Gladstone Commercial (GOOD) 10-Q 31 Oct 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 31, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
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		27,705,664

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Sep. 30, 2017	Dec. 31, 2016
ASSETS
Real estate, at cost		$ 880,614	$ 821,749
Less: accumulated depreciation		146,229	131,661
Total real estate, net		734,385	690,088
Lease intangibles, net		115,210	105,553
Real estate and related assets held for sale, net		0	9,562
Cash and cash equivalents		4,287	4,658
Restricted cash		3,533	3,030
Funds held in escrow		12,312	6,806
Deferred rent receivable, net		31,030	29,725
Other assets		4,094	2,320
TOTAL ASSETS		904,851	851,742
LIABILITIES
Mortgage notes payable, net	[1]	450,032	445,278
Borrowings under Revolver, net		43,933	39,225
Borrowings under Term Loan, net		24,912	24,892
Deferred rent liability, net		15,554	12,647
Asset retirement obligation		3,136	3,406
Accounts payable and accrued expenses		8,221	5,891
Liabilities related to assets held for sale, net		0	1,041
Due to Adviser and Administrator	[1]	2,250	2,075
Other liabilities		7,803	6,667
TOTAL LIABILITIES		555,841	541,122
Commitments and contingencies	[2]
MEZZANINE EQUITY
Series D redeemable preferred stock, net, par value $0.001 per share; $25 per share liquidation preference; 6,000,000 shares authorized; and 3,007,293 and 2,917,458 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively	[3]	81,978	70,743
TOTAL MEZZANINE EQUITY		81,978	70,743
STOCKHOLDERS’ EQUITY
Series A and B redeemable preferred stock, par value $0.001 per share; $25 per share liquidation preference; 5,350,000 shares authorized and 2,264,000 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively		2	2
Senior common stock, par value $0.001 per share; 4,450,000 shares authorized; and 928,192 and 959,552 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively		1	1
Common stock, par value $0.001 per share, 34,200,000 and 34,040,000 shares authorized and 27,694,624 and 24,882,758 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively		28	25
Additional paid in capital		520,143	463,436
Accumulated other comprehensive income		172	0
Distributions in excess of accumulated earnings		(253,314)	(223,587)
TOTAL STOCKHOLDERS' EQUITY		267,032	239,877
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY		$ 904,851	$ 851,742
[1]	Refer to Note 2 "Related-Party Transactions"
[2]	Refer to Note 9 “Commitments and Contingencies”
[3]	Refer to Note 10 “Stockholders' and Mezzanine Equity”

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
Senior common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Senior common stock, shares authorized	4,450,000	4,450,000
Senior common stock, shares issued	928,192	959,552
Senior common stock, shares outstanding	928,192	959,552
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	34,200,000	34,040,000
Common stock, shares issued	27,694,624	24,882,758
Common stock, shares outstanding	27,694,624	24,882,758
Series D Preferred Stock
Mezzanine equity, par value (in dollars per share)	$ 0.001	$ 0.001
Mezzanine equity, liquidation preference (in dollars per share)	$ 25	$ 25
Mezzanine equity, shares authorized	6,000,000	6,000,000
Mezzanine equity, shares issued	3,364,900	2,917,458
Mezzanine equity, shares outstanding	3,364,900	2,917,458
Series A and B Preferred Stock
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	5,350,000
Redeemable preferred stock, shares issued	2,264,000	2,264,000
Redeemable preferred stock, shares outstanding	2,264,000	2,264,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Operating revenues
Rental revenue		$ 23,815,000	$ 21,205,000	$ 68,253,000	$ 62,752,000
Tenant recovery revenue		550,000	384,000	1,294,000	1,226,000
Interest income from mortgage note receivable		0	0	0	385,000
Total operating revenues		24,365,000	21,589,000	69,547,000	64,363,000
Operating expenses
Depreciation and amortization		10,829,000	9,459,000	30,673,000	27,796,000
Property operating expenses		2,178,000	1,410,000	5,062,000	4,455,000
Base management fee	[1]	1,277,000	1,072,000	3,665,000	2,789,000
Incentive fee	[1]	640,000	564,000	1,760,000	1,837,000
Administration fee	[1]	293,000	311,000	993,000	1,086,000
General and administrative		650,000	570,000	1,776,000	1,882,000
Impairment charge		0	1,786,000	3,999,000	2,016,000
Total operating expenses		15,867,000	15,172,000	47,928,000	41,861,000
Other (expense) income
Interest expense		(6,119,000)	(6,338,000)	(18,223,000)	(19,648,000)
Distributions attributable to Series C mandatorily redeemable preferred stock		0	(131,000)	0	(1,502,000)
Gain (loss) on sale of real estate, net		1,000	(24,000)	3,993,000	(24,000)
Other income		3,000	3,000	14,000	337,000
Total other expense, net		(6,115,000)	(6,490,000)	(14,216,000)	(20,837,000)
Net income (loss)		2,383,000	(73,000)	7,403,000	1,665,000
Distributions attributable to Series A, B and D preferred stock		(2,520,000)	(2,002,000)	(7,330,000)	(4,292,000)
Distributions attributable to senior common stock		(247,000)	(254,000)	(744,000)	(758,000)
Net loss attributable to common stockholders		$ (384,000)	$ (2,329,000)	$ (671,000)	$ (3,385,000)
Loss per weighted average share of common stock - basic & diluted
Loss attributable to common shareholders (in dollars per share)		$ (0.01)	$ (0.10)	$ (0.03)	$ (0.15)
Weighted average shares of common stock outstanding
Basic and Diluted (in shares)		27,234,569	23,509,054	25,833,423	22,915,086
Distributions declared per common share (in dollars per share)		$ 0.375	$ 0.375	$ 1.125	$ 1.125
Earnings per weighted average share of senior common stock (in dollars per share)		$ 0.26	$ 0.26	$ 0.79	$ 0.79
Weighted average shares of senior common stock outstanding - basic (in shares)		932,636	959,552	947,238	961,041
Other comprehensive income
Change in unrealized (loss) gain related to interest rate swap		$ (7,000)	$ 0	$ 172,000	$ 0
Other comprehensive income		(7,000)	0	172,000	0
Net income (loss)		2,383,000	(73,000)	7,403,000	1,665,000
Comprehensive income (loss)		$ 2,376,000	$ (73,000)	$ 7,575,000	$ 1,665,000
[1]	Refer to Note 2 “Related-Party Transactions”

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net income	$ 7,403	$ 1,665
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	30,673	27,796
Impairment charge	3,999	2,016
(Gain) loss on sale of real estate, net	(3,993)	24
Amortization of deferred financing costs	1,248	1,537
Amortization of deferred rent asset and liability, net	(633)	(363)
Amortization of discount and premium on assumed debt	(80)	(145)
Gain on interest rate swap	172	0
Asset retirement obligation expense	96	114
Operating changes in assets and liabilities
(Increase) decrease in other assets	(1,732)	288
Increase in deferred rent receivable	(2,437)	(2,780)
(Decrease) increase in accounts payable, accrued expenses, and amount due Adviser and Administrator	(239)	240
Increase in other liabilities	634	51
Tenant inducement payments	(122)	0
Leasing commissions paid	(192)	(628)
Net cash provided by operating activities	34,797	29,815
Cash flows from investing activities:
Acquisition of real estate and related intangible assets	(83,242)	(40,900)
Improvements of existing real estate	(8,233)	(3,793)
Proceeds from sale of real estate	29,499	3,022
Collection of mortgage note receivable	0	5,900
Receipts from lenders for funds held in escrow	3,712	2,747
Payments to lenders for funds held in escrow	(5,252)	(2,385)
Receipts from tenants for reserves	1,450	2,678
Payments to tenants from reserves	(783)	(2,219)
(Increase) decrease in restricted cash	(503)	203
Deposits on future acquisitions	(1,650)	(1,750)
Deposits applied against acquisition of real estate investments	1,650	1,250
Net cash used in investing activities	(63,352)	(35,247)
Cash flows from financing activities:
Proceeds from issuance of equity	69,891	90,999
Offering costs paid	(1,922)	(2,367)
Retirement of senior common stock	(24)	(178)
Redemption of Series C mandatorily redeemable preferred stock	0	(38,500)
Borrowings under mortgage notes payable	51,208	56,005
Payments for deferred financing costs	(992)	(1,024)
Principal repayments on mortgage notes payable	(57,182)	(67,119)
Borrowings from revolving credit facility	89,800	132,500
Repayments on revolving credit facility	(85,300)	(130,500)
(Decrease) increase in security deposits	(165)	73
Distributions paid for common, senior common and preferred stock	(37,130)	(30,862)
Net cash provided by financing activities	28,184	9,027
Net (decrease) increase in cash and cash equivalents	(371)	3,595
Cash and cash equivalents, beginning of period	4,658	5,152
Cash and cash equivalents, end of period	4,287	8,747
NON-CASH INVESTING AND FINANCING INFORMATION
Tenant funded fixed asset improvements	2,201	2,570
Assumed mortgage in connection with acquisition	11,179	0
Assumed interest rate swap fair market value	42	0
Assumed tenant improvement allowance in connection with acquisition	3,966	0
Capital improvements included in accounts payable and accrued expenses	$ 2,053	$ 2,023

Organization, Basis of Presenta

Organization, Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2017
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 (“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 ("Adviser"), and administrative services are provided by Gladstone Administration, LLC, a Delaware limited liability company ("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,” and “us” 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 generally accepted accounting principles ("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 statement 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, 2016 , as filed with the U.S. Securities and Exchange Commission on February 15, 2017. The results of operations for the three and nine months ended September 30, 2017 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 In preparation of our financial statements in accordance with GAAP, we apply certain critical accounting policies which require management to make judgments that are subjective in nature to make certain estimates and assumptions. Application of our 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, 2016 . There were no material changes to our critical accounting policies during the three and nine months ended September 30, 2017 . Reclassifications Certain items on condensed consolidated statement of operations and other comprehensive income (loss) for the three and nine months ended September 30, 2016 have been reclassified to conform to the current period's presentation. These reclassifications had no impact on previously-reported equity, net loss attributable to common stockholders, or net change in cash and cash equivalents. Recently Issued Accounting Pronouncements In May 2014, the FASB issued guidance regarding the recognition of revenue from contracts with customers. Under this guidance, an entity will recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. We expect the new revenue standard will apply to executory costs and other components of revenue due under leases that are deemed to be non-lease components (examples include common area maintenance and provision of utilities), even when the revenue for such activities is not separately stipulated in the lease. Revenue from these non-lease components, which were previously recognized on a straight-line basis under current lease guidance, would be recognized under the new revenue guidance as the related services are delivered. As a result, while the total revenue recognized over the lease term would not differ under the new guidance, the revenue recognition pattern could be different. We are in the process of evaluating the significance of the difference in the revenue recognition pattern that would result from this change, and adjustments in revenue recognition attributable to non-lease components will take effect in tandem with the new leasing standard described below, which is effective January 1, 2019. We will adopt this guidance for our annual and interim periods beginning January 1, 2018 and expect to use the modified retrospective method, under which the cumulative effect of initially applying the guidance is recognized at the date of initial application. 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 with terms greater than one year for which we are the lessee, and we don't expect the purchase of properties with ground leases to be crucial to our acquisition strategy. We also expect our general and administrative 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 and we expect to use the modified retrospective method, under which the cumulative effect of initially applying the guidance is recognized at the date of initial application. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging issues Task Force)," which clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows with the objective of reducing the existing diversity in practice related to eight specific cash flow issues. The areas addressed in the new guidance relate to debt prepayment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned and bank-owned life insurance policies, distributions received from equity method investments, beneficial interest in securitization transactions and separately identifiable cash flows and application of the predominance principle. The guidance is effective for us beginning January 1, 2018 with early adoption permitted. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force)," which requires the statement of cash flows to explain the change during the period in the total of cash, cash equivalents and amounts described as restricted cash or restricted cash equivalents. Under the new guidance, amounts described as restricted cash and restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning of period and end of periods total amounts shown on the statement of cash flows. The guidance is effective for us beginning January 1, 2018, with early adoption permitted. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, "Targeted Improvements to Accounting for Hedging Activities" ("ASU 2017-12"). The new standard simplifies the application of hedge accounting and better aligns financial reporting for hedging activities with companies' economic objectives in undertaking those activities. Under the new guidance, all changes in the fair value of highly effective cash flow hedges will be recorded in other comprehensive income instead of income. The new guidance also eases the administrative burden of hedge documentation requirements and assessing hedge effectiveness. The guidance is effective beginning January 1, 2019, with early adoption permitted. We are currently evaluating the impact of this guidance, including transition elections and required disclosures, on our financial statements.

Related-Party Transactions

Related-Party Transactions	9 Months Ended
	Sep. 30, 2017
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. Our president, Mr. Robert Cutlip, is an executive managing director of our Adviser. Mr. Michael LiCalsi, our general counsel and secretary, serves as our Administrator’s president, general counsel and secretary. We have entered into an advisory agreement with our Adviser, as amended from time to time, or the Advisory Agreement, 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. As of September 30, 2017 and December 31, 2016 , $ 2.3 million and $2.1 million , respectively, were collectively due to our Adviser and Administrator. Base Management Fee On July 24, 2015, we entered into a Second Amended and Restated Advisory Agreement with the Adviser, effective July 1, 2015. We subsequently entered into a Third Amended and Restated Advisory Agreement with the Adviser on July 12, 2016, effective July 1, 2016, and, as described below, a Fourth Amended and Restated Investment Advisory Agreement with the Adviser on January 10, 2017, effective October 1, 2016. Our entrance into each of the amended Advisory Agreements was approved unanimously by our Board of Directors. Our Board of Directors reviews and considers renewing the agreement with our Adviser each July. As such, during the July 2017 meeting, the Board of Directors reviewed and renewed the Advisory Agreement for another year, through August 31, 2018. As a result of the July 2015 amendment, 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. As a result of the July 2016 amendment, the definition of adjusted total stockholders' equity in the calculation of the base management fee and the incentive fee (described below) includes total mezzanine equity. Our Adviser does not charge acquisition or disposition fees when we acquire or dispose of properties, as is common in other externally managed REITs; however, our Adviser may earn fee income from our borrowers, tenants or other sources. Prior to the 2015 amendment, the 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 nine months ended September 30, 2017 , we recorded a base management fee of $1.3 million and $3.7 million , respectively. For the three and nine months ended September 30, 2016 , we recorded a base management fee of $ 1.1 million and $2.8 million , respectively. Incentive Fee As a result of the July 2015 amendment, 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, and which, as a result of the July 2016 amendment to the Advisory Agreement, now includes total mezzanine equity). 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 (as defined in the Advisory Agreement) is 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 prior to the July 2015 amendment rewarded the Adviser in circumstances where our quarterly funds from operations, or 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. 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 nine months ended September 30, 2017 , we recorded an incentive fee of $0.6 million and $1.8 million , respectively. For the three and nine months ended September 30, 2016 , we recorded an incentive fee of $ 0.6 million and $1.8 million , respectively. The Adviser did not waive any portion of the incentive fee for the three and nine months ended September 30, 2017 or 2016 . Waivers are unconditional and cannot be recouped by the Adviser in the future. Capital Gain Fee Under the Advisory Agreement, as amended in July 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 Advisory 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 nine months ended September 30, 2017 or 2016 . On January 10, 2017, we amended and restated the Advisory Agreement by entering into the Fourth Amended and Restated Investment Advisory Agreement between us and the Adviser to revise the calculation of the capital gains fee. Based upon the amendment, the calculation of the capital gains fee is based on the all-in acquisition cost of disposed of properties. The impact of this amendment would not have resulted in a capital gains fee for previously reported periods. Termination Fee The Advisory Agreement includes a termination fee whereby, in the event of our termination thereof 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 Advisory Agreement after we have defaulted and applicable cure periods have expired. The Advisory 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 thereof, the bankruptcy or insolvency of the Adviser, dissolution of the Adviser and fraud or misappropriation of funds. Administration Agreement Under the terms of the Administration Agreement, we pay separately for our allocable portion of the Administrator’s overhead expenses in performing its obligations to us including, but not limited to, rent and our allocable portion of the salaries and benefits expenses of our Administrator’s employees, including, but not limited to, our chief financial officer, treasurer, chief compliance officer, general counsel and secretary (who also serves as our Administrator’s president, general counsel and secretary), and their respective staffs. Our allocable portion of the Administrator’s expenses are generally 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 nine months ended September 30, 2017 , we recorded an administration fee of $0.3 million and $1.0 million , respectively, and for the three and nine months ended September 30, 2016 , we recorded an administration fee of $0.3 million and $1.1 million , respectively. Gladstone Securities Gladstone Securities, LLC, or Gladstone Securities, is a privately held broker dealer registered with the Financial Industry Regulatory Authority and insured by the Securities Investor Protection Corporation. Gladstone Securities is an affiliate of ours, as its parent company is 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. 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 will, from time to time, continue to solicit the interest of various commercial real estate lenders or recommend to us third party lenders offering credit products or packages that are responsive to our needs. We pay Gladstone Securities a financing fee in connection with the services it provides to us for securing mortgage financing on any of our properties. The amount of these financing fees, which are payable upon closing of the financing, are based on a percentage of the amount of the mortgage, generally ranging from 0.15% to a maximum of 1.0% of the mortgage obtained. The amount of the financing fees may be reduced or eliminated, as determined by us and Gladstone Securities, after taking into consideration various factors, including, but not limited to, the involvement of any third party brokers and market conditions. We paid financing fees to Gladstone Securities of $0.1 million and $0.2 million during the three and nine months ended September 30, 2017 , respectively, which are included in mortgage notes payable, net, in the consolidated balance sheets, or 0.25% and 0.27% , respectively, of mortgage principal secured. We paid financing fees to Gladstone Securities of $0.1 million and $0.2 million during the three and nine months ended September 30, 2016 , respectively, which are included in mortgage notes payable, net, in the condensed consolidated balance sheets, or 0.28% and 0.36% , respectively, of mortgage principal secured. Our Board of Directors renewed the agreement for an additional year, through August 31, 2018, at its July 2017 meeting.

Loss per Share of Common Stock

Loss per Share of Common Stock	9 Months Ended
	Sep. 30, 2017
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 nine months ended September 30, 2017 and 2016 . We computed basic loss per share for the three and nine months ended September 30, 2017 and 2016 using the weighted average number of shares outstanding during the periods. Diluted loss per share for the three and nine months ended September 30, 2017 and 2016 , 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 September 30, For the nine months ended September 30, 2017 2016 2017 2016 Calculation of basic loss per share of common stock: Net loss attributable to common stockholders $ (384 ) $ (2,329 ) $ (671 ) $ (3,385 ) Denominator for basic weighted average shares of common stock 27,234,569 23,509,054 25,833,423 22,915,086 Basic loss per share of common stock $ (0.01 ) $ (0.10 ) $ (0.03 ) $ (0.15 ) Calculation of diluted loss per share of common stock: Net loss attributable to common stockholders $ (384 ) $ (2,329 ) $ (671 ) $ (3,385 ) Add: income impact of assumed conversion of senior common stock (1) — — — — Net loss attributable to common stockholders plus assumed conversions (1) $ (384 ) $ (2,329 ) $ (671 ) $ (3,385 ) Denominator for basic weighted average shares of common stock 27,234,569 23,509,054 25,833,423 22,915,086 Effect of convertible Senior Common Stock (1) — — — — Denominator for diluted weighted average shares of common stock (1) 27,234,569 23,509,054 25,833,423 22,915,086 Diluted loss per share of common stock $ (0.01 ) $ (0.10 ) $ (0.03 ) $ (0.15 ) (1) We excluded shares of Senior Common Stock that are convertible into shares of our common stock in the amount of 773,553 and 800,116 from the calculation of diluted earnings per share for the three and nine months ended September 30, 2017 and 2016 , respectively, because it was anti-dilutive.

Real Estate and Intangible Asse

Real Estate and Intangible Assets	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017 and December 31, 2016 excluding real estate held for sale as of December 31, 2016 (dollars in thousands): September 30, 2017 December 31, 2016 Real estate: Land $ 117,441 $ 104,719 Building and improvements 703,644 662,661 Tenant improvements 59,529 54,369 Accumulated depreciation (146,229 ) (131,661 ) Real estate, net $ 734,385 $ 690,088 Real estate depreciation expense on building and tenant improvements was $ 6.9 million and $19.8 million for the three and nine months ended September 30, 2017 , respectively, and $ 6.1 million and $17.9 million for the three and nine months ended September 30, 2016 , respectively. Acquisitions Acquisitions during the nine months ended September 30, 2016 were accounted for as business combinations in accordance with Accounting Standards Codification (“ASC”) 805 “Business Combinations” (“ASC 805”), as there was a prior leasing history on the property. The fair value of all assets acquired and liabilities assumed were determined in accordance with ASC 805, and all acquisition-related costs were expensed as incurred. Commencing in the fourth quarter of 2016, we early adopted Accounting Standards Update (“ASU”) 2017-01, “Clarifying the Definition of a Business” (“ASU 2017-01”), which narrows the scope of transactions that would be accounted under ASC 805. Under ASU 2017-01, if substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the grouping is not a business, and rather an asset acquisition. Beginning in the fourth quarter 2016, acquisitions have been deemed an asset acquisition when evaluated under the new guidance, and all acquisition-related costs have been capitalized. We acquired five properties during the nine months ended September 30, 2017 , and two properties during the nine months ended September 30, 2016 , which are summarized below (dollars in thousands): Nine Months Ended Square Footage Lease Term Purchase Price Acquisition Expenses Annualized GAAP Rent Debt Issued or Assumed September 30, 2017 (1) 666,451 10.7 Years $ 94,421 $ 1,171 (3) $ 10,776 $ 54,887 (4) September 30, 2016 (2) 226,286 7.8 Years $ 40,900 $ 179 $ 3,367 $ 24,000 (1) On June 22, 2017, we acquired a 60,016 square foot property in Conshohocken, Pennsylvania for $15.7 million . We assumed $11.2 million of mortgage debt in connection with this acquisition. The annualized GAAP rent on the 8.5 year lease is $1.7 million . On July 7, 2017, we acquired a 300,000 square foot property in Philadelphia, Pennsylvania for $27.1 million . We issued $14.9 million of mortgage debt with a fixed interest rate of 3.75% in connection with this acquisition. The annualized GAAP rent on the 15.4 year lease is $2.3 million . On July 31, 2017, we acquired a 306,435 square foot three property portfolio located in Maitland, Florida for $51.6 million . We issued $28.8 million of mortgage debt with a fixed interest rate of 3.89% in connection with this acquisition. This portfolio has a weighted average lease term of 8.6 years , and annualized GAAP rent of $6.8 million . (2) On May 26, 2016, we acquired a 107,062 square foot property in Salt Lake City, Utah for $17.0 million . We borrowed $9.9 million to fund the acquisition. The annualized GAAP rent on the 6.0 year lease is $1.4 million . On September 12, 2016, we acquired a 119,224 square foot property in Fort Lauderdale, Florida for $23.9 million . We borrowed $14.1 million to fund the acquisition. The annualized GAAP rent on the 9.0 year lease is $2.0 million . (3) We early adopted ASU 2017-01. As a result, we treated our acquisitions during the nine months ended September 30, 2017 as asset acquisitions rather than business combinations. As a result of this treatment, we capitalized $1.2 million of acquisition costs that would otherwise have been expensed under business combination treatment. (4) We assumed an interest rate swap in connection with $11.2 million of assumed debt on our Conshohocken, Pennsylvania acquisition, in which we will pay our counterparty a fixed interest rate of 1.80% , and receive a variable interest rate of one month LIBOR from our counterparty. Our interest expense exposure is fixed at 3.55% . The interest rate swap had a fair value of $0.04 million upon the date of assumption, and subsequently increased in value to $0.2 million at September 30, 2017 . We have elected to treat this interest rate swap as a cash flow hedge, and all changes in fair market value will be recorded to accumulated other comprehensive income on the condensed consolidated balance sheets. We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the nine months ended September 30, 2017 and 2016 as follows (dollars in thousands): Business Combinations Nine months ended September 30, 2017 Nine months ended September 30, 2016 Acquired assets and liabilities Purchase price Purchase price Land $ — $ 7,125 Building and improvements — 22,934 Tenant Improvements — 3,240 In-place Leases — 3,355 Leasing Costs — 1,437 Customer Relationships — 3,090 Above Market Leases — — Below Market Leases — (281 ) Total Purchase Price $ — $ 40,900 Asset Acquisitions Nine months ended September 30, 2017 Nine months ended September 30, 2016 Acquired assets and liabilities Purchase price Purchase price Land $ 15,137 $ — Building 51,186 — Tenant Improvements 6,060 — In-place Leases 9,516 — Leasing Costs 5,083 — Customer Relationships 6,851 — Above Market Leases 1,916 — Below Market Leases (1,769 ) — Discount on Assumed Debt 399 — Fair Value of Interest Rate Swap Assumed 42 — Total Purchase Price $ 94,421 $ — Total Purchase Price on all Acquisitions $ 94,421 $ 40,900 Below is a summary of the total revenue and loss recognized on the two acquisitions treated as business combinations completed during the nine months ended September 30, 2016 (dollars in thousands): For the three months ended September 30, For the nine months ended September 30, 2016 2016 Rental Revenue $ 464 $ 603 (Loss) (82 ) (203 ) Pro Forma The following table reflects pro-forma consolidated statements of operations as if the business combinations completed in 2016, were completed as of January 1, 2015. The pro-forma earnings for the three and nine months ended September 30, 2016 were adjusted to assume that the acquisition-related costs were incurred as of the beginning of the comparative period (dollars in thousands, except per share amounts): For the three months ended September 30, For the nine months ended September 30, 2016 (1) (unaudited) Operating Data: Total operating revenue $ 22,012 $ 66,406 Total operating expenses (15,205 ) (42,968 ) Other expenses, net (6,612 ) (21,453 ) Net income 195 1,985 Dividends attributable to preferred and senior common stock (2,256 ) (5,050 ) Net loss attributable to common stockholders $ (2,061 ) $ (3,065 ) Share and Per Share Data: Basic and diluted loss per share of common stock - pro forma $ (0.09 ) $ (0.13 ) Basic and diluted loss per share of common stock - actual $ (0.10 ) $ (0.15 ) Weighted average shares outstanding-basic and diluted 23,509,054 22,915,086 (1) Pro-forma results for the three and nine months ended September 30, 2017 are identical to actual results on the condensed consolidated statement of operations and other comprehensive income (loss) because we did not complete an acquisition that was accounted for as a business combination during the three and nine months ended September 30, 2017 , pursuant to our early adoption of ASU 2017-01. Significant Real Estate Activity on Existing Assets During the nine months ended September 30, 2017 and 2016 , we executed six and seven lease extensions and/or modifications, or new leases, respectively, which are aggregated below (dollars in thousands): Nine Months Ended Aggregate Square Footage Weighted Average Lease Term Aggregate Annualized GAAP Rent Aggregate Tenant Improvement Aggregate Leasing Commissions September 30, 2017 577,471 8.9 years (1) 4,062 1,181 475 September 30, 2016 460,017 2.8 years (2) 1,475 333 221 (1) Weighted average lease term is weighted according to the annualized GAAP rent earned by each lease. These leases have terms ranging from 1.0 year to 11.3 years . (2) Weighted average lease term is weighted according to the annualized GAAP rent earned by each lease. These leases have terms ranging from 1.0 year to 7.3 years . 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 September 30, 2017 and December 31, 2016 , excluding real estate held for sale as of December 31, 2016 (dollars in thousands): September 30, 2017 December 31, 2016 Lease Intangibles Accumulated Amortization Lease Intangibles Accumulated Amortization In-place leases $ 78,975 $ (32,140 ) $ 71,482 $ (28,182 ) Leasing costs 53,706 (21,889 ) 48,000 (18,599 ) Customer relationships 55,847 (19,289 ) 50,252 (17,400 ) $ 188,528 $ (73,318 ) $ 169,734 $ (64,181 ) Deferred Rent Receivable/(Liability) Accumulated (Amortization)/Accretion Deferred Rent Receivable/(Liability) Accumulated (Amortization)/Accretion Above market leases $ 12,517 $ (7,726 ) $ 10,479 $ (7,296 ) Below market leases and deferred revenue (25,576 ) 10,022 (21,606 ) 8,959 $ (13,059 ) $ 2,296 $ (11,127 ) $ 1,663 Total amortization expense related to in-place leases, leasing costs and customer relationship lease intangible assets was $ 3.9 million and $10.9 million for the three and nine months ended September 30, 2017 , respectively, and $ 3.4 million and $9.9 million for the three and nine months ended September 30, 2016 , respectively, and is included in depreciation and amortization expense in the condensed consolidated statements of operations and other comprehensive income (loss). Total amortization related to above-market lease values was $ 0.2 million and $0.4 million for the three and nine months ended September 30, 2017 , respectively, and $0.1 million and $0.4 million for the three and nine months ended September 30, 2016 , respectively, and is included in rental revenue in the condensed consolidated statements of operations and other comprehensive income (loss). Total amortization related to below-market lease values was $ 0.4 million and $1.1 million for the three and nine months ended September 30, 2017 , respectively, and $ 0.3 million and $0.7 million for the three and nine months ended September 30, 2016 , respectively, and is included in rental revenue in the condensed consolidated statements of operations and other comprehensive income (loss). The weighted average amortization periods in years for the intangible assets acquired and liabilities assumed during the nine months ended September 30, 2017 and 2016 were as follows: Intangible Assets & Liabilities 2017 2016 In-place leases 9.7 7.9 Leasing costs 9.7 7.9 Customer relationships 12.7 12.2 Above market leases 10.2 0.0 Below market leases 9.4 7.9 All intangible assets & liabilities 10.4 9.0

Real Estate Dispositions, Held

Real Estate Dispositions, Held for Sale and Impairment Charges	9 Months Ended
	Sep. 30, 2017
Real Estate [Abstract]
Real Estate Dispositions, Held for Sale and Impairment Charges	Real Estate Dispositions, Held for Sale and Impairment Charges Real Estate Dispositions During the nine months ended September 30, 2017 , we continued to execute our capital recycling program, whereby we sold properties outside of our core markets and redeployed proceeds to fund property acquisitions in our target secondary growth markets, as well as repay outstanding debt. During the nine months ended September 30, 2017 , we sold four non-core properties located in Franklin, New Jersey, Hazelwood, Missouri, Concord Township, Ohio, and Newburyport, Massachusetts, which are summarized below (dollars in thousands): Aggregate Square Footage Sold Aggregate Sales Price Aggregate Sales Costs Aggregate Impairment Charge for the Nine Months Ended September 30 , 2017 Aggregate Gain on Sale of Real Estate, net 593,763 $ 30,302 $ 803 $ 3,999 $ 3,993 Our dispositions during the nine months ended September 30, 2017 were not classified as discontinued operations because they did not represent a strategic shift in operations, nor will they have a major effect on our operations and financial results. Accordingly, the operating results of these properties are included within continuing operations for all periods reported. The table below summarizes the components of operating income from the real estate and related assets disposed of during the three and nine months ended September 30, 2017 , and 2016 (dollars in thousands): For the three months ended September 30, For the nine months ended September 30, 2017 2016 2017 2016 Operating revenue $ — $ 642 $ 1,280 (1) $ 1,932 Operating expense 31 962 (4) 4,446 (2) 1,626 (4) Other (expense) income, net 1 (183 ) 3,831 (3) (253 ) Income (loss) from real estate and related assets sold $ (30 ) $ (503 ) $ 665 $ 53 (1) Includes a $0.6 million lease termination revenue from canceling a lease obligation with a tenant that acquired one property from us during the nine months ended September 30, 2017 . This fee is recorded as rental revenue on the condensed consolidated statement of operations and other comprehensive income (loss). (2) Includes a $4.0 million impairment charge. (3) Includes a $4.0 million net gain on sale on four properties. (4) Includes a $0.7 million impairment charge. Real Estate Held for Sale At September 30, 2017 , we did not have any properties classified as held for sale. At December 31, 2016, we had two properties classified as held for sale, located in Hazelwood, Missouri and Franklin, New Jersey. Both of these properties were sold during the nine months ended September 30, 2017 . 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): September 30, 2017 December 31, 2016 Assets Held for Sale Real estate, at cost $ — $ 11,454 Less: accumulated depreciation — 2,668 Total real estate held for sale, net — 8,786 Lease intangibles, net — 200 Deferred rent receivable, net — 575 Other assets — 1 Total Assets Held for Sale $ — $ 9,562 Liabilities Held for Sale Deferred rent liability, net $ — $ 755 Asset retirement obligation — 286 Total Liabilities Held for Sale $ — $ 1,041 Impairment Charges We evaluated our portfolio for triggering events to determine if any of our held and used assets were impaired during the nine months ended September 30, 2017 and identified two held and used assets which were impaired during first quarter 2017. We did not identify any impairment on held and used assets during the second or third quarter of 2017. For these properties, during first quarter 2017, we received unsolicited interest from potential buyers, and as a result, we included a sale scenario and shortened our hold period when comparing the undiscounted cash flows against the respective carrying values. Based upon our analysis, we concluded that the undiscounted cash flows for these properties were below their respective carrying values indicating that these assets were impaired as of March 31, 2017, and accordingly, we recorded an impairment charge of $3.7 million during the three months ended March 31, 2017. During the three months ended June 30, 2017, we sold one of these impaired properties to the tenant for a further loss on sale of $1.8 million . During the second quarter of 2017, we became aware of a decline in the tenant's financial results. The tenant expressed interest in acquiring our property as part of their corporate reorganization. Due to the re-tenanting risk of the property if it were to go vacant and as the location was in a non-core market, we executed a sale with this tenant. We sold the other impaired property during the three months ended September 30, 2017 , recognizing a gain on sale of $1,000 . We did not classify any properties as held for sale at September 30, 2017 . During our previous two quarters where we had held for sale activity, we performed an analysis of all properties classified as held for sale, and compared the fair market value of the asset less selling costs against the carrying value of assets available for sale. We recorded an impairment charge of $0.3 million during the three months ended June 30, 2017 to reduce the carrying value equal to the sales price per the executed purchase and sale agreement, less estimated selling costs. Fair market value for these assets was calculated using Level 3 inputs, which were determined using comparable asset sale data from the respective asset locations, as well as sales prices from an executed purchase and sale agreement. We continue to evaluate our properties on a quarterly basis for changes that could create the need to record impairment. Future impairment losses may result, and could be significant, should market conditions deteriorate in the markets in which we hold our assets or we are unable to secure leases at terms that are favorable to us, which could impact the estimated cash flow of our properties over the period in which we plan to hold our properties. Additionally, changes in management’s decisions to either own and lease long-term or sell a particular asset will have an impact on this analysis. We recognized $2.0 million of impairment charges on five properties during the nine months ended September 30, 2016 . These properties were impaired through our held for sale carrying value analysis, during the three and nine months ended September 30, 2016 , and we concluded that the fair market value less selling costs was below the carrying value of this property. We have sold four of these properties, and one of these properties is classified as a held and used asset during the three and nine months ended September 30, 2017 . The fair values for the above held for sale property was calculated using Level 3 inputs which were calculated using an estimated sales price, less estimated costs to sell. The estimated sales price was determined using an executed purchase and sale agreement.

Mortgage Note Receivable

Mortgage Note Receivable	9 Months Ended
	Sep. 30, 2017
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 22.0% on the second mortgage development loan, inclusive of interest earned. The principal balance of the loans and all associated interest income and exit fee revenue was received in January 2016. We did not recognize any interest income or exit fee revenue during the three and nine months ended September 30, 2017 . We recognized $ 0.0 million and $0.4 million in both cash interest income and exit fee revenue during the three and nine months ended September 30, 2016 , respectively. We currently have no mortgage notes receivable outstanding.

Mortgage Notes Payable and Cred

Mortgage Notes Payable and Credit Facility	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Mortgage Notes Payable and Credit Facility	Mortgage Notes Payable and Credit Facility Our mortgage notes payable and Credit Facility as of September 30, 2017 and December 31, 2016 are summarized below (dollars in thousands): Encumbered properties at Carrying Value at Stated Interest Rates at Scheduled Maturity Dates at September 30, 2017 September 30, 2017 December 31, 2016 September 30, 2017 September 30, 2017 Mortgage and other secured loans: Fixed rate mortgage loans 48 $ 385,555 $ 378,477 (1) (2) Variable rate mortgage loans 19 69,835 71,707 (3) (2) Premiums and discounts, net - (262 ) 217 N/A N/A Deferred financing costs, mortgage loans, net - (5,096 ) (5,123 ) N/A N/A Total mortgage notes payable, net 67 $ 450,032 $ 445,278 (4) Variable rate revolving credit facility 24 (6) $ 44,200 $ 39,700 LIBOR + 2.00% 8/7/2018 Deferred financing costs, revolving credit facility - (267 ) (475 ) N/A N/A Total revolver, net 24 $ 43,933 $ 39,225 Variable rate term loan facility - (6) $ 25,000 $ 25,000 LIBOR + 1.95% 10/5/2020 Deferred financing costs, term loan facility - (88 ) (108 ) N/A N/A Total term loan, net N/A $ 24,912 $ 24,892 Total mortgage notes payable and credit facility 91 $ 518,877 $ 509,395 (5) (1) Interest rates on our fixed rate mortgage notes payable vary from 3.55% to 6.63% . (2) We have 45 mortgage notes payable with maturity dates ranging from 12/1/2017 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 September 30, 2017 , one month LIBOR was approximately 1.24% . (4) The weighted average interest rate on the mortgage notes outstanding at September 30, 2017 was approximately 4.52% . (5) The weighted average interest rate on all debt outstanding at September 30, 2017 was approximately 4.34% . (6) The amount we may draw under our Revolver and Term Loan is based on a percentage of the fair value of a combined pool of 24 unencumbered properties as of September 30, 2017 . N/A - Not Applicable Mortgage Notes Payable As of September 30, 2017 , we had 45 mortgage notes payable, collateralized by a total of 67 properties with a net book value of $674.9 million . We have limited recourse liabilities that could result from any one or more of the following circumstances: a borrower voluntarily filing for bankruptcy, improper conveyance of a property, fraud or material misrepresentation, misapplication or misappropriation of rents, security deposits, insurance proceeds or condemnation proceeds, or physical waste or damage to the property resulting from a borrower’s gross negligence or willful misconduct. We have full recourse for $11.7 million of the mortgages notes payable outstanding, or 2.6% of the outstanding balance. 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 nine months ended September 30, 2017 , we repaid four mortgages, collateralized by ten properties, which are aggregated below (dollars in thousands): Aggregate Fixed Rate Debt Repaid Weighted Average Interest Rate on Fixed Rate Debt Repaid $ 41,077 6.25% Aggregate Variable Rate Debt Repaid Weighted Average Interest Rate on Variable Rate Debt Repaid $ 8,163 LIBOR + 2.50% During the nine months ended September 30, 2017 , we issued or assumed four mortgages, collateralized by seven properties, and drew an additional advance on an existing mortgage note, collateralized by one property, which are aggregated in the table below (dollars in thousands): Aggregate Fixed Rate Debt Issued or Assumed Weighted Average Interest Rate on Fixed Rate Debt Aggregate Variable Rate Debt Issued or Assumed $ 54,887 (1) 3.78% (2) $ 7,500 (3) (1) We issued or assumed $54.9 million of fixed rate or swapped to fixed rate debt in connection with our five property acquisitions with maturity dates ranging from April 1, 2026 to August 10, 2027 . (2) We assumed an interest rate swap in connection with one property acquisition and will be paying an all in fixed rate of 3.55% . The newly issued fixed rate mortgages have rates ranging from 3.75% to 3.89% . (3) The interest rate for our issued variable rate mortgage debt is equal to one month LIBOR plus a spread of 2.75% . The maturity date on this new variable rate debt is May 15, 2020 . We have entered into a rate cap agreement on our new variable rate debt and will record all fair value changes into interest expense on the condensed consolidated statement of operations and other comprehensive income (loss). The interest rate for our additional advance on the existing mortgage note is equal to one month LIBOR plus a spread of 2.50% and the maturity date is December 1, 2021 . We made payments of $0.6 million and $1.0 million for deferred financing costs during the three and nine months ended September 30, 2017 , respectively. We made payments of $0.4 million and $1.0 million for deferred financing costs during the three and nine months ended September 30, 2016 , respectively. Scheduled principal payments of mortgage notes payable for the remainder of 2017 , and each of the five succeeding fiscal years and thereafter are as follows (dollars in thousands): Year Scheduled Principal Payments Three Months Ending December 31, 2017 $ 10,405 2018 47,806 2019 47,474 2020 19,387 2021 33,367 2022 97,187 Thereafter 199,764 Total $ 455,390 (1) (1) This figure does not include $0.3 million of premiums and (discounts), net, and $5.1 million of deferred financing costs, which are reflected in mortgage notes payable on the condensed consolidated balance sheet. Interest Rate Cap and Interest Rate Swap Agreements We have entered into interest rate cap agreements that cap the interest rate on certain of our variable-rate debt and we have assumed an interest rate swap agreement in which we hedged our exposure to variable interest rates by agreeing to pay fixed interest rates to our counterparty. 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 and interest rate swap, 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 September 30, 2017 and December 31, 2016 , our interest rate cap agreements and interest rate swap 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 and other comprehensive income (loss). The following table summarizes the interest rate caps at September 30, 2017 and December 31, 2016 (dollars in thousands): September 30, 2017 December 31, 2016 Aggregate Cost Aggregate Notional Amount Aggregate Fair Value Aggregate Notional Amount Aggregate Fair Value $ 482 (1) $ 93,920 $ 49 $ 71,721 $ 101 (1) We have entered into various interest rate cap agreements on variable rate debt with LIBOR caps ranging from 2.50% to 3.00% . We assumed an interest rate swap agreement in connection with our June 22, 2017 acquisition, whereby we will pay our counterparty an interest rate equivalent to 1.80% on a monthly basis, and receive payments from our counterparty equivalent to one month LIBOR. The fair value of our interest rate swap agreement is recorded in other assets on our accompanying condensed consolidated balance sheets. We have designated our interest rate swap as a cash flow hedge, and we record changes in the fair value of the interest rate swap agreement to accumulated other comprehensive income on the condensed consolidated balance sheet. We record changes in fair value on a quarterly basis, using current market valuations at quarter end. We assumed our interest rate swap with a value of $0.04 million on the date of assumption, and the fair market value increased to $0.2 million at September 30, 2017 . The swap has a notional value equal to the debt we assumed of $11.2 million , and has a termination date of April 1, 2026, which is also the maturity date of the assumed debt. The fair value of all mortgage notes payable outstanding as of September 30, 2017 was $461.8 million , as compared to the carrying value stated above of $455.4 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.” Credit Facility In August 2013, we procured a senior unsecured revolving credit facility, or the Revolver, with KeyBank National Association (“KeyBank”) (serving as a lender, a letter of credit issuer and an administrative agent). On October 5, 2015, we expanded our Revolver to $85.0 million , extended the maturity date one year through August 2018, with a one -year extension option through August 2019. We also added a $25.0 million term loan facility, or the Term Loan, which matures in October 2020. The Revolver and the Term Loan are referred to collectively herein as the Credit Facility. The interest rate on the Revolver was also reduced by 25 basis points at each of the leverage tiers and the total maximum commitment under the Credit 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. The Term Loan is subject to the same leverage tiers as the Revolver; however the interest rate at each leverage tier is five basis points lower. We have the option to repay the Term Loan in full, or in part, at any time without penalty or premium prior to the maturity date. As of September 30, 2017 , there was $69.2 million outstanding under our Credit Facility at a weighted average interest rate of approximately 3.22% and $1.0 million outstanding under letters of credit at a weighted average interest rate of 2.00% . As of September 30, 2017 , the maximum additional amount we could draw under the Revolver was $34.0 million . We were in compliance with all covenants under the Credit Facility as of September 30, 2017 . The amount outstanding under the Credit Facility approximates fair value as of September 30, 2017 .

Mandatorily Redeemable Term Pre

Mandatorily Redeemable Term Preferred Stock	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Mandatorily Redeemable Term Preferred Stock	Mandatorily Redeemable Term Preferred Stock In February 2012, we completed a public offering of 1,540,000 shares of 7.125% Series C Cumulative Term Preferred Stock (“Term Preferred Stock”), par value $0.001 per share, 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 shares of the Term Preferred Stock had a mandatory redemption date of January 31, 2017. During the year ended December 31, 2016, we redeemed all outstanding shares of the Term Preferred Stock. Accordingly, we wrote-off unamortized offering costs of $0.2 million during the year ended December 31, 2016, which were recorded to interest expense in our condensed consolidated statements of operations and other comprehensive income (loss). The Term Preferred Stock was 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 and other comprehensive income (loss).

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017 are as follows (dollars in thousands): Year Minimum Rental Payments Due Three Months Ending December 31, 2017 $ 117 2018 465 2019 465 2020 466 2021 392 2022 319 Thereafter 4,236 Total $ 6,460 Expenses recorded in connection to rental expense incurred for the properties listed above during the three and nine months ended September 30, 2017 were $0.1 million and $0.4 million , respectively, and during the three and nine months ended September 30, 2016 were $0.1 million and $0.4 million , respectively. Rental expenses are reflected in property operating expenses on the condensed consolidated statements of operations and other comprehensive income (loss). Letters of Credit As of September 30, 2017 , there was $1.0 million outstanding under letters of credit. These letters of credit are not reflected on our condensed consolidated balance sheet.

Stockholders' and Mezzanine Equ

Stockholders' and Mezzanine Equity	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Stockholders' and Mezzanine Equity	Stockholders’ and Mezzanine Equity Stockholders’ Equity The following table summarizes the changes in our stockholders’ equity for the nine months ended September 30, 2017 (dollars in thousands): Shares Issued and Retired Series A and B Preferred Stock Common Stock Senior Common Stock Series A and B Preferred Stock Senior Common Stock Common Stock Additional Paid in Capital Accumulated Other Comprehensive Income (1) Distributions in Excess of Accumulated Earnings Total Stockholders' Equity Balance at December 31, 2016 2,264,000 24,882,758 959,552 $ 2 $ 1 $ 25 $ 463,436 $ — $ (223,587 ) $ 239,877 Issuance of Series A and B preferred stock and common stock, net — 2,785,303 — — — 3 56,731 — — 56,734 Conversion of senior common stock to common stock — 26,563 (29,762 ) — — — — — — — Retirement of senior common stock, net — — (1,598 ) — — — (24 ) — — (24 ) Distributions declared to common, senior common and preferred stockholders — — — — — — — — (37,130 ) (37,130 ) Comprehensive income — — — — — — — 172 — 172 Net income — — — — — — — — 7,403 7,403 Balance at September 30, 2017 2,264,000 27,694,624 928,192 $ 2 $ 1 $ 28 $ 520,143 $ 172 $ (253,314 ) $ 267,032 (1) The only element of comprehensive income recorded in the nine months ended September 30, 2017 relates to the fair value adjustment of $0.17 million related to our assumed interest rate swap described in Footnote 7 "Mortgage Notes Payable and Credit Facility," to these condensed consolidated financial statements. Distributions We paid the following distributions per share for the three and nine months ended September 30, 2017 and 2016 : For the three months ended September 30, For the nine months ended September 30, 2017 2016 2017 2016 Common Stock $ 0.375 $ 0.375 $ 1.125 $ 1.125 Senior Common Stock 0.2625 0.2625 0.7875 0.7875 Series A Preferred Stock 0.4843749 0.4843749 1.4531247 1.4531247 Series B Preferred Stock 0.4688 0.4688 1.4063 1.4063 Series C Preferred Stock — 0.2424 (1) — 1.1330 (1) Series D Preferred Stock 0.4375 0.4375 1.3125 0.6163 (1) We fully redeemed our Series C Preferred Stock on August 19, 2016. Recent Activity Common Stock Offering In July 2017, we completed an overnight offering of 1.2 million shares of our common stock, at a public offering price of $20.52 per share. Net proceeds, after deducting underwriter discounts, were $22.7 million . The proceeds from this offering were used to acquire real estate, repay existing indebtedness, and for other general corporate purposes. The offering's underwriters exercised their overallotment option, purchasing an additional 0.2 million shares of our common stock at the public offering price of $20.52 per share. Net proceeds from exercise of the option to purchase additional shares, after deducting underwriter discounts, were $3.4 million . The proceeds from this overallotment were also used to acquire real estate, repay existing indebtedness, and for other general corporate purposes. Common Stock ATM Program In February 2016, we amended our common ATM program with Cantor Fitzgerald (the “Common Stock ATM Program”). The amendment increased the amount of shares of common stock that we may offer and sell through Cantor Fitzgerald, to $160.0 million . All other material terms of the Common Stock ATM program remained unchanged. During the nine months ended September 30, 2017 , we sold 1.5 million shares of common stock, raising $30.8 million in net proceeds under the Common Stock ATM Program. As of September 30, 2017 , we had a remaining capacity to sell up to $101.1 million of common stock under the Common Stock ATM Program. Series A and B Preferred Stock ATM Programs In February 2016, we entered into an open market sales agreement with Cantor Fitzgerald (the “Series A and B Preferred ATM Program”), pursuant to which we may, from time to time, offer to sell (i) shares of our 7.75% Series A Cumulative Redeemable Preferred Stock (“Series A Preferred”), and (ii) shares of our 7.50% Series B Cumulative Redeemable Preferred Stock (“Series B Preferred”), having an aggregate offering price of up to $40.0 million , through Cantor Fitzgerald, acting as sales agent and/or principal. We did not sell any shares of our Series A Preferred or Series B Preferred during the nine months ended September 30, 2017 . As of September 30, 2017 , we had a remaining capacity to sell up to $37.2 million of preferred stock under the Series A and B Preferred ATM Program. Mezzanine Equity The 7.00% Series D Cumulative Redeemable Preferred Stock (“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. A change in control of our company, outside of our control, is only possible if a tender offer is accepted by over 90% of our shareholders. All other change in control situations would require input from our Board of Directors. 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. In June 2016, we entered into an open market sales agreement with Cantor Fitzgerald (the “Series D Preferred ATM Program”), 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 nine months ended September 30, 2017 , we sold approximately 0.4 million shares of our Series D Preferred for net proceeds of $ 11.2 million . As of September 30, 2017 , we had a remaining capacity to sell up to $ 22.3 million of Series D Preferred under the Series D Preferred ATM Program. Amendment to Articles of Incorporation On January 11, 2017, we filed with the Maryland State Department of Assessments and Taxation an Articles Supplementary reclassifying the remaining 160,000 authorized but unissued shares of our Series C Preferred Stock, as authorized but unissued shares of our common stock, and made a corresponding amendment to the Operating Partnership’s Partnership Agreement with regard to corresponding units of partnership interest. As a result of the reclassification, there are zero authorized shares of Series C Preferred Stock and zero authorized corresponding units of partnership interest remaining. On the same date, we filed with the Maryland State Department of Assessments and Taxation an Articles of Restatement, restating and integrating into a single instrument all prior Articles Supplementary and amendments thereto.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions On October 10, 2017, our Board of Directors declared the following monthly distributions for the months of October , November and December of 2017 : Record Date Payment Date Common Stock Distributions per Share Series A Preferred Distributions per Share Series B Preferred Distributions per Share Series D Preferred Distributions per Share October 20, 2017 October 31, 2017 $ 0.125 $ 0.1614583 $ 0.15625 $ 0.1458333 November 20, 2017 November 30, 2017 0.125 0.1614583 0.15625 0.1458333 December 19, 2017 December 29, 2017 0.125 0.1614583 0.15625 0.1458333 $ 0.375 $ 0.4843749 $ 0.46875 $ 0.4374999 Senior Common Stock Distributions Payable to the Holders of Record During the Month of: Payment Date Distribution per Share October November 7, 2017 $ 0.0875 November December 7, 2017 0.0875 December January 8, 2018 0.0875 $ 0.2625 Held for Sale and Leasing Activity On October 19, 2017, we executed a purchase and sale agreement with the tenant leasing our Arlington, Texas property to sell them the property for $5.6 million . We expect the sale to be completed during first quarter 2018. Concurrently with the purchase and sale agreement, we executed a lease amendment with this tenant, whereby the tenant has agreed to a 10 -year renewal if the sale of this property is not completed for any reason. Credit Facility Activity On October 27, 2017, we amended our existing Credit Facility. The Term Loan component of the Credit Facility was increased from $25.0 million , to $75.0 million , with the Revolver commitment remaining at $85.0 million . The Term Loan has a new five -year term, with a maturity date of October 27, 2022, and the Revolver has a new four -year term, with a maturity date of October 27, 2021. The interest rate for the Credit Facility was reduced by 25 basis points at each of the leverage tiers. We entered into interest rate cap agreements on the amended Term Loan, which cap LIBOR at 2.75% . We used the net proceeds of the amended Credit Facility to repay all previously existing borrowings under the Revolver. We incurred fees of approximately $0.9 million in connection with the Credit Facility amendment. The bank syndicate is now comprised of KeyBank, Fifth Third Bank, US Bank and Huntington Bank. ATM Equity Activity Subsequent to September 30, 2017 and through October 31, 2017 , we raised $0.2 million in net proceeds from the sale of 0.01 million shares of common stock in our Common Stock ATM Program. We made no sales under our Series A, B or D Preferred ATM Programs subsequent to September 30,2017 and through October 31, 2017.

Organization, Basis of Presen17

Organization, Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Financial Information	Interim Financial Information Our interim financial statements are prepared in accordance with generally accepted accounting principles ("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 statement 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, 2016 , as filed with the U.S. Securities and Exchange Commission on February 15, 2017. The results of operations for the three and nine months ended September 30, 2017 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 In preparation of our financial statements in accordance with GAAP, we apply certain critical accounting policies which require management to make judgments that are subjective in nature to make certain estimates and assumptions. Application of our 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, 2016 . There were no material changes to our critical accounting policies during the three and nine months ended September 30, 2017
Reclassifications	Reclassifications Certain items on condensed consolidated statement of operations and other comprehensive income (loss) for the three and nine months ended September 30, 2016 have been reclassified to conform to the current period's presentation. These reclassifications had no impact on previously-reported equity, net loss attributable to common stockholders, or net change in cash and cash equivalents.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014, the FASB issued guidance regarding the recognition of revenue from contracts with customers. Under this guidance, an entity will recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. We expect the new revenue standard will apply to executory costs and other components of revenue due under leases that are deemed to be non-lease components (examples include common area maintenance and provision of utilities), even when the revenue for such activities is not separately stipulated in the lease. Revenue from these non-lease components, which were previously recognized on a straight-line basis under current lease guidance, would be recognized under the new revenue guidance as the related services are delivered. As a result, while the total revenue recognized over the lease term would not differ under the new guidance, the revenue recognition pattern could be different. We are in the process of evaluating the significance of the difference in the revenue recognition pattern that would result from this change, and adjustments in revenue recognition attributable to non-lease components will take effect in tandem with the new leasing standard described below, which is effective January 1, 2019. We will adopt this guidance for our annual and interim periods beginning January 1, 2018 and expect to use the modified retrospective method, under which the cumulative effect of initially applying the guidance is recognized at the date of initial application. 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 with terms greater than one year for which we are the lessee, and we don't expect the purchase of properties with ground leases to be crucial to our acquisition strategy. We also expect our general and administrative 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 and we expect to use the modified retrospective method, under which the cumulative effect of initially applying the guidance is recognized at the date of initial application. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging issues Task Force)," which clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows with the objective of reducing the existing diversity in practice related to eight specific cash flow issues. The areas addressed in the new guidance relate to debt prepayment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned and bank-owned life insurance policies, distributions received from equity method investments, beneficial interest in securitization transactions and separately identifiable cash flows and application of the predominance principle. The guidance is effective for us beginning January 1, 2018 with early adoption permitted. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force)," which requires the statement of cash flows to explain the change during the period in the total of cash, cash equivalents and amounts described as restricted cash or restricted cash equivalents. Under the new guidance, amounts described as restricted cash and restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning of period and end of periods total amounts shown on the statement of cash flows. The guidance is effective for us beginning January 1, 2018, with early adoption permitted. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, "Targeted Improvements to Accounting for Hedging Activities" ("ASU 2017-12"). The new standard simplifies the application of hedge accounting and better aligns financial reporting for hedging activities with companies' economic objectives in undertaking those activities. Under the new guidance, all changes in the fair value of highly effective cash flow hedges will be recorded in other comprehensive income instead of income. The new guidance also eases the administrative burden of hedge documentation requirements and assessing hedge effectiveness. The guidance is effective beginning January 1, 2019, with early adoption permitted. We are currently evaluating the impact of this guidance, including transition elections and required disclosures, on our financial statements.
Acquisitions	Acquisitions Acquisitions during the nine months ended September 30, 2016 were accounted for as business combinations in accordance with Accounting Standards Codification (“ASC”) 805 “Business Combinations” (“ASC 805”), as there was a prior leasing history on the property. The fair value of all assets acquired and liabilities assumed were determined in accordance with ASC 805, and all acquisition-related costs were expensed as incurred. Commencing in the fourth quarter of 2016, we early adopted Accounting Standards Update (“ASU”) 2017-01, “Clarifying the Definition of a Business” (“ASU 2017-01”), which narrows the scope of transactions that would be accounted under ASC 805. Under ASU 2017-01, if substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the grouping is not a business, and rather an asset acquisition. Beginning in the fourth quarter 2016, acquisitions have been deemed an asset acquisition when evaluated under the new guidance, and all acquisition-related costs have been capitalized.
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 and interest rate swap, 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 was 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 and other comprehensive income (loss).

Loss per Share of Common Stock

Loss per Share of Common Stock (Tables)	9 Months Ended
	Sep. 30, 2017
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 nine months ended September 30, 2017 and 2016 . We computed basic loss per share for the three and nine months ended September 30, 2017 and 2016 using the weighted average number of shares outstanding during the periods. Diluted loss per share for the three and nine months ended September 30, 2017 and 2016 , 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 September 30, For the nine months ended September 30, 2017 2016 2017 2016 Calculation of basic loss per share of common stock: Net loss attributable to common stockholders $ (384 ) $ (2,329 ) $ (671 ) $ (3,385 ) Denominator for basic weighted average shares of common stock 27,234,569 23,509,054 25,833,423 22,915,086 Basic loss per share of common stock $ (0.01 ) $ (0.10 ) $ (0.03 ) $ (0.15 ) Calculation of diluted loss per share of common stock: Net loss attributable to common stockholders $ (384 ) $ (2,329 ) $ (671 ) $ (3,385 ) Add: income impact of assumed conversion of senior common stock (1) — — — — Net loss attributable to common stockholders plus assumed conversions (1) $ (384 ) $ (2,329 ) $ (671 ) $ (3,385 ) Denominator for basic weighted average shares of common stock 27,234,569 23,509,054 25,833,423 22,915,086 Effect of convertible Senior Common Stock (1) — — — — Denominator for diluted weighted average shares of common stock (1) 27,234,569 23,509,054 25,833,423 22,915,086 Diluted loss per share of common stock $ (0.01 ) $ (0.10 ) $ (0.03 ) $ (0.15 ) (1) We excluded shares of Senior Common Stock that are convertible into shares of our common stock in the amount of 773,553 and 800,116 from the calculation of diluted earnings per share for the three and nine months ended September 30, 2017 and 2016 , respectively, because it was anti-dilutive.

Real Estate and Intangible As19

Real Estate and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2017
Real Estate [Abstract]
Components of Investments in Real Estate	The following table sets forth the components of our investments in real estate as of September 30, 2017 and December 31, 2016 excluding real estate held for sale as of December 31, 2016 (dollars in thousands): September 30, 2017 December 31, 2016 Real estate: Land $ 117,441 $ 104,719 Building and improvements 703,644 662,661 Tenant improvements 59,529 54,369 Accumulated depreciation (146,229 ) (131,661 ) Real estate, net $ 734,385 $ 690,088
Acquisitions	We acquired five properties during the nine months ended September 30, 2017 , and two properties during the nine months ended September 30, 2016 , which are summarized below (dollars in thousands): Nine Months Ended Square Footage Lease Term Purchase Price Acquisition Expenses Annualized GAAP Rent Debt Issued or Assumed September 30, 2017 (1) 666,451 10.7 Years $ 94,421 $ 1,171 (3) $ 10,776 $ 54,887 (4) September 30, 2016 (2) 226,286 7.8 Years $ 40,900 $ 179 $ 3,367 $ 24,000 (1) On June 22, 2017, we acquired a 60,016 square foot property in Conshohocken, Pennsylvania for $15.7 million . We assumed $11.2 million of mortgage debt in connection with this acquisition. The annualized GAAP rent on the 8.5 year lease is $1.7 million . On July 7, 2017, we acquired a 300,000 square foot property in Philadelphia, Pennsylvania for $27.1 million . We issued $14.9 million of mortgage debt with a fixed interest rate of 3.75% in connection with this acquisition. The annualized GAAP rent on the 15.4 year lease is $2.3 million . On July 31, 2017, we acquired a 306,435 square foot three property portfolio located in Maitland, Florida for $51.6 million . We issued $28.8 million of mortgage debt with a fixed interest rate of 3.89% in connection with this acquisition. This portfolio has a weighted average lease term of 8.6 years , and annualized GAAP rent of $6.8 million . (2) On May 26, 2016, we acquired a 107,062 square foot property in Salt Lake City, Utah for $17.0 million . We borrowed $9.9 million to fund the acquisition. The annualized GAAP rent on the 6.0 year lease is $1.4 million . On September 12, 2016, we acquired a 119,224 square foot property in Fort Lauderdale, Florida for $23.9 million . We borrowed $14.1 million to fund the acquisition. The annualized GAAP rent on the 9.0 year lease is $2.0 million . (3) We early adopted ASU 2017-01. As a result, we treated our acquisitions during the nine months ended September 30, 2017 as asset acquisitions rather than business combinations. As a result of this treatment, we capitalized $1.2 million of acquisition costs that would otherwise have been expensed under business combination treatment. (4) We assumed an interest rate swap in connection with $11.2 million of assumed debt on our Conshohocken, Pennsylvania acquisition, in which we will pay our counterparty a fixed interest rate of 1.80% , and receive a variable interest rate of one month LIBOR from our counterparty. Our interest expense exposure is fixed at 3.55% . The interest rate swap had a fair value of $0.04 million upon the date of assumption, and subsequently increased in value to $0.2 million at September 30, 2017 . We have elected to treat this interest rate swap as a cash flow hedge, and all changes in fair market value will be recorded to accumulated other comprehensive income on the condensed consolidated balance sheets.
Fair Value of Assets Acquired and Liabilities Assumed	We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the nine months ended September 30, 2017 and 2016 as follows (dollars in thousands): Business Combinations Nine months ended September 30, 2017 Nine months ended September 30, 2016 Acquired assets and liabilities Purchase price Purchase price Land $ — $ 7,125 Building and improvements — 22,934 Tenant Improvements — 3,240 In-place Leases — 3,355 Leasing Costs — 1,437 Customer Relationships — 3,090 Above Market Leases — — Below Market Leases — (281 ) Total Purchase Price $ — $ 40,900 Asset Acquisitions Nine months ended September 30, 2017 Nine months ended September 30, 2016 Acquired assets and liabilities Purchase price Purchase price Land $ 15,137 $ — Building 51,186 — Tenant Improvements 6,060 — In-place Leases 9,516 — Leasing Costs 5,083 — Customer Relationships 6,851 — Above Market Leases 1,916 — Below Market Leases (1,769 ) — Discount on Assumed Debt 399 — Fair Value of Interest Rate Swap Assumed 42 — Total Purchase Price $ 94,421 $ — Total Purchase Price on all Acquisitions $ 94,421 $ 40,900
Summary of Total Revenue and Earnings Recognized	Below is a summary of the total revenue and loss recognized on the two acquisitions treated as business combinations completed during the nine months ended September 30, 2016 (dollars in thousands): For the three months ended September 30, For the nine months ended September 30, 2016 2016 Rental Revenue $ 464 $ 603 (Loss) (82 ) (203 )
Pro-Forma Consolidated Statements of Operations	The following table reflects pro-forma consolidated statements of operations as if the business combinations completed in 2016, were completed as of January 1, 2015. The pro-forma earnings for the three and nine months ended September 30, 2016 were adjusted to assume that the acquisition-related costs were incurred as of the beginning of the comparative period (dollars in thousands, except per share amounts): For the three months ended September 30, For the nine months ended September 30, 2016 (1) (unaudited) Operating Data: Total operating revenue $ 22,012 $ 66,406 Total operating expenses (15,205 ) (42,968 ) Other expenses, net (6,612 ) (21,453 ) Net income 195 1,985 Dividends attributable to preferred and senior common stock (2,256 ) (5,050 ) Net loss attributable to common stockholders $ (2,061 ) $ (3,065 ) Share and Per Share Data: Basic and diluted loss per share of common stock - pro forma $ (0.09 ) $ (0.13 ) Basic and diluted loss per share of common stock - actual $ (0.10 ) $ (0.15 ) Weighted average shares outstanding-basic and diluted 23,509,054 22,915,086 (1) Pro-forma results for the three and nine months ended September 30, 2017 are identical to actual results on the condensed consolidated statement of operations and other comprehensive income (loss) because we did not complete an acquisition that was accounted for as a business combination during the three and nine months ended September 30, 2017 , pursuant to our early adoption of ASU 2017-01.
Summary of Lease on Property	During the nine months ended September 30, 2017 and 2016 , we executed six and seven lease extensions and/or modifications, or new leases, respectively, which are aggregated below (dollars in thousands): Nine Months Ended Aggregate Square Footage Weighted Average Lease Term Aggregate Annualized GAAP Rent Aggregate Tenant Improvement Aggregate Leasing Commissions September 30, 2017 577,471 8.9 years (1) 4,062 1,181 475 September 30, 2016 460,017 2.8 years (2) 1,475 333 221 (1) Weighted average lease term is weighted according to the annualized GAAP rent earned by each lease. These leases have terms ranging from 1.0 year to 11.3 years . (2) Weighted average lease term is weighted according to the annualized GAAP rent earned by each lease. These leases have terms ranging from 1.0 year to 7.3 years .
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 September 30, 2017 and December 31, 2016 , excluding real estate held for sale as of December 31, 2016 (dollars in thousands): September 30, 2017 December 31, 2016 Lease Intangibles Accumulated Amortization Lease Intangibles Accumulated Amortization In-place leases $ 78,975 $ (32,140 ) $ 71,482 $ (28,182 ) Leasing costs 53,706 (21,889 ) 48,000 (18,599 ) Customer relationships 55,847 (19,289 ) 50,252 (17,400 ) $ 188,528 $ (73,318 ) $ 169,734 $ (64,181 ) Deferred Rent Receivable/(Liability) Accumulated (Amortization)/Accretion Deferred Rent Receivable/(Liability) Accumulated (Amortization)/Accretion Above market leases $ 12,517 $ (7,726 ) $ 10,479 $ (7,296 ) Below market leases and deferred revenue (25,576 ) 10,022 (21,606 ) 8,959 $ (13,059 ) $ 2,296 $ (11,127 ) $ 1,663
Weighted Average Amortization Periods	The weighted average amortization periods in years for the intangible assets acquired and liabilities assumed during the nine months ended September 30, 2017 and 2016 were as follows: Intangible Assets & Liabilities 2017 2016 In-place leases 9.7 7.9 Leasing costs 9.7 7.9 Customer relationships 12.7 12.2 Above market leases 10.2 0.0 Below market leases 9.4 7.9 All intangible assets & liabilities 10.4 9.0

Real Estate Dispositions, Hel20

Real Estate Dispositions, Held for Sale and Impairment Charges (Tables)	9 Months Ended
	Sep. 30, 2017
Real Estate [Abstract]
Summary of Sold Properties	During the nine months ended September 30, 2017 , we sold four non-core properties located in Franklin, New Jersey, Hazelwood, Missouri, Concord Township, Ohio, and Newburyport, Massachusetts, which are summarized below (dollars in thousands): Aggregate Square Footage Sold Aggregate Sales Price Aggregate Sales Costs Aggregate Impairment Charge for the Nine Months Ended September 30 , 2017 Aggregate Gain on Sale of Real Estate, net 593,763 $ 30,302 $ 803 $ 3,999 $ 3,993
Components of Operating Income from Real Estate and Related Assets Disposed	The table below summarizes the components of operating income from the real estate and related assets disposed of during the three and nine months ended September 30, 2017 , and 2016 (dollars in thousands): For the three months ended September 30, For the nine months ended September 30, 2017 2016 2017 2016 Operating revenue $ — $ 642 $ 1,280 (1) $ 1,932 Operating expense 31 962 (4) 4,446 (2) 1,626 (4) Other (expense) income, net 1 (183 ) 3,831 (3) (253 ) Income (loss) from real estate and related assets sold $ (30 ) $ (503 ) $ 665 $ 53 (1) Includes a $0.6 million lease termination revenue from canceling a lease obligation with a tenant that acquired one property from us during the nine months ended September 30, 2017 . This fee is recorded as rental revenue on the condensed consolidated statement of operations and other comprehensive income (loss). (2) Includes a $4.0 million impairment charge. (3) Includes a $4.0 million net gain on sale on four properties. (4) Includes a $0.7 million impairment charge.
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): September 30, 2017 December 31, 2016 Assets Held for Sale Real estate, at cost $ — $ 11,454 Less: accumulated depreciation — 2,668 Total real estate held for sale, net — 8,786 Lease intangibles, net — 200 Deferred rent receivable, net — 575 Other assets — 1 Total Assets Held for Sale $ — $ 9,562 Liabilities Held for Sale Deferred rent liability, net $ — $ 755 Asset retirement obligation — 286 Total Liabilities Held for Sale $ — $ 1,041

Mortgage Notes Payable and Cr21

Mortgage Notes Payable and Credit Facility (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Company's Mortgage Notes Payable and Line of Credit	Our mortgage notes payable and Credit Facility as of September 30, 2017 and December 31, 2016 are summarized below (dollars in thousands): Encumbered properties at Carrying Value at Stated Interest Rates at Scheduled Maturity Dates at September 30, 2017 September 30, 2017 December 31, 2016 September 30, 2017 September 30, 2017 Mortgage and other secured loans: Fixed rate mortgage loans 48 $ 385,555 $ 378,477 (1) (2) Variable rate mortgage loans 19 69,835 71,707 (3) (2) Premiums and discounts, net - (262 ) 217 N/A N/A Deferred financing costs, mortgage loans, net - (5,096 ) (5,123 ) N/A N/A Total mortgage notes payable, net 67 $ 450,032 $ 445,278 (4) Variable rate revolving credit facility 24 (6) $ 44,200 $ 39,700 LIBOR + 2.00% 8/7/2018 Deferred financing costs, revolving credit facility - (267 ) (475 ) N/A N/A Total revolver, net 24 $ 43,933 $ 39,225 Variable rate term loan facility - (6) $ 25,000 $ 25,000 LIBOR + 1.95% 10/5/2020 Deferred financing costs, term loan facility - (88 ) (108 ) N/A N/A Total term loan, net N/A $ 24,912 $ 24,892 Total mortgage notes payable and credit facility 91 $ 518,877 $ 509,395 (5) (1) Interest rates on our fixed rate mortgage notes payable vary from 3.55% to 6.63% . (2) We have 45 mortgage notes payable with maturity dates ranging from 12/1/2017 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 September 30, 2017 , one month LIBOR was approximately 1.24% . (4) The weighted average interest rate on the mortgage notes outstanding at September 30, 2017 was approximately 4.52% . (5) The weighted average interest rate on all debt outstanding at September 30, 2017 was approximately 4.34% . (6) The amount we may draw under our Revolver and Term Loan is based on a percentage of the fair value of a combined pool of 24 unencumbered properties as of September 30, 2017 . N/A - Not Applicable
Summary of Long-Term Mortgages	During the nine months ended September 30, 2017 , we repaid four mortgages, collateralized by ten properties, which are aggregated below (dollars in thousands): Aggregate Fixed Rate Debt Repaid Weighted Average Interest Rate on Fixed Rate Debt Repaid $ 41,077 6.25% Aggregate Variable Rate Debt Repaid Weighted Average Interest Rate on Variable Rate Debt Repaid $ 8,163 LIBOR + 2.50% During the nine months ended September 30, 2017 , we issued or assumed four mortgages, collateralized by seven properties, and drew an additional advance on an existing mortgage note, collateralized by one property, which are aggregated in the table below (dollars in thousands): Aggregate Fixed Rate Debt Issued or Assumed Weighted Average Interest Rate on Fixed Rate Debt Aggregate Variable Rate Debt Issued or Assumed $ 54,887 (1) 3.78% (2) $ 7,500 (3) (1) We issued or assumed $54.9 million of fixed rate or swapped to fixed rate debt in connection with our five property acquisitions with maturity dates ranging from April 1, 2026 to August 10, 2027 . (2) We assumed an interest rate swap in connection with one property acquisition and will be paying an all in fixed rate of 3.55% . The newly issued fixed rate mortgages have rates ranging from 3.75% to 3.89% . (3) The interest rate for our issued variable rate mortgage debt is equal to one month LIBOR plus a spread of 2.75% . The maturity date on this new variable rate debt is May 15, 2020 . We have entered into a rate cap agreement on our new variable rate debt and will record all fair value changes into interest expense on the condensed consolidated statement of operations and other comprehensive income (loss). The interest rate for our additional advance on the existing mortgage note is equal to one month LIBOR plus a spread of 2.50% and the maturity date is December 1, 2021 .
Schedule of Principal Payments of Mortgage Notes Payable	Scheduled principal payments of mortgage notes payable for the remainder of 2017 , and each of the five succeeding fiscal years and thereafter are as follows (dollars in thousands): Year Scheduled Principal Payments Three Months Ending December 31, 2017 $ 10,405 2018 47,806 2019 47,474 2020 19,387 2021 33,367 2022 97,187 Thereafter 199,764 Total $ 455,390 (1) (1) This figure does not include $0.3 million of premiums and (discounts), net, and $5.1 million of deferred financing costs, which are reflected in mortgage notes payable on the condensed consolidated balance sheet.
Summary of Interest Rate Cap Agreement	The following table summarizes the interest rate caps at September 30, 2017 and December 31, 2016 (dollars in thousands): September 30, 2017 December 31, 2016 Aggregate Cost Aggregate Notional Amount Aggregate Fair Value Aggregate Notional Amount Aggregate Fair Value $ 482 (1) $ 93,920 $ 49 $ 71,721 $ 101 (1) We have entered into various interest rate cap agreements on variable rate debt with LIBOR caps ranging from 2.50% to 3.00% .

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Rental Payments Due under Terms of Leases	Future minimum rental payments due under the terms of these leases as of September 30, 2017 are as follows (dollars in thousands): Year Minimum Rental Payments Due Three Months Ending December 31, 2017 $ 117 2018 465 2019 465 2020 466 2021 392 2022 319 Thereafter 4,236 Total $ 6,460

Stockholders' and Mezzanine E23

Stockholders' and Mezzanine Equity (Tables)	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Summary of Changes in Stockholders' Equity	The following table summarizes the changes in our stockholders’ equity for the nine months ended September 30, 2017 (dollars in thousands): Shares Issued and Retired Series A and B Preferred Stock Common Stock Senior Common Stock Series A and B Preferred Stock Senior Common Stock Common Stock Additional Paid in Capital Accumulated Other Comprehensive Income (1) Distributions in Excess of Accumulated Earnings Total Stockholders' Equity Balance at December 31, 2016 2,264,000 24,882,758 959,552 $ 2 $ 1 $ 25 $ 463,436 $ — $ (223,587 ) $ 239,877 Issuance of Series A and B preferred stock and common stock, net — 2,785,303 — — — 3 56,731 — — 56,734 Conversion of senior common stock to common stock — 26,563 (29,762 ) — — — — — — — Retirement of senior common stock, net — — (1,598 ) — — — (24 ) — — (24 ) Distributions declared to common, senior common and preferred stockholders — — — — — — — — (37,130 ) (37,130 ) Comprehensive income — — — — — — — 172 — 172 Net income — — — — — — — — 7,403 7,403 Balance at September 30, 2017 2,264,000 27,694,624 928,192 $ 2 $ 1 $ 28 $ 520,143 $ 172 $ (253,314 ) $ 267,032 (1) The only element of comprehensive income recorded in the nine months ended September 30, 2017 relates to the fair value adjustment of $0.17 million related to our assumed interest rate swap described in Footnote 7 "Mortgage Notes Payable and Credit Facility," to these condensed consolidated financial statements.
Dividends Paid	We paid the following distributions per share for the three and nine months ended September 30, 2017 and 2016 : For the three months ended September 30, For the nine months ended September 30, 2017 2016 2017 2016 Common Stock $ 0.375 $ 0.375 $ 1.125 $ 1.125 Senior Common Stock 0.2625 0.2625 0.7875 0.7875 Series A Preferred Stock 0.4843749 0.4843749 1.4531247 1.4531247 Series B Preferred Stock 0.4688 0.4688 1.4063 1.4063 Series C Preferred Stock — 0.2424 (1) — 1.1330 (1) Series D Preferred Stock 0.4375 0.4375 1.3125 0.6163 (1) We fully redeemed our Series C Preferred Stock on August 19, 2016.

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Monthly Distributions Declared by Company's Board of Directors	On October 10, 2017, our Board of Directors declared the following monthly distributions for the months of October , November and December of 2017 : Record Date Payment Date Common Stock Distributions per Share Series A Preferred Distributions per Share Series B Preferred Distributions per Share Series D Preferred Distributions per Share October 20, 2017 October 31, 2017 $ 0.125 $ 0.1614583 $ 0.15625 $ 0.1458333 November 20, 2017 November 30, 2017 0.125 0.1614583 0.15625 0.1458333 December 19, 2017 December 29, 2017 0.125 0.1614583 0.15625 0.1458333 $ 0.375 $ 0.4843749 $ 0.46875 $ 0.4374999 Senior Common Stock Distributions Payable to the Holders of Record During the Month of: Payment Date Distribution per Share October November 7, 2017 $ 0.0875 November December 7, 2017 0.0875 December January 8, 2018 0.0875 $ 0.2625

Organization, Basis of Presen25

Organization, Basis of Presentation and Significant Accounting Policies (Details)	Sep. 30, 2017lease
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating ground lease arrangements	4

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Detail)		Jul. 01, 2015quarter	Jul. 31, 2015	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)officer	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Related Party Transaction [Line Items]
Number of executive officers | officer						2
Due to Adviser and Administrator	[1]			$ 2,250,000		$ 2,250,000		$ 2,075,000
Annual base management fee, in percentage of stockholders' equity, adjusted to unrealized gains or losses (as percent)		1.50%
Quarterly base management fee, in percentage of stockholders' equity, adjusted to unrealized gains or losses (as percent)		0.375%
Annual base management fee, in percentage of stockholders' equity, in excess of recorded value of preferred stock (as percent)		2.00%
Base management fee	[2]			1,277,000	$ 1,072,000	$ 3,665,000	$ 2,789,000
Pre-incentive quarterly fee FFO in percentage of common stockholders' equity that will reward the Adviser (as percent)		2.00%				1.75%
Pre-incentive annual fee FFO in percentage of common stockholders' equity that will reward the Adviser (as percent)		8.00%				7.00%
Amount to be paid to Adviser in percentage of pre-incentive fee condition one (as percent)		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 (as percent)						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 (as percent)						2.1875%
Incentive fee	[2]			640,000	564,000	$ 1,760,000	1,837,000
Capital gains-based incentive fee (as percent)		15.00%
Capital gain fee				0	0	0	0
Notice period for termination of agreement without cause		120 days
Percentage of independent directors to terminate the Amended Advisory Agreement (as percent)			66.67%
Termination fee payable (as percent)			200.00%
Notice period for termination of agreement with cause		30 days
Administration fee	[2]			293,000	311,000	993,000	1,086,000
Fees paid				$ 100,000	$ 100,000	$ 200,000	$ 200,000
Financing fee on total secured mortgages percentage (as percent)				0.25%	0.28%	0.27%	0.36%
Minimum
Related Party Transaction [Line Items]
Percentage of the amount of the mortgage (as percent)						0.15%
Maximum
Related Party Transaction [Line Items]
Percentage of the amount of the mortgage (as percent)						1.00%
[1]	Refer to Note 2 "Related-Party Transactions"
[2]	Refer to Note 2 “Related-Party Transactions”

Loss per Share of Common Stoc27

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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Calculation of basic loss per share of common stock:
Net loss attributable to common stockholders	$ (384)	$ (2,329)	$ (671)	$ (3,385)
Denominator for basic weighted average shares of common stock (in shares)	27,234,569	23,509,054	25,833,423	22,915,086
Basic loss per share of common stock (in dollars per share)	$ (0.01)	$ (0.10)	$ (0.03)	$ (0.15)
Calculation of diluted loss per share of common stock:
Net loss attributable to common stockholders	$ (384)	$ (2,329)	$ (671)	$ (3,385)
Add: income impact of assumed conversion of senior common stock	0	0	0	0
Net loss attributable to common stockholders plus assumed conversions	$ (384)	$ (2,329)	$ (671)	$ (3,385)
Denominator for basic weighted average shares of common stock (in shares)	27,234,569	23,509,054	25,833,423	22,915,086
Effect of convertible Senior Common Stock (in shares)	0	0	0	0
Denominator for diluted weighted average shares of common stock (in shares)	27,234,569	23,509,054	25,833,423	22,915,086
Diluted loss per share of common stock (in dollars per share)	$ (0.01)	$ (0.10)	$ (0.03)	$ (0.15)

Loss per Share of Common Stoc28

Loss per Share of Common Stock - Basic and Diluted Loss Per Share of Common Stock Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Senior Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive convertible shares of senior common stock excluded from calculation of diluted earnings per share	773,553	800,116	773,553	800,116

Real Estate and Intangible As29

Real Estate and Intangible Assets - Components of Investments in Real Estate (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Real estate:
Land	$ 117,441	$ 104,719
Building and improvements	703,644	662,661
Tenant improvements	59,529	54,369
Accumulated depreciation	(146,229)	(131,661)
Total real estate, net	$ 734,385	$ 690,088

Real Estate and Intangible As30

Real Estate and Intangible Assets - Additional Information (Detail) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)property	Sep. 30, 2016USD ($)property	Sep. 30, 2017USD ($)property	Sep. 30, 2016USD ($)property
Real Estate Properties [Line Items]
Number of properties acquired | property	5	2	5	2
Number of leased properties | property			6	7
Total amortization expense related to lease intangible assets	$ 3.9	$ 3.4	$ 10.9	$ 9.9
Amortization related to below-market lease	0.4	0.3	1.1	0.7
Above market leases
Real Estate Properties [Line Items]
Amortization related to above-market lease	0.2	0.1	0.4	0.4
Building and Tenant Improvements
Real Estate Properties [Line Items]
Real estate depreciation expense	$ 6.9	$ 6.1	$ 19.8	$ 17.9

Real Estate and Intangible As31

Real Estate and Intangible Assets - Summary of Acquired Properties (Details) $ in Thousands	Jul. 31, 2017USD ($)ft²	Jul. 07, 2017USD ($)ft²	Jun. 22, 2017USD ($)ft²	Sep. 12, 2016USD ($)ft²	May 26, 2016USD ($)ft²	Sep. 30, 2017USD ($)ft²property	Sep. 30, 2016USD ($)ft²property	Jul. 25, 2014ft²
Business Acquisition [Line Items]
Square Footage (unaudited) | ft²								81,371
Purchase Price						$ 94,421	$ 40,900
Number of properties acquired | property						5	2
Series of Property Acquisitions
Business Acquisition [Line Items]
Square Footage (unaudited) | ft²						666,451	226,286
Lease Term						10 years 8 months 12 days	7 years 9 months 18 days
Purchase Price						$ 94,421	$ 40,900
Acquisition Expenses						1,171	179
Annualized GAAP Rent						10,776	3,367
Debt Issued or Assumed						54,887	24,000
Conshohocken, Pennsylvania
Business Acquisition [Line Items]
Square Footage (unaudited) | ft²			60,016
Lease Term			8 years 6 months
Purchase Price			$ 15,700
Annualized GAAP Rent			1,700
Debt assumed			$ 11,200
Stated interest rate (as percent)			1.80%
Conshohocken, Pennsylvania | Interest rate swap
Business Acquisition [Line Items]
Debt assumed			$ 11,200
Interest rate swap			$ 40			$ 200
Conshohocken, Pennsylvania | Interest rate swap | LIBOR
Business Acquisition [Line Items]
Basis spread			3.55%
Philadelphia, Pennsylvania
Business Acquisition [Line Items]
Square Footage (unaudited) | ft²		300,000
Lease Term		15 years 4 months 24 days
Purchase Price		$ 27,100
Annualized GAAP Rent		2,300
Debt Issued or Assumed		$ 14,900
Stated interest rate (as percent)		3.75%
Maitland, Florida
Business Acquisition [Line Items]
Square Footage (unaudited) | ft²	306,435
Lease Term	8 years 7 months 6 days
Purchase Price	$ 51,600
Annualized GAAP Rent	6,800
Debt Issued or Assumed	$ 28,800
Stated interest rate (as percent)	3.89%
Number of properties acquired | property						3
Salt Lake City, Utah
Business Acquisition [Line Items]
Square Footage (unaudited) | ft²					107,062
Lease Term					6 years
Purchase Price					$ 17,000
Annualized GAAP Rent					1,400
Debt Issued or Assumed					$ 9,900
Fort Lauderdale, FL
Business Acquisition [Line Items]
Square Footage (unaudited) | ft²				119,224
Lease Term				9 years
Purchase Price				$ 23,900
Annualized GAAP Rent				2,000
Debt Issued or Assumed				$ 14,100
Asset acquisition
Business Acquisition [Line Items]
Purchase Price						$ 94,421	$ 0

Real Estate and Intangible As32

Real Estate and Intangible Assets - Business Combinations and Asset Acquisitions (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Business Acquisition [Line Items]
Total Purchase Price	$ 94,421	$ 40,900
Business Combinations
Business Acquisition [Line Items]
Total Purchase Price	0	40,900
Business Combinations | Customer relationships
Business Acquisition [Line Items]
Assets Acquired	0	3,090
Business Combinations | Above market leases
Business Acquisition [Line Items]
Assets Acquired	0	0
Business Combinations | Below market leases
Business Acquisition [Line Items]
Liabilities assumed	0	281
Business Combinations | Land
Business Acquisition [Line Items]
Assets Acquired	0	7,125
Business Combinations | Building and improvements
Business Acquisition [Line Items]
Assets Acquired	0	22,934
Business Combinations | Tenant Improvements
Business Acquisition [Line Items]
Assets Acquired	0	3,240
Business Combinations | In-place Leases
Business Acquisition [Line Items]
Assets Acquired	0	3,355
Business Combinations | Leasing Costs
Business Acquisition [Line Items]
Assets Acquired	0	1,437
Asset Acquisitions
Business Acquisition [Line Items]
Discount on Assumed Debt	399	0
Total Purchase Price	94,421	0
Asset Acquisitions | Interest rate swap
Business Acquisition [Line Items]
Liabilities assumed	42	0
Asset Acquisitions | Customer relationships
Business Acquisition [Line Items]
Assets Acquired	6,851	0
Asset Acquisitions | Above market leases
Business Acquisition [Line Items]
Assets Acquired	1,916	0
Asset Acquisitions | Below market leases
Business Acquisition [Line Items]
Liabilities assumed	1,769	0
Asset Acquisitions | Land
Business Acquisition [Line Items]
Assets Acquired	15,137	0
Asset Acquisitions | Building
Business Acquisition [Line Items]
Assets Acquired	51,186	0
Asset Acquisitions | Tenant Improvements
Business Acquisition [Line Items]
Assets Acquired	6,060	0
Asset Acquisitions | In-place Leases
Business Acquisition [Line Items]
Assets Acquired	9,516	0
Asset Acquisitions | Leasing Costs
Business Acquisition [Line Items]
Assets Acquired	$ 5,083	$ 0

Real Estate and Intangible As33

Real Estate and Intangible Assets - Summary of Total Revenue and Loss Recognized from Business Combination (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016
Real Estate [Abstract]
Rental Revenue	$ 464	$ 603
(Loss)	$ (82)	$ (203)

Real Estate and Intangible As34

Real Estate and Intangible Assets - Pro Forma (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Operating Data:
Total operating revenue		$ 22,012		$ 66,406
Total operating expenses		(15,205)		(42,968)
Other expenses, net		(6,612)		(21,453)
Net income		195		1,985
Dividends attributable to preferred and senior common stock		(2,256)		(5,050)
Net loss attributable to common stockholders		$ (2,061)		$ (3,065)
Share and Per Share Data:
Basic and diluted loss per share of common stock - pro forma (in dollars per share)		$ (0.09)		$ (0.13)
Basic and diluted loss per share of common stock - actual (in dollars per share)	$ (0.01)	$ (0.10)	$ (0.03)	$ (0.15)
Weighted average shares outstanding-basic and diluted (in shares)	27,234,569	23,509,054	25,833,423	22,915,086

Real Estate and Intangible As35

Real Estate and Intangible Assets - Summary of Lease on Property (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)ft²	Sep. 30, 2016USD ($)ft²
Real Estate Properties [Line Items]
Aggregate Square Footage | ft²	577,471	460,017
Aggregate Annualized GAAP Rent	$ 4,062	$ 1,475
Aggregate Tenant Improvement	1,181	333
Aggregate Leasing Commissions	$ 475	$ 221
Weighted average
Real Estate Properties [Line Items]
Lease Term	8 years 10 months 24 days	2 years 9 months 18 days
Minimum
Real Estate Properties [Line Items]
Lease Term	1 year	1 year
Maximum
Real Estate Properties [Line Items]
Lease Term	11 years 3 months	7 years 3 months 18 days

Real Estate and Intangible As36

Real Estate and Intangible Assets - Carrying Value of Intangible Assets and Accumulated Amortization (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Below market leases and deferred revenue, gross	$ (25,576)	$ (21,606)
Below market leases and deferred revenue, accumulated amortization	10,022	8,959
Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
Lease Intangibles	188,528	169,734
Intangibles, accumulated amortization	(73,318)	(64,181)
In-place leases
Finite-Lived Intangible Assets [Line Items]
Lease Intangibles	78,975	71,482
Intangibles, accumulated amortization	(32,140)	(28,182)
Leasing costs
Finite-Lived Intangible Assets [Line Items]
Lease Intangibles	53,706	48,000
Intangibles, accumulated amortization	(21,889)	(18,599)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Lease Intangibles	55,847	50,252
Intangibles, accumulated amortization	(19,289)	(17,400)
Above market leases and below market leases and deferred revenue
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets (liabilities), gross	(13,059)	(11,127)
Finite-lived intangible assets (liabilities), accumulated amortization	2,296	1,663
Above market leases
Finite-Lived Intangible Assets [Line Items]
Lease Intangibles	12,517	10,479
Intangibles, accumulated amortization	$ (7,726)	$ (7,296)

Real Estate and Intangible As37

Real Estate and Intangible Assets - Weighted Average Amortization Period for Intangible Assets and Liabilities (Details)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period	10 years 4 months 24 days	9 years
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period	9 years 8 months 12 days	7 years 10 months 24 days
Leasing costs
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period	9 years 8 months 12 days	7 years 10 months 24 days
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period	12 years 8 months 12 days	12 years 2 months 12 days
Above market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period	10 years 2 months 10 days	0 days
Below market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period	9 years 4 months 24 days	7 years 10 months 24 days

Real Estate Dispositions, Hel38

Real Estate Dispositions, Held for Sale and Impairment Charges - Additional Information (Detail) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2017USD ($)property	Jun. 30, 2017USD ($)property	Mar. 31, 2017USD ($)property	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)property	Sep. 30, 2016USD ($)property	Dec. 31, 2016property
Real Estate Properties [Line Items]
Number of properties sold					4
Number of real estate properties, held for sale	0				0
Impairment charge | $	$ 0	$ 300		$ 1,786	$ 3,999	$ 2,016
Number of impaired assets, held and used	0	0	2		0
Impairment of asset held and used | $			$ 3,700
Number of impaired assets sold, held and used		1
Gain (loss) on sale of real estate, net | $	$ 1			$ (24)	$ 3,993	(24)
Impairment charge for assets held for sale | $						2,000
Number of impaired properties reclassified to held and used	1				1
Hazelwood, Missouri and Franklin, New Jersey
Real Estate Properties [Line Items]
Number of real estate properties, held for sale							2
Disposed of by sale
Real Estate Properties [Line Items]
Number of properties sold					4
Impairment charge | $					$ 3,999	$ 700
Gain (loss) on sale of real estate, net | $					$ 3,993
Disposed of by sale | Hazelwood, Missouri and Franklin, New Jersey
Real Estate Properties [Line Items]
Number of properties sold					2
Disposed of by sale | Undisclosed location
Real Estate Properties [Line Items]
Gain (loss) on sale of real estate, net | $	$ 1
Held for sale
Real Estate Properties [Line Items]
Gain (loss) on sale of real estate, net | $		$ (1,800)
Number of impaired assets sold, held for sale	4				4
Number of impaired assets						5

Real Estate Dispositions, Hel39

Real Estate Dispositions, Held for Sale and Impairment Charges Real Estate Dispositions, Held for Sale and Impairment Charges - Summary of Property Sold (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2017USD ($)ft²	Jun. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)ft²	Sep. 30, 2016USD ($)	Jul. 25, 2014ft²
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate Square Footage Sold | ft²						81,371
Impairment charge	$ 0	$ 300	$ 1,786	$ 3,999	$ 2,016
Aggregate Gain on Sale of Real Estate, net	$ 1		$ (24)	$ 3,993	(24)
Disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate Square Footage Sold | ft²	593,763			593,763
Aggregate Sales Price				$ 30,302
Aggregate Sales Costs				803
Impairment charge				3,999	$ 700
Aggregate Gain on Sale of Real Estate, net				$ 3,993

Real Estate Dispositions, Hel40

Real Estate Dispositions, Held for Sale and Impairment Charges - Components of Income from Real Estate and Related Assets Held for Sale (Detail) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)property	Sep. 30, 2016USD ($)
Real Estate Properties [Line Items]
Operating expense	$ 15,867		$ 15,172	$ 47,928	$ 41,861
Impairment charge	0	$ 300	1,786	3,999	2,016
Gain (loss) on sale of real estate, net	1		(24)	$ 3,993	(24)
Number of properties sold | property				4
Assets disposed of by sale
Real Estate Properties [Line Items]
Operating revenue	0		642	$ 1,280	1,932
Operating expense	31		962	4,446	1,626
Other (expense) income, net	1		(183)	3,831	(253)
Income (loss) from real estate and related assets sold	$ (30)		$ (503)	665	53
Rental income				$ 600
Number of properties sold | property				1
Impairment charge				$ 3,999	$ 700
Gain (loss) on sale of real estate, net				$ 3,993
Number of properties sold | property				4

Real Estate Dispositions, Hel41

Real Estate Dispositions, Held for Sale and Impairment Charges - Components of Assets and Liabilities Held for Sale (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
ASSETS HELD FOR SALE
Total Assets Held for Sale	$ 0	$ 9,562
Liabilities Held for Sale
Total Liabilities Held for Sale	0	1,041
Real Estate Held for Sale
ASSETS HELD FOR SALE
Real estate, at cost	0	11,454
Less: accumulated depreciation	0	2,668
Total real estate held for sale, net	0	8,786
Lease intangibles, net	0	200
Deferred rent receivable, net	0	575
Other assets	0	1
Total Assets Held for Sale	0	9,562
Liabilities Held for Sale
Deferred rent liability, net	0	755
Asset retirement obligation	0	286
Total Liabilities Held for Sale	$ 0	$ 1,041

Mortgage Note Receivable - Addi

Mortgage Note Receivable - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Jul. 31, 2015	Apr. 14, 2015USD ($)	Jul. 25, 2014USD ($)ft²
Debt Disclosure [Abstract]
Mortgage notes receivable	$ 0		$ 0				$ 5,600,000
Square Footage (unaudited) | ft²							81,371
Interim financing loan						$ 300,000
Percentage of Interest earned in cash (as percent)					9.00%
Estimated internal rate of return (as percent)					22.00%
Interest income from mortgage note receivable	$ 0	$ 0	$ 0	$ 385,000

Mortgage Notes Payable and Cr43

Mortgage Notes Payable and Credit Facility - Company's Mortgage Notes Payable and Line of Credit (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)property	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Encumbered properties | property	91
Total	$ 518,877	$ 509,395
Revolving credit facility
Debt Instrument [Line Items]
Encumbered properties | property	24
Total	$ 43,933	39,225
Fixed rate mortgage loans
Debt Instrument [Line Items]
Encumbered properties | property	48
Carrying value	$ 385,555	378,477
Variable rate mortgage loans
Debt Instrument [Line Items]
Encumbered properties | property	19
Carrying value	$ 69,835	71,707
Variable rate mortgage loans | LIBOR
Debt Instrument [Line Items]
Spread on LIBOR (as percent)	2.15%
Total mortgage notes payable, net
Debt Instrument [Line Items]
Encumbered properties | property	67
Carrying value	$ 455,390
Premiums and discounts (net)	(262)	217
Deferred financing costs, net	(5,096)	(5,123)
Total	$ 450,032	445,278
Variable rate revolving credit facility | Revolving credit facility
Debt Instrument [Line Items]
Encumbered properties | property	24
Carrying value	$ 44,200	39,700
Deferred financing costs, net	$ (267)	(475)
Scheduled maturity dates	Aug. 7, 2018
Variable rate revolving credit facility | Revolving credit facility | LIBOR
Debt Instrument [Line Items]
Spread on LIBOR (as percent)	2.00%
Variable rate term loan facility
Debt Instrument [Line Items]
Carrying value	$ 25,000	25,000
Scheduled maturity dates	Oct. 5, 2020
Variable rate term loan facility | LIBOR
Debt Instrument [Line Items]
Spread on LIBOR (as percent)	1.95%
Total term loan, net
Debt Instrument [Line Items]
Deferred financing costs, net	$ (88)	(108)
Total	$ 24,912	$ 24,892

Mortgage Notes Payable and Cr44

Mortgage Notes Payable and Credit Facility - Company's Mortgage Notes Payable and Line of Credit Additional Information (Detail)	9 Months Ended
	Sep. 30, 2017mortgageproperty
Debt Instrument [Line Items]
Weighted average interest rate on debt outstanding (as percent)	4.52%
Encumbered properties	91
Revolving credit facility
Debt Instrument [Line Items]
Encumbered properties	24
LIBOR
Debt Instrument [Line Items]
Variable rate at period end (as percent)	1.24%
Fixed rate mortgage loans
Debt Instrument [Line Items]
Maturity date of mortgage notes payable, start date	Dec. 1, 2017
Maturity date of mortgage notes payable, end date	Jul. 1, 2045
Weighted average interest rate on debt outstanding (as percent)	6.25%
Encumbered properties	48
Fixed rate mortgage loans | Minimum
Debt Instrument [Line Items]
Stated interest rate (as percent)	3.545%
Fixed rate mortgage loans | Maximum
Debt Instrument [Line Items]
Stated interest rate (as percent)	6.63%
Variable rate mortgage loans
Debt Instrument [Line Items]
Encumbered properties	19
Variable rate mortgage loans | LIBOR
Debt Instrument [Line Items]
Spread on LIBOR (as percent)	2.15%
Variable rate mortgage loans | Maximum | LIBOR
Debt Instrument [Line Items]
Spread on LIBOR (as percent)	2.75%
Mortgage notes payable
Debt Instrument [Line Items]
Number of mortgage notes payable | mortgage	45
Weighted average interest rate on debt outstanding (as percent)	4.34%
Encumbered properties	67
Variable rate revolving credit facility | Revolving credit facility
Debt Instrument [Line Items]
Encumbered properties	24
Variable rate revolving credit facility | LIBOR | Revolving credit facility
Debt Instrument [Line Items]
Spread on LIBOR (as percent)	2.00%

Mortgage Notes Payable and Cr45

Mortgage Notes Payable and Credit Facility - Additional Information (Detail)	Jun. 22, 2017USD ($)	Oct. 05, 2015USD ($)	Sep. 30, 2017USD ($)mortgageproperty	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)mortgagelenderproperty	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)	Aug. 31, 2013USD ($)
Debt Instrument [Line Items]
Number of properties collateralized in mortgage notes payable | property			91		91
Number of long-term mortgages repaid | mortgage					4
Number of properties repaid to collateralized mortgages notes payable | mortgage					10
Payments of deferred financing costs					$ 992,000	$ 1,024,000
Fair value of mortgage notes payable			$ 461,800,000		$ 461,800,000
Maximum borrowing capacity		$ 150,000,000						$ 100,000,000
Expiration date		2019-08
Term of extended period		1 year
Optional extension period		1 year
Extension fee on initial maturity (as percent)		0.25%
Number of lenders added to agreement | lender					3
Line of credit outstanding			$ 43,933,000		$ 43,933,000		$ 39,225,000
Weighted average interest rate on debt outstanding (as percent)			4.52%		4.52%
Term Loan Facility
Debt Instrument [Line Items]
Expiration date		2020-10
Extension fee on initial maturity (as percent)		0.05%
Line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 85,000,000
Line of credit outstanding			$ 69,200,000		$ 69,200,000
Weighted average interest rate (as percent)			3.22%		3.22%
Letters of credit, outstanding			$ 1,000,000		$ 1,000,000
Maximum additional amount that can be drawn under Line of Credit			$ 34,000,000		$ 34,000,000
Line of credit | Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 25,000,000
Letter of credit
Debt Instrument [Line Items]
Weighted average interest rate on debt outstanding (as percent)			2.00%		2.00%
Mortgage notes payable
Debt Instrument [Line Items]
Number of mortgage notes payable | mortgage			45		45
Number of properties collateralized in mortgage notes payable | property			67		67
Net book value of collateralized mortgage properties			$ 674,900,000		$ 674,900,000
Recourse amount of mortgage notes payable			11,700,000		$ 11,700,000
Percentage of debt recourse (as percent)					2.60%
Carrying value			$ 455,390,000		$ 455,390,000
Weighted average interest rate on debt outstanding (as percent)			4.34%		4.34%
Issued and assumed mortgage notes payable
Debt Instrument [Line Items]
Number of mortgage notes payable | mortgage			4		4
Number of properties collateralized in mortgage notes payable | property			7		7
Existing mortgage notes payable
Debt Instrument [Line Items]
Number of properties collateralized in mortgage notes payable | property			1		1
Fixed rate mortgage loans
Debt Instrument [Line Items]
Number of properties collateralized in mortgage notes payable | property			48		48
Payments of deferred financing costs			$ 600,000	$ 400,000	$ 1,000,000	$ 1,000,000
Carrying value			$ 385,555,000		$ 385,555,000		$ 378,477,000
Weighted average interest rate on debt outstanding (as percent)			6.25%		6.25%
New fixed rate mortgage loans
Debt Instrument [Line Items]
Stated interest rate (as percent)			3.55%		3.55%
Debt assumed					$ 54,887,000
Weighted average interest rate on debt outstanding (as percent)			3.78%		3.78%
Conshohocken, Pennsylvania
Debt Instrument [Line Items]
Stated interest rate (as percent)	1.80%
Debt assumed	$ 11,200,000
Interest rate swap | Conshohocken, Pennsylvania
Debt Instrument [Line Items]
Interest rate swap	40,000		$ 200,000		$ 200,000
Debt assumed	$ 11,200,000

Mortgage Notes Payable and Cr46

Mortgage Notes Payable and Credit Facility - Mortgages Notes Payable (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)property	Sep. 30, 2016USD ($)property
Debt Instrument [Line Items]
Aggregate debt repaid	$ 57,182	$ 67,119
Weighted average interest rate on debt repaid (as percent)	4.52%
Number of properties acquired | property	5	2
Fixed rate mortgage loans
Debt Instrument [Line Items]
Aggregate debt repaid	$ 41,077
Weighted average interest rate on debt repaid (as percent)	6.25%
Fixed rate mortgage loans | Minimum
Debt Instrument [Line Items]
Stated interest rate (as percent)	3.545%
Fixed rate mortgage loans | Maximum
Debt Instrument [Line Items]
Stated interest rate (as percent)	6.63%
Variable rate mortgage loans
Debt Instrument [Line Items]
Aggregate debt repaid	$ 8,163
Variable rate mortgage loans | LIBOR
Debt Instrument [Line Items]
Basis spread (as percent)	2.15%
Variable rate mortgage loans | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread (as percent)	2.75%
Variable rate mortgage loans | LIBOR | Weighted average
Debt Instrument [Line Items]
Basis spread (as percent)	2.50%
New fixed rate mortgage loans
Debt Instrument [Line Items]
Aggregate Fixed Rate Debt Issued or Assumed	$ 54,887
Weighted average interest rate on debt repaid (as percent)	3.78%
Number of properties acquired with an interest rate swap | property	1
Stated interest rate (as percent)	3.55%
New fixed rate mortgage loans | Minimum
Debt Instrument [Line Items]
Stated interest rate (as percent)	3.75%
New fixed rate mortgage loans | Maximum
Debt Instrument [Line Items]
Stated interest rate (as percent)	3.89%
New variable rate mortgage loans
Debt Instrument [Line Items]
Aggregate Variable Rate Debt Issued or Assumed	$ 7,500
New variable rate mortgage loans | LIBOR | Weighted average
Debt Instrument [Line Items]
Basis spread (as percent)	2.75%
Existing mortgage notes payable | LIBOR
Debt Instrument [Line Items]
Basis spread (as percent)	2.50%

Mortgage Notes Payable and Cr47

Mortgage Notes Payable and Credit Facility - Scheduled Principal Payments of Mortgage Notes Payable (Detail) - Mortgage notes payable - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Three Months Ending December 31, 2017	$ 10,405
2,018	47,806
2,019	47,474
2,020	19,387
2,021	33,367
2,022	97,187
Thereafter	199,764
Total	455,390
Premiums and (discounts), net	(262)	$ 217
Deferred financing costs, net	$ 5,096	$ 5,123

Mortgage Notes Payable and Cr48

Mortgage Notes Payable and Credit Facility - Interest Rate Cap Agreement (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Aggregate cost	$ 482
Notional amount	93,920	$ 71,721
Fair value	$ 49	$ 101
Minimum | LIBOR
Debt Instrument [Line Items]
Interest rate (as percent)	2.50%
Maximum | LIBOR
Debt Instrument [Line Items]
Interest rate (as percent)	3.00%

Mandatorily Redeemable Term P49

Mandatorily Redeemable Term Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Feb. 29, 2012	Dec. 31, 2016
Class of Stock [Line Items]
Write-off of deferred offering costs		$ 0.2
Series C Preferred Stock
Class of Stock [Line Items]
Redeemable preferred stock, dividend rate percentage (as percent)	7.125%
Mandatorily redeemable preferred stock
Class of Stock [Line Items]
Redeemable preferred stock, shares issued (in shares)	1,540,000
Redeemable preferred stock, par value (in dollars per share)	$ 0.001
Public offering price (in dollars per share)	$ 25
Gross proceeds of the offering	$ 38.5
Net proceeds, after deducting offering expenses	$ 36.7

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)lease	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)lease	Sep. 30, 2016USD ($)
Other Commitments [Line Items]
Number of leases | lease	4		4
Expenses incurred for the properties listed	$ 0.1	$ 0.1	$ 0.4	$ 0.4
Line of credit
Other Commitments [Line Items]
Letters of credit, outstanding	$ 1		$ 1

Commitments and Contingencies51

Commitments and Contingencies - Future Minimum Rental Payments Due under Terms of Leases (Detail) - Ground leases $ in Thousands	Sep. 30, 2017USD ($)
Operating Leased Assets [Line Items]
Three Months Ending December 31, 2017	$ 117
2,018	465
2,019	465
2,020	466
2,021	392
2,022	319
Thereafter	4,236
Minimum Rental Payments Due	$ 6,460

Stockholders' and Mezzanine E52

Stockholders' and Mezzanine Equity - Summary of Changes in Stockholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance			$ 239,877
Issuance of Series A and B preferred stock and common stock, net			56,734
Retirement of senior common stock, net			(24)
Distributions declared to common, senior common and preferred stockholders			(37,130)
Comprehensive income			172
Net income	$ 2,383	$ (73)	7,403	$ 1,665
Stockholders' equity, ending balance	$ 267,032		$ 267,032
Series A and B Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance (in shares)			2,264,000
Stockholders' equity, beginning balance			$ 2
Stockholders' equity, ending balance (in shares)	2,264,000		2,264,000
Stockholders' equity, ending balance	$ 2		$ 2
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance (in shares)			24,882,758
Stockholders' equity, beginning balance			$ 25
Issuance of preferred stock and common stock, net (in shares)			2,785,303
Issuance of Series A and B preferred stock and common stock, net			$ 3
Conversion of senior common stock to common stock (in shares)			26,563
Stockholders' equity, ending balance (in shares)	27,694,624		27,694,624
Stockholders' equity, ending balance	$ 28		$ 28
Common Stock | Senior Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance (in shares)			959,552
Stockholders' equity, beginning balance			$ 1
Conversion of senior common stock to common stock (in shares)			(29,762)
Retirement of senior common stock, net (in shares)			(1,598)
Stockholders' equity, ending balance (in shares)	928,192		928,192
Stockholders' equity, ending balance	$ 1		$ 1
Additional Paid in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance			463,436
Issuance of Series A and B preferred stock and common stock, net			56,731
Retirement of senior common stock, net			(24)
Stockholders' equity, ending balance	520,143		520,143
Accumulated Other Comprehensive Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance			0
Comprehensive income			172
Stockholders' equity, ending balance	172		172
Distributions in Excess of Accumulated Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance			(223,587)
Distributions declared to common, senior common and preferred stockholders			(37,130)
Net income			7,403
Stockholders' equity, ending balance	$ (253,314)		$ (253,314)

Stockholders' and Mezzanine E53

Stockholders' and Mezzanine Equity - Dividends Paid (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Common Stock
Dividends Payable [Line Items]
Common Stock, dividends paid per share	$ 0.375	$ 0.375	$ 1.125	$ 1.125
Senior Common Stock
Dividends Payable [Line Items]
Common Stock, dividends paid per share	0.2625	0.2625	0.7875	0.7875
Series A Preferred Stock
Dividends Payable [Line Items]
Preferred Stock, dividends paid per share	0.4843749	0.4843749	1.4531247	1.4531247
Series B Preferred Stock
Dividends Payable [Line Items]
Preferred Stock, dividends paid per share	0.4688	0.4688	1.4063	1.4063
Series C Preferred Stock
Dividends Payable [Line Items]
Preferred Stock, dividends paid per share	0	0.2424	0	1.1330
Series D Preferred Stock
Dividends Payable [Line Items]
Preferred Stock, dividends paid per share	$ 0.4375	$ 0.4375	$ 1.3125	$ 0.6163

Stockholders' and Mezzanine E54

Stockholders' and Mezzanine Equity - Additional Information (Detail) - USD ($)	1 Months Ended			9 Months Ended
	Jul. 31, 2017	Feb. 29, 2016	Feb. 29, 2012	Sep. 30, 2017	Jan. 11, 2017	Dec. 31, 2016	Jun. 30, 2016
Class of Stock [Line Items]
Partnership units authorized (in shares)					0
Mandatorily redeemable preferred stock
Class of Stock [Line Items]
Redeemable preferred stock, shares issued (in shares)			1,540,000
Series A and B Preferred Stock ATM Programs
Class of Stock [Line Items]
Redeemable preferred stock, shares issued (in shares)				2,264,000		2,264,000
Redeemable preferred stock (in shares)				5,350,000		5,350,000
Series D Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Redeemable preferred stock, dividend rate percentage (as percent)				7.00%
Temporary equity, contract terms, minimum vote needed to trigger change in control from tender offer (as percent)				90.00%
Series C Preferred Stock
Class of Stock [Line Items]
Redeemable preferred stock, dividend rate percentage (as percent)			7.125%
Series C Preferred Stock | Mandatorily redeemable preferred stock
Class of Stock [Line Items]
Redeemable preferred stock (in shares)					0	160,000
Cantor Fitzgerald & Co | Common Stock
Class of Stock [Line Items]
Maximum aggregate sales price of shares to be issued under open market sale agreement		$ 160,000,000
Redeemable preferred stock, shares issued (in shares)				1,500,000
Net proceeds from offering				$ 30,800,000
Maximum remaining capacity to sell preferred stock under open market sale agreement				$ 101,100,000
Cantor Fitzgerald & Co | Preferred Stock | Series A and B Preferred Stock ATM Programs
Class of Stock [Line Items]
Redeemable preferred stock, shares issued (in shares)				0
Maximum remaining capacity to sell preferred stock under open market sale agreement				$ 37,200,000
Cantor Fitzgerald & Co | Preferred Stock | Series A Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Redeemable preferred stock, dividend rate percentage (as percent)		7.75%
Cantor Fitzgerald & Co | Preferred Stock | Series B Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Maximum aggregate sales price of shares to be issued under open market sale agreement		$ 40,000,000
Redeemable preferred stock, dividend rate percentage (as percent)		7.50%
Cantor Fitzgerald & Co | Preferred Stock | Series D Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Maximum aggregate sales price of shares to be issued under open market sale agreement							$ 50,000,000
Maximum remaining capacity to sell preferred stock under open market sale agreement				$ 22,300,000
Overnight Offering
Class of Stock [Line Items]
Number of shares issued (in shares)	1,200,000
Offering price (in dollars per share)	$ 20.52
Consideration received	$ 22,700,000
Over-Allotment Option
Class of Stock [Line Items]
Number of shares issued (in shares)	200,000
Offering price (in dollars per share)	$ 20.52
Consideration received	$ 3,400,000
Series D Preferred Stock ATM Program | Series D Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Number of shares issued (in shares)				400,000
Consideration received				$ 11,200,000

Subsequent Events - Monthly Dis

Subsequent Events - Monthly Distributions Declared by Company's Board of Directors (Detail) - $ / shares	Oct. 10, 2017	Sep. 30, 2017
October 31, 2017 | Senior Common Stock
Dividends Payable [Line Items]
Distributions Payable To Holders Of Records Months		October
November 30, 2017 | Senior Common Stock
Dividends Payable [Line Items]
Distributions Payable To Holders Of Records Months		November
December 29, 2017 | Senior Common Stock
Dividends Payable [Line Items]
Distributions Payable To Holders Of Records Months		December
Subsequent event | Series A Preferred Stock
Dividends Payable [Line Items]
Distribution per Share (in dollars per share)	$ 0.4843749
Subsequent event | Series B Preferred Stock
Dividends Payable [Line Items]
Distribution per Share (in dollars per share)	0.46875
Subsequent event | Series D Preferred Stock
Dividends Payable [Line Items]
Distribution per Share (in dollars per share)	0.4374999
Subsequent event | Senior Common Stock
Dividends Payable [Line Items]
Distribution per Share (in dollars per share)	0.2625
Subsequent event | Common Stock
Dividends Payable [Line Items]
Distribution per Share (in dollars per share)	$ 0.375
Subsequent event | October 31, 2017
Dividends Payable [Line Items]
Record Date	Oct. 20, 2017
Payment Date	Oct. 31, 2017
Subsequent event | October 31, 2017 | Series A Preferred Stock
Dividends Payable [Line Items]
Distribution per Share (in dollars per share)	$ 0.1614583
Subsequent event | October 31, 2017 | Series B Preferred Stock
Dividends Payable [Line Items]
Distribution per Share (in dollars per share)	0.15625
Subsequent event | October 31, 2017 | Series D Preferred Stock
Dividends Payable [Line Items]
Distribution per Share (in dollars per share)	$ 0.1458333
Subsequent event | October 31, 2017 | Senior Common Stock
Dividends Payable [Line Items]
Payment Date	Nov. 7, 2017
Distribution per Share (in dollars per share)	$ 0.0875
Subsequent event | October 31, 2017 | Common Stock
Dividends Payable [Line Items]
Distribution per Share (in dollars per share)	$ 0.125
Subsequent event | November 30, 2017
Dividends Payable [Line Items]
Record Date	Nov. 20, 2017
Payment Date	Nov. 30, 2017
Subsequent event | November 30, 2017 | Series A Preferred Stock
Dividends Payable [Line Items]
Distribution per Share (in dollars per share)	$ 0.1614583
Subsequent event | November 30, 2017 | Series B Preferred Stock
Dividends Payable [Line Items]
Distribution per Share (in dollars per share)	0.15625
Subsequent event | November 30, 2017 | Series D Preferred Stock
Dividends Payable [Line Items]
Distribution per Share (in dollars per share)	$ 0.1458333
Subsequent event | November 30, 2017 | Senior Common Stock
Dividends Payable [Line Items]
Payment Date	Dec. 7, 2017
Distribution per Share (in dollars per share)	$ 0.0875
Subsequent event | November 30, 2017 | Common Stock
Dividends Payable [Line Items]
Distribution per Share (in dollars per share)	$ 0.125
Subsequent event | December 29, 2017
Dividends Payable [Line Items]
Record Date	Dec. 19, 2017
Payment Date	Dec. 29, 2017
Subsequent event | December 29, 2017 | Series A Preferred Stock
Dividends Payable [Line Items]
Distribution per Share (in dollars per share)	$ 0.1614583
Subsequent event | December 29, 2017 | Series B Preferred Stock
Dividends Payable [Line Items]
Distribution per Share (in dollars per share)	0.15625
Subsequent event | December 29, 2017 | Series D Preferred Stock
Dividends Payable [Line Items]
Distribution per Share (in dollars per share)	$ 0.1458333
Subsequent event | December 29, 2017 | Senior Common Stock
Dividends Payable [Line Items]
Payment Date	Jan. 8, 2018
Distribution per Share (in dollars per share)	$ 0.0875
Subsequent event | December 29, 2017 | Common Stock
Dividends Payable [Line Items]
Distribution per Share (in dollars per share)	$ 0.125

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($)	Oct. 27, 2017	Oct. 19, 2017	Oct. 05, 2015	Oct. 31, 2017	Aug. 31, 2013
Subsequent Event [Line Items]
Maximum borrowing capacity			$ 150,000,000		$ 100,000,000
Extension fee on initial maturity (as percent)			0.25%
Term Loan Facility
Subsequent Event [Line Items]
Extension fee on initial maturity (as percent)			0.05%
Line of credit
Subsequent Event [Line Items]
Maximum borrowing capacity			$ 85,000,000
Line of credit | Term Loan Facility
Subsequent Event [Line Items]
Maximum borrowing capacity			$ 25,000,000
Subsequent event | Common Stock ATM Program
Subsequent Event [Line Items]
Consideration received				$ 200,000
Number of shares issued (in shares)				10,000
Subsequent event | Series, A, B and D Preferred ATM Programs
Subsequent Event [Line Items]
Number of shares issued (in shares)				0
Subsequent event | Line of credit
Subsequent Event [Line Items]
Term of debt	4 years
Fees incurred	$ 900,000
Subsequent event | Line of credit | Term Loan Facility
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 75,000,000
Term of debt	5 years
Subsequent event | Line of credit | Term Loan Facility | LIBOR
Subsequent Event [Line Items]
Basis spread (as percent)	2.75%
Subsequent event | Arlington, Texas
Subsequent Event [Line Items]
Renewal term		10 years
Subsequent event | Arlington, Texas | Disposed of by sale | Plan
Subsequent Event [Line Items]
Consideration received		$ 5,600,000