company sold 106,290 shares for proceeds of $3,379,000, net of commissions of $69,000, and incurred offering costs of $65,000 for professional fees. During 2019, the Company sold 180,120 shares for proceeds of $5,392,000, net of commissions of $54,000, and incurred offering costs of $192,000 for professional fees. The Company did not sell any shares during the year ended December 31, 2020. Subsequent to December 31, 2021 and through March 1, 2022, the Company sold 17,259 shares for proceeds of $604,000, net of commissions of $12,000 . |
OTHER INCOME
OTHER INCOME | 12 Months Ended |
Dec. 31, 2021 | |
OTHER INCOME | |
OTHER INCOME | NOTE 13 OTHER INCOME Insurance Recoveries on Hurricane Casualty In 2020, a portion of a multi-tenanted building at the Company’s Lake Charles, Louisiana property was damaged due to Hurricane Laura and as such, the Company recognized an impairment loss of $430,000 representing the carrying value of the damaged portion of the building based on its replacement cost (and net of accumulated depreciation of $352,000 ). The Company submitted a claim to its insurance carrier to cover, less the $263,000 deductible, the (i) approximate $2,306,000 cost to rebuild the damaged portion of the building (of which $150,000, $975,000 and $918,000 were received in 2020, 2021, and February 2022, respectively), and (ii) $259,000 of losses in rental income (of which $216,000 and $43,000 were received in 2021 and February 2022, respectively). The $961,000 received in February 2022 will be recognized in the consolidated statement of income for the three months ending March 31, 2022. The Company recognized a gain on insurance recoveries of $695,000 and $430,000 during the years ended December 31, 2021 and 2020, respectively, which is included in Other income on the consolidated statements of income. Lease Assignment Fee Income In 2021, the Company received a one-time fee of $100,000 from a tenant in connection with consenting to a lease assignment related to six of its properties; such amount is included in Other income on the consolidated statement of income for the year ended December 31, 2021. Interest Income on Loan Receivable In December 2020, in connection with a sale of two properties in Houston, Texas (see Note 5), the Company provided the buyer a $4,612,500 one-year loan representing 50 % of the purchase price which was included in other receivables on the consolidated balance sheet at December 31, 2020. The Company received $59,000 of interest income on this loan which is recorded in Other income on the consolidated statement of income for the year ended December 31, 2021. The loan was repaid in full in April 2021. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2021 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | NOTE 14—COMMITMENTS AND CONTINGENCIES The Company maintains a non-contributory defined contribution pension plan covering eligible employees. Contributions by the Company are made through a money purchase plan, based upon a percent of the qualified employees’ total salary (subject to the maximum amount allowed by law). Pension expense approximated $301,000, $307,000 and $304,000 for 2021, 2020 and 2019, respectively, and is included in General and administrative expense in the consolidated statements of income. The Company is party to leases obligating it to provide tenant improvement allowances and various legal proceedings. Management believes these allowances and proceedings are routine and incidental to the operation of the Company’s business and that such allowance payments or proceedings will not have a material adverse effect upon the Company’s consolidated financial statements taken as a whole. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
INCOME TAXES | |
INCOME TAXES | NOTE 15—INCOME TAXES The Company elected to be taxed as a REIT under the Internal Revenue Code, commencing with its taxable year ended December 31, 1983. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its ordinary taxable income to its stockholders. As a REIT, the Company generally will not be subject to corporate level federal, state and local income tax on taxable income it distributes currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal, state and local income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. It is management’s current intention to adhere to these requirements and maintain the Company’s REIT status. Even though the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. As of December 31, 2021, tax returns for the calendar years 2018 through 2021 remain subject to examination by the Internal Revenue Service and various state and local tax jurisdictions. During 2021, 2020 and 2019, the Company did not incur any federal income tax expense. The Company does not have any deferred tax assets or liabilities at December 31, 2021 and 2020. The approximate allocation of the distributions made to stockholders is as follows for the years indicated: Year Ended December 31, 2021 2020 2019 Ordinary income (a) 43 % 45 % 73 % Capital gains 57 47 — Return of capital — 8 27 100 % 100 % 100 % (a) In 2021, 2020 and 2019, the ordinary income portion of the distributions are considered qualified REIT dividends and will be taxed at a rate reduced by up to 20% pursuant to Internal Revenue Code Section 199A. The Company treats depreciation expense, straight-line rent adjustments and certain other items differently for tax purposes than for financial reporting purposes. Therefore, its taxable income and dividends paid deduction differs from its financial statement income. The following table reconciles dividends declared with the dividends paid deduction for the years indicated (amounts in thousands): 2021 2020 2019 Estimate Actual Actual Dividends declared $ 37,478 $ 36,564 $ 35,663 Dividend reinvestment plan (a) 35 47 247 37,513 36,611 35,910 Less: Spillover dividends designated to previous year — — — Less: Spillover dividends designated to following year (b) (2,150) (9,261) (8,976) Less: Return of capital — (3,265) (9,842) Plus: Dividends designated from prior year 9,261 8,976 549 Plus: Dividends designated from following year — — — Dividends paid deduction $ 44,624 $ 33,061 $ 17,641 (a) Reflects the discount on common stock purchased through the dividend reinvestment plan of (i) 3% in 2021 and (ii) 5% in 2020 and 2019. (b) A portion of the dividend paid in January 2022, and the entire dividend paid in January 2021 and January 2020 are considered 2022, 2021 and 2020 dividends, respectively, as such dividends were in excess of the Company’s earnings and profits during 2021, 2020 and 2019, respectively. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2021 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 16—SUBSEQUENT EVENTS Subsequent events have been evaluated and, except as noted below and previously disclosed, there were no other events relative to the consolidated financial statements that require additional disclosure. Round Rock Guaranty Litigation In 2019, the Company sued the guarantor of the lease at its former property in Round Rock, Texas, at which the tenant obtained bankruptcy protection and terminated its lease. (The lawsuit (the “Lawsuit”) is captioned: OLP Wyoming Springs, LLC, Plaintiff, v. Harden Healthcare, LLC, Defendant, v Benjamin Hanson, Intervenor , District Court of Williamson County, Texas, Cause No. 18-1511-C368). On February 21, 2022, the Company and the defendant entered into a settlement agreement with respect to the Lawsuit which provides that if the Company receives approximately $5,400,000 (the “Settlement Amount”) by April 15, 2022, the parties to such agreement, among other things, will (i) seek to dismiss with prejudice all of the claims by and between the parties to the agreement, (ii) seek dismissal of the Lawsuit with prejudice and (iii) release each other and certain other persons from claims and liabilities with respect to matters pertaining to the Lawsuit. If the Settlement Amount is not paid by April 15, 2022, the Company and the defendant may continue to pursue and assert all of its respective rights, claims and defenses against each other. |
QUARTERLY FINANCIAL DATA (Unaud
QUARTERLY FINANCIAL DATA (Unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
QUARTERLY FINANCIAL DATA (Unaudited) | |
QUARTERLY FINANCIAL DATA (Unaudited) | NOTE 17—QUARTERLY FINANCIAL DATA (Unaudited): (In Thousands, Except Per Share Data) Quarter Ended Total 2021 March 31 June 30 Sept. 30 Dec. 31 For Year Total revenues $ 20,816 $ 20,422 $ 20,436 $ 21,066 $ 82,740 Gain on sale of real estate, net $ — $ 21,491 $ 1,277 $ 2,695 $ 25,463 Net income $ 2,957 $ 23,332 $ 6,212 $ 6,533 $ 39,034 Net income attributable to One Liberty Properties, Inc. $ 2,962 $ 23,329 $ 6,059 $ 6,507 $ 38,857 Weighted average number of common shares outstanding: Basic 20,003 20,013 20,115 20,210 20,086 Diluted 20,061 20,187 20,273 20,369 20,264 Net income per common share attributable to common stockholders: Basic $ .13 $ 1.13 $ .29 $ .31 $ 1.87 (a) Diluted $ .13 $ 1.12 $ .28 $ .30 $ 1.85 (a) Quarter Ended Total 2020 March 31 June 30 Sept. 30 Dec. 31 For Year Total revenues $ 21,239 $ 20,861 $ 21,071 $ 18,732 $ 81,903 Gain on sale of real estate, net $ 4,252 $ — $ 10,316 $ 2,712 $ 17,280 Net income $ 7,831 $ 2,285 $ 13,726 $ 3,571 $ 27,413 Net income attributable to One Liberty Properties, Inc. $ 7,826 $ 2,284 $ 13,725 $ 3,572 $ 27,407 Weighted average number of common shares outstanding: Basic 19,361 19,445 19,640 19,835 19,571 Diluted 19,374 19,505 19,686 19,871 19,599 Net income per common share attributable to common stockholders: Basic $ .39 $ .10 $ .67 $ .16 $ 1.34 (a) Diluted $ .39 $ .10 $ .67 $ .16 $ 1.33 (a) (a) Calculated on weighted average shares outstanding for the year. |
Schedule III - Consolidated Rea
Schedule III - Consolidated Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2021 | |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES Schedule III—Consolidated Real Estate and Accumulated Depreciation December 31, 2021 (Amounts in Thousands) Cost Capitalized Gross Amount at Which Carried Initial Cost to Company Subsequent to at December 31, 2021 Building and Acquisition Building & Accumulated Date of Date Type Location Encumbrances Land Improvements Improvements Land Improvements Total Depreciation (1) Construction Acquired Health & Fitness Tucker, GA $ — $ 807 $ 3,027 $ 3,420 $ 807 $ 6,447 $ 7,254 $ 3,058 1988 2002 Health & Fitness Hamilton, OH 4,282 1,483 5,953 — 1,483 5,953 7,436 1,784 2008 2011 Health & Fitness Secaucus, NJ 7,722 5,449 9,873 — 5,449 9,873 15,322 2,249 1986 2012 Industrial West Palm Beach, FL — 181 724 235 181 959 1,140 472 1973 1998 Industrial New Hyde Park, NY 2,267 182 728 281 182 1,009 1,191 510 1960 1999 Industrial Ronkonkoma, NY 5,305 1,042 4,171 2,920 1,042 7,091 8,133 3,129 1986 2000 Industrial Hauppauge, NY 24,006 1,951 10,954 9,600 1,951 20,554 22,505 8,103 1982 2000 Industrial Melville, NY 2,396 774 3,029 1,170 774 4,199 4,973 1,793 1982 2003 Industrial Saco, ME 5,165 1,027 3,623 2,050 1,027 5,673 6,700 1,630 2001 2006 Industrial Baltimore, MD (2) 18,261 6,474 25,282 — 6,474 25,282 31,756 9,507 1960 2006 Industrial Durham, NC 2,444 1,043 2,404 44 1,043 2,448 3,491 758 1991 2011 Industrial Pinellas Park, FL 2,111 1,231 1,669 — 1,231 1,669 2,900 432 1995 2012 Industrial Miamisburg, OH — 165 1,348 83 165 1,431 1,596 379 1987 2012 Industrial Fort Mill, SC 7,195 1,840 12,687 55 1,840 12,742 14,582 2,967 1992 2013 Industrial Indianapolis, IN 5,208 1,224 6,935 — 1,224 6,935 8,159 1,833 1997 2013 Industrial Fort Mill, SC 21,982 1,804 33,650 — 1,804 33,650 35,454 8,572 1997 2013 Industrial New Hope, MN 3,864 881 6,064 154 881 6,218 7,099 1,129 1967 2014 Industrial Louisville, KY — 578 3,727 34 578 3,761 4,339 672 1974 2015 Industrial Louisville, KY — 51 230 — 51 230 281 41 1974 2015 Industrial McCalla, AL 9,124 1,588 14,682 — 1,588 14,682 16,270 2,418 2003 2015 Industrial St. Louis, MO 10,344 3,728 13,006 739 3,728 13,745 17,473 2,363 1969 2015 Industrial Greenville, SC 4,523 693 6,893 307 693 7,200 7,893 1,105 1997 2016 Industrial Greenville, SC 5,026 528 8,074 127 528 8,201 8,729 1,254 2000 2016 Industrial El Paso, TX 12,798 3,691 17,904 350 3,691 18,254 21,945 2,662 1997 2016 Industrial Lebanon, TN 20,378 2,094 30,039 44 2,094 30,083 32,177 4,117 1996 2016 Industrial Huntersville, NC 4,561 1,046 6,674 — 1,046 6,674 7,720 815 2014 2017 Industrial Pittston, PA 6,387 999 9,922 250 999 10,172 11,171 1,229 1990 2017 Industrial Ankeny, IA 7,779 1,351 11,607 — 1,351 11,607 12,958 1,353 2016 2017 Industrial Memphis, TN 4,734 140 7,952 — 140 7,952 8,092 872 1979 2017 Industrial Pennsburg, PA 7,609 1,776 11,126 — 1,776 11,126 12,902 1,170 1986 2018 Industrial Plymouth, MN 3,079 1,121 4,429 — 1,121 4,429 5,550 410 1978 2018 Industrial Englewood, CO 7,820 1,562 11,300 — 1,562 11,300 12,862 943 2013 2018 Industrial Moorestown, NJ 3,715 1,822 5,056 — 1,822 5,056 6,878 415 1990 2018 Industrial Moorestown, NJ 8,278 1,443 10,898 52 1,443 10,950 12,393 882 1972 2018 Industrial Bakersfield, CA — 1,988 9,998 — 1,988 9,998 11,986 798 1980 2018 Industrial Green Park, MO 5,994 1,421 7,835 — 1,421 7,835 9,256 613 2008 2018 Industrial Greenville, SC — 186 6,419 — 186 6,419 6,605 497 2008 2018 Industrial Nashville, TN 4,891 1,058 6,350 — 1,058 6,350 7,408 424 1974 2019 Industrial Wauconda, IL — 67 3,423 41 67 3,464 3,531 248 1998 2019 Industrial Bensalem, PA 3,859 1,602 4,323 50 1,602 4,373 5,975 279 1975 2019 Industrial Chandler, AZ 4,920 1,335 7,379 22 1,335 7,401 8,736 493 2004 2019 Industrial LaGrange, GA 3,031 297 4,500 — 297 4,500 4,797 287 2013 2019 Industrial Shakopee, MN 4,742 1,877 5,462 10 1,877 5,472 7,349 333 1998 2019 Cost Capitalized Gross Amount at Which Carried Initial Cost to Company Subsequent to at December 31, 2021 Building and Acquisition Building & Accumulated Date of Date Type Location Encumbrances Land Improvements Improvements Land Improvements Total Depreciation (1) Construction Acquired Industrial Rincon, GA 3,896 61 5,968 — 61 5,968 6,029 335 1998 2019 Industrial Chandler, AZ — 1,164 1,691 4 1,164 1,695 2,859 100 2007 2019 Industrial Ashland, VA 5,444 391 7,901 — 391 7,901 8,292 387 2007 2020 Industrial Lowell, AR 11,945 1,687 15,188 — 1,687 15,188 16,875 780 2017 2020 Industrial Monroe, NC 4,431 897 5,106 — 897 5,106 6,003 84 2000 2021 Industrial Lehigh Acres, FL 6,060 1,935 7,393 — 1,935 7,393 9,328 56 2002 2021 Industrial Omaha, NE — 1,000 6,548 — 1,000 6,548 7,548 21 1988 2021 Industrial Joppa, MD 8,482 3,815 8,142 1,473 3,815 9,615 13,430 2,051 1994 2014 Office Brooklyn, NY — 1,381 5,447 3,013 1,381 8,460 9,841 4,555 1973 1998 Other Newark, DE 1,364 935 3,643 278 935 3,921 4,856 1,738 1996 2003 Other Beachwood, OH — 13,901 — 1,855 15,756 — 15,756 — N/A 2016 Restaurant Hauppauge, NY — 725 2,963 — 725 2,963 3,688 1,194 1992 2005 Restaurant Palmyra, PA — 650 650 — 650 650 1,300 186 1981 2010 Restaurant Reading, PA — 655 625 — 655 625 1,280 179 1981 2010 Restaurant Reading, PA — 618 643 — 618 643 1,261 185 1983 2010 Restaurant Trexlertown, PA — 800 439 — 800 439 1,239 125 1994 2010 Restaurant Carrollton, GA 1,374 796 1,458 — 796 1,458 2,254 423 1996 2012 Restaurant Cartersville, GA 1,299 786 1,346 — 786 1,346 2,132 415 1995 2012 Restaurant Kennesaw, GA 1,065 702 916 — 702 916 1,618 249 1989 2012 Restaurant Lawrenceville, GA 1,022 866 899 — 866 899 1,765 285 1988 2012 Restaurant Concord, NC 1,345 999 1,076 — 999 1,076 2,075 273 2000 2013 Restaurant Myrtle Beach, SC 1,345 1,102 1,161 — 1,102 1,161 2,263 297 1978 2013 Restaurant Greensboro, NC — 1,770 1,237 — 1,770 1,237 3,007 378 1983 2013 Restaurant Richmond, VA — 1,680 1,341 — 1,680 1,341 3,021 254 1983 2013 Restaurant Indianapolis, IN — 853 1,465 — 853 1,465 2,318 339 1982 2014 Retail Seattle, WA — 201 189 35 201 224 425 169 1986 1987 Retail Rosenberg, TX — 216 863 66 216 929 1,145 604 1994 1995 Retail Ft. Myers, FL — 1,013 4,054 — 1,013 4,054 5,067 2,546 1995 1996 Retail Selden, NY 2,460 572 2,287 150 572 2,437 3,009 1,375 1997 1999 Retail Batavia, NY — 515 2,061 — 515 2,061 2,576 1,178 1998 1999 Retail Champaign, IL — 791 3,165 530 791 3,695 4,486 1,966 1985 1999 Retail El Paso, TX 9,852 2,821 11,123 2,587 2,821 13,710 16,531 7,641 1974 2000 Retail Somerville, MA — 510 1,993 24 510 2,017 2,527 951 1993 2003 Retail Hyannis, MA — 802 2,324 — 802 2,324 3,126 811 1998 2008 Retail Marston Mills, MA — 461 2,313 — 461 2,313 2,774 802 1998 2008 Retail Everett, MA — 1,935 — — 1,935 — 1,935 — N/A 2008 Retail Kennesaw, GA 4,801 1,501 4,349 1,138 1,501 5,487 6,988 1,985 1995 2008 Retail Royersford, PA 18,876 19,538 3,150 524 19,538 3,674 23,212 1,118 2001 2010 Retail Monroeville, PA — 450 863 — 450 863 1,313 251 1994 2010 Retail Bolingbrook, IL — 834 1,887 101 834 1,988 2,822 612 2001 2011 Retail Crystal Lake, IL — 615 1,899 — 615 1,899 2,514 595 1997 2011 Retail Lawrence, KS — 134 938 207 134 1,145 1,279 255 1915 2012 Retail Greensboro, NC 1,207 1,046 1,552 29 1,046 1,581 2,627 365 2002 2014 Retail Highlands Ranch, CO — 2,361 2,924 296 2,361 3,220 5,581 720 1995 2014 Retail Woodbury, MN 2,606 1,190 4,003 — 1,190 4,003 5,193 870 2006 2014 Retail Cuyahoga Falls, OH 982 71 1,371 — 71 1,371 1,442 199 2004 2016 Retail Hilliard, OH 869 300 1,077 — 300 1,077 1,377 160 2007 2016 Retail Port Clinton, OH 841 52 1,187 — 52 1,187 1,239 177 2005 2016 Retail South Euclid, OH 954 230 1,566 53 230 1,619 1,849 242 1975 2016 Cost Capitalized Gross Amount at Which Carried Initial Cost to Company Subsequent to at December 31, 2021 Building and Acquisition Building & Accumulated Date of Date Type Location Encumbrances Land Improvements Improvements Land Improvements Total Depreciation (1) Construction Acquired Retail St Louis Park, MN — 3,388 13,088 152 3,388 13,240 16,628 1,907 1962 2016 Retail Deptford, NJ 2,449 572 1,779 705 572 2,484 3,056 960 1981 2012 Retail Cape Girardeau, MO 985 545 1,547 — 545 1,547 2,092 404 1994 2012 Retail Littleton, CO 9,921 6,005 11,272 994 6,005 12,266 18,271 2,502 1985 2015 Retail-Furniture Columbus, OH — 1,445 5,431 460 1,445 5,891 7,336 3,509 1996 1997 Retail-Furniture Duluth, GA (3) 1,284 778 3,436 30 778 3,466 4,244 1,349 1987 2006 Retail-Furniture Fayetteville, GA (3) 1,608 976 4,308 — 976 4,308 5,284 1,692 1987 2006 Retail-Furniture Wichita, KS (3) 1,954 1,189 5,248 178 1,189 5,426 6,615 2,061 1996 2006 Retail-Furniture Lexington, KY (3) 1,332 800 3,532 145 800 3,677 4,477 1,387 1999 2006 Retail-Furniture Bluffton, SC (3) 973 589 2,600 163 589 2,763 3,352 1,021 1994 2006 Retail-Furniture Amarillo, TX (3) 1,414 860 3,810 129 860 3,939 4,799 1,496 1996 2006 Retail-Furniture Austin, TX (3) 2,636 1,587 7,010 162 1,587 7,172 8,759 2,753 2001 2006 Retail-Furniture Tyler, TX (3) 1,698 1,031 4,554 187 1,031 4,741 5,772 1,789 2001 2006 Retail-Furniture Newport News, VA (3) 1,239 751 3,316 89 751 3,405 4,156 1,302 1995 2006 Retail-Furniture Richmond, VA (3) 1,440 867 3,829 211 867 4,040 4,907 1,504 1979 2006 Retail-Furniture Virginia Beach, VA (3) 1,406 854 3,770 236 854 4,006 4,860 1,481 1995 2006 Retail-Furniture Gurnee, IL — 834 3,635 — 834 3,635 4,469 1,390 1994 2006 Retail-Furniture Naples, FL 1,820 3,070 2,846 195 3,070 3,041 6,111 1,036 1992 2008 Retail-Office Supply Lake Charles, LA (4)(5) 4,503 1,167 3,887 2,905 1,167 6,792 7,959 2,385 1998 2002 Retail-Office Supply Chicago, IL (5) 3,316 3,877 2,256 — 3,877 2,256 6,133 750 1994 2008 Retail-Office Supply Cary, NC (5) 2,798 1,129 3,736 — 1,129 3,736 4,865 1,241 1995 2008 Retail-Office Supply Eugene, OR (5) 2,491 1,952 2,096 — 1,952 2,096 4,048 696 1994 2008 Retail-Office Supply El Paso, TX (5) 2,176 1,035 2,700 — 1,035 2,700 3,735 897 1993 2008 Theater Greensboro, NC — — 8,328 3,000 — 11,328 11,328 8,661 1999 2004 Theater Indianapolis, IN 3,897 3,099 5,225 19 3,099 5,244 8,343 1,013 1997 2014 $ 399,660 $ 178,328 $ 614,952 $ 44,361 $ 180,183 $ 657,458 $ 837,641 $ 160,664 Note 1—Depreciation is provided over the estimated useful lives of the buildings and improvements, which range from 2 Note 2—Upon purchase of the property in December 2006, a $416 rental income reserve was posted by the seller for the Company’s benefit, since the property was not producing sufficient rent at the time of acquisition. The Company recorded the receipt of this rental reserve as a reduction to land and building. Note 3—These 11 properties are retail furniture stores covered by one loan that is secured by cross-collateralized mortgages. Note 4—Amounts for this property’s building and improvements and accumulated depreciation are shown net of $782 and $352, respectively, resulting from a 2020 impairment write-off due to casualty loss. Note 5—These five properties are retail office supply stores net leased to the same tenant, pursuant to separate leases. Four of these leases contain cross default provisions. ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES Notes to Schedule III Consolidated Real Estate and Accumulated Depreciation (a) Reconciliation of “Real Estate and Accumulated Depreciation” (Amounts in Thousands) Year Ended December 31, 2021 2020 2019 Investment in real estate: Balance, beginning of year $ 839,058 $ 835,837 $ 829,143 Addition: Land, buildings and improvements 28,837 26,444 49,669 Deduction: Properties sold (28,064) (22,441) (42,975) Deduction: Property held-for-sale (2,190) — — Deduction: Impairment due to casualty loss — (782) — Balance, end of year $ 837,641 $ 839,058 $ 835,837 (b) Accumulated depreciation: Balance, beginning of year $ 147,136 $ 135,302 $ 123,684 Addition: Depreciation 17,694 17,941 17,534 Deduction: Accumulated depreciation related to properties sold (3,246) (5,755) (5,916) Deduction: Accumulated depreciation related to property held-for-sale (920) — — Deduction: Impairment due to casualty loss — (352) — Balance, end of year $ 160,664 $ 147,136 $ 135,302 (b) At December 31, 2021, the aggregate cost for federal income tax purposes is approximately $17,597 greater than the Company’s recorded values. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
SIGNIFICANT ACCOUNTING POLICIES | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts and operations of OLP, its wholly-owned subsidiaries, its joint ventures in which the Company, as defined, has a controlling interest, and variable interest entities (“VIEs”) of which the Company is the primary beneficiary. OLP and its consolidated subsidiaries are referred to herein as the “Company”. Material intercompany items and transactions have been eliminated in consolidation. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Management believes that the estimates and assumptions that are most important to the portrayal of the Company’s consolidated financial condition and results of operations, in that they require management’s most difficult, subjective or complex judgments, form the basis of the accounting policies deemed to be most significant to the Company. These significant accounting policies relate to revenues and the value of the Company’s real estate portfolio, including investments in unconsolidated joint ventures. Management believes its estimates and assumptions related to these significant accounting policies are appropriate under the circumstances; however, should future events or occurrences result in unanticipated consequences, there could be a material impact on the Company’s future consolidated financial condition or results of operations. Segment Reporting Substantially all of the Company’s real estate assets, at acquisition, are comprised of real estate owned that is leased to tenants on a long-term basis. Therefore, the Company aggregates real estate assets for reporting purposes and operates in one reportable segment. Revenue Recognition Rental income includes the base rent that each tenant is required to pay in accordance with the terms of their respective leases reported on a straight-line basis over the non-cancelable term of the lease, if collectability is probable. On a quarterly basis, management reviews the tenant’s payment history and financial condition in determining, in its judgment, whether any accrued rental income and unbilled rent receivable balances applicable to each specific property is collectable. Any changes to the collectability of lease payments or unbilled rent receivables are recognized as a current period adjustment to rental revenue (see Note 3). Some leases provide for increases based on the Consumer Price Index or for additional contingent rental revenue in the form of percentage rents. The percentage rents are based upon the level of sales achieved by the lessee and are recognized once the required sales levels are reached. A ground lease provides for rent which can be deferred and paid based on the operating performance of the property; therefore, this rent is recognized as NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (Continued) rental income when the operating performance is achieved and the rent is received. In 2020, due to the impact of the COVID-19 pandemic, rent concession agreements were executed with certain of the Company’s tenants. In accordance with the FASB Staff Q&A, Topic 842 and 840 – Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic, the Company elected to (i) not evaluate whether such COVID-19 pandemic related rent-relief is a lease modification under ASC 842 and (ii) treat each tenant rent deferral or forgiveness as if it were contemplated as part of the existing lease contract. The Company applied this accounting policy to those lease agreements, based on the type of concession provided to the tenant, where the revised cash flows was substantially the same or less than the original lease agreement (see Note 3). Many of the Company’s properties are subject to long-term net leases under which the tenant is typically responsible to pay directly to the vendor the real estate taxes, insurance, utilities and ordinary maintenance and repairs related to the property, and the Company is not the primary obligor with respect to such items. As a result, the revenue and expenses relating to these properties are recorded on a net basis. For certain properties, in addition to contractual base rent, the tenants pay their pro rata share of real estate taxes and operating expenses to the Company. The income and expenses associated with properties at which the Company is the primary obligor are generally recorded on a gross basis. During 2021, 2020 and 2019, the Company recorded reimbursements of expenses of $10,938,000, $10,512,000 and $10,443,000, respectively, which are included in Rental income, net in the accompanying consolidated statements of income. Gains and losses on the sale of real estate investments are recorded when the Company no longer holds a controlling financial interest in the entity which holds the real estate investment and the relevant revenue recognition criteria under GAAP have been met. Purchase Accounting for Acquisition of Real Estate In acquiring real estate, the Company evaluates whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, and if that requirement is met, the asset group is accounted for as an asset acquisition and not a business combination. Transaction costs incurred with such asset acquisitions are capitalized to real estate assets and depreciated over the respectful useful lives. The Company allocates the purchase price of real estate, including direct transaction costs applicable to an asset acquisition, among land, building, improvements and intangibles, such as the value of above, below and at-market leases, and origination costs associated with in-place leases at the acquisition date. The Company assesses the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. The value, as determined, is allocated to land, building and improvements based on management’s determination of the relative fair values of these assets. The Company assesses the fair value of the lease intangibles based on estimated cash flow projections that utilize available market information; such inputs are categorized as Level 3 inputs in the fair value hierarchy. In valuing an acquired property’s intangibles, factors considered by management include estimates of carrying costs ( e.g. The values of acquired above-market and below-market leases are recorded based on the present values (using discount rates which reflect the risks associated with the leases acquired) of the difference between the contractual amounts to be received and management’s estimate of market lease rates, measured over the terms of the respective leases that management deemed appropriate at the time of the acquisitions. Such valuations include a consideration of the non-cancellable terms of the respective leases, as well as any applicable renewal period(s). The fair values associated with below-market rental renewal options are determined based on the Company’s experience and other relevant factors at the time of the acquisitions. The values of above-market NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (Continued) leases are amortized as a reduction to rental income over the terms of the respective non-cancellable lease periods. The portion of the values of below-market leases are amortized as an increase to rental income over the terms of the respective non-cancellable lease periods. The portion of the values of the leases associated with below-market renewal options that management deemed are reasonably certain to be exercised by the tenant are amortized to rental income over such renewal periods. The value of other intangible assets ( i.e., one Accounting for Long-Lived Assets and Impairment of Real Estate Owned The Company reviews its real estate portfolio on a quarterly basis for indicators of impairment to the value of any of its real estate assets, including deferred costs and intangibles, to determine if there is any need for an impairment charge. In reviewing the portfolio, the Company examines one or more of the following: the type of asset, the current financial statements or other available financial information of the tenant, prolonged or significant vacancies, the economic situation in the area in which the asset is located, the economic situation of the industry in which the tenant is involved, the timeliness of the payments made by the tenant under its lease, property inspection reports and communication with, by, or relating to, the tenant. For each real estate asset owned for which indicators of impairment exist, management performs a recoverability test by comparing (i) the sum of the estimated undiscounted future cash flows attributable to the asset, which are determined using assumptions and estimates, including projected rental rates over an appropriate holding period and property capitalization rates, to (ii) the carrying amount of the asset. If the aggregate undiscounted cash flows are less than the asset’s carrying amount, an impairment loss is recorded to the extent that the estimated fair value is less than the asset’s carrying amount. The estimated fair value is determined using a discounted cash flow model of the expected future cash flows through the useful life of the property. The analysis includes an estimate of the future cash flows that ar e expected to result from the real estate investment’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, the effects of leasing demand, competition and other factors. Properties Held-for-Sale Real estate investments are classified as properties held-for-sale when management determines that the investment meets the applicable criteria. Real estate assets that are classified as held-for-sale are: (i) valued at the lower of carrying amount or the estimated fair value less costs to sell on an individual asset basis; and (ii) not depreciated. Depreciation and Amortization Depreciation of buildings is computed on the straight-line method over an estimated useful life of 40 years . Depreciation of building improvements is computed on the straight-line method over the estimated useful life of the improvements. If the Company determines it is the owner of tenant improvements, the amounts funded to construct the tenant improvements are treated as a capital asset and depreciated over the lesser of the remaining lease term or the estimated useful life of the improvements on the straight-line method. Leasehold interest and the related ground lease payments are amortized over the initial lease term of the leasehold position. Depreciation expense (including amortization of a leasehold position, lease origination costs, and capitalized leasing commissions) was $22,832,000, $22,964,000 and $22,026,000, for 2021, 2020 and 2019, respectively. Cash and Cash Equivalents All highly liquid investments with original maturities of three months or less when purchased are considered to be cash equivalents. NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (Continued) Investment in Joint Ventures and Variable Interest Entities The Financial Accounting Standards Board, or FASB, provides guidance for determining whether an entity is a VIE. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE’s economic performance and (ii) has the obligation to absorb losses, or the right to receive benefits, of the VIE that could potentially be significant to the VIE. The Company assesses the accounting treatment for each of its investments, including a review of each venture or limited liability company or partnership agreement, to determine the rights of each party and whether those rights are protective or participating. The agreements typically contain certain protective rights, such as the requirement of partner approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget or operating plan. In situations where, among other things, the Company and its partners jointly (i) approve the annual budget, (ii) approve certain expenditures, (iii) prepare or review and approve the joint venture’s tax return before filing, or (iv) approve each lease at a property, the Company does not consolidate as the Company considers these to be substantive participation rights that result in shared, joint power over the activities that most significantly impact the performance of the joint venture or property. Additionally, the Company assesses the accounting treatment for any interests pursuant to which the Company may have a variable interest as a lessor. Leases may contain certain protective rights, such as the right of sale and the receipt of certain escrow deposits. The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. All investments in unconsolidated joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are VIEs. In addition, the Company shares power with its co-managing members over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions. None of the joint venture debt is recourse to the Company, subject to standard carve-outs. The Company reviews on a quarterly basis its investments in unconsolidated joint ventures for other-than-temporary losses in investment value. Any decline that is not expected to be recovered based on the underlying assets of the investment is considered other than temporary and an impairment charge is recorded as a reduction in the carrying value of the investment. During the three years ended December 31, 2021, there were no impairment charges related to the Company’s investments in unconsolidated joint ventures. The Company has elected to follow the cumulative earnings approach when assessing, for the consolidated statement of cash flows, whether the distribution from the investee is a return of the investor’s investment as compared to a return on its investment. The source of the cash generated by the investee to fund the distribution is not a factor in the analysis (that is, it does not matter whether the cash was generated through investee refinancing, sale of assets or operating results). Consequently, the investor only considers the relationship between the cash received from the investee to its equity in the undistributed earnings of the investee, on a cumulative basis, in assessing whether the distribution from the investee is a return on or a return of its investment. Cash received from the unconsolidated entity is presumed to be a return on the investment to the extent that, on a cumulative basis, distributions received by the investor are less than its share of the equity in the undistributed earnings of the entity. NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (Continued) Fair Value Measurements The Company measures the fair value of financial instruments based on the assumptions that market participants would use in pricing the asset or liability. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs and Level 3 assets/liabilities are valued based on significant “unobservable” market inputs. |
Investment in Joint Ventures and Variable Interest Entities | NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (Continued) |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Management believes that the estimates and assumptions that are most important to the portrayal of the Company’s consolidated financial condition and results of operations, in that they require management’s most difficult, subjective or complex judgments, form the basis of the accounting policies deemed to be most significant to the Company. These significant accounting policies relate to revenues and the value of the Company’s real estate portfolio, including investments in unconsolidated joint ventures. Management believes its estimates and assumptions related to these significant accounting policies are appropriate under the circumstances; however, should future events or occurrences result in unanticipated consequences, there could be a material impact on the Company’s future consolidated financial condition or results of operations. |
Cash and Cash Equivalents | Cash and Cash Equivalents All highly liquid investments with original maturities of three months or less when purchased are considered to be cash equivalents. |
Fair Value Measurements | NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (Continued) |
Purchase Accounting for Acquisition of Real Estate | leases are amortized as a reduction to rental income over the terms of the respective non-cancellable lease periods. The portion of the values of below-market leases are amortized as an increase to rental income over the terms of the respective non-cancellable lease periods. The portion of the values of the leases associated with below-market renewal options that management deemed are reasonably certain to be exercised by the tenant are amortized to rental income over such renewal periods. The value of other intangible assets ( i.e., one |
Depreciation and Amortization | Depreciation and Amortization Depreciation of buildings is computed on the straight-line method over an estimated useful life of 40 years . Depreciation of building improvements is computed on the straight-line method over the estimated useful life of the improvements. If the Company determines it is the owner of tenant improvements, the amounts funded to construct the tenant improvements are treated as a capital asset and depreciated over the lesser of the remaining lease term or the estimated useful life of the improvements on the straight-line method. Leasehold interest and the related ground lease payments are amortized over the initial lease term of the leasehold position. Depreciation expense (including amortization of a leasehold position, lease origination costs, and capitalized leasing commissions) was $22,832,000, $22,964,000 and $22,026,000, for 2021, 2020 and 2019, respectively. |
Deferred Financing Costs | Deferred Financing Costs Mortgage and credit line costs are deferred and amortized on a straight-line basis over the terms of the respective debt obligations, which approximates the effective interest method. At December 31, 2021 and 2020, accumulated amortization of such costs was $4,684,000 and $4,599,000 , respectively. The Company presents unamortized deferred financing costs as a direct deduction from the carrying amount of the associated debt liability. |
Escrows | Escrows Real estate taxes and other escrows aggregating $502,000 and $859,000 at December 31, 2021 and 2020, respectively, are included in Escrow, deposits and other assets and receivables. |
Income Taxes | Income Taxes The Company is qualified as a REIT under the applicable provisions of the Internal Revenue Code. Under these provisions, the Company will not be subject to Federal, and generally, state and local income taxes, on amounts distributed to stockholders, provided it distributes at least 90% of its ordinary taxable income and meets certain other conditions. The Company follows a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that more-likely-than-not will be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited. The Company has not identified any uncertain tax positions requiring accrual. |
Concentration of Credit Risk | Concentration of Credit Risk The Company maintains cash accounts at various financial institutions. While the Company attempts to limit any financial exposure, substantially all of its deposit balances exceed federally insured limits. The Company has not experienced any losses on such accounts. The Company’s properties are located in 31 states. No real estate investments in any one state contributed more than 10% to the Company’s total revenues in any of the past three years. No tenant contributed over 10% to the Company’s total revenues during 2021, 2020 and 2019. |
Segment Reporting | Segment Reporting Substantially all of the Company’s real estate assets, at acquisition, are comprised of real estate owned that is leased to tenants on a long-term basis. Therefore, the Company aggregates real estate assets for reporting purposes and operates in one reportable segment. |
Stock Based Compensation | Stock Based Compensation The fair value of restricted stock grants and restricted stock units (“RSUs”), determined as of the date of grant, is amortized into general and administrative expense over the respective vesting period. The deferred compensation to be recognized as expense is net of forfeitures and the performance assumptions are re-evaluated quarterly. The Company recognizes the effect of forfeitures when they occur and previously recognized compensation expense is reversed in the period the grant or unit is forfeited. For share-based awards with a performance or market measure, the Company recognizes compensation expense over the requisite service period. The requisite service period begins on the date the Compensation Committee of the Company’s Board of Directors authorizes the award, adopts any relevant performance measures and communicates the award to the recipient. |
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company uses interest rate swaps to add stability to interest expense; not for trading or speculative purposes. The Company records all derivatives on the consolidated balance sheets at fair value using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. In addition, the Company incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. These counterparties are generally large financial institutions engaged in providing a variety of financial services. These institutions generally face similar risks regarding adverse changes in market and economic conditions including, but not limited to, fluctuations in interest rates, exchange rates, equity and commodity prices and credit spreads. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in accumulated other comprehensive income (outside of earnings) and subsequently reclassified to earnings in the period in which the hedged transaction becomes ineffective. For derivatives not designated as cash flow hedges, changes in the fair value of the derivative are recognized directly in earnings in the period in which the change occurs; however, the Company’s policy is to not enter into such transactions. |
New Accounting Pronouncements | New Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) , which contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. In 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company may apply other elections, as applicable, as additional changes in the market occur. The Company continues to evaluate the new guidance to determine the extent to which it may impact the Company’s consolidated financial statements. |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
LEASES | |
Schedule of components of lease revenues | The components of lease revenues are as follows (amounts in thousands): Year Ended December 31, 2021 2020 2019 Fixed lease revenues $ 70,387 $ 69,823 $ 70,788 Variable lease revenues 11,008 11,285 12,084 Lease revenues (a) $ 81,395 $ 81,108 $ 82,872 (a) Excludes $785 , $780 and $914 of amortization related to lease intangible assets and liabilities for 2021, 2020 and 2019, respectively. |
Schedule of minimum future contractual rents to be received | As of December 31, 2021, 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 intangibles, (ii) COVID-19 lease deferral repayments accrued to rental income in 2020, (iii) $1,449,000 of COVID-19 lease deferral repayments due from Regal Cinemas which were not accrued to rental income and (iv) variable lease payments as described above. For the year ended December 31, 2022 $ 68,365 2023 64,478 2024 55,868 2025 51,484 2026 47,306 Thereafter 153,783 Total $ 441,284 |
Schedule of minimum future lease payments | As of December 31, 2021, the minimum future lease payments related to the operating ground and office leases are as follows (amounts in thousands): For the year ended December 31, 2022 $ 506 2023 507 2024 557 2025 626 2026 627 Thereafter 6,220 Total undiscounted cash flows $ 9,043 Present value discount (1,831) Lease liability $ 7,212 |
REAL ESTATE INVESTMENTS (Tables
REAL ESTATE INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
REAL ESTATE INVESTMENTS | |
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 allocations of the purchase price during 2021 and 2020 (amounts in thousands). The Company determined that with respect to each of these acquisitions, the gross assets acquired are concentrated in a single identifiable asset. Therefore, these transactions do not meet the definition of a business and are accounted for as asset acquisitions. As such, direct transaction costs associated with these asset acquisitions have been capitalized to real estate assets and depreciated over their respective useful lives. Contract Capitalized Date Purchase Terms of Transaction Description of Property Acquired Price Payment Costs Pureon, Inc. industrial facility, Monroe, North Carolina May 27, 2021 $ 7,000 Cash and $4,500 mortgage (a) $ 60 Multi-tenant industrial facility, Lehigh Acres, Florida September 29, 2021 9,355 Cash and $6,100 mortgage (a) 77 Home Depot USA, Inc. industrial facility, Omaha, Nebraska November 12, 2021 7,975 All cash 67 TOTALS FOR 2021 $ 24,330 $ 204 Creative Office Environments industrial facility, Ashland, Virginia February 20, 2020 $ 9,100 All cash (b) $ 119 Fed Ex industrial facility, Lowell, Arkansas February 24, 2020 19,150 All cash (b) 135 TOTALS FOR 2020 $ 28,250 $ 254 (a) In 2021, simultaneously with the acquisitions of these properties, the Company obtained new mortgage debt of $4,500 and $6,100, bearing interest rates of 3.25% and 3.17% and maturing in 2027 and 2031, respectively. (b) In 2020, subsequent to these acquisitions, the Company obtained new mortgage debt of $5,700 and $12,500, bearing interest rates of 3.54% and 3.63% and maturing in 2035 and 2027, respectively. Building & Intangible Lease Market Cap Discount Description of Property Land Improvements Asset (a) Liability (b) Total Rate (c) Rate (c) Pureon, Inc. industrial facility, Monroe, North Carolina $ 897 $ 5,106 $ 1,057 $ — $ 7,060 7.00% 6.08% Multi-tenant industrial facility, Lehigh Acres, Florida 1,935 7,393 701 (596) 9,433 6.75% 5.60% Home Depot USA, Inc. industrial facility, Omaha, Nebraska 1,000 6,547 530 (36) 8,041 6.25% 6.16% TOTALS FOR 2021 $ 3,832 $ 19,046 $ 2,288 $ (632) $ 24,534 Creative Office Environments industrial facility, Ashland, Virginia $ 391 $ 7,901 $ 927 $ — $ 9,219 6.50% n/a Fed Ex industrial facility, Lowell, Arkansas 1,687 15,188 2,978 (568) 19,285 6.25% 6.16% TOTALS FOR 2020 $ 2,078 $ 23,089 $ 3,905 $ (568) $ 28,504 (a) The weighted average amortization period for the 2021 and 2020 acquisitions is 4.1 years and 8.3 years for the intangible lease assets, respectively. (b) The weighted average amortization period for the 2021 and 2020 acquisitions is 8.2 years and 13.7 years for the intangible lease liabilities, respectively. (c) The fair value of the tangible and intangible lease assets of each property was assessed as of the acquisition date using an income approach with a market capitalization and discount rate categorized as a Level 3 unobservable input in the fair value hierarchy (as definted in Note 2) . |
Schedule of amortization of intangible lease assets as a result of acquired above market leases | The unamortized balance of intangible lease assets as a result of acquired above market leases at December 31, 2021 will be deducted from rental income through 2032 as follows (amounts in thousands): 2022 $ 449 2023 256 2024 186 2025 163 2026 125 Thereafter 425 Total $ 1,604 |
Schedule of amortization of intangible lease liabilities as a result of acquired below market leases | The unamortized balance of intangible lease liabilities as a result of acquired below market leases at December 31, 2021 will be added to rental income through 2055 as follows (amounts in thousands): 2022 $ 1,203 2023 961 2024 742 2025 519 2026 512 Thereafter 6,470 Total $ 10,407 |
Schedule of amortization of origination costs associated with in-place leases | 2022 $ 1,203 2023 961 2024 742 2025 519 2026 512 Thereafter 6,470 Total $ 10,407 |
SALES OF PROPERTIES AND PROPE_2
SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE | |
Schedule of sales of real estate | The following chart details the Company’s sales of real estate during 2021, 2020 and 2019 (amounts in thousands): Gain on sale Mortgage Prepayment Gross of Real Prepaid Costs on Description of Property Date Sold Sales Price Estate, Net on Sale Debt Whole Foods retail property & parking lot, West Hartford, Connecticut June 17, 2021 $ 40,510 $ 21,469 $ 15,403 $ 799 Vacant retail property, Philadelphia, Pennsylvania July 1, 2021 8,300 1,299 (a) 3,574 26 Wendys restaurant property, Hanover, Pennsylvania December 27, 2021 2,815 1,331 696 11 Wendys restaurant property, Gettysburg, Pennsylvania December 27, 2021 2,885 1,364 714 12 TOTALS FOR 2021 $ 54,510 $ 25,463 (b) $ 20,387 $ 848 Hobby Lobby retail property, Onalaska, Wisconsin February 11, 2020 $ 7,115 $ 4,252 $ 3,332 $ 290 CarMax retail property, Knoxville, Tennessee July 1, 2020 18,000 10,316 8,483 833 PetSmart retail property Houston, Texas December 15, 2020 4,013 (c) 1,067 n/a n/a Guitar Center retail property, Houston, Texas December 15, 2020 5,212 (c) 1,645 n/a n/a TOTALS FOR 2020 $ 34,340 $ 17,280 (d) $ 11,815 $ 1,123 Kmart retail property, Clemmons, North Carolina June 20, 2019 $ 5,500 $ 1,099 (e) $ 1,705 $ 41 Multi-tenant retail property, Athens, Georgia August 23, 2019 6,050 1,045 2,645 161 Land - The Briarbrook Village Apartments, Wheaton, Illinois August 29, 2019 12,066 1,530 n/a n/a Aaron's retail property, Houston, Texas October 21, 2019 1,675 218 n/a n/a Assisted living facility, Round Rock, Texas December 10, 2019 16,600 435 13,157 625 TOTALS FOR 2019 $ 41,891 $ 4,327 (f) $ 17,507 $ 827 (a) This property was owned by a consolidated joint venture in which the Company held a 90% interest. The non-controlling interest’s share of the gain was $130 . (b) As a result of these sales, the Company wrote-off, as a reduction to Gain on sale of real estate, net, an aggregate of $1,438 of unbilled rent receivables and $967 of unamortized intangible lease assets. (c) In connection with these sales, the Company provided seller-financing of an aggregate of $4,613 which was included in other receivables on the consolidated balance sheet at December 31, 2020. The loan was repaid in full in 2021 (see Note 13). (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 $365 of unbilled rent receivables and $367 of unamortized intangible lease liabilities. (e) This property was owned by a consolidated joint venture in which the Company held a 90% interest. The non-controlling interest’s share of the gain was $422 . (f) As a result of these sales, the Company wrote-off, as a reduction to Gain on sale of real estate, net, an aggregate of $182 of unbilled rent receivables and $915 of unamortized intangible lease liabilities. |
VARIABLE INTEREST ENTITIES, C_2
VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Consolidated Joint Venture-VIEs | |
Variable Interest Entities | |
Schedule of the consolidated VIE's carrying amounts and classification in the Company's balance sheet | The following is a summary of the consolidated VIEs’ carrying amounts and classification in the Company’s consolidated balance sheets, none of which are restricted (amounts in thousands): December 31, 2021 2020 (a) Land $ 10,365 $ 12,158 Buildings and improvements, net of accumulated depreciation of $4,957 and $5,232, respectively 18,472 23,372 Cash 1,134 1,102 Unbilled rent receivable 1,020 861 Unamortized intangible lease assets, net 548 627 Escrow, deposits and other assets and receivables 878 1,089 Mortgages payable, net of unamortized deferred financing costs of $195 and $253, respectively 19,193 23,530 Accrued expenses and other liabilities 875 752 Unamortized intangible lease liabilities, net 475 526 Accumulated other comprehensive loss (33) (127) Non-controlling interests in consolidated joint ventures 946 1,193 (a) Includes a consolidated joint venture, in which the Company held an 90% interest, located in Philadelphia, Pennsylvania which was sold in July 2021 (see Note 5). |
DEBT OBLIGATIONS (Tables)
DEBT OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
DEBT OBLIGATIONS | |
Schedule of mortgages payable, net | The following table details the Mortgages payable, net, balances per the consolidated balance sheets (amounts in thousands): December 31, 2021 2020 Mortgages payable, gross $ 399,660 $ 433,549 Unamortized deferred financing costs (3,316) (3,845) Mortgages payable, net $ 396,344 $ 429,704 |
Schedule of principal repayments | Scheduled principal repayments during the periods indicated are as follows (amounts in thousands): Year Ending December 31, 2022 $ 44,843 2023 25,774 2024 62,634 2025 42,615 2026 29,277 Thereafter 194,517 Total $ 399,660 |
Schedule of line of credit, net | The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands): December 31, 2021 2020 Line of credit, gross $ 11,700 $ 12,950 Unamortized deferred financing costs (216) (425) Line of credit, net $ 11,484 $ 12,525 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
FAIR VALUE MEASUREMENTS | |
Schedule of derivative financial instruments measured at fair value | The fair value of the Company’s derivative financial instruments, using Level 2 inputs, was determined to be the following (amounts in thousands): As of Carrying and Balance Sheet December 31, Fair Value Classification Financial liabilities: Interest rate swaps 2021 $ 1,514 Other liabilities 2020 5,012 |
Schedule of effect of derivative financial instruments on statements of income | The following table presents the effect of the Company’s derivative financial instruments on the consolidated statements of income for the periods presented (amounts in thousands): Year Ended December 31, 2021 2020 2019 One Liberty Properties Inc. and Consolidated Subsidiaries Amount of gain (loss) recognized on derivatives in other comprehensive loss $ 1,179 $ (5,481) $ (4,224) Amount of reclassification from Accumulated other comprehensive loss into Interest expense (2,318) (2,098) (702) |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
EARNINGS PER COMMON SHARE | |
Schedule of reconciliation of the numerator and denominator of earnings per share calculations | The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts): Year Ended December 31, 2021 2020 2019 Numerator for basic and diluted earnings per share: Net income $ 39,034 $ 27,413 $ 18,544 Deduct net income attributable to non-controlling interests (177) (6) (533) Deduct earnings allocated to unvested restricted stock (a) (1,326) (1,263) (1,227) Net income available for common stockholders: basic and diluted $ 37,531 $ 26,144 $ 16,784 Denominator for basic earnings per share: Weighted average number of common shares outstanding 20,086 19,571 19,090 Effect of dilutive securities: RSUs 178 28 29 Denominator for diluted earnings per share: Weighted average number of shares 20,264 19,599 19,119 Earnings per common share, basic $ 1.87 $ 1.34 $ 0.88 Earnings per common share, diluted $ 1.85 $ 1.33 $ 0.88 (a) Represents an allocation of distributed earnings to unvested restricted stock that, as participating securities, are entitled to receive dividends. |
Schedule of impact to the diluted weighted average number of shares of common stock related to the RSUs | The following table identifies the number of shares of common stock underlying the RSUs that are included in the calculation, on a diluted basis, of the weighted average number of shares of common stock for such years: Year Ended December 31, 2021: Total Number of Shares Included Based on (a) Underlying Return on Stockholder Shares Date of Award Shares (b)(c) Capital Metric Return Metric Total Excluded (d) August 3, 2021 80,700 40,350 40,350 80,700 — August 3, 2020 75,026 37,513 37,513 75,026 — July 1, 2019 75,026 37,513 37,513 75,026 — Totals 230,752 115,376 115,376 230,752 — Year Ended December 31, 2020: Total Number of Shares Included Based on (a) Underlying Return on Stockholder Shares Date of Award Shares (b)(c) Capital Metric Return Metric Total Excluded (d) August 3, 2020 75,026 37,513 37,513 75,026 — July 1, 2019 75,026 23,233 — 23,233 51,793 July 1, 2018 73,750 24,823 — 24,823 48,927 Totals 223,802 85,569 37,513 123,082 100,720 Year Ended December 31, 2019: Total Number of Shares Included Based on (a) Underlying Return on Stockholder Shares Date of Award Shares (b)(c) Capital Metric Return Metric Total Excluded (d) July 1, 2019 75,026 728 — 728 74,298 July 1, 2018 73,750 14,755 3,273 18,028 55,722 September 26, 2017 76,250 22,129 31,498 53,627 22,623 Totals 225,026 37,612 34,771 72,383 152,643 (a) Reflects the number of shares underlying RSUs that would be issued assuming the measurement date used to determine whether the applicable conditions are satisfied is December 31 of the applicable year. (b) The RSUs awarded in 2021, 2020 and 2019 vest, subject to satisfaction of the applicable market and/or performance conditions, on June 30, 2024, 2023 and 2022, respectively (see Note 12). (c) During 2019, 2,500 shares of the 2018 award and 2,750 shares of the 2019 award were forfeited. (d) Excluded as the applicable conditions had not been met for these shares at the applicable measurement dates. (e) With respect to the RSUs awarded July 1, 2018, all 73,750 shares vested in June 2021 and such shares were issued in August 2021 (see Note 12). (f) With respect to the RSUs awarded September 26, 2017, 24,343 shares vested and 51,907 shares were forfeited in June 2020; the vested shares were issued in August 2020 (see Note 12). |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
STOCKHOLDERS' EQUITY | |
Schedule of fair value assumptions of TSR awards | TSR Award Year Expected Life (yrs) Dividend Rate Risk-Free Interest Rate Expected Price Volatility (a) 2021 3 5.91% 0.03% - 0.35% 26.74% - 41.53% 2020 3 10.40% 0.10% - 0.18% 51.24% - 77.92% 2019 3 6.22% 1.79% - 2.07% 21.37% - 23.04% (a) Calculated based on the historical and implied volatility. |
Schedule of equity incentive plans | The following is a summary of the activity of the equity incentive plans: Year Ended December 31, 2021 2020 2019 Restricted stock grants: Number of shares 151,500 149,550 150,050 Average per share grant price $ 20.34 $ 28.10 $ 25.70 Deferred compensation to be recognized over vesting period $ 3,082,000 $ 4,202,000 $ 3,856,000 Number of non-vested shares: Non-vested beginning of year 701,675 674,250 651,250 Grants 151,500 149,550 150,050 Vested during year (145,725) (122,125) (114,650) Forfeitures (1,000) — (12,400) Non-vested end of year 706,450 701,675 674,250 RSU grants: Number of underlying shares 80,700 75,026 77,776 Average per share grant price $ 30.46 $ 17.31 $ 28.96 Deferred compensation to be recognized over vesting period $ 1,808,000 $ 850,000 $ 865,000 Number of non-vested shares: Non-vested beginning of year 223,802 225,026 152,500 Grants 80,700 75,026 77,776 Vested during year (73,750) (24,343) — Forfeitures — (51,907) (5,250) Non-vested end of year 230,752 223,802 225,026 Restricted stock and RSU grants (based on grant price): Weighted average per share value of non-vested shares $ 25.04 $ 24.98 $ 24.96 Value of stock vested during the year $ 5,165,000 $ 3,589,000 $ 2,365,000 Weighted average per share value of shares forfeited during the year $ 24.62 $ 24.03 $ 25.40 Total charge to operations: Outstanding restricted stock grants $ 3,734,000 $ 3,529,000 $ 3,229,000 Outstanding RSUs 1,699,000 1,157,000 641,000 Total charge to operations $ 5,433,000 $ 4,686,000 $ 3,870,000 |
Schedule of common stock dividend distributions | In each of 2021 and 2019, the Board of Directors declared an aggregate $1.80 per share in cash distributions. The following table details the Company’s dividend activity for the year ended December 31, 2020 (amounts in thousands, except per share data): Total Dividend Paid Cash Stock Value Declaration Date (a) Dividend Cash % Stock % Distributed Issued per Share March 13, 2020 $ 9,037 100.0 — $ 9,037 — — June 10, 2020 (b) $ 9,068 50.0 50.0 $ 4,537 263 $ 17.22 September 9, 2020 (b) $ 9,198 75.0 25.0 $ 6,901 141 $ 16.27 December 2, 2020 $ 9,261 100.0 — $ 9,261 — — (a) A dividend of $0.45 per share was declared in each period indicated. (b) Stockholders were entitled to elect whether the dividend payable to them would be paid in cash or shares of the Company’s common stock at the percentages indicated, subject to certain limitations. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
INCOME TAXES | |
Schedule of allocation of distributions made to stockholders | The approximate allocation of the distributions made to stockholders is as follows for the years indicated: Year Ended December 31, 2021 2020 2019 Ordinary income (a) 43 % 45 % 73 % Capital gains 57 47 — Return of capital — 8 27 100 % 100 % 100 % (a) In 2021, 2020 and 2019, the ordinary income portion of the distributions are considered qualified REIT dividends and will be taxed at a rate reduced by up to 20% pursuant to Internal Revenue Code Section 199A. |
Schedule of reconciliation of dividends declared with the dividends paid deduction | The following table reconciles dividends declared with the dividends paid deduction for the years indicated (amounts in thousands): 2021 2020 2019 Estimate Actual Actual Dividends declared $ 37,478 $ 36,564 $ 35,663 Dividend reinvestment plan (a) 35 47 247 37,513 36,611 35,910 Less: Spillover dividends designated to previous year — — — Less: Spillover dividends designated to following year (b) (2,150) (9,261) (8,976) Less: Return of capital — (3,265) (9,842) Plus: Dividends designated from prior year 9,261 8,976 549 Plus: Dividends designated from following year — — — Dividends paid deduction $ 44,624 $ 33,061 $ 17,641 (a) Reflects the discount on common stock purchased through the dividend reinvestment plan of (i) 3% in 2021 and (ii) 5% in 2020 and 2019. (b) A portion of the dividend paid in January 2022, and the entire dividend paid in January 2021 and January 2020 are considered 2022, 2021 and 2020 dividends, respectively, as such dividends were in excess of the Company’s earnings and profits during 2021, 2020 and 2019, respectively. |
QUARTERLY FINANCIAL DATA (Una_2
QUARTERLY FINANCIAL DATA (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
QUARTERLY FINANCIAL DATA (Unaudited) | |
Schedule of Quarterly Financial Information | (In Thousands, Except Per Share Data) Quarter Ended Total 2021 March 31 June 30 Sept. 30 Dec. 31 For Year Total revenues $ 20,816 $ 20,422 $ 20,436 $ 21,066 $ 82,740 Gain on sale of real estate, net $ — $ 21,491 $ 1,277 $ 2,695 $ 25,463 Net income $ 2,957 $ 23,332 $ 6,212 $ 6,533 $ 39,034 Net income attributable to One Liberty Properties, Inc. $ 2,962 $ 23,329 $ 6,059 $ 6,507 $ 38,857 Weighted average number of common shares outstanding: Basic 20,003 20,013 20,115 20,210 20,086 Diluted 20,061 20,187 20,273 20,369 20,264 Net income per common share attributable to common stockholders: Basic $ .13 $ 1.13 $ .29 $ .31 $ 1.87 (a) Diluted $ .13 $ 1.12 $ .28 $ .30 $ 1.85 (a) Quarter Ended Total 2020 March 31 June 30 Sept. 30 Dec. 31 For Year Total revenues $ 21,239 $ 20,861 $ 21,071 $ 18,732 $ 81,903 Gain on sale of real estate, net $ 4,252 $ — $ 10,316 $ 2,712 $ 17,280 Net income $ 7,831 $ 2,285 $ 13,726 $ 3,571 $ 27,413 Net income attributable to One Liberty Properties, Inc. $ 7,826 $ 2,284 $ 13,725 $ 3,572 $ 27,407 Weighted average number of common shares outstanding: Basic 19,361 19,445 19,640 19,835 19,571 Diluted 19,374 19,505 19,686 19,871 19,599 Net income per common share attributable to common stockholders: Basic $ .39 $ .10 $ .67 $ .16 $ 1.34 (a) Diluted $ .39 $ .10 $ .67 $ .16 $ 1.33 (a) (a) Calculated on weighted average shares outstanding for the year. |
ORGANIZATION AND BACKGROUND (De
ORGANIZATION AND BACKGROUND (Details) | Dec. 31, 2021propertystate |
Organization and Background | |
Number of real estate properties | 121 |
Number of states in which properties are located | state | 31 |
Properties owned by consolidated joint ventures | |
Organization and Background | |
Number of real estate properties | 3 |
Properties owned by unconsolidated joint ventures | |
Organization and Background | |
Number of real estate properties | 3 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES - Investment in Joint Ventures and Variable Interest Entities (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Investment in Joint Ventures and Variable Interest Entities | |||
Number of Unconsolidated Joint Venture VIEs | item | 0 | ||
Recourse debt of joint ventures | $ 0 | ||
Impairment charges | $ 0 | $ 0 | $ 0 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue Recognition | |||||||
Revenue | $ 21,066,000 | $ 20,436,000 | $ 20,422,000 | $ 20,816,000 | $ 82,740,000 | $ 81,903,000 | $ 84,736,000 |
Tenant reimbursements | |||||||
Revenue Recognition | |||||||
Revenue | $ 10,938,000 | $ 10,512,000 | $ 10,443,000 |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES - Purchase Accounting for Acquisition of Real Estate (Details) - Above and Below Market Leases | 12 Months Ended |
Dec. 31, 2021 | |
Minimum | |
Purchase Accounting for Acquisition of Real Estate | |
Useful Life | 1 year |
Maximum | |
Purchase Accounting for Acquisition of Real Estate | |
Useful Life | 34 years |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES - Depreciation and Amortization (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Depreciation and Amortization | |||
Depreciation expense | $ 22,832,000 | $ 22,964,000 | $ 22,026,000 |
Buildings | |||
Depreciation and Amortization | |||
Estimated useful life | 40 years |
SIGNIFICANT ACCOUNTING POLICI_7
SIGNIFICANT ACCOUNTING POLICIES - Deferred Financing Costs (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Financing Costs | ||
Accumulated amortization of deferred financing costs | $ 4,684,000 | $ 4,599,000 |
SIGNIFICANT ACCOUNTING POLICI_8
SIGNIFICANT ACCOUNTING POLICIES - Escrows (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Escrows | ||
Real estate taxes, insurance and other escrows | $ 502,000 | $ 859,000 |
SIGNIFICANT ACCOUNTING POLICI_9
SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details) | 12 Months Ended | ||
Dec. 31, 2021tenantstate | Dec. 31, 2020tenant | Dec. 31, 2019tenant | |
Concentration of Credit Risk | |||
Number of states in which properties are located | 31 | ||
Total Revenue | Geographic concentration | |||
Concentration of Credit Risk | |||
Number of states in which properties are located | 31 | ||
Total Revenue | Customer concentration | |||
Concentration of Credit Risk | |||
Number of tenants contributed over 10% of total revenues | tenant | 0 | 0 | 0 |
SIGNIFICANT ACCOUNTING POLIC_10
SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting (Details) | 12 Months Ended |
Dec. 31, 2021item | |
Segment Reporting | |
Number of operating segments | 1 |
LEASES - As Lessor (Details)
LEASES - As Lessor (Details) | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||
Feb. 28, 2021USD ($)item | Feb. 28, 2022USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | Aug. 31, 2021USD ($) | |
Lessor Accounting | ||||||
Operating Lease, option to extend | true | |||||
Operating Lease, option to terminate | true | |||||
Practical expedient, single lease component | false | |||||
Components of lease revenues | ||||||
Fixed lease revenues | $ 70,387,000 | $ 69,823,000 | $ 70,788,000 | |||
Variable lease revenues | 11,008,000 | 11,285,000 | 12,084,000 | |||
Lease revenues | 81,395,000 | 81,108,000 | 82,872,000 | |||
Amortization of intangibles relating to leases, net | 785,000 | 780,000 | $ 914,000 | |||
Rents expected to be collected during 2022 | ||||||
Additional disclosures | ||||||
Deferred rents outstanding | 132,000 | |||||
Rents expected to be collected during 2023 | ||||||
Additional disclosures | ||||||
Deferred rents outstanding | 12,000 | |||||
COVID-19 | Tenants, excluding Regal Cinemas | ||||||
Additional disclosures | ||||||
Deferred lease rent | 3,360,000 | |||||
Repayments of COVID-19 related deferred rent | $ 28,000 | 2,679,000 | 497,000 | |||
Deferred rents outstanding | $ 145,000 | |||||
Lease payment forgiven | $ 695,000 | |||||
COVID-19 | Regal Cinemas | ||||||
Additional disclosures | ||||||
Number of lease amendments executed | item | 2 | |||||
Number of leases extended | item | 1 | |||||
Renewal term | 2 years | |||||
Lease payment forgiven | $ 676,000 | |||||
COVID-19 | Regal Cinemas | Rents payable from September 2020 to August 2021 | ||||||
Additional disclosures | ||||||
Lease income deferred but not accrued | $ 1,449,000 | |||||
Rent amount the tenant agreed to pay | $ 441,000 |
LEASES - As Lessor - Minimum Fu
LEASES - As Lessor - Minimum Future Rents (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Minimum future contractual base rents to be received | |
For the year ending December 31, 2022 | $ 68,365 |
For the year ending December 31, 2023 | 64,478 |
For the year ending December 31, 2024 | 55,868 |
For the year ending December 31, 2025 | 51,484 |
For the year ending December 31, 2026 | 47,306 |
Thereafter | 153,783 |
Total | $ 441,284 |
LEASES - As Lessor - Lease Term
LEASES - As Lessor - Lease Termination Fees (Details) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2021USD ($) | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)tenant | |
Lease Termination Fee | |||||||
Payments received upon early lease termination | $ 487,000 | $ 88,000 | $ 950,000 | ||||
Number of retail tenants in lease buy-out transactions | 2 | 2 | |||||
Write-off of unbilled rent receivable | (1,094,000) | $ (585,000) | |||||
Revenue | $ 21,066,000 | $ 20,436,000 | $ 20,422,000 | $ 20,816,000 | $ 82,740,000 | 81,903,000 | 84,736,000 |
Retail tenants | |||||||
Lease Termination Fee | |||||||
Write-off of unbilled rent receivable | 37,000 | ||||||
Industrial tenants | |||||||
Lease Termination Fee | |||||||
Revenue | 73,000 | 15,000 | |||||
Rental income, net | |||||||
Lease Termination Fee | |||||||
Revenue | 82,180,000 | 81,888,000 | 83,786,000 | ||||
Lease termination fees | |||||||
Lease Termination Fee | |||||||
Revenue | $ 560,000 | $ 15,000 | $ 950,000 |
LEASES - As Lessor - Unbilled S
LEASES - As Lessor - Unbilled Straight-Line Rent (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Unbilled Straight-Line Rent | |||
Unbilled rent receivable | $ 14,330,000 | $ 15,438,000 | |
Period during which amount of unbilled rent receivable is to be billed and received | 15 years | ||
Unbilled straight-line rent receivables written off related to property sold | $ 1,438,000 | 365,000 | $ 182,000 |
Unbilled rent payables | $ 897,000 | 801,000 | |
Period during which amount of unbilled rent payable is to be billed and received | 20 years | ||
Unbilled rent receivable written off of amounts where collectability is less than probable | $ 1,094,000 | ||
Unbilled rent straight-line rent receivable written off related to tenant bankruptcy | $ 548,000 |
LEASES - As Lessee - Ground Lea
LEASES - As Lessee - Ground Lease and Office Lease (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Lessee Accounting | |||
Operating lease liability | $ 7,212,000 | ||
Operating lease liability, Statement of Financial Position | Accrued expenses and other liabilities | ||
Operating lease, right-of-use asset, Statement of Financial Position | Escrow, deposits and other assets and receivables | ||
Real Estate in Greensboro, NC | |||
Lessee Accounting | |||
Operating lease liability | $ 6,634,000 | $ 6,895,000 | |
Right-of-use asset | $ 6,267,000 | 6,663,000 | |
Operating lease, discount rate (as a percent) | 2.95% | ||
Operating lease, remaining lease term | 13 years 2 months 12 days | ||
Real Estate in Greensboro, NC | Real estate expenses | |||
Lessee Accounting | |||
Operating lease expense | $ 599,000 | 533,000 | $ 525,000 |
Real Estate in Greensboro, NC | Five-Year Lease | |||
Lessee Accounting | |||
Operating lease, number of renewal options | item | 4 | ||
Operating lease, renewal term | 5 years | ||
Operating lease, option to extend | true | ||
Real Estate in Greensboro, NC | Seven-Month Lease | |||
Lessee Accounting | |||
Operating lease, number of renewal options | item | 1 | ||
Operating lease, renewal term | 7 months | ||
Operating lease, option to extend | true | ||
Corporate office lease in Great Neck, NY | |||
Lessee Accounting | |||
Operating lease, renewal term | 5 years | ||
Operating lease, option to extend | true | ||
Operating lease liability | $ 578,000 | 602,000 | |
Right-of-use asset | $ 564,000 | 593,000 | |
Operating lease, discount rate (as a percent) | 3.81% | ||
Operating lease, remaining lease term | 15 years | ||
Corporate office lease in Great Neck, NY | General and administrative expense | |||
Lessee Accounting | |||
Operating lease expense | $ 55,000 | $ 57,000 | $ 54,000 |
LEASES - As Lessee - Minimum Fu
LEASES - As Lessee - Minimum Future Lease Payments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Minimum future lease payments | |
For the year ending December 31, 2022 | $ 506 |
For the year ending December 31, 2023 | 507 |
For the year ending December 31, 2024 | 557 |
For the year ending December 31, 2025 | 626 |
For the year ending December 31, 2026 | 627 |
Thereafter | 6,220 |
Total undiscounted cash flows | 9,043 |
Present value discount | (1,831) |
Lease liability | $ 7,212 |
Operating lease liability, Statement of Financial Position | Accrued expenses and other liabilities |
REAL ESTATE INVESTMENTS - Acqui
REAL ESTATE INVESTMENTS - Acquisitions (Details) - USD ($) $ in Thousands | Nov. 12, 2021 | Sep. 29, 2021 | May 27, 2021 | Feb. 24, 2020 | Feb. 20, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Real Estate Acquisitions in 2021 | |||||||
REAL ESTATE ACQUISITION | |||||||
Contract Purchase Price | $ 24,330 | ||||||
Capitalized Transaction Costs | $ 204 | ||||||
Real Estate Acquisitions in 2021 | Pureon, Inc. industrial facility, Monroe, North Carolina | |||||||
REAL ESTATE ACQUISITION | |||||||
Contract Purchase Price | $ 7,000 | ||||||
New mortgage debt | 4,500 | ||||||
Capitalized Transaction Costs | $ 60 | ||||||
Interest rate (as a percent) | 3.25% | ||||||
Real Estate Acquisitions in 2021 | Multi-tenant industrial facility, Lehigh Acres, Florida | |||||||
REAL ESTATE ACQUISITION | |||||||
Contract Purchase Price | $ 9,355 | ||||||
New mortgage debt | 6,100 | ||||||
Capitalized Transaction Costs | $ 77 | ||||||
Interest rate (as a percent) | 3.17% | ||||||
Real Estate Acquisitions in 2021 | Home Depot USA, Inc, industrial facility, Omaha, Nebraska | |||||||
REAL ESTATE ACQUISITION | |||||||
Contract Purchase Price | $ 7,975 | ||||||
Capitalized Transaction Costs | $ 67 | ||||||
Real Estate Acquisitions in 2020 | |||||||
REAL ESTATE ACQUISITION | |||||||
Contract Purchase Price | $ 28,250 | ||||||
Capitalized Transaction Costs | $ 254 | ||||||
Real Estate Acquisitions in 2020 | Creative Office Environments industrial facility, Ashland, Virginia | |||||||
REAL ESTATE ACQUISITION | |||||||
Contract Purchase Price | $ 9,100 | ||||||
New mortgage debt | 5,700 | ||||||
Capitalized Transaction Costs | $ 119 | ||||||
Interest rate (as a percent) | 3.54% | ||||||
Real Estate Acquisitions in 2020 | Fed Ex industrial facility, Lowell, Arkansas | |||||||
REAL ESTATE ACQUISITION | |||||||
Contract Purchase Price | $ 19,150 | ||||||
New mortgage debt | 12,500 | ||||||
Capitalized Transaction Costs | $ 135 | ||||||
Interest rate (as a percent) | 3.63% |
REAL ESTATE INVESTMENTS - Purch
REAL ESTATE INVESTMENTS - Purchase Price Allocation (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | |
REAL ESTATE ACQUISITION | |||
Weighted average amortization period for intangible lease assets | 4 years 1 month 6 days | 8 years 3 months 18 days | |
Weighted average amortization period for intangible lease liabilities | 8 years 2 months 12 days | 13 years 8 months 12 days | |
Above market lease accumulated amortization | $ 25,892,000 | $ 24,530,000 | |
Below market lease accumulated amortization | 8,968,000 | 8,539,000 | |
Amortization of intangibles relating to leases, net | 785,000 | 780,000 | $ 914,000 |
Amortization expense relating to origination costs | 4,700,000 | 4,617,000 | 4,039,000 |
Rental income, net | |||
REAL ESTATE ACQUISITION | |||
Intangible Lease Liability | (10,407,000) | ||
Amortization of intangibles relating to leases, net | 785,000 | 780,000 | $ 914,000 |
Real Estate Acquisitions in 2021 | |||
REAL ESTATE ACQUISITION | |||
Intangible Lease Asset | 2,288,000 | ||
Intangible Lease Liability | (632,000) | ||
Total | 24,534,000 | ||
Real Estate Acquisitions in 2021 | Land | |||
REAL ESTATE ACQUISITION | |||
Acquired property | 3,832,000 | ||
Real Estate Acquisitions in 2021 | Building & Improvements | |||
REAL ESTATE ACQUISITION | |||
Acquired property | 19,046,000 | ||
Real Estate Acquisitions in 2021 | Pureon, Inc. industrial facility, Monroe, North Carolina | |||
REAL ESTATE ACQUISITION | |||
Intangible Lease Asset | 1,057,000 | ||
Total | $ 7,060,000 | ||
Discount Rate | item | 0.0608 | ||
Real Estate Acquisitions in 2021 | Pureon, Inc. industrial facility, Monroe, North Carolina | Level 3 | |||
REAL ESTATE ACQUISITION | |||
Market Cap Rate | item | 0.0700 | ||
Real Estate Acquisitions in 2021 | Pureon, Inc. industrial facility, Monroe, North Carolina | Land | |||
REAL ESTATE ACQUISITION | |||
Acquired property | $ 897,000 | ||
Real Estate Acquisitions in 2021 | Pureon, Inc. industrial facility, Monroe, North Carolina | Building & Improvements | |||
REAL ESTATE ACQUISITION | |||
Acquired property | 5,106,000 | ||
Real Estate Acquisitions in 2021 | Multi-tenant industrial facility, Lehigh Acres, Florida | |||
REAL ESTATE ACQUISITION | |||
Intangible Lease Asset | 701,000 | ||
Intangible Lease Liability | (596,000) | ||
Total | $ 9,433,000 | ||
Discount Rate | item | 0.0560 | ||
Real Estate Acquisitions in 2021 | Multi-tenant industrial facility, Lehigh Acres, Florida | Level 3 | |||
REAL ESTATE ACQUISITION | |||
Market Cap Rate | item | 0.0675 | ||
Real Estate Acquisitions in 2021 | Multi-tenant industrial facility, Lehigh Acres, Florida | Land | |||
REAL ESTATE ACQUISITION | |||
Acquired property | $ 1,935,000 | ||
Real Estate Acquisitions in 2021 | Multi-tenant industrial facility, Lehigh Acres, Florida | Building & Improvements | |||
REAL ESTATE ACQUISITION | |||
Acquired property | 7,393,000 | ||
Real Estate Acquisitions in 2021 | Home Depot USA, Inc, industrial facility, Omaha, Nebraska | |||
REAL ESTATE ACQUISITION | |||
Intangible Lease Asset | 530,000 | ||
Intangible Lease Liability | (36,000) | ||
Total | $ 8,041,000 | ||
Discount Rate | item | 0.0616 | ||
Real Estate Acquisitions in 2021 | Home Depot USA, Inc, industrial facility, Omaha, Nebraska | Level 3 | |||
REAL ESTATE ACQUISITION | |||
Market Cap Rate | item | 0.0625 | ||
Real Estate Acquisitions in 2021 | Home Depot USA, Inc, industrial facility, Omaha, Nebraska | Land | |||
REAL ESTATE ACQUISITION | |||
Acquired property | $ 1,000,000 | ||
Real Estate Acquisitions in 2021 | Home Depot USA, Inc, industrial facility, Omaha, Nebraska | Building & Improvements | |||
REAL ESTATE ACQUISITION | |||
Acquired property | $ 6,547,000 | ||
Real Estate Acquisitions in 2020 | |||
REAL ESTATE ACQUISITION | |||
Intangible Lease Asset | 3,905,000 | ||
Intangible Lease Liability | (568,000) | ||
Total | 28,504,000 | ||
Real Estate Acquisitions in 2020 | Land | |||
REAL ESTATE ACQUISITION | |||
Acquired property | 2,078,000 | ||
Real Estate Acquisitions in 2020 | Building & Improvements | |||
REAL ESTATE ACQUISITION | |||
Acquired property | 23,089,000 | ||
Real Estate Acquisitions in 2020 | Creative Office Environments industrial facility, Ashland, Virginia | |||
REAL ESTATE ACQUISITION | |||
Intangible Lease Asset | 927,000 | ||
Total | $ 9,219,000 | ||
Real Estate Acquisitions in 2020 | Creative Office Environments industrial facility, Ashland, Virginia | Level 3 | |||
REAL ESTATE ACQUISITION | |||
Market Cap Rate | item | 0.0650 | ||
Real Estate Acquisitions in 2020 | Creative Office Environments industrial facility, Ashland, Virginia | Land | |||
REAL ESTATE ACQUISITION | |||
Acquired property | $ 391,000 | ||
Real Estate Acquisitions in 2020 | Creative Office Environments industrial facility, Ashland, Virginia | Building & Improvements | |||
REAL ESTATE ACQUISITION | |||
Acquired property | 7,901,000 | ||
Real Estate Acquisitions in 2020 | Fed Ex industrial facility, Lowell, Arkansas | |||
REAL ESTATE ACQUISITION | |||
Intangible Lease Asset | 2,978,000 | ||
Intangible Lease Liability | (568,000) | ||
Total | $ 19,285,000 | ||
Discount Rate | item | 0.0616 | ||
Real Estate Acquisitions in 2020 | Fed Ex industrial facility, Lowell, Arkansas | Level 3 | |||
REAL ESTATE ACQUISITION | |||
Market Cap Rate | item | 0.0625 | ||
Real Estate Acquisitions in 2020 | Fed Ex industrial facility, Lowell, Arkansas | Land | |||
REAL ESTATE ACQUISITION | |||
Acquired property | $ 1,687,000 | ||
Real Estate Acquisitions in 2020 | Fed Ex industrial facility, Lowell, Arkansas | Building & Improvements | |||
REAL ESTATE ACQUISITION | |||
Acquired property | $ 15,188,000 |
REAL ESTATE INVESTMENTS - Unamo
REAL ESTATE INVESTMENTS - Unamortized Balances of Intangible Lease Assets and Liabilities (Details) - Rental income, net $ in Thousands | Dec. 31, 2021USD ($) |
Amortization of intangible lease liabilities - below market leases | |
2022 | $ 1,203 |
2023 | 961 |
2024 | 742 |
2025 | 519 |
2026 | 512 |
Thereafter | 6,470 |
Total | 10,407 |
Intangible lease asset - above market lease | |
Amortization of intangible lease assets - above market leases | |
2022 | 449 |
2023 | 256 |
2024 | 186 |
2025 | 163 |
2026 | 125 |
Thereafter | 425 |
Total | $ 1,604 |
REAL ESTATE INVESTMENTS - Amort
REAL ESTATE INVESTMENTS - Amortization of In-Place Lease Origination Costs (Details) - In-place leases $ in Thousands | Dec. 31, 2021USD ($) |
Amortization of origination costs associated with in-place leases | |
2022 | $ 4,398 |
2023 | 3,756 |
2024 | 2,472 |
2025 | 2,011 |
2026 | 1,907 |
Thereafter | 4,546 |
Total | $ 19,090 |
REAL ESTATE INVESTMENTS - Prope
REAL ESTATE INVESTMENTS - Property Acquisition Subsequent to December 31, 2021 (Details) - Real Estate Acquisitions in 2022 - Industrial property located in Fort Myers, Florida | Jan. 05, 2022USD ($) |
REAL ESTATE ACQUISITION | |
Contract Purchase Price | $ 8,100,000 |
Term of loan | 9 years |
New mortgage debt | $ 4,860,000 |
Interest rate (as a percent) | 3.09% |
Mortgage amortization period | 25 years |
SALES OF PROPERTIES AND PROPE_3
SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE (Details) | Dec. 27, 2021USD ($) | Jul. 01, 2021USD ($) | Jun. 17, 2021USD ($) | Dec. 15, 2020USD ($) | Jul. 01, 2020USD ($) | Feb. 11, 2020USD ($) | Dec. 10, 2019USD ($) | Oct. 21, 2019USD ($) | Aug. 29, 2019USD ($) | Aug. 23, 2019USD ($) | Jun. 20, 2019USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 31, 2022USD ($)property | Sep. 30, 2021USD ($) |
SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE | ||||||||||||||||
Prepayment costs on debt related to real estate | $ 901,000 | $ 1,123,000 | $ 827,000 | |||||||||||||
Write-off of unbilled rent receivable, as a reduction to Gain on sale of real estate, net | 1,438,000 | 365,000 | 182,000 | |||||||||||||
Property held-for-sale | 1,270,000 | |||||||||||||||
Gain on sale of real estate, net | 25,463,000 | 17,280,000 | 4,327,000 | |||||||||||||
Pet Smart and Guitar Center retail properties, Houston, Texas | Other receivables | ||||||||||||||||
SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE | ||||||||||||||||
Seller-financing provided by the Company | 4,613,000 | |||||||||||||||
Properties disposed of by sale | ||||||||||||||||
SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE | ||||||||||||||||
Gross Sales Price | 54,510,000 | 34,340,000 | 41,891,000 | |||||||||||||
Gain (Loss) on Sale of Real Estate, Net | 25,463,000 | 17,280,000 | 4,327,000 | |||||||||||||
Mortgage Prepaid on Sale | 20,387,000 | 11,815,000 | 17,507,000 | |||||||||||||
Prepayment costs on debt related to real estate | 848,000 | 1,123,000 | 827,000 | |||||||||||||
Write-off of unbilled rent receivable, as a reduction to Gain on sale of real estate, net | 1,438,000 | 365,000 | 182,000 | |||||||||||||
Write-off of unamortized lease assets, as a reduction to Gain on sale of real estate, net | 967,000 | $ 367,000 | $ 915,000 | |||||||||||||
Properties disposed of by sale | Whole Foods retail property & parking lot, West Hartford, Connecticut | ||||||||||||||||
SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE | ||||||||||||||||
Gross Sales Price | $ 40,510,000 | |||||||||||||||
Gain (Loss) on Sale of Real Estate, Net | 21,469,000 | |||||||||||||||
Mortgage Prepaid on Sale | 15,403,000 | |||||||||||||||
Prepayment costs on debt related to real estate | $ 799,000 | |||||||||||||||
Properties disposed of by sale | Vacant retail property, Philadelphia, Pennsylvania | ||||||||||||||||
SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE | ||||||||||||||||
Gross Sales Price | $ 8,300,000 | |||||||||||||||
Gain (Loss) on Sale of Real Estate, Net | 1,299,000 | |||||||||||||||
Mortgage Prepaid on Sale | 3,574,000 | |||||||||||||||
Prepayment costs on debt related to real estate | $ 26,000 | |||||||||||||||
Properties disposed of by sale | Wendys restaurant property, Hanover, Pennsylvania | ||||||||||||||||
SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE | ||||||||||||||||
Gross Sales Price | $ 2,815,000 | |||||||||||||||
Gain (Loss) on Sale of Real Estate, Net | 1,331,000 | |||||||||||||||
Mortgage Prepaid on Sale | 696,000 | |||||||||||||||
Prepayment costs on debt related to real estate | 11,000 | |||||||||||||||
Properties disposed of by sale | Wendys restaurant property, Gettysburg, Pennsylvania | ||||||||||||||||
SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE | ||||||||||||||||
Gross Sales Price | 2,885,000 | |||||||||||||||
Gain (Loss) on Sale of Real Estate, Net | 1,364,000 | |||||||||||||||
Mortgage Prepaid on Sale | 714,000 | |||||||||||||||
Prepayment costs on debt related to real estate | $ 12,000 | |||||||||||||||
Properties disposed of by sale | Hobby Lobby retail property, Onalaska, Wisconsin | ||||||||||||||||
SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE | ||||||||||||||||
Gross Sales Price | $ 7,115,000 | |||||||||||||||
Gain (Loss) on Sale of Real Estate, Net | 4,252,000 | |||||||||||||||
Mortgage Prepaid on Sale | 3,332,000 | |||||||||||||||
Prepayment costs on debt related to real estate | $ 290,000 | |||||||||||||||
Properties disposed of by sale | CarMax retail property, Knoxville, Tennessee | ||||||||||||||||
SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE | ||||||||||||||||
Gross Sales Price | $ 18,000,000 | |||||||||||||||
Gain (Loss) on Sale of Real Estate, Net | 10,316,000 | |||||||||||||||
Mortgage Prepaid on Sale | 8,483,000 | |||||||||||||||
Prepayment costs on debt related to real estate | $ 833,000 | |||||||||||||||
Properties disposed of by sale | Pet Smart retail property, Houston, Texas | ||||||||||||||||
SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE | ||||||||||||||||
Gross Sales Price | $ 4,013,000 | |||||||||||||||
Gain (Loss) on Sale of Real Estate, Net | 1,067,000 | |||||||||||||||
Properties disposed of by sale | Guitar Center retail property, Houston, Texas | ||||||||||||||||
SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE | ||||||||||||||||
Gross Sales Price | 5,212,000 | |||||||||||||||
Gain (Loss) on Sale of Real Estate, Net | $ 1,645,000 | |||||||||||||||
Properties disposed of by sale | Kmart retail property, Clemmons, North Carolina | ||||||||||||||||
SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE | ||||||||||||||||
Gross Sales Price | $ 5,500,000 | |||||||||||||||
Gain (Loss) on Sale of Real Estate, Net | 1,099,000 | |||||||||||||||
Mortgage Prepaid on Sale | 1,705,000 | |||||||||||||||
Prepayment costs on debt related to real estate | $ 41,000 | |||||||||||||||
Properties disposed of by sale | Multi-tenant retail property, Athens, Georgia | ||||||||||||||||
SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE | ||||||||||||||||
Gross Sales Price | $ 6,050,000 | |||||||||||||||
Gain (Loss) on Sale of Real Estate, Net | 1,045,000 | |||||||||||||||
Mortgage Prepaid on Sale | 2,645,000 | |||||||||||||||
Prepayment costs on debt related to real estate | $ 161,000 | |||||||||||||||
Properties disposed of by sale | Land - The Briarbrook Village Apartments, Wheaton, Illinois | ||||||||||||||||
SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE | ||||||||||||||||
Gross Sales Price | $ 12,066,000 | |||||||||||||||
Gain (Loss) on Sale of Real Estate, Net | $ 1,530,000 | |||||||||||||||
Properties disposed of by sale | Aaron's retail property, Houston, Texas | ||||||||||||||||
SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE | ||||||||||||||||
Gross Sales Price | $ 1,675,000 | |||||||||||||||
Gain (Loss) on Sale of Real Estate, Net | $ 218,000 | |||||||||||||||
Properties disposed of by sale | Assisted living facility, Round Rock, Texas | ||||||||||||||||
SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE | ||||||||||||||||
Gross Sales Price | $ 16,600,000 | |||||||||||||||
Gain (Loss) on Sale of Real Estate, Net | 435,000 | |||||||||||||||
Mortgage Prepaid on Sale | 13,157,000 | |||||||||||||||
Prepayment costs on debt related to real estate | $ 625,000 | |||||||||||||||
Properties held-for-sale | Industrial property located in Columbus, Ohio | ||||||||||||||||
SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE | ||||||||||||||||
Contracted sale price of property | $ 8,500,000 | |||||||||||||||
Property held-for-sale | $ 1,270,000 | |||||||||||||||
Properties held-for-sale | Four restaurant properties located in Pennsylvania | ||||||||||||||||
SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE | ||||||||||||||||
Number of properties held-for-sale | property | 4 | |||||||||||||||
Contracted sale price of property | $ 10,000,000 | |||||||||||||||
Consolidated Joint Venture-VIEs | Properties disposed of by sale | Vacant retail property, Philadelphia, Pennsylvania | ||||||||||||||||
SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE | ||||||||||||||||
Ownership interest in consolidated joint venture of the company (as a percent) | 90.00% | |||||||||||||||
Non-controlling interest's share of the gain | $ 130,000 | |||||||||||||||
Consolidated Joint Venture-VIEs | Properties disposed of by sale | Kmart retail property, Clemmons, North Carolina | ||||||||||||||||
SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE | ||||||||||||||||
Ownership interest in consolidated joint venture of the company (as a percent) | 90.00% | |||||||||||||||
Non-controlling interest's share of the gain | $ 422,000 |
VARIABLE INTEREST ENTITIES, C_3
VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES - Ground Leases (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Nov. 30, 2020 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2016 | |
Variable Interest Entities - Ground Lease | ||||||||||
Revenue | $ 21,066,000 | $ 20,436,000 | $ 20,422,000 | $ 20,816,000 | $ 82,740,000 | $ 81,903,000 | $ 84,736,000 | |||
Variable Interest Entity, Not Primary Beneficiary | ||||||||||
Variable Interest Entities - Ground Lease | ||||||||||
Maximum Exposure to Loss | 15,756,000 | 15,756,000 | ||||||||
Variable Interest Entity, Not Primary Beneficiary | Ground lease rental income | ||||||||||
Variable Interest Entities - Ground Lease | ||||||||||
Revenue | 0 | $ 729,000 | 1,597,000 | |||||||
Variable Interest Entity, Not Primary Beneficiary | Property located in, Wheaton, Illinois | Ground lease rental income | ||||||||||
Variable Interest Entities - Ground Lease | ||||||||||
Revenue | $ 814,000 | |||||||||
Variable Interest Entity, Not Primary Beneficiary | The Vue Apartments, Beachwood, Ohio | ||||||||||
Variable Interest Entities - Ground Lease | ||||||||||
Owner/ Operator Mortgage from Third Party | $ 67,444,000 | |||||||||
Current Balance of Owner or Operator Mortgage Debt Obtained From Third Party | $ 66,013,000 | 66,013,000 | ||||||||
Percentage of operating expense shortfalls & cap-ex covered by the Company | 78.00% | |||||||||
Amount of operating expense shortfalls & cap-ex covered by the Company | $ 271,000 | $ 1,746,000 |
VARIABLE INTEREST ENTITIES, C_4
VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES - Consolidated Joint Ventures (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($) | ||
Consolidated VIEs Carrying Amount of Assets and Liabilities | |||
Land | $ 180,183,000 | $ 190,391,000 | |
Unbilled rent receivable | 14,330,000 | 15,438,000 | |
Unamortized intangible lease assets, net | 20,694,000 | 24,703,000 | |
Escrow, deposits and other assets and receivables | 13,346,000 | 20,667,000 | |
Mortgages payable, net of unamortized deferred financing costs of $0 and $253, respectively | 396,344,000 | 429,704,000 | |
Accrued expenses and other liabilities | 18,992,000 | 21,498,000 | |
Unamortized intangible lease liabilities, net | 10,407,000 | 11,189,000 | |
Accumulated other comprehensive loss | (1,513,000) | (5,002,000) | |
Non-controlling interests in consolidated joint ventures | [1] | 946,000 | 1,193,000 |
Mortgages payable | |||
Consolidated VIEs Carrying Amount of Assets and Liabilities | |||
Mortgages payable, net of unamortized deferred financing costs of $0 and $253, respectively | 396,344,000 | 429,704,000 | |
Unamortized deferred financing costs | $ 3,316,000 | 3,845,000 | |
Consolidated Joint Venture-VIEs | |||
Variable Interest Entities | |||
Number of joint ventures with controlling interest | item | 3 | ||
Consolidated VIEs Carrying Amount of Assets and Liabilities | |||
Land | $ 10,365,000 | 12,158,000 | |
Buildings and improvements, net of accumulated depreciation of $000 and $5,232, respectively | 18,472,000 | 23,372,000 | |
Accumulated depreciation | 4,957,000 | 5,232,000 | |
Cash | 1,134,000 | 1,102,000 | |
Unbilled rent receivable | 1,020,000 | 861,000 | |
Unamortized intangible lease assets, net | 548,000 | 627,000 | |
Escrow, deposits and other assets and receivables | 878,000 | 1,089,000 | |
Mortgages payable, net of unamortized deferred financing costs of $0 and $253, respectively | 19,193,000 | 23,530,000 | |
Accrued expenses and other liabilities | 875,000 | 752,000 | |
Unamortized intangible lease liabilities, net | 475,000 | 526,000 | |
Accumulated other comprehensive loss | (33,000) | (127,000) | |
Non-controlling interests in consolidated joint ventures | $ 946,000 | $ 1,193,000 | |
Consolidated Joint Venture-VIEs | Minimum | |||
Variable Interest Entities | |||
Ownership interest in consolidated joint venture of the company (as a percent) | 90.00% | ||
Consolidated Joint Venture-VIEs | Maximum | |||
Variable Interest Entities | |||
Ownership interest in consolidated joint venture of the company (as a percent) | 95.00% | ||
Consolidated Joint Venture-VIEs | Real Estate in Philadelphia, PA | |||
Variable Interest Entities | |||
Ownership interest in consolidated joint venture of the company (as a percent) | 90.00% | ||
Consolidated Joint Venture-VIEs | Mortgages payable | |||
Consolidated VIEs Carrying Amount of Assets and Liabilities | |||
Unamortized deferred financing costs | $ 195,000 | $ 253,000 | |
[1] | The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 6. The consolidated balance sheets include the following amounts related to the Company’s consolidated VIEs: $10,365 and $12,158 of land, $18,472 and $23,372 of building and improvements, net of $4,957 and $ 5,232 of accumulated depreciation, $3,580 and $3,679 of other assets included in other line items, $19,193 and $23,530 of real estate debt, net $1,350 and $1,278 of other liabilities included in other line items, and $946 and $1,193 of non-controlling interests as of December 31, 2021 and 2020, respectively. |
VARIABLE INTEREST ENTITIES, C_5
VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES - MCB Real Estate, LLC (Details) - Consolidated Joint Venture-VIEs - MCB Real Estate LLC And Its Affiliates | Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($)item |
Consolidated VIEs Carrying Amount of Assets and Liabilities | ||
Number of consolidated joint ventures | item | 2 | 3 |
Investment in consolidated joint ventures | $ | $ 4,691,000 | $ 7,495,000 |
INVESTMENT IN UNCONSOLIDATED _2
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Details) | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | |||||
Investment in unconsolidated joint ventures | $ 10,172,000 | $ 10,702,000 | |||
Equity in earnings of unconsolidated joint ventures | 202,000 | 38,000 | $ 16,000 | ||
Equity in earnings from sale of unconsolidated joint venture properties | $ 805,000 | $ 121,000 | |||
Unconsolidated Joint Ventures | |||||
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | |||||
Number of unconsolidated joint ventures | item | 3 | 3 | |||
Number of properties owned and operated by each unconsolidated joint venture | item | 1 | 1 | |||
Investment in unconsolidated joint ventures | $ 10,172,000 | $ 10,702,000 | |||
Equity in earnings of unconsolidated joint ventures | 202,000 | 38,000 | $ 16,000 | ||
Unconsolidated Joint Ventures | Property located in Savannah, Georgia | |||||
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | |||||
Net Proceeds from the sale of property in unconsolidated joint venture | $ 2,559,000 | $ 819,000 | |||
Share of gain from the sale (as a percent) | 50.00% | 50.00% | |||
Equity in earnings from sale of unconsolidated joint venture properties | $ 805,000 | $ 121,000 | |||
Acres of land retained | 2.2 | ||||
Unconsolidated Joint Ventures | MCB Real Estate LLC And Its Affiliates | |||||
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | |||||
Investment in unconsolidated joint ventures | $ 8,773,000 | $ 8,761,000 |
DEBT OBLIGATIONS - Mortgages Pa
DEBT OBLIGATIONS - Mortgages Payable (Details) | 12 Months Ended | |
Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($) | |
Mortgages Payable | ||
Mortgages payable, net | $ 396,344,000 | $ 429,704,000 |
Aggregate gross carrying value of real estate investments | 837,641,000 | 839,058,000 |
Accumulated depreciation | 160,664,000 | 147,136,000 |
Real Estate Investments with outstanding mortgages | ||
Mortgages Payable | ||
Aggregate gross carrying value of real estate investments | 670,462,000 | |
Accumulated depreciation | 120,055,000 | |
Mortgages payable | ||
Mortgages Payable | ||
Mortgages payable, gross | 399,660,000 | 433,549,000 |
Unamortized deferred financing costs | (3,316,000) | (3,845,000) |
Mortgages payable, net | $ 396,344,000 | $ 429,704,000 |
Number of outstanding mortgages | item | 69 | |
Weighted average interest rate (as a percent) | 4.18% | 4.19% |
Mortgages payable | Minimum | ||
Mortgages Payable | ||
Interest rate after giving effect to interest rate swap agreements | 3.02% | |
Mortgages payable | Maximum | ||
Mortgages Payable | ||
Interest rate after giving effect to interest rate swap agreements | 5.50% | |
Mortgages payable | COVID-19 | ||
Mortgages Payable | ||
Amount of deferred debt service payments repaid | $ 215,000 | $ 174,000 |
Mortgages payable | COVID-19 | Debt service due in 2020 and 2021 | ||
Mortgages Payable | ||
Deferral of debt service payments | $ 1,670,000 | |
Mortgages payable | COVID-19 | Deferrals from 2022 through 2023 | ||
Mortgages Payable | ||
Deferral of debt service payments | $ 210,000 |
DEBT OBLIGATIONS - Principal re
DEBT OBLIGATIONS - Principal repayments (Details) - Mortgages payable - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Scheduled principal repayments during the next five years | ||
2022 | $ 44,843,000 | |
2023 | 25,774,000 | |
2024 | 62,634,000 | |
2025 | 42,615,000 | |
2026 | 29,277,000 | |
Thereafter | 194,517,000 | |
Total | $ 399,660,000 | $ 433,549,000 |
DEBT OBLIGATIONS - Line of Cred
DEBT OBLIGATIONS - Line of Credit (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 01, 2022 | Mar. 01, 2022 | |
Line of credit, net, balances per the consolidated balance sheets | |||||
Line of credit, net | $ 11,484,000 | $ 12,525,000 | |||
Line of Credit | |||||
Line of Credit | |||||
Maximum borrowing capacity | 100,000,000 | ||||
Borrowing capacity available for renovation and operating expense purposes | $ 30,000,000 | ||||
Percentage of permitted borrowing base available for renovation and operating expense purposes | 30.00% | ||||
Borrowing capacity available for renovation expenses purposes | $ 10,000,000 | ||||
Borrowing capacity available for operating expense purposes | $ 20,000,000 | $ 20,000,000 | |||
Unused facility fee (as a percent) | 0.25% | ||||
Line of credit, interest rate during the period | 1.86% | 2.53% | 4.03% | ||
Line of credit, net, balances per the consolidated balance sheets | |||||
Line of credit, gross | $ 11,700,000 | $ 12,950,000 | $ 14,700,000 | ||
Unamortized deferred financing costs | (216,000) | (425,000) | |||
Line of credit, net | $ 11,484,000 | $ 12,525,000 | |||
Line of Credit | Forecast | |||||
Line of Credit | |||||
Borrowing capacity available for renovation expenses purposes | $ 20,000,000 | ||||
Borrowing capacity available for operating expense purposes | $ 10,000,000 | ||||
Line of Credit | LIBOR | |||||
Line of Credit | |||||
Basis of interest rate | one month LIBOR | ||||
Applicable margin (as a percent) | 1.75% | 2.00% | |||
Line of Credit | LIBOR | Minimum | |||||
Line of Credit | |||||
Applicable margin (as a percent) | 1.75% | ||||
Line of Credit | LIBOR | Maximum | |||||
Line of Credit | |||||
Applicable margin (as a percent) | 3.00% |
FAIR VALUE MEASUREMENTS - Summa
FAIR VALUE MEASUREMENTS - Summary (Details) | Mar. 01, 2022USD ($) | Dec. 31, 2021USD ($)itemY | Dec. 31, 2020USD ($)Yitem |
Line of Credit | |||
FAIR VALUE MEASUREMENTS | |||
Line of credit, gross | $ 14,700,000 | $ 11,700,000 | $ 12,950,000 |
Mortgages payable | |||
FAIR VALUE MEASUREMENTS | |||
Estimated fair value of mortgages payable | 419,354,000 | 461,965,000 | |
Carrying value of mortgage loans | 399,660,000 | 433,549,000 | |
Excess of fair value over carrying value | $ 19,694,000 | $ 28,416,000 | |
Mortgages payable | Blended market interest rate | |||
FAIR VALUE MEASUREMENTS | |||
Long-term debt, measurement input | item | 0.0320 | 0.0300 | |
Mortgages payable | Remaining term to maturity | |||
FAIR VALUE MEASUREMENTS | |||
Long-term debt, measurement input | Y | 6.4 | 7.1 |
FAIR VALUE MEASUREMENTS - Fair
FAIR VALUE MEASUREMENTS - Fair Value of Derivatives (Details) | 12 Months Ended | |
Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($) | |
Interest rate derivatives | Cash flow hedges | ||
FAIR VALUE MEASUREMENTS | ||
Number of interest rate derivatives held | item | 19 | |
Number of mortgage loans outstanding with related interest rate swaps | item | 19 | |
Notional Amount | $ | $ 56,884,000 | |
Weighted average maturity | 2 years 6 months | |
Weighted average annual interest rate (as a percent) | 4.05% | |
Interest rate derivatives | Cash flow hedges | Minimum | ||
FAIR VALUE MEASUREMENTS | ||
Fixed interest rate (as a percent) | 3.02% | |
Interest rate derivatives | Cash flow hedges | Maximum | ||
FAIR VALUE MEASUREMENTS | ||
Fixed interest rate (as a percent) | 5.16% | |
Interest rate swap | Level 2 | Other liabilities | ||
Financial liabilities: | ||
Derivative financial instruments | $ | $ 1,514,000 | $ 5,012,000 |
FAIR VALUE MEASUREMENTS - Effec
FAIR VALUE MEASUREMENTS - Effect of derivatives on Consolidated Statements of Income (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Credit risk related contingent feature | |||
Accrued interest on derivatives in a liability position | $ 84,000 | $ 120,000 | |
Interest rate swap | |||
Credit risk related contingent feature | |||
Fair value of derivative in a liability position, including accrued interest but excluding adjustments for non-performance risk | 1,632,000 | 5,314,000 | |
Adjustments for non-performance risk | 34,000 | 182,000 | |
Interest rate swap | Accrued Expenses And Other Liabilities | |||
Credit risk related contingent feature | |||
Termination liability value | 1,632,000 | 5,314,000 | |
Interest rate swap | Cash flow hedges | |||
FAIR VALUE MEASUREMENTS | |||
Amount of (loss) gain recognized on derivatives in other comprehensive loss | 1,179,000 | (5,481,000) | $ (4,224,000) |
Amount of reclassification from Accumulated other comprehensive loss into Interest expense | (2,318,000) | (2,098,000) | (702,000) |
Reclassification of realized gain (loss) from Accumulated other comprehensive income (loss) to earnings | 867,000 | $ 776,000 | $ 816,000 |
Additional amount to be reclassified during the next twelve months | $ 930,000 |
RELATED PARTY TRANSACTIONS - Co
RELATED PARTY TRANSACTIONS - Compensation and Services Agreement (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Majestic | |||
Related Party Transactions | |||
Aggregate fees under compensation and services agreement | $ 3,111,000 | $ 3,011,000 | $ 2,826,000 |
Property management costs allocated to real estate expenses | 1,365,000 | 1,265,000 | 1,307,000 |
Additional payment for the entity's share of all direct office expenses | $ 295,000 | 275,000 | 216,000 |
Majestic | Net lease tenants | |||
Related Party Transactions | |||
Property management costs as a percentage of rental payments | 1.50% | ||
Majestic | Operating lease tenants | |||
Related Party Transactions | |||
Property management costs as a percentage of rental payments | 2.00% | ||
Executive officers and others | |||
Related Party Transactions | |||
Stock incentive plan expense | $ 2,590,000 | $ 2,349,000 | $ 1,973,000 |
RELATED PARTY TRANSACTIONS - Jo
RELATED PARTY TRANSACTIONS - Joint Venture Partners and Affiliates (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Unconsolidated Joint Ventures | |||
Related Party Transactions | |||
Aggregate management fees paid to other partners | $ 118,000 | $ 93,000 | $ 117,000 |
Decrease in equity earnings, joint venture transaction | 59,000 | 47,000 | 59,000 |
Leasing commission and development fees paid to unconsolidated joint venture partner | 75,000 | ||
Joint Venture Partners and Affiliates | |||
Related Party Transactions | |||
Payments for property management services | $ 83,000 | $ 76,000 | $ 82,000 |
RELATED PARTY TRANSACTIONS - Ot
RELATED PARTY TRANSACTIONS - Other (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Real estate expenses | |||
Related Party Transactions | |||
Insurance expense recognized of amounts reimbursed to related party | $ 1,267,000 | $ 1,091,000 | $ 927,000 |
Chairman | General and administrative expense | |||
Related Party Transactions | |||
Aggregate fees paid | 298,000 | 298,000 | 289,000 |
Vice Chairman | General and administrative expense | |||
Related Party Transactions | |||
Aggregate fees paid | $ 119,000 | $ 119,000 | 116,000 |
Gould Investors L.P. | |||
Related Party Transactions | |||
Number of common stock shares owned by the related party | 1,921,712 | 1,894,883 | |
Ownership percentage held by a related party | 9.20% | 9.20% | |
Amount of insurance reimbursed | $ 1,402,000 | $ 1,168,000 | $ 1,025,000 |
EARNINGS PER COMMON SHARE - Rec
EARNINGS PER COMMON SHARE - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator for basic and diluted earnings per share: | |||||||
Net income | $ 6,533 | $ 6,212 | $ 23,332 | $ 2,957 | $ 39,034 | $ 27,413 | $ 18,544 |
Deduct net income attributable to non-controlling interests | (177) | (6) | (533) | ||||
Deduct earnings allocated to unvested restricted stock | (1,326) | (1,263) | (1,227) | ||||
Net income available for common stockholders: basic and diluted | $ 37,531 | $ 26,144 | $ 16,784 | ||||
Denominator for basic earnings per share: | |||||||
Weighted average number of common shares outstanding | 20,210 | 20,115 | 20,013 | 20,003 | 20,086 | 19,571 | 19,090 |
Effect of diluted securities: | |||||||
RSUs | 178 | 28 | 29 | ||||
Denominator for diluted earnings per share: | |||||||
Weighted average number of shares | 20,369 | 20,273 | 20,187 | 20,061 | 20,264 | 19,599 | 19,119 |
Earnings per common share, basic (in dollars per share) | $ 0.31 | $ 0.29 | $ 1.13 | $ 0.13 | $ 1.87 | $ 1.34 | $ 0.88 |
Earnings per common share, diluted (in dollars per share) | $ 0.30 | $ 0.28 | $ 1.12 | $ 0.13 | $ 1.85 | $ 1.33 | $ 0.88 |
EARNINGS PER COMMON SHARE - Sha
EARNINGS PER COMMON SHARE - Shares of common stock underlying RSUs (Details) - shares | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Common Share | ||||||
Options outstanding | 0 | 0 | 0 | |||
Restricted stock units | ||||||
Earnings Per Common Share | ||||||
Number of shares forfeited | 51,907 | 5,250 | ||||
Number of shares awarded | 80,700 | 75,026 | 77,776 | |||
Number of shares vested | 73,750 | 24,343 | ||||
Restricted stock units | July 1, 2018 | ||||||
Earnings Per Common Share | ||||||
Number of shares vested | 73,750 | |||||
Restricted stock units | September 26, 2017 | ||||||
Earnings Per Common Share | ||||||
Number of shares forfeited | 51,907 | |||||
Number of shares vested | 24,343 | |||||
2019 and 2016 Incentive Plans | ||||||
Earnings Per Common Share | ||||||
Number of underlying shares | 230,752 | 223,802 | 225,026 | |||
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric | 115,376 | 85,569 | 37,612 | |||
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric | 115,376 | 37,513 | 34,771 | |||
Total | 230,752 | 123,082 | 72,383 | |||
Common shares not included in calculation due applicable metric had not been met at measurement dates | 100,720 | 152,643 | ||||
2019 and 2016 Incentive Plans | August 3, 2021 | ||||||
Earnings Per Common Share | ||||||
Number of underlying shares | 80,700 | |||||
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric | 40,350 | |||||
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric | 40,350 | |||||
Total | 80,700 | |||||
2019 and 2016 Incentive Plans | August 3, 2020 | ||||||
Earnings Per Common Share | ||||||
Number of underlying shares | 75,026 | 75,026 | ||||
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric | 37,513 | 37,513 | ||||
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric | 37,513 | 37,513 | ||||
Total | 75,026 | 75,026 | ||||
2019 and 2016 Incentive Plans | July 1, 2019 | ||||||
Earnings Per Common Share | ||||||
Number of underlying shares | 75,026 | 75,026 | 75,026 | |||
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric | 37,513 | 23,233 | 728 | |||
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric | 37,513 | |||||
Total | 75,026 | 23,233 | 728 | |||
Common shares not included in calculation due applicable metric had not been met at measurement dates | 51,793 | 74,298 | ||||
2019 and 2016 Incentive Plans | July 1, 2018 | ||||||
Earnings Per Common Share | ||||||
Number of underlying shares | 73,750 | 73,750 | ||||
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric | 24,823 | 14,755 | ||||
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric | 3,273 | |||||
Total | 24,823 | 18,028 | ||||
Common shares not included in calculation due applicable metric had not been met at measurement dates | 48,927 | 55,722 | ||||
2019 and 2016 Incentive Plans | September 26, 2017 | ||||||
Earnings Per Common Share | ||||||
Number of underlying shares | 76,250 | |||||
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric | 22,129 | |||||
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric | 31,498 | |||||
Total | 53,627 | |||||
Common shares not included in calculation due applicable metric had not been met at measurement dates | 22,623 | |||||
2019 and 2016 Incentive Plans | Awards granted in 2018 | ||||||
Earnings Per Common Share | ||||||
Number of shares forfeited | 2,500 | |||||
2019 and 2016 Incentive Plans | Awards granted in 2019 | ||||||
Earnings Per Common Share | ||||||
Number of shares forfeited | 2,750 | |||||
2016 Incentive Plan | Restricted stock units | Awards granted in 2018 | ||||||
Earnings Per Common Share | ||||||
Number of shares forfeited | 2,500 | |||||
Number of shares awarded | 76,250 | |||||
Number of shares vested | 73,750 |
STOCKHOLDERS' EQUITY - Stock Ba
STOCKHOLDERS' EQUITY - Stock Based Compensation (Details) - USD ($) | Jan. 12, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Restricted stock grants | ||||||
Stock Based Compensation | ||||||
Number of shares awarded | 151,500 | 149,550 | 150,050 | |||
Number of shares forfeited | 1,000 | 12,400 | ||||
Number of shares vested | 145,725 | 122,125 | 114,650 | |||
Number of shares outstanding | 706,450 | 701,675 | 674,250 | 651,250 | ||
Vesting period | 5 years | |||||
Restricted stock units | ||||||
Stock Based Compensation | ||||||
Number of shares awarded | 80,700 | 75,026 | 77,776 | |||
Number of shares forfeited | 51,907 | 5,250 | ||||
Number of shares vested | 73,750 | 24,343 | ||||
Number of shares outstanding | 230,752 | 223,802 | 225,026 | 152,500 | ||
Performance cycle | 3 years | |||||
Accrual for dividend equivalent rights | $ 27,000 | |||||
TSR awards | ||||||
Stock Based Compensation | ||||||
Percentage of RSUs to vest upon achievement of specified criteria | 50.00% | |||||
TSR awards | Awards granted in 2021 | ||||||
Valuation assumptions | ||||||
Expected life | 3 years | |||||
Dividend rate | 5.91% | |||||
Risk-free interest rate minimum | 0.03% | |||||
Risk-free interest rate maximum | 0.35% | |||||
Expected price volatility minimum | 26.74% | |||||
Expected price volatility maximum | 41.53% | |||||
TSR awards | Awards granted in 2020 | ||||||
Valuation assumptions | ||||||
Expected life | 3 years | |||||
Dividend rate | 10.40% | |||||
Risk-free interest rate minimum | 0.10% | |||||
Risk-free interest rate maximum | 0.18% | |||||
Expected price volatility minimum | 51.24% | |||||
Expected price volatility maximum | 77.92% | |||||
TSR awards | Awards granted in 2019 | ||||||
Valuation assumptions | ||||||
Expected life | 3 years | |||||
Dividend rate | 6.22% | |||||
Risk-free interest rate minimum | 1.79% | |||||
Risk-free interest rate maximum | 2.07% | |||||
Expected price volatility minimum | 21.37% | |||||
Expected price volatility maximum | 23.04% | |||||
ROC Awards | ||||||
Stock Based Compensation | ||||||
Number of shares forfeited | 0 | |||||
Number of shares vested | 0 | |||||
Percentage of RSUs to vest upon achievement of specified criteria | 50.00% | |||||
2019 Incentive Plan | ||||||
Stock Based Compensation | ||||||
Maximum number of shares authorized for issuance | 750,000 | |||||
2019 Incentive Plan | Restricted stock and RSU grants | ||||||
Stock Based Compensation | ||||||
Number of shares awarded | 524,952 | |||||
2019 Incentive Plan | Restricted stock grants | ||||||
Stock Based Compensation | ||||||
Number of shares awarded | 294,200 | |||||
Number of shares issued under the Plan | 153,575 | |||||
Aggregate value of restricted shares issued | $ 5,183,000 | |||||
2019 Incentive Plan | Restricted stock units | ||||||
Stock Based Compensation | ||||||
Number of shares awarded | 230,752 | |||||
2016 Incentive Plan | ||||||
Stock Based Compensation | ||||||
Additional awards authorized | 0 | |||||
2016 Incentive Plan | Restricted stock and RSU grants | ||||||
Stock Based Compensation | ||||||
Number of shares outstanding | 412,250 | |||||
2016 Incentive Plan | Restricted stock units | Awards granted in 2018 | ||||||
Stock Based Compensation | ||||||
Number of shares awarded | 76,250 | |||||
Number of shares forfeited | 2,500 | |||||
Number of shares vested | 73,750 | |||||
2016 Incentive Plan | Restricted stock units | Awards granted in 2017 | ||||||
Stock Based Compensation | ||||||
Number of shares awarded | 76,250 | |||||
Number of shares forfeited | 51,907 | |||||
Number of shares vested | 24,343 | |||||
Pay-for-performance program | Restricted stock units | Awards granted in 2021 | General and administrative expense | ||||||
Valuation assumptions | ||||||
Aggregate fair value of the shares granted | $ 1,808,000 | |||||
Pay-for-performance program | Restricted stock units | Awards granted in 2020 | General and administrative expense | ||||||
Valuation assumptions | ||||||
Aggregate fair value of the shares granted | 962,000 | |||||
Pay-for-performance program | Restricted stock units | Awards granted in 2019 | General and administrative expense | ||||||
Valuation assumptions | ||||||
Aggregate fair value of the shares granted | $ 1,446,000 |
STOCKHOLDERS' EQUITY - Activity
STOCKHOLDERS' EQUITY - Activity of Equity Incentive Plans (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted stock and RSU grants | |||||
Restricted stock and RSU grants: | |||||
Weighted average per share value of non-vested shares (based on grant price) (in dollars per share) | $ 25.04 | $ 24.98 | $ 24.96 | ||
Value of stock vested during the year (based on grant price) | $ 5,165,000 | $ 3,589,000 | $ 2,365,000 | ||
Weighted average per share value of shares forfeited during the year (based on grant price) (in dollars per share) | $ 24.62 | $ 24.03 | $ 25.40 | ||
Total charge to operations: | |||||
Total charge to operations | $ 5,433,000 | $ 4,686,000 | $ 3,870,000 | ||
Restricted stock grants | |||||
Summary of the activity of the incentive plans | |||||
Average per share grant price (in dollars per share) | $ 20.34 | $ 28.10 | $ 25.70 | ||
Deferred compensation to be recognized over vesting period | $ 3,082,000 | $ 4,202,000 | $ 3,856,000 | ||
Number of non-vested shares: | |||||
Non-vested beginning of period (in shares) | 701,675 | 674,250 | 651,250 | ||
Number of shares awarded | 151,500 | 149,550 | 150,050 | ||
Vested during period (in shares) | (145,725) | (122,125) | (114,650) | ||
Forfeitures (in shares) | (1,000) | (12,400) | |||
Non-vested end of period (in shares) | 706,450 | 701,675 | 674,250 | 651,250 | |
Total charge to operations: | |||||
Total charge to operations | $ 3,734,000 | $ 3,529,000 | $ 3,229,000 | ||
Total compensation costs related to non-vested awards that have not yet been recognized | $ 7,137,000 | ||||
Weighted average vesting period | 2 years 1 month 6 days | ||||
Restricted stock units | |||||
Summary of the activity of the incentive plans | |||||
Average per share grant price (in dollars per share) | $ 30.46 | $ 17.31 | $ 28.96 | ||
Deferred compensation to be recognized over vesting period | $ 1,808,000 | $ 850,000 | $ 865,000 | ||
Number of non-vested shares: | |||||
Non-vested beginning of period (in shares) | 223,802 | 225,026 | 152,500 | ||
Number of shares awarded | 80,700 | 75,026 | 77,776 | ||
Vested during period (in shares) | (73,750) | (24,343) | |||
Forfeitures (in shares) | (51,907) | (5,250) | |||
Non-vested end of period (in shares) | 230,752 | 223,802 | 225,026 | 152,500 | |
Total charge to operations: | |||||
Total charge to operations | $ 1,699,000 | $ 1,157,000 | $ 641,000 | ||
Total compensation costs related to non-vested awards that have not yet been recognized | $ 2,292,000 | ||||
Weighted average vesting period | 1 year 6 months | ||||
ROC Awards | |||||
Number of non-vested shares: | |||||
Vested during period (in shares) | 0 | ||||
Forfeitures (in shares) | 0 | ||||
Total charge to operations: | |||||
Weighted average vesting period | 3 years | ||||
2019 Incentive Plan | Restricted stock and RSU grants | |||||
Number of non-vested shares: | |||||
Number of shares awarded | 524,952 | ||||
2019 Incentive Plan | Restricted stock grants | |||||
Number of non-vested shares: | |||||
Number of shares awarded | 294,200 | ||||
2019 Incentive Plan | Restricted stock units | |||||
Number of non-vested shares: | |||||
Number of shares awarded | 230,752 | ||||
2016 Incentive Plan | Restricted stock and RSU grants | |||||
Number of non-vested shares: | |||||
Non-vested end of period (in shares) | 412,250 | ||||
2016 Incentive Plan | Restricted stock units | Awards granted in 2017 | |||||
Number of non-vested shares: | |||||
Number of shares awarded | 76,250 | ||||
Vested during period (in shares) | (24,343) | ||||
Forfeitures (in shares) | (51,907) | ||||
2016 Incentive Plan | Restricted stock units | Awards granted in 2018 | |||||
Number of non-vested shares: | |||||
Number of shares awarded | 76,250 | ||||
Vested during period (in shares) | (73,750) | ||||
Forfeitures (in shares) | (2,500) |
STOCKHOLDERS' EQUITY - Common S
STOCKHOLDERS' EQUITY - Common Stock Dividend Distributions (Details) - USD ($) | Mar. 10, 2022 | Dec. 02, 2020 | Sep. 09, 2020 | Jun. 10, 2020 | Mar. 13, 2020 | Dec. 02, 2020 | Dec. 31, 2021 | Dec. 31, 2019 |
Common Stock Dividend | ||||||||
Total Dividend | $ 9,504,000 | |||||||
Dividend per share | $ 0.45 | $ 0.45 | $ 1.80 | $ 1.80 | ||||
Common Stock | ||||||||
Common Stock Dividend | ||||||||
Total Dividend | $ 9,261,000 | $ 9,198,000 | $ 9,068,000 | $ 9,037,000 | ||||
Dividend Paid, Cash % | 100.00% | 75.00% | 50.00% | 100.00% | ||||
Dividend Paid, Stock % | 25.00% | 50.00% | ||||||
Cash Issued | $ 9,261,000 | $ 6,901,000 | $ 4,537,000 | $ 9,037,000 | ||||
Stock Issued | 141 | 263 | ||||||
Value per Share | $ 16.27 | $ 17.22 |
STOCKHOLDERS' EQUITY - Change i
STOCKHOLDERS' EQUITY - Change in Authorized Capital (Details) - shares | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 08, 2020 | Jul. 07, 2020 |
STOCKHOLDERS' EQUITY | ||||
Common stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | 25,000,000 |
STOCKHOLDERS' EQUITY - Dividend
STOCKHOLDERS' EQUITY - Dividend Reinvestment Plan (Details) - shares | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
May 31, 2020 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Dividend Reinvestment Plan | |||||
Market price discount (as a percent) | 3.00% | 3.00% | 5.00% | 5.00% | |
Common shares issued under Dividend Reinvestment Plan | 35,000 | 77,000 | 220,000 | ||
Maximum | |||||
Dividend Reinvestment Plan | |||||
Market price discount (as a percent) | 5.00% |
STOCKHOLDERS' EQUITY - Shares I
STOCKHOLDERS' EQUITY - Shares Issued through the At-the-Market Offering Program (Details) - At-the-Market Equity Offering Program - USD ($) | 2 Months Ended | 12 Months Ended | |
Mar. 01, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | |
STOCKHOLDERS' EQUITY | |||
Number of shares sold | 17,259 | 106,290 | 180,120 |
Proceeds from sale of common stock, net of commissions | $ 604,000 | $ 3,379,000 | $ 5,392,000 |
Payment of commissions on sale of shares | $ 12,000 | 69,000 | 54,000 |
Payment of offering costs on sale of shares | $ 65,000 | $ 192,000 |
OTHER INCOME - Lease Assignment
OTHER INCOME - Lease Assignment Fee Income and Insurance Recoveries on Hurricane Casualty (Details) | 2 Months Ended | 3 Months Ended | 12 Months Ended | |
Feb. 28, 2022USD ($) | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($) | |
Lease Assignment Fee Income | ||||
Number of properties included in a lease split and assignment agreement | item | 6 | |||
Insurance Recoveries on Hurricane Casualty | ||||
Impairment due to casualty loss | $ 430,000 | |||
Accumulated depreciation | $ 160,664,000 | 147,136,000 | ||
Casualty loss, insurance recovery proceeds received, classified as investing activities | 975,000 | 150,000 | ||
Other income | ||||
Lease Assignment Fee Income | ||||
Fee income, lease assignment agreement | 100,000 | |||
Real Estate in Lake Charles, LA | ||||
Insurance Recoveries on Hurricane Casualty | ||||
Impairment due to casualty loss | 430,000 | |||
Accumulated depreciation | 352,000 | |||
Amount of insurance deductible | 263,000 | |||
Total claim amount submitted to insurance carrier | 2,306,000 | |||
Casualty loss, insurance recovery proceeds received, classified as investing activities | $ 918,000 | 975,000 | 150,000 | |
Losses in rental income | 259,000 | |||
Recoveries on losses in rental income from casualty | $ 43,000 | 216,000 | ||
Real Estate in Lake Charles, LA | Other income | ||||
Insurance Recoveries on Hurricane Casualty | ||||
Casualty loss, aggregate insurance recovery proceeds received | $ 961,000 | |||
Gain on insurance recoveries | $ 695,000 | $ 430,000 |
OTHER INCOME - Interest Income
OTHER INCOME - Interest Income on Loan Receivable (Details) | 1 Months Ended | 12 Months Ended |
Dec. 31, 2020USD ($)item | Dec. 31, 2021USD ($) | |
Other income | ||
Interest Income on Loan Receivable | ||
Interest income on loans | $ 59,000 | |
Real Estate in Houston, TX | ||
Interest Income on Loan Receivable | ||
Number of properties sold | item | 2 | |
Seller-financing provided by the Company | $ 4,612,500 | |
Term of loan | 1 year | |
Percentage of seller-financing provided by the Company | 50.00% |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
General and administrative expense | |||
COMMITMENTS AND CONTINGENCIES | |||
Pension expense | $ 301,000 | $ 307,000 | $ 304,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
May 31, 2020 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
INCOME TAXES | |||||
Period of disqualification of REIT status | 4 years | ||||
Approximate allocation of the distributions made to stockholders | |||||
Percentage of Distributions Representing Ordinary Income to Shareholders | 43.00% | 45.00% | 73.00% | ||
Percentage of Distributions Representing Capital Gains to Shareholders | 57.00% | 47.00% | |||
Percentage of Distributions Representing Return of Capital to Shareholders | 8.00% | 27.00% | |||
Total distributions made to stockholders, percentage | 100.00% | 100.00% | 100.00% | ||
Reconciliation between dividends declared with the dividends paid deduction | |||||
Dividends declared | $ 37,478 | $ 36,564 | $ 35,663 | ||
Dividend reinvestment plan | 35 | 47 | 247 | ||
Dividends before adjustments | 37,513 | 36,611 | 35,910 | ||
Less: Spillover dividends designated to following year | (2,150) | (9,261) | (8,976) | ||
Less: Return of capital | (3,265) | (9,842) | |||
Plus: Dividends designated from prior year | 9,261 | 8,976 | 549 | ||
Dividends paid deduction | $ 44,624 | $ 33,061 | $ 17,641 | ||
Percentage of discount on common stock purchased through the dividend reinvestment plan | 3.00% | 3.00% | 5.00% | 5.00% | |
Maximum | |||||
Reconciliation between dividends declared with the dividends paid deduction | |||||
Percentage of discount on common stock purchased through the dividend reinvestment plan | 5.00% |
QUARTERLY FINANCIAL DATA (Una_3
QUARTERLY FINANCIAL DATA (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
QUARTERLY FINANCIAL DATA (Unaudited) | |||||||
Total revenues | $ 21,066 | $ 20,436 | $ 20,422 | $ 20,816 | $ 82,740 | $ 81,903 | $ 84,736 |
Gain on sale of properties | 2,695 | 1,277 | 21,491 | 25,463 | |||
Net income | 6,533 | 6,212 | 23,332 | 2,957 | 39,034 | 27,413 | 18,544 |
Net income attributable to One Liberty Properties, Inc. | $ 6,507 | $ 6,059 | $ 23,329 | $ 2,962 | $ 38,857 | $ 27,407 | $ 18,011 |
Weighted average number of common shares outstanding: | |||||||
Basic (in shares) | 20,210 | 20,115 | 20,013 | 20,003 | 20,086 | 19,571 | 19,090 |
Diluted (in shares) | 20,369 | 20,273 | 20,187 | 20,061 | 20,264 | 19,599 | 19,119 |
Net income per common share attributable to common stockholders: | |||||||
Basic (in dollars per share) | $ 0.31 | $ 0.29 | $ 1.13 | $ 0.13 | $ 1.87 | $ 1.34 | $ 0.88 |
Diluted (in dollars per share) | $ 0.30 | $ 0.28 | $ 1.12 | $ 0.13 | $ 1.85 | $ 1.33 | $ 0.88 |
Schedule III - Consolidated R_2
Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021USD ($)property | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2006USD ($) | |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | $ 399,660 | ||||
Initial Cost To Company | |||||
Land | 178,328 | ||||
Buildings and Improvements | 614,952 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 44,361 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 180,183 | ||||
Building & Improvements | 657,458 | ||||
Total | 837,641 | $ 839,058 | $ 835,837 | $ 829,143 | |
Accumulated Depreciation | $ 160,664 | $ 147,136 | $ 135,302 | $ 123,684 | |
Other disclosures | |||||
Estimated useful lives of buildings and improvements | 40 years | ||||
Minimum | |||||
Other disclosures | |||||
Estimated useful lives of buildings and improvements | 2 years | ||||
Retail - Furniture | |||||
Other disclosures | |||||
Number of properties covered by one master lease and one loan secured by cross - collateralized mortgages | property | 11 | ||||
Retail - Office Supply | |||||
Other disclosures | |||||
Number of properties net leased to same tenant pursuant to separate leases | property | 5 | ||||
Number of properties containing cross default provisions | property | 4 | ||||
Real Estate in Tucker, GA | Health & Fitness | |||||
Initial Cost To Company | |||||
Land | $ 807 | ||||
Buildings and Improvements | 3,027 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 3,420 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 807 | ||||
Building & Improvements | 6,447 | ||||
Total | 7,254 | ||||
Accumulated Depreciation | 3,058 | ||||
Real Estate in Hamilton, OH | Health & Fitness | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 4,282 | ||||
Initial Cost To Company | |||||
Land | 1,483 | ||||
Buildings and Improvements | 5,953 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,483 | ||||
Building & Improvements | 5,953 | ||||
Total | 7,436 | ||||
Accumulated Depreciation | 1,784 | ||||
Real Estate in Secaucus, NJ | Health & Fitness | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 7,722 | ||||
Initial Cost To Company | |||||
Land | 5,449 | ||||
Buildings and Improvements | 9,873 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 5,449 | ||||
Building & Improvements | 9,873 | ||||
Total | 15,322 | ||||
Accumulated Depreciation | 2,249 | ||||
Real Estate in West Palm Beach, FL | Industrial | |||||
Initial Cost To Company | |||||
Land | 181 | ||||
Buildings and Improvements | 724 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 235 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 181 | ||||
Building & Improvements | 959 | ||||
Total | 1,140 | ||||
Accumulated Depreciation | 472 | ||||
Real Estate in New Hyde Park, NY | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 2,267 | ||||
Initial Cost To Company | |||||
Land | 182 | ||||
Buildings and Improvements | 728 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 281 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 182 | ||||
Building & Improvements | 1,009 | ||||
Total | 1,191 | ||||
Accumulated Depreciation | 510 | ||||
Real Estate in Ronkonkoma, NY | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 5,305 | ||||
Initial Cost To Company | |||||
Land | 1,042 | ||||
Buildings and Improvements | 4,171 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 2,920 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,042 | ||||
Building & Improvements | 7,091 | ||||
Total | 8,133 | ||||
Accumulated Depreciation | 3,129 | ||||
Real Estate in Hauppauge, NY | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 24,006 | ||||
Initial Cost To Company | |||||
Land | 1,951 | ||||
Buildings and Improvements | 10,954 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 9,600 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,951 | ||||
Building & Improvements | 20,554 | ||||
Total | 22,505 | ||||
Accumulated Depreciation | 8,103 | ||||
Real Estate in Melville, NY | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 2,396 | ||||
Initial Cost To Company | |||||
Land | 774 | ||||
Buildings and Improvements | 3,029 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 1,170 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 774 | ||||
Building & Improvements | 4,199 | ||||
Total | 4,973 | ||||
Accumulated Depreciation | 1,793 | ||||
Real Estate in Saco, ME | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 5,165 | ||||
Initial Cost To Company | |||||
Land | 1,027 | ||||
Buildings and Improvements | 3,623 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 2,050 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,027 | ||||
Building & Improvements | 5,673 | ||||
Total | 6,700 | ||||
Accumulated Depreciation | 1,630 | ||||
Real Estate in Baltimore, MD | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 18,261 | ||||
Initial Cost To Company | |||||
Land | 6,474 | ||||
Buildings and Improvements | 25,282 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 6,474 | ||||
Building & Improvements | 25,282 | ||||
Total | 31,756 | ||||
Accumulated Depreciation | 9,507 | ||||
Other disclosures | |||||
Reduction to cost of land and buildings | $ 416 | ||||
Real Estate in Durham, NC | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 2,444 | ||||
Initial Cost To Company | |||||
Land | 1,043 | ||||
Buildings and Improvements | 2,404 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 44 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,043 | ||||
Building & Improvements | 2,448 | ||||
Total | 3,491 | ||||
Accumulated Depreciation | 758 | ||||
Real Estate in Pinellas Park, FL | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 2,111 | ||||
Initial Cost To Company | |||||
Land | 1,231 | ||||
Buildings and Improvements | 1,669 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,231 | ||||
Building & Improvements | 1,669 | ||||
Total | 2,900 | ||||
Accumulated Depreciation | 432 | ||||
Real Estate in Miamisburg, OH | Industrial | |||||
Initial Cost To Company | |||||
Land | 165 | ||||
Buildings and Improvements | 1,348 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 83 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 165 | ||||
Building & Improvements | 1,431 | ||||
Total | 1,596 | ||||
Accumulated Depreciation | 379 | ||||
Real Estate 1 in Fort Mill, SC | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 7,195 | ||||
Initial Cost To Company | |||||
Land | 1,840 | ||||
Buildings and Improvements | 12,687 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 55 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,840 | ||||
Building & Improvements | 12,742 | ||||
Total | 14,582 | ||||
Accumulated Depreciation | 2,967 | ||||
Real Estate 1 in Indianapolis, IN | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 5,208 | ||||
Initial Cost To Company | |||||
Land | 1,224 | ||||
Buildings and Improvements | 6,935 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,224 | ||||
Building & Improvements | 6,935 | ||||
Total | 8,159 | ||||
Accumulated Depreciation | 1,833 | ||||
Real Estate 2 in Fort Mill, SC | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 21,982 | ||||
Initial Cost To Company | |||||
Land | 1,804 | ||||
Buildings and Improvements | 33,650 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,804 | ||||
Building & Improvements | 33,650 | ||||
Total | 35,454 | ||||
Accumulated Depreciation | 8,572 | ||||
Real Estate in New Hope, MN | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 3,864 | ||||
Initial Cost To Company | |||||
Land | 881 | ||||
Buildings and Improvements | 6,064 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 154 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 881 | ||||
Building & Improvements | 6,218 | ||||
Total | 7,099 | ||||
Accumulated Depreciation | 1,129 | ||||
Real Estate 1 in Louisville, KY | Industrial | |||||
Initial Cost To Company | |||||
Land | 578 | ||||
Buildings and Improvements | 3,727 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 34 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 578 | ||||
Building & Improvements | 3,761 | ||||
Total | 4,339 | ||||
Accumulated Depreciation | 672 | ||||
Real Estate 2 in Louisville, KY | Industrial | |||||
Initial Cost To Company | |||||
Land | 51 | ||||
Buildings and Improvements | 230 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 51 | ||||
Building & Improvements | 230 | ||||
Total | 281 | ||||
Accumulated Depreciation | 41 | ||||
Real Estate in McCalla, AL | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 9,124 | ||||
Initial Cost To Company | |||||
Land | 1,588 | ||||
Buildings and Improvements | 14,682 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,588 | ||||
Building & Improvements | 14,682 | ||||
Total | 16,270 | ||||
Accumulated Depreciation | 2,418 | ||||
Real Estate In St Louis, MO | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 10,344 | ||||
Initial Cost To Company | |||||
Land | 3,728 | ||||
Buildings and Improvements | 13,006 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 739 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 3,728 | ||||
Building & Improvements | 13,745 | ||||
Total | 17,473 | ||||
Accumulated Depreciation | 2,363 | ||||
Real Estate 1 in Greenville, SC | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 4,523 | ||||
Initial Cost To Company | |||||
Land | 693 | ||||
Buildings and Improvements | 6,893 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 307 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 693 | ||||
Building & Improvements | 7,200 | ||||
Total | 7,893 | ||||
Accumulated Depreciation | 1,105 | ||||
Real Estate 2 in Greenville, SC | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 5,026 | ||||
Initial Cost To Company | |||||
Land | 528 | ||||
Buildings and Improvements | 8,074 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 127 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 528 | ||||
Building & Improvements | 8,201 | ||||
Total | 8,729 | ||||
Accumulated Depreciation | 1,254 | ||||
Real Estate 1 in El Paso, TX | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 12,798 | ||||
Initial Cost To Company | |||||
Land | 3,691 | ||||
Buildings and Improvements | 17,904 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 350 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 3,691 | ||||
Building & Improvements | 18,254 | ||||
Total | 21,945 | ||||
Accumulated Depreciation | 2,662 | ||||
Real Estate in Lebanon, TN | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 20,378 | ||||
Initial Cost To Company | |||||
Land | 2,094 | ||||
Buildings and Improvements | 30,039 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 44 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 2,094 | ||||
Building & Improvements | 30,083 | ||||
Total | 32,177 | ||||
Accumulated Depreciation | 4,117 | ||||
Real Estate in Huntersville, NC | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 4,561 | ||||
Initial Cost To Company | |||||
Land | 1,046 | ||||
Buildings and Improvements | 6,674 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,046 | ||||
Building & Improvements | 6,674 | ||||
Total | 7,720 | ||||
Accumulated Depreciation | 815 | ||||
Real Estate in Pittston, PA | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 6,387 | ||||
Initial Cost To Company | |||||
Land | 999 | ||||
Buildings and Improvements | 9,922 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 250 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 999 | ||||
Building & Improvements | 10,172 | ||||
Total | 11,171 | ||||
Accumulated Depreciation | 1,229 | ||||
Real Estate in Ankeny, IA | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 7,779 | ||||
Initial Cost To Company | |||||
Land | 1,351 | ||||
Buildings and Improvements | 11,607 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,351 | ||||
Building & Improvements | 11,607 | ||||
Total | 12,958 | ||||
Accumulated Depreciation | 1,353 | ||||
Real Estate in Memphis, TN | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 4,734 | ||||
Initial Cost To Company | |||||
Land | 140 | ||||
Buildings and Improvements | 7,952 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 140 | ||||
Building & Improvements | 7,952 | ||||
Total | 8,092 | ||||
Accumulated Depreciation | 872 | ||||
Real Estate in Pennsburg, PA | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 7,609 | ||||
Initial Cost To Company | |||||
Land | 1,776 | ||||
Buildings and Improvements | 11,126 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,776 | ||||
Building & Improvements | 11,126 | ||||
Total | 12,902 | ||||
Accumulated Depreciation | 1,170 | ||||
Real Estate in Plymouth, MN | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 3,079 | ||||
Initial Cost To Company | |||||
Land | 1,121 | ||||
Buildings and Improvements | 4,429 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,121 | ||||
Building & Improvements | 4,429 | ||||
Total | 5,550 | ||||
Accumulated Depreciation | 410 | ||||
Real Estate in Englewood, CO | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 7,820 | ||||
Initial Cost To Company | |||||
Land | 1,562 | ||||
Buildings and Improvements | 11,300 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,562 | ||||
Building & Improvements | 11,300 | ||||
Total | 12,862 | ||||
Accumulated Depreciation | 943 | ||||
Real Estate 1 in Moorestown, NJ | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 3,715 | ||||
Initial Cost To Company | |||||
Land | 1,822 | ||||
Buildings and Improvements | 5,056 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,822 | ||||
Building & Improvements | 5,056 | ||||
Total | 6,878 | ||||
Accumulated Depreciation | 415 | ||||
Real Estate 2 in Moorestown, NJ | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 8,278 | ||||
Initial Cost To Company | |||||
Land | 1,443 | ||||
Buildings and Improvements | 10,898 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 52 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,443 | ||||
Building & Improvements | 10,950 | ||||
Total | 12,393 | ||||
Accumulated Depreciation | 882 | ||||
Real Estate in Bakersfield, CA | Industrial | |||||
Initial Cost To Company | |||||
Land | 1,988 | ||||
Buildings and Improvements | 9,998 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,988 | ||||
Building & Improvements | 9,998 | ||||
Total | 11,986 | ||||
Accumulated Depreciation | 798 | ||||
Real Estate in Green Park, MO | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 5,994 | ||||
Initial Cost To Company | |||||
Land | 1,421 | ||||
Buildings and Improvements | 7,835 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,421 | ||||
Building & Improvements | 7,835 | ||||
Total | 9,256 | ||||
Accumulated Depreciation | 613 | ||||
Real Estate 3 in Greenville, SC | Industrial | |||||
Initial Cost To Company | |||||
Land | 186 | ||||
Buildings and Improvements | 6,419 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 186 | ||||
Building & Improvements | 6,419 | ||||
Total | 6,605 | ||||
Accumulated Depreciation | 497 | ||||
Real Estate in Nashville, TN | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 4,891 | ||||
Initial Cost To Company | |||||
Land | 1,058 | ||||
Buildings and Improvements | 6,350 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,058 | ||||
Building & Improvements | 6,350 | ||||
Total | 7,408 | ||||
Accumulated Depreciation | 424 | ||||
Real Estate in Wauconda, IL | Industrial | |||||
Initial Cost To Company | |||||
Land | 67 | ||||
Buildings and Improvements | 3,423 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 41 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 67 | ||||
Building & Improvements | 3,464 | ||||
Total | 3,531 | ||||
Accumulated Depreciation | 248 | ||||
Real Estate in Bensalem, PA | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 3,859 | ||||
Initial Cost To Company | |||||
Land | 1,602 | ||||
Buildings and Improvements | 4,323 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 50 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,602 | ||||
Building & Improvements | 4,373 | ||||
Total | 5,975 | ||||
Accumulated Depreciation | 279 | ||||
Real Estate 1 in Chandler, AZ | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 4,920 | ||||
Initial Cost To Company | |||||
Land | 1,335 | ||||
Buildings and Improvements | 7,379 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 22 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,335 | ||||
Building & Improvements | 7,401 | ||||
Total | 8,736 | ||||
Accumulated Depreciation | 493 | ||||
Real Estate in LaGrange, GA | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 3,031 | ||||
Initial Cost To Company | |||||
Land | 297 | ||||
Buildings and Improvements | 4,500 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 297 | ||||
Building & Improvements | 4,500 | ||||
Total | 4,797 | ||||
Accumulated Depreciation | 287 | ||||
Real Estate in Shakopee, MN | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 4,742 | ||||
Initial Cost To Company | |||||
Land | 1,877 | ||||
Buildings and Improvements | 5,462 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 10 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,877 | ||||
Building & Improvements | 5,472 | ||||
Total | 7,349 | ||||
Accumulated Depreciation | 333 | ||||
Real Estate in Rincon, GA | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 3,896 | ||||
Initial Cost To Company | |||||
Land | 61 | ||||
Buildings and Improvements | 5,968 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 61 | ||||
Building & Improvements | 5,968 | ||||
Total | 6,029 | ||||
Accumulated Depreciation | 335 | ||||
Real Estate 2 in Chandler, AZ | Industrial | |||||
Initial Cost To Company | |||||
Land | 1,164 | ||||
Buildings and Improvements | 1,691 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 4 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,164 | ||||
Building & Improvements | 1,695 | ||||
Total | 2,859 | ||||
Accumulated Depreciation | 100 | ||||
Real Estate In Ashland, VA | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 5,444 | ||||
Initial Cost To Company | |||||
Land | 391 | ||||
Buildings and Improvements | 7,901 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 391 | ||||
Building & Improvements | 7,901 | ||||
Total | 8,292 | ||||
Accumulated Depreciation | 387 | ||||
Real Estate In Lowell, AR | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 11,945 | ||||
Initial Cost To Company | |||||
Land | 1,687 | ||||
Buildings and Improvements | 15,188 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,687 | ||||
Building & Improvements | 15,188 | ||||
Total | 16,875 | ||||
Accumulated Depreciation | 780 | ||||
Real Estate in Monroe, NC | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 4,431 | ||||
Initial Cost To Company | |||||
Land | 897 | ||||
Buildings and Improvements | 5,106 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 897 | ||||
Building & Improvements | 5,106 | ||||
Total | 6,003 | ||||
Accumulated Depreciation | 84 | ||||
Real Estate in Lehigh Acres, FL | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 6,060 | ||||
Initial Cost To Company | |||||
Land | 1,935 | ||||
Buildings and Improvements | 7,393 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,935 | ||||
Building & Improvements | 7,393 | ||||
Total | 9,328 | ||||
Accumulated Depreciation | 56 | ||||
Real Estate in Omaha, NE | Industrial | |||||
Initial Cost To Company | |||||
Land | 1,000 | ||||
Buildings and Improvements | 6,548 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,000 | ||||
Building & Improvements | 6,548 | ||||
Total | 7,548 | ||||
Accumulated Depreciation | 21 | ||||
Real Estate in Joppa MD | Industrial | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 8,482 | ||||
Initial Cost To Company | |||||
Land | 3,815 | ||||
Buildings and Improvements | 8,142 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 1,473 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 3,815 | ||||
Building & Improvements | 9,615 | ||||
Total | 13,430 | ||||
Accumulated Depreciation | 2,051 | ||||
Real Estate in Brooklyn, NY | Office | |||||
Initial Cost To Company | |||||
Land | 1,381 | ||||
Buildings and Improvements | 5,447 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 3,013 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,381 | ||||
Building & Improvements | 8,460 | ||||
Total | 9,841 | ||||
Accumulated Depreciation | 4,555 | ||||
Real Estate in Newark, DE | Other | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 1,364 | ||||
Initial Cost To Company | |||||
Land | 935 | ||||
Buildings and Improvements | 3,643 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 278 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 935 | ||||
Building & Improvements | 3,921 | ||||
Total | 4,856 | ||||
Accumulated Depreciation | 1,738 | ||||
Real Estate in Beachwood, OH | Other | |||||
Initial Cost To Company | |||||
Land | 13,901 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 1,855 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 15,756 | ||||
Total | 15,756 | ||||
Real Estate 1 in Hauppauge, NY | Restaurant | |||||
Initial Cost To Company | |||||
Land | 725 | ||||
Buildings and Improvements | 2,963 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 725 | ||||
Building & Improvements | 2,963 | ||||
Total | 3,688 | ||||
Accumulated Depreciation | 1,194 | ||||
Real Estate in Palmyra, PA | Restaurant | |||||
Initial Cost To Company | |||||
Land | 650 | ||||
Buildings and Improvements | 650 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 650 | ||||
Building & Improvements | 650 | ||||
Total | 1,300 | ||||
Accumulated Depreciation | 186 | ||||
Real Estate 1 in Reading, PA | Restaurant | |||||
Initial Cost To Company | |||||
Land | 655 | ||||
Buildings and Improvements | 625 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 655 | ||||
Building & Improvements | 625 | ||||
Total | 1,280 | ||||
Accumulated Depreciation | 179 | ||||
Real Estate 2 in Reading, PA | Restaurant | |||||
Initial Cost To Company | |||||
Land | 618 | ||||
Buildings and Improvements | 643 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 618 | ||||
Building & Improvements | 643 | ||||
Total | 1,261 | ||||
Accumulated Depreciation | 185 | ||||
Real Estate in Trexlertown, PA | Restaurant | |||||
Initial Cost To Company | |||||
Land | 800 | ||||
Buildings and Improvements | 439 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 800 | ||||
Building & Improvements | 439 | ||||
Total | 1,239 | ||||
Accumulated Depreciation | 125 | ||||
Real Estate in Carrollton, GA | Restaurant | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 1,374 | ||||
Initial Cost To Company | |||||
Land | 796 | ||||
Buildings and Improvements | 1,458 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 796 | ||||
Building & Improvements | 1,458 | ||||
Total | 2,254 | ||||
Accumulated Depreciation | 423 | ||||
Real Estate in Cartersville, GA | Restaurant | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 1,299 | ||||
Initial Cost To Company | |||||
Land | 786 | ||||
Buildings and Improvements | 1,346 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 786 | ||||
Building & Improvements | 1,346 | ||||
Total | 2,132 | ||||
Accumulated Depreciation | 415 | ||||
Real Estate 1 in Kennesaw, GA | Restaurant | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 1,065 | ||||
Initial Cost To Company | |||||
Land | 702 | ||||
Buildings and Improvements | 916 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 702 | ||||
Building & Improvements | 916 | ||||
Total | 1,618 | ||||
Accumulated Depreciation | 249 | ||||
Real Estate in Lawrenceville, GA | Restaurant | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 1,022 | ||||
Initial Cost To Company | |||||
Land | 866 | ||||
Buildings and Improvements | 899 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 866 | ||||
Building & Improvements | 899 | ||||
Total | 1,765 | ||||
Accumulated Depreciation | 285 | ||||
Real Estate in Concord, NC | Restaurant | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 1,345 | ||||
Initial Cost To Company | |||||
Land | 999 | ||||
Buildings and Improvements | 1,076 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 999 | ||||
Building & Improvements | 1,076 | ||||
Total | 2,075 | ||||
Accumulated Depreciation | 273 | ||||
Real Estate in Myrtle Beach, SC | Restaurant | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 1,345 | ||||
Initial Cost To Company | |||||
Land | 1,102 | ||||
Buildings and Improvements | 1,161 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,102 | ||||
Building & Improvements | 1,161 | ||||
Total | 2,263 | ||||
Accumulated Depreciation | 297 | ||||
Real Estate in Greensboro, NC | Restaurant | |||||
Initial Cost To Company | |||||
Land | 1,770 | ||||
Buildings and Improvements | 1,237 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,770 | ||||
Building & Improvements | 1,237 | ||||
Total | 3,007 | ||||
Accumulated Depreciation | 378 | ||||
Real Estate in Richmond, VA | Restaurant | |||||
Initial Cost To Company | |||||
Land | 1,680 | ||||
Buildings and Improvements | 1,341 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,680 | ||||
Building & Improvements | 1,341 | ||||
Total | 3,021 | ||||
Accumulated Depreciation | 254 | ||||
Real Estate 2 in Indianapolis, IN | Restaurant | |||||
Initial Cost To Company | |||||
Land | 853 | ||||
Buildings and Improvements | 1,465 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 853 | ||||
Building & Improvements | 1,465 | ||||
Total | 2,318 | ||||
Accumulated Depreciation | 339 | ||||
Real Estate in Seattle, WA | Retail | |||||
Initial Cost To Company | |||||
Land | 201 | ||||
Buildings and Improvements | 189 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 35 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 201 | ||||
Building & Improvements | 224 | ||||
Total | 425 | ||||
Accumulated Depreciation | 169 | ||||
Real Estate in Rosenberg, TX | Retail | |||||
Initial Cost To Company | |||||
Land | 216 | ||||
Buildings and Improvements | 863 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 66 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 216 | ||||
Building & Improvements | 929 | ||||
Total | 1,145 | ||||
Accumulated Depreciation | 604 | ||||
Real Estate in Ft. Myers, FL | Retail | |||||
Initial Cost To Company | |||||
Land | 1,013 | ||||
Buildings and Improvements | 4,054 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,013 | ||||
Building & Improvements | 4,054 | ||||
Total | 5,067 | ||||
Accumulated Depreciation | 2,546 | ||||
Real Estate in Selden, NY | Retail | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 2,460 | ||||
Initial Cost To Company | |||||
Land | 572 | ||||
Buildings and Improvements | 2,287 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 150 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 572 | ||||
Building & Improvements | 2,437 | ||||
Total | 3,009 | ||||
Accumulated Depreciation | 1,375 | ||||
Real Estate in Batavia, NY | Retail | |||||
Initial Cost To Company | |||||
Land | 515 | ||||
Buildings and Improvements | 2,061 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 515 | ||||
Building & Improvements | 2,061 | ||||
Total | 2,576 | ||||
Accumulated Depreciation | 1,178 | ||||
Real Estate in Champaign, IL | Retail | |||||
Initial Cost To Company | |||||
Land | 791 | ||||
Buildings and Improvements | 3,165 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 530 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 791 | ||||
Building & Improvements | 3,695 | ||||
Total | 4,486 | ||||
Accumulated Depreciation | 1,966 | ||||
Real Estate 2 in El Paso, TX | Retail | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 9,852 | ||||
Initial Cost To Company | |||||
Land | 2,821 | ||||
Buildings and Improvements | 11,123 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 2,587 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 2,821 | ||||
Building & Improvements | 13,710 | ||||
Total | 16,531 | ||||
Accumulated Depreciation | 7,641 | ||||
Real Estate in Somerville, MA | Retail | |||||
Initial Cost To Company | |||||
Land | 510 | ||||
Buildings and Improvements | 1,993 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 24 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 510 | ||||
Building & Improvements | 2,017 | ||||
Total | 2,527 | ||||
Accumulated Depreciation | 951 | ||||
Real Estate in Hyannis, MA | Retail | |||||
Initial Cost To Company | |||||
Land | 802 | ||||
Buildings and Improvements | 2,324 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 802 | ||||
Building & Improvements | 2,324 | ||||
Total | 3,126 | ||||
Accumulated Depreciation | 811 | ||||
Real Estate in Marston Mills, MA | Retail | |||||
Initial Cost To Company | |||||
Land | 461 | ||||
Buildings and Improvements | 2,313 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 461 | ||||
Building & Improvements | 2,313 | ||||
Total | 2,774 | ||||
Accumulated Depreciation | 802 | ||||
Real Estate in Everett, MA | Retail | |||||
Initial Cost To Company | |||||
Land | 1,935 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,935 | ||||
Total | 1,935 | ||||
Real Estate 2 in Kennesaw, GA | Retail | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 4,801 | ||||
Initial Cost To Company | |||||
Land | 1,501 | ||||
Buildings and Improvements | 4,349 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 1,138 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,501 | ||||
Building & Improvements | 5,487 | ||||
Total | 6,988 | ||||
Accumulated Depreciation | 1,985 | ||||
Real Estate in Royersford, PA | Retail | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 18,876 | ||||
Initial Cost To Company | |||||
Land | 19,538 | ||||
Buildings and Improvements | 3,150 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 524 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 19,538 | ||||
Building & Improvements | 3,674 | ||||
Total | 23,212 | ||||
Accumulated Depreciation | 1,118 | ||||
Real Estate in Monroeville, PA | Retail | |||||
Initial Cost To Company | |||||
Land | 450 | ||||
Buildings and Improvements | 863 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 450 | ||||
Building & Improvements | 863 | ||||
Total | 1,313 | ||||
Accumulated Depreciation | 251 | ||||
Real Estate in Bolingbrook, IL | Retail | |||||
Initial Cost To Company | |||||
Land | 834 | ||||
Buildings and Improvements | 1,887 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 101 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 834 | ||||
Building & Improvements | 1,988 | ||||
Total | 2,822 | ||||
Accumulated Depreciation | 612 | ||||
Real Estate in Crystal Lake, IL | Retail | |||||
Initial Cost To Company | |||||
Land | 615 | ||||
Buildings and Improvements | 1,899 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 615 | ||||
Building & Improvements | 1,899 | ||||
Total | 2,514 | ||||
Accumulated Depreciation | 595 | ||||
Real Estate in Lawrence, KS | Retail | |||||
Initial Cost To Company | |||||
Land | 134 | ||||
Buildings and Improvements | 938 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 207 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 134 | ||||
Building & Improvements | 1,145 | ||||
Total | 1,279 | ||||
Accumulated Depreciation | 255 | ||||
Real Estate 2 in Greensboro, NC | Retail | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 1,207 | ||||
Initial Cost To Company | |||||
Land | 1,046 | ||||
Buildings and Improvements | 1,552 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 29 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,046 | ||||
Building & Improvements | 1,581 | ||||
Total | 2,627 | ||||
Accumulated Depreciation | 365 | ||||
Real Estate in Highlands Ranch, CO | Retail | |||||
Initial Cost To Company | |||||
Land | 2,361 | ||||
Buildings and Improvements | 2,924 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 296 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 2,361 | ||||
Building & Improvements | 3,220 | ||||
Total | 5,581 | ||||
Accumulated Depreciation | 720 | ||||
Real Estate in Woodbury, MN | Retail | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 2,606 | ||||
Initial Cost To Company | |||||
Land | 1,190 | ||||
Buildings and Improvements | 4,003 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,190 | ||||
Building & Improvements | 4,003 | ||||
Total | 5,193 | ||||
Accumulated Depreciation | 870 | ||||
Real Estate in Cuyahoga Falls, OH | Retail | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 982 | ||||
Initial Cost To Company | |||||
Land | 71 | ||||
Buildings and Improvements | 1,371 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 71 | ||||
Building & Improvements | 1,371 | ||||
Total | 1,442 | ||||
Accumulated Depreciation | 199 | ||||
Real Estate in Hilliard, OH | Retail | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 869 | ||||
Initial Cost To Company | |||||
Land | 300 | ||||
Buildings and Improvements | 1,077 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 300 | ||||
Building & Improvements | 1,077 | ||||
Total | 1,377 | ||||
Accumulated Depreciation | 160 | ||||
Real Estate in Port Clinton, OH | Retail | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 841 | ||||
Initial Cost To Company | |||||
Land | 52 | ||||
Buildings and Improvements | 1,187 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 52 | ||||
Building & Improvements | 1,187 | ||||
Total | 1,239 | ||||
Accumulated Depreciation | 177 | ||||
Real Estate in South Euclid, OH | Retail | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 954 | ||||
Initial Cost To Company | |||||
Land | 230 | ||||
Buildings and Improvements | 1,566 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 53 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 230 | ||||
Building & Improvements | 1,619 | ||||
Total | 1,849 | ||||
Accumulated Depreciation | 242 | ||||
Real Estate in St Louis Park, MN | Retail | |||||
Initial Cost To Company | |||||
Land | 3,388 | ||||
Buildings and Improvements | 13,088 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 152 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 3,388 | ||||
Building & Improvements | 13,240 | ||||
Total | 16,628 | ||||
Accumulated Depreciation | 1,907 | ||||
Real Estate in Deptford, NJ | Retail | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 2,449 | ||||
Initial Cost To Company | |||||
Land | 572 | ||||
Buildings and Improvements | 1,779 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 705 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 572 | ||||
Building & Improvements | 2,484 | ||||
Total | 3,056 | ||||
Accumulated Depreciation | 960 | ||||
Real Estate in Cape Girardeau, MO | Retail | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 985 | ||||
Initial Cost To Company | |||||
Land | 545 | ||||
Buildings and Improvements | 1,547 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 545 | ||||
Building & Improvements | 1,547 | ||||
Total | 2,092 | ||||
Accumulated Depreciation | 404 | ||||
Real Estate in Littleton, CO | Retail | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 9,921 | ||||
Initial Cost To Company | |||||
Land | 6,005 | ||||
Buildings and Improvements | 11,272 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 994 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 6,005 | ||||
Building & Improvements | 12,266 | ||||
Total | 18,271 | ||||
Accumulated Depreciation | 2,502 | ||||
Real Estate 2 in Columbus, OH | Retail - Furniture | |||||
Initial Cost To Company | |||||
Land | 1,445 | ||||
Buildings and Improvements | 5,431 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 460 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,445 | ||||
Building & Improvements | 5,891 | ||||
Total | 7,336 | ||||
Accumulated Depreciation | 3,509 | ||||
Real Estate in Duluth, GA | Retail - Furniture | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 1,284 | ||||
Initial Cost To Company | |||||
Land | 778 | ||||
Buildings and Improvements | 3,436 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 30 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 778 | ||||
Building & Improvements | 3,466 | ||||
Total | 4,244 | ||||
Accumulated Depreciation | 1,349 | ||||
Real Estate in Fayetteville, GA | Retail - Furniture | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 1,608 | ||||
Initial Cost To Company | |||||
Land | 976 | ||||
Buildings and Improvements | 4,308 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 976 | ||||
Building & Improvements | 4,308 | ||||
Total | 5,284 | ||||
Accumulated Depreciation | 1,692 | ||||
Real Estate in Wichita, KS | Retail - Furniture | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 1,954 | ||||
Initial Cost To Company | |||||
Land | 1,189 | ||||
Buildings and Improvements | 5,248 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 178 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,189 | ||||
Building & Improvements | 5,426 | ||||
Total | 6,615 | ||||
Accumulated Depreciation | 2,061 | ||||
Real Estate in Lexington, KY | Retail - Furniture | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 1,332 | ||||
Initial Cost To Company | |||||
Land | 800 | ||||
Buildings and Improvements | 3,532 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 145 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 800 | ||||
Building & Improvements | 3,677 | ||||
Total | 4,477 | ||||
Accumulated Depreciation | 1,387 | ||||
Real Estate in Bluffton, SC | Retail - Furniture | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 973 | ||||
Initial Cost To Company | |||||
Land | 589 | ||||
Buildings and Improvements | 2,600 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 163 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 589 | ||||
Building & Improvements | 2,763 | ||||
Total | 3,352 | ||||
Accumulated Depreciation | 1,021 | ||||
Real Estate in Amarillo, TX | Retail - Furniture | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 1,414 | ||||
Initial Cost To Company | |||||
Land | 860 | ||||
Buildings and Improvements | 3,810 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 129 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 860 | ||||
Building & Improvements | 3,939 | ||||
Total | 4,799 | ||||
Accumulated Depreciation | 1,496 | ||||
Real Estate in Austin, TX | Retail - Furniture | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 2,636 | ||||
Initial Cost To Company | |||||
Land | 1,587 | ||||
Buildings and Improvements | 7,010 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 162 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,587 | ||||
Building & Improvements | 7,172 | ||||
Total | 8,759 | ||||
Accumulated Depreciation | 2,753 | ||||
Real Estate in Tyler, TX | Retail - Furniture | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 1,698 | ||||
Initial Cost To Company | |||||
Land | 1,031 | ||||
Buildings and Improvements | 4,554 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 187 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,031 | ||||
Building & Improvements | 4,741 | ||||
Total | 5,772 | ||||
Accumulated Depreciation | 1,789 | ||||
Real Estate in Newport News, VA | Retail - Furniture | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 1,239 | ||||
Initial Cost To Company | |||||
Land | 751 | ||||
Buildings and Improvements | 3,316 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 89 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 751 | ||||
Building & Improvements | 3,405 | ||||
Total | 4,156 | ||||
Accumulated Depreciation | 1,302 | ||||
Real Estate 1 in Richmond, VA | Retail - Furniture | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 1,440 | ||||
Initial Cost To Company | |||||
Land | 867 | ||||
Buildings and Improvements | 3,829 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 211 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 867 | ||||
Building & Improvements | 4,040 | ||||
Total | 4,907 | ||||
Accumulated Depreciation | 1,504 | ||||
Real Estate in Virginia Beach, VA | Retail - Furniture | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 1,406 | ||||
Initial Cost To Company | |||||
Land | 854 | ||||
Buildings and Improvements | 3,770 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 236 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 854 | ||||
Building & Improvements | 4,006 | ||||
Total | 4,860 | ||||
Accumulated Depreciation | 1,481 | ||||
Real Estate in Gurnee, IL | Retail - Furniture | |||||
Initial Cost To Company | |||||
Land | 834 | ||||
Buildings and Improvements | 3,635 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 834 | ||||
Building & Improvements | 3,635 | ||||
Total | 4,469 | ||||
Accumulated Depreciation | 1,390 | ||||
Real Estate in Naples, FL | Retail - Furniture | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 1,820 | ||||
Initial Cost To Company | |||||
Land | 3,070 | ||||
Buildings and Improvements | 2,846 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 195 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 3,070 | ||||
Building & Improvements | 3,041 | ||||
Total | 6,111 | ||||
Accumulated Depreciation | 1,036 | ||||
Real Estate in Lake Charles, LA | Retail - Office Supply | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 4,503 | ||||
Initial Cost To Company | |||||
Land | 1,167 | ||||
Buildings and Improvements | 3,887 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 2,905 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,167 | ||||
Building & Improvements | 6,792 | ||||
Total | 7,959 | ||||
Accumulated Depreciation | 2,385 | ||||
Other disclosures | |||||
Adjustment to Building and Improvements for impairment write-off due to casualty loss | 782 | ||||
Adjustment to Accumulated Depreciation for impairment write-off due to casualty loss | 352 | ||||
Real Estate in Chicago, IL | Retail - Office Supply | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 3,316 | ||||
Initial Cost To Company | |||||
Land | 3,877 | ||||
Buildings and Improvements | 2,256 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 3,877 | ||||
Building & Improvements | 2,256 | ||||
Total | 6,133 | ||||
Accumulated Depreciation | 750 | ||||
Real Estate in Cary, NC | Retail - Office Supply | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 2,798 | ||||
Initial Cost To Company | |||||
Land | 1,129 | ||||
Buildings and Improvements | 3,736 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,129 | ||||
Building & Improvements | 3,736 | ||||
Total | 4,865 | ||||
Accumulated Depreciation | 1,241 | ||||
Real Estate in Eugene, OR | Retail - Office Supply | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 2,491 | ||||
Initial Cost To Company | |||||
Land | 1,952 | ||||
Buildings and Improvements | 2,096 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,952 | ||||
Building & Improvements | 2,096 | ||||
Total | 4,048 | ||||
Accumulated Depreciation | 696 | ||||
Real Estate 3 in El Paso, TX | Retail - Office Supply | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 2,176 | ||||
Initial Cost To Company | |||||
Land | 1,035 | ||||
Buildings and Improvements | 2,700 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 1,035 | ||||
Building & Improvements | 2,700 | ||||
Total | 3,735 | ||||
Accumulated Depreciation | 897 | ||||
Real Estate 1 in Greensboro, NC | Theatre | |||||
Initial Cost To Company | |||||
Buildings and Improvements | 8,328 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 3,000 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Building & Improvements | 11,328 | ||||
Total | 11,328 | ||||
Accumulated Depreciation | 8,661 | ||||
Real Estate 3 in Indianapolis, IN | Theatre | |||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||
Encumbrances | 3,897 | ||||
Initial Cost To Company | |||||
Land | 3,099 | ||||
Buildings and Improvements | 5,225 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 19 | ||||
Gross Amount at Which Carried at December 31, 2021 | |||||
Land | 3,099 | ||||
Building & Improvements | 5,244 | ||||
Total | 8,343 | ||||
Accumulated Depreciation | $ 1,013 |
Schedule III - Consolidated R_3
Schedule III - Consolidated Real Estate and Accumulated Depreciation - Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investment in real estate: | |||
Balance, beginning of year | $ 839,058 | $ 835,837 | $ 829,143 |
Addition: Land, buildings and improvements | 28,837 | 26,444 | 49,669 |
Deduction: Properties sold | (28,064) | (22,441) | (42,975) |
Deduction: Property held-for-sale | (2,190) | ||
Deduction: Impairment due to casualty loss | (782) | ||
Balance, end of year | 837,641 | 839,058 | 835,837 |
Accumulated depreciation: | |||
Balance, beginning of year | 147,136 | 135,302 | 123,684 |
Addition: Depreciation | 17,694 | 17,941 | 17,534 |
Deduction: Impairment due to casualty loss | (352) | ||
Deduction: Accumulated depreciation related to properties sold | (3,246) | (5,755) | (5,916) |
Deduction: Accumulated depreciation related to property held-for-sale | (920) | ||
Balance, end of year | 160,664 | $ 147,136 | $ 135,302 |
Other disclosures | |||
Amount by which aggregate cost of the properties is higher for federal income tax purposes | $ 17,597 |