STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award

The table below reflects activity under the 2024 Plan and the Prior Plans:

Incentive Plan	2024 Plan		2022 Plan	2020 Plan	2018 Plan
Maximum shares	1,000,000		1,000,000	1,000,000	600,000
Restricted shares issued	—		(330,353)	(475,747)	(459,495)
RSUs issued	(215,325)		(427,459)	(210,375)	—
Restricted shares and RSUs forfeited	13,500		39,282	4,863	1,000
Expired shares	—		(281,470)	(318,741)	(141,505)
Remaining shares available to be issued	798,175	(1)	—	—	—

(1) Excludes 165,408 restricted shares issued in January 2025.

The tables below presents activity and changes in the number of RSUs under the Company's equity incentive plans, compensation expense and unearned compensation for the periods indicated (dollars in thousands):

	Year Ended December 31,
	2024		2023
RSUs:
Unvested units at beginning of year	634,490		420,739
Grants - TSR Awards	95,700		95,550
Grants - TSR Peer group adjustment	23,925		23,890
Grants - AFFO Awards	95,700		95,550
Total RSUs granted in applicable year	215,325		214,990
Vested	(123,384)		—
Forfeitures	(39,656)		(1,239)
Expired	(85,938)		—
Total unvested RSUs at end of year	600,837		634,490
Amounts charged to compensation expense	$	1,203	$	1,408
Unearned compensation at period end	$	1,692	$	1,999

Schedule of Changes in Number of Shares Outstanding Under Equity Incentive Plans

The tables below presents information regarding the changes in the number of shares of restricted stock outstanding under the Company's equity incentive plans, compensation expense and unearned compensation for the periods indicated (dollars in thousands):

	Year Ended December 31,
Restricted Stock Grants:	2024		2023
Unvested at beginning of the year	951,839		934,092
Grants	166,439		163,914
Forfeitures	(12,825)		(1,670)
Vested during the year	(194,524)		(144,497)
Unvested at the end of the year	910,929		951,839
Amounts charged to compensation expense	$	3,674	$	3,360
Unearned compensation at period end	$	6,660	$	7,484

Schedule of Share-Based Payment Award, Valuation Assumptions

For these TSR awards, the per unit of share fair value was estimated using the following assumptions:

Award Year	Expected Life ( yrs)	Dividend Rate	Risk-Free Interest Rate			Expected Price Volatility
2024	3	5.38%	4.26%	to	5.17%	29.84%	to	31.70%
2023	3	5.08%	4.42%	to	5.28%	28.99%	to	37.97%

Schedule of Compensation Expense Recorded for All Incentive Plans

The following table reflects the compensation expense recorded for all equity incentive plans (dollars in thousands):

	Year Ended December 31,
	2024		2023
Restricted stock	$	3,674	$	3,360
RSUs	1,203		1,408
Total compensation	$	4,877	$	4,768

Schedule of Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands):

	Year Ended December 31,
	2024		2023
Numerator for basic and diluted earnings per share:
Net (loss) income	$	(9,636)	$	4,015
Deduct (earnings) attributable to non-controlling interests	(155)		(142)
Deduct loss (earnings) allocated to unvested restricted stock	493		(953)
Net (loss) income available for common stockholders: basic and diluted	$	(9,298)	$	2,920
Denominator for basic earnings per share:
Weighted average number of common shares outstanding	17,752,226		17,918,270
Effect of dilutive securities:
RSUs	—		30,006
Denominator for diluted earnings per share:
Weighted average number of shares	17,752,226		17,948,276
(Loss) earnings per common share, basic	$	(0.52)	$	0.16
(Loss) earnings per common share, diluted	$	(0.52)	$	0.16