Gladstone Commercial (GOOD) 10-Q 25 Jul 16 2016 Q2 Quarterly report Financial data

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