Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 25, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
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 | 22,583,722 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | |
ASSETS | |||
Real estate, at cost | $ 790,232 | $ 780,377 | |
Less: accumulated depreciation | 122,827 | 112,243 | |
Total real estate, net | 667,405 | 668,134 | |
Lease intangibles, net | 101,683 | 104,914 | |
Real estate and related assets held for sale, net | 3,820 | 1,077 | |
Mortgage note receivable | 0 | 5,900 | |
Cash and cash equivalents | 3,993 | 5,152 | |
Restricted cash | 3,902 | 4,205 | |
Funds held in escrow | 5,922 | 7,534 | |
Deferred rent receivable, net | 28,909 | 27,443 | |
Other assets | 2,651 | 2,825 | |
TOTAL ASSETS | 818,285 | 827,184 | |
LIABILITIES | |||
Mortgage notes payable, net | 441,604 | 455,863 | |
Borrowings under line of credit, net | 60,229 | 44,591 | |
Borrowings under term loan facility, net | 24,887 | 24,878 | |
Series C mandatorily redeemable preferred stock, net, par value $0.001 per share; $25 per share liquidation preference; 1,700,000 shares authorized; and 540,000 and 1,540,000 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively | 13,424 | 38,100 | |
Deferred rent liability, net | 8,964 | 9,657 | |
Asset retirement obligation | 3,645 | 3,674 | |
Accounts payable and accrued expenses | 3,681 | 6,388 | |
Liabilities related to assets held for sale | 357 | 868 | |
Due to Adviser and Administrator | [1] | 1,884 | 1,858 |
Other liabilities | 7,523 | 7,436 | |
TOTAL LIABILITIES | 566,198 | 593,313 | |
Commitments and contingencies | [2] | ||
MEZZANINE EQUITY | |||
TOTAL MEZZANINE EQUITY | [3] | 25,532 | 0 |
STOCKHOLDERS’ EQUITY | |||
Series A and B redeemable preferred stock, par value $0.001 per share; $25 per share liquidation preference; 5,350,000 and 2,300,000 shares authorized and 2,264,000 and 2,150,000 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively | 2 | 2 | |
Senior common stock, par value $0.001 per share; 4,450,000 and 7,500,000 shares authorized and 959,552 and 972,214 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively | 1 | 1 | |
Common stock, par value $0.001 per share, 32,500,000 and 38,500,000 shares authorized and 22,983,604 and 22,485,607 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively | 23 | 22 | |
Additional paid in capital | 429,608 | 418,897 | |
Distributions in excess of accumulated earnings | (203,079) | (185,051) | |
TOTAL STOCKHOLDERS' EQUITY | 226,555 | 233,871 | |
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY | $ 818,285 | $ 827,184 | |
[1] | Refer to Note 2 "Related-Party Transactions" | ||
[2] | Refer to Note 9 “Commitments and Contingencies” | ||
[3] | Refer to Note 10 “Stockholders' Equity and Mezzanine Equity” |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
Redeemable preferred stock, shares issued | 2,264,000 | 2,150,000 |
Senior common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Senior common stock, shares authorized | 4,450,000 | 7,500,000 |
Senior common stock, shares issued | 959,552 | 972,214 |
Senior common stock, shares outstanding | 959,552 | 972,214 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 32,500,000 | 38,500,000 |
Common stock, shares issued | 22,983,604 | 22,485,607 |
Common stock, shares outstanding | 22,983,604 | 22,485,607 |
Series A and B Preferred Stock [Member] | ||
Redeemable preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Redeemable preferred stock, liquidation preference (in dollars per share) | $ 25 | $ 25 |
Redeemable preferred stock, shares authorized | 5,350,000 | 2,300,000 |
Redeemable preferred stock, shares issued | 2,264,000 | 2,150,000 |
Redeemable preferred stock, shares outstanding | 2,264,000 | 2,150,000 |
Series D Preferred Stock [Member] | ||
Mezzanine equity, par value (in dollars per share) | $ 0.001 | |
Mezzanine equity, liquidation preference (in dollars per share) | $ 25 | |
Mezzanine equity, shares authorized | 6,000,000 | |
Mezzanine equity, shares issued | 1,063,705 | |
Mezzanine equity, shares outstanding | 1,063,705 | |
Mandatorily Redeemable Preferred Stock [Member] | Series C Preferred Stock [Member] | ||
Redeemable preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Redeemable preferred stock, liquidation preference (in dollars per share) | $ 25 | $ 25 |
Redeemable preferred stock, shares authorized | 1,700,000 | 1,700,000 |
Redeemable preferred stock, shares issued | 540,000 | 1,540,000 |
Redeemable preferred stock, shares outstanding | 540,000 | 1,540,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Operating revenues | |||||
Rental revenue | $ 20,890 | $ 20,012 | $ 41,547 | $ 39,300 | |
Tenant recovery revenue | 357 | 394 | 842 | 718 | |
Interest income from mortgage note receivable | 0 | 282 | 385 | 549 | |
Total operating revenues | 21,247 | 20,688 | 42,774 | 40,567 | |
Operating expenses | |||||
Depreciation and amortization | 9,205 | 8,947 | 18,338 | 17,154 | |
Property operating expenses | 1,434 | 1,178 | 3,045 | 2,139 | |
Acquisition related expenses | 117 | 255 | 126 | 451 | |
Base management fee | [1] | 856 | 866 | 1,717 | 1,717 |
Incentive fee | [1] | 655 | 1,760 | 1,273 | 3,433 |
Administration fee | [1] | 370 | 366 | 775 | 728 |
General and administrative | 609 | 539 | 1,184 | 1,229 | |
Impairment charge | 187 | 0 | 230 | 0 | |
Total operating expenses before credit to incentive fee | 13,433 | 13,911 | 26,688 | 26,851 | |
Credit to incentive fee | [1] | 0 | (1,316) | (2,500) | |
Total operating expenses | 13,433 | 12,595 | 26,688 | 24,351 | |
Other (expense) income | |||||
Interest expense | (6,579) | (6,999) | (13,310) | (13,770) | |
Distributions attributable to Series C mandatorily redeemable preferred stock | 686 | 686 | 1,372 | 1,372 | |
Other income | 334 | 23 | 334 | 51 | |
Total other expense | (6,931) | (7,662) | (14,348) | (15,091) | |
Net income | 883 | 431 | 1,738 | 1,125 | |
Distributions attributable to Series A, B and D preferred stock | (1,263) | (1,023) | (2,290) | (2,047) | |
Distributions attributable to senior common stock | (251) | (261) | (504) | (485) | |
Net loss attributable to common stockholders | $ (631) | $ (853) | $ (1,056) | $ (1,407) | |
Loss per weighted average share of common stock - basic & diluted | |||||
Loss per weighted average share of common stock - basic & diluted Loss attributable to common shareholders | $ (0.03) | $ (0.04) | $ (0.05) | $ (0.07) | |
Weighted average shares of common stock outstanding | |||||
Basic (in shares) | 22,684,391 | 20,833,787 | 22,614,838 | 20,524,101 | |
Diluted (in shares) | 22,684,391 | 20,833,787 | 22,614,838 | 20,524,101 | |
Earnings per weighted average share of senior common stock (in dollars per share) | $ 0.26 | $ 0.26 | $ 0.52 | $ 0.52 | |
Weighted average shares of senior common stock outstanding - basic (in shares) | 959,552 | 995,852 | 961,794 | 928,323 | |
[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, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 1,738 | $ 1,125 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 18,338 | 17,154 |
Impairment charge | 230 | 0 |
Amortization of deferred financing costs | 1,090 | 878 |
Amortization of deferred rent asset and liability, net | (215) | (270) |
Amortization of discount and premium on assumed debt | (116) | (154) |
Asset retirement obligation expense | 73 | 76 |
Decrease (increase) in other assets | 196 | (538) |
Increase in deferred rent receivable | (1,959) | (1,843) |
(Decrease) increase in accounts payable, accrued expenses, and amount due Adviser and Administrator | (655) | 1,021 |
Decrease in other liabilities | (402) | (683) |
Leasing commissions paid | (486) | (291) |
Net cash provided by operating activities | 17,832 | 16,475 |
Cash flows from investing activities: | ||
Acquisition of real estate and related intangible assets | (17,000) | (58,248) |
Improvements of existing real estate | (2,654) | (3,072) |
Proceeds from sale of real estate | 200 | 0 |
Issuance of mortgage note receivable | 0 | (300) |
Collection of mortgage note receivable | 5,900 | 0 |
Receipts from lenders for funds held in escrow | 2,719 | 642 |
Payments to lenders for funds held in escrow | (1,107) | (1,924) |
Receipts from tenants for reserves | 1,840 | 2,037 |
Payments to tenants from reserves | (1,505) | (1,308) |
Decrease (increase) in restricted cash | 303 | (800) |
Deposits on future acquisitions | (500) | (1,600) |
Deposits applied against acquisition of real estate investments | 500 | 1,400 |
Net cash used in investing activities | (11,304) | (63,173) |
Cash flows from financing activities: | ||
Proceeds from issuance of equity | 37,669 | 30,363 |
Offering costs paid | (1,247) | (742) |
Retirement of senior common stock | (178) | 0 |
Redemption of Series C mandatorily redeemable preferred stock | (25,000) | 0 |
Borrowings under mortgage notes payable | 37,905 | 51,819 |
Payments for deferred financing costs | (690) | (883) |
Principal repayments on mortgage notes payable | (51,977) | (23,625) |
Principal repayments on employee notes receivable | 0 | 375 |
Borrowings from line of credit | 71,000 | 56,400 |
Repayments on line of credit | (55,500) | (54,500) |
Increase in security deposits | 97 | 108 |
Distributions paid for common, senior common and preferred stock | (19,766) | (17,919) |
Net cash (used in) provided by financing activities | (7,687) | 41,396 |
Net decrease in cash and cash equivalents | (1,159) | (5,302) |
Cash and cash equivalents, beginning of period | 5,152 | 8,599 |
Cash and cash equivalents, end of period | 3,993 | 3,297 |
NON-CASH INVESTING AND FINANCING INFORMATION | ||
Increase in asset retirement obligation assumed in acquisition | 0 | 56 |
Senior common dividend issued in the dividend reinvestment program | 0 | 52 |
Capital improvements included in accounts payable and accrued expenses | $ 2,461 | $ 2,922 |
Organization, Basis of Presenta
Organization, Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Basis of Presentation and Significant Accounting Policies | Organization, Basis of Presentation and Significant Accounting Policies Gladstone Commercial Corporation is a real estate investment trust, or REIT, that was incorporated under the General Corporation Law of the State of Maryland on February 14, 2003. We focus on acquiring, owning and managing primarily office and industrial properties. On a selective basis, we may make long term industrial and commercial mortgage loans; however, we do not have any mortgage loans currently outstanding. Subject to certain restrictions and limitations, our business is managed by Gladstone Management Corporation, a Delaware corporation, 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, 2015 , as filed with the U.S. Securities and Exchange Commission on February 17, 2016. The results of operations for the three and six months ended June 30, 2016 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 GAAP requires management to make judgments that are subjective in nature in order 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 materially differ from these estimates. A summary of all of our significant accounting policies is provided in Note 1 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2015 . There were no material changes to our critical accounting policies during the six months ended June 30, 2016 ; however we issued mezzanine equity during the six months ended June 30, 2016 , which is further described in Note 10. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, “Leases: Amendments to the FASB Accounting Standards Codification” (“ASU 2016-02”), The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 is expected to minimally impact our consolidated financial statements as we currently have four operating ground lease arrangements for which we are the lessee. We also expect our legal expense to increase as the new standard requires us to expense indirect leasing costs that were previously capitalized to leasing commissions. ASC 2016-02 supersedes the previous leases standard, ASC 840 Leases. The standard is effective on January 1, 2019, with early adoption permitted. Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. 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. ASU 2015-03 requires the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred financing cost. ASU 2015-03 was effective for annual periods beginning after December 15, 2015. We have adopted the provisions of ASU 2015-03 for the six months ended June 30, 2016 . We had unamortized deferred financing fees of $5.7 million and $6.1 million as of June 30, 2016 and December 31, 2015 , respectively. These costs have been reclassified from deferred financing costs, net, to mortgage notes payable, net, borrowings under line of credit, net, borrowings under term loan facility, net, and Series C mandatorily redeemable preferred stock, net. All periods presented have been retrospectively adjusted. The following table summarizes the retrospective adjustment and the overall impact on the previously reported consolidated financial statements (dollars in thousands): December 31, 2015 As Previously Reported Retrospective Application Deferred financing costs, net $ 6,138 $ — Mortgage notes payable, net 460,770 455,863 Borrowings under line of credit, net 45,300 44,591 Borrowings under term loan facility, net 25,000 24,878 Series C mandatorily redeemable preferred stock, net 38,500 38,100 |
Related-Party Transactions
Related-Party Transactions | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 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 owned and controlled by Mr. David Gladstone, our chairman and chief executive officer. Two of our executive officers, Mr. Gladstone and Mr. Terry Brubaker (our vice chairman and chief operating officer) serve as directors and executive officers of our Adviser and our Administrator. Mr. Michael LiCalsi, our general counsel and secretary, serves as our Administrator’s president. We have an advisory agreement with our Adviser, and an administration agreement with our Administrator, or the Administration Agreement. The services and fees under the advisory agreement and Administration Agreement are described below. At June 30, 2016 and December 31, 2015 , $ 1.9 million and $1.9 million , respectively, was collectively due to our Adviser and Administrator. Base Management Fee On July 24, 2015, we entered into a second amended and restated advisory agreement, or the Second Amended Advisory Agreement, with the Adviser. Our entrance into the agreement was approved unanimously by our Board of Directors, including separate and unanimous approval by the independent directors on our Board of Directors. Our Board of Directors generally reviews and considers approving or renewing the agreement with our Adviser each July. Pursuant to the terms of the Second Amended Advisory Agreement, effective July 1, 2015, the calculation of the annual base management fee equals 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. On July 12, 2016, we entered into a third amended and restated advisory agreement, to amend the definition of our adjusted total stockholders' equity to include total mezzanine equity. The amendment is effective as of July 1, 2016. Prior to entering into the Second Amended Advisory Agreement 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 was our total stockholders’ equity, less the recorded value of any preferred stock and adjusted to exclude the effect of any unrealized gains, losses, or other items that did not affect realized net income (including impairment charges). For the three and six months ended June 30, 2016 , 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, 2015 , we recorded a base management fee of $ 0.9 million and $ 1.7 million , respectively. Incentive Fee Under the Second 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 at the end of this paragraph), before giving effect to any incentive fee, or pre-incentive fee Core FFO, exceeds 2.0% quarterly, or 8.0% annualized, of adjusted total stockholders’ equity (after giving effect to the base management fee but before giving effect to the incentive fee). We refer to this as the new hurdle rate. The Adviser will receive 15.0% of the amount of our pre-incentive fee Core FFO that exceeds the new hurdle rate. However, in no event shall the incentive fee for a particular quarter exceed by 15.0% (the cap) the average quarterly incentive fee paid by us for the previous four quarters (excluding quarters for which no incentive fee was paid). Core FFO 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. 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, 2016 , we recorded an incentive fee of $0.7 million and $1.3 million , respectively, offset by credits related to unconditional, voluntary and irrevocable waivers issued by the Adviser of $0.0 million and $0.0 million , respectively, resulting in a net incentive fee for the three and six months ended June 30, 2016 , of $ 0.7 million and $1.3 million , respectively. For the three and six months ended June 30, 2015 , 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. 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 covering January 1, 2015 through June 30, 2015 in order to support the current level of distributions to our stockholders. The Adviser did not waive any portion of the incentive fee for the three and six months ended June 30, 2016 . Waivers cannot be recouped by the Adviser in the future. On July 12, 2016, we amended and restated our existing advisory agreement with our Adviser by entering into a third amended adn restated advisory agreement, to redefine the definition of adjusted stockholders' equity, to include total mezzanine equity, in the calculation of both the base management and incentive fee. All other provisions remained unchanged. The revision was effective as of July 1, 2016. Capital Gain Fee Under the Second 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. No capital gain fee was recognized during the three and six months ended June 30, 2016 or 2015 . Termination Fee The Second Amended Advisory Agreement includes a termination fee whereby, in the event of our termination of the agreement without cause (with 120 days’ prior written notice and the vote of at least two-thirds of our independent directors), a termination fee would be payable to the Adviser equal to two times the sum of the average annual base management fee and incentive fee earned by the Adviser during the 24-month period prior to such termination. A termination fee is also payable if the Adviser terminates the agreement after the Company has defaulted and applicable cure periods have expired. The agreement may also be terminated for cause by us (with 30 days’ prior written notice and the vote of at least two-thirds of our independent directors), with no termination fee payable. Cause is defined in the agreement to include if the Adviser breaches any material provisions of the agreement, the bankruptcy or insolvency of the Adviser, dissolution of the Adviser and fraud or misappropriation of funds. Administration Agreement 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. 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, 2016 , we recorded an administration fee of $0.4 million and $ 0.8 million , respectively, and for the three and six months ended June 30, 2015 , we recorded an administration fee of $ 0.4 million and $ 0.7 million , respectively. Our Board of Directors generally reviews and considers approving or renewing the agreement with our Administrator each July. 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 owned and controlled by Mr. David Gladstone, our chairman and chief executive officer. Mr. Gladstone also serves on the board of managers of Gladstone Securities. Dealer Manager Agreement In connection with the offering of our Senior Common Stock (see footnote 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. 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 six months ended June 30, 2015 , to Gladstone Securities pursuant to this agreement. Mortgage Financing Arrangement Agreement We entered into an agreement with Gladstone Securities, effective June 18, 2013, for it to act as our non-exclusive agent to assist us with arranging mortgage financing for properties we own. In connection with this engagement, Gladstone Securities 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 $0.1 million during the three and six months ended June 30, 2016 , respectively, which are included in mortgage notes payable, net, in the condensed consolidated balance sheets, or 0.35% and 0.39% of total mortgages secured. We paid financing fees to Gladstone Securities of $0.1 million and $0.2 millions during the three and six months ended June 30, 2015 , respectively, which are included in mortgage notes payable, net, in the condensed consolidated balance sheets, or 0.3% of total mortgages secured in each period. Our Board of Directors renewed the agreement for an additional year, through August 31, 2017, at its July 2016 meeting. |
Loss per Share of Common Stock
Loss per Share of Common Stock | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Loss per Share of Common Stock | Loss per Share of Common Stock The following tables set forth the computation of basic and diluted loss per share of common stock for the three and six months ended June 30, 2016 and 2015 , respectively. We computed basic loss per share for the three and six months ended June 30, 2016 and 2015 , respectively, using the weighted average number of shares outstanding during the periods. Diluted loss per share for the three and six months ended June 30, 2016 and 2015 , reflects additional shares of common stock related to our convertible senior common stock (if the effect would be dilutive), that would have been outstanding if dilutive potential shares of common stock had been issued, as well as an adjustment to net income available to common stockholders as applicable to common stockholders that would result from their assumed issuance (dollars in thousands, except per share amounts). For the three months ended June 30, For the six months ended June 30, 2016 2015 2016 2015 Calculation of basic loss per share of common stock: Net loss attributable to common stockholders $ (631 ) $ (853 ) $ (1,056 ) $ (1,407 ) Denominator for basic weighted average shares of common stock 22,684,391 20,833,787 22,614,838 20,524,101 Basic loss per share of common stock $ (0.03 ) $ (0.04 ) $ (0.05 ) $ (0.07 ) Calculation of diluted loss per share of common stock: Net loss attributable to common stockholders $ (631 ) $ (853 ) $ (1,056 ) $ (1,407 ) Net loss attributable to common stockholders plus assumed conversions (1) $ (631 ) $ (853 ) $ (1,056 ) $ (1,407 ) Denominator for basic weighted average shares of common stock 22,684,391 20,833,787 22,614,838 20,524,101 Effect of convertible senior common stock (1) — — — — Denominator for diluted weighted average shares of common stock (1) 22,684,391 20,833,787 22,614,838 20,524,101 Diluted loss per share of common stock $ (0.03 ) $ (0.04 ) $ (0.05 ) $ (0.07 ) (1) We excluded 800,116 shares of convertible senior common stock from the calculation of diluted earnings per share for the three and six months ended June 30, 2016 , respectively, because it was anti-dilutive. We also excluded 830,600 shares and 775,002 shares of convertible senior common stock from the calculation of diluted earnings per share for the three and six months ended June 30, 2015 , respectively, because it was anti-dilutive. |
Real Estate and Intangible Asse
Real Estate and Intangible Assets | 6 Months Ended |
Jun. 30, 2016 | |
Real Estate [Abstract] | |
Real Estate and Intangible Assets | Real Estate and Intangible Assets Real Estate The following table sets forth the components of our investments in real estate as of June 30, 2016 and December 31, 2015 (dollars in thousands): June 30, 2016 (1) December 31, 2015 (2) Real estate: Land $ 99,780 $ 97,117 Building 641,266 635,728 Tenant improvements 49,186 47,532 Accumulated depreciation (122,827 ) (112,243 ) Real estate, net $ 667,405 $ 668,134 (1) Does not include real estate held for sale as of June 30, 2016 . (2) Does not include real estate held for sale as of December 31, 2015 . Real estate depreciation expense on building and tenant improvements was $ 5.9 million and $ 11.8 million for the three and six months ended June 30, 2016 , respectively, and $ 5.5 million and $ 10.7 million for the three and six months ended June 30, 2015 , respectively. 2016 Real Estate Activity During the six months ended June 30, 2016 , we acquired one property, which is summarized below (dollars in thousands): Location Acquisition Date Square Footage (unaudited) Lease Term Renewal Options Total Purchase Price Acquisition Expenses Annualized GAAP Rent Debt Issued Salt Lake City, UT 5/26/2016 107,062 6 Years 2 (3 Years and 2 Years) $ 17,000 $ 109 $ 1,393 $ 9,900 In accordance with Accounting Standards Codification, or ASC, 805, "Business Combinations," we determined the fair value of the acquired assets related to the one property acquired during the six months ended June 30, 2016 as follows (dollars in thousands): Location Land Building Tenant Improvements In-place Leases Leasing Costs Customer Relationships Below Market Leases Total Purchase Price Salt Lake City, UT $ 3,008 $ 8,973 $ 1,685 $ 1,352 $ 337 $ 1,675 $ (30 ) $ 17,000 Below is a summary of the total revenue and earnings recognized on the one property acquired during the six months ended June 30, 2016 (dollars in thousands): For the three months ended June 30, For the six months ended June 30, 2016 2016 Location Acquisition Date Rental Revenue Earnings (1) Rental Revenue Earnings (1) Salt Lake City, UT 5/26/2016 $ 139 $ 35 $ 139 $ 35 (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 six months ended June 30, 2016 and the twelve months ended December 31, 2015 , respectively, were acquired as of January 1, 2015 . The pro-forma earnings for the six months ended June 30, 2016 and 2015 were adjusted to assume that the 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) (unaudited) 2016 2015 2016 2015 Operating Data: Total operating revenue $ 21,465 $ 21,955 $ 43,349 $ 43,420 Total operating expenses (13,485 ) (13,382 ) (27,005 ) (26,037 ) Other expenses (7,004 ) (8,024 ) (14,540 ) (15,993 ) Net income 976 549 1,804 1,390 Dividends attributable to preferred and senior common stock (1,514 ) (1,284 ) (2,794 ) (2,532 ) Net loss attributable to common stockholders $ (538 ) $ (735 ) $ (990 ) $ (1,142 ) Share and Per Share Data: Basic and diluted loss per share of common stock - pro forma $ (0.02 ) $ (0.04 ) $ (0.04 ) $ (0.06 ) Basic and diluted loss per share of common stock - actual $ (0.03 ) $ (0.04 ) $ (0.05 ) $ (0.07 ) Weighted average shares outstanding-basic and diluted 22,684,391 20,833,787 22,614,838 20,524,101 Significant Real Estate Activity on Existing Assets During the six months ended June 30, 2016 , we executed leases on three properties, which are summarized below (dollars in thousands): Location Lease Commencement Date Square Footage Lease Term Renewal Options Annualized GAAP Rent Tenant Improvement Leasing Commissions Maple Heights, OH 6/1/2016 40,606 (1) 5.2 Years 2 (3 year) $ 109 $ — $ 34 Bolingbrook, IL 7/1/2016 13,816 (2) 7.2 Years 1 (5 year) 70 69 28 Burnsville, MN 12/1/2016 12,663 (3) 5.3 Years 1 (5 year) 143 — 104 (1) Tenant's lease is for 11.7% of the building. The building is now 92.8% leased. (2) Tenant’s lease is for 24.9% of the building. The building is now 62.7% leased. (3) Tenant's lease is for 11.0% of the building. The building is now 80.4% leased. On May 31, 2016, we reached a legal settlement with the previous tenant at our currently vacant Newburyport, Massachusetts property to compensate us for deferred capital obligations and repairs they were required to perform during their tenancy. We recognized $0.3 million , recorded in other income on the condensed consolidated statement of operations, related to reimbursed deferred capital obligations, and received $0.9 million as a reimbursement of repairs incurred during the three and six months ended June 30, 2016 in connection with the legal settlement received. 2015 Real Estate Activity Investment 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 (unaudited) Lease Term Renewal Options Total Purchase Price Acquisition Expenses Annualized GAAP Rent Debt Issued Richardson, TX (1) 3/6/2015 155,984 9.5 Years 2 (5 years each) $ 24,700 $ 112 $ 2,708 $ 14,573 Birmingham, AL 3/20/2015 30,850 8.5 Years 1 (5 years) 3,648 76 333 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 $ 404 $ 6,089 $ 32,039 (1) The tenant occupying this property is subject to a gross lease. In accordance with ASC 805, we determined the fair value of the acquired assets and assumed liabilities related to the four properties acquired during the six months ended June 30, 2015 , as follows (dollars in thousands): Location Land Building Tenant Improvements In-place Leases Leasing Costs Customer Relationships Above Market Leases Below Market Leases Total Purchase Price Richardson, TX $ 2,728 $ 12,591 $ 2,781 $ 2,060 $ 1,804 $ 1,929 $ 807 $ — $ 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 $ 7,964 $ 29,646 $ 5,947 $ 6,058 $ 3,603 $ 4,534 $ 1,628 $ (1,132 ) $ 58,248 Below is a summary of the total revenue and earnings recognized on the four properties acquired during the three and 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 Date 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 (loss) exclusive of both interest expense and acquisition related costs that are required to be expensed under ASC 805. Leasing Activity During the six months ended June 30, 2015 , we amended six of our leases, which are summarized below (dollars in thousands): Location New Lease Effective Date Square Footage (unaudited) New Lease Term Renewal Annualized GAAP Rent Tenant Improvement Leasing Commissions Indianapolis, IN 1/1/2015 3,546 8.3 Years N/A $ 64 $ 64 $ 28 Indianapolis, IN 2/1/2015 8,275 3.0 Years N/A 124 — — Raleigh, NC 2/1/2015 58,926 5.5 Years 2 (5 year) 711 — 144 Raleigh, NC 2/1/2015 21,300 (1) 5.5 Years 2 (5 year) 239 100 32 Columbus, OH 12/1/2016 9,484 (2) 7.1 Years N/A 1,246 142 29 Raleigh, NC 8/1/2015 86,886 (3) 12.4 Years 2 (5 year) 534 800 398 188,417 $ 2,918 $ 1,106 $ 631 (1) Tenant’s lease is for 18.3% of the building. The building is now 93.2% leased. (2) The anchor tenant currently occupying 92.0% of the building will expand into the remaining space, currently occupied by another tenant through November 30, 2016. (3) Tenant's lease is for 74.8% of the building. The building is now 93.2% leased. 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, 2016 and December 31, 2015 respectively (in thousands): June 30, 2016 (1) December 31, 2015 (2) Lease Intangibles Accumulated Amortization Lease Intangibles Accumulated Amortization In-place leases $ 67,217 $ (25,428 ) $ 66,244 $ (22,679 ) Leasing costs 44,791 (16,748 ) 44,360 (14,774 ) Customer relationships 48,099 (16,248 ) 46,485 (14,722 ) $ 160,107 $ (58,424 ) $ 157,089 $ (52,175 ) Deferred Rent Receivable/(Liability) Accumulated (Amortization)/Accretion Deferred Rent Receivable/(Liability) Accumulated (Amortization)/Accretion Above market leases $ 10,232 $ (7,053 ) $ 10,176 $ (6,818 ) Below market leases and deferred revenue (17,302 ) 8,338 (17,951 ) 8,294 $ (7,070 ) $ 1,285 $ (7,775 ) $ 1,476 (1) Does not include real estate held for sale as of June 30, 2016 . (2) Does not include real estate held for sale as of December 31, 2015 . Total amortization expense related to in-place leases, leasing costs and customer relationship lease intangible assets was $ 3.3 million and $ 6.6 million for the three and six months ended June 30, 2016 , respectively, and $ 3.5 million and $ 6.4 million for the three and six months ended June 30, 2015 , 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, 2016 , respectively, and $ 0.1 million and $ 0.2 million for the three and six months ended June 30, 2015 , respectively, and is included in rental income in the condensed consolidated statement of operations. Total amortization related to below-market lease values was $ 0.2 million and $ 0.5 million for the three and six months ended June 30, 2016 , respectively, and $ 0.2 million and $ 0.5 million for the three and six months ended June 30, 2015 , respectively, and is included in rental income in the condensed consolidated statement of operations. The weighted average amortization periods in years for the intangible assets acquired and liabilities assumed during the six months ended June 30, 2016 and 2015 , respectively, were as follows: Intangible Assets & Liabilities 2016 2015 In-place leases 6.1 10.9 Leasing costs 6.1 10.9 Customer relationships 9.1 15.6 Above market leases 0 18.9 Below market leases 6.1 12.4 All intangible assets & liabilities 6.9 12.5 |
Real Estate Dispositions, Held
Real Estate Dispositions, Held for Sale and Impairment Charges | 6 Months Ended |
Jun. 30, 2016 | |
Real Estate [Abstract] | |
Real Estate Dispositions, Held for Sale and Impairment Charges | Real Estate Dispositions, Held for Sale, and Impairment Charges Real Estate Dispositions On May 16, 2016, we completed the sale of our Dayton, Ohio property for $0.2 million . There was no gain or loss recognized on this sale. We considered this office asset to be non-core to our long term strategy, and we re-deployed the proceeds to pay down outstanding debt. The table below summarizes the components of operating income from the real estate and related assets disposed of for the Dayton, Ohio property during the three and six months ended June 30, 2016 , and 2015 , respectively (dollars in thousands): For the three months ended June 30, For the six months ended June 30, 2016 2015 2016 2015 Operating revenue $ 1 $ 106 $ 45 $ 215 Operating expense 50 50 103 105 Other expense — (25 ) (43 ) (1) (49 ) (Loss) income from real estate and related assets sold $ (49 ) $ 31 $ (101 ) $ 61 (1) Includes $0.04 million impairment charge on our Dayton, Ohio property. Real Estate Held for Sale As of June 30, 2016 , we classified one property located in Rock Falls, Illinois, two properties located in Angola, Indiana and one property located in Montgomery, Alabama, 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 consider these industrial assets to be non-core to our long term strategy. We have executed sales agreements for each of these properties and anticipate completing these sales during third quarter 2016. 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, 2016 2015 2016 2015 Operating revenue $ 119 $ 212 $ 242 $ 424 Operating expense 29 65 57 131 Other expense (200 ) (1) (33 ) (232 ) (1) (65 ) (Loss) income from real estate and related assets held for sale $ (110 ) $ 114 $ (47 ) $ 228 (1) Includes $0.2 million impairment charge on our four properties 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, 2016 ASSETS HELD FOR SALE Real estate, at cost $ 4,593 Less: accumulated depreciation 1,187 Total real estate held for sale, net 3,406 Lease intangibles, net 153 Deferred rent receivable, net 259 Other assets 2 TOTAL ASSETS HELD FOR SALE $ 3,820 LIABILITIES HELD FOR SALE Deferred rent liability, net $ 274 Asset retirement obligation 83 Other liabilities — TOTAL LIABILITIES HELD FOR SALE $ 357 Impairment Charge We performed an evaluation and analysis on our portfolio and determined that our Dayton, Ohio property was impaired during the three months ended March 31, 2016 by an additional $0.04 million . We sold this property for $0.2 million in May 2016, and did not recognize any gain or loss on the sale. This property was previously impaired by $0.6 million during fiscal year 2015. We also recorded impairment charges of $ 0.2 million on our four properties classified as held for sale as of June 30, 2016 . The fair values for the above properties were calculated using Level 3 inputs which include an executed purchase and sale agreement and estimated selling costs. No other impairment was recognized on our portfolio during both the three and six months ended June 30, 2016 and June 30, 2015 , respectively. |
Mortgage Note Receivable
Mortgage Note Receivable | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Mortgage Note Receivable | Mortgage Note Receivable On July 25, 2014, we closed a $5.6 million second mortgage development loan for the construction of an 81,371 square foot, build-to-suit transitional care facility located on a major hospital campus in Phoenix, Arizona. Subsequently, on April 14, 2015, we closed an additional $0.3 million interim financing loan for the development of the Phoenix, Arizona property. Construction was completed in July 2015 and we earned 9.0% interest, paid currently in cash, on the loan during construction and through maturity. Prior to completion of the facility, we were granted a right of first offer to purchase the property at fair value. We elected not to purchase the property, and received an exit fee upon maturity of the loan in an amount sufficient for us to earn an internal rate of return of 22% on the second mortgage development loan, inclusive of interest earned. We recognized $ 0.4 million in both cash interest income and exit fee revenue during the six months ended June 30, 2016 . We recognized $ 0.3 million and $ 0.5 million , respectively, in both cash interest income and exit fee revenue during the three and six months ended June 30, 2015 , respectively. The principal balance of the loans and all associated interest and exit fee revenue was received in January 2016. We currently have no mortgage notes receivable outstanding. |
Mortgage Notes Payable, Line of
Mortgage Notes Payable, Line of Credit and Term Loan Facility | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable, Line of Credit and Term Loan Facility | Mortgage Notes Payable, Line of Credit and Term Loan Facility Our mortgage notes payable and line of credit as of June 30, 2016 and December 31, 2015 are summarized below (dollars in thousands): Encumbered properties at Carrying Value at Stated Interest Rates at Scheduled Maturity Dates at June 30, 2016 June 30, 2016 December 31, 2015 June 30, 2016 (4) June 30, 2016 Mortgage and Other Secured Loans: Fixed rate mortgage loans 56 $ 385,760 $ 427,334 (1) (2) Variable rate mortgage loans 16 60,546 33,044 (3) (2) Premiums and discounts (net) - 277 392 N/A N/A Deferred financing costs, mortgage loans (net) - (4,979 ) (4,907 ) N/A N/A Total Mortgage Notes Payable 72 $ 441,604 $ 455,863 (5) Variable rate Line of Credit 24 (6) 60,800 45,300 LIBOR + 2.50% 8/7/2018 Deferred financing costs, line of credit (net) - (571 ) (709 ) N/A N/A Total Line of Credit 24 $ 60,229 $ 44,591 Variable rate Term Loan Facility - 25,000 25,000 LIBOR + 2.45% 10/5/2020 Deferred financing costs, term loan facility (net) - (113 ) (122 ) N/A N/A Total Term Loan Facility N/A $ 24,887 $ 24,878 Total Mortgage Notes Payable, Line of Credit and Term Loan Facility 96 $ 526,720 $ 525,332 (1) Interest rates on our fixed rate mortgage notes payable vary from 3.75% to 6.63% . (2) We have 42 mortgage notes payable with maturity dates ranging from 12/1/2016 through 7/1/2045 . (3) Interest rates on our variable rate mortgage notes payable vary from one month LIBOR + 2.15% to one month LIBOR + 2.75% . At June 30, 2016 , one month LIBOR was approximately 0.47% . (4) The weighted average interest rate on all debt outstanding at June 30, 2016 , was approximately 4.47% . (5) The weighted average interest rate on the mortgage notes outstanding at June 30, 2016 , was approximately 4.77% . (6) The amount we may draw under our line of credit and term loan facility is based on a percentage of the fair value of a combined pool of 24 unencumbered properties as of June 30, 2016 . N/A - Not Applicable Mortgage Notes Payable As of June 30, 2016 , we had 42 mortgage notes payable, collateralized by a total of 72 properties with a net book value of $626.7 million . Gladstone Commercial Corporation has limited recourse liabilities that could result from any one or more of the following circumstances: a borrower voluntarily filing for bankruptcy, improper conveyance of a property, fraud or material misrepresentation, misapplication or misappropriation of rents, security deposits, insurance proceeds or condemnation proceeds, or physical waste or damage to the property resulting from a borrower’s gross negligence or willful misconduct. Gladstone Commercial Corporation has full recourse for $3.4 million of the mortgages notes payable outstanding, or 0.8% . We will also indemnify lenders against claims resulting from the presence of hazardous substances or activity involving hazardous substances in violation of environmental laws on a property. During the six months ended June 30, 2016 , we repaid 5 mortgages, collateralized by 11 properties and issued 3 long-term mortgages, collateralized by 8 properties, which are summarized below (dollars in thousands): Date of Issuance/Repayment Issuing Bank Debt Issued Interest Rate Maturity Date Principal Balance Repaid Previous Interest Rate 3/1/2016 First Niagara Bank $ 18,475 LIBOR + 2.35% (1) 3/1/2023 $ 21,197 6.14% 4/22/2016 Great Southern Bank 9,530 LIBOR + 2.75% (2) 4/22/2019 3,667 6.25% 4/28/2016 N/A N/A N/A (3) N/A 22,510 6.34% 5/26/2016 Prudential 9,900 4.684% (4) 6/1/2026 N/A N/A (1) We refinanced maturing debt on our Chalfont, Pennsylvania, Big Flats, New York and Franklin and Eatontown, New Jersey properties, which was originally set to mature during second quarter 2016. We entered into an interest rate cap agreement with First Niagara Bank, which caps LIBOR at 3% through March 1, 2019 . (2) We refinanced maturing debt on our Coppell, Texas property, which was originally set to mature during second quarter 2016. We pooled the new mortgage debt with unencumbered properties located in Allen and Colleyville, Texas. We entered into an interest rate cap agreement with Great Southern Bank, which caps LIBOR at 2.5% through April 22, 2019. (3) We repaid our $10.7 million mortgage on our Springfield, Missouri property that was originally set to mature on July 1, 2016, and we repaid our $11.8 million mortgage on our Wichita, Kansas, Clintonville, Wisconsin, Angola, Indiana and Rock Falls, Illinois properties that was originally set to mature on May 5, 2016. We repaid both mortgages using existing cash on hand and borrowings from our line of credit. (4) We borrowed $9.9 million to acquire the property acquired in Salt Lake City, UT on May 26, 2016. We made payments of $0.3 million and $0.7 million for deferred financing costs during the three and six months ended June 30, 2016 , respectively, and payments of $0.4 million and $0.9 million during the three and six months ended June 30, 2015 , respectively. Scheduled principal payments of mortgage notes payable for the remainder of 2016, and each of the five succeeding fiscal years and thereafter are as follows (dollars in thousands): Year Scheduled Principal Payments Six Months Ending December 31, 2016 $25,303 2017 70,115 2018 42,027 2019 45,463 2020 11,910 2021 24,121 Thereafter 227,367 Total $446,306 (1) (1) This figure does not include $0.3 million of premiums and (discounts) net and $5.7 million of deferred financing costs net, which are reflected in mortgage notes payable on the consolidated balance sheet. Interest Rate Cap We have entered into interest rate cap agreements that cap the interest rate on certain of our notes payable when one-month LIBOR is in excess of 3.0% . We have adopted the fair value measurement provisions for our financial instruments recorded at fair value. The fair value guidance establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Generally, we will estimate the fair value of our interest rate caps, in the absence of observable market data, using estimates of value including estimated remaining life, counterparty credit risk, current market yield and interest rate spreads of similar securities as of the measurement date. At June 30, 2016 and December 31, 2015 , our interest rate cap agreements were valued using Level 2 inputs. The fair value of the interest rate cap agreements is recorded in other assets on our accompanying condensed consolidated balance sheets. We record changes in the fair value of the interest rate cap agreements quarterly based on the current market valuations at quarter end as interest expense on our accompanying condensed consolidated statements of operations. The following table summarizes the key terms of each interest rate cap agreement (dollars in thousands): As of June 30, 2016 As of December 31, 2015 Interest Rate Cap LIBOR Cap Maturity Date Cost Notional Amount Fair Value Notional Amount Fair Value Nov-13 3.00% Dec-16 $ 31 $ 8,200 $ — $ 8,200 $ — Jul-15 3.00% Jul-18 68 20,874 — 21,204 14 Dec-15 3.00% Dec-20 52 3,596 6 3,640 26 Mar-16 3.00% Mar-19 33 18,367 3 — — Apr-16 2.50% Apr-19 27 9,508 2 — — $ 211 $ 60,545 $ 11 $ 33,044 $ 40 The fair value of all mortgage notes payable outstanding as of June 30, 2016 was $454.1 million , as compared to the carrying value stated above, inclusive of premiums, discounts and deferred financing costs, of $441.6 million . The fair value is calculated based on a discounted cash flow analysis, using management’s estimate of market interest rates on long-term debt with comparable terms and loan to value ratios. The fair value was calculated using Level 3 inputs of the hierarchy established by ASC 820, “Fair Value Measurements and Disclosures.” Line of Credit and Term Loan Facility In August 2013, we procured a senior unsecured revolving credit facility, or the Line of Credit, with KeyBank National Association (serving as a revolving lender, a letter of credit issuer and an administrative agent). On October 5, 2015, we expanded our Line of Credit to $85.0 million , extended the maturity date one-year through August 2018, with a one year extension option through August 2019 and entered into a Term Loan Facility (discussed below). The interest rate on the Line of Credit was also reduced by 25 basis points at each of the leverage tiers and the total maximum commitment under the two facilities, including the Line of Credit and Term Loan Facility, was increased from $100.0 million to $150.0 million . We also added three new lenders to the bank syndicate, which is now comprised of KeyBank, Comerica Bank, Fifth Third Bank, US Bank and Huntington Bank. We were subject to payment of $0.5 million for the modification of the agreement. In connection with the Line of Credit expansion in October 2015 mentioned above, we added a $25.0 million , five year term loan facility, or the Term Loan Facility, which was fully drawn at closing and matures in October 2020. The Term Loan Facility is subject to the same leverage tiers as the Line of Credit; however the interest rate at each leverage tier is five basis points lower. We have the option to repay the Term Loan Facility in full, or in part, at any time without penalty or premium prior to the maturity date. As of June 30, 2016 , there was $85.8 million outstanding under our Line of Credit and Term Loan Facility at a weighted average interest rate of approximately 2.95% and $2.5 million outstanding under letters of credit at a weighted average interest rate of 2.5% . As of June 30, 2016 , the maximum additional amount we could draw under the Line of Credit was $8.6 million . We were in compliance with all covenants under the Line of Credit and Term Loan Facility as of June 30, 2016 . The amount outstanding under the Line of Credit and Term Loan Facility approximates fair value as of June 30, 2016 , as the debt is variable rate. |
Mandatorily Redeemable Preferre
Mandatorily Redeemable Preferred Stock | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Mandatorily Redeemable Preferred Stock | 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 . The Term Preferred Stock is traded under the ticker symbol GOODN on the NASDAQ Global Select Market, or the NASDAQ. The Term Preferred Stock is not convertible into our common stock or any other security of ours. As of January 31, 2016, we may redeem the shares at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends to and including the date of redemption. The shares of the Term Preferred Stock have a mandatory redemption date of January 31, 2017 . We incurred $1.8 million in total offering costs related to these transactions, which have been recorded net of the Series C mandatorily redeemable preferred stock on the condensed consolidated balance sheet and will be amortized over the redemption period, ending August 19, 2016, see Note 11 for further information regarding the redemption of the Term Preferred Stock. The Term Preferred Stock is recorded as a liability in accordance with ASC 480, “Distinguishing Liabilities from Equity,” which states that mandatorily redeemable financial instruments should be classified as liabilities and therefore the related dividend payments are treated as a component of interest expense in the condensed consolidated statements of operations. During June 2016, we partially redeemed $25.0 million of our Term Preferred Stock and accordingly wrote-off $0.1 million of unamortized offering costs, which were recorded to interest expense in our condensed consolidated statements of operations. Subsequent to the second quarter, we sent notices of redemption for the remaining 540,000 shares outstanding of our Term Preferred Stock. We intend to redeem these shares on August 19, 2016 at a redemption price of $25.00 per share, plus an amount equal to all accumulated and unpaid dividends. The fair value of our Term Preferred Stock as of June 30, 2016 , was $13.6 million , as compared to the carrying value of $13.4 million , which includes $0.1 million of unamortized deferred financing costs. The fair value is calculated based on the closing share price as of June 30, 2016 of $25.20 . 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, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Ground Leases We are obligated as lessee under four ground leases. Future minimum rental payments due under the terms of these leases as of June 30, 2016 , are as follows (dollars in thousands): For the year ended December 31, Location Lease End Date 2016 2017 2018 2019 2020 Thereafter Tulsa, OK Apr-21 $ 85 $ 169 $ 169 $ 169 $ 169 $ 85 Springfield, MA Feb-30 43 89 90 90 90 884 Dartmouth, MA May-36 87 174 174 174 174 3,126 Salt Lake City, UT Nov-40 15 30 31 32 33 853 $ 230 $ 462 $ 464 $ 465 $ 466 $ 4,948 Expenses recorded in connection to rental expense incurred for the properties listed above during both the three and six months ended June 30, 2016 and 2015 were $0.1 million and $0.2 million , respectively. Rental expenses are reflected in property operating expenses on the condensed consolidated statements of operations. Letters of Credit As of June 30, 2016 , there was $2.5 million outstanding under letters of credit. These letters of credit are not reflected on our consolidated balance sheet. |
Stockholders' and Mezzanine Equ
Stockholders' and Mezzanine Equity | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Stockholders' and Mezzanine Equity | Stockholders’ and Mezzanine Equity Stockholders' Equity The following table summarizes the changes in our stockholders’ equity for the six months ended June 30, 2016 (dollars in thousands): Shares Issued and Retired Preferred Stock Series A and B Common Stock Senior Common Stock Preferred Stock Series A and B Senior Common Stock Common Stock Additional Paid in Capital Distributions in Excess of Accumulated Earnings Total Stockholders' Equity Balance at December 31, 2015 2,150,000 22,485,607 972,214 $ 2 $ 1 $ 22 $ 418,897 $ (185,051 ) $ 233,871 Issuance of preferred stock series A and B and common stock, net 114,000 497,997 — — — 1 10,889 — 10,890 Retirement of senior common stock — — (12,662 ) — — — (178 ) — (178 ) Distributions declared to common, senior common and preferred stockholders — — — — — — — (19,766 ) (19,766 ) Net income — — — — — — — 1,738 1,738 Balance at June 30, 2016 2,264,000 22,983,604 959,552 $ 2 $ 1 $ 23 $ 429,608 $ (203,079 ) $ 226,555 Distributions We paid the following distributions per share for the three and six months ended June 30, 2016 and 2015 : For the three months ended June 30, For the six months ended June 30, 2016 2015 2016 2015 Common Stock $ 0.375 $ 0.375 $ 0.750 $ 0.750 Senior Common Stock 0.2625 0.2625 0.5250 0.5250 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 Series D Preferred Stock 0.1788 — 0.1788 — Recent Activity Common Stock ATM Program We sold 65,000 shares of common stock, raising $0.9 million in net proceeds under our previous ATM Program with Cantor Fitzgerald & Co., or Cantor Fitzgerald. In February 2016, we amended our common ATM program, or the Amended Common ATM, with Cantor Fitzgerald. The amendment increased the amount of shares of common stock that we may offer and sell through Cantor Fitzgerald, to $160.0 million . During the six months ended June 30, 2016 , we sold 433,000 shares of common stock, raising $7.2 million in net proceeds under our Amended Common ATM. All other terms of the common ATM program remained unchanged. As of June 30, 2016 , we had a remaining capacity to sell up to $151.8 million of common stock under the Amended Common ATM. Preferred Stock ATM Programs Series A and B Preferred Stock : In February 2016, we entered into an open market sales agreement, or the Series A and B Preferred ATM, with Cantor Fitzgerald, pursuant to which we may, from time to time, offer to sell (i) shares of our 7.75% Series A Cumulative Redeemable Preferred Stock, and (ii) shares of our 7.50% Series B Cumulative Redeemable Preferred Stock, having an aggregate offering price of up to $40.0 million , through Cantor Fitzgerald, acting as sales agent and/or principal. During the six months ended June 30, 2016 , we sold 114,000 shares of our Series B Cumulative Redeemable Preferred Stock for net proceeds of $2.8 million . As of June 30, 2016 , we had a remaining capacity to sell up to $37.2 million of preferred stock under the Series A and B Preferred ATM. Mezzanine Equity Series D Preferred Stock: In May 2016, we entered into purchase agreements with certain institutional investors and broker dealers whereby we agreed to sell a total of 1,043,725 shares of our newly created 7.00% Series D Cumulative Redeemable Preferred Stock, or the Series D Preferred, par value $0.001 per share, with a liquidation preference of $25.00 per share, in a registered direct placement at a purchase price of $25.00 per share. Our total net proceeds from the offering, after deducting offering expenses, were $25.3 million. The proceeds from the Series D Preferred were used to redeem $25.0 million of our Term Preferred Stock. The Series D Preferred is classified as mezzanine equity in our condensed consolidated balance sheet because it is redeemable at the option of the shareholder upon a change of control of greater than 50% in accordance with ASC 480-10-S99 "Distinguishing Liabilities from Equity ," which requires mezzanine equity classification for preferred stock issuances with redemption features which are outside of the control of the issuer. We will periodically evaluate the likelihood that a change of control greater than 50% will take place, and if we deem this probable, we would adjust the Series D Preferred presented in mezzanine equity to their redemption value , with the offset to gain(loss) on extinguishment. We currently believe the likelihood of a change of control greater than 50% is remote. Series D Preferred Stock ATM : In June 2016, we entered into an open market sales agreement, or the Series D Preferred ATM, with Cantor Fitzgerald, pursuant to which we may, from time to time, offer to sell shares of our Series D Preferred, having an aggregate offering price of up to $50.0 million, through Cantor Fitzgerald, acting as sales agent and/or principal. During the six months ended June 30, 2016, we sold 20,000 shares of our Series D Preferred for net proceeds of $0.5 million. As of June 30, 2016, we had a remaining capacity to sell up to $49.5 million of Series D Preferred under the Series D Preferred ATM. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On July 12, 2016, our Board of Directors declared the following monthly distributions for the months of July, August and September: Record Date Payment Date Common Stock Distributions per Share Series A Preferred Distributions per Share Series B Preferred Distributions per Share Series C Preferred Distributions per Share (1) Series D Preferred Distributions per Share July 22, 2016 August 2, 2016 $ 0.125 $ 0.1614583 $ 0.15625 $ 0.1484375 $ 0.1458333 August 22, 2016 August 31, 2016 0.125 0.1614583 0.15625 — 0.1458333 September 21, 2016 September 30, 2016 0.125 0.1614583 0.15625 — 0.1458333 Total $ 0.375 $ 0.4843749 $ 0.46875 $ 0.1484375 $ 0.4374999 (1) On July 12, 2016, we sent notices of redemption for the remaining 540,000 shares outstanding of our Series C Preferred Stock. We intend to redeem these shares on August 19, 2016 at a redemption price of $25.00 per share, plus an amount equal to all accumulated and unpaid dividends. Senior Common Stock Distributions Payable to the Holders of Record During the Month of: Payment Date Distribution per Share July August 5, 2016 $ 0.0875 August September 8, 2016 0.0875 September October 7, 2016 0.0875 Total $ 0.2625 On July 12, 2016, we amended and restated our existing advisory agreement with our Adviser to redefine the definition of adjusted stockholders' equity, by entering into a third amended and restated advisory agreement, to include total mezzanine equity in the calculation of both the base management and incentive fee. All other provisions remained unchanged. The amended definition is effective as of July 1, 2016. |
Organization, Basis of Presen17
Organization, Basis of Presentation and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2015 , as filed with the U.S. Securities and Exchange Commission on February 17, 2016. The results of operations for the three and six months ended June 30, 2016 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 GAAP requires management to make judgments that are subjective in nature in order 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 materially differ from these estimates. A summary of all of our significant accounting policies is provided in Note 1 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2015 . There were no material changes to our critical accounting policies during the six months ended June 30, 2016 ; however we issued mezzanine equity during the six months ended June 30, 2016 , which is further described in Note 10. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, “Leases: Amendments to the FASB Accounting Standards Codification” (“ASU 2016-02”), The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 is expected to minimally impact our consolidated financial statements as we currently have four operating ground lease arrangements for which we are the lessee. We also expect our legal expense to increase as the new standard requires us to expense indirect leasing costs that were previously capitalized to leasing commissions. ASC 2016-02 supersedes the previous leases standard, ASC 840 Leases. The standard is effective on January 1, 2019, with early adoption permitted. |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. 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. ASU 2015-03 requires the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred financing cost. ASU 2015-03 was effective for annual periods beginning after December 15, 2015. We have adopted the provisions of ASU 2015-03 for the six months ended June 30, 2016 . We had unamortized deferred financing fees of $5.7 million and $6.1 million as of June 30, 2016 and December 31, 2015 , respectively. These costs have been reclassified from deferred financing costs, net, to mortgage notes payable, net, borrowings under line of credit, net, borrowings under term loan facility, net, and Series C mandatorily redeemable preferred stock, net. All periods presented have been retrospectively adjusted. |
Fair Value Measurements and Disclosures | We have adopted the fair value measurement provisions for our financial instruments recorded at fair value. The fair value guidance establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Generally, we will estimate the fair value of our interest rate caps, in the absence of observable market data, using estimates of value including estimated remaining life, counterparty credit risk, current market yield and interest rate spreads of similar securities as of the measurement date. |
Distinguishing Liabilities from Equity | The Term Preferred Stock is recorded as a liability in accordance with ASC 480, “Distinguishing Liabilities from Equity,” which states that mandatorily redeemable financial instruments should be classified as liabilities and therefore the related dividend payments are treated as a component of interest expense in the condensed consolidated statements of operations. |
Organization, Basis of Presen18
Organization, Basis of Presentation and Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Retrospective Adjustment and Overall Impact on Previously Reported Consolidated Financial Statements | The following table summarizes the retrospective adjustment and the overall impact on the previously reported consolidated financial statements (dollars in thousands): December 31, 2015 As Previously Reported Retrospective Application Deferred financing costs, net $ 6,138 $ — Mortgage notes payable, net 460,770 455,863 Borrowings under line of credit, net 45,300 44,591 Borrowings under term loan facility, net 25,000 24,878 Series C mandatorily redeemable preferred stock, net 38,500 38,100 |
Loss per Share of Common Stock
Loss per Share of Common Stock (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Loss Per Share of Common Stock | The following tables set forth the computation of basic and diluted loss per share of common stock for the three and six months ended June 30, 2016 and 2015 , respectively. We computed basic loss per share for the three and six months ended June 30, 2016 and 2015 , respectively, using the weighted average number of shares outstanding during the periods. Diluted loss per share for the three and six months ended June 30, 2016 and 2015 , reflects additional shares of common stock related to our convertible senior common stock (if the effect would be dilutive), that would have been outstanding if dilutive potential shares of common stock had been issued, as well as an adjustment to net income available to common stockholders as applicable to common stockholders that would result from their assumed issuance (dollars in thousands, except per share amounts). For the three months ended June 30, For the six months ended June 30, 2016 2015 2016 2015 Calculation of basic loss per share of common stock: Net loss attributable to common stockholders $ (631 ) $ (853 ) $ (1,056 ) $ (1,407 ) Denominator for basic weighted average shares of common stock 22,684,391 20,833,787 22,614,838 20,524,101 Basic loss per share of common stock $ (0.03 ) $ (0.04 ) $ (0.05 ) $ (0.07 ) Calculation of diluted loss per share of common stock: Net loss attributable to common stockholders $ (631 ) $ (853 ) $ (1,056 ) $ (1,407 ) Net loss attributable to common stockholders plus assumed conversions (1) $ (631 ) $ (853 ) $ (1,056 ) $ (1,407 ) Denominator for basic weighted average shares of common stock 22,684,391 20,833,787 22,614,838 20,524,101 Effect of convertible senior common stock (1) — — — — Denominator for diluted weighted average shares of common stock (1) 22,684,391 20,833,787 22,614,838 20,524,101 Diluted loss per share of common stock $ (0.03 ) $ (0.04 ) $ (0.05 ) $ (0.07 ) (1) We excluded 800,116 shares of convertible senior common stock from the calculation of diluted earnings per share for the three and six months ended June 30, 2016 , respectively, because it was anti-dilutive. We also excluded 830,600 shares and 775,002 shares of convertible senior common stock from the calculation of diluted earnings per share for the three and six months ended June 30, 2015 , respectively, because it was anti-dilutive. |
Real Estate and Intangible As20
Real Estate and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Real Estate [Abstract] | |
Components of Investments in Real Estate | The following table sets forth the components of our investments in real estate as of June 30, 2016 and December 31, 2015 (dollars in thousands): June 30, 2016 (1) December 31, 2015 (2) Real estate: Land $ 99,780 $ 97,117 Building 641,266 635,728 Tenant improvements 49,186 47,532 Accumulated depreciation (122,827 ) (112,243 ) Real estate, net $ 667,405 $ 668,134 (1) Does not include real estate held for sale as of June 30, 2016 . (2) Does not include real estate held for sale as of December 31, 2015 . |
Summary of Properties Acquired | During the six months ended June 30, 2015 , we acquired four properties, which are summarized below (dollars in thousands): Location Acquisition Date Square Footage (unaudited) Lease Term Renewal Options Total Purchase Price Acquisition Expenses Annualized GAAP Rent Debt Issued Richardson, TX (1) 3/6/2015 155,984 9.5 Years 2 (5 years each) $ 24,700 $ 112 $ 2,708 $ 14,573 Birmingham, AL 3/20/2015 30,850 8.5 Years 1 (5 years) 3,648 76 333 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 $ 404 $ 6,089 $ 32,039 (1) The tenant occupying this property is subject to a gross lease. During the six months ended June 30, 2016 , we acquired one property, which is summarized below (dollars in thousands): Location Acquisition Date Square Footage (unaudited) Lease Term Renewal Options Total Purchase Price Acquisition Expenses Annualized GAAP Rent Debt Issued Salt Lake City, UT 5/26/2016 107,062 6 Years 2 (3 Years and 2 Years) $ 17,000 $ 109 $ 1,393 $ 9,900 |
Fair Value of Acquired Assets and Liabilities Assumed | In accordance with ASC 805, we determined the fair value of the acquired assets and assumed liabilities related to the four properties acquired during the six months ended June 30, 2015 , as follows (dollars in thousands): Location Land Building Tenant Improvements In-place Leases Leasing Costs Customer Relationships Above Market Leases Below Market Leases Total Purchase Price Richardson, TX $ 2,728 $ 12,591 $ 2,781 $ 2,060 $ 1,804 $ 1,929 $ 807 $ — $ 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 $ 7,964 $ 29,646 $ 5,947 $ 6,058 $ 3,603 $ 4,534 $ 1,628 $ (1,132 ) $ 58,248 In accordance with Accounting Standards Codification, or ASC, 805, "Business Combinations," we determined the fair value of the acquired assets related to the one property acquired during the six months ended June 30, 2016 as follows (dollars in thousands): Location Land Building Tenant Improvements In-place Leases Leasing Costs Customer Relationships Below Market Leases Total Purchase Price Salt Lake City, UT $ 3,008 $ 8,973 $ 1,685 $ 1,352 $ 337 $ 1,675 $ (30 ) $ 17,000 |
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 three and 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 Date 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 (loss) 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 one property acquired during the six months ended June 30, 2016 (dollars in thousands): For the three months ended June 30, For the six months ended June 30, 2016 2016 Location Acquisition Date Rental Revenue Earnings (1) Rental Revenue Earnings (1) Salt Lake City, UT 5/26/2016 $ 139 $ 35 $ 139 $ 35 (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 six months ended June 30, 2016 and the twelve months ended December 31, 2015 , respectively, were acquired as of January 1, 2015 . The pro-forma earnings for the six months ended June 30, 2016 and 2015 were adjusted to assume that the 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) (unaudited) 2016 2015 2016 2015 Operating Data: Total operating revenue $ 21,465 $ 21,955 $ 43,349 $ 43,420 Total operating expenses (13,485 ) (13,382 ) (27,005 ) (26,037 ) Other expenses (7,004 ) (8,024 ) (14,540 ) (15,993 ) Net income 976 549 1,804 1,390 Dividends attributable to preferred and senior common stock (1,514 ) (1,284 ) (2,794 ) (2,532 ) Net loss attributable to common stockholders $ (538 ) $ (735 ) $ (990 ) $ (1,142 ) Share and Per Share Data: Basic and diluted loss per share of common stock - pro forma $ (0.02 ) $ (0.04 ) $ (0.04 ) $ (0.06 ) Basic and diluted loss per share of common stock - actual $ (0.03 ) $ (0.04 ) $ (0.05 ) $ (0.07 ) Weighted average shares outstanding-basic and diluted 22,684,391 20,833,787 22,614,838 20,524,101 |
Summary of Lease on Property | During the six months ended June 30, 2015 , we amended six of our leases, which are summarized below (dollars in thousands): Location New Lease Effective Date Square Footage (unaudited) New Lease Term Renewal Annualized GAAP Rent Tenant Improvement Leasing Commissions Indianapolis, IN 1/1/2015 3,546 8.3 Years N/A $ 64 $ 64 $ 28 Indianapolis, IN 2/1/2015 8,275 3.0 Years N/A 124 — — Raleigh, NC 2/1/2015 58,926 5.5 Years 2 (5 year) 711 — 144 Raleigh, NC 2/1/2015 21,300 (1) 5.5 Years 2 (5 year) 239 100 32 Columbus, OH 12/1/2016 9,484 (2) 7.1 Years N/A 1,246 142 29 Raleigh, NC 8/1/2015 86,886 (3) 12.4 Years 2 (5 year) 534 800 398 188,417 $ 2,918 $ 1,106 $ 631 (1) Tenant’s lease is for 18.3% of the building. The building is now 93.2% leased. (2) The anchor tenant currently occupying 92.0% of the building will expand into the remaining space, currently occupied by another tenant through November 30, 2016. (3) Tenant's lease is for 74.8% of the building. The building is now 93.2% leased. During the six months ended June 30, 2016 , we executed leases on three properties, which are summarized below (dollars in thousands): Location Lease Commencement Date Square Footage Lease Term Renewal Options Annualized GAAP Rent Tenant Improvement Leasing Commissions Maple Heights, OH 6/1/2016 40,606 (1) 5.2 Years 2 (3 year) $ 109 $ — $ 34 Bolingbrook, IL 7/1/2016 13,816 (2) 7.2 Years 1 (5 year) 70 69 28 Burnsville, MN 12/1/2016 12,663 (3) 5.3 Years 1 (5 year) 143 — 104 (1) Tenant's lease is for 11.7% of the building. The building is now 92.8% leased. (2) Tenant’s lease is for 24.9% of the building. The building is now 62.7% leased. (3) Tenant's lease is for 11.0% of the building. The building is now 80.4% leased. |
Carrying Value of Intangible Assets and Accumulated Amortization | The following table summarizes the carrying value of intangible assets, liabilities and the accumulated amortization for each intangible asset and liability class as of June 30, 2016 and December 31, 2015 respectively (in thousands): June 30, 2016 (1) December 31, 2015 (2) Lease Intangibles Accumulated Amortization Lease Intangibles Accumulated Amortization In-place leases $ 67,217 $ (25,428 ) $ 66,244 $ (22,679 ) Leasing costs 44,791 (16,748 ) 44,360 (14,774 ) Customer relationships 48,099 (16,248 ) 46,485 (14,722 ) $ 160,107 $ (58,424 ) $ 157,089 $ (52,175 ) Deferred Rent Receivable/(Liability) Accumulated (Amortization)/Accretion Deferred Rent Receivable/(Liability) Accumulated (Amortization)/Accretion Above market leases $ 10,232 $ (7,053 ) $ 10,176 $ (6,818 ) Below market leases and deferred revenue (17,302 ) 8,338 (17,951 ) 8,294 $ (7,070 ) $ 1,285 $ (7,775 ) $ 1,476 (1) Does not include real estate held for sale as of June 30, 2016 . (2) Does not include real estate held for sale as of December 31, 2015 . |
Schedule of Weighted Average Amortization Period | The weighted average amortization periods in years for the intangible assets acquired and liabilities assumed during the six months ended June 30, 2016 and 2015 , respectively, were as follows: Intangible Assets & Liabilities 2016 2015 In-place leases 6.1 10.9 Leasing costs 6.1 10.9 Customer relationships 9.1 15.6 Above market leases 0 18.9 Below market leases 6.1 12.4 All intangible assets & liabilities 6.9 12.5 |
Real Estate Dispositions, Hel21
Real Estate Dispositions, Held for Sale and Impairment Charges (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Real Estate [Abstract] | |
Components of Income from Real Estate and Related Assets Held for Sale | The table below summarizes the components of operating income from the real estate and related assets disposed of for the Dayton, Ohio property during the three and six months ended June 30, 2016 , and 2015 , respectively (dollars in thousands): For the three months ended June 30, For the six months ended June 30, 2016 2015 2016 2015 Operating revenue $ 1 $ 106 $ 45 $ 215 Operating expense 50 50 103 105 Other expense — (25 ) (43 ) (1) (49 ) (Loss) income from real estate and related assets sold $ (49 ) $ 31 $ (101 ) $ 61 (1) Includes $0.04 million impairment charge on our Dayton, Ohio property. 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, 2016 2015 2016 2015 Operating revenue $ 119 $ 212 $ 242 $ 424 Operating expense 29 65 57 131 Other expense (200 ) (1) (33 ) (232 ) (1) (65 ) (Loss) income from real estate and related assets held for sale $ (110 ) $ 114 $ (47 ) $ 228 (1) Includes $0.2 million impairment charge on our four properties held for sale. |
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, 2016 ASSETS HELD FOR SALE Real estate, at cost $ 4,593 Less: accumulated depreciation 1,187 Total real estate held for sale, net 3,406 Lease intangibles, net 153 Deferred rent receivable, net 259 Other assets 2 TOTAL ASSETS HELD FOR SALE $ 3,820 LIABILITIES HELD FOR SALE Deferred rent liability, net $ 274 Asset retirement obligation 83 Other liabilities — TOTAL LIABILITIES HELD FOR SALE $ 357 |
Mortgage Notes Payable, Line 22
Mortgage Notes Payable, Line of Credit and Term Loan Facility (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Company's Mortgage Notes Payable and Line of Credit | Our mortgage notes payable and line of credit as of June 30, 2016 and December 31, 2015 are summarized below (dollars in thousands): Encumbered properties at Carrying Value at Stated Interest Rates at Scheduled Maturity Dates at June 30, 2016 June 30, 2016 December 31, 2015 June 30, 2016 (4) June 30, 2016 Mortgage and Other Secured Loans: Fixed rate mortgage loans 56 $ 385,760 $ 427,334 (1) (2) Variable rate mortgage loans 16 60,546 33,044 (3) (2) Premiums and discounts (net) - 277 392 N/A N/A Deferred financing costs, mortgage loans (net) - (4,979 ) (4,907 ) N/A N/A Total Mortgage Notes Payable 72 $ 441,604 $ 455,863 (5) Variable rate Line of Credit 24 (6) 60,800 45,300 LIBOR + 2.50% 8/7/2018 Deferred financing costs, line of credit (net) - (571 ) (709 ) N/A N/A Total Line of Credit 24 $ 60,229 $ 44,591 Variable rate Term Loan Facility - 25,000 25,000 LIBOR + 2.45% 10/5/2020 Deferred financing costs, term loan facility (net) - (113 ) (122 ) N/A N/A Total Term Loan Facility N/A $ 24,887 $ 24,878 Total Mortgage Notes Payable, Line of Credit and Term Loan Facility 96 $ 526,720 $ 525,332 (1) Interest rates on our fixed rate mortgage notes payable vary from 3.75% to 6.63% . (2) We have 42 mortgage notes payable with maturity dates ranging from 12/1/2016 through 7/1/2045 . (3) Interest rates on our variable rate mortgage notes payable vary from one month LIBOR + 2.15% to one month LIBOR + 2.75% . At June 30, 2016 , one month LIBOR was approximately 0.47% . (4) The weighted average interest rate on all debt outstanding at June 30, 2016 , was approximately 4.47% . (5) The weighted average interest rate on the mortgage notes outstanding at June 30, 2016 , was approximately 4.77% . (6) The amount we may draw under our line of credit and term loan facility is based on a percentage of the fair value of a combined pool of 24 unencumbered properties as of June 30, 2016 . N/A - Not Applicable |
Summary of Long-Term Mortgages | During the six months ended June 30, 2016 , we repaid 5 mortgages, collateralized by 11 properties and issued 3 long-term mortgages, collateralized by 8 properties, which are summarized below (dollars in thousands): Date of Issuance/Repayment Issuing Bank Debt Issued Interest Rate Maturity Date Principal Balance Repaid Previous Interest Rate 3/1/2016 First Niagara Bank $ 18,475 LIBOR + 2.35% (1) 3/1/2023 $ 21,197 6.14% 4/22/2016 Great Southern Bank 9,530 LIBOR + 2.75% (2) 4/22/2019 3,667 6.25% 4/28/2016 N/A N/A N/A (3) N/A 22,510 6.34% 5/26/2016 Prudential 9,900 4.684% (4) 6/1/2026 N/A N/A (1) We refinanced maturing debt on our Chalfont, Pennsylvania, Big Flats, New York and Franklin and Eatontown, New Jersey properties, which was originally set to mature during second quarter 2016. We entered into an interest rate cap agreement with First Niagara Bank, which caps LIBOR at 3% through March 1, 2019 . (2) We refinanced maturing debt on our Coppell, Texas property, which was originally set to mature during second quarter 2016. We pooled the new mortgage debt with unencumbered properties located in Allen and Colleyville, Texas. We entered into an interest rate cap agreement with Great Southern Bank, which caps LIBOR at 2.5% through April 22, 2019. (3) We repaid our $10.7 million mortgage on our Springfield, Missouri property that was originally set to mature on July 1, 2016, and we repaid our $11.8 million mortgage on our Wichita, Kansas, Clintonville, Wisconsin, Angola, Indiana and Rock Falls, Illinois properties that was originally set to mature on May 5, 2016. We repaid both mortgages using existing cash on hand and borrowings from our line of credit. (4) We borrowed $9.9 million to acquire the property acquired in Salt Lake City, UT on May 26, 2016. |
Schedule of Principal Payments of Mortgage Notes Payable | Scheduled principal payments of mortgage notes payable for the remainder of 2016, and each of the five succeeding fiscal years and thereafter are as follows (dollars in thousands): Year Scheduled Principal Payments Six Months Ending December 31, 2016 $25,303 2017 70,115 2018 42,027 2019 45,463 2020 11,910 2021 24,121 Thereafter 227,367 Total $446,306 (1) |
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, 2016 As of December 31, 2015 Interest Rate Cap LIBOR Cap Maturity Date Cost Notional Amount Fair Value Notional Amount Fair Value Nov-13 3.00% Dec-16 $ 31 $ 8,200 $ — $ 8,200 $ — Jul-15 3.00% Jul-18 68 20,874 — 21,204 14 Dec-15 3.00% Dec-20 52 3,596 6 3,640 26 Mar-16 3.00% Mar-19 33 18,367 3 — — Apr-16 2.50% Apr-19 27 9,508 2 — — $ 211 $ 60,545 $ 11 $ 33,044 $ 40 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 as of June 30, 2016 , are as follows (dollars in thousands): For the year ended December 31, Location Lease End Date 2016 2017 2018 2019 2020 Thereafter Tulsa, OK Apr-21 $ 85 $ 169 $ 169 $ 169 $ 169 $ 85 Springfield, MA Feb-30 43 89 90 90 90 884 Dartmouth, MA May-36 87 174 174 174 174 3,126 Salt Lake City, UT Nov-40 15 30 31 32 33 853 $ 230 $ 462 $ 464 $ 465 $ 466 $ 4,948 |
Stockholders' and Mezzanine E24
Stockholders' and Mezzanine Equity (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 (dollars in thousands): Shares Issued and Retired Preferred Stock Series A and B Common Stock Senior Common Stock Preferred Stock Series A and B Senior Common Stock Common Stock Additional Paid in Capital Distributions in Excess of Accumulated Earnings Total Stockholders' Equity Balance at December 31, 2015 2,150,000 22,485,607 972,214 $ 2 $ 1 $ 22 $ 418,897 $ (185,051 ) $ 233,871 Issuance of preferred stock series A and B and common stock, net 114,000 497,997 — — — 1 10,889 — 10,890 Retirement of senior common stock — — (12,662 ) — — — (178 ) — (178 ) Distributions declared to common, senior common and preferred stockholders — — — — — — — (19,766 ) (19,766 ) Net income — — — — — — — 1,738 1,738 Balance at June 30, 2016 2,264,000 22,983,604 959,552 $ 2 $ 1 $ 23 $ 429,608 $ (203,079 ) $ 226,555 |
Dividends Paid | We paid the following distributions per share for the three and six months ended June 30, 2016 and 2015 : For the three months ended June 30, For the six months ended June 30, 2016 2015 2016 2015 Common Stock $ 0.375 $ 0.375 $ 0.750 $ 0.750 Senior Common Stock 0.2625 0.2625 0.5250 0.5250 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 Series D Preferred Stock 0.1788 — 0.1788 — |
Subsequent Events (Tables)
Subsequent Events (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Monthly Distributions Declared by Company's Board of Directors | On July 12, 2016, our Board of Directors declared the following monthly distributions for the months of July, August and September: Record Date Payment Date Common Stock Distributions per Share Series A Preferred Distributions per Share Series B Preferred Distributions per Share Series C Preferred Distributions per Share (1) Series D Preferred Distributions per Share July 22, 2016 August 2, 2016 $ 0.125 $ 0.1614583 $ 0.15625 $ 0.1484375 $ 0.1458333 August 22, 2016 August 31, 2016 0.125 0.1614583 0.15625 — 0.1458333 September 21, 2016 September 30, 2016 0.125 0.1614583 0.15625 — 0.1458333 Total $ 0.375 $ 0.4843749 $ 0.46875 $ 0.1484375 $ 0.4374999 (1) On July 12, 2016, we sent notices of redemption for the remaining 540,000 shares outstanding of our Series C Preferred Stock. We intend to redeem these shares on August 19, 2016 at a redemption price of $25.00 per share, plus an amount equal to all accumulated and unpaid dividends. Senior Common Stock Distributions Payable to the Holders of Record During the Month of: Payment Date Distribution per Share July August 5, 2016 $ 0.0875 August September 8, 2016 0.0875 September October 7, 2016 0.0875 Total $ 0.2625 |
Organization, Basis of Presen26
Organization, Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) $ in Thousands | Jun. 30, 2016USD ($)lease | Dec. 31, 2015USD ($) |
Organization And Significant Accounting Policies [Line Items] | ||
Number of leases | lease | 4 | |
Deferred financing costs, net | $ (5,700) | $ 0 |
ASU 2015-03 [Member] | As Previously Reported [Member] | ||
Organization And Significant Accounting Policies [Line Items] | ||
Deferred financing costs, net | $ 5,739 | $ 6,138 |
Organization, Basis of Presen27
Organization, Basis of Presentation and Significant Accounting Policies - Summary of Retrospective Adjustment and Overall Impact on Previously Reported Consolidated Financial Statements (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Deferred financing costs, net | $ (5,700) | $ 0 |
Mortgage notes payable, net | 441,604 | 455,863 |
Borrowings under line of credit, net | 60,229 | 44,591 |
Borrowings under term loan facility, net | 24,887 | 24,878 |
Series C mandatorily redeemable preferred stock, net | 13,424 | 38,100 |
ASU 2015-03 [Member] | As Previously Reported [Member] | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Deferred financing costs, net | $ 5,739 | 6,138 |
Mortgage notes payable, net | 460,770 | |
Borrowings under line of credit, net | 45,300 | |
Borrowings under term loan facility, net | 25,000 | |
Series C mandatorily redeemable preferred stock, net | $ 38,500 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) | Jul. 24, 2015 | Jul. 01, 2015quarter | May 25, 2011USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)officer | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Related Party Transaction [Line Items] | ||||||||||
Number of executive officers | officer | 2 | |||||||||
Due to Adviser and Administrator | [1] | $ 1,884,000 | $ 1,884,000 | $ 1,884,000 | $ 1,858,000 | |||||
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% | |||||||||
Annual base management fee, in percentage of stockholders' equity, in excess of recorded value of preferred stock | 2.00% | |||||||||
Base management fee | [2] | 856,000 | $ 866,000 | $ 1,717,000 | $ 1,717,000 | |||||
Pre-incentive quarterly fee FFO in percentage of common stockholders' equity that will reward the Adviser | 2.00% | 1.75% | ||||||||
Pre-incentive annual fee FFO in percentage of common stockholders' equity that will reward the Adviser | 8.00% | 7.00% | ||||||||
Amount to be paid to Adviser in percentage of pre-incentive fee condition one | 15.00% | 100.00% | ||||||||
Number of quarters used for the cap of average quarterly incentive fees | quarter | 4 | |||||||||
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 | [2] | 655,000 | 1,760,000 | $ 1,273,000 | 3,433,000 | |||||
Credits related to unconditional and irrevocable voluntary waivers issued by the Adviser | [2] | 0 | 1,316,000 | 2,500,000 | ||||||
Related-party transactions incentive fee, net | 500,000 | 900,000 | ||||||||
Capital gains-based incentive fee percentage | 15.00% | |||||||||
Capital gain fee | 0 | 0 | $ 0 | 0 | ||||||
Percentage of independent directors to terminate the Amended Advisory Agreement | 66.67% | |||||||||
Notice period for termination of agreement without cause | 120 days | |||||||||
Notice period for termination of agreement with cause | 30 days | |||||||||
Administration fee | [2] | 370,000 | 366,000 | $ 775,000 | 728,000 | |||||
Wrote-off of deferred offering costs | $ 100,000 | |||||||||
Fees paid | $ 100,000 | $ 100,000 | $ 100,000 | $ 200,000 | ||||||
Financing fee on total secured mortgages percentage | 0.35% | 0.30% | 0.39% | 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% | |||||||||
Dealer Manager [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Agreement termination date | Mar. 28, 2015 | |||||||||
Wrote-off of deferred offering costs | $ 100,000 | |||||||||
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% | |||||||||
Payments made to the Dealer Manager pursuant to Dealer Manager Agreement | $ 300,000 | |||||||||
Adviser and Administrator [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Credits related to unconditional and irrevocable voluntary waivers issued by the Adviser | [2] | $ 0 | ||||||||
Related-party transactions incentive fee, net | $ 700,000 | $ 1,300,000 | ||||||||
[1] | Refer to Note 2 "Related-Party Transactions" | |||||||||
[2] | Refer to Note 2 “Related-Party Transactions” |
Loss per Share of Common Stoc29
Loss per Share of Common Stock - Basic and Diluted Loss Per Share of Common Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Calculation of basic loss per share of common stock: | ||||
Net loss attributable to common stockholders | $ (631) | $ (853) | $ (1,056) | $ (1,407) |
Denominator for basic weighted average shares of common stock (in shares) | 22,684,391 | 20,833,787 | 22,614,838 | 20,524,101 |
Basic loss per share of common stock (in dollars per share) | $ (0.0278) | $ (0.0409) | $ (0.0467) | $ (0.0686) |
Calculation of diluted loss per share of common stock: | ||||
Net loss attributable to common stockholders | $ (631) | $ (853) | $ (1,056) | $ (1,407) |
Net loss attributable to common stockholders plus assumed conversions | $ (631) | $ (853) | $ (1,056) | $ (1,407) |
Denominator for basic weighted average shares of common stock (in shares) | 22,684,391 | 20,833,787 | 22,614,838 | 20,524,101 |
Effect of convertible Senior Common Stock (in shares) | 0 | 0 | 0 | 0 |
Denominator for diluted weighted average shares of common stock (in shares) | 22,684,391 | 20,833,787 | 22,614,838 | 20,524,101 |
Diluted loss per share of common stock (in dollars per share) | $ (0.0278) | $ (0.0409) | $ (0.0467) | $ (0.0686) |
Loss per Share of Common Stoc30
Loss per Share of Common Stock - Basic and Diluted Loss Per Share of Common Stock Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2015 | |
Senior Common Stock [Member] | |||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | |||
Anti-dilutive convertible shares of senior common stock excluded from calculation of diluted earnings per share | 800,116 | 830,600 | 775,002 |
Real Estate and Intangible As31
Real Estate and Intangible Assets - Components of Investments in Real Estate (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Real estate: | ||
Land | $ 99,780 | $ 97,117 |
Building | 641,266 | 635,728 |
Tenant improvements | 49,186 | 47,532 |
Accumulated depreciation | (122,827) | (112,243) |
Total real estate, net | $ 667,405 | $ 668,134 |
Real Estate and Intangible As32
Real Estate and Intangible Assets - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016USD ($)property | Jun. 30, 2015USD ($)leaseproperty | Jun. 30, 2016USD ($)property | Jun. 30, 2015USD ($)leaseproperty | |
Real Estate Properties [Line Items] | ||||
Number of properties acquired | property | 4 | 4 | ||
Number of leased properties | property | 3 | |||
Tenant recovery revenue | $ 357 | $ 394 | $ 842 | $ 718 |
Number of leases amended | lease | 6 | 6 | ||
Total amortization expense related to lease intangible assets | 3,300 | $ 3,500 | 6,600 | $ 6,400 |
Amortization related to below-market lease | 200 | 200 | 500 | 500 |
Building and Tenant Improvements [Member] | ||||
Real Estate Properties [Line Items] | ||||
Real estate depreciation expense | 5,900 | 5,500 | 11,800 | 10,700 |
Above Market Leases [Member] | ||||
Real Estate Properties [Line Items] | ||||
Amortization related to above-market lease | $ 100 | $ 100 | $ 200 | $ 200 |
2015 Real Estate Activity [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of properties acquired | property | 4 | 4 | ||
Salt Lake City UT [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of properties acquired | property | 1 | 1 | ||
Other Income [Member] | ||||
Real Estate Properties [Line Items] | ||||
Tenant recovery revenue | $ 300 | |||
Newburyport, Massachusetts [Member] | ||||
Real Estate Properties [Line Items] | ||||
Tenant recovery revenue | $ 900 | $ 900 | ||
Newburyport, Massachusetts [Member] | Other Income [Member] | ||||
Real Estate Properties [Line Items] | ||||
Tenant recovery revenue | $ 300 |
Real Estate and Intangible As33
Real Estate and Intangible Assets - Summary of Properties Acquired (Detail) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016USD ($)ft²optionproperty | Jun. 30, 2015USD ($)ft²optionproperty | Jul. 25, 2014ft² | |
Business Acquisition [Line Items] | |||
Number of properties acquired | property | 4 | ||
Square Footage (unaudited) | ft² | 351,276 | 81,371 | |
Renewal Options | option | 2 | ||
Renewal Options Period | 5 years | ||
Total Purchase Price | $ 58,248 | ||
Acquisition Expenses | 404 | ||
Annualized GAAP Rent | 6,089 | ||
Debt Issued & Assumed | $ 9,900 | $ 32,039 | |
Salt Lake City UT [Member] | |||
Business Acquisition [Line Items] | |||
Number of properties acquired | property | 1 | ||
Acquisition Date | May 26, 2016 | May 29, 2015 | |
Square Footage (unaudited) | ft² | 107,000 | 86,409 | |
Lease Term | 6 years | 6 years 6 months | |
Renewal Options | option | 1 | ||
Renewal Options Period | 5 years | ||
Total Purchase Price | $ 17,000 | $ 22,200 | |
Acquisition Expenses | 109 | 144 | |
Annualized GAAP Rent | 1,393 | 2,411 | |
Debt Issued & Assumed | $ 13,000 | ||
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 | 112 | ||
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 | 76 | ||
Annualized GAAP Rent | $ 333 | ||
Columbus, OH [Member] | |||
Business Acquisition [Line Items] | |||
Acquisition Date | May 28, 2015 | ||
Square Footage (unaudited) | ft² | 78,033 | ||
Lease Term | 15 years | ||
Renewal Options | option | 2 | ||
Renewal Options Period | 5 years | ||
Total Purchase Price | $ 7,700 | ||
Acquisition Expenses | 72 | ||
Annualized GAAP Rent | 637 | ||
Debt Issued & Assumed | 4,466 | ||
Leasing Costs [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (3,603) | ||
Leasing Costs [Member] | Salt Lake City UT [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (337) | (981) | |
Leasing Costs [Member] | Richardson, TX [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (1,804) | ||
Leasing Costs [Member] | Birmingham, AL [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (146) | ||
Leasing Costs [Member] | Columbus, OH [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (672) | ||
In-Place Leases [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (6,058) | ||
In-Place Leases [Member] | Salt Lake City UT [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (1,352) | (2,396) | |
In-Place Leases [Member] | Richardson, TX [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (2,060) | ||
In-Place Leases [Member] | Birmingham, AL [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (458) | ||
In-Place Leases [Member] | Columbus, OH [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (1,144) | ||
Tenant Improvement [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (5,947) | ||
Tenant Improvement [Member] | Salt Lake City UT [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (1,685) | (1,268) | |
Tenant Improvement [Member] | Richardson, TX [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (2,781) | ||
Tenant Improvement [Member] | Birmingham, AL [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (351) | ||
Tenant Improvement [Member] | Columbus, OH [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (1,547) | ||
Building [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (29,646) | ||
Building [Member] | Salt Lake City UT [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (8,973) | (11,861) | |
Building [Member] | Richardson, TX [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (12,591) | ||
Building [Member] | Birmingham, AL [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (1,683) | ||
Building [Member] | Columbus, OH [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (3,511) | ||
Land [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (7,964) | ||
Land [Member] | Salt Lake City UT [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (3,008) | (3,248) | |
Land [Member] | Richardson, TX [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (2,728) | ||
Land [Member] | Birmingham, AL [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (650) | ||
Land [Member] | Columbus, OH [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (1,338) | ||
Above Market Leases [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (1,628) | ||
Above Market Leases [Member] | Salt Lake City UT [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (821) | ||
Above Market Leases [Member] | Richardson, TX [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (807) | ||
Above Market Leases [Member] | Birmingham, AL [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | 0 | ||
Above Market Leases [Member] | Columbus, OH [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | 0 | ||
Below Market Leases [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (30) | (1,132) | |
Below Market Leases [Member] | Salt Lake City UT [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (53) | ||
Below Market Leases [Member] | Richardson, TX [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | 0 | ||
Below Market Leases [Member] | Birmingham, AL [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | 0 | ||
Below Market Leases [Member] | Columbus, OH [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (1,079) | ||
Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (4,534) | ||
Customer Relationships [Member] | Salt Lake City UT [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | $ (1,675) | (1,678) | |
Customer Relationships [Member] | Richardson, TX [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (1,929) | ||
Customer Relationships [Member] | Birmingham, AL [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | (360) | ||
Customer Relationships [Member] | Columbus, OH [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value of Assets Acquired | $ (567) | ||
Maximum [Member] | Salt Lake City UT [Member] | |||
Business Acquisition [Line Items] | |||
Renewal Options Period | 3 years | ||
Minimum [Member] | Salt Lake City UT [Member] | |||
Business Acquisition [Line Items] | |||
Renewal Options | option | 2 | ||
Renewal Options Period | 2 years |
Real Estate and Intangible As34
Real Estate and Intangible Assets - Fair Value of Acquired Assets and Liabilities Assumed (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Business Acquisition [Line Items] | ||
Total Purchase Price | $ 58,248 | |
Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | (4,534) | |
Above Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | (1,628) | |
Below Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | $ (30) | (1,132) |
Salt Lake City UT [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 17,000 | 22,200 |
Salt Lake City UT [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | (1,675) | (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) | |
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 | (1,929) | |
Richardson, TX [Member] | Above Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | (807) | |
Richardson, TX [Member] | Below Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 0 | |
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) | |
Birmingham, AL [Member] | Above Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 0 | |
Birmingham, AL [Member] | Below Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | 0 | |
Land [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | (7,964) | |
Land [Member] | Salt Lake City UT [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | (3,008) | (3,248) |
Land [Member] | Richardson, TX [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | (2,728) | |
Land [Member] | Birmingham, AL [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | (650) | |
Building [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | (29,646) | |
Building [Member] | Salt Lake City UT [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | (8,973) | (11,861) |
Building [Member] | Richardson, TX [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | (12,591) | |
Building [Member] | Birmingham, AL [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | (1,683) | |
Tenant Improvements [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | (5,947) | |
Tenant Improvements [Member] | Salt Lake City UT [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | (1,685) | (1,268) |
Tenant Improvements [Member] | Richardson, TX [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | (2,781) | |
Tenant Improvements [Member] | Birmingham, AL [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | (351) | |
In-Place Leases [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | (6,058) | |
In-Place Leases [Member] | Salt Lake City UT [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | (1,352) | (2,396) |
In-Place Leases [Member] | Richardson, TX [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | (2,060) | |
In-Place Leases [Member] | Birmingham, AL [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | (458) | |
Leasing Costs [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | (3,603) | |
Leasing Costs [Member] | Salt Lake City UT [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | $ (337) | (981) |
Leasing Costs [Member] | Richardson, TX [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | (1,804) | |
Leasing Costs [Member] | Birmingham, AL [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired assets related to the properties acquired | $ (146) |
Real Estate and Intangible As35
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, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Business Acquisition [Line Items] | ||||
Rental Revenue | $ 1,014 | $ 1,207 | ||
Earnings | 495 | $ 861 | ||
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 | ||
Columbus, OH [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | May 28, 2015 | |||
Rental Revenue | 67 | $ 67 | ||
Earnings | 149 | $ 149 | ||
Salt Lake City UT [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | May 26, 2016 | May 29, 2015 | ||
Rental Revenue | $ 139 | 207 | $ 139 | $ 207 |
Earnings | $ 35 | $ 278 | $ 35 | $ 278 |
Real Estate and Intangible As36
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, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Operating Data: | ||||
Total operating revenue | $ 21,465 | $ 21,955 | $ 43,349 | $ 43,420 |
Total operating expenses | (13,485) | (13,382) | (27,005) | (26,037) |
Other expenses | (7,004) | (8,024) | (14,540) | (15,993) |
Net income | 976 | 549 | 1,804 | 1,390 |
Dividends attributable to preferred and senior common stock | (1,514) | (1,284) | (2,794) | (2,532) |
Net loss attributable to common stockholders | $ (538) | $ (735) | $ (990) | $ (1,142) |
Share and Per Share Data: | ||||
Basic and diluted loss per share of common stock - pro forma | $ (0.02) | $ (0.04) | $ (0.04) | $ (0.06) |
Basic and diluted loss per share of common stock - actual | $ (0.03) | $ (0.04) | $ (0.05) | $ (0.07) |
Weighted average shares outstanding-basic and diluted | 22,684,391 | 20,833,787 | 22,614,838 | 20,524,101 |
Real Estate and Intangible As37
Real Estate and Intangible Assets - Summary of Lease on Property (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016USD ($)ft²optionproperty | Jun. 30, 2015USD ($)ft²optionproperty | |
Real Estate Properties [Line Items] | ||
Number of properties acquired | property | 4 | |
Square Footage (unaudited) | ft² | 188,417,000 | |
Renewal Options | option | 2 | |
Renewal Options Period | 5 years | |
Annualized GAAP Rent | $ 2,918 | |
Tenant Improvement | 1,106 | |
Leasing Commissions | $ 631 | |
Bolingbrook, IL [Member] | ||
Real Estate Properties [Line Items] | ||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 7 years 2 months 12 days | |
Lease Commencement Date | Jul. 1, 2016 | |
Square Footage (unaudited) | ft² | 13,816 | |
Renewal Options | option | 1 | |
Renewal Options Period | 5 years | |
Annualized GAAP Rent | $ 70 | |
Tenant Improvement | 69 | |
Leasing Commissions | $ 28 | |
Maple Heights, OH [Member] | ||
Real Estate Properties [Line Items] | ||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 5 years 2 months 12 days | |
Lease Commencement Date | Jun. 1, 2016 | |
Square Footage (unaudited) | ft² | 40,606 | |
Renewal Options | option | 2 | |
Renewal Options Period | 3 years | |
Annualized GAAP Rent | $ 109 | |
Tenant Improvement | 0 | |
Leasing Commissions | $ 34 | |
Indianapolis, IN [Member] | ||
Real Estate Properties [Line Items] | ||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 8 years 3 months 18 days | |
Lease Commencement Date | Jan. 1, 2015 | |
Square Footage (unaudited) | ft² | 3,546,000 | |
Annualized GAAP Rent | $ 64 | |
Tenant Improvement | 64 | |
Leasing Commissions | $ 28 | |
Indianapolis, IN One [Member] | ||
Real Estate Properties [Line Items] | ||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 3 years | |
Lease Commencement Date | Feb. 1, 2015 | |
Square Footage (unaudited) | ft² | 8,275,000 | |
Annualized GAAP Rent | $ 124 | |
Tenant Improvement | 0 | |
Leasing Commissions | $ 0 | |
Raleigh, NC [Member] | ||
Real Estate Properties [Line Items] | ||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 5 years 6 months | |
Lease Commencement Date | Feb. 1, 2015 | |
Square Footage (unaudited) | ft² | 58,926,000 | |
Annualized GAAP Rent | $ 711 | |
Tenant Improvement | 0 | |
Leasing Commissions | $ 144 | |
Columbus, OH [Member] | ||
Real Estate Properties [Line Items] | ||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 7 years 1 month 6 days | |
Lease Commencement Date | Dec. 1, 2016 | |
Square Footage (unaudited) | ft² | 9,484,000 | |
Annualized GAAP Rent | $ 1,246 | |
Tenant Improvement | 142 | |
Leasing Commissions | $ 29 | |
Raleigh, NC One [Member] | ||
Real Estate Properties [Line Items] | ||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 5 years 6 months | |
Lease Commencement Date | Feb. 1, 2015 | |
Square Footage (unaudited) | ft² | 21,300,000 | |
Annualized GAAP Rent | $ 239 | |
Tenant Improvement | 100 | |
Leasing Commissions | $ 32 | |
Burnsville, MN [Member] | ||
Real Estate Properties [Line Items] | ||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 5 years 4 months 24 days | |
Lease Commencement Date | Dec. 1, 2016 | |
Square Footage (unaudited) | ft² | 12,663 | |
Renewal Options | option | 1 | |
Renewal Options Period | 5 years | |
Annualized GAAP Rent | $ 143 | |
Tenant Improvement | 0 | |
Leasing Commissions | $ 104 | |
Raleigh NC Two [Member] | ||
Real Estate Properties [Line Items] | ||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 12 years 4 months 24 days | |
Lease Commencement Date | Aug. 1, 2015 | |
Square Footage (unaudited) | ft² | 86,886,000 | |
Renewal Options | option | 2 | |
Renewal Options Period | 5 years | |
Annualized GAAP Rent | $ 534 | |
Tenant Improvement | 800 | |
Leasing Commissions | $ 398 | |
Salt Lake City UT [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties acquired | property | 1 | |
Renewal Options | option | 1 | |
Renewal Options Period | 5 years |
Real Estate and Intangible As38
Real Estate and Intangible Assets - Summary of Lease on Property Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Bolingbrook, IL [Member] | ||
Real Estate Properties [Line Items] | ||
Percentage of building lease space occupied | 24.90% | |
Percentage of building occupied by tenant | 62.70% | |
Maple Heights, OH [Member] | ||
Real Estate Properties [Line Items] | ||
Percentage of building lease space occupied | 11.70% | |
Percentage of building occupied by tenant | 92.80% | |
Burnsville, MN [Member] | ||
Real Estate Properties [Line Items] | ||
Percentage of building lease space occupied | 11.00% | |
Percentage of building occupied by tenant | 80.40% | |
Raleigh, NC One [Member] | ||
Real Estate Properties [Line Items] | ||
Percentage of building lease space occupied | 18.30% | |
Percentage of building occupied by tenant | 93.20% | |
Columbus, OH [Member] | ||
Real Estate Properties [Line Items] | ||
Percentage of building occupied by tenant | 92.00% | |
Raleigh NC Two [Member] | ||
Real Estate Properties [Line Items] | ||
Percentage of building lease space occupied | 74.80% | |
Percentage of building occupied by tenant | 93.20% |
Real Estate and Intangible As39
Real Estate and Intangible Assets - Carrying Value of Intangible Assets and Accumulated Amortization (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Below market leases and deferred revenue, gross | $ (17,302) | $ (17,951) |
Below market leases and deferred revenue, accumulated amortization | 8,338 | 8,294 |
Above and Below Market Leases and Deferred Revenue [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets (liabilities), gross | (7,070) | (7,775) |
Finite-lived intangible assets (liabilities), accumulated amortization | (1,285) | (1,476) |
Above Market Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 10,232 | 10,176 |
Finite-lived intangible assets, accumulated amortization | 7,053 | 6,818 |
In-Place Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 67,217 | 66,244 |
Finite-lived intangible assets, accumulated amortization | 25,428 | 22,679 |
Leasing Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 44,791 | 44,360 |
Finite-lived intangible assets, accumulated amortization | 16,748 | 14,774 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 48,099 | 46,485 |
Finite-lived intangible assets, accumulated amortization | 16,248 | 14,722 |
Lease Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 160,107 | 157,089 |
Finite-lived intangible assets, accumulated amortization | $ 58,424 | $ 52,175 |
Real Estate and Intangible As40
Real Estate and Intangible Assets Real Estate and Intangible Assets - Intangible Assets and Liabilities (Details) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets & Liabilities, Amortization Period | 6 years 10 months 24 days | 12 years 6 months |
In-Place Leases [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets & Liabilities, Amortization Period | 6 years 1 month 6 days | 10 years 10 months 24 days |
Leasing Costs [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets & Liabilities, Amortization Period | 6 years 1 month 6 days | 10 years 10 months 24 days |
Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets & Liabilities, Amortization Period | 9 years 1 month 6 days | 15 years 7 months 6 days |
Above Market Leases [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets & Liabilities, Amortization Period | 0 days | 18 years 10 months 24 days |
Below Market Leases [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets & Liabilities, Amortization Period | 6 years 1 month 6 days | 12 years 4 months 24 days |
Real Estate Dispositions, Hel41
Real Estate Dispositions, Held for Sale and Impairment Charges - Additional Information (Detail) | May 16, 2016USD ($) | Jun. 30, 2016USD ($)property | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)property | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) |
Real Estate Properties [Line Items] | ||||||
Impairment loss | $ 187,000 | $ 0 | $ 230,000 | $ 0 | ||
Other impairment loss | $ 0 | $ 0 | $ 0 | $ 0 | ||
Dayton Ohio [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Property held for sale | $ 200,000 | |||||
Gain or loss on sale | 0 | |||||
Number of real estate properties, held for sale | property | 4 | 4 | ||||
Impairment loss | $ 40,000 | $ 200,000 | $ 600,000 | |||
Rock Falls Illinois [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties, held for sale | property | 1 | 1 | ||||
Angola, Indiana [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties, held for sale | property | 2 | 2 | ||||
Montgomery, AL [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties, held for sale | property | 1 | 1 |
Real Estate Dispositions, Hel42
Real Estate Dispositions, Held for Sale and Impairment Charges - Components of Income from Real Estate and Related Assets Held for Sale (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Real Estate Properties [Line Items] | ||||
Operating expense | $ 13,433 | $ 12,595 | $ 26,688 | $ 24,351 |
Real Estate Dispositions [Member] | ||||
Real Estate Properties [Line Items] | ||||
Operating revenue | 1 | 106 | 45 | 215 |
Operating expense | 50 | 50 | 103 | 105 |
Other expense | 0 | (25) | (43) | (49) |
Total operating revenues | (49) | 31 | (101) | 61 |
Real Estate Held for Sale [Member] | ||||
Real Estate Properties [Line Items] | ||||
Operating revenue | 119 | 212 | 242 | 424 |
Operating expense | 29 | 65 | 57 | 131 |
Other expense | (200) | (33) | (232) | (65) |
Total operating revenues | $ (110) | $ 114 | $ (47) | $ 228 |
Real Estate Dispositions, Hel43
Real Estate Dispositions, Held for Sale and Impairment Charges - Components of Income from Real Estate and Related Assets Held for Sale Additional Information (Detail) $ in Thousands | May 16, 2016USD ($) | Jun. 30, 2016USD ($)property | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)property | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) |
Real Estate Properties [Line Items] | ||||||
Impairment charge | $ 187 | $ 0 | $ 230 | $ 0 | ||
Dayton Ohio [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Impairment charge | $ 40 | $ 200 | $ 600 | |||
Number of real estate properties, held for sale | property | 4 | 4 |
Real Estate Dispositions, Hel44
Real Estate Dispositions, Held for Sale and Impairment Charges - Components of Assets and Liabilities Held for Sale (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
ASSETS HELD FOR SALE | ||
TOTAL ASSETS HELD FOR SALE | $ 3,820 | $ 1,077 |
LIABILITIES HELD FOR SALE | ||
TOTAL LIABILITIES HELD FOR SALE | 357 | $ 868 |
Real Estate Held for Sale [Member] | ||
ASSETS HELD FOR SALE | ||
Real estate, at cost | 4,593 | |
Less: accumulated depreciation | 1,187 | |
Total real estate held for sale, net | 3,406 | |
Lease intangibles, net | 153 | |
Deferred rent receivable, net | 259 | |
Other assets | 2 | |
TOTAL ASSETS HELD FOR SALE | 3,820 | |
LIABILITIES HELD FOR SALE | ||
Deferred rent liability, net | 274 | |
Asset retirement obligation | 83 | |
Other liabilities | 0 | |
TOTAL LIABILITIES HELD FOR SALE | $ 357 |
Mortgage Note Receivable - Addi
Mortgage Note Receivable - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($)ft² | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($)ft² | Apr. 14, 2015USD ($) | Jul. 25, 2014USD ($)ft² | |
Debt Disclosure [Abstract] | ||||||
Second mortgage development loan | $ 5,600 | |||||
Acquisition of our property, area | ft² | 351,276 | 351,276 | 81,371 | |||
Interim financing loan | $ 300 | |||||
Percentage of Interest earned in cash | 9.00% | |||||
Estimated percentage of rate of Interest | 22.00% | |||||
Interest Income From Mortgage Note Receivable | $ 0 | $ 282 | $ 385 | $ 549 |
Mortgage Notes Payable, Line 46
Mortgage Notes Payable, Line of Credit and Term Loan Facility - Company's Mortgage Notes Payable and Line of Credit (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016USD ($)property | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | ||
Encumbered properties | property | 96 | |
Carrying Value | $ 526,720 | $ 525,332 |
Interest Rate Fair Value Hedge Derivative at Fair Value, Net | 11 | 40 |
Deferred financing costs, net | 5,700 | 0 |
Premiums and discounts (net) | $ (277) | (392) |
Variable Rate Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Encumbered properties | property | 24 | |
Carrying Value | $ 60,800 | 45,300 |
Scheduled Maturity Dates | Aug. 7, 2018 | |
Variable Rate Line of Credit [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Spread on LIBOR | 2.50% | |
Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Encumbered properties | property | 24 | |
Carrying Value | $ 60,229 | 44,591 |
Line of Credit [Member] | Restatement Adjustment [Member] | ||
Debt Instrument [Line Items] | ||
Deferred financing costs, net | $ (571) | (709) |
Fixed Rate Mortgage Loans [Member] | ||
Debt Instrument [Line Items] | ||
Encumbered properties | property | 56 | |
Carrying Value | $ 385,760 | 427,334 |
Variable Rate Mortgage Loans [Member] | ||
Debt Instrument [Line Items] | ||
Encumbered properties | property | 16 | |
Carrying Value | $ 60,546 | 33,044 |
Mortgage Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Encumbered properties | property | 72 | |
Carrying Value | $ 441,604 | 455,863 |
Mortgage Notes Payable [Member] | Restatement Adjustment [Member] | ||
Debt Instrument [Line Items] | ||
Deferred financing costs, net | (4,979) | (4,907) |
Variable Rate Term Loan Facility [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | $ 25,000 | 25,000 |
Scheduled Maturity Dates | Oct. 5, 2020 | |
Variable Rate Term Loan Facility [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Spread on LIBOR | 2.45% | |
Term Loan Facility [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | $ 24,887 | 24,878 |
Term Loan Facility [Member] | Restatement Adjustment [Member] | ||
Debt Instrument [Line Items] | ||
Deferred financing costs, net | (113) | (122) |
Interest Rate Cap Two [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate Fair Value Hedge Derivative at Fair Value, Net | $ 0 | $ 14 |
Mortgage Notes Payable, Line 47
Mortgage Notes Payable, Line of Credit and Term Loan Facility - Company's Mortgage Notes Payable and Line of Credit Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2016propertymortgage | |
Debt Instrument [Line Items] | |
Weighted average interest rate on debt outstanding | 4.47% |
Properties shared | property | 24 |
Fixed Rate Mortgage Loans [Member] | |
Debt Instrument [Line Items] | |
Number of mortgage notes payable | mortgage | 42 |
Maturity date of mortgage notes payable, start date | Dec. 1, 2016 |
Maturity date of mortgage notes payable, end date | Jul. 1, 2045 |
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 | 6.63% |
Variable Rate Mortgage Loans [Member] | Minimum [Member] | LIBOR [Member] | |
Debt Instrument [Line Items] | |
Spread on LIBOR | 2.15% |
Variable Rate Mortgage Loans [Member] | Maximum [Member] | LIBOR [Member] | |
Debt Instrument [Line Items] | |
Spread on LIBOR | 2.75% |
Mortgage Notes Payable [Member] | |
Debt Instrument [Line Items] | |
Weighted average interest rate on debt outstanding | 4.77% |
Mortgage Notes Payable, Line 48
Mortgage Notes Payable, Line of Credit and Term Loan Facility - Additional Information (Detail) | Oct. 05, 2015USD ($) | Jun. 30, 2016USD ($)propertymortgage | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)propertymortgagelender | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Aug. 31, 2013USD ($) |
Debt Instrument [Line Items] | |||||||
Number of properties collateralized in mortgage notes payable | property | 96 | 96 | |||||
Number of long-term mortgages repaid | mortgage | 5 | ||||||
Number of properties repaid to collateralized mortgages notes payable | mortgage | 11 | ||||||
Number of long-term mortgages issued | mortgage | 3 | ||||||
Number of properties to issue collateralized mortgage notes payable | mortgage | 8 | ||||||
Payments of deferred financing costs | $ 300,000 | $ 400,000 | $ 690,000 | $ 883,000 | |||
Premiums and discounts (net) | (277,000) | (277,000) | $ (392,000) | ||||
Deferred financing costs, net | (5,700,000) | (5,700,000) | 0 | ||||
Principal repayments on mortgage notes payable | 51,977,000 | $ 23,625,000 | |||||
Fair value of mortgage notes payable outstanding | 454,100,000 | 454,100,000 | |||||
Carrying Value | 526,720,000 | $ 526,720,000 | 525,332,000 | ||||
Line of credit, maturity date | 2019-08 | ||||||
Line of credit facility, percentage of extension fee on initial maturity | 0.25% | ||||||
Borrowings under line of credit | $ 60,229,000 | $ 60,229,000 | 44,591,000 | ||||
Weighted average interest rate on debt outstanding | 4.47% | 4.47% | |||||
Five Year Term Loan Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit, maturity date | 2020-10 | ||||||
Line of credit facility, percentage of extension fee on initial maturity | 0.05% | ||||||
Line of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of properties collateralized in mortgage notes payable | property | 24 | 24 | |||||
Carrying Value | $ 60,229,000 | $ 60,229,000 | 44,591,000 | ||||
Line of credit facility, maximum borrowing capacity | $ 85,000,000 | 150,000,000 | $ 150,000,000 | $ 100,000,000 | |||
Number of lenders added | lender | 3 | ||||||
Cost for modification of the credit facility agreement | $ 500,000 | ||||||
Borrowings under line of credit | $ 85,800,000 | $ 85,800,000 | |||||
Line of credit at an interest rate | 2.95% | 2.95% | |||||
Letters of credit, outstanding | $ 2,500,000 | $ 2,500,000 | |||||
Line of credit facility, maximum additional amount drawn | 8,600,000 | 8,600,000 | |||||
Line of Credit [Member] | Five Year Term Loan Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 25,000,000 | $ 25,000,000 | |||||
Debt Instrument, Term | 5 years | ||||||
Letter of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Weighted average interest rate on debt outstanding | 2.50% | 2.50% | |||||
Mortgage Notes Payable [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of properties collateralized in mortgage notes payable | property | 72 | 72 | |||||
Recourse amount of mortgage notes payable | $ 3,400,000 | $ 3,400,000 | |||||
Percentage of debt recourse | 0.80% | ||||||
Carrying Value | $ 441,604,000 | $ 441,604,000 | 455,863,000 | ||||
Weighted average interest rate on debt outstanding | 4.77% | 4.77% | |||||
Mortgage Notes Payable [Member] | LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
LIBOR Cap | 3.00% | 3.00% | |||||
Fixed Rate Mortgage Loans [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of mortgage notes payable | mortgage | 42 | 42 | |||||
Number of properties collateralized in mortgage notes payable | property | 56 | 56 | |||||
Net book value of collateralized mortgage properties | $ 626,700,000 | $ 626,700,000 | |||||
Carrying Value | $ 385,760,000 | 385,760,000 | $ 427,334,000 | ||||
Mortgage Maturing on July 1, 2016 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal repayments on mortgage notes payable | 10,700,000 | ||||||
Mortgage Maturing May 5, 2016 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal repayments on mortgage notes payable | $ 11,800,000 |
Mortgage Notes Payable, Line 49
Mortgage Notes Payable, Line of Credit and Term Loan Facility - Summary of Long-Term Mortgages (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Debt Instrument [Line Items] | ||
Proceeds from Notes Payable | $ 37,905 | $ 51,819 |
Principal Balance Repaid | $ 51,977 | $ 23,625 |
Previous Weighted Average | 4.47% | |
Mortgage Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Date of Issuance | Apr. 28, 2016 | |
Previous Weighted Average | 4.77% | |
Mortgage Notes Payable [Member] | First Niagara Bank [Member] | ||
Debt Instrument [Line Items] | ||
Date of Issuance | Mar. 1, 2016 | |
Issuing Bank | First Niagara Bank | |
Proceeds from Notes Payable | $ 18,475 | |
Libor rate description | LIBOR + 2.35% | |
Maturity Date | Mar. 1, 2023 | |
Principal Balance Repaid | $ 21,197 | |
Previous Weighted Average | 6.14% | |
Mortgage Notes Payable [Member] | Great Southern Bank [Member] | ||
Debt Instrument [Line Items] | ||
Date of Issuance | Apr. 22, 2016 | |
Issuing Bank | Great Southern Bank | |
Proceeds from Notes Payable | $ 9,530 | |
Libor rate description | LIBOR + 2.75% | |
Maturity Date | Apr. 22, 2019 | |
Principal Balance Repaid | $ 3,667 | |
Previous Weighted Average | 6.25% | |
Mortgage Notes Payable [Member] | Gladstone Commercial [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance Repaid | $ 23 | |
Previous Weighted Average | 6.34% | |
Mortgage Notes Payable [Member] | Prudential [Member] | ||
Debt Instrument [Line Items] | ||
Date of Issuance | May 26, 2016 | |
Issuing Bank | Prudential | |
Proceeds from Notes Payable | $ 9,900 | |
Spread on LIBOR | 4.684% | |
Maturity Date | Jun. 1, 2026 | |
Maturity Date One [Member] | First Niagara Bank [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Spread on LIBOR | 2.35% | |
Maturity Date One [Member] | Great Southern Bank [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Spread on LIBOR | 2.75% |
Mortgage Notes Payable, Line 50
Mortgage Notes Payable, Line of Credit and Term Loan Facility - Summary of Long-Term Mortgages Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016 | May 26, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||
Carrying Value | $ 526,720 | $ 525,332 | |
Great Southern Bank [Member] | |||
Debt Instrument [Line Items] | |||
LIBOR Cap | 2.50% | ||
Prudential [Member] | |||
Debt Instrument [Line Items] | |||
Carrying Value | $ 9,900 | ||
Mortgage Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Carrying Value | $ 441,604 | $ 455,863 | |
Mortgage Notes Payable [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
LIBOR Cap | 3.00% | ||
Mortgage Notes Payable [Member] | First Niagara Bank [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
LIBOR Cap | 3.00% | ||
Mortgage Notes Payable [Member] | First Niagara Bank [Member] | Interest Rate Cap [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Mar. 1, 2019 |
Mortgage Notes Payable, Line 51
Mortgage Notes Payable, Line of Credit and Term Loan Facility - Schedule of Principal Payments of Mortgage Notes Payable (Detail) - Mortgage Notes Payable [Member] $ in Thousands | Jun. 30, 2016USD ($) |
Debt Instrument [Line Items] | |
Nine Months Ending December 31, 2016 | $ 25,303 |
2,017 | 70,115 |
2,018 | 42,027 |
2,019 | 45,463 |
2,020 | 11,910 |
2,021 | 24,121 |
Thereafter | 227,367 |
Total Mortgage Notes Payable | $ 446,306 |
Mortgage Notes Payable, Line 52
Mortgage Notes Payable, Line of Credit and Term Loan Facility - Summary of Interest Rate Cap Agreement (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||
Cost | $ 211 | ||
Carrying Value | 526,720 | $ 525,332 | |
Proceeds from Notes Payable | 37,905 | $ 51,819 | |
Notional Amount | 60,545 | 33,044 | |
Fair Value | $ 11 | 40 | |
Interest Rate Cap Agreement November 2013 [Member] | |||
Debt Instrument [Line Items] | |||
Date of Issuance | Nov. 30, 2013 | ||
Maturity Date | Dec. 1, 2016 | ||
Cost | $ 31 | ||
Notional Amount | 8,200 | 8,200 | |
Fair Value | $ 0 | 0 | |
Interest Rate Cap Agreement November 2013 [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
LIBOR Cap | 3.00% | ||
Interest Rate Cap Agreement July 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Date of Issuance | Jul. 31, 2015 | ||
Maturity Date | Jul. 1, 2018 | ||
Cost | $ 68 | ||
Notional Amount | 20,874 | 21,204 | |
Fair Value | $ 0 | 14 | |
Interest Rate Cap Agreement July 2015 [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
LIBOR Cap | 3.00% | ||
Interest Rate Cap Agreement December 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Date of Issuance | Dec. 31, 2015 | ||
Maturity Date | Dec. 1, 2020 | ||
Cost | $ 52 | ||
Notional Amount | 3,596 | 3,640 | |
Fair Value | $ 6 | 26 | |
Interest Rate Cap Agreement December 2015 [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
LIBOR Cap | 3.00% | ||
Interest Rate Cap Agreement March 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Date of Issuance | Mar. 31, 2016 | ||
Maturity Date | Mar. 1, 2019 | ||
Cost | $ 33 | ||
Notional Amount | 18,367 | 0 | |
Fair Value | $ 3 | 0 | |
Interest Rate Cap Agreement March 2016 [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
LIBOR Cap | 3.00% | ||
Interest Rate Cap Agreement April 2016 | |||
Debt Instrument [Line Items] | |||
Cost | $ 27 | ||
Notional Amount | 9,508 | 0 | |
Fair Value | $ 2 | 0 | |
Interest Rate Cap Agreement April 2016 | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
LIBOR Cap | 2.50% | ||
Variable Rate Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Carrying Value | $ 60,546 | $ 33,044 |
Mandatorily Redeemable Prefer53
Mandatorily Redeemable Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Feb. 29, 2012 | Jun. 30, 2016 | Jul. 12, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | |||||
Redeemable preferred stock, shares issued | 2,264,000 | 2,264,000 | 2,150,000 | ||
Preferred shares at a redemption price (in dollars per share) | $ 25 | ||||
Preferred Stock mandatory redemption date | Jan. 31, 2017 | ||||
Deferred financing costs | $ 1,800 | ||||
Payments for Repurchase of Redeemable Preferred Stock | $ 25,000 | $ 25,000 | |||
Wrote-off of deferred offering costs | 100 | ||||
Carrying value Term Preferred Stock | 2 | 2 | $ 2 | ||
Deferred financing costs, net | (5,700) | (5,700) | $ 0 | ||
Mandatorily Redeemable Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Redeemable preferred stock, shares issued | 1,540,000 | ||||
Redeemable preferred stock, par value (in dollars per share) | $ 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 | 13,600 | 13,600 | |||
Deferred financing costs, net | $ 100 | $ 100 | |||
Closing price of Term Preferred Stock | $ 25.20 | $ 25.20 | |||
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 | 540,000 | 540,000 | 1,540,000 | ||
Redeemable preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | ||
Subsequent Event [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred shares at a redemption price (in dollars per share) | $ 25 | ||||
Preferred stock to be redeemed (in shares) | 540,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016USD ($)lease | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)lease | Jun. 30, 2015USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Number of leases | lease | 4 | 4 | ||
Expenses incurred for the properties listed | $ | $ 0.1 | $ 0.1 | $ 0.2 | $ 0.2 |
Commitments and Contingencies55
Commitments and Contingencies - Future Minimum Rental Payments Due under Terms of Leases (Detail) - Ground Leases [Member] $ in Thousands | 3 Months Ended |
Jun. 30, 2016USD ($) | |
Operating Leased Assets [Line Items] | |
For the year ended December 31, 2016 | $ 230 |
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 |
For the year ended December 31, 2016 | $ 85 |
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 |
Springfield, MA [Member] | |
Operating Leased Assets [Line Items] | |
Lease End Date | 2030-02 |
For the year ended December 31, 2016 | $ 43 |
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 |
Dartmouth, MA [Member] | |
Operating Leased Assets [Line Items] | |
Lease End Date | 2036-05 |
For the year ended December 31, 2016 | $ 87 |
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 |
Salt Lake City UT [Member] | |
Operating Leased Assets [Line Items] | |
Lease End Date | 2040-11 |
For the year ended December 31, 2016 | $ 15 |
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' and Mezzanine E56
Stockholders' and Mezzanine Equity - Summary of Changes in Stockholders' Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Preferred Stock, beginning balance (in shares) | 2,150,000 | |||
Common Stock, beginning balance (in shares) | 22,485,607 | |||
Senior Common Stock, beginning balance (in shares) | 972,214 | |||
Total Stockholders' Equity, beginning balance | $ 233,871 | |||
Issuance of preferred stock series A and B and common stock, net | $ 10,890 | |||
Retirement of senior common stock | (178,000) | |||
Distributions declared to common, senior common and preferred stockholders | $ (19,766) | |||
Net income | $ 883 | $ 431 | $ 1,738 | $ 1,125 |
Preferred Stock, ending balance (in shares) | 2,264,000 | 2,264,000 | ||
Common Stock, ending balance (in shares) | 22,983,604 | 22,983,604 | ||
Senior Common Stock, ending balance (in shares) | 959,552 | 959,552 | ||
Total Stockholders' Equity, ending balance | $ 226,555 | $ 226,555 | ||
Senior Common Stock [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Retirement of senior common stock | (12,662) | |||
Preferred Stock [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Preferred Stock, beginning balance (in shares) | 2,150,000 | |||
Total Stockholders' Equity, beginning balance | $ 2 | |||
Issuance of preferred stock and common stock, net (in shares) | 114,000 | |||
Preferred Stock, ending balance (in shares) | 2,264,000 | 2,264,000 | ||
Total Stockholders' Equity, ending balance | $ 2 | $ 2 | ||
Common Stock [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common Stock, beginning balance (in shares) | 22,485,607 | |||
Total Stockholders' Equity, beginning balance | $ 22 | |||
Issuance of preferred stock and common stock, net (in shares) | 497,997 | |||
Issuance of preferred stock series A and B and common stock, net | $ 1 | |||
Common Stock, ending balance (in shares) | 22,983,604 | 22,983,604 | ||
Total Stockholders' Equity, ending balance | $ 23 | $ 23 | ||
Common Stock [Member] | Senior Common Stock [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Senior Common Stock, beginning balance (in shares) | 972,214 | |||
Total Stockholders' Equity, beginning balance | $ 1 | |||
Senior Common Stock, ending balance (in shares) | 959,552 | 959,552 | ||
Total Stockholders' Equity, ending balance | $ 1 | $ 1 | ||
Additional Paid in Capital [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Total Stockholders' Equity, beginning balance | 418,897 | |||
Issuance of preferred stock series A and B and common stock, net | $ 10,889 | |||
Retirement of senior common stock | (178,000) | |||
Total Stockholders' Equity, ending balance | 429,608 | $ 429,608 | ||
Distributions in Excess of Accumulated Earnings [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Total Stockholders' Equity, beginning balance | (185,051) | |||
Distributions declared to common, senior common and preferred stockholders | (19,766) | |||
Net income | 1,738 | |||
Total Stockholders' Equity, ending balance | $ (203,079) | $ (203,079) |
Stockholders' and Mezzanine E57
Stockholders' and Mezzanine Equity - Dividends Paid (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Common Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Common Stock, dividends paid per share | $ 0.375 | $ 0.375 | $ 0.75 | $ 0.75 |
Senior Common Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Common Stock, dividends paid per share | 0.2625 | 0.2625 | 0.525 | 0.525 |
Series A Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Preferred Stock, dividends paid per share | 0.4843749 | 0.4843749 | 0.9687498 | 0.9687498 |
Series B Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Preferred Stock, dividends paid per share | 0.4688 | 0.4688 | 0.9375 | 0.9375 |
Series C Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Preferred Stock, dividends paid per share | 0.4453 | 0.4453 | 0.8906 | 0.8906 |
Series D Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Preferred Stock, dividends paid per share | $ 0.178763 | $ 0 | $ 0.178763 | $ 0 |
Stockholders' and Mezzanine E58
Stockholders' and Mezzanine Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | May 31, 2016 | Feb. 29, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | |||||
Redeemable preferred stock, shares issued | 2,264,000 | 2,264,000 | 2,150,000 | ||
Payments for Repurchase of Redeemable Preferred Stock | $ 25 | $ 25 | |||
Series D Cumulative Redeemable Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Redeemable preferred stock, shares issued | 20,000 | 20,000 | |||
Cantor Fitzgerald & Co [Member] | Series D Cumulative Redeemable Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Redeemable preferred stock, dividend rate percentage | 7.00% | ||||
Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Redeemable preferred stock, shares issued | 2,264,000 | 2,264,000 | 2,150,000 | ||
Preferred Stock [Member] | Series D Cumulative Redeemable Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Redeemable preferred stock, shares authorized | 1,043,725 | ||||
Redeemable preferred stock, dividend rate percentage | 7.00% | ||||
Redeemable preferred stock, par value (in dollars per share) | $ 0.001 | ||||
Redeemable preferred stock, liquidation preference (in dollars per share) | $ 25 | ||||
Preferred Stock, Net Proceeds from Offering | $ 25.3 | $ 0.5 | |||
Preferred Stock [Member] | Cantor Fitzgerald & Co [Member] | |||||
Class of Stock [Line Items] | |||||
Maximum remaining capacity to sell preferred stock under open market sale agreement | $ 37.2 | $ 37.2 | |||
Preferred Stock [Member] | Cantor Fitzgerald & Co [Member] | Series A Cumulative Redeemable Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Redeemable preferred stock, dividend rate percentage | 7.75% | ||||
Preferred Stock [Member] | Cantor Fitzgerald & Co [Member] | Series B Cumulative Redeemable Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Maximum aggregate sales price of shares to be issued under open market sale agreement | $ 40 | ||||
Redeemable preferred stock, dividend rate percentage | 7.50% | ||||
Redeemable preferred stock, shares issued | 114,000 | 114,000 | |||
Preferred Stock, Net Proceeds from Offering | $ 2.8 | ||||
Preferred Stock [Member] | Cantor Fitzgerald & Co [Member] | Series D Cumulative Redeemable Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Maximum aggregate sales price of shares to be issued under open market sale agreement | $ 50 | ||||
Maximum remaining capacity to sell preferred stock under open market sale agreement | $ 49.5 | $ 49.5 | |||
Common Stock [Member] | Cantor Fitzgerald & Co [Member] | |||||
Class of Stock [Line Items] | |||||
Maximum aggregate sales price of shares to be issued under open market sale agreement | $ 160 | ||||
Number of shares sold under open market sale agreement | 65,000 | 65,000 | |||
Net proceeds under ATM program | $ 0.9 | ||||
Maximum remaining capacity to sell preferred stock under open market sale agreement | $ 151.8 | $ 151.8 | |||
Redeemable preferred stock, shares issued | 433,000 | 433,000 | |||
Preferred Stock, Net Proceeds from Offering | $ 7.2 |
Subsequent Events - Monthly Dis
Subsequent Events - Monthly Distributions Declared by Company's Board of Directors (Detail) - $ / shares shares in Thousands | Jul. 12, 2016 | Feb. 29, 2012 |
Dividends Payable [Line Items] | ||
Preferred shares at a redemption price (in dollars per share) | $ 25 | |
Subsequent Event [Member] | ||
Dividends Payable [Line Items] | ||
Preferred stock to be redeemed (in shares) | 540 | |
Preferred shares at a redemption price (in dollars per share) | $ 25 | |
Subsequent Event [Member] | Senior Common Stock [Member] | ||
Dividends Payable [Line Items] | ||
Distribution per Share (in dollars per share) | 0.002625 | |
Subsequent Event [Member] | Series A Preferred Stock [Member] | ||
Dividends Payable [Line Items] | ||
Distribution per Share (in dollars per share) | 0.004843749 | |
Subsequent Event [Member] | Series B Preferred Stock [Member] | ||
Dividends Payable [Line Items] | ||
Distribution per Share (in dollars per share) | 0.0046875 | |
Subsequent Event [Member] | Series C Preferred Stock [Member] | ||
Dividends Payable [Line Items] | ||
Distribution per Share (in dollars per share) | 0.001484375 | |
Subsequent Event [Member] | Series D Preferred Stock [Member] | ||
Dividends Payable [Line Items] | ||
Distribution per Share (in dollars per share) | 0.004374999 | |
Subsequent Event [Member] | Common Stock [Member] | ||
Dividends Payable [Line Items] | ||
Distribution per Share (in dollars per share) | $ 0.00375 | |
Subsequent Event [Member] | Installment 1 - FY2016 [Member] | ||
Dividends Payable [Line Items] | ||
Record Date | Jul. 22, 2016 | |
Payment Date | Aug. 2, 2016 | |
Subsequent Event [Member] | Installment 1 - FY2016 [Member] | Senior Common Stock [Member] | ||
Dividends Payable [Line Items] | ||
Payment Date | Aug. 5, 2016 | |
Distribution per Share (in dollars per share) | $ 0.000875 | |
Subsequent Event [Member] | Installment 1 - FY2016 [Member] | Series A Preferred Stock [Member] | ||
Dividends Payable [Line Items] | ||
Distribution per Share (in dollars per share) | 0.001614583 | |
Subsequent Event [Member] | Installment 1 - FY2016 [Member] | Series B Preferred Stock [Member] | ||
Dividends Payable [Line Items] | ||
Distribution per Share (in dollars per share) | 0.0015625 | |
Subsequent Event [Member] | Installment 1 - FY2016 [Member] | Series C Preferred Stock [Member] | ||
Dividends Payable [Line Items] | ||
Distribution per Share (in dollars per share) | 0.001484375 | |
Subsequent Event [Member] | Installment 1 - FY2016 [Member] | Series D Preferred Stock [Member] | ||
Dividends Payable [Line Items] | ||
Distribution per Share (in dollars per share) | 0.001458333 | |
Subsequent Event [Member] | Installment 1 - FY2016 [Member] | Common Stock [Member] | ||
Dividends Payable [Line Items] | ||
Distribution per Share (in dollars per share) | $ 0.00125 | |
Subsequent Event [Member] | Installment 2 - FY2016 [Member] | ||
Dividends Payable [Line Items] | ||
Record Date | Aug. 22, 2016 | |
Payment Date | Aug. 31, 2016 | |
Subsequent Event [Member] | Installment 2 - FY2016 [Member] | Senior Common Stock [Member] | ||
Dividends Payable [Line Items] | ||
Payment Date | Sep. 8, 2016 | |
Distribution per Share (in dollars per share) | $ 0.000875 | |
Subsequent Event [Member] | Installment 2 - FY2016 [Member] | Series A Preferred Stock [Member] | ||
Dividends Payable [Line Items] | ||
Distribution per Share (in dollars per share) | 0.001614583 | |
Subsequent Event [Member] | Installment 2 - FY2016 [Member] | Series B Preferred Stock [Member] | ||
Dividends Payable [Line Items] | ||
Distribution per Share (in dollars per share) | 0.0015625 | |
Subsequent Event [Member] | Installment 2 - FY2016 [Member] | Series C Preferred Stock [Member] | ||
Dividends Payable [Line Items] | ||
Distribution per Share (in dollars per share) | 0 | |
Subsequent Event [Member] | Installment 2 - FY2016 [Member] | Series D Preferred Stock [Member] | ||
Dividends Payable [Line Items] | ||
Distribution per Share (in dollars per share) | 0.001458333 | |
Subsequent Event [Member] | Installment 2 - FY2016 [Member] | Common Stock [Member] | ||
Dividends Payable [Line Items] | ||
Distribution per Share (in dollars per share) | $ 0.00125 | |
Subsequent Event [Member] | Installment 3 - FY2016 [Member] | ||
Dividends Payable [Line Items] | ||
Record Date | Sep. 21, 2016 | |
Payment Date | Sep. 30, 2016 | |
Subsequent Event [Member] | Installment 3 - FY2016 [Member] | Senior Common Stock [Member] | ||
Dividends Payable [Line Items] | ||
Payment Date | Oct. 7, 2016 | |
Distribution per Share (in dollars per share) | $ 0.000875 | |
Subsequent Event [Member] | Installment 3 - FY2016 [Member] | Series A Preferred Stock [Member] | ||
Dividends Payable [Line Items] | ||
Distribution per Share (in dollars per share) | 0.001614583 | |
Subsequent Event [Member] | Installment 3 - FY2016 [Member] | Series B Preferred Stock [Member] | ||
Dividends Payable [Line Items] | ||
Distribution per Share (in dollars per share) | 0.0015625 | |
Subsequent Event [Member] | Installment 3 - FY2016 [Member] | Series C Preferred Stock [Member] | ||
Dividends Payable [Line Items] | ||
Distribution per Share (in dollars per share) | 0 | |
Subsequent Event [Member] | Installment 3 - FY2016 [Member] | Series D Preferred Stock [Member] | ||
Dividends Payable [Line Items] | ||
Distribution per Share (in dollars per share) | 0.001458333 | |
Subsequent Event [Member] | Installment 3 - FY2016 [Member] | Common Stock [Member] | ||
Dividends Payable [Line Items] | ||
Distribution per Share (in dollars per share) | $ 0.00125 |