Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 14, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | GOOD | ||
Entity Registrant Name | GLADSTONE COMMERCIAL CORP | ||
Entity Central Index Key | 1,234,006 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 28,420,110 | ||
Entity Public Float | $ 548,491,931 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
ASSETS | |||
Real estate, at cost | $ 893,853 | $ 821,749 | |
Less: accumulated depreciation | 149,417 | 131,661 | |
Total real estate, net | 744,436 | 690,088 | |
Lease intangibles, net | 118,927 | 105,553 | |
Real estate and related assets held for sale, net | 9,046 | 9,562 | |
Cash and cash equivalents | 6,683 | 4,658 | |
Restricted cash | 2,397 | 3,030 | |
Funds held in escrow | 9,369 | 6,806 | |
Deferred rent receivable, net | 33,333 | 29,725 | |
Other assets | 4,263 | 2,320 | |
TOTAL ASSETS | 928,454 | 851,742 | |
LIABILITIES | |||
Mortgage notes payable, net | [1] | 447,380 | 445,278 |
Borrowings under Revolver, net | 20,715 | 39,225 | |
Borrowings under Term Loan, net | 74,532 | 24,892 | |
Deferred rent liability, net | 16,250 | 12,647 | |
Asset retirement obligation | 3,051 | 3,406 | |
Accounts payable and accrued expenses | 7,339 | 5,891 | |
Liabilities related to assets held for sale, net | 114 | 1,041 | |
Due to adviser and administrator | [1] | 2,289 | 2,075 |
Other liabilities | 6,554 | 6,667 | |
TOTAL LIABILITIES | 578,224 | 541,122 | |
Commitments and contingencies | [2] | ||
MEZZANINE EQUITY | |||
Series D redeemable preferred stock, net, par value $0.001 per share; $25 per share liquidation preference; 6,000,000 shares authorized; and 3,421,853 and 2,917,458 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively | [3] | 83,432 | 70,743 |
TOTAL MEZZANINE EQUITY | 83,432 | 70,743 | |
STOCKHOLDERS’ EQUITY | |||
Series A and B redeemable preferred stock, par value $0.001 per share; $25 per share liquidation preference; 5,350,000 shares authorized and 2,264,000 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively | 2 | 2 | |
Senior common stock, par value $0.001 per share; 4,450,000 shares authorized; and 904,819 and 959,552 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively | 1 | 1 | |
Common stock, par value $0.001 per share, 34,200,000 and 34,040,000 shares authorized and 28,384,016 and 24,882,758 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively | 28 | 25 | |
Additional paid in capital | 534,790 | 463,436 | |
Accumulated other comprehensive income | 35 | 0 | |
Distributions in excess of accumulated earnings | (268,058) | (223,587) | |
TOTAL STOCKHOLDERS' EQUITY | 266,798 | 239,877 | |
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY | $ 928,454 | $ 851,742 | |
[1] | Refer to Note 2 “Related-Party Transactions” | ||
[2] | Refer to Note 9 “Commitments and Contingencies” | ||
[3] | Refer to Note 10 "Stockholders' Equity and Mezzanine Equity" |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Senior common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Senior common stock, shares authorized (in shares) | 4,450,000 | 4,450,000 |
Senior common stock, shares issued (in shares) | 904,819 | 959,552 |
Senior common stock, shares outstanding (in shares) | 904,819 | 959,552 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 34,200,000 | 34,040,000 |
Common stock, shares issued (in shares) | 28,384,016 | 24,882,758 |
Common stock, shares outstanding (in shares) | 28,384,016 | 24,882,758 |
Series D Preferred Stock | ||
Redeemable preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Redeemable preferred stock, liquidation preference (in dollars per share) | $ 25 | $ 25 |
Redeemable preferred stock, shares authorized (in shares) | 6,000,000 | 6,000,000 |
Redeemable preferred stock, shares issued (in shares) | 3,421,853 | 2,917,458 |
Redeemable preferred stock, shares outstanding (in shares) | 3,421,853 | 2,917,458 |
Series A and B Preferred Stock | ||
Redeemable preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Redeemable preferred stock, liquidation preference (in dollars per share) | $ 25 | $ 25 |
Redeemable preferred stock, shares authorized (in shares) | 5,350,000 | 5,350,000 |
Redeemable preferred stock, shares issued (in shares) | 2,264,000 | 2,264,000 |
Redeemable preferred stock, shares outstanding (in shares) | 2,264,000 | 2,264,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Operating revenues | ||||
Rental revenue | $ 92,811 | $ 84,498 | $ 80,892 | |
Tenant recovery revenue | 1,988 | 1,489 | 1,753 | |
Interest income from mortgage note receivable | 0 | 385 | 1,121 | |
Total operating revenues | 94,799 | 86,372 | 83,766 | |
Operating expenses | ||||
Depreciation and amortization | 42,795 | 37,517 | 35,288 | |
Property operating expenses | 7,688 | 5,889 | 5,296 | |
Base management fee | [1] | 4,959 | 3,930 | 3,474 |
Incentive fee | [1] | 2,422 | 2,381 | 4,650 |
Administration fee | [1] | 1,272 | 1,474 | 1,419 |
General and administrative | 2,366 | 2,388 | 2,716 | |
Impairment charge | 6,835 | 2,016 | 622 | |
Total operating expenses before credit to incentive fee | 68,337 | 55,595 | 53,465 | |
Credit to incentive fee | [1] | 0 | (2,500) | |
Total operating expenses | 68,337 | 55,595 | 50,965 | |
Other (expense) income | ||||
Interest expense | (24,570) | (25,902) | (28,014) | |
Distributions attributable to Series C mandatorily redeemable preferred stock | 0 | (1,502) | (2,743) | |
Gain on sale of real estate, net | 3,993 | 242 | 1,538 | |
Other income | 52 | 343 | 14 | |
Total other expense, net | (20,525) | (26,819) | (29,205) | |
Net income | 5,937 | 3,958 | 3,596 | |
Distributions attributable to Series A, B and D preferred stock | (9,890) | (6,645) | (4,094) | |
Distributions attributable to senior common stock | (986) | (1,011) | (1,007) | |
Net loss attributable to common stockholders | $ (4,939) | $ (3,698) | $ (1,505) | |
Loss per weighted average share of common stock - basic & diluted | ||||
Loss attributable to common shareholders (in dollars per share) | $ (0.19) | $ (0.16) | $ (0.07) | |
Weighted average shares of common stock outstanding | ||||
Basic and diluted (in shares) | 26,358,237 | 23,193,962 | 21,159,597 | |
Distributions declared per common share | $ 1.50 | $ 1.50 | $ 1.50 | |
Earnings per weighted average share of senior common stock (in dollars per share) | $ 1.05 | $ 1.05 | $ 1.05 | |
Weighted average shares of senior common stock outstanding - basic (in shares) | 938,779 | 960,667 | 960,016 | |
Comprehensive income | ||||
Change in unrealized gain related to interest rate hedging instruments, net | $ 35 | $ 0 | $ 0 | |
Other Comprehensive income | 35 | 0 | 0 | |
Comprehensive income | $ 5,972 | $ 3,958 | $ 3,596 | |
[1] | Refer to Note 2 “Related-Party Transactions” |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Series A and B Preferred Stock | Common Stock | Common StockSenior Common Stock | Additional Paid in Capital | Notes Receivable from Employees | AOCI Attributable to Parent | Distributions in Excess of Accumulated Earnings |
Beginning balance (in shares) at Dec. 31, 2014 | 2,150,000 | 19,589,606 | 809,411 | |||||
Beginning balance at Dec. 31, 2014 | $ 217,672 | $ 2 | $ 20 | $ 1 | $ 369,748 | $ (375) | $ (151,724) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of Series A and B preferred stock and common stock, net (in shares) | 2,896,001 | 162,803 | ||||||
Issuance of Series A and B preferred stock and common stock, net | 49,151 | $ 2 | $ 0 | 49,149 | ||||
Principal repayments of employee notes receivable | 375 | 375 | ||||||
Distributions declared to common, senior common and preferred stockholders | (36,923) | (36,923) | ||||||
Other Comprehensive Income (Loss), Net of Tax | 0 | |||||||
Net income (loss) | 3,596 | 3,596 | ||||||
Ending balance (in shares) at Dec. 31, 2015 | 2,150,000 | 22,485,607 | 972,214 | |||||
Ending balance at Dec. 31, 2015 | 233,871 | $ 2 | $ 22 | $ 1 | 418,897 | 0 | (185,051) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of Series A and B preferred stock and common stock, net (in shares) | 114,000 | 2,397,151 | ||||||
Issuance of Series A and B preferred stock and common stock, net | 44,720 | $ 3 | 44,717 | |||||
Retirement of senior common stock (in shares) | (12,662) | |||||||
Retirement of senior common stock, net | (178) | (178) | ||||||
Distributions declared to common, senior common and preferred stockholders | (42,494) | (42,494) | ||||||
Other Comprehensive Income (Loss), Net of Tax | 0 | |||||||
Net income (loss) | 3,958 | 3,958 | ||||||
Ending balance (in shares) at Dec. 31, 2016 | 2,264,000 | 24,882,758 | 959,552 | |||||
Ending balance at Dec. 31, 2016 | 239,877 | $ 2 | $ 25 | $ 1 | 463,436 | 0 | (223,587) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of Series A and B preferred stock and common stock, net (in shares) | 0 | 3,455,023 | ||||||
Issuance of Series A and B preferred stock and common stock, net | 71,381 | $ 3 | 71,378 | |||||
Conversion of senior common stock to common stock (in shares) | 46,235 | (53,135) | ||||||
Conversion of senior common stock to common stock | 0 | |||||||
Retirement of senior common stock (in shares) | (1,598) | |||||||
Retirement of senior common stock, net | (24) | (24) | ||||||
Distributions declared to common, senior common and preferred stockholders | (50,408) | (50,408) | ||||||
Other Comprehensive Income (Loss), Net of Tax | 35 | $ 35 | ||||||
Net income (loss) | 5,937 | 5,937 | ||||||
Ending balance (in shares) at Dec. 31, 2017 | 2,264,000 | 28,384,016 | 904,819 | |||||
Ending balance at Dec. 31, 2017 | $ 266,798 | $ 2 | $ 28 | $ 1 | $ 534,790 | $ 0 | $ 35 | $ (268,058) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 5,937 | $ 3,958 | $ 3,596 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 42,795 | 37,517 | 35,288 |
Impairment charge | 6,835 | 2,016 | 622 |
Gain on sale of real estate, net | (3,993) | (242) | (1,538) |
Amortization of deferred financing costs | 1,713 | 1,932 | 1,955 |
Amortization of deferred rent asset and liability, net | (851) | (663) | (515) |
Amortization of discount and premium on assumed debt | (99) | (175) | (314) |
Unrealized gain related to interest rate hedging instruments, net | 35 | 0 | 0 |
Asset retirement obligation expense | 125 | 148 | 152 |
(Increase) decrease in other assets | (1,901) | 528 | (1,185) |
Increase in deferred rent receivable | (3,077) | (3,423) | (4,464) |
(Decrease) increase in accounts payable, accrued expenses, and amount due Adviser and Administrator | (524) | 932 | (452) |
Increase (decrease) in other liabilities | 521 | (385) | (43) |
Tenant inducement payments | (122) | (115) | 0 |
Leasing commissions paid | (552) | (867) | (1,615) |
Net cash provided by operating activities | 46,842 | 41,161 | 31,487 |
Cash flows from investing activities: | |||
Acquisition of real estate and related intangible assets | (120,978) | (66,570) | (77,798) |
Improvements of existing real estate | (9,216) | (5,875) | (6,689) |
Proceeds from sale of real estate | 29,499 | 6,431 | 6,683 |
Issuance of mortgage note receivable | 0 | 0 | (300) |
Collection of mortgage note receivable | 0 | 5,900 | 0 |
Receipts from lenders for funds held in escrow | 7,302 | 3,728 | 6,947 |
Payments to lenders for funds held in escrow | (5,899) | (3,000) | (3,385) |
Receipts from tenants for reserves | 2,093 | 3,435 | 3,429 |
Payments to tenants from reserves | (2,666) | (3,898) | (2,811) |
Decrease (increase) in restricted cash | 633 | 1,175 | (658) |
Deposits on future acquisitions | (3,150) | (2,500) | (1,700) |
Deposits applied against acquisition of real estate investments | 3,150 | 2,000 | 1,800 |
Deposits refunded | 0 | 500 | 0 |
Net cash used in investing activities | (99,232) | (58,674) | (74,482) |
Cash flows from financing activities: | |||
Proceeds from issuance of equity | 86,260 | 118,362 | 50,165 |
Offering costs paid | (2,190) | (2,899) | (1,066) |
Retirement of senior common stock | (24) | (178) | 0 |
Redemption of Series C mandatorily redeemable preferred stock | 0 | (38,500) | 0 |
Borrowings under mortgage notes payable | 51,208 | 78,705 | 68,499 |
Payments for deferred financing costs | (1,990) | (1,500) | (1,880) |
Principal repayments on mortgage notes payable | (60,080) | (88,899) | (66,714) |
Principal repayments on employee notes receivable | 0 | 0 | 375 |
Proceeds from issuance of term loan facility | 50,000 | 0 | 25,000 |
Borrowings from revolving credit facility | 116,900 | 129,400 | 77,000 |
Repayments on revolving credit facility | (135,200) | (135,000) | (75,000) |
(Decrease) increase in security deposits | (61) | 22 | 40 |
Distributions paid for common, senior common and preferred stock | (50,408) | (42,494) | (36,871) |
Net cash provided by financing activities | 54,415 | 17,019 | 39,548 |
Net increase (decrease) in cash and cash equivalents | 2,025 | (494) | (3,447) |
Cash and cash equivalents, beginning of period | 4,658 | 5,152 | 8,599 |
Cash and cash equivalents, end of period | 6,683 | 4,658 | 5,152 |
NON-CASH INVESTING AND FINANCING INFORMATION | |||
Cash paid during year for interest | 22,352 | 25,337 | 29,259 |
Tenant funded fixed asset improvements | 3,018 | 4,879 | 766 |
Assumed mortgage in connection with acquisition | 11,179 | 0 | 0 |
Assumed interest rate swap fair market value | 42 | 0 | 0 |
Assumed tenant improvement allowance in connection with acquisition | 3,966 | 0 | 0 |
Capital improvements included in accounts payable and accrued expenses | 1,495 | $ 3,275 | 4,488 |
Increase in asset retirement obligation assumed in acquisition | 0 | 56 | |
Senior common dividend issued in the dividend reinvestment program | $ 0 | $ 52 |
Organization, Basis of Presenta
Organization, Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Basis of Presentation and Significant Accounting Policies | Organization, Basis of Presentation and Significant Accounting Policies Gladstone Commercial Corporation is a real estate investment trust ("REIT"), that was incorporated under the General Corporation Law of the State of Maryland on February 14, 2003. We focus on acquiring, owning and managing primarily office and industrial properties. On a selective basis, we may make long term industrial and office mortgage loans; however, we do not have any mortgage loans currently outstanding. Subject to certain restrictions and limitations, our business is managed by Gladstone Management Corporation, a Delaware corporation (the "Adviser"), and administrative services are provided by Gladstone Administration, LLC, a Delaware limited liability company (the "Administrator"), each pursuant to a contractual arrangement with us. Our Adviser and Administrator collectively employ all of our personnel and pay their salaries, benefits, and general expenses directly. Gladstone Commercial Corporation conducts substantially all of its operations through a subsidiary, Gladstone Commercial Limited Partnership, a Delaware limited partnership (the "Operating Partnership"). All further references herein to “we,” “our,” “us” and the “Company” mean Gladstone Commercial Corporation and its consolidated subsidiaries, except where it is made clear that the term means only Gladstone Commercial Corporation. All references to annualized GAAP (as defined below) rent are rents that each tenant pays in accordance with the terms of its respective lease reported evenly over the non-cancelable term of the lease. Subsidiaries We conduct substantially all of our operations through the Operating Partnership. As we currently own all of the general and limited partnership interests of the Operating Partnership through two of our subsidiaries, GCLP Business Trust I and II, the financial position and results of operations of the Operating Partnership are consolidated within our financial statements. Gladstone Commercial Lending, LLC, a Delaware limited liability company ("Gladstone Commercial Lending"), a subsidiary of ours, was created to conduct all operations related to our real estate mortgage loans. As the Operating Partnership currently owns all of the membership interests of Gladstone Commercial Lending, the financial position and results of operations of Gladstone Commercial Lending are consolidated with ours. Gladstone Commercial Advisers, Inc., a Delaware corporation ("Commercial Advisers"), and wholly-owned taxable REIT subsidiary ("TRS") of ours, was created to collect any non-qualifying income related to our real estate portfolio. There has been no such income earned to date. Since we own 100% of the voting securities of Commercial Advisers, the financial position and results of operations of Commercial Advisers are consolidated within our financial statements. GCLP Business Trust I and GCLP Business Trust II, each a subsidiary and business trust of ours, were formed under the laws of the Commonwealth of Massachusetts on December 28, 2005 . We transferred our 99% limited partnership interest in the Operating Partnership to GCLP Business Trust I in exchange for 100 shares of the trust. Gladstone Commercial Partners, LLC transferred its 1% general partnership interest in the Operating Partnership to GCLP Business Trust II in exchange for 100 trust shares. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could materially differ from those estimates. Real Estate and Lease Intangibles We record investments in real estate at cost and capitalize improvements and replacements when they extend the useful life or improve the efficiency of the asset. We expense costs of repairs and maintenance as such costs are incurred. We compute depreciation using the straight-line method over the estimated useful life, or up to 39 years , for buildings and improvements, five to 20 years for equipment and fixtures, and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests. Most properties that we acquire are already being operated as rental properties, which we consider to be asset acquisitions under Accounting Standards Codification ("ASC") 360, "Property Plant and Equipment" after adopting Accounting Standards Update 2017-01 "Clarifying the Definition of a Business" ("ASU 2017-01"), described in more detail below. We adopted ASU 2017-01 on October 1, 2016. When an acquisition is considered an asset acquisition, ASC 360 requires that the purchase price of real estate be allocated to the acquired tangible assets and liabilities, consisting of land, building, tenant improvements, long-term debt assumed and identified intangible assets and liabilities, typically the value of above-market and below-market leases, the value of in-place leases, the value of lease origination costs and the value of tenant relationships, based in each case on their fair values. ASC 360 allows us to capitalize all expenses related to an acquisition accounted for as an asset acquisition into the cost of the acquisition. Prior to us adopting ASU 2017-01 on October 1, 2016, we considered most of our asset acquisitions to be business combinations under ASC 805, "Business Combinations," as we typically acquired properties with in-place leases. When an acquisition is considered a business combination, ASC 805 requires that the purchase price of real estate be allocated to the acquired tangible assets and liabilities, consisting of land, building, tenant improvements, long-term debt assumed and identified intangible assets and liabilities, typically the value of above-market and below-market leases, the value of in-place leases, the value of lease origination costs and the value of tenant relationships, based in each case on their fair values. ASC 805 requires that all expenses related to an acquisition accounted for as a business combination to be expensed as incurred, rather than capitalized into the cost of the acquisition. We had treated our property acquisitions as business combinations prior to the application of ASU 2017-01, resulting in acquisition costs being expensed rather than capitalized for periods prior to October 1, 2016. Management’s estimates of fair value are made using methods similar to those used by independent appraisers (e.g. discounted cash flow analysis). Factors considered by management in its analysis include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions and costs to execute similar leases. We also consider information obtained about each property as a result of our pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired and liabilities assumed. In estimating carrying costs, management also includes lost reimbursement of real estate taxes, insurance and other operating expenses as well as estimates of lost rents at market rates during the hypothetical expected lease-up periods, which generally range from nine to 18 months , depending on specific local market conditions. Management also estimates costs to execute similar leases, including leasing commissions, legal and other related expenses to the extent that such costs are not already incurred in connection with a new lease origination as part of the transaction. We allocate purchase price to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. The “as-if-vacant” value is allocated to land, building and tenant improvements based on management’s determination of the relative fair values of these assets on the date of acquisition. Above-market and below-market in-place lease fair values for acquired properties are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. When determining the non-cancelable term of the lease, we evaluate which fixed-rate renewal options, if any, should be included. The capitalized above-market lease values, included in the accompanying consolidated balance sheets as part of deferred rent receivable, are amortized as a reduction of rental income over the remaining non-cancelable terms of the respective leases. Total amortization related to above-market lease values was $0.7 million , $0.5 million , and $0.4 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. The capitalized below-market lease values, included in the accompanying consolidated balance sheets as part of deferred rent liability, are amortized as an increase to rental income over the remaining non-cancelable terms of the respective leases, including any below market renewal periods. Total amortization related to below-market lease values was $1.5 million , $1.2 million , and $0.9 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. The total amount of the remaining intangible assets acquired, which consists of in-place lease values, lease origination costs, and customer relationship intangible values, are allocated based on management’s evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant. Characteristics to be considered by management in determining these values include the nature and extent of our existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and our expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors. The value of in-place leases and lease origination costs are amortized to amortization expense over the remaining term of the respective leases, which generally range from seven to 15 years . The value of customer relationship intangibles, which is the benefit to us resulting from the likelihood of an existing tenant renewing its lease, are amortized to amortization expense over the remaining term and any anticipated renewal periods in the respective leases, but in no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. Total amortization expense related to these intangible assets and liabilities was $15.9 million , $13.4 million , and $13.1 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. Should a tenant terminate its lease, the unamortized portion of the above-market and below-market lease values would be charged to rental income and the unamortized portion of in-place lease values, lease origination costs and customer relationship intangibles will be charged to amortization expense through the revised termination date. Impairment Charges We account for the impairment of real estate in accordance with ASC 360-10-35, “Property, Plant, and Equipment,” which requires us to periodically review the carrying value of each property to determine if circumstances indicate impairment of the carrying value of the investment exists or that depreciation periods should be modified. If circumstances indicate the possibility of impairment, we prepare a projection of the undiscounted future cash flows, without interest charges, of the specific property and determine if the carrying value of the investment in such property is recoverable. In performing the analysis, we consider such factors as each tenant’s payment history and financial condition, the likelihood of lease renewal, business conditions in the industry in which the tenants operate, whether there are indications that the fair value of the real estate has decreased or our intended holding period of the property is shortened. If the carrying amount is more than the aggregate undiscounted future cash flows, we would recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property. We evaluate our entire portfolio of properties each quarter for any impairment indicators and perform an impairment analysis on those select properties that have an indication of impairment. Held for Sale Property For properties considered held for sale, we cease depreciating and amortizing the property and value the property at the lower of depreciated and amortized cost or fair value, less costs to dispose. We present qualifying assets and liabilities and the results of operations that have been sold, or otherwise qualify as held for sale, as discontinued operations in all periods when the sale meets the definition of discontinued operations. Under GAAP, the definition of discontinued operations is the disposal of a component or group of components that is disposed or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on our operations and financial results. The components of the property’s net income (loss) that are reflected as discontinued operations if classified as such include operating results, depreciation, amortization, and interest expense. When properties are considered held for sale, but do not qualify as a discontinued operation, we present qualifying assets and liabilities as held for sale in the consolidated balance sheet in all periods that the qualifying assets and liabilities meet the held for sale criteria under ASC 360-10-49-9. The components of the held for sale property's net income (loss) is recorded within continuing operations under the consolidated statement of operations and comprehensive income. Cash and Cash Equivalents We consider cash equivalents to be short-term, highly-liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase, except that any such investments purchased with funds held in escrow or similar accounts are classified as restricted cash. Items classified as cash equivalents include money-market deposit accounts. At times, the balance of our cash and cash equivalents may exceed federally insurable limits. Restricted Cash Restricted cash consists of security deposits and receipts from tenants for reserves. These funds will be released to the tenants upon completion of agreed upon tasks, as specified in the lease agreements, mainly consisting of maintenance and repairs on the buildings and upon receipt by us of evidence of insurance and tax payments. For purposes of the consolidated statements of cash flows, changes in restricted cash caused by changes in reserves held for tenants are shown as investing activities. Changes in restricted cash caused by changes in security deposits are reflected as financing activities. Funds Held in Escrow Funds held in escrow consist of funds held by certain of our lenders for properties held as collateral by these lenders. These funds will be released to us upon completion of agreed upon tasks, as specified in the mortgage agreements, mainly consisting of maintenance and repairs on the buildings, and when evidence of insurance and tax payments has been submitted to the lenders. For the purposes of the consolidated statements of cash flows, changes in funds held in escrow caused by changes in lender held reserve balances are shown as investing activities. Deferred Financing Costs Deferred financing costs consist of costs incurred to obtain financing, including legal fees, origination fees and administrative fees. The costs are deferred and amortized using the straight-line method, which approximates the effective interest method, over the term of the secured financing. We made payments of $2.0 million , $1.5 million , and $1.9 million for deferred financing costs during the years ended December 31, 2017 , 2016 , and 2015 , respectively. Total amortization expense related to deferred financing costs is included in interest expense and was $1.7 million , $1.9 million , and $2.0 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. Gains on Sale of Real Estate, Net Gains on sale of real estate, net, consist of the excess consideration received for a property over the property carrying value at the time of sale, or gains on real estate, offset by consideration received for a property less than the property carrying value at the time of sale, or loss on sale of real estate. We recognize gains on sale of real estate, net, in accordance with GAAP. Revenue Recognition Rental revenue includes rents that each tenant pays in accordance with the terms of its respective lease reported evenly over the non-cancelable term of the lease. Most of our leases contain rental increases at specified intervals. We recognize such revenues on a straight-line basis. Deferred rent receivable in the accompanying consolidated balance sheet includes the cumulative difference between rental revenue, as recorded on a straight-line basis, and rents received from the tenants in accordance with the lease terms, along with the capitalized above-market in-place lease values of certain acquired properties. Deferred rent liability in the accompanying consolidated balance sheet includes the capitalized below-market in-place lease values of certain acquired properties. Accordingly, we determine, in our judgment, to what extent the deferred rent receivable applicable to each specific tenant is collectible. We review deferred rent receivable, as it relates to straight line rents, on a quarterly basis and take into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the geographic area in which the property is located. In the event that the collectability of deferred rent with respect to any given tenant is in doubt, we record an allowance for uncollectible accounts or record a direct write-off of the specific rent receivable. No such reserves or direct write offs were recorded during the years ended December 31, 2017 , 2016 and 2015 , respectively. Tenant recovery revenue includes payments from tenants as reimbursements for franchise taxes, management fees, insurance, maintenance and repairs, utilities, and ground lease payments. We recognize tenant recovery revenue in the same periods that we incur the related expenses. We do not record any tenant recovery revenues or operating expenses associated with costs paid directly by our tenants for our net leased properties. Mortgage Notes Receivable Management considers its loans and other lending investments to be held-for-investment. We reflect our loans classified as long-term investments at amortized cost, less allowance for loan losses, acquisition premiums or discounts, and deferred loan fees. On occasion, we may acquire loans at small premiums or discounts based on the credit characteristics of such loans. These premiums or discounts would be recognized as yield adjustments over the lives of the related loans. Loan origination fees, as well as direct loan origination costs, are also deferred and recognized over the lives of the related loans as yield adjustments. If loans with premiums, discounts, or loan origination fees are prepaid, we would immediately recognize the unamortized portion as a decrease or increase in the prepayment gain or loss. Interest income is recognized using the effective interest method applied on a loan-by-loan basis. Prepayment penalties or yield maintenance payments from borrowers are recognized as additional income when received. Income Taxes We have operated and intend to continue to operate in a manner that will allow us to qualify as a REIT under the Internal Revenue Code of 1986, as amended, and, accordingly, will not be subject to federal income taxes on amounts distributed to stockholders (except income from foreclosure property), provided that we distribute at least 90% of our REIT taxable income to our stockholders and meet certain other conditions. To the extent that we satisfy the distribution requirement but distribute less than 100% of our taxable income, we will be subject to federal corporate income tax on our undistributed income. Commercial Advisers is a wholly-owned TRS that is subject to federal and state income taxes. Though Commercial Advisers has had no activity to date, we would account for any future income taxes in accordance with the provisions of ASC 740, “Income Taxes.” Under ASC 740-10-25, we would account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We may recognize a tax benefit from an uncertain tax position when it is more-likely-than-not (defined as a likelihood of more than 50% ) that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. If a tax position does not meet the more-likely-than-not recognition threshold, despite our belief that the filing position is supportable, the benefit of that tax position is not recognized in the statements of operations. We recognize interest and penalties, as applicable, related to unrecognized tax benefits as a component of income tax expense. We recognize unrecognized tax benefits in the period that the uncertainty is eliminated by either affirmative agreement of the uncertain tax position by the applicable taxing authority, or by expiration of the applicable statute of limitation. For the years ended December 31, 2017 , 2016 , and 2015 , we did not record any provisions for uncertain tax positions. Asset Retirement Obligations ASC 410, “Asset Retirement and Environmental Obligation,” requires an entity to recognize a liability for a conditional asset retirement obligation when incurred if the liability can be reasonably estimated. ASC 410-20-20 clarifies that the term “Conditional Asset Retirement Obligation” refers to a legal obligation (pursuant to existing laws or by contract) to perform an asset retirement activity in which the timing and/or method of settlement are conditional on a future event that may or may not be within the control of the entity. ASC 410-20-25-6 clarifies when an entity would have sufficient information to reasonably estimate the fair value of an asset retirement obligation. We have accrued a liability at the present value of the estimated payments expected to be made and corresponding increase to the cost of the related properties for disposal related to all properties constructed prior to 1985 that have, or may have, asbestos present in the building. The liabilities are accreted to their estimated obligation over the life of the leases for the respective properties. We accrued $0.0 million , $0.0 million and $0.1 million in liabilities in connection with acquisitions for the years ended December 31, 2017 , 2016 , and 2015 , respectively. We recorded accretion expense of $0.1 million , $0.1 million , and $0.2 million during the years ended December 31, 2017 , 2016 , and 2015 , respectively, to general and administrative expense. Costs of future expenditures for obligations are discounted to their present value. The aggregate undiscounted obligation on all properties is $6.3 million and the discount rates used in the calculations range from 2.5% to 7.0% . We do not expect to make any material payments in conjunction with these obligations in each of the next five years. Stock Issuance Costs We account for stock issuance costs in accordance with SEC Staff Accounting Bulletin (“SAB”) Topic 5.A, which states that incremental costs directly attributable to a proposed or actual offering of securities may properly be deferred and charged against the gross proceeds of the offering. Accordingly, we record costs incurred related to our ongoing equity offerings to other assets on our consolidated balance sheet and ratably apply these amounts to the cost of equity as stock is issued. If an equity offering is subsequently terminated and there are amounts remaining in other assets that have not been allocated to the cost of the offering, the remaining amounts are recorded as a general and administrative expense on our consolidated statements of operations. Comprehensive Income We record the effective portion of changes in the fair value of the interest rate cap and swap agreements that qualify as cash flow hedges to accumulated other comprehensive income. For the years ended December 31, 2017 , 2016 , and 2015 , we reconciled net income to comprehensive income on the consolidated statements of operations and comprehensive income in the accompanying consolidated financial statements. Segment Reporting We manage our operations on an aggregated, single segment basis for purposes of assessing performance and making operating decisions, and, accordingly, have only one reporting and operating segment. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued guidance regarding the recognition of revenue from contracts with customers. Under this guidance, an entity will recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. We will adopt this guidance for our annual and interim periods beginning January 1, 2018 and expect to use the modified retrospective method, under which the cumulative effect of initially applying the guidance is recognized at the date of initial application. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. Further, as discussed below, once the new guidance regarding the principles for the recognition measurement, presentation and disclosure of leases goes into effect on January 1, 2019, we expect the new revenue standard will apply to executory costs and other components of revenue due under leases that are deemed to be non-lease components (examples include common area maintenance and provision of utilities), even when the revenue for such activities is not separately stipulated in the lease. Revenue from these non-lease components, which were previously recognized on a straight-line basis under current lease guidance, would be recognized under the new revenue guidance as the related services are delivered. As a result, while our total revenue recognized over the lease term would not differ under the new guidance, the revenue recognition pattern could be different. We are currently in process of evaluating the impact of revenue recognition from the adoption of the lease standard on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases: Amendments to the FASB Accounting Standards Codification” (“ASU 2016-02”). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 is expected to minimally impact our consolidated financial statements as we currently have four operating ground lease arrangements with terms greater than one year for which we are the lessee, and we don't expect the purchase of properties with ground leases to be crucial to our acquisition strategy. We also expect our general and administrative expense to increase as the new standard requires us to expense non-incremental leasing costs that were previously capitalized to leasing commissions. ASC 2016-02 supersedes the previous leases standard, ASC 840 "Leases." The standard is effective on January 1, 2019, with early adoption permitted and we will adopt using the modified retrospective method, under which the cumulative effect of initially applying the guidance is recognized at the date of initial application. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force)," which clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows with the objective of reducing the existing diversity in practice related to eight specific cash flow issues. The areas addressed in the new guidance relate to debt prepayment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned and bank-owned life insurance policies, distributions received from equity method investments, beneficial interest in securitization transactions and separately identifiable cash flows and application of the predominance principle. The guidance is effective for us beginning January 1, 2018 with early adoption permitted, and the standard requires retrospective adoption. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force)," which requires the statement of cash flows to explain the change during the period in the total of cash, cash equivalents and amounts described as restricted cash or restricted cash equivalents. Under the new guidance, amounts described as restricted cash and restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. The guidance is effective for us beginning January 1, 2018, with early adoption permitted, and the standard requires retrospective adoption. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In February 2017, the FASB issued Accounting Standards Update 2017-05 ("ASU 2017-05") to provide guidance for recognizing gains and losses from the transfer of nonfinancial assets and in-substance non-financial assets in contracts with non-customers, unless other specific guidance applies. The standard requires a company to derecognize nonfinancial assets once it transfers control of a distinct nonfinancial asset or distinct in substance nonfinancial asset. Additionally, when a company transfers its controlling interest in a nonfinancial asset, but retains a noncontrolling ownership interest, the company is required to measure any non-controlling interest it receives or retains at fair value. The guidance requires companies to recognize a full gain or loss on the transaction. As a result of the new guidance, the guidance specific to real estate sales in ASC 360-20 will be eliminated, and partial sales of real estate assets will now be subject to the same derecognition model as all other nonfinancial assets. The amendments to the nonfinancial asset guidance are effective at the same time an entity adopts the new revenue guidance. We are in the pro |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Related-Party Transactions Gladstone Management Corporation and Gladstone Administration, LLC We are externally managed pursuant to contractual arrangements with our Adviser and our Administrator, which collectively employ all of our personnel and pay their salaries, benefits, and general expenses directly. Both our Adviser and Administrator are affiliates of ours, as their parent company is owned and controlled by Mr. David Gladstone, our chairman and chief executive officer. Two of our executive officers, Mr. Gladstone and Mr. Terry Brubaker (our vice chairman and chief operating officer) serve as directors and executive officers of our Adviser and our Administrator. Our president, Mr. Robert Cutlip, is an executive managing director of our Adviser. Mr. Michael LiCalsi, our general counsel and secretary, serves as our Administrator’s president, general counsel and secretary. We have entered into an advisory agreement with our Adviser, as amended from time to time (the "Advisory Agreement"), and an administration agreement with our Administrator (the "Administration Agreement"). The services and fees under the Advisory Agreement and Administration Agreement are described below. At December 31, 2017 and December 31, 2016 , $2.3 million and $2.1 million , respectively, was collectively due to our Adviser and Administrator. Base Management Fee On January 10, 2017, we entered into a Fourth Amended and Restated Investment Advisory Agreement with the Adviser, effective as of October 1, 2016. Our entrance into the Advisory Agreement and each amendment was approved unanimously by our Board of Directors. Our Board of Directors reviews and considers renewing the agreement with our Adviser each July. During its July 2017 meeting, our Board of Directors reviewed and renewed the Advisory Agreement for an additional year, through August 31, 2018. Under the Advisory Agreement, the calculation of the annual base management fee equals 1.5% of our adjusted total stockholders’ equity, which is our total stockholders’ equity plus total mezzanine equity (before giving effect to the base management fee and incentive fee), adjusted to exclude the effect of any unrealized gains or losses that do not affect realized net income (including impairment charges) and adjusted for any one-time events and certain non-cash items (the later to occur for a given quarter only upon the approval of our Compensation Committee). The fee is calculated and accrued quarterly as 0.375% per quarter of such adjusted total stockholders’ equity figure. Our Adviser does not charge acquisition or disposition fees when we acquire or dispose of properties as is common in other externally managed REITs; however, our Adviser may earn fee income from our borrowers, tenants or other sources. Prior to July 2015, our Advisory Agreement provided for an annual base management fee equal to 2.0% of our common stockholders’ equity, which was our total stockholders’ equity, less the recorded value of any preferred stock and adjusted to exclude the effect of any unrealized gains, losses, or other items that did not affect realized net income (including impairment charges). For the years ended December 31, 2017 , 2016 , and 2015 , we recorded a base management fee of $5.0 million , $3.9 million , and $3.5 million , respectively. Incentive Fee Pursuant to the Advisory Agreement, the calculation of the incentive fee rewards the Adviser in circumstances where our quarterly Core FFO (defined at the end of this paragraph), before giving effect to any incentive fee, or pre-incentive fee Core FFO, exceeds 2.0% quarterly, or 8.0% annualized, of adjusted total stockholders’ equity (after giving effect to the base management fee but before giving effect to the incentive fee). We refer to this as the new hurdle rate. The Adviser will receive 15.0% of the amount of our pre-incentive fee Core FFO that exceeds the new hurdle rate. However, in no event shall the incentive fee for a particular quarter exceed by 15.0% (the cap) the average quarterly incentive fee paid by us for the previous four quarters (excluding quarters for which no incentive fee was paid). Core FFO (as defined in the Advisory Agreement) is GAAP net income (loss) available to common stockholders, excluding the incentive fee, depreciation and amortization, any realized and unrealized gains, losses or other non-cash items recorded in net income (loss) available to common stockholders for the period, and one-time events pursuant to changes in GAAP. The incentive fee prior to July 2015 rewarded the Adviser in circumstances where our quarterly funds from operations, or FFO, before giving effect to any incentive fee, or pre-incentive fee FFO, exceeded 1.75% , or 7.0% annualized, or the hurdle rate, of common stockholders’ equity. FFO included any realized capital gains and capital losses, less any distributions paid on preferred stock and Senior Common Stock (defined herein), but FFO did not include any unrealized capital gains or losses (including impairment charges). The Adviser received 100.0% of the amount of the pre-incentive fee FFO that exceeded the hurdle rate, but was less than 2.1875% of our common stockholders’ equity. The Adviser also received an incentive fee of 20.0% of the amount of our pre-incentive fee FFO that exceeded 2.1875% of common stockholders’ equity. For the years ended December 31, 2017 , 2016 , and 2015 , we recorded an incentive fee of $2.4 million , $2.4 million , and $4.7 million , respectively, offset by credits related to unconditional, voluntary and irrevocable waivers issued by the Adviser of $0.0 million , $0.0 million , and $2.5 million , respectively, resulting in a net incentive fee for the years ended December 31, 2017 , 2016 , and 2015 , of $2.4 million , $2.4 million , and $2.2 million , respectively. Our Board of Directors accepted the Adviser’s offer to waive, on a quarterly basis, a portion of the incentive fee for the six months covering January 1, 2015 through June 30, 2015 in order to support the current level of distributions to our stockholders. The Adviser did not waive any portion of the incentive fee for the year ended December 31, 2017 and 2016 , nor the six months ended December 31, 2015. Waivers cannot be recouped by the Adviser in the future. Capital Gain Fee Under the Advisory Agreement, we will pay to the Adviser a capital gains-based incentive fee that will be calculated and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement). In determining the capital gain fee, we will calculate aggregate realized capital gains and aggregate realized capital losses for the applicable time period. For this purpose, aggregate realized capital gains and losses, if any, equals the realized gain or loss calculated by the difference between the sales price of the property, less any costs to sell the property and the current gross value of the property (which is calculated as the original acquisition price plus any subsequent non-reimbursed capital improvements). At the end of the fiscal year, if this number is positive, then the capital gain fee payable for such time period shall equal 15.0% of such amount. No capital gain fee was recognized during the years ended December 31, 2017 , 2016 , and 2015 . As a result of the January 2017 amendment to the Advisory Agreement, the calculation of the capital gains fee is based on the all-in acquisition cost of disposed of properties. The impact of this amendment would not have resulted in a capital gains fee for previously reported periods. Termination Fee The Advisory Agreement includes a termination fee whereby, in the event of our termination of the agreement without cause (with 120 days’ prior written notice and the vote of at least two-thirds of our independent directors), a termination fee would be payable to the Adviser equal to two times the sum of the average annual base management fee and incentive fee earned by the Adviser during the 24-month period prior to such termination. A termination fee is also payable if the Adviser terminates the agreement after the Company has defaulted and applicable cure periods have expired. The agreement may also be terminated for cause by us (with 30 days’ prior written notice and the vote of at least two-thirds of our independent directors), with no termination fee payable. Cause is defined in the agreement to include if the Adviser breaches any material provisions of the agreement, the bankruptcy or insolvency of the Adviser, dissolution of the Adviser and fraud or misappropriation of funds. Administration Agreement Under the terms of the Administration Agreement, we pay separately for our allocable portion of our Administrator’s overhead expenses in performing its obligations to us including, but not limited to, rent and our allocable portion of the salaries and benefits expenses of our Administrator’s employees, including, but not limited to, our chief financial officer, treasurer, chief compliance officer, general counsel and secretary (who also serves as our Administrator’s president, general counsel and secretary), and their respective staffs. As approved by our Board of Directors, effective July 1, 2014, our allocable portion of the Administrator’s expenses are generally derived by multiplying our Administrator’s total expenses by the approximate percentage of time the Administrator’s employees perform services for us in relation to their time spent performing services for all companies serviced by our Administrator under contractual agreements. We believe that the methodology of allocating the Administrator’s total expenses by approximate percentage of time services were performed among all companies serviced by our Administrator more closely approximates fees paid to actual services performed. For the years ended December 31, 2017 , 2016 , and 2015 , we recorded an administration fee of $1.3 million , $1.5 million , and $1.4 million , respectively. Our Board of Directors reviews and considers approving or renewing the Administration Agreement each July. Gladstone Securities, LLC Gladstone Securities, LLC ("Gladstone Securities"), is a privately held broker dealer registered with the Financial Industry Regulatory Authority and insured by the Securities Investor Protection Corporation. Gladstone Securities is an affiliate of ours, as its parent company is owned and controlled by Mr. David Gladstone, our chairman and chief executive officer. Mr. Gladstone also serves on the board of managers of Gladstone Securities. Dealer Manager Agreement In connection with the offering of our Senior Common Stock (see Note 10, “Stockholders’ and Mezzanine Equity,” for further details) we entered into a Dealer Manager Agreement, dated March 25, 2011 (the "Dealer Manager Agreement"), with Gladstone Securities pursuant to which Gladstone Securities agreed to act as our exclusive dealer manager in connection with the offering. The Dealer Manager Agreement terminated according to its terms on March 28, 2015 , requiring us to write-off $0.1 million of deferred offering costs to general and administrative expense. Pursuant to the terms of the Dealer Manager Agreement, Gladstone Securities was entitled to receive a sales commission in the amount of 7.0% of the gross proceeds of the shares of Senior Common Stock sold, plus a dealer manager fee in the amount of 3.0% of the gross proceeds of the shares of Senior Common Stock sold. In addition, we agreed to indemnify Gladstone Securities against various liabilities, including certain liabilities arising under the federal securities laws. We did not make any payments during the years ended December 31, 2017 and 2016 to Gladstone Securities pursuant to this agreement. We made approximately $0.3 million during the year ended December 31, 2015 to Gladstone Securities pursuant to this agreement. All such payments are reflected as a component of Senior Common Stock costs as reflected in Note 10. Mortgage Financing Arrangement Agreement We entered into an agreement with Gladstone Securities, effective June 18, 2013, for it to act as our non-exclusive agent to assist us with arranging mortgage financing for properties we own. In connection with this engagement, Gladstone Securities will, from time to time, continue to solicit the interest of various commercial real estate lenders or recommend to us third party lenders offering credit products or packages that are responsive to our needs. We pay Gladstone Securities a financing fee in connection with the services it provides to us for securing mortgage financing on any of our properties. The amount of these financing fees, which are payable upon closing of the financing, are based on a percentage of the amount of the mortgage, generally ranging from 0.15% to a maximum of 1.0% of the mortgage obtained. The amount of the financing fees may be reduced or eliminated, as determined by us and Gladstone Securities, after taking into consideration various factors, including, but not limited to, the involvement of any third party brokers and market conditions. We paid financing fees to Gladstone Securities of $0.2 million , $0.3 million , and $0.2 million during the years ended December 31, 2017 , 2016 , and 2015 , respectively, which are included in mortgage notes payable, net, in the consolidated balance sheets, or 0.24% , 0.32% , and 0.29% of total mortgages secured during the respective periods. Our Board of Directors renewed the agreement for an additional year, through August 31, 2018 , at its July 2017 meeting. |
Loss per Share of Common Stock
Loss per Share of Common Stock | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Loss per Share of Common Stock | Loss per Share of Common Stock The following tables set forth the computation of basic and diluted loss per share of common stock for the years ended December 31, 2017 , 2016 and 2015 , respectively. We computed basic loss per share for the years ended December 31, 2017 , 2016 and 2015 , respectively, using the weighted average number of shares outstanding during the periods. Diluted loss per share for the years ended December 31, 2017 , 2016 and 2015 , reflects additional shares of common stock related to our convertible Senior Common Stock (if the effect would be dilutive), that would have been outstanding if dilutive potential shares of common stock had been issued, as well as an adjustment to net income available to common stockholders as applicable to common stockholders that would result from their assumed issuance (dollars in thousands, except per share amounts). For the year ended December 31, 2017 2016 2015 Calculation of basic loss per share of common stock: Net loss attributable to common stockholders $ (4,939 ) $ (3,698 ) $ (1,505 ) Denominator for basic weighted average shares of common stock 26,358,237 23,193,962 21,159,597 Basic loss per share of common stock $ (0.19 ) $ (0.16 ) $ (0.07 ) Calculation of diluted loss per share of common stock: Net loss attributable to common stockholders $ (4,939 ) $ (3,698 ) $ (1,505 ) Net loss attributable to common stockholders plus assumed conversions (1) $ (4,939 ) $ (3,698 ) $ (1,505 ) Denominator for basic weighted average shares of common stock 26,358,237 23,193,962 21,159,597 Effect of convertible Senior Common Stock (1) — — — Denominator for diluted weighted average shares of common stock (1) 26,358,237 23,193,962 21,159,597 Diluted loss per share of common stock $ (0.19 ) $ (0.16 ) $ (0.07 ) (1) We excluded convertible shares of Senior Common Stock of 753,881 , 800,116 , and 782,957 from the calculation of diluted earnings per share for the years ended December 31, 2017 , 2016 and 2015 , respectively, because it was anti-dilutive. |
Real Estate and Intangible Asse
Real Estate and Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Real Estate and Intangible Assets | Real Estate and Intangible Assets Real Estate The following table sets forth the components of our investments in real estate as of December 31, 2017 and 2016 , respectively, excluding real estate held for sale as of December 31, 2017 and 2016 , respectively (dollars in thousands): December 31, 2017 December 31, 2016 Real estate: Land $ 121,783 $ 104,719 Building and improvements 708,948 662,661 Tenant improvements 63,122 54,369 Accumulated depreciation (149,417 ) (131,661 ) Real estate, net $ 744,436 $ 690,088 Real estate depreciation expense on building and tenant improvements was $26.9 million , $24.1 million , and $22.2 million for the years ended December 31, 2017 , 2016 , and 2015 respectively. Acquisitions Certain acquisitions during the year ended December 31, 2016 , were accounted for as business combinations in accordance with ASC 805, as there was a prior leasing history on the property. The fair value of all assets acquired and liabilities assumed were determined in accordance with ASC 805, and all acquisition-related costs were expensed as incurred. Commencing in the fourth quarter of 2016, we adopted ASU 2017-01 which narrows the scope of transactions that would be accounted under ASC 805. Under ASU 2017-01, if substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the grouping is not a business, and rather an asset acquisition. Our fourth quarter 2016 acquisition has been deemed an asset acquisition when evaluated under the new guidance, and all acquisition-related costs have been capitalized. During the year ended December 31, 2017 and 2016 we acquired seven and three properties, respectively, which are summarized below (dollars in thousands): Year Ended Aggregate Square Footage Weighted Average Lease Term Aggregate Purchase Price Acquisition Costs Aggregate Annualized GAAP Rent Aggregate Debt Issued or Assumed December 31, 2017 (1) 871,038 10.1 Years $ 132,157 $ 1,356 (3) $ 15,507 $ 54,887 (4) December 31, 2016 (2) 329,620 10.5 Years $ 66,570 $ 179 $ 5,589 $ 38,800 (1) On June 22, 2017 , we acquired a 60,016 square foot property in Conshohocken, Pennsylvania for $15.7 million . We assumed $11.2 million of mortgage debt in connection with this acquisition. The annualized GAAP rent on the 8.5 year lease is $1.7 million . On July 7, 2017 , we acquired a 300,000 square foot property in Philadelphia, Pennsylvania for $27.1 million . We issued $14.9 million of mortgage debt with a fixed interest rate of 3.75% in connection with this acquisition. The annualized GAAP rent on the 15.4 year lease is $2.3 million . On July 31, 2017 , we acquired a 306,435 square foot three property portfolio located in Maitland, Florida for $51.6 million . We issued $28.8 million of mortgage debt with a fixed interest rate of 3.89% in connection with this acquisition. This portfolio has a weighted average lease term of 8.6 years , and annualized GAAP rent of $6.8 million . On December 1, 2017 , we acquired a 102,559 square foot property in Columbus, Ohio for $17.3 million . The annualized GAAP rent on the weighted average 6.9 year leases is $1.7 million . On December 1, 2017 , we acquired a 102,028 square foot property in Salt Lake City, Utah for $20.5 million . The annualized GAAP rent on the 10.1 year lease is $3.0 million . (2) On May 26, 2016 , we acquired a 107,062 square foot property in Salt Lake City, Utah for $17.0 million . We borrowed $9.9 million to fund the acquisition. The annualized GAAP rent on the 6.0 year lease is $1.4 million . On September 12, 2016 we acquired a 119,224 square foot property in Fort Lauderdale, Florida for $23.9 million . We borrowed $14.1 million to fund the acquisition. The annualized GAAP rent on the 9.0 year lease is $2.0 million . On December 14, 2016 , we acquired a 103,334 square foot property in King of Prussia, Pennsylvania for $25.7 million , including $0.2 million of acquisition-related costs that were allocated among the identifiable assets acquired. These acquisition-related costs are not included in the aggregated costs in the table above. We borrowed $14.8 million to fund the acquisition. The annualized GAAP rent on the 15.0 year lease is $2.2 million . Our King of Prussia, PA acquisition in the fourth quarter was accounted for as an asset acquisition under ASC 360. (3) We adopted ASU 2017-01 during the quarter ended December 31, 2016. As a result, we treated our acquisitions during the year ended December 31, 2017 as asset acquisitions rather than business combinations. As a result of this treatment, we capitalized $1.4 million of acquisition costs that would otherwise have been expensed under business combination treatment. (4) We assumed an interest rate swap in connection with $11.2 million of assumed debt on our Conshohocken, Pennsylvania acquisition, pursuant to which we will pay our counterparty a fixed interest rate of 1.80% , and receive a variable interest rate of one month LIBOR from our counterparty. Our total interest rate is fixed at 3.55% . The interest rate swap had a fair value of $0.04 million upon the date of assumption, and subsequently increased in value to $0.3 million at December 31, 2017 . We have elected to treat this interest rate swap as a cash flow hedge, and all changes in fair market value will be recorded to accumulated other comprehensive income on the consolidated balance sheets. We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the year ended December 31, 2017 and 2016 , respectively, as follows (dollars in thousands): Business Combinations Year ended December 31, 2017 Year ended December 31, 2016 Acquired assets and liabilities Purchase price Purchase price Land $ — $ 7,125 Building and improvements — 22,934 Tenant Improvements — 3,240 In-place Leases — 3,355 Leasing Costs — 1,437 Customer Relationships — 3,090 Above Market Leases — — Below Market Leases — (281 ) Total Purchase Price $ — $ 40,900 Asset Acquisitions Year ended December 31, 2017 Year ended December 31, 2016 Acquired assets and liabilities Purchase price Purchase price Land $ 21,509 $ 3,681 Building 68,617 11,682 Tenant Improvements 9,977 4,057 In-place Leases 12,018 2,669 Leasing Costs 7,066 1,987 Customer Relationships 10,806 1,406 Above Market Leases 3,824 188 Below Market Leases (2,101 ) — Discount on Assumed Debt 399 — Fair Value of Interest Rate Swap Assumed 42 — Total Purchase Price $ 132,157 $ 25,670 Total Purchase Price on all Acquisitions $ 132,157 $ 66,570 Below is a summary of the total revenue and earnings recognized on the two and six asset acquisitions treated as business combinations completed during the years ended December 31, 2016 and 2015 respectively (dollars in thousands): For the year ended December 31, 2016 For the year ended December 31, 2015 Rental Revenue $ 1,462 $ 4,919 Earnings 162 63 Pro Forma The following table reflects pro-forma consolidated statements of operations as if the business combinations completed in 2016 , were completed as of January 1, 2015 , and the business combinations completed during 2015 , were completed as of January 1, 2014. The pro-forma earnings for the years ended December 31, 2016 and 2015 were adjusted to assume that the acquisition-related costs were incurred as of the beginning of the comparative period (dollars in thousands, except per share amounts): For the year ended December 31, (unaudited) 2016 2015 Operating Data: Total operating revenue $ 88,304 $ 89,720 Total operating expenses (56,697 ) (54,480 ) Other expenses, net (27,429 ) (31,014 ) Net income 4,178 4,226 Dividends attributable to preferred and senior common stock (7,656 ) (5,101 ) Net loss attributable to common stockholders $ (3,478 ) $ (875 ) Share and Per Share Data: Basic and diluted loss per share of common stock - pro forma $ (0.15 ) $ (0.04 ) Basic and diluted loss per share of common stock - actual $ (0.16 ) $ (0.07 ) Weighted average shares outstanding-basic and diluted 23,193,962 21,159,597 Significant Real Estate Activity on Existing Assets During the year ended December 31, 2017 and 2016 , we executed nine and nine leases, respectively, which are aggregated below (dollars in thousands): Year Ended Aggregate Square Footage Weighted Average Lease Term Aggregate Annualized GAAP Rent Aggregate Tenant Improvement Aggregate Leasing Commissions December 31, 2017 880,749 9.2 Years (1) $ 6,976 $ 1,264 $ 742 December 31, 2016 551,335 3.9 Years (2) $ 2,478 $ 1,244 $ 436 (1) Weighted average lease term is weighted according to the annualized GAAP rent earned by each lease. Our leases have terms ranging from 1 year to 11.3 years . (2) Weighted average lease term is weighted according to the annualized GAAP rent earned by each lease. Our leases have terms ranging from 1 year to 7.7 years . On May 31, 2016, we reached a legal settlement with the previous tenant on one property to compensate us for deferred capital obligations and repairs they were required to perform during their tenancy. We recognized $0.3 million , recorded in other income on the consolidated statement of operations and comprehensive income, related to reimbursed deferred capital obligations, and received $0.9 million as a reimbursement of repairs incurred during the year ended December 31, 2016 in connection with the legal settlement received, which was recorded net against operating expenses on the consolidated statement of operations and comprehensive income. During the year ended December 31, 2017 , we completed a 75,000 square foot expansion of our existing industrial property in Vance, Alabama for a total project cost of $6.7 million . With the completion of the expansion, the lease term reset for a 10 year term, which has been included in the table above. We recognized rental income of $1.8 million , $1.2 million , and $1.2 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. Future Lease Payments Future operating lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses and excluding real estate held for sale as of December 31, 2017 , for each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands): Year Tenant Lease Payments 2018 $ 98,379 2019 98,805 2020 91,777 2021 83,241 2022 76,481 Thereafter 313,241 $ 761,924 In accordance with the lease terms, substantially all operating expenses are required to be paid by the tenant; however, we would be required to pay operating expenses on the respective properties in the event the tenants fail to pay them. Intangible Assets The following table summarizes the carrying value of intangible assets, liabilities and the accumulated amortization for each intangible asset and liability class as of December 31, 2017 and 2016 , excluding real estate held for sale as of December 31, 2017 and 2016 , respectively (in thousands): December 31, 2017 December 31, 2016 Lease Intangibles Accumulated Amortization Lease Intangibles Accumulated Amortization In-place leases $ 80,355 $ (33,201 ) $ 71,482 $ (28,182 ) Leasing costs 55,695 (23,016 ) 48,000 (18,599 ) Customer relationships 58,892 (19,798 ) 50,252 (17,400 ) $ 194,942 $ (76,015 ) $ 169,734 $ (64,181 ) Deferred Rent Receivable/(Liability) Accumulated (Amortization)/Accretion Deferred Rent Receivable/(Liability) Accumulated (Amortization)/Accretion Above market leases $ 14,425 $ (7,962 ) $ 10,479 $ (7,296 ) Below market leases and deferred revenue (26,725 ) 10,475 (21,606 ) 8,959 $ (12,300 ) $ 2,513 $ (11,127 ) $ 1,663 Total amortization expense related to in-place leases, leasing costs and customer relationship lease intangible assets was $15.9 million , $13.4 million , and $13.1 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively, and is included in depreciation and amortization expense in the consolidated statement of operations and comprehensive income. Total amortization related to above-market lease values was $0.7 million , $0.5 million , and $0.4 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively, and is included in rental revenue in the consolidated statement of operations and comprehensive income. Total amortization related to below-market lease values was $1.5 million , $1.2 million , and $0.9 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively, and is included in rental revenue in the consolidated statement of operations and comprehensive income. The weighted average amortization periods in years for the intangible assets acquired and liabilities assumed during the years ended December 31, 2017 and 2016 , respectively, were as follows: Intangible Assets & Liabilities 2017 2016 In-place leases 9.4 11.5 Leasing costs 9.4 11.5 Customer relationships 12.8 15.8 Above market leases 10.0 5.2 Below market leases 8.4 7.9 All intangible assets & liabilities 10.2 12.5 The estimated aggregate amortization expense to be recorded for in-place leases, leasing costs and customer relationships for each of the five succeeding fiscal years and thereafter is as follows, excluding real estate held for sale as of December 31, 2017 (dollars in thousands): Year Estimated Amortization Expense 2018 $ 19,100 2019 19,086 2020 17,323 2021 14,808 2022 12,561 Thereafter 36,049 $ 118,927 The estimated aggregate rental income to be recorded for the amortization of both above and below market leases for each of the five succeeding fiscal years and thereafter is as follows, excluding real estate held for sale as of December 31, 2017 (dollars in thousands): Year Net Increase to Rental Income 2018 $ 1,023 2019 1,023 2020 1,079 2021 1,021 2022 1,180 Thereafter 4,291 $ 9,617 (1) Does not include ground lease amortization of $170 . |
Real Estate Dispositions, Held
Real Estate Dispositions, Held for Sale, and Impairment Charges | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Real Estate Dispositions, Held for Sale, and Impairment Charges | Real Estate Dispositions, Held for Sale, and Impairment Charges Real Estate Dispositions During the year ended December 31, 2017, we continued to execute our capital recycling program, whereby we sold properties outside of our core markets and redeployed proceeds to either fund property acquisitions in our target secondary growth markets, or repay outstanding debt. We expect to continue to execute our capital recycling plan and sell non-core properties as reasonable disposition opportunities become available. During the year ended December 31, 2017, we sold four non-core properties and applied the proceeds towards outstanding debt and property acquisitions, which is summarized in the table below (dollars in thousands): Aggregate Square Footage Sold Aggregate Sales Price Aggregate Sales Costs Aggregate Impairment Charge for the Twelve Months Ended December 3 1, 2017 Aggregate Gain on Sale of Real Estate, net 593,763 $ 30,302 $ 803 $ 3,999 $ 3,993 Our 2017 dispositions were not classified as discontinued operations because they do not represent a strategic shift in operations, nor will they have a major effect on our operations and financial results. Accordingly, the results of these properties are included within continuing operations for all periods reported. The table below summarizes the components of operating income from the real estate and related assets disposed of during the years ended December 31, 2017 , 2016 , and 2015 , respectively (dollars in thousands): For the year ended December 31, 2017 2016 2015 Operating revenue $ 1,280 $ 2,569 $ 2,958 Operating expense 4,449 (1) 1,883 1,192 Other income (expense), net 3,831 (2) (403 ) (922 ) Income from real estate and related assets sold $ 662 $ 283 $ 844 (1) Includes $4.0 million impairment charge (2) Includes $4.0 million gain on sale of real estate, net Real Estate Held for Sale At December 31, 2017 , we had two properties classified as held for sale, located in Arlington, Texas, and Tewksbury, Massachusetts. We considered both assets to be non-core to our long term strategy. Both of these properties are under contract to sell, and we anticipate both sales will be completed during the first quarter of 2018. At December 31, 2016 , we had two properties classified as held for sale, located in Franklin Township, New Jersey, and Hazelwood, Missouri. Both of these properties were sold during the year ended December 31, 2017 . Our assets classified as held for sale at December 31, 2017 were not classified as discontinued operations because they do not represent a strategic shift in our operations, nor will they have a major effect on our operations and financial results. The table below summarizes the components of income from real estate and related assets held for sale at December 31, 2017 (dollars in thousands): For the year ended December 31, 2017 2016 2015 Operating revenue $ 872 $ 1,121 $ 1,121 Operating expense 3,538 (1) 556 559 Other income, net — (158 ) (232 ) (Loss) income from real estate and related assets held for sale $ (2,666 ) $ 407 $ 330 (1) Includes $2.8 million impairment charge The table below summarizes the components of the assets and liabilities held for sale reflected on the accompanying consolidated balance sheet (dollars in thousands): December 31, 2017 December 31, 2016 Assets Held for Sale Real estate, at cost $ 12,997 $ 11,454 Less: accumulated depreciation 3,970 2,668 Total real estate held for sale, net 9,027 8,786 Lease intangibles, net 9 200 Deferred rent receivable, net 10 575 Other assets — 1 Total Assets Held for Sale $ 9,046 $ 9,562 Liabilities Held for Sale Deferred rent liability, net $ — $ 755 Asset retirement obligation 114 286 Total Liabilities Held for Sale $ 114 $ 1,041 Impairment Charges We evaluated our portfolio for triggering events to determine if any of our held and used assets were impaired during the year ended December 31, 2017 and identified two held and used assets which were impaired during the first quarter of 2017 . We did not identify any impairment on held and used assets during any other quarter of 2017 . For these properties, during first quarter 2017, we received unsolicited interest from potential buyers, and as a result, we included a sale scenario and shortened our hold period when comparing the undiscounted cash flows against the respective carrying values. Based upon our analysis, we concluded that the undiscounted cash flows for these properties were below their respective carrying values indicating that these assets were impaired as of March 31, 2017, and accordingly, we recorded an impairment charge of $3.7 million during the three months ended March 31, 2017. During the three months ended June 30, 2017, we sold one of these impaired properties to the tenant for a further loss on sale of $1.8 million , which is included in gain on sale of real estate, net on the consolidated statements of operations and comprehensive income. During the second quarter of 2017, we became aware of a decline in the tenant's financial results. The tenant expressed interest in acquiring our property as part of their corporate reorganization. Due to the re-tenanting risk of a vacant property and the non-core market location, we executed a sale with the tenant. We sold the other impaired property during the three months ended September 30, 2017, recognizing a gain on sale of $1,000 . We performed the same analysis on our held and used assets during the year ended December 31, 2016 , and concluded none of these held and used assets were impaired. In connection with our held for sale process, we perform an analysis of all properties classified as held for sale at various points during the year ended December 31, 2017 , and compare the fair market value of the asset less selling costs against the carrying value of assets available for sale. As a result of this analysis, we recorded aggregate impairment charges of $3.1 million on two properties classified as held for sale during various points during the year ended December 31, 2017 . One of the impaired properties was sold during the third quarter of 2017, and the other is currently under contract to sell, with a sale expected to be completed during the first quarter of 2018. We recognized $2.0 million of impairment charges on seven properties during the year ended December 31, 2016 . Five of these properties were sold during the year ended December 31, 2016 , one property was classified as held for sale on our consolidated balance sheet at December 31, 2016 , and one property was classified as held and used at December 31, 2016 . We recorded the held and used asset at fair market value, as the fair market value was less than the carrying value of assets available for sale. We recognized $0.6 million of impairment charges on one property during the year ended December 31, 2015 . This property was classified as held for sale during the year ended December 31, 2015 , and through our held for sale analysis, we concluded that the fair market value less selling costs was below the carrying value of this property. This property was sold in May 2016. The fair values for the above properties were calculated using Level 3 inputs which were calculated using an estimated sales price, less estimated costs to sell. The estimated sales price was determined using executed purchase and sale agreements. |
Mortgage Note Receivable
Mortgage Note Receivable | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Mortgage Note Receivable | Mortgage Note Receivable On July 25, 2014 , we closed a $5.6 million second mortgage development loan for the construction of an 81,371 square foot, build-to-suit transitional care facility located on a major hospital campus in Phoenix, Arizona. Subsequently, on April 14, 2015 , we closed an additional $0.3 million interim financing loan for the development of the Phoenix, Arizona property. Construction was completed in July 2015 and we earned 9.0% interest, paid currently in cash, on the loan during construction and through maturity. Prior to completion of the facility, we were granted a right of first offer to purchase the property at fair value. We elected not to purchase the property, but did receive an exit fee upon maturity of the loan in an amount sufficient for us to earn an internal rate of return of 22.0% on the second mortgage development loan, inclusive of interest earned. We have recognized $0.0 million , $0.4 million and $1.1 million in aggregate cash interest income and accrued exit fee revenue during the years ended December 31, 2017 , 2016 , and 2015 , respectively. The principal balance of the loans and all associated interest and exit fee revenue was received in January 2016. We currently have no mortgage notes receivable outstanding. |
Mortgage Notes Payable, Revolvi
Mortgage Notes Payable, Revolving Credit Facility, and Term Loan Facility | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable, Revolving Credit Facility, and Term Loan Facility | Mortgage Notes Payable, Revolving Credit Facility, and Term Loan Facility Our revolving credit facility and term loan facility are collectively referred to herein as the Credit Facility. Our mortgage notes payable and Credit Facility as of December 31, 2017 and December 31, 2016 are summarized below (dollars in thousands): Encumbered properties at Carrying Value at Stated Interest Rates at Scheduled Maturity Dates at December 31, 2017 December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2017 Mortgage and other secured loans: Fixed rate mortgage loans 48 $ 383,189 $ 378,477 (1) (2) Variable rate mortgage loans 19 69,302 71,707 (3) (2) Premiums and discounts, net - (281 ) 217 N/A N/A Deferred financing costs, mortgage loans, net - (4,830 ) (5,123 ) N/A N/A Total mortgage notes payable, net 67 $ 447,380 $ 445,278 (4) Variable rate revolving credit facility 29 (6) $ 21,400 $ 39,700 LIBOR + 1.75% 10/27/2021 Deferred financing costs, revolving credit facility - (685 ) (475 ) N/A N/A Total revolver, net 29 $ 20,715 $ 39,225 Variable rate term loan facility - $ 75,000 $ 25,000 LIBOR + 1.70% 10/27/2022 Deferred financing costs, term loan facility - (468 ) (108 ) N/A N/A Total term loan, net N/A $ 74,532 $ 24,892 Total mortgage notes payable and credit facility 96 $ 542,627 $ 509,395 (5) (1) Interest rates on our fixed rate mortgage notes payable vary from 3.55% to 6.63% . (2) We have 45 mortgage notes payable with maturity dates ranging from 7/1/2018 through 7/1/2045 . (3) Interest rates on our variable rate mortgage notes payable vary from one month LIBOR + 2.15% to one month LIBOR + 2.75% . At December 31, 2017 , one month LIBOR was approximately 1.56% . (4) The weighted average interest rate on the mortgage notes outstanding at December 31, 2017 , was approximately 4.56% . (5) The weighted average interest rate on all debt outstanding at December 31, 2017 , was approximately 4.42% . (6) The amount we may draw under our Credit Facility is based on a percentage of the fair value of a combined pool of 29 unencumbered properties as of December 31, 2017 . N/A - Not Applicable Mortgage Notes Payable As of December 31, 2017 , we had 45 mortgage notes payable, collateralized by a total of 67 properties with a net book value of $654.9 million . Gladstone Commercial Corporation has limited recourse liabilities that could result from any one or more of the following circumstances: a borrower voluntarily filing for bankruptcy, improper conveyance of a property, fraud or material misrepresentation, misapplication or misappropriation of rents, security deposits, insurance proceeds or condemnation proceeds, or physical waste or damage to the property resulting from a borrower’s gross negligence or willful misconduct. Gladstone Commercial Corporation has full recourse for $11.7 million of the mortgage notes payable, net or 2.6% of the outstanding balance. We will also indemnify lenders against claims resulting from the presence of hazardous substances or activity involving hazardous substances in violation of environmental laws on a property. During the year ended December 31, 2017 , we repaid four mortgages collateralized by 10 properties, which are summarized below (dollars in thousands): Aggregate Fixed Rate Debt Repaid Weighted Average Interest Rate on Fixed Rate Debt Repaid $ 41,077 6.25 % Aggregate Variable Rate Debt Repaid Weighted Average Interest Rate on Variable Rate Debt Repaid $ 8,163 LIBOR + 2.50% During the year ended December 31, 2017 , we issued or assumed four mortgages, collateralized by seven properties, and drew an additional advance on an existing mortgage note, collateralized by one property, which are summarized below (dollars in thousands): Aggregate Fixed Rate Debt Issued or Assumed Weighted Average Interest Rate on Fixed Rate Debt Aggregate Variable Rate Debt Issued or Assumed $ 54,887 (1) 3.78 % (2) $ 7,500 (3) (1) We issued or assumed $54.9 million of fixed rate, or swapped to fixed rate, debt in connection with five of our seven property acquisitions in 2017, with maturity dates ranging from April 1, 2026 to August 10, 2027 . (2) We assumed an interest rate swap in connection with one property acquisition and will be paying an all-in fixed rate of 3.55% . The newly issued fixed rate mortgages have rates ranging from 3.75% to 3.89% . (3) The interest rate for our newly issued variable rate mortgage debt is equal to one month LIBOR plus a spread of 2.75% . The maturity date on this new variable rate debt is May 15, 2020 . We have entered into a rate cap agreement on our new variable rate debt and will record all fair value changes into interest expense on the consolidated statement of operations and comprehensive income. The interest rate for our additional advance on the existing mortgage note is equal to one month LIBOR plus a spread of 2.50% and the maturity date is December 1, 2021 . Scheduled principal payments of mortgage notes payable for each of the five succeeding fiscal years and thereafter are as follows (dollars in thousands): Year Scheduled Principal Payments 2018 $ 55,267 2019 47,447 2020 19,357 2021 33,337 2022 97,156 Thereafter 199,927 $ 452,491 (1) (1) This figure is does not include $(0.3) million premiums and (discounts), net, and $4.8 million of deferred financing costs, which are reflected in mortgage notes payable on the consolidated balance sheet. We believe we will be able to address all mortgage notes payable maturing over the next 12 months through a combination of refinancings, cash from operations, equity proceeds and availability on our Credit Agreement. Interest Rate Caps We have entered into interest rate cap agreements that cap the interest rate on certain of our variable-rate debt and we have assumed an interest rate swap agreement in which we hedged our exposure to variable interest rates by agreeing to pay fixed interest rates to our counterparty. We have adopted the fair value measurement provisions for our financial instruments recorded at fair value. The fair value guidance establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Generally, we will estimate the fair value of our interest rate caps and interest rate swap, in the absence of observable market data, using estimates of value including estimated remaining life, counterparty credit risk, current market yield and interest rate spreads of similar securities as of the measurement date. At December 31, 2017 and 2016 , our interest rate cap agreements were valued using Level 2 inputs. The fair value of the interest rate cap agreements is recorded in other assets on our accompanying consolidated balance sheets. We record changes in the fair value of the interest rate cap agreements quarterly based on the current market valuations at quarter end. If the interest rate cap qualifies for hedge accounting, the change in the estimated fair value is recorded to accumulated other comprehensive income to the extent that it is effective, with any ineffective portion recorded to interest expense in our consolidated statements of operations and comprehensive income. If the interest rate cap does not qualify for hedge accounting, any change in the fair value is recognized in interest expense in our consolidated statements of operations and comprehensive income. The following table summarizes the interest rate caps for the year ended December 31, 2017 and 2016 (dollars in thousands): December 31, 2017 December 31, 2016 Aggregate Cost Aggregate Notional Amount Aggregate Fair Value Aggregate Notional Amount Aggregate Fair Value $ 1,171 (1) $ 143,512 $ 504 $ 71,721 $ 101 (1) We have entered into various interest rate cap agreements on new variable rate debt with LIBOR caps ranging from 2.50% to 3.00% . We assumed an interest rate swap agreement in connection with our June 22, 2017 acquisition of a property in Conshohocken, Pennsylvania, whereby we will pay our counterparty an interest rate equivalent to 1.80% on a monthly basis, and receive payments from our counterparty equivalent to one month LIBOR. The fair value of our interest rate swap agreement is recorded in other assets on our accompanying consolidated balance sheets. We have designated our interest rate swap as a cash flow hedge, and we record changes in the fair value of the interest rate swap agreement to accumulated other comprehensive income on the consolidated balance sheets. We record changes in fair value on a quarterly basis, using current market valuations at quarter end. We assumed our interest rate swap with a value of $0.04 million on the date of assumption, and the fair market value increased to $0.3 million at December 31, 2017 . The swap has a notional value equal to the debt we assumed of $11.2 million , and has a termination date of April 1, 2026 , which is also the maturity date of the assumed debt. The following tables present the impact of our derivative instruments in the consolidated financial statements (dollars in thousands): Amount of Gain (Loss) recognized in Comprehensive Income 2017 2016 2015 Derivatives in cash flow hedging relationships Interest rate caps $ (239 ) $ — $ — Interest rate swap 274 Total $ 35 $ — $ — The following table sets forth certain information regarding our derivative instruments (dollars in thousands): Asset Derivatives Fair Value at Derivatives Designated as Hedging Instruments Balance Sheet Location December 31, 2017 December 31, 2016 Interest rate caps Other assets $ 450 $ — Derivatives Not Designated as Hedging Instruments Interest rate caps Other assets $ 54 101 Total derivatives $ 504 $ 101 The fair value of all mortgage notes payable outstanding as of December 31, 2017 was $455.1 million , as compared to the carrying value stated above of $447.4 million . The fair value is calculated based on a discounted cash flow analysis, using management’s estimate of market interest rates on long-term debt with comparable terms and loan to value ratios. The fair value was calculated using Level 3 inputs of the hierarchy established by ASC 820, “Fair Value Measurements and Disclosures.” Credit Facility On August 7, 2013, we procured our Revolver with KeyBank National Association ("KeyBank") (serving as revolving lender, a letter of credit issuer and an administrative agent). In October 2015, we expanded our Revolver to $85.0 million and entered into a Term Loan, whereby we added a $25.0 million , five -year Term Loan subject to the same leverage tiers as the Revolver, with the interest rate at each leverage tier being five basis points lower. We have the option to repay the Term Loan in full, or in part, at any time without penalty or premium prior to the maturity date. On October 27, 2017, we amended our existing Credit Facility. The Term Loan component of the Credit Facility was increased from $25.0 million , to $75.0 million , with the Revolver commitment remaining at $85.0 million . The Term Loan has a new five -year term, with a maturity date of October 27, 2022 , and the Revolver has a new four -year term, with a maturity date of October 27, 2021 . The interest rate for the Credit Facility was reduced by 25 basis points at each of the leverage tiers. We entered into interest rate cap agreements on the amended Term Loan, which cap LIBOR at 2.75% . We used the net proceeds of the amended Credit Facility to repay all previously existing borrowings under the Revolver. We incurred fees of approximately $0.9 million in connection with the Credit Facility amendment. The bank syndicate is now comprised of KeyBank, Fifth Third Bank, US Bank National Association and The Huntington National Bank. As of December 31, 2017 , there was $96.4 million outstanding under our Credit Facility at a weighted average interest rate of approximately 3.28% and $1.0 million outstanding under letters of credit at a weighted average interest rate of 1.75% . As of February 14, 2018 , the maximum additional amount we could draw under the Credit Facility was $43.2 million . We were in compliance with all covenants under the Credit Facility as of December 31, 2017 . The amount outstanding under the Credit Facility approximates fair value as of December 31, 2017 . |
Mandatorily Redeemable Term Pre
Mandatorily Redeemable Term Preferred Stock | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Mandatorily Redeemable Term Preferred Stock | Mandatorily Redeemable Term Preferred Stock In February 2012, we completed a public offering of 1,540,000 shares of our 7.125% Series C Cumulative Term Preferred Stock, par value $0.001 per share (the" Series C Preferred Stock"), at a public offering price of $25.00 per share. Gross proceeds of the offering totaled $38.5 million and net proceeds, after deducting offering expenses borne by us, were $36.7 million . The shares of the Series C Preferred Stock had a mandatory redemption date of January 31, 2017 . During the year ended December 31, 2016 , we redeemed all outstanding shares of the Series C Preferred Stock. Accordingly, we wrote-off unamortized offering costs of $0.2 million during the year ended December 31, 2016 , which were recorded to interest expense in our consolidated statements of operations and comprehensive income. The Series C Preferred Stock was recorded as a liability in accordance with ASC 480, “Distinguishing Liabilities from Equity,” which states that mandatorily redeemable financial instruments should be classified as liabilities and therefore the related dividend payments are treated as a component of interest expense in the consolidated statements of operations. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Ground Leases We are obligated as lessee under four ground leases. Future minimum rental payments due under the terms of these leases as of December 31, 2017 , are as follows (dollars in thousands): For the year ended December 31, Minimum Rental Payments Due 2018 $ 465 2019 465 2020 466 2021 392 2022 319 Thereafter 4,236 $ 6,343 Rental expenses recorded in connection with the properties on which we are ground lease tenants was $0.5 million for the year ended December 31, 2017 , $0.5 million for the year ended December 31, 2016 , and $0.4 million for the year ended December 31, 2015 . Rental expenses are reflected in property operating expenses on the consolidated statements of operations and comprehensive income. Letters of Credit As of December 31, 2017 , there was $1.0 million outstanding under letters of credit. These letters of credit are not reflected on our consolidated balance sheet. |
Stockholders' Equity and Mezzan
Stockholders' Equity and Mezzanine Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Equity and Mezzanine Equity | Stockholders’ Equity and Mezzanine Equity Distributions We paid the following distributions per share for the years ended December 31, 2017 , 2016 , and 2015 : For the year ended December 31, 2017 2016 2015 Common Stock $ 1.500 $ 1.500 $ 1.500 Senior Common Stock 1.0500 1.0500 1.0500 Series A Preferred Stock 1.9374996 1.9374996 1.9374996 Series B Preferred Stock 1.8750 1.8750 1.8750 Series C Preferred Stock — 1.1330 (1) 1.7813 Series D Preferred Stock 1.7500 1.0538 — (1) We fully redeemed our Series C Preferred Stock on August 19, 2016 , and paid all outstanding shareholders a prorated dividend for the month of August. For federal income tax purposes, distributions paid to stockholders may be characterized as ordinary income, capital gains, return of capital or a combination of the foregoing. We had capital gains during the year ended December 31, 2015 . The characterization of distributions during each of the last three years is reflected in the table below: Ordinary Income Return of Capital Long-Term Capital Gains Common Stock For the year ended December 31, 2015 18.80114 % 79.50018 % 1.69868 % For the year ended December 31, 2016 28.81758 % 71.18242 % — % For the year ended December 31, 2017 39.63189 % 60.36811 % — % Senior Common Stock For the year ended December 31, 2015 91.71368 % — % 8.28632 % For the year ended December 31, 2016 100.00000 % — % — % For the year ended December 31, 2017 100.00000 % — % — % Series A Preferred Stock For the year ended December 31, 2015 91.71368 % — % 8.28632 % For the year ended December 31, 2016 100.00000 % — % — % For the year ended December 31, 2017 100.00000 % — % — % Series B Preferred Stock For the year ended December 31, 2015 91.71368 % — % 8.28632 % For the year ended December 31, 2016 100.00000 % — % — % For the year ended December 31, 2017 100.00000 % — % — % Series C Preferred Stock For the year ended December 31, 2015 91.71368 % — % 8.28632 % For the year ended December 31, 2016 100.00000 % — % — % For the year ended December 31, 2017 — % — % — % Series D Preferred Stock For the year ended December 31, 2015 — % — % — % For the year ended December 31, 2016 100.00000 % — % — % For the year ended December 31, 2017 100.00000 % — % — % Recent Activity Common Stock Offering On July 25, 2017, we completed an overnight offering of 1.2 million shares of our common stock at a public offering price of $20.52 per share. Net proceeds, after deducting underwriter commissions and discounts, were $22.5 million . The proceeds from this offering were used to acquire real estate, repay existing indebtedness, and for other general corporate purposes. On July 31, 2017, the offering's underwriters also exercised their overallotment option, purchasing an additional 0.2 million shares of our common stock at the public offering price of $20.52 per share. Net proceeds from this exercise, after deducting underwriter commissions and discounts, were $3.4 million . The proceeds from this overallotment were also used to acquire real estate, repay existing indebtedness, and for other general corporate purposes. Common Stock ATM Program In February 2016, we amended our common stock ATM program (the "Amended Common ATM Program"). The amendment increased the amount of shares of common stock that we may offer and sell through Cantor Fitzgerald to $160.0 million . All other terms of the common ATM program remained unchanged. During the year ended December 31, 2017 , we sold 2.1 million shares of common stock, raising $45.5 million in net proceeds under the program. As of December 31, 2017 , we had a remaining capacity to sell up to $ 86.3 million of common stock under the program. The proceeds from these issuances were used to acquire real estate, repay outstanding debt and for other general corporate purposes. Series A and B Preferred Stock ATM Programs In February 2016, we entered into an open market sales agreement, (the "Series A and B Preferred ATM Programs"), with Cantor Fitzgerald, pursuant to which we may, from time to time, offer to sell (i) shares of our 7.75% Series A Cumulative Redeemable Preferred Stock (the "Series A Preferred Stock"), and (ii) shares of our 7.50% Series B Cumulative Redeemable Preferred Stock, (the "Series B Preferred Stock"), having an aggregate offering price of up to $40.0 million . During the year ended December 31, 2017 , we did not sell any shares of our Series A Preferred Stock or Series B Preferred Stock. As of December 31, 2017 , we had a remaining capacity to sell up to $37.2 million of preferred stock under the Series A and B Preferred ATM Programs. The proceeds from these issuances were used to acquire real estate, repay outstanding debt and for other general corporate purposes. Mezzanine Equity Our 7.00% Series D Cumulative Redeemable Preferred Stock (“Series D Preferred”), is classified as mezzanine equity in our consolidated balance sheet because it is redeemable at the option of the shareholder upon a change of control of greater than 50% in accordance with ASC 480-10-S99 “Distinguishing Liabilities from Equity,” which requires mezzanine equity classification for preferred stock issuances with redemption features which are outside of the control of the issuer. A change in control of our company, outside of our control, is only possible if a tender offer is accepted by over 90% of our shareholders. All other change in control situations would require input from our Board of Directors. We will periodically evaluate the likelihood that a change of control of greater than 50% will take place, and if we deem this probable, we would adjust the Series D Preferred presented in mezzanine equity to their redemption value, with the offset to gain (loss) on extinguishment. We currently believe the likelihood of a change of control of greater than 50% is remote. In June 2016, we entered into an open market sales agreement (the "Series D Preferred ATM Program"), with Cantor Fitzgerald, pursuant to which we may, from time to time, offer to sell shares of our Series D Preferred Stock, having an aggregate offering price of up to $50.0 million . During the year ended December 31, 2017 , we sold 0.5 million shares of our Series D Preferred Stock for net proceeds of $ 12.7 million . As of December 31, 2017 , we had a remaining capacity to sell up to $ 20.8 million of Series D Preferred Stock under the Series D Preferred ATM Program. The proceeds from these issuances were used to acquire real estate, repay outstanding debt and for other general corporate purposes. In March 2011, we commenced an offering of an aggregate of 3,500,000 shares of our Senior Common Stock, par value $0.001 per share, at a price to the public of $15.00 per share, of which 3,000,000 shares were intended to be offered pursuant to the primary offering and 500,000 shares were intended to be offered pursuant to our senior common distribution reinvestment plan (the "DRIP"). This offering terminated according to its terms on March 28, 2015. During the three months ended March 31, 2015, we sold 189,052 shares of our Senior Common Stock at $15.00 per share and issued 5,134 shares of our Senior Common Stock under the DRIP. The net proceeds, after deducting the underwriting discount and commission, were $2.6 million . At the conclusion of the offering on March 28, 2015, we had sold 927,994 shares of Senior Common Stock, for gross proceeds of $13.9 million , and issued an additional 27,038 shares of Senior Common Stock under the DRIP program. |
Quarterly Financial Information
Quarterly Financial Information (unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (unaudited) | Quarterly Financial Information (unaudited) The following table reflects the quarterly results of operations for the years ended December 31, 2017 and 2016 (dollars in thousands): Quarter ended December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 Operating revenues $ 25,253 $ 24,365 $ 22,867 $ 22,314 Operating expenses (20,405 ) (15,867 ) (14,357 ) (17,708 ) Other expense, net (6,311 ) (6,115 ) (7,849 ) (250 ) Net (loss) income (1,463 ) 2,383 661 4,356 Dividends attributable to preferred and senior common stock (2,802 ) (2,767 ) (2,686 ) (2,621 ) Net (loss) income (attributable) available to common stockholders $ (4,265 ) $ (384 ) $ (2,025 ) $ 1,735 Net (loss) income (attributable) available to common stockholders - basic & diluted $ (0.17 ) $ (0.01 ) $ (0.08 ) $ 0.07 Quarter ended December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 Operating revenues $ 22,009 $ 21,589 $ 21,247 $ 21,527 Operating expenses (13,733 ) (15,172 ) (13,433 ) (13,257 ) Other expense, net (5,981 ) (6,490 ) (6,931 ) (7,417 ) Net income (loss) 2,295 (73 ) 883 853 Dividends attributable to preferred and senior common stock (2,607 ) (2,256 ) (1,514 ) (1,279 ) Net loss attributable to common stockholders $ (312 ) $ (2,329 ) $ (631 ) $ (426 ) Net loss attributable to common stockholders - basic & diluted $ (0.01 ) $ (0.10 ) $ (0.03 ) $ (0.02 ) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Distributions On January 9, 2018 , our Board of Directors declared the following monthly distributions for the months of January, February, and March of 2018: Record Date Payment Date Common Stock Distributions per Share Series A Preferred Distributions per Share Series B Preferred Distributions per Share Series D Preferred Distributions per Share January 22, 2018 January 31, 2018 $ 0.125 $ 0.1614583 $ 0.15625 $ 0.1458333 February 16, 2018 February 28, 2018 0.125 0.1614583 0.15625 0.1458333 March 20, 2018 March 30, 2018 0.125 0.1614583 0.15625 0.1458333 $ 0.375 $ 0.4843749 $ 0.46875 $ 0.4374999 Senior Common Stock Distributions Payable to the Holders of Record During the Month of: Payment Date Distribution per Share January February 7, 2018 $ 0.0875 February March 7, 2018 0.0875 March April 6, 2018 0.0875 $ 0.2625 Mortgage Debt Repayment On January 23, 2018 we repaid a $6.7 million variable rate mortgage collateralized by one property. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION | GLADSTONE COMMERCIAL CORPORATION SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2017 (Dollars in Thousands) Initial Cost Total Cost Location of Property Encumbrances Land Buildings & Improvement Land Buildings & Total Accumulated Net Real Year Date Raleigh, North Carolina (3) Office Building $ — $ 960 $ 4,481 $ 35 $ 960 $ 4,516 $ 5,476 $ 2,090 $ 3,386 1997 12/23/2003 Canton, Ohio Office Building 1,574 186 3,083 500 187 3,582 3,769 1,325 2,444 1994 1/30/2004 Akron, Ohio (3) Office Building — 1,973 6,771 1,658 1,974 8,428 10,402 2,628 7,774 1968/1999 4/29/2004 Charlotte, North Carolina Office Building 6,757 740 8,423 61 741 8,483 9,224 2,981 6,243 1984/1995 6/30/2004 Canton, North Carolina Industrial Building 3,412 150 5,050 7,285 150 12,335 12,485 2,349 10,136 1998/2014 7/6/2004 Crenshaw, Pennsylvania Industrial Building 4,116 100 6,574 269 100 6,843 6,943 2,368 4,575 1991 8/5/2004 Lexington, North Carolina Industrial Building 2,398 820 2,107 69 820 2,176 2,996 778 2,218 1986 8/5/2004 Austin, Texas (3) Office Building — 1,000 6,296 703 1,000 6,999 7,999 2,280 5,719 2001 9/16/2004 Mt. Pocono, Pennsylvania (3) Industrial Building — 350 5,819 18 350 5,837 6,187 2,007 4,180 1995/1999 10/15/2004 San Antonio, Texas (3) Office Building — 843 7,514 724 843 8,238 9,081 3,065 6,016 1999 2/10/2005 Big Flats, New York Industrial Building 2,240 275 6,459 34 275 6,493 6,768 2,123 4,645 2001 4/15/2005 Wichita, Kansas (3) Office Building — 1,525 9,703 77 1,525 9,780 11,305 3,255 8,050 2000 5/18/2005 Arlington, Texas (3) Industrial Building — 636 3,695 819 636 4,514 5,150 1,349 3,801 1966 5/26/2005 Eatontown, New Jersey Office Building 2,814 1,351 3,520 534 1,351 4,054 5,405 1,356 4,049 1991 7/7/2005 Duncan, South Carolina Industrial Building 9,252 783 10,790 1,717 783 12,507 13,290 3,935 9,355 1984/2001/2007 7/14/2005 Duncan, South Carolina Industrial Building 2,300 195 2,682 427 195 3,109 3,304 978 2,326 1984/2001/2007 7/14/2005 Clintonville, Wisconsin (3) Industrial Building — 55 4,717 3,250 55 7,967 8,022 1,990 6,032 1992/2013 10/31/2005 Maple Heights, Ohio Industrial Building 4,000 1,609 10,065 1,479 1,609 11,544 13,153 4,412 8,741 1974 12/21/2005 Richmond, Virginia (3) Office Building — 736 5,336 62 736 5,398 6,134 1,698 4,436 1972 12/30/2005 South Hadley, Massachusetts (3) Industrial Building — 471 2,765 (949 ) 270 2,017 2,287 844 1,443 1978 2/15/2006 Champaign, Illinois Office Building 1,509 687 2,036 2 687 2,038 2,725 649 2,076 1996 2/21/2006 Champaign, Illinois Office Building 2,959 1,347 3,992 4 1,347 3,996 5,343 1,272 4,071 1996 2/21/2006 Champaign, Illinois Office Building 1,849 842 2,495 2 842 2,497 3,339 795 2,544 1996 2/21/2006 Champaign, Illinois Office Building 1,691 770 2,281 2 770 2,283 3,053 727 2,326 1996 2/21/2006 Burnsville, Minnesota Office Building 8,628 3,511 8,746 6,693 3,511 15,439 18,950 4,277 14,673 1984 5/10/2006 Menomonee Falls, Wisconsin (3) Industrial Building — 625 6,911 686 625 7,597 8,222 2,167 6,055 1986/2000 6/30/2006 Baytown, Texas Initial Cost Total Cost Location of Property Encumbrances Land Buildings & Improvement Land Buildings & Total Accumulated Net Real Year Date Medical Office Building — 221 2,443 2,451 221 4,894 5,115 969 4,146 1997 7/11/2006 Mason, Ohio Office Building 3,930 797 6,258 540 797 6,798 7,595 2,176 5,419 2002 1/5/2007 Raleigh, North Carolina (3) Industrial Building — 1,606 5,513 3,749 1,606 9,262 10,868 2,138 8,730 1994 2/16/2007 Tulsa, Oklahoma Industrial Building 6,917 — 14,057 — — 14,057 14,057 4,582 9,475 2004 3/1/2007 Hialeah, Florida (3) Industrial Building — 3,562 6,672 769 3,562 7,441 11,003 2,055 8,948 1956/1992 3/9/2007 Tewksbury, Massachusetts Industrial Building — 1,395 8,893 (2,441 ) 904 6,943 7,847 2,622 5,225 1985/1989 5/17/2007 Mason, Ohio (3) Retail Building — 1,201 4,961 — 1,201 4,961 6,162 1,359 4,803 2007 7/1/2007 Cicero, New York Industrial Building 3,459 299 5,019 — 299 5,019 5,318 1,328 3,990 2005 9/6/2007 Grand Rapids, Michigan Office Building 5,393 1,629 10,500 308 1,629 10,808 12,437 2,913 9,524 2001 9/28/2007 Bollingbrook, Illinois (3) Industrial Building — 1,272 5,003 856 1,272 5,859 7,131 1,579 5,552 2002 9/28/2007 Decatur, Georgia (3) Medical Office Building — 783 3,241 — 783 3,241 4,024 878 3,146 1989 12/13/2007 Decatur, Georgia (3) Medical Office Building — 205 847 — 205 847 1,052 230 822 1989 12/13/2007 Decatur, Georgia (3) Medical Office Building — 257 1,062 — 257 1,062 1,319 288 1,031 1989 12/13/2007 Lawrenceville, Georgia (3) Medical Office Building — 678 2,807 — 678 2,807 3,485 761 2,724 2005 12/13/2007 Snellville, Georgia (3) Medical Office Building — 176 727 — 176 727 903 197 706 1986 12/13/2007 Covington, Georgia (3) Medical Office Building — 232 959 — 232 959 1,191 260 931 2000 12/13/2007 Conyers, Georgia (3) Medical Office Building — 296 1,228 — 296 1,228 1,524 333 1,191 2004 12/13/2007 Cumming, Georgia Medical Office Building 2,908 738 3,055 2,524 741 5,576 6,317 1,180 5,137 1994 12/13/2007 Reading, Pennsylvania Industrial Building 3,684 491 6,202 — 491 6,202 6,693 1,583 5,110 2007 1/29/2008 Fridley, Minnesota Office Building 4,785 1,354 8,074 399 1,383 8,444 9,827 2,588 7,239 1985/2006 2/26/2008 Pineville, North Carolina Industrial Building 2,141 669 3,028 6 669 3,034 3,703 777 2,926 1985 4/30/2008 Marietta, Ohio Industrial Building 5,226 829 6,607 529 829 7,136 7,965 1,647 6,318 1992/2007 8/29/2008 Chalfont, Pennsylvania Industrial Building 4,672 1,249 6,420 327 1,249 6,747 7,996 1,830 6,166 1987 8/29/2008 Orange City, Iowa Industrial Building 7,365 258 5,861 6 258 5,867 6,125 1,293 4,832 1990 12/15/2010 Hickory, North Carolina Office Building 6,257 1,163 6,605 — 1,163 6,605 7,768 2,026 5,742 2008 4/4/2011 Springfield, Missouri (3) Office Building — 1,700 12,038 — 1,700 12,038 13,738 2,367 11,371 2006 6/20/2011 Boston Heights, Ohio Office Building 2,472 449 3,010 11 449 3,021 3,470 830 2,640 2011 10/20/2011 Parsippany, New Jersey Office Building 6,331 1,696 7,077 81 1,696 7,158 8,854 1,675 7,179 1984 10/28/2011 Dartmouth, Massachusetts Retail Location 3,703 — 4,236 — — 4,236 4,236 723 3,513 2011 11/18/2011 Springfield, Missouri Retail Location 1,550 — 2,275 — — 2,275 2,275 497 1,778 2005 12/13/2011 Pittsburgh, Pennsylvania Initial Cost Total Cost Location of Property Encumbrances Land Buildings & Improvement Land Buildings & Total Accumulated Net Real Year Date Office Building 2,539 281 3,205 743 281 3,948 4,229 757 3,472 1968 12/28/2011 Ashburn, Virginia Office Building 6,680 706 7,858 — 705 7,859 8,564 1,549 7,015 2002 1/25/2012 Ottumwa, Iowa Industrial Building 3,650 212 5,072 287 212 5,359 5,571 1,055 4,516 1970 5/30/2012 New Albany, Ohio Office Building 8,078 1,658 8,746 — 1,658 8,746 10,404 1,796 8,608 2007 6/5/2012 Columbus, Georgia Office Building 4,181 1,378 4,520 — 1,378 4,520 5,898 1,031 4,867 2012 6/21/2012 Columbus, Ohio Office Building 2,624 542 2,453 92 542 2,545 3,087 639 2,448 1981 6/28/2012 Jupiter, Florida Office Building 9,493 1,160 11,994 — 1,160 11,994 13,154 1,926 11,228 2011 9/26/2012 Fort Worth, Texas Industrial Building 12,353 963 15,647 — 963 15,647 16,610 2,452 14,158 2005 11/8/2012 Columbia, South Carolina Office Building 16,576 1,905 20,648 8 1,905 20,656 22,561 4,521 18,040 2010 11/21/2012 Egg Harbor, New Jersey Office Building 3,269 1,627 3,017 315 1,627 3,332 4,959 579 4,380 1985 3/28/2013 Vance, Alabama (3) Industrial Building — 457 10,529 6,691 456 17,221 17,677 1,822 15,855 2013 5/9/2013 Blaine, Minnesota Office Building 7,646 1,060 10,518 — 1,060 10,518 11,578 2,117 9,461 2009 5/10/2013 Austin, Texas Office Building 32,834 2,330 44,021 122 2,330 44,143 46,473 10,162 36,311 1999 7/9/2013 Allen, Texas Office Building 8,221 2,699 7,945 771 2,699 8,716 11,415 1,827 9,588 1998 7/10/2013 Englewood, Colorado Office Building 10,577 1,503 11,739 — 1,503 11,739 13,242 2,098 11,144 2008 12/11/2013 Novi, Michigan Industrial Building 4,018 352 5,626 — 352 5,626 5,978 780 5,198 1988 12/27/2013 Allen, Texas Retail Building 3,040 874 3,634 — 874 3,634 4,508 472 4,036 2004 3/27/2014 Colleyville, Texas Retail Building 2,812 1,277 2,424 — 1,277 2,424 3,701 359 3,342 2000 3/27/2014 Rancho Cordova, California Office Building 4,740 752 6,176 287 752 6,463 7,215 806 6,409 1986 4/22/2014 Coppell, Texas Retail Building 3,230 1,448 3,349 — 1,448 3,349 4,797 420 4,377 2005 5/8/2014 Columbus, Ohio (3) Office Building — 990 8,017 1,600 990 9,617 10,607 1,628 8,979 1986 5/13/2014 Taylor, Pennsylvania Industrial Building 22,045 3,101 25,405 — 3,101 25,405 28,506 2,867 25,639 2000/2006 6/9/2014 Aurora, Colorado (3) Industrial Building — 2,882 3,917 96 2,882 4,013 6,895 571 6,324 1983 7/1/2014 Indianapolis, Indiana Office Building 5,846 502 6,422 645 498 7,071 7,569 1,057 6,512 1981/2014 9/3/2014 Denver, Colorado (3) Industrial Building — 1,621 7,071 243 1,621 7,314 8,935 877 8,058 1985 10/31/2014 Monroe, Michigan Industrial Building 10,280 658 14,607 — 657 14,608 15,265 1,378 13,887 2004 12/23/2014 Monroe, Michigan Industrial Building 7,196 460 10,225 — 460 10,225 10,685 965 9,720 2004 12/23/2014 Richardson, Texas Office Building 13,873 2,728 15,372 66 2,728 15,438 18,166 1,949 16,217 1985/2008 3/6/2015 Birmingham, Alabama (3) Office Building — 650 2,034 50 650 2,084 2,734 274 2,460 1982/2010 3/20/2015 Dublin, Ohio Office Building 4,192 1,338 5,058 35 1,338 5,093 6,431 631 5,800 1980/Various 5/28/2015 Draper, Utah Initial Cost Total Cost Location of Property Encumbrances Land Buildings & Improvement Land Buildings & Total Accumulated Net Real Year Date Office Building 12,666 3,248 13,129 74 3,248 13,203 16,451 1,382 15,069 2008 5/29/2015 Hapeville, Georgia Office Building 7,252 2,272 8,778 263 2,272 9,041 11,313 834 10,479 1999/2007 7/15/2015 Villa Rica, Georgia Industrial Building 3,677 293 5,277 18 293 5,295 5,588 435 5,153 2000/2014 10/20/2015 Taylorsville, Utah Office Building 9,569 3,008 10,659 370 3,008 11,029 14,037 920 13,117 1997 5/26/2016 Fort Lauderdale, Florida Office Building 13,721 4,117 15,516 1,881 4,117 17,397 21,514 950 20,564 1984 9/12/2016 King of Prussia, Pennsylvania Office Building 14,800 3,681 15,739 — 3,681 15,739 19,420 750 18,670 2001 12/14/2016 Conshohocken, Pennsylvania Office Building 11,036 1,996 10,880 — 1,996 10,880 12,876 228 12,648 1996 6/22/2017 Philadelphia, Pennsylvania Industrial Building 14,924 5,896 16,282 — 5,896 16,282 22,178 371 21,807 1994/2011 7/7/2017 Maitland, Florida Office Building 11,907 3,073 19,661 — 3,073 19,661 22,734 450 22,284 1998 7/31/2017 Maitland, Florida Office Building 8,327 2,077 1,084 — 2,077 1,084 3,161 69 3,092 1998 7/31/2017 Maitland, Florida Office Building 8,327 2,095 9,339 — 2,095 9,339 11,434 163 11,271 1999 7/31/2017 Columbus, Ohio Office Building — 1,926 11,410 — 1,926 11,410 13,336 48 13,288 2007 12/1/2017 Salt Lake City (3) Office Building — 4,446 9,938 — 4,446 9,938 14,384 40 14,344 2007 12/1/2017 $ 452,491 $ 123,987 $ 731,930 $ 50,933 $ 123,323 $ 783,527 $ 906,850 $ 153,387 $ 753,463 (1) The aggregate cost for land and building improvements for federal income tax purposes is the same as the total gross cost of land, building improvements and acquisition costs capitalized for asset acquisitions under ASC 360, which is $906.9 million . (2) Depreciable life of all buildings is the shorter of the useful life of the asset or 39 years . Depreciable life of all improvements is the shorter of the useful life of the assets or the life of the respective leases on each building, which range from 5 - 20 years . (3) These properties are in our unencumbered pool of assets on our Credit Facility. (4) The net real estate figure includes real estate held for sale as of December 31, 2017 of $ 9.0 million . The following table reconciles the change in the balance of real estate during the years ended December 31, 2017 , 2016 and 2015 , respectively (in thousands): 2017 2016 2015 Balance at beginning of period $ 833,203 $ 782,276 $ 722,565 Additions: Acquisitions during period 100,103 52,719 60,231 Improvements 10,473 10,362 6,527 Deductions: Dispositions during period (30,094 ) (10,138 ) (6,425 ) Impairments during period (6,835 ) (2,016 ) (622 ) Balance at end of period $ 906,850 (1) $ 833,203 (2) $ 782,276 (3) (1) The real estate figure includes $13.0 million of real estate held for sale as of December 31, 2017 . (2) The real estate figure includes $11.5 million of real estate held for sale as of December 31, 2016 . (3) The real estate figure includes $1.9 million of real estate held for sale as of December 31, 2015 . The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2017 , 2016 and 2015 , respectively (in thousands): 2017 2016 2015 Balance at beginning of period $ 134,329 $ 113,089 $ 92,133 Additions during period 26,927 24,148 22,220 Dispositions during period (7,869 ) (2,908 ) (1,264 ) Balance at end of period $ 153,387 (1) $ 134,329 (2) $ 113,089 (1) The accumulated depreciation figure includes $4.0 million of real estate held for sale as of December 31, 2017 . (2) The accumulated depreciation figure includes $2.7 million of real estate held for sale as of December 31, 2016 . (3) The accumulated depreciation figure includes $0.8 million real estate held for sale as of December 31, 2015 . |
Schedule IV - Mortgage Loans on
Schedule IV - Mortgage Loans on Real Estate (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Mortgage Loans on Real Estate [Abstract] | |
Schedule IV - Mortgage Loans on Real Estate | SCHEDULE IV – MORTGAGE LOANS ON REAL ESTATE DECEMBER 31, 2017 (Dollars in Thousands) Location and Type of Real Estate Type of Loan Interest Rate Final Maturity Date Periodic Payment Term Prior Lien Face Amount of Mortgage Carrying Amount of Mortgage Principal Amount of Loans Subject to Delinquent Principal or Interest Phoenix, Arizona; Build-to-Suit Healthcare Facility Second Mortgage 9% Current Interest, 22% internal rate of return on exit 7/31/2016 9.0% interest, paid in cash on the loan during construction and through maturity. Exit fee upon maturity of the loan in an amount sufficient to earn a 22% internal rate of return. — $ 5,600 $ — $ — Phoenix, Arizona; Build-to-Suit Healthcare Facility Interim Financing Loan 22% Current Interest 4/30/2016 22.0% interest per annum through maturity, with all accrued interest and principal payable upon maturity. — 300 — — $ 5,900 $ — $ — The following table reconciles the change in the balance of mortgage loans on real estate during the years ended December 31, 2017 , 2016 and 2015 , respectively: 2017 2016 2015 Balance at beginning of period $ — $ 5,900 $ 5,600 New mortgage loans — — 300 Collections of principal — (5,900 ) — Balance at end of period $ — $ — $ 5,900 |
Organization, Basis of Presen21
Organization, Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Subsidiaries | Subsidiaries We conduct substantially all of our operations through the Operating Partnership. As we currently own all of the general and limited partnership interests of the Operating Partnership through two of our subsidiaries, GCLP Business Trust I and II, the financial position and results of operations of the Operating Partnership are consolidated within our financial statements. Gladstone Commercial Lending, LLC, a Delaware limited liability company ("Gladstone Commercial Lending"), a subsidiary of ours, was created to conduct all operations related to our real estate mortgage loans. As the Operating Partnership currently owns all of the membership interests of Gladstone Commercial Lending, the financial position and results of operations of Gladstone Commercial Lending are consolidated with ours. Gladstone Commercial Advisers, Inc., a Delaware corporation ("Commercial Advisers"), and wholly-owned taxable REIT subsidiary ("TRS") of ours, was created to collect any non-qualifying income related to our real estate portfolio. There has been no such income earned to date. Since we own 100% of the voting securities of Commercial Advisers, the financial position and results of operations of Commercial Advisers are consolidated within our financial statements. GCLP Business Trust I and GCLP Business Trust II, each a subsidiary and business trust of ours, were formed under the laws of the Commonwealth of Massachusetts on December 28, 2005 . |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could materially differ from those estimates. |
Real Estate and Lease Intangibles | Real Estate and Lease Intangibles We record investments in real estate at cost and capitalize improvements and replacements when they extend the useful life or improve the efficiency of the asset. We expense costs of repairs and maintenance as such costs are incurred. We compute depreciation using the straight-line method over the estimated useful life, or up to 39 years , for buildings and improvements, five to 20 years for equipment and fixtures, and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests. Most properties that we acquire are already being operated as rental properties, which we consider to be asset acquisitions under Accounting Standards Codification ("ASC") 360, "Property Plant and Equipment" after adopting Accounting Standards Update 2017-01 "Clarifying the Definition of a Business" ("ASU 2017-01"), described in more detail below. We adopted ASU 2017-01 on October 1, 2016. When an acquisition is considered an asset acquisition, ASC 360 requires that the purchase price of real estate be allocated to the acquired tangible assets and liabilities, consisting of land, building, tenant improvements, long-term debt assumed and identified intangible assets and liabilities, typically the value of above-market and below-market leases, the value of in-place leases, the value of lease origination costs and the value of tenant relationships, based in each case on their fair values. ASC 360 allows us to capitalize all expenses related to an acquisition accounted for as an asset acquisition into the cost of the acquisition. Prior to us adopting ASU 2017-01 on October 1, 2016, we considered most of our asset acquisitions to be business combinations under ASC 805, "Business Combinations," as we typically acquired properties with in-place leases. When an acquisition is considered a business combination, ASC 805 requires that the purchase price of real estate be allocated to the acquired tangible assets and liabilities, consisting of land, building, tenant improvements, long-term debt assumed and identified intangible assets and liabilities, typically the value of above-market and below-market leases, the value of in-place leases, the value of lease origination costs and the value of tenant relationships, based in each case on their fair values. ASC 805 requires that all expenses related to an acquisition accounted for as a business combination to be expensed as incurred, rather than capitalized into the cost of the acquisition. We had treated our property acquisitions as business combinations prior to the application of ASU 2017-01, resulting in acquisition costs being expensed rather than capitalized for periods prior to October 1, 2016. Management’s estimates of fair value are made using methods similar to those used by independent appraisers (e.g. discounted cash flow analysis). Factors considered by management in its analysis include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions and costs to execute similar leases. We also consider information obtained about each property as a result of our pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired and liabilities assumed. In estimating carrying costs, management also includes lost reimbursement of real estate taxes, insurance and other operating expenses as well as estimates of lost rents at market rates during the hypothetical expected lease-up periods, which generally range from nine to 18 months , depending on specific local market conditions. Management also estimates costs to execute similar leases, including leasing commissions, legal and other related expenses to the extent that such costs are not already incurred in connection with a new lease origination as part of the transaction. We allocate purchase price to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. The “as-if-vacant” value is allocated to land, building and tenant improvements based on management’s determination of the relative fair values of these assets on the date of acquisition. Above-market and below-market in-place lease fair values for acquired properties are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. When determining the non-cancelable term of the lease, we evaluate which fixed-rate renewal options, if any, should be included. The capitalized above-market lease values, included in the accompanying consolidated balance sheets as part of deferred rent receivable, are amortized as a reduction of rental income over the remaining non-cancelable terms of the respective leases. Total amortization related to above-market lease values was $0.7 million , $0.5 million , and $0.4 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. The capitalized below-market lease values, included in the accompanying consolidated balance sheets as part of deferred rent liability, are amortized as an increase to rental income over the remaining non-cancelable terms of the respective leases, including any below market renewal periods. Total amortization related to below-market lease values was $1.5 million , $1.2 million , and $0.9 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. The total amount of the remaining intangible assets acquired, which consists of in-place lease values, lease origination costs, and customer relationship intangible values, are allocated based on management’s evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant. Characteristics to be considered by management in determining these values include the nature and extent of our existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and our expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors. The value of in-place leases and lease origination costs are amortized to amortization expense over the remaining term of the respective leases, which generally range from seven to 15 years . The value of customer relationship intangibles, which is the benefit to us resulting from the likelihood of an existing tenant renewing its lease, are amortized to amortization expense over the remaining term and any anticipated renewal periods in the respective leases, but in no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. Total amortization expense related to these intangible assets and liabilities was $15.9 million , $13.4 million , and $13.1 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. Should a tenant terminate its lease, the unamortized portion of the above-market and below-market lease values would be charged to rental income and the unamortized portion of in-place lease values, lease origination costs and customer relationship intangibles will be charged to amortization expense through the revised termination date. |
Business Combinations | Most properties that we acquire are already being operated as rental properties, which we consider to be asset acquisitions under Accounting Standards Codification ("ASC") 360, "Property Plant and Equipment" after adopting Accounting Standards Update 2017-01 "Clarifying the Definition of a Business" ("ASU 2017-01"), described in more detail below. We adopted ASU 2017-01 on October 1, 2016. When an acquisition is considered an asset acquisition, ASC 360 requires that the purchase price of real estate be allocated to the acquired tangible assets and liabilities, consisting of land, building, tenant improvements, long-term debt assumed and identified intangible assets and liabilities, typically the value of above-market and below-market leases, the value of in-place leases, the value of lease origination costs and the value of tenant relationships, based in each case on their fair values. ASC 360 allows us to capitalize all expenses related to an acquisition accounted for as an asset acquisition into the cost of the acquisition. |
Impairment Charges | Impairment Charges We account for the impairment of real estate in accordance with ASC 360-10-35, “Property, Plant, and Equipment,” which requires us to periodically review the carrying value of each property to determine if circumstances indicate impairment of the carrying value of the investment exists or that depreciation periods should be modified. If circumstances indicate the possibility of impairment, we prepare a projection of the undiscounted future cash flows, without interest charges, of the specific property and determine if the carrying value of the investment in such property is recoverable. In performing the analysis, we consider such factors as each tenant’s payment history and financial condition, the likelihood of lease renewal, business conditions in the industry in which the tenants operate, whether there are indications that the fair value of the real estate has decreased or our intended holding period of the property is shortened. If the carrying amount is more than the aggregate undiscounted future cash flows, we would recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property. We evaluate our entire portfolio of properties each quarter for any impairment indicators and perform an impairment analysis on those select properties that have an indication of impairment. |
Held for Sale Property | Held for Sale Property For properties considered held for sale, we cease depreciating and amortizing the property and value the property at the lower of depreciated and amortized cost or fair value, less costs to dispose. We present qualifying assets and liabilities and the results of operations that have been sold, or otherwise qualify as held for sale, as discontinued operations in all periods when the sale meets the definition of discontinued operations. Under GAAP, the definition of discontinued operations is the disposal of a component or group of components that is disposed or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on our operations and financial results. The components of the property’s net income (loss) that are reflected as discontinued operations if classified as such include operating results, depreciation, amortization, and interest expense. When properties are considered held for sale, but do not qualify as a discontinued operation, we present qualifying assets and liabilities as held for sale in the consolidated balance sheet in all periods that the qualifying assets and liabilities meet the held for sale criteria under ASC 360-10-49-9. The components of the held for sale property's net income (loss) is recorded within continuing operations under the consolidated statement of operations and comprehensive income. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider cash equivalents to be short-term, highly-liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase, except that any such investments purchased with funds held in escrow or similar accounts are classified as restricted cash. Items classified as cash equivalents include money-market deposit accounts. At times, the balance of our cash and cash equivalents may exceed federally insurable limits. |
Restricted Cash | Restricted Cash Restricted cash consists of security deposits and receipts from tenants for reserves. These funds will be released to the tenants upon completion of agreed upon tasks, as specified in the lease agreements, mainly consisting of maintenance and repairs on the buildings and upon receipt by us of evidence of insurance and tax payments. For purposes of the consolidated statements of cash flows, changes in restricted cash caused by changes in reserves held for tenants are shown as investing activities. Changes in restricted cash caused by changes in security deposits are reflected as financing activities. |
Funds Held in Escrow | Funds Held in Escrow Funds held in escrow consist of funds held by certain of our lenders for properties held as collateral by these lenders. These funds will be released to us upon completion of agreed upon tasks, as specified in the mortgage agreements, mainly consisting of maintenance and repairs on the buildings, and when evidence of insurance and tax payments has been submitted to the lenders. For the purposes of the consolidated statements of cash flows, changes in funds held in escrow caused by changes in lender held reserve balances are shown as investing activities. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs consist of costs incurred to obtain financing, including legal fees, origination fees and administrative fees. The costs are deferred and amortized using the straight-line method, which approximates the effective interest method, over the term of the secured financing. |
Gains on Sale of Real Estate, Net | Gains on Sale of Real Estate, Net Gains on sale of real estate, net, consist of the excess consideration received for a property over the property carrying value at the time of sale, or gains on real estate, offset by consideration received for a property less than the property carrying value at the time of sale, or loss on sale of real estate. We recognize gains on sale of real estate, net, in accordance with GAAP. |
Revenue Recognition | Revenue Recognition Rental revenue includes rents that each tenant pays in accordance with the terms of its respective lease reported evenly over the non-cancelable term of the lease. Most of our leases contain rental increases at specified intervals. We recognize such revenues on a straight-line basis. Deferred rent receivable in the accompanying consolidated balance sheet includes the cumulative difference between rental revenue, as recorded on a straight-line basis, and rents received from the tenants in accordance with the lease terms, along with the capitalized above-market in-place lease values of certain acquired properties. Deferred rent liability in the accompanying consolidated balance sheet includes the capitalized below-market in-place lease values of certain acquired properties. Accordingly, we determine, in our judgment, to what extent the deferred rent receivable applicable to each specific tenant is collectible. We review deferred rent receivable, as it relates to straight line rents, on a quarterly basis and take into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the geographic area in which the property is located. In the event that the collectability of deferred rent with respect to any given tenant is in doubt, we record an allowance for uncollectible accounts or record a direct write-off of the specific rent receivable. No such reserves or direct write offs were recorded during the years ended December 31, 2017 , 2016 and 2015 , respectively. Tenant recovery revenue includes payments from tenants as reimbursements for franchise taxes, management fees, insurance, maintenance and repairs, utilities, and ground lease payments. We recognize tenant recovery revenue in the same periods that we incur the related expenses. We do not record any tenant recovery revenues or operating expenses associated with costs paid directly by our tenants for our net leased properties. |
Mortgage Notes Receivable | Mortgage Notes Receivable Management considers its loans and other lending investments to be held-for-investment. We reflect our loans classified as long-term investments at amortized cost, less allowance for loan losses, acquisition premiums or discounts, and deferred loan fees. On occasion, we may acquire loans at small premiums or discounts based on the credit characteristics of such loans. These premiums or discounts would be recognized as yield adjustments over the lives of the related loans. Loan origination fees, as well as direct loan origination costs, are also deferred and recognized over the lives of the related loans as yield adjustments. If loans with premiums, discounts, or loan origination fees are prepaid, we would immediately recognize the unamortized portion as a decrease or increase in the prepayment gain or loss. Interest income is recognized using the effective interest method applied on a loan-by-loan basis. Prepayment penalties or yield maintenance payments from borrowers are recognized as additional income when received. |
Income Taxes | Income Taxes We have operated and intend to continue to operate in a manner that will allow us to qualify as a REIT under the Internal Revenue Code of 1986, as amended, and, accordingly, will not be subject to federal income taxes on amounts distributed to stockholders (except income from foreclosure property), provided that we distribute at least 90% of our REIT taxable income to our stockholders and meet certain other conditions. To the extent that we satisfy the distribution requirement but distribute less than 100% of our taxable income, we will be subject to federal corporate income tax on our undistributed income. Commercial Advisers is a wholly-owned TRS that is subject to federal and state income taxes. Though Commercial Advisers has had no activity to date, we would account for any future income taxes in accordance with the provisions of ASC 740, “Income Taxes.” Under ASC 740-10-25, we would account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We may recognize a tax benefit from an uncertain tax position when it is more-likely-than-not (defined as a likelihood of more than 50% ) that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. If a tax position does not meet the more-likely-than-not recognition threshold, despite our belief that the filing position is supportable, the benefit of that tax position is not recognized in the statements of operations. We recognize interest and penalties, as applicable, related to unrecognized tax benefits as a component of income tax expense. We recognize unrecognized tax benefits in the period that the uncertainty is eliminated by either affirmative agreement of the uncertain tax position by the applicable taxing authority, or by expiration of the applicable statute of limitation. |
Asset Retirement Obligations | Asset Retirement Obligations ASC 410, “Asset Retirement and Environmental Obligation,” requires an entity to recognize a liability for a conditional asset retirement obligation when incurred if the liability can be reasonably estimated. ASC 410-20-20 clarifies that the term “Conditional Asset Retirement Obligation” refers to a legal obligation (pursuant to existing laws or by contract) to perform an asset retirement activity in which the timing and/or method of settlement are conditional on a future event that may or may not be within the control of the entity. ASC 410-20-25-6 clarifies when an entity would have sufficient information to reasonably estimate the fair value of an asset retirement obligation. |
Stock Issuance Costs | Stock Issuance Costs We account for stock issuance costs in accordance with SEC Staff Accounting Bulletin (“SAB”) Topic 5.A, which states that incremental costs directly attributable to a proposed or actual offering of securities may properly be deferred and charged against the gross proceeds of the offering. Accordingly, we record costs incurred related to our ongoing equity offerings to other assets on our consolidated balance sheet and ratably apply these amounts to the cost of equity as stock is issued. If an equity offering is subsequently terminated and there are amounts remaining in other assets that have not been allocated to the cost of the offering, the remaining amounts are recorded as a general and administrative expense on our consolidated statements of operations. |
Comprehensive Income | Comprehensive Income We record the effective portion of changes in the fair value of the interest rate cap and swap agreements that qualify as cash flow hedges to accumulated other comprehensive income. For the years ended December 31, 2017 , 2016 , and 2015 , we reconciled net income to comprehensive income on the consolidated statements of operations and comprehensive income in the accompanying consolidated financial statements. |
Segment Reporting | Segment Reporting We manage our operations on an aggregated, single segment basis for purposes of assessing performance and making operating decisions, and, accordingly, have only one reporting and operating segment. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued guidance regarding the recognition of revenue from contracts with customers. Under this guidance, an entity will recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. We will adopt this guidance for our annual and interim periods beginning January 1, 2018 and expect to use the modified retrospective method, under which the cumulative effect of initially applying the guidance is recognized at the date of initial application. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. Further, as discussed below, once the new guidance regarding the principles for the recognition measurement, presentation and disclosure of leases goes into effect on January 1, 2019, we expect the new revenue standard will apply to executory costs and other components of revenue due under leases that are deemed to be non-lease components (examples include common area maintenance and provision of utilities), even when the revenue for such activities is not separately stipulated in the lease. Revenue from these non-lease components, which were previously recognized on a straight-line basis under current lease guidance, would be recognized under the new revenue guidance as the related services are delivered. As a result, while our total revenue recognized over the lease term would not differ under the new guidance, the revenue recognition pattern could be different. We are currently in process of evaluating the impact of revenue recognition from the adoption of the lease standard on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases: Amendments to the FASB Accounting Standards Codification” (“ASU 2016-02”). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 is expected to minimally impact our consolidated financial statements as we currently have four operating ground lease arrangements with terms greater than one year for which we are the lessee, and we don't expect the purchase of properties with ground leases to be crucial to our acquisition strategy. We also expect our general and administrative expense to increase as the new standard requires us to expense non-incremental leasing costs that were previously capitalized to leasing commissions. ASC 2016-02 supersedes the previous leases standard, ASC 840 "Leases." The standard is effective on January 1, 2019, with early adoption permitted and we will adopt using the modified retrospective method, under which the cumulative effect of initially applying the guidance is recognized at the date of initial application. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force)," which clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows with the objective of reducing the existing diversity in practice related to eight specific cash flow issues. The areas addressed in the new guidance relate to debt prepayment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned and bank-owned life insurance policies, distributions received from equity method investments, beneficial interest in securitization transactions and separately identifiable cash flows and application of the predominance principle. The guidance is effective for us beginning January 1, 2018 with early adoption permitted, and the standard requires retrospective adoption. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force)," which requires the statement of cash flows to explain the change during the period in the total of cash, cash equivalents and amounts described as restricted cash or restricted cash equivalents. Under the new guidance, amounts described as restricted cash and restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. The guidance is effective for us beginning January 1, 2018, with early adoption permitted, and the standard requires retrospective adoption. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In February 2017, the FASB issued Accounting Standards Update 2017-05 ("ASU 2017-05") to provide guidance for recognizing gains and losses from the transfer of nonfinancial assets and in-substance non-financial assets in contracts with non-customers, unless other specific guidance applies. The standard requires a company to derecognize nonfinancial assets once it transfers control of a distinct nonfinancial asset or distinct in substance nonfinancial asset. Additionally, when a company transfers its controlling interest in a nonfinancial asset, but retains a noncontrolling ownership interest, the company is required to measure any non-controlling interest it receives or retains at fair value. The guidance requires companies to recognize a full gain or loss on the transaction. As a result of the new guidance, the guidance specific to real estate sales in ASC 360-20 will be eliminated, and partial sales of real estate assets will now be subject to the same derecognition model as all other nonfinancial assets. The amendments to the nonfinancial asset guidance are effective at the same time an entity adopts the new revenue guidance. We are in the process of evaluating the impact of this new guidance on our consolidated financial statements. The guidance is effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period. We expect to utilize the modified retrospective approach. In August 2017, the FASB issued ASU 2017-12, "Targeted Improvements to Accounting for Hedging Activities" ("ASU 2017-12"). The new standard simplifies the application of hedge accounting and better aligns financial reporting for hedging activities with companies' economic objectives in undertaking those activities. Under the new guidance, all changes in the fair value of highly effective cash flow hedges will be recorded in accumulated other comprehensive income instead of income. The new guidance also eases the administrative burden of hedge documentation requirements and assessing hedge effectiveness. The guidance is effective beginning January 1, 2019, with early adoption permitted. We are currently evaluating the impact of this guidance, including transition elections and required disclosures, on our financial statements. |
Reclassifications | Reclassifications Certain items on the consolidated statement of operations and comprehensive income for the years ended December 31, 2016 and 2015 have been reclassified to conform to the current year's presentation. These reclassifications had no impact on previously-reported equity, net loss attributable to common stockholders, or net change in cash and cash equivalents. |
Loss Per Share of Common Stock | We computed basic loss per share for the years ended December 31, 2017 , 2016 and 2015 , respectively, using the weighted average number of shares outstanding during the periods. Diluted loss per share for the years ended December 31, 2017 , 2016 and 2015 , reflects additional shares of common stock related to our convertible Senior Common Stock (if the effect would be dilutive), that would have been outstanding if dilutive potential shares of common stock had been issued, as well as an adjustment to net income available to common stockholders as applicable to common stockholders that would result from their assumed issuance (dollars in thousands, except per share amounts). |
Fair Value Measurements and Disclosures | The fair value of the interest rate cap agreements is recorded in other assets on our accompanying consolidated balance sheets. We record changes in the fair value of the interest rate cap agreements quarterly based on the current market valuations at quarter end. If the interest rate cap qualifies for hedge accounting, the change in the estimated fair value is recorded to accumulated other comprehensive income to the extent that it is effective, with any ineffective portion recorded to interest expense in our consolidated statements of operations and comprehensive income. If the interest rate cap does not qualify for hedge accounting, any change in the fair value is recognized in interest expense in our consolidated statements of operations and comprehensive income. |
Distinguishing Liabilities from Equity | The Series C Preferred Stock was recorded as a liability in accordance with ASC 480, “Distinguishing Liabilities from Equity,” which states that mandatorily redeemable financial instruments should be classified as liabilities and therefore the related dividend payments are treated as a component of interest expense in the consolidated statements of operations. |
Loss per Share of Common Stock
Loss per Share of Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Loss Per Share of Common Stock | The following tables set forth the computation of basic and diluted loss per share of common stock for the years ended December 31, 2017 , 2016 and 2015 , respectively. We computed basic loss per share for the years ended December 31, 2017 , 2016 and 2015 , respectively, using the weighted average number of shares outstanding during the periods. Diluted loss per share for the years ended December 31, 2017 , 2016 and 2015 , reflects additional shares of common stock related to our convertible Senior Common Stock (if the effect would be dilutive), that would have been outstanding if dilutive potential shares of common stock had been issued, as well as an adjustment to net income available to common stockholders as applicable to common stockholders that would result from their assumed issuance (dollars in thousands, except per share amounts). For the year ended December 31, 2017 2016 2015 Calculation of basic loss per share of common stock: Net loss attributable to common stockholders $ (4,939 ) $ (3,698 ) $ (1,505 ) Denominator for basic weighted average shares of common stock 26,358,237 23,193,962 21,159,597 Basic loss per share of common stock $ (0.19 ) $ (0.16 ) $ (0.07 ) Calculation of diluted loss per share of common stock: Net loss attributable to common stockholders $ (4,939 ) $ (3,698 ) $ (1,505 ) Net loss attributable to common stockholders plus assumed conversions (1) $ (4,939 ) $ (3,698 ) $ (1,505 ) Denominator for basic weighted average shares of common stock 26,358,237 23,193,962 21,159,597 Effect of convertible Senior Common Stock (1) — — — Denominator for diluted weighted average shares of common stock (1) 26,358,237 23,193,962 21,159,597 Diluted loss per share of common stock $ (0.19 ) $ (0.16 ) $ (0.07 ) (1) We excluded convertible shares of Senior Common Stock of 753,881 , 800,116 , and 782,957 from the calculation of diluted earnings per share for the years ended December 31, 2017 , 2016 and 2015 , respectively, because it was anti-dilutive. |
Real Estate and Intangible As23
Real Estate and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Components of Investments in Real Estate | The following table sets forth the components of our investments in real estate as of December 31, 2017 and 2016 , respectively, excluding real estate held for sale as of December 31, 2017 and 2016 , respectively (dollars in thousands): December 31, 2017 December 31, 2016 Real estate: Land $ 121,783 $ 104,719 Building and improvements 708,948 662,661 Tenant improvements 63,122 54,369 Accumulated depreciation (149,417 ) (131,661 ) Real estate, net $ 744,436 $ 690,088 |
Summary of Properties Acquired | During the year ended December 31, 2017 and 2016 we acquired seven and three properties, respectively, which are summarized below (dollars in thousands): Year Ended Aggregate Square Footage Weighted Average Lease Term Aggregate Purchase Price Acquisition Costs Aggregate Annualized GAAP Rent Aggregate Debt Issued or Assumed December 31, 2017 (1) 871,038 10.1 Years $ 132,157 $ 1,356 (3) $ 15,507 $ 54,887 (4) December 31, 2016 (2) 329,620 10.5 Years $ 66,570 $ 179 $ 5,589 $ 38,800 (1) On June 22, 2017 , we acquired a 60,016 square foot property in Conshohocken, Pennsylvania for $15.7 million . We assumed $11.2 million of mortgage debt in connection with this acquisition. The annualized GAAP rent on the 8.5 year lease is $1.7 million . On July 7, 2017 , we acquired a 300,000 square foot property in Philadelphia, Pennsylvania for $27.1 million . We issued $14.9 million of mortgage debt with a fixed interest rate of 3.75% in connection with this acquisition. The annualized GAAP rent on the 15.4 year lease is $2.3 million . On July 31, 2017 , we acquired a 306,435 square foot three property portfolio located in Maitland, Florida for $51.6 million . We issued $28.8 million of mortgage debt with a fixed interest rate of 3.89% in connection with this acquisition. This portfolio has a weighted average lease term of 8.6 years , and annualized GAAP rent of $6.8 million . On December 1, 2017 , we acquired a 102,559 square foot property in Columbus, Ohio for $17.3 million . The annualized GAAP rent on the weighted average 6.9 year leases is $1.7 million . On December 1, 2017 , we acquired a 102,028 square foot property in Salt Lake City, Utah for $20.5 million . The annualized GAAP rent on the 10.1 year lease is $3.0 million . (2) On May 26, 2016 , we acquired a 107,062 square foot property in Salt Lake City, Utah for $17.0 million . We borrowed $9.9 million to fund the acquisition. The annualized GAAP rent on the 6.0 year lease is $1.4 million . On September 12, 2016 we acquired a 119,224 square foot property in Fort Lauderdale, Florida for $23.9 million . We borrowed $14.1 million to fund the acquisition. The annualized GAAP rent on the 9.0 year lease is $2.0 million . On December 14, 2016 , we acquired a 103,334 square foot property in King of Prussia, Pennsylvania for $25.7 million , including $0.2 million of acquisition-related costs that were allocated among the identifiable assets acquired. These acquisition-related costs are not included in the aggregated costs in the table above. We borrowed $14.8 million to fund the acquisition. The annualized GAAP rent on the 15.0 year lease is $2.2 million . Our King of Prussia, PA acquisition in the fourth quarter was accounted for as an asset acquisition under ASC 360. (3) We adopted ASU 2017-01 during the quarter ended December 31, 2016. As a result, we treated our acquisitions during the year ended December 31, 2017 as asset acquisitions rather than business combinations. As a result of this treatment, we capitalized $1.4 million of acquisition costs that would otherwise have been expensed under business combination treatment. (4) We assumed an interest rate swap in connection with $11.2 million of assumed debt on our Conshohocken, Pennsylvania acquisition, pursuant to which we will pay our counterparty a fixed interest rate of 1.80% , and receive a variable interest rate of one month LIBOR from our counterparty. Our total interest rate is fixed at 3.55% . The interest rate swap had a fair value of $0.04 million upon the date of assumption, and subsequently increased in value to $0.3 million at December 31, 2017 . We have elected to treat this interest rate swap as a cash flow hedge, and all changes in fair market value will be recorded to accumulated other comprehensive income on the consolidated balance sheets. |
Fair Value of Acquired Assets and Liabilities Assumed | We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the year ended December 31, 2017 and 2016 , respectively, as follows (dollars in thousands): Business Combinations Year ended December 31, 2017 Year ended December 31, 2016 Acquired assets and liabilities Purchase price Purchase price Land $ — $ 7,125 Building and improvements — 22,934 Tenant Improvements — 3,240 In-place Leases — 3,355 Leasing Costs — 1,437 Customer Relationships — 3,090 Above Market Leases — — Below Market Leases — (281 ) Total Purchase Price $ — $ 40,900 Asset Acquisitions Year ended December 31, 2017 Year ended December 31, 2016 Acquired assets and liabilities Purchase price Purchase price Land $ 21,509 $ 3,681 Building 68,617 11,682 Tenant Improvements 9,977 4,057 In-place Leases 12,018 2,669 Leasing Costs 7,066 1,987 Customer Relationships 10,806 1,406 Above Market Leases 3,824 188 Below Market Leases (2,101 ) — Discount on Assumed Debt 399 — Fair Value of Interest Rate Swap Assumed 42 — Total Purchase Price $ 132,157 $ 25,670 Total Purchase Price on all Acquisitions $ 132,157 $ 66,570 |
Schedule of Revenue and Earnings Recognized on Properties Acquired | Below is a summary of the total revenue and earnings recognized on the two and six asset acquisitions treated as business combinations completed during the years ended December 31, 2016 and 2015 respectively (dollars in thousands): For the year ended December 31, 2016 For the year ended December 31, 2015 Rental Revenue $ 1,462 $ 4,919 Earnings 162 63 |
Pro-Forma Condensed Consolidated Statements of Operations | The following table reflects pro-forma consolidated statements of operations as if the business combinations completed in 2016 , were completed as of January 1, 2015 , and the business combinations completed during 2015 , were completed as of January 1, 2014. The pro-forma earnings for the years ended December 31, 2016 and 2015 were adjusted to assume that the acquisition-related costs were incurred as of the beginning of the comparative period (dollars in thousands, except per share amounts): For the year ended December 31, (unaudited) 2016 2015 Operating Data: Total operating revenue $ 88,304 $ 89,720 Total operating expenses (56,697 ) (54,480 ) Other expenses, net (27,429 ) (31,014 ) Net income 4,178 4,226 Dividends attributable to preferred and senior common stock (7,656 ) (5,101 ) Net loss attributable to common stockholders $ (3,478 ) $ (875 ) Share and Per Share Data: Basic and diluted loss per share of common stock - pro forma $ (0.15 ) $ (0.04 ) Basic and diluted loss per share of common stock - actual $ (0.16 ) $ (0.07 ) Weighted average shares outstanding-basic and diluted 23,193,962 21,159,597 |
Summary of Leased Properties | During the year ended December 31, 2017 and 2016 , we executed nine and nine leases, respectively, which are aggregated below (dollars in thousands): Year Ended Aggregate Square Footage Weighted Average Lease Term Aggregate Annualized GAAP Rent Aggregate Tenant Improvement Aggregate Leasing Commissions December 31, 2017 880,749 9.2 Years (1) $ 6,976 $ 1,264 $ 742 December 31, 2016 551,335 3.9 Years (2) $ 2,478 $ 1,244 $ 436 (1) Weighted average lease term is weighted according to the annualized GAAP rent earned by each lease. Our leases have terms ranging from 1 year to 11.3 years . (2) Weighted average lease term is weighted according to the annualized GAAP rent earned by each lease. Our leases have terms ranging from 1 year to 7.7 years . |
Future Operating Lease Payments from Tenants under Non-Cancelable Leases | Future operating lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses and excluding real estate held for sale as of December 31, 2017 , for each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands): Year Tenant Lease Payments 2018 $ 98,379 2019 98,805 2020 91,777 2021 83,241 2022 76,481 Thereafter 313,241 $ 761,924 |
Carrying Value of Intangible Assets and Accumulated Amortization | The following table summarizes the carrying value of intangible assets, liabilities and the accumulated amortization for each intangible asset and liability class as of December 31, 2017 and 2016 , excluding real estate held for sale as of December 31, 2017 and 2016 , respectively (in thousands): December 31, 2017 December 31, 2016 Lease Intangibles Accumulated Amortization Lease Intangibles Accumulated Amortization In-place leases $ 80,355 $ (33,201 ) $ 71,482 $ (28,182 ) Leasing costs 55,695 (23,016 ) 48,000 (18,599 ) Customer relationships 58,892 (19,798 ) 50,252 (17,400 ) $ 194,942 $ (76,015 ) $ 169,734 $ (64,181 ) Deferred Rent Receivable/(Liability) Accumulated (Amortization)/Accretion Deferred Rent Receivable/(Liability) Accumulated (Amortization)/Accretion Above market leases $ 14,425 $ (7,962 ) $ 10,479 $ (7,296 ) Below market leases and deferred revenue (26,725 ) 10,475 (21,606 ) 8,959 $ (12,300 ) $ 2,513 $ (11,127 ) $ 1,663 |
Weighted Average Amortization Period for Intangible Assets Acquired and Liabilities Assumed | The weighted average amortization periods in years for the intangible assets acquired and liabilities assumed during the years ended December 31, 2017 and 2016 , respectively, were as follows: Intangible Assets & Liabilities 2017 2016 In-place leases 9.4 11.5 Leasing costs 9.4 11.5 Customer relationships 12.8 15.8 Above market leases 10.0 5.2 Below market leases 8.4 7.9 All intangible assets & liabilities 10.2 12.5 |
Estimated Aggregate Amortization Expense | The estimated aggregate amortization expense to be recorded for in-place leases, leasing costs and customer relationships for each of the five succeeding fiscal years and thereafter is as follows, excluding real estate held for sale as of December 31, 2017 (dollars in thousands): Year Estimated Amortization Expense 2018 $ 19,100 2019 19,086 2020 17,323 2021 14,808 2022 12,561 Thereafter 36,049 $ 118,927 |
Summary of Estimated Aggregate Rental Income | The estimated aggregate rental income to be recorded for the amortization of both above and below market leases for each of the five succeeding fiscal years and thereafter is as follows, excluding real estate held for sale as of December 31, 2017 (dollars in thousands): Year Net Increase to Rental Income 2018 $ 1,023 2019 1,023 2020 1,079 2021 1,021 2022 1,180 Thereafter 4,291 $ 9,617 (1) Does not include ground lease amortization of $170 . |
Real Estate Dispositions, Hel24
Real Estate Dispositions, Held for Sale, and Impairment Charges (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Summary Properties Sold | Aggregate Square Footage Sold Aggregate Sales Price Aggregate Sales Costs Aggregate Impairment Charge for the Twelve Months Ended December 3 1, 2017 Aggregate Gain on Sale of Real Estate, net 593,763 $ 30,302 $ 803 $ 3,999 $ 3,993 |
Components of Operating Income from Real Estate and Related Assets Disposed | The table below summarizes the components of operating income from the real estate and related assets disposed of during the years ended December 31, 2017 , 2016 , and 2015 , respectively (dollars in thousands): For the year ended December 31, 2017 2016 2015 Operating revenue $ 1,280 $ 2,569 $ 2,958 Operating expense 4,449 (1) 1,883 1,192 Other income (expense), net 3,831 (2) (403 ) (922 ) Income from real estate and related assets sold $ 662 $ 283 $ 844 (1) Includes $4.0 million impairment charge (2) Includes $4.0 million gain on sale of real estate, net |
Components Of Income From Real Estate And Related Assets Held For Sale Table | The table below summarizes the components of income from real estate and related assets held for sale at December 31, 2017 (dollars in thousands): For the year ended December 31, 2017 2016 2015 Operating revenue $ 872 $ 1,121 $ 1,121 Operating expense 3,538 (1) 556 559 Other income, net — (158 ) (232 ) (Loss) income from real estate and related assets held for sale $ (2,666 ) $ 407 $ 330 (1) Includes $2.8 million impairment charge |
Components of Assets and Liabilities Held for Sale | The table below summarizes the components of the assets and liabilities held for sale reflected on the accompanying consolidated balance sheet (dollars in thousands): December 31, 2017 December 31, 2016 Assets Held for Sale Real estate, at cost $ 12,997 $ 11,454 Less: accumulated depreciation 3,970 2,668 Total real estate held for sale, net 9,027 8,786 Lease intangibles, net 9 200 Deferred rent receivable, net 10 575 Other assets — 1 Total Assets Held for Sale $ 9,046 $ 9,562 Liabilities Held for Sale Deferred rent liability, net $ — $ 755 Asset retirement obligation 114 286 Total Liabilities Held for Sale $ 114 $ 1,041 |
Mortgage Notes Payable, Revol25
Mortgage Notes Payable, Revolving Credit Facility, and Term Loan Facility (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Company's Mortgage Notes Payable and Credit Facility | Our mortgage notes payable and Credit Facility as of December 31, 2017 and December 31, 2016 are summarized below (dollars in thousands): Encumbered properties at Carrying Value at Stated Interest Rates at Scheduled Maturity Dates at December 31, 2017 December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2017 Mortgage and other secured loans: Fixed rate mortgage loans 48 $ 383,189 $ 378,477 (1) (2) Variable rate mortgage loans 19 69,302 71,707 (3) (2) Premiums and discounts, net - (281 ) 217 N/A N/A Deferred financing costs, mortgage loans, net - (4,830 ) (5,123 ) N/A N/A Total mortgage notes payable, net 67 $ 447,380 $ 445,278 (4) Variable rate revolving credit facility 29 (6) $ 21,400 $ 39,700 LIBOR + 1.75% 10/27/2021 Deferred financing costs, revolving credit facility - (685 ) (475 ) N/A N/A Total revolver, net 29 $ 20,715 $ 39,225 Variable rate term loan facility - $ 75,000 $ 25,000 LIBOR + 1.70% 10/27/2022 Deferred financing costs, term loan facility - (468 ) (108 ) N/A N/A Total term loan, net N/A $ 74,532 $ 24,892 Total mortgage notes payable and credit facility 96 $ 542,627 $ 509,395 (5) (1) Interest rates on our fixed rate mortgage notes payable vary from 3.55% to 6.63% . (2) We have 45 mortgage notes payable with maturity dates ranging from 7/1/2018 through 7/1/2045 . (3) Interest rates on our variable rate mortgage notes payable vary from one month LIBOR + 2.15% to one month LIBOR + 2.75% . At December 31, 2017 , one month LIBOR was approximately 1.56% . (4) The weighted average interest rate on the mortgage notes outstanding at December 31, 2017 , was approximately 4.56% . (5) The weighted average interest rate on all debt outstanding at December 31, 2017 , was approximately 4.42% . (6) The amount we may draw under our Credit Facility is based on a percentage of the fair value of a combined pool of 29 unencumbered properties as of December 31, 2017 . N/A - Not Applicable |
Schedule of Repaid Debt | During the year ended December 31, 2017 , we repaid four mortgages collateralized by 10 properties, which are summarized below (dollars in thousands): Aggregate Fixed Rate Debt Repaid Weighted Average Interest Rate on Fixed Rate Debt Repaid $ 41,077 6.25 % Aggregate Variable Rate Debt Repaid Weighted Average Interest Rate on Variable Rate Debt Repaid $ 8,163 LIBOR + 2.50% |
Summary of Long-Term Mortgages | During the year ended December 31, 2017 , we issued or assumed four mortgages, collateralized by seven properties, and drew an additional advance on an existing mortgage note, collateralized by one property, which are summarized below (dollars in thousands): Aggregate Fixed Rate Debt Issued or Assumed Weighted Average Interest Rate on Fixed Rate Debt Aggregate Variable Rate Debt Issued or Assumed $ 54,887 (1) 3.78 % (2) $ 7,500 (3) (1) We issued or assumed $54.9 million of fixed rate, or swapped to fixed rate, debt in connection with five of our seven property acquisitions in 2017, with maturity dates ranging from April 1, 2026 to August 10, 2027 . (2) We assumed an interest rate swap in connection with one property acquisition and will be paying an all-in fixed rate of 3.55% . The newly issued fixed rate mortgages have rates ranging from 3.75% to 3.89% . (3) The interest rate for our newly issued variable rate mortgage debt is equal to one month LIBOR plus a spread of 2.75% . The maturity date on this new variable rate debt is May 15, 2020 . We have entered into a rate cap agreement on our new variable rate debt and will record all fair value changes into interest expense on the consolidated statement of operations and comprehensive income. The interest rate for our additional advance on the existing mortgage note is equal to one month LIBOR plus a spread of 2.50% and the maturity date is December 1, 2021 . |
Schedule of Principal Payments of Mortgage Notes Payable | Scheduled principal payments of mortgage notes payable for each of the five succeeding fiscal years and thereafter are as follows (dollars in thousands): Year Scheduled Principal Payments 2018 $ 55,267 2019 47,447 2020 19,357 2021 33,337 2022 97,156 Thereafter 199,927 $ 452,491 (1) (1) This figure is does not include $(0.3) million premiums and (discounts), net, and $4.8 million of deferred financing costs, which are reflected in mortgage notes payable on the consolidated balance sheet. |
Summary of Interest Rate Cap Agreement | The following table summarizes the interest rate caps for the year ended December 31, 2017 and 2016 (dollars in thousands): December 31, 2017 December 31, 2016 Aggregate Cost Aggregate Notional Amount Aggregate Fair Value Aggregate Notional Amount Aggregate Fair Value $ 1,171 (1) $ 143,512 $ 504 $ 71,721 $ 101 (1) We have entered into various interest rate cap agreements on new variable rate debt with LIBOR caps ranging from 2.50% to 3.00% . |
Schedule of Derivative Instruments | The following table sets forth certain information regarding our derivative instruments (dollars in thousands): Asset Derivatives Fair Value at Derivatives Designated as Hedging Instruments Balance Sheet Location December 31, 2017 December 31, 2016 Interest rate caps Other assets $ 450 $ — Derivatives Not Designated as Hedging Instruments Interest rate caps Other assets $ 54 101 Total derivatives $ 504 $ 101 The following tables present the impact of our derivative instruments in the consolidated financial statements (dollars in thousands): Amount of Gain (Loss) recognized in Comprehensive Income 2017 2016 2015 Derivatives in cash flow hedging relationships Interest rate caps $ (239 ) $ — $ — Interest rate swap 274 Total $ 35 $ — $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Rental Payments Due under Terms of Leases | Future minimum rental payments due under the terms of these leases as of December 31, 2017 , are as follows (dollars in thousands): For the year ended December 31, Minimum Rental Payments Due 2018 $ 465 2019 465 2020 466 2021 392 2022 319 Thereafter 4,236 $ 6,343 |
Stockholders' Equity and Mezz27
Stockholders' Equity and Mezzanine Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Dividends Declared | We paid the following distributions per share for the years ended December 31, 2017 , 2016 , and 2015 : For the year ended December 31, 2017 2016 2015 Common Stock $ 1.500 $ 1.500 $ 1.500 Senior Common Stock 1.0500 1.0500 1.0500 Series A Preferred Stock 1.9374996 1.9374996 1.9374996 Series B Preferred Stock 1.8750 1.8750 1.8750 Series C Preferred Stock — 1.1330 (1) 1.7813 Series D Preferred Stock 1.7500 1.0538 — (1) We fully redeemed our Series C Preferred Stock on August 19, 2016 , and paid all outstanding shareholders a prorated dividend for the month of August. |
Summary of Changes in Stockholders' Equity | The characterization of distributions during each of the last three years is reflected in the table below: Ordinary Income Return of Capital Long-Term Capital Gains Common Stock For the year ended December 31, 2015 18.80114 % 79.50018 % 1.69868 % For the year ended December 31, 2016 28.81758 % 71.18242 % — % For the year ended December 31, 2017 39.63189 % 60.36811 % — % Senior Common Stock For the year ended December 31, 2015 91.71368 % — % 8.28632 % For the year ended December 31, 2016 100.00000 % — % — % For the year ended December 31, 2017 100.00000 % — % — % Series A Preferred Stock For the year ended December 31, 2015 91.71368 % — % 8.28632 % For the year ended December 31, 2016 100.00000 % — % — % For the year ended December 31, 2017 100.00000 % — % — % Series B Preferred Stock For the year ended December 31, 2015 91.71368 % — % 8.28632 % For the year ended December 31, 2016 100.00000 % — % — % For the year ended December 31, 2017 100.00000 % — % — % Series C Preferred Stock For the year ended December 31, 2015 91.71368 % — % 8.28632 % For the year ended December 31, 2016 100.00000 % — % — % For the year ended December 31, 2017 — % — % — % Series D Preferred Stock For the year ended December 31, 2015 — % — % — % For the year ended December 31, 2016 100.00000 % — % — % For the year ended December 31, 2017 100.00000 % — % — % |
Quarterly Financial Informati28
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (unaudited) | The following table reflects the quarterly results of operations for the years ended December 31, 2017 and 2016 (dollars in thousands): Quarter ended December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 Operating revenues $ 25,253 $ 24,365 $ 22,867 $ 22,314 Operating expenses (20,405 ) (15,867 ) (14,357 ) (17,708 ) Other expense, net (6,311 ) (6,115 ) (7,849 ) (250 ) Net (loss) income (1,463 ) 2,383 661 4,356 Dividends attributable to preferred and senior common stock (2,802 ) (2,767 ) (2,686 ) (2,621 ) Net (loss) income (attributable) available to common stockholders $ (4,265 ) $ (384 ) $ (2,025 ) $ 1,735 Net (loss) income (attributable) available to common stockholders - basic & diluted $ (0.17 ) $ (0.01 ) $ (0.08 ) $ 0.07 Quarter ended December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 Operating revenues $ 22,009 $ 21,589 $ 21,247 $ 21,527 Operating expenses (13,733 ) (15,172 ) (13,433 ) (13,257 ) Other expense, net (5,981 ) (6,490 ) (6,931 ) (7,417 ) Net income (loss) 2,295 (73 ) 883 853 Dividends attributable to preferred and senior common stock (2,607 ) (2,256 ) (1,514 ) (1,279 ) Net loss attributable to common stockholders $ (312 ) $ (2,329 ) $ (631 ) $ (426 ) Net loss attributable to common stockholders - basic & diluted $ (0.01 ) $ (0.10 ) $ (0.03 ) $ (0.02 ) |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Monthly Distributions Declared By Companys Board Of Directors | On January 9, 2018 , our Board of Directors declared the following monthly distributions for the months of January, February, and March of 2018: Record Date Payment Date Common Stock Distributions per Share Series A Preferred Distributions per Share Series B Preferred Distributions per Share Series D Preferred Distributions per Share January 22, 2018 January 31, 2018 $ 0.125 $ 0.1614583 $ 0.15625 $ 0.1458333 February 16, 2018 February 28, 2018 0.125 0.1614583 0.15625 0.1458333 March 20, 2018 March 30, 2018 0.125 0.1614583 0.15625 0.1458333 $ 0.375 $ 0.4843749 $ 0.46875 $ 0.4374999 Senior Common Stock Distributions Payable to the Holders of Record During the Month of: Payment Date Distribution per Share January February 7, 2018 $ 0.0875 February March 7, 2018 0.0875 March April 6, 2018 0.0875 $ 0.2625 |
Organization, Basis of Presen30
Organization, Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2017USD ($)subsidiaryshares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Organization And Significant Accounting Policies [Line Items] | |||
Number of subsidiaries interest owned in general and limited partnership | subsidiary | 2 | ||
Non-qualifying income related to real estate portfolio | $ 0 | ||
Amortization related to below-market lease | 1,500,000 | $ 1,200,000 | $ 900,000 |
Total amortization expense related to intangible assets | $ 15,900,000 | 13,400,000 | 13,100,000 |
Maturity period of highly-liquid investments at the time of purchase | three months or less | ||
Payments of deferred financing costs | $ 1,990,000 | 1,500,000 | 1,880,000 |
Total amortization expense related to deferred financing costs is included in interest expense | $ 1,713,000 | 1,932,000 | 1,955,000 |
Uncertain tax positions percentage | 50.00% | ||
Uncertain tax positions | $ 0 | 0 | 0 |
Accrued liabilities | 0 | 0 | 100,000 |
Expenses recorded to general and administrative expense | 100,000 | 100,000 | 200,000 |
Aggregate undiscounted obligation on properties | 6,300,000 | ||
Above Market Leases | |||
Organization And Significant Accounting Policies [Line Items] | |||
Amortization related to above-market lease | $ 700,000 | $ 500,000 | $ 400,000 |
Minimum | |||
Organization And Significant Accounting Policies [Line Items] | |||
Expected lease up period for estimating carrying costs | 9 months | ||
Remaining term of in-place leases and unamortized lease | 7 years | ||
REIT taxable income to its stockholders (as percent) | 90.00% | ||
Percentage of discount rate for calculating undiscounted obligation (as percent) | 2.50% | ||
Maximum | |||
Organization And Significant Accounting Policies [Line Items] | |||
Expected lease up period for estimating carrying costs | 18 months | ||
Remaining term of in-place leases and unamortized lease | 15 years | ||
REIT taxable income to its stockholders (as percent) | 100.00% | ||
Percentage of discount rate for calculating undiscounted obligation (as percent) | 7.00% | ||
Building and Improvements | |||
Organization And Significant Accounting Policies [Line Items] | |||
Estimated useful life | 39 years | ||
Equipment and Fixtures | Minimum | |||
Organization And Significant Accounting Policies [Line Items] | |||
Estimated useful life | 5 years | ||
Equipment and Fixtures | Maximum | |||
Organization And Significant Accounting Policies [Line Items] | |||
Estimated useful life | 20 years | ||
GCLP Business Trust I | |||
Organization And Significant Accounting Policies [Line Items] | |||
Subsidiary and business trust of the Company, formed under the laws of the Commonwealth of Massachusetts, date | Dec. 28, 2005 | ||
Percentage of limited partnership interest transferred to business unit (as percent) | 99.00% | ||
Number of trust shares exchanged for limited partnership interest (in shares) | shares | 100 | ||
Gladstone Commercial Advisers, Inc. | |||
Organization And Significant Accounting Policies [Line Items] | |||
Company ownership percentage of voting securities of Commercial Advisers (as percent) | 100.00% | ||
GCLP Business Trust II | |||
Organization And Significant Accounting Policies [Line Items] | |||
Subsidiary and business trust of the Company, formed under the laws of the Commonwealth of Massachusetts, date | Dec. 28, 2005 | ||
Percentage of limited partnership interest transferred to business unit (as percent) | 1.00% | ||
Number of trust shares exchanged for general partnership interest (in shares) | shares | 100 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) | Jul. 01, 2015 | Jul. 31, 2015 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | ||||||||
Number of executive officers | 2 | |||||||
Due to adviser and administrator | [1] | $ 2,289,000 | $ 2,075,000 | |||||
Annual base management fee, in percentage of stockholders' equity, adjusted to unrealized gains or losses (as percent) | 1.50% | |||||||
Quarterly base management fee, in percentage of stockholders' equity, adjusted to unrealized gains or losses (as percent) | 0.375% | |||||||
Annual base management fee, in percentage of stockholders' equity, in excess of recorded value of preferred stock (as percent) | 2.00% | |||||||
Base management fee | [2] | $ 4,959,000 | 3,930,000 | $ 3,474,000 | ||||
Pre-incentive quarterly fee FFO in percentage of common stockholders' equity that will reward the adviser (as percent) | 2.00% | 1.75% | ||||||
Pre-incentive annual fee FFO in percentage of common stockholders' equity that will reward the adviser (as percent) | 8.00% | 7.00% | ||||||
Amount to be paid to adviser in percentage of pre-incentive fee condition one (as percent) | 15.00% | 100.00% | ||||||
Incentive fee description | However, in no event shall the incentive fee for a particular quarter exceed by 15.0% (the cap) the average quarterly incentive fee paid by us for the previous four quarters (excluding quarters for which no incentive fee was paid). | |||||||
Pre-incentive fee in percentage of common stockholders' equity that awards adviser hundred percent of amount of pre-incentive fee, maximum percentage | 2.1875% | |||||||
Amount to be paid to adviser in percentage of pre-incentive fee condition two (as percent) | 20.00% | |||||||
Pre-incentive fee in percentage of common stockholders' equity that awards the adviser 20% of the amount of the pre-incentive fee, minimum percentage | 2.1875% | |||||||
Incentive fee | [2] | $ 2,422,000 | 2,381,000 | 4,650,000 | ||||
Credits related to unconditional and irrevocable voluntary waivers issued by the adviser | [2] | 0 | 2,500,000 | |||||
Related-party transactions incentive fee, net | 2,400,000 | 2,400,000 | 2,200,000 | |||||
Capital gains-based incentive fee percentage (as percent) | 15.00% | |||||||
Capital gain fee | 0 | 0 | 0 | |||||
Notice period for termination of agreement without cause along with the two-thirds vote | 120 days | |||||||
Notice period for termination of agreement with cause | 30 days | |||||||
Multiple to compute the termination fee payable (as percent) | 200.00% | |||||||
Administration fee | [2] | 1,272,000 | 1,474,000 | 1,419,000 | ||||
Fees paid | $ 200,000 | $ 300,000 | $ 200,000 | |||||
Financing fee on total secured mortgages (as percent) | 0.24% | 0.32% | 0.29% | |||||
Minimum | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of the amount of the mortgage (as percent) | 0.15% | |||||||
Maximum | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of the amount of the mortgage (as percent) | 1.00% | |||||||
Amended Advisory Agreement | ||||||||
Related Party Transaction [Line Items] | ||||||||
Credits related to unconditional and irrevocable voluntary waivers issued by the adviser | $ 0 | $ 0 | $ 0 | |||||
Adviser and Administrator | ||||||||
Related Party Transaction [Line Items] | ||||||||
Credits related to unconditional and irrevocable voluntary waivers issued by the adviser | [2] | $ 0 | ||||||
Dealer Manager | ||||||||
Related Party Transaction [Line Items] | ||||||||
Agreement termination date | Mar. 28, 2015 | |||||||
Write-off of deferred offering costs | $ 100,000 | |||||||
Dealer manager fee in percentage of gross proceeds of shares of senior common stock sold (as percent) | 7.00% | |||||||
Sales commission fee in percentage of gross proceeds of shares of senior common stock sold (as percent) | 3.00% | |||||||
Payments made to the dealer manager pursuant to dealer manager agreement | $ 300,000 | |||||||
[1] | Refer to Note 2 “Related-Party Transactions” | |||||||
[2] | Refer to Note 2 “Related-Party Transactions” |
Loss per Share of Common Stoc32
Loss per Share of Common Stock - Basic and Diluted Loss Per Share of Common Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Calculation of basic loss per share of common stock: | |||||||||||
Net loss attributable to common stockholders | $ (4,265) | $ (384) | $ (2,025) | $ 1,735 | $ (312) | $ (2,329) | $ (631) | $ (426) | $ (4,939) | $ (3,698) | $ (1,505) |
Denominator for basic weighted average shares of common stock (in shares) | 26,358,237 | 23,193,962 | 21,159,597 | ||||||||
Basic loss per share of common stock (in dollars per share) | $ (0.19) | $ (0.16) | $ (0.07) | ||||||||
Calculation of diluted loss per share of common stock: | |||||||||||
Net loss attributable to common stockholders | $ (4,265) | $ (384) | $ (2,025) | $ 1,735 | $ (312) | $ (2,329) | $ (631) | $ (426) | $ (4,939) | $ (3,698) | $ (1,505) |
Net loss attributable to common stockholders plus assumed conversions | $ (4,939) | $ (3,698) | $ (1,505) | ||||||||
Denominator for basic weighted average shares of common stock (in shares) | 26,358,237 | 23,193,962 | 21,159,597 | ||||||||
Effect of convertible senior common stock (in shares) | 0 | 0 | 0 | ||||||||
Denominator for diluted weighted average shares of common stock (in shares) | 26,358,237 | 23,193,962 | 21,159,597 | ||||||||
Diluted loss per share of common stock (in dollars per share) | $ (0.19) | $ (0.16) | $ (0.07) |
Loss per Share of Common Stoc33
Loss per Share of Common Stock - Basic and Diluted Loss Per Share of Common Stock Narrative (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Senior Common Stock | |||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | |||
Anti-dilutive convertible shares of senior common stock excluded from calculation of diluted earnings per share (in shares) | 753,881 | 800,116 | 782,957 |
Real Estate and Intangible As34
Real Estate and Intangible Assets - Components of Investments in Real Estate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real estate: | |||
Land | $ 121,783 | $ 104,719 | |
Building and improvements | 708,948 | 662,661 | |
Tenant improvements | 63,122 | 54,369 | |
Accumulated depreciation | (149,417) | (131,661) | |
Total real estate, net | 744,436 | 690,088 | |
Building and Improvements | |||
Real Estate Properties [Line Items] | |||
Depreciation | $ 26,900 | $ 24,100 | $ 22,200 |
Real Estate and Intangible As35
Real Estate and Intangible Assets - Additional Information (Detail) - property | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate [Abstract] | ||
Number of properties acquired | 7 | 3 |
Real Estate and Intangible As36
Real Estate and Intangible Assets - Summary of Properties Acquired (Detail) $ in Thousands | Dec. 01, 2017USD ($)ft² | Jul. 31, 2017USD ($)ft²property | Jul. 07, 2017USD ($)ft² | Jun. 22, 2017USD ($)ft² | Dec. 14, 2016USD ($)ft² | Sep. 12, 2016USD ($)ft² | May 26, 2016USD ($)ft² | Dec. 31, 2017USD ($)ft² | Dec. 31, 2016USD ($)ft² | Jul. 25, 2014ft² |
Business Acquisition [Line Items] | ||||||||||
Aggregate Square Footage | ft² | 81,371 | |||||||||
Aggregate Purchase Price | $ 132,157 | $ 66,570 | ||||||||
Acquisition Expenses | 1,400 | |||||||||
Number of properties in portfolio | property | 3 | |||||||||
Derivative asset | 504 | 101 | ||||||||
Accumulated other comprehensive income | $ (35) | $ 0 | ||||||||
Series of Property Acquisitions [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Aggregate Square Footage | ft² | 871,038 | 329,620 | ||||||||
Lease Term | 10 years 1 month 6 days | 10 years 6 months | ||||||||
Aggregate Purchase Price | $ 132,157 | $ 66,570 | ||||||||
Acquisition Expenses | 1,356 | 179 | ||||||||
Aggregate Annualized GAAP Rent | 15,507 | 5,589 | ||||||||
Aggregate Debt Issued or Assumed | $ 54,887 | $ 38,800 | ||||||||
Conshohocken, PA | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Aggregate Square Footage | ft² | 60,016 | |||||||||
Lease Term | 8 years 6 months | |||||||||
Aggregate Purchase Price | $ 15,700 | |||||||||
Aggregate Annualized GAAP Rent | 1,700 | |||||||||
Noncash or part noncash acquisition, debt assumed | $ 11,200 | |||||||||
Philadelphia, PA | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Aggregate Square Footage | ft² | 300,000 | |||||||||
Lease Term | 15 years 4 months 24 days | |||||||||
Aggregate Purchase Price | $ 27,100 | |||||||||
Aggregate Annualized GAAP Rent | 2,300 | |||||||||
Aggregate Debt Issued or Assumed | $ 14,900 | |||||||||
Maitland, Florida | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Aggregate Square Footage | ft² | 306,435 | |||||||||
Lease Term | 8 years 7 months 6 days | |||||||||
Aggregate Purchase Price | $ 51,600 | |||||||||
Aggregate Annualized GAAP Rent | 6,800 | |||||||||
Aggregate Debt Issued or Assumed | $ 28,800 | |||||||||
Columbus, OH | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Aggregate Square Footage | ft² | 102,559 | |||||||||
Lease Term | 6 years 10 months 24 days | |||||||||
Aggregate Purchase Price | $ 17,300 | |||||||||
Aggregate Annualized GAAP Rent | $ 1,700 | |||||||||
Salt Lake City, UT | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Aggregate Square Footage | ft² | 102,028 | 107,062 | ||||||||
Lease Term | 10 years 1 month 6 days | 6 years | ||||||||
Aggregate Purchase Price | $ 20,500 | $ 17,000 | ||||||||
Aggregate Annualized GAAP Rent | $ 3,000 | 1,400 | ||||||||
Aggregate Debt Issued or Assumed | $ 9,900 | |||||||||
Fort Lauderdale, FL | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Aggregate Square Footage | ft² | 119,224 | |||||||||
Lease Term | 9 years | |||||||||
Aggregate Purchase Price | $ 23,900 | |||||||||
Aggregate Annualized GAAP Rent | 2,000 | |||||||||
Aggregate Debt Issued or Assumed | $ 14,100 | |||||||||
King of Prussia, PA | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Aggregate Square Footage | ft² | 103,334 | |||||||||
Lease Term | 15 years | |||||||||
Aggregate Purchase Price | $ 25,700 | |||||||||
Acquisition Expenses | 200 | |||||||||
Aggregate Annualized GAAP Rent | 2,200 | |||||||||
Aggregate Debt Issued or Assumed | $ 14,800 | |||||||||
Minimum | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Lease Term | 1 year | 1 year | ||||||||
Maximum | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Lease Term | 11 years 3 months | 7 years 8 months 12 days | ||||||||
New Fixed Rate Mortgage Notes Payable | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Noncash or part noncash acquisition, debt assumed | $ 54,900 | |||||||||
New Fixed Rate Mortgage Notes Payable | Minimum | Philadelphia, PA | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Debt instrument, interest rate, stated percentage | 3.75% | |||||||||
New Fixed Rate Mortgage Notes Payable | Maximum | Maitland, Florida | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Debt instrument, interest rate, stated percentage | 3.89% | |||||||||
Interest Rate Swap | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Interest rate swap assumed | 1.80% | |||||||||
Fixed interest rate risk exposure | 3.55% | |||||||||
Interest Rate Swap | Conshohocken, Pennsylvania | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Noncash or part noncash acquisition, debt assumed | $ 11,200 | |||||||||
Derivative asset | $ 40 | $ 300 | ||||||||
Interest Rate Swap | New Fixed Rate Mortgage Notes Payable | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Debt instrument, interest rate, stated percentage | 3.545% |
Real Estate and Intangible As37
Real Estate and Intangible Assets - Fair Value of Acquired Assets and Liabilities Assumed (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | ||
Total Purchase Price on all Acquisitions | $ 132,157 | $ 66,570 |
Business Combinations | ||
Business Acquisition [Line Items] | ||
Total Purchase Price on all Acquisitions | 0 | 40,900 |
Asset Acquisitions | ||
Business Acquisition [Line Items] | ||
Fair Value of Interest rates assumed and (below market leases) | 0 | |
Discount on Assumed Debt | 399 | 0 |
Total Purchase Price on all Acquisitions | 25,670 | |
Customer Relationships | Business Combinations | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | 3,090 |
Customer Relationships | Asset Acquisitions | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 10,806 | 1,406 |
Above Market Leases | Business Combinations | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | 0 |
Above Market Leases | Asset Acquisitions | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 3,824 | 188 |
Below Market Leases | Business Combinations | ||
Business Acquisition [Line Items] | ||
Fair Value of Interest rates assumed and (below market leases) | 0 | 281 |
Below Market Leases | Asset Acquisitions | ||
Business Acquisition [Line Items] | ||
Fair Value of Interest rates assumed and (below market leases) | 2,101 | 0 |
Land | Business Combinations | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | 7,125 |
Land | Asset Acquisitions | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 21,509 | 3,681 |
Building | Asset Acquisitions | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 68,617 | 11,682 |
Building and Improvements | Business Combinations | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 22,934 | |
Tenant Improvements | Business Combinations | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | 3,240 |
Tenant Improvements | Asset Acquisitions | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 9,977 | 4,057 |
In-Place Leases | Business Combinations | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | 3,355 |
In-Place Leases | Asset Acquisitions | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 12,018 | 2,669 |
Leasing Costs | Business Combinations | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 0 | 1,437 |
Leasing Costs | Asset Acquisitions | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 7,066 | $ 1,987 |
Interest Rate Swap | Asset Acquisitions | ||
Business Acquisition [Line Items] | ||
Fair Value of Interest rates assumed and (below market leases) | $ 42 |
Real Estate and Intangible As38
Real Estate and Intangible Assets - Schedule of Revenue and Earnings Recognized on Properties Acquired (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)acquisition | Dec. 31, 2015USD ($)acquisition | |
Business Acquisition [Line Items] | ||
Rental Revenue | $ 1,462 | |
Earnings | $ 162 | |
Asset Acquisitions | ||
Business Acquisition [Line Items] | ||
Number of acquisitions completed | acquisition | 2 | 6 |
Rental Revenue | $ 4,919 | |
Earnings | $ 63 |
Real Estate and Intangible As39
Real Estate and Intangible Assets - Pro-Forma Condensed Consolidated Statements of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Data: | |||||||||||
Total operating revenue | $ 88,304 | $ 89,720 | |||||||||
Total operating expenses | (56,697) | (54,480) | |||||||||
Other expenses, net | (27,429) | (31,014) | |||||||||
Net income | 4,178 | 4,226 | |||||||||
Dividends attributable to preferred and senior common stock | $ (2,802) | $ (2,767) | $ (2,686) | $ (2,621) | $ (2,607) | $ (2,256) | $ (1,514) | $ (1,279) | (7,656) | (5,101) | |
Net loss attributable to common stockholders | $ (3,478) | $ (875) | |||||||||
Share and Per Share Data: | |||||||||||
Basic and diluted loss per share of common stock - pro forma (in dollars per share) | $ (0.15) | $ (0.04) | |||||||||
Loss attributable to common shareholders (in dollars per share) | $ (0.17) | $ (0.01) | $ (0.08) | $ 0.07 | $ (0.01) | $ (0.10) | $ (0.03) | $ (0.02) | $ (0.19) | $ (0.16) | $ (0.07) |
Weighted average shares outstanding-basic and diluted (in shares) | 26,358,237 | 23,193,962 | 21,159,597 |
Real Estate and Intangible As40
Real Estate and Intangible Assets - Leasing Activity (Details) $ in Thousands | May 31, 2016property | Dec. 31, 2017USD ($)ft²property | Dec. 31, 2016USD ($)ft²property | Dec. 31, 2015USD ($) | Jul. 25, 2014ft² |
Real Estate Properties [Line Items] | |||||
Aggregate Square Footage | ft² | 880,749 | 551,335 | |||
Annualized GAAP Rent | $ 6,976 | $ 2,478 | |||
Tenant Improvement | 1,264 | 1,244 | |||
Leasing Commissions | $ 742 | $ 436 | |||
Number of leased properties | property | 9 | 9 | |||
Tenant reimbursements | $ 1,988 | $ 1,489 | $ 1,753 | ||
Property area | ft² | 81,371 | ||||
Rental revenue | $ 92,811 | $ 84,498 | 80,892 | ||
Weighted Average | |||||
Real Estate Properties [Line Items] | |||||
Lease Term | 9 years 2 months 12 days | 3 years 10 months 24 days | |||
Minimum | |||||
Real Estate Properties [Line Items] | |||||
Lease Term | 1 year | 1 year | |||
Maximum | |||||
Real Estate Properties [Line Items] | |||||
Lease Term | 11 years 3 months | 7 years 8 months 12 days | |||
Newburyport, Massachusetts [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of leased properties | property | 1 | ||||
Tenant reimbursements | $ 900 | ||||
Other Income [Member] | Newburyport, Massachusetts [Member] | |||||
Real Estate Properties [Line Items] | |||||
Tenant reimbursements | 300 | ||||
Vance, Alabama Industrial Building | |||||
Real Estate Properties [Line Items] | |||||
Property area | ft² | 75,000 | ||||
Buildings and improvements, gross | $ 6,700 | ||||
Rental revenue | $ 1,800 | $ 1,200 | $ 1,200 | ||
Vance, Alabama Industrial Building | Maximum | |||||
Real Estate Properties [Line Items] | |||||
Lease Term | 10 years |
Real Estate and Intangible As41
Real Estate and Intangible Assets - Future Operating Lease Payments from Tenants under Non-Cancelable Leases (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Real Estate [Abstract] | |
2,018 | $ 98,379 |
2,019 | 98,805 |
2,020 | 91,777 |
2,021 | 83,241 |
2,022 | 76,481 |
Thereafter | 313,241 |
Tenant Lease Payments | $ 761,924 |
Real Estate and Intangible As42
Real Estate and Intangible Assets - Carrying Value of Intangible Assets and Accumulated Amortization (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Below market leases, gross | $ (26,725) | $ (21,606) | |
Below market leases, accumulated amortization | 10,475 | 8,959 | |
Amortization of intangible assets | 15,900 | 13,400 | $ 13,100 |
Amortization of below market lease | 1,500 | 1,200 | 900 |
Lease Intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 194,942 | 169,734 | |
Finite-lived intangible assets, accumulated amortization | (76,015) | (64,181) | |
In-Place Leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 80,355 | 71,482 | |
Finite-lived intangible assets, accumulated amortization | (33,201) | (28,182) | |
Leasing Costs | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 55,695 | 48,000 | |
Finite-lived intangible assets, accumulated amortization | (23,016) | (18,599) | |
Customer Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 58,892 | 50,252 | |
Finite-lived intangible assets, accumulated amortization | (19,798) | (17,400) | |
Above and Below Market Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible liabilities, gross | (12,300) | (11,127) | |
Finite-lived intangible liabilities, accumulated amortization | 2,513 | 1,663 | |
Above Market Leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 14,425 | 10,479 | |
Finite-lived intangible assets, accumulated amortization | (7,962) | (7,296) | |
Amortization of leased asset | $ 700 | $ 500 | $ 400 |
Real Estate and Intangible As43
Real Estate and Intangible Assets - Weighted Average Amortization Period for Intangible Assets Acquired and Liabilities Assumed (Detail) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period | 10 years 2 months 12 days | 12 years 6 months |
In-Place Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period | 9 years 4 months 24 days | 11 years 6 months |
Leasing Costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period | 9 years 4 months 24 days | 11 years 6 months |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period | 12 years 9 months 18 days | 15 years 9 months 18 days |
Above Market Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period | 10 years | 5 years 2 months 12 days |
Below Market Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period | 8 years 4 months 24 days | 7 years 10 months 24 days |
Real Estate and Intangible As44
Real Estate and Intangible Assets - Estimated Aggregate Amortization Expense (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate [Abstract] | ||
2,017 | $ 19,100 | |
2,018 | 19,086 | |
2,019 | 17,323 | |
2,020 | 14,808 | |
2,021 | 12,561 | |
Thereafter | 36,049 | |
Total | $ 118,927 | $ 105,553 |
Real Estate and Intangible As45
Real Estate and Intangible Assets - Summary of Estimated Aggregate Rental Income (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | |
Ground lease amortization | $ 170 |
Above and Below Market Leases [Member] | |
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | |
2,017 | 1,023 |
2,018 | 1,023 |
2,019 | 1,079 |
2,020 | 1,021 |
2,021 | 1,180 |
Thereafter | 4,291 |
Total | $ 9,617 |
Real Estate Dispositions, Hel46
Real Estate Dispositions, Held for Sale, and Impairment Charges - Summary of Properties Sold (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($)ft²property | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jul. 25, 2014ft² | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of non-core properties sold | property | 4 | ||||||
Aggregate Square Footage | ft² | 81,371 | ||||||
Impairment charge | $ 3,700 | $ 6,835 | $ 2,016 | $ 622 | |||
Aggregate Gain on Sale of Real Estate, net | $ 1 | $ (1,800) | $ 3,993 | $ 242 | $ 1,538 | ||
Assets Sold [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Aggregate Square Footage | ft² | 593,763 | ||||||
Aggregate Sales Price | $ 30,302 | ||||||
Aggregate Sales Costs | 803 | ||||||
Impairment charge | 3,999 | ||||||
Aggregate Gain on Sale of Real Estate, net | $ 3,993 |
Real Estate Dispositions, Hel47
Real Estate Dispositions, Held for Sale, and Impairment Charges - Components of Operating Income from Real Estate and Related Assets Disposed (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate Properties [Line Items] | |||||||||||
Operating expense | $ 20,405 | $ 15,867 | $ 14,357 | $ 17,708 | $ 13,733 | $ 15,172 | $ 13,433 | $ 13,257 | $ 68,337 | $ 55,595 | $ 50,965 |
Impairment of real estate | 4,000 | ||||||||||
Gain (loss) on sale of real estate, net | $ 1 | $ (1,800) | 3,993 | 242 | 1,538 | ||||||
Real Estate Asset Disposal | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Operating revenue | 1,280 | 2,569 | 2,958 | ||||||||
Operating expense | 4,449 | 1,883 | 1,192 | ||||||||
Other income (expense), net | 3,831 | (403) | (922) | ||||||||
Income from real estate and related assets sold | $ 662 | $ 283 | $ 844 |
Real Estate Dispositions, Hel48
Real Estate Dispositions, Held for Sale, and Impairment Charges - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($)property | |
Schedule Of Real Estate Owned Held For Sale [Line Items] | ||||||
Number of impaired assets, held and used | 2 | 1 | ||||
Impairment charge | $ | $ 3,700 | $ 6,835 | $ 2,016 | $ 622 | ||
Gain (loss) on sale of real estate, net | $ | $ 1 | $ (1,800) | $ 3,993 | $ 242 | $ 1,538 | |
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | ||||||
Schedule Of Real Estate Owned Held For Sale [Line Items] | ||||||
Number of real estates properties classified as held for sale during period | 2 | |||||
Held-for-sale | ||||||
Schedule Of Real Estate Owned Held For Sale [Line Items] | ||||||
Impairment charge | $ | $ 3,100 | |||||
Number of impaired assets classified as held for sale during period | 2 | 1 | 1 | |||
Number of impaired Assets | 7 | |||||
Number of impaired assets sold | 5 |
Real Estate Dispositions, Hel49
Real Estate Dispositions, Held for Sale, and Impairment Charges - Components of Income from Real Estate and Related Assets Held for Sale (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate Properties [Line Items] | |||||||||||
Operating expense | $ 20,405 | $ 15,867 | $ 14,357 | $ 17,708 | $ 13,733 | $ 15,172 | $ 13,433 | $ 13,257 | $ 68,337 | $ 55,595 | $ 50,965 |
Asset impairment charges | $ 3,700 | 6,835 | 2,016 | 622 | |||||||
Real Estate Held for Sale | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Operating revenue | 872 | 1,121 | 1,121 | ||||||||
Operating expense | 3,538 | 556 | 559 | ||||||||
Other income, net | 0 | (158) | (232) | ||||||||
Income from real estate and related assets sold | (2,666) | $ 407 | $ 330 | ||||||||
Asset impairment charges | $ 2,800 |
Real Estate Dispositions, Hel50
Real Estate Dispositions, Held for Sale, and Impairment Charges - Components of Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets Held for Sale | |||
Total Assets Held for Sale | $ 9,046 | $ 9,562 | |
Liabilities Held for Sale | |||
Total Liabilities Held for Sale | 114 | 1,041 | |
Real Estate Held For Sale | |||
Assets Held for Sale | |||
Real estate, at cost | 12,997 | 11,454 | $ 1,900 |
Less: accumulated depreciation | 3,970 | 2,668 | $ 800 |
Total real estate held for sale, net | 9,027 | 8,786 | |
Lease intangibles, net | 9 | 200 | |
Deferred rent receivable, net | 10 | 575 | |
Other assets | 0 | 1 | |
Total Assets Held for Sale | 9,046 | 9,562 | |
Liabilities Held for Sale | |||
Deferred rent liability, net | 0 | 755 | |
Asset retirement obligation | 114 | 286 | |
Total Liabilities Held for Sale | $ 114 | $ 1,041 |
Mortgage Note Receivable - Addi
Mortgage Note Receivable - Additional Information (Detail) | 12 Months Ended | |||||||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jul. 31, 2015 | Jun. 30, 2015 | Apr. 14, 2015USD ($) | Dec. 31, 2014USD ($) | Jul. 25, 2014USD ($)ft² | |
Debt Disclosure [Abstract] | ||||||||
Second mortgage development loan | $ 0 | $ 0 | $ 5,900,000 | $ 5,600,000 | $ 5,600,000 | |||
Property area | ft² | 81,371 | |||||||
Interim financing loan | $ 300,000 | |||||||
Percentage of Interest earned in cash (as percent) | 9.00% | |||||||
Estimated percentage of rate of Interest (as percent) | 22.00% | |||||||
Cash interest income and accrued exit fee revenue recognized | 0 | $ 385,000 | $ 1,121,000 | |||||
Mortgage notes receivable | $ 0 |
Mortgage Notes Payable, Revol52
Mortgage Notes Payable, Revolving Credit Facility, and Term Loan Facility (Detail) $ in Thousands | Oct. 27, 2017 | Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | |||
Encumbered properties | property | 96 | ||
Long-term debt | $ 542,627 | $ 509,395 | |
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Encumbered properties | property | 29 | ||
Long-term debt | $ 20,715 | 39,225 | |
Fixed rate mortgage loans | |||
Debt Instrument [Line Items] | |||
Encumbered properties | property | 48 | ||
Carrying value | $ 383,189 | 378,477 | |
Variable rate mortgage loans | |||
Debt Instrument [Line Items] | |||
Encumbered properties | property | 19 | ||
Carrying value | $ 69,302 | 71,707 | |
Mortgage Notes Payable | |||
Debt Instrument [Line Items] | |||
Encumbered properties | property | 67 | ||
Carrying value | $ 452,491 | ||
Premiums and discounts, net | (281) | 217 | |
Deferred financing costs, net | (4,830) | (5,123) | |
Long-term debt | $ 447,380 | 445,278 | |
Variable rate Line of Credit | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Encumbered properties | property | 29 | ||
Carrying value | $ 21,400 | 39,700 | |
Deferred financing costs, net | $ (685) | (475) | |
Libor rate (as percent) | 1.75% | ||
Scheduled maturity dates | Oct. 27, 2021 | ||
Variable rate Term Loan Facility | |||
Debt Instrument [Line Items] | |||
Carrying value | $ 75,000 | 25,000 | |
Libor rate (as percent) | 1.70% | ||
Scheduled maturity dates | Oct. 27, 2022 | ||
Term Loan Facility | |||
Debt Instrument [Line Items] | |||
Deferred financing costs, net | $ (468) | (108) | |
Long-term debt | $ 74,532 | $ 24,892 | |
London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Libor rate (as percent) | 2.75% | 1.56% |
Mortgage Notes Payable, Revol53
Mortgage Notes Payable, Revolving Credit Facility, and Term Loan Facility Narrative (Detail) | Oct. 27, 2017 | Dec. 31, 2017propertymortgage |
Debt Instrument [Line Items] | ||
Weighted average interest rate on debt outstanding (as percent) | 4.42% | |
Encumbered properties | 96 | |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Encumbered properties | 29 | |
Fixed rate mortgage loans | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate on debt outstanding (as percent) | 6.25% | |
Encumbered properties | 48 | |
Mortgage Notes Payable | ||
Debt Instrument [Line Items] | ||
Number of mortgage notes payable | mortgage | 45 | |
Maturity date of mortgage notes payable, start date | Jul. 1, 2018 | |
Maturity date of mortgage notes payable, end date | Jul. 1, 2045 | |
Weighted average interest rate on debt outstanding (as percent) | 4.56% | |
Encumbered properties | 67 | |
Variable rate mortgage loans | ||
Debt Instrument [Line Items] | ||
Encumbered properties | 19 | |
Variable rate Line of Credit | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Libor rate (as percent) | 1.75% | |
Encumbered properties | 29 | |
New Fixed Rate Mortgage Notes Payable | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate on debt outstanding (as percent) | 3.78% | |
Minimum | Fixed rate mortgage loans | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 3.55% | |
Minimum | Variable rate mortgage loans | ||
Debt Instrument [Line Items] | ||
Libor rate (as percent) | 2.15% | |
Maximum | Fixed rate mortgage loans | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 6.63% | |
Maximum | Variable rate mortgage loans | ||
Debt Instrument [Line Items] | ||
Libor rate (as percent) | 2.75% | |
London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Libor rate (as percent) | 2.75% | 1.56% |
Mortgage Notes Payable, Revol54
Mortgage Notes Payable, Revolving Credit Facility, and Term Loan Facility - Additional Information (Detail) | Oct. 27, 2017 | Jun. 22, 2017USD ($) | Oct. 05, 2015USD ($) | Dec. 31, 2017USD ($)propertymortgage | Jul. 31, 2017 | Jul. 07, 2017 | Dec. 31, 2016USD ($)property | Aug. 31, 2013USD ($) |
Debt Instrument [Line Items] | ||||||||
Number of properties collateralized in mortgage notes payable | property | 96 | |||||||
Net book value of collateralized mortgage properties | $ 5,900,000 | |||||||
Number of properties acquired in connection with fixed rate | property | 5 | |||||||
Number of properties acquired | property | 7 | 3 | ||||||
Derivative asset | $ 504,000 | $ 101,000 | ||||||
Fair value of mortgage notes payable outstanding | 455,100,000 | |||||||
Long-term debt | 542,627,000 | 509,395,000 | ||||||
Line of credit facility, maximum borrowing capacity | 75,000,000 | $ 25,000,000 | ||||||
Debt instrument, fee | 0.9 | |||||||
Borrowings under revolving credit facility, net | $ 20,715,000 | 39,225,000 | ||||||
Line of credit at an interest rate (as percent) | 3.28% | |||||||
Letters of credit, outstanding | $ 1,000,000 | |||||||
Weighted average interest rate on debt outstanding (as percent) | 4.42% | |||||||
Mortgage Notes Payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of mortgage notes payable | mortgage | 45 | |||||||
Number of properties collateralized in mortgage notes payable | property | 67 | |||||||
Net book value of collateralized mortgage properties | $ 654,900,000 | |||||||
Collateral | $ 11,700,000 | |||||||
Collateral (as percent) | 2.60% | |||||||
Number of mortgages repaid | mortgage | 4 | |||||||
Number of properties collateralized | property | 10 | |||||||
Number of long-term mortgages issued | property | 4 | |||||||
Number of properties to issue collateralized mortgage notes payable | property | 7 | |||||||
Long-term debt | $ 447,380,000 | $ 445,278,000 | ||||||
Carrying value of debt | $ 452,491,000 | |||||||
Weighted average interest rate on debt outstanding (as percent) | 4.56% | |||||||
New Fixed Rate Mortgage Notes Payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Noncash or part noncash acquisition, debt assumed | $ 54,900,000 | |||||||
Number of properties acquired | property | 7 | |||||||
Weighted average interest rate on debt outstanding (as percent) | 3.78% | |||||||
New Variable Rate Mortgage Notes Payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, interest rate, stated percentage | 2.75% | |||||||
Additional Advance On New Variable Rate Mortgage Notes Payable [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, interest rate, stated percentage | 2.50% | |||||||
Minimum | Philadelphia, PA | New Fixed Rate Mortgage Notes Payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, interest rate, stated percentage | 3.75% | |||||||
Maximum | Maitland, Florida | New Fixed Rate Mortgage Notes Payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, interest rate, stated percentage | 3.89% | |||||||
Interest Rate Swap | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of properties acquired in connection with interest rate swap | property | 1 | |||||||
Interest rate swap assumed | 1.80% | |||||||
Interest Rate Swap | New Fixed Rate Mortgage Notes Payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, interest rate, stated percentage | 3.545% | |||||||
Interest Rate Swap | Conshohocken, Pennsylvania | ||||||||
Debt Instrument [Line Items] | ||||||||
Noncash or part noncash acquisition, debt assumed | $ 11,200,000 | |||||||
Derivative asset | $ 40,000 | $ 300,000 | ||||||
London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Libor rate (as percent) | 2.75% | 1.56% | ||||||
Five Year Term Loan Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument term | 5 years | |||||||
Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument term | 4 years | |||||||
Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 85,000,000 | |||||||
Borrowings under revolving credit facility, net | $ 96,400,000 | |||||||
Line of credit facility, maximum additional amount drawn | $ 43,200,000 | |||||||
Line of Credit | Five Year Term Loan Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 25,000,000 | |||||||
Debt instrument term | 5 years | |||||||
Letter of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate on debt outstanding (as percent) | 1.75% |
Mortgage Notes Payable, Revol55
Mortgage Notes Payable, Revolving Credit Facility, and Term Loan Facility - Mortgage Notes Payable (Details) - USD ($) $ in Thousands | Oct. 27, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||||
Debt repaid | $ 60,080 | $ 88,899 | $ 66,714 | |
Weighted average interest rate on debt outstanding (as percent) | 4.42% | |||
Proceeds from debt issuance | $ 51,208 | $ 78,705 | $ 68,499 | |
Fixed rate mortgage loans | ||||
Debt Instrument [Line Items] | ||||
Debt repaid | $ 41,077 | |||
Weighted average interest rate on debt outstanding (as percent) | 6.25% | |||
Variable rate mortgage loans | ||||
Debt Instrument [Line Items] | ||||
Debt repaid | $ 8,163 | |||
New Fixed Rate Mortgage Notes Payable | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate on debt outstanding (as percent) | 3.78% | |||
Proceeds from debt issuance | $ 54,887 | |||
New Variable Rate Mortgage Notes Payable | ||||
Debt Instrument [Line Items] | ||||
Proceeds from debt issuance | $ 7,500 | |||
London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Libor rate (as percent) | 2.75% | 1.56% | ||
London Interbank Offered Rate (LIBOR) | Variable rate mortgage loans | Weighted Average | ||||
Debt Instrument [Line Items] | ||||
Libor rate (as percent) | 2.50% |
Mortgage Notes Payable, Revol56
Mortgage Notes Payable, Revolving Credit Facility, and Term Loan Facility - Schedule of Principal Payments of Mortgage Notes Payable (Detail) - Mortgage Notes Payable $ in Thousands | Dec. 31, 2017USD ($) |
Debt Instrument [Line Items] | |
2,017 | $ 55,267 |
2,018 | 47,447 |
2,019 | 19,357 |
2,020 | 33,337 |
2,021 | 97,156 |
Thereafter | 199,927 |
Long-term debt, gross | $ 452,491 |
Mortgage Notes Payable, Revol57
Mortgage Notes Payable, Revolving Credit Facility, and Term Loan Facility - Schedule of Principal Payments of Mortgage Notes Payable Narrative (Detail) - Mortgage Notes Payable - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Premiums and discounts, net | $ (281) | $ 217 |
Deferred financing costs, net | $ (4,830) | $ (5,123) |
Mortgage Notes Payable, Revol58
Mortgage Notes Payable, Revolving Credit Facility, and Term Loan Facility - Interest Rate Cap (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Aggregate Cost | $ 1,171 | |
Aggregate Notional Amount | 143,512 | $ 71,721 |
Aggregate Fair Value | $ 504 | $ 101 |
Minimum | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Derivative, cap interest rate | 2.50% | |
Maximum | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Derivative, cap interest rate | 3.00% |
Mortgage Notes Payable, Revol59
Mortgage Notes Payable, Revolving Credit Facility, and Term Loan Facility Mortgage Notes Payable, Revolving Credit Facility, and Term Loan Facility - Derivative Instrument Impact (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other comprehensive income (loss), unrealized gain on derivatives | $ 35 | $ 0 | $ 0 |
Interest Rate Cap | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other comprehensive income (loss), unrealized gain on derivatives | (239) | $ 0 | $ 0 |
Interest Rate Swap | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other comprehensive income (loss), unrealized gain on derivatives | $ 274 |
Mortgage Notes Payable, Revol60
Mortgage Notes Payable, Revolving Credit Facility, and Term Loan Facility Mortgage Notes Payable, Revolving Credit Facility, and Term Loan Facility - Derivative Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative asset | $ 504 | $ 101 |
Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative asset | 450 | 0 |
Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative asset | $ 54 | $ 101 |
Mandatorily Redeemable Term P61
Mandatorily Redeemable Term Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended |
Feb. 29, 2012 | Dec. 31, 2017 | |
Class of Stock [Line Items] | ||
Preferred stock mandatory redemption date | Jan. 31, 2017 | |
Write -off of unamortized offering costs | $ 0.2 | |
Series C Preferred Stock | ||
Class of Stock [Line Items] | ||
Redeemable preferred stock, dividend rate percentage (as percent) | 7.125% | |
Mandatorily Redeemable Preferred Stock | ||
Class of Stock [Line Items] | ||
Redeemable preferred stock, shares issued (in shares) | 1,540,000 | |
Redeemable preferred stock, par value (in dollars per share) | $ 0.001 | |
Public offering price (in dollars per share) | $ 25 | |
Gross proceeds of the offering | $ 38.5 | |
Net proceeds, after deducting offering expenses | $ 36.7 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)lease | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |||
Number of ground leases | lease | 4 | ||
Expenses incurred for the properties listed | $ 0.5 | $ 0.5 | $ 0.4 |
Letters of credit, outstanding | $ 1 |
Commitments and Contingencies63
Commitments and Contingencies - Future Minimum Rental Payments Due under Terms of Leases (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Operating Leased Assets [Line Items] | |
2,018 | $ 98,379 |
2,019 | 98,805 |
2,020 | 91,777 |
2,021 | 83,241 |
2,022 | 76,481 |
Thereafter | 313,241 |
Tenant Lease Payments | 761,924 |
Ground Leases | |
Operating Leased Assets [Line Items] | |
2,018 | 465 |
2,019 | 465 |
2,020 | 466 |
2,021 | 392 |
2,022 | 319 |
Thereafter | 4,236 |
Tenant Lease Payments | $ 6,343 |
Stockholders' Equity and Mezz64
Stockholders' Equity and Mezzanine Equity - Dividends Declared (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Senior Common Stock | |||
Dividends Payable [Line Items] | |||
Common stock, cash paid (in dollars per share) | $ 1.0500 | $ 1.0500 | $ 1.0500 |
Series A Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, cash paid (in dollars per share) | 1.9374996 | 1.9374996 | 1.9374996 |
Series B Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, cash paid (in dollars per share) | 1.8750 | 1.8750 | 1.8750 |
Series C Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, cash paid (in dollars per share) | 0 | 1.1330 | 1.7813 |
Series D Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, cash paid (in dollars per share) | 1.7500 | 1.0538 | 0 |
Common Stock | |||
Dividends Payable [Line Items] | |||
Common stock, cash paid (in dollars per share) | $ 1.500 | $ 1.500 | $ 1.500 |
Stockholders' Equity and Mezz65
Stockholders' Equity and Mezzanine Equity - Summary of Changes in Stockholders' Equity (Detail) | 1 Months Ended | 12 Months Ended | ||
Feb. 29, 2012 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Series C Preferred Stock | ||||
Dividends Payable [Line Items] | ||||
Preferred stock, dividend rate (as percent) | 7.125% | |||
Ordinary Income | Common Stock | ||||
Dividends Payable [Line Items] | ||||
Common stock, dividend rate (as percent) | 39.63189% | 28.81758% | 18.80114% | |
Ordinary Income | Senior Common Stock | ||||
Dividends Payable [Line Items] | ||||
Common stock, dividend rate (as percent) | 100.00% | 100.00% | 91.71368% | |
Ordinary Income | Series A Preferred Stock | ||||
Dividends Payable [Line Items] | ||||
Preferred stock, dividend rate (as percent) | 100.00% | 100.00% | 91.71368% | |
Ordinary Income | Series B Preferred Stock | ||||
Dividends Payable [Line Items] | ||||
Preferred stock, dividend rate (as percent) | 100.00% | 100.00% | 91.71368% | |
Ordinary Income | Series C Preferred Stock | ||||
Dividends Payable [Line Items] | ||||
Preferred stock, dividend rate (as percent) | 0.00% | 100.00% | 91.71368% | |
Ordinary Income | Series D Preferred Stock | ||||
Dividends Payable [Line Items] | ||||
Preferred stock, dividend rate (as percent) | 100.00% | 100.00% | 0.00% | |
Return of Capital | Common Stock | ||||
Dividends Payable [Line Items] | ||||
Common stock, dividend rate (as percent) | 60.36811% | 71.18242% | 79.50018% | |
Return of Capital | Senior Common Stock | ||||
Dividends Payable [Line Items] | ||||
Common stock, dividend rate (as percent) | 0.00% | 0.00% | 0.00% | |
Return of Capital | Series A Preferred Stock | ||||
Dividends Payable [Line Items] | ||||
Preferred stock, dividend rate (as percent) | 0.00% | 0.00% | 0.00% | |
Return of Capital | Series B Preferred Stock | ||||
Dividends Payable [Line Items] | ||||
Preferred stock, dividend rate (as percent) | 0.00% | 0.00% | 0.00% | |
Return of Capital | Series C Preferred Stock | ||||
Dividends Payable [Line Items] | ||||
Preferred stock, dividend rate (as percent) | 0.00% | 0.00% | 0.00% | |
Return of Capital | Series D Preferred Stock | ||||
Dividends Payable [Line Items] | ||||
Preferred stock, dividend rate (as percent) | 0.00% | 0.00% | 0.00% | |
Long-Term Capital Gains | Common Stock | ||||
Dividends Payable [Line Items] | ||||
Common stock, dividend rate (as percent) | 0.00% | 0.00% | 1.69868% | |
Long-Term Capital Gains | Senior Common Stock | ||||
Dividends Payable [Line Items] | ||||
Common stock, dividend rate (as percent) | 0.00% | 0.00% | 8.28632% | |
Long-Term Capital Gains | Series A Preferred Stock | ||||
Dividends Payable [Line Items] | ||||
Preferred stock, dividend rate (as percent) | 0.00% | 0.00% | 8.28632% | |
Long-Term Capital Gains | Series B Preferred Stock | ||||
Dividends Payable [Line Items] | ||||
Preferred stock, dividend rate (as percent) | 0.00% | 0.00% | 8.28632% | |
Long-Term Capital Gains | Series C Preferred Stock | ||||
Dividends Payable [Line Items] | ||||
Preferred stock, dividend rate (as percent) | 0.00% | 0.00% | 8.28632% | |
Long-Term Capital Gains | Series D Preferred Stock | ||||
Dividends Payable [Line Items] | ||||
Preferred stock, dividend rate (as percent) | 0.00% | 0.00% | 0.00% |
Stockholders' Equity and Mezz66
Stockholders' Equity and Mezzanine Equity - Additional Information (Detail) - USD ($) | Mar. 28, 2015 | Jul. 31, 2017 | Feb. 29, 2016 | Mar. 31, 2011 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2016 |
Class of Stock [Line Items] | |||||||||
Common stock, shares issued (in shares) | 28,384,016 | 24,882,758 | |||||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |||||||
Shares intended to be offered pursuant to primary offering (in shares) | 3,000,000 | ||||||||
Shares intended to be offered pursuant to senior common distribution reinvestment plan (in shares) | 500,000 | ||||||||
Shares of senior common stock sold in offering (in shares) | 927,994 | 189,052 | |||||||
Senior common stock offering, gross proceeds | $ 86,260,000 | $ 118,362,000 | $ 50,165,000 | ||||||
Series D Cumulative Redeemable Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Minimum vote need to trigger change in control from tender offer (as percent) | 90.00% | ||||||||
Senior Common Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Common stock, shares issued (in shares) | 3,500,000 | ||||||||
Common stock, par value (in dollars per share) | $ 0.001 | ||||||||
Common stock shares issued, selling price (in dollars per share) | $ 15 | $ 15 | |||||||
Shares intended to be offered pursuant to senior common distribution reinvestment plan (in shares) | 27,038 | 5,134 | |||||||
Net proceeds after deducting underwriting discount and commission | $ 2,600,000 | ||||||||
Senior common stock offering, gross proceeds | $ 13,900,000 | ||||||||
Common Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Offering price (in dollars per share) | $ 20.52 | ||||||||
Overallotment sale of stock, price per share | $ 3,400,000 | ||||||||
Senior common stock offering, gross proceeds | $ 22,500,000 | ||||||||
Common Stock | Cantor Fitzgerald & Co | |||||||||
Class of Stock [Line Items] | |||||||||
Maximum aggregate sales price of shares to be issued under open market sale agreement | $ 160,000,000 | ||||||||
Number of shares sold under open market sale agreement (in shares) | 2,133,000 | ||||||||
Preferred Stock | Series D Cumulative Redeemable Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred stock, dividend rate (as percent) | 7.00% | ||||||||
Preferred Stock | Cantor Fitzgerald & Co | |||||||||
Class of Stock [Line Items] | |||||||||
Remaining capacity to sell Preferred stock | $ 37,200,000 | ||||||||
Preferred Stock | Cantor Fitzgerald & Co | Series A Cumulative Redeemable Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred stock, dividend rate (as percent) | 7.75% | ||||||||
Preferred Stock | Cantor Fitzgerald & Co | Series B Cumulative Redeemable Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Net proceeds from offering | $ 40,000,000 | ||||||||
Preferred stock, dividend rate (as percent) | 7.50% | ||||||||
Preferred Stock | Cantor Fitzgerald & Co | Series D Cumulative Redeemable Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Maximum aggregate sales price of shares to be issued under open market sale agreement | $ 50,000,000 | ||||||||
Registered Public Offering | Common Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Number of shares issued (in shares) | 1,200,000 | ||||||||
Sale of stock, number of shares issued in overallotment | 200,000 | ||||||||
Series D Preferred Stock ATM Program | Cantor Fitzgerald & Co | Series D Cumulative Redeemable Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Number of shares issued (in shares) | 500,000 | ||||||||
Net proceeds from sale of shares | $ 12,700,000 | ||||||||
Cantor Fitzgerald & Co | Common Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Net proceeds from offering | 45,500,000 | ||||||||
Remaining capacity to sell Preferred stock | 86,300,000 | ||||||||
Cantor Fitzgerald & Co | Preferred Stock | Series D Cumulative Redeemable Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Remaining capacity to sell Preferred stock | $ 20,800,000 |
Quarterly Financial Informati67
Quarterly Financial Information - Summary of Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Operating revenues | $ 25,253 | $ 24,365 | $ 22,867 | $ 22,314 | $ 22,009 | $ 21,589 | $ 21,247 | $ 21,527 | $ 94,799 | $ 86,372 | $ 83,766 |
Operating expenses | (20,405) | (15,867) | (14,357) | (17,708) | (13,733) | (15,172) | (13,433) | (13,257) | (68,337) | (55,595) | (50,965) |
Other expense, net | (6,311) | (6,115) | (7,849) | (250) | (5,981) | (6,490) | (6,931) | (7,417) | (20,525) | (26,819) | (29,205) |
Net income | (1,463) | 2,383 | 661 | 4,356 | 2,295 | (73) | 883 | 853 | 5,937 | 3,958 | 3,596 |
Dividends attributable to preferred and senior common stock | (2,802) | (2,767) | (2,686) | (2,621) | (2,607) | (2,256) | (1,514) | (1,279) | (7,656) | (5,101) | |
Net loss attributable to common stockholders | $ (4,265) | $ (384) | $ (2,025) | $ 1,735 | $ (312) | $ (2,329) | $ (631) | $ (426) | $ (4,939) | $ (3,698) | $ (1,505) |
Net income (loss) available (attributable to common stockholders - basic & diluted (in dollars per share) | $ (0.17) | $ (0.01) | $ (0.08) | $ 0.07 | $ (0.01) | $ (0.10) | $ (0.03) | $ (0.02) | $ (0.19) | $ (0.16) | $ (0.07) |
Subsequent Events - Monthly Dis
Subsequent Events - Monthly Distributions Declared by Company's Board of Directors (Detail) - Subsequent Event - $ / shares | Feb. 07, 2019 | Apr. 06, 2018 | Mar. 30, 2018 | Mar. 07, 2018 | Feb. 28, 2018 | Jan. 31, 2018 | Jan. 19, 2018 | Mar. 31, 2018 | Feb. 28, 2018 | Jan. 31, 2018 | Feb. 07, 2018 |
Series A Preferred Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Distributions (in dollars per share) | $ 0.4843749 | ||||||||||
Series B Preferred Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Distributions (in dollars per share) | 0.46875 | ||||||||||
Series D Preferred Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Distributions (in dollars per share) | 0.4374999 | ||||||||||
Senior Common Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Distributions (in dollars per share) | 0.2625 | ||||||||||
Common Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Distributions (in dollars per share) | $ 0.375 | ||||||||||
Dividend Declared for Month of January | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Record date | Jan. 22, 2018 | ||||||||||
Payment date | Jan. 31, 2018 | ||||||||||
Dividend Declared for Month of January | Series A Preferred Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Distributions (in dollars per share) | $ 0.1614583 | $ 0.1614583 | |||||||||
Dividend Declared for Month of January | Series B Preferred Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Distributions (in dollars per share) | 0.15625 | 0.15625 | |||||||||
Dividend Declared for Month of January | Series D Preferred Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Distributions (in dollars per share) | 0.1458333 | $ 0.1458333 | |||||||||
Dividend Declared for Month of January | Senior Common Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Payment date | Feb. 7, 2018 | ||||||||||
Month in which distribution is payable to holders of record | January | ||||||||||
Distributions (in dollars per share) | $ 0.0875 | ||||||||||
Dividend Declared for Month of January | Common Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Distributions (in dollars per share) | $ 0.125 | $ 0.125 | |||||||||
Dividend Declared for Month of February | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Record date | Feb. 16, 2018 | ||||||||||
Payment date | Feb. 28, 2018 | ||||||||||
Dividend Declared for Month of February | Series A Preferred Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Distributions (in dollars per share) | $ 0.1614583 | $ 0.1614583 | |||||||||
Dividend Declared for Month of February | Series B Preferred Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Distributions (in dollars per share) | 0.15625 | 0.15625 | |||||||||
Dividend Declared for Month of February | Series D Preferred Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Distributions (in dollars per share) | 0.1458333 | $ 0.1458333 | |||||||||
Dividend Declared for Month of February | Senior Common Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Payment date | Mar. 7, 2018 | ||||||||||
Month in which distribution is payable to holders of record | February | ||||||||||
Distributions (in dollars per share) | $ 0.0875 | ||||||||||
Dividend Declared for Month of February | Common Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Distributions (in dollars per share) | $ 0.125 | $ 0.125 | |||||||||
Dividend Declared for Month of March | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Record date | Mar. 20, 2018 | ||||||||||
Payment date | Mar. 30, 2018 | ||||||||||
Dividend Declared for Month of March | Series A Preferred Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Distributions (in dollars per share) | $ 0.1614583 | ||||||||||
Dividend Declared for Month of March | Series B Preferred Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Distributions (in dollars per share) | 0.15625 | ||||||||||
Dividend Declared for Month of March | Series D Preferred Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Distributions (in dollars per share) | 0.1458333 | ||||||||||
Dividend Declared for Month of March | Senior Common Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Payment date | Apr. 6, 2018 | ||||||||||
Month in which distribution is payable to holders of record | March | ||||||||||
Distributions (in dollars per share) | $ 0.0875 | ||||||||||
Dividend Declared for Month of March | Common Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Distributions (in dollars per share) | $ 0.125 |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events - Mortgage Debt Repayment (Details) - USD ($) $ in Thousands | Jan. 23, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Subsequent Event [Line Items] | ||||
Repayments of secured debt | $ 60,080 | $ 88,899 | $ 66,714 | |
Variable rate mortgage loans | ||||
Subsequent Event [Line Items] | ||||
Repayments of secured debt | $ 8,163 | |||
Variable rate mortgage loans | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Repayments of secured debt | $ 6,700 |
Schedule III - Real Estate an70
Schedule III - Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 452,491 | |||
Land, initial cost | 123,987 | |||
Buildings & improvements, initial cost | 731,930 | |||
Improvement costs capitalized subsequent to acquisition | 50,933 | |||
Land, total cost | 123,323 | |||
Buildings & improvements, total cost | 783,527 | |||
Total | 906,850 | $ 833,203 | $ 782,276 | $ 722,565 |
Accumulated depreciation | 153,387 | $ 134,329 | $ 113,089 | $ 92,133 |
Net real estate | 753,463 | |||
Raleigh, North Carolina Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | 0 | |||
Land, initial cost | 960 | |||
Buildings & improvements, initial cost | 4,481 | |||
Improvement costs capitalized subsequent to acquisition | 35 | |||
Land, total cost | 960 | |||
Buildings & improvements, total cost | 4,516 | |||
Total | 5,476 | |||
Accumulated depreciation | 2,090 | |||
Net real estate | $ 3,386 | |||
Year construction/ improvements | 1,997 | |||
Date acquired | Dec. 23, 2003 | |||
Canton, Ohio Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 1,574 | |||
Land, initial cost | 186 | |||
Buildings & improvements, initial cost | 3,083 | |||
Improvement costs capitalized subsequent to acquisition | 500 | |||
Land, total cost | 187 | |||
Buildings & improvements, total cost | 3,582 | |||
Total | 3,769 | |||
Accumulated depreciation | 1,325 | |||
Net real estate | $ 2,444 | |||
Year construction/ improvements | 1,994 | |||
Date acquired | Jan. 30, 2004 | |||
Akron, Ohio Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,973 | |||
Buildings & improvements, initial cost | 6,771 | |||
Improvement costs capitalized subsequent to acquisition | 1,658 | |||
Land, total cost | 1,974 | |||
Buildings & improvements, total cost | 8,428 | |||
Total | 10,402 | |||
Accumulated depreciation | 2,628 | |||
Net real estate | $ 7,774 | |||
Year construction/ improvements | 1,968 | |||
Year construction/improvements one | 1,999 | |||
Date acquired | Apr. 29, 2004 | |||
Charlotte, North Carolina Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 6,757 | |||
Land, initial cost | 740 | |||
Buildings & improvements, initial cost | 8,423 | |||
Improvement costs capitalized subsequent to acquisition | 61 | |||
Land, total cost | 741 | |||
Buildings & improvements, total cost | 8,483 | |||
Total | 9,224 | |||
Accumulated depreciation | 2,981 | |||
Net real estate | $ 6,243 | |||
Year construction/ improvements | 1,984 | |||
Year construction/improvements one | 1,995 | |||
Date acquired | Jun. 30, 2004 | |||
Canton, North Carolina Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 3,412 | |||
Land, initial cost | 150 | |||
Buildings & improvements, initial cost | 5,050 | |||
Improvement costs capitalized subsequent to acquisition | 7,285 | |||
Land, total cost | 150 | |||
Buildings & improvements, total cost | 12,335 | |||
Total | 12,485 | |||
Accumulated depreciation | 2,349 | |||
Net real estate | $ 10,136 | |||
Year construction/ improvements | 1,998 | |||
Year construction/improvements one | 2,014 | |||
Date acquired | Jul. 6, 2004 | |||
Crenshaw, Pennsylvania Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 4,116 | |||
Land, initial cost | 100 | |||
Buildings & improvements, initial cost | 6,574 | |||
Improvement costs capitalized subsequent to acquisition | 269 | |||
Land, total cost | 100 | |||
Buildings & improvements, total cost | 6,843 | |||
Total | 6,943 | |||
Accumulated depreciation | 2,368 | |||
Net real estate | $ 4,575 | |||
Year construction/ improvements | 1,991 | |||
Date acquired | Aug. 5, 2004 | |||
Lexington, North Carolina Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 2,398 | |||
Land, initial cost | 820 | |||
Buildings & improvements, initial cost | 2,107 | |||
Improvement costs capitalized subsequent to acquisition | 69 | |||
Land, total cost | 820 | |||
Buildings & improvements, total cost | 2,176 | |||
Total | 2,996 | |||
Accumulated depreciation | 778 | |||
Net real estate | $ 2,218 | |||
Year construction/ improvements | 1,986 | |||
Date acquired | Aug. 5, 2004 | |||
Austin, Texas Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,000 | |||
Buildings & improvements, initial cost | 6,296 | |||
Improvement costs capitalized subsequent to acquisition | 703 | |||
Land, total cost | 1,000 | |||
Buildings & improvements, total cost | 6,999 | |||
Total | 7,999 | |||
Accumulated depreciation | 2,280 | |||
Net real estate | $ 5,719 | |||
Year construction/ improvements | 2,001 | |||
Date acquired | Sep. 16, 2004 | |||
Mt. Pocono, Pennsylvania Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 350 | |||
Buildings & improvements, initial cost | 5,819 | |||
Improvement costs capitalized subsequent to acquisition | 18 | |||
Land, total cost | 350 | |||
Buildings & improvements, total cost | 5,837 | |||
Total | 6,187 | |||
Accumulated depreciation | 2,007 | |||
Net real estate | $ 4,180 | |||
Year construction/ improvements | 1,995 | |||
Year construction/improvements one | 1,999 | |||
Date acquired | Oct. 15, 2004 | |||
San Antonio, Texas Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 843 | |||
Buildings & improvements, initial cost | 7,514 | |||
Improvement costs capitalized subsequent to acquisition | 724 | |||
Land, total cost | 843 | |||
Buildings & improvements, total cost | 8,238 | |||
Total | 9,081 | |||
Accumulated depreciation | 3,065 | |||
Net real estate | $ 6,016 | |||
Year construction/ improvements | 1,999 | |||
Date acquired | Feb. 10, 2005 | |||
Big Flats, New York Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 2,240 | |||
Land, initial cost | 275 | |||
Buildings & improvements, initial cost | 6,459 | |||
Improvement costs capitalized subsequent to acquisition | 34 | |||
Land, total cost | 275 | |||
Buildings & improvements, total cost | 6,493 | |||
Total | 6,768 | |||
Accumulated depreciation | 2,123 | |||
Net real estate | $ 4,645 | |||
Year construction/ improvements | 2,001 | |||
Date acquired | Apr. 15, 2005 | |||
Wichita, Kansas Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,525 | |||
Buildings & improvements, initial cost | 9,703 | |||
Improvement costs capitalized subsequent to acquisition | 77 | |||
Land, total cost | 1,525 | |||
Buildings & improvements, total cost | 9,780 | |||
Total | 11,305 | |||
Accumulated depreciation | 3,255 | |||
Net real estate | $ 8,050 | |||
Year construction/ improvements | 2,000 | |||
Date acquired | May 18, 2005 | |||
Arlington, Texas Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 636 | |||
Buildings & improvements, initial cost | 3,695 | |||
Improvement costs capitalized subsequent to acquisition | 819 | |||
Land, total cost | 636 | |||
Buildings & improvements, total cost | 4,514 | |||
Total | 5,150 | |||
Accumulated depreciation | 1,349 | |||
Net real estate | $ 3,801 | |||
Year construction/ improvements | 1,966 | |||
Date acquired | May 26, 2005 | |||
Eatontown, New Jersey Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 2,814 | |||
Land, initial cost | 1,351 | |||
Buildings & improvements, initial cost | 3,520 | |||
Improvement costs capitalized subsequent to acquisition | 534 | |||
Land, total cost | 1,351 | |||
Buildings & improvements, total cost | 4,054 | |||
Total | 5,405 | |||
Accumulated depreciation | 1,356 | |||
Net real estate | $ 4,049 | |||
Year construction/ improvements | 1,991 | |||
Date acquired | Jul. 7, 2005 | |||
Duncan, South Carolina Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 9,252 | |||
Land, initial cost | 783 | |||
Buildings & improvements, initial cost | 10,790 | |||
Improvement costs capitalized subsequent to acquisition | 1,717 | |||
Land, total cost | 783 | |||
Buildings & improvements, total cost | 12,507 | |||
Total | 13,290 | |||
Accumulated depreciation | 3,935 | |||
Net real estate | $ 9,355 | |||
Year construction/ improvements | 1,984 | |||
Year construction/improvements one | 2,001 | |||
Year construction/improvements two | 2,007 | |||
Date acquired | Jul. 14, 2005 | |||
Duncan, South Carolina Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 2,300 | |||
Land, initial cost | 195 | |||
Buildings & improvements, initial cost | 2,682 | |||
Improvement costs capitalized subsequent to acquisition | 427 | |||
Land, total cost | 195 | |||
Buildings & improvements, total cost | 3,109 | |||
Total | 3,304 | |||
Accumulated depreciation | 978 | |||
Net real estate | $ 2,326 | |||
Year construction/ improvements | 1,984 | |||
Year construction/improvements one | 2,001 | |||
Year construction/improvements two | 2,007 | |||
Date acquired | Jul. 14, 2005 | |||
Clintonville, Wisconsin Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 55 | |||
Buildings & improvements, initial cost | 4,717 | |||
Improvement costs capitalized subsequent to acquisition | 3,250 | |||
Land, total cost | 55 | |||
Buildings & improvements, total cost | 7,967 | |||
Total | 8,022 | |||
Accumulated depreciation | 1,990 | |||
Net real estate | $ 6,032 | |||
Year construction/ improvements | 1,992 | |||
Year construction/improvements one | 2,013 | |||
Date acquired | Oct. 31, 2005 | |||
Maple Heights, Ohio Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 4,000 | |||
Land, initial cost | 1,609 | |||
Buildings & improvements, initial cost | 10,065 | |||
Improvement costs capitalized subsequent to acquisition | 1,479 | |||
Land, total cost | 1,609 | |||
Buildings & improvements, total cost | 11,544 | |||
Total | 13,153 | |||
Accumulated depreciation | 4,412 | |||
Net real estate | $ 8,741 | |||
Year construction/ improvements | 1,974 | |||
Date acquired | Dec. 21, 2005 | |||
Richmond, Virginia Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 736 | |||
Buildings & improvements, initial cost | 5,336 | |||
Improvement costs capitalized subsequent to acquisition | 62 | |||
Land, total cost | 736 | |||
Buildings & improvements, total cost | 5,398 | |||
Total | 6,134 | |||
Accumulated depreciation | 1,698 | |||
Net real estate | $ 4,436 | |||
Year construction/ improvements | 1,972 | |||
Date acquired | Dec. 30, 2005 | |||
South Hadley, Massachusetts Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 471 | |||
Buildings & improvements, initial cost | 2,765 | |||
Improvement costs capitalized subsequent to acquisition | (949) | |||
Land, total cost | 270 | |||
Buildings & improvements, total cost | 2,017 | |||
Total | 2,287 | |||
Accumulated depreciation | 844 | |||
Net real estate | $ 1,443 | |||
Year construction/ improvements | 1,978 | |||
Date acquired | Feb. 15, 2006 | |||
Champaign, Illinois Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 1,509 | |||
Land, initial cost | 687 | |||
Buildings & improvements, initial cost | 2,036 | |||
Improvement costs capitalized subsequent to acquisition | 2 | |||
Land, total cost | 687 | |||
Buildings & improvements, total cost | 2,038 | |||
Total | 2,725 | |||
Accumulated depreciation | 649 | |||
Net real estate | $ 2,076 | |||
Year construction/ improvements | 1,996 | |||
Date acquired | Feb. 21, 2006 | |||
Champaign, Illinois Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 2,959 | |||
Land, initial cost | 1,347 | |||
Buildings & improvements, initial cost | 3,992 | |||
Improvement costs capitalized subsequent to acquisition | 4 | |||
Land, total cost | 1,347 | |||
Buildings & improvements, total cost | 3,996 | |||
Total | 5,343 | |||
Accumulated depreciation | 1,272 | |||
Net real estate | $ 4,071 | |||
Year construction/ improvements | 1,996 | |||
Date acquired | Feb. 21, 2006 | |||
Champaign, Illinois Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 1,849 | |||
Land, initial cost | 842 | |||
Buildings & improvements, initial cost | 2,495 | |||
Improvement costs capitalized subsequent to acquisition | 2 | |||
Land, total cost | 842 | |||
Buildings & improvements, total cost | 2,497 | |||
Total | 3,339 | |||
Accumulated depreciation | 795 | |||
Net real estate | $ 2,544 | |||
Year construction/ improvements | 1,996 | |||
Date acquired | Feb. 21, 2006 | |||
Champaign, Illinois Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 1,691 | |||
Land, initial cost | 770 | |||
Buildings & improvements, initial cost | 2,281 | |||
Improvement costs capitalized subsequent to acquisition | 2 | |||
Land, total cost | 770 | |||
Buildings & improvements, total cost | 2,283 | |||
Total | 3,053 | |||
Accumulated depreciation | 727 | |||
Net real estate | $ 2,326 | |||
Year construction/ improvements | 1,996 | |||
Date acquired | Feb. 21, 2006 | |||
Burnsville, Minnesota Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 8,628 | |||
Land, initial cost | 3,511 | |||
Buildings & improvements, initial cost | 8,746 | |||
Improvement costs capitalized subsequent to acquisition | 6,693 | |||
Land, total cost | 3,511 | |||
Buildings & improvements, total cost | 15,439 | |||
Total | 18,950 | |||
Accumulated depreciation | 4,277 | |||
Net real estate | $ 14,673 | |||
Year construction/ improvements | 1,984 | |||
Date acquired | May 10, 2006 | |||
Menomonee Falls, Wisconsin Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 625 | |||
Buildings & improvements, initial cost | 6,911 | |||
Improvement costs capitalized subsequent to acquisition | 686 | |||
Land, total cost | 625 | |||
Buildings & improvements, total cost | 7,597 | |||
Total | 8,222 | |||
Accumulated depreciation | 2,167 | |||
Net real estate | $ 6,055 | |||
Year construction/ improvements | 1,986 | |||
Year construction/improvements one | 2,000 | |||
Date acquired | Jun. 30, 2006 | |||
Baytown, Texas Medical Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 221 | |||
Buildings & improvements, initial cost | 2,443 | |||
Improvement costs capitalized subsequent to acquisition | 2,451 | |||
Land, total cost | 221 | |||
Buildings & improvements, total cost | 4,894 | |||
Total | 5,115 | |||
Accumulated depreciation | 969 | |||
Net real estate | $ 4,146 | |||
Year construction/ improvements | 1,997 | |||
Date acquired | Jul. 11, 2006 | |||
Mason, Ohio Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 3,930 | |||
Land, initial cost | 797 | |||
Buildings & improvements, initial cost | 6,258 | |||
Improvement costs capitalized subsequent to acquisition | 540 | |||
Land, total cost | 797 | |||
Buildings & improvements, total cost | 6,798 | |||
Total | 7,595 | |||
Accumulated depreciation | 2,176 | |||
Net real estate | $ 5,419 | |||
Year construction/ improvements | 2,002 | |||
Date acquired | Jan. 5, 2007 | |||
Raleigh, North Carolina Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,606 | |||
Buildings & improvements, initial cost | 5,513 | |||
Improvement costs capitalized subsequent to acquisition | 3,749 | |||
Land, total cost | 1,606 | |||
Buildings & improvements, total cost | 9,262 | |||
Total | 10,868 | |||
Accumulated depreciation | 2,138 | |||
Net real estate | $ 8,730 | |||
Year construction/ improvements | 1,994 | |||
Date acquired | Feb. 16, 2007 | |||
Tulsa, Oklahoma Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 6,917 | |||
Land, initial cost | 0 | |||
Buildings & improvements, initial cost | 14,057 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 0 | |||
Buildings & improvements, total cost | 14,057 | |||
Total | 14,057 | |||
Accumulated depreciation | 4,582 | |||
Net real estate | $ 9,475 | |||
Year construction/ improvements | 2,004 | |||
Date acquired | Mar. 1, 2007 | |||
Hialeah, Florida Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 3,562 | |||
Buildings & improvements, initial cost | 6,672 | |||
Improvement costs capitalized subsequent to acquisition | 769 | |||
Land, total cost | 3,562 | |||
Buildings & improvements, total cost | 7,441 | |||
Total | 11,003 | |||
Accumulated depreciation | 2,055 | |||
Net real estate | $ 8,948 | |||
Year construction/ improvements | 1,956 | |||
Year construction/improvements one | 1,992 | |||
Date acquired | Mar. 9, 2007 | |||
Tewksbury, Massachusetts Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,395 | |||
Buildings & improvements, initial cost | 8,893 | |||
Improvement costs capitalized subsequent to acquisition | (2,441) | |||
Land, total cost | 904 | |||
Buildings & improvements, total cost | 6,943 | |||
Total | 7,847 | |||
Accumulated depreciation | 2,622 | |||
Net real estate | $ 5,225 | |||
Year construction/ improvements | 1,985 | |||
Year construction/improvements one | 1,989 | |||
Date acquired | May 17, 2007 | |||
Mason, Ohio Retail Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,201 | |||
Buildings & improvements, initial cost | 4,961 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 1,201 | |||
Buildings & improvements, total cost | 4,961 | |||
Total | 6,162 | |||
Accumulated depreciation | 1,359 | |||
Net real estate | $ 4,803 | |||
Year construction/ improvements | 2,007 | |||
Date acquired | Jul. 1, 2007 | |||
Cicero, New York Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 3,459 | |||
Land, initial cost | 299 | |||
Buildings & improvements, initial cost | 5,019 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 299 | |||
Buildings & improvements, total cost | 5,019 | |||
Total | 5,318 | |||
Accumulated depreciation | 1,328 | |||
Net real estate | $ 3,990 | |||
Year construction/ improvements | 2,005 | |||
Date acquired | Sep. 6, 2007 | |||
Grand Rapids, Michigan Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 5,393 | |||
Land, initial cost | 1,629 | |||
Buildings & improvements, initial cost | 10,500 | |||
Improvement costs capitalized subsequent to acquisition | 308 | |||
Land, total cost | 1,629 | |||
Buildings & improvements, total cost | 10,808 | |||
Total | 12,437 | |||
Accumulated depreciation | 2,913 | |||
Net real estate | $ 9,524 | |||
Year construction/ improvements | 2,001 | |||
Date acquired | Sep. 28, 2007 | |||
Bollingbrook, Illinois Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,272 | |||
Buildings & improvements, initial cost | 5,003 | |||
Improvement costs capitalized subsequent to acquisition | 856 | |||
Land, total cost | 1,272 | |||
Buildings & improvements, total cost | 5,859 | |||
Total | 7,131 | |||
Accumulated depreciation | 1,579 | |||
Net real estate | $ 5,552 | |||
Year construction/ improvements | 2,002 | |||
Date acquired | Sep. 28, 2007 | |||
Decatur, Georgia Medical Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 783 | |||
Buildings & improvements, initial cost | 3,241 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 783 | |||
Buildings & improvements, total cost | 3,241 | |||
Total | 4,024 | |||
Accumulated depreciation | 878 | |||
Net real estate | $ 3,146 | |||
Year construction/ improvements | 1,989 | |||
Date acquired | Dec. 13, 2007 | |||
Decatur, Georgia Medical Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 205 | |||
Buildings & improvements, initial cost | 847 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 205 | |||
Buildings & improvements, total cost | 847 | |||
Total | 1,052 | |||
Accumulated depreciation | 230 | |||
Net real estate | $ 822 | |||
Year construction/ improvements | 1,989 | |||
Date acquired | Dec. 13, 2007 | |||
Decatur, Georgia Medical Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 257 | |||
Buildings & improvements, initial cost | 1,062 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 257 | |||
Buildings & improvements, total cost | 1,062 | |||
Total | 1,319 | |||
Accumulated depreciation | 288 | |||
Net real estate | $ 1,031 | |||
Year construction/ improvements | 1,989 | |||
Date acquired | Dec. 13, 2007 | |||
Lawrenceville, Georgia Medical Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 678 | |||
Buildings & improvements, initial cost | 2,807 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 678 | |||
Buildings & improvements, total cost | 2,807 | |||
Total | 3,485 | |||
Accumulated depreciation | 761 | |||
Net real estate | $ 2,724 | |||
Year construction/ improvements | 2,005 | |||
Date acquired | Dec. 13, 2007 | |||
Snellville, Georgia Medical Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 176 | |||
Buildings & improvements, initial cost | 727 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 176 | |||
Buildings & improvements, total cost | 727 | |||
Total | 903 | |||
Accumulated depreciation | 197 | |||
Net real estate | $ 706 | |||
Year construction/ improvements | 1,986 | |||
Date acquired | Dec. 13, 2007 | |||
Covington, Georgia Medical Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 232 | |||
Buildings & improvements, initial cost | 959 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 232 | |||
Buildings & improvements, total cost | 959 | |||
Total | 1,191 | |||
Accumulated depreciation | 260 | |||
Net real estate | $ 931 | |||
Year construction/ improvements | 2,000 | |||
Date acquired | Dec. 13, 2007 | |||
Conyers Georgia Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 296 | |||
Buildings & improvements, initial cost | 1,228 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 296 | |||
Buildings & improvements, total cost | 1,228 | |||
Total | 1,524 | |||
Accumulated depreciation | 333 | |||
Net real estate | $ 1,191 | |||
Year construction/ improvements | 2,004 | |||
Date acquired | Dec. 13, 2007 | |||
Cumming, Georgia Medical Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 2,908 | |||
Land, initial cost | 738 | |||
Buildings & improvements, initial cost | 3,055 | |||
Improvement costs capitalized subsequent to acquisition | 2,524 | |||
Land, total cost | 741 | |||
Buildings & improvements, total cost | 5,576 | |||
Total | 6,317 | |||
Accumulated depreciation | 1,180 | |||
Net real estate | $ 5,137 | |||
Year construction/ improvements | 1,994 | |||
Date acquired | Dec. 13, 2007 | |||
Reading, Pennsylvania Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 3,684 | |||
Land, initial cost | 491 | |||
Buildings & improvements, initial cost | 6,202 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 491 | |||
Buildings & improvements, total cost | 6,202 | |||
Total | 6,693 | |||
Accumulated depreciation | 1,583 | |||
Net real estate | $ 5,110 | |||
Year construction/ improvements | 2,007 | |||
Date acquired | Jan. 29, 2008 | |||
Fridley, Minnesota Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 4,785 | |||
Land, initial cost | 1,354 | |||
Buildings & improvements, initial cost | 8,074 | |||
Improvement costs capitalized subsequent to acquisition | 399 | |||
Land, total cost | 1,383 | |||
Buildings & improvements, total cost | 8,444 | |||
Total | 9,827 | |||
Accumulated depreciation | 2,588 | |||
Net real estate | $ 7,239 | |||
Year construction/ improvements | 1,985 | |||
Year construction/improvements one | 2,006 | |||
Date acquired | Feb. 26, 2008 | |||
Pineville, North Carolina Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 2,141 | |||
Land, initial cost | 669 | |||
Buildings & improvements, initial cost | 3,028 | |||
Improvement costs capitalized subsequent to acquisition | 6 | |||
Land, total cost | 669 | |||
Buildings & improvements, total cost | 3,034 | |||
Total | 3,703 | |||
Accumulated depreciation | 777 | |||
Net real estate | $ 2,926 | |||
Year construction/ improvements | 1,985 | |||
Date acquired | Apr. 30, 2008 | |||
Marietta, Ohio Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 5,226 | |||
Land, initial cost | 829 | |||
Buildings & improvements, initial cost | 6,607 | |||
Improvement costs capitalized subsequent to acquisition | 529 | |||
Land, total cost | 829 | |||
Buildings & improvements, total cost | 7,136 | |||
Total | 7,965 | |||
Accumulated depreciation | 1,647 | |||
Net real estate | $ 6,318 | |||
Year construction/ improvements | 1,992 | |||
Year construction/improvements one | 2,007 | |||
Date acquired | Aug. 29, 2008 | |||
Chalfont, Pennsylvania Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 4,672 | |||
Land, initial cost | 1,249 | |||
Buildings & improvements, initial cost | 6,420 | |||
Improvement costs capitalized subsequent to acquisition | 327 | |||
Land, total cost | 1,249 | |||
Buildings & improvements, total cost | 6,747 | |||
Total | 7,996 | |||
Accumulated depreciation | 1,830 | |||
Net real estate | $ 6,166 | |||
Year construction/ improvements | 1,987 | |||
Date acquired | Aug. 29, 2008 | |||
Orange City, Iowa Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 7,365 | |||
Land, initial cost | 258 | |||
Buildings & improvements, initial cost | 5,861 | |||
Improvement costs capitalized subsequent to acquisition | 6 | |||
Land, total cost | 258 | |||
Buildings & improvements, total cost | 5,867 | |||
Total | 6,125 | |||
Accumulated depreciation | 1,293 | |||
Net real estate | $ 4,832 | |||
Year construction/ improvements | 1,990 | |||
Date acquired | Dec. 15, 2010 | |||
Hickory, North Carolina Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 6,257 | |||
Land, initial cost | 1,163 | |||
Buildings & improvements, initial cost | 6,605 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 1,163 | |||
Buildings & improvements, total cost | 6,605 | |||
Total | 7,768 | |||
Accumulated depreciation | 2,026 | |||
Net real estate | $ 5,742 | |||
Year construction/ improvements | 2,008 | |||
Date acquired | Apr. 4, 2011 | |||
Springfield, Missouri Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,700 | |||
Buildings & improvements, initial cost | 12,038 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 1,700 | |||
Buildings & improvements, total cost | 12,038 | |||
Total | 13,738 | |||
Accumulated depreciation | 2,367 | |||
Net real estate | $ 11,371 | |||
Year construction/ improvements | 2,006 | |||
Date acquired | Jun. 20, 2011 | |||
Boston Heights, Ohio Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 2,472 | |||
Land, initial cost | 449 | |||
Buildings & improvements, initial cost | 3,010 | |||
Improvement costs capitalized subsequent to acquisition | 11 | |||
Land, total cost | 449 | |||
Buildings & improvements, total cost | 3,021 | |||
Total | 3,470 | |||
Accumulated depreciation | 830 | |||
Net real estate | $ 2,640 | |||
Year construction/ improvements | 2,011 | |||
Date acquired | Oct. 20, 2011 | |||
Parsippany, New Jersey Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 6,331 | |||
Land, initial cost | 1,696 | |||
Buildings & improvements, initial cost | 7,077 | |||
Improvement costs capitalized subsequent to acquisition | 81 | |||
Land, total cost | 1,696 | |||
Buildings & improvements, total cost | 7,158 | |||
Total | 8,854 | |||
Accumulated depreciation | 1,675 | |||
Net real estate | $ 7,179 | |||
Year construction/ improvements | 1,984 | |||
Date acquired | Oct. 28, 2011 | |||
Dartmouth, Massachusetts Retail Location | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 3,703 | |||
Land, initial cost | 0 | |||
Buildings & improvements, initial cost | 4,236 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 0 | |||
Buildings & improvements, total cost | 4,236 | |||
Total | 4,236 | |||
Accumulated depreciation | 723 | |||
Net real estate | $ 3,513 | |||
Year construction/ improvements | 2,011 | |||
Date acquired | Nov. 18, 2011 | |||
Springfield, Missouri Retail Location | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 1,550 | |||
Land, initial cost | 0 | |||
Buildings & improvements, initial cost | 2,275 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 0 | |||
Buildings & improvements, total cost | 2,275 | |||
Total | 2,275 | |||
Accumulated depreciation | 497 | |||
Net real estate | $ 1,778 | |||
Year construction/ improvements | 2,005 | |||
Date acquired | Dec. 13, 2011 | |||
Pittsburgh, Pennsylvania Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 2,539 | |||
Land, initial cost | 281 | |||
Buildings & improvements, initial cost | 3,205 | |||
Improvement costs capitalized subsequent to acquisition | 743 | |||
Land, total cost | 281 | |||
Buildings & improvements, total cost | 3,948 | |||
Total | 4,229 | |||
Accumulated depreciation | 757 | |||
Net real estate | $ 3,472 | |||
Year construction/ improvements | 1,968 | |||
Date acquired | Dec. 28, 2011 | |||
Ashburn, Virginia Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 6,680 | |||
Land, initial cost | 706 | |||
Buildings & improvements, initial cost | 7,858 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 705 | |||
Buildings & improvements, total cost | 7,859 | |||
Total | 8,564 | |||
Accumulated depreciation | 1,549 | |||
Net real estate | $ 7,015 | |||
Year construction/ improvements | 2,002 | |||
Date acquired | Jan. 25, 2012 | |||
Ottumwa, Iowa Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 3,650 | |||
Land, initial cost | 212 | |||
Buildings & improvements, initial cost | 5,072 | |||
Improvement costs capitalized subsequent to acquisition | 287 | |||
Land, total cost | 212 | |||
Buildings & improvements, total cost | 5,359 | |||
Total | 5,571 | |||
Accumulated depreciation | 1,055 | |||
Net real estate | $ 4,516 | |||
Year construction/ improvements | 1,970 | |||
Date acquired | May 30, 2012 | |||
New Albany, Ohio Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 8,078 | |||
Land, initial cost | 1,658 | |||
Buildings & improvements, initial cost | 8,746 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 1,658 | |||
Buildings & improvements, total cost | 8,746 | |||
Total | 10,404 | |||
Accumulated depreciation | 1,796 | |||
Net real estate | $ 8,608 | |||
Year construction/ improvements | 2,007 | |||
Date acquired | Jun. 5, 2012 | |||
Columbus, Georgia Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 4,181 | |||
Land, initial cost | 1,378 | |||
Buildings & improvements, initial cost | 4,520 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 1,378 | |||
Buildings & improvements, total cost | 4,520 | |||
Total | 5,898 | |||
Accumulated depreciation | 1,031 | |||
Net real estate | $ 4,867 | |||
Year construction/ improvements | 2,012 | |||
Date acquired | Jun. 21, 2012 | |||
Columbus, Ohio Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 2,624 | |||
Land, initial cost | 542 | |||
Buildings & improvements, initial cost | 2,453 | |||
Improvement costs capitalized subsequent to acquisition | 92 | |||
Land, total cost | 542 | |||
Buildings & improvements, total cost | 2,545 | |||
Total | 3,087 | |||
Accumulated depreciation | 639 | |||
Net real estate | $ 2,448 | |||
Year construction/ improvements | 1,981 | |||
Date acquired | Jun. 28, 2012 | |||
Jupiter, Florida Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 9,493 | |||
Land, initial cost | 1,160 | |||
Buildings & improvements, initial cost | 11,994 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 1,160 | |||
Buildings & improvements, total cost | 11,994 | |||
Total | 13,154 | |||
Accumulated depreciation | 1,926 | |||
Net real estate | $ 11,228 | |||
Year construction/ improvements | 2,011 | |||
Date acquired | Sep. 26, 2012 | |||
Fort Worth, Texas Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 12,353 | |||
Land, initial cost | 963 | |||
Buildings & improvements, initial cost | 15,647 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 963 | |||
Buildings & improvements, total cost | 15,647 | |||
Total | 16,610 | |||
Accumulated depreciation | 2,452 | |||
Net real estate | $ 14,158 | |||
Year construction/ improvements | 2,005 | |||
Date acquired | Nov. 8, 2012 | |||
Columbia, South Carolina Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 16,576 | |||
Land, initial cost | 1,905 | |||
Buildings & improvements, initial cost | 20,648 | |||
Improvement costs capitalized subsequent to acquisition | 8 | |||
Land, total cost | 1,905 | |||
Buildings & improvements, total cost | 20,656 | |||
Total | 22,561 | |||
Accumulated depreciation | 4,521 | |||
Net real estate | $ 18,040 | |||
Year construction/ improvements | 2,010 | |||
Date acquired | Nov. 21, 2012 | |||
Egg Harbor, New Jersey Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 3,269 | |||
Land, initial cost | 1,627 | |||
Buildings & improvements, initial cost | 3,017 | |||
Improvement costs capitalized subsequent to acquisition | 315 | |||
Land, total cost | 1,627 | |||
Buildings & improvements, total cost | 3,332 | |||
Total | 4,959 | |||
Accumulated depreciation | 579 | |||
Net real estate | $ 4,380 | |||
Year construction/ improvements | 1,985 | |||
Date acquired | Mar. 28, 2013 | |||
Vance, Alabama Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 457 | |||
Buildings & improvements, initial cost | 10,529 | |||
Improvement costs capitalized subsequent to acquisition | 6,691 | |||
Land, total cost | 456 | |||
Buildings & improvements, total cost | 17,221 | |||
Total | 17,677 | |||
Accumulated depreciation | 1,822 | |||
Net real estate | $ 15,855 | |||
Year construction/ improvements | 2,013 | |||
Date acquired | May 9, 2013 | |||
Blaine, Minnesota Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 7,646 | |||
Land, initial cost | 1,060 | |||
Buildings & improvements, initial cost | 10,518 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 1,060 | |||
Buildings & improvements, total cost | 10,518 | |||
Total | 11,578 | |||
Accumulated depreciation | 2,117 | |||
Net real estate | $ 9,461 | |||
Year construction/ improvements | 2,009 | |||
Date acquired | May 10, 2013 | |||
Austin, Texas Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 32,834 | |||
Land, initial cost | 2,330 | |||
Buildings & improvements, initial cost | 44,021 | |||
Improvement costs capitalized subsequent to acquisition | 122 | |||
Land, total cost | 2,330 | |||
Buildings & improvements, total cost | 44,143 | |||
Total | 46,473 | |||
Accumulated depreciation | 10,162 | |||
Net real estate | $ 36,311 | |||
Year construction/ improvements | 1,999 | |||
Date acquired | Jul. 9, 2013 | |||
Allen, Texas Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 8,221 | |||
Land, initial cost | 2,699 | |||
Buildings & improvements, initial cost | 7,945 | |||
Improvement costs capitalized subsequent to acquisition | 771 | |||
Land, total cost | 2,699 | |||
Buildings & improvements, total cost | 8,716 | |||
Total | 11,415 | |||
Accumulated depreciation | 1,827 | |||
Net real estate | $ 9,588 | |||
Year construction/ improvements | 1,998 | |||
Date acquired | Jul. 10, 2013 | |||
Englewood, Colorado Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 10,577 | |||
Land, initial cost | 1,503 | |||
Buildings & improvements, initial cost | 11,739 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 1,503 | |||
Buildings & improvements, total cost | 11,739 | |||
Total | 13,242 | |||
Accumulated depreciation | 2,098 | |||
Net real estate | $ 11,144 | |||
Year construction/ improvements | 2,008 | |||
Date acquired | Dec. 11, 2013 | |||
Novi, Michigan Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 4,018 | |||
Land, initial cost | 352 | |||
Buildings & improvements, initial cost | 5,626 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 352 | |||
Buildings & improvements, total cost | 5,626 | |||
Total | 5,978 | |||
Accumulated depreciation | 780 | |||
Net real estate | $ 5,198 | |||
Year construction/ improvements | 1,988 | |||
Date acquired | Dec. 27, 2013 | |||
Allen, Texas Retail Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 3,040 | |||
Land, initial cost | 874 | |||
Buildings & improvements, initial cost | 3,634 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 874 | |||
Buildings & improvements, total cost | 3,634 | |||
Total | 4,508 | |||
Accumulated depreciation | 472 | |||
Net real estate | $ 4,036 | |||
Year construction/ improvements | 2,004 | |||
Date acquired | Mar. 27, 2014 | |||
Colleyville, Texas Retail Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 2,812 | |||
Land, initial cost | 1,277 | |||
Buildings & improvements, initial cost | 2,424 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 1,277 | |||
Buildings & improvements, total cost | 2,424 | |||
Total | 3,701 | |||
Accumulated depreciation | 359 | |||
Net real estate | $ 3,342 | |||
Year construction/ improvements | 2,000 | |||
Date acquired | Mar. 27, 2014 | |||
Rancho Cordova, California Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 4,740 | |||
Land, initial cost | 752 | |||
Buildings & improvements, initial cost | 6,176 | |||
Improvement costs capitalized subsequent to acquisition | 287 | |||
Land, total cost | 752 | |||
Buildings & improvements, total cost | 6,463 | |||
Total | 7,215 | |||
Accumulated depreciation | 806 | |||
Net real estate | $ 6,409 | |||
Year construction/ improvements | 1,986 | |||
Date acquired | Apr. 22, 2014 | |||
Coppell, Texas Retail Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 3,230 | |||
Land, initial cost | 1,448 | |||
Buildings & improvements, initial cost | 3,349 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 1,448 | |||
Buildings & improvements, total cost | 3,349 | |||
Total | 4,797 | |||
Accumulated depreciation | 420 | |||
Net real estate | $ 4,377 | |||
Year construction/ improvements | 2,005 | |||
Date acquired | May 8, 2014 | |||
Columbus, Ohio (3) Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 990 | |||
Buildings & improvements, initial cost | 8,017 | |||
Improvement costs capitalized subsequent to acquisition | 1,600 | |||
Land, total cost | 990 | |||
Buildings & improvements, total cost | 9,617 | |||
Total | 10,607 | |||
Accumulated depreciation | 1,628 | |||
Net real estate | $ 8,979 | |||
Year construction/ improvements | 1,986 | |||
Date acquired | May 13, 2014 | |||
Taylor, Pennsylvania Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 22,045 | |||
Land, initial cost | 3,101 | |||
Buildings & improvements, initial cost | 25,405 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 3,101 | |||
Buildings & improvements, total cost | 25,405 | |||
Total | 28,506 | |||
Accumulated depreciation | 2,867 | |||
Net real estate | $ 25,639 | |||
Year construction/ improvements | 2,000 | |||
Year construction/improvements one | 2,006 | |||
Date acquired | Jun. 9, 2014 | |||
Aurora, Colorado Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 2,882 | |||
Buildings & improvements, initial cost | 3,917 | |||
Improvement costs capitalized subsequent to acquisition | 96 | |||
Land, total cost | 2,882 | |||
Buildings & improvements, total cost | 4,013 | |||
Total | 6,895 | |||
Accumulated depreciation | 571 | |||
Net real estate | $ 6,324 | |||
Year construction/ improvements | 1,983 | |||
Date acquired | Jul. 1, 2014 | |||
Indianapolis, Indiana Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 5,846 | |||
Land, initial cost | 502 | |||
Buildings & improvements, initial cost | 6,422 | |||
Improvement costs capitalized subsequent to acquisition | 645 | |||
Land, total cost | 498 | |||
Buildings & improvements, total cost | 7,071 | |||
Total | 7,569 | |||
Accumulated depreciation | 1,057 | |||
Net real estate | $ 6,512 | |||
Year construction/ improvements | 1,981 | |||
Year construction/improvements one | 2,014 | |||
Date acquired | Sep. 3, 2014 | |||
Denver, Colorado Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,621 | |||
Buildings & improvements, initial cost | 7,071 | |||
Improvement costs capitalized subsequent to acquisition | 243 | |||
Land, total cost | 1,621 | |||
Buildings & improvements, total cost | 7,314 | |||
Total | 8,935 | |||
Accumulated depreciation | 877 | |||
Net real estate | $ 8,058 | |||
Year construction/ improvements | 1,985 | |||
Date acquired | Oct. 31, 2014 | |||
Monroe, Michigan Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 10,280 | |||
Land, initial cost | 658 | |||
Buildings & improvements, initial cost | 14,607 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 657 | |||
Buildings & improvements, total cost | 14,608 | |||
Total | 15,265 | |||
Accumulated depreciation | 1,378 | |||
Net real estate | $ 13,887 | |||
Year construction/ improvements | 2,004 | |||
Date acquired | Dec. 23, 2014 | |||
Monroe, Michigan Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 7,196 | |||
Land, initial cost | 460 | |||
Buildings & improvements, initial cost | 10,225 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 460 | |||
Buildings & improvements, total cost | 10,225 | |||
Total | 10,685 | |||
Accumulated depreciation | 965 | |||
Net real estate | $ 9,720 | |||
Year construction/ improvements | 2,004 | |||
Date acquired | Dec. 23, 2014 | |||
Richardson, Texas Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 13,873 | |||
Land, initial cost | 2,728 | |||
Buildings & improvements, initial cost | 15,372 | |||
Improvement costs capitalized subsequent to acquisition | 66 | |||
Land, total cost | 2,728 | |||
Buildings & improvements, total cost | 15,438 | |||
Total | 18,166 | |||
Accumulated depreciation | 1,949 | |||
Net real estate | $ 16,217 | |||
Year construction/ improvements | 1,985 | |||
Year construction/improvements one | 2,008 | |||
Date acquired | Mar. 6, 2015 | |||
Birmingham, Alabama Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 650 | |||
Buildings & improvements, initial cost | 2,034 | |||
Improvement costs capitalized subsequent to acquisition | 50 | |||
Land, total cost | 650 | |||
Buildings & improvements, total cost | 2,084 | |||
Total | 2,734 | |||
Accumulated depreciation | 274 | |||
Net real estate | $ 2,460 | |||
Year construction/ improvements | 1,982 | |||
Year construction/improvements one | 2,010 | |||
Date acquired | Mar. 20, 2015 | |||
Dublin, Ohio Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 4,192 | |||
Land, initial cost | 1,338 | |||
Buildings & improvements, initial cost | 5,058 | |||
Improvement costs capitalized subsequent to acquisition | 35 | |||
Land, total cost | 1,338 | |||
Buildings & improvements, total cost | 5,093 | |||
Total | 6,431 | |||
Accumulated depreciation | 631 | |||
Net real estate | $ 5,800 | |||
Year construction/ improvements | 1,980 | |||
Date acquired | May 28, 2015 | |||
Draper, Utah Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 12,666 | |||
Land, initial cost | 3,248 | |||
Buildings & improvements, initial cost | 13,129 | |||
Improvement costs capitalized subsequent to acquisition | 74 | |||
Land, total cost | 3,248 | |||
Buildings & improvements, total cost | 13,203 | |||
Total | 16,451 | |||
Accumulated depreciation | 1,382 | |||
Net real estate | $ 15,069 | |||
Year construction/ improvements | 2,008 | |||
Date acquired | May 29, 2015 | |||
Hapeville, Georgia Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 7,252 | |||
Land, initial cost | 2,272 | |||
Buildings & improvements, initial cost | 8,778 | |||
Improvement costs capitalized subsequent to acquisition | 263 | |||
Land, total cost | 2,272 | |||
Buildings & improvements, total cost | 9,041 | |||
Total | 11,313 | |||
Accumulated depreciation | 834 | |||
Net real estate | $ 10,479 | |||
Year construction/ improvements | 1,999 | |||
Year construction/improvements one | 2,007 | |||
Date acquired | Jul. 15, 2015 | |||
Villa Rica, Georgia Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 3,677 | |||
Land, initial cost | 293 | |||
Buildings & improvements, initial cost | 5,277 | |||
Improvement costs capitalized subsequent to acquisition | 18 | |||
Land, total cost | 293 | |||
Buildings & improvements, total cost | 5,295 | |||
Total | 5,588 | |||
Accumulated depreciation | 435 | |||
Net real estate | $ 5,153 | |||
Year construction/ improvements | 2,000 | |||
Year construction/improvements one | 2,014 | |||
Date acquired | Oct. 20, 2015 | |||
Taylorsville, Utah Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 9,569 | |||
Land, initial cost | 3,008 | |||
Buildings & improvements, initial cost | 10,659 | |||
Improvement costs capitalized subsequent to acquisition | 370 | |||
Land, total cost | 3,008 | |||
Buildings & improvements, total cost | 11,029 | |||
Total | 14,037 | |||
Accumulated depreciation | 920 | |||
Net real estate | $ 13,117 | |||
Year construction/ improvements | 1,997 | |||
Date acquired | May 26, 2016 | |||
Fort Lauderdale, Florida Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 13,721 | |||
Land, initial cost | 4,117 | |||
Buildings & improvements, initial cost | 15,516 | |||
Improvement costs capitalized subsequent to acquisition | 1,881 | |||
Land, total cost | 4,117 | |||
Buildings & improvements, total cost | 17,397 | |||
Total | 21,514 | |||
Accumulated depreciation | 950 | |||
Net real estate | $ 20,564 | |||
Year construction/ improvements | 1,984 | |||
Date acquired | Sep. 12, 2016 | |||
King of Prussia, Pennsylvania Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 14,800 | |||
Land, initial cost | 3,681 | |||
Buildings & improvements, initial cost | 15,739 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 3,681 | |||
Buildings & improvements, total cost | 15,739 | |||
Total | 19,420 | |||
Accumulated depreciation | 750 | |||
Net real estate | $ 18,670 | |||
Year construction/ improvements | 2,001 | |||
Date acquired | Dec. 14, 2016 | |||
Conshohocken Pennsylvania Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 11,036 | |||
Land, initial cost | 1,996 | |||
Buildings & improvements, initial cost | 10,880 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 1,996 | |||
Buildings & improvements, total cost | 10,880 | |||
Total | 12,876 | |||
Accumulated depreciation | 228 | |||
Net real estate | $ 12,648 | |||
Year construction/ improvements | 1,996 | |||
Date acquired | Jun. 22, 2017 | |||
Philadelphia Pennsylvania, Industrial Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 14,924 | |||
Land, initial cost | 5,896 | |||
Buildings & improvements, initial cost | 16,282 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 5,896 | |||
Buildings & improvements, total cost | 16,282 | |||
Total | 22,178 | |||
Accumulated depreciation | 371 | |||
Net real estate | $ 21,807 | |||
Year construction/ improvements | 1,994 | |||
Year construction/improvements one | 2,011 | |||
Date acquired | Jul. 7, 2017 | |||
Maitland Florida Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 11,907 | |||
Land, initial cost | 3,073 | |||
Buildings & improvements, initial cost | 19,661 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 3,073 | |||
Buildings & improvements, total cost | 19,661 | |||
Total | 22,734 | |||
Accumulated depreciation | 450 | |||
Net real estate | $ 22,284 | |||
Year construction/ improvements | 1,998 | |||
Date acquired | Jul. 31, 2017 | |||
Maitland Florida Office Building Two | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 8,327 | |||
Land, initial cost | 2,077 | |||
Buildings & improvements, initial cost | 1,084 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 2,077 | |||
Buildings & improvements, total cost | 1,084 | |||
Total | 3,161 | |||
Accumulated depreciation | 69 | |||
Net real estate | $ 3,092 | |||
Year construction/ improvements | 1,998 | |||
Date acquired | Jul. 31, 2017 | |||
Maitland Florida Office Building Three | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 8,327 | |||
Land, initial cost | 2,095 | |||
Buildings & improvements, initial cost | 9,339 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 2,095 | |||
Buildings & improvements, total cost | 9,339 | |||
Total | 11,434 | |||
Accumulated depreciation | 163 | |||
Net real estate | $ 11,271 | |||
Year construction/ improvements | 1,999 | |||
Date acquired | Jul. 31, 2017 | |||
Columbus Ohio Office Building Two | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,926 | |||
Buildings & improvements, initial cost | 11,410 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 1,926 | |||
Buildings & improvements, total cost | 11,410 | |||
Total | 13,336 | |||
Accumulated depreciation | 48 | |||
Net real estate | $ 13,288 | |||
Year construction/ improvements | 2,007 | |||
Date acquired | Dec. 1, 2017 | |||
Salt Lake City Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 4,446 | |||
Buildings & improvements, initial cost | 9,938 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 4,446 | |||
Buildings & improvements, total cost | 9,938 | |||
Total | 14,384 | |||
Accumulated depreciation | 40 | |||
Net real estate | $ 14,344 | |||
Year construction/ improvements | 2,007 | |||
Date acquired | Dec. 1, 2017 |
Schedule III - Real Estate an71
Schedule III - Real Estate and Accumulated Depreciation 2 (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Total gross cost | $ 906,850 | $ 833,203 | $ 782,276 | $ 722,565 |
Real Estate Held for Sale | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate held for sale, net | $ 9,027 | $ 8,786 | ||
Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable life | shorter of the useful life of the asset or 39 years | |||
Depreciable life | 39 years | |||
Improvements | Minimum | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable life | 5 years | |||
Improvements | Maximum | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable life | 20 years |
Schedule III - Real Estate an72
Schedule III - Real Estate and Accumulated Depreciation - Change in Balance of Real Estate (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at beginning of period | $ 833,203 | $ 833,203 | $ 782,276 | $ 722,565 |
Additions: | ||||
Acquisitions during period | 100,103 | 52,719 | 60,231 | |
Improvements | 10,473 | 10,362 | 6,527 | |
Deductions: | ||||
Dispositions during period | (30,094) | (10,138) | (6,425) | |
Impairments during period | $ (3,700) | (6,835) | (2,016) | (622) |
Balance at end of period | $ 906,850 | $ 833,203 | $ 782,276 |
Schedule III - Real Estate an73
Schedule III - Real Estate and Accumulated Depreciation - Change in Balance of Real Estate 2 (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Real Estate Held for Sale | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Real estate held for sale, gross | $ 12,997 | $ 11,454 | $ 1,900 |
Schedule III - Real Estate an74
Schedule III - Real Estate and Accumulated Depreciation - Change in Balance of Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at beginning of period | $ 134,329 | $ 113,089 | $ 92,133 |
Additions during period | 26,927 | 24,148 | 22,220 |
Dispositions during period | (7,869) | (2,908) | (1,264) |
Balance at end of period | $ 153,387 | $ 134,329 | $ 113,089 |
Schedule III - Real Estate an75
Schedule III - Real Estate and Accumulated Depreciation - Change in Balance of Accumulated Depreciation 2 (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Real Estate Held for Sale | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Real estate held for sale, accumulated depreciation | $ 3,970 | $ 2,668 | $ 800 |
Schedule IV - Mortgage Loans 76
Schedule IV - Mortgage Loans on Real Estate (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Mortgage Loans on Real Estate [Line Items] | |
Face Amount of Mortgage | $ 5,900 |
Carrying Amount of Mortgage | 0 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 |
Build To Suit Healthcare Facility [Member] | Phoenix,Arizona [Member] | Second Mortgage [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Interest Rate (as percent) | 9.00% |
Internal rate of return on exit (as percent) | 22.00% |
Loan bearing interest, terms | 9% Current Interest, 22% internal rate of return on exit |
Final Maturity Date | Jul. 31, 2016 |
Periodic Payment Term | 9.0% interest, paid in cash on the loan during construction and through maturity. Exit fee upon maturity of the loan in an amount sufficient to earn a 22% internal rate of return. |
Prior Lien | $ 0 |
Face Amount of Mortgage | 5,600 |
Carrying Amount of Mortgage | 0 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 |
Build To Suit Healthcare Facility [Member] | Phoenix,Arizona [Member] | Interim Financing Loan [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Interest Rate (as percent) | 22.00% |
Loan bearing interest, terms | 22% Current Interest |
Final Maturity Date | Apr. 30, 2016 |
Periodic Payment Term | 22.0% interest per annum through maturity, with all accrued interest and principal payable upon maturity. |
Prior Lien | $ 0 |
Face Amount of Mortgage | 300 |
Carrying Amount of Mortgage | 0 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 |
Schedule IV - Mortgage Loans 77
Schedule IV - Mortgage Loans on Real Estate - Reconciliation of Mortgage Loans (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
Balance at beginning of period | $ 5,900 | $ 0 | $ 5,900 | $ 5,600 |
New mortgage loans | 0 | 0 | 0 | 300 |
Collections of principal | $ (5,900) | 0 | 0 | |
Balance at end of period | $ 0 | $ 0 | $ 5,900 |
Uncategorized Items - good-2017
Label | Element | Value |
Non Cash Asset Retirement Obligation Assumed In Acquisition | good_NonCashAssetRetirementObligationAssumedInAcquisition | $ 0 |
Stock Issued | us-gaap_StockIssued1 | $ 0 |