Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 03, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | GOOD | |
Entity Registrant Name | GLADSTONE COMMERCIAL CORP | |
Entity Central Index Key | 1,234,006 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 21,358,465 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
ASSETS | |||
Real estate, at cost | $ 763,831 | $ 722,565 | |
Less: accumulated depreciation | 102,243 | 92,133 | |
Total real estate, net | 661,588 | 630,432 | |
Lease intangibles, net | 106,893 | 98,814 | |
Real estate and related assets held for sale, net | 2,235 | ||
Mortgage note receivable | 5,900 | 5,600 | |
Cash and cash equivalents | 3,297 | 8,599 | |
Restricted cash | 4,347 | 3,547 | |
Funds held in escrow | 12,377 | 11,096 | |
Deferred rent receivable, net | 24,992 | 21,728 | |
Deferred financing costs, net | 6,212 | 6,213 | |
Other assets | 2,499 | 1,765 | |
TOTAL ASSETS | 830,340 | 787,794 | |
LIABILITIES | |||
Mortgage notes payable | 487,339 | 459,299 | |
Borrowings under line of credit | 45,200 | 43,300 | |
Redeemable preferred stock | 38,500 | 38,500 | |
Deferred rent liability, net | 9,278 | 8,594 | |
Asset retirement obligation | 3,749 | 3,616 | |
Accounts payable and accrued expenses | 5,925 | 8,285 | |
Liabilities related to assets held for sale | 93 | ||
Due to Adviser and Administrator | [1] | 1,683 | 916 |
Other liabilities | 7,699 | 7,612 | |
Total Liabilities | $ 599,466 | $ 570,122 | |
Commitments and contingencies | [2] | ||
STOCKHOLDERS' EQUITY | |||
Redeemable preferred stock | $ 2 | $ 2 | |
Senior common stock, par value $0.001 per share; 7,500,000 shares authorized and 995,852 and 809,411 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively | 1 | 1 | |
Common stock, par value $0.001 per share, 38,500,000 shares authorized and 21,143,986 and 19,589,606 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively | 21 | 20 | |
Additional paid in capital | 399,420 | 369,748 | |
Notes receivable - employee | (375) | ||
Distributions in excess of accumulated earnings | (168,570) | (151,724) | |
Total Stockholders' Equity | 230,874 | 217,672 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 830,340 | $ 787,794 | |
[1] | Refer to Note 2 "Related-Party Transactions" | ||
[2] | Refer to Note 9 "Commitments and Contingencies" |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Redeemable preferred stock, shares issued | 2,150,000 | 2,150,000 |
Senior common stock, par value | $ 0.001 | $ 0.001 |
Senior common stock, shares authorized | 7,500,000 | 7,500,000 |
Senior common stock, shares issued | 995,852 | 809,411 |
Senior common stock, shares outstanding | 995,852 | 809,411 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 38,500,000 | 38,500,000 |
Common stock, shares issued | 21,143,986 | 19,589,606 |
Common stock, shares outstanding | 21,143,986 | 19,589,606 |
Series A and B Preferred Stock [Member] | ||
Redeemable preferred stock, par value | $ 0.001 | $ 0.001 |
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 |
Mandatorily Redeemable Preferred Stock [Member] | Series C Preferred Stock [Member] | ||
Redeemable preferred stock, par value | $ 0.001 | $ 0.001 |
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 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Operating revenues | |||||
Rental revenue | $ 20,012 | $ 17,620 | $ 39,300 | $ 34,205 | |
Tenant recovery revenue | 394 | 770 | 718 | 1,321 | |
Interest income from mortgage note receivable | 282 | 549 | |||
Total operating revenues | 20,688 | 18,390 | 40,567 | 35,526 | |
Operating expenses | |||||
Depreciation and amortization | 8,947 | 6,871 | 17,154 | 13,591 | |
Property operating expenses | 1,178 | 1,302 | 2,139 | 2,632 | |
Acquisition related expenses | 255 | 859 | 451 | 970 | |
Base management fee | [1] | 866 | 666 | 1,717 | 1,291 |
Incentive fee | [1] | 1,760 | 1,527 | 3,433 | 2,767 |
Administration fee | [1] | 366 | 485 | 728 | 977 |
General and administrative | 539 | 490 | 1,229 | 957 | |
Impairment charge | 13,958 | ||||
Total operating expenses before credit to incentive fee | 13,911 | 12,200 | 26,851 | 37,143 | |
Credit to incentive fee | [1] | (1,316) | (957) | (2,500) | (2,162) |
Total operating expenses | 12,595 | 11,243 | 24,351 | 34,981 | |
Other income (expense) | |||||
Interest expense | (6,999) | (6,509) | (13,770) | (12,784) | |
Gain on sale of real estate | 1,240 | 1,240 | |||
Other income | 23 | 27 | 51 | 74 | |
Total other expense | (7,662) | (5,928) | (15,091) | (12,842) | |
Net income (loss) | 431 | 1,219 | 1,125 | (12,297) | |
Distributions attributable to senior common stock | (261) | (110) | (485) | (210) | |
Net (loss) income (attributable) available to common stockholders | $ (853) | $ 86 | $ (1,407) | $ (14,554) | |
(Loss) income per weighted average share of common stock - basic & diluted (Loss) income (attributable) available to common shareholders | $ (0.04) | $ 0.01 | $ (0.07) | $ (0.90) | |
Weighted average shares of common stock outstanding | |||||
Basic | 20,833,787 | 16,547,793 | 20,524,101 | 16,149,467 | |
Diluted | 20,833,787 | 16,894,973 | 20,524,101 | 16,149,467 | |
Earnings per weighted average share of senior common stock | $ 0.26 | $ 0.26 | $ 0.52 | $ 0.52 | |
Weighted average shares of senior common stock outstanding - basic | 995,852 | 421,312 | 928,323 | 404,243 | |
Series C Preferred Stock [Member] | |||||
Other income (expense) | |||||
Distributions attributable to Series C mandatorily redeemable preferred stock | $ (686) | $ (686) | $ (1,372) | $ (1,372) | |
Series A and B Preferred Stock [Member] | |||||
Other income (expense) | |||||
Distributions attributable to Series A and B preferred stock | $ (1,023) | $ (1,023) | $ (2,047) | $ (2,047) | |
[1] | Refer to Note 2 "Related-Party Transactions" |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 1,125 | $ (12,297) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 17,154 | 13,591 |
Impairment charge | 13,958 | |
Gain on sale of real estate | (1,240) | |
Amortization of deferred financing costs | 878 | 795 |
Amortization of deferred rent asset and liability, net | (270) | (178) |
Amortization of discount and premium on assumed debt | (154) | (114) |
Asset retirement obligation expense | 76 | (137) |
Increase in other assets | (538) | (372) |
Increase in deferred rent receivable | (1,843) | (1,778) |
Increase (decrease) in accounts payable, accrued expenses, and amount due Adviser and Administrator | 1,021 | (1,004) |
(Decrease) increase in other liabilities | (683) | 585 |
Leasing commissions paid | (291) | (765) |
Net cash provided by operating activities | 16,475 | 11,044 |
Cash flows from investing activities: | ||
Acquisition of real estate and related intangible assets | (58,248) | (64,764) |
Improvements of existing real estate | (3,072) | (2,934) |
Proceeds from sale of real estate | 11,162 | |
Issuance of mortgage note receivable | (300) | |
Receipts from lenders for funds held in escrow | 642 | 1,287 |
Payments to lenders for funds held in escrow | (1,924) | (5,445) |
Receipts from tenants for reserves | 2,037 | 1,519 |
Payments to tenants from reserves | (1,308) | (3,423) |
(Increase) decrease in restricted cash | (800) | 1,935 |
Deposits on future acquisitions | (1,600) | (1,500) |
Deposits applied against acquisition of real estate investments | 1,400 | 1,300 |
Net cash used in investing activities | (63,173) | (60,863) |
Cash flows from financing activities: | ||
Proceeds from issuance of equity | 30,363 | 36,042 |
Offering costs paid | (742) | (2,028) |
Borrowings under mortgage notes payable | 51,819 | 27,535 |
Payments for deferred financing costs | (883) | (633) |
Principal repayments on mortgage notes payable | (23,625) | (4,182) |
Principal repayments on employee notes receivable | 375 | |
Borrowings from line of credit | 56,400 | 44,250 |
Repayments on line of credit | (54,500) | (43,000) |
Increase (decrease) in security deposits | 108 | (31) |
Distributions paid for common, senior common and preferred stock | (17,919) | (14,313) |
Net cash provided by financing activities | 41,396 | 43,640 |
Net decrease in cash and cash equivalents | (5,302) | (6,179) |
Cash and cash equivalents, beginning of period | 8,599 | 8,546 |
Cash and cash equivalents, end of period | 3,297 | 2,367 |
NON-CASH INVESTING AND FINANCING INFORMATION | ||
Increase in asset retirement obligation | 56 | |
Fixed rate principal debt assumed in connection with acquisition | 10,147 | |
Senior common dividend issued in the dividend reinvestment program | 52 | 87 |
Capital improvements included in accounts payable and accrued expenses | $ 2,922 | $ 5,521 |
Organization, Basis of Presenta
Organization, Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [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. Gladstone Commercial Corporation conducts substantially all of its operations through a subsidiary, Gladstone Commercial Limited Partnership, a Delaware limited partnership, or the Operating Partnership. All further references herein to “we,” “our,” “us” and the “Company” mean Gladstone Commercial Corporation and its consolidated subsidiaries, except where it is made clear that the term means only Gladstone Commercial Corporation. Interim Financial Information Our interim financial statements are prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and pursuant to the requirements for reporting on Form 10-Q and in accordance with Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with GAAP are omitted. The year-end balance sheet data presented herein was derived from audited financial statements, but does not include all disclosures required by GAAP. In the opinion of our management, all adjustments, consisting solely of normal recurring accruals, necessary for the fair presentation of financial statements for the interim period, have been included. The interim financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the U.S. Securities and Exchange Commission on February 18, 2015. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for other interim periods or for the full fiscal year. 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. Critical Accounting Policies The preparation of our financial statements in accordance with Generally Accepted Accounting Principles in the U.S., or GAAP, requires management to make judgments that are subjective in nature to make certain estimates and assumptions. Application of these accounting policies involves the exercise of judgment regarding the use of assumptions as to future uncertainties, and as a result, actual results could differ materially from these estimates. A summary of all of our significant accounting policies is provided in Note 1 to our condensed consolidated financial statements included in our 2014 Form 10-K. There were no material changes to our critical accounting policies during the six months ended June 30, 2015. Recently Issued Accounting Pronouncements In February 2015, the FASB issued ASU 2015-02, “Amendments to the Consolidation Analysis” (“ASU-2015-02”), which amends or supersedes the scope and consolidation guidance under existing GAAP. The new standard changes the way a reporting entity evaluates whether a) limited partnerships and similar entities should be consolidated, b) fees paid to decision makers or service provides are variable interests in a variable interest entity, or VIE, and c) variable interests in a VIE held by related parties require the reporting entity to consolidate the VIE. ASU 2015-02 also eliminates the VIE consolidation model based on majority exposure to variability that applied to certain investment companies and similar entities. We are currently assessing the impact of ASU 2015-02, which is effective for annual and interim reporting periods beginning after December 15, 2015. Early adoption is permitted. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs” (“ASU-2015-03”), which simplifies the presentation of debt issuance costs. We are currently assessing the impact of ASU 2015-03 and do not anticipate a material impact on our financial position, results of operations or cash flows from adopting this standard. ASU 2015-03 is effective for annual and interim reporting periods beginning after December 15, 2015. Early adoption is permitted. |
Related-Party Transactions
Related-Party Transactions | 6 Months Ended |
Jun. 30, 2015 | |
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, and an administration agreement with our Administrator, or the Administration Agreement. The management and administrative services and fees under the advisory agreement and Administration Agreement are described below. At June 30, 2015 and December 31, 2014, $1.7 million and $0.9 million, respectively, was collectively due to our Adviser and Administrator. Base Management Fee On July 24, 2015, we entered into an amended and restated advisory agreement, or the Amended Advisory Agreement, with the Adviser. Our entrance into the agreement was approved unanimously by our Board, including separate and unanimous approval by the independent directors on our Board. Prior to its amendment and restatement on July 24, 2015, our then-existing advisory agreement with the Adviser, or the Former Advisory Agreement, provided for an annual base management fee equal to 2.0% of our common stockholders’ equity, which is 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). Under the Former Advisory Agreement, for the three and six months ended June 30, 2015, we recorded a base management fee of $0.9 million and $1.7 million, respectively, and for the three and six months ended June 30, 2014, we recorded a base management fee of $0.7 million and $1.3 million, respectively. Pursuant to the terms of the Amended Advisory Agreement, effective July 1, 2015, the calculation of the annual base management fee shall equal 1.5% of our adjusted total stockholders’ equity, which is our total stockholders’ equity (before giving effect to the base management fee and incentive fee), adjusted to exclude the effect of any unrealized gains or losses that do not affect realized net income (including impairment charges) and adjusted for any one-time events and certain non-cash items (the later to occur for a given quarter only upon the approval of our Compensation Committee). The fee is calculated and accrued quarterly as 0.375% per quarter of such adjusted total stockholders’ equity figure. Incentive Fee The incentive fee under the Former Advisory Agreement rewarded the Adviser in circumstances where our quarterly FFO, before giving effect to any incentive fee, or pre-incentive fee FFO, exceeded 1.75%, or 7.0% annualized, or the hurdle rate, of common stockholders’ equity. Funds from operations, or FFO, included any realized capital gains and capital losses, less any distributions paid on preferred stock and Senior Common Stock, but FFO did not include any unrealized capital gains or losses (including impairment charges). The Adviser received 100.0% of the amount of the pre-incentive fee FFO that exceeded the hurdle rate, but was less than 2.1875% of our common stockholders’ equity. The Adviser also received an incentive fee of 20.0% of the amount of our pre-incentive fee FFO that exceeded 2.1875% of common stockholders’ equity. For the three and six months ended June 30, 2015, pursuant to the terms of the Former Advisory Agreement we recorded an incentive fee of $1.8 million and $3.4 million, respectively, offset by credits related to unconditional, voluntary and irrevocable waivers issued by the Adviser of $1.3 million and $2.5 million, respectively, resulting in a net incentive fee for the three and six months ended June 30, 2015, of $0.5 million and $0.9 million, respectively. For the three and six months ended June 30, 2014, we recorded an incentive fee of $1.5 million and $2.8 million, respectively, offset by credits related to unconditional, voluntary and irrevocable waivers issued by the Adviser of $1.0 million and $2.2 million, respectively, resulting in a net incentive fee for the three and six months ended June 30, 2014, of $0.5 million and $0.6 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 three and six months ended June 30, 2015, and 2014, in order to support the current level of distributions to our stockholders. This waiver cannot be recouped by the Adviser in the future. Under the Amended Advisory Agreement, effective July 1, 2015, the calculation of the incentive fee was revised to reward the Adviser in circumstances where our quarterly Core FFO (defined below), before giving effect to any incentive fee, or pre-incentive fee Core FFO, exceeds 2.0%, or 8.0% annualized, of adjusted total stockholders’ equity (after giving effect to the base management fee but before giving effect to the incentive fee), or the new hurdle rate. The Adviser will receive 15.0% of the amount of our pre-incentive fee Core FFO that exceeds the new hurdle rate. However, in no event shall the incentive fee for a particular quarter exceed by 15.0% (the cap) the average quarterly incentive fee paid by us for the previous four quarters (excluding quarters for which no incentive fee was paid). Core FFO is defined as GAAP net income (loss) available to common stockholders, excluding the incentive fee, depreciation and amortization, any realized and unrealized gains, losses or other non-cash items recorded in net income (loss) available to common stockholders for the period, and one-time events pursuant to changes in GAAP. Capital Gain Fee Under the Amended Advisory Agreement, effective July 1, 2015, we will pay to the Adviser a capital gains-based incentive fee that will be calculated and payable in arrears as of the end of each fiscal year (or upon termination of the agreement). In determining the capital gain fee, we will calculate aggregate realized capital gains and aggregate realized capital losses for the applicable time period. For this purpose, aggregate realized capital gains and losses, if any, equals the realized gain or loss calculated by the difference between the sales price of the property, less any costs to sell the property and the current gross value of the property (which is calculated as the original acquisition price plus any subsequent non-reimbursed capital improvements). At the end of the fiscal year, if this number is positive, then the capital gain fee payable for such time period shall equal 15.0% of such amount. Termination Fee The Amended Advisory Agreement includes a termination fee where, in the event of our termination of the agreement without cause (with 120 days’ prior written notice and the vote of at least two-thirds of our independent directors), a termination fee would be payable to the Adviser equal to two times the sum of the average annual base management fee and incentive fee earned by the Adviser during the 24-month period prior to such termination. A termination fee is also payable if the Adviser terminates the agreement after the Company has defaulted and applicable cure periods have expired. The agreement may also be terminated for cause by us (with 30 days’ prior written notice and the vote of at least two-thirds of our independent directors), with no termination fee payable. Cause is defined in the agreement to include if the Adviser breaches any material provisions of the agreement, the bankruptcy or insolvency of the Adviser, dissolution of the Adviser and fraud or misappropriation of funds. Administration Agreement 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 is 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 three and six months ended June 30, 2015, we recorded an administration fee of $0.4 million and $0.7 million, respectively, and for the three and six months ended June 30, 2014, we recorded an administration fee of $0.5 million and $1.0 million, respectively. Gladstone Securities Gladstone Securities, LLC, or Gladstone Securities, is a privately held broker dealer registered with the Financial Industry Regulatory Authority and insured by the Securities Investor Protection Corporation. Gladstone Securities is an affiliate of ours, as its parent company is controlled by Mr. David Gladstone, our chairman and chief executive officer. Mr. Gladstone also serves on the board of managers of Gladstone Securities. Dealer Manager Agreement In connection with the offering of our Senior Common Stock (see Note 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. The Dealer Manager Agreement terminated according to its terms on March 28, 2015, requiring us to write-off $0.1 million of deferred offering costs to general and administrative expense. Pursuant to the terms of the Dealer Manager Agreement, Gladstone Securities was entitled to receive a sales commission in the amount of 7.0% of the gross proceeds of the shares of Senior Common Stock sold, plus a dealer manager fee in the amount of 3.0% of the gross proceeds of the shares of Senior Common Stock sold. Gladstone Securities, in its sole and absolute discretion, was permitted to re-allocate all of its selling commissions attributable to a participating broker-dealer and 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 agreed to indemnify Gladstone Securities against various liabilities, including certain liabilities arising under the federal securities laws. We made approximately $0.3 million of payments during the three months ended March 31, 2015 and we made approximately $0.1 million of payments during both the three and six months ended June 30, 2014, respectively, to Gladstone Securities pursuant to this agreement. All such payments are reflected as a component of Senior Common Stock costs as reflected in footnote 10. 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 and $0.2 million during the three and six months ended June 30, 2015, which are reflected as deferred financing costs in the condensed consolidated balance sheets, on total mortgages secured of $40.5 million and $55.1 million, or 0.3%. We paid financing fees of $0.1 million during the three and six months ended June 30, 2014, on total mortgages secured of $27.5 million, or 0.3%. The agreement is scheduled to terminate on August 31, 2016, unless renewed or earlier terminated pursuant to the provisions contained therein. |
(Loss) Earnings per Share of Co
(Loss) Earnings per Share of Common Stock | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
(Loss) Earnings per Share of Common Stock | 3. (Loss) Earnings per Share of Common Stock The following tables set forth the computation of basic and diluted (loss) earnings per share of common stock for each of the three and six months ended June 30, 2015 and 2014, respectively. We computed basic (loss) earnings per share for the three and six months ended June 30, 2015 and 2014, respectively, using the weighted average number of shares outstanding during the periods. Diluted (loss) earnings per share for the three and six months ended June 30, 2015 and 2014, 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 three months ended June 30, For the six months ended June 30, 2015 2014 2015 2014 Calculation of basic (loss) earnings per share of common stock: Net (loss) earnings (attributable) available to common stockholders $ (853 ) $ 86 $ (1,407 ) $ (14,554 ) Denominator for basic weighted average shares of common stock 20,833,787 16,547,793 20,524,101 16,149,467 Basic (loss) earnings per share of common stock $ (0.04 ) $ 0.01 $ (0.07 ) $ (0.90 ) Calculation of diluted (loss) earnings per share of common stock: Net (loss) earnings (attributable) available to common stockholders $ (853 ) $ 86 $ (1,407 ) $ (14,554 ) Add: Income impact of assumed conversion of senior common stock (1) — 110 — — Net (loss) earnings (attributable) available to common stockholders plus assumed conversions $ (853 ) $ 196 $ (1,407 ) $ (14,554 ) Denominator for basic weighted average shares of common stock 20,833,787 16,547,793 20,524,101 16,149,467 Effect of convertible senior common stock (1) — 347,180 — — Denominator for diluted weighted average shares of common stock 20,833,787 16,894,973 20,524,101 16,149,467 Diluted (loss) earnings per share of common stock $ (0.04 ) $ 0.01 $ (0.07 ) $ (0.90 ) (1) We excluded convertible senior common shares of 830,600 and 775,002 from the calculation of diluted earnings per share for the three and six months ended June 30, 2015, respectively, because it was anti-dilutive. We also excluded 332,608 convertible senior common shares from the calculation of diluted earnings per share for the six months ended June 30, 2014, because it was anti-dilutive. |
Real Estate and Intangible Asse
Real Estate and Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [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 June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 (1) December 31, 2014 Real estate: Land $ 95,948 $ 88,394 Building and improvements 620,924 593,155 Tenant improvements 46,959 41,016 Accumulated depreciation (102,243 ) (92,133 ) Real estate, net $ 661,588 $ 630,432 (1) Does not include real estate held for sale as of June 30, 2015. Real estate depreciation expense on the building and tenant improvement assets was $5.5 million and $10.7 million for the three and six months ended June 30, 2015, respectively, and $4.6 million and $9.0 million for the three and six months ended June 30, 2014, respectively. 2015 Real Estate Activity During the six months ended June 30, 2015, we acquired four properties, which are summarized below (dollars in thousands): Location Acquisition Date Square Footage Lease Renewal Options Total Purchase Acquisition Annualized Debt Issued Richardson, TX (1) 3/6/2015 155,984 9.5 Years 2 (5 years each) $ 24,700 $ 104 $ 2,708 $ 14,573 Birmingham, AL 3/20/2015 30,850 8.5 Years 1 (5 years) 3,648 71 333 N/A Columbus, OH 5/28/2015 78,033 15.0 Years 2 (5 years each) 7,700 72 637 4,466 Salt Lake City, UT (1) 5/29/2015 86,409 6.5 Years 1 (5 years) 22,200 144 2,411 13,000 Total 351,276 $ 58,248 $ 391 $ 6,089 $ 32,039 (1) The tenant occupying this property is subject to a gross lease. In accordance with Accounting Standards Codification, or ASC, 805, “Business Combinations,” we determined the fair value of the acquired assets related to the four properties acquired during the six months ended June 30, 2015, as follows (dollars in thousands): Land Building Tenant In-place Leasing Costs Customer Above Market Below Market Total Purchase Richardson, TX $ 2,709 $ 12,503 $ 2,761 $ 2,046 $ 1,791 $ 1,915 $ 975 $ — $ 24,700 Birmingham, AL 650 1,683 351 458 146 360 — — 3,648 Columbus, OH 1,338 3,511 1,547 1,144 672 567 — (1,079 ) 7,700 Salt Lake City, UT 3,248 11,861 1,268 2,396 981 1,678 821 (53 ) 22,200 $ 7,945 $ 29,558 $ 5,927 $ 6,044 $ 3,590 $ 4,520 $ 1,796 $ (1,132 ) $ 58,248 Below is a summary of the total revenue and earnings recognized on the four properties acquired during the six months ended June 30, 2015 (dollars in thousands): For the three months ended June 30, For the six months ended June 30, 2015 2015 Location Acquisition Rental Revenue Earnings (1) Rental Revenue Earnings (1) Richardson, TX 3/6/2015 $ 657 $ 90 $ 839 $ 328 Birmingham, AL 3/20/2015 83 (22 ) 94 106 Columbus, OH 5/28/2015 67 149 67 149 Salt Lake City, UT 5/29/2015 207 278 207 278 $ 1,014 $ 495 $ 1,207 $ 861 (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 The following table reflects pro-forma consolidated statements of operations as if the properties acquired during the three and six months ended June 30, 2015 and the twelve months ended December 31, 2014, respectively were acquired as of January 1, 2014. The pro-forma earnings for the three and six months ended June 30, 2015 and 2014 were adjusted to assume that acquisition-related costs were incurred as of the previous period (dollars in thousands, except per share amounts): For the three months ended June 30, For the six months ended June 30, (unaudited) 2015 2014 2015 2014 Operating Data: Total operating revenue $ 21,122 $ 21,938 $ 42,114 $ 43,395 Total operating expenses (12,697 ) (13,033 ) (25,113 ) (25,851 ) Other expenses (7,775 ) (6,860 ) (15,495 ) (28,907 ) (1) Net income (loss) 650 2,045 1,506 (11,363 ) Dividends attributable to preferred and senior common stock (1,284 ) (1,133 ) (2,532 ) (2,257 ) Net loss attributable to common stockholders $ (634 ) $ 912 $ (1,026 ) $ (13,620 ) Share and Per Share Data: Basic (loss) earnings per share of common stock - pro forma $ (0.03 ) $ 0.06 $ (0.05 ) $ (0.84 ) Diluted (loss) earnings per share of common stock - pro forma $ (0.03 ) $ 0.05 $ (0.05 ) $ (0.84 ) Basic (loss) earnings per share of common stock - actual $ (0.04 ) $ 0.01 $ (0.07 ) $ (0.90 ) Diluted (loss) earnings per share of common stock - actual $ (0.04 ) $ 0.01 $ (0.07 ) $ (0.90 ) Weighted average shares outstanding-basic 20,833,787 16,547,793 20,524,101 16,149,467 Weighted average shares outstanding-diluted 20,833,787 16,894,973 20,524,101 16,149,467 (1) $14.0 million of other expenses relates to the impairment charge recorded in operating expenses during the six months ended June 30, 2014. Significant Real Estate Activity on Existing Assets On April 28, 2015, we modified the lease with the tenant occupying one of our properties located in Austin, Texas. The modification provided the tenant a termination option, which allows the tenant to terminate its lease effective December 31, 2017, upon paying a termination penalty of approximately $1.1 million on or before March 31, 2017. The lease is scheduled to otherwise terminate in June 2022. As a result of the modification, the tenant forfeited its right to $0.5 million in tenant improvement allowance, provided in an earlier amendment. All other terms and conditions of the lease remain in full force and effect. On April 29, 2015, we modified the lease with the anchor tenant occupying one of our properties located in Columbus, Ohio. The anchor tenant is currently occupying 92.0% of the property and the modification allows the anchor tenant to expand into the remaining space, currently occupied by another tenant through November 30, 2016. The lease term for the expansion space is coterminous with their current lease, and both leases expire on December 2023. In connection with the expansion of the lease and modification of certain terms of the lease, we provided approximately $0.1 million in tenant improvements. 2014 Real Estate Activity During the six months ended June 30, 2014, we acquired six properties, which are summarized in the table below (dollars in thousands): Location Acquisition Date Square Footage Lease Renewal Options Total Purchase Acquisition Annualized GAAP Debt Issued & Allen, TX 3/27/2014 21,154 12 Years 4 (5 years each) $ 5,525 $ 29 $ 570 $ 3,481 Colleyville, TX 3/27/2014 20,355 12 Years 4 (5 years each) 4,523 29 467 2,849 Rancho Cordova, CA 4/22/2014 61,358 10 Years 1 (5 year) 8,225 65 902 4,935 Coppell, TX 5/8/2014 21,171 12 Years 4 (5 years each) 5,838 22 601 3,816 Columbus, OH 5/13/2014 114,786 9.5 Years N/A 11,800 65 1,278 N/A Taylor, PA 6/9/2014 955,935 10 Years 4 (5 years each) 39,000 714 3,400 22,600 Total 1,194,759 $ 74,911 $ 924 $ 7,218 $ 37,681 In accordance with ASC 805, we determined the fair value of the acquired assets related to the six properties acquired during the six months ended June 30, 2014 as follows (in thousands): Land Building Tenant In-place Leasing Costs Customer Above Market Below Market Premium on Total Purchase 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 $ 8,443 $ 45,464 $ 3,541 $ 9,187 $ 3,503 $ 4,767 $ 261 $ (6 ) $ (249 ) $ 74,911 Below is a summary of the total revenue and earnings recognized on the six properties acquired during the three and six months ended June 30, 2014 (dollars in thousands): For the three months ended June 30, For the six months ended June 30, Acquisition 2014 2014 Location Rental Revenue Earnings (1) Rental Revenue Earnings (1) Allen, TX 3/27/2014 $ 142 $ 81 $ 150 $ 86 Colleyville, TX 3/27/2014 117 67 123 71 Rancho Cordova, CA 4/22/2014 173 65 173 65 Coppell, TX 5/8/2014 89 52 89 52 Columbus, OH 5/13/2014 167 68 167 68 Taylor, PA 6/9/2014 208 98 208 98 $ 896 $ 431 $ 910 $ 440 (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. Intangible Assets The following table summarizes the carrying value of intangible assets, liabilities and the accumulated amortization for each intangible asset and liability class as of June 30, 2015 and December 31, 2014 respectively (in thousands): June 30, 2015 (1) December 31, 2014 Lease Intangibles Accumulated Lease Intangibles Accumulated In-place leases $ 65,177 $ (19,997 ) $ 59,233 $ (17,379 ) Leasing costs 42,083 (13,038 ) 38,305 (11,411 ) Customer relationships 45,777 (13,109 ) 41,243 (11,177 ) $ 153,037 $ (46,144 ) $ 138,781 $ (39,967 ) Deferred Rent Accumulated Deferred Rent Accumulated Above market leases $ 9,548 $ (6,194 ) $ 8,314 $ (6,384 ) Below market leases 17,071 (7,793 ) 15,939 (7,345 ) $ 26,619 $ (13,987 ) $ 24,253 $ (13,729 ) Total $ 179,656 $ (60,131 ) $ 163,034 $ (53,696 ) (1) Does not include real estate held for sale as of June 30, 2015. Total amortization expense related to in-place leases, leasing costs and customer relationship lease intangible assets was $3.4 million and $6.4 million for the three and six months ended June 30, 2015, respectively, and $2.3 million and $4.7 million for the three and six months ended June 30, 2014, respectively, and is included in depreciation and amortization expense in the condensed consolidated statement of operations. Total amortization related to above-market lease values was $0.1 million and $0.2 million, for the three and six months ended June 30, 2015, respectively, and $0.1 million, for both the three and six months ended June 30, 2014. Total amortization related to below-market lease values was $0.2 million and $0.4 million for the three and six months ended June 30, 2015, respectively, and $0.2 million and $0.3 million for the three and six months ended June 30, 2014, respectively. The weighted average amortization periods in years for the intangible assets acquired and liabilities assumed during the six months ended June 30, 2015 and 2014, respectively, were as follows: Intangible Assets & Liabilities 2015 2014 In-place leases 10.9 10.7 Leasing costs 10.9 10.7 Customer relationships 15.6 15.6 Above market leases 18.9 8.2 Below market leases 12.4 11.9 All intangible assets & liabilities 12.5 12.2 |
Real Estate Held for Sale
Real Estate Held for Sale | 6 Months Ended |
Jun. 30, 2015 | |
Real Estate [Abstract] | |
Real Estate Held for Sale | 5. Real Estate Held for Sale Real Estate Held for Sale As of June 30, 2015, we classified one of our properties located in Columbus, Ohio as held for sale under the provisions of ASC 360-10, “Property, Plant, and Equipment,” which requires that the assets and liabilities of any such properties, be presented separately in our condensed consolidated balance sheet in the current period presented. We executed a purchase and sale agreement with the third party purchaser, and we anticipate the sale to close during the fourth quarter of 2015. The agreed upon purchase price, net of expected costs to sell, is in excess of the carrying value of the property as of June 30, 2015, and thus the property was measured at its carrying value in our condensed consolidated balance sheet as of June 30, 2015 in accordance with ASC 360-10. The table below summarizes the components of income from real estate and related assets held for sale (dollars in thousands): For the three months ended June 30, For the six months ended June 30, 2015 2014 2015 2014 Operating revenue $ 86 $ 77 $ 169 $ 154 Operating expense 9 20 23 43 Other expense 39 40 79 80 Income from real estate and related assets held for sale $ 38 $ 17 $ 67 $ 31 The table below summarizes the components of the assets and liabilities held for sale reflected on the accompanying condensed consolidated balance sheet (dollars in thousands): June 30, 2015 ASSETS HELD FOR SALE Real estate, at cost $ 2,795 Less: accumulated depreciation (615 ) Total real estate held for sale, net 2,180 Lease intangibles, net 17 Deferred rent receivable, net 30 Deferred financing costs, net 5 Other assets 3 TOTAL ASSETS HELD FOR SALE $ 2,235 LIABILITIES HELD FOR SALE Other liabilities 93 TOTAL LIABILITIES HELD FOR SALE $ 93 |
Mortgage Note Receivable
Mortgage Note Receivable | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Mortgage Note Receivable | 6. Mortgage Note Receivable On April 14, 2015, we closed a $0.3 million interim financing loan for the acquisition of land to be used for continuing development of a medical center campus in Phoenix, Arizona. This loan is collateralized by proceeds from the future sale of the transitional care facility for which we provided a mortgage development loan on July 25, 2014. We will earn interest of 22.0% per annum through the maturity date, with all accrued interest and principal payable upon maturity. This loan matures upon the earlier of April 2016 or the sale of the transitional care facility, which is anticipated to occur in October 2015. We have recognized approximately $0.01 million in interest revenue during the three months ended June 30, 2015. |
Mortgage Notes Payable and Line
Mortgage Notes Payable and Line of Credit | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 and December 31, 2014 are summarized below (dollars in thousands): Carrying Value at Encumbered June 30, December 31, Stated Interest (4) Scheduled Maturity Mortgage and Other Secured Loans: Fixed rate mortgage loans 73 $ 458,806 $ 450,392 (1 ) (2 ) Variable rate mortgage loans 7 27,980 8,200 (3 ) (2 ) Premiums and discounts (net) N/A 553 707 N/A N/A Total Mortgage Notes Payable 80 $ 487,339 $ 459,299 Variable rate Line of Credit 19 45,200 43,300 LIBOR + 2.75 % (3) 8/1/2017 Total Mortgage Notes Payable and Line of Credit 99 $ 532,539 $ 502,599 (1) Interest rates on our fixed rate mortgage notes payable vary from 3.75% to 6.80%. (2) We have 44 mortgage notes payable with maturity dates ranging from 9/1/2015 through 1/6/2039. (3) Interest rates on our variable rate mortgage notes payable vary from one month LIBOR + 2.15% to one month LIBOR + 2.25%. At June 30, 2015, one month LIBOR was approximately 0.19%. (4) The weighted average interest rate on all debt outstanding at June 30, 2015, was approximately 4.93%. N/A - Not Applicable Mortgage Notes Payable As of June 30, 2015, we had 44 mortgage notes payable, collateralized by a total of 80 properties with a net book value of $692.0 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 June 30, 2015 was 5.11%. During the six months ended June 30, 2015, we 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 Amortization 3/6/2015 PNC Bank, NA $ 14,573 3.86 % 4/1/2025 300 5/28/2015 FC Bank 4,466 3.75 % 6/1/2022 85 6/16/2015 Guggenheim Partners 13,000 3.99 % 7/1/2045 6/29/2015 Synovus Bank 19,780 LIBOR + 2.25 % 7/1/2018 (1) $ 51,819 (1) We refinanced maturing debt on our Duncan, South Carolina and Charlotte, North Carolina properties which had aggregate balloon principal payments of $19.1 million. We completed this refinance on June 29, 2015. We made payments of $0.4 million and $0.9 million for deferred financing costs during the three and six months ended June 30, 2015, respectively, and payments of $0.4 million and $0.8 million during the three and six months ended June 30, 2014, respectively. Scheduled principal payments of mortgage notes payable for the remainder of 2015, and each of the five succeeding fiscal years and thereafter are as follows (dollars in thousands): Year Scheduled Principal Six Months ending December 31, 2015 $ 19,282 (1) 2016 100,110 2017 68,873 2018 39,205 2019 35,603 2020 7,688 Thereafter 216,025 $ 486,786 (2) (1) This figure includes two balloon principal payments that mature in the second half of 2015. We refinanced one of these mortgages subsequent to June 30, 2015, using a combination of new mortgage debt and equity, repaying $11.3 million of principal. (2) This figure is exclusive of premiums and discounts (net) on assumed debt, which were $553,000 as of June 30, 2015. Refinancing On June 29, 2015, through a wholly-owned subsidiary, we refinanced our $19.1 million mortgage loan, originally set to mature on September 1, 2015. This note had an original interest rate of 5.3% and was collateralized by security interests in our Charlotte, North Carolina and Duncan, South Carolina properties. We borrowed $19.8 million in the refinancing pursuant to a long-term note payable from Synovus Bank. The new loan is variable rate, in which the interest rate resets monthly and is calculated as the one month London Interbank Offered Rate, or LIBOR, plus a margin of 2.25%. Subsequent to the end of the quarter, we entered into an interest rate cap agreement with Synovus Bank, which caps LIBOR at 3.0%. As of June 30, 2015, one month LIBOR was 0.19%. The new note has a maturity date of July 1, 2018, with one, two-year extension option. 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 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 condensed 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 condensed 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 June 30, 2015 and December 31, 2014, 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 June 30, As of December 31, Interest Rate Cap Notional LIBOR Cap Maturity Date Cost Fair Value Cost Fair Value November 26, 2013 $ 8,200 3.00 % Dec-16 $ 31 $ — $ 31 $ 4 Fair Value The fair value of all mortgage notes payable outstanding as of June 30, 2015 was $498.6 million, as compared to the carrying value stated above of $486.8 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 senior unsecured revolving credit facility, or the Line of Credit, which was 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 and Comerica Banks as additional lenders. 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. As of June 30, 2015, there was $45.2 million outstanding under our Line of Credit at an interest rate of approximately 2.94% and $3.9 million outstanding under letters of credit at a weighted average interest rate of 2.75%. As of August 3, 2015, the maximum additional amount we could draw was $9.2 million. We were in compliance with all covenants under the Line of Credit as of June 30, 2015. |
Mandatorily Redeemable Preferre
Mandatorily Redeemable Preferred Stock | 6 Months Ended |
Jun. 30, 2015 | |
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. 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. The fair value of our Term Preferred Stock as of June 30, 2015, was $39.3 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 June 30, 2015 of $25.52. 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 | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Ground Leases We are obligated as lessee under four ground leases. Future minimum rental payments due under the terms of these leases for the remainder of 2015 and each of the five succeeding years and thereafter, 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 Apr-21 $ 85 $ 169 $ 169 $ 169 $ 169 $ 169 $ 85 Dartmouth, MA May-36 87 174 174 174 174 174 3,126 Springfield, MA Feb-30 43 86 89 90 90 90 884 Salt Lake City, UT Nov-40 14 30 30 31 32 33 853 $ 229 $ 459 $ 462 $ 464 $ 465 $ 466 $ 4,948 Expenses recorded in connection to rental expense incurred for the properties listed above during both the three months ended June 30, 2015 and 2014 and the six months ended June 30, 2015 and 2014 were $0.1 million, and $0.2 million, respectively. Rental expenses are reflected in property operating expenses on the condensed consolidated statements of operations. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | 10. Stockholders’ Equity The following table summarizes the changes in our stockholders’ equity for the six months ended June 30, 2015 (dollars in thousands): Distributions in Total Shares Issued Additional Notes Preferred Senior Common Common Preferred Senior Common Common Balance at December 31, 2014 2,150,000 809,411 19,589,606 $ 2 $ 1 $ 20 $ 369,748 $ (375 ) $ (151,724 ) $ 217,672 Issuance of senior common stock and common stock, net — 186,441 1,554,380 — — 1 29,672 — — 29,673 Distributions declared to common, senior common and preferred stockholders — — — — — — — — (17,971 ) (17,971 ) Principal repayments of employee notes receivable — — — — — — — 375 — 375 Net income — — — — — — — — 1,125 1,125 Balance at 2,150,000 995,852 21,143,986 $ 2 $ 1 $ 21 $ 399,420 $ — $ (168,570 ) $ 230,874 Distributions Our Board of Directors declared the following distributions per share for the three and six months ended June 30, 2015 and 2014: For the three months ended June 30, For the six months ended June 30, 2015 2014 2015 2014 Common Stock $ 0.375 $ 0.375 $ 0.75 $ 0.75 Senior Common Stock 0.2625 0.2625 0.525 0.525 Series A Preferred Stock 0.4843749 0.4843749 0.9687498 0.9687498 Series B Preferred Stock 0.4688 0.4688 0.9375 0.9375 Series C Preferred Stock 0.4453 0.4453 0.8906 0.8906 ATM Program On September 2, 2014 we entered into an open market sale agreement, or the ATM Program, 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. During the six months ended June 30, 2015, we raised approximately $27.2 million in net proceeds under the ATM Program. As of June 30, 2015, under the existing program, we have sold a total of 3.4 million shares with aggregate gross proceeds of $60.1 million, and have a remaining capacity to sell up to $39.9 million of common stock under the ATM Program with Cantor Fitzgerald. Senior Common Program In March 2011, we commenced an offering of an aggregate of 3,500,000 shares of our Senior Common Stock, par value $0.001 per share, at a price to the public of $15.00 per share, of which 3,000,000 shares were intended to be offered pursuant to the primary offering and 500,000 shares were intended to be offered pursuant to our senior common distribution reinvestment plan, or the DRIP. We elected not to extend this offering, which terminated according to its terms on March 28, 2015. During the three months ended March 31, 2015, we sold 189,052 shares of our Senior Common Stock at $15.00 per share and issued 5,134 shares of our Senior Common Stock under the Dividend Reinvestment Plan, or DRIP, program. The net proceeds, after deducting the underwriting discount and commission, were $2.6 million. At the conclusion of the offering on March 28, 2015, we had sold 927,994 shares of Senior Common Stock, for gross proceeds of $13.9 million, and issued an additional 27,038 shares of Senior Common Stock under the DRIP program. Note to Employee The following table is a summary of the note issued to an employee of the Adviser for the exercise of stock options (dollars in thousands). The note, and all corresponding interest, was repaid in full on May 7, 2015: Date Issued Outstanding Balance Outstanding Balance Maturity Date Interest Rate Nov 2006 $ — $ 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 condensed consolidated balance sheets. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 11. Subsequent Events On July 1, 2015, through a wholly-owned subsidiary, we repaid our $11.3 million mortgage on our Canton, Dayton, and Akron, Ohio properties. The mortgage was originally set to mature on September 1, 2015. We borrowed $1.7 million pursuant to a long-term note payable from Synovus bank to refinance a portion of this debt. The new loan is variable rate and we entered into an interest rate cap with Synovus Bank to hedge against the variability of the LIBOR rate, at a cost of approximately $0.07 million through July 1, 2018. We will receive payments from Synovus Bank if the one month LIBOR rate increases above 3.0%. On July 13, 2015 we executed a lease with a new tenant in our Raleigh, North Carolina property to occupy 86,886 square feet, 75.0% of the total square footage. The current tenant will retain 18.0% of the space and the building will be approximately 93.0% occupied. The lease will commence on August 1, 2015 and will expire on December 31, 2027. The new lease provides for prescribed rent escalations over its life, with annualized straight line rents of approximately $0.5 million. The lease grants the tenant two extension options for an additional five years each. In connection with the execution of the lease, we will pay $0.8 million in tenant improvements, and anticipate paying $0.4 million in leasing commissions. On July 14, 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 July 24, 2015 August 4, 2015 $ 0.125 $ 0.1614583 $ 0.15625 $ 0.1484375 August 20, 2015 August 31, 2015 0.125 0.1614583 0.15625 0.1484375 September 21, 2015 September 30, 2015 0.125 0.1614583 0.15625 0.1484375 Total $ 0.375 $ 0.4843749 $ 0.46875 $ 0.4453125 Senior Common Stock Distributions Payable to the Holders of Record During the Month of: Payment Date Distribution per Share July August 7, 2015 $ 0.0875 August September 8, 2015 0.0875 September October 7, 2015 0.0875 Total $ 0.2625 On July 15, 2015 we acquired a 78,151 square foot single-tenant, office building located in Atlanta, Georgia for $13.0 million, excluding related acquisition expenses of $0.1 million. We funded this acquisition with existing cash on hand and the issuance of $7.5 million of mortgage debt on the property. The tenant leased 54,836 square feet of the property for 7 years, and the remaining 23,315 square feet for 15 years. The tenant has 2 options to renew both leases for an additional 5 years each. The lease provides for prescribed rent escalations over its life with annualized straight line rents of $1.3 million. The average cap rate on this acquisition is 9.9%. On July 24, 2015, we entered into the Amended Advisory Agreement, which revised the calculation of the annual base management and annual incentive fee and also added a capital gains fee and a termination fee, effective July 1, 2015. Please refer to footnote 2 for a detailed explanation of these changes. |
Organization, Basis of Presen17
Organization, Basis of Presentation and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Interim Financial Information | Interim Financial Information Our interim financial statements are prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and pursuant to the requirements for reporting on Form 10-Q and in accordance with Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with GAAP are omitted. The year-end balance sheet data presented herein was derived from audited financial statements, but does not include all disclosures required by GAAP. In the opinion of our management, all adjustments, consisting solely of normal recurring accruals, necessary for the fair presentation of financial statements for the interim period, have been included. The interim financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the U.S. Securities and Exchange Commission on February 18, 2015. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for other interim periods or for the full fiscal year. |
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. |
Critical Accounting Policies | Critical Accounting Policies The preparation of our financial statements in accordance with Generally Accepted Accounting Principles in the U.S., or GAAP, requires management to make judgments that are subjective in nature to make certain estimates and assumptions. Application of these accounting policies involves the exercise of judgment regarding the use of assumptions as to future uncertainties, and as a result, actual results could differ materially from these estimates. A summary of all of our significant accounting policies is provided in Note 1 to our condensed consolidated financial statements included in our 2014 Form 10-K. There were no material changes to our critical accounting policies during the six months ended June 30, 2015. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2015, the FASB issued ASU 2015-02, “Amendments to the Consolidation Analysis” (“ASU-2015-02”), which amends or supersedes the scope and consolidation guidance under existing GAAP. The new standard changes the way a reporting entity evaluates whether a) limited partnerships and similar entities should be consolidated, b) fees paid to decision makers or service provides are variable interests in a variable interest entity, or VIE, and c) variable interests in a VIE held by related parties require the reporting entity to consolidate the VIE. ASU 2015-02 also eliminates the VIE consolidation model based on majority exposure to variability that applied to certain investment companies and similar entities. We are currently assessing the impact of ASU 2015-02, which is effective for annual and interim reporting periods beginning after December 15, 2015. Early adoption is permitted. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs” (“ASU-2015-03”), which simplifies the presentation of debt issuance costs. We are currently assessing the impact of ASU 2015-03 and do not anticipate a material impact on our financial position, results of operations or cash flows from adopting this standard. ASU 2015-03 is effective for annual and interim reporting periods beginning after December 15, 2015. Early adoption is permitted. |
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 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 condensed 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 condensed 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 June 30, 2015 and December 31, 2014, 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 June 30, As of December 31, Interest Rate Cap Notional LIBOR Cap Maturity Date Cost Fair Value Cost Fair Value November 26, 2013 $ 8,200 3.00 % Dec-16 $ 31 $ — $ 31 $ 4 |
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 condensed consolidated balance sheets. |
(Loss) Earnings per Share of 18
(Loss) Earnings per Share of Common Stock (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Basic and Diluted (Loss) Earnings Per Share of Common Stock | The following tables set forth the computation of basic and diluted (loss) earnings per share of common stock for each of the three and six months ended June 30, 2015 and 2014, respectively. We computed basic (loss) earnings per share for the three and six months ended June 30, 2015 and 2014, respectively, using the weighted average number of shares outstanding during the periods. Diluted (loss) earnings per share for the three and six months ended June 30, 2015 and 2014, 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 three months ended June 30, For the six months ended June 30, 2015 2014 2015 2014 Calculation of basic (loss) earnings per share of common stock: Net (loss) earnings (attributable) available to common stockholders $ (853 ) $ 86 $ (1,407 ) $ (14,554 ) Denominator for basic weighted average shares of common stock 20,833,787 16,547,793 20,524,101 16,149,467 Basic (loss) earnings per share of common stock $ (0.04 ) $ 0.01 $ (0.07 ) $ (0.90 ) Calculation of diluted (loss) earnings per share of common stock: Net (loss) earnings (attributable) available to common stockholders $ (853 ) $ 86 $ (1,407 ) $ (14,554 ) Add: Income impact of assumed conversion of senior common stock (1) — 110 — — Net (loss) earnings (attributable) available to common stockholders plus assumed conversions $ (853 ) $ 196 $ (1,407 ) $ (14,554 ) Denominator for basic weighted average shares of common stock 20,833,787 16,547,793 20,524,101 16,149,467 Effect of convertible senior common stock (1) — 347,180 — — Denominator for diluted weighted average shares of common stock 20,833,787 16,894,973 20,524,101 16,149,467 Diluted (loss) earnings per share of common stock $ (0.04 ) $ 0.01 $ (0.07 ) $ (0.90 ) (1) We excluded convertible senior common shares of 830,600 and 775,002 from the calculation of diluted earnings per share for the three and six months ended June 30, 2015, respectively, because it was anti-dilutive. We also excluded 332,608 convertible senior common shares from the calculation of diluted earnings per share for the six months ended June 30, 2014, because it was anti-dilutive. |
Real Estate and Intangible As19
Real Estate and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Components of Investments in Real Estate | The following table sets forth the components of our investments in real estate as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 (1) December 31, 2014 Real estate: Land $ 95,948 $ 88,394 Building and improvements 620,924 593,155 Tenant improvements 46,959 41,016 Accumulated depreciation (102,243 ) (92,133 ) Real estate, net $ 661,588 $ 630,432 (1) Does not include real estate held for sale as of June 30, 2015. |
Summary of Properties Acquired | 2015 Real Estate Activity During the six months ended June 30, 2015, we acquired four properties, which are summarized below (dollars in thousands): Location Acquisition Date Square Footage Lease Renewal Options Total Purchase Acquisition Annualized Debt Issued Richardson, TX (1) 3/6/2015 155,984 9.5 Years 2 (5 years each) $ 24,700 $ 104 $ 2,708 $ 14,573 Birmingham, AL 3/20/2015 30,850 8.5 Years 1 (5 years) 3,648 71 333 N/A Columbus, OH 5/28/2015 78,033 15.0 Years 2 (5 years each) 7,700 72 637 4,466 Salt Lake City, UT (1) 5/29/2015 86,409 6.5 Years 1 (5 years) 22,200 144 2,411 13,000 Total 351,276 $ 58,248 $ 391 $ 6,089 $ 32,039 (1) The tenant occupying this property is subject to a gross lease. 2014 Real Estate Activity During the six months ended June 30, 2014, we acquired six properties, which are summarized in the table below (dollars in thousands): Location Acquisition Date Square Footage Lease Renewal Options Total Purchase Acquisition Annualized GAAP Debt Issued & Allen, TX 3/27/2014 21,154 12 Years 4 (5 years each) $ 5,525 $ 29 $ 570 $ 3,481 Colleyville, TX 3/27/2014 20,355 12 Years 4 (5 years each) 4,523 29 467 2,849 Rancho Cordova, CA 4/22/2014 61,358 10 Years 1 (5 year) 8,225 65 902 4,935 Coppell, TX 5/8/2014 21,171 12 Years 4 (5 years each) 5,838 22 601 3,816 Columbus, OH 5/13/2014 114,786 9.5 Years N/A 11,800 65 1,278 N/A Taylor, PA 6/9/2014 955,935 10 Years 4 (5 years each) 39,000 714 3,400 22,600 Total 1,194,759 $ 74,911 $ 924 $ 7,218 $ 37,681 |
Fair Value of Acquired Assets | In accordance with Accounting Standards Codification, or ASC, 805, “Business Combinations,” we determined the fair value of the acquired assets related to the four properties acquired during the six months ended June 30, 2015, as follows (dollars in thousands): Land Building Tenant In-place Leasing Costs Customer Above Market Below Market Total Purchase Richardson, TX $ 2,709 $ 12,503 $ 2,761 $ 2,046 $ 1,791 $ 1,915 $ 975 $ — $ 24,700 Birmingham, AL 650 1,683 351 458 146 360 — — 3,648 Columbus, OH 1,338 3,511 1,547 1,144 672 567 — (1,079 ) 7,700 Salt Lake City, UT 3,248 11,861 1,268 2,396 981 1,678 821 (53 ) 22,200 $ 7,945 $ 29,558 $ 5,927 $ 6,044 $ 3,590 $ 4,520 $ 1,796 $ (1,132 ) $ 58,248 In accordance with ASC 805, we determined the fair value of the acquired assets related to the six properties acquired during the six months ended June 30, 2014 as follows (in thousands): Land Building Tenant In-place Leasing Costs Customer Above Market Below Market Premium on Total Purchase 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 $ 8,443 $ 45,464 $ 3,541 $ 9,187 $ 3,503 $ 4,767 $ 261 $ (6 ) $ (249 ) $ 74,911 |
Schedule of Revenue and Earnings Recognized on Properties Acquired | Below is a summary of the total revenue and earnings recognized on the four properties acquired during the six months ended June 30, 2015 (dollars in thousands): For the three months ended June 30, For the six months ended June 30, 2015 2015 Location Acquisition Rental Revenue Earnings (1) Rental Revenue Earnings (1) Richardson, TX 3/6/2015 $ 657 $ 90 $ 839 $ 328 Birmingham, AL 3/20/2015 83 (22 ) 94 106 Columbus, OH 5/28/2015 67 149 67 149 Salt Lake City, UT 5/29/2015 207 278 207 278 $ 1,014 $ 495 $ 1,207 $ 861 (1) Earnings is calculated as net income exclusive of both interest expense and acquisition related costs that are required to be expensed under ASC 805. Below is a summary of the total revenue and earnings recognized on the six properties acquired during the three and six months ended June 30, 2014 (dollars in thousands): For the three months ended June 30, For the six months ended June 30, Acquisition 2014 2014 Location Rental Revenue Earnings (1) Rental Revenue Earnings (1) Allen, TX 3/27/2014 $ 142 $ 81 $ 150 $ 86 Colleyville, TX 3/27/2014 117 67 123 71 Rancho Cordova, CA 4/22/2014 173 65 173 65 Coppell, TX 5/8/2014 89 52 89 52 Columbus, OH 5/13/2014 167 68 167 68 Taylor, PA 6/9/2014 208 98 208 98 $ 896 $ 431 $ 910 $ 440 (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 three and six months ended June 30, 2015 and the twelve months ended December 31, 2014, respectively were acquired as of January 1, 2014. The pro-forma earnings for the three and six months ended June 30, 2015 and 2014 were adjusted to assume that acquisition-related costs were incurred as of the previous period (dollars in thousands, except per share amounts): For the three months ended June 30, For the six months ended June 30, (unaudited) 2015 2014 2015 2014 Operating Data: Total operating revenue $ 21,122 $ 21,938 $ 42,114 $ 43,395 Total operating expenses (12,697 ) (13,033 ) (25,113 ) (25,851 ) Other expenses (7,775 ) (6,860 ) (15,495 ) (28,907 ) (1) Net income (loss) 650 2,045 1,506 (11,363 ) Dividends attributable to preferred and senior common stock (1,284 ) (1,133 ) (2,532 ) (2,257 ) Net loss attributable to common stockholders $ (634 ) $ 912 $ (1,026 ) $ (13,620 ) Share and Per Share Data: Basic (loss) earnings per share of common stock - pro forma $ (0.03 ) $ 0.06 $ (0.05 ) $ (0.84 ) Diluted (loss) earnings per share of common stock - pro forma $ (0.03 ) $ 0.05 $ (0.05 ) $ (0.84 ) Basic (loss) earnings per share of common stock - actual $ (0.04 ) $ 0.01 $ (0.07 ) $ (0.90 ) Diluted (loss) earnings per share of common stock - actual $ (0.04 ) $ 0.01 $ (0.07 ) $ (0.90 ) Weighted average shares outstanding-basic 20,833,787 16,547,793 20,524,101 16,149,467 Weighted average shares outstanding-diluted 20,833,787 16,894,973 20,524,101 16,149,467 (1) $14.0 million of other expenses relates to the impairment charge recorded in operating expenses during the six months ended June 30, 2014. |
Carrying Value of Intangible Assets, Liabilities and Accumulated Amortization | The following table summarizes the carrying value of intangible assets, liabilities and the accumulated amortization for each intangible asset and liability class as of June 30, 2015 and December 31, 2014 respectively (in thousands): June 30, 2015 (1) December 31, 2014 Lease Intangibles Accumulated Lease Intangibles Accumulated In-place leases $ 65,177 $ (19,997 ) $ 59,233 $ (17,379 ) Leasing costs 42,083 (13,038 ) 38,305 (11,411 ) Customer relationships 45,777 (13,109 ) 41,243 (11,177 ) $ 153,037 $ (46,144 ) $ 138,781 $ (39,967 ) Deferred Rent Accumulated Deferred Rent Accumulated Above market leases $ 9,548 $ (6,194 ) $ 8,314 $ (6,384 ) Below market leases 17,071 (7,793 ) 15,939 (7,345 ) $ 26,619 $ (13,987 ) $ 24,253 $ (13,729 ) Total $ 179,656 $ (60,131 ) $ 163,034 $ (53,696 ) (1) Does not include real estate held for sale as of June 30, 2015. |
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 six months ended June 30, 2015 and 2014, respectively, were as follows: Intangible Assets & Liabilities 2015 2014 In-place leases 10.9 10.7 Leasing costs 10.9 10.7 Customer relationships 15.6 15.6 Above market leases 18.9 8.2 Below market leases 12.4 11.9 All intangible assets & liabilities 12.5 12.2 |
Real Estate Held for Sale (Tabl
Real Estate Held for Sale (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Real Estate [Abstract] | |
Components of Income from Real Estate and Related Assets Held for Sale | The table below summarizes the components of income from real estate and related assets held for sale (dollars in thousands): For the three months ended June 30, For the six months ended June 30, 2015 2014 2015 2014 Operating revenue $ 86 $ 77 $ 169 $ 154 Operating expense 9 20 23 43 Other expense 39 40 79 80 Income from real estate and related assets held for sale $ 38 $ 17 $ 67 $ 31 |
Components of Assets and Liabilities Held for Sale | The table below summarizes the components of the assets and liabilities held for sale reflected on the accompanying condensed consolidated balance sheet (dollars in thousands): June 30, 2015 ASSETS HELD FOR SALE Real estate, at cost $ 2,795 Less: accumulated depreciation (615 ) Total real estate held for sale, net 2,180 Lease intangibles, net 17 Deferred rent receivable, net 30 Deferred financing costs, net 5 Other assets 3 TOTAL ASSETS HELD FOR SALE $ 2,235 LIABILITIES HELD FOR SALE Other liabilities 93 TOTAL LIABILITIES HELD FOR SALE $ 93 |
Mortgage Notes Payable and Li21
Mortgage Notes Payable and Line of Credit (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Company's Mortgage Notes Payable and Line of Credit | Our mortgage notes payable and line of credit as of June 30, 2015 and December 31, 2014 are summarized below (dollars in thousands): Carrying Value at Encumbered June 30, December 31, Stated Interest (4) Scheduled Maturity Mortgage and Other Secured Loans: Fixed rate mortgage loans 73 $ 458,806 $ 450,392 (1 ) (2 ) Variable rate mortgage loans 7 27,980 8,200 (3 ) (2 ) Premiums and discounts (net) N/A 553 707 N/A N/A Total Mortgage Notes Payable 80 $ 487,339 $ 459,299 Variable rate Line of Credit 19 45,200 43,300 LIBOR + 2.75 % (3) 8/1/2017 Total Mortgage Notes Payable and Line of Credit 99 $ 532,539 $ 502,599 (1) Interest rates on our fixed rate mortgage notes payable vary from 3.75% to 6.80%. (2) We have 44 mortgage notes payable with maturity dates ranging from 9/1/2015 through 1/6/2039. (3) Interest rates on our variable rate mortgage notes payable vary from one month LIBOR + 2.15% to one month LIBOR + 2.25%. At June 30, 2015, one month LIBOR was approximately 0.19%. (4) The weighted average interest rate on all debt outstanding at June 30, 2015, was approximately 4.93%. |
Summary of Long-Term Mortgages | During the six months ended June 30, 2015, we 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 Amortization 3/6/2015 PNC Bank, NA $ 14,573 3.86 % 4/1/2025 300 5/28/2015 FC Bank 4,466 3.75 % 6/1/2022 85 6/16/2015 Guggenheim Partners 13,000 3.99 % 7/1/2045 6/29/2015 Synovus Bank 19,780 LIBOR + 2.25 % 7/1/2018 (1) $ 51,819 (1) We refinanced maturing debt on our Duncan, South Carolina and Charlotte, North Carolina properties which had aggregate balloon principal payments of $19.1 million. We completed this refinance on June 29, 2015. |
Schedule of Principal Payments of Mortgage Notes Payable | Scheduled principal payments of mortgage notes payable for the remainder of 2015, and each of the five succeeding fiscal years and thereafter are as follows (dollars in thousands): Year Scheduled Principal Six Months ending December 31, 2015 $ 19,282 (1) 2016 100,110 2017 68,873 2018 39,205 2019 35,603 2020 7,688 Thereafter 216,025 $ 486,786 (2) (1) This figure includes two balloon principal payments that mature in the second half of 2015. We refinanced one of these mortgages subsequent to June 30, 2015, using a combination of new mortgage debt and equity, repaying $11.3 million of principal. (2) This figure is exclusive of premiums and discounts (net) on assumed debt, which were $553,000 as of June 30, 2015. |
Summary of Interest Rate Cap Agreement | The following table summarizes the key terms of each interest rate cap agreement (dollars in thousands): As of June 30, As of December 31, Interest Rate Cap Notional LIBOR Cap Maturity Date Cost Fair Value Cost Fair Value November 26, 2013 $ 8,200 3.00 % Dec-16 $ 31 $ — $ 31 $ 4 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Rental Payments Due under Terms of Leases | We are obligated as lessee under four ground leases. Future minimum rental payments due under the terms of these leases for the remainder of 2015 and each of the five succeeding years and thereafter, 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 Apr-21 $ 85 $ 169 $ 169 $ 169 $ 169 $ 169 $ 85 Dartmouth, MA May-36 87 174 174 174 174 174 3,126 Springfield, MA Feb-30 43 86 89 90 90 90 884 Salt Lake City, UT Nov-40 14 30 30 31 32 33 853 $ 229 $ 459 $ 462 $ 464 $ 465 $ 466 $ 4,948 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Summary of Changes in Stockholders' Equity | The following table summarizes the changes in our stockholders’ equity for the six months ended June 30, 2015 (dollars in thousands): Distributions in Total Shares Issued Additional Notes Preferred Senior Common Common Preferred Senior Common Common Balance at December 31, 2014 2,150,000 809,411 19,589,606 $ 2 $ 1 $ 20 $ 369,748 $ (375 ) $ (151,724 ) $ 217,672 Issuance of senior common stock and common stock, net — 186,441 1,554,380 — — 1 29,672 — — 29,673 Distributions declared to common, senior common and preferred stockholders — — — — — — — — (17,971 ) (17,971 ) Principal repayments of employee notes receivable — — — — — — — 375 — 375 Net income — — — — — — — — 1,125 1,125 Balance at 2,150,000 995,852 21,143,986 $ 2 $ 1 $ 21 $ 399,420 $ — $ (168,570 ) $ 230,874 |
Dividends Declared | Our Board of Directors declared the following distributions per share for the three and six months ended June 30, 2015 and 2014: For the three months ended June 30, For the six months ended June 30, 2015 2014 2015 2014 Common Stock $ 0.375 $ 0.375 $ 0.75 $ 0.75 Senior Common Stock 0.2625 0.2625 0.525 0.525 Series A Preferred Stock 0.4843749 0.4843749 0.9687498 0.9687498 Series B Preferred Stock 0.4688 0.4688 0.9375 0.9375 Series C Preferred Stock 0.4453 0.4453 0.8906 0.8906 |
Summary of Note Issued to Employee for Exercise of Stock Options | The following table is a summary of the note issued to an employee of the Adviser for the exercise of stock options (dollars in thousands). The note, and all corresponding interest, was repaid in full on May 7, 2015: Date Issued Outstanding Balance Outstanding Balance Maturity Date Interest Rate Nov 2006 $ — $ 375 Nov 2015 8.15 % |
Subsequent Events (Tables)
Subsequent Events (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Monthly Distributions Declared by Company's Board of Directors | On July 14, 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 July 24, 2015 August 4, 2015 $ 0.125 $ 0.1614583 $ 0.15625 $ 0.1484375 August 20, 2015 August 31, 2015 0.125 0.1614583 0.15625 0.1484375 September 21, 2015 September 30, 2015 0.125 0.1614583 0.15625 0.1484375 Total $ 0.375 $ 0.4843749 $ 0.46875 $ 0.4453125 Senior Common Stock Distributions Payable to the Holders of Record During the Month of: Payment Date Distribution per Share July August 7, 2015 $ 0.0875 August September 8, 2015 0.0875 September October 7, 2015 0.0875 Total $ 0.2625 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 01, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||||||||
Due to Adviser and Administrator | [1] | $ 1,683 | $ 1,683 | $ 916 | ||||
Annual base management fee, in percentage of stockholders' equity, in excess of recorded value of preferred stock | 2.00% | |||||||
Base management fee | [1] | 866 | $ 666 | $ 1,717 | $ 1,291 | |||
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 | 2.1875% | |||||||
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 | 2.1875% | |||||||
Incentive fee | [1] | 1,760 | 1,527 | $ 3,433 | 2,767 | |||
Credits related to unconditional and irrevocable voluntary waivers issued by the Adviser | [1] | 1,316 | 957 | 2,500 | 2,162 | |||
Related-party transactions incentive fee, net | 500 | 500 | $ 900 | 600 | ||||
Incentive fee description | However, in no event shall the incentive fee for a particular quarter exceed by 15.0% (the cap) the average quarterly incentive fee paid by us for the previous four quarters (excluding quarters for which no incentive fee was paid). | |||||||
Capital gains incentive fee description | At the end of the fiscal year, if this number is positive, then the capital gain fee payable for such time period shall equal 15.0% of such amount. | |||||||
Administration fee | [1] | 366 | 485 | $ 728 | 977 | |||
Agreement termination date | Aug. 31, 2016 | |||||||
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% | |||||||
Fees paid | 100 | 100 | $ 200 | 100 | ||||
Total secured mortgages subject to financing fee | $ 40,500 | 27,500 | $ 40,500 | $ 27,500 | $ 55,100 | |||
Financing fee on secured mortgages percentage | 0.30% | 0.30% | 0.30% | |||||
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% | |||||||
Subsequent Event [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Annual base management fee, in percentage of stockholders' equity, adjusted to unrealized gains or losses | 1.50% | |||||||
Quarterly base management fee, in percentage of stockholders' equity, adjusted to unrealized gains or losses | 0.375% | |||||||
Pre-incentive quarterly fee FFO in percentage of common stockholders' equity that will reward the Adviser | 2.00% | |||||||
Pre-incentive annual fee FFO in percentage of common stockholders' equity that will reward the Adviser | 8.00% | |||||||
Amount to be paid to Adviser in percentage of pre-incentive fee condition one | 15.00% | |||||||
Capital gains-based incentive fee percentage | 15.00% | |||||||
Notice period for termination of agreement without cause | 120 days | |||||||
Notice period for termination of agreement with cause | 30 days | |||||||
Dealer Manager [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Agreement termination date | Mar. 28, 2015 | |||||||
Wrote-off of deferred offering costs | $ 100 | |||||||
Payments made to the Dealer Manager pursuant to Dealer Manager Agreement | $ 300 | $ 100 | $ 100 | |||||
[1] | Refer to Note 2 "Related-Party Transactions" |
(Loss) Earnings per Share of 26
(Loss) Earnings per Share of Common Stock - Basic and Diluted (Loss) Earnings Per Share of Common Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Calculation of basic (loss) earnings per share of common stock: | ||||
Net (loss) earnings (attributable) available to common stockholders | $ (853) | $ 86 | $ (1,407) | $ (14,554) |
Denominator for basic weighted average shares of common stock | 20,833,787 | 16,547,793 | 20,524,101 | 16,149,467 |
Basic (loss) earnings per share of common stock | $ (0.04) | $ 0.01 | $ (0.07) | $ (0.90) |
Calculation of diluted (loss) earnings per share of common stock: | ||||
Net (loss) earnings (attributable) available to common stockholders | $ (853) | $ 86 | $ (1,407) | $ (14,554) |
Add: Income impact of assumed conversion of senior common stock | 110 | |||
Net (loss) earnings (attributable) available to common stockholders plus assumed conversions | $ (853) | $ 196 | $ (1,407) | $ (14,554) |
Denominator for basic weighted average shares of common stock | 20,833,787 | 16,547,793 | 20,524,101 | 16,149,467 |
Effect of convertible senior common stock | 347,180 | |||
Denominator for diluted weighted average shares of common stock | 20,833,787 | 16,894,973 | 20,524,101 | 16,149,467 |
Diluted (loss) earnings per share of common stock | $ (0.04) | $ 0.01 | $ (0.07) | $ (0.90) |
(Loss) Earnings per Share of 27
(Loss) Earnings per Share of Common Stock - Basic and Diluted (Loss) Earnings Per Share of Common Stock (Parenthetical) (Detail) - shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | |||
Anti-dilutive convertible senior common shares excluded from calculation of diluted earnings per share | 830,600 | 775,002 | 332,608 |
Real Estate and Intangible As28
Real Estate and Intangible Assets - Components of Investments in Real Estate (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Real estate: | ||
Land | $ 95,948 | $ 88,394 |
Building and improvements | 620,924 | 593,155 |
Tenant improvements | 46,959 | 41,016 |
Accumulated depreciation | (102,243) | (92,133) |
Total real estate, net | $ 661,588 | $ 630,432 |
Real Estate and Intangible As29
Real Estate and Intangible Assets - Additional Information (Detail) $ in Thousands | Apr. 29, 2015USD ($) | Apr. 28, 2015USD ($) | Jun. 30, 2015USD ($)Property | Jun. 30, 2014USD ($)Property | Jun. 30, 2015USD ($)Property | Jun. 30, 2014USD ($)Property | Dec. 31, 2014USD ($) |
Real Estate Properties [Line Items] | |||||||
Number of properties acquired | Property | 4 | 6 | 4 | 6 | |||
Tenant improvements | $ 46,959 | $ 46,959 | $ 41,016 | ||||
Total amortization expense related to lease intangible assets | 3,400 | $ 2,300 | 6,400 | $ 4,700 | |||
Amortization related to below-market lease | 200 | 200 | 400 | 300 | |||
Building And Tenant Improvements [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Real estate depreciation expense | 5,500 | 4,600 | 10,700 | 9,000 | |||
Above Market Leases [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Amortization related to above-market lease | $ 100 | $ 100 | $ 200 | $ 100 | |||
Austin, Texas [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Early termination penalty | $ 1,100 | ||||||
Effective termination date | Dec. 31, 2017 | ||||||
Lease termination description | Termination option, which allows the tenant to terminate its lease effective December 31, 2017, upon paying a termination penalty of approximately $1.1 million on or before March 31, 2017. The lease is scheduled to otherwise terminate in June 2022. As a result of the modification, the tenant forfeited its right to $0.5 million in tenant improvement allowance, provided in an earlier amendment. All other terms and conditions of the lease remain in full force and effect. | ||||||
Forfeiture of tenant improvement allowance | $ 500 | ||||||
Extended lease expiration | 2022-06 | ||||||
Columbus, OH [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Percentage of property occupied by tenant | 92.00% | ||||||
Effective termination date | 2023-12 | ||||||
Tenant improvements | $ 100 |
Real Estate and Intangible As30
Real Estate and Intangible Assets - Summary of Properties Acquired (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015USD ($)ft²Option | Jun. 30, 2014USD ($)ft²Option | |
Business Acquisition [Line Items] | ||
Square Footage (unaudited) | ft² | 351,276 | 1,194,759 |
Total Purchase Price | $ 58,248 | $ 74,911 |
Acquisition Expenses | 391 | 924 |
Annualized GAAP Rent | 6,089 | 7,218 |
Debt Issued & Assumed | $ 32,039 | $ 37,681 |
Richardson, TX [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Date | Mar. 6, 2015 | |
Square Footage (unaudited) | ft² | 155,984 | |
Lease Term | 9 years 6 months | |
Renewal Options | Option | 2 | |
Renewal Options Period | 5 years | |
Total Purchase Price | $ 24,700 | |
Acquisition Expenses | 104 | |
Annualized GAAP Rent | 2,708 | |
Debt Issued & Assumed | $ 14,573 | |
Birmingham, AL [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Date | Mar. 20, 2015 | |
Square Footage (unaudited) | ft² | 30,850 | |
Lease Term | 8 years 6 months | |
Renewal Options | Option | 1 | |
Renewal Options Period | 5 years | |
Total Purchase Price | $ 3,648 | |
Acquisition Expenses | 71 | |
Annualized GAAP Rent | $ 333 | |
Allen, TX [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Date | Mar. 27, 2014 | |
Square Footage (unaudited) | ft² | 21,154 | |
Lease Term | 12 years | |
Renewal Options | Option | 4 | |
Renewal Options Period | 5 years | |
Total Purchase Price | $ 5,525 | |
Acquisition Expenses | 29 | |
Annualized GAAP Rent | 570 | |
Debt Issued & Assumed | $ 3,481 | |
Colleyville, TX [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Date | Mar. 27, 2014 | |
Square Footage (unaudited) | ft² | 20,355 | |
Lease Term | 12 years | |
Renewal Options | Option | 4 | |
Renewal Options Period | 5 years | |
Total Purchase Price | $ 4,523 | |
Acquisition Expenses | 29 | |
Annualized GAAP Rent | 467 | |
Debt Issued & Assumed | $ 2,849 | |
Rancho Cordova, CA [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Date | Apr. 22, 2014 | |
Square Footage (unaudited) | ft² | 61,358 | |
Lease Term | 10 years | |
Renewal Options | Option | 1 | |
Renewal Options Period | 5 years | |
Total Purchase Price | $ 8,225 | |
Acquisition Expenses | 65 | |
Annualized GAAP Rent | 902 | |
Debt Issued & Assumed | $ 4,935 | |
Coppell, TX [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Date | May 8, 2014 | |
Square Footage (unaudited) | ft² | 21,171 | |
Lease Term | 12 years | |
Renewal Options | Option | 4 | |
Renewal Options Period | 5 years | |
Total Purchase Price | $ 5,838 | |
Acquisition Expenses | 22 | |
Annualized GAAP Rent | 601 | |
Debt Issued & Assumed | $ 3,816 | |
Columbus, OH [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Date | May 28, 2015 | May 13, 2014 |
Square Footage (unaudited) | ft² | 78,033 | 114,786 |
Lease Term | 15 years | 9 years 6 months |
Renewal Options | Option | 2 | |
Renewal Options Period | 5 years | |
Total Purchase Price | $ 7,700 | $ 11,800 |
Acquisition Expenses | 72 | 65 |
Annualized GAAP Rent | 637 | $ 1,278 |
Debt Issued & Assumed | $ 4,466 | |
Taylor, PA [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Date | Jun. 9, 2014 | |
Square Footage (unaudited) | ft² | 955,935 | |
Lease Term | 10 years | |
Renewal Options | Option | 4 | |
Renewal Options Period | 5 years | |
Total Purchase Price | $ 39,000 | |
Acquisition Expenses | 714 | |
Annualized GAAP Rent | 3,400 | |
Debt Issued & Assumed | $ 22,600 | |
Salt Lake City, UT [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Date | May 29, 2015 | |
Square Footage (unaudited) | ft² | 86,409 | |
Lease Term | 6 years 6 months | |
Renewal Options | Option | 1 | |
Renewal Options Period | 5 years | |
Total Purchase Price | $ 22,200 | |
Acquisition Expenses | 144 | |
Annualized GAAP Rent | 2,411 | |
Debt Issued & Assumed | $ 13,000 |
Real Estate and Intangible As31
Real Estate and Intangible Assets - Fair Value of Acquired Assets (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Business Acquisition [Line Items] | ||
Total Purchase Price | $ 58,248 | $ 74,911 |
Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 4,520 | 4,767 |
Above Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 1,796 | 261 |
Below Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | (1,132) | (6) |
Premium on Assumed Debt [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | (249) | |
Richardson, TX [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 24,700 | |
Richardson, TX [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 1,915 | |
Richardson, TX [Member] | Above Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 975 | |
Birmingham, AL [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 3,648 | |
Birmingham, AL [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 360 | |
Allen, TX [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 5,525 | |
Allen, TX [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 218 | |
Allen, TX [Member] | Premium on Assumed Debt [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | (72) | |
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] | Premium 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] | Premium 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 | 7,700 | 11,800 |
Columbus, OH [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 567 | 990 |
Columbus, OH [Member] | Above Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 261 | |
Columbus, OH [Member] | Below Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | (1,079) | |
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 | |
Salt Lake City, UT [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 22,200 | |
Salt Lake City, UT [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 1,678 | |
Salt Lake City, UT [Member] | Above Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 821 | |
Salt Lake City, UT [Member] | Below Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | (53) | |
Land [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 7,945 | 8,443 |
Land [Member] | Richardson, TX [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 2,709 | |
Land [Member] | Birmingham, AL [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 650 | |
Land [Member] | Allen, TX [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 874 | |
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 | 1,338 | 990 |
Land [Member] | Taylor, PA [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 3,102 | |
Land [Member] | Salt Lake City, UT [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 3,248 | |
Building [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 29,558 | 45,464 |
Building [Member] | Richardson, TX [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 12,503 | |
Building [Member] | Birmingham, AL [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 1,683 | |
Building [Member] | Allen, TX [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 3,509 | |
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 | 3,511 | 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] | Salt Lake City, UT [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 11,861 | |
Tenant Improvements [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 5,927 | 3,541 |
Tenant Improvements [Member] | Richardson, TX [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 2,761 | |
Tenant Improvements [Member] | Birmingham, AL [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 351 | |
Tenant Improvements [Member] | Allen, TX [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 125 | |
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 | 1,547 | 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] | Salt Lake City, UT [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 1,268 | |
In-Place Leases [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 6,044 | 9,187 |
In-Place Leases [Member] | Richardson, TX [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 2,046 | |
In-Place Leases [Member] | Birmingham, AL [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 458 | |
In-Place Leases [Member] | Allen, TX [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 598 | |
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 | 1,144 | 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] | Salt Lake City, UT [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 2,396 | |
Leasing Costs [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 3,590 | 3,503 |
Leasing Costs [Member] | Richardson, TX [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 1,791 | |
Leasing Costs [Member] | Birmingham, AL [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 146 | |
Leasing Costs [Member] | Allen, TX [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 273 | |
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 | 672 | 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] | Salt Lake City, UT [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | $ 981 |
Real Estate and Intangible As32
Real Estate and Intangible Assets - Schedule of Revenue and Earnings Recognized on Properties Acquired (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Business Acquisition [Line Items] | ||||
Rental Revenue | $ 1,014 | $ 896 | $ 1,207 | $ 910 |
Earnings | 495 | 431 | $ 861 | $ 440 |
Richardson, TX [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | Mar. 6, 2015 | |||
Rental Revenue | 657 | $ 839 | ||
Earnings | 90 | $ 328 | ||
Birmingham, AL [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | Mar. 20, 2015 | |||
Rental Revenue | 83 | $ 94 | ||
Earnings | (22) | $ 106 | ||
Allen, TX [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | Mar. 27, 2014 | |||
Rental Revenue | 142 | $ 150 | ||
Earnings | 81 | $ 86 | ||
Colleyville, TX [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | Mar. 27, 2014 | |||
Rental Revenue | 117 | $ 123 | ||
Earnings | 67 | $ 71 | ||
Rancho Cordova, CA [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | Apr. 22, 2014 | |||
Rental Revenue | 173 | $ 173 | ||
Earnings | 65 | $ 65 | ||
Coppell, TX [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | May 8, 2014 | |||
Rental Revenue | 89 | $ 89 | ||
Earnings | 52 | $ 52 | ||
Columbus, OH [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | May 28, 2015 | May 13, 2014 | ||
Rental Revenue | 67 | 167 | $ 67 | $ 167 |
Earnings | 149 | 68 | $ 149 | $ 68 |
Taylor, PA [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | Jun. 9, 2014 | |||
Rental Revenue | 208 | $ 208 | ||
Earnings | $ 98 | $ 98 | ||
Salt Lake City, UT [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | May 29, 2015 | |||
Rental Revenue | 207 | $ 207 | ||
Earnings | $ 278 | $ 278 |
Real Estate and Intangible As33
Real Estate and Intangible Assets - Pro-Forma Condensed Consolidated Statements of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Data: | ||||
Total operating revenue | $ 21,122 | $ 21,938 | $ 42,114 | $ 43,395 |
Total operating expenses | (12,697) | (13,033) | (25,113) | (25,851) |
Other expenses | (7,775) | (6,860) | (15,495) | (28,907) |
Net income (loss) | 650 | 2,045 | 1,506 | (11,363) |
Dividends attributable to preferred and senior common stock | (1,284) | (1,133) | (2,532) | (2,257) |
Net loss attributable to common stockholders | $ (634) | $ 912 | $ (1,026) | $ (13,620) |
Share and Per Share Data: | ||||
Basic (loss) earnings per share of common stock - pro forma | $ (0.03) | $ 0.06 | $ (0.05) | $ (0.84) |
Diluted (loss) earnings per share of common stock - pro forma | (0.03) | 0.05 | (0.05) | (0.84) |
Basic (loss) earnings per share of common stock - actual | (0.04) | 0.01 | (0.07) | (0.90) |
Diluted (loss) earnings per share of common stock - actual | $ (0.04) | $ 0.01 | $ (0.07) | $ (0.90) |
Weighted average shares outstanding-basic | 20,833,787 | 16,547,793 | 20,524,101 | 16,149,467 |
Weighted average shares outstanding-diluted | 20,833,787 | 16,894,973 | 20,524,101 | 16,149,467 |
Real Estate and Intangible As34
Real Estate and Intangible Assets - Pro-Forma Condensed Consolidated Statements of Operations (Parenthetical) (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2014USD ($) | |
Business Combinations [Abstract] | |
Impairment charge | $ 13,958 |
Real Estate and Intangible As35
Real Estate and Intangible Assets - Carrying Value of Intangible Assets, Liabilities and Accumulated Amortization (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | $ 179,656 | $ 163,034 |
Finite-lived intangible assets, accumulated amortization | (60,131) | (53,696) |
Below market leases, gross | 17,071 | 15,939 |
Below market leases, accumulated amortization | (7,793) | (7,345) |
In-Place Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 65,177 | 59,233 |
Finite-lived intangible assets, accumulated amortization | (19,997) | (17,379) |
Leasing Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 42,083 | 38,305 |
Finite-lived intangible assets, accumulated amortization | (13,038) | (11,411) |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 45,777 | 41,243 |
Finite-lived intangible assets, accumulated amortization | (13,109) | (11,177) |
Lease Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 153,037 | 138,781 |
Finite-lived intangible assets, accumulated amortization | (46,144) | (39,967) |
Above and Below Market Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 26,619 | 24,253 |
Finite-lived intangible assets, accumulated amortization | (13,987) | (13,729) |
Above Market Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 9,548 | 8,314 |
Finite-lived intangible assets, accumulated amortization | $ (6,194) | $ (6,384) |
Real Estate and Intangible As36
Real Estate and Intangible Assets - Weighted Average Amortization Period for Intangible Assets Acquired and Liabilities Assumed (Detail) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Period for intangible assets and liabilities | 12 years 6 months | 12 years 2 months 12 days |
In-Place Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Period for intangible assets and liabilities | 10 years 10 months 24 days | 10 years 8 months 12 days |
Leasing Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Period for intangible assets and liabilities | 10 years 10 months 24 days | 10 years 8 months 12 days |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Period for intangible assets and liabilities | 15 years 7 months 6 days | 15 years 7 months 6 days |
Above Market Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Period for intangible assets and liabilities | 18 years 10 months 24 days | 8 years 2 months 12 days |
Below Market Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Period for intangible assets and liabilities | 12 years 4 months 24 days | 11 years 10 months 24 days |
Real Estate Held for Sale - Com
Real Estate Held for Sale - Components of Income from Real Estate and Related Assets Held for Sale (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Real Estate Properties [Line Items] | ||||
Operating expense | $ 12,595 | $ 11,243 | $ 24,351 | $ 34,981 |
Total operating revenues | 20,688 | 18,390 | 40,567 | 35,526 |
Real Estate Held for Sale [Member] | ||||
Real Estate Properties [Line Items] | ||||
Operating revenue | 86 | 77 | 169 | 154 |
Operating expense | 9 | 20 | 23 | 43 |
Other expense | 39 | 40 | 79 | 80 |
Total operating revenues | $ 38 | $ 17 | $ 67 | $ 31 |
Real Estate Held for Sale - C38
Real Estate Held for Sale - Components of Assets and Liabilities Held for Sale (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
ASSETS HELD FOR SALE | |
TOTAL ASSETS HELD FOR SALE | $ 2,235 |
LIABILITIES HELD FOR SALE | |
TOTAL LIABILITIES HELD FOR SALE | 93 |
Real Estate Held for Sale [Member] | |
ASSETS HELD FOR SALE | |
Real estate, at cost | 2,795 |
Less: accumulated depreciation | (615) |
Total real estate held for sale, net | 2,180 |
Lease intangibles, net | 17 |
Deferred rent receivable, net | 30 |
Deferred financing costs, net | 5 |
Other assets | 3 |
TOTAL ASSETS HELD FOR SALE | 2,235 |
LIABILITIES HELD FOR SALE | |
Other liabilities | 93 |
TOTAL LIABILITIES HELD FOR SALE | $ 93 |
Mortgage Note Receivable - Addi
Mortgage Note Receivable - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2015 | Apr. 14, 2015 | |
Debt Disclosure [Abstract] | |||
Interim financing loan | $ 300 | ||
Estimated percentage of rate of interest | 22.00% | ||
Loan maturity description | This loan matures upon the earlier of April 2016 or the sale of the transitional care facility, which is anticipated to occur in October 2015. | ||
Interest revenue recognized | $ 282 | $ 549 |
Mortgage Notes Payable and Li40
Mortgage Notes Payable and Line of Credit - Company's Mortgage Notes Payable and Line of Credit (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015USD ($)Property | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | ||
Encumbered properties | Property | 99 | |
Carrying value | $ 532,539 | $ 502,599 |
Stated Interest Rates | One month LIBOR was approximately 0.19% | |
Libor rate | 0.19% | |
Variable Rate Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Encumbered properties | Property | 19 | |
Carrying value | $ 45,200 | 43,300 |
Stated Interest Rates | LIBOR + 2.75 % | |
Libor rate | 2.75% | |
Scheduled Maturity Dates | Aug. 1, 2017 | |
Premiums and Discounts (Net) [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value | $ 553 | 707 |
Fixed Rate Mortgage Loans [Member] | ||
Debt Instrument [Line Items] | ||
Encumbered properties | Property | 73 | |
Carrying value | $ 458,806 | 450,392 |
Variable Rate Mortgage Loans [Member] | ||
Debt Instrument [Line Items] | ||
Encumbered properties | Property | 7 | |
Carrying value | $ 27,980 | 8,200 |
Stated Interest Rates | Variable rate mortgage notes payable vary from one month LIBOR + 2.15% to one month LIBOR + 2.25% | |
Mortgage Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Encumbered properties | Property | 80 | |
Carrying value | $ 487,339 | $ 459,299 |
Mortgage Notes Payable and Li41
Mortgage Notes Payable and Line of Credit - Company's Mortgage Notes Payable and Line of Credit (Parenthetical) (Detail) - Jun. 30, 2015 - Mortgages | Total |
Debt Instrument [Line Items] | |
Number of mortgage notes payable | 44 |
Libor rate | 0.19% |
Libor rate description | One month LIBOR was approximately 0.19% |
Weighted average interest rate on debt outstanding | 4.93% |
Fixed Rate Mortgage Loans [Member] | |
Debt Instrument [Line Items] | |
Number of mortgage notes payable | 44 |
Maturity date of mortgage notes payable, start date | Sep. 1, 2015 |
Maturity date of mortgage notes payable, end date | Jan. 6, 2039 |
Fixed Rate Mortgage Loans [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Stated Interest Rates | 3.75% |
Fixed Rate Mortgage Loans [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Stated Interest Rates | 6.80% |
Variable Rate Mortgage Loans [Member] | |
Debt Instrument [Line Items] | |
Libor rate description | Variable rate mortgage notes payable vary from one month LIBOR + 2.15% to one month LIBOR + 2.25% |
Variable Rate Mortgage Loans [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Libor rate | 2.15% |
Variable Rate Mortgage Loans [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Libor rate | 2.25% |
Mortgage Notes Payable and Li42
Mortgage Notes Payable and Line of Credit - Additional Information (Detail) | Jul. 01, 2015USD ($) | Jun. 29, 2015USD ($) | Jun. 30, 2015USD ($)PropertyMortgages | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)PropertyMortgages | Jun. 30, 2014USD ($) | Aug. 03, 2015USD ($) | Dec. 31, 2014USD ($) | Nov. 30, 2014USD ($) | Aug. 31, 2013USD ($) |
Debt Instrument [Line Items] | ||||||||||
Number of mortgage notes payable | Mortgages | 44 | 44 | ||||||||
Weighted average interest rate on debt outstanding | 4.93% | 4.93% | ||||||||
Number of properties collateralized in mortgage notes payable | Property | 99 | 99 | ||||||||
Net book value of collateralized mortgage properties | $ 692,000,000 | $ 692,000,000 | ||||||||
Number of long-term mortgages issued | Mortgages | 4 | |||||||||
Number of properties to issue collateralized mortgage notes payable | Property | 5 | |||||||||
Payments of deferred financing costs | 400,000 | $ 400,000 | $ 883,000 | $ 633,000 | ||||||
Libor rate | 0.19% | |||||||||
Debt instrument maturity date description | This loan matures upon the earlier of April 2016 or the sale of the transitional care facility, which is anticipated to occur in October 2015. | |||||||||
Extension period subject to payment of fee | 1 year | |||||||||
Fair value of mortgage notes payable outstanding | 498,600,000 | $ 498,600,000 | ||||||||
Borrowings under line of credit | $ 45,200,000 | $ 45,200,000 | $ 43,300,000 | $ 60,000,000 | ||||||
Line of credit facility, maximum additional amount drawn | $ 75,000,000 | |||||||||
Line of credit, maturity date | 2017-08 | |||||||||
Extension fee on the initial maturity date | 0.25% | |||||||||
Line of credit at an interest rate | 2.94% | 2.94% | ||||||||
Letters of credit, outstanding | $ 3,900,000 | $ 3,900,000 | ||||||||
Interest Rate Cap [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
LIBOR Cap | 3.00% | 3.00% | ||||||||
Synovus Bank [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Libor rate | 2.25% | |||||||||
Maturity Date | Jul. 1, 2018 | |||||||||
Subsequent Event [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, maximum additional amount drawn | $ 9,200,000 | |||||||||
LIBOR [Member] | Subsequent Event [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
LIBOR Cap | 3.00% | |||||||||
Letter of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Weighted average interest rate on debt outstanding | 2.75% | 2.75% | ||||||||
Mortgage Notes Payable [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Weighted average interest rate on debt outstanding | 5.11% | 5.11% | ||||||||
Number of properties collateralized in mortgage notes payable | Property | 80 | 80 | ||||||||
Debt instrument stated percentage | 5.30% | |||||||||
Debt instrument balloon payment to be paid | $ 19,100,000 | |||||||||
Debt instrument original maturity date | Sep. 1, 2015 | |||||||||
One month LIBOR rate | 0.19% | 0.19% | ||||||||
Excess of LIBOR rate | 3.00% | |||||||||
Carrying value of mortgage notes payable outstanding | $ 486,800,000 | $ 486,800,000 | ||||||||
Mortgage Notes Payable [Member] | Synovus Bank [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term notes payable | $ 19,800,000 | |||||||||
Debt instrument, frequency of periodic payment | Monthly | |||||||||
Libor rate | 2.25% | |||||||||
Debt instrument maturity date description | Maturity date of July 1, 2018, with one, two-year extension option. | |||||||||
Extension period subject to payment of fee | 2 years | |||||||||
Maturity Date | Jul. 1, 2018 | |||||||||
Mortgage Notes Payable [Member] | Subsequent Event [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term notes payable | $ 1,700,000 | |||||||||
Debt instrument original maturity date | Sep. 1, 2015 | |||||||||
Mortgage Notes Payable [Member] | LIBOR [Member] | Subsequent Event [Member] | Synovus Bank [Member] | Interest Rate Cap [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
LIBOR Cap | 3.00% |
Mortgage Notes Payable and Li43
Mortgage Notes Payable and Line of Credit - Summary of Long-Term Mortgages (Detail) - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands | Total |
Debt Instrument [Line Items] | |
Debt Issued | $ 51,819 |
Libor rate description | One month LIBOR was approximately 0.19% |
Libor rate | 0.19% |
PNC Bank, NA [Member] | |
Debt Instrument [Line Items] | |
Date of Issuance | Mar. 6, 2015 |
Issuing Bank | PNC Bank, NA |
Debt Issued | $ 14,573 |
Interest Rate | 3.86% |
Maturity Date | Apr. 1, 2025 |
Amortization Period (months) | 300 months |
FC Bank [Member] | |
Debt Instrument [Line Items] | |
Date of Issuance | May 28, 2015 |
Issuing Bank | FC Bank |
Debt Issued | $ 4,466 |
Interest Rate | 3.75% |
Maturity Date | Jun. 1, 2022 |
Amortization Period (months) | 85 months |
Guggenheim Partners [Member] | |
Debt Instrument [Line Items] | |
Date of Issuance | Jun. 16, 2015 |
Issuing Bank | Guggenheim Partners |
Debt Issued | $ 13,000 |
Interest Rate | 3.99% |
Maturity Date | Jul. 1, 2045 |
Synovus Bank [Member] | |
Debt Instrument [Line Items] | |
Date of Issuance | Jun. 29, 2015 |
Issuing Bank | Synovus Bank |
Debt Issued | $ 19,780 |
Libor rate description | LIBOR + 2.25 % |
Maturity Date | Jul. 1, 2018 |
Libor rate | 2.25% |
Mortgage Notes Payable and Li44
Mortgage Notes Payable and Line of Credit - Summary of Long-Term Mortgages (Parenthetical) (Detail) $ in Millions | Jun. 29, 2015USD ($) |
Variable Rate Mortgage Loans [Member] | |
Debt Instrument [Line Items] | |
Debt instrument balloon payment to be paid | $ 19.1 |
Mortgage Notes Payable and Li45
Mortgage Notes Payable and Line of Credit - Schedule of Principal Payments of Mortgage Notes Payable (Detail) - Mortgage Notes Payable [Member] $ in Thousands | Jun. 30, 2015USD ($) |
Debt Instrument [Line Items] | |
Six Months ending December 31, 2015 | $ 19,282 |
2,016 | 100,110 |
2,017 | 68,873 |
2,018 | 39,205 |
2,019 | 35,603 |
2,020 | 7,688 |
Thereafter | 216,025 |
Total Mortgage Notes Payable | $ 486,786 |
Mortgage Notes Payable and Li46
Mortgage Notes Payable and Line of Credit - Schedule of Principal Payments of Mortgage Notes Payable (Parenthetical) (Detail) - USD ($) | Jul. 01, 2015 | Jun. 30, 2015 | Jun. 30, 2014 |
Debt Instrument [Line Items] | |||
Refinance of principal payment maturity period, description | This figure includes two balloon principal payments that mature in the second half of 2015. We refinanced one of these mortgages subsequent to June 30, 2015, using a combination of new mortgage debt and equity, repaying $11.3 million of principal. | ||
Principal repayments on mortgage notes payable | $ 23,625,000 | $ 4,182,000 | |
Mortgage Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Premiums and discounts, net | $ 553,000 | ||
Mortgage Notes Payable [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Principal repayments on mortgage notes payable | $ 11,300,000 |
Mortgage Notes Payable and Li47
Mortgage Notes Payable and Line of Credit - Summary of Interest Rate Cap Agreement (Detail) - Interest Rate Cap [Member] - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Date of Issuance | Nov. 26, 2013 | |
Notional Amount | $ 8,200,000 | |
LIBOR Cap | 3.00% | |
Maturity Date | Dec. 1, 2016 | |
Cost | $ 31,000 | $ 31,000 |
Fair Value | $ 4,000 |
Mandatorily Redeemable Prefer48
Mandatorily Redeemable Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | |
Feb. 29, 2012 | Jun. 30, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | |||
Redeemable preferred stock, shares issued | 2,150,000 | 2,150,000 | |
Preferred shares at a redemption price | $ 25 | ||
Preferred Stock redemption term | On or after January 31, 2016, we may redeem the shares at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends to and including the date of redemption. | ||
Preferred Stock mandatory redemption date | Jan. 31, 2017 | ||
Carrying value Term Preferred Stock | $ 2 | $ 2 | |
Mandatorily Redeemable Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Redeemable preferred stock, shares issued | 1,540,000 | ||
Redeemable preferred stock, par value | $ 0.001 | ||
Public offering price | $ 25 | ||
Gross proceeds of the offering | $ 38,500 | ||
Net proceeds, after deducting offering expenses | $ 36,700 | ||
Fair value of Term Preferred Stock | 39,300 | ||
Carrying value Term Preferred Stock | $ 38,500 | ||
Closing price of Term Preferred Stock | $ 25.52 | ||
Series C Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Redeemable preferred stock, dividend rate percentage | 7.125% | ||
Series C Preferred Stock [Member] | Mandatorily Redeemable Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Redeemable preferred stock, shares issued | 1,540,000 | 1,540,000 | |
Redeemable preferred stock, par value | $ 0.001 | $ 0.001 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)Lease | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)Lease | Jun. 30, 2014USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Number of leases | 4 | 4 | ||
Expenses incurred for the properties listed | $ | $ 0.1 | $ 0.1 | $ 0.2 | $ 0.2 |
Commitments and Contingencies50
Commitments and Contingencies - Future Minimum Rental Payments Due under Terms of Leases (Detail) - Jun. 30, 2015 - Ground Leases [Member] - USD ($) $ in Thousands | Total |
Operating Leased Assets [Line Items] | |
Remainder of 2015 | $ 229 |
For the year ended December 31, 2016 | 459 |
For the year ended December 31, 2017 | 462 |
For the year ended December 31, 2018 | 464 |
For the year ended December 31, 2019 | 465 |
For the year ended December 31, 2020 | 466 |
Thereafter | $ 4,948 |
Tulsa, OK [Member] | |
Operating Leased Assets [Line Items] | |
Lease End Date | 2021-04 |
Remainder of 2015 | $ 85 |
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 |
Dartmouth, MA [Member] | |
Operating Leased Assets [Line Items] | |
Lease End Date | 2036-05 |
Remainder of 2015 | $ 87 |
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 | $ 3,126 |
Springfield, MA [Member] | |
Operating Leased Assets [Line Items] | |
Lease End Date | 2030-02 |
Remainder of 2015 | $ 43 |
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 |
Salt Lake City, UT [Member] | |
Operating Leased Assets [Line Items] | |
Lease End Date | 2040-11 |
Remainder of 2015 | $ 14 |
For the year ended December 31, 2016 | 30 |
For the year ended December 31, 2017 | 30 |
For the year ended December 31, 2018 | 31 |
For the year ended December 31, 2019 | 32 |
For the year ended December 31, 2020 | 33 |
Thereafter | $ 853 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Changes in Stockholders' Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Preferred Stock, Shares Issued, beginning balance | 2,150,000 | |||
Preferred Stock, Shares Issued, ending balance | 2,150,000 | 2,150,000 | ||
Senior Common stock, Shares Issued, beginning balance | 809,411 | |||
Senior Common stock, Shares Issued, ending balance | 995,852 | 995,852 | ||
Common Stock, Shares Issued, beginning balance | 19,589,606 | |||
Common Stock, Shares Issued, ending balance | 21,143,986 | 21,143,986 | ||
Total Stockholders' Equity, beginning balance | $ 217,672 | |||
Issuance of senior common stock and common stock, net | 29,673 | |||
Distributions declared to common, senior common and preferred stockholders | (17,971) | |||
Principal repayments of employee notes receivable | 375 | |||
Net income | $ 431 | $ 1,219 | 1,125 | $ (12,297) |
Total Stockholders' Equity, ending balance | 230,874 | $ 230,874 | ||
Senior Common Stock [Member] | ||||
Issuance of common stock, net, Shares | 186,441 | |||
Total Stockholders' Equity, beginning balance | $ 1 | |||
Total Stockholders' Equity, ending balance | 1 | 1 | ||
Preferred Stock [Member] | ||||
Total Stockholders' Equity, beginning balance | 2 | |||
Total Stockholders' Equity, ending balance | 2 | $ 2 | ||
Common Stock [Member] | ||||
Issuance of common stock, net, Shares | 1,554,380 | |||
Total Stockholders' Equity, beginning balance | $ 20 | |||
Issuance of senior common stock and common stock, net | 1 | |||
Total Stockholders' Equity, ending balance | 21 | 21 | ||
Additional Paid in Capital [Member] | ||||
Total Stockholders' Equity, beginning balance | 369,748 | |||
Issuance of senior common stock and common stock, net | 29,672 | |||
Total Stockholders' Equity, ending balance | 399,420 | 399,420 | ||
Notes Receivable from Employees [Member] | ||||
Total Stockholders' Equity, beginning balance | (375) | |||
Principal repayments of employee notes receivable | 375 | |||
Distributions in Excess of Accumulated Earnings [Member] | ||||
Total Stockholders' Equity, beginning balance | (151,724) | |||
Distributions declared to common, senior common and preferred stockholders | (17,971) | |||
Net income | 1,125 | |||
Total Stockholders' Equity, ending balance | $ (168,570) | $ (168,570) |
Stockholders' Equity - Dividend
Stockholders' Equity - Dividends Declared (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Common Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Common Stock, distributions declared per share | $ 0.375 | $ 0.375 | $ 0.750 | $ 0.750 |
Senior Common Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Common Stock, distributions declared per share | 0.2625 | 0.2625 | 0.5250 | 0.5250 |
Series A Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Preferred Stock, distributions declared per share | 0.4843749 | 0.4843749 | 0.9687498 | 0.9687498 |
Series B Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Preferred Stock, distributions declared per share | 0.4688 | 0.4688 | 0.9375 | 0.9375 |
Series C Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Preferred Stock, distributions declared per share | $ 0.4453 | $ 0.4453 | $ 0.8906 | $ 0.8906 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Mar. 28, 2015 | Mar. 31, 2011 | Mar. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Sep. 02, 2014 |
Class of Stock [Line Items] | |||||||
Common stock, shares issued | 21,143,986 | 19,589,606 | |||||
Common stock, par value | $ 0.001 | $ 0.001 | |||||
Shares intended to be offered pursuant to primary offering | 3,000,000 | ||||||
Shares offered under distribution reinvestment plan | 500,000 | ||||||
Shares of senior common stock sold in offering | 927,994 | 189,052 | |||||
Senior common stock offering, gross proceeds | $ 30,363,000 | $ 36,042,000 | |||||
Repayment date of note including interest | May 7, 2015 | ||||||
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 | $ 15 | |||||
Shares offered under distribution reinvestment plan | 27,038 | 5,134 | |||||
Net proceeds after deducting underwriting discount and commission | $ 2,600,000 | ||||||
Senior common stock offering, gross proceeds | $ 13,900,000 | ||||||
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 | ||||||
Net proceeds under ATM program | $ 27,200,000 | ||||||
Number of shares sold under open market sale agreement | 3,400,000 | ||||||
Gross proceeds of shares sold under open market sale agreement | $ 60,100,000 | ||||||
Maximum remaining capacity to sell common stock under open market sale agreement | $ 39,900,000 |
Stockholders' Equity - Summar54
Stockholders' Equity - Summary of Note Issued to Employee for Exercise of Stock Options (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Conversion [Line Items] | ||
Outstanding Balance of Employee Loan | $ 375 | |
Note Outstanding to Employee Loan [Member] | ||
Debt Conversion [Line Items] | ||
Date Issued | 2006-11 | |
Outstanding Balance of Employee Loan | $ 375 | |
Maturity Date of Note | 2015-11 | |
Interest Rate on Note | 8.15% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Thousands | Jul. 15, 2015USD ($)ft²Option | Jul. 13, 2015USD ($)ft²Option | Jul. 01, 2015USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) |
Subsequent Event [Line Items] | ||||||
Principal repayments on mortgage notes payable | $ 23,625 | $ 4,182 | ||||
Lease commission to be paid | 291 | 765 | ||||
Acquisition Expenses | 391 | $ 924 | ||||
Interest Rate Cap [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Hedge contract, cost | $ 31 | $ 31 | ||||
Hedge contract, maturity date | Dec. 1, 2016 | |||||
LIBOR Cap | 3.00% | |||||
Mortgage Notes Payable [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Debt instrument original maturity date | Sep. 1, 2015 | |||||
Subsequent Event [Member] | Interest Rate Cap [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Hedge contract, cost | $ 70 | |||||
Hedge contract, maturity date | Jul. 1, 2018 | |||||
Hedge contract, interest rate description | We will receive payments from Synovus Bank if the one month LIBOR rate increases above 3.0%. | |||||
Subsequent Event [Member] | Raleigh, North Carolina [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Acquisition of our property, area | ft² | 86,886 | |||||
Percentage of space occupied | 75.00% | |||||
Percentage of lease space to be retained by current tenant | 18.00% | |||||
Percentage of building lease space to be occupied | 93.00% | |||||
Lease commencement date | Aug. 1, 2015 | |||||
Lease expiration date | Dec. 31, 2027 | |||||
Annualized straight line rent escalations | $ 500 | |||||
Number of options for renewal of lease | Option | 2 | |||||
Renew the lease for additional periods | 5 years | |||||
Amount to be paid for tenant improvements | $ 800 | |||||
Lease commission to be paid | $ 400 | |||||
Subsequent Event [Member] | Atlanta, Georgia [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Acquisition of our property, area | ft² | 78,151 | |||||
Annualized straight line rent escalations | $ 1,300 | |||||
Number of options for renewal of lease | Option | 2 | |||||
Renew the lease for additional periods | 5 years | |||||
Acquisition of our property, value | $ 13,000 | |||||
Acquisition Expenses | 100 | |||||
Issuance of mortgage debt on property | $ 7,500 | |||||
Average cap rate | 9.90% | |||||
Subsequent Event [Member] | Lease One [Member] | Atlanta, Georgia [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Acquisition of our property, area | ft² | 54,836 | |||||
Lease expiration period | 7 years | |||||
Subsequent Event [Member] | Lease Two [Member] | Atlanta, Georgia [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Acquisition of our property, area | ft² | 23,315 | |||||
Lease expiration period | 15 years | |||||
Subsequent Event [Member] | LIBOR [Member] | ||||||
Subsequent Event [Line Items] | ||||||
LIBOR Cap | 3.00% | |||||
Subsequent Event [Member] | Mortgage Notes Payable [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Principal repayments on mortgage notes payable | $ 11,300 | |||||
Debt instrument original maturity date | Sep. 1, 2015 | |||||
Long-term notes payable | $ 1,700 |
Subsequent Events - Monthly Dis
Subsequent Events - Monthly Distributions Declared by Company's Board of Directors (Detail) - Jul. 14, 2015 - Subsequent Event [Member] - $ / shares | Total |
Senior Common Stock [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | $ 0.2625 |
Series A Preferred Stock [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | 0.4843749 |
Series B Preferred Stock [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | 0.4687500 |
Series C Preferred Stock [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | 0.4453125 |
Common Stock [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | $ 0.3750000 |
Installment 1 - FY2015 [Member] | |
Dividends Payable [Line Items] | |
Record Date | Jul. 24, 2015 |
Payment Date | Aug. 4, 2015 |
Installment 1 - FY2015 [Member] | Senior Common Stock [Member] | |
Dividends Payable [Line Items] | |
Payment Date | Aug. 7, 2015 |
Distribution per Share | $ 0.0875 |
Payable to the Holders of Records During the Month | July |
Installment 1 - FY2015 [Member] | Series A Preferred Stock [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | $ 0.1614583 |
Installment 1 - FY2015 [Member] | Series B Preferred Stock [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | 0.1562500 |
Installment 1 - FY2015 [Member] | Series C Preferred Stock [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | 0.1484375 |
Installment 1 - FY2015 [Member] | Common Stock [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | $ 0.1250000 |
Installment 2 - FY2015 [Member] | |
Dividends Payable [Line Items] | |
Record Date | Aug. 20, 2015 |
Payment Date | Aug. 31, 2015 |
Installment 2 - FY2015 [Member] | Senior Common Stock [Member] | |
Dividends Payable [Line Items] | |
Payment Date | Sep. 8, 2015 |
Distribution per Share | $ 0.0875 |
Payable to the Holders of Records During the Month | August |
Installment 2 - FY2015 [Member] | Series A Preferred Stock [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | $ 0.1614583 |
Installment 2 - FY2015 [Member] | Series B Preferred Stock [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | 0.1562500 |
Installment 2 - FY2015 [Member] | Series C Preferred Stock [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | 0.1484375 |
Installment 2 - FY2015 [Member] | Common Stock [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | $ 0.1250000 |
Installment 3 - FY2015 [Member] | |
Dividends Payable [Line Items] | |
Record Date | Sep. 21, 2015 |
Payment Date | Sep. 30, 2015 |
Installment 3 - FY2015 [Member] | Senior Common Stock [Member] | |
Dividends Payable [Line Items] | |
Payment Date | Oct. 7, 2015 |
Distribution per Share | $ 0.0875 |
Payable to the Holders of Records During the Month | September |
Installment 3 - FY2015 [Member] | Series A Preferred Stock [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | $ 0.1614583 |
Installment 3 - FY2015 [Member] | Series B Preferred Stock [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | 0.1562500 |
Installment 3 - FY2015 [Member] | Series C Preferred Stock [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | 0.1484375 |
Installment 3 - FY2015 [Member] | Common Stock [Member] | |
Dividends Payable [Line Items] | |
Distribution per Share | $ 0.1250000 |