MARKETABLE SECURITIES

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

MARKETABLE SECURITIES

NOTE 4 – MARKETABLE SECURITIES

The Company’s marketable securities primarily consist of common and preferred stock of other REITs. The Company does not own more than 10% of the outstanding shares of any of these securities, nor does it have controlling financial interest. The Company generally limits its investment in marketable securities to no more than approximately 15% of its undepreciated assets. The REIT securities portfolio provides the Company with additional liquidity and additional income and serves as a proxy for real estate when more favorable risk adjusted returns are not available.

The following is a listing of marketable securities at December 31, 2021 (in thousands):

			Interest			Number				Market
	Series		Rate			of Shares		Cost		Value
Equity Securities:
Preferred Stock:
Cedar Realty Trust, Inc.		B		7.250	%		10	$	237	$	264
Cedar Realty Trust, Inc.		C		6.500	%		20		494		505
Centerspace		C		6.625	%		20		500		522
Pennsylvania Real Estate Investment Trust		B		7.375	%		40		1,000		304
Pennsylvania Real Estate Investment Trust		D		6.875	%		20		498		145
Total Preferred Stock									2,729		1,740
Common Stock:
CBL & Associates Properties, Inc.							12		18,230		361
Five Star Senior Living							12		45		34
Franklin Street Properties Corporation							220		2,219		1,309
Industrial Logistics Properties Trust							87		1,729		2,186
Kimco Realty Corporation							890		16,677		21,939
Monmouth Real Estate Investment Corporation (1)							2,655		25,031		55,778
Office Properties Income Trust							562		36,418		13,948
Orion Office REIT, Inc.							18		293		345
Pennsylvania Real Estate Investment Trust							222		2,316		226
Diversified HealthCare Trust							171		2,920		528
Urstadt Biddle Properties, Inc.							100		2,049		2,130
Realty Income Corporation							185		10,910		13,224
Washington Prime Group							3		6,489		-0-
Total Common Stock									125,326		112,008
Total Marketable Securities								$	128,055	$	113,748

(1) Related entity – See Note 9.

The following is a listing of marketable securities at December 31, 2020 (in thousands):

			Interest			Number				Market
	Series		Rate			of Shares		Cost		Value
Equity Securities:
Preferred Stock:
CBL & Associates Properties, Inc.		D		7.375	%		2	$	50	$	2
CBL & Associates Properties, Inc.		E		6.625	%		63		1,487		50
Cedar Realty Trust, Inc.		B		7.250	%		10		219		206
Cedar Realty Trust, Inc.		C		6.500	%		20		494		428
Colony Capital Inc.		I		7.150	%		20		500		472
Centerspace		C		6.625	%		20		500		520
Pennsylvania Real Estate Investment Trust		B		7.375	%		40		1,000		404
Pennsylvania Real Estate Investment Trust		D		6.875	%		20		498		206
Urstadt Biddle Properties, Inc.		H		6.250	%		13		313		313
Total Preferred Stock									5,061		2,601
Common Stock:
CBL & Associates Properties, Inc.							1,600		16,692		66
Diversified Healthcare Trust							171		2,920		704
Five Star Senior Living							12		45		80
Franklin Street Properties Corporation							220		2,219		961
Industrial Logistics Properties Trust							502		9,951		11,698
Kimco Realty Corporation							910		17,052		13,659
Monmouth Real Estate Investment Corporation (1)							2,655		25,031		45,982
Office Properties Income Trust							562		36,418		12,757
Pennsylvania Real Estate Investment Trust							222		2,316		222
Tanger Factory Outlet							180		4,229		1,793
Urstadt Biddle Properties, Inc.							100		2,049		1,413
Vereit, Inc.							282		12,059		10,657
Washington Prime Group							89		6,489		579
Total Common Stock									137,470		100,571
Total Marketable Securities								$	142,531	$	103,172

(1) Related entity – See Note 9.

The Company normally holds REIT securities long term and has the ability and intent to hold securities to recovery. As of December 31, 2021, 2020 and 2019, the securities portfolio had net unrealized holding losses of $14.3 million, $39.4 million and $25.2 million, respectively.