Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 18, 2014 | Jun. 28, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'GLADSTONE COMMERCIAL CORP | ' | ' |
Entity Central Index Key | '0001234006 | ' | ' |
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 | ' | 15,662,414 | ' |
Entity Public Float | ' | ' | $252,114,239 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ||
Real estate, at cost | $642,353 | $533,753 | ||
Less: accumulated depreciation | 81,241 | 65,730 | ||
Total real estate, net | 561,112 | 468,023 | ||
Lease intangibles, net | 79,632 | 57,254 | ||
Cash and cash equivalents | 8,546 | 5,546 | ||
Restricted cash | 5,051 | 2,935 | ||
Funds held in escrow | 8,653 | 7,591 | ||
Deferred rent receivable, net | 18,905 | 15,124 | ||
Deferred financing costs, net | 6,840 | 6,569 | ||
Other assets | 1,786 | 1,737 | ||
TOTAL ASSETS | 690,525 | 564,779 | ||
LIABILITIES | ' | ' | ||
Mortgage notes payable | 422,602 | 359,185 | ||
Borrowings under line of credit | 24,400 | 25,000 | ||
Series C mandatorily redeemable preferred stock, par value $0.001 per share; $25 per share liquidation preference; 1,700,000 shares authorized; and 1,540,000 shares issued and outstanding at December 31, 2013 and December 31, 2012, respectively | 38,500 | 38,500 | ||
Deferred rent liability, net | 6,015 | 5,379 | ||
Asset retirement obligation liability | 3,884 | 3,755 | ||
Accounts payable and accrued expenses | 2,359 | 4,715 | ||
Due to Adviser and Administrator | 1,360 | [1] | 1,175 | [1] |
Other liabilities | 8,259 | 4,705 | ||
Total Liabilities | 507,379 | 442,414 | ||
Commitments and contingencies | ' | [2] | ' | [2] |
STOCKHOLDERS' EQUITY | ' | ' | ||
Series A and B redeemable preferred stock, par value $0.001 per share; $25 per share liquidation preference; 2,300,000 shares authorized and 2,150,000 shares issued and outstanding at December 31, 2013 and December 31, 2012, respectively | 2 | 2 | ||
Senior common stock, par value $0.001 per share; 7,500,000 shares authorized and 374,484 and 179,511 shares issued and outstanding at December 31, 2013 and December 31, 2012, respectively | ' | ' | ||
Common stock, par value $0.001 per share, 38,500,000 shares authorized and 15,662,414 and 11,083,584 shares issued and outstanding at December 31, 2013 and December 31, 2012, respectively | 16 | 11 | ||
Additional paid in capital | 298,751 | 215,470 | ||
Notes receivable - employee | -375 | -410 | ||
Distributions in excess of accumulated earnings | -115,248 | -92,708 | ||
Total Stockholders' Equity | 183,146 | 122,365 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $690,525 | $564,779 | ||
[1] | Refer to Note 2 "Related-Party Transactions" | |||
[2] | Refer to Note 7 "Commitments and Contingencies" |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Mandatorily Redeemable Preferred Stock [Member] | Mandatorily Redeemable Preferred Stock [Member] | |||
Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | |||
Redeemable preferred stock, par value | $0.00 | $0.00 | $0.00 | $0.00 |
Redeemable preferred stock, liquidation preference | $25 | $25 | $25 | $25 |
Redeemable preferred stock, shares authorized | 2,300,000 | 2,300,000 | 1,700,000 | 1,700,000 |
Redeemable preferred stock, shares issued | 2,150,000 | 2,150,000 | 1,540,000 | 1,540,000 |
Redeemable preferred stock, shares outstanding | 2,150,000 | 2,150,000 | 1,540,000 | 1,540,000 |
Senior common stock, par value | $0.00 | $0.00 | ' | ' |
Senior common stock, shares authorized | 7,500,000 | 7,500,000 | ' | ' |
Senior common stock, shares issued | 374,484 | 179,511 | ' | ' |
Senior common stock, shares outstanding | 374,484 | 179,511 | ' | ' |
Common stock, par value | $0.00 | $0.00 | ' | ' |
Common stock, shares authorized | 38,500,000 | 38,500,000 | ' | ' |
Common stock, shares issued | 15,662,414 | 11,083,584 | ' | ' |
Common stock, shares outstanding | 15,662,414 | 11,083,584 | ' | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Operating revenues | ' | ' | ' | |||
Rental income | $59,769 | $50,915 | $43,632 | |||
Tenant recovery revenue | 1,574 | 355 | 344 | |||
Total operating revenues | 61,343 | 51,270 | 43,976 | |||
Operating expenses | ' | ' | ' | |||
Depreciation and amortization | 22,827 | 16,831 | 14,149 | |||
Property operating expenses | 3,348 | 1,588 | 986 | |||
Acquisitions related expense | 768 | 949 | 700 | |||
Base management fee | 2,014 | [1] | 1,467 | [1] | 1,629 | [1] |
Incentive fee | 4,201 | [1] | 3,569 | [1] | 3,398 | [1] |
Administration fee | 1,467 | [1] | 1,118 | [1] | 1,024 | [1] |
General and administrative | 1,655 | 1,594 | 1,497 | |||
Total operating expenses before credit to incentive fee | 36,280 | 27,116 | 23,383 | |||
Credit to incentive fee | -3,457 | [1] | -2,221 | [1] | -2,113 | [1] |
Total operating expenses | 32,823 | 24,895 | 21,270 | |||
Other income (expense) | ' | ' | ' | |||
Interest expense | -24,351 | -20,226 | -17,076 | |||
Other income | 101 | 127 | 84 | |||
Total other expense | -26,993 | -22,614 | -16,992 | |||
Net income | 1,527 | 3,761 | 5,714 | |||
Distributions attributable to senior common stock | -300 | -113 | -62 | |||
Net (loss) income available to common stockholders | -2,867 | -445 | 1,558 | |||
Earnings per weighted average share of common stock - basic & diluted | ' | ' | ' | |||
(Loss) income from continuing operations (net of dividends attributable to preferred stock) | ($0.22) | ($0.04) | $0.15 | |||
Net (loss) income available to common stockholders | ($0.22) | ($0.04) | $0.15 | |||
Weighted average shares of common stock outstanding | ' | ' | ' | |||
Basic | 13,164,244 | 10,953,325 | 10,236,859 | |||
Diluted | 13,164,244 | 10,953,325 | 10,288,711 | |||
Earnings per weighted average share of senior common stock | $1.04 | $1.06 | $1.05 | |||
Weighted average shares of senior common stock outstanding - basic | 287,178 | 106,721 | 59,258 | |||
Series C Preferred Stock [Member] | ' | ' | ' | |||
Other income (expense) | ' | ' | ' | |||
Distributions attributable to Series C mandatorily redeemable preferred stock | -2,743 | -2,515 | ' | |||
Series A and B Preferred Stock [Member] | ' | ' | ' | |||
Other income (expense) | ' | ' | ' | |||
Distributions attributable to Series A and B preferred stock | ($4,094) | ($4,093) | ($4,094) | |||
[1] | Refer to Note 2 "Related-Party Transactions" |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Preferred Stock [Member] | Senior Common Stock [Member] | Common Stock [Member] | Capital in Excess of Par Value [Member] | Notes Receivable from Employees [Member] | Distributions in Excess of Accumulated Earnings [Member] |
In Thousands | |||||||
Beginning balance at Dec. 31, 2010 | $111,375 | $2 | ' | $9 | $174,261 | ($963) | ($61,934) |
Issuance of senior common stock and common stock, net | 37,294 | ' | ' | 2 | 37,292 | ' | ' |
Repayment of principal on employee notes receivable | 541 | ' | ' | ' | ' | 541 | ' |
Distributions declared to common, senior common and preferred stockholders | -19,610 | ' | ' | ' | ' | ' | -19,610 |
Net income | 5,714 | ' | ' | ' | ' | ' | 5,714 |
Ending balance at Dec. 31, 2011 | 135,314 | 2 | ' | 11 | 211,553 | -422 | -75,830 |
Issuance of senior common stock and common stock, net | 3,917 | ' | ' | ' | 3,917 | ' | ' |
Repayment of principal on employee notes receivable | 12 | ' | ' | ' | ' | 12 | ' |
Distributions declared to common, senior common and preferred stockholders | -20,639 | ' | ' | ' | ' | ' | -20,639 |
Net income | 3,761 | ' | ' | ' | ' | ' | 3,761 |
Ending balance at Dec. 31, 2012 | 122,365 | 2 | ' | 11 | 215,470 | -410 | -92,708 |
Issuance of senior common stock and common stock, net | 83,286 | ' | ' | 5 | 83,281 | ' | ' |
Repayment of principal on employee notes receivable | 35 | ' | ' | ' | ' | 35 | ' |
Distributions declared to common, senior common and preferred stockholders | -24,067 | ' | ' | ' | ' | ' | -24,067 |
Net income | 1,527 | ' | ' | ' | ' | ' | 1,527 |
Ending balance at Dec. 31, 2013 | $183,146 | $2 | ' | $16 | $298,751 | ($375) | ($115,248) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $1,527 | $3,761 | $5,714 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 22,827 | 16,831 | 14,149 |
Amortization of deferred financing costs | 1,780 | 1,502 | 918 |
Amortization of deferred rent asset and liability, net | -333 | -772 | -616 |
Amortization of discount and premium on assumed debt | -171 | 9 | 94 |
Asset retirement obligation expense | 129 | 168 | 157 |
Increase in other assets | -399 | -211 | -142 |
Increase in deferred rent liability | ' | 2,510 | 1,626 |
Increase in deferred rent receivable | -3,700 | -2,144 | -1,394 |
(Decrease) increase in accounts payable, accrued expenses, and amount due Adviser and Administrator | -2,171 | 2,746 | -504 |
Increase (decrease) in other liabilities | 1,437 | 743 | -340 |
Leasing commissions paid | -1,041 | -1,738 | -6 |
Net cash provided by operating activities | 19,885 | 23,405 | 19,656 |
Cash flows from investing activities: | ' | ' | ' |
Acquisition of real estate and related intangible assets | -131,188 | -82,239 | -42,681 |
Improvements of existing real estate | -5,176 | -5,557 | -1,844 |
Receipts from lenders for funds held in escrow | 5,545 | 1,959 | 1,911 |
Payments to lenders for funds held in escrow | -6,606 | -5,463 | -3,376 |
Receipts from tenants for reserves | 6,085 | 2,870 | 2,205 |
Payments to tenants from reserves | -3,949 | -2,543 | -2,031 |
Increase in restricted cash | -2,117 | -461 | -185 |
Deposits on future acquisitions | -2,375 | -550 | ' |
Deposits applied against real estate investments | 2,725 | ' | ' |
Net cash used in investing activities | -137,056 | -91,984 | -46,001 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of equity | 88,121 | 4,191 | 39,707 |
Offering costs | -4,963 | -300 | -2,412 |
Proceeds from issuance of mandatorily redeemable preferred stock | ' | 38,500 | ' |
Borrowings under mortgage notes payable | 79,995 | 99,455 | 20,052 |
Payments for deferred financing costs | -2,051 | -4,598 | -1,065 |
Principal repayments on mortgage notes payable | -16,407 | -52,285 | -6,311 |
Principal repayments on employee notes receivable | 35 | 12 | 542 |
Borrowings from line of credit | 75,400 | 41,800 | 58,474 |
Repayments on line of credit | -76,000 | -35,500 | -66,774 |
(Decrease) increase in security deposits | -19 | 134 | 9 |
Distributions paid for common, senior common and preferred stock | -23,940 | -20,613 | -19,610 |
Net cash provided by financing activities | 120,171 | 70,796 | 22,612 |
Net increase (decrease) in cash and cash equivalents | 3,000 | 2,217 | -3,733 |
Cash and cash equivalents, beginning of period | 5,546 | 3,329 | 7,062 |
Cash and cash equivalents, end of period | 8,546 | 5,546 | 3,329 |
Cash paid during year for interest | 26,679 | 21,239 | 17,076 |
Increase in asset retirement obligation | ' | 298 | 69 |
Fixed rate debt assumed in connection with acquisitions | ' | 24,926 | 11,921 |
Fixed asset additions in accounts payable | 350 | ' | ' |
Senior common dividend issued in the dividend reinvestment program | $126 | $26 | ' |
Organization_Basis_of_Presenta
Organization, Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Organization, Basis of Presentation and Significant Accounting Policies | ' |
1. Organization, Basis of Presentation and Significant Accounting Policies | |
Gladstone Commercial Corporation, is a real estate investment trust, or REIT, that was incorporated under the General Corporation Laws of the State of Maryland on February 14, 2003 primarily for the purpose of investing in and owning net leased industrial, commercial and retail real property and selectively making long-term industrial and commercial mortgage loans. Subject to certain restrictions and limitations, our business is managed by Gladstone Management Corporation, a Delaware corporation, or the Adviser. We are externally managed pursuant to contractual arrangements with our Adviser and Gladstone Administration, LLC, or the Administrator, which collectively employ all of our personnel and pay their salaries, benefits, and general expenses directly. | |
Subsidiaries | |
We conduct substantially all of our operations through a subsidiary, Gladstone Commercial Limited Partnership, a Delaware limited partnership, or 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 with those of the Company. | |
Gladstone Commercial Lending, LLC, a Delaware limited liability company, or Gladstone Commercial Lending, a subsidiary of ours, was created to conduct all operations related to real estate mortgage loans of the Company. 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 those of the Company. | |
Gladstone Commercial Advisers, Inc., a Delaware corporation, or Commercial Advisers, and a subsidiary of the Company, is a taxable REIT subsidiary, or TRS, which was created to collect any non-qualifying income related to our real estate portfolio. There has been no such income earned to date. Since the Company owns 100% of the voting securities of Commercial Advisers, the financial position and results of operations of Commercial Advisers are consolidated with those of the Company. | |
GCLP Business Trust I and GCLP Business Trust II, each a subsidiary and business trust of the Company, 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. | |
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. | |
Out of Period Adjustment | |
During 2011, the Company recorded adjustments to due diligence expense, depreciation and amortization expense and to certain balance sheet accounts in connection with the property the Company acquired in December 2010. As a result of these errors, the Company understated net income by $0.3 million for the year ended December 31, 2010, or $0.03 per share. The Company concluded that these adjustments were not material to the 2010 results of operations nor the 2011 results. As such, these adjustments were recorded during 2011. | |
Use of Estimates | |
The preparation of financial statements in conformity with 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. | |
Reclassifications | |
Certain line items on the consolidated statements of operations and consolidated statements of cash flows from prior year’s financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on previously reported net income. | |
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 39 years for buildings and improvements, 5 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. | |
Certain of our acquisitions involve sale-leaseback transactions with newly-originated leases, which we account for as asset acquisitions under Accounting Standards Codification, or ASC, 805, “Business Combinations.” In the case of an asset acquisition, we will capitalize the transaction costs incurred in connection with the acquisition. Other of our acquisitions involve the acquisition of properties that are already being operated as rental property, which we will generally consider to be a business combination under ASC 805. Business combination guidance is generally applicable to us when properties are acquired with leases in place at the time of acquisition. 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 unamortized lease origination costs and the value of tenant relationships, based in each case on their fair values. ASC 805 also requires that all expenses related to the acquisition be expensed as incurred, rather than capitalized into the cost of the acquisition. | |
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 and liabilities acquired. In estimating carrying costs, management also includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the hypothetical expected lease-up periods, which primarily range from 9 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. Real estate depreciation expense on these tangible assets was $15.5 million, $11.9 million, and $10.1 million for the years ended December 31, 2013, 2012, and 2011, respectively | |
Above-market and below-market in-place lease fair values for owned 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 if 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 $0.3 million, for each of the years ended December 31, 2013, 2012, and 2011, 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 $0.6 million, $1.1 million, and $1.0 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |
The total amount of the remaining intangible assets acquired, which consists of in-place lease values, unamortized 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 expense over the remaining term of the respective leases, which generally range from 10 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 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. 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 immediately charged to amortization expense. Total amortization expense related to these intangible assets and liabilities was $7.3 million, $4.9 million, and $4.0 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |
Impairment | |
We account for the impairment of real estate, including intangible assets, 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 the tenants’ 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 and our intended holding period of the property. 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. We performed this evaluation and analysis and concluded that none of our properties were impaired as of December 31, 2013; however, we determined that properties located in South Hadley, Massachusetts and Roseville, Minnesota are at risk to become impaired in the future. We recently extended the lease on the property in South Hadley Massachusetts for one year, and it now expires in January 2015. There is a possibility we may have to impair this property in 2014 if we do not negotiate another lease extension on this building or find a replacement tenant. | |
Our property in Roseville, Minnesota remains partially vacant. We are currently working to re-tenant this building; however, if we do not secure a tenant in the near term there is a possibility we may have to impair this property in 2014. | |
We will continue to monitor our portfolio for any other indicators of impairment. There have been no impairments recognized on our real estate assets since inception. | |
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 in cash from 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. | |
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 $2.1 million, $4.6 million, and $1.1 million for deferred financing costs during the years ended December 31, 2013, 2012, and 2011, respectively. The decrease in payments incurred during the year ended December 31, 2013 was primarily related to the issuance of our 7.125% Series C Cumulative Term Preferred Stock in January 2012, or the Term Preferred Stock, discussed in further detail in Note 6 “Mandatorily Redeemable Preferred Stock.” Total amortization expense related to deferred financing costs is included in interest expense and was $1.8 million, $1.5 million, and $0.9 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |
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. Accordingly, we determine, in our judgment, to what extent the deferred rent receivable applicable to each specific tenant is collectable. 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 uncollectable accounts or record a direct write-off of the specific rent receivable. No such reserves or direct write-offs have been recorded to date. | |
Tenant recovery revenue includes payments from tenants as reimbursements for franchise taxes, management fees, insurance, and ground lease payments. We recognize tenant recovery revenue in the same periods that we incur the related expenses. | |
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 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, 2013, 2012 and 2011, we did not record any 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 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 over the life of the leases for the respective properties. There were no liabilities accrued during the year ended December 31, 2013. There were $0.3 million and $0.1 million in liabilities accrued in connection with acquisitions for the years ended December, 2012 and 2011, respectively. We recorded expenses of $0.1 million, $0.2 million, and $0.2 million during the years ended December 31, 2013, 2012 and 2011, 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 $9.2 million and the discount rates used in the calculations range from 2.5% to 7.6%. We do not expect to make any 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 | |
For the years ended December 31, 2013, 2012, and 2011, comprehensive income equaled net income; therefore, a separate statement of comprehensive income is not included in the accompanying consolidated financial statements. |
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related-Party Transactions | ' |
2. Related-Party Transactions | |
Gladstone Management and Gladstone Administration | |
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. We have an advisory agreement with our Adviser, or the Advisory Agreement, and an administration agreement with our Administrator, or the Administration Agreement. The management and administrative services and fees under the Advisory and Administration Agreements are described below. At December 31, 2013 and 2012, $1.4 million and $1.2 million, respectively, was collectively due to our Adviser and Administrator. | |
Advisory Agreement | |
The Advisory Agreement provides for an annual base management fee equal to 2% of our total stockholders’ equity, less the recorded value of any preferred stock, or common stockholders’ equity, and an incentive fee based on funds from operations, or FFO. For the years ended December 31, 2013, 2012, and 2011, we recorded a base management fee of $2.0 million, $1.5 million, and $1.6 million, respectively. | |
For purposes of calculating the incentive fee, FFO includes any realized capital gains and capital losses, less any distributions paid on preferred stock and senior common stock, but FFO does not include any unrealized capital gains or losses. The incentive fee rewards the Adviser if our quarterly FFO, before giving effect to any incentive fee, or pre-incentive fee FFO, exceeds 1.75%, or 7% annualized, or the hurdle rate, of total common stockholders’ equity. The Adviser receives 100% of the amount of the pre-incentive fee FFO that exceeds the hurdle rate, but is less than 2.1875% of our common stockholders’ equity. The Adviser also receives an incentive fee of 20% of the amount of our pre-incentive fee FFO that exceeds 2.1875% of common stockholders’ equity. | |
For the years ended December 31, 2013, 2012, and 2011, we recorded an incentive fee of $4.2 million, $3.6 million, and $3.4 million, respectively, offset by credits related to unconditional, voluntary and irrevocable waivers issued by the Adviser of $3.5 million, $2.2 million, and $2.1 million, respectively, resulting in a net incentive fee for the years ended December 31, 2013, 2012, and 2011, of $0.7 million, $1.4 million, and $1.3 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 years ended December 31, 2013, 2012, and 2011, in order to support the current level of distributions to our stockholders. This waiver may not be recouped by the Adviser in the future. | |
Administration Agreement | |
Pursuant to the Administration Agreement, we pay for our allocable portion of the Administrator’s overhead expenses in performing its obligations to us, including, but not limited to, rent and the salaries and benefits of its personnel, including our chief financial officer and treasurer, chief compliance officer, internal counsel and secretary and their respective staffs. Our allocable portion of expenses is derived by multiplying the Administrator’s total allocable expenses by the percentage of our total assets at the beginning of each quarter in comparison to the total assets of all companies managed by the Adviser under similar agreements. For the years ended December 31, 2013, 2012, and 2011, we recorded an administration fee of $1.5 million, $1.1 million, and $1.0 million, respectively. | |
Gladstone Securities | |
Gladstone Securities, LLC, or 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 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 8, “Stockholders’ Equity,” for further details) we entered into a Dealer Manager Agreement, dated March 25, 2011, or 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. Pursuant to the terms of the Dealer Manager Agreement, Gladstone Securities is 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. Gladstone Securities, in its sole and absolute discretion, may re-allocate all of its selling commissions attributable to a participating broker-dealer and may also re-allocate a portion of its dealer manager fee earned in respect of the proceeds generated by the participating broker-dealer to any participating broker-dealer as a non-accountable marketing allowance. In addition, we have agreed to indemnify Gladstone Securities against various liabilities, including certain liabilities arising under the federal securities laws. We made approximately $0.3 million, $0.2 million, and $0.005 million of payments during the years ended December 31, 2013, 2012, and 2011 respectively, to Gladstone Securities pursuant to this agreement, which are reflected as a component of senior common stock costs in the statement of stockholders’ equity. The Dealer Manager Agreement currently is scheduled to terminate on the earlier of (i) March 28, 2015 or (ii) the date on which 3,000,000 shares of Senior Common Stock are sold pursuant to the Dealer Manager Agreement. | |
Mortgage Financing Arrangement Agreement | |
We also 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 may from time to time 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 will 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, will be based on a percentage of the amount of the mortgage, generally ranging from 0.5% 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 $0.1 million during the year ended December 31, 2013, which are reflected as deferred financing costs in the consolidated balance sheet, on total mortgages secured of $76.3 million, or 0.18%. The agreement is scheduled to terminate on August 31, 2014, unless renewed or earlier terminated pursuant to the provisions contained therein. |
Earnings_Loss_Per_Share_of_Com
Earnings (Loss) Per Share of Common Stock | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings (Loss) Per Share of Common Stock | ' | ||||||||||||
3. Earnings (Loss) per Share of Common Stock | |||||||||||||
The following tables set forth the computation of basic and diluted earnings (loss) per share of common stock for the years ended December 31, 2013, 2012, and 2011. We computed basic earnings (loss) per share for the years ended December 31, 2013, 2012 and 2011 using the weighted average number of shares outstanding during the periods. Diluted earnings (loss) per share for the years ended December 31, 2013, 2012 and 2011, reflects additional shares of common stock, related to our convertible senior common stock, 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, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Calculation of basic earnings per share of common stock: | |||||||||||||
Net (loss) income available to common stockholders | $ | (2,867 | ) | $ | (445 | ) | $ | 1,558 | |||||
Denominator for basic weighted average shares of common stock | 13,164,244 | 10,953,325 | 10,236,859 | ||||||||||
Basic (loss) earnings per share of common stock | $ | (0.22 | ) | $ | (0.04 | ) | $ | 0.15 | |||||
Calculation of diluted earnings per share of common stock: | |||||||||||||
Net (loss) income available to common stockholders | $ | (2,867 | ) | $ | (445 | ) | $ | 1,558 | |||||
Add: Income impact of assumed conversion of senior common stock (1) | — | — | 62 | ||||||||||
Net (loss) income available to common stockholders plus assumed conversions | $ | (2,867 | ) | $ | (445 | ) | $ | 1,620 | |||||
Denominator for basic weighted average shares of common stock | 13,164,244 | 10,953,325 | 10,236,859 | ||||||||||
Effect of convertible senior common stock (1) | — | — | 51,852 | ||||||||||
Denominator for diluted weighted average shares of common stock | 13,164,244 | 10,953,325 | 10,288,711 | ||||||||||
Diluted (loss) earnings per share of common stock | $ | (0.22 | ) | $ | (0.04 | ) | $ | 0.15 | |||||
-1 | The convertible senior common stock was excluded from the calculation of diluted earnings per share for the years ended December 31, 2013 and December 31, 2012, because it was anti-dilutive. |
Real_Estate_and_Intangible_Ass
Real Estate and Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Real Estate and Intangible Assets | ' | ||||||||||||||||||||||||||||||||||||||||
4. Real Estate and Intangible Assets | |||||||||||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||||||||||
The following table sets forth the components of our investments in real estate as of December 31, 2013 and 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||||||
Land | $ | 79,153 | $ | 69,126 | |||||||||||||||||||||||||||||||||||||
Building and improvements | 527,230 | 442,451 | |||||||||||||||||||||||||||||||||||||||
Tenant improvements | 35,970 | 22,176 | |||||||||||||||||||||||||||||||||||||||
Accumulated depreciation | (81,241 | ) | (65,730 | ) | |||||||||||||||||||||||||||||||||||||
Real estate, net | $ | 561,112 | $ | 468,023 | |||||||||||||||||||||||||||||||||||||
2013 Real Estate Activity | |||||||||||||||||||||||||||||||||||||||||
During the year ended December 31, 2013, we acquired seven properties and completed an expansion of one property, which are summarized below (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||
Location | Acquisition/ | Square Footage | Lease | Renewal Options | Total Purchase/ | Acquistion | Annualized Straight | Debt Issued | |||||||||||||||||||||||||||||||||
Expansion Date | Term | Expansion Price | Expenses | Line Rent | |||||||||||||||||||||||||||||||||||||
Egg Harbor Township, NJ | 3/28/13 | 29,257 | 10 years | 1 (5 years) | $ | 5,650 | $ | 152 | $ | 490 | $ | 3,700 | |||||||||||||||||||||||||||||
Clintonville, WI (1) | 4/11/13 | 102,400 | 15 years | N/A | 3,250 | N/A | 961 | — | |||||||||||||||||||||||||||||||||
Vance, AL | 5/9/13 | 170,000 | 10 years | 2 (5 years) | 13,388 | 186 | 1,173 | — | |||||||||||||||||||||||||||||||||
Blaine, MN | 5/10/13 | 92,275 | 7 years | 2 (5 years) | 14,450 | 79 | 1,475 | 8,200 | |||||||||||||||||||||||||||||||||
Austin, TX | 7/9/13 | 320,000 | 7 years | 3 (3 years) | 57,000 | 155 | 4,641 | 35,300 | |||||||||||||||||||||||||||||||||
Allen, TX | 7/10/13 | 115,200 | 9 years | 2 (5 years) | 15,150 | 81 | 1,478 | 8,900 | |||||||||||||||||||||||||||||||||
Englewood, CO | 12/11/13 | 99,797 | 8 years | 2 (5 years) | 18,250 | 66 | 1,497 | 11,315 | |||||||||||||||||||||||||||||||||
Novi, MI | 12/27/13 | 156,200 | 10 years | 1 (5 years) | 7,300 | 42 | 684 | 4,380 | |||||||||||||||||||||||||||||||||
Total | 1,085,129 | $ | 134,438 | $ | 761 | $ | 12,399 | $ | 71,795 | ||||||||||||||||||||||||||||||||
(1) | The Clintonville, WI property was originally acquired in November 2005 for $5.3 million. After the expansion was completed in April 2013, the total investment in the property is $8.6 million. | ||||||||||||||||||||||||||||||||||||||||
In accordance with ASC 805, we determined the fair value of the acquired assets and assumed liabilities related to the seven properties acquired during the year ended December 31, 2013 as follows (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||
Land | Building | Tenant | In-place | Leasing Costs | Customer | Above Market | Below Market | Total Purchase | |||||||||||||||||||||||||||||||||
Improvements | Leases | Relationships | Leases | Leases | Price | ||||||||||||||||||||||||||||||||||||
Egg Harbor Township, NJ | $ | 1,627 | $ | 2,735 | $ | 282 | $ | 558 | $ | 189 | $ | 259 | $ | — | $ | — | $ | 5,650 | |||||||||||||||||||||||
Vance, AL | 457 | 9,721 | 808 | 1,097 | 678 | 627 | — | — | 13,388 | ||||||||||||||||||||||||||||||||
Blaine, MN | 1,060 | 9,347 | 1,172 | 1,361 | 694 | 816 | — | — | 14,450 | ||||||||||||||||||||||||||||||||
Austin, TX | 2,330 | 37,207 | 6,814 | 6,118 | 1,906 | 3,793 | — | (1,168 | ) | 57,000 | |||||||||||||||||||||||||||||||
Allen, TX | 2,699 | 5,758 | 2,187 | 1,525 | 1,146 | 1,499 | 336 | — | 15,150 | ||||||||||||||||||||||||||||||||
Englewood, CO | 1,503 | 9,889 | 1,850 | 2,036 | 1,178 | 1,850 | — | (56 | ) | 18,250 | |||||||||||||||||||||||||||||||
Novi, MI | 352 | 5,354 | 272 | 663 | 434 | 225 | — | — | 7,300 | ||||||||||||||||||||||||||||||||
$ | 10,028 | $ | 80,011 | $ | 13,385 | $ | 13,358 | $ | 6,225 | $ | 9,069 | $ | 336 | $ | (1,224 | ) | $ | 131,188 | |||||||||||||||||||||||
Below is a summary of the total revenue and earnings recognized on the seven properties acquired during the year ended December 31, 2013 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||
Location | Acquisition | Rental Revenue | Earnings (1) | ||||||||||||||||||||||||||||||||||||||
Date | |||||||||||||||||||||||||||||||||||||||||
Egg Harbor Township, NJ | 3/28/13 | $ | 373 | $ | 209 | ||||||||||||||||||||||||||||||||||||
Vance, AL | 5/9/13 | 757 | 363 | ||||||||||||||||||||||||||||||||||||||
Blaine, MN | 5/10/13 | 947 | 424 | ||||||||||||||||||||||||||||||||||||||
Austin, TX | 7/9/13 | 2,299 | 655 | ||||||||||||||||||||||||||||||||||||||
Allen, TX | 7/10/13 | 685 | 300 | ||||||||||||||||||||||||||||||||||||||
Englewood, CO | 12/11/13 | 85 | 25 | ||||||||||||||||||||||||||||||||||||||
Novi, MI | 12/27/13 | 9 | 5 | ||||||||||||||||||||||||||||||||||||||
$ | 5,155 | $ | 1,981 | ||||||||||||||||||||||||||||||||||||||
(1) | Earnings is calculated as net income exclusive of both interest expense and acquisition related costs that are required to be expensed under ASC 805. | ||||||||||||||||||||||||||||||||||||||||
Pro Forma | |||||||||||||||||||||||||||||||||||||||||
We acquired seven properties during the year ended December 31, 2013, eight properties during the year ended December 31, 2012, and seven properties during the year ended December 31, 2011. The following table reflects pro-forma consolidated statements of operations as if the properties were acquired as of the beginning of the previous period. The pro-forma earnings for the years ended December 31, 2013, 2012 and 2011 were adjusted assume that acquisition-related costs were incurred as of the beginning of the previous period (dollars in thousands, except per share data): | |||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
Operating Data: | |||||||||||||||||||||||||||||||||||||||||
Total operating revenue | $ | 67,818 | $ | 68,940 | $ | 56,954 | |||||||||||||||||||||||||||||||||||
Total operating expenses | (36,979 | ) | (37,457 | ) | (29,013 | ) | |||||||||||||||||||||||||||||||||||
Other expenses | (29,283 | ) | (28,754 | ) | (21,797 | ) | |||||||||||||||||||||||||||||||||||
Net income | 1,556 | 2,729 | 6,144 | ||||||||||||||||||||||||||||||||||||||
Dividends attributable to preferred and senior common stock | (4,394 | ) | (4,206 | ) | (4,156 | ) | |||||||||||||||||||||||||||||||||||
Net (loss) income available to common stockholders | $ | (2,838 | ) | $ | (1,477 | ) | 1,988 | ||||||||||||||||||||||||||||||||||
Share and Per Share Data: | |||||||||||||||||||||||||||||||||||||||||
Basic (loss) earnings per share of common stock | $ | (0.22 | ) | $ | (0.13 | ) | $ | 0.19 | |||||||||||||||||||||||||||||||||
Diluted (loss) earnings per share of common stock | $ | (0.22 | ) | $ | (0.13 | ) | $ | 0.19 | |||||||||||||||||||||||||||||||||
Weighted average shares outstanding-basic | 13,164,244 | 10,953,325 | 10,236,859 | ||||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding-diluted | 13,164,244 | 10,953,325 | 10,288,711 | ||||||||||||||||||||||||||||||||||||||
Existing Real Estate Activity | |||||||||||||||||||||||||||||||||||||||||
On January 14, 2013, we extended the lease with the tenant occupying our property located in Champaign, Illinois. The lease covering this property was extended for an additional 11 years through December 2024. The lease was originally set to expire in December 2013. The lease provides for prescribed rent escalations over the life of the lease, with annualized straight line rents of approximately $1.4 million. In connection with the extension of the lease and the modification of certain terms under the lease, we paid $0.4 million in leasing commissions. | |||||||||||||||||||||||||||||||||||||||||
On April 10, 2013, we extended the lease with the tenant occupying our property located in Canton, Ohio. The lease covering this property was extended for an additional 10 years, through January 2024. The lease was originally set to expire in January 2014. The lease provides for prescribed rent escalations over the life of the lease, with annualized straight line rents of approximately $0.3 million. In connection with the extension of the lease and the modification of certain terms under the lease, we provided a tenant allowance of $0.5 million. | |||||||||||||||||||||||||||||||||||||||||
On April 11, 2013, we funded a $3.3 million 102,400 square foot recently completed expansion of our property located in Clintonville, Wisconsin. In connection with the expansion of the property, we executed a lease amendment to extend the lease for an additional eight years, through October 2028. The lease was originally set to expire in October 2020. The lease was also amended to provide for an increase to the rental income over the life of the lease, with annualized straight line rents of approximately $1.0 million, up from $0.6 million under the original lease. | |||||||||||||||||||||||||||||||||||||||||
On May 14, 2013, our tenant occupying our Dayton, Ohio property notified us of their intention to exercise their early termination option. The lease requires the tenant to continue to pay monthly rent through the effective termination date of June 30, 2015. | |||||||||||||||||||||||||||||||||||||||||
On July 17, 2013, we executed a lease with a tenant to occupy our previously vacant property located in Hazelwood, Missouri. The lease commenced on August 1, 2013 and expires in May 2023. The tenant has two options to purchase the property: one option in March 2017 and the other option in May 2023. The lease provides for prescribed rent escalations over the life of the lease, with annualized straight line rents of approximately $0.2 million. In connection with the extension of the lease and the modification of certain terms under the lease, we paid $0.1 million in leasing commissions and $0.3 million in tenant improvements. | |||||||||||||||||||||||||||||||||||||||||
On August 7, 2013, we extended the lease with the tenant occupying our property located in South Hadley, Massachusetts. The lease covering this property was extended for an additional year through January 2015. The lease was originally set to expire in January 2014. The lease provides a scheduled rent increase over the previous lease, with annualized straight line rents of approximately $0.3 million. In connection with the extension of the lease and the modification of certain terms under the lease, we paid $3,400 in leasing commissions. | |||||||||||||||||||||||||||||||||||||||||
On August 15, 2013, we extended the lease with the tenant occupying our property located in Lexington, North Carolina. The lease covering this property was extended for an additional 12 years through April 2026. The lease was originally set to expire in April 2014. The lease provides for prescribed rent escalations over the life of the lease, with annualized straight line rents of approximately $0.4 million. In connection with the extension of the lease and the modification of certain terms under the lease, we provided a tenant allowance of $0.05 million, and we paid $0.2 million in leasing commissions | |||||||||||||||||||||||||||||||||||||||||
On August 15, 2013, we extended the lease with the tenant occupying our property located in Crenshaw, Pennsylvania. The lease covering this property was extended for an additional 12 years through April 2026. The lease was originally set to expire in April 2014. The lease provides for prescribed rent escalations over the life of the lease, with annualized straight line rents of approximately $0.7 million. In connection with the extension of the lease and the modification of certain terms under the lease, we provided a tenant allowance of $0.08 million, and we paid $0.4 million in leasing commissions. | |||||||||||||||||||||||||||||||||||||||||
On November 11, 2013, we amended the lease with the tenant occupying our property located in Canton, North Carolina. The amended lease provided that we construct an expansion to the premises of approximately 150,000 rentable square feet. The term of the lease will be extended so that after substantial completion of the expansion, the term remaining under the lease is 20 years. The lease was originally set to expire in July 2024. During the extended term of the lease, rent shall be equal to our incurred construction costs times 9.25% per annum, and subject to a 2% rental increase per year. | |||||||||||||||||||||||||||||||||||||||||
2012 Real Estate Activity | |||||||||||||||||||||||||||||||||||||||||
During the year ended December 31, 2012, we acquired eight properties, which are summarized below (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||
Location | Acquisition Date | Square Footage | Lease | Renewal Options | Total | Acquistion | Annualized Straight | Debt Issued / | |||||||||||||||||||||||||||||||||
Term | Purchase | Expenses | Line Rent | Assumed | |||||||||||||||||||||||||||||||||||||
Price | |||||||||||||||||||||||||||||||||||||||||
Ashburn, VA | 1/25/12 | 52,130 | 15 years | 2 (5 years each) | $ | 10,775 | $ | 102 | $ | 989 | N/A | ||||||||||||||||||||||||||||||
Ottumwa, IA | 5/30/12 | 352,860 | 11.5 years | 3 (5 years each) | 7,100 | 49 | 684 | 5,000 | |||||||||||||||||||||||||||||||||
New Albany, OH | 6/5/12 | 89,000 | 10.5 years | 2 (5 years each) | 13,333 | 196 | 1,361 | N/A | |||||||||||||||||||||||||||||||||
Columbus, GA | 6/21/12 | 32,000 | 11.5 years | 2 (5 years each) | 7,320 | 71 | 656 | 4,750 | |||||||||||||||||||||||||||||||||
Columbus, OH | 6/28/12 | 31,293 | 10 years | N/A | 4,037 | 66 | 342 | N/A | |||||||||||||||||||||||||||||||||
Jupiter, FL | 9/26/12 | 60,000 | 10.5 years | 2 (5 years each) | 15,500 | 61 | 1,372 | 10,758 | (1) | ||||||||||||||||||||||||||||||||
Fort Worth, TX | 11/8/12 | 208,234 | 14 years | N/A | 19,950 | 128 | 1,628 | 14,168 | (1) | ||||||||||||||||||||||||||||||||
Columbia, SC | 11/21/12 | 146,483 | 10 years | 3 (5 years each) | 29,150 | 105 | 2,614 | 19,000 | |||||||||||||||||||||||||||||||||
Total | 972,000 | $ | 107,165 | $ | 778 | $ | 9,646 | $ | 53,676 | ||||||||||||||||||||||||||||||||
-1 | Debt assumed as part of acquisition. | ||||||||||||||||||||||||||||||||||||||||
In accordance with ASC 805, we determined the fair value of acquired assets related to the eight properties acquired during the year ended December 31, 2012 as follows (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||
Land | Building | Tenant | In-place | Leasing Costs | Customer | Above Market | Below Market | Discount/ | Total Purchase | ||||||||||||||||||||||||||||||||
Improvements | Leases | Relationships | Leases | Leases | (Premium) on | Price | |||||||||||||||||||||||||||||||||||
Assumed Debt | |||||||||||||||||||||||||||||||||||||||||
Ashburn, VA | $ | 706 | $ | 6,551 | $ | 1,307 | $ | 804 | $ | 908 | $ | 499 | $ | — | $ | — | $ | — | $ | 10,775 | |||||||||||||||||||||
Ottumwa, IA | 212 | 4,743 | 329 | 940 | 484 | 499 | — | (107 | ) | — | 7,100 | ||||||||||||||||||||||||||||||
New Albany, OH | 1,658 | 7,511 | 1,235 | 1,122 | 857 | 903 | 47 | — | — | 13,333 | |||||||||||||||||||||||||||||||
Columbus, GA | 1,378 | 3,894 | 626 | 574 | 473 | 375 | — | — | — | 7,320 | |||||||||||||||||||||||||||||||
Columbus, OH | 542 | 1,856 | 597 | 391 | 213 | 325 | 113 | — | — | 4,037 | |||||||||||||||||||||||||||||||
Jupiter, FL | 1,160 | 11,249 | 745 | 1,603 | 701 | 909 | — | — | (867 | ) | 15,500 | ||||||||||||||||||||||||||||||
Fort Worth, TX | 963 | 15,507 | 140 | 1,579 | 2,107 | 517 | — | — | (863 | ) | 19,950 | ||||||||||||||||||||||||||||||
Columbia, SC | 1,905 | 17,765 | 2,883 | 2,454 | 1,490 | 1,919 | 734 | — | — | 29,150 | |||||||||||||||||||||||||||||||
$ | 8,524 | $ | 69,076 | $ | 7,862 | $ | 9,467 | $ | 7,233 | $ | 5,946 | $ | 894 | $ | (107 | ) | $ | (1,730 | ) | $ | 107,165 | ||||||||||||||||||||
Below is a summary of the total revenue and earnings recognized on the eight properties acquired during the year ended December 31, 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||
Location | Acquisition | Rental Revenue | Earnings (1) | ||||||||||||||||||||||||||||||||||||||
Date | |||||||||||||||||||||||||||||||||||||||||
Ashburn, VA | 1/25/12 | $ | 925 | $ | 555 | ||||||||||||||||||||||||||||||||||||
Ottumwa, IA | 5/30/12 | 408 | 200 | ||||||||||||||||||||||||||||||||||||||
New Albany, OH | 6/5/12 | 776 | 445 | ||||||||||||||||||||||||||||||||||||||
Columbus, GA | 6/21/12 | 346 | 186 | ||||||||||||||||||||||||||||||||||||||
Columbus, OH | 6/28/12 | 168 | 65 | ||||||||||||||||||||||||||||||||||||||
Jupiter, FL | 9/26/12 | 362 | 191 | ||||||||||||||||||||||||||||||||||||||
Fort Worth, TX | 11/8/12 | 240 | 118 | ||||||||||||||||||||||||||||||||||||||
Columbia, SC | 11/21/12 | 282 | 123 | ||||||||||||||||||||||||||||||||||||||
$ | 3,507 | $ | 1,883 | ||||||||||||||||||||||||||||||||||||||
(1) | Earnings is calculated as net income exclusive of both interest expense and acquisition related costs that are required to be expensed under ASC 805. | ||||||||||||||||||||||||||||||||||||||||
Future Lease Payments | |||||||||||||||||||||||||||||||||||||||||
Future operating lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses, for each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||
Year | Tenant | ||||||||||||||||||||||||||||||||||||||||
Lease Payments | |||||||||||||||||||||||||||||||||||||||||
2014 | $ | 62,160 | |||||||||||||||||||||||||||||||||||||||
2015 | 59,885 | ||||||||||||||||||||||||||||||||||||||||
2016 | 56,004 | ||||||||||||||||||||||||||||||||||||||||
2017 | 54,332 | ||||||||||||||||||||||||||||||||||||||||
2018 | 52,527 | ||||||||||||||||||||||||||||||||||||||||
Thereafter | 286,016 | ||||||||||||||||||||||||||||||||||||||||
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 property taxes on the respective properties in the event the tenants fail to pay them. The total annual property taxes for all properties owned by us as of December 31, 2013, were $10.8 million. | |||||||||||||||||||||||||||||||||||||||||
Intangible Assets | |||||||||||||||||||||||||||||||||||||||||
The following table summarizes the carrying value of intangible assets and the accumulated amortization for each intangible asset class (in thousands): | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||
Lease Intangibles | Accumulated | Lease Intangibles | Accumulated | ||||||||||||||||||||||||||||||||||||||
Amortization | Amortization | ||||||||||||||||||||||||||||||||||||||||
In-place leases | $ | 47,442 | $ | (15,158 | ) | $ | 34,085 | $ | (12,125 | ) | |||||||||||||||||||||||||||||||
Leasing costs | 31,339 | (9,323 | ) | 24,071 | (7,103 | ) | |||||||||||||||||||||||||||||||||||
Customer relationships | 35,739 | (10,407 | ) | 26,671 | (8,345 | ) | |||||||||||||||||||||||||||||||||||
$ | 114,520 | $ | (34,888 | ) | $ | 84,827 | $ | (27,573 | ) | ||||||||||||||||||||||||||||||||
The weighted average amortization periods in years for the intangible assets acquired and liabilities assumed during the years ended December 31, 2013 and 2012, respectively, were as follows: | |||||||||||||||||||||||||||||||||||||||||
Intangible Assets & Liabilities | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
In-place leases | 8.9 | 11.2 | |||||||||||||||||||||||||||||||||||||||
Leasing costs | 8.9 | 11.2 | |||||||||||||||||||||||||||||||||||||||
Customer relationships | 13.7 | 14.6 | |||||||||||||||||||||||||||||||||||||||
Above market leases | 8.8 | 10.1 | |||||||||||||||||||||||||||||||||||||||
Below market leases | 7.5 | 11.3 | |||||||||||||||||||||||||||||||||||||||
All intangible assets & liabilities | 10 | 12.1 | |||||||||||||||||||||||||||||||||||||||
The estimated aggregate amortization expense for each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||
Year | Estimated | ||||||||||||||||||||||||||||||||||||||||
Amortization Expense | |||||||||||||||||||||||||||||||||||||||||
2014 | $ | 10,490 | |||||||||||||||||||||||||||||||||||||||
2015 | 9,903 | ||||||||||||||||||||||||||||||||||||||||
2016 | 9,075 | ||||||||||||||||||||||||||||||||||||||||
2017 | 8,898 | ||||||||||||||||||||||||||||||||||||||||
2018 | 8,330 | ||||||||||||||||||||||||||||||||||||||||
Thereafter | 32,936 |
Mortgage_Notes_Payable_and_Lin
Mortgage Notes Payable and Line of Credit | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Mortgage Notes Payable and Line of Credit | ' | ||||||||||||||||||||||||
5. Mortgage Notes Payable and Line of Credit | |||||||||||||||||||||||||
Our mortgage notes payable and line of credit as of December 31, 2013 and December 31, 2012 are summarized below (dollars in thousands): | |||||||||||||||||||||||||
Principal Balance Outstanding | |||||||||||||||||||||||||
Date of Issuance/ Assumption | Principal | Stated Interest Rate at | December 31, 2013 | December 31, 2012 | |||||||||||||||||||||
Maturity Date | December 31, 2013 (1) | ||||||||||||||||||||||||
2/21/06 | 6/30/14 | 5.2 | % | $ | 17,455 | $ | 17,930 | ||||||||||||||||||
8/25/05 | 9/1/15 | 5.33 | % | 19,664 | 20,074 | ||||||||||||||||||||
9/12/05 | 9/1/15 | 5.21 | % | 11,593 | 11,821 | ||||||||||||||||||||
9/6/07 | 12/11/15 | 5.81 | % | 4,052 | 4,141 | ||||||||||||||||||||
12/21/05 | 1/8/16 | 5.71 | % | 17,816 | 18,155 | ||||||||||||||||||||
3/29/06 | 4/1/16 | 5.92 | % | 16,434 | 16,669 | ||||||||||||||||||||
4/27/06 | 5/5/16 | 6.58 | % | 12,696 | 13,080 | ||||||||||||||||||||
8/29/08 | 6/1/16 | 6.8 | % | 5,687 | 5,866 | ||||||||||||||||||||
6/20/11 | 6/30/16 | 6.08 | % | 11,164 | 11,341 | ||||||||||||||||||||
11/22/06 | 12/1/16 | 5.76 | % | 13,324 | 13,558 | ||||||||||||||||||||
11/26/13 | 12/1/16 | LIBOR +2.15 | %(2) | 8,200 | — | ||||||||||||||||||||
12/22/06 | 1/1/17 | 5.79 | % | 20,376 | 20,731 | ||||||||||||||||||||
2/8/07 | 3/1/17 | 6 | % | 13,775 | 13,775 | ||||||||||||||||||||
6/5/07 | 6/8/17 | 6.11 | % | 13,999 | 14,163 | ||||||||||||||||||||
10/15/07 | 11/8/17 | 6.63 | % | 14,848 | 15,072 | ||||||||||||||||||||
9/26/12 | 7/1/18 | 5.75 | % | 10,478 | 10,707 | ||||||||||||||||||||
11/18/11 | 11/1/18 | 4.5 | % | 4,155 | 4,256 | ||||||||||||||||||||
12/6/11 | 12/6/19 | 6 | % | 8,031 | 8,272 | ||||||||||||||||||||
10/28/11 | 11/1/21 | 6 | % | 6,938 | 7,068 | ||||||||||||||||||||
4/5/12 | 5/1/22 | 6.1 | % | 18,467 | 18,821 | ||||||||||||||||||||
6/21/12 | 7/6/22 | 5.05 | % | 4,608 | 4,712 | ||||||||||||||||||||
8/3/12 | 7/31/22 | 5 | % | 2,911 | 2,979 | ||||||||||||||||||||
7/24/12 | 8/1/22 | 5.6 | % | 9,361 | 9,661 | ||||||||||||||||||||
10/1/12 | 10/1/22 | 4.86 | % | 33,133 | 33,888 | ||||||||||||||||||||
11/21/12 | 12/6/22 | 4.04 | % | 18,525 | 19,000 | ||||||||||||||||||||
3/28/13 | 4/6/23 | 4.16 | % | 3,638 | — | ||||||||||||||||||||
7/3/13 | 8/1/23 | 5 | % | 8,163 | — | ||||||||||||||||||||
7/10/13 | 8/1/23 | 4.2 | % | 8,852 | — | ||||||||||||||||||||
7/9/13 | 8/6/23 | 4.81 | % | 35,093 | — | ||||||||||||||||||||
12/27/13 | 1/1/24 | 5.28 | % | 4,380 | — | ||||||||||||||||||||
12/15/10 | 12/10/26 | 6.63 | % | 9,496 | 9,983 | ||||||||||||||||||||
5/16/12 | 12/31/26 | 4.3 | % | 2,829 | 2,897 | ||||||||||||||||||||
11/8/12 | 2/1/27 | 5.69 | % | 13,864 | 14,145 | ||||||||||||||||||||
5/30/12 | 5/10/27 | 6.5 | % | 4,653 | 4,883 | ||||||||||||||||||||
6/27/12 | 7/1/29 | 5.1 | % | 1,905 | 1,984 | ||||||||||||||||||||
12/18/13 | 1/6/39 | 4.74 | % | 11,315 | — | ||||||||||||||||||||
2/21/06 | 12/1/13 | 5.91 | % | — | 8,658 | ||||||||||||||||||||
Contractual Mortgage Notes Payable: | $ | 421,878 | $ | 358,290 | |||||||||||||||||||||
Premiums and (Discounts), net: | 724 | 895 | |||||||||||||||||||||||
Total Mortgage Notes Payable: | $ | 422,602 | $ | 359,185 | |||||||||||||||||||||
Variable-Rate Line of Credit: | |||||||||||||||||||||||||
8/7/13 | 8/7/16 | LIBOR +3.25 | % | $ | 24,400 | $ | 25,000 | ||||||||||||||||||
Total Mortgage Notes Payable and Line of Credit | $ | 447,002 | $ | 384,185 | |||||||||||||||||||||
-1 | The weighted average interest rate on all debt outstanding at December 31, 2013, was approximately 5.31%. | ||||||||||||||||||||||||
-2 | At December 31, 2013, one month LIBOR was approximately 0.17%. | ||||||||||||||||||||||||
Mortgage Notes Payable | |||||||||||||||||||||||||
As of December 31, 2013, we had 36 mortgage notes payable, collateralized by a total of 70 properties and the net book value of these collateralized properties was $561.5 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. 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. The weighted-average interest rate on the mortgage notes payable as of December 31, 2013 was 5.4%. | |||||||||||||||||||||||||
During the year ended December 31, 2013, we issued seven long-term mortgages, which are summarized below (dollars in thousands): | |||||||||||||||||||||||||
Date of Issuance | Issuing Bank | Borrowings | Interest Rate | Maturity Date | |||||||||||||||||||||
3/28/13 | Citigroup Global Markets Realty Corp. | $ | 3,700 | 4.16 | % | 4/6/23 | |||||||||||||||||||
7/3/13 | Prudential Mortgage Capital Company LLC | 8,200 | 5 | % | 8/1/23 | ||||||||||||||||||||
7/9/13 | Cantor Commercial Real Estate Lending | 35,300 | 4.81 | % | 8/6/23 | ||||||||||||||||||||
7/10/13 | Synovus Bank | 8,900 | 4.2 | % | 8/1/23 | ||||||||||||||||||||
11/26/13 | Wells Fargo | 8,200 | LIBOR +2.15 | % | 12/1/16 | ||||||||||||||||||||
12/18/13 | Guggenheim Partners | 11,315 | 4.74 | % | 1/6/39 | ||||||||||||||||||||
12/27/13 | Key Bank | 4,380 | 5.28 | % | 1/1/24 | ||||||||||||||||||||
$ | 79,995 | ||||||||||||||||||||||||
Scheduled principal payments of mortgage notes payable for the each of the five succeeding fiscal years and thereafter are as follows (dollars in thousands): | |||||||||||||||||||||||||
Year | Scheduled Principal | ||||||||||||||||||||||||
Payments | |||||||||||||||||||||||||
2014 | $ | 24,830 | |||||||||||||||||||||||
2015 | 42,415 | ||||||||||||||||||||||||
2016 | 88,709 | ||||||||||||||||||||||||
2017 | 66,749 | ||||||||||||||||||||||||
2018 | 19,317 | ||||||||||||||||||||||||
Thereafter | 179,858 | ||||||||||||||||||||||||
$ | 421,878 | ||||||||||||||||||||||||
Refinancing | |||||||||||||||||||||||||
On November 26, 2013, through a wholly-owned subsidiary, we refinanced our mortgage at our Champaign, Illinois property which was originally set to mature on December 1, 2013. We borrowed $8.2 million pursuant to a long-term note payable from Wells Fargo. The new loan is variable rate, in which the interest rate resets monthly and is calculated as the one month London Interbank Offered Rate, or LIBOR, plus a margin of 2.15%. The LIBOR rate is subject to a floor of 0.5% per annum, and minimum interest on this note is 2.65%. The new note has a maturity date of December 1, 2016, with four, one-year extension options at the behest of the borrower. We simultaneously entered into an interest rate cap with Wells Fargo to hedge against the variability of the LIBOR rate, at a cost of approximately $0.03 million through December 1, 2016. We will receive payments from Wells Fargo if the one month LIBOR rate increases above 3.0%. | |||||||||||||||||||||||||
Interest Rate Cap | |||||||||||||||||||||||||
We have entered into an interest rate cap agreement with Wells Fargo that caps the interest rate on the note payable for our Champaign, Illinois property. The agreement provides that the interest rate on the note payable for our Champaign, Illinois property is capped at a certain interest rate when one-month LIBOR is in excess of 3.0%. The fair value of the interest rate cap agreement is recorded in other assets on our accompanying Consolidated Balance Sheets. We record changes in the fair value of the interest rate cap agreement quarterly based on the current market valuations at quarter end as other income (loss) on our accompanying Consolidated Statements of Operations. Generally, we will estimate the fair value of our interest rate cap using estimates of value provided by the counterparty and our own assumptions in the absence of observable market data, 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, 2013, our interest rate cap agreement was valued using Level 3 inputs. The following table summarizes the key terms of each interest rate cap agreement (dollars in thousands): | |||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Interest Rate Cap | Notional | LIBOR Cap | Effective Date | Maturity Date | Cost | Fair Value | |||||||||||||||||||
Amount | |||||||||||||||||||||||||
26-Nov-13 | $ | 8,200 | 3 | % | December 31, 2013 | December 1, 2016 | $ | 31 | $ | 22 | |||||||||||||||
Fair Value | |||||||||||||||||||||||||
The fair value of all mortgage notes payable outstanding as of December 31, 2013, was $421.8 million, as compared to the carrying value stated above of $421.9 million. The fair value is calculated based on a discounted cash flow analysis, using interest rates based on 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.” | |||||||||||||||||||||||||
Line of Credit | |||||||||||||||||||||||||
In August 2013, we procured a new $60.0 million senior unsecured revolving credit facility, or the New Line of Credit, with Keybank National Association serving as a revolving lender, a letter of credit issuer and an administrative agent and Citizens Bank of Pennsylvania as an additional lender. On December 16, 2013, Comerica Bank was also added as an additional lender. The New Line of Credit initially matures in August 2016; however, we have a one-year extension option subject to the payment of an extension fee equal to 25 basis points on the initial maturity date and certain other customary conditions. The New Line of Credit replaced the Credit Agreement, dated as of December 28, 2010 with Capital One, N.A., as administrative agent, and the other lenders party thereto, or the Prior Line of Credit. The Prior Line of Credit provided for a senior secured revolving credit facility in the amount of $75.0 million and was originally scheduled to mature on December 28, 2013. | |||||||||||||||||||||||||
The New Line of Credit has a letter of credit sublimit of up to $20.0 million. In addition, we may expand the New Line of Credit up to a total of $75.0 million upon satisfaction of certain conditions, including obtaining commitments from any one or more lenders, whether or not currently a party to the New Line of Credit, to provide such increased amounts and payment of the associated up front and arrangement fees at the time of such increase. The interest rate per annum applicable to the New Line of Credit is equal to the LIBOR plus an applicable margin of up to 3.25%, depending upon our leverage. The leverage ratio used in determining the applicable margin for interest on the New Line of Credit is recalculated quarterly. We are subject to an annual maintenance fee of $0.03 million per year and an unused commitment fee of 25 basis points per year, which accrues quarterly. Our ability to access this source of financing is subject to our continued ability to meet customary lending requirements, such as compliance with financial and operating covenants and our meeting certain lending limits. One such covenant requires us to limit distributions to our stockholders to 100% of our FFO, with acquisition-related costs required to be expensed under ASC 805 added back to FFO. In addition, the maximum amount we may draw under the New Line of Credit is based on a percentage of the value of a pool of unencumbered properties which must meet agreed upon eligibility standards. | |||||||||||||||||||||||||
If and when long-term mortgages are arranged for properties in the unencumbered pool, the banks will reduce the availability under the New Line of Credit by the amount advanced against that property’s value. Conversely, as we purchase new properties meeting the eligibility standards, we may add these new properties to the unencumbered pool to obtain additional availability under the New Line of Credit. The availability under the New Line of Credit is also reduced by letters of credit used in the ordinary course of business. We may use the advances under the New Line of Credit for both general corporate purposes and the acquisition of new investments. | |||||||||||||||||||||||||
As of December 31, 2013, there was $24.4 million outstanding under our New Line of Credit at an interest rate of approximately 3.4% and $10.3 million outstanding under letters of credit at a weighted average interest rate of 3.4%. As of December 31, 2013, the maximum additional amount we could draw was $17.1 million. We were in compliance with all covenants under the New Line of Credit as of December 31, 2013. The amount outstanding on the New Line of Credit as of December 31, 2013 approximates fair value, because the debt is subject to a variable interest rate, determined by market forces, as well as a recently negotiated interest rate spread. |
Mandatorily_Redeemable_Preferr
Mandatorily Redeemable Preferred Stock | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Mandatorily Redeemable Preferred Stock | ' |
6. Mandatorily Redeemable Preferred Stock | |
In February 2012, we completed a public offering of 1,540,000 shares of 7.125% Series C Cumulative Term Preferred Stock, par value $0.001 per share, or the Term 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 and were used to repay a portion of outstanding borrowings under our Line of Credit, for acquisitions of real estate and for working capital. The Term Preferred Stock is traded under the ticker symbol GOODN on the NASDAQ Global Select Market, or the NASDAQ. The Term Preferred Stock is not convertible into our common stock or any other security of ours. Generally, we may not redeem shares of the Term Preferred Stock prior to January 31, 2016, except in limited circumstances to preserve our status as a REIT. On or after January 31, 2016, we may redeem the shares at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends to and including the date of redemption. The shares of the Term Preferred Stock have a mandatory redemption date of January 31, 2017. We incurred $1.8 million in total offering costs related to these transactions, which have been recorded as deferred financing costs on the consolidated balance sheet and will be amortized over the redemption period ending January 31, 2017. | |
The Term Preferred Stock is recorded as 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. | |
The fair value of our Term Preferred Stock as of December 31, 2013, was $39.5 million, as compared to the carrying value stated above of $38.5 million. The fair value is calculated based on the closing share price as of December 31, 2013 of $25.65. The fair value was calculated using Level 1 inputs of the hierarchy established by ASC 820, “Fair Value Measurements and Disclosures.” |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||||||||||||||||||||
7. Commitments and Contingencies | |||||||||||||||||||||||||||||||||
Ground Leases | |||||||||||||||||||||||||||||||||
We are obligated as lessee under three ground leases. Future minimum rental payments due under the terms of these leases as of December 31, 2013, are as follows (dollars in thousands): | |||||||||||||||||||||||||||||||||
For the year ended December 31, | |||||||||||||||||||||||||||||||||
Location | Lease End Date | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |||||||||||||||||||||||||
Tulsa, OK | 21-Apr | $ | 153 | $ | 153 | $ | 153 | $ | 153 | $ | 153 | $ | 153 | $ | 229 | ||||||||||||||||||
Dartmouth, MA | May-36 | 174 | 174 | 174 | 174 | 174 | 174 | 3,300 | |||||||||||||||||||||||||
Springfield, MA | Feb-30 | 86 | 86 | 86 | 89 | 90 | 90 | 974 | |||||||||||||||||||||||||
$ | 413 | $ | 413 | $ | 413 | $ | 416 | $ | 417 | $ | 417 | $ | 4,503 | ||||||||||||||||||||
Expenses recorded in connection to rental expense incurred for the properties listed above during the years ended December 31, 2013, 2012, and 2011 were $0.4 million, $0.4 million, and $0.2 million, respectively. Rental expenses are reflected in property operating expenses on the consolidated statements of operations. | |||||||||||||||||||||||||||||||||
Tenant Improvements | |||||||||||||||||||||||||||||||||
We have committed to provide tenant improvement funding for certain properties. In addition, we have committed to provide financing to expand our building located in Canton, North Carolina. Future tenant improvement payments due on these properties as of December 31, 2013, are as follows (dollars in thousands): | |||||||||||||||||||||||||||||||||
For the year ended December 31, | |||||||||||||||||||||||||||||||||
Location | Lease End Date | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |||||||||||||||||||||||||
Canton, NC | 24-Jul | (1) | $ | 5,285 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Concord Township, OH | Aug-34 | 150 | — | — | — | — | — | — | |||||||||||||||||||||||||
Austin, TX | 15-Jun | 125 | — | — | — | — | — | — | |||||||||||||||||||||||||
Roseville, MN | 17-Dec | 80 | — | — | — | — | — | — | |||||||||||||||||||||||||
Hialeah, FL | 27-Mar | 35 | — | — | — | — | — | — | |||||||||||||||||||||||||
$ | 5,675 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
(1) | Upon completion of expansion of this property, currently projected to be September of 2014, the lease will be extended for 20 years, through September 2034. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Equity [Abstract] | ' | ||||||||||||||
Stockholders' Equity | ' | ||||||||||||||
8. Stockholders’ Equity | |||||||||||||||
Distributions | |||||||||||||||
Our Board of Directors declared the following distributions per share for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||||
For the year ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Common Stock | $ | 1.5 | $ | 1.5 | $ | 1.5 | |||||||||
Senior Common Stock | 1.05 | 1.05 | 1.05 | ||||||||||||
Series A Preferred Stock | 1.9374996 | 1.9374996 | 1.9374996 | ||||||||||||
Series B Preferred Stock | 1.875 | 1.875 | 1.875 | ||||||||||||
Series C Preferred Stock (1) | 1.7813 | 1.6328 | (1) | N/A | (1) | ||||||||||
(1) | The Series C Preferred Stock was issued on January 31, 2012. | ||||||||||||||
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 no capital gains during the last three years. The characterization of distributions during each of the last three years is reflected in the table below: | |||||||||||||||
Ordinary Income | Return of Capital | ||||||||||||||
Common Stock | |||||||||||||||
For the year ended December 31, 2011 | 16.6256 | % | 83.3744 | % | |||||||||||
For the year ended December 31, 2012 | 0 | % | 100 | % | |||||||||||
For the year ended December 31, 2013 | 18.32962 | % | 81.67038 | % | |||||||||||
Senior Common Stock | |||||||||||||||
For the year ended December 31, 2011 | 100 | % | 0 | % | |||||||||||
For the year ended December 31, 2012 | 0 | % | 100 | % | |||||||||||
For the year ended December 31, 2013 | 100 | % | 0 | % | |||||||||||
Series A Preferred Stock | |||||||||||||||
For the year ended December 31, 2011 | 100 | % | 0 | % | |||||||||||
For the year ended December 31, 2012 | 91.7083 | % | 8.2917 | % | |||||||||||
For the year ended December 31, 2013 | 100 | % | 0 | % | |||||||||||
Series B Preferred Stock | |||||||||||||||
For the year ended December 31, 2011 | 100 | % | 0 | % | |||||||||||
For the year ended December 31, 2012 | 91.7083 | % | 8.2917 | % | |||||||||||
For the year ended December 31, 2013 | 100 | % | 0 | % | |||||||||||
Series C Preferred Stock | |||||||||||||||
For the year ended December 31, 2011 | N/A | N/A | (1) | ||||||||||||
For the year ended December 31, 2012 | 91.7083 | % | 8.2917 | % | |||||||||||
For the year ended December 31, 2013 | 100 | % | 0 | % | |||||||||||
-1 | There was no Series C Preferred Stock outstanding during the year ended December 31, 2011. | ||||||||||||||
Recent Activity | |||||||||||||||
On April 29, 2013, we completed a public offering of 1,265,000 shares of our common stock at a public offering price of $18.90 per share. Gross proceeds of the offering totaled $23.9 million and net proceeds, after deducting offering expenses borne by us, were $22.6 million, which we used to acquire real estate. | |||||||||||||||
On June 24, 2013, we completed a public offering of 1,320,000 shares of our common stock at a public offering price of $18.82 per share. On July 11, 2013, the underwriters partially exercised their option to purchase an additional 158,000 shares of common stock. Gross proceeds of the offering were $27.8 million and net proceeds, after deducting offering expenses borne by us, were $26.3 million, which we used to acquire real estate. | |||||||||||||||
On November 25, 2013, we completed a public offering of 1,377,500 shares of our common stock at a public offering price of $18.15 per share. On December 26, 2013, the underwriters partially exercised their option to purchase an additional 26,422 shares of common stock. Gross proceeds of the offering totaled $25.5 million and net proceeds, after deducting offering expenses borne by us, were $24.2 million, which we used to acquire real estate. | |||||||||||||||
Ongoing Activity | |||||||||||||||
We have an open market sale agreement, or the ATM Program, with Jefferies LLC, or Jefferies, under which we may, from time to time, offer to sell shares of our common stock with an aggregate sales price of up to $25.0 million on the open market through Jefferies, as agent, or to Jefferies, as principal. During the year ended December 31, 2013, we raised approximately $7.8 million in gross proceeds under the ATM Program. As of December 31, 2013, we had sold a total of 762,478 shares with aggregate gross proceeds of $14.0 million, and have a remaining capacity to sell up to $11.0 million of common stock under the ATM Program with Jefferies. | |||||||||||||||
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 are intended to be offered pursuant to the primary offering and 500,000 shares are intended to be offered pursuant to our senior common distribution reinvestment plan, or the DRIP. We, however, reserve the right to reallocate the number of shares being offered between the primary offering and the DRIP. As of December 31, 2013, we had sold 307,979 shares of senior common stock in this ongoing offering, for gross proceeds of $4.6 million, and issued an additional 10,223 shares of senior common stock under the DRIP program. | |||||||||||||||
Notes to Employees | |||||||||||||||
The following table is a summary of the outstanding note issued to an employee of the Adviser for the exercise of stock options (dollars in thousands): | |||||||||||||||
Date Issued | Outstanding Balance | Outstanding Balance | Maturity Date | Interest Rate | |||||||||||
of Employee Loan at | of Employee Loans at | of Note | on Note | ||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||
Apr-06 | $ | — | $ | 3 | Apr 2015 | 7.77 | % | ||||||||
May-06 | — | 32 | May 2016 | 7.87 | % | ||||||||||
Nov-06 | 375 | 375 | Nov 2015 | 8.15 | % | ||||||||||
$ | 375 | $ | 410 | ||||||||||||
In accordance with ASC 505-10-45-2, “Equity,” receivables from employees for the issuance of capital stock to employees prior to the receipt of cash payment should be reflected in the balance sheet as a reduction to stockholders’ equity. Therefore, this note was recorded as a full recourse loan to the employee and is included in the equity section of the accompanying consolidated balance sheets. As of December 31, 2013, this loan maintained its full recourse status. |
Quarterly_Financial_Informatio
Quarterly Financial Information (unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information (unaudited) | ' | ||||||||||||||||
9. Quarterly Financial Information (unaudited) | |||||||||||||||||
The following table reflects the quarterly results of operations for the years ended December 31, 2013 and 2012 (dollars in thousands). | |||||||||||||||||
Quarter ended | |||||||||||||||||
December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | ||||||||||||||
Operating revenues | $ | 16,860 | $ | 16,190 | $ | 14,258 | $ | 14,035 | |||||||||
Operating expenses | 9,542 | 8,639 | 7,369 | 7,273 | |||||||||||||
Other expense | (6,984 | ) | (7,242 | ) | (6,438 | ) | (6,329 | ) | |||||||||
Net income | 334 | 309 | 451 | 433 | |||||||||||||
Dividends attributable to preferred and senior common stock | (1,120 | ) | (1,106 | ) | (1,092 | ) | (1,076 | ) | |||||||||
Loss available to common stockholders | (786 | ) | (797 | ) | (641 | ) | (643 | ) | |||||||||
Loss income available to common stockholders - basic & diluted | $ | (0.05 | ) | $ | (0.06 | ) | $ | (0.05 | ) | $ | (0.06 | ) | |||||
Weighted average shares outstanding - basic | 14,798,950 | 14,196,423 | 12,380,402 | 11,230,647 | |||||||||||||
Weighted average shares outstanding - diluted | 14,798,950 | 14,196,423 | 12,380,402 | 11,230,647 | |||||||||||||
Quarter ended | |||||||||||||||||
December 31, 2012 | September 30, 2012 | June 30, 2012 | March 31, 2012 | ||||||||||||||
Operating revenues | $ | 13,790 | $ | 12,970 | $ | 12,410 | $ | 12,100 | |||||||||
Operating expenses | 6,971 | 6,100 | 6,027 | 5,797 | |||||||||||||
Other expense | (6,205 | ) | (5,878 | ) | (5,529 | ) | (5,002 | ) | |||||||||
Net income | 614 | 992 | 854 | 1,301 | |||||||||||||
Dividends attributable to preferred and senior common stock | (1,065 | ) | (1,053 | ) | (1,046 | ) | (1,042 | ) | |||||||||
Net income available to common stockholders | (451 | ) | (61 | ) | (192 | ) | 259 | ||||||||||
Net (loss) income available to common stockholders - basic & diluted | $ | (0.04 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | 0.02 | ||||||
Weighted average shares outstanding - basic | 10,976,992 | 10,945,379 | 10,945,379 | 10,945,379 | |||||||||||||
Weighted average shares outstanding - diluted | 10,976,992 | 10,945,379 | 10,945,379 | 11,006,597 |
Subsequent_Events
Subsequent Events | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Subsequent Events [Abstract] | ' | ||||||||||||||||||
Subsequent Events | ' | ||||||||||||||||||
10. Subsequent Events | |||||||||||||||||||
On January 7, 2014, our Board of Directors declared the following monthly distributions: | |||||||||||||||||||
Record Date | Payment Date | Common Stock | Series A Preferred | Series B Preferred | Series C Preferred | ||||||||||||||
Distributions per Share | Distributions per Share | Distributions per Share | Distributions per Share | ||||||||||||||||
22-Jan-14 | January 31, 2014 | $ | 0.125 | $ | 0.1614583 | $ | 0.15625 | $ | 0.1484375 | ||||||||||
19-Feb-14 | February 28, 2014 | 0.125 | 0.1614583 | 0.15625 | 0.1484375 | ||||||||||||||
17-Mar-14 | 31-Mar-14 | 0.125 | 0.1614583 | 0.15625 | 0.1484375 | ||||||||||||||
Total | $ | 0.375 | $ | 0.4843749 | $ | 0.46875 | $ | 0.4453125 | |||||||||||
Senior Common Stock Distributions | |||||||||||||||||||
Payable to the Holders of Record During the Month of: | Payment Date | Distribution per Share | |||||||||||||||||
January | February 7, 2014 | $ | 0.0875 | ||||||||||||||||
February | 7-Mar-14 | 0.0875 | |||||||||||||||||
March | 7-Apr-14 | 0.0875 | |||||||||||||||||
Total | $ | 0.2625 | |||||||||||||||||
Schedule_III_Real_Estate_and_A
Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||
Real Estate And Accumulated Depreciation Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||
Schedule III Real Estate and Accumulated Depreciation | ' | ||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||||||
DECEMBER 31, 2013 (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost | ||||||||||||||||||||||||||||||||||||||||||
Improvement | |||||||||||||||||||||||||||||||||||||||||||
Costs Capitalized | Year | ||||||||||||||||||||||||||||||||||||||||||
Buildings & | Subsequent to | Buildings & | Accumulated | Net Real | Construction/ | Date | |||||||||||||||||||||||||||||||||||||
Location of Property | Encumbrances | Land | Improvements | Acquisition | Land | Improvements | Total (1) | Depreciation (2) | Estate | Improvements | Acquired | ||||||||||||||||||||||||||||||||
Raleigh, North Carolina Office Building | $ | 4,856 | $ | 960 | $ | 4,481 | $ | — | $ | 960 | $ | 4,481 | $ | 5,441 | $ | 1,636 | $ | 3,805 | 1997 | 12/23/03 | |||||||||||||||||||||||
Canton, Ohio | 2,717 | 186 | 3,083 | 500 | 186 | 3,583 | 3,769 | 874 | 2,895 | 1994 | 1/30/04 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Akron, Ohio | 6,962 | 1,973 | 6,771 | 284 | 1,973 | 7,055 | 9,028 | 1,737 | 7,291 | 1968/1999 | 4/29/04 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Charlotte, North Carolina | 6,440 | 740 | 8,423 | 61 | 740 | 8,484 | 9,224 | 2,098 | 7,126 | 1984/1995 | 6/30/04 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Canton, North Carolina Industrial Building | 3,722 | 150 | 5,050 | 535 | 150 | 5,585 | 5,735 | 1,227 | 4,508 | 1998 | 7/6/04 | ||||||||||||||||||||||||||||||||
Crenshaw, Pennsylvania Industrial Building | 5,274 | 100 | 6,574 | 272 | 100 | 6,846 | 6,946 | 1,612 | 5,334 | 1991 | 8/5/04 | ||||||||||||||||||||||||||||||||
Lexington, North Carolina Industrial Building | 2,683 | 820 | 2,107 | 69 | 820 | 2,176 | 2,996 | 519 | 2,477 | 1986 | 8/5/04 | ||||||||||||||||||||||||||||||||
Austin, Texas | 6,500 | 1,000 | 6,296 | 81 | 1,000 | 6,377 | 7,377 | 1,557 | 5,820 | 2001 | 9/16/04 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Mt. Pocono, Pennsylvania Industrial Building | 4,969 | 350 | 5,819 | 18 | 350 | 5,837 | 6,187 | 1,399 | 4,788 | 1995-1999 | 10/15/04 | ||||||||||||||||||||||||||||||||
San Antonio, Texas Office Building | 6,760 | 843 | 7,514 | 625 | 843 | 8,139 | 8,982 | 2,165 | 6,817 | 1999 | 2/10/05 | ||||||||||||||||||||||||||||||||
Columbus, Ohio Industrial Building | 2,565 | 410 | 2,385 | — | 410 | 2,385 | 2,795 | 548 | 2,247 | 1995 | 2/10/05 | ||||||||||||||||||||||||||||||||
Big Flats, New York Industrial Building | 5,442 | 275 | 6,459 | 34 | 275 | 6,493 | 6,768 | 1,457 | 5,311 | 2001 | 4/15/05 | ||||||||||||||||||||||||||||||||
Wichita, Kansas Office Building | 7,696 | 1,525 | 9,703 | 67 | 1,525 | 9,770 | 11,295 | 2,262 | 9,033 | 2000 | 5/18/05 | ||||||||||||||||||||||||||||||||
Arlington, Texas Industrial Building | 3,881 | 636 | 3,695 | 416 | 636 | 4,111 | 4,747 | 899 | 3,848 | 1966 | 5/26/05 | ||||||||||||||||||||||||||||||||
Dayton, Ohio | 1,914 | 525 | 1,877 | 120 | 525 | 1,997 | 2,522 | 780 | 1,742 | 1956 | 6/30/05 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Eatontown, New Jersey Office Building | 4,427 | 1,351 | 3,520 | 534 | 1,351 | 4,054 | 5,405 | 897 | 4,508 | 1991 | 7/7/05 | ||||||||||||||||||||||||||||||||
Franklin Township, New Jersey Industrial Building | 6,564 | 1,632 | 6,200 | — | 1,632 | 6,200 | 7,832 | 1,354 | 6,478 | 1978 | 7/11/05 | ||||||||||||||||||||||||||||||||
Duncan, South Carolina Industrial Building | 10,592 | 783 | 10,790 | 1,615 | 783 | 12,405 | 13,188 | 2,660 | 10,528 | 1984/2001/2007 | 7/14/05 | ||||||||||||||||||||||||||||||||
Duncan, South Carolina Industrial Building | 2,633 | 195 | 2,682 | 419 | 195 | 3,101 | 3,296 | 661 | 2,635 | 1984/2001/2007 | 7/14/05 | ||||||||||||||||||||||||||||||||
Hazelwood, Missouri Industrial Building | 2,320 | 763 | 2,309 | 372 | 763 | 2,681 | 3,444 | 540 | 2,904 | 1977 | 8/5/05 | ||||||||||||||||||||||||||||||||
Angola, Indiana Industrial Building | $ | 646 | $ | 66 | $ | 1,075 | $ | 49 | $ | 66 | $ | 1,124 | $ | 1,190 | $ | 237 | $ | 953 | 1982 | 9/2/05 | |||||||||||||||||||||||
Angola, Indiana Industrial Building | 620 | 132 | 1,130 | 51 | 132 | 1,181 | 1,313 | 369 | 944 | 1982 | 9/2/05 | ||||||||||||||||||||||||||||||||
Rock Falls, Illinois Industrial Building | 644 | 35 | 1,113 | 50 | 35 | 1,163 | 1,198 | 126 | 1,072 | 1982 | 9/2/05 | ||||||||||||||||||||||||||||||||
Newburyport, Massachusetts Industrial Building | 6,385 | 629 | 6,504 | 1,847 | 629 | 8,351 | 8,980 | 1,655 | 7,325 | 1994 | 10/17/05 | ||||||||||||||||||||||||||||||||
Clintonville, Wisconsin Industrial Building | 3,090 | 55 | 4,717 | 3,250 | 55 | 7,967 | 8,022 | 1,091 | 6,931 | 1992/2013 | 10/31/05 | ||||||||||||||||||||||||||||||||
Maple Heights, Ohio Industrial Building | 9,977 | 1,609 | 10,065 | 1,198 | 1,609 | 11,263 | 12,872 | 2,825 | 10,047 | 1974 | 12/21/05 | ||||||||||||||||||||||||||||||||
Richmond, Virginia Office Building | 5,275 | 736 | 5,336 | 36 | 736 | 5,372 | 6,108 | 1,150 | 4,958 | 1972 | 12/30/05 | ||||||||||||||||||||||||||||||||
Toledo, Ohio Medical Office Building | 2,798 | 263 | 2,812 | 390 | 263 | 3,202 | 3,465 | 656 | 2,809 | 1979 | 12/30/05 | ||||||||||||||||||||||||||||||||
South Hadley, Massachusetts Industrial Building | — | 471 | 2,765 | 38 | 471 | 2,803 | 3,274 | 561 | 2,713 | 1978 | 2/15/06 | ||||||||||||||||||||||||||||||||
Champaign, Illinois Office Building | 1,545 | 687 | 2,036 | 2 | 687 | 2,038 | 2,725 | 444 | 2,281 | 1996 | 2/21/06 | ||||||||||||||||||||||||||||||||
Champaign, Illinois Office Building | 3,030 | 1,347 | 3,992 | 4 | 1,347 | 3,996 | 5,343 | 871 | 4,472 | 1996 | 2/21/06 | ||||||||||||||||||||||||||||||||
Champaign, Illinois Office Building | 1,894 | 842 | 2,495 | 2 | 842 | 2,497 | 3,339 | 544 | 2,795 | 1996 | 2/21/06 | ||||||||||||||||||||||||||||||||
Champaign, Illinois Office Building | 1,731 | 770 | 2,281 | 2 | 770 | 2,283 | 3,053 | 497 | 2,556 | 1996 | 2/21/06 | ||||||||||||||||||||||||||||||||
Roseville, Minnesota Office Building | 17,455 | 2,588 | 25,290 | 584 | 2,588 | 25,874 | 28,462 | 6,030 | 22,432 | 1964 | 2/21/06 | ||||||||||||||||||||||||||||||||
Burnsville, Minnesota Office Building | 11,193 | 3,511 | 8,746 | — | 3,511 | 8,746 | 12,257 | 2,273 | 9,984 | 1984 | 5/10/06 | ||||||||||||||||||||||||||||||||
Menomonee Falls, Wisconsin Industrial Building | 6,823 | 625 | 6,911 | 57 | 625 | 6,968 | 7,593 | 1,367 | 6,226 | 1986/2000 | 6/30/06 | ||||||||||||||||||||||||||||||||
Baytown, Texas Medical Office Building | 2,000 | 221 | 2,443 | — | 221 | 2,443 | 2,664 | 533 | 2,131 | 1997 | 7/11/06 | ||||||||||||||||||||||||||||||||
Sterling Heights, Michigan (3) Industrial Building | — | 2,735 | 8,606 | 13 | 2,735 | 8,619 | 11,354 | 1,608 | 9,746 | 1979/1989 | 9/22/06 | ||||||||||||||||||||||||||||||||
Birmingham, Alabama (3) Industrial Building | — | 612 | 2,326 | — | 612 | 2,326 | 2,938 | 443 | 2,495 | 1961/1980 | 9/29/06 | ||||||||||||||||||||||||||||||||
Montgomery, Alabama (3) Industrial Building | — | 222 | 844 | — | 222 | 844 | 1,066 | 161 | 905 | 1961/1980 | 9/29/06 | ||||||||||||||||||||||||||||||||
Columbia, Missouri (3) Industrial Building | $ | — | $ | 146 | $ | 555 | $ | — | $ | 146 | $ | 555 | $ | 701 | $ | 106 | $ | 595 | 1961/1980 | 9/29/06 | |||||||||||||||||||||||
Mason, Ohio Office Building | 4,346 | 797 | 6,258 | 538 | 797 | 6,796 | 7,593 | 1,368 | 6,225 | 2002 | 1/5/07 | ||||||||||||||||||||||||||||||||
Raleigh, North Carolina Industrial Building | 5,249 | 1,606 | 5,513 | — | 1,606 | 5,513 | 7,119 | 997 | 6,122 | 1994 | 2/16/07 | ||||||||||||||||||||||||||||||||
Tulsa, Oklahoma Industrial Building | 8,031 | — | 14,057 | — | — | 14,057 | 14,057 | 2,889 | 11,168 | 2004 | 3/1/07 | ||||||||||||||||||||||||||||||||
Hialeah, Florida (3) Industrial Building | — | 3,562 | 6,672 | 630 | 3,562 | 7,302 | 10,864 | 1,233 | 9,631 | 1956/1992 | 3/9/07 | ||||||||||||||||||||||||||||||||
Tewksbury, Massachusetts (3) Industrial Building | — | 1,395 | 8,893 | — | 1,395 | 8,893 | 10,288 | 1,636 | 8,652 | 1985/1989 | 5/17/07 | ||||||||||||||||||||||||||||||||
Mason, Ohio Retail Building | 4,630 | 1,201 | 4,961 | — | 1,201 | 4,961 | 6,162 | 840 | 5,322 | 2007 | 7/1/07 | ||||||||||||||||||||||||||||||||
Cicero, New York Industrial Building | 4,052 | 299 | 5,019 | — | 299 | 5,019 | 5,318 | 813 | 4,505 | 2005 | 9/6/07 | ||||||||||||||||||||||||||||||||
Grand Rapids, Michigan Office Building | 5,964 | 1,629 | 10,500 | 15 | 1,629 | 10,515 | 12,144 | 1,778 | 10,366 | 2001 | 9/28/07 | ||||||||||||||||||||||||||||||||
Bollingbrook, Illinois (3) Industrial Building | — | 1,272 | 5,003 | — | 1,272 | 5,003 | 6,275 | 856 | 5,419 | 2002 | 9/28/07 | ||||||||||||||||||||||||||||||||
Decatur, Georgia (3) Medical Office Building | — | 784 | 3,245 | — | 784 | 3,245 | 4,029 | 550 | 3,479 | 1989 | 12/13/07 | ||||||||||||||||||||||||||||||||
Decatur, Georgia (3) Medical Office Building | — | 205 | 848 | — | 205 | 848 | 1,053 | 144 | 909 | 1989 | 12/13/07 | ||||||||||||||||||||||||||||||||
Decatur, Georgia (3) Medical Office Building | — | 257 | 1,064 | — | 257 | 1,064 | 1,321 | 180 | 1,141 | 1989 | 12/13/07 | ||||||||||||||||||||||||||||||||
Lawrenceville, Georgia (3) Medical Office Building | — | 679 | 2,809 | — | 679 | 2,809 | 3,488 | 476 | 3,012 | 1989 | 12/13/07 | ||||||||||||||||||||||||||||||||
Snellville, Georgia (3) Medical Office Building | — | 176 | 729 | — | 176 | 729 | 905 | 124 | 781 | 1989 | 12/13/07 | ||||||||||||||||||||||||||||||||
Covington, Georgia (3) Medical Office Building | — | 232 | 959 | — | 232 | 959 | 1,191 | 163 | 1,028 | 1989 | 12/13/07 | ||||||||||||||||||||||||||||||||
Cumming, Georgia Medical Office Building | 3,216 | 738 | 3,055 | 2,511 | 738 | 5,566 | 6,304 | 518 | 5,786 | 1989 | 12/13/07 | ||||||||||||||||||||||||||||||||
Conyers, Georgia (3) Medical Office Building | — | 297 | 1,228 | — | 297 | 1,228 | 1,525 | 208 | 1,317 | 1989 | 12/13/07 | ||||||||||||||||||||||||||||||||
Reading, Pennsylvania Industrial Building | 4,073 | 491 | 6,202 | — | 491 | 6,202 | 6,693 | 944 | 5,749 | 2007 | 1/29/08 | ||||||||||||||||||||||||||||||||
Fridley, Minnesota Office Building | 5,220 | 1,354 | 8,074 | 399 | 1,383 | 8,444 | 9,827 | 1,560 | 8,267 | 1985/2006 | 2/26/08 | ||||||||||||||||||||||||||||||||
Concord Township, Ohio (3) Office Building | $ | — | $ | 1,796 | $ | 11,154 | $ | (11 | ) | $ | 1,785 | $ | 11,154 | $ | 12,939 | $ | 1,752 | $ | 11,187 | 1957/2008 | 3/31/08 | ||||||||||||||||||||||
Pineville, North Carolina Industrial Building | 2,368 | 669 | 3,028 | 6 | 669 | 3,034 | 3,703 | 455 | 3,248 | 1985 | 4/30/08 | ||||||||||||||||||||||||||||||||
Marietta, Ohio Industrial Building | 5,779 | 829 | 6,607 | 209 | 829 | 6,816 | 7,645 | 929 | 6,716 | 1992/2007 | 8/29/08 | ||||||||||||||||||||||||||||||||
Chalfont, Pennsylvania Industrial Building | 5,687 | 1,249 | 6,420 | 165 | 1,249 | 6,585 | 7,834 | 1,063 | 6,771 | 1987 | 8/29/08 | ||||||||||||||||||||||||||||||||
Orange City, Iowa Industrial Building | 9,496 | 258 | 5,861 | — | 258 | 5,861 | 6,119 | 560 | 5,559 | 1990 | 12/7/10 | ||||||||||||||||||||||||||||||||
Hickory, North Carolina Office Building | 6,827 | 1,163 | 6,605 | — | 1,163 | 6,605 | 7,768 | 824 | 6,944 | 2008 | 4/4/11 | ||||||||||||||||||||||||||||||||
Springfield, Missouri Office Building | 11,164 | 1,700 | 12,038 | — | 1,700 | 12,038 | 13,738 | 916 | 12,822 | 2006 | 6/20/11 | ||||||||||||||||||||||||||||||||
Boston Heights, Ohio Office Building | 2,697 | 449 | 3,010 | — | 449 | 3,010 | 3,459 | 294 | 3,165 | 2011 | 10/20/11 | ||||||||||||||||||||||||||||||||
Parsippany, New Jersey Office Building | 6,938 | 1,696 | 7,077 | 81 | 1,696 | 7,158 | 8,854 | 583 | 8,271 | 1984 | 10/27/11 | ||||||||||||||||||||||||||||||||
Dartmouth, Massachusetts Retail Location | 4,155 | — | 4,236 | — | — | 4,236 | 4,236 | 250 | 3,986 | 2011 | 11/18/11 | ||||||||||||||||||||||||||||||||
Springfield, Missouri Retail Location | 1,905 | — | 2,275 | — | — | 2,275 | 2,275 | 168 | 2,107 | 2005 | 12/13/11 | ||||||||||||||||||||||||||||||||
Pittsburgh, Pennsylvania Office Building | 2,829 | 281 | 3,205 | — | 281 | 3,205 | 3,486 | 208 | 3,278 | 1968 | 12/28/11 | ||||||||||||||||||||||||||||||||
Ashburn, Virginia Office Building | 7,388 | 706 | 7,858 | — | 706 | 7,858 | 8,564 | 504 | 8,060 | 2002 | 1/25/12 | ||||||||||||||||||||||||||||||||
Ottumwa, Iowa Industrial Building | 4,653 | 212 | 5,072 | 287 | 212 | 5,359 | 5,571 | 306 | 5,265 | 1970 | 5/30/12 | ||||||||||||||||||||||||||||||||
New Albany, Ohio Office Building | 9,361 | 1,658 | 8,746 | — | 1,658 | 8,746 | 10,404 | 509 | 9,895 | 2007 | 6/5/12 | ||||||||||||||||||||||||||||||||
Columbus, Georgia Office Building | 4,608 | 1,378 | 4,520 | — | 1,378 | 4,520 | 5,898 | 285 | 5,613 | 2012 | 6/21/12 | ||||||||||||||||||||||||||||||||
Columbus, Ohio Office Building | 2,911 | 542 | 2,453 | 11 | 542 | 2,464 | 3,006 | 172 | 2,834 | 1981 | 6/28/12 | ||||||||||||||||||||||||||||||||
Jupiter, Florida | 10,478 | 1,160 | 11,994 | — | 1,160 | 11,994 | 13,154 | 462 | 12,692 | 2011 | 9/26/12 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Fort Worth, Texas Industrial Building | 13,864 | 963 | 15,647 | — | 963 | 15,647 | 16,610 | 546 | 16,064 | 2005 | 11/8/12 | ||||||||||||||||||||||||||||||||
Columbia, South Carolina Office Building | 18,525 | 1,905 | 20,648 | — | 1,905 | 20,648 | 22,553 | 981 | 21,572 | 2010 | 11/21/12 | ||||||||||||||||||||||||||||||||
Egg Harbor, New Jersey Office Building | $ | 3,638 | $ | 1,627 | $ | 3,017 | $ | — | $ | 1,627 | $ | 3,017 | $ | 4,644 | $ | 85 | $ | 4,559 | 1985 | 3/28/13 | |||||||||||||||||||||||
Vance, Alabama (3) Industrial Building | — | 457 | 10,529 | — | 457 | 10,529 | 10,986 | 237 | 10,749 | 2013 | 5/9/13 | ||||||||||||||||||||||||||||||||
Blaine, Minnesota Office Building | 8,163 | 1,060 | 10,519 | — | 1,060 | 10,519 | 11,579 | 293 | 11,286 | 2009 | 5/10/13 | ||||||||||||||||||||||||||||||||
Austin, Texas | 35,093 | 2,330 | 44,021 | 63 | 2,330 | 44,084 | 46,414 | 927 | 45,487 | 1999 | 7/9/13 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Allen, Texas | 8,852 | 2,699 | 7,945 | — | 2,699 | 7,945 | 10,644 | 194 | 10,450 | 1998 | 7/10/13 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Englewood, Colorado Office Building | 11,315 | 1,503 | 11,739 | — | 1,503 | 11,739 | 13,242 | 29 | 13,213 | 2008 | 12/11/13 | ||||||||||||||||||||||||||||||||
Novi, Michigan Industrial Building | 4,380 | 352 | 5,626 | — | 352 | 5,626 | 5,978 | 3 | 5,975 | 1988 | 12/27/13 | ||||||||||||||||||||||||||||||||
$ | 421,878 | $ | 79,135 | $ | 544,719 | $ | 18,499 | $ | 79,153 | $ | 563,200 | $ | 642,353 | $ | 81,241 | $ | 561,112 | ||||||||||||||||||||||||||
(1) | The aggregate cost for land and building improvements for federal income tax purposes is the same as the total gross cost of land and building improvements. | ||||||||||||||||||||||||||||||||||||||||||
(2) | Depreciable life of all buildings is 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 New Line of Credit. | ||||||||||||||||||||||||||||||||||||||||||
The following table reconciles the change in the balance of real estate during the years ended December 31, 2013, 2012 and 2011, respectively (in thousands): | |||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 533,753 | $ | 442,521 | $ | 401,017 | |||||||||||||||||||||||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||||||||||||
Acquisitions during period | 103,424 | 85,462 | 43,735 | ||||||||||||||||||||||||||||||||||||||||
Improvements | 5,176 | 5,770 | 1,164 | ||||||||||||||||||||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||||||||||||||||||||||
Dispositions during period | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Purchase price adjustments | — | — | (3,395 | )(1) | |||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 642,353 | $ | 533,753 | $ | 442,521 | |||||||||||||||||||||||||||||||||||||
-1 | Adjustment to Orange City, Iowa property acquired in December 2010 property purchase price. Refer to Note 1 out of period adjustment. | ||||||||||||||||||||||||||||||||||||||||||
The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2013, 2012 and 2011, respectively (in thousands): | |||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 65,730 | $ | 53,784 | $ | 43,659 | |||||||||||||||||||||||||||||||||||||
Additions during period | 15,511 | 11,946 | 10,125 | ||||||||||||||||||||||||||||||||||||||||
Dispositions during period | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 81,241 | $ | 65,730 | $ | 53,784 | |||||||||||||||||||||||||||||||||||||
Organization_Basis_of_Presenta1
Organization, Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Subsidiaries | ' |
Subsidiaries | |
We conduct substantially all of our operations through a subsidiary, Gladstone Commercial Limited Partnership, a Delaware limited partnership, or 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 with those of the Company. | |
Gladstone Commercial Lending, LLC, a Delaware limited liability company, or Gladstone Commercial Lending, a subsidiary of ours, was created to conduct all operations related to real estate mortgage loans of the Company. 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 those of the Company. | |
Gladstone Commercial Advisers, Inc., a Delaware corporation, or Commercial Advisers, and a subsidiary of the Company, is a taxable REIT subsidiary, or TRS, which was created to collect any non-qualifying income related to our real estate portfolio. There has been no such income earned to date. Since the Company owns 100% of the voting securities of Commercial Advisers, the financial position and results of operations of Commercial Advisers are consolidated with those of the Company. | |
GCLP Business Trust I and GCLP Business Trust II, each a subsidiary and business trust of the Company, 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. | |
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. | |
Out of Period Adjustment | ' |
Out of Period Adjustment | |
During 2011, the Company recorded adjustments to due diligence expense, depreciation and amortization expense and to certain balance sheet accounts in connection with the property the Company acquired in December 2010. As a result of these errors, the Company understated net income by $0.3 million for the year ended December 31, 2010, or $0.03 per share. The Company concluded that these adjustments were not material to the 2010 results of operations nor the 2011 results. As such, these adjustments were recorded during 2011. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with 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. | |
Reclassifications | ' |
Reclassifications | |
Certain line items on the consolidated statements of operations and consolidated statements of cash flows from prior year’s financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on previously reported net income. | |
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 39 years for buildings and improvements, 5 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. | |
Certain of our acquisitions involve sale-leaseback transactions with newly-originated leases, which we account for as asset acquisitions under Accounting Standards Codification, or ASC, 805, “Business Combinations.” In the case of an asset acquisition, we will capitalize the transaction costs incurred in connection with the acquisition. Other of our acquisitions involve the acquisition of properties that are already being operated as rental property, which we will generally consider to be a business combination under ASC 805. Business combination guidance is generally applicable to us when properties are acquired with leases in place at the time of acquisition. 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 unamortized lease origination costs and the value of tenant relationships, based in each case on their fair values. ASC 805 also requires that all expenses related to the acquisition be expensed as incurred, rather than capitalized into the cost of the acquisition. | |
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 and liabilities acquired. In estimating carrying costs, management also includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the hypothetical expected lease-up periods, which primarily range from 9 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. Real estate depreciation expense on these tangible assets was $15.5 million, $11.9 million, and $10.1 million for the years ended December 31, 2013, 2012, and 2011, respectively | |
Above-market and below-market in-place lease fair values for owned 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 if 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 $0.3 million, for each of the years ended December 31, 2013, 2012, and 2011, 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 $0.6 million, $1.1 million, and $1.0 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |
The total amount of the remaining intangible assets acquired, which consists of in-place lease values, unamortized 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 expense over the remaining term of the respective leases, which generally range from 10 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 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. 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 immediately charged to amortization expense. Total amortization expense related to these intangible assets and liabilities was $7.3 million, $4.9 million, and $4.0 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |
Business Combinations | ' |
Certain of our acquisitions involve sale-leaseback transactions with newly-originated leases, which we account for as asset acquisitions under Accounting Standards Codification, or ASC, 805, “Business Combinations.” In the case of an asset acquisition, we will capitalize the transaction costs incurred in connection with the acquisition. Other of our acquisitions involve the acquisition of properties that are already being operated as rental property, which we will generally consider to be a business combination under ASC 805. Business combination guidance is generally applicable to us when properties are acquired with leases in place at the time of acquisition. 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 unamortized lease origination costs and the value of tenant relationships, based in each case on their fair values. ASC 805 also requires that all expenses related to the acquisition be expensed as incurred, rather than capitalized into the cost of the acquisition. | |
Impairment | ' |
Impairment | |
We account for the impairment of real estate, including intangible assets, 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 the tenants’ 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 and our intended holding period of the property. 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. We performed this evaluation and analysis and concluded that none of our properties were impaired as of December 31, 2013; however, we determined that properties located in South Hadley, Massachusetts and Roseville, Minnesota are at risk to become impaired in the future. We recently extended the lease on the property in South Hadley Massachusetts for one year, and it now expires in January 2015. There is a possibility we may have to impair this property in 2014 if we do not negotiate another lease extension on this building or find a replacement tenant. | |
Our property in Roseville, Minnesota remains partially vacant. We are currently working to re-tenant this building; however, if we do not secure a tenant in the near term there is a possibility we may have to impair this property in 2014. | |
We will continue to monitor our portfolio for any other indicators of impairment. There have been no impairments recognized on our real estate assets since inception. | |
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 in cash from 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. | |
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. We made payments of $2.1 million, $4.6 million, and $1.1 million for deferred financing costs during the years ended December 31, 2013, 2012, and 2011, respectively. The decrease in payments incurred during the year ended December 31, 2013 was primarily related to the issuance of our 7.125% Series C Cumulative Term Preferred Stock in January 2012, or the Term Preferred Stock, discussed in further detail in Note 6 “Mandatorily Redeemable Preferred Stock.” Total amortization expense related to deferred financing costs is included in interest expense and was $1.8 million, $1.5 million, and $0.9 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |
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. Accordingly, we determine, in our judgment, to what extent the deferred rent receivable applicable to each specific tenant is collectable. 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 uncollectable accounts or record a direct write-off of the specific rent receivable. No such reserves or direct write-offs have been recorded to date. | |
Tenant recovery revenue includes payments from tenants as reimbursements for franchise taxes, management fees, insurance, and ground lease payments. We recognize tenant recovery revenue in the same periods that we incur the related expenses. | |
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 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, 2013, 2012 and 2011, we did not record any uncertain tax positions. | |
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. We have accrued a liability 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 over the life of the leases for the respective properties. There were no liabilities accrued during the year ended December 31, 2013. There were $0.3 million and $0.1 million in liabilities accrued in connection with acquisitions for the years ended December, 2012 and 2011, respectively. We recorded expenses of $0.1 million, $0.2 million, and $0.2 million during the years ended December 31, 2013, 2012 and 2011, 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 $9.2 million and the discount rates used in the calculations range from 2.5% to 7.6%. We do not expect to make any payments in conjunction with these obligations in each of the next five years. | |
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 | |
For the years ended December 31, 2013, 2012, and 2011, comprehensive income equaled net income; therefore, a separate statement of comprehensive income is not included in the accompanying consolidated financial statements. | |
Fair Value Measurements and Disclosures | ' |
The fair value of all mortgage notes payable outstanding as of December 31, 2013, was $421.8 million, as compared to the carrying value stated above of $421.9 million. The fair value is calculated based on a discounted cash flow analysis, using interest rates based on 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.” | |
Distinguishing Liabilities from Equity | ' |
The Term Preferred Stock is recorded as 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. | |
Equity | ' |
In accordance with ASC 505-10-45-2, “Equity,” receivables from employees for the issuance of capital stock to employees prior to the receipt of cash payment should be reflected in the balance sheet as a reduction to stockholders’ equity. Therefore, this note was recorded as a full recourse loan to the employee and is included in the equity section of the accompanying consolidated balance sheets. As of December 31, 2013, this loan maintained its full recourse status. |
Earnings_Loss_Per_Share_of_Com1
Earnings (Loss) Per Share of Common Stock (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Basic and Diluted Earnings (Loss) Per Share of Common Stock | ' | ||||||||||||
The following tables set forth the computation of basic and diluted earnings (loss) per share of common stock for the years ended December 31, 2013, 2012, and 2011. We computed basic earnings (loss) per share for the years ended December 31, 2013, 2012 and 2011 using the weighted average number of shares outstanding during the periods. Diluted earnings (loss) per share for the years ended December 31, 2013, 2012 and 2011, reflects additional shares of common stock, related to our convertible senior common stock, 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, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Calculation of basic earnings per share of common stock: | |||||||||||||
Net (loss) income available to common stockholders | $ | (2,867 | ) | $ | (445 | ) | $ | 1,558 | |||||
Denominator for basic weighted average shares of common stock | 13,164,244 | 10,953,325 | 10,236,859 | ||||||||||
Basic (loss) earnings per share of common stock | $ | (0.22 | ) | $ | (0.04 | ) | $ | 0.15 | |||||
Calculation of diluted earnings per share of common stock: | |||||||||||||
Net (loss) income available to common stockholders | $ | (2,867 | ) | $ | (445 | ) | $ | 1,558 | |||||
Add: Income impact of assumed conversion of senior common stock (1) | — | — | 62 | ||||||||||
Net (loss) income available to common stockholders plus assumed conversions | $ | (2,867 | ) | $ | (445 | ) | $ | 1,620 | |||||
Denominator for basic weighted average shares of common stock | 13,164,244 | 10,953,325 | 10,236,859 | ||||||||||
Effect of convertible senior common stock (1) | — | — | 51,852 | ||||||||||
Denominator for diluted weighted average shares of common stock | 13,164,244 | 10,953,325 | 10,288,711 | ||||||||||
Diluted (loss) earnings per share of common stock | $ | (0.22 | ) | $ | (0.04 | ) | $ | 0.15 | |||||
-1 | The convertible senior common stock was excluded from the calculation of diluted earnings per share for the years ended December 31, 2013 and December 31, 2012, because it was anti-dilutive. |
Real_Estate_and_Intangible_Ass1
Real Estate and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Company's Investments in Real Estate | ' | ||||||||||||||||||||||||||||||||||||||||
The following table sets forth the components of our investments in real estate as of December 31, 2013 and 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||||||
Land | $ | 79,153 | $ | 69,126 | |||||||||||||||||||||||||||||||||||||
Building and improvements | 527,230 | 442,451 | |||||||||||||||||||||||||||||||||||||||
Tenant improvements | 35,970 | 22,176 | |||||||||||||||||||||||||||||||||||||||
Accumulated depreciation | (81,241 | ) | (65,730 | ) | |||||||||||||||||||||||||||||||||||||
Real estate, net | $ | 561,112 | $ | 468,023 | |||||||||||||||||||||||||||||||||||||
Summary of Properties Acquired | ' | ||||||||||||||||||||||||||||||||||||||||
2013 Real Estate Activity | |||||||||||||||||||||||||||||||||||||||||
During the year ended December 31, 2013, we acquired seven properties and completed an expansion of one property, which are summarized below (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||
Location | Acquisition/ | Square Footage | Lease | Renewal Options | Total Purchase/ | Acquistion | Annualized Straight | Debt Issued | |||||||||||||||||||||||||||||||||
Expansion Date | Term | Expansion Price | Expenses | Line Rent | |||||||||||||||||||||||||||||||||||||
Egg Harbor Township, NJ | 3/28/13 | 29,257 | 10 years | 1 (5 years) | $ | 5,650 | $ | 152 | $ | 490 | $ | 3,700 | |||||||||||||||||||||||||||||
Clintonville, WI (1) | 4/11/13 | 102,400 | 15 years | N/A | 3,250 | N/A | 961 | — | |||||||||||||||||||||||||||||||||
Vance, AL | 5/9/13 | 170,000 | 10 years | 2 (5 years) | 13,388 | 186 | 1,173 | — | |||||||||||||||||||||||||||||||||
Blaine, MN | 5/10/13 | 92,275 | 7 years | 2 (5 years) | 14,450 | 79 | 1,475 | 8,200 | |||||||||||||||||||||||||||||||||
Austin, TX | 7/9/13 | 320,000 | 7 years | 3 (3 years) | 57,000 | 155 | 4,641 | 35,300 | |||||||||||||||||||||||||||||||||
Allen, TX | 7/10/13 | 115,200 | 9 years | 2 (5 years) | 15,150 | 81 | 1,478 | 8,900 | |||||||||||||||||||||||||||||||||
Englewood, CO | 12/11/13 | 99,797 | 8 years | 2 (5 years) | 18,250 | 66 | 1,497 | 11,315 | |||||||||||||||||||||||||||||||||
Novi, MI | 12/27/13 | 156,200 | 10 years | 1 (5 years) | 7,300 | 42 | 684 | 4,380 | |||||||||||||||||||||||||||||||||
Total | 1,085,129 | $ | 134,438 | $ | 761 | $ | 12,399 | $ | 71,795 | ||||||||||||||||||||||||||||||||
(1) | The Clintonville, WI property was originally acquired in November 2005 for $5.3 million. After the expansion was completed in April 2013, the total investment in the property is $8.6 million. | ||||||||||||||||||||||||||||||||||||||||
During the year ended December 31, 2012, we acquired eight properties, which are summarized below (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||
Location | Acquisition Date | Square Footage | Lease | Renewal Options | Total | Acquistion | Annualized Straight | Debt Issued / | |||||||||||||||||||||||||||||||||
Term | Purchase | Expenses | Line Rent | Assumed | |||||||||||||||||||||||||||||||||||||
Price | |||||||||||||||||||||||||||||||||||||||||
Ashburn, VA | 1/25/12 | 52,130 | 15 years | 2 (5 years each) | $ | 10,775 | $ | 102 | $ | 989 | N/A | ||||||||||||||||||||||||||||||
Ottumwa, IA | 5/30/12 | 352,860 | 11.5 years | 3 (5 years each) | 7,100 | 49 | 684 | 5,000 | |||||||||||||||||||||||||||||||||
New Albany, OH | 6/5/12 | 89,000 | 10.5 years | 2 (5 years each) | 13,333 | 196 | 1,361 | N/A | |||||||||||||||||||||||||||||||||
Columbus, GA | 6/21/12 | 32,000 | 11.5 years | 2 (5 years each) | 7,320 | 71 | 656 | 4,750 | |||||||||||||||||||||||||||||||||
Columbus, OH | 6/28/12 | 31,293 | 10 years | N/A | 4,037 | 66 | 342 | N/A | |||||||||||||||||||||||||||||||||
Jupiter, FL | 9/26/12 | 60,000 | 10.5 years | 2 (5 years each) | 15,500 | 61 | 1,372 | 10,758 | (1) | ||||||||||||||||||||||||||||||||
Fort Worth, TX | 11/8/12 | 208,234 | 14 years | N/A | 19,950 | 128 | 1,628 | 14,168 | (1) | ||||||||||||||||||||||||||||||||
Columbia, SC | 11/21/12 | 146,483 | 10 years | 3 (5 years each) | 29,150 | 105 | 2,614 | 19,000 | |||||||||||||||||||||||||||||||||
Total | 972,000 | $ | 107,165 | $ | 778 | $ | 9,646 | $ | 53,676 | ||||||||||||||||||||||||||||||||
-1 | Debt assumed as part of acquisition. | ||||||||||||||||||||||||||||||||||||||||
Fair Value of Acquired Assets and Assumed Liabilities | ' | ||||||||||||||||||||||||||||||||||||||||
In accordance with ASC 805, we determined the fair value of the acquired assets and assumed liabilities related to the seven properties acquired during the year ended December 31, 2013 as follows (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||
Land | Building | Tenant | In-place | Leasing Costs | Customer | Above Market | Below Market | Total Purchase | |||||||||||||||||||||||||||||||||
Improvements | Leases | Relationships | Leases | Leases | Price | ||||||||||||||||||||||||||||||||||||
Egg Harbor Township, NJ | $ | 1,627 | $ | 2,735 | $ | 282 | $ | 558 | $ | 189 | $ | 259 | $ | — | $ | — | $ | 5,650 | |||||||||||||||||||||||
Vance, AL | 457 | 9,721 | 808 | 1,097 | 678 | 627 | — | — | 13,388 | ||||||||||||||||||||||||||||||||
Blaine, MN | 1,060 | 9,347 | 1,172 | 1,361 | 694 | 816 | — | — | 14,450 | ||||||||||||||||||||||||||||||||
Austin, TX | 2,330 | 37,207 | 6,814 | 6,118 | 1,906 | 3,793 | — | (1,168 | ) | 57,000 | |||||||||||||||||||||||||||||||
Allen, TX | 2,699 | 5,758 | 2,187 | 1,525 | 1,146 | 1,499 | 336 | — | 15,150 | ||||||||||||||||||||||||||||||||
Englewood, CO | 1,503 | 9,889 | 1,850 | 2,036 | 1,178 | 1,850 | — | (56 | ) | 18,250 | |||||||||||||||||||||||||||||||
Novi, MI | 352 | 5,354 | 272 | 663 | 434 | 225 | — | — | 7,300 | ||||||||||||||||||||||||||||||||
$ | 10,028 | $ | 80,011 | $ | 13,385 | $ | 13,358 | $ | 6,225 | $ | 9,069 | $ | 336 | $ | (1,224 | ) | $ | 131,188 | |||||||||||||||||||||||
In accordance with ASC 805, we determined the fair value of acquired assets related to the eight properties acquired during the year ended December 31, 2012 as follows (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||
Land | Building | Tenant | In-place | Leasing Costs | Customer | Above Market | Below Market | Discount/ | Total Purchase | ||||||||||||||||||||||||||||||||
Improvements | Leases | Relationships | Leases | Leases | (Premium) on | Price | |||||||||||||||||||||||||||||||||||
Assumed Debt | |||||||||||||||||||||||||||||||||||||||||
Ashburn, VA | $ | 706 | $ | 6,551 | $ | 1,307 | $ | 804 | $ | 908 | $ | 499 | $ | — | $ | — | $ | — | $ | 10,775 | |||||||||||||||||||||
Ottumwa, IA | 212 | 4,743 | 329 | 940 | 484 | 499 | — | (107 | ) | — | 7,100 | ||||||||||||||||||||||||||||||
New Albany, OH | 1,658 | 7,511 | 1,235 | 1,122 | 857 | 903 | 47 | — | — | 13,333 | |||||||||||||||||||||||||||||||
Columbus, GA | 1,378 | 3,894 | 626 | 574 | 473 | 375 | — | — | — | 7,320 | |||||||||||||||||||||||||||||||
Columbus, OH | 542 | 1,856 | 597 | 391 | 213 | 325 | 113 | — | — | 4,037 | |||||||||||||||||||||||||||||||
Jupiter, FL | 1,160 | 11,249 | 745 | 1,603 | 701 | 909 | — | — | (867 | ) | 15,500 | ||||||||||||||||||||||||||||||
Fort Worth, TX | 963 | 15,507 | 140 | 1,579 | 2,107 | 517 | — | — | (863 | ) | 19,950 | ||||||||||||||||||||||||||||||
Columbia, SC | 1,905 | 17,765 | 2,883 | 2,454 | 1,490 | 1,919 | 734 | — | — | 29,150 | |||||||||||||||||||||||||||||||
$ | 8,524 | $ | 69,076 | $ | 7,862 | $ | 9,467 | $ | 7,233 | $ | 5,946 | $ | 894 | $ | (107 | ) | $ | (1,730 | ) | $ | 107,165 | ||||||||||||||||||||
Schedule of Revenue and Earnings Recognized on Properties Acquired | ' | ||||||||||||||||||||||||||||||||||||||||
Below is a summary of the total revenue and earnings recognized on the seven properties acquired during the year ended December 31, 2013 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||
Location | Acquisition | Rental Revenue | Earnings (1) | ||||||||||||||||||||||||||||||||||||||
Date | |||||||||||||||||||||||||||||||||||||||||
Egg Harbor Township, NJ | 3/28/13 | $ | 373 | $ | 209 | ||||||||||||||||||||||||||||||||||||
Vance, AL | 5/9/13 | 757 | 363 | ||||||||||||||||||||||||||||||||||||||
Blaine, MN | 5/10/13 | 947 | 424 | ||||||||||||||||||||||||||||||||||||||
Austin, TX | 7/9/13 | 2,299 | 655 | ||||||||||||||||||||||||||||||||||||||
Allen, TX | 7/10/13 | 685 | 300 | ||||||||||||||||||||||||||||||||||||||
Englewood, CO | 12/11/13 | 85 | 25 | ||||||||||||||||||||||||||||||||||||||
Novi, MI | 12/27/13 | 9 | 5 | ||||||||||||||||||||||||||||||||||||||
$ | 5,155 | $ | 1,981 | ||||||||||||||||||||||||||||||||||||||
(1) | Earnings is calculated as net income exclusive of both interest expense and acquisition related costs that are required to be expensed under ASC 805. | ||||||||||||||||||||||||||||||||||||||||
Below is a summary of the total revenue and earnings recognized on the eight properties acquired during the year ended December 31, 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||
Location | Acquisition | Rental Revenue | Earnings (1) | ||||||||||||||||||||||||||||||||||||||
Date | |||||||||||||||||||||||||||||||||||||||||
Ashburn, VA | 1/25/12 | $ | 925 | $ | 555 | ||||||||||||||||||||||||||||||||||||
Ottumwa, IA | 5/30/12 | 408 | 200 | ||||||||||||||||||||||||||||||||||||||
New Albany, OH | 6/5/12 | 776 | 445 | ||||||||||||||||||||||||||||||||||||||
Columbus, GA | 6/21/12 | 346 | 186 | ||||||||||||||||||||||||||||||||||||||
Columbus, OH | 6/28/12 | 168 | 65 | ||||||||||||||||||||||||||||||||||||||
Jupiter, FL | 9/26/12 | 362 | 191 | ||||||||||||||||||||||||||||||||||||||
Fort Worth, TX | 11/8/12 | 240 | 118 | ||||||||||||||||||||||||||||||||||||||
Columbia, SC | 11/21/12 | 282 | 123 | ||||||||||||||||||||||||||||||||||||||
$ | 3,507 | $ | 1,883 | ||||||||||||||||||||||||||||||||||||||
Pro-forma Condensed Consolidated Statements of Operations | ' | ||||||||||||||||||||||||||||||||||||||||
The following table reflects pro-forma consolidated statements of operations as if the properties were acquired as of the beginning of the previous period. The pro-forma earnings for the years ended December 31, 2013, 2012 and 2011 were adjusted assume that acquisition-related costs were incurred as of the beginning of the previous period (dollars in thousands, except per share data): | |||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
Operating Data: | |||||||||||||||||||||||||||||||||||||||||
Total operating revenue | $ | 67,818 | $ | 68,940 | $ | 56,954 | |||||||||||||||||||||||||||||||||||
Total operating expenses | (36,979 | ) | (37,457 | ) | (29,013 | ) | |||||||||||||||||||||||||||||||||||
Other expenses | (29,283 | ) | (28,754 | ) | (21,797 | ) | |||||||||||||||||||||||||||||||||||
Net income | 1,556 | 2,729 | 6,144 | ||||||||||||||||||||||||||||||||||||||
Dividends attributable to preferred and senior common stock | (4,394 | ) | (4,206 | ) | (4,156 | ) | |||||||||||||||||||||||||||||||||||
Net (loss) income available to common stockholders | $ | (2,838 | ) | $ | (1,477 | ) | 1,988 | ||||||||||||||||||||||||||||||||||
Share and Per Share Data: | |||||||||||||||||||||||||||||||||||||||||
Basic (loss) earnings per share of common stock | $ | (0.22 | ) | $ | (0.13 | ) | $ | 0.19 | |||||||||||||||||||||||||||||||||
Diluted (loss) earnings per share of common stock | $ | (0.22 | ) | $ | (0.13 | ) | $ | 0.19 | |||||||||||||||||||||||||||||||||
Weighted average shares outstanding-basic | 13,164,244 | 10,953,325 | 10,236,859 | ||||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding-diluted | 13,164,244 | 10,953,325 | 10,288,711 | ||||||||||||||||||||||||||||||||||||||
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, for each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||
Year | Tenant | ||||||||||||||||||||||||||||||||||||||||
Lease Payments | |||||||||||||||||||||||||||||||||||||||||
2014 | $ | 62,160 | |||||||||||||||||||||||||||||||||||||||
2015 | 59,885 | ||||||||||||||||||||||||||||||||||||||||
2016 | 56,004 | ||||||||||||||||||||||||||||||||||||||||
2017 | 54,332 | ||||||||||||||||||||||||||||||||||||||||
2018 | 52,527 | ||||||||||||||||||||||||||||||||||||||||
Thereafter | 286,016 | ||||||||||||||||||||||||||||||||||||||||
Carrying Value of Intangible Assets and Accumulated Amortization | ' | ||||||||||||||||||||||||||||||||||||||||
The following table summarizes the carrying value of intangible assets and the accumulated amortization for each intangible asset class (in thousands): | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||
Lease Intangibles | Accumulated | Lease Intangibles | Accumulated | ||||||||||||||||||||||||||||||||||||||
Amortization | Amortization | ||||||||||||||||||||||||||||||||||||||||
In-place leases | $ | 47,442 | $ | (15,158 | ) | $ | 34,085 | $ | (12,125 | ) | |||||||||||||||||||||||||||||||
Leasing costs | 31,339 | (9,323 | ) | 24,071 | (7,103 | ) | |||||||||||||||||||||||||||||||||||
Customer relationships | 35,739 | (10,407 | ) | 26,671 | (8,345 | ) | |||||||||||||||||||||||||||||||||||
$ | 114,520 | $ | (34,888 | ) | $ | 84,827 | $ | (27,573 | ) | ||||||||||||||||||||||||||||||||
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, 2013 and 2012, respectively, were as follows: | |||||||||||||||||||||||||||||||||||||||||
Intangible Assets & Liabilities | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
In-place leases | 8.9 | 11.2 | |||||||||||||||||||||||||||||||||||||||
Leasing costs | 8.9 | 11.2 | |||||||||||||||||||||||||||||||||||||||
Customer relationships | 13.7 | 14.6 | |||||||||||||||||||||||||||||||||||||||
Above market leases | 8.8 | 10.1 | |||||||||||||||||||||||||||||||||||||||
Below market leases | 7.5 | 11.3 | |||||||||||||||||||||||||||||||||||||||
All intangible assets & liabilities | 10 | 12.1 | |||||||||||||||||||||||||||||||||||||||
Estimated Aggregate Amortization Expense | ' | ||||||||||||||||||||||||||||||||||||||||
The estimated aggregate amortization expense for each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||
Year | Estimated | ||||||||||||||||||||||||||||||||||||||||
Amortization Expense | |||||||||||||||||||||||||||||||||||||||||
2014 | $ | 10,490 | |||||||||||||||||||||||||||||||||||||||
2015 | 9,903 | ||||||||||||||||||||||||||||||||||||||||
2016 | 9,075 | ||||||||||||||||||||||||||||||||||||||||
2017 | 8,898 | ||||||||||||||||||||||||||||||||||||||||
2018 | 8,330 | ||||||||||||||||||||||||||||||||||||||||
Thereafter | 32,936 |
Mortgage_Notes_Payable_and_Lin1
Mortgage Notes Payable and Line of Credit (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Company's Mortgage Notes Payable and Line of Credit | ' | ||||||||||||||||||||||||
Our mortgage notes payable and line of credit as of December 31, 2013 and December 31, 2012 are summarized below (dollars in thousands): | |||||||||||||||||||||||||
Principal Balance Outstanding | |||||||||||||||||||||||||
Date of Issuance/ Assumption | Principal | Stated Interest Rate at | December 31, 2013 | December 31, 2012 | |||||||||||||||||||||
Maturity Date | December 31, 2013 (1) | ||||||||||||||||||||||||
2/21/06 | 6/30/14 | 5.2 | % | $ | 17,455 | $ | 17,930 | ||||||||||||||||||
8/25/05 | 9/1/15 | 5.33 | % | 19,664 | 20,074 | ||||||||||||||||||||
9/12/05 | 9/1/15 | 5.21 | % | 11,593 | 11,821 | ||||||||||||||||||||
9/6/07 | 12/11/15 | 5.81 | % | 4,052 | 4,141 | ||||||||||||||||||||
12/21/05 | 1/8/16 | 5.71 | % | 17,816 | 18,155 | ||||||||||||||||||||
3/29/06 | 4/1/16 | 5.92 | % | 16,434 | 16,669 | ||||||||||||||||||||
4/27/06 | 5/5/16 | 6.58 | % | 12,696 | 13,080 | ||||||||||||||||||||
8/29/08 | 6/1/16 | 6.8 | % | 5,687 | 5,866 | ||||||||||||||||||||
6/20/11 | 6/30/16 | 6.08 | % | 11,164 | 11,341 | ||||||||||||||||||||
11/22/06 | 12/1/16 | 5.76 | % | 13,324 | 13,558 | ||||||||||||||||||||
11/26/13 | 12/1/16 | LIBOR +2.15 | %(2) | 8,200 | — | ||||||||||||||||||||
12/22/06 | 1/1/17 | 5.79 | % | 20,376 | 20,731 | ||||||||||||||||||||
2/8/07 | 3/1/17 | 6 | % | 13,775 | 13,775 | ||||||||||||||||||||
6/5/07 | 6/8/17 | 6.11 | % | 13,999 | 14,163 | ||||||||||||||||||||
10/15/07 | 11/8/17 | 6.63 | % | 14,848 | 15,072 | ||||||||||||||||||||
9/26/12 | 7/1/18 | 5.75 | % | 10,478 | 10,707 | ||||||||||||||||||||
11/18/11 | 11/1/18 | 4.5 | % | 4,155 | 4,256 | ||||||||||||||||||||
12/6/11 | 12/6/19 | 6 | % | 8,031 | 8,272 | ||||||||||||||||||||
10/28/11 | 11/1/21 | 6 | % | 6,938 | 7,068 | ||||||||||||||||||||
4/5/12 | 5/1/22 | 6.1 | % | 18,467 | 18,821 | ||||||||||||||||||||
6/21/12 | 7/6/22 | 5.05 | % | 4,608 | 4,712 | ||||||||||||||||||||
8/3/12 | 7/31/22 | 5 | % | 2,911 | 2,979 | ||||||||||||||||||||
7/24/12 | 8/1/22 | 5.6 | % | 9,361 | 9,661 | ||||||||||||||||||||
10/1/12 | 10/1/22 | 4.86 | % | 33,133 | 33,888 | ||||||||||||||||||||
11/21/12 | 12/6/22 | 4.04 | % | 18,525 | 19,000 | ||||||||||||||||||||
3/28/13 | 4/6/23 | 4.16 | % | 3,638 | — | ||||||||||||||||||||
7/3/13 | 8/1/23 | 5 | % | 8,163 | — | ||||||||||||||||||||
7/10/13 | 8/1/23 | 4.2 | % | 8,852 | — | ||||||||||||||||||||
7/9/13 | 8/6/23 | 4.81 | % | 35,093 | — | ||||||||||||||||||||
12/27/13 | 1/1/24 | 5.28 | % | 4,380 | — | ||||||||||||||||||||
12/15/10 | 12/10/26 | 6.63 | % | 9,496 | 9,983 | ||||||||||||||||||||
5/16/12 | 12/31/26 | 4.3 | % | 2,829 | 2,897 | ||||||||||||||||||||
11/8/12 | 2/1/27 | 5.69 | % | 13,864 | 14,145 | ||||||||||||||||||||
5/30/12 | 5/10/27 | 6.5 | % | 4,653 | 4,883 | ||||||||||||||||||||
6/27/12 | 7/1/29 | 5.1 | % | 1,905 | 1,984 | ||||||||||||||||||||
12/18/13 | 1/6/39 | 4.74 | % | 11,315 | — | ||||||||||||||||||||
2/21/06 | 12/1/13 | 5.91 | % | — | 8,658 | ||||||||||||||||||||
Contractual Mortgage Notes Payable: | $ | 421,878 | $ | 358,290 | |||||||||||||||||||||
Premiums and (Discounts), net: | 724 | 895 | |||||||||||||||||||||||
Total Mortgage Notes Payable: | $ | 422,602 | $ | 359,185 | |||||||||||||||||||||
Variable-Rate Line of Credit: | |||||||||||||||||||||||||
8/7/13 | 8/7/16 | LIBOR +3.25 | % | $ | 24,400 | $ | 25,000 | ||||||||||||||||||
Total Mortgage Notes Payable and Line of Credit | $ | 447,002 | $ | 384,185 | |||||||||||||||||||||
-1 | The weighted average interest rate on all debt outstanding at December 31, 2013, was approximately 5.31%. | ||||||||||||||||||||||||
-2 | At December 31, 2013, one month LIBOR was approximately 0.17%. | ||||||||||||||||||||||||
Summary of Long Term Mortgage | ' | ||||||||||||||||||||||||
During the year ended December 31, 2013, we issued seven long-term mortgages, which are summarized below (dollars in thousands): | |||||||||||||||||||||||||
Date of Issuance | Issuing Bank | Borrowings | Interest Rate | Maturity Date | |||||||||||||||||||||
3/28/13 | Citigroup Global Markets Realty Corp. | $ | 3,700 | 4.16 | % | 4/6/23 | |||||||||||||||||||
7/3/13 | Prudential Mortgage Capital Company LLC | 8,200 | 5 | % | 8/1/23 | ||||||||||||||||||||
7/9/13 | Cantor Commercial Real Estate Lending | 35,300 | 4.81 | % | 8/6/23 | ||||||||||||||||||||
7/10/13 | Synovus Bank | 8,900 | 4.2 | % | 8/1/23 | ||||||||||||||||||||
11/26/13 | Wells Fargo | 8,200 | LIBOR +2.15 | % | 12/1/16 | ||||||||||||||||||||
12/18/13 | Guggenheim Partners | 11,315 | 4.74 | % | 1/6/39 | ||||||||||||||||||||
12/27/13 | Key Bank | 4,380 | 5.28 | % | 1/1/24 | ||||||||||||||||||||
$ | 79,995 | ||||||||||||||||||||||||
Principal Payments of Mortgage Notes Payable | ' | ||||||||||||||||||||||||
Scheduled principal payments of mortgage notes payable for the each of the five succeeding fiscal years and thereafter are as follows (dollars in thousands): | |||||||||||||||||||||||||
Year | Scheduled Principal | ||||||||||||||||||||||||
Payments | |||||||||||||||||||||||||
2014 | $ | 24,830 | |||||||||||||||||||||||
2015 | 42,415 | ||||||||||||||||||||||||
2016 | 88,709 | ||||||||||||||||||||||||
2017 | 66,749 | ||||||||||||||||||||||||
2018 | 19,317 | ||||||||||||||||||||||||
Thereafter | 179,858 | ||||||||||||||||||||||||
$ | 421,878 | ||||||||||||||||||||||||
Summary of Interest Rate Cap Agreement | ' | ||||||||||||||||||||||||
The following table summarizes the key terms of each interest rate cap agreement (dollars in thousands): | |||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Interest Rate Cap | Notional | LIBOR Cap | Effective Date | Maturity Date | Cost | Fair Value | |||||||||||||||||||
Amount | |||||||||||||||||||||||||
26-Nov-13 | $ | 8,200 | 3 | % | December 31, 2013 | December 1, 2016 | $ | 31 | $ | 22 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Future Minimum Rental Payments Due under Terms of Leases | ' | ||||||||||||||||||||||||||||||||
We are obligated as lessee under three ground leases. Future minimum rental payments due under the terms of these leases as of December 31, 2013, are as follows (dollars in thousands): | |||||||||||||||||||||||||||||||||
For the year ended December 31, | |||||||||||||||||||||||||||||||||
Location | Lease End Date | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |||||||||||||||||||||||||
Tulsa, OK | 21-Apr | $ | 153 | $ | 153 | $ | 153 | $ | 153 | $ | 153 | $ | 153 | $ | 229 | ||||||||||||||||||
Dartmouth, MA | May-36 | 174 | 174 | 174 | 174 | 174 | 174 | 3,300 | |||||||||||||||||||||||||
Springfield, MA | Feb-30 | 86 | 86 | 86 | 89 | 90 | 90 | 974 | |||||||||||||||||||||||||
$ | 413 | $ | 413 | $ | 413 | $ | 416 | $ | 417 | $ | 417 | $ | 4,503 | ||||||||||||||||||||
Tenant Improvements [Member] | ' | ||||||||||||||||||||||||||||||||
Future Tenant Improvement Payments Due on Properties | ' | ||||||||||||||||||||||||||||||||
located in Canton, North Carolina. Future tenant improvement payments due on these properties as of December 31, 2013, are as follows (dollars in thousands): | |||||||||||||||||||||||||||||||||
For the year ended December 31, | |||||||||||||||||||||||||||||||||
Location | Lease End Date | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |||||||||||||||||||||||||
Canton, NC | 24-Jul | (1) | $ | 5,285 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Concord Township, OH | Aug-34 | 150 | — | — | — | — | — | — | |||||||||||||||||||||||||
Austin, TX | 15-Jun | 125 | — | — | — | — | — | — | |||||||||||||||||||||||||
Roseville, MN | 17-Dec | 80 | — | — | — | — | — | — | |||||||||||||||||||||||||
Hialeah, FL | 27-Mar | 35 | — | — | — | — | — | — | |||||||||||||||||||||||||
$ | 5,675 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
(1) | Upon completion of expansion of this property, currently projected to be September of 2014, the lease will be extended for 20 years, through September 2034. |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Equity [Abstract] | ' | ||||||||||||||
Dividends Declared | ' | ||||||||||||||
Our Board of Directors declared the following distributions per share for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||||
For the year ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Common Stock | $ | 1.5 | $ | 1.5 | $ | 1.5 | |||||||||
Senior Common Stock | 1.05 | 1.05 | 1.05 | ||||||||||||
Series A Preferred Stock | 1.9374996 | 1.9374996 | 1.9374996 | ||||||||||||
Series B Preferred Stock | 1.875 | 1.875 | 1.875 | ||||||||||||
Series C Preferred Stock (1) | 1.7813 | 1.6328 | (1) | N/A | (1) | ||||||||||
(1) | The Series C Preferred Stock was issued on January 31, 2012. | ||||||||||||||
Summary of Changes in Stockholders' Equity | ' | ||||||||||||||
years. The characterization of distributions during each of the last three years is reflected in the table below: | |||||||||||||||
Ordinary Income | Return of Capital | ||||||||||||||
Common Stock | |||||||||||||||
For the year ended December 31, 2011 | 16.6256 | % | 83.3744 | % | |||||||||||
For the year ended December 31, 2012 | 0 | % | 100 | % | |||||||||||
For the year ended December 31, 2013 | 18.32962 | % | 81.67038 | % | |||||||||||
Senior Common Stock | |||||||||||||||
For the year ended December 31, 2011 | 100 | % | 0 | % | |||||||||||
For the year ended December 31, 2012 | 0 | % | 100 | % | |||||||||||
For the year ended December 31, 2013 | 100 | % | 0 | % | |||||||||||
Series A Preferred Stock | |||||||||||||||
For the year ended December 31, 2011 | 100 | % | 0 | % | |||||||||||
For the year ended December 31, 2012 | 91.7083 | % | 8.2917 | % | |||||||||||
For the year ended December 31, 2013 | 100 | % | 0 | % | |||||||||||
Series B Preferred Stock | |||||||||||||||
For the year ended December 31, 2011 | 100 | % | 0 | % | |||||||||||
For the year ended December 31, 2012 | 91.7083 | % | 8.2917 | % | |||||||||||
For the year ended December 31, 2013 | 100 | % | 0 | % | |||||||||||
Series C Preferred Stock | |||||||||||||||
For the year ended December 31, 2011 | N/A | N/A | (1) | ||||||||||||
For the year ended December 31, 2012 | 91.7083 | % | 8.2917 | % | |||||||||||
For the year ended December 31, 2013 | 100 | % | 0 | % | |||||||||||
-1 | There was no Series C Preferred Stock outstanding during the year ended December 31, 2011. | ||||||||||||||
Summary of Outstanding Note Issued to an Employee for the Exercise of Stock Options | ' | ||||||||||||||
The following table is a summary of the outstanding note issued to an employee of the Adviser for the exercise of stock options (dollars in thousands): | |||||||||||||||
Date Issued | Outstanding Balance | Outstanding Balance | Maturity Date | Interest Rate | |||||||||||
of Employee Loan at | of Employee Loans at | of Note | on Note | ||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||
Apr-06 | $ | — | $ | 3 | Apr 2015 | 7.77 | % | ||||||||
May-06 | — | 32 | May 2016 | 7.87 | % | ||||||||||
Nov-06 | 375 | 375 | Nov 2015 | 8.15 | % | ||||||||||
$ | 375 | $ | 410 | ||||||||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Quarterly Results of Operations | ' | ||||||||||||||||
The following table reflects the quarterly results of operations for the years ended December 31, 2013 and 2012 (dollars in thousands). | |||||||||||||||||
Quarter ended | |||||||||||||||||
December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | ||||||||||||||
Operating revenues | $ | 16,860 | $ | 16,190 | $ | 14,258 | $ | 14,035 | |||||||||
Operating expenses | 9,542 | 8,639 | 7,369 | 7,273 | |||||||||||||
Other expense | (6,984 | ) | (7,242 | ) | (6,438 | ) | (6,329 | ) | |||||||||
Net income | 334 | 309 | 451 | 433 | |||||||||||||
Dividends attributable to preferred and senior common stock | (1,120 | ) | (1,106 | ) | (1,092 | ) | (1,076 | ) | |||||||||
Loss available to common stockholders | (786 | ) | (797 | ) | (641 | ) | (643 | ) | |||||||||
Loss income available to common stockholders - basic & diluted | $ | (0.05 | ) | $ | (0.06 | ) | $ | (0.05 | ) | $ | (0.06 | ) | |||||
Weighted average shares outstanding - basic | 14,798,950 | 14,196,423 | 12,380,402 | 11,230,647 | |||||||||||||
Weighted average shares outstanding - diluted | 14,798,950 | 14,196,423 | 12,380,402 | 11,230,647 | |||||||||||||
Quarter ended | |||||||||||||||||
December 31, 2012 | September 30, 2012 | June 30, 2012 | March 31, 2012 | ||||||||||||||
Operating revenues | $ | 13,790 | $ | 12,970 | $ | 12,410 | $ | 12,100 | |||||||||
Operating expenses | 6,971 | 6,100 | 6,027 | 5,797 | |||||||||||||
Other expense | (6,205 | ) | (5,878 | ) | (5,529 | ) | (5,002 | ) | |||||||||
Net income | 614 | 992 | 854 | 1,301 | |||||||||||||
Dividends attributable to preferred and senior common stock | (1,065 | ) | (1,053 | ) | (1,046 | ) | (1,042 | ) | |||||||||
Net income available to common stockholders | (451 | ) | (61 | ) | (192 | ) | 259 | ||||||||||
Net (loss) income available to common stockholders - basic & diluted | $ | (0.04 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | 0.02 | ||||||
Weighted average shares outstanding - basic | 10,976,992 | 10,945,379 | 10,945,379 | 10,945,379 | |||||||||||||
Weighted average shares outstanding - diluted | 10,976,992 | 10,945,379 | 10,945,379 | 11,006,597 |
Subsequent_Events_Tables
Subsequent Events (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Subsequent Events [Abstract] | ' | ||||||||||||||||||
Monthly Distributions Declared by Company's Board of Directors | ' | ||||||||||||||||||
On January 7, 2014, our Board of Directors declared the following monthly distributions: | |||||||||||||||||||
Record Date | Payment Date | Common Stock | Series A Preferred | Series B Preferred | Series C Preferred | ||||||||||||||
Distributions per Share | Distributions per Share | Distributions per Share | Distributions per Share | ||||||||||||||||
22-Jan-14 | January 31, 2014 | $ | 0.125 | $ | 0.1614583 | $ | 0.15625 | $ | 0.1484375 | ||||||||||
19-Feb-14 | February 28, 2014 | 0.125 | 0.1614583 | 0.15625 | 0.1484375 | ||||||||||||||
17-Mar-14 | 31-Mar-14 | 0.125 | 0.1614583 | 0.15625 | 0.1484375 | ||||||||||||||
Total | $ | 0.375 | $ | 0.4843749 | $ | 0.46875 | $ | 0.4453125 | |||||||||||
Senior Common Stock Distributions | |||||||||||||||||||
Payable to the Holders of Record During the Month of: | Payment Date | Distribution per Share | |||||||||||||||||
January | February 7, 2014 | $ | 0.0875 | ||||||||||||||||
February | 7-Mar-14 | 0.0875 | |||||||||||||||||
March | 7-Apr-14 | 0.0875 | |||||||||||||||||
Total | $ | 0.2625 | |||||||||||||||||
Organization_Basis_of_Presenta2
Organization, Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 29, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Subsidiary | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | Real Estate [Member] | Real Estate [Member] | Real Estate [Member] | Building and Building Improvements [Member] | Equipment and Fixtures [Member] | Equipment and Fixtures [Member] | Gladstone Commercial Advisers, Inc. [Member] | GCLP Business Trust I [Member] | GCLP Business Trust II [Member] | ||||
Property | Minimum [Member] | Maximum [Member] | |||||||||||||||||||
Financial_Institutions | |||||||||||||||||||||
Organization And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of subsidiaries interest owned in general and limited partnership | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company ownership percentage of voting securities of Commercial Advisers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Non-qualifying income related to real estate portfolio | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of limited partnership interest transferred to business unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.00% | 1.00% |
Number of trust shares exchanged for limited partnership interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | ' |
Number of trust shares exchanged for general partnership interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 |
Subsidiary and business trust of the Company, formed under the laws of the Commonwealth of Massachusetts, date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28-Dec-05 | 28-Dec-05 |
Adjusted net income due to error correction | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted net income per share due to error correction | ' | ' | ' | $0.03 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '39 years | '5 years | '20 years | ' | ' | ' |
Expected lease up period for estimating carrying costs | ' | ' | ' | ' | '9 months | ' | ' | '18 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,500,000 | 11,900,000 | 10,100,000 | ' | ' | ' | ' | ' | ' |
Amortization related to above-market lease | ' | ' | ' | ' | ' | ' | ' | 300,000 | 300,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization related to below-market lease | ' | ' | ' | ' | 600,000 | 1,100,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining term of in-place leases and unamortized lease | ' | ' | ' | ' | '10 years | ' | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total amortization expense related to intangible assets | 7,300,000 | 4,900,000 | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties impaired | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration period of property lease | '2015-01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extended period of lease on property | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity period of highly-liquid investments at the time of purchase | 'three months or less | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of financial institutions | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of deferred financing costs | 2,051,000 | 4,598,000 | 1,065,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Series C preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.13% | 7.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total amortization expense related to deferred financing costs is included in interest expense | 1,780,000 | 1,502,000 | 918,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REIT taxable income to its stockholders | ' | ' | ' | ' | 90.00% | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Uncertain tax positions percentage | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Uncertain tax positions | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities accrued | 0 | 300,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses recorded to general and administrative expense | 129,000 | 168,000 | 157,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate undiscounted obligation on properties | 9,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of discount rate for calculating undiscounted obligation | ' | ' | ' | ' | 2.50% | ' | ' | 7.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected payment to be made in next twelve months | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected payment to be made in second year | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected payment to be made in third year | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected payment to be made in fourth year | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected payment to be made in fifth year | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RelatedParty_Transactions_Addi
Related-Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Related Party Transaction [Line Items] | ' | ' | ' | |||
Due to Adviser and Administrator | $1,360,000 | [1] | $1,175,000 | [1] | ' | |
Annual base management fee, in percentage of stockholders' equity, in excess of recorded value of preferred stock | 2.00% | ' | ' | |||
Base management fee | 2,014,000 | [1] | 1,467,000 | [1] | 1,629,000 | [1] |
Pre-incentive quarterly fee FFO in percentage of common stockholders equity that will reward the advisor | 1.75% | ' | ' | |||
Pre-incentive annual fee FFO in percentage of common stockholders equity that will reward the advisor | 7.00% | ' | ' | |||
Amount to be paid to Adviser in percentage of pre-incentive fee condition one | 100.00% | ' | ' | |||
Pre-incentive fee in percentage of common stockholders equity that awards adviser hundred percent of amount of pre-incentive fee, maximum percentage | 2.19% | ' | ' | |||
Amount to be paid to Adviser in percentage of pre-incentive fee condition two | 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 | 2.19% | ' | ' | |||
Incentive fee | 4,201,000 | [1] | 3,569,000 | [1] | 3,398,000 | [1] |
Credits related to unconditional and irrevocable voluntary waivers issued by the Adviser | 3,457,000 | [1] | 2,221,000 | [1] | 2,113,000 | [1] |
Related-party transactions incentive fee, net | 700,000 | 1,400,000 | 1,300,000 | |||
Administration fee | 1,467,000 | [1] | 1,118,000 | [1] | 1,024,000 | [1] |
Dealer manager fee in percentage of gross proceeds of shares of senior common stock sold | 7.00% | ' | ' | |||
Sales commission fee in percentage of gross proceeds of shares of senior common stock sold | 3.00% | ' | ' | |||
Agreement termination date | 31-Aug-14 | ' | ' | |||
Fees paid | 100,000 | ' | ' | |||
Total secured mortgages subject to financing fee | 76,300,000 | ' | ' | |||
Financing fee on secured mortgages percentage | 0.18% | ' | ' | |||
Minimum [Member] | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | |||
Percentage of the amount of the mortgage | 0.50% | ' | ' | |||
Maximum [Member] | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | |||
Percentage of the amount of the mortgage | 1.00% | ' | ' | |||
Dealer Manager [Member] | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | |||
Payments made to the Dealer Manager pursuant to Dealer Manager Agreement | $300,000 | $200,000 | $5,000 | |||
Agreement termination date | ' | 28-Mar-15 | ' | |||
Agreement termination on senior common stock shares issued | ' | 3,000,000 | ' | |||
[1] | Refer to Note 2 "Related-Party Transactions" |
Earnings_Loss_Per_Share_of_Com2
Earnings (Loss) Per Share of Common Stock - Basic and Diluted Earnings (Loss) Per Share of Common Stock (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Calculation of basic earnings per share of common stock: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income available to common stockholders | ($786) | ($797) | ($641) | ($643) | ($451) | ($61) | ($192) | $259 | ($2,867) | ($445) | $1,558 |
Denominator for basic weighted average shares of common stock | 14,798,950 | 14,196,423 | 12,380,402 | 11,230,647 | 10,976,992 | 10,945,379 | 10,945,379 | 10,945,379 | 13,164,244 | 10,953,325 | 10,236,859 |
Basic (loss) earnings per share of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ($0.22) | ($0.04) | $0.15 |
Calculation of diluted earnings per share of common stock: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income available to common stockholders | -786 | -797 | -641 | -643 | -451 | -61 | -192 | 259 | -2,867 | -445 | 1,558 |
Add: Income impact of assumed conversion of senior common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62 |
Net (loss) income available to common stockholders plus assumed conversions | ' | ' | ' | ' | ' | ' | ' | ' | ($2,867) | ($445) | $1,620 |
Denominator for basic weighted average shares of common stock | 14,798,950 | 14,196,423 | 12,380,402 | 11,230,647 | 10,976,992 | 10,945,379 | 10,945,379 | 10,945,379 | 13,164,244 | 10,953,325 | 10,236,859 |
Effect of convertible senior common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,852 |
Denominator for diluted weighted average shares of common stock | 14,798,950 | 14,196,423 | 12,380,402 | 11,230,647 | 10,976,992 | 10,945,379 | 10,945,379 | 11,006,597 | 13,164,244 | 10,953,325 | 10,288,711 |
Diluted (loss) earnings per share of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ($0.22) | ($0.04) | $0.15 |
Real_Estate_and_Intangible_Ass2
Real Estate and Intangible Assets - Company's Investments in Real Estate (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Real estate: | ' | ' |
Land | $79,153 | $69,126 |
Building and improvements | 527,230 | 442,451 |
Tenant improvements | 35,970 | 22,176 |
Accumulated depreciation | -81,241 | -65,730 |
Total real estate, net | $561,112 | $468,023 |
Real_Estate_and_Intangible_Ass3
Real Estate and Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 14, 2013 | Dec. 31, 2013 | Apr. 10, 2013 | Dec. 31, 2013 | Apr. 11, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 07, 2013 | Dec. 31, 2013 | Aug. 15, 2013 | Dec. 31, 2013 | Aug. 15, 2013 | Dec. 31, 2013 | Nov. 11, 2013 | Dec. 31, 2013 | Jul. 17, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property | Property | Property | Champaign, Illinois [Member] | Champaign, Illinois [Member] | Ohio [Member] | Ohio [Member] | Wisconsin [Member] | Wisconsin [Member] | Dayton, Ohio Office Building [Member] | South Hadley Massachusetts [Member] | South Hadley Massachusetts [Member] | Lexington North Carolina [Member] | Lexington North Carolina [Member] | Crenshaw Pennsylvania [Member] | Crenshaw Pennsylvania [Member] | Canton North Carolina [Member] | Canton North Carolina [Member] | Hazelwood, Missouri [Member] | Hazelwood, Missouri [Member] | 2013 Real Estate Activity [Member] | 2012 Real Estate Activity [Member] | |
sqft | sqft | Option | Property | Property | ||||||||||||||||||
Operating Leased Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties acquired | 7 | 8 | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 8 |
Number of properties expanded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' |
Option to extend lease term | ' | ' | ' | '11 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period for lease expiration | ' | ' | ' | ' | '2013-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extended lease expiration month year | ' | ' | ' | '2024-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of annualized straight line rents over the life of the lease | ' | ' | ' | $1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leasing commission paid | 1,041,000 | 1,738,000 | 6,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | 400,000 | ' | ' | ' | 100,000 | ' | ' | ' |
Extended additional period of lease | ' | ' | ' | ' | ' | '10 years | ' | '8 years | ' | ' | '1 year | ' | '12 years | ' | '12 years | ' | ' | ' | ' | ' | ' | ' |
Lease expiration date, extended | ' | ' | ' | ' | ' | '2024-01 | ' | '2028-10 | ' | ' | '2015-01 | ' | '2026-04 | ' | '2026-04 | ' | ' | ' | ' | ' | ' | ' |
Lease expiration period, month and year | ' | ' | ' | ' | ' | ' | '2014-01 | ' | '2020-10 | ' | ' | '2014-01 | ' | '2014-04 | ' | '2014-04 | ' | '2024-07 | ' | '2023-05 | ' | ' |
Annualized straight line rent escalations | ' | ' | ' | ' | ' | 300,000 | ' | 1,000,000 | ' | ' | 300,000 | ' | 400,000 | ' | 700,000 | ' | ' | ' | 200,000 | ' | ' | ' |
Tenant allowance | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | 3,400 | ' | 50,000 | ' | 80,000 | ' | ' | ' | ' | ' | ' | ' |
Expansion of our property, value | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expansion of our property, area | ' | ' | ' | ' | ' | ' | ' | 102,400 | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' |
Rental income revised | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease Expiration Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Jun-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease commencement date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Aug-13 | ' | ' | ' |
Amount paid for tenant improvements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' |
Number of options to purchase property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' |
Date of option to purchase property one | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2017-03 | ' | ' | ' |
Date of option to purchase property second | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2023-05 | ' | ' | ' |
Remaining lease term after expansion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' | ' | ' | ' |
Percentage used for calculation of lease rental | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.25% | ' | ' | ' | ' | ' |
Annual increase in lease rental | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' |
Total annual property taxes for all properties not paid by tenants | $10,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real_Estate_and_Intangible_Ass4
Real Estate and Intangible Assets - Summary of Properties Acquired (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Nov. 30, 2005 | Dec. 31, 2013 | Dec. 31, 2012 |
sqft | sqft | Egg Harbor Township, NJ [Member] | Vance, AL [Member] | Blaine, MN [Member] | Austin, TX [Member] | Allen, TX [Member] | Englewood, CO [Member] | Novi, MI [Member] | Ottumwa, IA [Member] | New Albany, OH [Member] | Columbus, GA [Member] | Columbus, OH [Member] | Jupiter, FL [Member] | Fort Worth, TX [Member] | Columbia, SC [Member] | Clintonville, WI [Member] | Clintonville, WI [Member] | Ashburn, VA [Member] | |
sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | ||||
Option | Option | Option | Option | Option | Option | Option | Option | Option | Option | Option | Option | Option | |||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition/Expansion Date | ' | ' | 28-Mar-13 | 9-May-13 | 10-May-13 | 9-Jul-13 | 10-Jul-13 | 11-Dec-13 | 27-Dec-13 | 30-May-12 | 5-Jun-12 | 21-Jun-12 | 28-Jun-12 | 26-Sep-12 | 8-Nov-12 | 21-Nov-12 | ' | 11-Apr-13 | 25-Jan-12 |
Square Footage | 1,085,129 | 972,000 | 29,257 | 170,000 | 92,275 | 320,000 | 115,200 | 99,797 | 156,200 | 352,860 | 89,000 | 32,000 | 31,293 | 60,000 | 208,234 | 146,483 | ' | 102,400 | 52,130 |
Lease Term | ' | ' | '10 years | '10 years | '7 years | '7 years | '9 years | '8 years | '10 years | '11 years 6 months | '10 years 6 months | '11 years 6 months | '10 years | '10 years 6 months | '14 years | '10 years | ' | '15 years | '15 years |
Renewal Options | ' | ' | 1 | 2 | 2 | 3 | 2 | 2 | 1 | 3 | 2 | 2 | ' | 2 | ' | 3 | ' | ' | 2 |
Renewal Options Period | ' | ' | '5 years | '5 years | '5 years | '3 years | '5 years | '5 years | '5 years | '5 years | '5 years | '5 years | ' | '5 years | ' | '5 years | ' | ' | '5 years |
Total Purchase/Expansion Price | $134,438 | $107,165 | $5,650 | $13,388 | $14,450 | $57,000 | $15,150 | $18,250 | $7,300 | $7,100 | $13,333 | $7,320 | $4,037 | $15,500 | $19,950 | $29,150 | $5,300 | $3,250 | $10,775 |
Acquisition Expenses | 761 | 778 | 152 | 186 | 79 | 155 | 81 | 66 | 42 | 49 | 196 | 71 | 66 | 61 | 128 | 105 | ' | ' | 102 |
Annualized Straight Line Rent | 12,399 | 9,646 | 490 | 1,173 | 1,475 | 4,641 | 1,478 | 1,497 | 684 | 684 | 1,361 | 656 | 342 | 1,372 | 1,628 | 2,614 | ' | 961 | 989 |
Debt Issued | $71,795 | $53,676 | $3,700 | ' | $8,200 | $35,300 | $8,900 | $11,315 | $4,380 | $5,000 | ' | $4,750 | ' | $10,758 | $14,168 | $19,000 | ' | ' | ' |
Real_Estate_and_Intangible_Ass5
Real Estate and Intangible Assets - Summary of Properties Acquired (Parenthetical) (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2005 | Dec. 31, 2013 | Apr. 30, 2013 |
Clintonville, WI [Member] | Clintonville, WI [Member] | Clintonville, WI [Member] | |||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Total Purchase/Expansion Price | $134,438 | $107,165 | $5,300 | $3,250 | ' |
Total investment in property | $642,353 | $533,753 | ' | ' | $8,600 |
Real_Estate_and_Intangible_Ass6
Real Estate and Intangible Assets - Fair Value of Acquired Asset sand Assumed Liabilities (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Loans At Acquisition Date [Line Items] | ' | ' |
Total Purchase Price | $131,188 | $107,165 |
Egg Harbor Township, NJ [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Total Purchase Price | 5,650 | ' |
Vance, AL [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Total Purchase Price | 13,388 | ' |
Blaine, MN [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Total Purchase Price | 14,450 | ' |
Austin, TX [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Total Purchase Price | 57,000 | ' |
Allen, TX [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Total Purchase Price | 15,150 | ' |
Ashburn, VA [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Total Purchase Price | ' | 10,775 |
Ottumwa, IA [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Total Purchase Price | ' | 7,100 |
New Albany, OH [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Total Purchase Price | ' | 13,333 |
Columbus, GA [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Total Purchase Price | ' | 7,320 |
Columbus, OH [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Total Purchase Price | ' | 4,037 |
Jupiter, FL [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Total Purchase Price | ' | 15,500 |
Fort Worth, TX [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Total Purchase Price | ' | 19,950 |
Columbia, SC [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Total Purchase Price | ' | 29,150 |
Englewood, CO [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Total Purchase Price | 18,250 | ' |
Novi, MI [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Total Purchase Price | 7,300 | ' |
Customer Relationships [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 9,069 | 5,946 |
Customer Relationships [Member] | Egg Harbor Township, NJ [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 259 | ' |
Customer Relationships [Member] | Vance, AL [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 627 | ' |
Customer Relationships [Member] | Blaine, MN [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 816 | ' |
Customer Relationships [Member] | Austin, TX [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 3,793 | ' |
Customer Relationships [Member] | Allen, TX [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 1,499 | ' |
Customer Relationships [Member] | Ashburn, VA [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 499 |
Customer Relationships [Member] | Ottumwa, IA [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 499 |
Customer Relationships [Member] | New Albany, OH [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 903 |
Customer Relationships [Member] | Columbus, GA [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 375 |
Customer Relationships [Member] | Columbus, OH [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 325 |
Customer Relationships [Member] | Jupiter, FL [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 909 |
Customer Relationships [Member] | Fort Worth, TX [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 517 |
Customer Relationships [Member] | Columbia, SC [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 1,919 |
Customer Relationships [Member] | Englewood, CO [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 1,850 | ' |
Customer Relationships [Member] | Novi, MI [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 225 | ' |
Above Market Leases [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 336 | 894 |
Above Market Leases [Member] | Allen, TX [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 336 | ' |
Above Market Leases [Member] | New Albany, OH [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 47 |
Above Market Leases [Member] | Columbus, OH [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 113 |
Above Market Leases [Member] | Columbia, SC [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 734 |
Below Market Leases [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | -1,224 | -107 |
Below Market Leases [Member] | Austin, TX [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | -1,168 | ' |
Below Market Leases [Member] | Ottumwa, IA [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | -107 |
Below Market Leases [Member] | Englewood, CO [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | -56 | ' |
Discount/(Premium) on Assumed Debt [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | -1,730 |
Discount/(Premium) on Assumed Debt [Member] | Jupiter, FL [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | -867 |
Discount/(Premium) on Assumed Debt [Member] | Fort Worth, TX [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | -863 |
Land [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 10,028 | 8,524 |
Land [Member] | Egg Harbor Township, NJ [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 1,627 | ' |
Land [Member] | Vance, AL [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 457 | ' |
Land [Member] | Blaine, MN [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 1,060 | ' |
Land [Member] | Austin, TX [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 2,330 | ' |
Land [Member] | Allen, TX [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 2,699 | ' |
Land [Member] | Ashburn, VA [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 706 |
Land [Member] | Ottumwa, IA [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 212 |
Land [Member] | New Albany, OH [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 1,658 |
Land [Member] | Columbus, GA [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 1,378 |
Land [Member] | Columbus, OH [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 542 |
Land [Member] | Jupiter, FL [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 1,160 |
Land [Member] | Fort Worth, TX [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 963 |
Land [Member] | Columbia, SC [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 1,905 |
Land [Member] | Englewood, CO [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 1,503 | ' |
Land [Member] | Novi, MI [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 352 | ' |
Building [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 80,011 | 69,076 |
Building [Member] | Egg Harbor Township, NJ [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 2,735 | ' |
Building [Member] | Vance, AL [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 9,721 | ' |
Building [Member] | Blaine, MN [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 9,347 | ' |
Building [Member] | Austin, TX [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 37,207 | ' |
Building [Member] | Allen, TX [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 5,758 | ' |
Building [Member] | Ashburn, VA [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 6,551 |
Building [Member] | Ottumwa, IA [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 4,743 |
Building [Member] | New Albany, OH [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 7,511 |
Building [Member] | Columbus, GA [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 3,894 |
Building [Member] | Columbus, OH [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 1,856 |
Building [Member] | Jupiter, FL [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 11,249 |
Building [Member] | Fort Worth, TX [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 15,507 |
Building [Member] | Columbia, SC [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 17,765 |
Building [Member] | Englewood, CO [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 9,889 | ' |
Building [Member] | Novi, MI [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 5,354 | ' |
Tenant Improvements [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 13,385 | 7,862 |
Tenant Improvements [Member] | Egg Harbor Township, NJ [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 282 | ' |
Tenant Improvements [Member] | Vance, AL [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 808 | ' |
Tenant Improvements [Member] | Blaine, MN [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 1,172 | ' |
Tenant Improvements [Member] | Austin, TX [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 6,814 | ' |
Tenant Improvements [Member] | Allen, TX [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 2,187 | ' |
Tenant Improvements [Member] | Ashburn, VA [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 1,307 |
Tenant Improvements [Member] | Ottumwa, IA [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 329 |
Tenant Improvements [Member] | New Albany, OH [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 1,235 |
Tenant Improvements [Member] | Columbus, GA [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 626 |
Tenant Improvements [Member] | Columbus, OH [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 597 |
Tenant Improvements [Member] | Jupiter, FL [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 745 |
Tenant Improvements [Member] | Fort Worth, TX [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 140 |
Tenant Improvements [Member] | Columbia, SC [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 2,883 |
Tenant Improvements [Member] | Englewood, CO [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 1,850 | ' |
Tenant Improvements [Member] | Novi, MI [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 272 | ' |
In-place Leases [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 13,358 | 9,467 |
In-place Leases [Member] | Egg Harbor Township, NJ [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 558 | ' |
In-place Leases [Member] | Vance, AL [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 1,097 | ' |
In-place Leases [Member] | Blaine, MN [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 1,361 | ' |
In-place Leases [Member] | Austin, TX [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 6,118 | ' |
In-place Leases [Member] | Allen, TX [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 1,525 | ' |
In-place Leases [Member] | Ashburn, VA [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 804 |
In-place Leases [Member] | Ottumwa, IA [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 940 |
In-place Leases [Member] | New Albany, OH [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 1,122 |
In-place Leases [Member] | Columbus, GA [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 574 |
In-place Leases [Member] | Columbus, OH [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 391 |
In-place Leases [Member] | Jupiter, FL [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 1,603 |
In-place Leases [Member] | Fort Worth, TX [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 1,579 |
In-place Leases [Member] | Columbia, SC [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 2,454 |
In-place Leases [Member] | Englewood, CO [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 2,036 | ' |
In-place Leases [Member] | Novi, MI [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 663 | ' |
Leasing Costs [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 6,225 | 7,233 |
Leasing Costs [Member] | Egg Harbor Township, NJ [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 189 | ' |
Leasing Costs [Member] | Vance, AL [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 678 | ' |
Leasing Costs [Member] | Blaine, MN [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 694 | ' |
Leasing Costs [Member] | Austin, TX [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 1,906 | ' |
Leasing Costs [Member] | Allen, TX [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 1,146 | ' |
Leasing Costs [Member] | Ashburn, VA [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 908 |
Leasing Costs [Member] | Ottumwa, IA [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 484 |
Leasing Costs [Member] | New Albany, OH [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 857 |
Leasing Costs [Member] | Columbus, GA [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 473 |
Leasing Costs [Member] | Columbus, OH [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 213 |
Leasing Costs [Member] | Jupiter, FL [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 701 |
Leasing Costs [Member] | Fort Worth, TX [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 2,107 |
Leasing Costs [Member] | Columbia, SC [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | ' | 1,490 |
Leasing Costs [Member] | Englewood, CO [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | 1,178 | ' |
Leasing Costs [Member] | Novi, MI [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Fair value of acquired assets related to the properties acquired | $434 | ' |
Real_Estate_and_Intangible_Ass7
Real Estate and Intangible Assets - Schedule of Revenue and Earnings Recognized on Properties Acquired (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | ' | ' |
Rental Revenue | $5,155 | $3,507 |
Earnings | 1,981 | 1,883 |
Egg Harbor Township, NJ [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Acquisition Date | 28-Mar-13 | ' |
Rental Revenue | 373 | ' |
Earnings | 209 | ' |
Vance, AL [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Acquisition Date | 9-May-13 | ' |
Rental Revenue | 757 | ' |
Earnings | 363 | ' |
Blaine, MN [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Acquisition Date | 10-May-13 | ' |
Rental Revenue | 947 | ' |
Earnings | 424 | ' |
Austin, TX [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Acquisition Date | 9-Jul-13 | ' |
Rental Revenue | 2,299 | ' |
Earnings | 655 | ' |
Allen, TX [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Acquisition Date | 10-Jul-13 | ' |
Rental Revenue | 685 | ' |
Earnings | 300 | ' |
Englewood, CO [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Acquisition Date | 11-Dec-13 | ' |
Rental Revenue | 85 | ' |
Earnings | 25 | ' |
Novi, MI [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Acquisition Date | 27-Dec-13 | ' |
Rental Revenue | 9 | ' |
Earnings | 5 | ' |
Ashburn, VA [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Acquisition Date | ' | 25-Jan-12 |
Rental Revenue | ' | 925 |
Earnings | ' | 555 |
Ottumwa, IA [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Acquisition Date | ' | 30-May-12 |
Rental Revenue | ' | 408 |
Earnings | ' | 200 |
New Albany, OH [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Acquisition Date | ' | 5-Jun-12 |
Rental Revenue | ' | 776 |
Earnings | ' | 445 |
Columbus, GA [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Acquisition Date | ' | 21-Jun-12 |
Rental Revenue | ' | 346 |
Earnings | ' | 186 |
Columbus, OH [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Acquisition Date | ' | 28-Jun-12 |
Rental Revenue | ' | 168 |
Earnings | ' | 65 |
Jupiter, FL [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Acquisition Date | ' | 26-Sep-12 |
Rental Revenue | ' | 362 |
Earnings | ' | 191 |
Fort Worth, TX [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Acquisition Date | ' | 8-Nov-12 |
Rental Revenue | ' | 240 |
Earnings | ' | 118 |
Columbia, SC [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Acquisition Date | ' | 21-Nov-12 |
Rental Revenue | ' | 282 |
Earnings | ' | $123 |
Real_Estate_and_Intangible_Ass8
Real Estate and Intangible Assets - Pro-forma Condensed Consolidated Statements of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Data: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | $67,818 | $68,940 | $56,954 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -36,979 | -37,457 | -29,013 |
Other expenses | ' | ' | ' | ' | ' | ' | ' | ' | -29,283 | -28,754 | -21,797 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 1,556 | 2,729 | 6,144 |
Dividends attributable to preferred and senior common stock | -1,120 | -1,106 | -1,092 | -1,076 | -1,065 | -1,053 | -1,046 | -1,042 | -4,394 | -4,206 | -4,156 |
Net (loss) income available to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ($2,838) | ($1,477) | $1,988 |
Share and Per Share Data: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (loss) earnings per share of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ($0.22) | ($0.13) | $0.19 |
Diluted (loss) earnings per share of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ($0.22) | ($0.13) | $0.19 |
Weighted average shares outstanding-basic | 14,798,950 | 14,196,423 | 12,380,402 | 11,230,647 | 10,976,992 | 10,945,379 | 10,945,379 | 10,945,379 | 13,164,244 | 10,953,325 | 10,236,859 |
Weighted average shares outstanding-diluted | ' | ' | ' | ' | ' | ' | ' | ' | 13,164,244 | 10,953,325 | 10,288,711 |
Real_Estate_and_Intangible_Ass9
Real Estate and Intangible Assets - Future Operating Lease Payments from Tenants under Non-Cancelable Leases (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
2014 | $62,160 |
2015 | 59,885 |
2016 | 56,004 |
2017 | 54,332 |
2018 | 52,527 |
Thereafter | $286,016 |
Recovered_Sheet1
Real Estate and Intangible Assets - Carrying Value of Intangible Assets and Accumulated Amortization (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Lease Intangibles | $114,520 | $84,827 |
Accumulated Amortization | -34,888 | -27,573 |
In-place Leases [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Lease Intangibles | 47,442 | 34,085 |
Accumulated Amortization | -15,158 | -12,125 |
Leasing Costs [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Lease Intangibles | 31,339 | 24,071 |
Accumulated Amortization | -9,323 | -7,103 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Lease Intangibles | 35,739 | 26,671 |
Accumulated Amortization | ($10,407) | ($8,345) |
Recovered_Sheet2
Real Estate and Intangible Assets - Weighted Average Amortization Period for Intangible Assets Acquired and Liabilities Assumed (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Period for intangible assets and liabilities | '10 years | '12 years 1 month 6 days |
In-place Leases [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Period for intangible assets and liabilities | '8 years 10 months 24 days | '11 years 2 months 12 days |
Leasing Costs [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Period for intangible assets and liabilities | '8 years 10 months 24 days | '11 years 2 months 12 days |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Period for intangible assets and liabilities | '13 years 8 months 12 days | '14 years 7 months 6 days |
Above Market Leases [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Period for intangible assets and liabilities | '8 years 9 months 18 days | '10 years 1 month 6 days |
Below Market Leases [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Period for intangible assets and liabilities | '7 years 6 months | '11 years 3 months 18 days |
Recovered_Sheet3
Real Estate and Intangible Assets - Estimated Aggregate Amortization Expense (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
2014 | $10,490 |
2015 | 9,903 |
2016 | 9,075 |
2017 | 8,898 |
2018 | 8,330 |
Thereafter | $32,936 |
Mortgage_Notes_Payable_and_Lin2
Mortgage Notes Payable and Line of Credit - Company's Mortgage Notes Payable and Line of Credit (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Premiums and (Discounts), net | $724 | $895 |
Total Mortgage Notes Payable | 422,602 | 359,185 |
Variable-Rate Line of Credit | 24,400 | 25,000 |
Total Mortgage Notes Payable and Line of Credit | 447,002 | 384,185 |
Mortgage Notes Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal Maturity Date | 1-Dec-16 | ' |
Principal Balance Outstanding | 421,878 | 358,290 |
Variable-Rate Line of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 7-Aug-13 | ' |
Principal Maturity Date | 7-Aug-16 | ' |
Variable-Rate Line of Credit, Stated Interest Rate | 'LIBOR +3.25 % | ' |
Variable-Rate Line of Credit | 24,400 | 25,000 |
Mortgage Notes Payable One [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 21-Feb-06 | ' |
Principal Maturity Date | 30-Jun-14 | ' |
Stated Interest Rate on Note | 5.20% | ' |
Principal Balance Outstanding | 17,455 | 17,930 |
Mortgage Notes Payable Two [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 25-Aug-05 | ' |
Principal Maturity Date | 1-Sep-15 | ' |
Stated Interest Rate on Note | 5.33% | ' |
Principal Balance Outstanding | 19,664 | 20,074 |
Mortgage Notes Payable Three [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 12-Sep-05 | ' |
Principal Maturity Date | 1-Sep-15 | ' |
Stated Interest Rate on Note | 5.21% | ' |
Principal Balance Outstanding | 11,593 | 11,821 |
Mortgage Notes Payable Four [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 6-Sep-07 | ' |
Principal Maturity Date | 11-Dec-15 | ' |
Stated Interest Rate on Note | 5.81% | ' |
Principal Balance Outstanding | 4,052 | 4,141 |
Mortgage Notes Payable Five [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 21-Dec-05 | ' |
Principal Maturity Date | 8-Jan-16 | ' |
Stated Interest Rate on Note | 5.71% | ' |
Principal Balance Outstanding | 17,816 | 18,155 |
Mortgage Notes Payable Six [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 29-Mar-06 | ' |
Principal Maturity Date | 1-Apr-16 | ' |
Stated Interest Rate on Note | 5.92% | ' |
Principal Balance Outstanding | 16,434 | 16,669 |
Mortgage Notes Payable Seven [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 27-Apr-06 | ' |
Principal Maturity Date | 5-May-16 | ' |
Stated Interest Rate on Note | 6.58% | ' |
Principal Balance Outstanding | 12,696 | 13,080 |
Mortgage Notes Payable Eight [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 29-Aug-08 | ' |
Principal Maturity Date | 1-Jun-16 | ' |
Stated Interest Rate on Note | 6.80% | ' |
Principal Balance Outstanding | 5,687 | 5,866 |
Mortgage Notes Payable Nine [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 20-Jun-11 | ' |
Principal Maturity Date | 30-Jun-16 | ' |
Stated Interest Rate on Note | 6.08% | ' |
Principal Balance Outstanding | 11,164 | 11,341 |
Mortgage Notes Payable Ten [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 22-Nov-06 | ' |
Principal Maturity Date | 1-Dec-16 | ' |
Stated Interest Rate on Note | 5.76% | ' |
Principal Balance Outstanding | 13,324 | 13,558 |
Mortgage Notes Payable Eleven [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 26-Nov-13 | ' |
Principal Maturity Date | 1-Dec-16 | ' |
Stated Interest Rate on Note | 'LIBOR +2.15 % | ' |
Principal Balance Outstanding | 8,200 | ' |
Mortgage Notes Payable Twelve [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 22-Dec-06 | ' |
Principal Maturity Date | 1-Jan-17 | ' |
Stated Interest Rate on Note | 5.79% | ' |
Principal Balance Outstanding | 20,376 | 20,731 |
Mortgage Notes Payable Thirteen [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 8-Feb-07 | ' |
Principal Maturity Date | 1-Mar-17 | ' |
Stated Interest Rate on Note | 6.00% | ' |
Principal Balance Outstanding | 13,775 | 13,775 |
Mortgage Notes Payable Fourteen [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 5-Jun-07 | ' |
Principal Maturity Date | 8-Jun-17 | ' |
Stated Interest Rate on Note | 6.11% | ' |
Principal Balance Outstanding | 13,999 | 14,163 |
Mortgage Notes Payable Fifteen [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 15-Oct-07 | ' |
Principal Maturity Date | 8-Nov-17 | ' |
Stated Interest Rate on Note | 6.63% | ' |
Principal Balance Outstanding | 14,848 | 15,072 |
Mortgage Notes Payable Sixteen [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 26-Sep-12 | ' |
Principal Maturity Date | 1-Jul-18 | ' |
Stated Interest Rate on Note | 5.75% | ' |
Principal Balance Outstanding | 10,478 | 10,707 |
Mortgage Notes Payable Seventeen [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 18-Nov-11 | ' |
Principal Maturity Date | 1-Nov-18 | ' |
Stated Interest Rate on Note | 4.50% | ' |
Principal Balance Outstanding | 4,155 | 4,256 |
Mortgage Notes Payable Eighteen [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 6-Dec-11 | ' |
Principal Maturity Date | 6-Dec-19 | ' |
Stated Interest Rate on Note | 6.00% | ' |
Principal Balance Outstanding | 8,031 | 8,272 |
Mortgage Notes Payable Nineteen [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 28-Oct-11 | ' |
Principal Maturity Date | 1-Nov-21 | ' |
Stated Interest Rate on Note | 6.00% | ' |
Principal Balance Outstanding | 6,938 | 7,068 |
Mortgage Notes Payable Twenty [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 5-Apr-12 | ' |
Principal Maturity Date | 1-May-22 | ' |
Stated Interest Rate on Note | 6.10% | ' |
Principal Balance Outstanding | 18,467 | 18,821 |
Mortgage Notes Payable Twenty One [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 21-Jun-12 | ' |
Principal Maturity Date | 6-Jul-22 | ' |
Stated Interest Rate on Note | 5.05% | ' |
Principal Balance Outstanding | 4,608 | 4,712 |
Mortgage Notes Payable Twenty Two [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 3-Aug-12 | ' |
Principal Maturity Date | 31-Jul-22 | ' |
Stated Interest Rate on Note | 5.00% | ' |
Principal Balance Outstanding | 2,911 | 2,979 |
Mortgage Notes Payable Twenty Three [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 24-Jul-12 | ' |
Principal Maturity Date | 1-Aug-22 | ' |
Stated Interest Rate on Note | 5.60% | ' |
Principal Balance Outstanding | 9,361 | 9,661 |
Mortgage Notes Payable Twenty Four [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 1-Oct-12 | ' |
Principal Maturity Date | 1-Oct-22 | ' |
Stated Interest Rate on Note | 4.86% | ' |
Principal Balance Outstanding | 33,133 | 33,888 |
Mortgage Notes Payable Twenty Five [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 21-Nov-12 | ' |
Principal Maturity Date | 6-Dec-22 | ' |
Stated Interest Rate on Note | 4.04% | ' |
Principal Balance Outstanding | 18,525 | 19,000 |
Mortgage Notes Payable Twenty Six [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 28-Mar-13 | ' |
Principal Maturity Date | 6-Apr-23 | ' |
Stated Interest Rate on Note | 4.16% | ' |
Principal Balance Outstanding | 3,638 | ' |
Mortgage Notes Payable Twenty Seven [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 3-Jul-13 | ' |
Principal Maturity Date | 1-Aug-23 | ' |
Stated Interest Rate on Note | 5.00% | ' |
Principal Balance Outstanding | 8,163 | ' |
Mortgage Notes Payable Twenty Eight [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 10-Jul-13 | ' |
Principal Maturity Date | 1-Aug-23 | ' |
Stated Interest Rate on Note | 4.20% | ' |
Principal Balance Outstanding | 8,852 | ' |
Mortgage Notes Payable Twenty Nine [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 9-Jul-13 | ' |
Principal Maturity Date | 6-Aug-23 | ' |
Stated Interest Rate on Note | 4.81% | ' |
Principal Balance Outstanding | 35,093 | ' |
Mortgage Notes Payable Thirty [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 27-Dec-13 | ' |
Principal Maturity Date | 1-Jan-24 | ' |
Stated Interest Rate on Note | 5.28% | ' |
Principal Balance Outstanding | 4,380 | ' |
Mortgage Notes Payable Thirty One [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 15-Dec-10 | ' |
Principal Maturity Date | 10-Dec-26 | ' |
Stated Interest Rate on Note | 6.63% | ' |
Principal Balance Outstanding | 9,496 | 9,983 |
Mortgage Notes Payable Thirty Two [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 16-May-12 | ' |
Principal Maturity Date | 31-Dec-26 | ' |
Stated Interest Rate on Note | 4.30% | ' |
Principal Balance Outstanding | 2,829 | 2,897 |
Mortgage Notes Payable Thirty Three [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 8-Nov-12 | ' |
Principal Maturity Date | 1-Feb-27 | ' |
Stated Interest Rate on Note | 5.69% | ' |
Principal Balance Outstanding | 13,864 | 14,145 |
Mortgage Notes Payable Thirty Four [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 30-May-12 | ' |
Principal Maturity Date | 10-May-27 | ' |
Stated Interest Rate on Note | 6.50% | ' |
Principal Balance Outstanding | 4,653 | 4,883 |
Mortgage Notes Payable Thirty Five [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 27-Jun-12 | ' |
Principal Maturity Date | 1-Jul-29 | ' |
Stated Interest Rate on Note | 5.10% | ' |
Principal Balance Outstanding | 1,905 | 1,984 |
Mortgage Notes Payable Thirty Six [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 18-Dec-13 | ' |
Principal Maturity Date | 6-Jan-39 | ' |
Stated Interest Rate on Note | 4.74% | ' |
Principal Balance Outstanding | 11,315 | ' |
Mortgage Notes Payable Thirty Seven [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date of Issuance/ Assumption | 21-Feb-06 | ' |
Principal Maturity Date | 1-Dec-13 | ' |
Stated Interest Rate on Note | 5.91% | ' |
Principal Balance Outstanding | ' | $8,658 |
Mortgage_Notes_Payable_and_Lin3
Mortgage Notes Payable and Line of Credit - Company's Mortgage Notes Payable and Line of Credit (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Weighted average interest rate on all debt outstanding | 5.31% |
Libor rate description | 'one month LIBOR was approximately 0.17% |
Libor rate | 0.17% |
Mortgage_Notes_Payable_and_Lin4
Mortgage Notes Payable and Line of Credit - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Mortgages | Senior Unsecured Revolving Credit Facility [Member] | Senior Unsecured Revolving Credit Facility [Member] | Senior Secured Revolving Credit Facility [Member] | Senior Secured Revolving Credit Facility [Member] | Letter of Credit [Member] | Mortgage Notes Payable [Member] | ||
Property | Prior Line of Credit Facility [Member] | Mortgages | ||||||
Proforma Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of mortgage notes payable | ' | ' | ' | ' | ' | ' | ' | 36 |
Weighted average interest rate on all debt outstanding | 5.31% | ' | ' | ' | ' | ' | ' | 5.40% |
Number of properties collateralized in mortgage notes payable | 70 | ' | ' | ' | ' | ' | ' | ' |
Net book value of collaterized mortgage properties | $561,500,000 | ' | ' | ' | ' | ' | ' | ' |
Number of long-term mortgages issued | 7 | ' | ' | ' | ' | ' | ' | ' |
Debt instrument maturity date | ' | ' | ' | ' | ' | ' | ' | 1-Dec-13 |
Long-term notes payable | ' | ' | ' | ' | ' | ' | ' | 8,200,000 |
Stated interest rate | 0.17% | ' | ' | ' | ' | ' | ' | 2.15% |
LIBOR floor rate on notes payable | ' | ' | ' | ' | ' | ' | ' | 0.50% |
Minimum interest rate on notes payable | ' | ' | ' | ' | ' | ' | ' | 2.65% |
Debt instrument maturity date description | ' | ' | ' | ' | ' | ' | ' | 'maturity date of December 1, 2016, with four, one-year extension options |
Debt instrument maturity date | ' | ' | ' | ' | ' | ' | ' | 1-Dec-16 |
Interest rate cap | ' | ' | ' | ' | ' | ' | ' | 30,000 |
Stated interest rate | ' | ' | ' | ' | ' | ' | ' | 3.00% |
Excess of LIBOR rate | ' | ' | ' | ' | ' | ' | ' | 3.00% |
Fair value of mortgage notes payable outstanding | 421,800,000 | ' | ' | ' | ' | ' | ' | ' |
Carrying value of mortgage notes payable outstanding | 422,602,000 | 359,185,000 | ' | ' | ' | ' | ' | ' |
Line of credit, outstanding | ' | ' | 60,000,000 | 24,400,000 | 75,000,000 | ' | ' | ' |
Line of credit, maturity date | ' | ' | '2016-08 | ' | ' | ' | ' | ' |
Extension period subject to payment of fee | ' | ' | '1 year | ' | ' | ' | ' | ' |
Extension fee on the initial maturity date | ' | ' | 0.25% | ' | ' | ' | ' | ' |
Line of credit, maturity date | ' | ' | ' | ' | ' | 28-Dec-13 | ' | ' |
Standby letters of credit sublimit | ' | ' | 20,000,000 | ' | ' | ' | ' | ' |
Line of credit facility, maximum additional amount drawn | 17,100,000 | ' | 75,000,000 | ' | ' | ' | ' | ' |
Line of credit, variable spread on interest rate | ' | ' | 3.25% | ' | ' | ' | ' | ' |
Annual maintenance fee | ' | ' | 30,000 | ' | ' | ' | ' | ' |
Unused commitment fee | ' | ' | 0.25% | ' | ' | ' | ' | ' |
Line of credit covenant limit of distributions to shareholders percentage | ' | ' | 100.00% | ' | ' | ' | ' | ' |
Line of credit at an interest rate | 3.40% | ' | ' | 3.40% | ' | ' | ' | ' |
Letters of credit, outstanding | ' | ' | ' | ' | ' | ' | $10,300,000 | ' |
Mortgage_Notes_Payable_and_Lin5
Mortgage Notes Payable and Line of Credit - Summary of Long Term Mortgage (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Proforma Debt Instrument [Line Items] | ' |
Borrowings | $79,995 |
Citigroup Global Markets Realty Corp. [Member] | ' |
Proforma Debt Instrument [Line Items] | ' |
Date of Issuance | 28-Mar-13 |
Issuing Bank | 'Citigroup Global Markets Realty Corp. |
Borrowings | 3,700 |
Interest Rate | 4.16% |
Maturity Date | 6-Apr-23 |
Prudential Mortgage Capital Company LLC [Member] | ' |
Proforma Debt Instrument [Line Items] | ' |
Date of Issuance | 3-Jul-13 |
Issuing Bank | 'Prudential Mortgage Capital Company LLC |
Borrowings | 8,200 |
Interest Rate | 5.00% |
Maturity Date | 1-Aug-23 |
Cantor Commercial Real Estate Lending [Member] | ' |
Proforma Debt Instrument [Line Items] | ' |
Date of Issuance | 9-Jul-13 |
Issuing Bank | 'Cantor Commercial Real Estate Lending |
Borrowings | 35,300 |
Interest Rate | 4.81% |
Maturity Date | 6-Aug-23 |
Synovus Bank [Member] | ' |
Proforma Debt Instrument [Line Items] | ' |
Date of Issuance | 10-Jul-13 |
Issuing Bank | 'Synovus Bank |
Borrowings | 8,900 |
Interest Rate | 4.20% |
Maturity Date | 1-Aug-23 |
Wells Fargo [Member] | ' |
Proforma Debt Instrument [Line Items] | ' |
Date of Issuance | 26-Nov-13 |
Issuing Bank | 'Wells Fargo |
Borrowings | 8,200 |
Interest Rate | 'LIBOR +2.15 % |
Maturity Date | 1-Dec-16 |
Guggenheim Partners [Member] | ' |
Proforma Debt Instrument [Line Items] | ' |
Date of Issuance | 18-Dec-13 |
Issuing Bank | 'Guggenheim Partners |
Borrowings | 11,315 |
Interest Rate | 4.74% |
Maturity Date | 6-Jan-39 |
Key Bank [Member] | ' |
Proforma Debt Instrument [Line Items] | ' |
Date of Issuance | 27-Dec-13 |
Issuing Bank | 'Key Bank |
Borrowings | $4,380 |
Interest Rate | 5.28% |
Maturity Date | 1-Jan-24 |
Mortgage_Notes_Payable_and_Lin6
Mortgage Notes Payable and Line of Credit - Principal Payments of Mortgage Notes Payable (Detail) (Mortgage Notes Payable [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Mortgage Notes Payable [Member] | ' | ' |
Proforma Debt Instrument [Line Items] | ' | ' |
2014 | $24,830 | ' |
2015 | 42,415 | ' |
2016 | 88,709 | ' |
2017 | 66,749 | ' |
2018 | 19,317 | ' |
Thereafter | 179,858 | ' |
Total Mortgage Notes Payable and Line of Credit | $421,878 | $358,290 |
Mortgage_Notes_Payable_and_Lin7
Mortgage Notes Payable and Line of Credit - Summary of Interest Rate Cap Agreement (Detail) (Mortgage Notes Payable [Member], Interest Rate Cap [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Mortgage Notes Payable [Member] | Interest Rate Cap [Member] | ' |
Debt Instrument [Line Items] | ' |
Date of Issuance | 26-Nov-13 |
Notional Amount | $8,200 |
LIBOR Cap | 3.00% |
Effective Date | 31-Dec-13 |
Maturity Date | 1-Dec-16 |
Cost | 31 |
Fair Value | $22 |
Mandatorily_Redeemable_Preferr1
Mandatorily Redeemable Preferred Stock - Additional Information (Detail) (USD $) | 1 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | |||
Feb. 29, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 29, 2012 | Dec. 31, 2013 | Feb. 29, 2012 | Dec. 31, 2013 | |
Mandatorily Redeemable Preferred Stock [Member] | Mandatorily Redeemable Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Public offering of preferred stock | ' | 2,150,000 | 2,150,000 | 1,540,000 | ' | ' | ' |
Series C preferred stock | ' | ' | ' | ' | ' | 7.13% | 7.13% |
Preferred stock, par value | ' | $0.00 | $0.00 | $0.00 | ' | ' | ' |
Public offering price | ' | ' | ' | $25 | ' | ' | ' |
Gross proceeds of the offering totaled | ' | ' | ' | $38,500,000 | ' | ' | ' |
Net proceeds, after deducting offering expenses | ' | ' | ' | 36,700,000 | ' | ' | ' |
Preferred shares at a redemption price | $25 | ' | ' | ' | ' | ' | ' |
Preferred Stock redemption term | 'On or after January 31, 2016, we may redeem the shares at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends to and including the date of redemption. | ' | ' | ' | ' | ' | ' |
Preferred Stock mandatory redemption date | 31-Jan-17 | ' | ' | ' | ' | ' | ' |
Deferred financing costs | 1,800,000 | ' | ' | ' | ' | ' | ' |
Fair value of term preferred stock | ' | 38,500,000 | 38,500,000 | ' | 39,500,000 | ' | ' |
Carrying value term preferred stock | ' | $2,000 | $2,000 | ' | $38,500,000 | ' | ' |
Closing price of term preferred stock | ' | ' | ' | ' | $25.65 | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Leased Assets [Line Items] | ' | ' | ' |
Expenses incurred for the properties listed | $0.40 | $0.40 | $0.20 |
Ground Leases [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Number of leases | 3 | ' | ' |
Commitment_and_Contingencies_F
Commitment and Contingencies - Future Minimum Rental Payments Due under Terms of Leases (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Operating Leased Assets [Line Items] | ' |
For the year ended December 31, 2014 | $62,160 |
For the year ended December 31, 2015 | 59,885 |
For the year ended December 31, 2016 | 56,004 |
For the year ended December 31, 2017 | 54,332 |
For the year ended December 31, 2018 | 52,527 |
Ground Leases [Member] | ' |
Operating Leased Assets [Line Items] | ' |
For the year ended December 31, 2014 | 413 |
For the year ended December 31, 2015 | 413 |
For the year ended December 31, 2016 | 413 |
For the year ended December 31, 2017 | 416 |
For the year ended December 31, 2018 | 417 |
For the year ended December 31, 2019 | 417 |
Thereafter | 4,503 |
Ground Leases [Member] | Tulsa, OK [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Lease End Date | '2021-04 |
For the year ended December 31, 2014 | 153 |
For the year ended December 31, 2015 | 153 |
For the year ended December 31, 2016 | 153 |
For the year ended December 31, 2017 | 153 |
For the year ended December 31, 2018 | 153 |
For the year ended December 31, 2019 | 153 |
Thereafter | 229 |
Ground Leases [Member] | Dartmouth, MA [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Lease End Date | '2036-05 |
For the year ended December 31, 2014 | 174 |
For the year ended December 31, 2015 | 174 |
For the year ended December 31, 2016 | 174 |
For the year ended December 31, 2017 | 174 |
For the year ended December 31, 2018 | 174 |
For the year ended December 31, 2019 | 174 |
Thereafter | 3,300 |
Ground Leases [Member] | Springfield, MA [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Lease End Date | '2030-02 |
For the year ended December 31, 2014 | 86 |
For the year ended December 31, 2015 | 86 |
For the year ended December 31, 2016 | 86 |
For the year ended December 31, 2017 | 89 |
For the year ended December 31, 2018 | 90 |
For the year ended December 31, 2019 | 90 |
Thereafter | $974 |
Commitment_and_Contingencies_F1
Commitment and Contingencies - Future Tenant Improvement Payments Due on Properties (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Operating Leased Assets [Line Items] | ' |
2014 | $62,160 |
2015 | 59,885 |
2016 | 56,004 |
2017 | 54,332 |
2018 | 52,527 |
Tenant Improvements [Member] | ' |
Operating Leased Assets [Line Items] | ' |
2014 | 5,675 |
2015 | ' |
2016 | ' |
2017 | ' |
2018 | ' |
2019 | ' |
Thereafter | ' |
Extended lease period | '20 years |
Lease expiration year | '2034-09 |
Projected completion period of property expansion | '2034-09 |
Tenant Improvements [Member] | Canton, Ohio Office Building [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Lease End Date | '2024-07 |
2014 | 5,285 |
2015 | ' |
2016 | ' |
2017 | ' |
2018 | ' |
2019 | ' |
Thereafter | ' |
Tenant Improvements [Member] | Concord Township, Ohio Office Building[Member] | ' |
Operating Leased Assets [Line Items] | ' |
Lease End Date | '2034-08 |
2014 | 150 |
2015 | ' |
2016 | ' |
2017 | ' |
2018 | ' |
2019 | ' |
Thereafter | ' |
Tenant Improvements [Member] | Austin, TX [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Lease End Date | '2015-06 |
2014 | 125 |
2015 | ' |
2016 | ' |
2017 | ' |
2018 | ' |
2019 | ' |
Thereafter | ' |
Tenant Improvements [Member] | Roseville, Minnesota Office Building [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Lease End Date | '2017-12 |
2014 | 80 |
2015 | ' |
2016 | ' |
2017 | ' |
2018 | ' |
2019 | ' |
Thereafter | ' |
Tenant Improvements [Member] | Hialeah, Florida Industrial Building [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Lease End Date | '2027-03 |
2014 | 35 |
2015 | ' |
2016 | ' |
2017 | ' |
2018 | ' |
2019 | ' |
Thereafter | ' |
Stockholders_Equity_Dividends_
Stockholders' Equity - Dividends Declared (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Common Stock [Member] | ' | ' | ' |
Dividends Payable [Line Items] | ' | ' | ' |
Common Stock, distributions declared per share | $1.50 | $1.50 | $1.50 |
Senior Common Stock [Member] | ' | ' | ' |
Dividends Payable [Line Items] | ' | ' | ' |
Common Stock, distributions declared per share | $1.05 | $1.05 | $1.05 |
Series A Preferred Stock [Member] | ' | ' | ' |
Dividends Payable [Line Items] | ' | ' | ' |
Preferred Stock, distributions declared per share | $1.94 | $1.94 | $1.94 |
Series B Preferred Stock [Member] | ' | ' | ' |
Dividends Payable [Line Items] | ' | ' | ' |
Preferred Stock, distributions declared per share | $1.88 | $1.88 | $1.88 |
Series C Preferred Stock [Member] | ' | ' | ' |
Dividends Payable [Line Items] | ' | ' | ' |
Preferred Stock, distributions declared per share | $1.78 | $1.63 | ' |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||
Dec. 26, 2013 | Jul. 11, 2013 | Apr. 29, 2013 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Mar. 31, 2011 | Nov. 25, 2013 | Jun. 24, 2013 | Apr. 29, 2013 | |
Senior Common Stock [Member] | Senior Common Stock [Member] | Public Offering [Member] | Public Offering [Member] | Public Offering [Member] | ||||||||
Dividends Payable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital gains | ' | ' | ' | ' | 0.00% | 0.00% | 0.00% | ' | ' | ' | ' | ' |
Common stock, shares issued | ' | ' | ' | ' | 15,662,414 | 11,083,584 | ' | ' | 3,500,000 | 1,377,500 | 1,320,000 | 1,265,000 |
Public offering price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18.15 | $18.82 | $18.90 |
Gross proceeds of initial public offering | $25,500,000 | $27,800,000 | $23,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds of initial public offering | 24,200,000 | 26,300,000 | 22,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Underwriters' option to purchase additional shares of common stock | 26,422 | 158,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum aggregate sales price of shares to be issued under open market sale agreement | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' |
Gross proceeds under ATM program | ' | ' | ' | ' | 7,800,000 | ' | ' | ' | ' | ' | ' | ' |
Number of shares sold under open market sale agreement | ' | ' | ' | ' | 762,478 | ' | ' | ' | ' | ' | ' | ' |
Net proceeds of shares sold under open market sale agreement | ' | ' | ' | ' | 14,000,000 | ' | ' | ' | ' | ' | ' | ' |
Maximum remaining capacity to sell common stock under open market sale agreement | ' | ' | ' | ' | 11,000,000 | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value | ' | ' | ' | ' | $0.00 | $0.00 | ' | ' | $0.00 | ' | ' | ' |
Common stock shares issued, selling price | ' | ' | ' | ' | ' | ' | ' | ' | $15 | ' | ' | ' |
Shares intended to be offered pursuant to primary offering | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares intended to be offered pursuant to senior common distribution reinvestment plan | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of senior common stock sold in ongoing offering | ' | ' | ' | ' | ' | ' | ' | 307,979 | ' | ' | ' | ' |
Senior common stock ongoing offering, gross proceeds | ' | ' | ' | ' | $88,121,000 | $4,191,000 | $39,707,000 | $4,600,000 | ' | ' | ' | ' |
Shares of senior common stock issued | ' | ' | ' | ' | ' | ' | ' | 10,223 | ' | ' | ' | ' |
Stockholders_Equity_Characteri
Stockholders' Equity - Characterization of Distributions (Detail) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Feb. 29, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | Ordinary Income [Member] | Ordinary Income [Member] | Ordinary Income [Member] | Ordinary Income [Member] | Ordinary Income [Member] | Ordinary Income [Member] | Ordinary Income [Member] | Ordinary Income [Member] | Ordinary Income [Member] | Ordinary Income [Member] | Ordinary Income [Member] | Ordinary Income [Member] | Ordinary Income [Member] | Ordinary Income [Member] | Return of Capital [Member] | Return of Capital [Member] | Return of Capital [Member] | Return of Capital [Member] | Return of Capital [Member] | Return of Capital [Member] | Return of Capital [Member] | Return of Capital [Member] | Return of Capital [Member] | Return of Capital [Member] | Return of Capital [Member] | Return of Capital [Member] | Return of Capital [Member] | Return of Capital [Member] | |
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Senior Common Stock [Member] | Senior Common Stock [Member] | Senior Common Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Senior Common Stock [Member] | Senior Common Stock [Member] | Senior Common Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | |||
Dividends Payable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock | ' | ' | 18.33% | 0.00% | 16.63% | 100.00% | 0.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | 81.67% | 100.00% | 83.37% | 0.00% | 100.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock | 7.13% | 7.13% | ' | ' | ' | ' | ' | ' | 100.00% | 91.71% | 100.00% | 100.00% | 91.71% | 100.00% | 100.00% | 91.71% | ' | ' | ' | ' | ' | ' | 0.00% | 8.29% | 0.00% | 0.00% | 8.29% | 0.00% | 0.00% | 8.29% |
Stockholders_Equity_Characteri1
Stockholders' Equity - Characterization of Distributions (Parenthetical) (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Series C Preferred Stock [Member] | |||
Dividends Payable [Line Items] | ' | ' | ' |
Preferred stock outstanding | 2,150,000 | 2,150,000 | 0 |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Outstanding Notes Issued to an Employees for the Exercise of Stock Options (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Conversion [Line Items] | ' | ' |
Outstanding Balance of Employee Loans | $375 | $410 |
Note Outstanding Two [Member] | ' | ' |
Debt Conversion [Line Items] | ' | ' |
Date Issued | '2006-04 | ' |
Outstanding Balance of Employee Loans | ' | 3 |
Maturity Date of Note | '2015-04 | ' |
Interest Rate on Note | 7.77% | ' |
Note Outstanding Three [Member] | ' | ' |
Debt Conversion [Line Items] | ' | ' |
Date Issued | '2006-05 | ' |
Outstanding Balance of Employee Loans | ' | 32 |
Maturity Date of Note | '2016-05 | ' |
Interest Rate on Note | 7.87% | ' |
Note Outstanding One [Member] | ' | ' |
Debt Conversion [Line Items] | ' | ' |
Date Issued | '2006-11 | ' |
Outstanding Balance of Employee Loans | $375 | $375 |
Maturity Date of Note | '2015-11 | ' |
Interest Rate on Note | 8.15% | ' |
Quarterly_Financial_Informatio2
Quarterly Financial Information - Summary of Quarterly Results of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | $16,860 | $16,190 | $14,258 | $14,035 | $13,790 | $12,970 | $12,410 | $12,100 | $61,343 | $51,270 | $43,976 |
Operating expenses | 9,542 | 8,639 | 7,369 | 7,273 | 6,971 | 6,100 | 6,027 | 5,797 | 32,823 | 24,895 | 21,270 |
Other expense | -6,984 | -7,242 | -6,438 | -6,329 | -6,205 | -5,878 | -5,529 | -5,002 | -26,993 | -22,614 | -16,992 |
Net income | 334 | 309 | 451 | 433 | 614 | 992 | 854 | 1,301 | 1,527 | 3,761 | 5,714 |
Dividends attributable to preferred and senior common stock | -1,120 | -1,106 | -1,092 | -1,076 | -1,065 | -1,053 | -1,046 | -1,042 | -4,394 | -4,206 | -4,156 |
Loss available to common stockholders | ($786) | ($797) | ($641) | ($643) | ($451) | ($61) | ($192) | $259 | ($2,867) | ($445) | $1,558 |
Loss income available to common stockholders - basic & diluted | ($0.05) | ($0.06) | ($0.05) | ($0.06) | ($0.04) | ($0.01) | ($0.02) | $0.02 | ($0.22) | ($0.04) | $0.15 |
Weighted average shares outstanding - basic | 14,798,950 | 14,196,423 | 12,380,402 | 11,230,647 | 10,976,992 | 10,945,379 | 10,945,379 | 10,945,379 | 13,164,244 | 10,953,325 | 10,236,859 |
Weighted average shares outstanding - diluted | 14,798,950 | 14,196,423 | 12,380,402 | 11,230,647 | 10,976,992 | 10,945,379 | 10,945,379 | 11,006,597 | 13,164,244 | 10,953,325 | 10,288,711 |
Subsequent_Events_Monthly_Dist
Subsequent Events - Monthly Distributions Declared by Company's Board of Directors (Detail) (USD $) | 0 Months Ended |
Jan. 07, 2014 | |
Subsequent Event A [Member] | ' |
Schedule Of Performance Share Units Activity [Line Items] | ' |
Record Date | 22-Jan-14 |
Payment Date | 31-Jan-14 |
Payable to the Holders of Records During the Month | 'January |
Subsequent Event A [Member] | Common Stock [Member] | ' |
Schedule Of Performance Share Units Activity [Line Items] | ' |
Distribution per Share | 0.125 |
Subsequent Event B [Member] | ' |
Schedule Of Performance Share Units Activity [Line Items] | ' |
Record Date | 19-Feb-14 |
Payment Date | 28-Feb-14 |
Payable to the Holders of Records During the Month | 'February |
Subsequent Event B [Member] | Common Stock [Member] | ' |
Schedule Of Performance Share Units Activity [Line Items] | ' |
Distribution per Share | 0.125 |
Subsequent Event C [Member] | ' |
Schedule Of Performance Share Units Activity [Line Items] | ' |
Record Date | 17-Mar-14 |
Payment Date | 31-Mar-14 |
Payable to the Holders of Records During the Month | 'March |
Subsequent Event C [Member] | Common Stock [Member] | ' |
Schedule Of Performance Share Units Activity [Line Items] | ' |
Distribution per Share | 0.125 |
Subsequent Event [Member] | Common Stock [Member] | ' |
Schedule Of Performance Share Units Activity [Line Items] | ' |
Distribution per Share | 0.375 |
Senior Common Stock [Member] | Subsequent Event A [Member] | ' |
Schedule Of Performance Share Units Activity [Line Items] | ' |
Payment Date | 7-Feb-14 |
Distribution per Share | 0.0875 |
Senior Common Stock [Member] | Subsequent Event B [Member] | ' |
Schedule Of Performance Share Units Activity [Line Items] | ' |
Payment Date | 7-Mar-14 |
Distribution per Share | 0.0875 |
Senior Common Stock [Member] | Subsequent Event C [Member] | ' |
Schedule Of Performance Share Units Activity [Line Items] | ' |
Payment Date | 7-Apr-14 |
Distribution per Share | 0.0875 |
Senior Common Stock [Member] | Subsequent Event [Member] | ' |
Schedule Of Performance Share Units Activity [Line Items] | ' |
Distribution per Share | 0.2625 |
Series A Preferred Stock [Member] | Subsequent Event A [Member] | ' |
Schedule Of Performance Share Units Activity [Line Items] | ' |
Distribution per Share | 0.1614583 |
Series A Preferred Stock [Member] | Subsequent Event B [Member] | ' |
Schedule Of Performance Share Units Activity [Line Items] | ' |
Distribution per Share | 0.1614583 |
Series A Preferred Stock [Member] | Subsequent Event C [Member] | ' |
Schedule Of Performance Share Units Activity [Line Items] | ' |
Distribution per Share | 0.1614583 |
Series A Preferred Stock [Member] | Subsequent Event [Member] | ' |
Schedule Of Performance Share Units Activity [Line Items] | ' |
Distribution per Share | 0.4843749 |
Series B Preferred Stock [Member] | Subsequent Event A [Member] | ' |
Schedule Of Performance Share Units Activity [Line Items] | ' |
Distribution per Share | 0.15625 |
Series B Preferred Stock [Member] | Subsequent Event B [Member] | ' |
Schedule Of Performance Share Units Activity [Line Items] | ' |
Distribution per Share | 0.15625 |
Series B Preferred Stock [Member] | Subsequent Event C [Member] | ' |
Schedule Of Performance Share Units Activity [Line Items] | ' |
Distribution per Share | 0.15625 |
Series B Preferred Stock [Member] | Subsequent Event [Member] | ' |
Schedule Of Performance Share Units Activity [Line Items] | ' |
Distribution per Share | 0.46875 |
Series C Preferred Stock [Member] | Subsequent Event A [Member] | ' |
Schedule Of Performance Share Units Activity [Line Items] | ' |
Distribution per Share | 0.1484375 |
Series C Preferred Stock [Member] | Subsequent Event B [Member] | ' |
Schedule Of Performance Share Units Activity [Line Items] | ' |
Distribution per Share | 0.1484375 |
Series C Preferred Stock [Member] | Subsequent Event C [Member] | ' |
Schedule Of Performance Share Units Activity [Line Items] | ' |
Distribution per Share | 0.1484375 |
Series C Preferred Stock [Member] | Subsequent Event [Member] | ' |
Schedule Of Performance Share Units Activity [Line Items] | ' |
Distribution per Share | 0.4453125 |
Schedule_III_Real_Estate_and_A1
Schedule III - Real Estate and Accumulated Depreciation (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Raleigh, North Carolina Office Building [Member] | Canton, Ohio Office Building [Member] | Akron, Ohio Office Building [Member] | Charlotte, North Carolina Office Building [Member] | Canton, Ohio Office Building [Member] | Crenshaw, Pennsylvania Industrial Building [Member] | Lexington, North Carolina Industrial Building [Member] | Austin, Texas Office Building [Member] | Mt. Pocono, Pennsylvania Industrial Building [Member] | San Antonio, Texas Office Building [Member] | Columbus, Ohio Industrial Building [Member] | Big Flats, New York Industrial Building [Member] | Wichita, Kansas Office Building [Member] | Arlington, Texas Industrial Building [Member] | Dayton, Ohio Office Building [Member] | Eatontown, New Jersey Office Building [Member] | Frankling Township, New Jersey Industrial Building [Member] | Duncan, South Carolina Industrial Building [Member] | Duncan, South Carolina Industrial Building [Member] | Hazelwood, Missouri Industrial Building [Member] | Angola, Indiana Industrial Building [Member] | Angola, Indiana Industrial Building [Member] | Rock Falls, Illinois Industrial Building [Member] | Newburyport, Massachusetts Industrial Building [Member] | Clintonville, Wisconsin Industrial Building [Member] | Maple Heights, Ohio Industrial Building [Member] | Richmond, Virginia Office Building [Member] | Toledo, Ohio Medical Office Building [Member] | South Hadley, Massachusetts Industrial Building [Member] | Champaign, Illinois Office Building [Member] | Champaign, Illinois Office Building [Member] | Champaign, Illinois Office Building [Member] | Champaign, Illinois Office Building [Member] | Roseville, Minnesota Office Building [Member] | Burnsville, Minnesota Office Building [Member] | Menomonee Falls, Wisconsin Industrial Building [Member] | Baytown, Texas Medical Office Building [Member] | Sterling Heights, Michigan Industrial Building [Member] | Birmingham, Alabama Industrial Building [Member] | Montgomery, Alabama Industrial Building [Member] | Columbia, Missouri Industrial Building [Member] | Mason, Ohio Office Building [Member] | Raleigh, North Carolina Industrial Building [Member] | Tulsa, Oklahoma Industrial Building [Member] | Hialeah, Florida Industrial Building [Member] | Tewksbury, Massachusetts Industrial Building [Member] | Mason, Ohio Retail Building [Member] | Cicero, New York Industrial Building [Member] | Grand Rapids, Michigan Office Building [Member] | Bollingbrook, Illinois Industrial Building [Member] | Decatur, Georgia Medical Office Building [Member] | Decatur, Georgia Medical Office Building [Member] | Decatur, Georgia Medical Office Building [Member] | Lawrenceville, Georgia Medical Office Building [Member] | Snellville, Georgia Medical Office Building [Member] | Covington, Georgia Medical Office Building [Member] | Cumming, Georgia Medical Office Building [Member] | Conyers, Georgia Medical Office Building [Member] | Reading, Pennsylvania Industrial Building [Member] | Fridley, Minnesota Office Building [Member] | Concord Township, Ohio Office Building[Member] | Pineville, North Carolina Industrial Building [Member] | Marietta, Ohio Industrial Building [Member] | Chalfont, Pennsylvania Industrial Building [Member] | Orange City, Iowa Industrial Building [Member] | Hickory, North Carolina Office Building [Member] | Springfield, Missouri Office Building [Member] | Boston Heights, Ohio Office Building [Member] | Parsippany, New Jersey Office Building [Member] | Dartmouth, Massachusetts Retail Location [Member] | Springfield, Missouri Retail Location [Member] | Pittsburgh, Pennsylvania Office Building [Member] | Ashburn, Virginia Office Building [Member] | Ottumwa, Iowa Industrial Building [Member] | New Albany, Ohio Office Building [Member] | Columbus, Georgia Office Building [Member] | Columbus, Ohio Office Building [Member] | Jupiter, Florida Office Building [Member] | Fort Worth, Texas Industrial Building [Member] | Columbia, South Carolina Office Building [Member] | Egg Harbor, New Jersey Office Building [Member] | Vance, Alabama Industrial Building [Member] | Blaine, Minnesota Office Building [Member] | Austin, Texas Office Building [Member] | Allen, Texas Office Building [Member] | Englewood, Colorado Office Building [Member] | Novi, Michigan Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Encumbrances Initial cost | $421,878 | ' | ' | ' | $4,856 | $2,717 | $6,962 | $6,440 | $3,722 | $5,274 | $2,683 | $6,500 | $4,969 | $6,760 | $2,565 | $5,442 | $7,696 | $3,881 | $1,914 | $4,427 | $6,564 | $10,592 | $2,633 | $2,320 | $646 | $620 | $644 | $6,385 | $3,090 | $9,977 | $5,275 | $2,798 | ' | $1,545 | $3,030 | $1,894 | $1,731 | $17,455 | $11,193 | $6,823 | $2,000 | ' | ' | ' | ' | $4,346 | $5,249 | $8,031 | ' | ' | $4,630 | $4,052 | $5,964 | ' | ' | ' | ' | ' | ' | ' | $3,216 | ' | $4,073 | $5,220 | ' | $2,368 | $5,779 | $5,687 | $9,496 | $6,827 | $11,164 | $2,697 | $6,938 | $4,155 | $1,905 | $2,829 | $7,388 | $4,653 | $9,361 | $4,608 | $2,911 | $10,478 | $13,864 | $18,525 | $3,638 | ' | $8,163 | $35,093 | $8,852 | $11,315 | $4,380 |
Land, Initial Cost | 79,135 | ' | ' | ' | 960 | 186 | 1,973 | 740 | 150 | 100 | 820 | 1,000 | 350 | 843 | 410 | 275 | 1,525 | 636 | 525 | 1,351 | 1,632 | 783 | 195 | 763 | 66 | 132 | 35 | 629 | 55 | 1,609 | 736 | 263 | 471 | 687 | 1,347 | 842 | 770 | 2,588 | 3,511 | 625 | 221 | 2,735 | 612 | 222 | 146 | 797 | 1,606 | ' | 3,562 | 1,395 | 1,201 | 299 | 1,629 | 1,272 | 784 | 205 | 257 | 679 | 176 | 232 | 738 | 297 | 491 | 1,354 | 1,796 | 669 | 829 | 1,249 | 258 | 1,163 | 1,700 | 449 | 1,696 | ' | ' | 281 | 706 | 212 | 1,658 | 1,378 | 542 | 1,160 | 963 | 1,905 | 1,627 | 457 | 1,060 | 2,330 | 2,699 | 1,503 | 352 |
Buildings & Improvements, Initial Cost | 544,719 | ' | ' | ' | 4,481 | 3,083 | 6,771 | 8,423 | 5,050 | 6,574 | 2,107 | 6,296 | 5,819 | 7,514 | 2,385 | 6,459 | 9,703 | 3,695 | 1,877 | 3,520 | 6,200 | 10,790 | 2,682 | 2,309 | 1,075 | 1,130 | 1,113 | 6,504 | 4,717 | 10,065 | 5,336 | 2,812 | 2,765 | 2,036 | 3,992 | 2,495 | 2,281 | 25,290 | 8,746 | 6,911 | 2,443 | 8,606 | 2,326 | 844 | 555 | 6,258 | 5,513 | 14,057 | 6,672 | 8,893 | 4,961 | 5,019 | 10,500 | 5,003 | 3,245 | 848 | 1,064 | 2,809 | 729 | 959 | 3,055 | 1,228 | 6,202 | 8,074 | 11,154 | 3,028 | 6,607 | 6,420 | 5,861 | 6,605 | 12,038 | 3,010 | 7,077 | 4,236 | 2,275 | 3,205 | 7,858 | 5,072 | 8,746 | 4,520 | 2,453 | 11,994 | 15,647 | 20,648 | 3,017 | 10,529 | 10,519 | 44,021 | 7,945 | 11,739 | 5,626 |
Improvement Costs Capitalized Subsequent to Acquisition | 18,499 | ' | ' | ' | ' | 500 | 284 | 61 | 535 | 272 | 69 | 81 | 18 | 625 | ' | 34 | 67 | 416 | 120 | 534 | ' | 1,615 | 419 | 372 | 49 | 51 | 50 | 1,847 | 3,250 | 1,198 | 36 | 390 | 38 | 2 | 4 | 2 | 2 | 584 | ' | 57 | ' | 13 | ' | ' | ' | 538 | ' | ' | 630 | ' | ' | ' | 15 | ' | ' | ' | ' | ' | ' | ' | 2,511 | ' | ' | 399 | -11 | 6 | 209 | 165 | ' | ' | ' | ' | 81 | ' | ' | ' | ' | 287 | ' | ' | 11 | ' | ' | ' | ' | ' | ' | 63 | ' | ' | ' |
Land, Total cost | 79,153 | ' | ' | ' | 960 | 186 | 1,973 | 740 | 150 | 100 | 820 | 1,000 | 350 | 843 | 410 | 275 | 1,525 | 636 | 525 | 1,351 | 1,632 | 783 | 195 | 763 | 66 | 132 | 35 | 629 | 55 | 1,609 | 736 | 263 | 471 | 687 | 1,347 | 842 | 770 | 2,588 | 3,511 | 625 | 221 | 2,735 | 612 | 222 | 146 | 797 | 1,606 | ' | 3,562 | 1,395 | 1,201 | 299 | 1,629 | 1,272 | 784 | 205 | 257 | 679 | 176 | 232 | 738 | 297 | 491 | 1,383 | 1,785 | 669 | 829 | 1,249 | 258 | 1,163 | 1,700 | 449 | 1,696 | ' | ' | 281 | 706 | 212 | 1,658 | 1,378 | 542 | 1,160 | 963 | 1,905 | 1,627 | 457 | 1,060 | 2,330 | 2,699 | 1,503 | 352 |
Buildings & Improvements, Total cost | 563,200 | ' | ' | ' | 4,481 | 3,583 | 7,055 | 8,484 | 5,585 | 6,846 | 2,176 | 6,377 | 5,837 | 8,139 | 2,385 | 6,493 | 9,770 | 4,111 | 1,997 | 4,054 | 6,200 | 12,405 | 3,101 | 2,681 | 1,124 | 1,181 | 1,163 | 8,351 | 7,967 | 11,263 | 5,372 | 3,202 | 2,803 | 2,038 | 3,996 | 2,497 | 2,283 | 25,874 | 8,746 | 6,968 | 2,443 | 8,619 | 2,326 | 844 | 555 | 6,796 | 5,513 | 14,057 | 7,302 | 8,893 | 4,961 | 5,019 | 10,515 | 5,003 | 3,245 | 848 | 1,064 | 2,809 | 729 | 959 | 5,566 | 1,228 | 6,202 | 8,444 | 11,154 | 3,034 | 6,816 | 6,585 | 5,861 | 6,605 | 12,038 | 3,010 | 7,158 | 4,236 | 2,275 | 3,205 | 7,858 | 5,359 | 8,746 | 4,520 | 2,464 | 11,994 | 15,647 | 20,648 | 3,017 | 10,529 | 10,519 | 44,084 | 7,945 | 11,739 | 5,626 |
Total | 642,353 | 533,753 | 442,521 | 401,017 | 5,441 | 3,769 | 9,028 | 9,224 | 5,735 | 6,946 | 2,996 | 7,377 | 6,187 | 8,982 | 2,795 | 6,768 | 11,295 | 4,747 | 2,522 | 5,405 | 7,832 | 13,188 | 3,296 | 3,444 | 1,190 | 1,313 | 1,198 | 8,980 | 8,022 | 12,872 | 6,108 | 3,465 | 3,274 | 2,725 | 5,343 | 3,339 | 3,053 | 28,462 | 12,257 | 7,593 | 2,664 | 11,354 | 2,938 | 1,066 | 701 | 7,593 | 7,119 | 14,057 | 10,864 | 10,288 | 6,162 | 5,318 | 12,144 | 6,275 | 4,029 | 1,053 | 1,321 | 3,488 | 905 | 1,191 | 6,304 | 1,525 | 6,693 | 9,827 | 12,939 | 3,703 | 7,645 | 7,834 | 6,119 | 7,768 | 13,738 | 3,459 | 8,854 | 4,236 | 2,275 | 3,486 | 8,564 | 5,571 | 10,404 | 5,898 | 3,006 | 13,154 | 16,610 | 22,553 | 4,644 | 10,986 | 11,579 | 46,414 | 10,644 | 13,242 | 5,978 |
Accumulated Depreciation | 81,241 | 65,730 | 53,784 | 43,659 | 1,636 | 874 | 1,737 | 2,098 | 1,227 | 1,612 | 519 | 1,557 | 1,399 | 2,165 | 548 | 1,457 | 2,262 | 899 | 780 | 897 | 1,354 | 2,660 | 661 | 540 | 237 | 369 | 126 | 1,655 | 1,091 | 2,825 | 1,150 | 656 | 561 | 444 | 871 | 544 | 497 | 6,030 | 2,273 | 1,367 | 533 | 1,608 | 443 | 161 | 106 | 1,368 | 997 | 2,889 | 1,233 | 1,636 | 840 | 813 | 1,778 | 856 | 550 | 144 | 180 | 476 | 124 | 163 | 518 | 208 | 944 | 1,560 | 1,752 | 455 | 929 | 1,063 | 560 | 824 | 916 | 294 | 583 | 250 | 168 | 208 | 504 | 306 | 509 | 285 | 172 | 462 | 546 | 981 | 85 | 237 | 293 | 927 | 194 | 29 | 3 |
Net Real Estate | $561,112 | ' | ' | ' | $3,805 | $2,895 | $7,291 | $7,126 | $4,508 | $5,334 | $2,477 | $5,820 | $4,788 | $6,817 | $2,247 | $5,311 | $9,033 | $3,848 | $1,742 | $4,508 | $6,478 | $10,528 | $2,635 | $2,904 | $953 | $944 | $1,072 | $7,325 | $6,931 | $10,047 | $4,958 | $2,809 | $2,713 | $2,281 | $4,472 | $2,795 | $2,556 | $22,432 | $9,984 | $6,226 | $2,131 | $9,746 | $2,495 | $905 | $595 | $6,225 | $6,122 | $11,168 | $9,631 | $8,652 | $5,322 | $4,505 | $10,366 | $5,419 | $3,479 | $909 | $1,141 | $3,012 | $781 | $1,028 | $5,786 | $1,317 | $5,749 | $8,267 | $11,187 | $3,248 | $6,716 | $6,771 | $5,559 | $6,944 | $12,822 | $3,165 | $8,271 | $3,986 | $2,107 | $3,278 | $8,060 | $5,265 | $9,895 | $5,613 | $2,834 | $12,692 | $16,064 | $21,572 | $4,559 | $10,749 | $11,286 | $45,487 | $10,450 | $13,213 | $5,975 |
Year Construction/ Improvements | ' | ' | ' | ' | '1997 | '1994 | '1968 | '1984 | '1998 | '1991 | '1986 | '2001 | '1995 | '1999 | '1995 | '2001 | '2000 | '1966 | '1956 | '1991 | '1978 | '1984 | '1984 | '1977 | '1982 | '1982 | '1982 | '1994 | '1992 | '1974 | '1972 | '1979 | '1978 | '1996 | '1996 | '1996 | '1996 | '1964 | '1984 | '1986 | '1997 | '1979 | '1961 | '1961 | '1961 | '2002 | '1994 | '2004 | '1956 | '1985 | '2007 | '2005 | '2001 | '2002 | '1989 | '1989 | '1989 | '1989 | '1989 | '1989 | '1989 | '1989 | '2007 | '1985 | '1957 | '1985 | '1992 | '1987 | '1990 | '2008 | '2006 | '2011 | '1984 | '2011 | '2005 | '1968 | '2002 | '1970 | '2007 | '2012 | '1981 | '2011 | '2005 | '2010 | '1985 | '2013 | '2009 | '1999 | '1998 | '2008 | '1988 |
Year Construction/Improvements One | ' | ' | ' | ' | ' | ' | '1999 | '1995 | ' | ' | ' | ' | '1999 | ' | ' | ' | ' | ' | ' | ' | ' | '2001 | '2001 | ' | ' | ' | ' | ' | '2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2000 | ' | '1989 | '1980 | '1980 | '1980 | ' | ' | ' | '1992 | '1989 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2006 | '2008 | ' | '2007 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Year Construction/Improvements Two | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2007 | '2007 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date Acquired | ' | ' | ' | ' | 23-Dec-03 | 30-Jan-04 | 29-Apr-04 | 30-Jun-04 | 6-Jul-04 | 5-Aug-04 | 5-Aug-04 | 16-Sep-04 | 15-Oct-04 | 10-Feb-05 | 10-Feb-05 | 15-Apr-05 | 18-May-05 | 26-May-05 | 30-Jun-05 | 7-Jul-05 | 11-Jul-05 | 14-Jul-05 | 14-Jul-05 | 5-Aug-05 | 2-Sep-05 | 2-Sep-05 | 2-Sep-05 | 17-Oct-05 | 31-Oct-05 | 21-Dec-05 | 30-Dec-05 | 30-Dec-05 | 15-Feb-06 | 21-Feb-06 | 21-Feb-06 | 21-Feb-06 | 21-Feb-06 | 21-Feb-06 | 10-May-06 | 30-Jun-06 | 11-Jul-06 | 22-Sep-06 | 29-Sep-06 | 29-Sep-06 | 29-Sep-06 | 5-Jan-07 | 16-Feb-07 | 1-Mar-07 | 9-Mar-07 | 17-May-07 | 1-Jul-07 | 6-Sep-07 | 28-Sep-07 | 28-Sep-07 | 13-Dec-07 | 13-Dec-07 | 13-Dec-07 | 13-Dec-07 | 13-Dec-07 | 13-Dec-07 | 13-Dec-07 | 13-Dec-07 | 29-Jan-08 | 26-Feb-08 | 31-Mar-08 | 30-Apr-08 | 29-Aug-08 | 29-Aug-08 | 7-Dec-10 | 4-Apr-11 | 20-Jun-11 | 20-Oct-11 | 27-Oct-11 | 18-Nov-11 | 13-Dec-11 | 28-Dec-11 | 25-Jan-12 | 30-May-12 | 5-Jun-12 | 21-Jun-12 | 28-Jun-12 | 26-Sep-12 | 8-Nov-12 | 21-Nov-12 | 28-Mar-13 | 9-May-13 | 10-May-13 | 9-Jul-13 | 10-Jul-13 | 11-Dec-13 | 27-Dec-13 |
Schedule_III_Real_Estate_and_A2
Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Building [Member] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' |
Depreciable life | '39 years |
Minimum [Member] | Improvements [Member] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' |
Depreciable life | '5 years |
Maximum [Member] | Improvements [Member] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' |
Depreciable life | '20 years |
Schedule_III_Real_Estate_and_A3
Schedule III - Real Estate and Accumulated Depreciation - Change in Balance of Real Estate (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | ' | ' | ' |
Balance at beginning of period | $533,753 | $442,521 | $401,017 |
Additions: | ' | ' | ' |
Acquisitions during period | 103,424 | 85,462 | 43,735 |
Improvements | 5,176 | 5,770 | 1,164 |
Deductions: | ' | ' | ' |
Dispositions during period | ' | ' | ' |
Purchase price adjustments | ' | ' | -3,395 |
Balance at end of period | $642,353 | $533,753 | $442,521 |
Schedule_III_Real_Estate_and_A4
Schedule III - Real Estate and Accumulated Depreciation - Change in Balance of Accumulated Depreciation (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | ' | ' | ' |
Balance at beginning of period | $65,730 | $53,784 | $43,659 |
Additions during period | 15,511 | 11,946 | 10,125 |
Dispositions during period | ' | ' | ' |
Balance at end of period | $81,241 | $65,730 | $53,784 |