Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 18, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | GOOD | ||
Entity Registrant Name | GLADSTONE COMMERCIAL CORP | ||
Entity Central Index Key | 1234006 | ||
Current Fiscal Year End Date | -19 | ||
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 | 20,359,081 | ||
Entity Public Float | $307,467,128 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Real estate, at cost | $722,565 | $642,353 | ||
Less: accumulated depreciation | 92,133 | 81,241 | ||
Total real estate, net | 630,432 | 561,112 | ||
Lease intangibles, net | 98,814 | 79,632 | ||
Mortgage note receivable | 5,600 | |||
Cash and cash equivalents | 8,599 | 8,546 | ||
Restricted cash | 3,547 | 5,051 | ||
Funds held in escrow | 11,096 | 8,653 | ||
Deferred rent receivable, net | 21,728 | 18,905 | ||
Deferred financing costs, net | 6,213 | 6,840 | ||
Other assets | 1,765 | 1,786 | ||
TOTAL ASSETS | 787,794 | 690,525 | ||
LIABILITIES | ||||
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, 2014 and December 31, 2013, respectively | 2 | 2 | ||
Mortgage notes payable | 459,299 | 422,602 | ||
Borrowings under line of credit | 43,300 | 24,400 | ||
Deferred rent liability, net | 8,594 | 6,015 | ||
Asset retirement obligation | 3,616 | 3,884 | ||
Accounts payable and accrued expenses | 8,285 | 2,359 | ||
Due to Adviser and Administrator | 916 | [1] | 1,360 | [1] |
Other liabilities | 7,612 | 8,259 | ||
Total Liabilities | 570,122 | 507,379 | ||
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, 2014 and December 31, 2013, respectively | 2 | 2 | ||
Senior common stock, par value $0.001 per share; 7,500,000 shares authorized and 809,411 and 374,484 shares issued and outstanding at December 31, 2014 and December 31, 2013, respectively | 1 | |||
Common stock, par value $0.001 per share, 38,500,000 shares authorized and 19,589,606 and 15,662,414 shares issued and outstanding at December 31, 2014 and December 31, 2013, respectively | 20 | 16 | ||
Additional paid in capital | 369,748 | 298,751 | ||
Notes receivable - employee | -375 | -375 | ||
Distributions in excess of accumulated earnings | -151,724 | -115,248 | ||
Total Stockholders' Equity | 217,672 | 183,146 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 787,794 | 690,525 | ||
Mandatorily Redeemable Preferred Stock [Member] | ||||
LIABILITIES | ||||
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, 2014 and December 31, 2013, respectively | 38,500 | 38,500 | ||
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, 2014 and December 31, 2013, respectively | $38,500 | $38,500 | ||
[1] | Refer to Note 2 "Related-Party Transactions" | |||
[2] | Refer to Note 9 "Commitments and Contingencies" |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Redeemable preferred stock, par value | $0.00 | $0.00 |
Redeemable preferred stock, liquidation preference | $25 | $25 |
Redeemable preferred stock, shares authorized | 2,300,000 | 2,300,000 |
Redeemable preferred stock, shares issued | 2,150,000 | 2,150,000 |
Redeemable preferred stock, shares outstanding | 2,150,000 | 2,150,000 |
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 | 809,411 | 374,484 |
Senior common stock, shares outstanding | 809,411 | 374,484 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 38,500,000 | 38,500,000 |
Common stock, shares issued | 19,589,606 | 15,662,414 |
Common stock, shares outstanding | 19,589,606 | 15,662,414 |
Series C Preferred Stock [Member] | Mandatorily Redeemable Preferred Stock [Member] | ||
Redeemable preferred stock, par value | $0.00 | $0.00 |
Redeemable preferred stock, liquidation preference | $25 | $25 |
Redeemable preferred stock, shares authorized | 1,700,000 | 1,700,000 |
Redeemable preferred stock, shares issued | 1,540,000 | 1,540,000 |
Redeemable preferred stock, shares outstanding | 1,540,000 | 1,540,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Operating revenues | ||||||
Rental revenue | $71,211 | $59,769 | $50,915 | |||
Tenant recovery revenue | 2,079 | 1,574 | 355 | |||
Interest income from mortgage note receivable | 466 | |||||
Total operating revenues | 73,756 | 61,343 | 51,270 | |||
Operating expenses | ||||||
Depreciation and amortization | 28,864 | 22,827 | 16,831 | |||
Property operating expenses | 4,711 | 3,348 | 1,588 | |||
Acquisition related expenses | 1,438 | 768 | 949 | |||
Base management fee | 2,798 | [1] | 2,014 | [1] | 1,467 | [1] |
Incentive fee | 4,305 | [1] | 4,201 | [1] | 3,569 | [1] |
Administration fee | 1,526 | [1] | 1,467 | [1] | 1,118 | [1] |
General and administrative | 2,689 | 1,655 | 1,594 | |||
Impairment charge | 14,238 | |||||
Total operating expenses before credit to incentive fee | 60,569 | 36,280 | 27,116 | |||
Credit to base management fee | -150 | [1] | ||||
Credit to incentive fee | -3,013 | [1] | -3,457 | [1] | -2,221 | [1] |
Total operating expenses | 57,406 | 32,823 | 24,895 | |||
Other income (expense) | ||||||
Interest expense | -26,197 | -24,351 | -20,226 | |||
Gain on sale of real estate | 1,240 | |||||
Gain on debt extinguishment | 5,274 | |||||
Other income | 174 | 101 | 127 | |||
Total other expense | -22,252 | -26,993 | -22,614 | |||
Net (loss) income | -5,902 | 1,527 | 3,761 | |||
Distributions attributable to senior common stock | -542 | -300 | -113 | |||
Net loss attributable to common stockholders | -10,538 | -2,867 | -445 | |||
Loss per weighted average share of common stock - basic & diluted | ||||||
Loss attributable to common shareholders | ($0.61) | ($0.22) | ($0.04) | |||
Weighted average shares of common stock outstanding | ||||||
Basic and Diluted | 17,253,503 | 13,164,244 | 10,953,325 | |||
Earnings per weighted average share of senior common stock | $1.05 | $1.04 | $1.06 | |||
Weighted average shares of senior common stock outstanding - basic | 516,937 | 287,178 | 106,271 | |||
Series C Preferred Stock [Member] | ||||||
Other income (expense) | ||||||
Distributions attributable to Series C mandatorily redeemable preferred stock | -2,743 | -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) | ($4,094) | ($4,093) | |||
[1] | Refer to Note 2 "Related-Party Transactions" |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Senior Common Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid in Capital [Member] | Notes Receivable from Employees [Member] | Distributions in Excess of Accumulated Earnings [Member] |
In Thousands, except Share data | |||||||
Beginning balance at Dec. 31, 2011 | $135,314 | $2 | $11 | $211,553 | ($422) | ($75,830) | |
Beginning balance, Shares at Dec. 31, 2011 | 60,290 | 2,150,000 | 10,945,379 | ||||
Issuance of senior common stock and common stock, net | 3,917 | 3,917 | |||||
Issuance of senior common stock and common stock, net, Shares | 119,221 | 138,205 | |||||
Repayment of principal on employee notes receivable | 12 | 12 | |||||
Distributions declared to common, senior common and preferred stockholders | -20,639 | -20,639 | |||||
Net income (loss) | 3,761 | 3,761 | |||||
Ending balance at Dec. 31, 2012 | 122,365 | 2 | 11 | 215,470 | -410 | -92,708 | |
Ending balance, Shares at Dec. 31, 2012 | 179,511 | 2,150,000 | 11,083,584 | ||||
Issuance of senior common stock and common stock, net | 83,286 | 5 | 83,281 | ||||
Issuance of senior common stock and common stock, net, Shares | 194,973 | 4,578,830 | |||||
Repayment of principal on employee notes receivable | 35 | 35 | |||||
Distributions declared to common, senior common and preferred stockholders | -24,067 | -24,067 | |||||
Net income (loss) | 1,527 | 1,527 | |||||
Ending balance at Dec. 31, 2013 | 183,146 | 2 | 16 | 298,751 | -375 | -115,248 | |
Ending balance, Shares at Dec. 31, 2013 | 374,484 | 2,150,000 | 15,662,414 | ||||
Issuance of senior common stock and common stock, net | 71,002 | 1 | 4 | 70,997 | |||
Issuance of senior common stock and common stock, net, Shares | 434,927 | 3,927,192 | |||||
Distributions declared to common, senior common and preferred stockholders | -30,574 | -30,574 | |||||
Net income (loss) | -5,902 | -5,902 | |||||
Ending balance at Dec. 31, 2014 | $217,672 | $1 | $2 | $20 | $369,748 | ($375) | ($151,724) |
Ending balance, Shares at Dec. 31, 2014 | 809,411 | 2,150,000 | 19,589,606 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net (loss) income | ($5,902) | $1,527 | $3,761 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation and amortization | 28,864 | 22,827 | 16,831 |
Impairment charge | 14,238 | ||
Gain on debt extinguishment | -5,274 | ||
Gain on sale of real estate | -1,240 | ||
Amortization of deferred financing costs | 1,656 | 1,780 | 1,502 |
Amortization of deferred rent asset and liability, net | -389 | -333 | -772 |
Amortization of discount and premium on assumed debt | -267 | -171 | 9 |
Asset retirement obligation expense | 104 | 129 | 168 |
Increase in other assets | -265 | -399 | -211 |
Increase in deferred rent liability | 2,510 | ||
Increase in deferred rent receivable | -3,230 | -3,700 | -2,144 |
Increase (decrease) in accounts payable, accrued expenses, and amount due Adviser and Administrator | 204 | -2,171 | 2,746 |
Increase in other liabilities | 857 | 1,437 | 743 |
Leasing commissions paid | -1,159 | -1,041 | -1,738 |
Net cash provided by operating activities | 28,197 | 19,885 | 23,405 |
Cash flows from investing activities: | |||
Acquisition of real estate and related intangible assets | -124,315 | -131,188 | -82,239 |
Improvements of existing real estate | -6,347 | -5,176 | -5,557 |
Proceeds from sale of real estate | 11,162 | ||
Issuance of mortgage note receivable | -5,600 | ||
Receipts from lenders for funds held in escrow | 2,911 | 5,545 | 1,959 |
Payments to lenders for funds held in escrow | -8,659 | -6,606 | -5,463 |
Receipts from tenants for reserves | 3,101 | 6,085 | 2,870 |
Payments to tenants from reserves | -4,298 | -3,949 | -2,543 |
Decrease (increase) in restricted cash | 1,504 | -2,117 | -461 |
Deposits on future acquisitions | -3,050 | -2,375 | -550 |
Deposits applied against real estate investments | 3,150 | 2,725 | |
Net cash used in investing activities | -130,441 | -137,056 | -91,984 |
Cash flows from financing activities: | |||
Proceeds from issuance of equity | 73,931 | 88,121 | 4,191 |
Offering costs | -3,140 | -4,963 | -300 |
Proceeds from issuance of mandatorily redeemable preferred stock | 38,500 | ||
Borrowings under mortgage notes payable | 52,085 | 79,995 | 99,455 |
Payments for deferred financing costs | -1,029 | -2,051 | -4,598 |
Principal repayments on mortgage notes payable | -8,144 | -16,407 | -52,285 |
Principal repayments on employee notes receivable | 35 | 12 | |
Borrowings from line of credit | 98,450 | 75,400 | 41,800 |
Repayments on line of credit | -79,550 | -76,000 | -35,500 |
Increase (decrease) in security deposits | 57 | -19 | 134 |
Distributions paid for common, senior common and preferred stock | -30,363 | -23,940 | -20,613 |
Net cash provided by financing activities | 102,297 | 120,171 | 70,796 |
Net increase in cash and cash equivalents | 53 | 3,000 | 2,217 |
Cash and cash equivalents, beginning of period | 8,546 | 5,546 | 3,329 |
Cash and cash equivalents, end of period | 8,599 | 8,546 | 5,546 |
NON-CASH INVESTING AND FINANCING INFORMATION | |||
Cash paid during year for interest | 27,557 | 26,679 | 21,239 |
Increase in asset retirement obligation assumed in acquisition | 405 | 298 | |
Fixed rate principal debt assumed in connection with acquisition | 10,146 | 24,926 | |
Senior common dividend issued in the dividend reinvestment program | 211 | 126 | 26 |
Capital improvements included in accounts payable and accrued expenses | 5,510 | 350 | |
Fixed asset additions paid for by tenant | 2,031 | ||
Property conveyed in deed in lieu for full Satisfaction of mortgage note payable | 17,373 | ||
Security deposit applied to rental income | $147 |
Organization_Basis_of_Presenta
Organization, Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
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, and administrative services are provided by Gladstone Administration, LLC, a Delaware limited liability company, or the Administrator, each pursuant to a contractual arrangement with us. Our Adviser and Administrator collectively employ all of our personnel and pay their salaries, benefits, and general expenses directly. | |
All further references herein to “we,” “our,” “us” and the “Company” mean Gladstone Commercial Corporation and its consolidated subsidiaries, except where it is made clear that the term means only Gladstone Commercial Corporation. All references to the number of properties and square footage are unaudited. | |
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 within our financial statements. | |
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 our real estate mortgage loans. As the Operating Partnership currently owns all of the membership interests of Gladstone Commercial Lending, the financial position and results of operations of Gladstone Commercial Lending are consolidated with ours. | |
Gladstone Commercial Advisers, Inc., a Delaware corporation, or Commercial Advisers, and a wholly-owned subsidiary of ours, 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 we own 100% of the voting securities of Commercial Advisers, the financial position and results of operations of Commercial Advisers are consolidated within our financial statements. | |
GCLP Business Trust I and GCLP Business Trust II, each a subsidiary and business trust of ours, were formed under the laws of the Commonwealth of Massachusetts on December 28, 2005. We transferred our 99% limited partnership interest in the Operating Partnership to GCLP Business Trust I in exchange for 100 shares of the trust. Gladstone Commercial Partners, LLC transferred its 1% general partnership interest in the Operating Partnership to GCLP Business Trust II in exchange for 100 trust shares. | |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could materially differ from those estimates. | |
Real Estate and Lease Intangibles | |
We record investments in real estate at cost and capitalize improvements and replacements when they extend the useful life or improve the efficiency of the asset. We expense costs of repairs and maintenance as such costs are incurred. We compute depreciation using the straight-line method over the estimated useful life, or 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 properties, 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 an acquisition accounted for as a business combination to 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 acquired and liabilities assumed. In estimating carrying costs, management also includes lost reimbursement of real estate taxes, insurance and other operating expenses as well as estimates of lost 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 on the date of acquisition. Real estate depreciation expense on these tangible assets was $18.8 million, $15.5 million, and $11.9 million for the years ended December 31, 2014, 2013, and 2012, 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 which fixed-rate renewal options, if any, should be included. The capitalized above-market lease values, included in the accompanying condensed 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, 2014, 2013, and 2012, respectively. The capitalized below-market lease values, included in the accompanying condensed 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 $0.7 million, $0.6 million, and $1.1 million for the years ended December 31, 2014, 2013, and 2012, 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 amortization 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 amortization expense over the remaining term and any anticipated renewal periods in the respective leases, but in no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. Total amortization expense related to these intangible assets and liabilities was $10.0 million, $7.3 million, and $4.9 million for the years ended December 31, 2014, 2013, and 2012, respectively. | |
Should a tenant terminate its lease, the unamortized portion of the above-market and below-market lease values would be charged to rental income and the unamortized portion of in-place lease values, lease origination costs and customer relationship intangibles will be immediately charged to amortization expense. | |
Impairment Charges | |
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 each tenant’s payment history and financial condition, the likelihood of lease renewal, business conditions in the industry in which the tenants operate, whether there are indications that the fair value of the real estate has decreased 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. | |
Cash and Cash Equivalents | |
We consider cash equivalents to be short-term, highly-liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase, except that any such investments purchased with funds held in escrow or similar accounts are classified as restricted cash. Items classified as cash equivalents include money-market deposit accounts. At times, the balance of our cash and cash equivalents may exceed federally insurable limits. | |
Restricted Cash | |
Restricted cash consists of security deposits and receipts from tenants for reserves. These funds will be released to the tenants upon completion of agreed upon tasks, as specified in the lease agreements, mainly consisting of maintenance and repairs on the buildings and upon receipt by us of evidence of insurance and tax payments. For purposes of the consolidated statements of cash flows, changes in restricted cash caused by changes in reserves held for tenants are shown as investing activities. Changes in restricted cash caused by changes in security deposits are reflected as financing activities. | |
Funds Held in Escrow | |
Funds held in escrow consist of funds held by certain of our lenders for properties held as collateral by these lenders. These funds will be released to us upon completion of agreed upon tasks, as specified in the mortgage agreements, mainly consisting of maintenance and repairs on the buildings, and when evidence of insurance and tax payments has been submitted to the lenders. | |
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 $1.0 million, $2.1 million, and $4.6 million for deferred financing costs during the years ended December 31, 2014, 2013, and 2012, respectively. Total amortization expense related to deferred financing costs is included in interest expense and was $1.7 million, $1.8 million, and $1.5 million for the years ended December 31, 2014, 2013, and 2012, respectively. | |
Gains on Property Sales and Debt Extinguishment | |
Gains on property sales and gains on debt extinguishment consist of the excess consideration or forgiveness of debt received for a property over the property carrying value at the time of sale or forgiveness. We recognize gains on property sales and gains on debt extinguishment in accordance with ASC 360-20, “Real Estate Sales”, or the date the debt is extinguished. | |
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 or 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. We have incurred $0.8 million in deferred rent expense during the year ended December 31, 2014. No such reserves or direct write offs were recorded during the years ended December 31, 2103, and 2012, respectively. | |
Tenant recovery revenue includes payments from tenants as reimbursements for franchise taxes, management fees, insurance, maintenance and repairs, utilities, and ground lease payments. We recognize tenant recovery revenue in the same periods that we incur the related expenses. | |
Mortgage Note Receivable | |
Management considers its loans and other lending investments to be held-for-investment. We reflect our loans classified as long-term investments at amortized cost, less allowance for loan losses, acquisition premiums or discounts, and deferred loan fees. On occasion, we may acquire loans at small premiums or discounts based on the credit characteristics of such loans. These premiums or discounts would be recognized as yield adjustments over the lives of the related loans. Loan origination fees, as well as direct loan origination costs, are also deferred and recognized over the lives of the related loans as yield adjustments. If loans with premiums, discounts, or loan origination fees are prepaid, we would immediately recognize the unamortized portion as a decrease or increase in the prepayment gain or loss. Interest income is recognized using the effective interest method applied on a loan-by-loan basis. Prepayment penalties or yield maintenance payments from borrowers are recognized as additional income when received. | |
Income Taxes | |
We have operated and intend to continue to operate in a manner that will allow us to qualify as a REIT under the Internal Revenue Code of 1986, as amended, and, accordingly, will not be subject to federal income taxes on amounts distributed to stockholders (except income from foreclosure property), provided that we distribute at least 90% of our REIT taxable income to our stockholders and meet certain other conditions. To the extent that we satisfy the distribution requirement but distribute less than 100% of our taxable income, we will be subject to federal corporate income tax on our undistributed income. | |
Commercial Advisers is a wholly-owned TRS that is subject to federal and state income taxes. Though Commercial Advisers has had no activity to date, we would account for any future income taxes in accordance with the provisions of ASC 740, “Income Taxes.” Under ASC 740-10-25, we would account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. | |
We may recognize a tax benefit from an uncertain tax position when it is more-likely-than-not (defined as a likelihood of more than 50%) that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. If a tax position does not meet the more-likely-than-not recognition threshold, despite our belief that the filing position is supportable, the benefit of that tax position is not recognized in the statements of operations. We recognize interest and penalties, as applicable, related to unrecognized tax benefits as a component of income tax expense. We recognize unrecognized tax benefits in the period that the uncertainty is eliminated by either affirmative agreement of the uncertain tax position by the applicable taxing authority, or by expiration of the applicable statute of limitation. For the years ended December 31, 2014, 2013 and 2012, we did not record any provisions for uncertain tax positions. | |
Asset Retirement Obligations | |
ASC 410, “Asset Retirement and Environmental Obligation,” requires an entity to recognize a liability for a conditional asset retirement obligation when incurred if the liability can be reasonably estimated. ASC 410-20-20 clarifies that the term “Conditional Asset Retirement Obligation” refers to a legal obligation (pursuant to existing laws or by contract) to perform an asset retirement activity in which the timing and/or method of settlement are conditional on a future event that may or may not be within the control of the entity. ASC 410-20-25-6 clarifies when an entity would have sufficient information to reasonably estimate the fair value of an asset retirement obligation. We have accrued a liability at the present value of the extimated payments expected to be made and corresponding increase to the cost of the related properties for disposal related to all properties constructed prior to 1985 that have, or may have, asbestos present in the building. The liabilities are accreted to their estimated obligation over the life of the leases for the respective properties. We accrued $0.4 million, $0.0 million and $0.3 million in liabilities in connection with acquisitions for the years ended December 31, 2014, 2013 and 2012, respectively. We recorded expense of $0.1 million, $0.1 million, and $0.2 million during the years ended December 31, 2014, 2013 and 2012, 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 $9.4 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 (Loss) | |
For the years ended December 31, 2014, 2013, and 2012, comprehensive income (loss) equaled net income (loss); therefore, a separate statement of comprehensive income (loss) is not included in the accompanying consolidated financial statements. | |
Segment Reporting | |
We manage our operations on an aggregated, single segment basis for purposes of assessing performance and making operating decisions, and, accordingly, have only one reporting and operating segment. | |
Recently Issued Accounting Pronouncements | |
In August 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update 2014–15 (“ASU 2014-15), “Presentation of Financial Statements – Going Concern (Subtopic 205 – 40): Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern.” ASU 2014-15 requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. Since this guidance is primarily around certain disclosures to the financial statements, we anticipate no impact on our financial position, results of operations or cash flows from adopting this standard. We are currently assessing the additional disclosure requirements, if any, of ASU 2014-15. ASU 2014-15 is effective for the annual period ending after December 15, 2016 and for annual periods and interim periods thereafter, with early adoption permitted. | |
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which supersedes or replaces nearly all GAAP revenue recognition guidance. The new guidance establishes a new control-based revenue recognition model, changes the basis for deciding when revenue is recognized over time or at a point in time and will expand disclosures about revenue. We are currently assessing the impact of ASU 2014-09. ASU 2014-09 is effective for annual reporting periods that begin after December 15, 2016 and interim periods within those years. Early adoption is not permitted. | |
In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” Under this revised guidance, only disposals representing a strategic shift in operations, such as a disposal of a major geographic area, a major line of business or a major equity method investment, will be presented as discontinued operations. This standard is effective for our fiscal year beginning January 1, 2015; however, the FASB has permitted early adoption beginning with the first quarter of 2014. We adopted this standard during the quarter ended March 31, 2014, and accordingly we did not present our assets classified as held for sale during the quarter ended March 31, 2014 as discontinued operations. |
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
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. Both our Adviser and Administrator are affiliates of ours as their parent company is controlled by Mr. David Gladstone, our chairman and chief executive officer. 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, 2014 and 2013, $0.9 million and $1.4 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 and adjusted to exclude the effect of any unrealized gains, losses or other items that do not affect realized net income (including impairment charges), or common stockholders’ equity, and an incentive fee based on funds from operations, or FFO. For the years ended December 31, 2014, 2013, and 2012, we recorded a base management fee of $2.8 million, $2.0 million, and $1.5 million, respectively. The Adviser’s Board of Directors voted to give us a credit to the base management fee for the year ended December 31, 2014 of $0.2 million. | |
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 (including impairment charges). 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, 2014, 2013, and 2012, we recorded an incentive fee of $4.3 million, $4.2 million, and $3.6 million, respectively, offset by credits related to unconditional, voluntary and irrevocable waivers issued by the Adviser of $3.0 million, $3.5 million, and $2.2 million, respectively, resulting in a net incentive fee for the years ended December 31, 2014, 2013, and 2012, of $1.3 million, $0.7 million, and $1.4 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, 2014, 2013, and 2012, 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 expenses in performing services to us, including, but not limited to, rent and the salaries and benefits of its personnel, including our chief financial officer, treasurer, chief compliance officer, general counsel and secretary (who also serves as our Administrator’s president), and their respective staffs. Prior to July 1, 2014, our allocable portion was generally derived by multiplying that portion of the Administrator’s expenses allocable to all funds managed by the Adviser by the percentage of our total assets at the beginning of each quarter in comparison to the total assets of all funds managed by the Adviser. As approved by our Board of Directors, effective July 1, 2014, our allocable portion of the Administrator’s expenses will generally be derived by multiplying our Administrator’s total expenses by the approximate percentage of time the Administrator’s employees perform services for us in relation to their time spent performing services for all companies serviced by our Administrator under contractual agreements. For the years ended December 31, 2014, 2013, and 2012, we recorded an administration fee of $1.5 million, $1.5 million, and $1.1 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 10, “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 $0.6 million, $0.3 million, and $0.2 million of payments during the years ended December 31, 2014, 2013, and 2012 respectively, to Gladstone Securities pursuant to this agreement, which are reflected as a component of Senior Common Stock costs in the consolidated 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. We have elected not to renew the program upon termination on March 28, 2015 and thus the Dealer Manager Agreement will also simultaneously terminate on March 28, 2015. | |
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 pay Gladstone Securities a financing fee in connection with the services it provides to us for securing mortgage financing on any of our properties. The amount of these financing fees, which are payable upon closing of the financing, are based on a percentage of the amount of the mortgage, generally ranging from 0.15% to a maximum of 1.0% of the mortgage obtained. The amount of the financing fees may be reduced or eliminated, as determined by us and Gladstone Securities, after taking into consideration various factors, including, but not limited to, the involvement of any third party brokers and market conditions. We paid financing fees to Gladstone Securities of $0.1 million during both the years ended December 31, 2014, and 2013, respectively, which are reflected as deferred financing costs in the consolidated balance sheets, on total mortgages secured of $52.1 million and $76.3 million, or 0.27% and 0.18%, respectively. The agreement is scheduled to terminate on August 31, 2015, unless renewed or earlier terminated pursuant to the provisions contained therein. |
Loss_per_Share_of_Common_Stock
Loss per Share of Common Stock | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Loss per Share of Common Stock | 3. Loss per Share of Common Stock | ||||||||||||
The following tables set forth the computation of basic and diluted loss per share of common stock for the years ended December 31, 2014, 2013, and 2012. We computed basic loss per share for the years ended December 31, 2014, 2013 and 2012 using the weighted average number of shares outstanding during the periods. Diluted loss per share for the years ended December 31, 2014, 2013 and 2012, reflects additional shares of common stock related to our convertible Senior Common Stock (if the effect would be dilutive), that would have been outstanding if dilutive potential shares of common stock had been issued, as well as an adjustment to net income available to common stockholders as applicable to common stockholders that would result from their assumed issuance (dollars in thousands, except per share amounts). | |||||||||||||
For the year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Calculation of basic loss per share of common stock: | |||||||||||||
Net loss attributable to common stockholders | $ | (10,538 | ) | $ | (2,867 | ) | $ | (445 | ) | ||||
Denominator for basic weighted average shares of common stock | 17,253,503 | 13,164,244 | 10,953,325 | ||||||||||
Basic loss per share of common stock | $ | (0.61 | ) | $ | (0.22 | ) | $ | (0.04 | ) | ||||
Calculation of diluted loss per share of common stock: | |||||||||||||
Net loss attributable to common stockholders | $ | (10,538 | ) | $ | (2,867 | ) | $ | (445 | ) | ||||
Add: Income impact of assumed conversion of senior common stock (1) | — | — | — | ||||||||||
Net loss attributable to common stockholders plus assumed conversions | $ | (10,538 | ) | $ | (2,867 | ) | $ | (445 | ) | ||||
Denominator for basic weighted average shares of common stock | 17,253,503 | 13,164,244 | 10,953,325 | ||||||||||
Effect of convertible senior common stock (1) | — | — | — | ||||||||||
Denominator for diluted weighted average shares of common stock | 17,253,503 | 13,164,244 | 10,953,325 | ||||||||||
Diluted loss per share of common stock | $ | (0.61 | ) | $ | (0.22 | ) | $ | (0.04 | ) | ||||
-1 | We excluded convertible senior common shares of 428,509, 238,126, and 121,891 from the calculation of diluted earnings per share for the years ended December 31, 2014, 2013 and 2012, respectively, because it was anti-dilutive. |
Real_Estate_and_Intangible_Ass
Real Estate and Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||
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, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||||||||||
Land | $ | 88,394 | $ | 79,153 | |||||||||||||||||||||||||||||||||||||||||
Building and improvements | 593,155 | 527,230 | |||||||||||||||||||||||||||||||||||||||||||
Tenant improvements | 41,016 | 35,970 | |||||||||||||||||||||||||||||||||||||||||||
Accumulated depreciation | (92,133 | ) | (81,241 | ) | |||||||||||||||||||||||||||||||||||||||||
Real estate, net | $ | 630,432 | $ | 561,112 | |||||||||||||||||||||||||||||||||||||||||
2014 Real Estate Activity | |||||||||||||||||||||||||||||||||||||||||||||
During the year ended December 31, 2014, we completed 10 acquisitions of 11 properties and completed an expansion of one property, which are summarized below (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||||||
Location | Acquisition Date | Square Footage | Lease | Renewal Options | Total Purchase | Acquisition | Annualized Straight | Debt Issued & | |||||||||||||||||||||||||||||||||||||
(unaudited) | Term | Price/Expansion | Expenses | Line Rent | Assumed | ||||||||||||||||||||||||||||||||||||||||
Funded | |||||||||||||||||||||||||||||||||||||||||||||
Allen, TX | 3/27/14 | 21,154 | 12 Years | 4 (5 years each) | $ | 5,525 | $ | 33 | $ | 570 | $ | 3,481 | |||||||||||||||||||||||||||||||||
Colleyville, TX | 3/27/14 | 20,355 | 12 Years | 4 (5 years each) | 4,523 | 33 | 467 | 2,849 | |||||||||||||||||||||||||||||||||||||
Rancho Cordova, CA | (4 | ) | 4/22/14 | 61,358 | 10 Years | 1 (5 year) | 8,225 | 73 | 902 | 4,935 | |||||||||||||||||||||||||||||||||||
Coppell, TX | 5/8/14 | 21,171 | 12 Years | 4 (5 years each) | 5,838 | 26 | 601 | 3,816 | |||||||||||||||||||||||||||||||||||||
Columbus, OH | 5/13/14 | 114,786 | 9.5 Years (1) | N/A | (1) | 11,800 | 70 | 1,278 | (3) | N/A | |||||||||||||||||||||||||||||||||||
Taylor, PA | 6/9/14 | 955,935 | 10 Years | 4 (5 years each) | 39,000 | 730 | 3,400 | 22,600 | |||||||||||||||||||||||||||||||||||||
Aurora, CO | 7/1/14 | 124,800 | 15 Years | 2 (5 years each) | 8,300 | 93 | 768 | N/A | |||||||||||||||||||||||||||||||||||||
Indianapolis, IN | (4 | ) | 9/3/14 | 86,495 | 11.5 Years (2) | 2 (5 years each) | (2) | 10,500 | 63 | 1,504 | (3) | 6,100 | |||||||||||||||||||||||||||||||||
Denver, CO | 10/31/14 | 189,120 | 10 Years | 2 (10 years each) | 10,000 | 103 | 860 | N/A | |||||||||||||||||||||||||||||||||||||
Canton, NC | (5 | ) | 11/1/14 | 365,960 | 20 Years | 2 (10 years each) | 5,550 | N/A | 1,343 | N/A | |||||||||||||||||||||||||||||||||||
Monroe, MI | (6 | ) | 12/23/14 | 535,500 | 8.5 Years | 2 (5 years each) | 30,750 | 68 | 2,523 | 18,450 | |||||||||||||||||||||||||||||||||||
Total | 2,496,634 | $ | 140,011 | $ | 1,292 | $ | 14,216 | $ | 62,231 | ||||||||||||||||||||||||||||||||||||
(1) | Lease term and renewal options are reflective of the largest tenant. The smaller tenant’s lease terminates in November 2016 and contains no renewal options. | ||||||||||||||||||||||||||||||||||||||||||||
(2) | Lease term and renewal options are reflective of the largest tenant. The other tenants in the building have varying lease expirations from December 2015 to October 2018. No other tenants have renewal options. | ||||||||||||||||||||||||||||||||||||||||||||
(3) | Rent figure is reflective of aggregate rent among all tenants occupying the building. | ||||||||||||||||||||||||||||||||||||||||||||
(4) | Tenants occupying these properties are subject to a gross lease. The largest tenant in this property occupies 61,306 square feet. | ||||||||||||||||||||||||||||||||||||||||||||
(5) | The Canton, NC property was originally acquired in July 2004 for $5.2 million. After the expansion was completed in November 2014, our total investment in the property is $10.8 million. | ||||||||||||||||||||||||||||||||||||||||||||
(6) | This property acquisition consists of two buildings with two separate leases which have identical lease terms. The figures above are aggrigated to reflect both buildings. | ||||||||||||||||||||||||||||||||||||||||||||
In accordance with ASC 805, we determined the fair value of the acquired assets and assumed liabilities related to the 11 properties acquired during the year ended December 31, 2014 as follows (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||||||
Land | Building | Tenant | In-place | Leasing Costs | Customer | Above Market | Below Market | Premium on | Total Purchase | ||||||||||||||||||||||||||||||||||||
Improvements | Leases | Relationships | Leases | Leases | Assumed Debt | Price | |||||||||||||||||||||||||||||||||||||||
Allen, TX | $ | 874 | $ | 3,509 | $ | 125 | $ | 598 | $ | 273 | $ | 218 | $ | — | $ | — | $ | (72 | ) | $ | 5,525 | ||||||||||||||||||||||||
Colleyville, TX | 1,277 | 2,307 | 117 | 486 | 220 | 181 | — | (6 | ) | (59 | ) | 4,523 | |||||||||||||||||||||||||||||||||
Rancho Cordova, CA | 752 | 5,898 | 278 | 473 | 546 | 278 | — | — | — | 8,225 | |||||||||||||||||||||||||||||||||||
Coppell, TX | 1,448 | 3,221 | 128 | 636 | 293 | 230 | — | — | (118 | ) | 5,838 | ||||||||||||||||||||||||||||||||||
Columbus, OH | 990 | 6,080 | 1,937 | 823 | 719 | 990 | 261 | — | — | 11,800 | |||||||||||||||||||||||||||||||||||
Taylor, PA | 3,102 | 24,449 | 956 | 6,171 | 1,452 | 2,870 | — | — | — | 39,000 | |||||||||||||||||||||||||||||||||||
Aurora, CO | 2,882 | 3,825 | 92 | 413 | 806 | 282 | — | — | 8,300 | ||||||||||||||||||||||||||||||||||||
Indianapolis, IN | 502 | 5,334 | 1,088 | 1,990 | 741 | 732 | 126 | (13 | ) | — | 10,500 | ||||||||||||||||||||||||||||||||||
Denver, CO | 1,621 | 6,503 | 568 | 1,152 | 721 | 652 | — | (1,217 | ) | — | 10,000 | ||||||||||||||||||||||||||||||||||
Monroe, MI | (1 | ) | 1,118 | 23,890 | 942 | 1,497 | 1,350 | 1,953 | — | — | — | 30,750 | |||||||||||||||||||||||||||||||||
$ | 14,566 | $ | 85,016 | $ | 6,231 | $ | 14,239 | $ | 7,121 | $ | 8,386 | $ | 387 | $ | (1,236 | ) | $ | (249 | ) | $ | 134,461 | ||||||||||||||||||||||||
-1 | This property acquisition consists of two buildings with two separate leases which have identical lease terms. The figures above are aggrigated to reflect both buildings. | ||||||||||||||||||||||||||||||||||||||||||||
Below is a summary of the total revenue and earnings recognized on the 11 properties acquired during the year ended December 31, 2014 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||||||
Location | Acquisition | Rental Revenue | Earnings (1) | ||||||||||||||||||||||||||||||||||||||||||
Date | |||||||||||||||||||||||||||||||||||||||||||||
Allen, TX | 3/27/14 | $ | 435 | $ | 249 | ||||||||||||||||||||||||||||||||||||||||
Colleyville, TX | 3/27/14 | 357 | 206 | ||||||||||||||||||||||||||||||||||||||||||
Rancho Cordova, CA | 4/22/14 | 625 | 239 | ||||||||||||||||||||||||||||||||||||||||||
Coppell, TX | 5/8/14 | 390 | 226 | ||||||||||||||||||||||||||||||||||||||||||
Columbus, OH | (2 | ) | 5/13/14 | 790 | 272 | ||||||||||||||||||||||||||||||||||||||||
Taylor, PA | 6/9/14 | 1,908 | 890 | ||||||||||||||||||||||||||||||||||||||||||
Aurora, CO | 7/1/14 | 384 | 253 | ||||||||||||||||||||||||||||||||||||||||||
Indianapolis, IN | (2 | ) | 9/3/14 | 489 | 44 | ||||||||||||||||||||||||||||||||||||||||
Denver, CO | 10/31/14 | 166 | 82 | ||||||||||||||||||||||||||||||||||||||||||
Monroe, MI | (3 | ) | 12/23/14 | 61 | 31 | ||||||||||||||||||||||||||||||||||||||||
$ | 5,605 | $ | 2,492 | ||||||||||||||||||||||||||||||||||||||||||
-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. | ||||||||||||||||||||||||||||||||||||||||||||
-2 | Rental revenue and earnings is reflective of aggregate rent and operating expenses among all tenants occupying the building. | ||||||||||||||||||||||||||||||||||||||||||||
-3 | We acquired two properties and two leases with this acquisition. Rental revenue and earnings is reflective of aggregate rent and operating expenses among both properties. | ||||||||||||||||||||||||||||||||||||||||||||
Pro Forma | |||||||||||||||||||||||||||||||||||||||||||||
The following table reflects pro-forma consolidated statements of operations as if the properties acquired during the years ended December 31, 2014 and 2013, respectively were acquired as of January 1, 2013. The table also assumes that properties acquired during the years ended December 31, 2013 and 2012, respectively, were acquired as of January 1, 2012. The pro-forma earnings for the years ended December 31, 2014, 2013 and 2012 were adjusted to assume that acquisition-related costs were incurred as of the beginning of the earliest period presented (dollars in thousands, except per share amounts): | |||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||
Operating Data: | |||||||||||||||||||||||||||||||||||||||||||||
Total operating revenue | $ | 80,759 | $ | 80,081 | $ | 68,940 | |||||||||||||||||||||||||||||||||||||||
Total operating expenses | (60,728 | ) | (46,223 | ) | (37,457 | ) | |||||||||||||||||||||||||||||||||||||||
Other expenses | (24,290 | ) | (32,929 | ) | (28,754 | ) | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | (4,259 | ) (1) | 929 | 2,729 | |||||||||||||||||||||||||||||||||||||||||
Dividends attributable to preferred and senior common stock | (4,636 | ) | (4,394 | ) | (4,206 | ) | |||||||||||||||||||||||||||||||||||||||
Net loss attributable to common stockholders | $ | (8,895 | ) | $ | (3,465 | ) | $ | (1,477 | ) | ||||||||||||||||||||||||||||||||||||
Share and Per Share Data: | |||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted loss per share of common stock | $ | (0.52 | ) | $ | (0.26 | ) | $ | (0.13 | ) | ||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding-basic and diluted | 17,253,503 | 13,164,244 | 10,953,325 | ||||||||||||||||||||||||||||||||||||||||||
-1 | We recognized a $14.2 million impairment loss and a $5.3 million gain on debt extinguishment as a result of our Roseville, MN deed in lieu transaction during the year ended December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||||||
Significant Real Estate Activity on Existing Assets | |||||||||||||||||||||||||||||||||||||||||||||
On April 4, 2014, our tenant occupying our Newburyport, Massachusetts property notified us of their intention not to exercise their renewal option, as the tenant is relocating to Rhode Island. The tenant will continue paying rent and operating expenses through the lease termination date of April 30, 2015. | |||||||||||||||||||||||||||||||||||||||||||||
On May 6, 2014, we extended the lease with the tenant occupying our property located in Austin, Texas. The lease covering this property was extended for an additional eight years, through June 2022. The lease was originally set to expire in June 2015. 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 modification of certain terms of the lease, we paid $0.2 million in leasing commissions, and will pay a total of approximately $1.3 million in tenant improvements prior to the end of second quarter 2015. | |||||||||||||||||||||||||||||||||||||||||||||
On June 11, 2014, we extended the lease with the tenant occupying our property located in Burnsville, Minnesota. The new lease covers approximately two-thirds of the space and was extended for an additional eight years, through January 2023. The lease was originally set to expire in June 2015. The tenant in this property will continue to pay rent on the entire building through June 2015, and we are working to identify tenants to lease the remaining one-third of the building. The new lease provides for prescribed rent escalations over the life of the lease, with annualized straight line rents of $1.0 million. Rental income per square foot increased 14% from the previous lease. The lease grants the tenant two options to extend the lease for an additional three years each. In connection with the extension of the lease and the modification of certain terms under the lease, we paid $0.5 million in leasing commissions, and will pay $3.3 million in tenant improvements prior to the end of first quarter 2015. | |||||||||||||||||||||||||||||||||||||||||||||
On July 7, 2014, we extended the lease with one of the tenants occupying our property located in Akron, Ohio. The new lease covers approximately two-thirds of the space and was extended for an additional five years, through March 2020. The lease was originally set to expire in March 2015. This tenant will continue to pay its existing rent through March 2015. The new lease provides for prescribed rent escalations over the life of the lease, with annualized straight line rents of $0.6 million. The lease grants the tenant two options to extend the lease for an additional five years each. In connection with the extension of the lease and the modification of certain terms under the lease, we paid $0.2 million in leasing commissions, and will pay $0.9 million in tenant improvements prior to the end of second quarter 2015. On December 24, 2014, we extended the lease with the other tenant occupying our property located in Akron, Ohio. The new lease covers the remaining space and was extended for an additional five years through March 2020. The lease was originally set to expire in March 2015. This tenant will also continue to pay its existing rent through March 2015. The new lease provides for prescribed rent escalations over the life of the lease, with annualized straight line rents of $0.1 million. The lease grants the tenant two options to extend the lease for an additional five years each. In connection with the extension of the lease and the modification of certain terms under the lease, we will pay $0.1 million in tenant improvements during fiscal year 2015. | |||||||||||||||||||||||||||||||||||||||||||||
On September 25, 2014, we modified the lease with the tenant occupying our property located in Concord Township, Ohio. The lease covering this property was adjusted to defer a portion of rental payments covering the period August 2014 through December 2014. The tenant will repay the deferred rent balance monthly during calendar year 2015. On November 14, 2014, we further modified the lease with this tenant. The lease covering this property was adjusted to change the lease termination date from August 2034, to December 2024. Accordingly, annual straight line rent decreased from $1.7 million under the prior amendment, to $1.4 million. The lease grants the tenant three options to extend the lease for an additional five years each. Upon execution of this lease amendment, we determined that a portion of our existing deferred rent balance of $2.5 million was uncollectible, due to the reduction in lease payments and lease term, and we adjusted the balance by approximately $0.8 million, which is recorded in general and administrative expense. | |||||||||||||||||||||||||||||||||||||||||||||
On October 16, 2014, we executed a lease with a tenant to occupy our previously vacant property located in Richmond, Virginia. The lease was effective as of September 8, 2014 and has a three-year term. The tenant has an early termination option at any time after July 31, 2016, contingent upon the tenant losing a contract with the vendor supporting their operations in our building. The tenant is subject to a termination payment of approximately $0.03 million if they exercise this option. The lease provides for prescribed rent escalations over the life of the lease, with annualized straight line rents of approximately $0.2 million. The tenant has one option to renew the lease for an additional period of three years. In connection with the extension of the lease and modification of certain terms of the lease, we paid $0.1 million in leasing commissions. No tenant improvements were paid in connection with the new lease. | |||||||||||||||||||||||||||||||||||||||||||||
On October 22, 2014, we extended the lease with the tenant occupying our property located in Canton, North Carolina. We financed a $5.5 million expansion project on this property, which added an additional 150,000 square feet to the building, which was completed in November 2014. The lease covering this property was extended for an additional 10 years, through September 2034. The lease was originally set to expire in July 2024. The lease provides for prescribed rent escalations over the life of the lease, with annualized straight line rents of approximately $1.4 million, as compared to straight line rents of $0.6 million under the previous lease. | |||||||||||||||||||||||||||||||||||||||||||||
On October 27, 2014, 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 two years through January 2017. The lease was originally set to expire in January 2015. The lease provides a scheduled rent increase over the previous lease, with annualized straight line rents of approximately $0.3 million. The tenant has two options to renew the lease for additional periods of one year each. | |||||||||||||||||||||||||||||||||||||||||||||
On October 30, 2014, we modified the lease with the tenant occupying our property located in Tewksbury, Massachusetts. The lease covering this property was amended to reduce rental charges through the remaining lease term, which is set to expire May 31, 2017. In the event we identify a tenant or a purchaser for the property, we can terminate the lease with the current tenant. Straight line rent on this lease has decreased from $0.9 million per year to $0.4 million per year after the amendment. | |||||||||||||||||||||||||||||||||||||||||||||
On December 1, 2014, we executed a lease with a tenant to occupy a 7,125 square foot vacant outbuilding located on our property in Maple Heights, Ohio. The lease was effective as of December 1, 2014 and has a three-year term. The lease provides for consistent rental payments of $0.03 million annually. In connection with the extension of the lease and modification of certain terms of the lease, we paid $0.01 million in leasing commissions. | |||||||||||||||||||||||||||||||||||||||||||||
On December 1, 2014, we executed a lease with a tenant to occupy a portion of our property located in Bolingbrook, Illinois. The lease is for seven years and the tenant occupies 38% of the building. The lease provides for prescribed rent escalations over the life of the lease, with annualized straight line rents of approximately $0.2 million. The tenant has one option to renew the lease for an additional period of five years. In connection with the extension of the lease and modification of certain terms of the lease, we paid $0.2 million in leasing commissions, and will pay to $0.5 million in tenant improvements during fiscal year 2015. | |||||||||||||||||||||||||||||||||||||||||||||
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/ | Acquisition | Annualized Straight | Debt Issued | |||||||||||||||||||||||||||||||||||||
Expansion Date | (unaudited) | 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 acquired assets related to the seven properties acquired during the year ended December 31, 2013 as follows (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||||||
Tenant | In-place | Customer | Above Market | Below Market | Total Purchase | ||||||||||||||||||||||||||||||||||||||||
Land | Building | Improvements | Leases | Leasing Costs | 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 | |||||||||||||||||||||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||||||||||||||||||||
Location | Date | Rental Revenue | Earnings (1) | ||||||||||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||
2015 | $ | 70,794 | |||||||||||||||||||||||||||||||||||||||||||
2016 | 68,669 | ||||||||||||||||||||||||||||||||||||||||||||
2017 | 68,290 | ||||||||||||||||||||||||||||||||||||||||||||
2018 | 67,983 | ||||||||||||||||||||||||||||||||||||||||||||
2019 | 68,405 | ||||||||||||||||||||||||||||||||||||||||||||
Thereafter | 312,030 | ||||||||||||||||||||||||||||||||||||||||||||
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, 2014, were $12.6 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, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Lease Intangibles | Accumulated | Lease Intangibles | Accumulated | ||||||||||||||||||||||||||||||||||||||||||
Amortization | Amortization | ||||||||||||||||||||||||||||||||||||||||||||
In-place leases | $ | 59,233 | $ | (17,379 | ) | $ | 47,442 | $ | (15,158 | ) | |||||||||||||||||||||||||||||||||||
Leasing costs | 38,305 | (11,411 | ) | 31,339 | (9,323 | ) | |||||||||||||||||||||||||||||||||||||||
Customer relationships | 41,243 | (11,177 | ) | 35,739 | (10,407 | ) | |||||||||||||||||||||||||||||||||||||||
$ | 138,781 | $ | (39,967 | ) | $ | 114,520 | $ | (34,888 | ) | ||||||||||||||||||||||||||||||||||||
Deferred Rent | Accumulated | Lease Intangibles | Accumulated | ||||||||||||||||||||||||||||||||||||||||||
Receivable/Liability | Amortization | Amortization | |||||||||||||||||||||||||||||||||||||||||||
Above market leases | $ | 8,314 | $ | (6,384 | ) | $ | 7,928 | $ | (6,085 | ) | |||||||||||||||||||||||||||||||||||
Below market leases | $ | 15,939 | $ | (7,345 | ) | $ | 12,672 | $ | (6,657 | ) | |||||||||||||||||||||||||||||||||||
$ | 24,253 | $ | (13,729 | ) | $ | 20,600 | $ | (12,742 | ) | ||||||||||||||||||||||||||||||||||||
Total | $ | 163,034 | $ | (53,696 | ) | $ | 135,120 | $ | (47,630 | ) | |||||||||||||||||||||||||||||||||||
The weighted average amortization periods in years for the intangible assets acquired and liabilities assumed during the years ended December 31, 2014 and 2013, respectively, were as follows: | |||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets & Liabilities | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||
In-place leases | 10.1 | 8.9 | |||||||||||||||||||||||||||||||||||||||||||
Leasing costs | 10.1 | 8.9 | |||||||||||||||||||||||||||||||||||||||||||
Customer relationships | 15.1 | 13.7 | |||||||||||||||||||||||||||||||||||||||||||
Above market leases | 9.3 | 8.8 | |||||||||||||||||||||||||||||||||||||||||||
Below market leases | 10 | 7.5 | |||||||||||||||||||||||||||||||||||||||||||
All intangible assets & liabilities | 11.5 | 10 | |||||||||||||||||||||||||||||||||||||||||||
The estimated aggregate amortization expense to be recorded for in-place leases, leasing costs and customer relationships for each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||||||
Estimated | |||||||||||||||||||||||||||||||||||||||||||||
Year | Amortization Expense | ||||||||||||||||||||||||||||||||||||||||||||
2015 | $ | 12,801 | |||||||||||||||||||||||||||||||||||||||||||
2016 | 11,972 | ||||||||||||||||||||||||||||||||||||||||||||
2017 | 11,733 | ||||||||||||||||||||||||||||||||||||||||||||
2018 | 11,633 | ||||||||||||||||||||||||||||||||||||||||||||
2019 | 11,610 | ||||||||||||||||||||||||||||||||||||||||||||
Thereafter | 39,065 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 98,814 | |||||||||||||||||||||||||||||||||||||||||||
The estimated aggregate rental income to be recorded for the amortization of both above and below market leases for each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||||||
Estimated Rental | |||||||||||||||||||||||||||||||||||||||||||||
Year | Income | ||||||||||||||||||||||||||||||||||||||||||||
2015 | $ | 557 | |||||||||||||||||||||||||||||||||||||||||||
2016 | 438 | ||||||||||||||||||||||||||||||||||||||||||||
2017 | 432 | ||||||||||||||||||||||||||||||||||||||||||||
2018 | 432 | ||||||||||||||||||||||||||||||||||||||||||||
2019 | 432 | ||||||||||||||||||||||||||||||||||||||||||||
Thereafter | 4,374 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 6,665 | |||||||||||||||||||||||||||||||||||||||||||
Real_Estate_Dispositions_and_I
Real Estate Dispositions and Impairment Charges | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Real Estate [Abstract] | |||||||||||||
Real Estate Dispositions and Impairment Charges | 5. Real Estate Dispositions and Impairment Charges | ||||||||||||
Real Estate Dispositions | |||||||||||||
On June 6, 2014, we sold our property located in Sterling Heights, Michigan to the tenant currently occupying the building for $11.4 million and incurred approximately $0.2 million in selling costs. We recognized a gain of $1.2 million on the sale. | |||||||||||||
The table below summarizes the components of income from real estate and related assets disposed of for the Sterling Heights, Michigan property during the years ended December 31, 2014, 2013 and 2012, respectively (dollars in thousands): | |||||||||||||
For the year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Operating revenue | $ | 507 | $ | 1,167 | $ | 1,167 | |||||||
Operating expense | 46 | 228 | 221 | ||||||||||
Income from real estate and related assets sold | $ | 461 | $ | 939 | $ | 946 | |||||||
Impairment Charges | |||||||||||||
We performed the evaluation and analysis of our portfolio and concluded that our Roseville, Minnesota property was impaired as of March 31, 2014. We determined that the expected undiscounted cash flows based upon a revised estimated holding period of this property was below the current carrying value. The estimated holding period was revised after a potential tenant that we were anticipating to lease a large portion of the vacant space, during the three months ended March 31, 2014, did not execute a lease on the property. Consequently, we revised the holding period to coincide with the maturity of the mortgage loan in June 2014. Accordingly, we reduced the carrying value of this property to its estimated fair value, less cost to sell, and we recognized an impairment loss of $14.2 million during the year ended December 31, 2014. This property was returned to the lender in a deed in lieu transaction on November 12, 2014 (see Note 7). | |||||||||||||
We performed an analysis of both the real estate disposition and impaired property for the year ended December 31, 2014 and determined that these properties should not be classified as discontinued operations as neither constituted a strategic shift in our operations in accordance with ASU 2014-08. | |||||||||||||
We had previously reported that our property located in South Hadley, Massachusetts was at risk of becoming impaired in the future. We recently extended the lease on this property for two years, and it will now expire in January 2017. As a result of this lease extension, we no longer view this property as at risk for impairment. | |||||||||||||
We continue to monitor our portfolio for any other indicators of impairment. |
Mortgage_Note_Receivable
Mortgage Note Receivable | 12 Months Ended |
Dec. 31, 2014 | |
Text Block [Abstract] | |
Mortgage Note Receivable | 6. Mortgage Note Receivable |
On July 25, 2014, we closed a $5.6 million second mortgage development loan for the construction of an 81,371 square foot, build-to-suit transitional care facility located on a major hospital campus in Phoenix, Arizona. Construction is scheduled to be completed in July 2015 and we will earn 9.0% interest, paid currently in cash, on the loan during construction and through maturity. Prior to completion of the facility, we will be granted a right of first offer to purchase the property at fair value. If we do not purchase the property we will receive an exit fee upon maturity of the loan in an amount sufficient for us to earn an internal rate of return of 22% on the second mortgage development loan, inclusive of interest earned. The loan is scheduled to mature in July 2016, but has a one-year extension option. We have recognized $0.5 million in both cash interest income and accrued exit fee revenue during the year ended December 31, 2014. |
Mortgage_Notes_Payable_and_Lin
Mortgage Notes Payable and Line of Credit | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||
Mortgage Notes Payable and Line of Credit | 7. Mortgage Notes Payable and Line of Credit | ||||||||||||||||||||||||||||
Our mortgage notes payable and line of credit as of December 31, 2014 and December 31, 2013 are summarized below (dollars in thousands): | |||||||||||||||||||||||||||||
Principal Balance Outstanding | |||||||||||||||||||||||||||||
Date of | |||||||||||||||||||||||||||||
Issuance/ | Principal | Stated Interest Rate at | |||||||||||||||||||||||||||
Assumption | Maturity Date | December 31, 2014 (1) | December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||
2/21/06 | 6/30/14 | 5.20% | — | 17,455 | |||||||||||||||||||||||||
8/25/05 | 9/1/15 | 5.33% | 19,262 | 19,664 | |||||||||||||||||||||||||
9/12/05 | 9/1/15 | 5.21% | 11,369 | 11,593 | |||||||||||||||||||||||||
9/6/07 | 12/11/15 | 5.81% | 3,964 | 4,052 | |||||||||||||||||||||||||
12/21/05 | 1/8/16 | 5.71% | 17,482 | 17,816 | |||||||||||||||||||||||||
3/27/14 | 2/1/16 | 5.58% | 6,214 | — | |||||||||||||||||||||||||
3/29/06 | 4/1/16 | 5.92% | 16,201 | 16,434 | |||||||||||||||||||||||||
4/27/06 | 5/5/16 | 6.58% | 12,316 | 12,696 | |||||||||||||||||||||||||
8/29/08 | 6/1/16 | 6.80% | 5,510 | 5,687 | |||||||||||||||||||||||||
5/8/14 | 6/1/16 | 6.25% | 3,767 | — | |||||||||||||||||||||||||
6/20/11 | 6/30/16 | 6.08% | 10,977 | 11,164 | |||||||||||||||||||||||||
11/22/06 | 12/1/16 | 5.76% | 13,093 | 13,324 | |||||||||||||||||||||||||
11/26/13 | 12/1/16 | LIBOR +2.15% | (2 | ) | 8,200 | 8,200 | |||||||||||||||||||||||
12/22/06 | 1/1/17 | 5.79% | 20,026 | 20,376 | |||||||||||||||||||||||||
2/8/07 | 3/1/17 | 6.00% | 13,775 | 13,775 | |||||||||||||||||||||||||
6/5/07 | 6/8/17 | 6.11% | 13,825 | 13,999 | |||||||||||||||||||||||||
10/15/07 | 11/8/17 | 6.63% | 14,609 | 14,848 | |||||||||||||||||||||||||
9/26/12 | 7/1/18 | 5.75% | 10,252 | 10,478 | |||||||||||||||||||||||||
11/18/11 | 11/1/18 | 4.50% | 4,049 | 4,155 | |||||||||||||||||||||||||
6/9/14 | 7/1/19 | 4.23% | 22,600 | — | |||||||||||||||||||||||||
12/6/11 | 12/6/19 | 6.00% | 7,776 | 8,031 | |||||||||||||||||||||||||
10/28/11 | 11/1/21 | 6.00% | 6,799 | 6,938 | |||||||||||||||||||||||||
4/5/12 | 5/1/22 | 6.10% | 18,116 | 18,467 | |||||||||||||||||||||||||
6/21/12 | 7/6/22 | 5.05% | 4,507 | 4,608 | |||||||||||||||||||||||||
8/3/12 | 7/31/22 | 5.00% | 2,845 | 2,911 | |||||||||||||||||||||||||
7/24/12 | 8/1/22 | 5.60% | 9,066 | 9,361 | |||||||||||||||||||||||||
10/1/12 | 10/1/22 | 4.86% | 32,397 | 33,133 | |||||||||||||||||||||||||
11/21/12 | 12/6/22 | 4.04% | 18,067 | 18,525 | |||||||||||||||||||||||||
3/28/13 | 4/6/23 | 4.16% | 3,551 | 3,638 | |||||||||||||||||||||||||
7/3/13 | 8/1/23 | 5.00% | 8,045 | 8,163 | |||||||||||||||||||||||||
7/10/13 | 8/1/23 | 4.20% | 8,704 | 8,852 | |||||||||||||||||||||||||
7/9/13 | 8/6/23 | 4.81% | 34,567 | 35,093 | |||||||||||||||||||||||||
12/27/13 | 1/1/24 | 5.28% | 4,297 | 4,380 | |||||||||||||||||||||||||
4/22/14 | 5/1/24 | 4.90% | 4,935 | — | |||||||||||||||||||||||||
9/3/14 | 10/1/24 | 4.40% | 6,100 | — | |||||||||||||||||||||||||
12/23/14 | 1/1/25 | 4.04% | 18,426 | — | |||||||||||||||||||||||||
12/15/10 | 12/10/26 | 6.63% | 9,015 | 9,496 | |||||||||||||||||||||||||
5/16/12 | 12/31/26 | 4.30% | 2,757 | 2,829 | |||||||||||||||||||||||||
11/8/12 | 2/1/27 | 5.69% | 13,567 | 13,864 | |||||||||||||||||||||||||
5/30/12 | 5/10/27 | 6.50% | 4,426 | 4,653 | |||||||||||||||||||||||||
6/27/12 | 7/1/29 | 5.10% | 1,823 | 1,905 | |||||||||||||||||||||||||
12/18/13 | 1/6/39 | 4.74% | 11,315 | 11,315 | |||||||||||||||||||||||||
Contractual Mortgage Notes Payable: | $ | 458,592 | $ | 421,878 | |||||||||||||||||||||||||
Premiums and (Discounts), net: | 707 | 724 | |||||||||||||||||||||||||||
Total Mortgage Notes Payable: | $ | 459,299 | $ | 422,602 | |||||||||||||||||||||||||
Variable-Rate Line of Credit: | |||||||||||||||||||||||||||||
8/7/13 | 8/7/17 | LIBOR +3.00% | $ | 43,300 | $ | 24,400 | |||||||||||||||||||||||
Total Mortgage Notes Payable and Line of Credit | $ | 502,599 | $ | 447,002 | |||||||||||||||||||||||||
-1 | The weighted average interest rate on all debt outstanding at December 31, 2014, was approximately 5.11%. | ||||||||||||||||||||||||||||
-2 | At December 31, 2014, one month LIBOR was approximately 0.17%. | ||||||||||||||||||||||||||||
Mortgage Notes Payable | |||||||||||||||||||||||||||||
As of December 31, 2014, we had 41 mortgage notes payable, collateralized by a total of 77 properties and the net book value of these collateralized properties was $642.5 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, 2014 was 5.3%. | |||||||||||||||||||||||||||||
During the year ended December 31, 2014, we assumed two long-term mortgages, collateralized by three properties, and issued four long-term mortgages, collateralized by five properties, which are summarized below (dollars in thousands): | |||||||||||||||||||||||||||||
Date of Issuance | Issuing Bank | Debt Issued | Interest Rate | Maturity Date | |||||||||||||||||||||||||
3/27/14 | Wells Fargo N.A. | $ | 6,330 | 5.58 | % | 2/1/16 | |||||||||||||||||||||||
4/22/14 | Keybank N.A. | 4,935 | 4.9 | % | 5/1/24 | ||||||||||||||||||||||||
5/8/14 | Wells Fargo N.A. | 3,816 | 6.25 | % | 6/1/16 | ||||||||||||||||||||||||
6/9/14 | Prudential Mortgage | 22,600 | 4.23 | % | 7/1/19 | ||||||||||||||||||||||||
Capital Company | |||||||||||||||||||||||||||||
9/3/14 | Everbank | 6,100 | 4.4 | % | 10/1/24 | ||||||||||||||||||||||||
12/23/14 | Prudential Mortgage | 18,450 | 4.04 | % | 1/1/25 | ||||||||||||||||||||||||
Capital Company | |||||||||||||||||||||||||||||
$ | 62,231 | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
2015 | $ | 42,436 | (1) | ||||||||||||||||||||||||||
2016 | 99,042 | ||||||||||||||||||||||||||||
2017 | 67,653 | ||||||||||||||||||||||||||||
2018 | 20,260 | ||||||||||||||||||||||||||||
2019 | 34,936 | ||||||||||||||||||||||||||||
Thereafter | 194,265 | ||||||||||||||||||||||||||||
$ | 458,592 | ||||||||||||||||||||||||||||
-1 | We are planning to refinanance the 3 balloon principal payments that mature in the second half of 2015 with a combination of new mortgage debt or equity. | ||||||||||||||||||||||||||||
On November 12, 2014, we completed a deed-in-lieu transaction on our Roseville, Minnesota property, where we returned the property to the lender in exchange for cancellation of obligations under our debt agreement with the lender. At the time of the deed-in-lieu transaction, the carrying value of the property was approximately $9.8 million, the principal balance of the debt outstanding, net of reserves held by the lender, was approximately $14.1 million and the resulting gain on debt extinguishment was approximately $5.3 million. The lender accepted the deed in lieu of the outstanding mortgage, and released us from our obligation. | |||||||||||||||||||||||||||||
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, 2014 and 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, | As of December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Interest Rate Cap | Notional | LIBOR Cap | Maturity Date | Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||
Amount | |||||||||||||||||||||||||||||
26-Nov-13 | $ | 8,200 | 3 | % | December 1, 2016 | $ | 31 | $ | 4 | $ | 31 | $ | 22 | ||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
The fair value of all mortgage notes payable outstanding as of December 31, 2014, was $476.9 million, as compared to the carrying value stated above of $459.3 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 $60.0 million Line of Credit, expanded to $75.0 million in November 2014, with KeyBank National Association (serving as a revolving lender, a letter of credit issuer and an administrative agent) and added Citizens Bank of Pennsylvania as an additional lender. Comerica Bank was subsequently added as another lender in December 2013. In March 2014, we amended our Line of Credit to extend the maturity date by one year to August 2017. We also modified certain terms under the Line of Credit, including the calculation of the total asset value and unencumbered asset value. The applicable LIBOR margins were also reduced 25 basis points at each pricing level. As a result of these modifications, the availability under our Line of Credit increased by $1.3 million. | |||||||||||||||||||||||||||||
The Line of Credit initially matures in August 2017; 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 Line of Credit has a letter of credit sublimit of up to $20.0 million. In addition, we may expand the Line of Credit up to a total of $100.0 million upon satisfaction of certain conditions and payment of the associated up front and arrangement fees at the time of such increase. The interest rate per annum applicable to the Line of Credit is equal to the London Interbank Offered Rate, or 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 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 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 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 Line of Credit. The availability under the Line of Credit is also reduced by letters of credit used in the ordinary course of business. We may use the advances under the Line of Credit for both general corporate purposes and the acquisition of new investments. | |||||||||||||||||||||||||||||
As of December 31, 2014, there was $43.3 million outstanding under our Line of Credit at an interest rate of approximately 3.17% and $4.5 million outstanding under letters of credit at a weighted average interest rate of 3.0%. As of February 18, 2015, the maximum additional amount we could draw was $28.3 million. We were in compliance with all covenants under the Line of Credit as of December 31, 2014. |
Mandatorily_Redeemable_Preferr
Mandatorily Redeemable Preferred Stock | 12 Months Ended |
Dec. 31, 2014 | |
Text Block [Abstract] | |
Mandatorily Redeemable Preferred Stock | 8. 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, 2014, was $39.7 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, 2014 of $25.80. 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, 2014 | |||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Commitments and Contingencies | 9. 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, 2014, are as follows (dollars in thousands): | |||||||||||||||||||||||||||||||||
For the year ended December 31, | |||||||||||||||||||||||||||||||||
Location | Lease End Date | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | |||||||||||||||||||||||||
Tulsa, OK | 21-Apr | $ | 169 | $ | 169 | $ | 169 | $ | 169 | $ | 169 | $ | 169 | $ | 85 | ||||||||||||||||||
Dartmouth, MA | May-36 | 174 | 174 | 174 | 174 | 174 | 174 | 3,127 | |||||||||||||||||||||||||
Springfield, MA | Feb-30 | 86 | 86 | 89 | 90 | 90 | 90 | 884 | |||||||||||||||||||||||||
$ | 429 | $ | 429 | $ | 432 | $ | 433 | $ | 433 | $ | 433 | $ | 4,096 | ||||||||||||||||||||
Expenses recorded in connection to rental expense incurred for the properties listed above during the years ended December 31, 2014, 2013, and 2012 were $0.4 million for each of the three years. Rental expenses are reflected in property operating expenses on the consolidated statements of operations. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Equity [Abstract] | |||||||||||||||
Stockholders' Equity | 10. Stockholders’ Equity | ||||||||||||||
Distributions | |||||||||||||||
Our Board of Directors declared the following distributions per share for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||||
For the year ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
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 | 1.7813 | 1.7813 | 1.6328 | (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, 2012 | 0 | % | 100 | % | |||||||||||
For the year ended December 31, 2013 | 18.32962 | % | 81.67038 | % | |||||||||||
For the year ended December 31, 2014 | 0 | % | 100 | % | |||||||||||
Senior Common Stock | |||||||||||||||
For the year ended December 31, 2012 | 0 | % | 100 | % | |||||||||||
For the year ended December 31, 2013 | 100 | % | 0 | % | |||||||||||
For the year ended December 31, 2014 | 0 | % | 100 | % | |||||||||||
Series A Preferred Stock | |||||||||||||||
For the year ended December 31, 2012 | 91.7083 | % | 8.2917 | % | |||||||||||
For the year ended December 31, 2013 | 100 | % | 0 | % | |||||||||||
For the year ended December 31, 2014 | 24.10732 | % | 75.89268 | % | |||||||||||
Series B Preferred Stock | |||||||||||||||
For the year ended December 31, 2012 | 91.7083 | % | 8.2917 | % | |||||||||||
For the year ended December 31, 2013 | 100 | % | 0 | % | |||||||||||
For the year ended December 31, 2014 | 24.10732 | % | 75.89268 | % | |||||||||||
Series C Preferred Stock | |||||||||||||||
For the year ended December 31, 2012 | 91.7083 | % | 8.2917 | % | |||||||||||
For the year ended December 31, 2013 | 100 | % | 0 | % | |||||||||||
For the year ended December 31, 2014 | 24.10732 | % | 75.89268 | % | |||||||||||
Recent Activity | |||||||||||||||
On June 6, 2014, we completed a public offering of 1,610,000 shares of our common stock at a public offering price of $17.00 per share. Gross proceeds of the offering totaled $27.4 million and net proceeds, after deducting offering expenses borne by us, were $26.0 million, which we used to acquire real estate. | |||||||||||||||
Ongoing Activity | |||||||||||||||
On September 2, 2014, we entered into an open market sale arrangement, or the New ATM, with Cantor Fitzgerald & Co., or Cantor Fitzgerald, pursuant to which we may, from time to time, offer to sell shares of our common stock with an aggregate sales price of up to $100.0 million on the open market through Cantor Fitzgerald, acting as sales agent and/or principal. Under the New ATM, Cantor Fitzgerald is entitled to compensation equal to up to 2.0% of the gross proceeds of the common shares it sells. During 2014, we sold a total of 1.9 million shares with aggregate net proceeds of $32.0 million, and have a remaining capacity to sell up to $67.5 million of common stock under the New ATM with Cantor Fitzgerald. | |||||||||||||||
On August 26, 2014, we provided notice of our termination of our prior open market sale arrangement, or the Prior ATM, with Jefferies LLC, or Jefferies, under which we offered 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. From November 2009 through August 2014, we issued and sold $21.8 million in gross proceeds under the Prior ATM. During 2014, we raised approximately $7.6 million in net proceeds under the Prior ATM. | |||||||||||||||
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, 2014, we had sold 738,942 shares of Senior Common Stock in this ongoing offering, for gross proceeds of $11.1 million, and issued an additional 24,315 shares of Senior Common Stock under the DRIP program. We have elected not to renew this offering program and it will terminate on March 28, 2015. | |||||||||||||||
Note to Employee | |||||||||||||||
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 Loan at | of Note | on Note | ||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||
Nov-06 | $ | 375 | $ | 375 | Nov 2015 | 8.15 | % | ||||||||
The employee stock option program terminated in 2006. 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, 2014, this loan maintained its full recourse status. |
Quarterly_Financial_Informatio
Quarterly Financial Information (unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Information (unaudited) | 11. Quarterly Financial Information (unaudited) | ||||||||||||||||
The following table reflects the quarterly results of operations for the years ended December 31, 2014 and 2013 (dollars in thousands). | |||||||||||||||||
Quarter ended | |||||||||||||||||
December 31, 2014 | September 30, 2014 | June 30, 2014 | March 31, 2014 | ||||||||||||||
Operating revenues | $ | 19,216 | $ | 19,014 | $ | 18,390 | $ | 17,136 | |||||||||
Operating expenses | 10,970 | 11,457 | 11,243 | 23,736 | |||||||||||||
Other expense | (2,082 | ) | (7,328 | ) | (5,928 | ) | (6,914 | ) | |||||||||
Net income (loss) | 6,164 | 229 | 1,219 | (13,514 | ) | ||||||||||||
Dividends attributable to preferred and senior common stock | (1,220 | ) | (1,160 | ) | (1,133 | ) | (1,123 | ) | |||||||||
Net income (loss) available to common stockholders | 4,944 | (1) | (931 | ) | 86 | (14,637 | ) (2) | ||||||||||
Net income (loss) available to common stockholders - basic & diluted | $ | 0.36 | $ | (0.05 | ) | $ | 0.01 | $ | (0.93 | ) | |||||||
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 | ) | |||||||||
Net loss available to common stockholders | (786 | ) | (797 | ) | (641 | ) | (643 | ) | |||||||||
Net loss available to common stockholders - basic & diluted | $ | (0.05 | ) | $ | (0.06 | ) | $ | (0.05 | ) | $ | (0.06 | ) | |||||
-1 | Includes a $5.3 million gain on debt extinguishment recorded during the three months ended December 31, 2014. | ||||||||||||||||
-2 | Includes a $14.0 million impairment loss recorded during the three months ended March 31, 2014. |
Subsequent_Events
Subsequent Events | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||
Subsequent Events | 12. Subsequent Events | ||||||||||||||||||
On January 13, 2015, 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 | ||||||||||||||||
23-Jan-15 | February 3, 2015 | $ | 0.125 | $ | 0.1614583 | $ | 0.15625 | $ | 0.1484375 | ||||||||||
18-Feb-15 | February 27, 2015 | 0.125 | 0.1614583 | 0.15625 | 0.1484375 | ||||||||||||||
20-Mar-15 | 31-Mar-15 | 0.125 | 0.1614583 | 0.15625 | 0.1484375 | ||||||||||||||
Total | $ | 0.375 | $ | 0.4843749 | $ | 0.46875 | $ | 0.4453125 | |||||||||||
Senior Common Stock Distributions | |||||||||||||||||||
Payable to the | Payment Date | Distribution per Share | |||||||||||||||||
Holders of Record | |||||||||||||||||||
During the Month of: | |||||||||||||||||||
January | February 6, 2015 | $ | 0.0875 | ||||||||||||||||
February | 6-Mar-15 | 0.0875 | |||||||||||||||||
March | 7-Apr-15 | 0.0875 | |||||||||||||||||
Total | $ | 0.2625 | |||||||||||||||||
On February 9, 2015, we modified the leases with the tenant occupying two of our properties located in Raleigh, North Carolina, The leases covering these properties were extended for an additional five years through July 2020. Both leases were originally set to expire in July 2015. The tenant was previously fully occupying both buildings, totaling 174,426 square feet, but had reduced their space requirement in one of their buildings by 94,200 square feet. Both leases contain prescribed rent escalations over the life of the lease, with annualized straight line rents of approximately $0.9 million, as compared to annualized straight line rents of $1.3 million under the previous terms of the lease. In connection with the extension of the lease and modification of certain terms of the lease, we anticipate paying $0.2 million in leasing commissions, and committed to $0.1 million in tenant improvements. |
Schedule_IIIReal_Estate_and_Ac
Schedule III-Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Schedule III-Real Estate and Accumulated Depreciation | GLADSTONE COMMERCIAL CORPORATION | ||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||||||
DECEMBER 31, 2014 (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost | ||||||||||||||||||||||||||||||||||||||||||
Location of Property | Encumbrances | Land | Buildings & | Improvement | Land | Buildings & | Total (1) | Accumulated | Net Real Estate | Year | Date | ||||||||||||||||||||||||||||||||
Improvements | Costs Capitalized | Improvements | Depreciation (2) | Construction/ | Acquired | ||||||||||||||||||||||||||||||||||||||
Subsequent to | Improvements | ||||||||||||||||||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||||||||||||||||||
Raleigh, North Carolina | $ | 4,796 | $ | 960 | $ | 4,481 | $ | — | $ | 960 | $ | 4,481 | $ | 5,441 | $ | 1,773 | $ | 3,668 | 1997 | 12/23/03 | |||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Canton, Ohio | 2,664 | 186 | 3,083 | 500 | 186 | 3,583 | 3,769 | 972 | 2,797 | 1994 | 1/30/04 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Akron, Ohio | 6,828 | 1,973 | 6,771 | 1,279 | 1,973 | 8,050 | 10,023 | 1,916 | 8,107 | 1968/1999 | 4/29/04 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Charlotte, North Carolina | 6,308 | 740 | 8,423 | 61 | 740 | 8,484 | 9,224 | 2,319 | 6,905 | 1984/1995 | 6/30/04 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Canton, North Carolina | 3,652 | 150 | 5,050 | 7,285 | 150 | 12,335 | 12,485 | 1,401 | 11,084 | 1998/2014 | 7/6/04 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Crenshaw, Pennsylvania | 5,176 | 100 | 6,574 | 269 | 100 | 6,843 | 6,943 | 1,800 | 5,143 | 1991 | 8/5/04 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Lexington, North Carolina | 2,636 | 820 | 2,107 | 69 | 820 | 2,176 | 2,996 | 584 | 2,412 | 1986 | 8/5/04 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Austin, Texas | 6,500 | 1,000 | 6,296 | 1,396 | 1,000 | 7,692 | 8,692 | 1,726 | 6,966 | 2001 | 9/16/04 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Mt. Pocono, Pennsylvania | 4,889 | 350 | 5,819 | 18 | 350 | 5,837 | 6,187 | 1,551 | 4,636 | 1995/1999 | 10/15/04 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
San Antonio, Texas | 6,643 | 843 | 7,514 | 621 | 843 | 8,135 | 8,978 | 2,389 | 6,589 | 1999 | 2/10/05 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Columbus, Ohio | 2,516 | 410 | 2,385 | — | 410 | 2,385 | 2,795 | 610 | 2,185 | 1995 | 2/10/05 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Big Flats, New York | 5,365 | 275 | 6,459 | 34 | 275 | 6,493 | 6,768 | 1,623 | 5,145 | 2001 | 4/15/05 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Wichita, Kansas | 7,466 | 1,525 | 9,703 | 77 | 1,525 | 9,780 | 11,305 | 2,510 | 8,795 | 2000 | 5/18/05 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Arlington, Texas | 3,814 | 636 | 3,695 | 416 | 636 | 4,111 | 4,747 | 1,012 | 3,735 | 1966 | 5/26/05 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Dayton, Ohio | 1,877 | 525 | 1,877 | 120 | 525 | 1,997 | 2,522 | 820 | 1,702 | 1956 | 6/30/05 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Eatontown, New Jersey | 4,365 | 1,351 | 3,520 | 534 | 1,351 | 4,054 | 5,405 | 1,012 | 4,393 | 1991 | 7/7/05 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Franklin Township, New Jersey | 6,471 | 1,632 | 6,200 | — | 1,632 | 6,200 | 7,832 | 1,514 | 6,318 | 1978 | 7/11/05 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Duncan, South Carolina | 10,375 | 783 | 10,790 | 1,615 | 783 | 12,405 | 13,188 | 2,979 | 10,209 | 1984/2001/2007 | 7/14/05 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Duncan, South Carolina | 2,579 | 195 | 2,682 | 419 | 195 | 3,101 | 3,296 | 740 | 2,556 | 1984/2001/2007 | 7/14/05 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Hazelwood, Missouri | 2,291 | 763 | 2,309 | 683 | 763 | 2,992 | 3,755 | 642 | 3,113 | 1977 | 8/5/05 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Angola, Indiana | $ | 626 | $ | 66 | $ | 1,075 | $ | 49 | $ | 66 | $ | 1,124 | $ | 1,190 | $ | 271 | $ | 919 | 1982 | 9/2/05 | |||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Angola, Indiana | 601 | 132 | 1,130 | 51 | 132 | 1,181 | 1,313 | 421 | 892 | 1998 | 9/2/05 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Rock Falls, Illinois | 626 | 35 | 1,113 | 50 | 35 | 1,163 | 1,198 | 144 | 1,054 | 1988 | 9/2/05 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Newburyport, Massachusetts | 6,276 | 629 | 6,504 | 1,847 | 629 | 8,351 | 8,980 | 1,873 | 7,107 | 1994 | 10/17/05 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Clintonville, Wisconsin | 2,997 | 55 | 4,717 | 3,250 | 55 | 7,967 | 8,022 | 1,316 | 6,706 | 1992/2013 | 10/31/05 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Maple Heights, Ohio | 9,790 | 1,609 | 10,065 | 1,221 | 1,609 | 11,286 | 12,895 | 3,237 | 9,658 | 1974 | 12/21/05 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Richmond, Virginia | 5,275 | 736 | 5,336 | 36 | 736 | 5,372 | 6,108 | 1,286 | 4,822 | 1972 | 12/30/05 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Toledo, Ohio Medical | 2,750 | 263 | 2,812 | 390 | 263 | 3,202 | 3,465 | 736 | 2,729 | 1979 | 12/30/05 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
South Hadley, Massachusetts | — | 471 | 2,765 | 71 | 471 | 2,836 | 3,307 | 637 | 2,670 | 1978 | 2/15/06 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Champaign, Illinois | 1,545 | 687 | 2,036 | 2 | 687 | 2,038 | 2,725 | 495 | 2,230 | 1996 | 2/21/06 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Champaign, Illinois | 3,030 | 1,347 | 3,992 | 4 | 1,347 | 3,996 | 5,343 | 971 | 4,372 | 1996 | 2/21/06 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Champaign, Illinois | 1,894 | 842 | 2,495 | 2 | 842 | 2,497 | 3,339 | 607 | 2,732 | 1996 | 2/21/06 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Champaign, Illinois | 1,731 | 770 | 2,281 | 2 | 770 | 2,283 | 3,053 | 555 | 2,498 | 1996 | 2/21/06 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Burnsville, Minnesota | 11,001 | 3,511 | 8,746 | 3,525 | 3,511 | 12,271 | 15,782 | 2,515 | 13,267 | 1984 | 5/10/06 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Menomonee Falls, Wisconsin | 6,738 | 625 | 6,911 | 57 | 625 | 6,968 | 7,593 | 1,553 | 6,040 | 1986/2000 | 6/30/06 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Baytown, Texas Medical | 2,000 | 221 | 2,443 | — | 221 | 2,443 | 2,664 | 593 | 2,071 | 1997 | 7/11/06 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Birmingham, Alabama (3) | — | 612 | 2,326 | — | 612 | 2,326 | 2,938 | 504 | 2,434 | 1961/1980 | 9/29/06 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Montgomery, Alabama (3) | — | 222 | 844 | — | 222 | 844 | 1,066 | 183 | 883 | 1962/1989 | 9/29/06 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Columbia, Missouri (3) | $ | — | $ | 146 | $ | 555 | $ | — | $ | 146 | $ | 555 | $ | 701 | $ | 120 | $ | 581 | 1978 | 9/29/06 | |||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Mason, Ohio | 4,250 | 797 | 6,258 | 540 | 797 | 6,798 | 7,595 | 1,563 | 6,032 | 2002 | 1/5/07 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Raleigh, North Carolina | 5,164 | 1,606 | 5,513 | — | 1,606 | 5,513 | 7,119 | 1,142 | 5,977 | 1994 | 2/16/07 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Tulsa, Oklahoma | 7,776 | — | 14,057 | — | — | 14,057 | 14,057 | 3,312 | 10,745 | 2004 | 3/1/07 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Hialeah, Florida (3) | — | 3,562 | 6,672 | 685 | 3,562 | 7,357 | 10,919 | 1,435 | 9,484 | 1956/1992 | 3/9/07 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Tewksbury, Massachusetts (3) | — | 1,395 | 8,893 | — | 1,395 | 8,893 | 10,288 | 1,882 | 8,406 | 1985/1989 | 5/17/07 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Mason, Ohio | 4,555 | 1,201 | 4,961 | — | 1,201 | 4,961 | 6,162 | 969 | 5,193 | 2007 | 7/1/07 | ||||||||||||||||||||||||||||||||
Retail Building | |||||||||||||||||||||||||||||||||||||||||||
Cicero, New York | 3,964 | 299 | 5,019 | — | 299 | 5,019 | 5,318 | 942 | 4,376 | 2005 | 9/6/07 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Grand Rapids, Michigan | 5,831 | 1,629 | 10,500 | 37 | 1,629 | 10,537 | 12,166 | 2,055 | 10,111 | 2001 | 9/28/07 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Bollingbrook, Illinois | — | 1,272 | 5,003 | 475 | 1,272 | 5,478 | 6,750 | 993 | 5,757 | 2002 | 9/28/07 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Decatur, Georgia (3) | — | 784 | 3,245 | — | 784 | 3,245 | 4,029 | 653 | 3,376 | 1989 | 12/13/07 | ||||||||||||||||||||||||||||||||
Medical Office Building | |||||||||||||||||||||||||||||||||||||||||||
Decatur, Georgia (3) | — | 205 | 848 | — | 205 | 848 | 1,053 | 171 | 882 | 1989 | 12/13/07 | ||||||||||||||||||||||||||||||||
Medical Office Building | |||||||||||||||||||||||||||||||||||||||||||
Decatur, Georgia (3) | — | 257 | 1,064 | — | 257 | 1,064 | 1,321 | 214 | 1,107 | 1989 | 12/13/07 | ||||||||||||||||||||||||||||||||
Medical Office Building | |||||||||||||||||||||||||||||||||||||||||||
Lawrenceville, Georgia (3) | — | 679 | 2,809 | — | 679 | 2,809 | 3,488 | 565 | 2,923 | 2005 | 12/13/07 | ||||||||||||||||||||||||||||||||
Medical Office Building | |||||||||||||||||||||||||||||||||||||||||||
Snellville, Georgia (3) | — | 176 | 729 | — | 176 | 729 | 905 | 147 | 758 | 1986 | 12/13/07 | ||||||||||||||||||||||||||||||||
Medical Office Building | |||||||||||||||||||||||||||||||||||||||||||
Covington, Georgia (3) | — | 232 | 959 | — | 232 | 959 | 1,191 | 193 | 998 | 2000 | 12/13/07 | ||||||||||||||||||||||||||||||||
Medical Office Building | |||||||||||||||||||||||||||||||||||||||||||
Cumming, Georgia | 3,145 | 738 | 3,055 | 2,511 | 738 | 5,566 | 6,304 | 615 | 5,689 | 2004 | 12/13/07 | ||||||||||||||||||||||||||||||||
Medical Office Building | |||||||||||||||||||||||||||||||||||||||||||
Conyers, Georgia (3) | — | 297 | 1,228 | — | 297 | 1,228 | 1,525 | 247 | 1,278 | 1994 | 12/13/07 | ||||||||||||||||||||||||||||||||
Medical Office Building | |||||||||||||||||||||||||||||||||||||||||||
Reading, Pennsylvania | 3,983 | 491 | 6,202 | — | 491 | 6,202 | 6,693 | 1,104 | 5,589 | 2007 | 1/29/08 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Fridley, Minnesota | 5,121 | 1,354 | 8,074 | 397 | 1,381 | 8,444 | 9,825 | 1,816 | 8,009 | 1985/2006 | 2/26/08 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Concord Township, Ohio (3) | $ | — | $ | 1,796 | $ | 11,154 | $ | (11 | ) | $ | 1,785 | $ | 11,154 | $ | 12,939 | $ | 2,048 | $ | 10,891 | 1957/2008 | 3/31/08 | ||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Pineville, North Carolina | 2,315 | 669 | 3,028 | 6 | 669 | 3,034 | 3,703 | 535 | 3,168 | 1985 | 4/30/08 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Marietta, Ohio | 5,650 | 829 | 6,607 | 209 | 829 | 6,816 | 7,645 | 1,106 | 6,539 | 1992/2007 | 8/29/08 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Chalfont, Pennsylvania | 5,510 | 1,249 | 6,420 | 171 | 1,249 | 6,591 | 7,840 | 1,270 | 6,570 | 1987 | 8/29/08 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Orange City, Iowa | 9,015 | 258 | 5,861 | — | 258 | 5,861 | 6,119 | 743 | 5,376 | 1990 | 12/15/10 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Hickory, North Carolina | 6,697 | 1,163 | 6,605 | — | 1,163 | 6,605 | 7,768 | 1,124 | 6,644 | 2008 | 4/4/11 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Springfield, Missouri | 10,977 | 1,700 | 12,038 | — | 1,700 | 12,038 | 13,738 | 1,278 | 12,460 | 2006 | 6/20/11 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Boston Heights, Ohio | 2,646 | 449 | 3,010 | — | 449 | 3,010 | 3,459 | 427 | 3,032 | 2011 | 10/20/11 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Parsippany, New Jersey | 6,799 | 1,696 | 7,077 | 81 | 1,696 | 7,158 | 8,854 | 855 | 7,999 | 1984 | 10/28/11 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Dartmouth, Massachusetts | 4,049 | — | 4,236 | — | — | 4,236 | 4,236 | 368 | 3,868 | 2011 | 11/18/11 | ||||||||||||||||||||||||||||||||
Retail Location | |||||||||||||||||||||||||||||||||||||||||||
Springfield, Missouri | 1,823 | — | 2,275 | — | — | 2,275 | 2,275 | 250 | 2,025 | 2005 | 12/13/11 | ||||||||||||||||||||||||||||||||
Retail Location | |||||||||||||||||||||||||||||||||||||||||||
Pittsburgh, Pennsylvania | 2,757 | 281 | 3,205 | — | 281 | 3,205 | 3,486 | 311 | 3,175 | 1968 | 12/28/11 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Ashburn, Virginia | 7,223 | 706 | 7,858 | — | 706 | 7,858 | 8,564 | 767 | 7,797 | 2002 | 1/25/12 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Ottumwa, Iowa | 4,426 | 212 | 5,072 | 287 | 212 | 5,359 | 5,571 | 499 | 5,072 | 1970 | 5/30/12 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
New Albany, Ohio | 9,066 | 1,658 | 8,746 | — | 1,658 | 8,746 | 10,404 | 831 | 9,573 | 2007 | 6/5/12 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Columbus, Georgia | 4,507 | 1,378 | 4,520 | — | 1,378 | 4,520 | 5,898 | 471 | 5,427 | 2012 | 6/21/12 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Columbus, Ohio | 2,845 | 542 | 2,453 | 11 | 542 | 2,464 | 3,006 | 287 | 2,719 | 1981 | 6/28/12 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Jupiter, Florida | 10,252 | 1,160 | 11,994 | — | 1,160 | 11,994 | 13,154 | 827 | 12,327 | 2011 | 9/26/12 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Fort Worth, Texas | 13,567 | 963 | 15,647 | — | 963 | 15,647 | 16,610 | 1,022 | 15,588 | 2005 | 11/8/12 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Columbia, South Carolina | 18,067 | 1,905 | 20,648 | — | 1,905 | 20,648 | 22,553 | 1,864 | 20,689 | 2010 | 11/21/12 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Egg Harbor, New Jersey | $ | 3,551 | $ | 1,627 | $ | 3,017 | $ | 236 | $ | 1,627 | 3,253 | $ | 4,880 | $ | 201 | $ | 4,679 | 1985 | 3/28/13 | ||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Vance, Alabama (3) | — | 457 | 10,529 | — | 457 | 10,529 | 10,986 | 604 | 10,382 | 2013 | 5/9/13 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Blaine, Minnesota | 8,045 | 1,060 | 10,519 | — | 1,060 | 10,519 | 11,579 | 748 | 10,831 | 2009 | 5/10/13 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Austin, Texas | 34,567 | 2,330 | 44,021 | 122 | 2,330 | 44,143 | 46,473 | 3,071 | 43,402 | 1999 | 7/9/13 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Allen, Texas | 8,704 | 2,699 | 7,945 | — | 2,699 | 7,945 | 10,644 | 602 | 10,042 | 1998 | 7/10/13 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Englewood, Colorado | 11,315 | 1,503 | 11,739 | — | 1,503 | 11,739 | 13,242 | 546 | 12,696 | 2008 | 12/11/13 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Novi, Michigan | 4,297 | 352 | 5,626 | — | 352 | 5,626 | 5,978 | 197 | 5,781 | 1988 | 12/27/13 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Allen, Texas | 3,417 | 874 | 3,634 | — | 874 | 3,634 | 4,508 | 95 | 4,413 | 2004 | 3/27/14 | ||||||||||||||||||||||||||||||||
Retail Building | |||||||||||||||||||||||||||||||||||||||||||
Colleyville, Texas | 2,797 | 1,277 | 2,424 | — | 1,277 | 2,424 | 3,701 | 72 | 3,629 | 2000 | 3/27/14 | ||||||||||||||||||||||||||||||||
Retail Building | |||||||||||||||||||||||||||||||||||||||||||
Rancho Cordova, California | 4,935 | 752 | 6,176 | — | 752 | 6,176 | 6,928 | 150 | 6,778 | 1986 | 4/22/14 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Coppell, Texas | 3,767 | 1,448 | 3,349 | — | 1,448 | 3,349 | 4,797 | 74 | 4,723 | 2005 | 5/8/14 | ||||||||||||||||||||||||||||||||
Retail Building | |||||||||||||||||||||||||||||||||||||||||||
Columbus, Ohio (3) | — | 990 | 8,017 | — | 990 | 8,017 | 9,007 | 266 | 8,741 | 1986 | 5/13/14 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Taylor, Pennsylvania | 22,600 | 3,102 | 25,405 | — | 3,102 | 25,405 | 28,507 | 451 | 28,056 | 2000/2006 | 6/9/14 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Aurora, Colorado (3) | — | 2,882 | 4,013 | — | 2,882 | 4,013 | 6,895 | 82 | 6,813 | 1983 | 7/1/14 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Indianapolis, Indiana | 6,100 | 502 | 6,490 | — | 502 | 6,490 | 6,992 | 99 | 6,893 | 1981/2014 | 9/3/14 | ||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||||||||||
Denver, Colorado (3) | — | 1,621 | 7,314 | — | 1,621 | 7,314 | 8,935 | 46 | 8,889 | 1985 | 10/31/14 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Monroe, Michigan | 10,839 | 658 | 14,607 | — | 658 | 14,607 | 15,265 | 11 | 15,254 | 2004 | 12/23/14 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
Monroe, Michigan | 7,587 | 460 | 10,225 | — | 460 | 10,225 | 10,685 | 7 | 10,678 | 2004 | 12/23/14 | ||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||||||||||
$ | 458,592 | $ | 88,378 | $ | 602,477 | $ | 31,710 | $ | 88,394 | $ | 634,171 | $ | 722,565 | $ | 92,133 | $ | 630,432 | ||||||||||||||||||||||||||
-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 Line of Credit. | ||||||||||||||||||||||||||||||||||||||||||
The following table reconciles the change in the balance of real estate during the years ended December 31, 2014, 2013 and 2012, respectively (in thousands): | |||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 642,353 | $ | 533,753 | $ | 442,521 | |||||||||||||||||||||||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||||||||||||
Acquisitions during period | 105,813 | 103,424 | 85,462 | ||||||||||||||||||||||||||||||||||||||||
Improvements | 13,889 | 5,176 | 5,770 | ||||||||||||||||||||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||||||||||||||||||||||
Dispositions during period | (39,490 | ) | — | — | |||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 722,565 | $ | 642,353 | $ | 533,753 | |||||||||||||||||||||||||||||||||||||
The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2014, 2013 and 2012, respectively (in thousands): | |||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 81,241 | $ | 65,730 | $ | 53,784 | |||||||||||||||||||||||||||||||||||||
Additions during period | 18,814 | 15,511 | 11,946 | ||||||||||||||||||||||||||||||||||||||||
Dispositions during period | (7,922 | ) | — | — | |||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 92,133 | $ | 81,241 | $ | 65,730 | |||||||||||||||||||||||||||||||||||||
Schedule_IV_Mortgage_Loans_On_
Schedule IV - Mortgage Loans On Real Estate | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Mortgage Loans on Real Estate [Abstract] | |||||||||||||||||||||||||||
Schedule IV - Mortgage Loans On Real Estate | GLADSTONE COMMERCIAL CORPORATION | ||||||||||||||||||||||||||
SCHEDULE IV – MORTGAGE LOANS ON REAL ESTATE | |||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||
Location and Type of Real | Type of Loan | Interest Rate | Final | Periodic Payment Term | Prior Lien | Face Amount of | Carrying | Principal Amount of Loans | |||||||||||||||||||
Estate | Maturity | Mortgage | Amount of | Subject to Delinquent | |||||||||||||||||||||||
Date | Mortgage | Principal or Interest | |||||||||||||||||||||||||
Phoenix, Arizona; Build-to-Suit Healthcare Facility | Second Mortgage | 9% Current Interest, | 7/31/16 | 9.0% interest, paid currently in cash on the loan during construction and through maturity. Exit fee upon maturity of the loan in an amount sufficient to earn a 22% internal rate of return. | — | $ | 5,600 | $ | 5,600 | $ | — | ||||||||||||||||
22% internal rate of | |||||||||||||||||||||||||||
return on exit | |||||||||||||||||||||||||||
$ | 5,600 | $ | 5,600 | ||||||||||||||||||||||||
The following table reconciles the change in the balance of mortgage loans on real estate during the years ended December 31, 2014, 2013 and 2012, respectively: | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
Balance at beginning of period | $ | — | $ | — | $ | — | |||||||||||||||||||||
New mortgage loans | 5,600 | — | — | ||||||||||||||||||||||||
Collections of principal | — | — | — | ||||||||||||||||||||||||
Balance at end of period | $ | 5,600 | $ | — | $ | — | |||||||||||||||||||||
Organization_Basis_of_Presenta1
Organization, Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
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 within our financial statements. | |
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 our real estate mortgage loans. As the Operating Partnership currently owns all of the membership interests of Gladstone Commercial Lending, the financial position and results of operations of Gladstone Commercial Lending are consolidated with ours. | |
Gladstone Commercial Advisers, Inc., a Delaware corporation, or Commercial Advisers, and a wholly-owned subsidiary of ours, 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 we own 100% of the voting securities of Commercial Advisers, the financial position and results of operations of Commercial Advisers are consolidated within our financial statements. | |
GCLP Business Trust I and GCLP Business Trust II, each a subsidiary and business trust of ours, were formed under the laws of the Commonwealth of Massachusetts on December 28, 2005. We transferred our 99% limited partnership interest in the Operating Partnership to GCLP Business Trust I in exchange for 100 shares of the trust. Gladstone Commercial Partners, LLC transferred its 1% general partnership interest in the Operating Partnership to GCLP Business Trust II in exchange for 100 trust shares. | |
Use of Estimates | 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. | |
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 properties, 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 an acquisition accounted for as a business combination to 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 acquired and liabilities assumed. In estimating carrying costs, management also includes lost reimbursement of real estate taxes, insurance and other operating expenses as well as estimates of lost 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 on the date of acquisition. Real estate depreciation expense on these tangible assets was $18.8 million, $15.5 million, and $11.9 million for the years ended December 31, 2014, 2013, and 2012, 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 which fixed-rate renewal options, if any, should be included. The capitalized above-market lease values, included in the accompanying condensed 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, 2014, 2013, and 2012, respectively. The capitalized below-market lease values, included in the accompanying condensed 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 $0.7 million, $0.6 million, and $1.1 million for the years ended December 31, 2014, 2013, and 2012, 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 amortization 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 amortization expense over the remaining term and any anticipated renewal periods in the respective leases, but in no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. Total amortization expense related to these intangible assets and liabilities was $10.0 million, $7.3 million, and $4.9 million for the years ended December 31, 2014, 2013, and 2012, respectively. | |
Should a tenant terminate its lease, the unamortized portion of the above-market and below-market lease values would be charged to rental income and the unamortized portion of in-place lease values, lease origination costs and customer relationship intangibles will be immediately charged to amortization expense. | |
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 properties, 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 an acquisition accounted for as a business combination to be expensed as incurred, rather than capitalized into the cost of the acquisition. |
Impairment Charges | Impairment Charges |
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 each tenant’s payment history and financial condition, the likelihood of lease renewal, business conditions in the industry in which the tenants operate, whether there are indications that the fair value of the real estate has decreased 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. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
We consider cash equivalents to be short-term, highly-liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase, except that any such investments purchased with funds held in escrow or similar accounts are classified as restricted cash. Items classified as cash equivalents include money-market deposit accounts. At times, the balance of our cash and cash equivalents may exceed federally insurable limits. | |
Restricted Cash | Restricted Cash |
Restricted cash consists of security deposits and receipts from tenants for reserves. These funds will be released to the tenants upon completion of agreed upon tasks, as specified in the lease agreements, mainly consisting of maintenance and repairs on the buildings and upon receipt by us of evidence of insurance and tax payments. For purposes of the consolidated statements of cash flows, changes in restricted cash caused by changes in reserves held for tenants are shown as investing activities. Changes in restricted cash caused by changes in security deposits are reflected as financing activities. | |
Funds Held in Escrow | Funds Held in Escrow |
Funds held in escrow consist of funds held by certain of our lenders for properties held as collateral by these lenders. These funds will be released to us upon completion of agreed upon tasks, as specified in the mortgage agreements, mainly consisting of maintenance and repairs on the buildings, and when evidence of insurance and tax payments has been submitted to the lenders. | |
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 $1.0 million, $2.1 million, and $4.6 million for deferred financing costs during the years ended December 31, 2014, 2013, and 2012, respectively. Total amortization expense related to deferred financing costs is included in interest expense and was $1.7 million, $1.8 million, and $1.5 million for the years ended December 31, 2014, 2013, and 2012, respectively. | |
Gains on Property Sales and Debt Extinguishment | Gains on Property Sales and Debt Extinguishment |
Gains on property sales and gains on debt extinguishment consist of the excess consideration or forgiveness of debt received for a property over the property carrying value at the time of sale or forgiveness. We recognize gains on property sales and gains on debt extinguishment in accordance with ASC 360-20, “Real Estate Sales”, or the date the debt is extinguished. | |
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 or 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. We have incurred $0.8 million in deferred rent expense during the year ended December 31, 2014. No such reserves or direct write offs were recorded during the years ended December 31, 2103, and 2012, respectively. | |
Tenant recovery revenue includes payments from tenants as reimbursements for franchise taxes, management fees, insurance, maintenance and repairs, utilities, and ground lease payments. We recognize tenant recovery revenue in the same periods that we incur the related expenses. | |
Mortgage Note Receivable | Mortgage Note Receivable |
Management considers its loans and other lending investments to be held-for-investment. We reflect our loans classified as long-term investments at amortized cost, less allowance for loan losses, acquisition premiums or discounts, and deferred loan fees. On occasion, we may acquire loans at small premiums or discounts based on the credit characteristics of such loans. These premiums or discounts would be recognized as yield adjustments over the lives of the related loans. Loan origination fees, as well as direct loan origination costs, are also deferred and recognized over the lives of the related loans as yield adjustments. If loans with premiums, discounts, or loan origination fees are prepaid, we would immediately recognize the unamortized portion as a decrease or increase in the prepayment gain or loss. Interest income is recognized using the effective interest method applied on a loan-by-loan basis. Prepayment penalties or yield maintenance payments from borrowers are recognized as additional income when received. | |
Income Taxes | Income Taxes |
We have operated and intend to continue to operate in a manner that will allow us to qualify as a REIT under the Internal Revenue Code of 1986, as amended, and, accordingly, will not be subject to federal income taxes on amounts distributed to stockholders (except income from foreclosure property), provided that we distribute at least 90% of our REIT taxable income to our stockholders and meet certain other conditions. To the extent that we satisfy the distribution requirement but distribute less than 100% of our taxable income, we will be subject to federal corporate income tax on our undistributed income. | |
Commercial Advisers is a wholly-owned TRS that is subject to federal and state income taxes. Though Commercial Advisers has had no activity to date, we would account for any future income taxes in accordance with the provisions of ASC 740, “Income Taxes.” Under ASC 740-10-25, we would account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. | |
We may recognize a tax benefit from an uncertain tax position when it is more-likely-than-not (defined as a likelihood of more than 50%) that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. If a tax position does not meet the more-likely-than-not recognition threshold, despite our belief that the filing position is supportable, the benefit of that tax position is not recognized in the statements of operations. We recognize interest and penalties, as applicable, related to unrecognized tax benefits as a component of income tax expense. We recognize unrecognized tax benefits in the period that the uncertainty is eliminated by either affirmative agreement of the uncertain tax position by the applicable taxing authority, or by expiration of the applicable statute of limitation. For the years ended December 31, 2014, 2013 and 2012, we did not record any provisions for 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 at the present value of the extimated payments expected to be made and corresponding increase to the cost of the related properties for disposal related to all properties constructed prior to 1985 that have, or may have, asbestos present in the building. The liabilities are accreted to their estimated obligation over the life of the leases for the respective properties. We accrued $0.4 million, $0.0 million and $0.3 million in liabilities in connection with acquisitions for the years ended December 31, 2014, 2013 and 2012, respectively. We recorded expense of $0.1 million, $0.1 million, and $0.2 million during the years ended December 31, 2014, 2013 and 2012, 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 $9.4 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 (Loss) | Comprehensive Income (Loss) |
For the years ended December 31, 2014, 2013, and 2012, comprehensive income (loss) equaled net income (loss); therefore, a separate statement of comprehensive income (loss) is not included in the accompanying consolidated financial statements. | |
Segment Reporting | Segment Reporting |
We manage our operations on an aggregated, single segment basis for purposes of assessing performance and making operating decisions, and, accordingly, have only one reporting and operating segment. | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements |
In August 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update 2014–15 (“ASU 2014-15), “Presentation of Financial Statements – Going Concern (Subtopic 205 – 40): Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern.” ASU 2014-15 requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. Since this guidance is primarily around certain disclosures to the financial statements, we anticipate no impact on our financial position, results of operations or cash flows from adopting this standard. We are currently assessing the additional disclosure requirements, if any, of ASU 2014-15. ASU 2014-15 is effective for the annual period ending after December 15, 2016 and for annual periods and interim periods thereafter, with early adoption permitted. | |
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which supersedes or replaces nearly all GAAP revenue recognition guidance. The new guidance establishes a new control-based revenue recognition model, changes the basis for deciding when revenue is recognized over time or at a point in time and will expand disclosures about revenue. We are currently assessing the impact of ASU 2014-09. ASU 2014-09 is effective for annual reporting periods that begin after December 15, 2016 and interim periods within those years. Early adoption is not permitted. | |
In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” Under this revised guidance, only disposals representing a strategic shift in operations, such as a disposal of a major geographic area, a major line of business or a major equity method investment, will be presented as discontinued operations. This standard is effective for our fiscal year beginning January 1, 2015; however, the FASB has permitted early adoption beginning with the first quarter of 2014. We adopted this standard during the quarter ended March 31, 2014, and accordingly we did not present our assets classified as held for sale during the quarter ended March 31, 2014 as discontinued operations. | |
Fair Value Measurements and Disclosures | 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, 2014 and 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): |
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, 2014, this loan maintained its full recourse status. |
Loss_per_Share_of_Common_Stock1
Loss per Share of Common Stock (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Basic and Diluted Loss Per Share of Common Stock | The following tables set forth the computation of basic and diluted loss per share of common stock for the years ended December 31, 2014, 2013, and 2012. We computed basic loss per share for the years ended December 31, 2014, 2013 and 2012 using the weighted average number of shares outstanding during the periods. Diluted loss per share for the years ended December 31, 2014, 2013 and 2012, reflects additional shares of common stock related to our convertible Senior Common Stock (if the effect would be dilutive), that would have been outstanding if dilutive potential shares of common stock had been issued, as well as an adjustment to net income available to common stockholders as applicable to common stockholders that would result from their assumed issuance (dollars in thousands, except per share amounts). | ||||||||||||
For the year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Calculation of basic loss per share of common stock: | |||||||||||||
Net loss attributable to common stockholders | $ | (10,538 | ) | $ | (2,867 | ) | $ | (445 | ) | ||||
Denominator for basic weighted average shares of common stock | 17,253,503 | 13,164,244 | 10,953,325 | ||||||||||
Basic loss per share of common stock | $ | (0.61 | ) | $ | (0.22 | ) | $ | (0.04 | ) | ||||
Calculation of diluted loss per share of common stock: | |||||||||||||
Net loss attributable to common stockholders | $ | (10,538 | ) | $ | (2,867 | ) | $ | (445 | ) | ||||
Add: Income impact of assumed conversion of senior common stock (1) | — | — | — | ||||||||||
Net loss attributable to common stockholders plus assumed conversions | $ | (10,538 | ) | $ | (2,867 | ) | $ | (445 | ) | ||||
Denominator for basic weighted average shares of common stock | 17,253,503 | 13,164,244 | 10,953,325 | ||||||||||
Effect of convertible senior common stock (1) | — | — | — | ||||||||||
Denominator for diluted weighted average shares of common stock | 17,253,503 | 13,164,244 | 10,953,325 | ||||||||||
Diluted loss per share of common stock | $ | (0.61 | ) | $ | (0.22 | ) | $ | (0.04 | ) | ||||
-1 | We excluded convertible senior common shares of 428,509, 238,126, and 121,891 from the calculation of diluted earnings per share for the years ended December 31, 2014, 2013 and 2012, respectively, because it was anti-dilutive. |
Real_Estate_and_Intangible_Ass1
Real Estate and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||
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, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||||||||||
Land | $ | 88,394 | $ | 79,153 | |||||||||||||||||||||||||||||||||||||||||
Building and improvements | 593,155 | 527,230 | |||||||||||||||||||||||||||||||||||||||||||
Tenant improvements | 41,016 | 35,970 | |||||||||||||||||||||||||||||||||||||||||||
Accumulated depreciation | (92,133 | ) | (81,241 | ) | |||||||||||||||||||||||||||||||||||||||||
Real estate, net | $ | 630,432 | $ | 561,112 | |||||||||||||||||||||||||||||||||||||||||
Summary of Properties Acquired | 2014 Real Estate Activity | ||||||||||||||||||||||||||||||||||||||||||||
During the year ended December 31, 2014, we completed 10 acquisitions of 11 properties and completed an expansion of one property, which are summarized below (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||||||
Location | Acquisition Date | Square Footage | Lease | Renewal Options | Total Purchase | Acquisition | Annualized Straight | Debt Issued & | |||||||||||||||||||||||||||||||||||||
(unaudited) | Term | Price/Expansion | Expenses | Line Rent | Assumed | ||||||||||||||||||||||||||||||||||||||||
Funded | |||||||||||||||||||||||||||||||||||||||||||||
Allen, TX | 3/27/14 | 21,154 | 12 Years | 4 (5 years each) | $ | 5,525 | $ | 33 | $ | 570 | $ | 3,481 | |||||||||||||||||||||||||||||||||
Colleyville, TX | 3/27/14 | 20,355 | 12 Years | 4 (5 years each) | 4,523 | 33 | 467 | 2,849 | |||||||||||||||||||||||||||||||||||||
Rancho Cordova, CA | (4 | ) | 4/22/14 | 61,358 | 10 Years | 1 (5 year) | 8,225 | 73 | 902 | 4,935 | |||||||||||||||||||||||||||||||||||
Coppell, TX | 5/8/14 | 21,171 | 12 Years | 4 (5 years each) | 5,838 | 26 | 601 | 3,816 | |||||||||||||||||||||||||||||||||||||
Columbus, OH | 5/13/14 | 114,786 | 9.5 Years (1) | N/A | (1) | 11,800 | 70 | 1,278 | (3) | N/A | |||||||||||||||||||||||||||||||||||
Taylor, PA | 6/9/14 | 955,935 | 10 Years | 4 (5 years each) | 39,000 | 730 | 3,400 | 22,600 | |||||||||||||||||||||||||||||||||||||
Aurora, CO | 7/1/14 | 124,800 | 15 Years | 2 (5 years each) | 8,300 | 93 | 768 | N/A | |||||||||||||||||||||||||||||||||||||
Indianapolis, IN | (4 | ) | 9/3/14 | 86,495 | 11.5 Years (2) | 2 (5 years each) | (2) | 10,500 | 63 | 1,504 | (3) | 6,100 | |||||||||||||||||||||||||||||||||
Denver, CO | 10/31/14 | 189,120 | 10 Years | 2 (10 years each) | 10,000 | 103 | 860 | N/A | |||||||||||||||||||||||||||||||||||||
Canton, NC | (5 | ) | 11/1/14 | 365,960 | 20 Years | 2 (10 years each) | 5,550 | N/A | 1,343 | N/A | |||||||||||||||||||||||||||||||||||
Monroe, MI | (6 | ) | 12/23/14 | 535,500 | 8.5 Years | 2 (5 years each) | 30,750 | 68 | 2,523 | 18,450 | |||||||||||||||||||||||||||||||||||
Total | 2,496,634 | $ | 140,011 | $ | 1,292 | $ | 14,216 | $ | 62,231 | ||||||||||||||||||||||||||||||||||||
(1) | Lease term and renewal options are reflective of the largest tenant. The smaller tenant’s lease terminates in November 2016 and contains no renewal options. | ||||||||||||||||||||||||||||||||||||||||||||
(2) | Lease term and renewal options are reflective of the largest tenant. The other tenants in the building have varying lease expirations from December 2015 to October 2018. No other tenants have renewal options. | ||||||||||||||||||||||||||||||||||||||||||||
(3) | Rent figure is reflective of aggregate rent among all tenants occupying the building. | ||||||||||||||||||||||||||||||||||||||||||||
(4) | Tenants occupying these properties are subject to a gross lease. The largest tenant in this property occupies 61,306 square feet. | ||||||||||||||||||||||||||||||||||||||||||||
(5) | The Canton, NC property was originally acquired in July 2004 for $5.2 million. After the expansion was completed in November 2014, our total investment in the property is $10.8 million. | ||||||||||||||||||||||||||||||||||||||||||||
(6) | This property acquisition consists of two buildings with two separate leases which have identical lease terms. The figures above are aggrigated to reflect both buildings. | ||||||||||||||||||||||||||||||||||||||||||||
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/ | Acquisition | Annualized Straight | Debt Issued | |||||||||||||||||||||||||||||||||||||
Expansion Date | (unaudited) | 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. | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Acquired Assets and Liabilities Assumed | In accordance with ASC 805, we determined the fair value of the acquired assets and assumed liabilities related to the 11 properties acquired during the year ended December 31, 2014 as follows (dollars in thousands): | ||||||||||||||||||||||||||||||||||||||||||||
Land | Building | Tenant | In-place | Leasing Costs | Customer | Above Market | Below Market | Premium on | Total Purchase | ||||||||||||||||||||||||||||||||||||
Improvements | Leases | Relationships | Leases | Leases | Assumed Debt | Price | |||||||||||||||||||||||||||||||||||||||
Allen, TX | $ | 874 | $ | 3,509 | $ | 125 | $ | 598 | $ | 273 | $ | 218 | $ | — | $ | — | $ | (72 | ) | $ | 5,525 | ||||||||||||||||||||||||
Colleyville, TX | 1,277 | 2,307 | 117 | 486 | 220 | 181 | — | (6 | ) | (59 | ) | 4,523 | |||||||||||||||||||||||||||||||||
Rancho Cordova, CA | 752 | 5,898 | 278 | 473 | 546 | 278 | — | — | — | 8,225 | |||||||||||||||||||||||||||||||||||
Coppell, TX | 1,448 | 3,221 | 128 | 636 | 293 | 230 | — | — | (118 | ) | 5,838 | ||||||||||||||||||||||||||||||||||
Columbus, OH | 990 | 6,080 | 1,937 | 823 | 719 | 990 | 261 | — | — | 11,800 | |||||||||||||||||||||||||||||||||||
Taylor, PA | 3,102 | 24,449 | 956 | 6,171 | 1,452 | 2,870 | — | — | — | 39,000 | |||||||||||||||||||||||||||||||||||
Aurora, CO | 2,882 | 3,825 | 92 | 413 | 806 | 282 | — | — | 8,300 | ||||||||||||||||||||||||||||||||||||
Indianapolis, IN | 502 | 5,334 | 1,088 | 1,990 | 741 | 732 | 126 | (13 | ) | — | 10,500 | ||||||||||||||||||||||||||||||||||
Denver, CO | 1,621 | 6,503 | 568 | 1,152 | 721 | 652 | — | (1,217 | ) | — | 10,000 | ||||||||||||||||||||||||||||||||||
Monroe, MI | (1 | ) | 1,118 | 23,890 | 942 | 1,497 | 1,350 | 1,953 | — | — | — | 30,750 | |||||||||||||||||||||||||||||||||
$ | 14,566 | $ | 85,016 | $ | 6,231 | $ | 14,239 | $ | 7,121 | $ | 8,386 | $ | 387 | $ | (1,236 | ) | $ | (249 | ) | $ | 134,461 | ||||||||||||||||||||||||
-1 | This property acquisition consists of two buildings with two separate leases which have identical lease terms. The figures above are aggrigated to reflect both buildings. | ||||||||||||||||||||||||||||||||||||||||||||
In accordance with ASC 805, we determined the fair value of acquired assets related to the seven properties acquired during the year ended December 31, 2013 as follows (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||||||
Tenant | In-place | Customer | Above Market | Below Market | Total Purchase | ||||||||||||||||||||||||||||||||||||||||
Land | Building | Improvements | Leases | Leasing Costs | 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 | |||||||||||||||||||||||||||
Schedule of Revenue and Earnings Recognized on Properties Acquired | Below is a summary of the total revenue and earnings recognized on the 11 properties acquired during the year ended December 31, 2014 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||||||
Location | Acquisition | Rental Revenue | Earnings (1) | ||||||||||||||||||||||||||||||||||||||||||
Date | |||||||||||||||||||||||||||||||||||||||||||||
Allen, TX | 3/27/14 | $ | 435 | $ | 249 | ||||||||||||||||||||||||||||||||||||||||
Colleyville, TX | 3/27/14 | 357 | 206 | ||||||||||||||||||||||||||||||||||||||||||
Rancho Cordova, CA | 4/22/14 | 625 | 239 | ||||||||||||||||||||||||||||||||||||||||||
Coppell, TX | 5/8/14 | 390 | 226 | ||||||||||||||||||||||||||||||||||||||||||
Columbus, OH | (2 | ) | 5/13/14 | 790 | 272 | ||||||||||||||||||||||||||||||||||||||||
Taylor, PA | 6/9/14 | 1,908 | 890 | ||||||||||||||||||||||||||||||||||||||||||
Aurora, CO | 7/1/14 | 384 | 253 | ||||||||||||||||||||||||||||||||||||||||||
Indianapolis, IN | (2 | ) | 9/3/14 | 489 | 44 | ||||||||||||||||||||||||||||||||||||||||
Denver, CO | 10/31/14 | 166 | 82 | ||||||||||||||||||||||||||||||||||||||||||
Monroe, MI | (3 | ) | 12/23/14 | 61 | 31 | ||||||||||||||||||||||||||||||||||||||||
$ | 5,605 | $ | 2,492 | ||||||||||||||||||||||||||||||||||||||||||
-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. | ||||||||||||||||||||||||||||||||||||||||||||
-2 | Rental revenue and earnings is reflective of aggregate rent and operating expenses among all tenants occupying the building. | ||||||||||||||||||||||||||||||||||||||||||||
-3 | We acquired two properties and two leases with this acquisition. Rental revenue and earnings is reflective of aggregate rent and operating expenses among both properties. | ||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||||||||||||||||||||
Location | Date | Rental Revenue | Earnings (1) | ||||||||||||||||||||||||||||||||||||||||||
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 Condensed Consolidated Statements of Operations | The following table reflects pro-forma consolidated statements of operations as if the properties acquired during the years ended December 31, 2014 and 2013, respectively were acquired as of January 1, 2013. The table also assumes that properties acquired during the years ended December 31, 2013 and 2012, respectively, were acquired as of January 1, 2012. The pro-forma earnings for the years ended December 31, 2014, 2013 and 2012 were adjusted to assume that acquisition-related costs were incurred as of the beginning of the earliest period presented (dollars in thousands, except per share amounts): | ||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||
Operating Data: | |||||||||||||||||||||||||||||||||||||||||||||
Total operating revenue | $ | 80,759 | $ | 80,081 | $ | 68,940 | |||||||||||||||||||||||||||||||||||||||
Total operating expenses | (60,728 | ) | (46,223 | ) | (37,457 | ) | |||||||||||||||||||||||||||||||||||||||
Other expenses | (24,290 | ) | (32,929 | ) | (28,754 | ) | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | (4,259 | ) (1) | 929 | 2,729 | |||||||||||||||||||||||||||||||||||||||||
Dividends attributable to preferred and senior common stock | (4,636 | ) | (4,394 | ) | (4,206 | ) | |||||||||||||||||||||||||||||||||||||||
Net loss attributable to common stockholders | $ | (8,895 | ) | $ | (3,465 | ) | $ | (1,477 | ) | ||||||||||||||||||||||||||||||||||||
Share and Per Share Data: | |||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted loss per share of common stock | $ | (0.52 | ) | $ | (0.26 | ) | $ | (0.13 | ) | ||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding-basic and diluted | 17,253,503 | 13,164,244 | 10,953,325 | ||||||||||||||||||||||||||||||||||||||||||
-1 | We recognized a $14.2 million impairment loss and a $5.3 million gain on debt extinguishment as a result of our Roseville, MN deed in lieu transaction during the year ended December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||
2015 | $ | 70,794 | |||||||||||||||||||||||||||||||||||||||||||
2016 | 68,669 | ||||||||||||||||||||||||||||||||||||||||||||
2017 | 68,290 | ||||||||||||||||||||||||||||||||||||||||||||
2018 | 67,983 | ||||||||||||||||||||||||||||||||||||||||||||
2019 | 68,405 | ||||||||||||||||||||||||||||||||||||||||||||
Thereafter | 312,030 | ||||||||||||||||||||||||||||||||||||||||||||
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, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Lease Intangibles | Accumulated | Lease Intangibles | Accumulated | ||||||||||||||||||||||||||||||||||||||||||
Amortization | Amortization | ||||||||||||||||||||||||||||||||||||||||||||
In-place leases | $ | 59,233 | $ | (17,379 | ) | $ | 47,442 | $ | (15,158 | ) | |||||||||||||||||||||||||||||||||||
Leasing costs | 38,305 | (11,411 | ) | 31,339 | (9,323 | ) | |||||||||||||||||||||||||||||||||||||||
Customer relationships | 41,243 | (11,177 | ) | 35,739 | (10,407 | ) | |||||||||||||||||||||||||||||||||||||||
$ | 138,781 | $ | (39,967 | ) | $ | 114,520 | $ | (34,888 | ) | ||||||||||||||||||||||||||||||||||||
Deferred Rent | Accumulated | Lease Intangibles | Accumulated | ||||||||||||||||||||||||||||||||||||||||||
Receivable/Liability | Amortization | Amortization | |||||||||||||||||||||||||||||||||||||||||||
Above market leases | $ | 8,314 | $ | (6,384 | ) | $ | 7,928 | $ | (6,085 | ) | |||||||||||||||||||||||||||||||||||
Below market leases | $ | 15,939 | $ | (7,345 | ) | $ | 12,672 | $ | (6,657 | ) | |||||||||||||||||||||||||||||||||||
$ | 24,253 | $ | (13,729 | ) | $ | 20,600 | $ | (12,742 | ) | ||||||||||||||||||||||||||||||||||||
Total | $ | 163,034 | $ | (53,696 | ) | $ | 135,120 | $ | (47,630 | ) | |||||||||||||||||||||||||||||||||||
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, 2014 and 2013, respectively, were as follows: | ||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets & Liabilities | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||
In-place leases | 10.1 | 8.9 | |||||||||||||||||||||||||||||||||||||||||||
Leasing costs | 10.1 | 8.9 | |||||||||||||||||||||||||||||||||||||||||||
Customer relationships | 15.1 | 13.7 | |||||||||||||||||||||||||||||||||||||||||||
Above market leases | 9.3 | 8.8 | |||||||||||||||||||||||||||||||||||||||||||
Below market leases | 10 | 7.5 | |||||||||||||||||||||||||||||||||||||||||||
All intangible assets & liabilities | 11.5 | 10 | |||||||||||||||||||||||||||||||||||||||||||
Estimated Aggregate Amortization Expense | The estimated aggregate amortization expense to be recorded for in-place leases, leasing costs and customer relationships for each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands): | ||||||||||||||||||||||||||||||||||||||||||||
Estimated | |||||||||||||||||||||||||||||||||||||||||||||
Year | Amortization Expense | ||||||||||||||||||||||||||||||||||||||||||||
2015 | $ | 12,801 | |||||||||||||||||||||||||||||||||||||||||||
2016 | 11,972 | ||||||||||||||||||||||||||||||||||||||||||||
2017 | 11,733 | ||||||||||||||||||||||||||||||||||||||||||||
2018 | 11,633 | ||||||||||||||||||||||||||||||||||||||||||||
2019 | 11,610 | ||||||||||||||||||||||||||||||||||||||||||||
Thereafter | 39,065 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 98,814 | |||||||||||||||||||||||||||||||||||||||||||
Summary of Estimated Aggregate Rental Income | The estimated aggregate rental income to be recorded for the amortization of both above and below market leases for each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands): | ||||||||||||||||||||||||||||||||||||||||||||
Estimated Rental | |||||||||||||||||||||||||||||||||||||||||||||
Year | Income | ||||||||||||||||||||||||||||||||||||||||||||
2015 | $ | 557 | |||||||||||||||||||||||||||||||||||||||||||
2016 | 438 | ||||||||||||||||||||||||||||||||||||||||||||
2017 | 432 | ||||||||||||||||||||||||||||||||||||||||||||
2018 | 432 | ||||||||||||||||||||||||||||||||||||||||||||
2019 | 432 | ||||||||||||||||||||||||||||||||||||||||||||
Thereafter | 4,374 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 6,665 | |||||||||||||||||||||||||||||||||||||||||||
Real_Estate_Dispositions_and_I1
Real Estate Dispositions and Impairment Charges (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Real Estate [Abstract] | |||||||||||||
Components of Income from Real Estate and Related Assets Disposed | The table below summarizes the components of income from real estate and related assets disposed of for the Sterling Heights, Michigan property during the years ended December 31, 2014, 2013 and 2012, respectively (dollars in thousands): | ||||||||||||
For the year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Operating revenue | $ | 507 | $ | 1,167 | $ | 1,167 | |||||||
Operating expense | 46 | 228 | 221 | ||||||||||
Income from real estate and related assets sold | $ | 461 | $ | 939 | $ | 946 | |||||||
Mortgage_Notes_Payable_and_Lin1
Mortgage Notes Payable and Line of Credit (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||
Company's Mortgage Notes Payable and Line of Credit | Our mortgage notes payable and line of credit as of December 31, 2014 and December 31, 2013 are summarized below (dollars in thousands): | ||||||||||||||||||||||||||||
Principal Balance Outstanding | |||||||||||||||||||||||||||||
Date of | |||||||||||||||||||||||||||||
Issuance/ | Principal | Stated Interest Rate at | |||||||||||||||||||||||||||
Assumption | Maturity Date | December 31, 2014 (1) | December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||
2/21/06 | 6/30/14 | 5.20% | — | 17,455 | |||||||||||||||||||||||||
8/25/05 | 9/1/15 | 5.33% | 19,262 | 19,664 | |||||||||||||||||||||||||
9/12/05 | 9/1/15 | 5.21% | 11,369 | 11,593 | |||||||||||||||||||||||||
9/6/07 | 12/11/15 | 5.81% | 3,964 | 4,052 | |||||||||||||||||||||||||
12/21/05 | 1/8/16 | 5.71% | 17,482 | 17,816 | |||||||||||||||||||||||||
3/27/14 | 2/1/16 | 5.58% | 6,214 | — | |||||||||||||||||||||||||
3/29/06 | 4/1/16 | 5.92% | 16,201 | 16,434 | |||||||||||||||||||||||||
4/27/06 | 5/5/16 | 6.58% | 12,316 | 12,696 | |||||||||||||||||||||||||
8/29/08 | 6/1/16 | 6.80% | 5,510 | 5,687 | |||||||||||||||||||||||||
5/8/14 | 6/1/16 | 6.25% | 3,767 | — | |||||||||||||||||||||||||
6/20/11 | 6/30/16 | 6.08% | 10,977 | 11,164 | |||||||||||||||||||||||||
11/22/06 | 12/1/16 | 5.76% | 13,093 | 13,324 | |||||||||||||||||||||||||
11/26/13 | 12/1/16 | LIBOR +2.15% | (2 | ) | 8,200 | 8,200 | |||||||||||||||||||||||
12/22/06 | 1/1/17 | 5.79% | 20,026 | 20,376 | |||||||||||||||||||||||||
2/8/07 | 3/1/17 | 6.00% | 13,775 | 13,775 | |||||||||||||||||||||||||
6/5/07 | 6/8/17 | 6.11% | 13,825 | 13,999 | |||||||||||||||||||||||||
10/15/07 | 11/8/17 | 6.63% | 14,609 | 14,848 | |||||||||||||||||||||||||
9/26/12 | 7/1/18 | 5.75% | 10,252 | 10,478 | |||||||||||||||||||||||||
11/18/11 | 11/1/18 | 4.50% | 4,049 | 4,155 | |||||||||||||||||||||||||
6/9/14 | 7/1/19 | 4.23% | 22,600 | — | |||||||||||||||||||||||||
12/6/11 | 12/6/19 | 6.00% | 7,776 | 8,031 | |||||||||||||||||||||||||
10/28/11 | 11/1/21 | 6.00% | 6,799 | 6,938 | |||||||||||||||||||||||||
4/5/12 | 5/1/22 | 6.10% | 18,116 | 18,467 | |||||||||||||||||||||||||
6/21/12 | 7/6/22 | 5.05% | 4,507 | 4,608 | |||||||||||||||||||||||||
8/3/12 | 7/31/22 | 5.00% | 2,845 | 2,911 | |||||||||||||||||||||||||
7/24/12 | 8/1/22 | 5.60% | 9,066 | 9,361 | |||||||||||||||||||||||||
10/1/12 | 10/1/22 | 4.86% | 32,397 | 33,133 | |||||||||||||||||||||||||
11/21/12 | 12/6/22 | 4.04% | 18,067 | 18,525 | |||||||||||||||||||||||||
3/28/13 | 4/6/23 | 4.16% | 3,551 | 3,638 | |||||||||||||||||||||||||
7/3/13 | 8/1/23 | 5.00% | 8,045 | 8,163 | |||||||||||||||||||||||||
7/10/13 | 8/1/23 | 4.20% | 8,704 | 8,852 | |||||||||||||||||||||||||
7/9/13 | 8/6/23 | 4.81% | 34,567 | 35,093 | |||||||||||||||||||||||||
12/27/13 | 1/1/24 | 5.28% | 4,297 | 4,380 | |||||||||||||||||||||||||
4/22/14 | 5/1/24 | 4.90% | 4,935 | — | |||||||||||||||||||||||||
9/3/14 | 10/1/24 | 4.40% | 6,100 | — | |||||||||||||||||||||||||
12/23/14 | 1/1/25 | 4.04% | 18,426 | — | |||||||||||||||||||||||||
12/15/10 | 12/10/26 | 6.63% | 9,015 | 9,496 | |||||||||||||||||||||||||
5/16/12 | 12/31/26 | 4.30% | 2,757 | 2,829 | |||||||||||||||||||||||||
11/8/12 | 2/1/27 | 5.69% | 13,567 | 13,864 | |||||||||||||||||||||||||
5/30/12 | 5/10/27 | 6.50% | 4,426 | 4,653 | |||||||||||||||||||||||||
6/27/12 | 7/1/29 | 5.10% | 1,823 | 1,905 | |||||||||||||||||||||||||
12/18/13 | 1/6/39 | 4.74% | 11,315 | 11,315 | |||||||||||||||||||||||||
Contractual Mortgage Notes Payable: | $ | 458,592 | $ | 421,878 | |||||||||||||||||||||||||
Premiums and (Discounts), net: | 707 | 724 | |||||||||||||||||||||||||||
Total Mortgage Notes Payable: | $ | 459,299 | $ | 422,602 | |||||||||||||||||||||||||
Variable-Rate Line of Credit: | |||||||||||||||||||||||||||||
8/7/13 | 8/7/17 | LIBOR +3.00% | $ | 43,300 | $ | 24,400 | |||||||||||||||||||||||
Total Mortgage Notes Payable and Line of Credit | $ | 502,599 | $ | 447,002 | |||||||||||||||||||||||||
-1 | The weighted average interest rate on all debt outstanding at December 31, 2014, was approximately 5.11%. | ||||||||||||||||||||||||||||
-2 | At December 31, 2014, one month LIBOR was approximately 0.17%. | ||||||||||||||||||||||||||||
Summary of Long-Term Mortgages | During the year ended December 31, 2014, we assumed two long-term mortgages, collateralized by three properties, and issued four long-term mortgages, collateralized by five properties, which are summarized below (dollars in thousands): | ||||||||||||||||||||||||||||
Date of Issuance | Issuing Bank | Debt Issued | Interest Rate | Maturity Date | |||||||||||||||||||||||||
3/27/14 | Wells Fargo N.A. | $ | 6,330 | 5.58 | % | 2/1/16 | |||||||||||||||||||||||
4/22/14 | Keybank N.A. | 4,935 | 4.9 | % | 5/1/24 | ||||||||||||||||||||||||
5/8/14 | Wells Fargo N.A. | 3,816 | 6.25 | % | 6/1/16 | ||||||||||||||||||||||||
6/9/14 | Prudential Mortgage | 22,600 | 4.23 | % | 7/1/19 | ||||||||||||||||||||||||
Capital Company | |||||||||||||||||||||||||||||
9/3/14 | Everbank | 6,100 | 4.4 | % | 10/1/24 | ||||||||||||||||||||||||
12/23/14 | Prudential Mortgage | 18,450 | 4.04 | % | 1/1/25 | ||||||||||||||||||||||||
Capital Company | |||||||||||||||||||||||||||||
$ | 62,231 | ||||||||||||||||||||||||||||
Schedule of 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 | |||||||||||||||||||||||||||||
2015 | $ | 42,436 | (1) | ||||||||||||||||||||||||||
2016 | 99,042 | ||||||||||||||||||||||||||||
2017 | 67,653 | ||||||||||||||||||||||||||||
2018 | 20,260 | ||||||||||||||||||||||||||||
2019 | 34,936 | ||||||||||||||||||||||||||||
Thereafter | 194,265 | ||||||||||||||||||||||||||||
$ | 458,592 | ||||||||||||||||||||||||||||
-1 | We are planning to refinanance the 3 balloon principal payments that mature in the second half of 2015 with a combination of new mortgage debt or equity. | ||||||||||||||||||||||||||||
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, | As of December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Interest Rate Cap | Notional | LIBOR Cap | Maturity Date | Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||
Amount | |||||||||||||||||||||||||||||
26-Nov-13 | $ | 8,200 | 3 | % | December 1, 2016 | $ | 31 | $ | 4 | $ | 31 | $ | 22 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
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, 2014, are as follows (dollars in thousands): | ||||||||||||||||||||||||||||||||
For the year ended December 31, | |||||||||||||||||||||||||||||||||
Location | Lease End Date | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | |||||||||||||||||||||||||
Tulsa, OK | 21-Apr | $ | 169 | $ | 169 | $ | 169 | $ | 169 | $ | 169 | $ | 169 | $ | 85 | ||||||||||||||||||
Dartmouth, MA | May-36 | 174 | 174 | 174 | 174 | 174 | 174 | 3,127 | |||||||||||||||||||||||||
Springfield, MA | Feb-30 | 86 | 86 | 89 | 90 | 90 | 90 | 884 | |||||||||||||||||||||||||
$ | 429 | $ | 429 | $ | 432 | $ | 433 | $ | 433 | $ | 433 | $ | 4,096 | ||||||||||||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Equity [Abstract] | |||||||||||||||
Dividends Declared | Our Board of Directors declared the following distributions per share for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||||
For the year ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
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 | 1.7813 | 1.7813 | 1.6328 | (1) | |||||||||||
(1) | The Series C Preferred Stock was issued on January 31, 2012. | ||||||||||||||
Summary of Changes in Stockholders' Equity | The characterization of distributions during each of the last three years is reflected in the table below: | ||||||||||||||
Ordinary Income | Return of Capital | ||||||||||||||
Common Stock | |||||||||||||||
For the year ended December 31, 2012 | 0 | % | 100 | % | |||||||||||
For the year ended December 31, 2013 | 18.32962 | % | 81.67038 | % | |||||||||||
For the year ended December 31, 2014 | 0 | % | 100 | % | |||||||||||
Senior Common Stock | |||||||||||||||
For the year ended December 31, 2012 | 0 | % | 100 | % | |||||||||||
For the year ended December 31, 2013 | 100 | % | 0 | % | |||||||||||
For the year ended December 31, 2014 | 0 | % | 100 | % | |||||||||||
Series A Preferred Stock | |||||||||||||||
For the year ended December 31, 2012 | 91.7083 | % | 8.2917 | % | |||||||||||
For the year ended December 31, 2013 | 100 | % | 0 | % | |||||||||||
For the year ended December 31, 2014 | 24.10732 | % | 75.89268 | % | |||||||||||
Series B Preferred Stock | |||||||||||||||
For the year ended December 31, 2012 | 91.7083 | % | 8.2917 | % | |||||||||||
For the year ended December 31, 2013 | 100 | % | 0 | % | |||||||||||
For the year ended December 31, 2014 | 24.10732 | % | 75.89268 | % | |||||||||||
Series C Preferred Stock | |||||||||||||||
For the year ended December 31, 2012 | 91.7083 | % | 8.2917 | % | |||||||||||
For the year ended December 31, 2013 | 100 | % | 0 | % | |||||||||||
For the year ended December 31, 2014 | 24.10732 | % | 75.89268 | % | |||||||||||
Summary of Outstanding Note Issued to Employee for 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 Loan at | of Note | on Note | ||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||
Nov-06 | $ | 375 | $ | 375 | Nov 2015 | 8.15 | % |
Quarterly_Financial_Informatio1
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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, 2014 and 2013 (dollars in thousands). | ||||||||||||||||
Quarter ended | |||||||||||||||||
December 31, 2014 | September 30, 2014 | June 30, 2014 | March 31, 2014 | ||||||||||||||
Operating revenues | $ | 19,216 | $ | 19,014 | $ | 18,390 | $ | 17,136 | |||||||||
Operating expenses | 10,970 | 11,457 | 11,243 | 23,736 | |||||||||||||
Other expense | (2,082 | ) | (7,328 | ) | (5,928 | ) | (6,914 | ) | |||||||||
Net income (loss) | 6,164 | 229 | 1,219 | (13,514 | ) | ||||||||||||
Dividends attributable to preferred and senior common stock | (1,220 | ) | (1,160 | ) | (1,133 | ) | (1,123 | ) | |||||||||
Net income (loss) available to common stockholders | 4,944 | (1) | (931 | ) | 86 | (14,637 | ) (2) | ||||||||||
Net income (loss) available to common stockholders - basic & diluted | $ | 0.36 | $ | (0.05 | ) | $ | 0.01 | $ | (0.93 | ) | |||||||
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 | ) | |||||||||
Net loss available to common stockholders | (786 | ) | (797 | ) | (641 | ) | (643 | ) | |||||||||
Net loss available to common stockholders - basic & diluted | $ | (0.05 | ) | $ | (0.06 | ) | $ | (0.05 | ) | $ | (0.06 | ) | |||||
-1 | Includes a $5.3 million gain on debt extinguishment recorded during the three months ended December 31, 2014. | ||||||||||||||||
-2 | Includes a $14.0 million impairment loss recorded during the three months ended March 31, 2014. |
Subsequent_Events_Tables
Subsequent Events (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||
Monthly Distributions Declared by Company's Board of Directors | On January 13, 2015, 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 | ||||||||||||||||
23-Jan-15 | February 3, 2015 | $ | 0.125 | $ | 0.1614583 | $ | 0.15625 | $ | 0.1484375 | ||||||||||
18-Feb-15 | February 27, 2015 | 0.125 | 0.1614583 | 0.15625 | 0.1484375 | ||||||||||||||
20-Mar-15 | 31-Mar-15 | 0.125 | 0.1614583 | 0.15625 | 0.1484375 | ||||||||||||||
Total | $ | 0.375 | $ | 0.4843749 | $ | 0.46875 | $ | 0.4453125 | |||||||||||
Senior Common Stock Distributions | |||||||||||||||||||
Payable to the | Payment Date | Distribution per Share | |||||||||||||||||
Holders of Record | |||||||||||||||||||
During the Month of: | |||||||||||||||||||
January | February 6, 2015 | $ | 0.0875 | ||||||||||||||||
February | 6-Mar-15 | 0.0875 | |||||||||||||||||
March | 7-Apr-15 | 0.0875 | |||||||||||||||||
Total | $ | 0.2625 | |||||||||||||||||
Organization_Basis_of_Presenta2
Organization, Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Subsidiary | |||
Organization And Significant Accounting Policies [Line Items] | |||
Number of subsidiaries interest owned in general and limited partnership | 2 | ||
Non-qualifying income related to real estate portfolio | $0 | ||
Amortization related to below-market lease | 700,000 | 600,000 | 1,100,000 |
Total amortization expense related to intangible assets | 10,000,000 | 7,300,000 | 4,900,000 |
Maturity period of highly-liquid investments at the time of purchase | three months or less | ||
Payments of deferred financing costs | 1,029,000 | 2,051,000 | 4,598,000 |
Total amortization expense related to deferred financing costs is included in interest expense | 1,656,000 | 1,780,000 | 1,502,000 |
Deferred rent expense | 800,000 | ||
Uncertain tax positions percentage | 50.00% | ||
Uncertain tax positions | 0 | 0 | 0 |
Liabilities accrued | 400,000 | 0 | 300,000 |
Expenses recorded to general and administrative expense | 100,000 | 100,000 | 200,000 |
Aggregate undiscounted obligation on properties | 9,400,000 | ||
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 | ||
Real Estate [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Real estate depreciation expense | 18,800,000 | 15,500,000 | 11,900,000 |
Minimum [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Expected lease up period for estimating carrying costs | 9 months | ||
Remaining term of in-place leases and unamortized lease | 10 years | ||
REIT taxable income to its stockholders | 90.00% | ||
Percentage of discount rate for calculating undiscounted obligation | 2.50% | ||
Maximum [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Expected lease up period for estimating carrying costs | 18 months | ||
Remaining term of in-place leases and unamortized lease | 15 years | ||
REIT taxable income to its stockholders | 100.00% | ||
Percentage of discount rate for calculating undiscounted obligation | 7.60% | ||
Above Market Leases [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Amortization related to above-market lease | $300,000 | $300,000 | $300,000 |
Buildings and Improvements [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Estimated useful life | 39 years | ||
Equipment and Fixtures [Member] | Minimum [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Estimated useful life | 5 years | ||
Equipment and Fixtures [Member] | Maximum [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Estimated useful life | 20 years | ||
Gladstone Commercial Advisers, Inc. [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Company ownership percentage of voting securities of Commercial Advisers | 100.00% | ||
GCLP Business Trust I [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Percentage of limited partnership interest transferred to business unit | 99.00% | ||
Number of trust shares exchanged for limited partnership interest | 100 | ||
Subsidiary and business trust of the Company, formed under the laws of the Commonwealth of Massachusetts, date | 28-Dec-05 | ||
GCLP Business Trust II [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Percentage of limited partnership interest transferred to business unit | 1.00% | ||
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 |
RelatedParty_Transactions_Addi
Related-Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Related Party Transaction [Line Items] | ||||||
Due to Adviser and Administrator | $916,000 | [1] | $1,360,000 | [1] | ||
Annual base management fee, in percentage of stockholders' equity, in excess of recorded value of preferred stock | 2.00% | |||||
Base management fee | 2,798,000 | [1] | 2,014,000 | [1] | 1,467,000 | [1] |
Credit to base management fee | 200,000 | |||||
Pre-incentive quarterly fee FFO in percentage of common stockholders' equity that will reward the Adviser | 1.75% | |||||
Pre-incentive annual fee FFO in percentage of common stockholders' equity that will reward the Adviser | 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 | 4,305,000 | [1] | 4,201,000 | [1] | 3,569,000 | [1] |
Credits related to unconditional and irrevocable voluntary waivers issued by the Adviser | 3,013,000 | [1] | 3,457,000 | [1] | 2,221,000 | [1] |
Related-party transactions incentive fee, net | 1,300,000 | 700,000 | 1,400,000 | |||
Administration fee | 1,526,000 | [1] | 1,467,000 | [1] | 1,118,000 | [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-15 | |||||
Fees paid | 100,000 | 100,000 | ||||
Total secured mortgages subject to financing fee | 52,100,000 | 76,300,000 | ||||
Financing fee on secured mortgages percentage | 0.27% | 0.18% | ||||
Minimum [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage of the amount of the mortgage | 0.15% | |||||
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 | $600,000 | $300,000 | $200,000 | |||
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" |
Loss_per_Share_of_Common_Stock2
Loss per Share of Common Stock - Basic and Diluted Loss Per Share of Common Stock (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Calculation of basic loss per share of common stock: | |||||||||||
Net loss attributable to common stockholders | $4,944 | ($931) | $86 | ($14,637) | ($786) | ($797) | ($641) | ($643) | ($10,538) | ($2,867) | ($445) |
Denominator for basic weighted average shares of common stock | 17,253,503 | 13,164,244 | 10,953,325 | ||||||||
Basic loss per share of common stock | ($0.61) | ($0.22) | ($0.04) | ||||||||
Calculation of diluted loss per share of common stock: | |||||||||||
Net loss attributable to common stockholders | 4,944 | -931 | 86 | -14,637 | -786 | -797 | -641 | -643 | -10,538 | -2,867 | -445 |
Add: Income impact of assumed conversion of senior common stock | 0 | 0 | 0 | ||||||||
Net loss attributable to common stockholders plus assumed conversions | ($10,538) | ($2,867) | ($445) | ||||||||
Denominator for basic weighted average shares of common stock | 17,253,503 | 13,164,244 | 10,953,325 | ||||||||
Effect of convertible senior common stock | 0 | 0 | 0 | ||||||||
Denominator for diluted weighted average shares of common stock | 17,253,503 | 13,164,244 | 10,953,325 | ||||||||
Diluted loss per share of common stock | ($0.61) | ($0.22) | ($0.04) |
Loss_per_Share_of_Common_Stock3
Loss per Share of Common Stock - Basic and Diluted Loss Per Share of Common Stock (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | |||
Anti-dilutive convertible senior common shares excluded from calculation of diluted earnings per share | 428,509 | 238,126 | 121,891 |
Real_Estate_and_Intangible_Ass2
Real Estate and Intangible Assets - Company's Investments in Real Estate (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real estate: | ||
Land | $88,394 | $79,153 |
Building and improvements | 593,155 | 527,230 |
Tenant improvements | 41,016 | 35,970 |
Accumulated depreciation | -92,133 | -81,241 |
Total real estate, net | $630,432 | $561,112 |
Real_Estate_and_Intangible_Ass3
Real Estate and Intangible Assets - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||
Jun. 11, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 22, 2014 | Oct. 27, 2014 | Dec. 01, 2014 | Nov. 14, 2014 | Oct. 16, 2014 | 6-May-14 | Dec. 24, 2014 | Jul. 07, 2014 | Oct. 30, 2014 | Jul. 25, 2014 | |
sqft | Option | Option | sqft | |||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Leasing commissions paid | $1,159,000 | $1,041,000 | $1,738,000 | |||||||||||
Tenant improvements payable | 3,300,000 | |||||||||||||
Extended additional period of lease | 3 years | |||||||||||||
Lease expiration period, month and year | 2016-11 | |||||||||||||
Annual increase in lease rental | 14.00% | |||||||||||||
Deferred rent, receivables | 21,728,000 | 18,905,000 | ||||||||||||
Finance for expansion project on property | 5,600,000 | 5,600,000 | ||||||||||||
Expansion of our property, area | 61,306 | 81,371 | ||||||||||||
Total annual property taxes for all properties not paid by tenants | 12,600,000 | |||||||||||||
2013 Real Estate Activity [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of properties acquired | 7 | |||||||||||||
Number of properties expanded | 1 | |||||||||||||
2014 Real Estate Activity [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of properties acquired | 11 | |||||||||||||
Number of acquisitions completed | 10 | |||||||||||||
Number of properties expanded | 1 | |||||||||||||
Canton, North Carolina [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Extended additional period of lease | 10 years | |||||||||||||
Extended lease expiration date | 2034-09 | |||||||||||||
Lease expiration period, month and year | 2024-07 | |||||||||||||
Annualized straight line rent escalations | 1,400,000 | |||||||||||||
Lease Term | 20 years | |||||||||||||
Finance for expansion project on property | 5,500,000 | |||||||||||||
Area of additional real estate property | 150,000 | |||||||||||||
Canton, North Carolina [Member] | Previous Lease [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Annualized straight line rent escalations | 600,000 | |||||||||||||
South Hadley Massachusetts [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Extended additional period of lease | 2 years | |||||||||||||
Extended lease expiration date | 2017-01 | |||||||||||||
Lease expiration period, month and year | 2015-01 | |||||||||||||
Annualized straight line rent escalations | 300,000 | |||||||||||||
Number of options for renewal of lease | 2 | |||||||||||||
Number of years under additional periods for lease renewal option | 1 year | |||||||||||||
Maple Heights, Ohio Industrial Building [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Amount of annualized straight line rents over the life of the lease | 30,000 | |||||||||||||
Leasing commissions paid | 10,000 | |||||||||||||
Expansion of our property, area | 7,125 | |||||||||||||
Lease term | 3 years | |||||||||||||
Concord Township, Ohio [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Extended additional period of lease | 5 years | |||||||||||||
Deferred rent, uncollectible | 2,500,000 | |||||||||||||
Concord Township, Ohio [Member] | General and Administrative Expense [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Deferred rent, receivables | 800,000 | |||||||||||||
Concord Township, Ohio [Member] | Prior To Amendment [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Original lease expiration | 2034-08 | |||||||||||||
Amount of annualized straight line rents over the life of the lease | 1,700,000 | |||||||||||||
Concord Township, Ohio [Member] | After Amendment [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Original lease expiration | 2024-12 | |||||||||||||
Amount of annualized straight line rents over the life of the lease | 1,400,000 | |||||||||||||
Richmond, Virginia [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Leasing commissions paid | 100,000 | |||||||||||||
Tenant improvements payable | 0 | |||||||||||||
Annualized straight line rent escalations | 200,000 | |||||||||||||
Lease Term | 3 years | |||||||||||||
Lease early termination option description | The tenant has an early termination option at any time after July 31, 2016 | |||||||||||||
Lease description | The tenant is subject to a termination payment of approximately $0.03 million if they exercise this option. | |||||||||||||
Termination payment | 30,000 | |||||||||||||
Number of options for renewal of lease | 1 | |||||||||||||
Lease renewal period | 3 years | |||||||||||||
Newburyport, Massachusetts [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Lease expiration date | 30-Apr-15 | |||||||||||||
Burnsville, MN [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Leasing commissions paid | 500,000 | |||||||||||||
Extended additional period of lease | 8 years | |||||||||||||
Extended lease expiration date | 2023-01 | |||||||||||||
Lease expiration period, month and year | 2015-06 | |||||||||||||
Annualized straight line rent escalations | 1,000,000 | |||||||||||||
Austin, Texas [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Option to extend lease term | 8 years | |||||||||||||
Original lease expiration | 2015-06 | |||||||||||||
Extended lease expiration | 2022-06 | |||||||||||||
Amount of annualized straight line rents over the life of the lease | 700,000 | |||||||||||||
Leasing commissions paid | 200,000 | |||||||||||||
Tenant improvements payable | 1,300,000 | |||||||||||||
Akron, Ohio [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Option to extend lease term | 5 years | |||||||||||||
Original lease expiration | 2015-03 | 2015-03 | ||||||||||||
Extended lease expiration | 2020-03 | 2020-03 | ||||||||||||
Leasing commissions paid | 200,000 | |||||||||||||
Tenant improvements payable | 900,000 | 100,000 | ||||||||||||
Extended additional period of lease | 5 years | |||||||||||||
Annualized straight line rent escalations | 100,000 | 600,000 | ||||||||||||
Tewksbury Massachusetts [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Lease expiration date | 31-May-17 | |||||||||||||
Tewksbury Massachusetts [Member] | Prior To Amendment [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Amount of annualized straight line rents over the life of the lease | 900,000 | |||||||||||||
Tewksbury Massachusetts [Member] | After Amendment [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Amount of annualized straight line rents over the life of the lease | 400,000 | |||||||||||||
Bolingbrook Illinois [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Leasing commissions paid | 200,000 | |||||||||||||
Tenant improvements payable | 500,000 | |||||||||||||
Extended additional period of lease | 5 years | |||||||||||||
Annualized straight line rent escalations | $200,000 | |||||||||||||
Number of options for renewal of lease | 1 | |||||||||||||
Lease term | 7 years | |||||||||||||
Percentage of building occupied by tenant | 38.00% |
Real_Estate_and_Intangible_Ass4
Real Estate and Intangible Assets - Summary of Properties Acquired (Detail) (USD $) | 12 Months Ended | 1 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2004 | Oct. 31, 2005 |
sqft | sqft | |||
Business Acquisition [Line Items] | ||||
Square Footage (unaudited) | 2,496,634 | 1,085,129 | ||
Total Purchase Price | $140,011 | $134,438 | ||
Acquisition Expenses | 1,292 | 761 | ||
Annualized Straight Line Rent | 14,216 | 12,399 | ||
Debt Issued | 62,231 | 71,795 | ||
Canton, North Carolina [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | 1-Nov-14 | |||
Square Footage (unaudited) | 365,960 | |||
Lease Term | 20 years | |||
Renewal Options | 2 | |||
Renewal Options Period | 10 years | |||
Total Purchase Price | 5,550 | 5,200 | ||
Annualized Straight Line Rent | 1,343 | |||
Clintonville, WI [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | 11-Apr-13 | |||
Square Footage (unaudited) | 102,400 | |||
Lease Term | 15 years | |||
Total Purchase Price | 3,250 | 5,300 | ||
Annualized Straight Line Rent | 961 | |||
Monroe, MI [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | 23-Dec-14 | |||
Square Footage (unaudited) | 535,500 | |||
Lease Term | 8 years 6 months | |||
Renewal Options | 2 | |||
Renewal Options Period | 5 years | |||
Total Purchase Price | 30,750 | |||
Acquisition Expenses | 68 | |||
Annualized Straight Line Rent | 2,523 | |||
Debt Issued | 18,450 | |||
Egg Harbor Township, NJ [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | 28-Mar-13 | |||
Square Footage (unaudited) | 29,257 | |||
Lease Term | 10 years | |||
Renewal Options | 1 | |||
Renewal Options Period | 5 years | |||
Total Purchase Price | 5,650 | |||
Acquisition Expenses | 152 | |||
Annualized Straight Line Rent | 490 | |||
Debt Issued | 3,700 | |||
Vance, AL [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | 9-May-13 | |||
Square Footage (unaudited) | 170,000 | |||
Lease Term | 10 years | |||
Renewal Options | 2 | |||
Renewal Options Period | 5 years | |||
Total Purchase Price | 13,388 | |||
Acquisition Expenses | 186 | |||
Annualized Straight Line Rent | 1,173 | |||
Blaine, MN [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | 10-May-13 | |||
Square Footage (unaudited) | 92,275 | |||
Lease Term | 7 years | |||
Renewal Options | 2 | |||
Renewal Options Period | 5 years | |||
Total Purchase Price | 14,450 | |||
Acquisition Expenses | 79 | |||
Annualized Straight Line Rent | 1,475 | |||
Debt Issued | 8,200 | |||
Austin, Texas [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | 9-Jul-13 | |||
Square Footage (unaudited) | 320,000 | |||
Lease Term | 7 years | |||
Renewal Options | 3 | |||
Renewal Options Period | 3 years | |||
Total Purchase Price | 57,000 | |||
Acquisition Expenses | 155 | |||
Annualized Straight Line Rent | 4,641 | |||
Debt Issued | 35,300 | |||
Allen, TX [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | 27-Mar-14 | 10-Jul-13 | ||
Square Footage (unaudited) | 21,154 | 115,200 | ||
Lease Term | 12 years | 9 years | ||
Renewal Options | 4 | 2 | ||
Renewal Options Period | 5 years | 5 years | ||
Total Purchase Price | 5,525 | 15,150 | ||
Acquisition Expenses | 33 | 81 | ||
Annualized Straight Line Rent | 570 | 1,478 | ||
Debt Issued | 3,481 | 8,900 | ||
Englewood, CO [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | 11-Dec-13 | |||
Square Footage (unaudited) | 99,797 | |||
Lease Term | 8 years | |||
Renewal Options | 2 | |||
Renewal Options Period | 5 years | |||
Total Purchase Price | 18,250 | |||
Acquisition Expenses | 66 | |||
Annualized Straight Line Rent | 1,497 | |||
Debt Issued | 11,315 | |||
Novi, MI [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | 27-Dec-13 | |||
Square Footage (unaudited) | 156,200 | |||
Lease Term | 10 years | |||
Renewal Options | 1 | |||
Renewal Options Period | 5 years | |||
Total Purchase Price | 7,300 | |||
Acquisition Expenses | 42 | |||
Annualized Straight Line Rent | 684 | |||
Debt Issued | 4,380 | |||
Colleyville, TX [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | 27-Mar-14 | |||
Square Footage (unaudited) | 20,355 | |||
Lease Term | 12 years | |||
Renewal Options | 4 | |||
Renewal Options Period | 5 years | |||
Total Purchase Price | 4,523 | |||
Acquisition Expenses | 33 | |||
Annualized Straight Line Rent | 467 | |||
Debt Issued | 2,849 | |||
Rancho Cordova, CA [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | 22-Apr-14 | |||
Square Footage (unaudited) | 61,358 | |||
Lease Term | 10 years | |||
Renewal Options | 1 | |||
Renewal Options Period | 5 years | |||
Total Purchase Price | 8,225 | |||
Acquisition Expenses | 73 | |||
Annualized Straight Line Rent | 902 | |||
Debt Issued | 4,935 | |||
Coppell, TX [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | 8-May-14 | |||
Square Footage (unaudited) | 21,171 | |||
Lease Term | 12 years | |||
Renewal Options | 4 | |||
Renewal Options Period | 5 years | |||
Total Purchase Price | 5,838 | |||
Acquisition Expenses | 26 | |||
Annualized Straight Line Rent | 601 | |||
Debt Issued | 3,816 | |||
Columbus, OH [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | 13-May-14 | |||
Square Footage (unaudited) | 114,786 | |||
Lease Term | 9 years 6 months | |||
Total Purchase Price | 11,800 | |||
Acquisition Expenses | 70 | |||
Annualized Straight Line Rent | 1,278 | |||
Taylor, PA [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | 9-Jun-14 | |||
Square Footage (unaudited) | 955,935 | |||
Lease Term | 10 years | |||
Renewal Options | 4 | |||
Renewal Options Period | 5 years | |||
Total Purchase Price | 39,000 | |||
Acquisition Expenses | 730 | |||
Annualized Straight Line Rent | 3,400 | |||
Debt Issued | 22,600 | |||
Aurora, CO [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | 1-Jul-14 | |||
Square Footage (unaudited) | 124,800 | |||
Lease Term | 15 years | |||
Renewal Options | 2 | |||
Renewal Options Period | 5 years | |||
Total Purchase Price | 8,300 | |||
Acquisition Expenses | 93 | |||
Annualized Straight Line Rent | 768 | |||
Indianapolis, IN [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | 3-Sep-14 | |||
Square Footage (unaudited) | 86,495 | |||
Lease Term | 11 years 6 months | |||
Renewal Options | 2 | |||
Renewal Options Period | 5 years | |||
Total Purchase Price | 10,500 | |||
Acquisition Expenses | 63 | |||
Annualized Straight Line Rent | 1,504 | |||
Debt Issued | 6,100 | |||
Denver, CO [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | 31-Oct-14 | |||
Square Footage (unaudited) | 189,120 | |||
Lease Term | 10 years | |||
Renewal Options | 2 | |||
Renewal Options Period | 10 years | |||
Total Purchase Price | 10,000 | |||
Acquisition Expenses | 103 | |||
Annualized Straight Line Rent | $860 |
Real_Estate_and_Intangible_Ass5
Real Estate and Intangible Assets - Summary of Properties Acquired (Parenthetical) (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 22, 2014 | Jul. 31, 2004 | Oct. 31, 2005 | Dec. 23, 2014 | Jul. 25, 2014 | Nov. 30, 2014 | Apr. 30, 2013 |
sqft | Buildings | sqft | |||||||
Lease | |||||||||
Business Acquisition [Line Items] | |||||||||
Lease expiration year | 2016-11 | ||||||||
Lease renewal terms description | The other tenants in the building have varying lease expirations from December 2015 to October 2018. No other tenants have renewal options. | ||||||||
Area of property occupied by largest tenant | 61,306 | 81,371 | |||||||
Total Purchase Price | $140,011 | $134,438 | |||||||
Total investment in property | 722,565 | 642,353 | |||||||
Canton, North Carolina [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Lease expiration year | 2024-07 | ||||||||
Total Purchase Price | 5,550 | 5,200 | |||||||
Total investment in property | 10,800 | ||||||||
Clintonville, WI [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Total Purchase Price | 3,250 | 5,300 | |||||||
Total investment in property | 8,600 | ||||||||
Monroe, MI [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Total Purchase Price | $30,750 | ||||||||
Number of buildings acquired | 2 | ||||||||
Number of leases acquired | 2 |
Real_Estate_and_Intangible_Ass6
Real Estate and Intangible Assets - Fair Value of Acquired Assets and Liabilities Assumed (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||
Total Purchase Price | $134,461 | $131,188 |
Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 8,386 | 9,069 |
Above Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 387 | 336 |
Below Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | -1,236 | -1,224 |
Discount on Assumed Debt [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | -249 | |
Egg Harbor Township, NJ [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 5,650 | |
Egg Harbor Township, NJ [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 259 | |
Vance, AL [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 13,388 | |
Vance, AL [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 627 | |
Blaine, MN [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 14,450 | |
Blaine, MN [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 816 | |
Austin, Texas [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 57,000 | |
Austin, Texas [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 3,793 | |
Austin, Texas [Member] | Below Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | -1,168 | |
Allen, TX [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 5,525 | 15,150 |
Allen, TX [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 218 | 1,499 |
Allen, TX [Member] | Above Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 336 | |
Allen, TX [Member] | Discount on Assumed Debt [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | -72 | |
Englewood, CO [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 18,250 | |
Englewood, CO [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 1,850 | |
Englewood, CO [Member] | Below Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | -56 | |
Novi, MI [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 7,300 | |
Novi, MI [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 225 | |
Colleyville, TX [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 4,523 | |
Colleyville, TX [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 181 | |
Colleyville, TX [Member] | Below Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | -6 | |
Colleyville, TX [Member] | Discount on Assumed Debt [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | -59 | |
Rancho Cordova, CA [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 8,225 | |
Rancho Cordova, CA [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 278 | |
Coppell, TX [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 5,838 | |
Coppell, TX [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 230 | |
Coppell, TX [Member] | Discount on Assumed Debt [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | -118 | |
Columbus, OH [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 11,800 | |
Columbus, OH [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 990 | |
Columbus, OH [Member] | Above Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 261 | |
Taylor, PA [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 39,000 | |
Taylor, PA [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 2,870 | |
Aurora, CO [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 8,300 | |
Aurora, CO [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 282 | |
Indianapolis, IN [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 10,500 | |
Indianapolis, IN [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 732 | |
Indianapolis, IN [Member] | Above Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 126 | |
Indianapolis, IN [Member] | Below Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | -13 | |
Denver, CO [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 10,000 | |
Denver, CO [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 652 | |
Denver, CO [Member] | Below Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | -1,217 | |
Monroe, MI [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 30,750 | |
Monroe, MI [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 1,953 | |
Land [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 14,566 | 10,028 |
Land [Member] | Egg Harbor Township, NJ [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 1,627 | |
Land [Member] | Vance, AL [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 457 | |
Land [Member] | Blaine, MN [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 1,060 | |
Land [Member] | Austin, Texas [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 2,330 | |
Land [Member] | Allen, TX [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 874 | 2,699 |
Land [Member] | Englewood, CO [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 1,503 | |
Land [Member] | Novi, MI [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 352 | |
Land [Member] | Colleyville, TX [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 1,277 | |
Land [Member] | Rancho Cordova, CA [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 752 | |
Land [Member] | Coppell, TX [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 1,448 | |
Land [Member] | Columbus, OH [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 990 | |
Land [Member] | Taylor, PA [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 3,102 | |
Land [Member] | Aurora, CO [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 2,882 | |
Land [Member] | Indianapolis, IN [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 502 | |
Land [Member] | Denver, CO [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 1,621 | |
Land [Member] | Monroe, MI [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 1,118 | |
Building [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 85,016 | 80,011 |
Building [Member] | Egg Harbor Township, NJ [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 2,735 | |
Building [Member] | Vance, AL [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 9,721 | |
Building [Member] | Blaine, MN [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 9,347 | |
Building [Member] | Austin, Texas [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 37,207 | |
Building [Member] | Allen, TX [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 3,509 | 5,758 |
Building [Member] | Englewood, CO [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 9,889 | |
Building [Member] | Novi, MI [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 5,354 | |
Building [Member] | Colleyville, TX [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 2,307 | |
Building [Member] | Rancho Cordova, CA [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 5,898 | |
Building [Member] | Coppell, TX [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 3,221 | |
Building [Member] | Columbus, OH [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 6,080 | |
Building [Member] | Taylor, PA [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 24,449 | |
Building [Member] | Aurora, CO [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 3,825 | |
Building [Member] | Indianapolis, IN [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 5,334 | |
Building [Member] | Denver, CO [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 6,503 | |
Building [Member] | Monroe, MI [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 23,890 | |
Tenant Improvements [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 6,231 | 13,385 |
Tenant Improvements [Member] | Egg Harbor Township, NJ [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 282 | |
Tenant Improvements [Member] | Vance, AL [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 808 | |
Tenant Improvements [Member] | Blaine, MN [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 1,172 | |
Tenant Improvements [Member] | Austin, Texas [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 6,814 | |
Tenant Improvements [Member] | Allen, TX [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 125 | 2,187 |
Tenant Improvements [Member] | Englewood, CO [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 1,850 | |
Tenant Improvements [Member] | Novi, MI [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 272 | |
Tenant Improvements [Member] | Colleyville, TX [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 117 | |
Tenant Improvements [Member] | Rancho Cordova, CA [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 278 | |
Tenant Improvements [Member] | Coppell, TX [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 128 | |
Tenant Improvements [Member] | Columbus, OH [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 1,937 | |
Tenant Improvements [Member] | Taylor, PA [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 956 | |
Tenant Improvements [Member] | Aurora, CO [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 92 | |
Tenant Improvements [Member] | Indianapolis, IN [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 1,088 | |
Tenant Improvements [Member] | Denver, CO [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 568 | |
Tenant Improvements [Member] | Monroe, MI [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 942 | |
In-Place Leases [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 14,239 | 13,358 |
In-Place Leases [Member] | Egg Harbor Township, NJ [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 558 | |
In-Place Leases [Member] | Vance, AL [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 1,097 | |
In-Place Leases [Member] | Blaine, MN [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 1,361 | |
In-Place Leases [Member] | Austin, Texas [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 6,118 | |
In-Place Leases [Member] | Allen, TX [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 598 | 1,525 |
In-Place Leases [Member] | Englewood, CO [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 2,036 | |
In-Place Leases [Member] | Novi, MI [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 663 | |
In-Place Leases [Member] | Colleyville, TX [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 486 | |
In-Place Leases [Member] | Rancho Cordova, CA [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 473 | |
In-Place Leases [Member] | Coppell, TX [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 636 | |
In-Place Leases [Member] | Columbus, OH [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 823 | |
In-Place Leases [Member] | Taylor, PA [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 6,171 | |
In-Place Leases [Member] | Aurora, CO [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 413 | |
In-Place Leases [Member] | Indianapolis, IN [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 1,990 | |
In-Place Leases [Member] | Denver, CO [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 1,152 | |
In-Place Leases [Member] | Monroe, MI [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 1,497 | |
Leasing Costs [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 7,121 | 6,225 |
Leasing Costs [Member] | Egg Harbor Township, NJ [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 189 | |
Leasing Costs [Member] | Vance, AL [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 678 | |
Leasing Costs [Member] | Blaine, MN [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 694 | |
Leasing Costs [Member] | Austin, Texas [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 1,906 | |
Leasing Costs [Member] | Allen, TX [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 273 | 1,146 |
Leasing Costs [Member] | Englewood, CO [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 1,178 | |
Leasing Costs [Member] | Novi, MI [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 434 | |
Leasing Costs [Member] | Colleyville, TX [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 220 | |
Leasing Costs [Member] | Rancho Cordova, CA [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 546 | |
Leasing Costs [Member] | Coppell, TX [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 293 | |
Leasing Costs [Member] | Columbus, OH [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 719 | |
Leasing Costs [Member] | Taylor, PA [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 1,452 | |
Leasing Costs [Member] | Aurora, CO [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 806 | |
Leasing Costs [Member] | Indianapolis, IN [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 741 | |
Leasing Costs [Member] | Denver, CO [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 721 | |
Leasing Costs [Member] | Monroe, MI [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | $1,350 |
Real_Estate_and_Intangible_Ass7
Real Estate and Intangible Assets - Fair Value of Acquired Assets and Liabilities Assumed (Parenthetical) (Detail) (Monroe, MI [Member]) | 0 Months Ended |
Dec. 23, 2014 | |
Lease | |
Buildings | |
Monroe, MI [Member] | |
Business Acquisition [Line Items] | |
Number of buildings acquired | 2 |
Number of leases acquired | 2 |
Real_Estate_and_Intangible_Ass8
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, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||
Rental Revenue | $5,605 | $5,155 |
Earnings | 2,492 | 1,981 |
Allen, TX [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Date | 27-Mar-14 | 10-Jul-13 |
Rental Revenue | 435 | 685 |
Earnings | 249 | 300 |
Colleyville, TX [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Date | 27-Mar-14 | |
Rental Revenue | 357 | |
Earnings | 206 | |
Rancho Cordova, CA [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Date | 22-Apr-14 | |
Rental Revenue | 625 | |
Earnings | 239 | |
Coppell, TX [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Date | 8-May-14 | |
Rental Revenue | 390 | |
Earnings | 226 | |
Columbus, OH [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Date | 13-May-14 | |
Rental Revenue | 790 | |
Earnings | 272 | |
Taylor, PA [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Date | 9-Jun-14 | |
Rental Revenue | 1,908 | |
Earnings | 890 | |
Aurora, CO [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Date | 1-Jul-14 | |
Rental Revenue | 384 | |
Earnings | 253 | |
Indianapolis, IN [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Date | 3-Sep-14 | |
Rental Revenue | 489 | |
Earnings | 44 | |
Denver, CO [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Date | 31-Oct-14 | |
Rental Revenue | 166 | |
Earnings | 82 | |
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, Texas [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Date | 9-Jul-13 | |
Rental Revenue | 2,299 | |
Earnings | 655 | |
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 | |
Monroe, MI [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Date | 23-Dec-14 | |
Rental Revenue | 61 | |
Earnings | $31 |
Real_Estate_and_Intangible_Ass9
Real Estate and Intangible Assets - Schedule of Revenue and Earnings Recognized on Properties Acquired (Parenthetical) (Detail) (Monroe, MI [Member]) | 0 Months Ended | |
Dec. 23, 2014 | Dec. 23, 2014 | |
Lease | Property | |
Property | ||
Monroe, MI [Member] | ||
Business Acquisition [Line Items] | ||
Number of properties acquired | 2 | 2 |
Number of leases acquired | 2 |
Recovered_Sheet1
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Data: | |||||||||||
Total operating revenue | $80,759 | $80,081 | $68,940 | ||||||||
Total operating expenses | -60,728 | -46,223 | -37,457 | ||||||||
Other expenses | -24,290 | -32,929 | -28,754 | ||||||||
Net income (loss) | -4,259 | 929 | 2,729 | ||||||||
Dividends attributable to preferred and senior common stock | -1,220 | -1,160 | -1,133 | -1,123 | -1,120 | -1,106 | -1,092 | -1,076 | -4,636 | -4,394 | -4,206 |
Net loss attributable to common stockholders | ($8,895) | ($3,465) | ($1,477) | ||||||||
Share and Per Share Data: | |||||||||||
Basic and diluted loss per share of common stock | ($0.52) | ($0.26) | ($0.13) | ||||||||
Weighted average shares outstanding-basic and diluted | 17,253,503 | 13,164,244 | 10,953,325 |
Recovered_Sheet2
Real Estate and Intangible Assets - Pro-Forma Condensed Consolidated Statements of Operations (Parenthetical) (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Nov. 12, 2014 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||||
Impairment loss | $14,000 | $14,238 | ||
Gain on debt extinguishment | 5,300 | 5,300 | 5,274 | |
Roseville [Member] | ||||
Business Acquisition [Line Items] | ||||
Impairment loss | 14,200 | |||
Gain on debt extinguishment | $5,300 |
Recovered_Sheet3
Real Estate and Intangible Assets - Future Operating Lease Payments from Tenants under Non-Cancelable Leases (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | |
2015 | $70,794 |
2016 | 68,669 |
2017 | 68,290 |
2018 | 67,983 |
2019 | 68,405 |
Thereafter | $312,030 |
Recovered_Sheet4
Real Estate and Intangible Assets - Carrying Value of Intangible Assets and Accumulated Amortization (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | $163,034 | $135,120 |
Finite-lived intangible assets, accumulated amortization | -53,696 | -47,630 |
Below market leases, gross | 15,939 | 12,672 |
Below market leases, accumulated amortization | -7,345 | -6,657 |
In-Place Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 59,233 | 47,442 |
Finite-lived intangible assets, accumulated amortization | -17,379 | -15,158 |
Leasing Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 38,305 | 31,339 |
Finite-lived intangible assets, accumulated amortization | -11,411 | -9,323 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 41,243 | 35,739 |
Finite-lived intangible assets, accumulated amortization | -11,177 | -10,407 |
Total Lease Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 138,781 | 114,520 |
Finite-lived intangible assets, accumulated amortization | -39,967 | -34,888 |
Above Market Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 8,314 | 7,928 |
Finite-lived intangible assets, accumulated amortization | -6,384 | -6,085 |
Above and Below Market Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 24,253 | 20,600 |
Finite-lived intangible assets, accumulated amortization | ($13,729) | ($12,742) |
Recovered_Sheet5
Real Estate and Intangible Assets - Weighted Average Amortization Period for Intangible Assets Acquired and Liabilities Assumed (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ||
Period for intangible assets and liabilities | 11 years 6 months | 10 years |
In-Place Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Period for intangible assets and liabilities | 10 years 1 month 6 days | 8 years 10 months 24 days |
Leasing Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Period for intangible assets and liabilities | 10 years 1 month 6 days | 8 years 10 months 24 days |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Period for intangible assets and liabilities | 15 years 1 month 6 days | 13 years 8 months 12 days |
Above Market Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Period for intangible assets and liabilities | 9 years 3 months 18 days | 8 years 9 months 18 days |
Below Market Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Period for intangible assets and liabilities | 10 years | 7 years 6 months |
Recovered_Sheet6
Real Estate and Intangible Assets - Estimated Aggregate Amortization Expense (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2015 | $12,801 | |
2016 | 11,972 | |
2017 | 11,733 | |
2018 | 11,633 | |
2019 | 11,610 | |
Thereafter | 39,065 | |
Total | $98,814 | $79,632 |
Recovered_Sheet7
Real Estate and Intangible Assets - Summary of Estimated Aggregate Rental Income (Detail) (Above and Below Market Leases [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Above and Below Market Leases [Member] | |
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | |
2015 | $557 |
2016 | 438 |
2017 | 432 |
2018 | 432 |
2019 | 432 |
Thereafter | 4,374 |
Total | $6,665 |
Real_Estate_Dispositions_and_I2
Real Estate Dispositions and Impairment Charges - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended |
Jun. 06, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | |
Real Estate [Abstract] | |||
Proceeds from sale of real estate | $11,400,000 | $11,162,000 | |
Property selling cost | 200,000 | ||
Gain on sale of real estate | 1,200,000 | 1,240,000 | |
Impairment loss | $14,000,000 | $14,238,000 | |
Expiration period of property lease | 2017-01 | ||
Extended period of lease on property | 2 years |
Real_Estate_Dispositions_and_I3
Real Estate Dispositions and Impairment Charges - Components of Income from Real Estate and Related Assets Disposed (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Real Estate Properties [Line Items] | |||||||||||
Total operating revenues | $19,216 | $19,014 | $18,390 | $17,136 | $16,860 | $16,190 | $14,258 | $14,035 | $73,756 | $61,343 | $51,270 |
Real Estate Asset Disposal [Member] | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Operating revenue | 507 | 1,167 | 1,167 | ||||||||
Operating expense | 46 | 228 | 221 | ||||||||
Total operating revenues | $461 | $939 | $946 |
Mortgage_Note_Receivable_Addit
Mortgage Note Receivable - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jul. 25, 2014 | Dec. 31, 2014 | Jul. 25, 2014 |
sqft | sqft | ||
Debt Disclosure [Abstract] | |||
Second mortgage development loan | $5,600 | $5,600 | |
Acquisition of our property, area | 61,306 | 81,371 | |
Construction loans scheduled maturity | 2015-07 | ||
Percentage of Interest earned in cash | 9.00% | ||
Estimated percentage of rate of Interest | 22.00% | ||
Mortgage development loan scheduled maturity | 2016-07 | ||
Mortgage development loan scheduled maturity extension period option | 1 year | ||
Cash interest income and accrued exit fee revenue recognized | $466 |
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, 2014 | Dec. 31, 2013 | Aug. 31, 2013 |
Debt Instrument [Line Items] | |||
Premiums and (Discounts), net | $707 | $724 | |
Total Mortgage Notes Payable | 459,299 | 422,602 | |
Variable-Rate Line of Credit | 43,300 | 24,400 | 60,000 |
Total Mortgage Notes Payable and Line of Credit | 502,599 | 447,002 | |
Variable-Rate Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Date of Issuance/ Assumption | 7-Aug-13 | ||
Principal Maturity Date | 7-Aug-17 | ||
Variable-Rate Line of Credit, Stated Interest Rate | LIBOR +3.00% | ||
Variable-Rate Line of Credit | 43,300 | 24,400 | |
Mortgage Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance Outstanding | 458,592 | 421,878 | |
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 | ||
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 | 19,262 | 19,664 | |
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 | 11,369 | 11,593 | |
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 | 3,964 | 4,052 | |
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 | 17,482 | 17,816 | |
Mortgage Notes Payable Six [Member] | |||
Debt Instrument [Line Items] | |||
Date of Issuance/ Assumption | 27-Mar-14 | ||
Principal Maturity Date | 1-Feb-16 | ||
Stated Interest Rate on Note | 5.58% | ||
Principal Balance Outstanding | 6,214 | ||
Mortgage Notes Payable Seven [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 | 16,201 | 16,434 | |
Mortgage Notes Payable Eight [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 | 12,316 | 12,696 | |
Mortgage Notes Payable Nine [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 | 5,510 | 5,687 | |
Mortgage Notes Payable Ten [Member] | |||
Debt Instrument [Line Items] | |||
Date of Issuance/ Assumption | 8-May-14 | ||
Principal Maturity Date | 1-Jun-16 | ||
Stated Interest Rate on Note | 6.25% | ||
Principal Balance Outstanding | 3,767 | ||
Mortgage Notes Payable Eleven [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 | 10,977 | 11,164 | |
Mortgage Notes Payable Twelve [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 | 13,093 | 13,324 | |
Mortgage Notes Payable Thirteen [Member] | |||
Debt Instrument [Line Items] | |||
Date of Issuance/ Assumption | 26-Nov-13 | ||
Principal Maturity Date | 1-Dec-16 | ||
Stated Interest Rate on Note | 2.15% | ||
Stated Interest Rate on Note | LIBOR +2.15% | ||
Principal Balance Outstanding | 8,200 | 8,200 | |
Mortgage Notes Payable Fourteen [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 | 20,026 | 20,376 | |
Mortgage Notes Payable Fifteen [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 Sixteen [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 | 13,825 | 13,999 | |
Mortgage Notes Payable Seventeen [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 | 14,609 | 14,848 | |
Mortgage Notes Payable Eighteen [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 | 10,252 | 10,478 | |
Mortgage Notes Payable Nineteen [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 | 4,049 | 4,155 | |
Mortgage Notes Payable Twenty [Member] | |||
Debt Instrument [Line Items] | |||
Date of Issuance/ Assumption | 9-Jun-14 | ||
Principal Maturity Date | 1-Jul-19 | ||
Stated Interest Rate on Note | 4.23% | ||
Principal Balance Outstanding | 22,600 | ||
Mortgage Notes Payable Twenty One [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 | 7,776 | 8,031 | |
Mortgage Notes Payable Twenty Two [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 | 6,799 | 6,938 | |
Mortgage Notes Payable Twenty Three [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 | 18,116 | 18,467 | |
Mortgage Notes Payable Twenty Four [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 | 4,507 | 4,608 | |
Mortgage Notes Payable Twenty Five [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 | 2,845 | 2,911 | |
Mortgage Notes Payable Twenty Six [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 | 9,066 | 9,361 | |
Mortgage Notes Payable Twenty Seven [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 | 32,397 | 33,133 | |
Mortgage Notes Payable Twenty Eight [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 | 18,067 | 18,525 | |
Mortgage Notes Payable Twenty Nine [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 | 3,551 | 3,638 | |
Mortgage Notes Payable Thirty [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 | 8,045 | 8,163 | |
Mortgage Notes Payable Thirty One [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 | 8,704 | 8,852 | |
Mortgage Notes Payable Thirty Two [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 | 34,567 | 35,093 | |
Mortgage Notes Payable Thirty Three [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 | 4,297 | 4,380 | |
Mortgage Notes Payable Thirty Four [Member] | |||
Debt Instrument [Line Items] | |||
Date of Issuance/ Assumption | 22-Apr-14 | ||
Principal Maturity Date | 1-May-24 | ||
Stated Interest Rate on Note | 4.90% | ||
Principal Balance Outstanding | 4,935 | ||
Mortgage Notes Payable Thirty Five [Member] | |||
Debt Instrument [Line Items] | |||
Date of Issuance/ Assumption | 3-Sep-14 | ||
Principal Maturity Date | 1-Oct-24 | ||
Stated Interest Rate on Note | 4.40% | ||
Principal Balance Outstanding | 6,100 | ||
Mortgage Notes Payable Thirty Six [Member] | |||
Debt Instrument [Line Items] | |||
Date of Issuance/ Assumption | 23-Dec-14 | ||
Principal Maturity Date | 1-Jan-25 | ||
Stated Interest Rate on Note | 4.04% | ||
Principal Balance Outstanding | 18,426 | ||
Mortgage Notes Payable Thirty Seven [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 | 9,015 | 9,496 | |
Mortgage Notes Payable Thirty Eight [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 | 2,757 | 2,829 | |
Mortgage Notes Payable Thirty Nine [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 | 13,567 | 13,864 | |
Mortgage Notes Payable Forty [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 | 4,426 | 4,653 | |
Mortgage Notes Payable Forty One [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 | 1,823 | 1,905 | |
Mortgage Notes Payable Forty Two [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 | $11,315 |
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, 2014 | |
Debt Disclosure [Abstract] | |
Weighted average interest rate on all debt outstanding | 5.11% |
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 $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Nov. 12, 2014 | Mar. 31, 2014 | Aug. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Nov. 30, 2014 | Dec. 31, 2013 | Feb. 18, 2015 | |
Mortgages | Mortgages | |||||||
Property | Property | |||||||
Debt Instrument [Line Items] | ||||||||
Number of mortgage notes payable | 41 | 41 | ||||||
Weighted average interest on debt outstanding | 5.11% | 5.11% | ||||||
Number of properties collateralized in mortgage notes payable | 77 | 77 | ||||||
Net book value of collateralized mortgage properties | $642,500,000 | $642,500,000 | ||||||
Number of long-term mortgages issued | 2 | |||||||
Number of properties to collateralized mortgage notes payable | 3 | |||||||
Number of long-term mortgages assumed | 4 | |||||||
Number of properties to issue collateralized mortgage notes payable | 5 | |||||||
Carrying value of the property while deed-in-lieu transaction | 9,800,000 | |||||||
Debt outstanding and net reserves held by lender | 14,100,000 | |||||||
Gain on debt extinguishment | 5,300,000 | 5,300,000 | 5,274,000 | |||||
Fair value of mortgage notes payable outstanding | 476,900,000 | 476,900,000 | ||||||
Line of credit, outstanding | 60,000,000 | 43,300,000 | 43,300,000 | 24,400,000 | ||||
Line of credit facility, maximum additional amount drawn | 100,000,000 | 75,000,000 | ||||||
Line of credit, maturity date | 2017-08 | 2016-08 | ||||||
Extension period subject to payment of fee | 1 year | 1 year | ||||||
Extension fee on the initial maturity date | 0.25% | 0.25% | ||||||
Increase in line of credit facility | 1,300,000 | |||||||
Standby letters of credit sublimit | 20,000,000 | |||||||
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 | 3.17% | 3.17% | ||||||
Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum additional amount drawn | 28,300,000 | |||||||
Mortgage Notes Payable [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest on debt outstanding | 5.30% | 5.30% | ||||||
Excess of LIBOR rate | 3.00% | |||||||
Carrying value of mortgage notes payable outstanding | 458,592,000 | 458,592,000 | 421,878,000 | |||||
Letter of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest on debt outstanding | 3.00% | 3.00% | ||||||
Letters of credit, outstanding | $4,500,000 | $4,500,000 |
Mortgage_Notes_Payable_and_Lin5
Mortgage Notes Payable and Line of Credit - Summary of Long-Term Mortgages (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Debt Issued | $62,231 | $71,795 |
Wells Fargo N.A [Member] | Maturity Date One [Member] | ||
Debt Instrument [Line Items] | ||
Date of Issuance | 27-Mar-14 | |
Issuing Bank | Wells Fargo N.A. | |
Debt Issued | 6,330 | |
Interest Rate | 5.58% | |
Maturity Date | 1-Feb-16 | |
Wells Fargo N.A [Member] | Maturity Date Three [Member] | ||
Debt Instrument [Line Items] | ||
Date of Issuance | 8-May-14 | |
Issuing Bank | Wells Fargo N.A. | |
Debt Issued | 3,816 | |
Interest Rate | 6.25% | |
Maturity Date | 1-Jun-16 | |
Key Bank N.A [Member] | Maturity Date Two [Member] | ||
Debt Instrument [Line Items] | ||
Date of Issuance | 22-Apr-14 | |
Issuing Bank | Keybank N.A. | |
Debt Issued | 4,935 | |
Interest Rate | 4.90% | |
Maturity Date | 1-May-24 | |
Prudential Mortgage Capital Company [Member] | Maturity Date Four [Member] | ||
Debt Instrument [Line Items] | ||
Date of Issuance | 9-Jun-14 | |
Issuing Bank | Prudential Mortgage Capital Company | |
Debt Issued | 22,600 | |
Interest Rate | 4.23% | |
Maturity Date | 1-Jul-19 | |
Prudential Mortgage Capital Company [Member] | Maturity Date Six [Member] | ||
Debt Instrument [Line Items] | ||
Date of Issuance | 23-Dec-14 | |
Issuing Bank | Prudential Mortgage Capital Company | |
Debt Issued | 18,450 | |
Interest Rate | 4.04% | |
Maturity Date | 1-Jan-25 | |
Everbank [Member] | Maturity Date Five [Member] | ||
Debt Instrument [Line Items] | ||
Date of Issuance | 3-Sep-14 | |
Issuing Bank | Everbank | |
Debt Issued | $6,100 | |
Interest Rate | 4.40% | |
Maturity Date | 1-Oct-24 |
Mortgage_Notes_Payable_and_Lin6
Mortgage Notes Payable and Line of Credit - Schedule of Principal Payments of Mortgage Notes Payable (Detail) (Mortgages Notes Payable [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Mortgages Notes Payable [Member] | |
Debt Instrument [Line Items] | |
2015 | $42,436 |
2016 | 99,042 |
2017 | 67,653 |
2018 | 20,260 |
2019 | 34,936 |
Thereafter | 194,265 |
Total Mortgage Notes Payable | $458,592 |
Mortgage_Notes_Payable_and_Lin7
Mortgage Notes Payable and Line of Credit - Schedule of Principal Payments of Mortgage Notes Payable (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
Refinance of principal payment maturity period, description | We are planning to refinanance the 3 balloon principal payments that mature in the second half of 2015 with a combination of new mortgage debt or equity. |
Mortgage_Notes_Payable_and_Lin8
Mortgage Notes Payable and Line of Credit - Summary of Interest Rate Cap Agreement (Detail) (Mortgage Notes Payable [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Mortgage Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Date of Issuance | 26-Nov-13 | |
Notional Amount | $8,200 | |
LIBOR Cap | 3.00% | |
Maturity Date | 1-Dec-16 | |
Cost | 31 | 31 |
Fair Value | $4 | $22 |
Mandatorily_Redeemable_Preferr1
Mandatorily Redeemable Preferred Stock - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |
Feb. 29, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | |||
Public offering of preferred stock | 2,150,000 | 2,150,000 | |
Preferred stock, par value | $0.00 | $0.00 | |
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 | ||
Carrying value Term Preferred Stock | 2,000 | 2,000 | |
Mandatorily Redeemable Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Public offering of preferred stock | 1,540,000 | ||
Preferred stock, par value | $0.00 | ||
Public offering price | $25 | ||
Gross proceeds of the offering totaled | 38,500,000 | ||
Net proceeds, after deducting offering expenses | 36,700,000 | ||
Fair value of Term Preferred Stock | 39,700,000 | ||
Carrying value Term Preferred Stock | $38,500,000 | $38,500,000 | |
Closing price of Term Preferred Stock | $25.80 | ||
Series C Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Series C Preferred Stock | 7.13% | ||
Series C Preferred Stock [Member] | Mandatorily Redeemable Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Public offering of preferred stock | 1,540,000 | 1,540,000 | |
Preferred stock, par value | $0.00 | $0.00 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Lease | |||
Commitments and Contingencies Disclosure [Abstract] | |||
Number of leases | 3 | ||
Expenses incurred for the properties listed | $0.40 | $0.40 | $0.40 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Future Minimum Rental Payments Due under Terms of Leases (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Operating Leased Assets [Line Items] | |
For the year ended December 31, 2016 | $68,669 |
For the year ended December 31, 2017 | 68,290 |
For the year ended December 31, 2018 | 67,983 |
For the year ended December 31, 2019 | 68,405 |
Ground Leases [Member] | |
Operating Leased Assets [Line Items] | |
For the year ended December 31, 2015 | 429 |
For the year ended December 31, 2016 | 429 |
For the year ended December 31, 2017 | 432 |
For the year ended December 31, 2018 | 433 |
For the year ended December 31, 2019 | 433 |
For the year ended December 31, 2020 | 433 |
Thereafter | 4,096 |
Ground Leases [Member] | Tulsa, OK [Member] | |
Operating Leased Assets [Line Items] | |
Lease End Date | 2021-04 |
For the year ended December 31, 2015 | 169 |
For the year ended December 31, 2016 | 169 |
For the year ended December 31, 2017 | 169 |
For the year ended December 31, 2018 | 169 |
For the year ended December 31, 2019 | 169 |
For the year ended December 31, 2020 | 169 |
Thereafter | 85 |
Ground Leases [Member] | Dartmouth, MA [Member] | |
Operating Leased Assets [Line Items] | |
Lease End Date | 2036-05 |
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 |
For the year ended December 31, 2020 | 174 |
Thereafter | 3,127 |
Ground Leases [Member] | Springfield, MA [Member] | |
Operating Leased Assets [Line Items] | |
Lease End Date | 2030-02 |
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 |
For the year ended December 31, 2020 | 90 |
Thereafter | $884 |
Stockholders_Equity_Dividends_
Stockholders' Equity - Dividends Declared (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
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 | $1.78 | $1.63 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Jun. 06, 2014 | Mar. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Class of Stock [Line Items] | ||||||
Capital gains | 0.00% | 0.00% | 0.00% | |||
Common stock, shares issued | 19,589,606 | 19,589,606 | 15,662,414 | |||
Gross proceeds of initial public offering | $27,400,000 | |||||
Net proceeds of initial public offering | 26,000,000 | |||||
Common stock, par value | $0.00 | $0.00 | $0.00 | |||
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 | 738,942 | |||||
Senior common stock ongoing offering, gross proceeds | 73,931,000 | 88,121,000 | 4,191,000 | |||
Shares of senior common stock issued | 809,411 | 809,411 | 374,484 | |||
Cantor Fitzgerald & Co [Member] | ||||||
Class of Stock [Line Items] | ||||||
Maximum aggregate sales price of shares to be issued under open market sale agreement | 100,000,000 | 100,000,000 | ||||
Percentage of compensation of gross proceeds on sale of common stock | 2.00% | |||||
Number of shares sold under open market sale agreement | 1,900,000 | 1,900,000 | ||||
Net proceeds of shares sold under open market sale agreement | 32,000,000 | |||||
Maximum remaining capacity to sell common stock under open market sale agreement | 67,500,000 | 67,500,000 | ||||
Jefferies LLC [Member] | ||||||
Class of Stock [Line Items] | ||||||
Maximum aggregate sales price of shares to be issued under open market sale agreement | 25,000,000 | 25,000,000 | ||||
Net proceeds under ATM program | 7,600,000 | |||||
Gross proceeds of shares sold under open market sale agreement | 21,800,000 | |||||
Senior Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares issued | 3,500,000 | |||||
Common stock, par value | 0.001 | |||||
Common stock shares issued, selling price | 15 | |||||
Senior common stock ongoing offering, gross proceeds | $11,100,000 | |||||
Distribution Reinvestment Plan [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares of senior common stock issued | 24,315 | 24,315 | ||||
Public Offering [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares issued | 1,610,000 | |||||
Public offering price per share | $17 |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Changes in Stockholders' Equity (Detail) | 1 Months Ended | 12 Months Ended | ||
Feb. 29, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Series C Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Preferred stock | 7.13% | |||
Ordinary Income [Member] | Common Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Common stock | 0.00% | 18.33% | 0.00% | |
Ordinary Income [Member] | Senior Common Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Common stock | 0.00% | 100.00% | 0.00% | |
Ordinary Income [Member] | Series A Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Preferred stock | 24.11% | 100.00% | 91.71% | |
Ordinary Income [Member] | Series B Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Preferred stock | 24.11% | 100.00% | 91.71% | |
Ordinary Income [Member] | Series C Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Preferred stock | 24.11% | 100.00% | 91.71% | |
Return of Capital [Member] | Common Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Common stock | 100.00% | 81.67% | 100.00% | |
Return of Capital [Member] | Senior Common Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Common stock | 100.00% | 0.00% | 100.00% | |
Return of Capital [Member] | Series A Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Preferred stock | 75.89% | 0.00% | 8.29% | |
Return of Capital [Member] | Series B Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Preferred stock | 75.89% | 0.00% | 8.29% | |
Return of Capital [Member] | Series C Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Preferred stock | 75.89% | 0.00% | 8.29% |
Stockholders_Equity_Summary_of1
Stockholders' Equity - Summary of Outstanding Note Issued to Employee for Exercise of Stock Options (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Conversion [Line Items] | ||
Outstanding Balance of Employee Loan | $375 | $375 |
Note Outstanding One [Member] | ||
Debt Conversion [Line Items] | ||
Date Issued | 2006-11 | |
Outstanding Balance of Employee Loan | $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 Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Operating revenues | $19,216 | $19,014 | $18,390 | $17,136 | $16,860 | $16,190 | $14,258 | $14,035 | $73,756 | $61,343 | $51,270 |
Operating expenses | 10,970 | 11,457 | 11,243 | 23,736 | 9,542 | 8,639 | 7,369 | 7,273 | 57,406 | 32,823 | 24,895 |
Other expense | -2,082 | -7,328 | -5,928 | -6,914 | -6,984 | -7,242 | -6,438 | -6,329 | -22,252 | -26,993 | -22,614 |
Net income (loss) | 6,164 | 229 | 1,219 | -13,514 | 334 | 309 | 451 | 433 | -5,902 | 1,527 | 3,761 |
Dividends attributable to preferred and senior common stock | -1,220 | -1,160 | -1,133 | -1,123 | -1,120 | -1,106 | -1,092 | -1,076 | -4,636 | -4,394 | -4,206 |
Net loss attributable to common stockholders | $4,944 | ($931) | $86 | ($14,637) | ($786) | ($797) | ($641) | ($643) | ($10,538) | ($2,867) | ($445) |
Net income (loss) available to common stockholders - basic & diluted | $0.36 | ($0.05) | $0.01 | ($0.93) | ($0.05) | ($0.06) | ($0.05) | ($0.06) | ($0.61) | ($0.22) | ($0.04) |
Quarterly_Financial_Informatio3
Quarterly Financial Information - Summary of Quarterly Results of Operations (Parenthetical) (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Nov. 12, 2014 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2014 |
Quarterly Financial Information Disclosure [Abstract] | ||||
Gain on debt extinguishment | $5,300 | $5,300 | $5,274 | |
Impairment loss | $14,000 | $14,238 |
Subsequent_Events_Monthly_Dist
Subsequent Events - Monthly Distributions Declared by Company's Board of Directors (Detail) (USD $) | 0 Months Ended |
Jan. 13, 2015 | |
Subsequent Event A [Member] | |
Dividends Payable [Line Items] | |
Record Date | 23-Jan-15 |
Payment Date | 3-Feb-15 |
Payable to the Holders of Records During the Month | January |
Subsequent Event A [Member] | Common Stock [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | 0.125 |
Subsequent Event B [Member] | |
Dividends Payable [Line Items] | |
Record Date | 18-Feb-15 |
Payment Date | 27-Feb-15 |
Payable to the Holders of Records During the Month | February |
Subsequent Event B [Member] | Common Stock [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | 0.125 |
Subsequent Event C [Member] | |
Dividends Payable [Line Items] | |
Record Date | 20-Mar-15 |
Payment Date | 31-Mar-15 |
Payable to the Holders of Records During the Month | March |
Subsequent Event C [Member] | Common Stock [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | 0.125 |
Subsequent Event [Member] | Common Stock [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | 0.375 |
Senior Common Stock [Member] | Subsequent Event A [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | 0.0875 |
Payment Date | 6-Feb-15 |
Senior Common Stock [Member] | Subsequent Event B [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | 0.0875 |
Payment Date | 6-Mar-15 |
Senior Common Stock [Member] | Subsequent Event C [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | 0.0875 |
Payment Date | 7-Apr-15 |
Senior Common Stock [Member] | Subsequent Event [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | 0.2625 |
Series A Preferred Stock [Member] | Subsequent Event A [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | 0.1614583 |
Series A Preferred Stock [Member] | Subsequent Event B [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | 0.1614583 |
Series A Preferred Stock [Member] | Subsequent Event C [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | 0.1614583 |
Series A Preferred Stock [Member] | Subsequent Event [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | 0.4843749 |
Series B Preferred Stock [Member] | Subsequent Event A [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | 0.15625 |
Series B Preferred Stock [Member] | Subsequent Event B [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | 0.15625 |
Series B Preferred Stock [Member] | Subsequent Event C [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | 0.15625 |
Series B Preferred Stock [Member] | Subsequent Event [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | 0.46875 |
Series C Preferred Stock [Member] | Subsequent Event A [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | 0.1484375 |
Series C Preferred Stock [Member] | Subsequent Event B [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | 0.1484375 |
Series C Preferred Stock [Member] | Subsequent Event C [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | 0.1484375 |
Series C Preferred Stock [Member] | Subsequent Event [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | 0.4453125 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 09, 2015 | Jul. 25, 2014 | |
sqft | Property | sqft | |||
sqft | |||||
Subsequent Event [Line Items] | |||||
Previously occupied space | 61,306 | 81,371 | |||
Lease commission to be paid | $1,159,000 | $1,041,000 | $1,738,000 | ||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of properties expanded | 2 | ||||
Number of properties occupied by tenant | 2 | ||||
Renew the lease for additional periods | 5 years | ||||
Extended lease period | 2020-07 | ||||
Previously occupied space | 174,426 | ||||
Reduced space by tenant | 94,200 | ||||
Annualized straight line rent escalations | 900,000 | ||||
Lease commission to be paid | 200,000 | ||||
Amount to be paid for tenant Improvements | 100,000 | ||||
Subsequent Event [Member] | Previously Reported [Member] | |||||
Subsequent Event [Line Items] | |||||
Annualized straight line rent escalations | $1,300,000 | ||||
Subsequent Event [Member] | Lease One [Member] | |||||
Subsequent Event [Line Items] | |||||
Period for lease expiration | 2015-07 | ||||
Subsequent Event [Member] | Lease Two [Member] | |||||
Subsequent Event [Line Items] | |||||
Period for lease expiration | 2015-07 |
Schedule_III_Real_Estate_and_A
Schedule III - Real Estate and Accumulated Depreciation (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | $458,592 | |||
Land, Initial Cost | 88,378 | |||
Buildings & Improvements, Initial Cost | 602,477 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 31,710 | |||
Land, Total cost | 88,394 | |||
Buildings & Improvements, Total cost | 634,171 | |||
Total | 722,565 | 642,353 | 533,753 | 442,521 |
Accumulated Depreciation | 92,133 | 81,241 | 65,730 | 53,784 |
Net Real Estate | 630,432 | |||
Raleigh, North Carolina Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 4,796 | |||
Land, Initial Cost | 960 | |||
Buildings & Improvements, Initial Cost | 4,481 | |||
Land, Total cost | 960 | |||
Buildings & Improvements, Total cost | 4,481 | |||
Total | 5,441 | |||
Accumulated Depreciation | 1,773 | |||
Net Real Estate | 3,668 | |||
Year Construction/ Improvements | 1997 | |||
Date Acquired | 23-Dec-03 | |||
Canton, Ohio Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 2,664 | |||
Land, Initial Cost | 186 | |||
Buildings & Improvements, Initial Cost | 3,083 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 500 | |||
Land, Total cost | 186 | |||
Buildings & Improvements, Total cost | 3,583 | |||
Total | 3,769 | |||
Accumulated Depreciation | 972 | |||
Net Real Estate | 2,797 | |||
Year Construction/ Improvements | 1994 | |||
Date Acquired | 30-Jan-04 | |||
Akron, Ohio Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 6,828 | |||
Land, Initial Cost | 1,973 | |||
Buildings & Improvements, Initial Cost | 6,771 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 1,279 | |||
Land, Total cost | 1,973 | |||
Buildings & Improvements, Total cost | 8,050 | |||
Total | 10,023 | |||
Accumulated Depreciation | 1,916 | |||
Net Real Estate | 8,107 | |||
Year Construction/ Improvements | 1968 | |||
Year Construction/Improvements One | 1999 | |||
Date Acquired | 29-Apr-04 | |||
Charlotte, North Carolina Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 6,308 | |||
Land, Initial Cost | 740 | |||
Buildings & Improvements, Initial Cost | 8,423 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 61 | |||
Land, Total cost | 740 | |||
Buildings & Improvements, Total cost | 8,484 | |||
Total | 9,224 | |||
Accumulated Depreciation | 2,319 | |||
Net Real Estate | 6,905 | |||
Year Construction/ Improvements | 1984 | |||
Year Construction/Improvements One | 1995 | |||
Date Acquired | 30-Jun-04 | |||
Canton, North Carolina Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 3,652 | |||
Land, Initial Cost | 150 | |||
Buildings & Improvements, Initial Cost | 5,050 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 7,285 | |||
Land, Total cost | 150 | |||
Buildings & Improvements, Total cost | 12,335 | |||
Total | 12,485 | |||
Accumulated Depreciation | 1,401 | |||
Net Real Estate | 11,084 | |||
Year Construction/ Improvements | 1998 | |||
Year Construction/Improvements One | 2014 | |||
Date Acquired | 6-Jul-04 | |||
Crenshaw, Pennsylvania Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 5,176 | |||
Land, Initial Cost | 100 | |||
Buildings & Improvements, Initial Cost | 6,574 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 269 | |||
Land, Total cost | 100 | |||
Buildings & Improvements, Total cost | 6,843 | |||
Total | 6,943 | |||
Accumulated Depreciation | 1,800 | |||
Net Real Estate | 5,143 | |||
Year Construction/ Improvements | 1991 | |||
Date Acquired | 5-Aug-04 | |||
Lexington, North Carolina Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 2,636 | |||
Land, Initial Cost | 820 | |||
Buildings & Improvements, Initial Cost | 2,107 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 69 | |||
Land, Total cost | 820 | |||
Buildings & Improvements, Total cost | 2,176 | |||
Total | 2,996 | |||
Accumulated Depreciation | 584 | |||
Net Real Estate | 2,412 | |||
Year Construction/ Improvements | 1986 | |||
Date Acquired | 5-Aug-04 | |||
Austin, Texas Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 6,500 | |||
Land, Initial Cost | 1,000 | |||
Buildings & Improvements, Initial Cost | 6,296 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 1,396 | |||
Land, Total cost | 1,000 | |||
Buildings & Improvements, Total cost | 7,692 | |||
Total | 8,692 | |||
Accumulated Depreciation | 1,726 | |||
Net Real Estate | 6,966 | |||
Year Construction/ Improvements | 2001 | |||
Date Acquired | 16-Sep-04 | |||
Mt. Pocono, Pennsylvania Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 4,889 | |||
Land, Initial Cost | 350 | |||
Buildings & Improvements, Initial Cost | 5,819 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 18 | |||
Land, Total cost | 350 | |||
Buildings & Improvements, Total cost | 5,837 | |||
Total | 6,187 | |||
Accumulated Depreciation | 1,551 | |||
Net Real Estate | 4,636 | |||
Year Construction/ Improvements | 1995 | |||
Year Construction/Improvements One | 1999 | |||
Date Acquired | 15-Oct-04 | |||
San Antonio, Texas Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 6,643 | |||
Land, Initial Cost | 843 | |||
Buildings & Improvements, Initial Cost | 7,514 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 621 | |||
Land, Total cost | 843 | |||
Buildings & Improvements, Total cost | 8,135 | |||
Total | 8,978 | |||
Accumulated Depreciation | 2,389 | |||
Net Real Estate | 6,589 | |||
Year Construction/ Improvements | 1999 | |||
Date Acquired | 10-Feb-05 | |||
Columbus, Ohio Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 2,516 | |||
Land, Initial Cost | 410 | |||
Buildings & Improvements, Initial Cost | 2,385 | |||
Land, Total cost | 410 | |||
Buildings & Improvements, Total cost | 2,385 | |||
Total | 2,795 | |||
Accumulated Depreciation | 610 | |||
Net Real Estate | 2,185 | |||
Year Construction/ Improvements | 1995 | |||
Date Acquired | 10-Feb-05 | |||
Big Flats, New York Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 5,365 | |||
Land, Initial Cost | 275 | |||
Buildings & Improvements, Initial Cost | 6,459 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 34 | |||
Land, Total cost | 275 | |||
Buildings & Improvements, Total cost | 6,493 | |||
Total | 6,768 | |||
Accumulated Depreciation | 1,623 | |||
Net Real Estate | 5,145 | |||
Year Construction/ Improvements | 2001 | |||
Date Acquired | 15-Apr-05 | |||
Wichita, Kansas Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 7,466 | |||
Land, Initial Cost | 1,525 | |||
Buildings & Improvements, Initial Cost | 9,703 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 77 | |||
Land, Total cost | 1,525 | |||
Buildings & Improvements, Total cost | 9,780 | |||
Total | 11,305 | |||
Accumulated Depreciation | 2,510 | |||
Net Real Estate | 8,795 | |||
Year Construction/ Improvements | 2000 | |||
Date Acquired | 18-May-05 | |||
Arlington, Texas Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 3,814 | |||
Land, Initial Cost | 636 | |||
Buildings & Improvements, Initial Cost | 3,695 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 416 | |||
Land, Total cost | 636 | |||
Buildings & Improvements, Total cost | 4,111 | |||
Total | 4,747 | |||
Accumulated Depreciation | 1,012 | |||
Net Real Estate | 3,735 | |||
Year Construction/ Improvements | 1966 | |||
Date Acquired | 26-May-05 | |||
Dayton, Ohio Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 1,877 | |||
Land, Initial Cost | 525 | |||
Buildings & Improvements, Initial Cost | 1,877 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 120 | |||
Land, Total cost | 525 | |||
Buildings & Improvements, Total cost | 1,997 | |||
Total | 2,522 | |||
Accumulated Depreciation | 820 | |||
Net Real Estate | 1,702 | |||
Year Construction/ Improvements | 1956 | |||
Date Acquired | 30-Jun-05 | |||
Eatontown, New Jersey Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 4,365 | |||
Land, Initial Cost | 1,351 | |||
Buildings & Improvements, Initial Cost | 3,520 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 534 | |||
Land, Total cost | 1,351 | |||
Buildings & Improvements, Total cost | 4,054 | |||
Total | 5,405 | |||
Accumulated Depreciation | 1,012 | |||
Net Real Estate | 4,393 | |||
Year Construction/ Improvements | 1991 | |||
Date Acquired | 7-Jul-05 | |||
Frankling Township, New Jersey Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 6,471 | |||
Land, Initial Cost | 1,632 | |||
Buildings & Improvements, Initial Cost | 6,200 | |||
Land, Total cost | 1,632 | |||
Buildings & Improvements, Total cost | 6,200 | |||
Total | 7,832 | |||
Accumulated Depreciation | 1,514 | |||
Net Real Estate | 6,318 | |||
Year Construction/ Improvements | 1978 | |||
Date Acquired | 11-Jul-05 | |||
Duncan, South Carolina Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 10,375 | |||
Land, Initial Cost | 783 | |||
Buildings & Improvements, Initial Cost | 10,790 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 1,615 | |||
Land, Total cost | 783 | |||
Buildings & Improvements, Total cost | 12,405 | |||
Total | 13,188 | |||
Accumulated Depreciation | 2,979 | |||
Net Real Estate | 10,209 | |||
Year Construction/ Improvements | 1984 | |||
Year Construction/Improvements One | 2001 | |||
Year Construction/Improvements Two | 2007 | |||
Date Acquired | 14-Jul-05 | |||
Duncan, South Carolina Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 2,579 | |||
Land, Initial Cost | 195 | |||
Buildings & Improvements, Initial Cost | 2,682 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 419 | |||
Land, Total cost | 195 | |||
Buildings & Improvements, Total cost | 3,101 | |||
Total | 3,296 | |||
Accumulated Depreciation | 740 | |||
Net Real Estate | 2,556 | |||
Year Construction/ Improvements | 1984 | |||
Year Construction/Improvements One | 2001 | |||
Year Construction/Improvements Two | 2007 | |||
Date Acquired | 14-Jul-05 | |||
Hazelwood, Missouri Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 2,291 | |||
Land, Initial Cost | 763 | |||
Buildings & Improvements, Initial Cost | 2,309 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 683 | |||
Land, Total cost | 763 | |||
Buildings & Improvements, Total cost | 2,992 | |||
Total | 3,755 | |||
Accumulated Depreciation | 642 | |||
Net Real Estate | 3,113 | |||
Year Construction/ Improvements | 1977 | |||
Date Acquired | 5-Aug-05 | |||
Angola, Indiana Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 626 | |||
Land, Initial Cost | 66 | |||
Buildings & Improvements, Initial Cost | 1,075 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 49 | |||
Land, Total cost | 66 | |||
Buildings & Improvements, Total cost | 1,124 | |||
Total | 1,190 | |||
Accumulated Depreciation | 271 | |||
Net Real Estate | 919 | |||
Year Construction/ Improvements | 1982 | |||
Date Acquired | 2-Sep-05 | |||
Angola, Indiana Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 601 | |||
Land, Initial Cost | 132 | |||
Buildings & Improvements, Initial Cost | 1,130 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 51 | |||
Land, Total cost | 132 | |||
Buildings & Improvements, Total cost | 1,181 | |||
Total | 1,313 | |||
Accumulated Depreciation | 421 | |||
Net Real Estate | 892 | |||
Year Construction/ Improvements | 1998 | |||
Date Acquired | 2-Sep-05 | |||
Rock Falls, Illinois Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 626 | |||
Land, Initial Cost | 35 | |||
Buildings & Improvements, Initial Cost | 1,113 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 50 | |||
Land, Total cost | 35 | |||
Buildings & Improvements, Total cost | 1,163 | |||
Total | 1,198 | |||
Accumulated Depreciation | 144 | |||
Net Real Estate | 1,054 | |||
Year Construction/ Improvements | 1988 | |||
Date Acquired | 2-Sep-05 | |||
Newburyport, Massachusetts Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 6,276 | |||
Land, Initial Cost | 629 | |||
Buildings & Improvements, Initial Cost | 6,504 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 1,847 | |||
Land, Total cost | 629 | |||
Buildings & Improvements, Total cost | 8,351 | |||
Total | 8,980 | |||
Accumulated Depreciation | 1,873 | |||
Net Real Estate | 7,107 | |||
Year Construction/ Improvements | 1994 | |||
Date Acquired | 17-Oct-05 | |||
Clintonville, Wisconsin Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 2,997 | |||
Land, Initial Cost | 55 | |||
Buildings & Improvements, Initial Cost | 4,717 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 3,250 | |||
Land, Total cost | 55 | |||
Buildings & Improvements, Total cost | 7,967 | |||
Total | 8,022 | |||
Accumulated Depreciation | 1,316 | |||
Net Real Estate | 6,706 | |||
Year Construction/ Improvements | 1992 | |||
Year Construction/Improvements One | 2013 | |||
Date Acquired | 31-Oct-05 | |||
Maple Heights, Ohio Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 9,790 | |||
Land, Initial Cost | 1,609 | |||
Buildings & Improvements, Initial Cost | 10,065 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 1,221 | |||
Land, Total cost | 1,609 | |||
Buildings & Improvements, Total cost | 11,286 | |||
Total | 12,895 | |||
Accumulated Depreciation | 3,237 | |||
Net Real Estate | 9,658 | |||
Year Construction/ Improvements | 1974 | |||
Date Acquired | 21-Dec-05 | |||
Richmond, Virginia Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 5,275 | |||
Land, Initial Cost | 736 | |||
Buildings & Improvements, Initial Cost | 5,336 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 36 | |||
Land, Total cost | 736 | |||
Buildings & Improvements, Total cost | 5,372 | |||
Total | 6,108 | |||
Accumulated Depreciation | 1,286 | |||
Net Real Estate | 4,822 | |||
Year Construction/ Improvements | 1972 | |||
Date Acquired | 30-Dec-05 | |||
Toledo, Ohio Medical Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 2,750 | |||
Land, Initial Cost | 263 | |||
Buildings & Improvements, Initial Cost | 2,812 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 390 | |||
Land, Total cost | 263 | |||
Buildings & Improvements, Total cost | 3,202 | |||
Total | 3,465 | |||
Accumulated Depreciation | 736 | |||
Net Real Estate | 2,729 | |||
Year Construction/ Improvements | 1979 | |||
Date Acquired | 30-Dec-05 | |||
South Hadley, Massachusetts Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost | 471 | |||
Buildings & Improvements, Initial Cost | 2,765 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 71 | |||
Land, Total cost | 471 | |||
Buildings & Improvements, Total cost | 2,836 | |||
Total | 3,307 | |||
Accumulated Depreciation | 637 | |||
Net Real Estate | 2,670 | |||
Year Construction/ Improvements | 1978 | |||
Date Acquired | 15-Feb-06 | |||
Champaign, Illinois Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 1,545 | |||
Land, Initial Cost | 687 | |||
Buildings & Improvements, Initial Cost | 2,036 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 2 | |||
Land, Total cost | 687 | |||
Buildings & Improvements, Total cost | 2,038 | |||
Total | 2,725 | |||
Accumulated Depreciation | 495 | |||
Net Real Estate | 2,230 | |||
Year Construction/ Improvements | 1996 | |||
Date Acquired | 21-Feb-06 | |||
Champaign, Illinois Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 3,030 | |||
Land, Initial Cost | 1,347 | |||
Buildings & Improvements, Initial Cost | 3,992 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 4 | |||
Land, Total cost | 1,347 | |||
Buildings & Improvements, Total cost | 3,996 | |||
Total | 5,343 | |||
Accumulated Depreciation | 971 | |||
Net Real Estate | 4,372 | |||
Year Construction/ Improvements | 1996 | |||
Date Acquired | 21-Feb-06 | |||
Champaign, Illinois Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 1,894 | |||
Land, Initial Cost | 842 | |||
Buildings & Improvements, Initial Cost | 2,495 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 2 | |||
Land, Total cost | 842 | |||
Buildings & Improvements, Total cost | 2,497 | |||
Total | 3,339 | |||
Accumulated Depreciation | 607 | |||
Net Real Estate | 2,732 | |||
Year Construction/ Improvements | 1996 | |||
Date Acquired | 21-Feb-06 | |||
Champaign, Illinois Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 1,731 | |||
Land, Initial Cost | 770 | |||
Buildings & Improvements, Initial Cost | 2,281 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 2 | |||
Land, Total cost | 770 | |||
Buildings & Improvements, Total cost | 2,283 | |||
Total | 3,053 | |||
Accumulated Depreciation | 555 | |||
Net Real Estate | 2,498 | |||
Year Construction/ Improvements | 1996 | |||
Date Acquired | 21-Feb-06 | |||
Burnsville, Minnesota Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 11,001 | |||
Land, Initial Cost | 3,511 | |||
Buildings & Improvements, Initial Cost | 8,746 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 3,525 | |||
Land, Total cost | 3,511 | |||
Buildings & Improvements, Total cost | 12,271 | |||
Total | 15,782 | |||
Accumulated Depreciation | 2,515 | |||
Net Real Estate | 13,267 | |||
Year Construction/ Improvements | 1984 | |||
Date Acquired | 10-May-06 | |||
Menomonee Falls, Wisconsin Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 6,738 | |||
Land, Initial Cost | 625 | |||
Buildings & Improvements, Initial Cost | 6,911 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 57 | |||
Land, Total cost | 625 | |||
Buildings & Improvements, Total cost | 6,968 | |||
Total | 7,593 | |||
Accumulated Depreciation | 1,553 | |||
Net Real Estate | 6,040 | |||
Year Construction/ Improvements | 1986 | |||
Year Construction/Improvements One | 2000 | |||
Date Acquired | 30-Jun-06 | |||
Baytown, Texas Medical Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 2,000 | |||
Land, Initial Cost | 221 | |||
Buildings & Improvements, Initial Cost | 2,443 | |||
Land, Total cost | 221 | |||
Buildings & Improvements, Total cost | 2,443 | |||
Total | 2,664 | |||
Accumulated Depreciation | 593 | |||
Net Real Estate | 2,071 | |||
Year Construction/ Improvements | 1997 | |||
Date Acquired | 11-Jul-06 | |||
Birmingham, Alabama Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost | 612 | |||
Buildings & Improvements, Initial Cost | 2,326 | |||
Land, Total cost | 612 | |||
Buildings & Improvements, Total cost | 2,326 | |||
Total | 2,938 | |||
Accumulated Depreciation | 504 | |||
Net Real Estate | 2,434 | |||
Year Construction/ Improvements | 1961 | |||
Year Construction/Improvements One | 1980 | |||
Date Acquired | 29-Sep-06 | |||
Montgomery, Alabama Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost | 222 | |||
Buildings & Improvements, Initial Cost | 844 | |||
Land, Total cost | 222 | |||
Buildings & Improvements, Total cost | 844 | |||
Total | 1,066 | |||
Accumulated Depreciation | 183 | |||
Net Real Estate | 883 | |||
Year Construction/ Improvements | 1962 | |||
Year Construction/Improvements One | 1989 | |||
Date Acquired | 29-Sep-06 | |||
Columbia, Missouri Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost | 146 | |||
Buildings & Improvements, Initial Cost | 555 | |||
Land, Total cost | 146 | |||
Buildings & Improvements, Total cost | 555 | |||
Total | 701 | |||
Accumulated Depreciation | 120 | |||
Net Real Estate | 581 | |||
Year Construction/ Improvements | 1978 | |||
Date Acquired | 29-Sep-06 | |||
Mason, Ohio Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 4,250 | |||
Land, Initial Cost | 797 | |||
Buildings & Improvements, Initial Cost | 6,258 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 540 | |||
Land, Total cost | 797 | |||
Buildings & Improvements, Total cost | 6,798 | |||
Total | 7,595 | |||
Accumulated Depreciation | 1,563 | |||
Net Real Estate | 6,032 | |||
Year Construction/ Improvements | 2002 | |||
Date Acquired | 5-Jan-07 | |||
Raleigh, North Carolina Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 5,164 | |||
Land, Initial Cost | 1,606 | |||
Buildings & Improvements, Initial Cost | 5,513 | |||
Land, Total cost | 1,606 | |||
Buildings & Improvements, Total cost | 5,513 | |||
Total | 7,119 | |||
Accumulated Depreciation | 1,142 | |||
Net Real Estate | 5,977 | |||
Year Construction/ Improvements | 1994 | |||
Date Acquired | 16-Feb-07 | |||
Tulsa, Oklahoma Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 7,776 | |||
Buildings & Improvements, Initial Cost | 14,057 | |||
Buildings & Improvements, Total cost | 14,057 | |||
Total | 14,057 | |||
Accumulated Depreciation | 3,312 | |||
Net Real Estate | 10,745 | |||
Year Construction/ Improvements | 2004 | |||
Date Acquired | 1-Mar-07 | |||
Hialeah, Florida Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost | 3,562 | |||
Buildings & Improvements, Initial Cost | 6,672 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 685 | |||
Land, Total cost | 3,562 | |||
Buildings & Improvements, Total cost | 7,357 | |||
Total | 10,919 | |||
Accumulated Depreciation | 1,435 | |||
Net Real Estate | 9,484 | |||
Year Construction/ Improvements | 1956 | |||
Year Construction/Improvements One | 1992 | |||
Date Acquired | 9-Mar-07 | |||
Tewksbury, Massachusetts Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost | 1,395 | |||
Buildings & Improvements, Initial Cost | 8,893 | |||
Land, Total cost | 1,395 | |||
Buildings & Improvements, Total cost | 8,893 | |||
Total | 10,288 | |||
Accumulated Depreciation | 1,882 | |||
Net Real Estate | 8,406 | |||
Year Construction/ Improvements | 1985 | |||
Year Construction/Improvements One | 1989 | |||
Date Acquired | 17-May-07 | |||
Mason, Ohio Retail Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 4,555 | |||
Land, Initial Cost | 1,201 | |||
Buildings & Improvements, Initial Cost | 4,961 | |||
Land, Total cost | 1,201 | |||
Buildings & Improvements, Total cost | 4,961 | |||
Total | 6,162 | |||
Accumulated Depreciation | 969 | |||
Net Real Estate | 5,193 | |||
Year Construction/ Improvements | 2007 | |||
Date Acquired | 1-Jul-07 | |||
Cicero, New York Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 3,964 | |||
Land, Initial Cost | 299 | |||
Buildings & Improvements, Initial Cost | 5,019 | |||
Land, Total cost | 299 | |||
Buildings & Improvements, Total cost | 5,019 | |||
Total | 5,318 | |||
Accumulated Depreciation | 942 | |||
Net Real Estate | 4,376 | |||
Year Construction/ Improvements | 2005 | |||
Date Acquired | 6-Sep-07 | |||
Grand Rapids, Michigan Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 5,831 | |||
Land, Initial Cost | 1,629 | |||
Buildings & Improvements, Initial Cost | 10,500 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 37 | |||
Land, Total cost | 1,629 | |||
Buildings & Improvements, Total cost | 10,537 | |||
Total | 12,166 | |||
Accumulated Depreciation | 2,055 | |||
Net Real Estate | 10,111 | |||
Year Construction/ Improvements | 2001 | |||
Date Acquired | 28-Sep-07 | |||
Bollingbrook, Illinois Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost | 1,272 | |||
Buildings & Improvements, Initial Cost | 5,003 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 475 | |||
Land, Total cost | 1,272 | |||
Buildings & Improvements, Total cost | 5,478 | |||
Total | 6,750 | |||
Accumulated Depreciation | 993 | |||
Net Real Estate | 5,757 | |||
Year Construction/ Improvements | 2002 | |||
Date Acquired | 28-Sep-07 | |||
Decatur, Georgia Medical Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost | 784 | |||
Buildings & Improvements, Initial Cost | 3,245 | |||
Land, Total cost | 784 | |||
Buildings & Improvements, Total cost | 3,245 | |||
Total | 4,029 | |||
Accumulated Depreciation | 653 | |||
Net Real Estate | 3,376 | |||
Year Construction/ Improvements | 1989 | |||
Date Acquired | 13-Dec-07 | |||
Decatur, Georgia Medical Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost | 205 | |||
Buildings & Improvements, Initial Cost | 848 | |||
Land, Total cost | 205 | |||
Buildings & Improvements, Total cost | 848 | |||
Total | 1,053 | |||
Accumulated Depreciation | 171 | |||
Net Real Estate | 882 | |||
Year Construction/ Improvements | 1989 | |||
Date Acquired | 13-Dec-07 | |||
Decatur, Georgia Medical Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost | 257 | |||
Buildings & Improvements, Initial Cost | 1,064 | |||
Land, Total cost | 257 | |||
Buildings & Improvements, Total cost | 1,064 | |||
Total | 1,321 | |||
Accumulated Depreciation | 214 | |||
Net Real Estate | 1,107 | |||
Year Construction/ Improvements | 1989 | |||
Date Acquired | 13-Dec-07 | |||
Lawrenceville, Georgia Medical Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost | 679 | |||
Buildings & Improvements, Initial Cost | 2,809 | |||
Land, Total cost | 679 | |||
Buildings & Improvements, Total cost | 2,809 | |||
Total | 3,488 | |||
Accumulated Depreciation | 565 | |||
Net Real Estate | 2,923 | |||
Year Construction/ Improvements | 2005 | |||
Date Acquired | 13-Dec-07 | |||
Snellville, Georgia Medical Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost | 176 | |||
Buildings & Improvements, Initial Cost | 729 | |||
Land, Total cost | 176 | |||
Buildings & Improvements, Total cost | 729 | |||
Total | 905 | |||
Accumulated Depreciation | 147 | |||
Net Real Estate | 758 | |||
Year Construction/ Improvements | 1986 | |||
Date Acquired | 13-Dec-07 | |||
Covington, Georgia Medical Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost | 232 | |||
Buildings & Improvements, Initial Cost | 959 | |||
Land, Total cost | 232 | |||
Buildings & Improvements, Total cost | 959 | |||
Total | 1,191 | |||
Accumulated Depreciation | 193 | |||
Net Real Estate | 998 | |||
Year Construction/ Improvements | 2000 | |||
Date Acquired | 13-Dec-07 | |||
Cumming, Georgia Medical Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 3,145 | |||
Land, Initial Cost | 738 | |||
Buildings & Improvements, Initial Cost | 3,055 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 2,511 | |||
Land, Total cost | 738 | |||
Buildings & Improvements, Total cost | 5,566 | |||
Total | 6,304 | |||
Accumulated Depreciation | 615 | |||
Net Real Estate | 5,689 | |||
Year Construction/ Improvements | 2004 | |||
Date Acquired | 13-Dec-07 | |||
Conyers, Georgia Medical Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost | 297 | |||
Buildings & Improvements, Initial Cost | 1,228 | |||
Land, Total cost | 297 | |||
Buildings & Improvements, Total cost | 1,228 | |||
Total | 1,525 | |||
Accumulated Depreciation | 247 | |||
Net Real Estate | 1,278 | |||
Year Construction/ Improvements | 1994 | |||
Date Acquired | 13-Dec-07 | |||
Reading, Pennsylvania Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 3,983 | |||
Land, Initial Cost | 491 | |||
Buildings & Improvements, Initial Cost | 6,202 | |||
Land, Total cost | 491 | |||
Buildings & Improvements, Total cost | 6,202 | |||
Total | 6,693 | |||
Accumulated Depreciation | 1,104 | |||
Net Real Estate | 5,589 | |||
Year Construction/ Improvements | 2007 | |||
Date Acquired | 29-Jan-08 | |||
Fridley, Minnesota Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 5,121 | |||
Land, Initial Cost | 1,354 | |||
Buildings & Improvements, Initial Cost | 8,074 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 397 | |||
Land, Total cost | 1,381 | |||
Buildings & Improvements, Total cost | 8,444 | |||
Total | 9,825 | |||
Accumulated Depreciation | 1,816 | |||
Net Real Estate | 8,009 | |||
Year Construction/ Improvements | 1985 | |||
Year Construction/Improvements One | 2006 | |||
Date Acquired | 26-Feb-08 | |||
Concord Township, Ohio Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost | 1,796 | |||
Buildings & Improvements, Initial Cost | 11,154 | |||
Improvement Costs Capitalized Subsequent to Acquisition | -11 | |||
Land, Total cost | 1,785 | |||
Buildings & Improvements, Total cost | 11,154 | |||
Total | 12,939 | |||
Accumulated Depreciation | 2,048 | |||
Net Real Estate | 10,891 | |||
Year Construction/ Improvements | 1957 | |||
Year Construction/Improvements One | 2008 | |||
Date Acquired | 31-Mar-08 | |||
Pineville, North Carolina Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 2,315 | |||
Land, Initial Cost | 669 | |||
Buildings & Improvements, Initial Cost | 3,028 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 6 | |||
Land, Total cost | 669 | |||
Buildings & Improvements, Total cost | 3,034 | |||
Total | 3,703 | |||
Accumulated Depreciation | 535 | |||
Net Real Estate | 3,168 | |||
Year Construction/ Improvements | 1985 | |||
Date Acquired | 30-Apr-08 | |||
Marietta, Ohio Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 5,650 | |||
Land, Initial Cost | 829 | |||
Buildings & Improvements, Initial Cost | 6,607 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 209 | |||
Land, Total cost | 829 | |||
Buildings & Improvements, Total cost | 6,816 | |||
Total | 7,645 | |||
Accumulated Depreciation | 1,106 | |||
Net Real Estate | 6,539 | |||
Year Construction/ Improvements | 1992 | |||
Year Construction/Improvements One | 2007 | |||
Date Acquired | 29-Aug-08 | |||
Chalfont, Pennsylvania Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 5,510 | |||
Land, Initial Cost | 1,249 | |||
Buildings & Improvements, Initial Cost | 6,420 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 171 | |||
Land, Total cost | 1,249 | |||
Buildings & Improvements, Total cost | 6,591 | |||
Total | 7,840 | |||
Accumulated Depreciation | 1,270 | |||
Net Real Estate | 6,570 | |||
Year Construction/ Improvements | 1987 | |||
Date Acquired | 29-Aug-08 | |||
Orange City, Iowa Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 9,015 | |||
Land, Initial Cost | 258 | |||
Buildings & Improvements, Initial Cost | 5,861 | |||
Land, Total cost | 258 | |||
Buildings & Improvements, Total cost | 5,861 | |||
Total | 6,119 | |||
Accumulated Depreciation | 743 | |||
Net Real Estate | 5,376 | |||
Year Construction/ Improvements | 1990 | |||
Date Acquired | 15-Dec-10 | |||
Hickory, North Carolina Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 6,697 | |||
Land, Initial Cost | 1,163 | |||
Buildings & Improvements, Initial Cost | 6,605 | |||
Land, Total cost | 1,163 | |||
Buildings & Improvements, Total cost | 6,605 | |||
Total | 7,768 | |||
Accumulated Depreciation | 1,124 | |||
Net Real Estate | 6,644 | |||
Year Construction/ Improvements | 2008 | |||
Date Acquired | 4-Apr-11 | |||
Springfield, Missouri Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 10,977 | |||
Land, Initial Cost | 1,700 | |||
Buildings & Improvements, Initial Cost | 12,038 | |||
Land, Total cost | 1,700 | |||
Buildings & Improvements, Total cost | 12,038 | |||
Total | 13,738 | |||
Accumulated Depreciation | 1,278 | |||
Net Real Estate | 12,460 | |||
Year Construction/ Improvements | 2006 | |||
Date Acquired | 20-Jun-11 | |||
Boston Heights, Ohio Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 2,646 | |||
Land, Initial Cost | 449 | |||
Buildings & Improvements, Initial Cost | 3,010 | |||
Land, Total cost | 449 | |||
Buildings & Improvements, Total cost | 3,010 | |||
Total | 3,459 | |||
Accumulated Depreciation | 427 | |||
Net Real Estate | 3,032 | |||
Year Construction/ Improvements | 2011 | |||
Date Acquired | 20-Oct-11 | |||
Parsippany, New Jersey Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 6,799 | |||
Land, Initial Cost | 1,696 | |||
Buildings & Improvements, Initial Cost | 7,077 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 81 | |||
Land, Total cost | 1,696 | |||
Buildings & Improvements, Total cost | 7,158 | |||
Total | 8,854 | |||
Accumulated Depreciation | 855 | |||
Net Real Estate | 7,999 | |||
Year Construction/ Improvements | 1984 | |||
Date Acquired | 28-Oct-11 | |||
Dartmouth, Massachusetts Retail Location [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 4,049 | |||
Buildings & Improvements, Initial Cost | 4,236 | |||
Buildings & Improvements, Total cost | 4,236 | |||
Total | 4,236 | |||
Accumulated Depreciation | 368 | |||
Net Real Estate | 3,868 | |||
Year Construction/ Improvements | 2011 | |||
Date Acquired | 18-Nov-11 | |||
Springfield, Missouri Retail Location [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 1,823 | |||
Buildings & Improvements, Initial Cost | 2,275 | |||
Buildings & Improvements, Total cost | 2,275 | |||
Total | 2,275 | |||
Accumulated Depreciation | 250 | |||
Net Real Estate | 2,025 | |||
Year Construction/ Improvements | 2005 | |||
Date Acquired | 13-Dec-11 | |||
Pittsburgh, Pennsylvania Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 2,757 | |||
Land, Initial Cost | 281 | |||
Buildings & Improvements, Initial Cost | 3,205 | |||
Land, Total cost | 281 | |||
Buildings & Improvements, Total cost | 3,205 | |||
Total | 3,486 | |||
Accumulated Depreciation | 311 | |||
Net Real Estate | 3,175 | |||
Year Construction/ Improvements | 1968 | |||
Date Acquired | 28-Dec-11 | |||
Ashburn, Virginia Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 7,223 | |||
Land, Initial Cost | 706 | |||
Buildings & Improvements, Initial Cost | 7,858 | |||
Land, Total cost | 706 | |||
Buildings & Improvements, Total cost | 7,858 | |||
Total | 8,564 | |||
Accumulated Depreciation | 767 | |||
Net Real Estate | 7,797 | |||
Year Construction/ Improvements | 2002 | |||
Date Acquired | 25-Jan-12 | |||
Ottumwa, Iowa Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 4,426 | |||
Land, Initial Cost | 212 | |||
Buildings & Improvements, Initial Cost | 5,072 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 287 | |||
Land, Total cost | 212 | |||
Buildings & Improvements, Total cost | 5,359 | |||
Total | 5,571 | |||
Accumulated Depreciation | 499 | |||
Net Real Estate | 5,072 | |||
Year Construction/ Improvements | 1970 | |||
Date Acquired | 30-May-12 | |||
New Albany, Ohio Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 9,066 | |||
Land, Initial Cost | 1,658 | |||
Buildings & Improvements, Initial Cost | 8,746 | |||
Land, Total cost | 1,658 | |||
Buildings & Improvements, Total cost | 8,746 | |||
Total | 10,404 | |||
Accumulated Depreciation | 831 | |||
Net Real Estate | 9,573 | |||
Year Construction/ Improvements | 2007 | |||
Date Acquired | 5-Jun-12 | |||
Columbus, Georgia Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 4,507 | |||
Land, Initial Cost | 1,378 | |||
Buildings & Improvements, Initial Cost | 4,520 | |||
Land, Total cost | 1,378 | |||
Buildings & Improvements, Total cost | 4,520 | |||
Total | 5,898 | |||
Accumulated Depreciation | 471 | |||
Net Real Estate | 5,427 | |||
Year Construction/ Improvements | 2012 | |||
Date Acquired | 21-Jun-12 | |||
Columbus, Ohio Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 2,845 | |||
Land, Initial Cost | 542 | |||
Buildings & Improvements, Initial Cost | 2,453 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 11 | |||
Land, Total cost | 542 | |||
Buildings & Improvements, Total cost | 2,464 | |||
Total | 3,006 | |||
Accumulated Depreciation | 287 | |||
Net Real Estate | 2,719 | |||
Year Construction/ Improvements | 1981 | |||
Date Acquired | 28-Jun-12 | |||
Jupiter, Florida Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 10,252 | |||
Land, Initial Cost | 1,160 | |||
Buildings & Improvements, Initial Cost | 11,994 | |||
Land, Total cost | 1,160 | |||
Buildings & Improvements, Total cost | 11,994 | |||
Total | 13,154 | |||
Accumulated Depreciation | 827 | |||
Net Real Estate | 12,327 | |||
Year Construction/ Improvements | 2011 | |||
Date Acquired | 26-Sep-12 | |||
Fort Worth, Texas Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 13,567 | |||
Land, Initial Cost | 963 | |||
Buildings & Improvements, Initial Cost | 15,647 | |||
Land, Total cost | 963 | |||
Buildings & Improvements, Total cost | 15,647 | |||
Total | 16,610 | |||
Accumulated Depreciation | 1,022 | |||
Net Real Estate | 15,588 | |||
Year Construction/ Improvements | 2005 | |||
Date Acquired | 8-Nov-12 | |||
Columbia, South Carolina Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 18,067 | |||
Land, Initial Cost | 1,905 | |||
Buildings & Improvements, Initial Cost | 20,648 | |||
Land, Total cost | 1,905 | |||
Buildings & Improvements, Total cost | 20,648 | |||
Total | 22,553 | |||
Accumulated Depreciation | 1,864 | |||
Net Real Estate | 20,689 | |||
Year Construction/ Improvements | 2010 | |||
Date Acquired | 21-Nov-12 | |||
Egg Harbor, New Jersey Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 3,551 | |||
Land, Initial Cost | 1,627 | |||
Buildings & Improvements, Initial Cost | 3,017 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 236 | |||
Land, Total cost | 1,627 | |||
Buildings & Improvements, Total cost | 3,253 | |||
Total | 4,880 | |||
Accumulated Depreciation | 201 | |||
Net Real Estate | 4,679 | |||
Year Construction/ Improvements | 1985 | |||
Date Acquired | 28-Mar-13 | |||
Vance, Alabama Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost | 457 | |||
Buildings & Improvements, Initial Cost | 10,529 | |||
Land, Total cost | 457 | |||
Buildings & Improvements, Total cost | 10,529 | |||
Total | 10,986 | |||
Accumulated Depreciation | 604 | |||
Net Real Estate | 10,382 | |||
Year Construction/ Improvements | 2013 | |||
Date Acquired | 9-May-13 | |||
Blaine, Minnesota Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 8,045 | |||
Land, Initial Cost | 1,060 | |||
Buildings & Improvements, Initial Cost | 10,519 | |||
Land, Total cost | 1,060 | |||
Buildings & Improvements, Total cost | 10,519 | |||
Total | 11,579 | |||
Accumulated Depreciation | 748 | |||
Net Real Estate | 10,831 | |||
Year Construction/ Improvements | 2009 | |||
Date Acquired | 10-May-13 | |||
Austin, Texas Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 34,567 | |||
Land, Initial Cost | 2,330 | |||
Buildings & Improvements, Initial Cost | 44,021 | |||
Improvement Costs Capitalized Subsequent to Acquisition | 122 | |||
Land, Total cost | 2,330 | |||
Buildings & Improvements, Total cost | 44,143 | |||
Total | 46,473 | |||
Accumulated Depreciation | 3,071 | |||
Net Real Estate | 43,402 | |||
Year Construction/ Improvements | 1999 | |||
Date Acquired | 9-Jul-13 | |||
Allen, Texas Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 8,704 | |||
Land, Initial Cost | 2,699 | |||
Buildings & Improvements, Initial Cost | 7,945 | |||
Land, Total cost | 2,699 | |||
Buildings & Improvements, Total cost | 7,945 | |||
Total | 10,644 | |||
Accumulated Depreciation | 602 | |||
Net Real Estate | 10,042 | |||
Year Construction/ Improvements | 1998 | |||
Date Acquired | 10-Jul-13 | |||
Englewood, Colorado Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 11,315 | |||
Land, Initial Cost | 1,503 | |||
Buildings & Improvements, Initial Cost | 11,739 | |||
Land, Total cost | 1,503 | |||
Buildings & Improvements, Total cost | 11,739 | |||
Total | 13,242 | |||
Accumulated Depreciation | 546 | |||
Net Real Estate | 12,696 | |||
Year Construction/ Improvements | 2008 | |||
Date Acquired | 11-Dec-13 | |||
Novi, Michigan Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 4,297 | |||
Land, Initial Cost | 352 | |||
Buildings & Improvements, Initial Cost | 5,626 | |||
Land, Total cost | 352 | |||
Buildings & Improvements, Total cost | 5,626 | |||
Total | 5,978 | |||
Accumulated Depreciation | 197 | |||
Net Real Estate | 5,781 | |||
Year Construction/ Improvements | 1988 | |||
Date Acquired | 27-Dec-13 | |||
Allen, Texas Retail Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 3,417 | |||
Land, Initial Cost | 874 | |||
Buildings & Improvements, Initial Cost | 3,634 | |||
Land, Total cost | 874 | |||
Buildings & Improvements, Total cost | 3,634 | |||
Total | 4,508 | |||
Accumulated Depreciation | 95 | |||
Net Real Estate | 4,413 | |||
Year Construction/ Improvements | 2004 | |||
Date Acquired | 27-Mar-14 | |||
Colleyville, Texas Retail Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 2,797 | |||
Land, Initial Cost | 1,277 | |||
Buildings & Improvements, Initial Cost | 2,424 | |||
Land, Total cost | 1,277 | |||
Buildings & Improvements, Total cost | 2,424 | |||
Total | 3,701 | |||
Accumulated Depreciation | 72 | |||
Net Real Estate | 3,629 | |||
Year Construction/ Improvements | 2000 | |||
Date Acquired | 27-Mar-14 | |||
Rancho Cordova, California Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 4,935 | |||
Land, Initial Cost | 752 | |||
Buildings & Improvements, Initial Cost | 6,176 | |||
Land, Total cost | 752 | |||
Buildings & Improvements, Total cost | 6,176 | |||
Total | 6,928 | |||
Accumulated Depreciation | 150 | |||
Net Real Estate | 6,778 | |||
Year Construction/ Improvements | 1986 | |||
Date Acquired | 22-Apr-14 | |||
Coppell, Texas Retail Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 3,767 | |||
Land, Initial Cost | 1,448 | |||
Buildings & Improvements, Initial Cost | 3,349 | |||
Land, Total cost | 1,448 | |||
Buildings & Improvements, Total cost | 3,349 | |||
Total | 4,797 | |||
Accumulated Depreciation | 74 | |||
Net Real Estate | 4,723 | |||
Year Construction/ Improvements | 2005 | |||
Date Acquired | 8-May-14 | |||
Columbus, Ohio Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost | 990 | |||
Buildings & Improvements, Initial Cost | 8,017 | |||
Land, Total cost | 990 | |||
Buildings & Improvements, Total cost | 8,017 | |||
Total | 9,007 | |||
Accumulated Depreciation | 266 | |||
Net Real Estate | 8,741 | |||
Year Construction/ Improvements | 1986 | |||
Date Acquired | 13-May-14 | |||
Taylor, Pennsylvania Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 22,600 | |||
Land, Initial Cost | 3,102 | |||
Buildings & Improvements, Initial Cost | 25,405 | |||
Land, Total cost | 3,102 | |||
Buildings & Improvements, Total cost | 25,405 | |||
Total | 28,507 | |||
Accumulated Depreciation | 451 | |||
Net Real Estate | 28,056 | |||
Year Construction/ Improvements | 2000 | |||
Year Construction/Improvements One | 2006 | |||
Date Acquired | 9-Jun-14 | |||
Aurora, Colorado Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost | 2,882 | |||
Buildings & Improvements, Initial Cost | 4,013 | |||
Land, Total cost | 2,882 | |||
Buildings & Improvements, Total cost | 4,013 | |||
Total | 6,895 | |||
Accumulated Depreciation | 82 | |||
Net Real Estate | 6,813 | |||
Year Construction/ Improvements | 1983 | |||
Date Acquired | 1-Jul-14 | |||
Indianapolis, Indiana Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 6,100 | |||
Land, Initial Cost | 502 | |||
Buildings & Improvements, Initial Cost | 6,490 | |||
Land, Total cost | 502 | |||
Buildings & Improvements, Total cost | 6,490 | |||
Total | 6,992 | |||
Accumulated Depreciation | 99 | |||
Net Real Estate | 6,893 | |||
Year Construction/ Improvements | 1981 | |||
Year Construction/Improvements One | 2014 | |||
Date Acquired | 3-Sep-14 | |||
Denver, Colorado Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost | 1,621 | |||
Buildings & Improvements, Initial Cost | 7,314 | |||
Land, Total cost | 1,621 | |||
Buildings & Improvements, Total cost | 7,314 | |||
Total | 8,935 | |||
Accumulated Depreciation | 46 | |||
Net Real Estate | 8,889 | |||
Year Construction/ Improvements | 1985 | |||
Date Acquired | 31-Oct-14 | |||
Monroe, Michigan Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 10,839 | |||
Land, Initial Cost | 658 | |||
Buildings & Improvements, Initial Cost | 14,607 | |||
Land, Total cost | 658 | |||
Buildings & Improvements, Total cost | 14,607 | |||
Total | 15,265 | |||
Accumulated Depreciation | 11 | |||
Net Real Estate | 15,254 | |||
Year Construction/ Improvements | 2004 | |||
Date Acquired | 23-Dec-14 | |||
Monroe, Michigan Industrial Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, Initial Cost | 7,587 | |||
Land, Initial Cost | 460 | |||
Buildings & Improvements, Initial Cost | 10,225 | |||
Land, Total cost | 460 | |||
Buildings & Improvements, Total cost | 10,225 | |||
Total | 10,685 | |||
Accumulated Depreciation | 7 | |||
Net Real Estate | $10,678 | |||
Year Construction/ Improvements | 2004 | |||
Date Acquired | 23-Dec-14 |
Schedule_III_Real_Estate_and_A1
Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
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_A2
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Balance at beginning of period | $642,353 | $533,753 | $442,521 |
Additions: | |||
Acquisitions during period | 105,813 | 103,424 | 85,462 |
Improvements | 13,889 | 5,176 | 5,770 |
Deductions: | |||
Dispositions during period | -39,490 | ||
Balance at end of period | $722,565 | $642,353 | $533,753 |
Schedule_III_Real_Estate_and_A3
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Balance at beginning of period | $81,241 | $65,730 | $53,784 |
Additions during period | 18,814 | 15,511 | 11,946 |
Dispositions during period | -7,922 | ||
Balance at end of period | $92,133 | $81,241 | $65,730 |
Recovered_Sheet8
Schedule IV - Mortgage Loans on Real Estate (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Mortgage Loans on Real Estate [Line Items] | |
Prior Lien | $0 |
Face Amount of Mortgage | 642,500,000 |
Carrying Amount of Mortgage | 5,600,000 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | 0 |
Build To Suit Healthcare Facility [Member] | Phoenix,Arizona [Member] | Second Mortgage [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Final Maturity Date | 31-Jul-16 |
Periodic Payment Term | 9.0% interest, paid currently in cash on the loan during construction and through maturity. Exit fee upon maturity of the loan in an amount sufficient to earn a 22% internal rate of return. |
Prior Lien | 0 |
Face Amount of Mortgage | 5,600,000 |
Carrying Amount of Mortgage | 5,600,000 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $0 |
Loan bearing interest, terms | 9% Current Interest, 22% internal rate of return on exit |
Interest of loan | 9.00% |
Internal rate of return on exit | 22.00% |
Schedule_IV_Mortgage_Loans_on_1
Schedule IV - Mortgage Loans on Real Estate - Reconciliation of Mortgage Loans (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 25, 2014 |
Mortgage Loans on Real Estate [Abstract] | ||||
Balance at beginning of period | $5,600 | |||
New mortgage loans | 62,231 | 71,795 | ||
Collections of principal | 0 | 0 | 0 | |
Balance at end of period | $5,600 | $5,600 |