Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 01, 2023 | Jun. 30, 2022 | |
Document and Entity Information | |||
Entity Registrant Name | ONE LIBERTY PROPERTIES, INC. | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2022 | ||
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 | $ 422 | ||
Entity Common Stock, Shares Outstanding | 21,276,435 | ||
Entity Central Index Key | 0000712770 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Auditor Firm ID | 42 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | New York, New York |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |
Real estate investments, at cost | |||
Land | $ 181,805,000 | $ 180,183,000 | |
Buildings and improvements | 697,791,000 | 657,458,000 | |
Total real estate investments, at cost | 879,596,000 | 837,641,000 | |
Less accumulated depreciation | 173,143,000 | 160,664,000 | |
Real estate investments, net | 706,453,000 | 676,977,000 | |
Property held-for-sale | 1,270,000 | ||
Investment in unconsolidated joint ventures | 10,400,000 | 10,172,000 | |
Cash and cash equivalents | 6,718,000 | 16,164,000 | |
Unbilled rent receivable | 16,079,000 | 14,330,000 | |
Unamortized intangible lease assets, net | 19,841,000 | 20,694,000 | |
Escrow, deposits and other assets and receivables | 23,764,000 | 13,346,000 | |
Total assets | [1] | 783,255,000 | 752,953,000 |
Liabilities: | |||
Mortgages payable, net of $0,000 and $3,316 of deferred financing costs, respectively | 405,162,000 | 396,344,000 | |
Line of credit, net of $000 and $216 of deferred financing costs, respectively | 21,068,000 | 11,484,000 | |
Dividends payable | 9,693,000 | 9,448,000 | |
Accrued expenses and other liabilities | 19,270,000 | 18,992,000 | |
Unamortized intangible lease liabilities, net | 11,125,000 | 10,407,000 | |
Total liabilities | [1] | 466,318,000 | 446,675,000 |
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; 00,000 and 20,239 shares issued and outstanding | 20,362,000 | 20,239,000 | |
Paid-in capital | 325,895,000 | 322,793,000 | |
Accumulated other comprehensive income (loss) | 1,810,000 | (1,513,000) | |
Distributions in excess of net income | (32,102,000) | (36,187,000) | |
Total One Liberty Properties, Inc. stockholders' equity | 315,965,000 | 305,332,000 | |
Non-controlling interests in consolidated joint ventures | [1] | 972,000 | 946,000 |
Total equity | 316,937,000 | 306,278,000 | |
Total liabilities and equity | $ 783,255,000 | $ 752,953,000 | |
[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 $10,365 of land, $17,870 and $18,472 of building and improvements, net of $5,670 and $ 4,957 of accumulated depreciation, $3,518 and $3,580 of other assets included in other line items, $18,500 and $19,193 of real estate debt, net, $1,135 and $1,350 of other liabilities included in other line items, and $972 and $946 of non-controlling interests as of December 31, 2022 and 2021, respectively. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 | |
Preferred stock, shares authorized | 12,500 | 12,500 | |
Preferred stock, shares issued | 0 | 0 | |
Common stock, par value (in dollars per share) | $ 1 | $ 1 | |
Common stock, shares authorized | 50,000 | 50,000 | |
Common stock, shares issued | 20,362 | 20,239 | |
Common stock, shares outstanding | 20,362 | 20,239 | |
Land | $ 181,805 | $ 180,183 | |
Buildings and improvements | 697,791 | 657,458 | |
Accumulated depreciation | 173,143 | 160,664 | |
Non-controlling interests in consolidated joint ventures | [1] | 972 | 946 |
Line of Credit | |||
Deferred financing costs | 732 | 216 | |
Mortgages payable | |||
Deferred financing costs | 3,355 | 3,316 | |
Consolidated Joint Venture-VIEs | |||
Land | 10,365 | 10,365 | |
Buildings and improvements | 17,870 | 18,472 | |
Accumulated depreciation | 5,670 | 4,957 | |
Other assets | 3,518 | 3,580 | |
Real estate debt, net | 18,500 | 19,193 | |
Other liabilities | 1,135 | 1,350 | |
Non-controlling interests in consolidated joint ventures | 972 | 946 | |
Consolidated Joint Venture-VIEs | Mortgages payable | |||
Deferred financing costs | $ 152 | $ 195 | |
[1] The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 6. The consolidated balance sheets include the following amounts related to the Company’s consolidated VIEs: $10,365 and $10,365 of land, $17,870 and $18,472 of building and improvements, net of $5,670 and $ 4,957 of accumulated depreciation, $3,518 and $3,580 of other assets included in other line items, $18,500 and $19,193 of real estate debt, net, $1,135 and $1,350 of other liabilities included in other line items, and $972 and $946 of non-controlling interests as of December 31, 2022 and 2021, respectively. |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | |||
Total revenues | $ 92,216,000 | $ 82,740,000 | $ 81,903,000 |
Operating expenses: | |||
Depreciation and amortization | 23,781,000 | 22,832,000 | 22,964,000 |
General and administrative (see Note 10 for related party information) | 15,258,000 | 14,310,000 | 13,671,000 |
Real estate expenses (see Note 10 for related party information) | 15,508,000 | 13,802,000 | 13,634,000 |
State taxes | 285,000 | 291,000 | 310,000 |
Impairment due to casualty loss (see Note 13) | 430,000 | ||
Total operating expenses | 54,832,000 | 51,235,000 | 51,009,000 |
Other operating income | |||
Gain on sale of real estate, net | 16,762,000 | 25,463,000 | 17,280,000 |
Operating income | 54,146,000 | 56,968,000 | 48,174,000 |
Other income and expenses: | |||
Equity in earnings of unconsolidated joint ventures | 400,000 | 202,000 | 38,000 |
Equity in earnings from sale of unconsolidated joint venture properties | 805,000 | 121,000 | |
Prepayment costs on debt | (901,000) | (1,123,000) | |
Income on settlement of litigation (see Note 13) | 5,388,000 | ||
Other income (see Note 13) | 1,003,000 | 869,000 | 496,000 |
Interest: | |||
Expense | (17,569,000) | (17,939,000) | (19,317,000) |
Amortization and write-off of deferred financing costs | (1,115,000) | (970,000) | (976,000) |
Net income | 42,253,000 | 39,034,000 | 27,413,000 |
Net income attributable to non-controlling interests | (76,000) | (177,000) | (6,000) |
Net income attributable to One Liberty Properties, Inc. | $ 42,177,000 | $ 38,857,000 | $ 27,407,000 |
Weighted average number of common shares outstanding: | |||
Basic (in shares) | 20,360 | 20,086 | 19,571 |
Diluted (in shares) | 20,453 | 20,264 | 19,599 |
Per common share attributable to common stockholders: | |||
Basic (in dollars per share) | $ 2 | $ 1.87 | $ 1.34 |
Diluted (in dollars per share) | 1.99 | 1.85 | 1.33 |
Cash distributions per share of common stock (in dollars per share) | $ 1.80 | $ 1.80 | $ 1.46 |
Rental income, net (see Note 6) | |||
Revenues: | |||
Total revenues | $ 92,191,000 | $ 82,180,000 | $ 81,888,000 |
Lease termination fees | |||
Revenues: | |||
Total revenues | $ 25,000 | $ 560,000 | $ 15,000 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Net income | $ 42,253 | $ 39,034 | $ 27,413 |
Other comprehensive income | |||
Net unrealized gain (loss) on derivative instruments | 3,325 | 3,497 | (3,383) |
Comprehensive income | 45,578 | 42,531 | 24,030 |
Net income attributable to non-controlling interests | (76) | (177) | (6) |
Adjustment for derivative instruments attributable to non-controlling interests | (2) | (8) | 4 |
Comprehensive income attributable to One Liberty Properties, Inc. | $ 45,500 | $ 42,346 | $ 24,028 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Common Stock | Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Distributions in Excess of Net Income | Non-Controlling Interests in Consolidated Joint Ventures | Total |
Balances at Dec. 31, 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 | (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) | ||||
Restricted stock and RSU vesting | 220 | (220) | ||||
Shares issued through equity offering program - net | 106 | 3,208 | 3,314 | |||
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 | 3,489 | 8 | 3,497 | |||
Balances at Dec. 31, 2021 | 20,239 | 322,793 | (1,513) | (36,187) | 946 | 306,278 |
Distributions - common stock | ||||||
Cash | (38,092) | (38,092) | ||||
Restricted stock and RSU vesting | 212 | (212) | ||||
Repurchases of common stock - net | (208) | (5,032) | (5,240) | |||
Shares issued through equity offering program - net | 17 | 546 | 563 | |||
Shares issued through dividend reinvestment plan | 102 | 2,293 | 2,395 | |||
Distributions to non-controlling interests | (52) | (52) | ||||
Compensation expense - restricted stock and RSUs | 5,507 | 5,507 | ||||
Net income | 42,177 | 76 | 42,253 | |||
Other comprehensive income | 3,323 | 2 | 3,325 | |||
Balances at Dec. 31, 2022 | $ 20,362 | $ 325,895 | $ 1,810 | $ (32,102) | $ 972 | $ 316,937 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) | 12 Months Ended |
Dec. 31, 2020 $ / shares | |
Distributions - common stock | |
Cash | $ 1.46 |
Stock | $ 0.34 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 42,253 | $ 39,034 | $ 27,413 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Gain on sale of real estate, net | (16,762) | (25,463) | (17,280) |
Impairment due to casualty loss | 430 | ||
Increase in net amortization of unbilled rental income | (2,409) | (234) | (1,722) |
Write-off of unbilled rent receivable | 1,094 | ||
Amortization and write-off of intangibles relating to leases, net | (831) | (785) | (780) |
Amortization of restricted stock and RSU compensation expense | 5,507 | 5,433 | 4,686 |
Equity in earnings of unconsolidated joint ventures | (400) | (202) | (38) |
Equity in earnings from sale of unconsolidated joint venture property | (805) | (121) | |
Distributions of earnings from unconsolidated joint ventures | 172 | 1,440 | 208 |
Depreciation and amortization | 23,781 | 22,832 | 22,964 |
Amortization and write-off of deferred financing costs | 1,115 | 970 | 976 |
Payment of leasing commissions | (2,561) | (1,430) | (235) |
(Increase) decrease in escrow, deposits, other assets and receivables | (6,856) | 6,759 | (3,146) |
Increase in accrued expenses and other liabilities | 1,188 | 1,012 | 677 |
Net cash provided by operating activities | 44,197 | 48,561 | 35,126 |
Cash flows from investing activities: | |||
Purchase of real estate | (51,217) | (24,534) | (28,504) |
Improvements to real estate | (4,574) | (4,106) | (1,037) |
Investments in ground leased property | (697) | (1,746) | |
Net proceeds from sale of real estate | 30,253 | 52,685 | 29,413 |
Insurance recovery proceeds due to casualty loss | 918 | 975 | 150 |
Distributions of capital from unconsolidated joint venture | 97 | 311 | |
Net cash (used in) provided by investing activities | (25,317) | 23,371 | 333 |
Cash flows from financing activities: | |||
Scheduled amortization payments of mortgages payable | (12,624) | (13,957) | (13,114) |
Repayment of mortgages payable | (54,585) | (30,532) | (11,815) |
Proceeds from mortgage financings | 70,690 | 10,600 | 18,200 |
Proceeds from sale of common stock, net | 563 | 3,314 | |
Proceeds from bank line of credit | 53,300 | 21,200 | 41,500 |
Repayments on bank line of credit | (43,200) | (22,450) | (40,000) |
Issuance of shares through dividend reinvestment plan | 2,395 | 977 | 1,026 |
Repurchases of common stock | (5,240) | ||
Payment of financing costs | (1,669) | (232) | (189) |
Capital contributions from non-controlling interests | 25 | 10 | |
Distributions to non-controlling interests | (52) | (457) | (40) |
Cash distributions to common stockholders | (37,847) | (37,318) | (29,441) |
Net cash used in financing activities | (28,269) | (68,830) | (33,863) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (9,389) | 3,102 | 1,596 |
Cash, cash equivalents and restricted cash at beginning of year | 16,666 | 13,564 | 11,968 |
Cash, cash equivalents and restricted cash at end of year | 7,277 | 16,666 | 13,564 |
Supplemental disclosure of cash flow information: | |||
Cash paid during the period for interest expense | 17,475 | 18,972 | 20,213 |
Supplemental disclosure of non-cash investing activities: | |||
Purchase accounting allocation - intangible lease assets | 4,322 | 2,288 | 3,905 |
Purchase accounting allocation - intangible mortgage asset | 670 | ||
Purchase accounting allocation - intangible lease liabilities | (2,006) | $ (632) | (568) |
Assumption of mortgage payable upon acquisition of properties | $ 6,034 | ||
Loan receivable in connection with sale of property | 4,613 | ||
Lease liabilities arising from the recognition of right of use assets | 2,858 | ||
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, 2022 | Dec. 31, 2021 |
Reconciliation of cash, cash equivalents, and restricted cash | ||
Cash and cash equivalents | $ 6,718 | $ 16,164 |
Restricted cash included in escrow, deposits and other assets and receivables | 559 | 502 |
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows | $ 7,277 | $ 16,666 |
ORGANIZATION AND BACKGROUND
ORGANIZATION AND BACKGROUND | 12 Months Ended |
Dec. 31, 2022 | |
ORGANIZATION AND BACKGROUND | |
ORGANIZATION AND BACKGROUND | NOTE 1—ORGANIZATION AND BACKGROUND One Liberty Properties, Inc. (“OLP”) was incorporated in 1982 in Maryland. OLP is a self-administered and self-managed real estate investment trust (“REIT”). OLP acquires, owns and manages a geographically diversified portfolio consisting primarily of industrial and retail properties, many of which are subject to long-term net leases. As of December 31, 2022, OLP owns |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
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 over the non-cancelable term of the lease on a straight-line basis, if collectability is probable. On a quarterly basis, management reviews the tenant’s payment history and financial condition in determining, in its judgment, whether any accrued rental income and unbilled rent receivable balances applicable to a specific tenant is collectable. Any changes to the collectability of lease payments or unbilled rent receivables are recognized as a current period adjustment to rental revenue (see Note 3). NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Some leases provide for increases based on the Consumer Price Index or for additional contingent rental revenue in the form of percentage rents. The percentage rents are based upon the level of sales achieved by the lessee and are recognized once the required sales levels are reached. Some leases provide for an incentive for the lessee to sign a lease, such as a leasehold improvement allowance in which the Company reimburses the tenant for the construction of lessee assets. Such lease incentives are capitalized at lease commencement and recognized on a straight-line basis over the lease term as a reduction to rental income. A ground lease provides for rent which can be deferred and paid based on the operating performance of the property; therefore, this rent is recognized as rental income when the operating performance is achieved and the rent is received. 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 revenue and expenses associated with properties at which the Company is the primary obligor are generally recorded on a gross basis. During 2022, 2021 and 2020, the Company recorded reimbursements of expenses of Gains and losses on the sale of real estate investments are recorded when the Company no longer holds a controlling financial interest in the entity which holds the real estate investment and the relevant revenue recognition criteria under GAAP have been met. Purchase Accounting for Acquisition of Real Estate In acquiring real estate, the Company evaluates whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, and if that requirement is met, the asset group is accounted for as an asset acquisition and not a business combination. Transaction costs incurred with such asset acquisitions are capitalized to real estate assets and depreciated over the respectful useful lives. The Company allocates the purchase price of real estate, including direct transaction costs applicable to an asset acquisition, among land, building, improvements and intangibles ( e.g., The Company assesses the fair value of the gross assets acquired based on available market information which utilize estimated cash flow projections; such inputs are categorized as Level 3 inputs in the fair value hierarchy. In determining fair value, factors considered by management include an evaluation of current market demand, market capitalization rates and discount rates, estimates of carrying costs ( e.g. NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) also estimates costs to execute similar leases, including leasing commissions and tenant improvements. 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 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 environment of the area in which the asset is located and the industry in which the tenant is involved, the timeliness of the payments made by the tenant under its lease, property inspection reports and communication with, by, or relating to, the tenant. For each real estate asset owned for which indicators of impairment exist, management performs a recoverability test by comparing (i) the sum of the estimated undiscounted future cash flows attributable to the asset, which are determined using assumptions and estimates, including projected rental rates over an appropriate holding period and property capitalization rates, to (ii) the carrying amount of the asset. If the aggregate undiscounted cash flows are less than the asset’s carrying amount, an impairment is recorded to the extent that the estimated fair value is less than the asset’s carrying amount. The estimated fair value is determined using a discounted cash flow model of the expected future cash flows through the useful life of the property. The analysis includes an estimate of the future cash flows that are expected to result from the real estate investment’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, the effects of leasing demand, competition and other factors. During the three years ended December 31, 2022, there were no impairment charges related to the Company’s real estate portfolio. Properties Held-for-Sale Real estate investments are classified as properties held-for-sale when management determines that the investment meets the applicable criteria. Real estate assets that are classified as held-for-sale are: (i) valued at the lower of carrying amount or the estimated fair value less costs to sell on an individual asset basis; and (ii) not depreciated. NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 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 $23,781,000, $22,832,000 and $22,964,000, for 2022, 2021 and 2020, respectively. 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, 2022, there were no impairment charges related to the Company’s investments in unconsolidated joint ventures. NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) The Company has elected to follow the cumulative earnings approach when assessing, for the consolidated statement of cash flows, whether the distribution from the investee is a return of the investor’s investment as compared to a return on its investment. The source of the cash generated by the investee to fund the distribution is not a factor in the analysis (that is, it does not matter whether the cash was generated through investee refinancing, sale of assets or operating results). Consequently, the investor only considers the relationship between the cash received from the investee to its equity in the undistributed earnings of the investee, on a cumulative basis, in assessing whether the distribution from the investee is a return on or a return of its investment. Cash received from the unconsolidated entity is presumed to be a return on the investment to the extent that, on a cumulative basis, distributions received by the investor are less than its share of the equity in the undistributed earnings of the entity. Fair Value Measurements The Company measures the fair value of financial instruments based on the assumptions that market participants would use in pricing the asset or liability. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs and Level 3 assets/liabilities are valued based on significant “unobservable” market inputs. Derivatives and Hedging Activities The Company uses interest rate swaps to add stability to interest expense; not for trading or speculative purposes. The Company records all derivatives on the consolidated balance sheets at fair value using widely accepted valuation techniques including a discounted cash flow analysis on the expected cash flows of the derivatives. In addition, the Company incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. These counterparties are generally large financial institutions engaged in providing a variety of financial services. These institutions generally face similar risks regarding adverse changes in market and economic conditions including, but not limited to, fluctuations in interest rates, exchange rates, equity and commodity prices and credit spreads. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in accumulated other comprehensive income (outside of earnings) and subsequently reclassified to earnings in the period in which the hedged transaction becomes ineffective. For derivatives not designated as cash flow hedges, changes in the fair value of the derivative are recognized directly in earnings in the period in which the change occurs; however, the Company’s policy is to not enter into such transactions. 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. The Company recognizes the effect of forfeitures when they occur and previously recognized compensation expense is reversed in the period the grant or unit is forfeited. For share-based awards with a performance or market measure, the Company recognizes compensation expense over the requisite service period and the performance assumptions are re-evaluated quarterly. The requisite service period begins on the date the Compensation Committee of the Company’s Board of Directors authorizes the award, adopts any relevant performance measures and communicates the award to the recipient. 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, 2022 and 2021, accumulated amortization of such costs was $4,791,000 and $4,684,000 , respectively. The Company presents unamortized deferred financing costs as a direct deduction from the carrying amount of the associated debt liability. Income Taxes The Company is qualified as a REIT under the applicable provisions of the Internal Revenue Code. Under these provisions, the Company will not be subject to Federal, and generally, state and local income taxes, on amounts distributed to stockholders, provided it distributes at least 90% of its ordinary taxable income and meets certain other conditions. The Company follows a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that more-likely-than-not will be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than- not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited. The Company has not identified any uncertain tax positions requiring accrual. Cash and Cash Equivalents All highly liquid investments with original maturities of three months or less when purchased are considered to be cash equivalents. Concentration of Credit Risk The Company maintains cash accounts at various financial institutions. While the Company attempts to limit any financial exposure, substantially all of its deposit balances exceed federally insured limits. The Company has not experienced any losses on such accounts. The Company’s properties are located in 31 states. 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 in any of the past three years. NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Escrows Real estate taxes and other escrows aggregating $559,000 and $502,000 at December 31, 2022 and 2021, respectively, are included in Escrow, deposits and other assets and receivables. 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 No. 2020-04 is optional and may be elected over time as reference rate reform activities occur. In 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. In 2022, the Company transitioned two loans and the related derivatives away from LIBOR to a new reference rate, SOFR. The Company elected to apply several practical expedients related to these changes in the terms of the hedged forecasted transactions and changes in the terms of the hedging instruments. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company may apply other elections, as applicable, as additional changes in the market occur. The Company continues to evaluate the guidance to determine the extent to which it may impact the Company’s consolidated financial statements. In December 2022, the FASB issued ASU No. 2022-06, Deferral of the Sunset Date of Topic 848 , which was issued to defer the sunset date of Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform to December 31, 2024. The Company adopted the guidance in ASU No. 2022-06 and it had no impact on the Company’s consolidated financial statements for the year ended December 31, 2022. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2022 | |
LEASES | |
LEASES | NOTE 3—LEASES Lessor Accounting The Company owns rental properties which are leased to tenants under operating leases with current expirations ranging from 2023 to 2055, with options to extend terminate not separate Fixed lease revenues represent the base rent that each tenant is required to pay in accordance with the terms of their respective leases, and any lease incentives paid or payable to the lessee, reported on a straight-line basis over the non-cancelable term of the lease. Variable lease revenues typically include payments based on (i) tenant reimbursements, (ii) changes in the index or market-based indices after the inception of the lease, (iii) percentage rents and (iv) the operating performance of the property. Variable lease revenues are not recognized until the specific events that trigger the variable payments have occurred. The components of lease revenues are as follows (amounts in thousands): Year Ended December 31, 2022 2021 2020 Fixed lease revenues $ 74,101 $ 70,387 $ 69,823 Variable lease revenues 17,259 (a) 11,008 11,285 Lease revenues (b) $ 91,360 $ 81,395 $ 81,108 (a) Includes, for 2022, $4,626 of additional rent accrued from a ground lease tenant – see Note 6. (b) Excludes $831 , $785 and $780 of amortization related to lease intangible assets and liabilities for 2022, 2021 and 2020, respectively. In many of the Company’s leases, the tenant is obligated to pay the real estate taxes, insurance, and certain other expenses directly to the vendor. These obligations, which have been assumed by the tenants, are not reflected in our consolidated financial statements. To the extent any such tenant defaults on its lease or if it is deemed probable that the tenant will fail to pay for such obligations, a liability for such obligations would be recorded. On a quarterly basis, the Company assesses the collectability of substantially all lease payments due by reviewing the tenant’s payment history or financial condition. Changes to collectability are recognized as a current period adjustment to rental revenue. As of December 31, 2022, the Company has assessed the collectability of all recorded lease revenues as probable. Impact of COVID-19 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 deferred and accrued $3,360,000 of rent payments, excluding amounts related to Regal Cinemas as described below. Through December 31, 2022, the Company collected $3,330,000, or 99.1%, of such deferred rents and wrote off $18,000. The $12,000 balance of deferred rents was collected in January 2023. In September 2022, Regal Cinemas’, a tenant at two properties (excluding a property owned by an unconsolidated joint venture) parent company, Cineworld Group plc., filed for Chapter 11 bankruptcy protection. As of December 31, 2022, the only amounts Regal Cinemas did not pay was their September (i) base rent of . Of an aggregate of NOTE 3—LEASES (CONTINUED) were deemed less than probable. Through March 6, 2023, the Company collected an aggregate of (i) $718,000 representing 100% of the base rent and deferred rent due through March 2023 and (ii) $63,000 representing base rent and deferred rents due from 2022. The Company prepared an impairment analysis on the properties tenanted by Regal Cinemas and determined no impairment charge was required as of December 31, 2022. Minimum Future Rents As of December 31, 2022, the minimum future contractual rents to be received on non-cancellable operating leases are included in the table below (amounts in thousands). The minimum future contractual rents include $22,924,000 of rent related to Regal Cinemas (two leases which expire in 2032 and 2035) and does not include (i) straight-line rent or amortization of intangibles, (ii) $563,000 of COVID-19 lease deferral repayments due from Regal Cinemas which were not accrued to rental income and (iii) variable lease payments as described above. For the year ending December 31, 2023 $ 73,407 2024 67,323 2025 63,036 2026 58,802 2027 49,843 Thereafter 176,710 Total $ 489,121 Lease Incentives During 2022, the Company recognized $1,345,000 in lease incentives in connection with lease amendments with three of its tenants. As a result, during the year ended December 31, 2022, the Company amortized $44,000 of such incentives against rental income. Lease Termination Fees During 2022, 2021 and 2020, the Company received $25,000, $487,000, and $88,000, respectively, as lease termination fees from four tenants (three retail and one industrial). Unbilled Straight-Line Rent At December 31, 2022 and 2021, the Company’s unbilled rent receivables aggregating $16,079,000 and $14,330,000, 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 20 years. During 2022, 2021 and 2020, the Company wrote-off $519,000, $1,438,000 and $365,000, 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, 2022 and 2021, the Company’s unearned rental income aggregating $756,000 and $897,000, respectively, represent rent reported on a straight-line basis less than rental payments required under the respective leases. The unearned rental income is to be recognized into revenue over the term of the lease during the next 10 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, 2022. During 2020, the Company wrote-off, as a reduction to rental income, of unbilled rent receivables due from Regal Cinemas as the collection of such amounts was deemed less than probable as described above. 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, 2022, 2021 and 2020, the Company recognized Office Lease The Company is a lessee under a corporate office lease in Great Neck, New York, which is classified as an operating lease. The lease expires on December 31, 2031 and provides a 5 option . At December 31, 2022 and 2021, the Company recorded a liability of other liability other assets , respectively, on the consolidated balance sheets. Lease payments associated with the renewal option period, which was determined to be reasonably certain to be exercised, are included in the measurement of the lease liability and right of use asset. As of December 31, 2022, the remaining lease term, including renewal options deemed exercised, is , based on its incremental borrowing rate given the term of the lease, as the rate implicit in the lease is not known. During the years ended December 31, 2022, 2021 and 2020, the Company recognized Minimum Future Lease Payments As of December 31, 2022, 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, 2023 $ 507 2024 557 2025 626 2026 627 2027 629 Thereafter 5,591 Total undiscounted cash flows $ 8,537 Present value discount (1,613) Lease liability $ 6,924 |
REAL ESTATE INVESTMENTS
REAL ESTATE INVESTMENTS | 12 Months Ended |
Dec. 31, 2022 | |
REAL ESTATE INVESTMENTS | |
REAL ESTATE INVESTMENTS | NOTE 4—REAL ESTATE INVESTMENTS Acquisitions The following table details the Company’s real estate acquisitions during 2022 and 2021 (amounts in thousands). The Company determined that with respect to each of these acquisitions, the gross assets acquired are concentrated in a single identifiable asset. Therefore, these transactions do not meet the definition of a business and are accounted for as asset acquisitions. As such, direct transaction costs associated with these asset acquisitions have been capitalized to real estate assets and depreciated over their respective useful lives. Contract Capitalized Date Purchase Terms of Transaction Description of Industrial Property Acquired Price Payment Costs Conditioned Air Company of Naples LLC Fort Myers, Florida January 5, 2022 $ 8,100 All cash (a) $ 66 Q.E.P. Co., Inc. Dalton, Georgia May 12, 2022 17,000 All cash (a) 330 Multi-tenant Hillside, Illinois May 16, 2022 5,770 All cash 112 Curaleaf, Inc. Lexington, Kentucky June 17, 2022 8,430 Cash and $5,480 mortgage (b) 80 Multi-tenant Northwood, Ohio November 15, 2022 8,629 Cash and $6,034 mortgage (c) 87 Multi-tenant Northwood, Ohio November 15, 2022 8,561 Cash and $6,034 mortgage (c) 86 TOTALS FOR 2022 $ 56,490 $ 761 Pureon, Inc. Monroe, North Carolina May 27, 2021 $ 7,000 Cash and $4,500 mortgage (d) $ 60 Multi-tenant Lehigh Acres, Florida September 29, 2021 9,355 Cash and $6,100 mortgage (d) 77 Home Depot USA, Inc. Omaha, Nebraska November 12, 2021 7,975 All cash 67 TOTALS FOR 2021 $ 24,330 $ 204 (a) Subsequent to the acquisitions of the Fort Myers, Florida and Dalton, Georgia properties, the Company obtained new mortgage debt of $4,860 and $10,000 , bearing interest rates of 3.09% and 3.50% and maturing in 2031 and 2032, respectively. (b) Simultaneously with the acquisition of this property, the Company obtained new mortgage debt of $5,480 , bearing an interest rate of 3.85% and maturing in 2047. (c) Simultaneously with the acquisition of these properties, the Company assumed a $6,034 mortgage encumbering both properties, bearing an interest rate of 3.57% and maturing in 2030. (d) 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. NOTE 4—REAL ESTATE INVESTMENTS (CONTINUED) The following table details the allocation of the purchase price and capitalized transaction costs for the Company’s acquisition of real estate during 2022 and 2021 (amounts in thousands): Building & Intangible Lease Mortgage Description of Industrial Property Land Improvements Asset Liability Intangible Total Conditioned Air Company of Naples LLC Fort Myers, Florida $ 991 $ 6,876 $ 568 $ (269) $ — $ 8,166 Q.E.P. Co., Inc. Dalton, Georgia 547 15,836 1,223 (276) — 17,330 Multi-tenant Hillside, Illinois 2,560 2,975 539 (192) — 5,882 Curaleaf, Inc. Lexington, Kentucky 1,558 6,881 486 (415) — 8,510 Multi-tenant Northwood, Ohio 181 8,306 747 (854) 336 8,716 Multi-tenant Northwood, Ohio 171 7,383 759 — 334 8,647 TOTALS FOR 2022 $ 6,008 $ 48,257 $ 4,322 $ (2,006) $ 670 $ 57,251 Pureon, Inc. Monroe, North Carolina $ 897 $ 5,106 $ 1,057 $ — $ — $ 7,060 Multi-tenant Lehigh Acres, Florida 1,934 7,393 701 (596) — 9,432 Home Depot USA, Inc. Omaha, Nebraska 1,001 6,547 530 (36) — 8,042 TOTALS FOR 2021 $ 3,832 $ 19,046 $ 2,288 $ (632) $ — $ 24,534 The following table details the market capitalization and discount rates associated with the assessment of the fair value of the related lease and mortgage intangibles for the Company’s acquisition of real estate: Discount Rate (a) Year Market Cap Lease Mortgage Acquired Description of Industrial Property Rate (a) Intangible Intangible 2022 Conditioned Air Company of Naples LLC 5.50% 5.60% — Fort Myers, Florida 2022 Q.E.P. Co., Inc. 5.00% 5.69% — Dalton, Georgia 2022 Multi-tenant 6.25% 6.63% (b) — Hillside, Illinois 2022 Curaleaf, Inc. 5.25% 5.88% — Lexington, Kentucky 2022 Multi-tenant 6.75% 5.60% 5.75% Northwood, Ohio 2022 Multi-tenant 6.75% 5.60% 5.75% Northwood, Ohio 2021 Pureon, Inc. 7.00% 6.08% — Monroe, North Carolina 2021 Multi-tenant 6.75% 5.60% — Lehigh Acres, Florida 2021 Home Depot USA, Inc. 6.25% 6.16% — Omaha, Nebraska (a) The fair value of the tangible and intangible leases and mortgage was assessed as of the acquisition date using an income approach and estimated cash flow projections which utilize an appropriate market capitalization rate and discount rate which is categorized as a Level 3 unobservable input in the fair value hierarchy (as defined in Note 2). (b) Represents the weighted average discount rate of the warehouse lease ( i.e., 5.77% ) and the office lease ( i.e., 9.03% ). NOTE 4—REAL ESTATE INVESTMENTS (CONTINUED) The following table details information regarding the acquired intangibles related to the Company’s acquisitions of real estate during the periods indicated: December 31, 2022 December 31, 2021 Intangible Intangible Lease Assets Mortgage Asset (a) Lease Liabilities Lease Assets Mortgage Asset Lease Liabilities Weighted average amortization (years) 6.1 7.1 8.8 4.1 n/a 8.2 Accumulated amortization (in thousands) $ 23,506 $ 12 $ 5,061 $ 25,892 $ n/a $ 8,968 (a) In connection with the assumption of a below-market mortgage in 2022 upon the acquisition of the Northwood, Ohio properties (“Northwood mortgage intangible”). The following table details the amortization of acquired intangibles and the classification in the Company’s consolidated statements of income for the periods indicated (amounts in thousands): Year Ended December 31, 2022 2021 2020 Classification Intangible lease assets/liabilities $ 831 $ 785 $ 780 Rental income, net Tenant origination costs 4,722 4,700 4,617 Depreciation and amortization Intangible mortgage asset (a) 12 n/a n/a Interest expense (a) In connection with the Northwood mortgage intangible. As of December 31, 2022, the future amortization of the Company’s acquired intangibles are as follows (amounts in thousands): For the year ended December 31, Intangible Lease Assets Tenant Origination Costs Intangible Mortgage Asset Intangible Lease Liabilities 2023 $ 286 $ 4,561 $ 93 $ 1,162 2024 214 3,183 93 940 2025 188 2,684 93 718 2026 150 2,520 93 711 2027 92 1,844 93 763 Thereafter 334 3,785 193 6,831 Total $ 1,264 $ 18,577 $ 658 $ 11,125 (a) The result of acquired above-market leases and will be deducted from rental income through 2032. (b) The result of acquired in-place leases and will be charged to Depreciation and amortization expense through 2055. (c) In connection with the Northwood mortgage intangible and will be charged to interest expense through 2030. (d) The result of acquired below-market leases and will be added to rental income through 2055. |
SALE OF PROPERTIES
SALE OF PROPERTIES | 12 Months Ended |
Dec. 31, 2022 | |
SALE OF PROPERTIES | |
SALE OF PROPERTIES | NOTE 5—SALES OF PROPERTIES The following chart details the Company’s sales of real estate during 2022, 2021 and 2020 (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 Wendy's restaurants - 4 properties Various cities, Pennsylvania March 22, 2022 $ 10,000 $ 4,649 $ — $ — Orlando Baking industrial property Columbus, Ohio (a) May 2, 2022 8,500 6,925 — — Havertys retail property Fayetteville, Georgia June 17, 2022 4,800 1,125 1,563 — Vacant retail property Columbus, Ohio August 8, 2022 8,300 4,063 — — TOTALS FOR 2022 $ 31,600 $ 16,762 (b) $ 1,563 $ — 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 (c) 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 (d) $ 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 (e) 1,067 n/a n/a Guitar Center retail property Houston, Texas December 15, 2020 5,212 (e) 1,645 n/a n/a TOTALS FOR 2020 $ 34,340 $ 17,280 (f) $ 11,815 $ 1,123 (a) This property was classified as held-for-sale in the accompanying consolidated balance sheet at December 31, 2021. (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 $519 of unbilled rent receivable and $4 of net unamortized intangible lease liabilities and assets . (c) 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 . (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 $1,438 of unbilled rent receivables and $967 of unamortized intangible lease assets. (e) In 2020, in connection with these sales, the Company provided seller-financing of an aggregate of $4,613 . The loan was repaid in full in 2021 (see Note 13). (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 $365 of unbilled rent receivables and $367 of unamortized intangible lease liabilities . In December 2022, the Company entered into a contract to sell a restaurant property in Hauppauge, New York for $4,200,000 . The buyer's right to terminate the contract without penalty expired on January 23, 2023 and the property was sold on February 28, 2023. The Company anticipates recognizing a gain on sale of real estate, net, of approximately $ 1,500,000 on the consolidated statement of income during the three months ending March 31, 2023 |
VARIABLE INTEREST ENTITIES, CON
VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES | 12 Months Ended |
Dec. 31, 2022 | |
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 As of December 31, 2022, the VIE’s maximum exposure to loss was $16,514,000 which represented the carrying amount of the land. In purchasing the property in 2016, the owner/operator obtained a mortgage for from a third party which, together with the Company’s purchase of the land, provided substantially all of the funds to acquire the multi-family property. The Company provided its land as collateral for the owner/operator’s mortgage loan; accordingly, the land position is subordinated to the mortgage. The mortgage balance was Pursuant to the ground lease, as amended in November 2020, the Company agreed, in its discretion, to fund 78% of (i) any operating expense shortfalls at the property and (ii) any capital expenditures required at the property. The Company funded $697,000 and $1,746,000 during the years ended December 31, 2022 and 2021, respectively, and an additional $447,000 from January 1 through March 6, 2023. These amounts are included as part of the carrying amount of the land. Additional rent income Ground Lease Tenant The Company’s ground lease tenant was a plaintiff/claimant in various legal proceedings (the “Proceedings”) against, among others, the developer of such apartment complex alleging, among other things, that the buildings’ construction was flawed. The Proceedings were settled in the quarter ended December 31, 2022 and although the Company was not a party to the Proceedings, pursuant to the lease with the tenant, the Company received, in early January 2023, Variable Interest Entities—Consolidated Joint Ventures The Company has determined that the three consolidated joint ventures in which it holds between a 90% to 95% interest are VIEs because the non-controlling interests do not hold substantive kick-out or participating rights. The Company has determined it is the primary beneficiary of these VIEs as it has the power to direct the activities that most significantly impact each joint venture’s performance including management, approval of expenditures, and the obligation to absorb the losses or rights to receive benefits. Accordingly, the Company consolidates the operations of these VIEs for financial statement purposes. The VIEs’ creditors do not have recourse to the assets of the Company other than those held by the applicable joint venture. NOTE 6—VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES (CONTINUED) 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, 2022 2021 Land $ 10,365 $ 10,365 Buildings and improvements, net of accumulated depreciation of $5,670 and $4,957, respectively 17,870 18,472 Cash 1,163 1,134 Unbilled rent receivable 1,111 1,020 Unamortized intangible lease assets, net 472 548 Escrow, deposits and other assets and receivables 772 878 Mortgages payable, net of unamortized deferred financing costs of $152 and $195, respectively 18,500 19,193 Accrued expenses and other liabilities 711 875 Unamortized intangible lease liabilities, net 424 475 Accumulated other comprehensive income (loss) 22 (33) Non-controlling interests in consolidated joint ventures 972 946 MCB Real Estate, LLC and its affiliates (‘‘MCB’’) are the Company’s joint venture partner in two consolidated joint ventures at December 31, 2022 and 2021 in which the Company has aggregate equity investments of approximately $4,563,000 and $4,691,000, respectively. Distributions to each joint venture partner are determined pursuant to the applicable operating agreement and, in the event of a sale of, or refinancing of the mortgage encumbering, the property owned by such venture, the distributions to the Company may be less than that implied by the Company’s equity ownership interest in the venture. |
INVESTMENT IN UNCONSOLIDATED JO
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | 12 Months Ended |
Dec. 31, 2022 | |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | NOTE 7—INVESTMENT IN UNCONSOLIDATED JOINT VENTURES As of December 31, 2022 and 2021, 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 $10,400,000 and $10,172,000 , respectively. The Company recorded equity in earnings of during 2022, 2021 and 2020, 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 At December 31, 2022 and 2021, MCB and the Company are partners in an unconsolidated joint venture in which the Company’s equity investment is approximately $8,963,000 and $8,773,000, respectively. |
DEBT OBLIGATIONS
DEBT OBLIGATIONS | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 Mortgages payable, gross $ 409,175 $ 399,660 Unamortized mortgage intangible asset (a) (658) — Unamortized deferred financing costs (3,355) (3,316) Mortgages payable, net $ 405,162 $ 396,344 (a) In connection with the assumption of a below-market mortgage upon the acquisition of the Northwood, Ohio properties (see Note 4). At December 31, 2022, there were 66 outstanding mortgages payable, all of which are secured by first liens on individual real estate investments with an aggregate gross carrying value of $647,524,000 before accumulated depreciation of $111,847,000. 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 2023 and 2047. The weighted average interest rate on all mortgage debt was 4.10% and 4.18% at December 31, 2022 and 2021, 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 $1,079,000 was repaid from 2020 through 2022, $109,000 is to be repaid during 2023 and the balance was deferred until the maturity of such debt. Scheduled principal repayments during the years indicated are as follows (amounts in thousands): Year Ending December 31, 2023 2024 2025 2026 2027 Thereafter Total Amortization payments $ 12,288 $ 11,388 $ 10,037 $ 9,897 $ 8,766 $ 39,489 $ 91,865 Principal due at maturity 12,973 50,695 32,063 19,179 38,525 163,875 317,310 Total $ 25,261 $ 62,083 $ 42,100 $ 29,076 $ 47,291 $ 203,364 $ 409,175 Line of Credit In November 2022, the Company entered into an amendment to its credit facility with Manufacturers and Traders Trust Company and VNB New York, LLC which, among other things, extended the facility’s maturity to December 31, 2026 from December 31, 2022, increased the amount available to be borrowed for renovation and operating expense purposes to the lesser of $40,000,000 or 40% of the borrowing base, provides that the interest rate will be based on 30-day SOFR and requires compliance with certain amended and additional covenants. In connection with the amendment, the Company incurred a $666,000 commitment fee which will be amortized over the remaining term of the facility. Net proceeds received from the sale, financing or refinancing of properties are generally required to be used to repay amounts outstanding under the credit facility. The facility is guaranteed by subsidiaries of the Company that own unencumbered properties and the Company is required to pledge to the lenders the equity interests in such subsidiaries. The facility provides for an interest rate equal to 30-day SOFR plus an applicable margin ranging from 175 basis points to 275 basis points depending on the ratio of the Company’s total debt to total value, as determined pursuant to the facility. The applicable margin was 175 basis points at December 31, 2022 and 2021. NOTE 8—DEBT OBLIGATIONS (CONTINUED) An unused facility fee of .25% per annum applies to the facility. The weighted average interest rate on the facility was approximately The credit facility includes certain restrictions and covenants which may limit, among other things, the incurrence of liens, and which require compliance with financial ratios relating to, among other things, the minimum amount of tangible net worth, the minimum amount of debt service coverage, the minimum amount of fixed charge coverage, the maximum amount of debt to value, the minimum level of net income, certain investment limitations and the minimum value of unencumbered properties and the number of such properties. The Company was in compliance with all covenants at December 31, 2022. The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands): December 31, 2022 2021 Line of credit, gross $ 21,800 $ 11,700 Unamortized deferred financing costs (732) (216) Line of credit, net $ 21,068 $ 11,484 At December 31, 2022 and March 6, 2023, $78,200,000 and $88,500,000, respectively, was available to be borrowed under the facility, including an aggregate of up to $40,000,000 available at each date for renovation and operating expense purposes. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2022 | |
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, dividends payable, and accrued expenses and other liabilities (excluding interest rate swap assets and liabilities), are not measured at fair value on a recurring basis but are considered to be recorded at amounts that approximate fair value. The fair value and carrying amounts of the Company’s mortgages payable are as follows (dollars in thousands): December 31, 2022 2021 Fair value of mortgages payable (a) $ 378,943 $ 419,354 Carrying value of mortgages payable $ 409,175 $ 399,660 Fair value (less than) greater than the carrying value $ (30,232) $ 19,694 Blended market interest rate (a) 5.87 % 3.20 % Weighted average remaining term to maturity (years) 6.5 6.4 (a) Estimated using unobservable inputs such as available market information and discounted cash flow analysis based on borrowing rates the Company believes it could obtain with similar terms and maturities. These fair value measurements fall within Level 3 of the fair value hierarchy. At December 31, 2022 and 2021, the carrying amount of the Company’s line of credit (before unamortized deferred financing costs) of $21,800,000 and $11,700,000, respectively, approximates its fair value. Considerable judgment is necessary to interpret market data and develop the estimated fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. NOTE 9—FAIR VALUE MEASUREMENTS (CONTINUED) Fair Value on a Recurring Basis As of December 31, 2022, the Company had in effect 17 interest rate derivatives, all of which were interest rate swaps, related to 17 outstanding mortgage loans with an aggregate $49,222,000 notional amount maturing between 2023 and 2026 (weighted average remaining term to maturity of 1.7 years). These interest rate swaps, all of which were designated as cash flow hedges, converted LIBOR or SOFR based variable rate mortgages to fixed annual rate mortgages (with interest rates ranging from 3.02% to 4.62% and a weighted average interest rate of 4.07% at December 31, 2022). Fair values are approximated using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. Although the Company has determined the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the associated credit valuation adjustments use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparty. As of December 31, 2022, the Company has assessed and determined the impact of the credit valuation adjustments on the overall valuation of its derivative positions is not significant. As a result, the Company determined its derivative valuation is classified in Level 2 of the fair value hierarchy. The Company does not currently own any financial instruments that are measured on a recurring basis and that are classified as Level 1 or 3. The fair value of the Company’s derivative financial instruments was determined to be the following (amounts in thousands): As of Carrying and Balance Sheet December 31, Fair Value Classification Financial assets: 2022 $ 1,811 Other assets 2021 — Financial liabilities: 2022 $ — Other liabilities 2021 1,514 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, 2022 2021 2020 Amount of gain (loss) recognized on derivatives in other comprehensive income (loss) $ 3,028 $ 1,179 $ (5,481) Amount of reclassification from Accumulated other comprehensive income (loss) into Interest expense (297) (2,318) (2,098) During 2021 and 2020, 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 $867,000 and $776,000 during 2021 and 2020, respectively, from Accumulated other comprehensive loss to interest expense which is recorded as Prepayment costs on debt in the consolidated statements of income. During the twelve months ending December 31, 2023, the Company estimates an additional $1,185,000 will be reclassified from Accumulated other comprehensive income as a decrease to Interest expense. NOTE 9—FAIR VALUE MEASUREMENTS (CONTINUED) The derivative agreements in effect at December 31, 2022 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, 2022, there were no derivatives in a liability position. As of December 31, 2021, the fair value of derivatives in a liability position, including accrued interest of $84,000 , but excluding any adjustments for non-performance risk, was approximately $1,632,000 . In the event of breaches of any of the contractual provisions of the derivative contracts, the Company would have been required to settle its obligations thereunder at their termination liability value of $1,632,000 as of December 31, 2021. This termination liability value, net of adjustments for non-performance risk of $34,000 , is included in Accrued expenses and other liabilities on the consolidated balance sheet at December 31, 2021. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2022 | |
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 $3,067,000 in 2022, $3,111,000 in 2021 and $3,011,000 in 2020. Included in these fees are Executive officers and others providing services to the Company under the compensation and services agreement were awarded shares of restricted stock and restricted stock units (“RSUs”) under the Company’s stock incentive plans (described in Note 12). The related expense charged to the Company’s operations was The amounts paid under the compensation and services agreement (except for the property management services which are included in Real estate expenses) and the costs of the stock incentive plans are included in General and administrative expense on the consolidated statements of income. NOTE 10—RELATED PARTY TRANSACTIONS (CONTINUED) Joint Venture Partners and Affiliates During 2022, 2021 and 2020, the Company paid an aggregate of $84,000, $83,000 and $76,000 , 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 $131,000, $118,000 and $93,000 to the other partner of the ventures, which reduced Equity in earnings on the consolidated statements of income by $66,000, $59,000 and $47,000 during 2022, 2021 and 2020, respectively. Other During 2022, 2021 and 2020, the Company paid fees of (i) $313,000, $298,000 and $298,000, respectively, to the Company’s chairman and (ii) $125,000, $119,000 and $119,000, respectively, to the Company’s vice chairman. These fees are included in General and administrative expense on the consolidated statements of income. At December 31, 2022 and 2021, Gould Investors L.P. (“Gould Investors”), a related party, owned 1,998,535 and 1,921,712 shares of the outstanding common stock of the Company, respectively, or approximately 9.5% 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 during 2022, 2021 and 2020, respectively. Included in Real estate expenses on the consolidated statements of income is insurance expense of |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, the shares of common stock underlying the RSUs awarded between 2020 through 2022 under the 2019 and 2022 Incentive Plans (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, 2022 2021 2020 Numerator for basic and diluted earnings per share: Net income $ 42,253 $ 39,034 $ 27,413 Deduct net income attributable to non-controlling interests (76) (177) (6) Deduct earnings allocated to unvested restricted stock (a) (1,434) (1,326) (1,263) Net income available for common stockholders: basic and diluted $ 40,743 $ 37,531 $ 26,144 Denominator for basic earnings per share: Weighted average number of common shares outstanding 20,360 20,086 19,571 Effect of dilutive securities: RSUs 93 178 28 Denominator for diluted earnings per share: Weighted average number of shares 20,453 20,264 19,599 Earnings per common share, basic $ 2.00 $ 1.87 $ 1.34 Earnings per common share, diluted $ 1.99 $ 1.85 $ 1.33 (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, 2022: Total Number Shares Included Based on (a) of Underlying Return on Stockholder Shares Date of Award (b) Shares Capital Metric Return Metric Total Excluded (c) July 1, 2022 85,350 40,222 — 40,222 45,128 August 3, 2021 80,700 40,350 — 40,350 40,350 August 3, 2020 75,026 37,513 37,513 75,026 — Totals 241,076 118,085 37,513 155,598 85,478 Year Ended December 31, 2021: Total Number Shares Included Based on (a) of Underlying Return on Stockholder Shares Date of Award (b) Shares Capital Metric Return Metric Total Excluded (c) 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 (d) 75,026 37,513 37,513 75,026 — Totals 230,752 115,376 115,376 230,752 — Year Ended December 31, 2020: Total Number Shares Included Based on (a) of Underlying Return on Stockholder Shares Date of Award (b) Shares Capital Metric Return Metric Total Excluded (c) August 3, 2020 75,026 37,513 37,513 75,026 — July 1, 2019 (d) 75,026 23,233 — 23,233 51,793 July 1, 2018 (e) 73,750 24,823 — 24,823 48,927 Totals 223,802 85,569 37,513 123,082 100,720 (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 2022, 2021 and 2020 vest, subject to satisfaction of the applicable market and/or performance conditions, as of June 30, 2025, 2024 and 2023, respectively (see Note 12). (c) Excluded as the applicable conditions had not been met for these shares at the applicable measurement dates. (d) With respect to the RSUs awarded July 1, 2019, 64,488 shares were deemed to have vested and the balance of 10,538 shares were forfeited in June 2022. The vested shares were issued in August 2022 (see Note 12). (e) With respect to the RSUs awarded July 1, 2018, all 73,750 shares vested and such shares were issued in August 2021 (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 2022, 2021 and 2020. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2022 | |
STOCKHOLDERS' EQUITY | |
STOCKHOLDERS' EQUITY | NOTE 12—STOCKHOLDERS’ EQUITY Common Stock Dividend In each of 2022 and 2021, 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 13, 2023, the Board of Directors declared a quarterly cash dividend of $0.45 per share on the Company’s common stock, totaling approximately $9,574,000 . The quarterly dividend is payable on April 4, 2023 to stockholders of record on March 27, 2023. Stock Repurchase Program In September 2022, the Board of Directors authorized a repurchase program of up to $7,500,000 of the Company’s common stock in the open-market, through privately negotiated transactions or otherwise. (The $7,500,000 includes the remaining $2,286,000 available pursuant to the repurchase program authorized in March 2016). During 2022, the Company repurchased approximately 208,000 shares of common stock, for total consideration of $5,214,000, net of commissions of $12,000. At December 31, 2022, $7,500,000 is available for the repurchase of shares of common stock. No shares were repurchased by the Company during the years ended December 31, 2021 or 2020. Shares Issued through the At-the-Market Equity Offering Program During 2022, the Company sold approximately 17,000 shares for proceeds of $604,000 , net of commissions of $12,000 , and incurred offering costs of $41,000 for professional fees. During 2021, the Company sold 106,290 shares for proceeds of $3,379,000 , net of commissions of $69,000 , and incurred offering costs of $65,000 for professional fees. The Company did not sell any shares during the year ended December 31, 2020. Dividend Reinvestment Plan The Company’s Dividend Reinvestment Plan (the “DRP”), among other things, provides stockholders with the opportunity to reinvest all or a portion of their cash dividends paid on the Company’s common stock in additional shares of its common stock, at a discount, determined in the Company’s discretion, of up to 5% from the market price (as such price is calculated pursuant to the DRP). From June 2020 through June 2021, the Company suspended the dividend reinvestment feature of its DRP; such feature was reinstated in June 2021. The discount from the market price was 5% prior to the suspension and, since reinstatement, has been offered at a discount of 3%. Under the DRP, the Company issued approximately 102,000, 35,000 and 77,000 shares of common stock during 2022, 2021 and 2020, respectively. NOTE 12—STOCKHOLDERS’ EQUITY (CONTINUED) Stock Based Compensation The Company’s 2022, 2019 and 2016 Incentive Plans (collectively, the “Plans”) permit the Company to grant, among other things, stock options, restricted stock, RSUs, performance share awards and dividend equivalent rights and any one or more of the foregoing to its employees, officers, directors and consultants. A maximum of 750,000 shares of the Company’s common stock was authorized plan The following details the shares subject to awards that are outstanding under the Plans as of December 31, 2022: 2022 2019 2016 Incentive Plan (a)(b) Incentive Plan (c) Incentive Plan (c) Restricted stock — 437,375 275,000 RSUs 85,350 155,726 — Totals 85,350 593,101 275,000 (a) This plan was approved by Company’s stockholders in June 2022. (b) On January 5, 2023, 152,955 restricted shares were issued pursuant to this plan, having an aggregate value of approximately $3,379,000 and are scheduled to vest in January 2028. (c) No additional awards may be granted under such plans. For accounting purposes, the restricted stock is not included in the shares shown as outstanding on the balance sheet until they vest; however, dividends are paid on the unvested shares. The restricted stock grants are charged to General and administrative expense over the respective vesting periods based on the market value of the common stock on the grant date. Unless earlier forfeited because the participant’s relationship with the Company terminated, unvested restricted stock awards vest The following table reflects the activities involving RSUs: 2022 2021 2020 2019 2018 RSUs granted 85,350 80,700 75,026 77,776 76,250 RSUs vested — — — 64,488 (b) 73,750 (c) RSUs forfeited — — — 13,288 2,500 RSUs outstanding 85,350 80,700 75,026 — — Vesting Date 6/30/2025 6/30/2024 6/30/2023 6/30/2022 6/30/2021 (a) The shares underlying the RSUs are excluded from the shares shown as outstanding on the balance sheet until they have vested and been issued. (b) Such shares were issued in August 2022. (c) Such shares were issued in August 2021. (d) 10,538 shares of the 2019 grant were not earned in 2022 because the applicable market condition was only partially satisfied. During 2019, 2,750 shares of the 2019 grant and 2,500 shares of the 2018 grant were forfeited. (e) Generally, the recipient must maintain a relationship with the Company during the applicable three-year performance cycle. (f) RSUs vest upon satisfaction of metrics related to average annual total stockholder return ("TSR Metric") and average annual return on capital ("ROC Metric"; together with the TSR Metric, the "Metrics") and are issued to the extent the Compensation Committee determines that the Metrics with respect to the vesting of such shares have been satisfied. NOTE 12—STOCKHOLDERS’ EQUITY (CONTINUED) The specific metrics and other material terms and conditions of the RSUs are as follows: Performance Criteria Year RSU Granted Metric Weight Minimum Maximum 2018 - 2020 (b) ROC Metric (c) 50% Average annual of at least 7.0% Average annual of at least 9.75% TSR Metric (d) 50% Average annual of at least 7.0% Average annual of at least 12.0% 2021 - 2022 (e) (f) ROC Metric (c) 50% Average annual of at least 6.0% Average annual of at least 8.75% TSR Metric (d) 50% Average annual of at least 6.0% Average annual of at least 11.0% (a) If the average annual ROC or TSR falls between the applicable minimum and maximum performance criteria, a pro-rata portion of such units, as applicable, vest. (b) Such RSUs are not entitled to voting or dividend rights. (c) The ROC Metrics meet the definition of a performance condition. Fair value is based on the market value on the date of grant. For ROC Awards, the Company does not recognize expense when performance conditions are not expected to be met; such performance assumptions are reevaluated quarterly. (d) The TSR Metrics meet the definition of a market condition. A third-party appraiser prepares a Monte Carlo simulation pricing model to determine the fair value of such awards. 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 2022 3 7.10% 1.58% - 3.33% 29.37% - 39.87% 2021 3 5.91% 0.03% - 0.35% 26.74% - 41.53% 2020 3 10.40% 0.10% - 0.18% 51.24% - 77.92% (1) Calculated based on the historical and implied volatility. (e) Such RSUs are (i) not entitled to voting rights and (ii) upon vesting, the holders receive an amount equal to the dividends that would have been paid on the underlying shares had such shares been outstanding during the three-year performance cycle. (f) The Company accrued dividend equivalents for the 2022 and 2021 RSUs of $48,000 and $162,000, respectively, based on the number of shares that would have been issued, underlying such RSUs, using performance and market assumptions determined as of December 31, 2022. As of December 31, 2022, based on performance and market assumptions, the fair value of the RSUs granted in 2022, 2021 and 2020 is $1,420,000, $1,846,000 and $962,000 , respectively. Recognition of such deferred compensation will be charged to General and administrative expense over the respective vested NOTE 12—STOCKHOLDERS’ EQUITY (CONTINUED) Year Ended December 31, 2022 2021 2020 Restricted stock grants: Number of shares 153,575 151,500 149,550 Average per share grant price $ 33.75 $ 20.34 $ 28.10 Deferred compensation to be recognized over vesting period $ 5,183,000 $ 3,082,000 $ 4,202,000 Number of non-vested shares: Non-vested beginning of the year 706,450 701,675 674,250 Grants 153,575 151,500 149,550 Vested during the year (146,900) (145,725) (122,125) Forfeitures (750) (1,000) — Non-vested end of the year 712,375 706,450 701,675 RSU grants: Number of underlying shares 85,350 80,700 75,026 Average per share grant price $ 26.44 $ 30.46 $ 17.31 Deferred compensation to be recognized over vesting period $ 1,420,000 $ 1,808,000 $ 850,000 Number of non-vested shares: Non-vested beginning of the year 230,752 223,802 225,026 Grants 85,350 80,700 75,026 Vested during the year (64,488) (73,750) (24,343) Forfeitures (10,538) — (51,907) Non-vested end of the year 241,076 230,752 223,802 Restricted stock and RSU grants (based on grant price): Weighted average per share value of non-vested shares $ 26.26 $ 25.04 $ 24.98 Value of stock vested during the year $ 5,535,000 $ 5,165,000 $ 3,589,000 Weighted average per share value of shares forfeited during the year $ 29.12 $ 24.62 $ 24.03 Total charge to operations: Outstanding restricted stock grants $ 4,057,000 $ 3,734,000 $ 3,529,000 Outstanding RSUs 1,450,000 1,699,000 1,157,000 Total charge to operations $ 5,507,000 $ 5,433,000 $ 4,686,000 As of December 31, 2022, total compensation costs of 2.1 1.5 |
OTHER INCOME
OTHER INCOME | 12 Months Ended |
Dec. 31, 2022 | |
OTHER INCOME | |
OTHER INCOME | NOTE 13 OTHER INCOME Settlement of the Round Rock Guaranty Litigation On April 15, 2022, the Company received $5,388,000 in connection with the settlement of the lawsuit captioned OLP Wyoming Springs, LLC, Plaintiff, v. Harden Healthcare, LLC, Defendant, v Benjamin Hanson, Intervenor . 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. By February 2022, the Company had been reimbursed on its claim to the insurance carrier to cover, less the $263,000 deductible, (i) the approximate $2,306,000 cost to rebuild the damaged portion of the building and (ii) $259,000 of losses in rental income. The Company recognized a gain on insurance recoveries of $918,000, $695,000 and $430,000 during the years ended December 31, 2022, 2021 and 2020, respectively, which is included in Other income on the consolidated statements of income. Lease Assignment Fee Income In March 2021, the Company received $100,000 from a tenant in connection with consenting to a lease assignment related to six of its properties; such amount is included in Other income on the consolidated statement of income for the year ended December 31, 2021. Interest Income on Loan Receivable In 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. The Company received |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2022 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | NOTE 14—COMMITMENTS AND CONTINGENCIES The Company maintains a non-contributory defined contribution pension plan covering eligible employees. Contributions by the Company are made through a money purchase plan, based upon a percent of the qualified employees’ total salary (subject to the maximum amount allowed by law). Pension expense approximated The Company is party to leases obligating it to provide tenant improvement allowances and various legal proceedings. Management believes these allowances and proceedings are routine, incidental to the operation of the Company’s business and that such allowance payments or proceedings will not have a material adverse effect upon the Company’s consolidated financial statements taken as a whole. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
INCOME TAXES | |
INCOME TAXES | NOTE 15—INCOME TAXES The Company elected to be taxed as a REIT under the Internal Revenue Code, commencing with its taxable year ended December 31, 1983. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its ordinary taxable income to its stockholders. As a REIT, the Company generally will not be subject to corporate level federal, state and local income tax on taxable income it distributes currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal, state and local income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four Even though the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. As of December 31, 2022, tax returns for the calendar years 2019 through 2021 remain subject to examination by the Internal Revenue Service and various state and local tax jurisdictions. During 2022, 2021 and 2020, the Company did not incur any federal income tax expense. The Company does not have any deferred tax assets or liabilities at December 31, 2022 and 2021. The approximate allocation of the distributions made to stockholders is as follows for the years indicated: Year Ended December 31, 2022 2021 2020 Ordinary income (a) 54 % 43 % 45 % Capital gains 46 57 47 Return of capital — — 8 100 % 100 % 100 % (a) In 2022, 2021 and 2020, 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): 2022 2021 2020 Estimate Actual Actual Dividends declared $ 37,915 $ 37,478 $ 36,564 Dividend reinvestment plan (a) 102 35 47 38,017 37,513 36,611 Less: Spillover dividends designated to following year (b) — (2,085) (9,261) Less: Return of capital — — (3,265) Plus: Dividends designated from prior year 2,085 9,261 8,976 Plus: Dividends designated from following year 4,240 — — Dividends paid deduction $ 44,342 $ 44,689 $ 33,061 (a) Reflects the discount on common stock purchased through the dividend reinvestment plan of 3% from June 2021 through December 2022 and 5% prior to June 2021. (b) A portion of the dividend paid in January 2022 and the entire dividend paid in January 2021 are considered 2022 and 2021 dividends, respectively, as such dividends were in excess of the Company’s earnings and profits during 2021 and 2020, respectively. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 16—SUBSEQUENT EVENTS Subsequent events have been evaluated and, except as previously disclosed, there were no other events relative to the consolidated financial statements that require additional disclosure. |
QUARTERLY FINANCIAL DATA (Unaud
QUARTERLY FINANCIAL DATA (Unaudited) | 12 Months Ended |
Dec. 31, 2022 | |
QUARTERLY FINANCIAL DATA (Unaudited) | |
QUARTERLY FINANCIAL DATA (Unaudited) | NOTE 17—QUARTERLY FINANCIAL DATA (Unaudited): (In Thousands, Except Per Share Data) Quarter Ended Total 2022 March 31 June 30 Sept. 30 Dec. 31 For Year Total revenues (a) $ 21,556 $ 21,472 $ 21,473 $ 27,715 $ 92,216 Gain on sale of real estate, net $ 4,649 $ 8,050 $ 4,063 $ — $ 16,762 Net income (b) $ 9,340 $ 16,785 $ 7,221 $ 8,907 $ 42,253 Net income attributable to One Liberty Properties, Inc. (b) $ 9,323 $ 16,767 $ 7,204 $ 8,883 $ 42,177 Weighted average number of common shares outstanding: Basic 20,379 20,364 20,340 20,358 20,360 Diluted 20,541 20,480 20,416 20,406 20,453 Net income per common share attributable to common stockholders: Basic $ .44 $ .80 $ .34 $ .42 $ 2.00 (c) Diluted $ .44 $ .79 $ .34 $ .42 $ 1.99 (c) 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) (a) Includes $4,626 of additional rent from a ground lease tenant recognized in the quarter ended December 31, 2022 – see Note 6. (b) Includes $5,388 of income from the settlement of a lawsuit received in the quarter ended June 30, 2022 – see Note 13. (c) 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, 2022 | |
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, 2022 (Amounts in Thousands) Cost Capitalized Gross Amount at Which Carried Initial Cost to Company Subsequent to at December 31, 2022 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 $ 3,259 1988 2002 Health & Fitness Hamilton, OH 4,122 1,483 5,953 — 1,483 5,953 7,436 1,956 2008 2011 Health & Fitness Secaucus, NJ 7,397 5,449 9,873 — 5,449 9,873 15,322 2,498 1986 2012 Industrial West Palm Beach, FL — 181 724 235 181 959 1,140 512 1973 1998 Industrial New Hyde Park, NY 2,187 182 728 281 182 1,009 1,191 542 1960 1999 Industrial Ronkonkoma, NY 5,158 1,042 4,171 2,943 1,042 7,114 8,156 3,376 1986 2000 Industrial Hauppauge, NY 23,017 1,951 10,954 9,600 1,951 20,554 22,505 8,781 1982 2000 Industrial Melville, NY 2,297 774 3,029 1,170 774 4,199 4,973 1,915 1982 2003 Industrial Saco, ME 5,019 1,027 3,623 2,050 1,027 5,673 6,700 1,772 2001 2006 Industrial Baltimore, MD 17,640 6,474 25,282 — 6,474 25,282 31,756 10,139 1960 2006 Industrial Durham, NC 2,351 1,043 2,404 44 1,043 2,448 3,491 817 1991 2011 Industrial Pinellas Park, FL 2,036 1,231 1,669 614 1,231 2,283 3,514 474 1995 2012 Industrial Miamisburg, OH — 165 1,348 83 165 1,431 1,596 433 1987 2012 Industrial Fort Mill, SC 6,891 1,840 12,687 87 1,840 12,774 14,614 3,280 1992 2013 Industrial Indianapolis, IN 5,006 1,224 6,935 — 1,224 6,935 8,159 1,994 1997 2013 Industrial Fort Mill, SC 21,111 1,804 33,650 — 1,804 33,650 35,454 9,363 1997 2013 Industrial New Hope, MN 3,763 881 6,064 234 881 6,298 7,179 1,303 1967 2014 Industrial Louisville, KY — 578 3,727 34 578 3,761 4,339 772 1974 2015 Industrial Louisville, KY — 51 230 — 51 230 281 47 1974 2015 Industrial McCalla, AL 12,935 1,588 14,682 — 1,588 14,682 16,270 2,793 2003 2015 Industrial St. Louis, MO 9,968 3,728 13,006 739 3,728 13,745 17,473 2,753 1969 2015 Industrial Greenville, SC 4,368 693 6,893 307 693 7,200 7,893 1,315 1997 2016 Industrial Greenville, SC 4,854 528 8,074 127 528 8,201 8,729 1,477 2000 2016 Industrial El Paso, TX 23,000 3,691 17,904 2,429 3,691 20,333 24,024 3,241 1997 2016 Industrial Lebanon, TN 19,949 2,094 30,039 44 2,094 30,083 32,177 4,896 1996 2016 Industrial Huntersville, NC 4,409 1,046 6,674 — 1,046 6,674 7,720 991 2014 2017 Industrial Pittston, PA 14,350 999 9,922 1,048 999 10,970 11,969 1,514 1990 2017 Industrial Ankeny, IA 7,520 1,351 11,607 — 1,351 11,607 12,958 1,651 2016 2017 Industrial Memphis, TN 4,599 140 7,952 — 140 7,952 8,092 1,079 1979 2017 Industrial Pennsburg, PA 7,400 1,776 11,126 — 1,776 11,126 12,902 1,478 1986 2018 Industrial Plymouth, MN 2,993 1,121 4,429 — 1,121 4,429 5,550 526 1978 2018 Industrial Englewood, CO 7,621 1,562 11,300 — 1,562 11,300 12,862 1,237 2013 2018 Industrial Moorestown, NJ 3,613 1,822 5,056 — 1,822 5,056 6,878 548 1990 2018 Industrial Moorestown, NJ 8,066 1,443 10,898 52 1,443 10,950 12,393 1,190 1972 2018 Industrial Bakersfield, CA — 1,988 9,998 — 1,988 9,998 11,986 1,061 1980 2018 Industrial Green Park, MO 5,834 1,421 7,835 — 1,421 7,835 9,256 815 2008 2018 Industrial Greenville, SC — 186 6,419 210 186 6,629 6,815 683 2008 2018 Industrial Nashville, TN 4,754 1,058 6,350 — 1,058 6,350 7,408 586 1974 2019 Industrial Wauconda, IL — 67 3,423 41 67 3,464 3,531 344 1998 2019 Industrial Bensalem, PA 3,756 1,602 4,323 150 1,602 4,473 6,075 396 1975 2019 Industrial Chandler, AZ 4,787 1,335 7,379 102 1,335 7,481 8,816 693 2004 2019 Industrial LaGrange, GA 2,948 297 4,500 — 297 4,500 4,797 404 2013 2019 Industrial Shakopee, MN 4,608 1,877 5,462 10 1,877 5,472 7,349 478 1998 2019 Cost Capitalized Gross Amount at Which Carried Initial Cost to Company Subsequent to at December 31, 2022 Building and Acquisition Building & Accumulated Date of Date Type Location Encumbrances Land Improvements Improvements Land Improvements Total Depreciation (1) Construction Acquired Industrial Rincon, GA $ 3,788 $ 61 $ 5,968 $ — $ 61 $ 5,968 $ 6,029 $ 487 1998 2019 Industrial Chandler, AZ — 1,164 1,691 4 1,164 1,695 2,859 146 2007 2019 Industrial Ashland, VA 5,290 391 7,901 — 391 7,901 8,292 593 2007 2020 Industrial Lowell, AR 11,611 1,687 15,188 — 1,687 15,188 16,875 1,197 2017 2020 Industrial Monroe, NC 4,310 897 5,106 — 897 5,106 6,003 217 2000 2021 Industrial Lehigh Acres, FL 5,896 1,934 7,393 — 1,934 7,393 9,327 246 2002 2021 Industrial Omaha, NE — 1,001 6,547 — 1,001 6,547 7,548 190 1988 2021 Industrial Fort Myers, FL 4,751 991 6,876 — 991 6,876 7,867 175 2020 2022 Industrial Dalton, GA 9,905 547 15,836 — 547 15,836 16,383 249 1996 2022 Industrial Hillside, IL — 2,560 2,975 — 2,560 2,975 5,535 51 2002 2022 Industrial Lexington, KY 5,415 1,558 6,881 — 1,558 6,881 8,439 97 2001 2022 Industrial Northwood, OH 6,005 181 8,306 — 181 8,306 8,487 27 1999 2022 Industrial Northwood, OH — 171 7,383 — 171 7,383 7,554 24 2001 2022 Industrial Joppa, MD 8,176 3,815 8,142 1,406 3,815 9,548 13,363 2,320 1994 2014 Office Brooklyn, NY — 1,381 5,447 3,013 1,381 8,460 9,841 4,797 1973 1998 Other Newark, DE 1,263 935 3,643 278 935 3,921 4,856 1,858 1996 2003 Other Beachwood, OH — 13,901 — 2,613 16,514 — 16,514 — N/A 2016 Restaurant Hauppauge, NY — 725 2,963 — 725 2,963 3,688 1,268 1992 2005 Restaurant Carrollton, GA — 796 1,458 — 796 1,458 2,254 466 1996 2012 Restaurant Cartersville, GA — 786 1,346 — 786 1,346 2,132 457 1995 2012 Restaurant Kennesaw, GA — 702 916 — 702 916 1,618 271 1989 2012 Restaurant Lawrenceville, GA — 866 899 — 866 899 1,765 305 1988 2012 Restaurant Concord, NC 1,294 999 1,076 — 999 1,076 2,075 305 2000 2013 Restaurant Myrtle Beach, SC 1,294 1,102 1,161 — 1,102 1,161 2,263 324 1978 2013 Restaurant Greensboro, NC — 1,770 1,237 — 1,770 1,237 3,007 417 1983 2013 Restaurant Richmond, VA — 1,680 1,341 — 1,680 1,341 3,021 294 1983 2013 Restaurant Indianapolis, IN — 853 1,465 — 853 1,465 2,318 382 1982 2014 Retail Seattle, WA — 201 189 35 201 224 425 175 1986 1987 Retail Rosenberg, TX — 216 863 66 216 929 1,145 630 1994 1995 Retail Ft. Myers, FL — 1,013 4,054 13 1,013 4,067 5,080 2,648 1995 1996 Retail Selden, NY 2,389 572 2,287 150 572 2,437 3,009 1,436 1997 1999 Retail Batavia, NY — 515 2,061 — 515 2,061 2,576 1,230 1998 1999 Retail Champaign, IL — 791 3,165 530 791 3,695 4,486 2,075 1985 1999 Retail El Paso, TX 9,511 2,821 11,123 2,587 2,821 13,710 16,531 8,160 1974 2000 Retail Somerville, MA — 510 1,993 24 510 2,017 2,527 1,001 1993 2003 Retail Hyannis, MA — 802 2,324 — 802 2,324 3,126 869 1998 2008 Retail Marston Mills, MA — 461 2,313 — 461 2,313 2,774 860 1998 2008 Retail Everett, MA — 1,935 — — 1,935 — 1,935 — N/A 2008 Retail Kennesaw, GA 4,635 1,501 4,349 1,138 1,501 5,487 6,988 2,194 1995 2008 Retail Royersford, PA 18,529 19,538 3,150 524 19,538 3,674 23,212 1,228 2001 2010 Retail Monroeville, PA — 450 863 — 450 863 1,313 272 1994 2010 Retail Bolingbrook, IL — 834 1,887 101 834 1,988 2,822 665 2001 2011 Retail Crystal Lake, IL — 615 1,899 492 615 2,391 3,006 651 1997 2011 Retail Lawrence, KS — 134 938 207 134 1,145 1,279 291 1915 2012 Retail Greensboro, NC — 1,046 1,552 29 1,046 1,581 2,627 408 2002 2014 Retail Highlands Ranch, CO — 2,361 2,924 296 2,361 3,220 5,581 828 1995 2014 Retail Woodbury, MN 2,508 1,190 4,003 — 1,190 4,003 5,193 984 2006 2014 Retail Cuyahoga Falls, OH 945 71 1,371 — 71 1,371 1,442 235 2004 2016 Retail Hilliard, OH 838 300 1,077 — 300 1,077 1,377 189 2007 2016 Retail Port Clinton, OH 810 52 1,187 — 52 1,187 1,239 209 2005 2016 Retail South Euclid, OH 918 230 1,566 53 230 1,619 1,849 293 1975 2016 Cost Capitalized Gross Amount at Which Carried Initial Cost to Company Subsequent to at December 31, 2022 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 $ 2,264 1962 2016 Retail Deptford, NJ 2,364 572 1,779 705 572 2,484 3,056 1,051 1981 2012 Retail Cape Girardeau, MO 925 545 1,547 — 545 1,547 2,092 447 1994 2012 Retail Littleton, CO 9,550 6,005 11,272 1,173 6,005 12,445 18,450 2,904 1985 2015 Retail-Furniture Duluth, GA — 778 3,436 30 778 3,466 4,244 1,439 1987 2006 Retail-Furniture Wichita, KS — 1,189 5,248 169 1,189 5,417 6,606 2,192 1996 2006 Retail-Furniture Lexington, KY — 800 3,532 169 800 3,701 4,501 1,480 1999 2006 Retail-Furniture Bluffton, SC — 589 2,600 155 589 2,755 3,344 1,086 1994 2006 Retail-Furniture Amarillo, TX — 860 3,810 123 860 3,933 4,793 1,591 1996 2006 Retail-Furniture Austin, TX — 1,587 7,010 193 1,587 7,203 8,790 2,942 2001 2006 Retail-Furniture Tyler, TX — 1,031 4,554 181 1,031 4,735 5,766 1,906 2001 2006 Retail-Furniture Newport News, VA — 751 3,316 85 751 3,401 4,152 1,385 1995 2006 Retail-Furniture Richmond, VA — 867 3,829 201 867 4,030 4,897 1,600 1979 2006 Retail-Furniture Virginia Beach, VA — 854 3,770 224 854 3,994 4,848 1,575 1995 2006 Retail-Furniture Gurnee, IL — 834 3,635 — 834 3,635 4,469 1,480 1994 2006 Retail-Furniture Naples, FL 1,753 3,070 2,846 195 3,070 3,041 6,111 1,120 1992 2008 Retail-Office Supply Lake Charles, LA (2)(3) — 1,167 3,887 2,905 1,167 6,792 7,959 2,733 1998 2002 Retail-Office Supply Chicago, IL (3) 3,199 3,877 2,256 — 3,877 2,256 6,133 806 1994 2008 Retail-Office Supply Cary, NC (3) 2,699 1,129 3,736 — 1,129 3,736 4,865 1,335 1995 2008 Retail-Office Supply Eugene, OR (3) 2,403 1,952 2,096 — 1,952 2,096 4,048 749 1994 2008 Retail-Office Supply El Paso, TX (3) 2,099 1,035 2,700 — 1,035 2,700 3,735 965 1993 2008 Theater Greensboro, NC — — 8,328 3,000 — 11,328 11,328 8,864 1999 2004 Theater Indianapolis, IN 3,775 3,099 5,225 19 3,099 5,244 8,343 1,153 1997 2014 $ 409,175 $ 179,192 $ 651,112 $ 49,292 $ 181,805 $ 697,791 $ 879,596 $ 173,143 Note 1—Depreciation is provided over the estimated useful lives of the buildings and improvements, which range from 2 Note 2— 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 3— 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, 2022 2021 2020 Investment in real estate: Balance, beginning of year $ 837,641 $ 839,058 $ 835,837 Addition: Land, buildings and improvements 59,654 28,837 26,444 Deduction: Properties sold (17,699) (28,064) (22,441) Deduction: Property held-for-sale — (2,190) — Deduction: Impairment due to casualty loss — — (782) Balance, end of year $ 879,596 $ 837,641 $ 839,058 (b) Accumulated depreciation: Balance, beginning of year $ 160,664 $ 147,136 $ 135,302 Addition: Depreciation 18,471 17,694 17,941 Deduction: Accumulated depreciation related to properties sold (5,992) (3,246) (5,755) Deduction: Accumulated depreciation related to property held-for-sale — (920) — Deduction: Impairment due to casualty loss — — (352) Balance, end of year $ 173,143 $ 160,664 $ 147,136 (b) At December 31, 2022, the aggregate cost for federal income tax purposes is approximately $22,018 greater than the Company’s recorded values. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
SIGNIFICANT ACCOUNTING POLICIES | |
Principles of Consolidation/Basis of Preparation | Principles of Consolidation The consolidated financial statements include the accounts and operations of OLP, its wholly owned subsidiaries, its joint ventures in which the Company, as defined, has a controlling interest, and variable interest entities (“VIEs”) of which the Company is the primary beneficiary. OLP and its consolidated subsidiaries are referred to herein as the “Company”. Material intercompany items and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Management believes that the estimates and assumptions that are most important to the portrayal of the Company’s consolidated financial condition and results of operations, in that they require management’s most difficult, subjective or complex judgments, form the basis of the accounting policies deemed to be most significant to the Company. These significant accounting policies relate to revenues and the value of the Company’s real estate portfolio, including investments in unconsolidated joint ventures. Management believes its estimates and assumptions related to these significant accounting policies are appropriate under the circumstances; however, should future events or occurrences result in unanticipated consequences, there could be a material impact on the Company’s future consolidated financial condition or results of operations. |
Segment Reporting | Segment Reporting Substantially all of the Company’s real estate assets, at acquisition, are comprised of real estate owned that is leased to tenants on a long-term basis. Therefore, the Company aggregates real estate assets for reporting purposes and operates in one reportable segment. |
Accounting for Long-Lived Assets and Impairment of Real Estate Owned | Accounting for Long-Lived Assets and Impairment of Real Estate Owned The Company reviews its real estate portfolio on a quarterly basis for indicators of impairment to the value of any of its real estate assets, including deferred costs and intangibles, to determine if there is any need for an impairment charge. In reviewing the portfolio, the Company examines one or more of the following: the type of asset, the current financial statements or other available financial information of the tenant, prolonged or significant vacancies, the economic environment of the area in which the asset is located and the industry in which the tenant is involved, the timeliness of the payments made by the tenant under its lease, property inspection reports and communication with, by, or relating to, the tenant. For each real estate asset owned for which indicators of impairment exist, management performs a recoverability test by comparing (i) the sum of the estimated undiscounted future cash flows attributable to the asset, which are determined using assumptions and estimates, including projected rental rates over an appropriate holding period and property capitalization rates, to (ii) the carrying amount of the asset. If the aggregate undiscounted cash flows are less than the asset’s carrying amount, an impairment is recorded to the extent that the estimated fair value is less than the asset’s carrying amount. The estimated fair value is determined using a discounted cash flow model of the expected future cash flows through the useful life of the property. The analysis includes an estimate of the future cash flows that are expected to result from the real estate investment’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, the effects of leasing demand, competition and other factors. During the three years ended December 31, 2022, there were no impairment charges related to the Company’s real estate portfolio. |
Properties Held-for-Sale | Properties Held-for-Sale Real estate investments are classified as properties held-for-sale when management determines that the investment meets the applicable criteria. Real estate assets that are classified as held-for-sale are: (i) valued at the lower of carrying amount or the estimated fair value less costs to sell on an individual asset basis; and (ii) not depreciated. |
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 $23,781,000, $22,832,000 and $22,964,000, for 2022, 2021 and 2020, respectively. |
Investment in Joint Ventures and Variable Interest Entities | Investment in Joint Ventures and Variable Interest Entities The Financial Accounting Standards Board, or FASB, provides guidance for determining whether an entity is a VIE. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE’s economic performance and (ii) has the obligation to absorb losses, or the right to receive benefits, of the VIE that could potentially be significant to the VIE. The Company assesses the accounting treatment for each of its investments, including a review of each venture or limited liability company or partnership agreement, to determine the rights of each party and whether those rights are protective or participating. The agreements typically contain certain protective rights, such as the requirement of partner approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget or operating plan. In situations where, among other things, the Company and its partners jointly (i) approve the annual budget, (ii) approve certain expenditures, (iii) prepare or review and approve the joint venture’s tax return before filing, or (iv) approve each lease at a property, the Company does not consolidate as the Company considers these to be substantive participation rights that result in shared, joint power over the activities that most significantly impact the performance of the joint venture or property. Additionally, the Company assesses the accounting treatment for any interests pursuant to which the Company may have a variable interest as a lessor. Leases may contain certain protective rights, such as the right of sale and the receipt of certain escrow deposits. The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. All investments in unconsolidated joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are VIEs. In addition, the Company shares power with its co-managing members over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions. None of the joint venture debt is recourse to the Company, subject to standard carve-outs. The Company reviews on a quarterly basis its investments in unconsolidated joint ventures for other-than-temporary losses in investment value. Any decline that is not expected to be recovered based on the underlying assets of the investment is considered other than temporary and an impairment charge is recorded as a reduction in the carrying value of the investment. During the three years ended December 31, 2022, there were no impairment charges related to the Company’s investments in unconsolidated joint ventures. NOTE 2—SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) The Company has elected to follow the cumulative earnings approach when assessing, for the consolidated statement of cash flows, whether the distribution from the investee is a return of the investor’s investment as compared to a return on its investment. The source of the cash generated by the investee to fund the distribution is not a factor in the analysis (that is, it does not matter whether the cash was generated through investee refinancing, sale of assets or operating results). Consequently, the investor only considers the relationship between the cash received from the investee to its equity in the undistributed earnings of the investee, on a cumulative basis, in assessing whether the distribution from the investee is a return on or a return of its investment. Cash received from the unconsolidated entity is presumed to be a return on the investment to the extent that, on a cumulative basis, distributions received by the investor are less than its share of the equity in the undistributed earnings of the entity. |
Fair Value Measurements | Fair Value Measurements The Company measures the fair value of financial instruments based on the assumptions that market participants would use in pricing the asset or liability. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs and Level 3 assets/liabilities are valued based on significant “unobservable” market inputs. |
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company uses interest rate swaps to add stability to interest expense; not for trading or speculative purposes. The Company records all derivatives on the consolidated balance sheets at fair value using widely accepted valuation techniques including a discounted cash flow analysis on the expected cash flows of the derivatives. In addition, the Company incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. These counterparties are generally large financial institutions engaged in providing a variety of financial services. These institutions generally face similar risks regarding adverse changes in market and economic conditions including, but not limited to, fluctuations in interest rates, exchange rates, equity and commodity prices and credit spreads. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in accumulated other comprehensive income (outside of earnings) and subsequently reclassified to earnings in the period in which the hedged transaction becomes ineffective. For derivatives not designated as cash flow hedges, changes in the fair value of the derivative are recognized directly in earnings in the period in which the change occurs; however, the Company’s policy is to not enter into such transactions. |
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, 2022 and 2021, accumulated amortization of such costs was $4,791,000 and $4,684,000 , respectively. The Company presents unamortized deferred financing costs as a direct deduction from the carrying amount of the associated debt liability. |
Income Taxes | Income Taxes The Company is qualified as a REIT under the applicable provisions of the Internal Revenue Code. Under these provisions, the Company will not be subject to Federal, and generally, state and local income taxes, on amounts distributed to stockholders, provided it distributes at least 90% of its ordinary taxable income and meets certain other conditions. The Company follows a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that more-likely-than-not will be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than- not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited. The Company has not identified any uncertain tax positions requiring accrual. |
Cash and Cash Equivalents | Cash and Cash Equivalents All highly liquid investments with original maturities of three months or less when purchased are considered to be cash equivalents. |
Concentration of Credit Risk | Concentration of Credit Risk The Company maintains cash accounts at various financial institutions. While the Company attempts to limit any financial exposure, substantially all of its deposit balances exceed federally insured limits. The Company has not experienced any losses on such accounts. The Company’s properties are located in 31 states. 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 in any of the past three years. |
Escrows | Escrows Real estate taxes and other escrows aggregating $559,000 and $502,000 at December 31, 2022 and 2021, respectively, are included in Escrow, deposits and other assets and receivables. |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
LEASES | |
Schedule of components of lease revenues | The components of lease revenues are as follows (amounts in thousands): Year Ended December 31, 2022 2021 2020 Fixed lease revenues $ 74,101 $ 70,387 $ 69,823 Variable lease revenues 17,259 (a) 11,008 11,285 Lease revenues (b) $ 91,360 $ 81,395 $ 81,108 (a) Includes, for 2022, $4,626 of additional rent accrued from a ground lease tenant – see Note 6. (b) Excludes $831 , $785 and $780 of amortization related to lease intangible assets and liabilities for 2022, 2021 and 2020, respectively. |
Schedule of minimum future contractual rents to be received | As of December 31, 2022, the minimum future contractual rents to be received on non-cancellable operating leases are included in the table below (amounts in thousands). The minimum future contractual rents include $22,924,000 of rent related to Regal Cinemas (two leases which expire in 2032 and 2035) and does not include (i) straight-line rent or amortization of intangibles, (ii) $563,000 of COVID-19 lease deferral repayments due from Regal Cinemas which were not accrued to rental income and (iii) variable lease payments as described above. For the year ending December 31, 2023 $ 73,407 2024 67,323 2025 63,036 2026 58,802 2027 49,843 Thereafter 176,710 Total $ 489,121 |
Schedule of minimum future lease payments | As of December 31, 2022, 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, 2023 $ 507 2024 557 2025 626 2026 627 2027 629 Thereafter 5,591 Total undiscounted cash flows $ 8,537 Present value discount (1,613) Lease liability $ 6,924 |
REAL ESTATE INVESTMENTS (Tables
REAL ESTATE INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
REAL ESTATE INVESTMENTS | |
Schedule of the Company's real estate acquisitions | The following table details the Company’s real estate acquisitions during 2022 and 2021 (amounts in thousands). The Company determined that with respect to each of these acquisitions, the gross assets acquired are concentrated in a single identifiable asset. Therefore, these transactions do not meet the definition of a business and are accounted for as asset acquisitions. As such, direct transaction costs associated with these asset acquisitions have been capitalized to real estate assets and depreciated over their respective useful lives. Contract Capitalized Date Purchase Terms of Transaction Description of Industrial Property Acquired Price Payment Costs Conditioned Air Company of Naples LLC Fort Myers, Florida January 5, 2022 $ 8,100 All cash (a) $ 66 Q.E.P. Co., Inc. Dalton, Georgia May 12, 2022 17,000 All cash (a) 330 Multi-tenant Hillside, Illinois May 16, 2022 5,770 All cash 112 Curaleaf, Inc. Lexington, Kentucky June 17, 2022 8,430 Cash and $5,480 mortgage (b) 80 Multi-tenant Northwood, Ohio November 15, 2022 8,629 Cash and $6,034 mortgage (c) 87 Multi-tenant Northwood, Ohio November 15, 2022 8,561 Cash and $6,034 mortgage (c) 86 TOTALS FOR 2022 $ 56,490 $ 761 Pureon, Inc. Monroe, North Carolina May 27, 2021 $ 7,000 Cash and $4,500 mortgage (d) $ 60 Multi-tenant Lehigh Acres, Florida September 29, 2021 9,355 Cash and $6,100 mortgage (d) 77 Home Depot USA, Inc. Omaha, Nebraska November 12, 2021 7,975 All cash 67 TOTALS FOR 2021 $ 24,330 $ 204 (a) Subsequent to the acquisitions of the Fort Myers, Florida and Dalton, Georgia properties, the Company obtained new mortgage debt of $4,860 and $10,000 , bearing interest rates of 3.09% and 3.50% and maturing in 2031 and 2032, respectively. (b) Simultaneously with the acquisition of this property, the Company obtained new mortgage debt of $5,480 , bearing an interest rate of 3.85% and maturing in 2047. (c) Simultaneously with the acquisition of these properties, the Company assumed a $6,034 mortgage encumbering both properties, bearing an interest rate of 3.57% and maturing in 2030. (d) 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. |
Schedule of allocation of the purchase price for the company's acquisitions of real estate | The following table details the allocation of the purchase price and capitalized transaction costs for the Company’s acquisition of real estate during 2022 and 2021 (amounts in thousands): Building & Intangible Lease Mortgage Description of Industrial Property Land Improvements Asset Liability Intangible Total Conditioned Air Company of Naples LLC Fort Myers, Florida $ 991 $ 6,876 $ 568 $ (269) $ — $ 8,166 Q.E.P. Co., Inc. Dalton, Georgia 547 15,836 1,223 (276) — 17,330 Multi-tenant Hillside, Illinois 2,560 2,975 539 (192) — 5,882 Curaleaf, Inc. Lexington, Kentucky 1,558 6,881 486 (415) — 8,510 Multi-tenant Northwood, Ohio 181 8,306 747 (854) 336 8,716 Multi-tenant Northwood, Ohio 171 7,383 759 — 334 8,647 TOTALS FOR 2022 $ 6,008 $ 48,257 $ 4,322 $ (2,006) $ 670 $ 57,251 Pureon, Inc. Monroe, North Carolina $ 897 $ 5,106 $ 1,057 $ — $ — $ 7,060 Multi-tenant Lehigh Acres, Florida 1,934 7,393 701 (596) — 9,432 Home Depot USA, Inc. Omaha, Nebraska 1,001 6,547 530 (36) — 8,042 TOTALS FOR 2021 $ 3,832 $ 19,046 $ 2,288 $ (632) $ — $ 24,534 |
Summary of market capitalization rate and discount rates associated with the assessment of the fair value of the related lease and mortgage intangibles for the Company's acquisition of real estate | The following table details the market capitalization and discount rates associated with the assessment of the fair value of the related lease and mortgage intangibles for the Company’s acquisition of real estate: Discount Rate (a) Year Market Cap Lease Mortgage Acquired Description of Industrial Property Rate (a) Intangible Intangible 2022 Conditioned Air Company of Naples LLC 5.50% 5.60% — Fort Myers, Florida 2022 Q.E.P. Co., Inc. 5.00% 5.69% — Dalton, Georgia 2022 Multi-tenant 6.25% 6.63% (b) — Hillside, Illinois 2022 Curaleaf, Inc. 5.25% 5.88% — Lexington, Kentucky 2022 Multi-tenant 6.75% 5.60% 5.75% Northwood, Ohio 2022 Multi-tenant 6.75% 5.60% 5.75% Northwood, Ohio 2021 Pureon, Inc. 7.00% 6.08% — Monroe, North Carolina 2021 Multi-tenant 6.75% 5.60% — Lehigh Acres, Florida 2021 Home Depot USA, Inc. 6.25% 6.16% — Omaha, Nebraska (a) The fair value of the tangible and intangible leases and mortgage was assessed as of the acquisition date using an income approach and estimated cash flow projections which utilize an appropriate market capitalization rate and discount rate which is categorized as a Level 3 unobservable input in the fair value hierarchy (as defined in Note 2). (b) Represents the weighted average discount rate of the warehouse lease ( i.e., 5.77% ) and the office lease ( i.e., 9.03% ). |
Summary of information regarding the acquired intangibles related to acquisitions of real estate | The following table details information regarding the acquired intangibles related to the Company’s acquisitions of real estate during the periods indicated: December 31, 2022 December 31, 2021 Intangible Intangible Lease Assets Mortgage Asset (a) Lease Liabilities Lease Assets Mortgage Asset Lease Liabilities Weighted average amortization (years) 6.1 7.1 8.8 4.1 n/a 8.2 Accumulated amortization (in thousands) $ 23,506 $ 12 $ 5,061 $ 25,892 $ n/a $ 8,968 (a) In connection with the assumption of a below-market mortgage in 2022 upon the acquisition of the Northwood, Ohio properties (“Northwood mortgage intangible”). The following table details the amortization of acquired intangibles and the classification in the Company’s consolidated statements of income for the periods indicated (amounts in thousands): Year Ended December 31, 2022 2021 2020 Classification Intangible lease assets/liabilities $ 831 $ 785 $ 780 Rental income, net Tenant origination costs 4,722 4,700 4,617 Depreciation and amortization Intangible mortgage asset (a) 12 n/a n/a Interest expense (a) In connection with the Northwood mortgage intangible. |
Schedule of future amortization of acquired intangibles | As of December 31, 2022, the future amortization of the Company’s acquired intangibles are as follows (amounts in thousands): For the year ended December 31, Intangible Lease Assets Tenant Origination Costs Intangible Mortgage Asset Intangible Lease Liabilities 2023 $ 286 $ 4,561 $ 93 $ 1,162 2024 214 3,183 93 940 2025 188 2,684 93 718 2026 150 2,520 93 711 2027 92 1,844 93 763 Thereafter 334 3,785 193 6,831 Total $ 1,264 $ 18,577 $ 658 $ 11,125 (a) The result of acquired above-market leases and will be deducted from rental income through 2032. (b) The result of acquired in-place leases and will be charged to Depreciation and amortization expense through 2055. (c) In connection with the Northwood mortgage intangible and will be charged to interest expense through 2030. (d) The result of acquired below-market leases and will be added to rental income through 2055. |
SALES OF PROPERTIES (Tables)
SALES OF PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SALE OF PROPERTIES | |
Schedule of sales of real estate | The following chart details the Company’s sales of real estate during 2022, 2021 and 2020 (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 Wendy's restaurants - 4 properties Various cities, Pennsylvania March 22, 2022 $ 10,000 $ 4,649 $ — $ — Orlando Baking industrial property Columbus, Ohio (a) May 2, 2022 8,500 6,925 — — Havertys retail property Fayetteville, Georgia June 17, 2022 4,800 1,125 1,563 — Vacant retail property Columbus, Ohio August 8, 2022 8,300 4,063 — — TOTALS FOR 2022 $ 31,600 $ 16,762 (b) $ 1,563 $ — 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 (c) 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 (d) $ 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 (e) 1,067 n/a n/a Guitar Center retail property Houston, Texas December 15, 2020 5,212 (e) 1,645 n/a n/a TOTALS FOR 2020 $ 34,340 $ 17,280 (f) $ 11,815 $ 1,123 (a) This property was classified as held-for-sale in the accompanying consolidated balance sheet at December 31, 2021. (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 $519 of unbilled rent receivable and $4 of net unamortized intangible lease liabilities and assets . (c) 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 . (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 $1,438 of unbilled rent receivables and $967 of unamortized intangible lease assets. (e) In 2020, in connection with these sales, the Company provided seller-financing of an aggregate of $4,613 . The loan was repaid in full in 2021 (see Note 13). (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 $365 of unbilled rent receivables and $367 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, 2022 | |
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, 2022 2021 Land $ 10,365 $ 10,365 Buildings and improvements, net of accumulated depreciation of $5,670 and $4,957, respectively 17,870 18,472 Cash 1,163 1,134 Unbilled rent receivable 1,111 1,020 Unamortized intangible lease assets, net 472 548 Escrow, deposits and other assets and receivables 772 878 Mortgages payable, net of unamortized deferred financing costs of $152 and $195, respectively 18,500 19,193 Accrued expenses and other liabilities 711 875 Unamortized intangible lease liabilities, net 424 475 Accumulated other comprehensive income (loss) 22 (33) Non-controlling interests in consolidated joint ventures 972 946 |
DEBT OBLIGATIONS (Tables)
DEBT OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 Mortgages payable, gross $ 409,175 $ 399,660 Unamortized mortgage intangible asset (a) (658) — Unamortized deferred financing costs (3,355) (3,316) Mortgages payable, net $ 405,162 $ 396,344 (a) In connection with the assumption of a below-market mortgage upon the acquisition of the Northwood, Ohio properties (see Note 4). |
Schedule of principal repayments | Scheduled principal repayments during the years indicated are as follows (amounts in thousands): Year Ending December 31, 2023 2024 2025 2026 2027 Thereafter Total Amortization payments $ 12,288 $ 11,388 $ 10,037 $ 9,897 $ 8,766 $ 39,489 $ 91,865 Principal due at maturity 12,973 50,695 32,063 19,179 38,525 163,875 317,310 Total $ 25,261 $ 62,083 $ 42,100 $ 29,076 $ 47,291 $ 203,364 $ 409,175 |
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, 2022 2021 Line of credit, gross $ 21,800 $ 11,700 Unamortized deferred financing costs (732) (216) Line of credit, net $ 21,068 $ 11,484 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
FAIR VALUE MEASUREMENTS | |
Schedule of fair value and carrying amounts of the Company's mortgages payable | The fair value and carrying amounts of the Company’s mortgages payable are as follows (dollars in thousands): December 31, 2022 2021 Fair value of mortgages payable (a) $ 378,943 $ 419,354 Carrying value of mortgages payable $ 409,175 $ 399,660 Fair value (less than) greater than the carrying value $ (30,232) $ 19,694 Blended market interest rate (a) 5.87 % 3.20 % Weighted average remaining term to maturity (years) 6.5 6.4 (a) Estimated using unobservable inputs such as available market information and discounted cash flow analysis based on borrowing rates the Company believes it could obtain with similar terms and maturities. These fair value measurements fall within Level 3 of the fair value hierarchy. |
Schedule of derivative financial instruments measured at fair value | The fair value of the Company’s derivative financial instruments was determined to be the following (amounts in thousands): As of Carrying and Balance Sheet December 31, Fair Value Classification Financial assets: 2022 $ 1,811 Other assets 2021 — Financial liabilities: 2022 $ — Other liabilities 2021 1,514 |
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, 2022 2021 2020 Amount of gain (loss) recognized on derivatives in other comprehensive income (loss) $ 3,028 $ 1,179 $ (5,481) Amount of reclassification from Accumulated other comprehensive income (loss) into Interest expense (297) (2,318) (2,098) |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 2020 Numerator for basic and diluted earnings per share: Net income $ 42,253 $ 39,034 $ 27,413 Deduct net income attributable to non-controlling interests (76) (177) (6) Deduct earnings allocated to unvested restricted stock (a) (1,434) (1,326) (1,263) Net income available for common stockholders: basic and diluted $ 40,743 $ 37,531 $ 26,144 Denominator for basic earnings per share: Weighted average number of common shares outstanding 20,360 20,086 19,571 Effect of dilutive securities: RSUs 93 178 28 Denominator for diluted earnings per share: Weighted average number of shares 20,453 20,264 19,599 Earnings per common share, basic $ 2.00 $ 1.87 $ 1.34 Earnings per common share, diluted $ 1.99 $ 1.85 $ 1.33 (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, 2022: Total Number Shares Included Based on (a) of Underlying Return on Stockholder Shares Date of Award (b) Shares Capital Metric Return Metric Total Excluded (c) July 1, 2022 85,350 40,222 — 40,222 45,128 August 3, 2021 80,700 40,350 — 40,350 40,350 August 3, 2020 75,026 37,513 37,513 75,026 — Totals 241,076 118,085 37,513 155,598 85,478 Year Ended December 31, 2021: Total Number Shares Included Based on (a) of Underlying Return on Stockholder Shares Date of Award (b) Shares Capital Metric Return Metric Total Excluded (c) 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 (d) 75,026 37,513 37,513 75,026 — Totals 230,752 115,376 115,376 230,752 — Year Ended December 31, 2020: Total Number Shares Included Based on (a) of Underlying Return on Stockholder Shares Date of Award (b) Shares Capital Metric Return Metric Total Excluded (c) August 3, 2020 75,026 37,513 37,513 75,026 — July 1, 2019 (d) 75,026 23,233 — 23,233 51,793 July 1, 2018 (e) 73,750 24,823 — 24,823 48,927 Totals 223,802 85,569 37,513 123,082 100,720 (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 2022, 2021 and 2020 vest, subject to satisfaction of the applicable market and/or performance conditions, as of June 30, 2025, 2024 and 2023, respectively (see Note 12). (c) Excluded as the applicable conditions had not been met for these shares at the applicable measurement dates. (d) With respect to the RSUs awarded July 1, 2019, 64,488 shares were deemed to have vested and the balance of 10,538 shares were forfeited in June 2022. The vested shares were issued in August 2022 (see Note 12). (e) With respect to the RSUs awarded July 1, 2018, all 73,750 shares vested and such shares were issued in August 2021 (see Note 12). |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
STOCKHOLDERS' EQUITY | |
Schedule of common stock dividend distributions | In each of 2022 and 2021, 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. |
Summary of shares subject to outstanding awards | The following details the shares subject to awards that are outstanding under the Plans as of December 31, 2022: 2022 2019 2016 Incentive Plan (a)(b) Incentive Plan (c) Incentive Plan (c) Restricted stock — 437,375 275,000 RSUs 85,350 155,726 — Totals 85,350 593,101 275,000 (a) This plan was approved by Company’s stockholders in June 2022. (b) On January 5, 2023, 152,955 restricted shares were issued pursuant to this plan, having an aggregate value of approximately $3,379,000 and are scheduled to vest in January 2028. (c) No additional awards may be granted under such plans. |
Summary of RSU activity and other material terms and conditions | The following table reflects the activities involving RSUs: 2022 2021 2020 2019 2018 RSUs granted 85,350 80,700 75,026 77,776 76,250 RSUs vested — — — 64,488 (b) 73,750 (c) RSUs forfeited — — — 13,288 2,500 RSUs outstanding 85,350 80,700 75,026 — — Vesting Date 6/30/2025 6/30/2024 6/30/2023 6/30/2022 6/30/2021 (a) The shares underlying the RSUs are excluded from the shares shown as outstanding on the balance sheet until they have vested and been issued. (b) Such shares were issued in August 2022. (c) Such shares were issued in August 2021. (d) 10,538 shares of the 2019 grant were not earned in 2022 because the applicable market condition was only partially satisfied. During 2019, 2,750 shares of the 2019 grant and 2,500 shares of the 2018 grant were forfeited. (e) Generally, the recipient must maintain a relationship with the Company during the applicable three-year performance cycle. (f) RSUs vest upon satisfaction of metrics related to average annual total stockholder return ("TSR Metric") and average annual return on capital ("ROC Metric"; together with the TSR Metric, the "Metrics") and are issued to the extent the Compensation Committee determines that the Metrics with respect to the vesting of such shares have been satisfied. NOTE 12—STOCKHOLDERS’ EQUITY (CONTINUED) The specific metrics and other material terms and conditions of the RSUs are as follows: Performance Criteria Year RSU Granted Metric Weight Minimum Maximum 2018 - 2020 (b) ROC Metric (c) 50% Average annual of at least 7.0% Average annual of at least 9.75% TSR Metric (d) 50% Average annual of at least 7.0% Average annual of at least 12.0% 2021 - 2022 (e) (f) ROC Metric (c) 50% Average annual of at least 6.0% Average annual of at least 8.75% TSR Metric (d) 50% Average annual of at least 6.0% Average annual of at least 11.0% (a) If the average annual ROC or TSR falls between the applicable minimum and maximum performance criteria, a pro-rata portion of such units, as applicable, vest. (b) Such RSUs are not entitled to voting or dividend rights. (c) The ROC Metrics meet the definition of a performance condition. Fair value is based on the market value on the date of grant. For ROC Awards, the Company does not recognize expense when performance conditions are not expected to be met; such performance assumptions are reevaluated quarterly. (d) The TSR Metrics meet the definition of a market condition. A third-party appraiser prepares a Monte Carlo simulation pricing model to determine the fair value of such awards. 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 2022 3 7.10% 1.58% - 3.33% 29.37% - 39.87% 2021 3 5.91% 0.03% - 0.35% 26.74% - 41.53% 2020 3 10.40% 0.10% - 0.18% 51.24% - 77.92% (1) Calculated based on the historical and implied volatility. (e) Such RSUs are (i) not entitled to voting rights and (ii) upon vesting, the holders receive an amount equal to the dividends that would have been paid on the underlying shares had such shares been outstanding during the three-year performance cycle. (f) The Company accrued dividend equivalents for the 2022 and 2021 RSUs of $48,000 and $162,000, respectively, based on the number of shares that would have been issued, underlying such RSUs, using performance and market assumptions determined as of December 31, 2022. |
Schedule of equity incentive plans | Year Ended December 31, 2022 2021 2020 Restricted stock grants: Number of shares 153,575 151,500 149,550 Average per share grant price $ 33.75 $ 20.34 $ 28.10 Deferred compensation to be recognized over vesting period $ 5,183,000 $ 3,082,000 $ 4,202,000 Number of non-vested shares: Non-vested beginning of the year 706,450 701,675 674,250 Grants 153,575 151,500 149,550 Vested during the year (146,900) (145,725) (122,125) Forfeitures (750) (1,000) — Non-vested end of the year 712,375 706,450 701,675 RSU grants: Number of underlying shares 85,350 80,700 75,026 Average per share grant price $ 26.44 $ 30.46 $ 17.31 Deferred compensation to be recognized over vesting period $ 1,420,000 $ 1,808,000 $ 850,000 Number of non-vested shares: Non-vested beginning of the year 230,752 223,802 225,026 Grants 85,350 80,700 75,026 Vested during the year (64,488) (73,750) (24,343) Forfeitures (10,538) — (51,907) Non-vested end of the year 241,076 230,752 223,802 Restricted stock and RSU grants (based on grant price): Weighted average per share value of non-vested shares $ 26.26 $ 25.04 $ 24.98 Value of stock vested during the year $ 5,535,000 $ 5,165,000 $ 3,589,000 Weighted average per share value of shares forfeited during the year $ 29.12 $ 24.62 $ 24.03 Total charge to operations: Outstanding restricted stock grants $ 4,057,000 $ 3,734,000 $ 3,529,000 Outstanding RSUs 1,450,000 1,699,000 1,157,000 Total charge to operations $ 5,507,000 $ 5,433,000 $ 4,686,000 As of December 31, 2022, total compensation costs of 2.1 1.5 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 2020 Ordinary income (a) 54 % 43 % 45 % Capital gains 46 57 47 Return of capital — — 8 100 % 100 % 100 % (a) In 2022, 2021 and 2020, 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): 2022 2021 2020 Estimate Actual Actual Dividends declared $ 37,915 $ 37,478 $ 36,564 Dividend reinvestment plan (a) 102 35 47 38,017 37,513 36,611 Less: Spillover dividends designated to following year (b) — (2,085) (9,261) Less: Return of capital — — (3,265) Plus: Dividends designated from prior year 2,085 9,261 8,976 Plus: Dividends designated from following year 4,240 — — Dividends paid deduction $ 44,342 $ 44,689 $ 33,061 (a) Reflects the discount on common stock purchased through the dividend reinvestment plan of 3% from June 2021 through December 2022 and 5% prior to June 2021. (b) A portion of the dividend paid in January 2022 and the entire dividend paid in January 2021 are considered 2022 and 2021 dividends, respectively, as such dividends were in excess of the Company’s earnings and profits during 2021 and 2020, respectively. |
QUARTERLY FINANCIAL DATA (Una_2
QUARTERLY FINANCIAL DATA (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
QUARTERLY FINANCIAL DATA (Unaudited) | |
Schedule of Quarterly Financial Information | (In Thousands, Except Per Share Data) Quarter Ended Total 2022 March 31 June 30 Sept. 30 Dec. 31 For Year Total revenues (a) $ 21,556 $ 21,472 $ 21,473 $ 27,715 $ 92,216 Gain on sale of real estate, net $ 4,649 $ 8,050 $ 4,063 $ — $ 16,762 Net income (b) $ 9,340 $ 16,785 $ 7,221 $ 8,907 $ 42,253 Net income attributable to One Liberty Properties, Inc. (b) $ 9,323 $ 16,767 $ 7,204 $ 8,883 $ 42,177 Weighted average number of common shares outstanding: Basic 20,379 20,364 20,340 20,358 20,360 Diluted 20,541 20,480 20,416 20,406 20,453 Net income per common share attributable to common stockholders: Basic $ .44 $ .80 $ .34 $ .42 $ 2.00 (c) Diluted $ .44 $ .79 $ .34 $ .42 $ 1.99 (c) 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) (a) Includes $4,626 of additional rent from a ground lease tenant recognized in the quarter ended December 31, 2022 – see Note 6. (b) Includes $5,388 of income from the settlement of a lawsuit received in the quarter ended June 30, 2022 – see Note 13. (c) Calculated on weighted average shares outstanding for the year. |
ORGANIZATION AND BACKGROUND (De
ORGANIZATION AND BACKGROUND (Details) | Dec. 31, 2022 property state |
Organization and Background | |
Number of real estate properties | 120 |
Number of states in which properties are located | state | 31 |
Properties owned by consolidated joint ventures | |
Organization and Background | |
Number of real estate properties | 3 |
Properties owned by unconsolidated joint ventures | |
Organization and Background | |
Number of real estate properties | 3 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting (Details) | 12 Months Ended |
Dec. 31, 2022 item | |
Segment Reporting | |
Number of operating segments | 1 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue Recognition | |||||||||||
Revenue | $ 27,715,000 | $ 21,473,000 | $ 21,472,000 | $ 21,556,000 | $ 21,066,000 | $ 20,436,000 | $ 20,422,000 | $ 20,816,000 | $ 92,216,000 | $ 82,740,000 | $ 81,903,000 |
Tenant reimbursements | |||||||||||
Revenue Recognition | |||||||||||
Revenue | $ 12,548,000 | $ 10,938,000 | $ 10,512,000 |
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, 2022 | |
Minimum | |
Purchase Accounting for Acquisition of Real Estate | |
Useful Life | 1 year |
Maximum | |
Purchase Accounting for Acquisition of Real Estate | |
Useful Life | 33 years |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES - Depreciation and Amortization (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation and Amortization | |||
Depreciation expense | $ 23,781,000 | $ 22,832,000 | $ 22,964,000 |
Buildings | |||
Depreciation and Amortization | |||
Estimated useful life | 40 years |
SIGNIFICANT ACCOUNTING POLICI_7
SIGNIFICANT ACCOUNTING POLICIES - Investment in Joint Ventures and Variable Interest Entities (Details) | Dec. 31, 2022 USD ($) item |
Investment in Joint Ventures and Variable Interest Entities | |
Number of Unconsolidated Joint Venture VIEs | item | 0 |
Recourse debt of joint ventures | $ | $ 0 |
SIGNIFICANT ACCOUNTING POLICI_8
SIGNIFICANT ACCOUNTING POLICIES - Deferred Financing Costs (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred Financing Costs | ||
Accumulated amortization of deferred financing costs | $ 4,791,000 | $ 4,684,000 |
SIGNIFICANT ACCOUNTING POLICI_9
SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details) | 12 Months Ended | ||
Dec. 31, 2022 state tenant property | Dec. 31, 2021 tenant property | Dec. 31, 2020 property tenant | |
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 | ||
Number of real estate investments in any one state contributing to more than 10% of total revenues | property | 0 | 0 | 0 |
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 - Escrows (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Escrows | ||
Real estate taxes, insurance and other escrows | $ 559,000 | $ 502,000 |
LEASES - As Lessor (Details)
LEASES - As Lessor (Details) | 1 Months Ended | 2 Months Ended | 4 Months Ended | 6 Months Ended | 12 Months Ended | 36 Months Ended | |||
Jan. 31, 2023 USD ($) | Mar. 06, 2023 USD ($) | Dec. 31, 2022 USD ($) | Mar. 06, 2023 | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 item | |
Lessor Accounting | |||||||||
Operating Lease, option to extend | true | ||||||||
Operating Lease, option to terminate | true | ||||||||
Practical expedient, single lease component | false | false | false | ||||||
Components of lease revenues | |||||||||
Fixed lease revenues | $ 74,101,000 | $ 70,387,000 | $ 69,823,000 | ||||||
Variable lease revenues | 17,259,000 | 11,008,000 | 11,285,000 | ||||||
Lease revenues | 91,360,000 | 81,395,000 | 81,108,000 | ||||||
Additional rent accrued from a ground lease tenant | 4,626,000 | ||||||||
Amortization of intangibles relating to leases, net | 831,000 | $ 785,000 | 780,000 | ||||||
Additional disclosures | |||||||||
Rent not accrued due to collections were deemed less than probable | 0 | ||||||||
Regal Cinemas | |||||||||
Additional disclosures | |||||||||
Percentage of deferred and base rents that have been repaid | 100% | ||||||||
Number of properties with tenants in bankruptcy protection | item | 2 | ||||||||
Monthly base rent unpaid due to tenant's Chapter 11 bankruptcy filing | $ 158,000 | ||||||||
Number of leases | item | 2 | ||||||||
Repayments of base and deferred rents | $ 718,000 | $ 63,000 | |||||||
Impairment charge | $ 0 | ||||||||
COVID-19 | Tenants, excluding Regal Cinemas | |||||||||
Additional disclosures | |||||||||
Deferred lease rent | $ 3,360,000 | ||||||||
Repayments of COVID-19 related deferred rent | $ 12,000 | $ 3,330,000 | |||||||
Percentage of deferred rent that has been repaid | 99.10% | ||||||||
Lease concessions lease payments forgiven | $ 18,000 | ||||||||
COVID-19 | Regal Cinemas | |||||||||
Additional disclosures | |||||||||
Monthly COVID deferral repayments unpaid due to tenant's Chapter 11 bankruptcy filing | 81,000 | 81,000 | 81,000 | ||||||
Aggregate amount of rents deferred | 1,449,000 | 1,449,000 | 1,449,000 | ||||||
Lease income deferred but not accrued | $ 563,000 | $ 563,000 | $ 563,000 |
LEASES - As Lessor - Minimum Fu
LEASES - As Lessor - Minimum Future Rents (Details) | Dec. 31, 2022 USD ($) |
Minimum future contractual base rents to be received | |
For the year ending December 31, 2023 | $ 73,407,000 |
For the year ending December 31, 2024 | 67,323,000 |
For the year ending December 31, 2025 | 63,036,000 |
For the year ending December 31, 2026 | 58,802,000 |
For the year ending December 31, 2027 | 49,843,000 |
Thereafter | 176,710,000 |
Total | 489,121,000 |
Regal Cinemas | |
Minimum future contractual base rents to be received | |
Total | $ 22,924,000 |
LEASES - As Lessor - Lease Ince
LEASES - As Lessor - Lease Incentives and Lease Termination Fees (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) tenant | Dec. 31, 2021 USD ($) tenant | Dec. 31, 2020 USD ($) tenant | |
Lease Incentives | |||
Lease incentives recognized | $ | $ 1,345,000 | ||
Number of tenants with lease incentives | tenant | 3 | ||
Lease incentives amortized | $ | $ 44,000 | ||
Lease Termination Fee | |||
Payments received upon early lease termination | $ | $ 25,000 | $ 487,000 | $ 88,000 |
Number of retail tenants in lease buy-out transactions | tenant | 4 | 4 | 4 |
Write-off of unbilled rent receivable | $ | $ (1,094,000) | ||
Retail tenants | |||
Lease Termination Fee | |||
Number of retail tenants in lease buy-out transactions | tenant | 3 | 3 | 3 |
Industrial tenants | |||
Lease Termination Fee | |||
Number of retail tenants in lease buy-out transactions | tenant | 1 | 1 | 1 |
LEASES - As Lessor - Unbilled S
LEASES - As Lessor - Unbilled Straight-Line Rent (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Unbilled Straight-Line Rent | |||
Unbilled rent receivable | $ 16,079,000 | $ 14,330,000 | |
Period during which amount of unbilled rent receivable is to be billed and received | 20 years | ||
Unbilled straight-line rent receivables written off related to property sold | $ 519,000 | 1,438,000 | $ 365,000 |
Unearned Rental Income | $ 756,000 | $ 897,000 | |
Period during which amount of unbilled rent payable is to be billed and received | 10 years | ||
Unbilled rent receivable written off of amounts where collectability is less than probable | $ 1,094,000 |
LEASES - As Lessee - Ground Lea
LEASES - As Lessee - Ground Lease and Office Lease (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Lessee Accounting | |||
Operating lease liability | $ 6,924,000 | ||
Operating lease liability, Statement of Financial Position | Accrued expenses and other liabilities | ||
Right-of-use asset | $ 5,864,000 | ||
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 | $ 6,366,000 | $ 6,634,000 | |
Right-of-use asset | 6,267,000 | ||
Operating lease, remaining lease term | 12 years 2 months 12 days | ||
Operating lease, incremental borrowing rate (as a percent) | 2.95% | ||
Real Estate in Greensboro, NC | Real estate expenses | |||
Lessee Accounting | |||
Operating lease expense | $ 599,000 | 599,000 | $ 533,000 |
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 | $ 558,000 | 578,000 | |
Right-of-use asset | $ 535,000 | 564,000 | |
Operating lease, remaining lease term | 14 years | ||
Operating lease, incremental borrowing rate (as a percent) | 3.81% | ||
Corporate office lease in Great Neck, NY | General and administrative expense | |||
Lessee Accounting | |||
Operating lease expense | $ 56,000 | $ 55,000 | $ 57,000 |
LEASES - As Lessee - Minimum Fu
LEASES - As Lessee - Minimum Future Lease Payments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Minimum future lease payments | |
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 |
For the year ending December 31, 2027 | 629 |
Thereafter | 5,591 |
Total undiscounted cash flows | 8,537 |
Present value discount | (1,613) |
Lease liability | $ 6,924 |
Operating lease liability, Statement of Financial Position | Accrued expenses and other liabilities |
REAL ESTATE INVESTMENTS - Acqui
REAL ESTATE INVESTMENTS - Acquisitions (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||||
Nov. 15, 2022 | Jun. 17, 2022 | May 16, 2022 | May 12, 2022 | Jan. 05, 2022 | Nov. 12, 2021 | Sep. 29, 2021 | May 27, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Real Estate Acquisitions in 2022 | ||||||||||
REAL ESTATE INVESTMENTS | ||||||||||
Contract Purchase Price | $ 56,490 | |||||||||
Capitalized Transaction Costs | $ 761 | |||||||||
Real Estate Acquisitions in 2022 | Conditioned Air Company of Naples LLC, Fort Myers, Florida | ||||||||||
REAL ESTATE INVESTMENTS | ||||||||||
Contract Purchase Price | $ 8,100 | |||||||||
Capitalized Transaction Costs | 66 | |||||||||
New mortgage debt | $ 4,860 | |||||||||
Interest rate (as a percent) | 3.09% | |||||||||
Real Estate Acquisitions in 2022 | Q.E.P. Co., Inc., Dalton Georgia | ||||||||||
REAL ESTATE INVESTMENTS | ||||||||||
Contract Purchase Price | $ 17,000 | |||||||||
Capitalized Transaction Costs | 330 | |||||||||
New mortgage debt | $ 10,000 | |||||||||
Interest rate (as a percent) | 3.50% | |||||||||
Real Estate Acquisitions in 2022 | Multi-tenant, Hillside, Illinois | ||||||||||
REAL ESTATE INVESTMENTS | ||||||||||
Contract Purchase Price | $ 5,770 | |||||||||
Capitalized Transaction Costs | $ 112 | |||||||||
Real Estate Acquisitions in 2022 | Curaleaf, Inc., Lexington, Kentucky | ||||||||||
REAL ESTATE INVESTMENTS | ||||||||||
Contract Purchase Price | $ 8,430 | |||||||||
Capitalized Transaction Costs | 80 | |||||||||
New mortgage debt | $ 5,480 | |||||||||
Interest rate (as a percent) | 3.85% | |||||||||
Real Estate Acquisitions in 2022 | Two Multi Tenant Facilities In Northwood, Ohio | ||||||||||
REAL ESTATE INVESTMENTS | ||||||||||
New mortgage debt | $ 6,034 | |||||||||
Interest rate (as a percent) | 3.57% | |||||||||
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 1 | ||||||||||
REAL ESTATE INVESTMENTS | ||||||||||
Contract Purchase Price | $ 8,629 | |||||||||
Capitalized Transaction Costs | 87 | |||||||||
New mortgage debt | 6,034 | |||||||||
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 2 | ||||||||||
REAL ESTATE INVESTMENTS | ||||||||||
Contract Purchase Price | 8,561 | |||||||||
Capitalized Transaction Costs | 86 | |||||||||
New mortgage debt | $ 6,034 | |||||||||
Real Estate Acquisitions in 2021 | ||||||||||
REAL ESTATE INVESTMENTS | ||||||||||
Contract Purchase Price | $ 24,330 | |||||||||
Capitalized Transaction Costs | $ 204 | |||||||||
Real Estate Acquisitions in 2021 | Pureon, Inc., Monroe, North Carolina | ||||||||||
REAL ESTATE INVESTMENTS | ||||||||||
Contract Purchase Price | $ 7,000 | |||||||||
Capitalized Transaction Costs | 60 | |||||||||
New mortgage debt | $ 4,500 | |||||||||
Interest rate (as a percent) | 3.25% | |||||||||
Real Estate Acquisitions in 2021 | Multi-tenant, Lehigh Acres, Florida | ||||||||||
REAL ESTATE INVESTMENTS | ||||||||||
Contract Purchase Price | $ 9,355 | |||||||||
Capitalized Transaction Costs | 77 | |||||||||
New mortgage debt | $ 6,100 | |||||||||
Interest rate (as a percent) | 3.17% | |||||||||
Real Estate Acquisitions in 2021 | Home Depot USA, Inc, Omaha, Nebraska | ||||||||||
REAL ESTATE INVESTMENTS | ||||||||||
Contract Purchase Price | $ 7,975 | |||||||||
Capitalized Transaction Costs | $ 67 |
REAL ESTATE INVESTMENTS - Purch
REAL ESTATE INVESTMENTS - Purchase price and capitalized transaction costs (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
REAL ESTATE INVESTMENTS | ||
Intangible Lease Liability | $ (11,125) | |
Real Estate Acquisitions in 2022 | ||
REAL ESTATE INVESTMENTS | ||
Intangible Lease Asset | 4,322 | |
Intangible Lease Liability | (2,006) | |
Mortgage Intangible | 670 | |
Total | 57,251 | |
Real Estate Acquisitions in 2022 | Land | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 6,008 | |
Real Estate Acquisitions in 2022 | Building & Improvements | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 48,257 | |
Real Estate Acquisitions in 2022 | Conditioned Air Company of Naples LLC, Fort Myers, Florida | ||
REAL ESTATE INVESTMENTS | ||
Intangible Lease Asset | 568 | |
Intangible Lease Liability | (269) | |
Total | 8,166 | |
Real Estate Acquisitions in 2022 | Conditioned Air Company of Naples LLC, Fort Myers, Florida | Land | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 991 | |
Real Estate Acquisitions in 2022 | Conditioned Air Company of Naples LLC, Fort Myers, Florida | Building & Improvements | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 6,876 | |
Real Estate Acquisitions in 2022 | Q.E.P. Co., Inc., Dalton Georgia | ||
REAL ESTATE INVESTMENTS | ||
Intangible Lease Asset | 1,223 | |
Intangible Lease Liability | (276) | |
Total | 17,330 | |
Real Estate Acquisitions in 2022 | Q.E.P. Co., Inc., Dalton Georgia | Land | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 547 | |
Real Estate Acquisitions in 2022 | Q.E.P. Co., Inc., Dalton Georgia | Building & Improvements | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 15,836 | |
Real Estate Acquisitions in 2022 | Multi-tenant, Hillside, Illinois | ||
REAL ESTATE INVESTMENTS | ||
Intangible Lease Asset | 539 | |
Intangible Lease Liability | (192) | |
Total | 5,882 | |
Real Estate Acquisitions in 2022 | Multi-tenant, Hillside, Illinois | Land | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 2,560 | |
Real Estate Acquisitions in 2022 | Multi-tenant, Hillside, Illinois | Building & Improvements | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 2,975 | |
Real Estate Acquisitions in 2022 | Curaleaf, Inc., Lexington, Kentucky | ||
REAL ESTATE INVESTMENTS | ||
Intangible Lease Asset | 486 | |
Intangible Lease Liability | (415) | |
Total | 8,510 | |
Real Estate Acquisitions in 2022 | Curaleaf, Inc., Lexington, Kentucky | Land | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 1,558 | |
Real Estate Acquisitions in 2022 | Curaleaf, Inc., Lexington, Kentucky | Building & Improvements | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 6,881 | |
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 1 | ||
REAL ESTATE INVESTMENTS | ||
Intangible Lease Asset | 747 | |
Intangible Lease Liability | (854) | |
Mortgage Intangible | 336 | |
Total | 8,716 | |
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 1 | Land | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 181 | |
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 1 | Building & Improvements | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 8,306 | |
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 2 | ||
REAL ESTATE INVESTMENTS | ||
Intangible Lease Asset | 759 | |
Mortgage Intangible | 334 | |
Total | 8,647 | |
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 2 | Land | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 171 | |
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 2 | Building & Improvements | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | $ 7,383 | |
Real Estate Acquisitions in 2021 | ||
REAL ESTATE INVESTMENTS | ||
Intangible Lease Asset | $ 2,288 | |
Intangible Lease Liability | (632) | |
Total | 24,534 | |
Real Estate Acquisitions in 2021 | Land | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 3,832 | |
Real Estate Acquisitions in 2021 | Building & Improvements | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 19,046 | |
Real Estate Acquisitions in 2021 | Pureon, Inc., Monroe, North Carolina | ||
REAL ESTATE INVESTMENTS | ||
Intangible Lease Asset | 1,057 | |
Total | 7,060 | |
Real Estate Acquisitions in 2021 | Pureon, Inc., Monroe, North Carolina | Land | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 897 | |
Real Estate Acquisitions in 2021 | Pureon, Inc., Monroe, North Carolina | Building & Improvements | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 5,106 | |
Real Estate Acquisitions in 2021 | Multi-tenant, Lehigh Acres, Florida | ||
REAL ESTATE INVESTMENTS | ||
Intangible Lease Asset | 701 | |
Intangible Lease Liability | (596) | |
Total | 9,432 | |
Real Estate Acquisitions in 2021 | Multi-tenant, Lehigh Acres, Florida | Land | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 1,934 | |
Real Estate Acquisitions in 2021 | Multi-tenant, Lehigh Acres, Florida | Building & Improvements | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 7,393 | |
Real Estate Acquisitions in 2021 | Home Depot USA, Inc, Omaha, Nebraska | ||
REAL ESTATE INVESTMENTS | ||
Intangible Lease Asset | 530 | |
Intangible Lease Liability | (36) | |
Total | 8,042 | |
Real Estate Acquisitions in 2021 | Home Depot USA, Inc, Omaha, Nebraska | Land | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | 1,001 | |
Real Estate Acquisitions in 2021 | Home Depot USA, Inc, Omaha, Nebraska | Building & Improvements | ||
REAL ESTATE INVESTMENTS | ||
Acquired property | $ 6,547 |
REAL ESTATE INVESTMENTS - Marke
REAL ESTATE INVESTMENTS - Market capitalization rate and discount rates (Details) - Level 3 | Dec. 31, 2022 | Dec. 31, 2021 |
Real Estate Acquisitions in 2022 | Conditioned Air Company of Naples LLC, Fort Myers, Florida | ||
REAL ESTATE INVESTMENTS | ||
Market Cap Rate | 0.0550 | |
Real Estate Acquisitions in 2022 | Conditioned Air Company of Naples LLC, Fort Myers, Florida | Lease Intangible | ||
REAL ESTATE INVESTMENTS | ||
Discount Rate | 0.0560 | |
Real Estate Acquisitions in 2022 | Q.E.P. Co., Inc., Dalton Georgia | ||
REAL ESTATE INVESTMENTS | ||
Market Cap Rate | 0.0500 | |
Real Estate Acquisitions in 2022 | Q.E.P. Co., Inc., Dalton Georgia | Lease Intangible | ||
REAL ESTATE INVESTMENTS | ||
Discount Rate | 0.0569 | |
Real Estate Acquisitions in 2022 | Multi-tenant, Hillside, Illinois | ||
REAL ESTATE INVESTMENTS | ||
Market Cap Rate | 0.0625 | |
Real Estate Acquisitions in 2022 | Multi-tenant, Hillside, Illinois | Lease Intangible | ||
REAL ESTATE INVESTMENTS | ||
Discount Rate | 0.0663 | |
Real Estate Acquisitions in 2022 | Multi-tenant, Hillside, Illinois | Lease Intangible | Warehouse | ||
REAL ESTATE INVESTMENTS | ||
Discount Rate | 0.0577 | |
Real Estate Acquisitions in 2022 | Multi-tenant, Hillside, Illinois | Lease Intangible | Office | ||
REAL ESTATE INVESTMENTS | ||
Discount Rate | 0.0903 | |
Real Estate Acquisitions in 2022 | Curaleaf, Inc., Lexington, Kentucky | ||
REAL ESTATE INVESTMENTS | ||
Market Cap Rate | 0.0525 | |
Real Estate Acquisitions in 2022 | Curaleaf, Inc., Lexington, Kentucky | Lease Intangible | ||
REAL ESTATE INVESTMENTS | ||
Discount Rate | 0.0588 | |
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 1 | ||
REAL ESTATE INVESTMENTS | ||
Market Cap Rate | 0.0675 | |
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 1 | Lease Intangible | ||
REAL ESTATE INVESTMENTS | ||
Discount Rate | 0.0560 | |
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 1 | Mortgage Intangible | ||
REAL ESTATE INVESTMENTS | ||
Discount Rate | 0.0575 | |
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 2 | ||
REAL ESTATE INVESTMENTS | ||
Market Cap Rate | 0.0675 | |
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 2 | Lease Intangible | ||
REAL ESTATE INVESTMENTS | ||
Discount Rate | 0.0560 | |
Real Estate Acquisitions in 2022 | Multi-tenant, Northwood, Ohio - 2 | Mortgage Intangible | ||
REAL ESTATE INVESTMENTS | ||
Discount Rate | 0.0575 | |
Real Estate Acquisitions in 2021 | Pureon, Inc., Monroe, North Carolina | ||
REAL ESTATE INVESTMENTS | ||
Market Cap Rate | 0.0700 | |
Real Estate Acquisitions in 2021 | Pureon, Inc., Monroe, North Carolina | Lease Intangible | ||
REAL ESTATE INVESTMENTS | ||
Discount Rate | 0.0608 | |
Real Estate Acquisitions in 2021 | Multi-tenant, Lehigh Acres, Florida | ||
REAL ESTATE INVESTMENTS | ||
Market Cap Rate | 0.0675 | |
Real Estate Acquisitions in 2021 | Multi-tenant, Lehigh Acres, Florida | Lease Intangible | ||
REAL ESTATE INVESTMENTS | ||
Discount Rate | 0.0560 | |
Real Estate Acquisitions in 2021 | Home Depot USA, Inc, Omaha, Nebraska | ||
REAL ESTATE INVESTMENTS | ||
Market Cap Rate | 0.0625 | |
Real Estate Acquisitions in 2021 | Home Depot USA, Inc, Omaha, Nebraska | Lease Intangible | ||
REAL ESTATE INVESTMENTS | ||
Discount Rate | 0.0616 |
REAL ESTATE INVESTMENTS - Acq_2
REAL ESTATE INVESTMENTS - Acquired intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
REAL ESTATE INVESTMENTS | |||
Intangible Lease Liabilities, weighted average amortization (years) | 8 years 9 months 18 days | 8 years 2 months 12 days | |
Intangible Lease Liabilities, accumulated amortization | $ 5,061 | $ 8,968 | |
Amortization of intangibles relating to leases, net | 831 | 785 | $ 780 |
Rental income, net | |||
REAL ESTATE INVESTMENTS | |||
Amortization of intangibles relating to leases, net | 831 | 785 | 780 |
Depreciation and amortization | |||
REAL ESTATE INVESTMENTS | |||
Amortization of origination costs | 4,722 | $ 4,700 | $ 4,617 |
Interest expense | |||
REAL ESTATE INVESTMENTS | |||
Amortization of intangible mortgage assets | $ 12 | ||
Lease Intangible | |||
REAL ESTATE INVESTMENTS | |||
Intangible Assets, weighted average amortization (years) | 6 years 1 month 6 days | 4 years 1 month 6 days | |
Intangible Assets, accumulated amortization | $ 23,506 | $ 25,892 | |
Mortgage Intangible | |||
REAL ESTATE INVESTMENTS | |||
Intangible Assets, weighted average amortization (years) | 7 years 1 month 6 days | ||
Intangible Assets, accumulated amortization | $ 12 |
REAL ESTATE INVESTMENTS - Futur
REAL ESTATE INVESTMENTS - Future amortization of acquired intangibles (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Amortization of intangible lease liabilities | |
2023 | $ 1,162 |
2024 | 940 |
2025 | 718 |
2026 | 711 |
2027 | 763 |
Thereafter | 6,831 |
Total | 11,125 |
Intangible Lease Assets - above market leases | |
Amortization of intangible lease assets | |
2023 | 286 |
2024 | 214 |
2025 | 188 |
2026 | 150 |
2027 | 92 |
Thereafter | 334 |
Total | 1,264 |
Tenant Origination Costs - in place leases | |
Amortization of intangible lease assets | |
2023 | 4,561 |
2024 | 3,183 |
2025 | 2,684 |
2026 | 2,520 |
2027 | 1,844 |
Thereafter | 3,785 |
Total | 18,577 |
Mortgage Intangible | |
Amortization of intangible lease assets | |
2023 | 93 |
2024 | 93 |
2025 | 93 |
2026 | 93 |
2027 | 93 |
Thereafter | 193 |
Total | $ 658 |
SALES OF PROPERTIES (Details)
SALES OF PROPERTIES (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||
Aug. 08, 2022 | Jun. 17, 2022 | May 02, 2022 | Mar. 22, 2022 | Dec. 27, 2021 | Jul. 01, 2021 | Jun. 17, 2021 | Dec. 15, 2020 | Jul. 01, 2020 | Feb. 11, 2020 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SALES OF PROPERTIES | ||||||||||||||
Prepayment costs on debt | $ 901,000 | $ 1,123,000 | ||||||||||||
Write-off of unbilled rent receivable, as a reduction to Gain on sale of real estate, net | $ 519,000 | 1,438,000 | 365,000 | |||||||||||
Pet Smart and Guitar Center retail properties, Houston, Texas | ||||||||||||||
SALES OF PROPERTIES | ||||||||||||||
Seller-financing provided by the Company | $ 4,613,000 | |||||||||||||
Properties disposed of by sale | ||||||||||||||
SALES OF PROPERTIES | ||||||||||||||
Gross Sales Price | 31,600,000 | 54,510,000 | 34,340,000 | |||||||||||
Gain on Sale of Real Estate, Net | 16,762,000 | 25,463,000 | 17,280,000 | |||||||||||
Mortgage Prepaid on Sale | 1,563,000 | 20,387,000 | 11,815,000 | |||||||||||
Prepayment costs on debt | 848,000 | 1,123,000 | ||||||||||||
Write-off of unbilled rent receivable, as a reduction to Gain on sale of real estate, net | 519,000 | 1,438,000 | 365,000 | |||||||||||
Write-off of net unamortized lease liabilities and assets, as a reduction to Gain on sale of real estate, net | 4,000 | |||||||||||||
Write-off of unamortized lease assets, as a reduction to Gain on sale of real estate, net | $ 967,000 | |||||||||||||
Write-off of the unamortized intangible lease liability | $ 367,000 | |||||||||||||
Properties disposed of by sale | Wendy's restaurants - 4 properties, Various Cities, Pennsylvania | ||||||||||||||
SALES OF PROPERTIES | ||||||||||||||
Gross Sales Price | $ 10,000,000 | |||||||||||||
Gain on Sale of Real Estate, Net | $ 4,649,000 | |||||||||||||
Properties disposed of by sale | Orlando Baking industrial property, Columbus, Ohio | ||||||||||||||
SALES OF PROPERTIES | ||||||||||||||
Gross Sales Price | $ 8,500,000 | |||||||||||||
Gain on Sale of Real Estate, Net | $ 6,925,000 | |||||||||||||
Properties disposed of by sale | Haverty's retail property, Fayetteville, Georgia | ||||||||||||||
SALES OF PROPERTIES | ||||||||||||||
Gross Sales Price | $ 4,800,000 | |||||||||||||
Gain on Sale of Real Estate, Net | 1,125,000 | |||||||||||||
Mortgage Prepaid on Sale | $ 1,563,000 | |||||||||||||
Properties disposed of by sale | Vacant Retail Property, Columbus, Ohio | ||||||||||||||
SALES OF PROPERTIES | ||||||||||||||
Gross Sales Price | $ 8,300,000 | |||||||||||||
Gain on Sale of Real Estate, Net | $ 4,063,000 | |||||||||||||
Properties disposed of by sale | Whole Foods retail property & parking lot, West Hartford, Connecticut | ||||||||||||||
SALES OF PROPERTIES | ||||||||||||||
Gross Sales Price | $ 40,510,000 | |||||||||||||
Gain on Sale of Real Estate, Net | 21,469,000 | |||||||||||||
Mortgage Prepaid on Sale | 15,403,000 | |||||||||||||
Prepayment costs on debt | $ 799,000 | |||||||||||||
Properties disposed of by sale | Vacant retail property, Philadelphia, Pennsylvania | ||||||||||||||
SALES OF PROPERTIES | ||||||||||||||
Gross Sales Price | $ 8,300,000 | |||||||||||||
Gain on Sale of Real Estate, Net | 1,299,000 | |||||||||||||
Mortgage Prepaid on Sale | 3,574,000 | |||||||||||||
Prepayment costs on debt | 26,000 | |||||||||||||
Properties disposed of by sale | Wendys restaurant property, Hanover, Pennsylvania | ||||||||||||||
SALES OF PROPERTIES | ||||||||||||||
Gross Sales Price | $ 2,815,000 | |||||||||||||
Gain on Sale of Real Estate, Net | 1,331,000 | |||||||||||||
Mortgage Prepaid on Sale | 696,000 | |||||||||||||
Prepayment costs on debt | 11,000 | |||||||||||||
Properties disposed of by sale | Wendys restaurant property, Gettysburg, Pennsylvania | ||||||||||||||
SALES OF PROPERTIES | ||||||||||||||
Gross Sales Price | 2,885,000 | |||||||||||||
Gain on Sale of Real Estate, Net | 1,364,000 | |||||||||||||
Mortgage Prepaid on Sale | 714,000 | |||||||||||||
Prepayment costs on debt | $ 12,000 | |||||||||||||
Properties disposed of by sale | Hobby Lobby retail property, Onalaska, Wisconsin | ||||||||||||||
SALES OF PROPERTIES | ||||||||||||||
Gross Sales Price | $ 7,115,000 | |||||||||||||
Gain on Sale of Real Estate, Net | 4,252,000 | |||||||||||||
Mortgage Prepaid on Sale | 3,332,000 | |||||||||||||
Prepayment costs on debt | $ 290,000 | |||||||||||||
Properties disposed of by sale | CarMax retail property, Knoxville, Tennessee | ||||||||||||||
SALES OF PROPERTIES | ||||||||||||||
Gross Sales Price | $ 18,000,000 | |||||||||||||
Gain on Sale of Real Estate, Net | 10,316,000 | |||||||||||||
Mortgage Prepaid on Sale | 8,483,000 | |||||||||||||
Prepayment costs on debt | $ 833,000 | |||||||||||||
Properties disposed of by sale | Pet Smart retail property, Houston, Texas | ||||||||||||||
SALES OF PROPERTIES | ||||||||||||||
Gross Sales Price | 4,013,000 | |||||||||||||
Gain on Sale of Real Estate, Net | 1,067,000 | |||||||||||||
Properties disposed of by sale | Guitar Center retail property, Houston, Texas | ||||||||||||||
SALES OF PROPERTIES | ||||||||||||||
Gross Sales Price | 5,212,000 | |||||||||||||
Gain on Sale of Real Estate, Net | $ 1,645,000 | |||||||||||||
Properties disposed of by sale | Real Estate in Hauppauge, NY | Forecast | ||||||||||||||
SALES OF PROPERTIES | ||||||||||||||
Gain on Sale of Real Estate, Net | $ 1,500,000 | |||||||||||||
Properties held-for-sale | Real Estate in Hauppauge, NY | ||||||||||||||
SALES OF PROPERTIES | ||||||||||||||
Contracted sale price of property | $ 4,200,000 | |||||||||||||
Consolidated Joint Venture-VIEs | Properties disposed of by sale | ||||||||||||||
SALES OF PROPERTIES | ||||||||||||||
Non-controlling interest's share of the gain | $ 130,000 | |||||||||||||
Consolidated Joint Venture-VIEs | Properties disposed of by sale | Vacant retail property, Philadelphia, Pennsylvania | ||||||||||||||
SALES OF PROPERTIES | ||||||||||||||
Ownership interest in consolidated joint venture of the company (as a percent) | 90% |
VARIABLE INTEREST ENTITIES, C_3
VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES - Ground Leases (Details) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Jan. 31, 2023 | Nov. 30, 2020 | Mar. 06, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2016 | |
Variable Interest Entities - Ground Lease | |||||||||||||||
Revenue | $ 27,715,000 | $ 21,473,000 | $ 21,472,000 | $ 21,556,000 | $ 21,066,000 | $ 20,436,000 | $ 20,422,000 | $ 20,816,000 | $ 92,216,000 | $ 82,740,000 | $ 81,903,000 | ||||
Proceeds received from settlement of lawsuit | $ 4,626,000 | ||||||||||||||
Variable Interest Entity, Not Primary Beneficiary | |||||||||||||||
Variable Interest Entities - Ground Lease | |||||||||||||||
Maximum Exposure to Loss | 16,514,000 | 16,514,000 | |||||||||||||
Variable Interest Entity, Not Primary Beneficiary | Ground lease rental income | |||||||||||||||
Variable Interest Entities - Ground Lease | |||||||||||||||
Revenue | 0 | 0 | $ 729,000 | ||||||||||||
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 | $ 64,816,000 | 64,816,000 | |||||||||||||
Percentage of operating expense shortfalls & cap-ex covered by the Company | 78% | ||||||||||||||
Amount of operating expense shortfalls & cap-ex covered by the Company | $ 447,000 | $ 697,000 | $ 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, 2022 USD ($) item | Dec. 31, 2021 USD ($) | ||
Consolidated VIEs carrying amount of assets and liabilities | |||
Land | $ 181,805,000 | $ 180,183,000 | |
Unbilled rent receivable | 16,079,000 | 14,330,000 | |
Unamortized intangible lease assets, net | 19,841,000 | 20,694,000 | |
Escrow, deposits and other assets and receivables | 23,764,000 | 13,346,000 | |
Mortgages payable, net of unamortized deferred financing costs of $174 and $195, respectively | 405,162,000 | 396,344,000 | |
Accrued expenses and other liabilities | 19,270,000 | 18,992,000 | |
Unamortized intangible lease liabilities, net | 11,125,000 | 10,407,000 | |
Accumulated other comprehensive income (loss) | 1,810,000 | (1,513,000) | |
Non-controlling interests in consolidated joint ventures | [1] | 972,000 | 946,000 |
Mortgages payable | |||
Consolidated VIEs carrying amount of assets and liabilities | |||
Mortgages payable, net of unamortized deferred financing costs of $174 and $195, respectively | 405,162,000 | 396,344,000 | |
Unamortized deferred financing costs | $ 3,355,000 | 3,316,000 | |
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 | 10,365,000 | |
Buildings and improvements, net of accumulated depreciation of $3,525 and $4,957, respectively | 17,870,000 | 18,472,000 | |
Accumulated depreciation | 5,670,000 | 4,957,000 | |
Cash | 1,163,000 | 1,134,000 | |
Unbilled rent receivable | 1,111,000 | 1,020,000 | |
Unamortized intangible lease assets, net | 472,000 | 548,000 | |
Escrow, deposits and other assets and receivables | 772,000 | 878,000 | |
Mortgages payable, net of unamortized deferred financing costs of $174 and $195, respectively | 18,500,000 | 19,193,000 | |
Accrued expenses and other liabilities | 711,000 | 875,000 | |
Unamortized intangible lease liabilities, net | 424,000 | 475,000 | |
Accumulated other comprehensive income (loss) | 22,000 | (33,000) | |
Non-controlling interests in consolidated joint ventures | $ 972,000 | 946,000 | |
Consolidated Joint Venture-VIEs | Minimum | |||
Variable Interest Entities | |||
Ownership interest in consolidated joint venture of the company (as a percent) | 90% | ||
Consolidated Joint Venture-VIEs | Maximum | |||
Variable Interest Entities | |||
Ownership interest in consolidated joint venture of the company (as a percent) | 95% | ||
Consolidated Joint Venture-VIEs | Mortgages payable | |||
Consolidated VIEs carrying amount of assets and liabilities | |||
Unamortized deferred financing costs | $ 152,000 | $ 195,000 | |
[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 $10,365 of land, $17,870 and $18,472 of building and improvements, net of $5,670 and $ 4,957 of accumulated depreciation, $3,518 and $3,580 of other assets included in other line items, $18,500 and $19,193 of real estate debt, net, $1,135 and $1,350 of other liabilities included in other line items, and $972 and $946 of non-controlling interests as of December 31, 2022 and 2021, respectively. |
VARIABLE INTEREST ENTITIES, C_5
VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITY AND CONSOLIDATED JOINT VENTURES - MCB Real Estate, LLC (Details) - Consolidated Joint Venture-VIEs - MCB Real Estate LLC And Its Affiliates | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) |
Consolidated VIEs carrying amount of assets and liabilities | ||
Number of consolidated joint ventures | item | 2 | |
Investment in consolidated joint ventures | $ | $ 4,563,000 | $ 4,691,000 |
INVESTMENT IN UNCONSOLIDATED _2
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Details) | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2021 USD ($) a | Mar. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) item | Dec. 31, 2020 USD ($) | |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | |||||
Investment in unconsolidated joint ventures | $ 10,400,000 | $ 10,172,000 | |||
Equity in earnings of unconsolidated joint ventures | $ 400,000 | 202,000 | $ 38,000 | ||
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 | $ 10,400,000 | $ 10,172,000 | |||
Equity in earnings of unconsolidated joint ventures | 400,000 | 202,000 | $ 38,000 | ||
Unconsolidated Joint Ventures | Land located in Savannah, Georgia | |||||
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | |||||
Net proceeds from the sale of unconsolidated joint venture | $ 2,559,000 | ||||
Percentage of gain recognized by the Company | 50% | ||||
Equity in earnings from sale of unconsolidated joint venture properties | $ 805,000 | ||||
Number of acres retained by unconsolidated joint venture after sale | a | 2.2 | ||||
Unconsolidated Joint Ventures | Property located in Savannah, Georgia | |||||
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | |||||
Net proceeds from the sale of unconsolidated joint venture | $ 819,000 | ||||
Percentage of gain recognized by the Company | 50% | ||||
Equity in earnings from sale of unconsolidated joint venture properties | $ 121,000 | ||||
Unconsolidated Joint Ventures | MCB Real Estate LLC And Its Affiliates | |||||
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | |||||
Investment in unconsolidated joint ventures | $ 8,963,000 | $ 8,773,000 |
DEBT OBLIGATIONS - Mortgages Pa
DEBT OBLIGATIONS - Mortgages Payable (Details) | 12 Months Ended | 36 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) item | Dec. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | |
Mortgages payable, net | |||||
Mortgages payable, gross | $ 409,175,000 | $ 409,175,000 | $ 399,660,000 | ||
Mortgages payable, net | 405,162,000 | 405,162,000 | 396,344,000 | ||
Aggregate gross carrying value of real estate investments | 879,596,000 | 879,596,000 | 837,641,000 | ||
Accumulated depreciation | $ 173,143,000 | $ 173,143,000 | 160,664,000 | ||
Real Estate Investments with outstanding mortgages | |||||
Mortgages payable, net | |||||
Number of outstanding mortgages | item | 66 | 66 | |||
Aggregate gross carrying value of real estate investments | $ 647,524,000 | $ 647,524,000 | |||
Accumulated depreciation | 111,847,000 | 111,847,000 | |||
Mortgages payable | |||||
Mortgages payable, net | |||||
Mortgages payable, gross | 409,175,000 | 409,175,000 | 399,660,000 | ||
Unamortized mortgage intangible asset | (658,000) | (658,000) | |||
Unamortized deferred financing costs | (3,355,000) | (3,355,000) | (3,316,000) | ||
Mortgages payable, net | $ 405,162,000 | $ 405,162,000 | $ 396,344,000 | ||
Weighted average interest rate (as a percent) | 4.10% | 4.10% | 4.18% | ||
Mortgages payable | Minimum | |||||
Mortgages payable, net | |||||
Interest rate after giving effect to interest rate swap agreements | 3.02% | ||||
Mortgages payable | Maximum | |||||
Mortgages payable, net | |||||
Interest rate after giving effect to interest rate swap agreements | 5.50% | ||||
Mortgages payable | COVID-19 | |||||
Mortgages payable, net | |||||
Amount of deferred debt service payments repaid | $ 1,079,000 | ||||
Mortgages payable | COVID-19 | Debt service due in 2020 and 2021 | |||||
Mortgages payable, net | |||||
Deferral of debt service payments | $ 1,670,000 | ||||
Mortgages payable | COVID-19 | Forecast | |||||
Mortgages payable, net | |||||
Amount of deferred debt service payments repaid | $ 109,000 |
DEBT OBLIGATIONS - Principal re
DEBT OBLIGATIONS - Principal repayments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Amortization payments | ||
Amortization payments, 2023 | $ 12,288 | |
Amortization payments, 2024 | 11,388 | |
Amortization payments, 2025 | 10,037 | |
Amortization payments, 2026 | 9,897 | |
Amortization payments, 2027 | 8,766 | |
Amortization payments, Thereafter | 39,489 | |
Amortization payments, Total | 91,865 | |
Total | ||
Total, 2023 | 25,261 | |
Total, 2024 | 62,083 | |
Total, 2025 | 42,100 | |
Total, 2026 | 29,076 | |
Total, 2027 | 47,291 | |
Total, Thereafter | 203,364 | |
Total | 409,175 | $ 399,660 |
Mortgages payable | ||
Principal due at maturity | ||
Principal due at maturity, 2023 | 12,973 | |
Principal due at maturity, 2024 | 50,695 | |
Principal due at maturity, 2025 | 32,063 | |
Principal due at maturity, 2026 | 19,179 | |
Principal due at maturity, 2027 | 38,525 | |
Principal due at maturity, Thereafter | 163,875 | |
Principal due at maturity, Total | 317,310 | |
Total | ||
Total | $ 409,175 | $ 399,660 |
DEBT OBLIGATIONS - Line of Cred
DEBT OBLIGATIONS - Line of Credit (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 06, 2023 | |
Line of credit, net, balances per the consolidated balance sheets | |||||
Line of credit, net | $ 21,068,000 | $ 11,484,000 | |||
Line of Credit | |||||
Line of Credit | |||||
Amount available to be borrowed under the facility | 78,200,000 | $ 88,500,000 | |||
Borrowing capacity available for renovation and operating expense purposes | $ 40,000,000 | $ 40,000,000 | |||
Basis of interest rate | 30-day SOFR | ||||
Commitment fee which will be amortized over the remaining term of the facility | $ 666,000 | ||||
Unused facility fee (as a percent) | 0.25% | ||||
Line of credit, net, balances per the consolidated balance sheets | |||||
Line of credit, gross | $ 21,800,000 | 11,700,000 | |||
Unamortized deferred financing costs | (732,000) | (216,000) | |||
Line of credit, net | $ 21,068,000 | $ 11,484,000 | |||
Line of Credit | Agreement Terms | |||||
Line of Credit | |||||
Borrowing capacity available for renovation and operating expense purposes | $ 40,000,000 | ||||
Percentage of permitted borrowing base available for renovation and operating expense purposes | 40% | ||||
Line of Credit | Weighted average | |||||
Line of Credit | |||||
Line of credit, interest rate during the period | 3.42% | 1.86% | 2.53% | ||
Line of Credit | SOFR | |||||
Line of Credit | |||||
Applicable margin at December 31 (as a percent) | 1.75% | ||||
Line of Credit | SOFR | Agreement Terms | |||||
Line of Credit | |||||
Basis of interest rate | 30-day SOFR | ||||
Line of Credit | SOFR | Minimum | Agreement Terms | |||||
Line of Credit | |||||
Applicable margin (as a percent) | 1.75% | ||||
Line of Credit | SOFR | Maximum | |||||
Line of Credit | |||||
Applicable margin (as a percent) | 2.75% |
FAIR VALUE MEASUREMENTS - Mortg
FAIR VALUE MEASUREMENTS - Mortgages Payable (Details) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
FAIR VALUE MEASUREMENTS | ||
Fair value of mortgages payable | $ 378,943,000 | $ 419,354,000 |
Carrying value of mortgages payable | 409,175,000 | 399,660,000 |
Fair value less than carrying value | $ (30,232,000) | |
Fair value greater than carrying value | $ 19,694,000 | |
Blended market interest rate | ||
FAIR VALUE MEASUREMENTS | ||
Long-term debt, measurement input | 0.0587 | 0.0320 |
Weighted average remaining term to maturity (years) | ||
FAIR VALUE MEASUREMENTS | ||
Long-term debt, measurement input | 6.5 | 6.4 |
Line of Credit | ||
FAIR VALUE MEASUREMENTS | ||
Line of credit, gross | $ 21,800,000 | $ 11,700,000 |
Mortgages payable | ||
FAIR VALUE MEASUREMENTS | ||
Carrying value of mortgages payable | $ 409,175,000 | $ 399,660,000 |
FAIR VALUE MEASUREMENTS - Fair
FAIR VALUE MEASUREMENTS - Fair Value of Derivatives (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | |
Interest rate derivatives | Cash flow hedges | ||
FAIR VALUE MEASUREMENTS | ||
Number of interest rate derivatives held | item | 17 | |
Number of mortgage loans outstanding with related interest rate swaps | item | 17 | |
Notional Amount | $ 49,222,000 | |
Weighted average maturity | 1 year 8 months 12 days | |
Weighted average annual interest rate (as a percent) | 4.07% | |
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) | 4.62% | |
Interest rate swap | ||
Financial assets: | ||
Financial assets, Balance Sheet Classification | Escrow, deposits and other assets and receivables | Escrow, deposits and other assets and receivables |
Financial liabilities: | ||
Financial liabilities, Balance Sheet Classification | Accrued expenses and other liabilities | Accrued expenses and other liabilities |
Interest rate swap | Level 2 | ||
Financial assets: | ||
Financial assets | $ 1,811,000 | |
Financial liabilities: | ||
Financial liabilities | $ 1,514,000 |
FAIR VALUE MEASUREMENTS - Effec
FAIR VALUE MEASUREMENTS - Effect of derivatives on Consolidated Statements of Income (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Credit risk related contingent feature | |||
Accrued interest on derivatives in a liability position | $ 84,000 | ||
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 | $ 0 | 1,632,000 | |
Adjustments for non-performance risk | 34,000 | ||
Interest rate swap | Accrued expenses and other liabilities | |||
Credit risk related contingent feature | |||
Termination liability value | 1,632,000 | ||
Interest rate swap | Cash flow hedges | |||
FAIR VALUE MEASUREMENTS | |||
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss) | 3,028,000 | 1,179,000 | $ (5,481,000) |
Amount of reclassification from Accumulated other comprehensive income (loss) into Interest expense | (297,000) | (2,318,000) | (2,098,000) |
Additional amount to be reclassified during the next twelve months | $ 1,185,000 | ||
Interest rate swap | Cash flow hedges | Prepayment costs on debt | |||
FAIR VALUE MEASUREMENTS | |||
Amounts reclassified from Accumulated other comprehensive loss into Interest Expense as a result of forecasted transactions being no longer probable of occurring | $ 867,000 | $ 776,000 |
RELATED PARTY TRANSACTIONS - Co
RELATED PARTY TRANSACTIONS - Compensation and Services Agreement (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Majestic | |||
Related Party Transactions | |||
Aggregate fees under compensation and services agreement | $ 3,067,000 | $ 3,111,000 | $ 3,011,000 |
Property management services | 1,346,000 | 1,365,000 | 1,265,000 |
Additional payment for the entity's share of all direct office expenses | $ 317,000 | 295,000 | 275,000 |
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% | ||
Executive officers and others | |||
Related Party Transactions | |||
Stock incentive plan expense | $ 2,572,000 | $ 2,590,000 | $ 2,349,000 |
RELATED PARTY TRANSACTIONS - Jo
RELATED PARTY TRANSACTIONS - Joint Venture Partners and Affiliates (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Unconsolidated Joint Ventures | |||
Related Party Transactions | |||
Aggregate management fees paid to other partners | $ 131,000 | $ 118,000 | $ 93,000 |
Decrease in equity earnings, joint venture transaction | 66,000 | 59,000 | 47,000 |
Joint Venture Partners and Affiliates | |||
Related Party Transactions | |||
Payments for property management services | $ 84,000 | $ 83,000 | $ 76,000 |
RELATED PARTY TRANSACTIONS - Ot
RELATED PARTY TRANSACTIONS - Other (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Real estate expenses | |||
Related Party Transactions | |||
Insurance expense recognized of amounts reimbursed to related party | $ 944,000 | $ 1,267,000 | $ 1,091,000 |
Chairman | General and administrative expense | |||
Related Party Transactions | |||
Aggregate fees paid | 313,000 | 298,000 | 298,000 |
Vice Chairman | General and administrative expense | |||
Related Party Transactions | |||
Aggregate fees paid | 125,000 | 119,000 | 119,000 |
Gould Investors L.P. | |||
Related Party Transactions | |||
Amount of insurance reimbursed | $ 586,000 | $ 1,402,000 | $ 1,168,000 |
Number of common stock shares owned by the related party | 1,998,535 | 1,921,712 | |
Ownership percentage held by a related party | 9.50% | 9.20% |
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, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator for basic and diluted earnings per share: | |||||||||||
Net income | $ 8,907 | $ 7,221 | $ 16,785 | $ 9,340 | $ 6,533 | $ 6,212 | $ 23,332 | $ 2,957 | $ 42,253 | $ 39,034 | $ 27,413 |
Deduct net income loss attributable to non-controlling interests | (76) | (177) | (6) | ||||||||
Deduct earnings allocated to unvested restricted stock | (1,434) | (1,326) | (1,263) | ||||||||
Net income available for common stockholders: basic | 40,743 | 37,531 | 26,144 | ||||||||
Net income available for common stockholders: diluted | $ 40,743 | $ 37,531 | $ 26,144 | ||||||||
Denominator for basic earnings per share: | |||||||||||
Weighted average number of common shares outstanding | 20,358 | 20,340 | 20,364 | 20,379 | 20,210 | 20,115 | 20,013 | 20,003 | 20,360 | 20,086 | 19,571 |
Effect of diluted securities: | |||||||||||
RSUs | 93 | 178 | 28 | ||||||||
Denominator for diluted earnings per share: | |||||||||||
Weighted average number of shares | 20,406 | 20,416 | 20,480 | 20,541 | 20,369 | 20,273 | 20,187 | 20,061 | 20,453 | 20,264 | 19,599 |
Earnings per common share, basic (in dollars per share) | $ 0.42 | $ 0.34 | $ 0.80 | $ 0.44 | $ 0.31 | $ 0.29 | $ 1.13 | $ 0.13 | $ 2 | $ 1.87 | $ 1.34 |
Earnings per common share, diluted (in dollars per share) | $ 0.42 | $ 0.34 | $ 0.79 | $ 0.44 | $ 0.30 | $ 0.28 | $ 1.12 | $ 0.13 | $ 1.99 | $ 1.85 | $ 1.33 |
EARNINGS PER COMMON SHARE - Sha
EARNINGS PER COMMON SHARE - Shares of common stock underlying RSUs (Details) - shares | 1 Months Ended | 12 Months Ended | ||||
Aug. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Common Share | ||||||
Number of underlying shares | 241,076 | 230,752 | 223,802 | |||
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric | 118,085 | 115,376 | 85,569 | |||
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric | 37,513 | 115,376 | 37,513 | |||
Total | 155,598 | 230,752 | 123,082 | |||
Common shares not included in calculation due applicable metric had not been met at measurement dates | 85,478 | 100,720 | ||||
Options outstanding | 0 | 0 | 0 | |||
July 1, 2022 | ||||||
Earnings Per Common Share | ||||||
Number of underlying shares | 85,350 | |||||
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric | 40,222 | |||||
Total | 40,222 | |||||
Common shares not included in calculation due applicable metric had not been met at measurement dates | 45,128 | |||||
August 3, 2021 | ||||||
Earnings Per Common Share | ||||||
Number of underlying shares | 80,700 | 80,700 | ||||
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric | 40,350 | 40,350 | ||||
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric | 40,350 | |||||
Total | 40,350 | 80,700 | ||||
Common shares not included in calculation due applicable metric had not been met at measurement dates | 40,350 | |||||
August 3, 2020 | ||||||
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 | 37,513 | 37,513 | |||
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric | 37,513 | 37,513 | 37,513 | |||
Total | 75,026 | 75,026 | 75,026 | |||
July 1, 2019 | ||||||
Earnings Per Common Share | ||||||
Number of underlying shares | 75,026 | 75,026 | ||||
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric | 37,513 | 23,233 | ||||
Number of shares in diluted weighted average number of shares pursuant to stockholder return metric | 37,513 | |||||
Total | 75,026 | 23,233 | ||||
Common shares not included in calculation due applicable metric had not been met at measurement dates | 51,793 | |||||
July 1, 2018 | ||||||
Earnings Per Common Share | ||||||
Number of underlying shares | 73,750 | |||||
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric | 24,823 | |||||
Total | 24,823 | |||||
Common shares not included in calculation due applicable metric had not been met at measurement dates | 48,927 | |||||
Restricted stock units | ||||||
Earnings Per Common Share | ||||||
Number of shares awarded | 85,350 | 80,700 | 75,026 | |||
Number of shares vested | 64,488 | 73,750 | 24,343 | |||
Number of shares forfeited | 10,538 | 51,907 | ||||
Restricted stock units | July 1, 2019 | ||||||
Earnings Per Common Share | ||||||
Number of shares vested | 64,488 | |||||
Number of shares forfeited | 10,538 | |||||
Restricted stock units | July 1, 2018 | ||||||
Earnings Per Common Share | ||||||
Number of shares vested | 73,750 | |||||
Restricted stock units | Awards granted in 2019 | ||||||
Earnings Per Common Share | ||||||
Number of shares forfeited | 2,750 | |||||
Restricted stock units | Awards granted in 2018 | ||||||
Earnings Per Common Share | ||||||
Number of shares forfeited | 2,500 |
STOCKHOLDERS' EQUITY - Common S
STOCKHOLDERS' EQUITY - Common Stock Dividend Distributions (Details) - USD ($) $ / shares in Units, shares in Thousands | 12 Months Ended | ||||||
Mar. 13, 2023 | Dec. 02, 2020 | Sep. 09, 2020 | Jun. 10, 2020 | Mar. 13, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
Common Stock Dividend | |||||||
Total Dividend | $ 9,574,000 | ||||||
Dividend per share | $ 0.45 | $ 0.45 | $ 0.45 | $ 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% | 75% | 50% | 100% | |||
Dividend Paid, Stock % | 25% | 50% | |||||
Cash Distributed | $ 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 - Stock Re
STOCKHOLDERS' EQUITY - Stock Repurchase Program (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2022 | |
Stock Repurchase Program | ||||
Remaining value of common shares authorized for repurchase | $ 7,500,000 | |||
Repurchases of common stock - net | $ 5,240,000 | |||
Stock Repurchase Program | ||||
Stock Repurchase Program | ||||
Number of shares repurchased | 208,000 | 0 | 0 | |
Repurchases of common stock - net | $ 5,214,000 | |||
Payment of commissions on sale of shares | $ 12,000 | |||
Stock Repurchase Program, September 2022 | ||||
Stock Repurchase Program | ||||
Value of common shares authorized for repurchase | $ 7,500,000 | |||
Stock Repurchase Program, March 2016 | ||||
Stock Repurchase Program | ||||
Value of common shares authorized for repurchase | $ 2,286,000 |
STOCKHOLDERS' EQUITY - Shares I
STOCKHOLDERS' EQUITY - Shares Issued through the At-the-Market Offering Program (Details) - At-the-Market Equity Offering Program - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
STOCKHOLDERS' EQUITY | ||
Number of shares sold | 17,000 | 106,290 |
Proceeds from sale of common stock, net of commissions | $ 604,000 | $ 3,379,000 |
Payment of commissions on sale of shares | 12,000 | 69,000 |
Payment of offering costs on sale of shares | $ 41,000 | $ 65,000 |
STOCKHOLDERS' EQUITY - Dividend
STOCKHOLDERS' EQUITY - Dividend Reinvestment Plan (Details) - shares | 5 Months Ended | 12 Months Ended | 17 Months Ended | 19 Months Ended | ||
May 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | May 31, 2021 | Dec. 31, 2022 | |
Dividend Reinvestment Plan | ||||||
Market price discount (as a percent) | 5% | 5% | 3% | |||
Common shares issued under Dividend Reinvestment Plan | 102,000 | 35,000 | 77,000 | |||
Maximum | ||||||
Dividend Reinvestment Plan | ||||||
Market price discount (as a percent) | 5% |
STOCKHOLDERS' EQUITY - Stock Ba
STOCKHOLDERS' EQUITY - Stock Based Compensation - Shares subject to awards outstanding (Details) - USD ($) | 12 Months Ended | |||
Jan. 05, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted stock | ||||
Stock Based Compensation | ||||
Number of shares awarded | 153,575 | 151,500 | 149,550 | |
Vesting period | 5 years | |||
RSUs | ||||
Stock Based Compensation | ||||
Number of shares awarded | 85,350 | 80,700 | 75,026 | |
2022 Incentive Plan | ||||
Stock Based Compensation | ||||
Maximum number of shares authorized for issuance | 750,000 | |||
2022 Incentive Plan | Restricted stock and RSU grants | ||||
Stock Based Compensation | ||||
Shares subject to awards outstanding | 85,350 | |||
Value of shares awarded | $ 3,379,000 | |||
2022 Incentive Plan | Restricted stock | ||||
Stock Based Compensation | ||||
Number of shares awarded | 152,955 | |||
2022 Incentive Plan | RSUs | ||||
Stock Based Compensation | ||||
Shares subject to awards outstanding | 85,350 | |||
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 | ||||
Shares subject to awards outstanding | 593,101 | |||
Remaining shares which may be granted under the Plan | 0 | |||
2019 Incentive Plan | Restricted stock | ||||
Stock Based Compensation | ||||
Shares subject to awards outstanding | 437,375 | |||
2019 Incentive Plan | RSUs | ||||
Stock Based Compensation | ||||
Shares subject to awards outstanding | 155,726 | |||
2016 Incentive Plan | ||||
Stock Based Compensation | ||||
Maximum number of shares authorized for issuance | 750,000 | |||
2016 Incentive Plan | Restricted stock and RSU grants | ||||
Stock Based Compensation | ||||
Shares subject to awards outstanding | 275,000 | |||
Remaining shares which may be granted under the Plan | 0 | |||
2016 Incentive Plan | Restricted stock | ||||
Stock Based Compensation | ||||
Shares subject to awards outstanding | 275,000 |
STOCKHOLDERS' EQUITY - Stock _2
STOCKHOLDERS' EQUITY - Stock Based Compensation - RSU activities (Details) - Restricted stock units - shares | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock Based Compensation | ||||
Number of shares granted | 85,350 | 80,700 | 75,026 | |
Number of shares vested | 64,488 | 73,750 | 24,343 | |
Number of shares forfeited | 10,538 | 51,907 | ||
Number of shares outstanding | 241,076 | 230,752 | 223,802 | 225,026 |
Performance cycle | 3 years | |||
Awards granted in 2022 | Vesting Date: June 30, 2025 | ||||
Stock Based Compensation | ||||
Number of shares granted | 85,350 | |||
Number of shares outstanding | 85,350 | |||
Awards granted in 2021 | Vesting Date: June 30, 2024 | ||||
Stock Based Compensation | ||||
Number of shares granted | 80,700 | |||
Number of shares outstanding | 80,700 | |||
Awards granted in 2020 | Vesting Date: June 30, 2023 | ||||
Stock Based Compensation | ||||
Number of shares granted | 75,026 | |||
Number of shares outstanding | 75,026 | |||
Awards granted in 2019 | ||||
Stock Based Compensation | ||||
Number of shares forfeited | 2,750 | |||
Number of shares not earned due to applicable market conditions not being satisfied | 10,538 | |||
Awards granted in 2019 | Vesting Date: June 30, 2022 | ||||
Stock Based Compensation | ||||
Number of shares granted | 77,776 | |||
Number of shares vested | 64,488 | |||
Number of shares forfeited | 13,288 | |||
Awards granted in 2018 | ||||
Stock Based Compensation | ||||
Number of shares forfeited | 2,500 | |||
Awards granted in 2018 | Vesting Date: June 30, 2021 | ||||
Stock Based Compensation | ||||
Number of shares granted | 76,250 | |||
Number of shares vested | 73,750 | |||
Number of shares forfeited | 2,500 |
STOCKHOLDERS' EQUITY - Stock _3
STOCKHOLDERS' EQUITY - Stock Based Compensation - RSU metrics (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Awards granted in 2018 - 2020 | ROC Awards | |
Stock Based Compensation | |
Weight | 50% |
Awards granted in 2018 - 2020 | ROC Awards | Minimum | |
Stock Based Compensation | |
Average of annual ROC | 7% |
Awards granted in 2018 - 2020 | ROC Awards | Maximum | |
Stock Based Compensation | |
Average of annual ROC | 9.75% |
Awards granted in 2018 - 2020 | TSR awards | |
Stock Based Compensation | |
Weight | 50% |
Awards granted in 2018 - 2020 | TSR awards | Minimum | |
Stock Based Compensation | |
Average of annual TSR | 7% |
Awards granted in 2018 - 2020 | TSR awards | Maximum | |
Stock Based Compensation | |
Average of annual TSR | 12% |
Awards granted in 2021 - 2022 | ROC Awards | |
Stock Based Compensation | |
Weight | 50% |
Awards granted in 2021 - 2022 | ROC Awards | Minimum | |
Stock Based Compensation | |
Average of annual ROC | 6% |
Awards granted in 2021 - 2022 | ROC Awards | Maximum | |
Stock Based Compensation | |
Average of annual ROC | 8.75% |
Awards granted in 2021 - 2022 | TSR awards | |
Stock Based Compensation | |
Weight | 50% |
Awards granted in 2021 - 2022 | TSR awards | Minimum | |
Stock Based Compensation | |
Average of annual TSR | 6% |
Awards granted in 2021 - 2022 | TSR awards | Maximum | |
Stock Based Compensation | |
Average of annual TSR | 11% |
Awards granted in 2022 | Restricted stock units | |
Valuation assumptions | |
Accrual for dividend equivalent rights | $ 48,000 |
Awards granted in 2022 | Restricted stock units | General and administrative expense | |
Valuation assumptions | |
Aggregate fair value of the shares granted | $ 1,420,000 |
Awards granted in 2022 | TSR awards | |
Valuation assumptions | |
Expected life | 3 years |
Dividend rate | 7.10% |
Risk-free interest rate minimum | 1.58% |
Risk-free interest rate maximum | 3.33% |
Expected price volatility minimum | 29.37% |
Expected price volatility maximum | 39.87% |
Awards granted in 2021 | Restricted stock units | |
Valuation assumptions | |
Accrual for dividend equivalent rights | $ 162,000 |
Awards granted in 2021 | Restricted stock units | General and administrative expense | |
Valuation assumptions | |
Aggregate fair value of the shares granted | $ 1,846,000 |
Awards granted in 2021 | TSR awards | |
Valuation assumptions | |
Expected life | 3 years |
Dividend rate | 5.91% |
Risk-free interest rate minimum | 0.03% |
Risk-free interest rate maximum | 0.35% |
Expected price volatility minimum | 26.74% |
Expected price volatility maximum | 41.53% |
Awards granted in 2020 | Restricted stock units | General and administrative expense | |
Valuation assumptions | |
Aggregate fair value of the shares granted | $ 962,000 |
Awards granted in 2020 | TSR awards | |
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% |
STOCKHOLDERS' EQUITY - Activity
STOCKHOLDERS' EQUITY - Activity of Equity Incentive Plans (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted stock and RSU grants | ||||
Restricted stock and RSU grants (based on grant price): | ||||
Weighted average per share value of non-vested shares (in dollars per share) | $ 26.26 | $ 25.04 | $ 24.98 | |
Value of stock vested during the period | $ 5,535,000 | $ 5,165,000 | $ 3,589,000 | |
Weighted average per share value of shares forfeited during the period (in dollars per share) | $ 29.12 | $ 24.62 | $ 24.03 | |
Total charge to operations: | ||||
Total charge to operations | $ 5,507,000 | $ 5,433,000 | $ 4,686,000 | |
Restricted stock grants | ||||
Summary of the activity of the incentive plans | ||||
Average per share grant price (in dollars per share) | $ 33.75 | $ 20.34 | $ 28.10 | |
Deferred compensation to be recognized over vesting period | $ 5,183,000 | $ 3,082,000 | $ 4,202,000 | |
Number of non-vested shares: | ||||
Non-vested beginning of period (in shares) | 706,450 | 701,675 | 674,250 | |
Number of shares awarded | 153,575 | 151,500 | 149,550 | |
Vested during period (in shares) | (146,900) | (145,725) | (122,125) | |
Forfeitures (in shares) | (750) | (1,000) | ||
Non-vested end of period (in shares) | 712,375 | 706,450 | 701,675 | 674,250 |
Total charge to operations: | ||||
Total charge to operations | $ 4,057,000 | $ 3,734,000 | $ 3,529,000 | |
Total compensation costs related to non-vested awards that have not yet been recognized | $ 8,239,000 | |||
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) | $ 26.44 | $ 30.46 | $ 17.31 | |
Deferred compensation to be recognized over vesting period | $ 1,420,000 | $ 1,808,000 | $ 850,000 | |
Number of non-vested shares: | ||||
Non-vested beginning of period (in shares) | 230,752 | 223,802 | 225,026 | |
Number of shares awarded | 85,350 | 80,700 | 75,026 | |
Vested during period (in shares) | (64,488) | (73,750) | (24,343) | |
Forfeitures (in shares) | (10,538) | (51,907) | ||
Non-vested end of period (in shares) | 241,076 | 230,752 | 223,802 | 225,026 |
Total charge to operations: | ||||
Total charge to operations | $ 1,450,000 | $ 1,699,000 | $ 1,157,000 | |
Total compensation costs related to non-vested awards that have not yet been recognized | $ 2,301,000 | |||
Weighted average vesting period | 1 year 6 months | |||
Restricted stock units | Awards granted in 2018 | ||||
Number of non-vested shares: | ||||
Forfeitures (in shares) | (2,500) | |||
Restricted stock units | Awards granted in 2019 | ||||
Number of non-vested shares: | ||||
Forfeitures (in shares) | (2,750) | |||
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 |
OTHER INCOME - Litigation Settl
OTHER INCOME - Litigation Settlement (Details) - USD ($) | 12 Months Ended | |
Apr. 15, 2022 | Dec. 31, 2022 | |
OTHER INCOME | ||
Income on settlement of litigation | $ 5,388,000 | |
Round Rock Guaranty Litigation | ||
OTHER INCOME | ||
Income on settlement of litigation | $ 5,388,000 |
OTHER INCOME - Insurance Recove
OTHER INCOME - Insurance Recoveries on Hurricane Casualty (Details) - USD ($) | 12 Months Ended | 14 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 28, 2022 | |
Insurance Recoveries on Hurricane Casualty | ||||
Casualty loss, insurance recovery proceeds received, classified as investing activities | $ 918,000 | $ 975,000 | $ 150,000 | |
Real Estate in Lake Charles, LA | ||||
Insurance Recoveries on Hurricane Casualty | ||||
Amount of insurance deductible | 263,000 | |||
Casualty loss, insurance recovery proceeds received, classified as investing activities | $ 2,306,000 | |||
Losses in rental income | $ 259,000 | |||
Gain on insurance recoveries | $ 918,000 | $ 695,000 | $ 430,000 |
OTHER INCOME - Lease Assignment
OTHER INCOME - Lease Assignment Fee Income (Details) | 12 Months Ended |
Dec. 31, 2021 USD ($) item | |
Lease Assignment Fee Income | |
Number of properties included in a lease split and assignment agreement | item | 6 |
Other income | |
Lease Assignment Fee Income | |
Fee income, lease assignment agreement | $ | $ 100,000 |
OTHER INCOME - Interest Income
OTHER INCOME - Interest Income on Loan Receivable (Details) | 1 Months Ended | 12 Months Ended |
Dec. 31, 2020 USD ($) item | Dec. 31, 2021 USD ($) | |
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% |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
General and administrative expense | |||
COMMITMENTS AND CONTINGENCIES | |||
Pension expense | $ 349,000 | $ 301,000 | $ 307,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 5 Months Ended | 12 Months Ended | 17 Months Ended | 19 Months Ended | ||
May 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | May 31, 2021 | Dec. 31, 2022 | |
INCOME TAXES | ||||||
Period of disqualification of REIT status | 4 years | |||||
Approximate allocation of the distributions made to stockholders (percentages): | ||||||
Ordinary income | 54% | 43% | 45% | |||
Capital gains | 46% | 57% | 47% | |||
Return of capital | 8% | |||||
Total distributions made to stockholders | 100% | 100% | 100% | |||
Reconciliation between dividends declared with the dividends paid deduction | ||||||
Dividends declared | $ 37,915 | $ 37,478 | $ 36,564 | |||
Dividend reinvestment plan | 102 | 35 | 47 | |||
Dividends before adjustments | 38,017 | 37,513 | 36,611 | |||
Less: Spillover dividends designated to following year | (2,085) | (9,261) | ||||
Less: Return of capital | (3,265) | |||||
Plus: Dividends designated from prior year | 2,085 | 9,261 | 8,976 | |||
Plus: Dividends designated from following year | 4,240 | |||||
Dividends paid deduction | $ 44,342 | $ 44,689 | $ 33,061 | |||
Percentage of discount on common stock purchased through the dividend reinvestment plan | 5% | 5% | 3% | |||
Maximum | ||||||
Reconciliation between dividends declared with the dividends paid deduction | ||||||
Percentage of discount on common stock purchased through the dividend reinvestment plan | 5% |
QUARTERLY FINANCIAL DATA (Una_3
QUARTERLY FINANCIAL DATA (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
QUARTERLY FINANCIAL DATA (Unaudited) | |||||||||||
Total revenues | $ 27,715 | $ 21,473 | $ 21,472 | $ 21,556 | $ 21,066 | $ 20,436 | $ 20,422 | $ 20,816 | $ 92,216 | $ 82,740 | $ 81,903 |
Gain on sale of properties | 4,063 | 8,050 | 4,649 | 2,695 | 1,277 | 21,491 | 16,762 | 25,463 | |||
Net income | 8,907 | 7,221 | 16,785 | 9,340 | 6,533 | 6,212 | 23,332 | 2,957 | 42,253 | 39,034 | 27,413 |
Net income attributable to One Liberty Properties, Inc. | 8,883 | $ 7,204 | 16,767 | $ 9,323 | $ 6,507 | $ 6,059 | $ 23,329 | $ 2,962 | $ 42,177 | $ 38,857 | $ 27,407 |
Additional rental income from ground lease tenant recognized | $ 4,626 | ||||||||||
Income from the settlement of lawsuit | $ 5,388 | ||||||||||
Weighted average number of common shares outstanding: | |||||||||||
Basic (in shares) | 20,358 | 20,340 | 20,364 | 20,379 | 20,210 | 20,115 | 20,013 | 20,003 | 20,360 | 20,086 | 19,571 |
Diluted (in shares) | 20,406 | 20,416 | 20,480 | 20,541 | 20,369 | 20,273 | 20,187 | 20,061 | 20,453 | 20,264 | 19,599 |
Net income per common share attributable to common stockholders: | |||||||||||
Basic (in dollars per share) | $ 0.42 | $ 0.34 | $ 0.80 | $ 0.44 | $ 0.31 | $ 0.29 | $ 1.13 | $ 0.13 | $ 2 | $ 1.87 | $ 1.34 |
Diluted (in dollars per share) | $ 0.42 | $ 0.34 | $ 0.79 | $ 0.44 | $ 0.30 | $ 0.28 | $ 1.12 | $ 0.13 | $ 1.99 | $ 1.85 | $ 1.33 |
Schedule III - Consolidated R_2
Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 USD ($) property | Dec. 31, 2022 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 409,175 | |||
Initial Cost To Company | ||||
Land | 179,192 | |||
Buildings and Improvements | 651,112 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 49,292 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 181,805 | |||
Building & Improvements | 697,791 | |||
Total | $ 837,641 | 879,596 | $ 839,058 | $ 835,837 |
Accumulated Depreciation | $ 160,664 | 173,143 | $ 147,136 | $ 135,302 |
Other disclosures | ||||
Estimated useful lives of buildings and improvements | 40 years | |||
Minimum | ||||
Other disclosures | ||||
Estimated useful lives of buildings and improvements | 2 years | |||
Health & Fitness | Real Estate in Tucker, GA | ||||
Initial Cost To Company | ||||
Land | 807 | |||
Buildings and Improvements | 3,027 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 3,420 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 807 | |||
Building & Improvements | 6,447 | |||
Total | 7,254 | |||
Accumulated Depreciation | 3,259 | |||
Health & Fitness | Real Estate in Hamilton, OH | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 4,122 | |||
Initial Cost To Company | ||||
Land | 1,483 | |||
Buildings and Improvements | 5,953 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,483 | |||
Building & Improvements | 5,953 | |||
Total | 7,436 | |||
Accumulated Depreciation | 1,956 | |||
Health & Fitness | Real Estate in Secaucus, NJ | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 7,397 | |||
Initial Cost To Company | ||||
Land | 5,449 | |||
Buildings and Improvements | 9,873 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 5,449 | |||
Building & Improvements | 9,873 | |||
Total | 15,322 | |||
Accumulated Depreciation | 2,498 | |||
Industrial | Real Estate in West Palm Beach, FL | ||||
Initial Cost To Company | ||||
Land | 181 | |||
Buildings and Improvements | 724 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 235 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 181 | |||
Building & Improvements | 959 | |||
Total | 1,140 | |||
Accumulated Depreciation | 512 | |||
Industrial | Real Estate in New Hyde Park, NY | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 2,187 | |||
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, 2022 | ||||
Land | 182 | |||
Building & Improvements | 1,009 | |||
Total | 1,191 | |||
Accumulated Depreciation | 542 | |||
Industrial | Real Estate in Ronkonkoma, NY | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 5,158 | |||
Initial Cost To Company | ||||
Land | 1,042 | |||
Buildings and Improvements | 4,171 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 2,943 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,042 | |||
Building & Improvements | 7,114 | |||
Total | 8,156 | |||
Accumulated Depreciation | 3,376 | |||
Industrial | Real Estate in Hauppauge, NY | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 23,017 | |||
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, 2022 | ||||
Land | 1,951 | |||
Building & Improvements | 20,554 | |||
Total | 22,505 | |||
Accumulated Depreciation | 8,781 | |||
Industrial | Real Estate in Melville, NY | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 2,297 | |||
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, 2022 | ||||
Land | 774 | |||
Building & Improvements | 4,199 | |||
Total | 4,973 | |||
Accumulated Depreciation | 1,915 | |||
Industrial | Real Estate in Saco, ME | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 5,019 | |||
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, 2022 | ||||
Land | 1,027 | |||
Building & Improvements | 5,673 | |||
Total | 6,700 | |||
Accumulated Depreciation | 1,772 | |||
Industrial | Real Estate in Baltimore, MD | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 17,640 | |||
Initial Cost To Company | ||||
Land | 6,474 | |||
Buildings and Improvements | 25,282 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 6,474 | |||
Building & Improvements | 25,282 | |||
Total | 31,756 | |||
Accumulated Depreciation | 10,139 | |||
Industrial | Real Estate in Durham, NC | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 2,351 | |||
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, 2022 | ||||
Land | 1,043 | |||
Building & Improvements | 2,448 | |||
Total | 3,491 | |||
Accumulated Depreciation | 817 | |||
Industrial | Real Estate in Pinellas Park, FL | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 2,036 | |||
Initial Cost To Company | ||||
Land | 1,231 | |||
Buildings and Improvements | 1,669 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 614 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,231 | |||
Building & Improvements | 2,283 | |||
Total | 3,514 | |||
Accumulated Depreciation | 474 | |||
Industrial | Real Estate in Miamisburg, OH | ||||
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, 2022 | ||||
Land | 165 | |||
Building & Improvements | 1,431 | |||
Total | 1,596 | |||
Accumulated Depreciation | 433 | |||
Industrial | Real Estate in Fort Mill, SC | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 6,891 | |||
Initial Cost To Company | ||||
Land | 1,840 | |||
Buildings and Improvements | 12,687 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 87 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,840 | |||
Building & Improvements | 12,774 | |||
Total | 14,614 | |||
Accumulated Depreciation | 3,280 | |||
Industrial | Real Estate in Indianapolis, IN | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 5,006 | |||
Initial Cost To Company | ||||
Land | 1,224 | |||
Buildings and Improvements | 6,935 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,224 | |||
Building & Improvements | 6,935 | |||
Total | 8,159 | |||
Accumulated Depreciation | 1,994 | |||
Industrial | Real Estate in Fort Mill, SC | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 21,111 | |||
Initial Cost To Company | ||||
Land | 1,804 | |||
Buildings and Improvements | 33,650 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,804 | |||
Building & Improvements | 33,650 | |||
Total | 35,454 | |||
Accumulated Depreciation | 9,363 | |||
Industrial | Real Estate in New Hope, MN | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 3,763 | |||
Initial Cost To Company | ||||
Land | 881 | |||
Buildings and Improvements | 6,064 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 234 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 881 | |||
Building & Improvements | 6,298 | |||
Total | 7,179 | |||
Accumulated Depreciation | 1,303 | |||
Industrial | Real Estate in Louisville, KY | ||||
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, 2022 | ||||
Land | 578 | |||
Building & Improvements | 3,761 | |||
Total | 4,339 | |||
Accumulated Depreciation | 772 | |||
Industrial | Real Estate in Louisville, KY | ||||
Initial Cost To Company | ||||
Land | 51 | |||
Buildings and Improvements | 230 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 51 | |||
Building & Improvements | 230 | |||
Total | 281 | |||
Accumulated Depreciation | 47 | |||
Industrial | Real Estate in McCalla, AL | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 12,935 | |||
Initial Cost To Company | ||||
Land | 1,588 | |||
Buildings and Improvements | 14,682 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,588 | |||
Building & Improvements | 14,682 | |||
Total | 16,270 | |||
Accumulated Depreciation | 2,793 | |||
Industrial | Real Estate In St Louis, MO | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 9,968 | |||
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, 2022 | ||||
Land | 3,728 | |||
Building & Improvements | 13,745 | |||
Total | 17,473 | |||
Accumulated Depreciation | 2,753 | |||
Industrial | Real Estate in Greenville, SC | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 4,368 | |||
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, 2022 | ||||
Land | 693 | |||
Building & Improvements | 7,200 | |||
Total | 7,893 | |||
Accumulated Depreciation | 1,315 | |||
Industrial | Real Estate in Greenville, SC | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 4,854 | |||
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, 2022 | ||||
Land | 528 | |||
Building & Improvements | 8,201 | |||
Total | 8,729 | |||
Accumulated Depreciation | 1,477 | |||
Industrial | Real Estate in El Paso, TX | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 23,000 | |||
Initial Cost To Company | ||||
Land | 3,691 | |||
Buildings and Improvements | 17,904 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 2,429 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 3,691 | |||
Building & Improvements | 20,333 | |||
Total | 24,024 | |||
Accumulated Depreciation | 3,241 | |||
Industrial | Real Estate in Lebanon, TN | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 19,949 | |||
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, 2022 | ||||
Land | 2,094 | |||
Building & Improvements | 30,083 | |||
Total | 32,177 | |||
Accumulated Depreciation | 4,896 | |||
Industrial | Real Estate in Huntersville, NC | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 4,409 | |||
Initial Cost To Company | ||||
Land | 1,046 | |||
Buildings and Improvements | 6,674 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,046 | |||
Building & Improvements | 6,674 | |||
Total | 7,720 | |||
Accumulated Depreciation | 991 | |||
Industrial | Real Estate in Pittston, PA | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 14,350 | |||
Initial Cost To Company | ||||
Land | 999 | |||
Buildings and Improvements | 9,922 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 1,048 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 999 | |||
Building & Improvements | 10,970 | |||
Total | 11,969 | |||
Accumulated Depreciation | 1,514 | |||
Industrial | Real Estate in Ankeny, IA | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 7,520 | |||
Initial Cost To Company | ||||
Land | 1,351 | |||
Buildings and Improvements | 11,607 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,351 | |||
Building & Improvements | 11,607 | |||
Total | 12,958 | |||
Accumulated Depreciation | 1,651 | |||
Industrial | Real Estate in Memphis, TN | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 4,599 | |||
Initial Cost To Company | ||||
Land | 140 | |||
Buildings and Improvements | 7,952 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 140 | |||
Building & Improvements | 7,952 | |||
Total | 8,092 | |||
Accumulated Depreciation | 1,079 | |||
Industrial | Real Estate in Pennsburg, PA | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 7,400 | |||
Initial Cost To Company | ||||
Land | 1,776 | |||
Buildings and Improvements | 11,126 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,776 | |||
Building & Improvements | 11,126 | |||
Total | 12,902 | |||
Accumulated Depreciation | 1,478 | |||
Industrial | Real Estate in Plymouth, MN | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 2,993 | |||
Initial Cost To Company | ||||
Land | 1,121 | |||
Buildings and Improvements | 4,429 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,121 | |||
Building & Improvements | 4,429 | |||
Total | 5,550 | |||
Accumulated Depreciation | 526 | |||
Industrial | Real Estate in Englewood, CO | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 7,621 | |||
Initial Cost To Company | ||||
Land | 1,562 | |||
Buildings and Improvements | 11,300 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,562 | |||
Building & Improvements | 11,300 | |||
Total | 12,862 | |||
Accumulated Depreciation | 1,237 | |||
Industrial | Real Estate in Moorestown, NJ | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 3,613 | |||
Initial Cost To Company | ||||
Land | 1,822 | |||
Buildings and Improvements | 5,056 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,822 | |||
Building & Improvements | 5,056 | |||
Total | 6,878 | |||
Accumulated Depreciation | 548 | |||
Industrial | Real Estate in Moorestown, NJ | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 8,066 | |||
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, 2022 | ||||
Land | 1,443 | |||
Building & Improvements | 10,950 | |||
Total | 12,393 | |||
Accumulated Depreciation | 1,190 | |||
Industrial | Real Estate in Bakersfield, CA | ||||
Initial Cost To Company | ||||
Land | 1,988 | |||
Buildings and Improvements | 9,998 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,988 | |||
Building & Improvements | 9,998 | |||
Total | 11,986 | |||
Accumulated Depreciation | 1,061 | |||
Industrial | Real Estate in Green Park, MO | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 5,834 | |||
Initial Cost To Company | ||||
Land | 1,421 | |||
Buildings and Improvements | 7,835 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,421 | |||
Building & Improvements | 7,835 | |||
Total | 9,256 | |||
Accumulated Depreciation | 815 | |||
Industrial | Real Estate in Greenville, SC | ||||
Initial Cost To Company | ||||
Land | 186 | |||
Buildings and Improvements | 6,419 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 210 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 186 | |||
Building & Improvements | 6,629 | |||
Total | 6,815 | |||
Accumulated Depreciation | 683 | |||
Industrial | Real Estate in Nashville, TN | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 4,754 | |||
Initial Cost To Company | ||||
Land | 1,058 | |||
Buildings and Improvements | 6,350 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,058 | |||
Building & Improvements | 6,350 | |||
Total | 7,408 | |||
Accumulated Depreciation | 586 | |||
Industrial | Real Estate in Wauconda, IL | ||||
Initial Cost To Company | ||||
Land | 67 | |||
Buildings and Improvements | 3,423 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 41 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 67 | |||
Building & Improvements | 3,464 | |||
Total | 3,531 | |||
Accumulated Depreciation | 344 | |||
Industrial | Real Estate in Bensalem, PA | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 3,756 | |||
Initial Cost To Company | ||||
Land | 1,602 | |||
Buildings and Improvements | 4,323 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 150 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,602 | |||
Building & Improvements | 4,473 | |||
Total | 6,075 | |||
Accumulated Depreciation | 396 | |||
Industrial | Real Estate in Chandler, AZ | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 4,787 | |||
Initial Cost To Company | ||||
Land | 1,335 | |||
Buildings and Improvements | 7,379 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 102 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,335 | |||
Building & Improvements | 7,481 | |||
Total | 8,816 | |||
Accumulated Depreciation | 693 | |||
Industrial | Real Estate in LaGrange, GA | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 2,948 | |||
Initial Cost To Company | ||||
Land | 297 | |||
Buildings and Improvements | 4,500 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 297 | |||
Building & Improvements | 4,500 | |||
Total | 4,797 | |||
Accumulated Depreciation | 404 | |||
Industrial | Real Estate in Shakopee, MN | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 4,608 | |||
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, 2022 | ||||
Land | 1,877 | |||
Building & Improvements | 5,472 | |||
Total | 7,349 | |||
Accumulated Depreciation | 478 | |||
Industrial | Real Estate in Rincon, GA | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 3,788 | |||
Initial Cost To Company | ||||
Land | 61 | |||
Buildings and Improvements | 5,968 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 61 | |||
Building & Improvements | 5,968 | |||
Total | 6,029 | |||
Accumulated Depreciation | 487 | |||
Industrial | Real Estate in Chandler, AZ | ||||
Initial Cost To Company | ||||
Land | 1,164 | |||
Buildings and Improvements | 1,691 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 4 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,164 | |||
Building & Improvements | 1,695 | |||
Total | 2,859 | |||
Accumulated Depreciation | 146 | |||
Industrial | Real Estate In Ashland, VA | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 5,290 | |||
Initial Cost To Company | ||||
Land | 391 | |||
Buildings and Improvements | 7,901 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 391 | |||
Building & Improvements | 7,901 | |||
Total | 8,292 | |||
Accumulated Depreciation | 593 | |||
Industrial | Real Estate In Lowell, AR | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 11,611 | |||
Initial Cost To Company | ||||
Land | 1,687 | |||
Buildings and Improvements | 15,188 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,687 | |||
Building & Improvements | 15,188 | |||
Total | 16,875 | |||
Accumulated Depreciation | 1,197 | |||
Industrial | Real Estate in Monroe, NC | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 4,310 | |||
Initial Cost To Company | ||||
Land | 897 | |||
Buildings and Improvements | 5,106 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 897 | |||
Building & Improvements | 5,106 | |||
Total | 6,003 | |||
Accumulated Depreciation | 217 | |||
Industrial | Real Estate in Lehigh Acres, FL | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 5,896 | |||
Initial Cost To Company | ||||
Land | 1,934 | |||
Buildings and Improvements | 7,393 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,934 | |||
Building & Improvements | 7,393 | |||
Total | 9,327 | |||
Accumulated Depreciation | 246 | |||
Industrial | Real Estate in Omaha, NE | ||||
Initial Cost To Company | ||||
Land | 1,001 | |||
Buildings and Improvements | 6,547 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,001 | |||
Building & Improvements | 6,547 | |||
Total | 7,548 | |||
Accumulated Depreciation | 190 | |||
Industrial | Real Estate in Fort Myers, Florida | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 4,751 | |||
Initial Cost To Company | ||||
Land | 991 | |||
Buildings and Improvements | 6,876 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 991 | |||
Building & Improvements | 6,876 | |||
Total | 7,867 | |||
Accumulated Depreciation | 175 | |||
Industrial | Real Estate in Dalton, Georgia | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 9,905 | |||
Initial Cost To Company | ||||
Land | 547 | |||
Buildings and Improvements | 15,836 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 547 | |||
Building & Improvements | 15,836 | |||
Total | 16,383 | |||
Accumulated Depreciation | 249 | |||
Industrial | Real Estate in Hillside, Illinois | ||||
Initial Cost To Company | ||||
Land | 2,560 | |||
Buildings and Improvements | 2,975 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 2,560 | |||
Building & Improvements | 2,975 | |||
Total | 5,535 | |||
Accumulated Depreciation | 51 | |||
Industrial | Real Estate in Lexington, Kentucky | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 5,415 | |||
Initial Cost To Company | ||||
Land | 1,558 | |||
Buildings and Improvements | 6,881 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,558 | |||
Building & Improvements | 6,881 | |||
Total | 8,439 | |||
Accumulated Depreciation | 97 | |||
Industrial | Real Estate in Northwood Ohio | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 6,005 | |||
Initial Cost To Company | ||||
Land | 181 | |||
Buildings and Improvements | 8,306 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 181 | |||
Building & Improvements | 8,306 | |||
Total | 8,487 | |||
Accumulated Depreciation | 27 | |||
Industrial | Real Estate in Northwood Ohio | ||||
Initial Cost To Company | ||||
Land | 171 | |||
Buildings and Improvements | 7,383 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 171 | |||
Building & Improvements | 7,383 | |||
Total | 7,554 | |||
Accumulated Depreciation | 24 | |||
Industrial | Real Estate in Joppa MD | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 8,176 | |||
Initial Cost To Company | ||||
Land | 3,815 | |||
Buildings and Improvements | 8,142 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 1,406 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 3,815 | |||
Building & Improvements | 9,548 | |||
Total | 13,363 | |||
Accumulated Depreciation | 2,320 | |||
Office | Real Estate in Brooklyn, NY | ||||
Initial Cost To Company | ||||
Land | 1,381 | |||
Buildings and Improvements | 5,447 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 3,013 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,381 | |||
Building & Improvements | 8,460 | |||
Total | 9,841 | |||
Accumulated Depreciation | 4,797 | |||
Other | Real Estate in Newark, DE | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 1,263 | |||
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, 2022 | ||||
Land | 935 | |||
Building & Improvements | 3,921 | |||
Total | 4,856 | |||
Accumulated Depreciation | 1,858 | |||
Other | Real Estate in Beachwood, OH | ||||
Initial Cost To Company | ||||
Land | 13,901 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 2,613 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 16,514 | |||
Total | 16,514 | |||
Restaurant | Real Estate in Hauppauge, NY | ||||
Initial Cost To Company | ||||
Land | 725 | |||
Buildings and Improvements | 2,963 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 725 | |||
Building & Improvements | 2,963 | |||
Total | 3,688 | |||
Accumulated Depreciation | 1,268 | |||
Restaurant | Real Estate in Carrollton, GA | ||||
Initial Cost To Company | ||||
Land | 796 | |||
Buildings and Improvements | 1,458 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 796 | |||
Building & Improvements | 1,458 | |||
Total | 2,254 | |||
Accumulated Depreciation | 466 | |||
Restaurant | Real Estate in Cartersville, GA | ||||
Initial Cost To Company | ||||
Land | 786 | |||
Buildings and Improvements | 1,346 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 786 | |||
Building & Improvements | 1,346 | |||
Total | 2,132 | |||
Accumulated Depreciation | 457 | |||
Restaurant | Real Estate in Kennesaw, GA | ||||
Initial Cost To Company | ||||
Land | 702 | |||
Buildings and Improvements | 916 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 702 | |||
Building & Improvements | 916 | |||
Total | 1,618 | |||
Accumulated Depreciation | 271 | |||
Restaurant | Real Estate in Lawrenceville, GA | ||||
Initial Cost To Company | ||||
Land | 866 | |||
Buildings and Improvements | 899 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 866 | |||
Building & Improvements | 899 | |||
Total | 1,765 | |||
Accumulated Depreciation | 305 | |||
Restaurant | Real Estate in Concord, NC | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 1,294 | |||
Initial Cost To Company | ||||
Land | 999 | |||
Buildings and Improvements | 1,076 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 999 | |||
Building & Improvements | 1,076 | |||
Total | 2,075 | |||
Accumulated Depreciation | 305 | |||
Restaurant | Real Estate in Myrtle Beach, SC | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 1,294 | |||
Initial Cost To Company | ||||
Land | 1,102 | |||
Buildings and Improvements | 1,161 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,102 | |||
Building & Improvements | 1,161 | |||
Total | 2,263 | |||
Accumulated Depreciation | 324 | |||
Restaurant | Real Estate in Greensboro, NC | ||||
Initial Cost To Company | ||||
Land | 1,770 | |||
Buildings and Improvements | 1,237 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,770 | |||
Building & Improvements | 1,237 | |||
Total | 3,007 | |||
Accumulated Depreciation | 417 | |||
Restaurant | Real Estate in Richmond, VA | ||||
Initial Cost To Company | ||||
Land | 1,680 | |||
Buildings and Improvements | 1,341 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,680 | |||
Building & Improvements | 1,341 | |||
Total | 3,021 | |||
Accumulated Depreciation | 294 | |||
Restaurant | Real Estate in Indianapolis, IN | ||||
Initial Cost To Company | ||||
Land | 853 | |||
Buildings and Improvements | 1,465 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 853 | |||
Building & Improvements | 1,465 | |||
Total | 2,318 | |||
Accumulated Depreciation | 382 | |||
Retail | Real Estate in Seattle, WA | ||||
Initial Cost To Company | ||||
Land | 201 | |||
Buildings and Improvements | 189 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 35 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 201 | |||
Building & Improvements | 224 | |||
Total | 425 | |||
Accumulated Depreciation | 175 | |||
Retail | Real Estate in Rosenberg, TX | ||||
Initial Cost To Company | ||||
Land | 216 | |||
Buildings and Improvements | 863 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 66 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 216 | |||
Building & Improvements | 929 | |||
Total | 1,145 | |||
Accumulated Depreciation | 630 | |||
Retail | Real Estate in Ft. Myers, FL | ||||
Initial Cost To Company | ||||
Land | 1,013 | |||
Buildings and Improvements | 4,054 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 13 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,013 | |||
Building & Improvements | 4,067 | |||
Total | 5,080 | |||
Accumulated Depreciation | 2,648 | |||
Retail | Real Estate in Selden, NY | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 2,389 | |||
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, 2022 | ||||
Land | 572 | |||
Building & Improvements | 2,437 | |||
Total | 3,009 | |||
Accumulated Depreciation | 1,436 | |||
Retail | Real Estate in Batavia, NY | ||||
Initial Cost To Company | ||||
Land | 515 | |||
Buildings and Improvements | 2,061 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 515 | |||
Building & Improvements | 2,061 | |||
Total | 2,576 | |||
Accumulated Depreciation | 1,230 | |||
Retail | Real Estate in Champaign, IL | ||||
Initial Cost To Company | ||||
Land | 791 | |||
Buildings and Improvements | 3,165 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 530 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 791 | |||
Building & Improvements | 3,695 | |||
Total | 4,486 | |||
Accumulated Depreciation | 2,075 | |||
Retail | Real Estate in El Paso, TX | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 9,511 | |||
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, 2022 | ||||
Land | 2,821 | |||
Building & Improvements | 13,710 | |||
Total | 16,531 | |||
Accumulated Depreciation | 8,160 | |||
Retail | Real Estate in Somerville, MA | ||||
Initial Cost To Company | ||||
Land | 510 | |||
Buildings and Improvements | 1,993 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 24 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 510 | |||
Building & Improvements | 2,017 | |||
Total | 2,527 | |||
Accumulated Depreciation | 1,001 | |||
Retail | Real Estate in Hyannis, MA | ||||
Initial Cost To Company | ||||
Land | 802 | |||
Buildings and Improvements | 2,324 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 802 | |||
Building & Improvements | 2,324 | |||
Total | 3,126 | |||
Accumulated Depreciation | 869 | |||
Retail | Real Estate in Marston Mills, MA | ||||
Initial Cost To Company | ||||
Land | 461 | |||
Buildings and Improvements | 2,313 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 461 | |||
Building & Improvements | 2,313 | |||
Total | 2,774 | |||
Accumulated Depreciation | 860 | |||
Retail | Real Estate in Everett, MA | ||||
Initial Cost To Company | ||||
Land | 1,935 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,935 | |||
Total | 1,935 | |||
Retail | Real Estate in Kennesaw, GA | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 4,635 | |||
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, 2022 | ||||
Land | 1,501 | |||
Building & Improvements | 5,487 | |||
Total | 6,988 | |||
Accumulated Depreciation | 2,194 | |||
Retail | Real Estate in Royersford, PA | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 18,529 | |||
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, 2022 | ||||
Land | 19,538 | |||
Building & Improvements | 3,674 | |||
Total | 23,212 | |||
Accumulated Depreciation | 1,228 | |||
Retail | Real Estate in Monroeville, PA | ||||
Initial Cost To Company | ||||
Land | 450 | |||
Buildings and Improvements | 863 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 450 | |||
Building & Improvements | 863 | |||
Total | 1,313 | |||
Accumulated Depreciation | 272 | |||
Retail | Real Estate in Bolingbrook, IL | ||||
Initial Cost To Company | ||||
Land | 834 | |||
Buildings and Improvements | 1,887 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 101 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 834 | |||
Building & Improvements | 1,988 | |||
Total | 2,822 | |||
Accumulated Depreciation | 665 | |||
Retail | Real Estate in Crystal Lake, IL | ||||
Initial Cost To Company | ||||
Land | 615 | |||
Buildings and Improvements | 1,899 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 492 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 615 | |||
Building & Improvements | 2,391 | |||
Total | 3,006 | |||
Accumulated Depreciation | 651 | |||
Retail | Real Estate in Lawrence, KS | ||||
Initial Cost To Company | ||||
Land | 134 | |||
Buildings and Improvements | 938 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 207 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 134 | |||
Building & Improvements | 1,145 | |||
Total | 1,279 | |||
Accumulated Depreciation | 291 | |||
Retail | Real Estate in Greensboro, NC | ||||
Initial Cost To Company | ||||
Land | 1,046 | |||
Buildings and Improvements | 1,552 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 29 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,046 | |||
Building & Improvements | 1,581 | |||
Total | 2,627 | |||
Accumulated Depreciation | 408 | |||
Retail | Real Estate in Highlands Ranch, CO | ||||
Initial Cost To Company | ||||
Land | 2,361 | |||
Buildings and Improvements | 2,924 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 296 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 2,361 | |||
Building & Improvements | 3,220 | |||
Total | 5,581 | |||
Accumulated Depreciation | 828 | |||
Retail | Real Estate in Woodbury, MN | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 2,508 | |||
Initial Cost To Company | ||||
Land | 1,190 | |||
Buildings and Improvements | 4,003 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,190 | |||
Building & Improvements | 4,003 | |||
Total | 5,193 | |||
Accumulated Depreciation | 984 | |||
Retail | Real Estate in Cuyahoga Falls, OH | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 945 | |||
Initial Cost To Company | ||||
Land | 71 | |||
Buildings and Improvements | 1,371 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 71 | |||
Building & Improvements | 1,371 | |||
Total | 1,442 | |||
Accumulated Depreciation | 235 | |||
Retail | Real Estate in Hilliard, OH | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 838 | |||
Initial Cost To Company | ||||
Land | 300 | |||
Buildings and Improvements | 1,077 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 300 | |||
Building & Improvements | 1,077 | |||
Total | 1,377 | |||
Accumulated Depreciation | 189 | |||
Retail | Real Estate in Port Clinton, OH | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 810 | |||
Initial Cost To Company | ||||
Land | 52 | |||
Buildings and Improvements | 1,187 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 52 | |||
Building & Improvements | 1,187 | |||
Total | 1,239 | |||
Accumulated Depreciation | 209 | |||
Retail | Real Estate in South Euclid, OH | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 918 | |||
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, 2022 | ||||
Land | 230 | |||
Building & Improvements | 1,619 | |||
Total | 1,849 | |||
Accumulated Depreciation | 293 | |||
Retail | Real Estate in St Louis Park, MN | ||||
Initial Cost To Company | ||||
Land | 3,388 | |||
Buildings and Improvements | 13,088 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 152 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 3,388 | |||
Building & Improvements | 13,240 | |||
Total | 16,628 | |||
Accumulated Depreciation | 2,264 | |||
Retail | Real Estate in Deptford, NJ | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 2,364 | |||
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, 2022 | ||||
Land | 572 | |||
Building & Improvements | 2,484 | |||
Total | 3,056 | |||
Accumulated Depreciation | 1,051 | |||
Retail | Real Estate in Cape Girardeau, MO | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 925 | |||
Initial Cost To Company | ||||
Land | 545 | |||
Buildings and Improvements | 1,547 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 545 | |||
Building & Improvements | 1,547 | |||
Total | 2,092 | |||
Accumulated Depreciation | 447 | |||
Retail | Real Estate in Littleton, CO | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 9,550 | |||
Initial Cost To Company | ||||
Land | 6,005 | |||
Buildings and Improvements | 11,272 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 1,173 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 6,005 | |||
Building & Improvements | 12,445 | |||
Total | 18,450 | |||
Accumulated Depreciation | 2,904 | |||
Retail - Furniture | Real Estate in Duluth, GA | ||||
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, 2022 | ||||
Land | 778 | |||
Building & Improvements | 3,466 | |||
Total | 4,244 | |||
Accumulated Depreciation | 1,439 | |||
Retail - Furniture | Real Estate in Wichita, KS | ||||
Initial Cost To Company | ||||
Land | 1,189 | |||
Buildings and Improvements | 5,248 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 169 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,189 | |||
Building & Improvements | 5,417 | |||
Total | 6,606 | |||
Accumulated Depreciation | 2,192 | |||
Retail - Furniture | Real Estate in Lexington, KY | ||||
Initial Cost To Company | ||||
Land | 800 | |||
Buildings and Improvements | 3,532 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 169 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 800 | |||
Building & Improvements | 3,701 | |||
Total | 4,501 | |||
Accumulated Depreciation | 1,480 | |||
Retail - Furniture | Real Estate in Bluffton, SC | ||||
Initial Cost To Company | ||||
Land | 589 | |||
Buildings and Improvements | 2,600 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 155 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 589 | |||
Building & Improvements | 2,755 | |||
Total | 3,344 | |||
Accumulated Depreciation | 1,086 | |||
Retail - Furniture | Real Estate in Amarillo, TX | ||||
Initial Cost To Company | ||||
Land | 860 | |||
Buildings and Improvements | 3,810 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 123 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 860 | |||
Building & Improvements | 3,933 | |||
Total | 4,793 | |||
Accumulated Depreciation | 1,591 | |||
Retail - Furniture | Real Estate in Austin, TX | ||||
Initial Cost To Company | ||||
Land | 1,587 | |||
Buildings and Improvements | 7,010 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 193 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,587 | |||
Building & Improvements | 7,203 | |||
Total | 8,790 | |||
Accumulated Depreciation | 2,942 | |||
Retail - Furniture | Real Estate in Tyler, TX | ||||
Initial Cost To Company | ||||
Land | 1,031 | |||
Buildings and Improvements | 4,554 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 181 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,031 | |||
Building & Improvements | 4,735 | |||
Total | 5,766 | |||
Accumulated Depreciation | 1,906 | |||
Retail - Furniture | Real Estate in Newport News, VA | ||||
Initial Cost To Company | ||||
Land | 751 | |||
Buildings and Improvements | 3,316 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 85 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 751 | |||
Building & Improvements | 3,401 | |||
Total | 4,152 | |||
Accumulated Depreciation | 1,385 | |||
Retail - Furniture | Real Estate in Richmond, VA | ||||
Initial Cost To Company | ||||
Land | 867 | |||
Buildings and Improvements | 3,829 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 201 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 867 | |||
Building & Improvements | 4,030 | |||
Total | 4,897 | |||
Accumulated Depreciation | 1,600 | |||
Retail - Furniture | Real Estate in Virginia Beach, VA | ||||
Initial Cost To Company | ||||
Land | 854 | |||
Buildings and Improvements | 3,770 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 224 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 854 | |||
Building & Improvements | 3,994 | |||
Total | 4,848 | |||
Accumulated Depreciation | 1,575 | |||
Retail - Furniture | Real Estate in Gurnee, IL | ||||
Initial Cost To Company | ||||
Land | 834 | |||
Buildings and Improvements | 3,635 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 834 | |||
Building & Improvements | 3,635 | |||
Total | 4,469 | |||
Accumulated Depreciation | 1,480 | |||
Retail - Furniture | Real Estate in Naples, FL | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 1,753 | |||
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, 2022 | ||||
Land | 3,070 | |||
Building & Improvements | 3,041 | |||
Total | 6,111 | |||
Accumulated Depreciation | 1,120 | |||
Retail - Office Supply | ||||
Other disclosures | ||||
Number of properties net leased to same tenant pursuant to separate leases | property | 5 | |||
Number of properties containing cross default provisions | property | 4 | |||
Retail - Office Supply | Real Estate in Lake Charles, LA | ||||
Initial Cost To Company | ||||
Land | 1,167 | |||
Buildings and Improvements | 3,887 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 2,905 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,167 | |||
Building & Improvements | 6,792 | |||
Total | 7,959 | |||
Accumulated Depreciation | 2,733 | |||
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 | |||
Retail - Office Supply | Real Estate in Chicago, IL | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 3,199 | |||
Initial Cost To Company | ||||
Land | 3,877 | |||
Buildings and Improvements | 2,256 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 3,877 | |||
Building & Improvements | 2,256 | |||
Total | 6,133 | |||
Accumulated Depreciation | 806 | |||
Retail - Office Supply | Real Estate in Cary, NC | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 2,699 | |||
Initial Cost To Company | ||||
Land | 1,129 | |||
Buildings and Improvements | 3,736 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,129 | |||
Building & Improvements | 3,736 | |||
Total | 4,865 | |||
Accumulated Depreciation | 1,335 | |||
Retail - Office Supply | Real Estate in Eugene, OR | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 2,403 | |||
Initial Cost To Company | ||||
Land | 1,952 | |||
Buildings and Improvements | 2,096 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,952 | |||
Building & Improvements | 2,096 | |||
Total | 4,048 | |||
Accumulated Depreciation | 749 | |||
Retail - Office Supply | Real Estate in El Paso, TX | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 2,099 | |||
Initial Cost To Company | ||||
Land | 1,035 | |||
Buildings and Improvements | 2,700 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Land | 1,035 | |||
Building & Improvements | 2,700 | |||
Total | 3,735 | |||
Accumulated Depreciation | 965 | |||
Theatre | Real Estate in Greensboro, NC | ||||
Initial Cost To Company | ||||
Buildings and Improvements | 8,328 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 3,000 | |||
Gross Amount at Which Carried at December 31, 2022 | ||||
Building & Improvements | 11,328 | |||
Total | 11,328 | |||
Accumulated Depreciation | 8,864 | |||
Theatre | Real Estate in Indianapolis, IN | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||
Encumbrances | 3,775 | |||
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, 2022 | ||||
Land | 3,099 | |||
Building & Improvements | 5,244 | |||
Total | 8,343 | |||
Accumulated Depreciation | $ 1,153 |
Schedule III - Consolidated R_3
Schedule III - Consolidated Real Estate and Accumulated Depreciation - Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investment in real estate: | |||
Balance, beginning of year | $ 837,641 | $ 839,058 | $ 835,837 |
Addition: Land, buildings and improvements | 59,654 | 28,837 | 26,444 |
Deduction: Properties sold | (17,699) | (28,064) | (22,441) |
Deduction: Property held-for-sale | (2,190) | ||
Deduction: Impairment due to casualty loss | (782) | ||
Balance, end of year | 879,596 | 837,641 | 839,058 |
Accumulated depreciation: | |||
Balance, beginning of year | 160,664 | 147,136 | 135,302 |
Addition: Depreciation | 18,471 | 17,694 | 17,941 |
Deduction: Impairment due to casualty loss | (352) | ||
Deduction: Accumulated depreciation related to properties sold | (5,992) | (3,246) | (5,755) |
Deduction: Accumulated depreciation related to property held-for-sale | (920) | ||
Balance, end of year | 173,143 | $ 160,664 | $ 147,136 |
Other disclosures | |||
Amount by which aggregate cost of the properties is higher for federal income tax purposes | $ 22,018 |