Gladstone Commercial (GOOD) 10-Q 28 Apr 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 28, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	GLADSTONE COMMERCIAL CORP
Entity Central Index Key	0001234006
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Small Business	false
Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		33,934,907

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Mar. 31, 2020	Dec. 31, 2019
ASSETS
Real estate, at cost		$ 1,123,644	$ 1,056,978
Less: accumulated depreciation		216,547	207,523
Total real estate, net		907,097	849,455
Lease intangibles, net		122,036	115,465
Real estate and related assets held for sale, net		0	3,990
Cash and cash equivalents		9,853	6,849
Restricted cash		4,678	4,639
Funds held in escrow		7,971	7,226
Right-of-use assets from operating leases		5,742	5,794
Deferred rent receivable, net		35,599	37,177
Other assets		5,849	8,913
TOTAL ASSETS		1,098,825	1,039,508
LIABILITIES
Mortgage notes payable, net	[1]	486,315	453,739
Borrowings under Revolver, net		20,846	51,579
Borrowings under Term Loan, net		159,033	121,276
Deferred rent liability, net		20,679	19,322
Operating lease liabilities		5,808	5,847
Asset retirement obligation		3,163	3,137
Accounts payable and accrued expenses		7,684	5,573
Liabilities related to assets held for sale, net		0	21
Due to Adviser and Administrator	[1]	3,152	2,904
Other liabilities		16,488	12,920
TOTAL LIABILITIES		723,168	676,318
Commitments and contingencies	[2]
MEZZANINE EQUITY
Series D and E redeemable preferred stock, net, par value $0.001 per share; $25 per share liquidation preference; 12,760,000 shares authorized; and 6,299,555 shares issued and outstanding at March 31, 2020 and December 31, 2019	[3]	152,193	152,153
EQUITY
Senior common stock, par value $0.001 per share; 950,000 shares authorized; and 783,114 and 806,435 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	[3]	1	1
Common stock, par value $0.001 per share, 60,290,000 and 86,290,000 shares authorized and 33,930,020 and 32,593,651 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	[3]	34	32
Additional paid in capital		599,232	571,205
Accumulated other comprehensive income		(4,654)	(2,126)
Distributions in excess of accumulated earnings		(374,259)	(360,978)
TOTAL STOCKHOLDERS' EQUITY		220,354	208,134
OP Units held by Non-controlling OP Unitholders	[3]	3,110	2,903
TOTAL EQUITY		223,464	211,037
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY		$ 1,098,825	$ 1,039,508
[1]	Refer to Note 2 “Related-Party Transactions”
[2]	Refer to Note 7 “Commitments and Contingencies”
[3]	Refer to Note 8 “Equity and Mezzanine Equity”

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Senior common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Senior common stock, shares authorized (in shares)	950,000	950,000
Senior common stock, shares issued (in shares)	783,114	806,435
Senior common stock, shares outstanding (in shares)	783,114	806,435
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	60,290,000	86,290,000
Common stock, shares issued (in shares)	33,930,020	32,593,651
Common stock, shares outstanding (in shares)	33,930,020	32,593,651
Series D and E 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 (in shares)	12,760,000	12,760,000
Redeemable preferred stock, shares issued (in shares)	6,296,555	6,296,555
Redeemable preferred stock, shares outstanding (in shares)	6,296,555	6,296,555

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Operating revenues
Lease revenue		$ 33,619	$ 28,137
Total operating revenues		33,619	28,137
Operating expenses
Depreciation and amortization		14,096	13,010
Property operating expenses		6,213	3,068
Base management fee	[1]	1,412	1,267
Incentive fee	[1]	1,055	851
Administration fee	[1]	438	413
General and administrative		878	657
Total operating expenses		24,092	19,266
Other (expense) income
Interest expense		(7,252)	(7,231)
(Loss) gain on sale of real estate, net		(12)	2,952
Other (loss) income		(5)	81
Total other expense, net		(7,269)	(4,198)
Net income		2,258	4,673
Net loss (income) attributable (available) to OP Units held by Non-controlling OP Unitholders		9	(45)
Net income attributable to the Company		2,267	4,628
Distributions attributable to Series A, B, D, and E preferred stock		(2,678)	(2,612)
Distributions attributable to senior common stock		(208)	(224)
Net (loss) income (attributable) available to common stockholders		$ (619)	$ 1,792
(Loss) earnings per weighted average share of common stock - basic & diluted
(Loss) earnings (attributable) available to common shareholders (in dollars per share)		$ (0.02)	$ 0.06
Weighted average shares of common stock outstanding
Basic and Diluted (in shares)		33,634,946	29,516,870
Earnings per weighted average share of senior common stock (in dollars per share)		$ 0.26	$ 0.26
Weighted average shares of senior common stock outstanding - basic (in shares)		793,429	864,303
Comprehensive income
Change in unrealized loss related to interest rate hedging instruments, net		$ (2,528)	$ (722)
Other Comprehensive loss		(2,528)	(722)
Comprehensive (loss) income		(270)	3,951
Comprehensive loss (income) attributable (available) to OP Units held by Non-controlling OP Unitholders		9	(45)
Total comprehensive (loss) income (attributable) available to the Company		$ (261)	$ 3,906
[1]	Refer to Note 2 “Related-Party Transactions”

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income	$ 2,258	$ 4,673
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	14,096	13,010
Loss (gain) on sale of real estate, net	12	(2,952)
Amortization of deferred financing costs	374	456
Amortization of deferred rent asset and liability, net	(462)	(293)
Amortization of discount and premium on assumed debt, net	15	16
Asset retirement obligation expense	26	32
Operating changes in assets and liabilities
Decrease (increase) in other assets	1,412	(743)
Increase in deferred rent receivable	(214)	(581)
Increase (decrease) in accounts payable, accrued expenses, and amount due to Adviser and Administrator	2,391	(84)
Decrease in right-of-use asset from operating leases	52	50
Decrease in operating lease liabilities	(39)	(50)
Increase (decrease) in other liabilities	1,124	(796)
Leasing commissions paid	(715)	(138)
Net cash provided by operating activities	20,330	12,600
Cash flows from investing activities:
Acquisition of real estate and related intangible assets	(71,463)	(6,315)
Improvements of existing real estate	(2,031)	(829)
Proceeds from sale of real estate	3,947	6,318
Receipts from lenders for funds held in escrow	21	991
Payments to lenders for funds held in escrow	(766)	(482)
Receipts from tenants for reserves	435	624
Payments to tenants from reserves	(429)	(271)
Deposits on future acquisitions	(1,000)	(565)
Deposits applied against acquisition of real estate investments	2,541	215
Net cash used in investing activities	(68,745)	(314)
Cash flows from financing activities:
Proceeds from issuance of equity	28,296	14,292
Offering costs paid	(323)	(179)
Borrowings under mortgage notes payable	35,855	10,640
Payments for deferred financing costs	(382)	(279)
Principal repayments on mortgage notes payable	(3,162)	(6,692)
Borrowings from revolving credit facility	36,900	13,700
Repayments on revolving credit facility	(67,700)	(31,500)
Borrowings on term loan	37,700	0
Increase (decrease) in security deposits	12	(141)
Distributions paid for common, senior common, preferred stock and Non-controlling OP Unitholders	(15,738)	(14,192)
Net cash provided by (used in) financing activities	51,458	(14,351)
Net increase (decrease) in cash, cash equivalents, and restricted cash	3,043	(2,065)
Cash, cash equivalents, and restricted cash at beginning of period	11,488	9,082
Cash, cash equivalents, and restricted cash at end of period	14,531	7,017
SUPPLEMENTAL NON-CASH INFORMATION
Tenant funded fixed asset improvements	353	1,015
Unrealized loss related to interest rate hedging instruments, net	(2,528)	(722)
Right-of-use asset from operating leases	0	5,998
Operating lease liabilities	0	(5,998)
Capital improvements and leasing commissions included in accounts payable and accrued expenses	85	239
Non-controlling OP Units issued in connection with acquisition	502	0
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows	$ 14,531	$ 7,017

Organization, Basis of Presenta

Organization, Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
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 office 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 (the “Adviser”), and administrative services are provided by Gladstone Administration, LLC, a Delaware limited liability company (the “Administrator”), each pursuant to a contractual arrangement with us. Our Adviser and Administrator collectively employ all of our personnel and pay their salaries, benefits, and other general expenses directly. Gladstone Commercial Corporation conducts substantially all of its operations through a subsidiary, Gladstone Commercial Limited Partnership, a Delaware limited partnership (the “Operating Partnership”). All references herein to “we,” “our,” “us” and the “Company” mean Gladstone Commercial Corporation and its consolidated subsidiaries, except where it is made clear that the term means only Gladstone Commercial Corporation. Interim Financial Information Our interim financial statements are prepared in accordance with 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, 2019 , as filed with the U.S. Securities and Exchange Commission on February 12, 2020 . The results of operations for the three months ended March 31, 2020 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. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, including the impact of extraordinary events such as the novel coronavirus (“COVID-19”) pandemic, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Critical Accounting Policies The preparation of our financial statements in accordance with GAAP, requires management to make judgments that are subjective in nature to make certain estimates and assumptions. Application of these accounting policies involves the exercise of judgment regarding the use of assumptions as to future uncertainties, and as a result, actual results could materially differ from these estimates. A summary of all of our significant accounting policies is provided in Note 1, “Organization, Basis of Presentation and Significant Accounting Policies,” to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019 . On January 1, 2020, we completed the integration of the accounting records of certain of our triple net leased third-party asset managed properties into our accounting system and paid out of our operating bank accounts. For periods prior to January 1, 2020, we recorded property operating expenses and offsetting lease revenues for these certain triple net leased properties on a net basis. Beginning January 1, 2020, we are recording the property operating expenses and offsetting lease revenues for these triple net leased properties on a gross basis, as we have amended our process whereby we are paying operating expenses on behalf of our tenants and receiving reimbursement, whereas, previously these tenants were paying these expenses directly with limited insight provided to us. There were no other material changes to our critical accounting policies during the three months ended March 31, 2020 . Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-13, “Financial Instruments - Credit Losses (Topic 326)” (“ASU 2016-13”). The new standard requires more timely recognition of credit losses on loans and other financial instruments that are not accounted for at fair market value through net income. The standard also requires that financial assets measured at amortized cost be presented at the net amounts anticipated to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. We are required to measure all expected credit losses based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets. We adopted ASU 2016-13 beginning with the three months ended March 31, 2020 . Adopting ASU 2016-13 has not resulted in a material impact to our consolidated financial statements, as we do not have any loans receivable outstanding, and our receivables are generally incurred from leasing arrangements that are collected monthly. In March 2020, the FASB issued Accounting Standards Update 2020-04, “Reference Rate Reform (Topic 848)” (“ASU 2020-04”). The main provisions of this update provide optional expedients and exceptions for contracts, hedging relationships, and other transactions that reference the London Inter-bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 is effective for all entities as of March 12, 2020. We adopted ASU 2020-04 beginning with the three months ended March 31, 2020. Adopting ASU 2020-04 has not resulted in a material impact to our consolidated statements, as ASU 2020-04 allows for prospective application of any changes in the effective interest rate for our LIBOR based debt, and allows for practical expedients that will allow us to treat our derivative instruments designated as cash flow hedges consistent with how they are currently accounted for.

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Mar. 31, 2020
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 other 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 Lee 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, also 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 (the “Advisory Agreement”), and an administration agreement with our Administrator (the “Administration Agreement”). The services and fees under the Advisory Agreement and Administration Agreement are described below. As of March 31, 2020 and December 31, 2019 , $3.2 million and $2.9 million , respectively, were collectively due to our Adviser and Administrator. Our entrance into the Advisory Agreement and each amendment thereto has been approved unanimously by our Board of Directors. Our Board of Directors reviews and considers renewing the agreement with our Adviser each July. During its July 2019 meeting, our Board of Directors reviewed and renewed the Advisory Agreement for an additional year, through August 31, 2020. Base Management Fee Under the Advisory Agreement, the calculation of the annual base management fee equals 1.5% of our Total Equity, which is our total stockholders’ equity plus total mezzanine 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), 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), and adjusted to include operating partnership units in the Operating Partnership (“OP Units”) held by holders who do not control the Operating Partnership (“Non-controlling OP Unitholders”). The fee is calculated and accrued quarterly as 0.375% per quarter of such Total Equity figure. 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. For the three months ended March 31, 2020 and 2019 , we recorded a base management fee of $1.4 million and $1.3 million , respectively. Incentive Fee Pursuant to the Advisory Agreement, the calculation of the incentive fee rewards the Adviser in circumstances where our quarterly Core FFO (defined at the end of this paragraph), before giving effect to any incentive fee, or pre-incentive fee Core FFO, exceeds 2.0% quarterly, or 8.0% annualized, of adjusted total stockholders’ equity (after giving effect to the base management fee but before giving effect to the incentive fee). We refer to this as the hurdle rate. The Adviser will receive 15.0% of the amount of our pre-incentive fee Core FFO that exceeds the 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. For the three months ended March 31, 2020 and 2019 , we recorded an incentive fee of $1.1 million and $0.9 million , respectively. The Adviser did not waive any portion of the incentive fee for the three months ended March 31, 2020 or 2019 , respectively. Capital Gain Fee Under the Advisory Agreement, we will pay to the Adviser a capital gain-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 (equal to the property’s original acquisition price plus any subsequent non-reimbursed capital improvements) of the disposed property. 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 months ended March 31, 2020 or 2019 . Termination Fee The Advisory Agreement includes a termination fee whereby, in the event of our termination of the agreement without cause (with 120 days’ prior written notice and the vote of at least two-thirds of our independent directors), a termination fee would be payable to the Adviser equal to two times the sum of the average annual base management fee and incentive fee earned by the Adviser during the 24-month period prior to such termination. A termination fee is also payable if the Adviser terminates the 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. We believe this approach helps approximate fees paid by us to actual services performed by the Administrator for us. For the three months ended March 31, 2020 and 2019 , we recorded an administration fee of $0.4 million and $0.4 million , respectively. Gladstone Securities Gladstone Securities, LLC (“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 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 (the “Financing Arrangement Agreement”). 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 $0.09 million and $0.02 million during the three months ended March 31, 2020 and 2019 , respectively, which are included in mortgage notes payable, net, in the condensed consolidated balance sheets, or 0.25% and 0.15% , respectively, of the mortgage principal secured and/or extended. Our Board of Directors renewed the Financing Arrangement Agreement for an additional year, through August 31, 2020 , at its July 2019 meeting. Dealer Manager Agreement On February 20, 2020 we entered into a dealer manager agreement (the “Dealer Manager Agreement”), with Gladstone Securities (the “Dealer Manager”), whereby the Dealer Manager will serve as our exclusive dealer manager in connection with our offering (the “Offering”) of up to (i) 20,000,000 shares of 6.00% Series F Cumulative Redeemable Preferred Stock of the Company, par value $0.001 per share (the “Series F Preferred Stock”), on a “reasonable best efforts” basis (the “Primary Offering”), and (ii) 6,000,000 shares of Series F Preferred Stock pursuant to our distribution reinvestment plan (the “DRIP”) to those holders of the Series F Preferred Stock who participate in such DRIP. The Series F Preferred Stock is registered with the SEC pursuant to a registration statement on Form S-3 (File No. 333-236143), as the same may be amended and/or supplemented (the “Registration Statement”), under the Securities Act of 1933, as amended, and will be offered and sold pursuant to a prospectus supplement, dated February 20, 2020 , and a base prospectus dated February 11, 2020 relating to the Registration Statement (the “Prospectus”). Under the Dealer Manager Agreement, the Dealer Manager will provide certain sales, promotional and marketing services to the Company in connection with the Offering, and the Company will pay the Dealer Manager (i) selling commissions of 6.0% of the gross proceeds from sales of Series F Preferred Stock in the Primary Offering (the “Selling Commissions”), and (ii) a dealer manager fee of 3.0% of the gross proceeds from sales of Series F Preferred Stock in the Primary Offering (the “Dealer Manager Fee”). No Selling Commissions or Dealer Manager Fee shall be paid with respect to Shares sold pursuant to the DRIP. The Dealer Manager may, in its sole discretion, reallow a portion of the Dealer Manager Fee to participating broker-dealers in support of the Offering.

(Loss) Earnings Per Share of Co

(Loss) Earnings Per Share of Common Stock	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
(Loss) Earnings Per Share of Common Stock	(Loss) Earnings Per Share of Common Stock The following tables set forth the computation of basic and diluted (loss) earnings per share of common stock for the three months ended March 31, 2020 and 2019 . The OP Units held by Non-controlling OP Unitholders (which may be redeemed for shares of common stock) have been excluded from the diluted (loss) earnings per share calculations, as there would be no effect on the amounts since the Non-controlling OP Unitholders’ share of (loss) income would also be added back to net (loss) income. Net (loss) income figures are presented net of such non-controlling interests in the (loss) earnings per share calculation. We computed basic (loss) earnings per share for the three months ended March 31, 2020 and 2019 using the weighted average number of shares outstanding during the respective periods. Diluted (loss) earnings per share for the three months ended March 31, 2020 and 2019 reflects additional shares of common stock related to our convertible senior common stock (the “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 (loss) income (attributable) 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 March 31, 2020 2019 Calculation of basic (loss) earnings per share of common stock: Net (loss) income (attributable) available to common stockholders $ (619 ) $ 1,792 Denominator for basic weighted average shares of common stock (1) 33,634,946 29,516,870 Basic (loss) earnings per share of common stock $ (0.02 ) $ 0.06 Calculation of diluted (loss) earnings per share of common stock: Net (loss) income (attributable) available to common stockholders $ (619 ) $ 1,792 Add: income impact of assumed conversion of senior common stock (2) — — Net (loss) income (attributable) available to common stockholders plus assumed conversions (2) $ (619 ) $ 1,792 Denominator for basic weighted average shares of common stock (1) 33,634,946 29,516,870 Effect of convertible Senior Common Stock (2) — — Denominator for diluted weighted average shares of common stock (2) 33,634,946 29,516,870 Diluted (loss) earnings per share of common stock $ (0.02 ) $ 0.06 (1) The weighted average number of OP Units held by Non-controlling OP Unitholders was 501,233 and 742,937 for the three months ended March 31, 2020 and 2019 , respectively. (2) We excluded convertible shares of Senior Common Stock of 654,942 and 721,872 from the calculation of diluted (loss) earnings per share for the three months ended March 31, 2020 and 2019 , respectively, because they were anti-dilutive.

Real Estate and Intangible Asse

Real Estate and Intangible Assets	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019 , excluding real estate held for sale as of December 31, 2019 (dollars in thousands): March 31, 2020 December 31, 2019 Real estate: Land (1) $ 146,580 $ 137,532 Building and improvements 907,577 851,245 Tenant improvements 69,487 68,201 Accumulated depreciation (216,547 ) (207,523 ) Real estate, net $ 907,097 $ 849,455 (1) This amount includes $4,436 of land value subject to land lease agreements which we may purchase at our option for a nominal fee. Real estate depreciation expense on building and tenant improvements was $9.0 million and $8.0 million for the three months ended March 31, 2020 and 2019 , respectively. Acquisitions We acquired five properties during the three months ended March 31, 2020 , and two properties during the three months ended March 31, 2019 . The acquisitions are summarized below (dollars in thousands): Three Months Ended Aggregate Square Footage Weighted Average Lease Term Aggregate Purchase Price Acquisition Expenses Aggregate Annualized GAAP Rent Aggregate Debt Issued or Assumed March 31, 2020 (1) 890,038 14.8 Years $ 71,965 $ 255 (3) $ 5,303 $ 35,855 March 31, 2019 (2) 60,850 12.2 Years 6,318 130 (3) 516 — (1) On January 8, 2020 , we acquired a 64,800 square foot property in Indianapolis, Indiana for $5.3 million . The property is leased to three tenants with a weighted average lease term of 7.2 years with annualized GAAP rent of $0.5 million . On January 27, 2020 , we acquired a 320,838 square foot, three -property portfolio in Houston, Texas, Charlotte, North Carolina, and St. Charles, Missouri for $34.7 million . The portfolio has a weighted average lease term of 20.0 years, and an annualized GAAP rent of $2.6 million . We issued $18.3 million of mortgage debt with a fixed interest rate of 3.625% in connection with the acquisition. On March 9, 2020 , we acquired a 504,400 square foot property in Chatsworth, Georgia for $32.0 million . We entered into an interest rate swap in connection with our $17.5 million of issued debt, resulting in a fixed interest rate of 2.8% . The annualized GAAP rent on the 10.5 Years lease is $2.2 million . (2) On February 8, 2019 , we acquired a 26,050 square foot property in a suburb of Philadelphia, Pennsylvania, for $2.7 million . The annualized GAAP rent on the 15.1 year lease is $0.2 million . On February 28, 2019 , we acquired a 34,800 square foot property in Indianapolis, Indiana for $3.6 million . The annualized GAAP rent on the 10.0 year lease is $0.3 million . (3) We accounted for these transactions under ASU 2017-01, “Clarifying the Definition of a Business.” As a result, we treated our acquisitions during the three months ended March 31, 2020 and 2019 as asset acquisitions rather than business combinations. As a result of this treatment, we capitalized $0.3 million and $0.1 million , respectively, of acquisition costs that would otherwise have been expensed under business combination treatment. We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the three months ended March 31, 2020 and 2019 as follows (dollars in thousands): Three months ended March 31, 2020 Three months ended March 31, 2019 Acquired assets and liabilities Purchase price Purchase price Land (1) $ 7,296 $ 726 Building and improvements 54,000 4,541 Tenant Improvements 1,285 93 In-place Leases 4,442 432 Leasing Costs 4,261 307 Customer Relationships 2,223 196 Above Market Leases (2) 210 23 Below Market Leases (3) (1,752 ) — Total Purchase Price $ 71,965 $ 6,318 (1) This amount includes $2,711 of land value subject to a land lease agreement. (2) This amount includes $53 of loan receivable included in Other assets on the condensed consolidated balance sheets. (3) This amount includes $62 of prepaid rent included in Other liabilities on the condensed consolidated balance sheets. Significant Real Estate Activity on Existing Assets During the three months ended March 31, 2020 and 2019 , we executed three and two leases, respectively, which are summarized below (dollars in thousands): Three Months Ended Aggregate Square Footage Weighted Average Remaining Lease Term Aggregate Annualized GAAP Rent Aggregate Tenant Improvement Aggregate Leasing Commissions March 31, 2020 232,648 6.8 years $ 3,185 $ 1,892 $ 715 March 31, 2019 130,240 6.2 years 1,187 — 71 Future Lease Payments Future operating lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses, for the nine months ending December 31, 2020 and each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands): Year Tenant Lease Payments Nine Months Ending 2020 $ 82,835 2021 107,411 2022 101,883 2023 94,182 2024 85,298 2025 76,287 Thereafter 293,679 $ 841,575 We account for all of our real estate leasing arrangements as operating leases. A majority of our leases are subject to fixed rental increases, but a small subset of our lease portfolio has variable lease payments that are driven by the consumer price index. Many of our tenants have renewal options in their respective leases, but we seldom include option periods in the determination of lease term, as we generally will not enter into leasing arrangements with bargain renewal options. A small number of tenants have termination options. Future minimum lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses and real estate held for sale as of December 31, 2019 , for each of the five succeeding fiscal years and thereafter, is as follows (dollars in thousands): Year Tenant Lease Payments 2020 $ 107,159 2021 101,794 2022 94,252 2023 86,460 2024 77,414 Thereafter 307,591 $ 774,670 Lease Revenue Reconciliation The table below sets forth the allocation of lease revenue between fixed contractual payments and variable lease payments for the three months ended March 31, 2020 and 2019 , respectively (dollars in thousands): For the three months ended March 31, (Dollars in Thousands) Lease revenue reconciliation 2020 2019 Fixed rental payments $ 29,479 $ 27,162 Variable rental payments 4,140 975 $ 33,619 $ 28,137 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 March 31, 2020 and December 31, 2019 , excluding real estate held for sale as of December 31, 2019 (dollars in thousands): March 31, 2020 December 31, 2019 Lease Intangibles Accumulated Amortization Lease Intangibles Accumulated Amortization In-place leases $ 97,348 $ (50,602 ) $ 92,906 $ (48,468 ) Leasing costs 73,231 (35,240 ) 68,256 (33,705 ) Customer relationships 67,587 (30,288 ) 65,363 (28,887 ) $ 238,166 $ (116,130 ) $ 226,525 $ (111,060 ) Deferred Rent Receivable/(Liability) Accumulated (Amortization)/Accretion Deferred Rent Receivable/(Liability) Accumulated (Amortization)/Accretion Above market leases $ 14,818 $ (10,112 ) $ 16,502 $ (10,005 ) Below market leases and deferred revenue (36,365 ) 15,686 (34,322 ) 15,000 $ (21,547 ) $ 5,574 $ (17,820 ) $ 4,995 Total amortization expense related to in-place leases, leasing costs and customer relationship lease intangible assets was $5.1 million and $5.0 million for the three months ended March 31, 2020 and 2019 , respectively, and is included in depreciation and amortization expense in the condensed consolidated statements of operations and comprehensive income. Total amortization related to above-market lease values was $0.2 million and $0.3 million for the three months ended March 31, 2020 and 2019 , respectively, and is included in lease revenue in the condensed consolidated statements of operations and comprehensive income. Total amortization related to below-market lease values was $0.7 million and $0.6 million for the three months ended March 31, 2020 and 2019 , respectively, and is included in lease revenue in the condensed consolidated statements of operations and comprehensive income. The weighted average amortization periods in years for the intangible assets acquired during the three months ended March 31, 2020 and 2019 were as follows: Intangible Assets & Liabilities 2020 2019 In-place leases 16.3 13.0 Leasing costs 16.3 13.0 Customer relationships 19.5 17.9 Above market leases 18.0 10.0 Below market leases 14.2 0.0 All intangible assets & liabilities 16.9 14.5

Real Estate Dispositions, Held

Real Estate Dispositions, Held for Sale and Impairment Charges	3 Months Ended
	Mar. 31, 2020
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 three months ended March 31, 2020 , we continued to execute our capital recycling program, whereby we sell properties outside of our core markets and redeploy proceeds to either fund property acquisitions in our target secondary growth markets, or repay outstanding debt. We expect to continue to execute our capital recycling plan and sell non-core properties as reasonable disposition opportunities become available. On February 20, 2020 , we sold one non-core property, located in Charlotte, North Carolina, which is detailed in the table below (dollars in thousands): Square Footage Sold Sales Price Sales Costs Loss on Sale of Real Estate, net 64,500 $ 4,145 $ 198 $ (12 ) Our disposition during the three months ended March 31, 2020 was not classified as a discontinued operation because it did not represent a strategic shift in operations, nor will it have a major effect on our operations and financial results. Accordingly, the operating results of this property is 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 months ended March 31, 2020 , and 2019 (dollars in thousands): For the three months ended March 31, 2020 2019 Operating revenue $ — $ 295 Operating expense 33 70 Other expense, net (12 ) (1) (1 ) (Expense) income from real estate and related assets sold $ (45 ) $ 224 (1) Includes a $0.01 million loss on sale of real estate, net on one property. Real Estate Held for Sale As of March 31, 2020 , we did not have any properties classified as held for sale. At December 31, 2019 , we had one property classified as held for sale, located in Charlotte, North Carolina. This property was sold during the three months ended March 31, 2020 . The table below summarizes the components of the assets and liabilities held for sale reflected on the accompanying condensed consolidated balance sheets (dollars in thousands): December 31, 2019 Assets Held for Sale Real estate, at cost $ 7,411 Less: accumulated depreciation 3,421 Total real estate held for sale, net 3,990 Total Assets Held for Sale $ 3,990 Liabilities Held for Sale Asset retirement obligation $ 21 Total Liabilities Held for Sale $ 21 Impairment Charges We evaluated our portfolio for triggering events to determine if any of our held and used assets were impaired during the three months ended March 31, 2020 and did no t identify any held and used assets which were impaired. We also did not recognize an impairment charge during the three months ended March 31, 2019 . 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 should we be 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.

Mortgage Notes Payable and Cred

Mortgage Notes Payable and Credit Facility	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Mortgage Notes Payable and Credit Facility	Mortgage Notes Payable and Credit Facility Our mortgage notes payable and Credit Facility as of March 31, 2020 and December 31, 2019 are summarized below (dollars in thousands): Encumbered properties at Carrying Value at Stated Interest Rates at Scheduled Maturity Dates at March 31, 2020 March 31, 2020 December 31, 2019 March 31, 2020 March 31, 2020 Mortgage and other secured loans: Fixed rate mortgage loans 62 $ 445,786 $ 412,771 (1) (2) Variable rate mortgage loans 12 44,830 45,151 (3) (2) Premiums and discounts, net - (224 ) (239 ) N/A N/A Deferred financing costs, mortgage loans, net - (4,077 ) (3,944 ) N/A N/A Total mortgage notes payable, net 74 $ 486,315 $ 453,739 (4) Variable rate revolving credit facility 47 (6) $ 21,600 $ 52,400 LIBOR + 1.65% 7/2/2023 Deferred financing costs, revolving credit facility - (754 ) (821 ) N/A N/A Total revolver, net 47 $ 20,846 $ 51,579 Variable rate term loan facility - (6) $ 160,000 $ 122,300 LIBOR + 1.60% 7/2/2024 Deferred financing costs, term loan facility - (967 ) (1,024 ) N/A N/A Total term loan, net N/A $ 159,033 $ 121,276 Total mortgage notes payable and credit facility 121 $ 666,194 $ 626,594 (5) (1) Interest rates on our fixed rate mortgage notes payable vary from 2.80% to 6.63% . (2) We have 58 mortgage notes payable with maturity dates ranging from 7/1/2020 through 8/1/2037 . (3) Interest rates on our variable rate mortgage notes payable vary from one month LIBOR + 2.00% to one month LIBOR + 2.75% . As of March 31, 2020 , one month LIBOR was approximately 0.99% . (4) The weighted average interest rate on the mortgage notes outstanding as of March 31, 2020 was approximately 4.32% . (5) The weighted average interest rate on all debt outstanding as of March 31, 2020 was approximately 3.86% . (6) The amount we may draw under our Credit Facility is based on a percentage of the fair value of a combined pool of 47 unencumbered properties as of March 31, 2020 . N/A - Not Applicable Mortgage Notes Payable As of March 31, 2020 , we had 58 mortgage notes payable, collateralized by a total of 74 properties with a net book value of $730.5 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 $4.8 million of the mortgages notes payable, net, or 1.0% 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 three months ended March 31, 2020 , we issued four mortgages, collateralized by four properties, which are summarized in the table below (dollars in thousands): Aggregate Fixed Rate Debt Issued Weighted Average Interest Rate on Fixed Rate Debt $ 35,855 (1) 3.22% (1) We issued $18.3 million of fixed rate debt in connection with the three -property portfolio acquired on January 27, 2020 with a maturity date of February 1, 2030 . The interest rate is fixed at 3.625% . On March 9, 2020 , we issued $17.5 million of floating rate debt swapped to fixed rate debt of 2.8% in connection with the one property acquisition. We made payments of $0.4 million and $0.3 million for deferred financing costs during the three months ended March 31, 2020 and 2019 , respectively. Scheduled principal payments of mortgage notes payable for the nine months ending December 31, 2020 , and each of the five succeeding years and thereafter are as follows (dollars in thousands): Year Scheduled Principal Payments Nine Months Ending December 31, 2020 $ 28,514 2021 39,329 2022 107,733 2023 72,065 2024 49,172 2025 37,112 Thereafter 156,691 Total $ 490,616 (1) (1) This figure does not include $0.2 million of premiums and discounts, net, and $4.1 million of deferred financing costs, which are reflected in mortgage notes payable, net on the condensed consolidated balance sheets. We believe we will be able to address all mortgage notes payable maturing over the next 12 months through a combination of refinancing our existing indebtedness, cash from operations, proceeds from one or more equity offerings and availability on our Credit Facility. 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 or entered into interest rate swap agreements in which we hedged our exposure to variable interest rates by agreeing to pay fixed interest rates to our respective 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 swaps, 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 March 31, 2020 and December 31, 2019 , our interest rate cap agreements and interest rate swaps 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. If the interest rate cap qualifies for hedge accounting, the change in the estimated fair value is recorded to accumulated other comprehensive income to the extent that it is effective, with any ineffective portion recorded to interest expense in our condensed consolidated statements of operations and comprehensive income. If the interest rate cap does not qualify for hedge accounting, or if it is determined the hedge is ineffective, any change in the fair value is recognized in interest expense in our consolidated statements of operations and comprehensive income. The following table summarizes the interest rate caps at March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, 2020 December 31, 2019 Aggregate Cost Aggregate Notional Amount Aggregate Fair Value Aggregate Notional Amount Aggregate Fair Value $ 1,672 (1) $ 204,090 $ 161 $ 166,728 $ 250 (1) We have entered into various interest rate cap agreements on variable rate debt with LIBOR caps ranging from 2.00% to 3.25% . We have assumed or entered into interest rate swap agreements in connection with certain of our acquisitions or mortgage financings, whereby we will pay our counterparty a fixed rate interest rate on a monthly basis, and receive payments from our counterparty equivalent to the stipulated floating rate. The fair values of our interest rate swap agreements are recorded in other assets or other liabilities on our accompanying condensed consolidated balance sheets. We have designated our interest rate swaps as cash flow hedges, and we record changes in the fair value of the interest rate swap agreement to accumulated other comprehensive income on the condensed consolidated balance sheets. We record changes in fair value on a quarterly basis, using current market valuations at quarter end. The following table summarizes our interest rate swaps at March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, 2020 December 31, 2019 Aggregate Notional Amount Aggregate Fair Value Asset Aggregate Fair Value Liability Aggregate Notional Amount Aggregate Fair Value Asset Aggregate Fair Value Liability $ 63,168 $ — $ (3,538 ) $ 45,777 $ — $ (1,173 ) The following tables present the impact of our derivative instruments in the condensed consolidated financial statements (dollars in thousands): Amount of loss recognized in Comprehensive Income Three Months Ended March 31, 2020 2019 Derivatives in cash flow hedging relationships Interest rate caps $ (163 ) $ (333 ) Interest rate swaps (2,365 ) (389 ) Total $ (2,528 ) $ (722 ) The following table sets forth certain information regarding our derivative instruments (dollars in thousands): Asset (Liability) Derivatives Fair Value at Derivatives Designated as Hedging Instruments Balance Sheet Location March 31, 2020 December 31, 2019 Interest rate caps Other assets $ 161 $ 250 Interest rate swaps Other liabilities (3,538 ) (1,173 ) Total derivative liabilities, net $ (3,377 ) $ (923 ) The fair value of all mortgage notes payable outstanding as of March 31, 2020 was $501.9 million , as compared to the carrying value stated above of $490.6 million . The fair value is calculated based on a discounted cash flow analysis, using management’s estimate of market interest rates on long-term debt with comparable terms and loan to value ratios. The fair value was calculated using Level 3 inputs of the hierarchy established by ASC 820, “Fair Value Measurements and Disclosures.” Credit Facility On July 2, 2019, we amended, extended and upsized our Credit Facility, expanding the Term Loan from $75.0 million to $160.0 million , and increasing the Revolver from $85.0 million to $100.0 million . The Term Loan has a new five -year term, with a maturity date of July 2, 2024, and the Revolver has a new four -year term, with a maturity date of July 2, 2023. The interest rate for the Credit Facility was reduced by 10 basis points at each of the leverage tiers. We entered into multiple interest rate cap agreements on the amended Term Loan, which cap LIBOR ranging from 2.50% to 2.75% , to hedge our exposure to variable interest rates. We used the net proceeds derived from the amended Credit Facility to repay all previously existing borrowings under the Revolver. We incurred fees of approximately $1.3 million in connection with the Credit Facility amendment. The bank syndicate is now comprised of KeyBank, Fifth Third Bank, U.S. Bank National Association, The Huntington National Bank, Goldman Sachs Bank USA, and Wells Fargo Bank, National Association. As of March 31, 2020 , there was $181.6 million outstanding under our Credit Facility, at a weighted average interest rate of approximately 2.60% , and $12.6 million outstanding under letters of credit, at a weighted average interest rate of 1.65% . As of March 31, 2020 , the maximum additional amount we could draw under the Credit Facility was $17.2 million . We were in compliance with all covenants under the Credit Facility as of March 31, 2020 . The amount outstanding under the Credit Facility approximates fair value as of March 31, 2020 .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Ground Leases We are obligated as lessee under four ground leases. Future lease payments due under the terms of these leases as of March 31, 2020 are as follows (dollars in thousands): Year Future Lease Payments Due Under Operating Leases Nine Months Ending December 31, 2020 $ 350 2021 477 2022 489 2023 492 2024 493 2025 494 Thereafter 7,305 Total anticipated lease payments $ 10,100 Less: amount representing interest (4,292 ) Present value of lease payments $ 5,808 Rental expense incurred for properties with ground lease obligations during the three months ended March 31, 2020 and 2019 was $0.1 million and $0.1 million , respectively. Our ground leases are treated as operating leases and rental expenses are reflected in property operating expenses on the condensed consolidated statements of operations and comprehensive income. Letters of Credit As of March 31, 2020 , there was $12.6 million outstanding under letters of credit. These letters of credit are not reflected on our condensed consolidated balance sheets.

Equity and Mezzanine Equity

Equity and Mezzanine Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Equity and Mezzanine Equity	Equity and Mezzanine Equity Stockholders’ Equity The following table summarizes the changes in our equity for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, Series A and B Preferred Stock 2020 2019 Balance, beginning of period $ — $ 2 Issuance of Series A and B preferred stock, net — — Balance, end of period $ — $ 2 Senior Common Stock Balance, beginning of period $ 1 $ 1 Issuance of senior common stock, net — — Balance, end of period $ 1 $ 1 Common Stock Balance, beginning of period $ 32 $ 29 Issuance of common stock, net 2 1 Balance, end of period $ 34 $ 30 Additional Paid in Capital Balance, beginning of period $ 571,205 $ 559,977 Issuance of common stock, net 27,930 14,111 Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership 97 (220 ) Balance, end of period $ 599,232 $ 573,868 Accumulated Other Comprehensive Income Balance, beginning of period $ (2,126 ) $ (148 ) Comprehensive income (2,528 ) (722 ) Balance, end of period $ (4,654 ) $ (870 ) Distributions in Excess of Accumulated Earnings Balance, beginning of period $ (360,978 ) $ (310,117 ) Distributions declared to common, senior common, and preferred stockholders (15,548 ) (13,913 ) Net income attributable to the Company 2,267 4,628 Balance, end of period $ (374,259 ) $ (319,402 ) Total Stockholders' Equity Balance, beginning of period $ 208,134 $ 249,744 Issuance of common stock, net 27,932 14,112 Distributions declared to common, senior common, and preferred stockholders (15,548 ) (13,913 ) Comprehensive income (2,528 ) (722 ) Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership 97 (220 ) Net income attributable to the Company 2,267 4,628 Balance, end of period $ 220,354 $ 253,629 Non-Controlling Interest Balance, beginning of period $ 2,903 $ 4,675 Distributions declared to Non-controlling OP Unit holders (189 ) (278 ) Issuance of Non-controlling OP Units as consideration in real estate acquisitions, net 502 — Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership (97 ) 220 Net (loss) income (attributable) available to OP units held by Non-controlling OP Unitholders (9 ) 45 Balance, end of period $ 3,110 $ 4,662 Total Equity $ 223,464 $ 258,291 Distributions We paid the following distributions per share for the three months ended March 31, 2020 and 2019 : For the three months ended March 31, 2020 2019 Common Stock and Non-controlling OP Units $ 0.37545 $ 0.37500 Senior Common Stock 0.2625 0.2625 Series A Preferred Stock — (1) 0.4843749 Series B Preferred Stock — (1) 0.46875 Series D Preferred Stock 0.4374999 0.4374999 Series E Preferred Stock 0.414063 — (1) We fully redeemed all outstanding shares of both Series A Preferred Stock and Series B Preferred Stock on October 28, 2019. Recent Activity Common Stock ATM Program During the three months ended March 31, 2020 , we sold 1.3 million shares of common stock, raising $27.9 million in net proceeds under our At-the-Market Equity Offering Sales Agreements (the “Common Stock Sales Agreement”), with Robert W. Baird & Co. Incorporated (“Baird”), Goldman Sachs & Co. LLC (“Goldman Sachs”), Stifel, Nicolaus & Company, Incorporated (“Stifel”), BTIG, LLC, and Fifth Third Securities, Inc. (“Fifth Third”) (collectively, the “Common Stock Sales Agents”), pursuant to which we may sell shares of our common stock in an aggregate offering price of up to $250.0 million (the “Common Stock ATM Program”). As of March 31, 2020 , we had remaining capacity to sell up to $209.2 million of common stock under the Common Stock ATM Program. Mezzanine Equity Our 7.00% Series D Cumulative Redeemable Preferred Stock (“Series D Preferred Stock”) and 6.625% Series E Cumulative Redeemable Preferred Stock (“Series E Preferred Stock”) are classified as mezzanine equity on our condensed consolidated balance sheets because both are 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. In addition, our Series E Preferred Stock is redeemable at the option of the shareholder in the event a delisting event occurs. We will periodically evaluate the likelihood that a delisting event or change of control of greater than 50% will take place, and if we deem this probable, we would adjust the Series D Preferred Stock and Series E Preferred Stock 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%, or a delisting event, is remote. We have an At-the-Market Equity Offering Sales Agreement (the “Series E Preferred Stock Sales Agreement”) with Baird, Goldman Sachs, Stifel, Fifth Third, and U.S. Bancorp Investments, Inc. (the “Series E Preferred Stock Sales Agents”), pursuant to which we may, from time to time, offer to sell shares of our Series E Preferred Stock in an aggregate offering price of up to $100.0 million . We did not sell any of our Series E Preferred Stock pursuant to the Series E Preferred Stock Sales Agreement during the three months ended March 31, 2020 . We do not have an active At-the-Market program for our Series D Preferred Stock. Universal Shelf Registration Statements On January 11, 2019 , we filed a universal registration statement on Form S-3, File No. 333-229209, and an amendment thereto on Form S-3/A on January 24, 2019 (collectively referred to as the “2019 Universal Shelf”). The 2019 Universal Shelf became effective on February 13, 2019 and replaced our prior universal shelf registration statement. The 2019 Universal Shelf allows us to issue up to $500.0 million of securities. As of March 31, 2020 , we had the ability to issue up to $409.7 million under the 2019 Universal Shelf. On January 29, 2020 , we filed an additional universal registration statement on Form S-3, File No. 333-236143 (the “2020 Universal Shelf”). The 2020 Universal Shelf was declared effective on February 11, 2020 and is in addition to the 2019 Universal Shelf. the 2020 Universal Shelf allows us to issue up to an additional $800.0 million of securities. Of the $800.0 million of available capacity under our 2020 Universal Shelf, approximately $636.5 million is reserved for the sale of our Series F Preferred Stock. As of March 31, 2020 , we had the ability to issue up to $800.0 million of securities under the 2020 universal shelf, as we have not sold any securities under the 2020 Universal Shelf. Series F Preferred Stock On February 20, 2020 , the Company filed with the Maryland Department of Assessments and Taxation Articles Supplementary (i) setting forth the rights, preferences and terms of the Series F Preferred Stock and (ii) reclassifying and designating 26,000,000 shares of the Company’s authorized and unissued shares of common stock as shares of Series F Preferred Stock. The reclassification decreased the number of shares classified as common stock from 86,290,000 shares immediately prior to the reclassification to 60,290,000 shares immediately after the reclassification. Currently, there are no shares of the Series F Preferred Stock outstanding. Amendment to Operating Partnership Agreement In connection with the authorization of the Series F Preferred Stock, the Operating Partnership controlled by the Company through its ownership of GCLP Business Trust II, the general partner of the Operating Partnership, adopted the Second Amendment to its Second Amended and Restated Agreement of Limited Partnership, including Exhibit SFP thereto (collectively, the “Amendment”), as amended from time to time, establishing the rights, privileges and preferences of 6.00% Series F Cumulative Redeemable Preferred Units, a newly-designated class of limited partnership interests (the “Series F Preferred Units”). The Amendment provides for the Operating Partnership’s establishment and issuance of an equal number of Series F Preferred Units as are issued shares of Series F Preferred Stock by the Company in connection with the Offering upon the Company’s contribution to the Operating Partnership of the net proceeds of the Offering. Generally, the Series F Preferred Units provided for under the Amendment have preferences, distribution rights and other provisions substantially equivalent to those of the Series F Preferred Stock.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions On April 14, 2020 , our Board of Directors declared the following monthly distributions for the months of April , May and June of 2020 : Record Date Payment Date Common Stock and Non-controlling OP Unit Distributions per Share Series D Preferred Distributions per Share Series E Preferred Distributions per Share April 24, 2020 April 30, 2020 $ 0.12515 $ 0.1458333 $ 0.138021 May 19, 2020 May 29, 2020 0.12515 0.1458333 0.138021 June 19, 2020 June 30, 2020 0.12515 0.1458333 0.138021 $ 0.37545 $ 0.4374999 $ 0.414063 Senior Common Stock Distributions Payable to the Holders of Record During the Month of: Payment Date Distribution per Share April May 6, 2020 $ 0.0875 May June 5, 2020 0.0875 June July 6, 2020 0.0875 $ 0.2625 Series F Preferred Stock Distributions Record Date Payment Date Distribution per Share April 29, 2020 May 5, 2020 $ 0.125 May 28, 2020 June 5, 2020 0.125 June 25, 2020 July 2, 2020 0.125 $ 0.375 Financing Activity On April 24, 2020, we repaid $5.9 million of fixed rate mortgage debt collateralized by one property with an interest rate of 6.0% , and we repaid $12.1 million of variable rate mortgage debt collateralized by two properties with an interest rate of one month LIBOR + 2.25% . We repaid these mortgages using cash on hand and borrowings from our Credit Facility. COVID-19 As of April 28, 2020 , we have collected approximately 98% of all outstanding April cash base rent obligations. In April 2020, we granted rent deferrals to three tenants representing approximately 2% of total portfolio rents. The agreements with these tenants include current partial payment in exchange for rent deferrals of varying terms with deferred amounts to be paid by the respective tenant back to us, for the period starting in July 2020 and ending through March 2021. We have received and may receive additional rent modification requests in future periods from our tenants. We are unable to quantify the economic impact of these potential requests at this time.

Organization, Basis of Presen_2

Organization, Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
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, 2019 , as filed with the U.S. Securities and Exchange Commission on February 12, 2020 . The results of operations for the three months ended March 31, 2020 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.
Critical Accounting Policies	Critical Accounting Policies The preparation of our financial statements in accordance with GAAP, requires management to make judgments that are subjective in nature to make certain estimates and assumptions. Application of these accounting policies involves the exercise of judgment regarding the use of assumptions as to future uncertainties, and as a result, actual results could materially differ from these estimates. A summary of all of our significant accounting policies is provided in Note 1, “Organization, Basis of Presentation and Significant Accounting Policies,” to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019 . On January 1, 2020, we completed the integration of the accounting records of certain of our triple net leased third-party asset managed properties into our accounting system and paid out of our operating bank accounts. For periods prior to January 1, 2020, we recorded property operating expenses and offsetting lease revenues for these certain triple net leased properties on a net basis. Beginning January 1, 2020, we are recording the property operating expenses and offsetting lease revenues for these triple net leased properties on a gross basis, as we have amended our process whereby we are paying operating expenses on behalf of our tenants and receiving reimbursement, whereas, previously these tenants were paying these expenses directly with limited insight provided to us. There were no other material changes to our critical accounting policies during the three months ended March 31, 2020 .
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-13, “Financial Instruments - Credit Losses (Topic 326)” (“ASU 2016-13”). The new standard requires more timely recognition of credit losses on loans and other financial instruments that are not accounted for at fair market value through net income. The standard also requires that financial assets measured at amortized cost be presented at the net amounts anticipated to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. We are required to measure all expected credit losses based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets. We adopted ASU 2016-13 beginning with the three months ended March 31, 2020 . Adopting ASU 2016-13 has not resulted in a material impact to our consolidated financial statements, as we do not have any loans receivable outstanding, and our receivables are generally incurred from leasing arrangements that are collected monthly. In March 2020, the FASB issued Accounting Standards Update 2020-04, “Reference Rate Reform (Topic 848)” (“ASU 2020-04”). The main provisions of this update provide optional expedients and exceptions for contracts, hedging relationships, and other transactions that reference the London Inter-bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 is effective for all entities as of March 12, 2020. We adopted ASU 2020-04 beginning with the three months ended March 31, 2020. Adopting ASU 2020-04 has not resulted in a material impact to our consolidated statements, as ASU 2020-04 allows for prospective application of any changes in the effective interest rate for our LIBOR based debt, and allows for practical expedients that will allow us to treat our derivative instruments designated as cash flow hedges consistent with how they are currently accounted for.
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 swaps, 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.

(Loss) Earnings Per Share of _2

(Loss) Earnings Per Share of Common Stock (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share of Common Stock	The following tables set forth the computation of basic and diluted (loss) earnings per share of common stock for the three months ended March 31, 2020 and 2019 . The OP Units held by Non-controlling OP Unitholders (which may be redeemed for shares of common stock) have been excluded from the diluted (loss) earnings per share calculations, as there would be no effect on the amounts since the Non-controlling OP Unitholders’ share of (loss) income would also be added back to net (loss) income. Net (loss) income figures are presented net of such non-controlling interests in the (loss) earnings per share calculation. We computed basic (loss) earnings per share for the three months ended March 31, 2020 and 2019 using the weighted average number of shares outstanding during the respective periods. Diluted (loss) earnings per share for the three months ended March 31, 2020 and 2019 reflects additional shares of common stock related to our convertible senior common stock (the “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 (loss) income (attributable) 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 March 31, 2020 2019 Calculation of basic (loss) earnings per share of common stock: Net (loss) income (attributable) available to common stockholders $ (619 ) $ 1,792 Denominator for basic weighted average shares of common stock (1) 33,634,946 29,516,870 Basic (loss) earnings per share of common stock $ (0.02 ) $ 0.06 Calculation of diluted (loss) earnings per share of common stock: Net (loss) income (attributable) available to common stockholders $ (619 ) $ 1,792 Add: income impact of assumed conversion of senior common stock (2) — — Net (loss) income (attributable) available to common stockholders plus assumed conversions (2) $ (619 ) $ 1,792 Denominator for basic weighted average shares of common stock (1) 33,634,946 29,516,870 Effect of convertible Senior Common Stock (2) — — Denominator for diluted weighted average shares of common stock (2) 33,634,946 29,516,870 Diluted (loss) earnings per share of common stock $ (0.02 ) $ 0.06 (1) The weighted average number of OP Units held by Non-controlling OP Unitholders was 501,233 and 742,937 for the three months ended March 31, 2020 and 2019 , respectively. (2) We excluded convertible shares of Senior Common Stock of 654,942 and 721,872 from the calculation of diluted (loss) earnings per share for the three months ended March 31, 2020 and 2019 , respectively, because they were anti-dilutive.

Real Estate and Intangible As_2

Real Estate and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Components of Investments in Real Estate	The following table sets forth the components of our investments in real estate as of March 31, 2020 and December 31, 2019 , excluding real estate held for sale as of December 31, 2019 (dollars in thousands): March 31, 2020 December 31, 2019 Real estate: Land (1) $ 146,580 $ 137,532 Building and improvements 907,577 851,245 Tenant improvements 69,487 68,201 Accumulated depreciation (216,547 ) (207,523 ) Real estate, net $ 907,097 $ 849,455 (1) This amount includes $4,436 of land value subject to land lease agreements which we may purchase at our option for a nominal fee.
Acquisitions	We acquired five properties during the three months ended March 31, 2020 , and two properties during the three months ended March 31, 2019 . The acquisitions are summarized below (dollars in thousands): Three Months Ended Aggregate Square Footage Weighted Average Lease Term Aggregate Purchase Price Acquisition Expenses Aggregate Annualized GAAP Rent Aggregate Debt Issued or Assumed March 31, 2020 (1) 890,038 14.8 Years $ 71,965 $ 255 (3) $ 5,303 $ 35,855 March 31, 2019 (2) 60,850 12.2 Years 6,318 130 (3) 516 — (1) On January 8, 2020 , we acquired a 64,800 square foot property in Indianapolis, Indiana for $5.3 million . The property is leased to three tenants with a weighted average lease term of 7.2 years with annualized GAAP rent of $0.5 million . On January 27, 2020 , we acquired a 320,838 square foot, three -property portfolio in Houston, Texas, Charlotte, North Carolina, and St. Charles, Missouri for $34.7 million . The portfolio has a weighted average lease term of 20.0 years, and an annualized GAAP rent of $2.6 million . We issued $18.3 million of mortgage debt with a fixed interest rate of 3.625% in connection with the acquisition. On March 9, 2020 , we acquired a 504,400 square foot property in Chatsworth, Georgia for $32.0 million . We entered into an interest rate swap in connection with our $17.5 million of issued debt, resulting in a fixed interest rate of 2.8% . The annualized GAAP rent on the 10.5 Years lease is $2.2 million . (2) On February 8, 2019 , we acquired a 26,050 square foot property in a suburb of Philadelphia, Pennsylvania, for $2.7 million . The annualized GAAP rent on the 15.1 year lease is $0.2 million . On February 28, 2019 , we acquired a 34,800 square foot property in Indianapolis, Indiana for $3.6 million . The annualized GAAP rent on the 10.0 year lease is $0.3 million . (3) We accounted for these transactions under ASU 2017-01, “Clarifying the Definition of a Business.” As a result, we treated our acquisitions during the three months ended March 31, 2020 and 2019 as asset acquisitions rather than business combinations. As a result of this treatment, we capitalized $0.3 million and $0.1 million , respectively, of acquisition costs that would otherwise have been expensed under business combination treatment.
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 three months ended March 31, 2020 and 2019 as follows (dollars in thousands): Three months ended March 31, 2020 Three months ended March 31, 2019 Acquired assets and liabilities Purchase price Purchase price Land (1) $ 7,296 $ 726 Building and improvements 54,000 4,541 Tenant Improvements 1,285 93 In-place Leases 4,442 432 Leasing Costs 4,261 307 Customer Relationships 2,223 196 Above Market Leases (2) 210 23 Below Market Leases (3) (1,752 ) — Total Purchase Price $ 71,965 $ 6,318 (1) This amount includes $2,711 of land value subject to a land lease agreement. (2) This amount includes $53 of loan receivable included in Other assets on the condensed consolidated balance sheets. (3) This amount includes $62 of prepaid rent included in Other liabilities on the condensed consolidated balance sheets.
Summary of Lease on Property	During the three months ended March 31, 2020 and 2019 , we executed three and two leases, respectively, which are summarized below (dollars in thousands): Three Months Ended Aggregate Square Footage Weighted Average Remaining Lease Term Aggregate Annualized GAAP Rent Aggregate Tenant Improvement Aggregate Leasing Commissions March 31, 2020 232,648 6.8 years $ 3,185 $ 1,892 $ 715 March 31, 2019 130,240 6.2 years 1,187 — 71
Future Lease Payments From Tenants	Future minimum lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses and real estate held for sale as of December 31, 2019 , for each of the five succeeding fiscal years and thereafter, is as follows (dollars in thousands): Year Tenant Lease Payments 2020 $ 107,159 2021 101,794 2022 94,252 2023 86,460 2024 77,414 Thereafter 307,591 $ 774,670 Future operating lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses, for the nine months ending December 31, 2020 and each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands): Year Tenant Lease Payments Nine Months Ending 2020 $ 82,835 2021 107,411 2022 101,883 2023 94,182 2024 85,298 2025 76,287 Thereafter 293,679 $ 841,575
Lease Revenue	The table below sets forth the allocation of lease revenue between fixed contractual payments and variable lease payments for the three months ended March 31, 2020 and 2019 , respectively (dollars in thousands): For the three months ended March 31, (Dollars in Thousands) Lease revenue reconciliation 2020 2019 Fixed rental payments $ 29,479 $ 27,162 Variable rental payments 4,140 975 $ 33,619 $ 28,137
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 March 31, 2020 and December 31, 2019 , excluding real estate held for sale as of December 31, 2019 (dollars in thousands): March 31, 2020 December 31, 2019 Lease Intangibles Accumulated Amortization Lease Intangibles Accumulated Amortization In-place leases $ 97,348 $ (50,602 ) $ 92,906 $ (48,468 ) Leasing costs 73,231 (35,240 ) 68,256 (33,705 ) Customer relationships 67,587 (30,288 ) 65,363 (28,887 ) $ 238,166 $ (116,130 ) $ 226,525 $ (111,060 ) Deferred Rent Receivable/(Liability) Accumulated (Amortization)/Accretion Deferred Rent Receivable/(Liability) Accumulated (Amortization)/Accretion Above market leases $ 14,818 $ (10,112 ) $ 16,502 $ (10,005 ) Below market leases and deferred revenue (36,365 ) 15,686 (34,322 ) 15,000 $ (21,547 ) $ 5,574 $ (17,820 ) $ 4,995
Weighted Average Amortization Periods	The weighted average amortization periods in years for the intangible assets acquired during the three months ended March 31, 2020 and 2019 were as follows: Intangible Assets & Liabilities 2020 2019 In-place leases 16.3 13.0 Leasing costs 16.3 13.0 Customer relationships 19.5 17.9 Above market leases 18.0 10.0 Below market leases 14.2 0.0 All intangible assets & liabilities 16.9 14.5

Real Estate Dispositions, Hel_2

Real Estate Dispositions, Held for Sale and Impairment Charges (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Summary of Sold Properties	On February 20, 2020 , we sold one non-core property, located in Charlotte, North Carolina, which is detailed in the table below (dollars in thousands): Square Footage Sold Sales Price Sales Costs Loss on Sale of Real Estate, net 64,500 $ 4,145 $ 198 $ (12 )
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 months ended March 31, 2020 , and 2019 (dollars in thousands): For the three months ended March 31, 2020 2019 Operating revenue $ — $ 295 Operating expense 33 70 Other expense, net (12 ) (1) (1 ) (Expense) income from real estate and related assets sold $ (45 ) $ 224 (1) Includes a $0.01 million loss on sale of real estate, net on one property.
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 sheets (dollars in thousands): December 31, 2019 Assets Held for Sale Real estate, at cost $ 7,411 Less: accumulated depreciation 3,421 Total real estate held for sale, net 3,990 Total Assets Held for Sale $ 3,990 Liabilities Held for Sale Asset retirement obligation $ 21 Total Liabilities Held for Sale $ 21

Mortgage Notes Payable and Cr_2

Mortgage Notes Payable and Credit Facility (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Company's Mortgage Notes Payable and Line of Credit	Our mortgage notes payable and Credit Facility as of March 31, 2020 and December 31, 2019 are summarized below (dollars in thousands): Encumbered properties at Carrying Value at Stated Interest Rates at Scheduled Maturity Dates at March 31, 2020 March 31, 2020 December 31, 2019 March 31, 2020 March 31, 2020 Mortgage and other secured loans: Fixed rate mortgage loans 62 $ 445,786 $ 412,771 (1) (2) Variable rate mortgage loans 12 44,830 45,151 (3) (2) Premiums and discounts, net - (224 ) (239 ) N/A N/A Deferred financing costs, mortgage loans, net - (4,077 ) (3,944 ) N/A N/A Total mortgage notes payable, net 74 $ 486,315 $ 453,739 (4) Variable rate revolving credit facility 47 (6) $ 21,600 $ 52,400 LIBOR + 1.65% 7/2/2023 Deferred financing costs, revolving credit facility - (754 ) (821 ) N/A N/A Total revolver, net 47 $ 20,846 $ 51,579 Variable rate term loan facility - (6) $ 160,000 $ 122,300 LIBOR + 1.60% 7/2/2024 Deferred financing costs, term loan facility - (967 ) (1,024 ) N/A N/A Total term loan, net N/A $ 159,033 $ 121,276 Total mortgage notes payable and credit facility 121 $ 666,194 $ 626,594 (5) (1) Interest rates on our fixed rate mortgage notes payable vary from 2.80% to 6.63% . (2) We have 58 mortgage notes payable with maturity dates ranging from 7/1/2020 through 8/1/2037 . (3) Interest rates on our variable rate mortgage notes payable vary from one month LIBOR + 2.00% to one month LIBOR + 2.75% . As of March 31, 2020 , one month LIBOR was approximately 0.99% . (4) The weighted average interest rate on the mortgage notes outstanding as of March 31, 2020 was approximately 4.32% . (5) The weighted average interest rate on all debt outstanding as of March 31, 2020 was approximately 3.86% . (6) The amount we may draw under our Credit Facility is based on a percentage of the fair value of a combined pool of 47 unencumbered properties as of March 31, 2020 . N/A - Not Applicable
Summary of Long-Term Mortgages	During the three months ended March 31, 2020 , we issued four mortgages, collateralized by four properties, which are summarized in the table below (dollars in thousands): Aggregate Fixed Rate Debt Issued Weighted Average Interest Rate on Fixed Rate Debt $ 35,855 (1) 3.22% (1) We issued $18.3 million of fixed rate debt in connection with the three -property portfolio acquired on January 27, 2020 with a maturity date of February 1, 2030 . The interest rate is fixed at 3.625% . On March 9, 2020 , we issued $17.5 million of floating rate debt swapped to fixed rate debt of 2.8% in connection with the one property acquisition.
Schedule of Principal Payments of Mortgage Notes Payable	Scheduled principal payments of mortgage notes payable for the nine months ending December 31, 2020 , and each of the five succeeding years and thereafter are as follows (dollars in thousands): Year Scheduled Principal Payments Nine Months Ending December 31, 2020 $ 28,514 2021 39,329 2022 107,733 2023 72,065 2024 49,172 2025 37,112 Thereafter 156,691 Total $ 490,616 (1) (1) This figure does not include $0.2 million of premiums and discounts, net, and $4.1 million of deferred financing costs, which are reflected in mortgage notes payable, net on the condensed consolidated balance sheets.
Summary of Interest Rate Cap Agreement	The following table summarizes our interest rate swaps at March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, 2020 December 31, 2019 Aggregate Notional Amount Aggregate Fair Value Asset Aggregate Fair Value Liability Aggregate Notional Amount Aggregate Fair Value Asset Aggregate Fair Value Liability $ 63,168 $ — $ (3,538 ) $ 45,777 $ — $ (1,173 ) The following table summarizes the interest rate caps at March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, 2020 December 31, 2019 Aggregate Cost Aggregate Notional Amount Aggregate Fair Value Aggregate Notional Amount Aggregate Fair Value $ 1,672 (1) $ 204,090 $ 161 $ 166,728 $ 250 (1) We have entered into various interest rate cap agreements on variable rate debt with LIBOR caps ranging from 2.00% to 3.25% .
Schedule of Derivative Instruments	The following tables present the impact of our derivative instruments in the condensed consolidated financial statements (dollars in thousands): Amount of loss recognized in Comprehensive Income Three Months Ended March 31, 2020 2019 Derivatives in cash flow hedging relationships Interest rate caps $ (163 ) $ (333 ) Interest rate swaps (2,365 ) (389 ) Total $ (2,528 ) $ (722 ) The following table sets forth certain information regarding our derivative instruments (dollars in thousands): Asset (Liability) Derivatives Fair Value at Derivatives Designated as Hedging Instruments Balance Sheet Location March 31, 2020 December 31, 2019 Interest rate caps Other assets $ 161 $ 250 Interest rate swaps Other liabilities (3,538 ) (1,173 ) Total derivative liabilities, net $ (3,377 ) $ (923 )

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Future Lease Payments Due Under Operating Leases	Future lease payments due under the terms of these leases as of March 31, 2020 are as follows (dollars in thousands): Year Future Lease Payments Due Under Operating Leases Nine Months Ending December 31, 2020 $ 350 2021 477 2022 489 2023 492 2024 493 2025 494 Thereafter 7,305 Total anticipated lease payments $ 10,100 Less: amount representing interest (4,292 ) Present value of lease payments $ 5,808

Equity and Mezzanine Equity (Ta

Equity and Mezzanine Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Summary of Changes in Stockholders' Equity	The following table summarizes the changes in our equity for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, Series A and B Preferred Stock 2020 2019 Balance, beginning of period $ — $ 2 Issuance of Series A and B preferred stock, net — — Balance, end of period $ — $ 2 Senior Common Stock Balance, beginning of period $ 1 $ 1 Issuance of senior common stock, net — — Balance, end of period $ 1 $ 1 Common Stock Balance, beginning of period $ 32 $ 29 Issuance of common stock, net 2 1 Balance, end of period $ 34 $ 30 Additional Paid in Capital Balance, beginning of period $ 571,205 $ 559,977 Issuance of common stock, net 27,930 14,111 Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership 97 (220 ) Balance, end of period $ 599,232 $ 573,868 Accumulated Other Comprehensive Income Balance, beginning of period $ (2,126 ) $ (148 ) Comprehensive income (2,528 ) (722 ) Balance, end of period $ (4,654 ) $ (870 ) Distributions in Excess of Accumulated Earnings Balance, beginning of period $ (360,978 ) $ (310,117 ) Distributions declared to common, senior common, and preferred stockholders (15,548 ) (13,913 ) Net income attributable to the Company 2,267 4,628 Balance, end of period $ (374,259 ) $ (319,402 ) Total Stockholders' Equity Balance, beginning of period $ 208,134 $ 249,744 Issuance of common stock, net 27,932 14,112 Distributions declared to common, senior common, and preferred stockholders (15,548 ) (13,913 ) Comprehensive income (2,528 ) (722 ) Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership 97 (220 ) Net income attributable to the Company 2,267 4,628 Balance, end of period $ 220,354 $ 253,629 Non-Controlling Interest Balance, beginning of period $ 2,903 $ 4,675 Distributions declared to Non-controlling OP Unit holders (189 ) (278 ) Issuance of Non-controlling OP Units as consideration in real estate acquisitions, net 502 — Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership (97 ) 220 Net (loss) income (attributable) available to OP units held by Non-controlling OP Unitholders (9 ) 45 Balance, end of period $ 3,110 $ 4,662 Total Equity $ 223,464 $ 258,291
Dividends Paid	We paid the following distributions per share for the three months ended March 31, 2020 and 2019 : For the three months ended March 31, 2020 2019 Common Stock and Non-controlling OP Units $ 0.37545 $ 0.37500 Senior Common Stock 0.2625 0.2625 Series A Preferred Stock — (1) 0.4843749 Series B Preferred Stock — (1) 0.46875 Series D Preferred Stock 0.4374999 0.4374999 Series E Preferred Stock 0.414063 — (1) We fully redeemed all outstanding shares of both Series A Preferred Stock and Series B Preferred Stock on October 28, 2019.

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Monthly Distributions Declared by Company's Board of Directors	On April 14, 2020 , our Board of Directors declared the following monthly distributions for the months of April , May and June of 2020 : Record Date Payment Date Common Stock and Non-controlling OP Unit Distributions per Share Series D Preferred Distributions per Share Series E Preferred Distributions per Share April 24, 2020 April 30, 2020 $ 0.12515 $ 0.1458333 $ 0.138021 May 19, 2020 May 29, 2020 0.12515 0.1458333 0.138021 June 19, 2020 June 30, 2020 0.12515 0.1458333 0.138021 $ 0.37545 $ 0.4374999 $ 0.414063 Senior Common Stock Distributions Payable to the Holders of Record During the Month of: Payment Date Distribution per Share April May 6, 2020 $ 0.0875 May June 5, 2020 0.0875 June July 6, 2020 0.0875 $ 0.2625 Series F Preferred Stock Distributions Record Date Payment Date Distribution per Share April 29, 2020 May 5, 2020 $ 0.125 May 28, 2020 June 5, 2020 0.125 June 25, 2020 July 2, 2020 0.125 $ 0.375

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Detail)		Feb. 20, 2020$ / sharesshares	Jan. 10, 2017quarter	Mar. 31, 2020USD ($)officer	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Related Party Transaction [Line Items]
Number of executive officers | officer				2
Amount due to Adviser and Administrator	[1]			$ 3,152,000		$ 2,904,000
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%
Base management fee	[2]			$ 1,412,000	$ 1,267,000
Pre-incentive quarterly fee FFO in percentage of common stockholders' equity that will reward the Adviser (as percent)			2.00%
Pre-incentive annual fee FFO in percentage of common stockholders' equity that will reward the Adviser (as percent)			8.00%
Amount to be paid to Adviser in percentage of pre-incentive fee condition one (as percent)			15.00%
Number of quarters used for the cap of average quarterly incentive fees | quarter			4
Incentive fee description				However, in no event shall the incentive fee for a particular quarter exceed by 15.0% (the cap) the average quarterly incentive fee paid by us for the previous four quarters (excluding quarters for which no incentive fee was paid).
Incentive fee	[2]			$ 1,055,000	851,000
Portion of incentive fee waived				0	0
Capital gains-based incentive fee (as percent)			15.00%
Capital gain fee				0	0
Percentage of independent directors required to terminate the Amended Advisory Agreement (as a percent)			66.67%
Termination fee payable (as percent)			200.00%
Notice period for termination of agreement without cause			120 days
Notice period for termination of agreement with cause			30 days
Administration fee	[2]			438,000	413,000
Fees paid				$ 90,000	$ 20,000
Financing fee on total secured mortgages percentage (as percent)				0.25%	0.15%
Selling commissions (as percent)		6.00%
Dealer management fee (as percent)		3.00%
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%
Series F Cumulative Redeemable Preferred Stock | Preferred Stock
Related Party Transaction [Line Items]
Redeemable preferred stock, shares authorized (in shares) | shares		26,000,000
Redeemable preferred stock, dividend rate percentage (as percent)		6.00%
Series F Cumulative Redeemable Preferred Stock | Preferred Stock | Dealer Management Agreement
Related Party Transaction [Line Items]
Redeemable preferred stock, shares authorized (in shares) | shares		20,000,000
Redeemable preferred stock, dividend rate percentage (as percent)		6.00%
Redeemable preferred stock, par value (in dollars per share) | $ / shares		$ 0.001
Redeemable preferred stock, dividend reinvestment plan, shares authorized (in shares) | shares		6,000,000
[1]	Refer to Note 2 “Related-Party Transactions”
[2]	Refer to Note 2 “Related-Party Transactions”

(Loss) Earnings Per Share of _3

(Loss) Earnings Per Share of Common Stock - Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Calculation of basic (loss) earnings per share of common stock:
Net (loss) income (attributable) available to common stockholders	$ (619)	$ 1,792
Denominator for basic weighted average shares of common stock (in shares)	33,634,946	29,516,870
Basic (loss) earnings per share of common stock (in dollars per share)	$ (0.02)	$ 0.06
Calculation of diluted (loss) earnings per share of common stock:
Net (loss) income (attributable) available to common stockholders	$ (619)	$ 1,792
Add: income impact of assumed conversion of senior common stock	0	0
Net (loss) income (attributable) available to common stockholders plus assumed conversions	$ (619)	$ 1,792
Denominator for basic weighted average shares of common stock (in shares)	33,634,946	29,516,870
Effect of convertible Senior Common Stock (in shares)	0	0
Denominator for diluted weighted average shares of common stock (in shares)	33,634,946	29,516,870
Diluted (loss) earnings per share of common stock (in dollars per share)	$ (0.02)	$ 0.06
Number of OP Units held by Non-controlling OP Unitholders (in units)	501,233	742,937
Senior Common Stock
Calculation of diluted (loss) earnings per share of common stock:
Anti-dilutive convertible shares of senior common stock excluded from calculation of diluted earnings per share	654,942	721,872

Real Estate and Intangible As_3

Real Estate and Intangible Assets - Components of Investments in Real Estate (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real estate:
Land (1)	$ 146,580	$ 137,532
Building and improvements	907,577	851,245
Tenant improvements	69,487	68,201
Accumulated depreciation	(216,547)	(207,523)
Total real estate, net	907,097	$ 849,455
Land value subject to land lease agreements	$ 4,436

Real Estate and Intangible As_4

Real Estate and Intangible Assets - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)property	Mar. 31, 2019USD ($)property
Real Estate Properties [Line Items]
Number of properties acquired | property	5	2
Number of leased properties | property	3	2
Total amortization expense related to lease intangible assets	$ 5.1	$ 5
Amortization related to below-market lease	0.7	0.6
Above market leases
Real Estate Properties [Line Items]
Amortization related to above-market lease	0.2	0.3
Building and Tenant Improvements
Real Estate Properties [Line Items]
Real estate depreciation expense	$ 9	$ 8

Real Estate and Intangible As_5

Real Estate and Intangible Assets - Summary of Acquired Properties (Details) $ in Thousands	Mar. 09, 2020USD ($)ft²	Jan. 27, 2020USD ($)ft²property	Jan. 08, 2020USD ($)ft²tenant	Feb. 28, 2019USD ($)ft²	Feb. 08, 2019USD ($)ft²	Mar. 31, 2020USD ($)ft²	Mar. 31, 2019USD ($)ft²
Business Acquisition [Line Items]
Aggregate Purchase Price						$ 71,965	$ 6,318
Indianapolis, Indiana
Business Acquisition [Line Items]
Aggregate Square Footage | ft²			64,800	34,800
Weighted Average Lease Term			7 years 2 months 12 days	10 years 1 day
Aggregate Purchase Price			$ 5,300	$ 3,600
Aggregate Annualized GAAP Rent			$ 500	$ 300
Number of tenants | tenant			3
Houston, Texas; Charlotte, North Carolina; St. Charles, Missouri
Business Acquisition [Line Items]
Aggregate Square Footage | ft²		320,838
Weighted Average Lease Term		20 years
Aggregate Purchase Price		$ 34,700
Aggregate Annualized GAAP Rent		$ 2,600
Number of properties in portfolio | property		3
Chatsworth, Georgia
Business Acquisition [Line Items]
Aggregate Square Footage | ft²	504,400
Weighted Average Lease Term	10 years 6 months
Aggregate Purchase Price	$ 32,000
Aggregate Annualized GAAP Rent	2,200
Philadelphia, Pennsylvania
Business Acquisition [Line Items]
Aggregate Square Footage | ft²					26,050
Weighted Average Lease Term					15 years 23 days
Aggregate Purchase Price					$ 2,700
Aggregate Annualized GAAP Rent					$ 200
Series of property acquisitions
Business Acquisition [Line Items]
Aggregate Square Footage | ft²						890,038	60,850
Weighted Average Lease Term						14 years 9 months 18 days	12 years 2 months 12 days
Aggregate Purchase Price						$ 71,965	$ 6,318
Acquisition Expenses						255	130
Aggregate Annualized GAAP Rent						5,303	516
Aggregate Debt Issued or Assumed						35,855	$ 0
New fixed rate mortgage notes payable
Business Acquisition [Line Items]
Debt assumed						$ 35,855
Stated interest rate (as percent)						3.22%
New fixed rate mortgage notes payable | Houston, Texas; Charlotte, North Carolina; St. Charles, Missouri
Business Acquisition [Line Items]
Debt assumed						$ 18,300
Stated interest rate (as percent)						3.625%
Interest rate swaps | Chatsworth, Georgia
Business Acquisition [Line Items]
Aggregate Debt Issued or Assumed	$ 17,500
Stated interest rate (as percent)	2.80%

Real Estate and Intangible As_6

Real Estate and Intangible Assets - Business Combinations and Asset Acquisitions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Business Acquisition [Line Items]
Total purchase price	$ 71,965	$ 6,318
Land value subject to land lease agreement	2,711
Loan receivable	53
Prepaid rent	62
Customer relationships
Business Acquisition [Line Items]
Assets acquired	2,223	196
Above market leases
Business Acquisition [Line Items]
Assets acquired	210	23
Below market leases
Business Acquisition [Line Items]
Liabilities assumed	(1,752)	0
Land (1)
Business Acquisition [Line Items]
Assets acquired	7,296	726
Building and improvements
Business Acquisition [Line Items]
Assets acquired	54,000	4,541
Tenant Improvements
Business Acquisition [Line Items]
Assets acquired	1,285	93
In-place leases
Business Acquisition [Line Items]
Assets acquired	4,442	432
Leasing costs
Business Acquisition [Line Items]
Assets acquired	$ 4,261	$ 307

Real Estate and Intangible As_7

Real Estate and Intangible Assets - Summary of Lease on Property (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)ft²	Mar. 31, 2019USD ($)ft²
Real Estate Properties [Line Items]
Aggregate Square Footage | ft²	232,648	130,240
Aggregate Annualized GAAP Rent	$ 3,185	$ 1,187
Aggregate Tenant Improvement	1,892	0
Aggregate Leasing Commissions	$ 715	$ 71
Weighted average
Real Estate Properties [Line Items]
Weighted Average Lease Term	6 years 9 months 18 days	6 years 2 months 12 days

Real Estate and Intangible As_8

Real Estate and Intangible Assets - Lease Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Real Estate [Abstract]
Fixed rental payments	$ 29,479	$ 27,162
Variable rental payments	4,140	975
Total lease payments	$ 33,619	$ 28,137

Real Estate and Intangible As_9

Real Estate and Intangible Assets Real Estate and Intangible Assets - Future Operating Lease Payments from Tenants under Non-Cancelable Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Real Estate [Abstract]
Nine Months Ending 2020	$ 82,835	$ 107,159
2021	107,411	101,794
2022	101,883	94,252
2023	94,182	86,460
2024	85,298	77,414
2025	76,287
Thereafter	293,679	307,591
Tenant Lease Payments	$ 841,575	$ 774,670

Real Estate and Intangible A_10

Real Estate and Intangible Assets - Carrying Value of Intangible Assets and Accumulated Amortization (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Below market leases and deferred revenue, gross	$ (36,365)	$ (34,322)
Below market leases and deferred revenue, accumulated amortization	15,686	15,000
Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
Lease Intangibles	238,166	226,525
Accumulated Amortization	(116,130)	(111,060)
In-place leases
Finite-Lived Intangible Assets [Line Items]
Lease Intangibles	97,348	92,906
Accumulated Amortization	(50,602)	(48,468)
Leasing costs
Finite-Lived Intangible Assets [Line Items]
Lease Intangibles	73,231	68,256
Accumulated Amortization	(35,240)	(33,705)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Lease Intangibles	67,587	65,363
Accumulated Amortization	(30,288)	(28,887)
Above market leases and below market leases and deferred revenue
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets (liabilities), gross	(21,547)	(17,820)
Finite-lived intangible assets (liabilities), accumulated amortization	5,574	4,995
Above market leases
Finite-Lived Intangible Assets [Line Items]
Lease Intangibles	14,818	16,502
Accumulated Amortization	$ (10,112)	$ (10,005)

Real Estate and Intangible A_11

Real Estate and Intangible Assets - Weighted Average Amortization Period for Intangible Assets and Liabilities (Details)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period (in years)	16 years 10 months 24 days	14 years 6 months
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period (in years)	16 years 3 months 18 days	13 years
Leasing costs
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period (in years)	16 years 3 months 18 days	13 years
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period (in years)	19 years 6 months 15 days	17 years 10 months 24 days
Above market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period (in years)	18 years	10 years
Below market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period (in years)	14 years 1 month 28 days	0 days

Real Estate Dispositions, Hel_3

Real Estate Dispositions, Held for Sale and Impairment Charges - Additional Information (Detail) - property	Feb. 20, 2020	Mar. 31, 2020	Dec. 31, 2019
Real Estate Properties [Line Items]
Number of real estate properties, held for sale		0
Number of impaired assets, held and used		0
Charlotte, North Carolina
Real Estate Properties [Line Items]
Number of properties sold	1
Number of real estate properties, held for sale			1
Disposed of by sale
Real Estate Properties [Line Items]
Number of properties sold		1

Real Estate Dispositions, Hel_4

Real Estate Dispositions, Held for Sale and Impairment Charges - Summary of Property Sold (Details) $ in Thousands	Feb. 20, 2020USD ($)ft²	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on Sale of Real Estate, net		$ (12)	$ 2,952
Disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on Sale of Real Estate, net		$ 0
Charlotte, North Carolina | Disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square Footage Sold | ft²	64,500
Sales Price	$ 4,145
Sales Costs	198
Loss on Sale of Real Estate, net	$ (12)

Real Estate Dispositions, Hel_5

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
	Mar. 31, 2020USD ($)property	Mar. 31, 2019USD ($)
Real Estate Properties [Line Items]
(Loss) gain on sale of real estate, net	$ (12)	$ 2,952
Assets disposed of by sale
Real Estate Properties [Line Items]
Operating revenue	0	295
Operating expense	33	70
Other expense, net	(12)	(1)
(Expense) income from real estate and related assets sold	(45)	$ 224
(Loss) gain on sale of real estate, net	$ 0
Number of properties sold | property	1

Real Estate Dispositions, Hel_6

Real Estate Dispositions, Held for Sale and Impairment Charges - Components of Assets and Liabilities Held for Sale (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets Held for Sale
Total Assets Held for Sale	$ 0	$ 3,990
Liabilities Held for Sale
Total Liabilities Held for Sale	$ 0	21
Real Estate Held for Sale
Assets Held for Sale
Real estate, at cost		7,411
Less: accumulated depreciation		3,421
Total real estate held for sale, net		3,990
Total Assets Held for Sale		3,990
Liabilities Held for Sale
Asset retirement obligation		21
Total Liabilities Held for Sale		$ 21

Mortgage Notes Payable and Cr_3

Mortgage Notes Payable and Credit Facility - Company's Mortgage Notes Payable and Line of Credit (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)property	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Encumbered properties | property	121
Total	$ 666,194	$ 626,594
Fixed rate mortgage loans
Debt Instrument [Line Items]
Encumbered properties | property	62
Carrying value	$ 445,786	412,771
Variable rate mortgage loans
Debt Instrument [Line Items]
Encumbered properties | property	12
Carrying value	$ 44,830	45,151
Mortgage notes payable
Debt Instrument [Line Items]
Encumbered properties | property	74
Carrying value	$ 490,616
Premiums and discounts, net	(224)	(239)
Deferred financing costs, net	(4,077)	(3,944)
Total	$ 486,315	453,739
Variable rate revolving credit facility | Revolving credit facility
Debt Instrument [Line Items]
Encumbered properties | property	47
Carrying value	$ 21,600	52,400
Deferred financing costs, net	(754)	(821)
Total	$ 20,846	51,579
Scheduled maturity dates	Jul. 2, 2023
Variable rate revolving credit facility | Revolving credit facility | LIBOR
Debt Instrument [Line Items]
Spread on LIBOR (as percent)	1.65%
Variable rate term loan facility
Debt Instrument [Line Items]
Carrying value	$ 160,000	122,300
Scheduled maturity dates	Jul. 2, 2024
Variable rate term loan facility | LIBOR
Debt Instrument [Line Items]
Spread on LIBOR (as percent)	1.60%
Term loan facility
Debt Instrument [Line Items]
Deferred financing costs, net	$ (967)	(1,024)
Total	$ 159,033	$ 121,276

Mortgage Notes Payable and Cr_4

Mortgage Notes Payable and Credit Facility - Company's Mortgage Notes Payable and Line of Credit Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020mortgageproperty
Debt Instrument [Line Items]
Weighted average interest rate on debt outstanding (as percent)	4.32%
Encumbered properties	121
LIBOR
Debt Instrument [Line Items]
Variable rate at period end (as percent)	0.99%
Fixed rate mortgage loans
Debt Instrument [Line Items]
Encumbered properties	62
Fixed rate mortgage loans | Minimum
Debt Instrument [Line Items]
Stated interest rate (as percent)	2.80%
Fixed rate mortgage loans | Maximum
Debt Instrument [Line Items]
Stated interest rate (as percent)	6.63%
Mortgage notes payable
Debt Instrument [Line Items]
Number of mortgage notes payable | mortgage	58
Maturity date of mortgage notes payable, start date	Jul. 1, 2020
Maturity date of mortgage notes payable, end date	Aug. 1, 2037
Weighted average interest rate on debt outstanding (as percent)	3.86%
Encumbered properties	74
Variable rate mortgage loans
Debt Instrument [Line Items]
Encumbered properties	12
Variable rate mortgage loans | Minimum | LIBOR
Debt Instrument [Line Items]
Spread on LIBOR (as percent)	2.00%
Variable rate mortgage loans | Maximum | LIBOR
Debt Instrument [Line Items]
Spread on LIBOR (as percent)	2.75%
Variable rate revolving credit facility | Revolving credit facility
Debt Instrument [Line Items]
Encumbered properties	47
Variable rate revolving credit facility | LIBOR | Revolving credit facility
Debt Instrument [Line Items]
Spread on LIBOR (as percent)	1.65%

Mortgage Notes Payable and Cr_5

Mortgage Notes Payable and Credit Facility - Additional Information (Detail)	Jul. 02, 2019USD ($)	Mar. 31, 2020USD ($)mortgageproperty	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Jul. 01, 2019USD ($)
Debt Instrument [Line Items]
Number of properties collateralized in mortgage notes payable | property		121
Payments of deferred financing costs		$ 382,000	$ 279,000
Fair value of mortgage notes payable		501,900,000
Line of credit outstanding		$ 20,846,000		$ 51,579,000
Weighted average interest rate on debt outstanding (as percent)		4.32%
Term loan facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 160,000,000				$ 75,000,000
Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000,000				$ 85,000,000
Line of credit
Debt Instrument [Line Items]
Extension fee on initial maturity (as percent)	0.10%
Line of credit outstanding		$ 181,600,000
Weighted average interest rate (as percent)		2.60%
Letters of credit, outstanding		$ 12,600,000
Maximum additional amount that can be drawn under Line of Credit		$ 17,200,000
Line of credit | Term loan facility
Debt Instrument [Line Items]
Term of debt	5 years
Line of credit | Revolving credit facility
Debt Instrument [Line Items]
Term of debt	4 years
Debt instrument fees incurred	$ 1,300,000
Letter of credit
Debt Instrument [Line Items]
Weighted average interest rate on debt outstanding (as percent)		1.65%
Variable rate mortgage loans
Debt Instrument [Line Items]
Number of properties collateralized in mortgage notes payable | property		12
Carrying value		$ 44,830,000		45,151,000
Mortgage notes payable
Debt Instrument [Line Items]
Number of mortgage notes payable | mortgage		58
Number of properties collateralized in mortgage notes payable | property		74
Net book value of collateralized mortgage properties		$ 730,500,000
Recourse amount of mortgage notes payable		$ 4,800,000
Percentage of debt recourse (as percent)		1.00%
Carrying value		$ 490,616,000
Weighted average interest rate on debt outstanding (as percent)		3.86%
Issued and assumed mortgage notes payable
Debt Instrument [Line Items]
Number of mortgage notes payable | mortgage		4
Number of properties collateralized in mortgage notes payable | property		4
Fixed rate mortgage loans
Debt Instrument [Line Items]
Number of properties collateralized in mortgage notes payable | property		62
Payments of deferred financing costs		$ 400,000	$ 300,000
Carrying value		$ 445,786,000		$ 412,771,000
Minimum | Fixed rate mortgage loans
Debt Instrument [Line Items]
Stated interest rate (as percent)		2.80%
Minimum | LIBOR | Term loan facility
Debt Instrument [Line Items]
Spread on LIBOR (as percent)	2.50%
Minimum | LIBOR | Variable rate mortgage loans
Debt Instrument [Line Items]
Spread on LIBOR (as percent)		2.00%
Maximum | Fixed rate mortgage loans
Debt Instrument [Line Items]
Stated interest rate (as percent)		6.63%
Maximum | LIBOR | Term loan facility
Debt Instrument [Line Items]
Spread on LIBOR (as percent)	2.75%
Maximum | LIBOR | Variable rate mortgage loans
Debt Instrument [Line Items]
Spread on LIBOR (as percent)		2.75%

Mortgage Notes Payable and Cr_6

Mortgage Notes Payable and Credit Facility - Mortgages Notes Payable (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)property	Jan. 27, 2020property	Mar. 31, 2019property
Debt Instrument [Line Items]
Number of properties acquired | property	5		2
New fixed rate mortgage notes payable
Debt Instrument [Line Items]
Aggregate Fixed Rate Debt Issued	$ 35,855
Stated interest rate (as percent)	3.22%
New fixed rate mortgage notes payable | Property maturing February 1, 2030
Debt Instrument [Line Items]
Aggregate Fixed Rate Debt Issued	$ 18,300
Stated interest rate (as percent)	3.625%
Number of properties acquired | property		3
New fixed rate mortgage notes payable | Property maturing June 18, 2024
Debt Instrument [Line Items]
Aggregate Fixed Rate Debt Issued	$ 17,500
Stated interest rate (as percent)	2.80%

Mortgage Notes Payable and Cr_7

Mortgage Notes Payable and Credit Facility - Scheduled Principal Payments of Mortgage Notes Payable (Detail) - Mortgage notes payable - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Nine Months Ending December 31, 2020	$ 28,514
2021	39,329
2022	107,733
2023	72,065
2024	49,172
2025	37,112
Thereafter	156,691
Total	490,616
Premiums and (discounts), net	(224)	$ (239)
Deferred financing costs, net	$ 4,077	$ 3,944

Mortgage Notes Payable and Cr_8

Mortgage Notes Payable and Credit Facility - Interest Rate Derivatives (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Aggregate Cost	$ 1,672
Aggregate Notional Amount	204,090	$ 166,728
Aggregate Fair Value	$ 161	250
Minimum | LIBOR
Debt Instrument [Line Items]
Interest rate (as percent)	2.00%
Maximum | LIBOR
Debt Instrument [Line Items]
Interest rate (as percent)	3.25%
Interest rate swaps | Counterparty
Debt Instrument [Line Items]
Aggregate Notional Amount	$ 63,168	45,777
Aggregate Fair Value	0	0
Aggregate Fair Value Liability	$ (3,538)	$ (1,173)

Mortgage Notes Payable and Cr_9

Mortgage Notes Payable and Credit Facility - Schedule of Derivative Instruments Impact (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Change in unrealized loss related to interest rate hedging instruments, net	$ (2,528)	$ (722)
Change in unrealized (loss) gain related to interest rate hedging instruments, net		(722)
Interest rate caps
Derivative Instruments, Gain (Loss) [Line Items]
Change in unrealized loss related to interest rate hedging instruments, net	(163)
Change in unrealized (loss) gain related to interest rate hedging instruments, net		(333)
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Change in unrealized loss related to interest rate hedging instruments, net	$ (2,365)
Change in unrealized (loss) gain related to interest rate hedging instruments, net		$ (389)

Mortgage Notes Payable and C_10

Mortgage Notes Payable and Credit Facility - Schedule of Derivative Instruments' Information (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	$ (3,377)	$ (923)
Interest rate caps | Derivatives Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Asset	161	250
Interest rate swaps | Derivatives Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Liability	$ (3,538)	$ (1,173)

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)lease	Mar. 31, 2019USD ($)
Other Commitments [Line Items]
Number of leases | lease	4
Rental expense	$ 29,479	$ 27,162
Property operating expense
Other Commitments [Line Items]
Rental expense	100	$ 100
Line of credit
Other Commitments [Line Items]
Letters of credit, outstanding	$ 12,600

Commitments and Contingencies_2

Commitments and Contingencies - Future Lease Payments Due Under Operating Leases (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Future Lease Payments Due Under Operating Leases
Nine Months Ending December 31, 2020	$ 350
2021	477
2022	489
2023	492
2024	493
2025	494
Thereafter	7,305
Total anticipated lease payments	10,100
Less: amount representing interest	(4,292)
Present value of lease payments	$ 5,808	$ 5,847

Equity and Mezzanine Equity - S

Equity and Mezzanine Equity - Summary of Changes in Stockholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	$ 208,134
Comprehensive income	(2,528)	$ (722)
Net income	2,258	4,673
Stockholders' equity, ending balance	220,354
Total Equity	223,464	258,291	$ 211,037
Senior Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	1	1
Issuance of Series A and B preferred stock and common stock, net	0	0
Stockholders' equity, ending balance	1	1
Series A and B Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	0	2
Issuance of Series A and B preferred stock and common stock, net	0	0
Stockholders' equity, ending balance	0	2
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	32	29
Issuance of Series A and B preferred stock and common stock, net	2	1
Stockholders' equity, ending balance	34	30
Additional Paid in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	571,205	559,977
Issuance of Series A and B preferred stock and common stock, net	27,930	14,111
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership	97	(220)
Stockholders' equity, ending balance	599,232	573,868
Accumulated Other Comprehensive Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	(2,126)	(148)
Comprehensive income	(2,528)	(722)
Stockholders' equity, ending balance	(4,654)	(870)
Distributions in Excess of Accumulated Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	(360,978)	(310,117)
Distributions declared to common, senior common, and preferred stockholders	(15,548)	(13,913)
Net income	2,267	4,628
Stockholders' equity, ending balance	(374,259)	(319,402)
Total Stockholders' Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	208,134	249,744
Issuance of Series A and B preferred stock and common stock, net	27,932	14,112
Distributions declared to common, senior common, and preferred stockholders	(15,548)	(13,913)
Comprehensive income	(2,528)	(722)
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership	97	(220)
Net income	2,267	4,628
Stockholders' equity, ending balance	220,354	253,629
Non-Controlling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	2,903	4,675
Distributions declared to common, senior common, and preferred stockholders	(189)	(278)
Issuance of Non-controlling OP Units as consideration in real estate acquisitions, net	502	0
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership	(97)	220
Net income	(9)	45
Stockholders' equity, ending balance	$ 3,110	$ 4,662

Equity and Mezzanine Equity - D

Equity and Mezzanine Equity - Dividends Paid (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Senior Common Stock
Dividends Payable [Line Items]
Common Stock, dividends paid per share	$ 0.2625	$ 0.2625
Series A Preferred Stock
Dividends Payable [Line Items]
Preferred Stock, dividends paid per share	0	0.4843749
Series B Preferred Stock
Dividends Payable [Line Items]
Preferred Stock, dividends paid per share	0	0.46875
Series D Preferred Stock
Dividends Payable [Line Items]
Preferred Stock, dividends paid per share	0.4374999	0.4374999
Series E Preferred Stock
Dividends Payable [Line Items]
Preferred Stock, dividends paid per share	0.414063	0
Common Stock
Dividends Payable [Line Items]
Common Stock, dividends paid per share	$ 0.37545	$ 0.375

Equity and Mezzanine Equity - A

Equity and Mezzanine Equity - Additional Information (Detail) - USD ($)	Feb. 20, 2020	Mar. 31, 2020	Feb. 19, 2020	Jan. 29, 2020	Dec. 31, 2019	Jan. 11, 2019
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	60,290,000	33,930,020	86,290,000		32,593,651
Series D Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Temporary equity, contract terms, minimum vote needed to trigger change in control from tender offer (as percent)		90.00%
Preferred Stock | Series D Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Redeemable preferred stock, dividend rate percentage (as percent)		7.00%
Preferred Stock | Series E Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Redeemable preferred stock, dividend rate percentage (as percent)		6.625%
Preferred Stock | Series F Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Redeemable preferred stock, dividend rate percentage (as percent)	6.00%
Redeemable preferred stock, shares authorized (in shares)	26,000,000
Redeemable preferred stock, shares outstanding (in shares)		0
Baird, Goldman Sachs, Stifel, Fifth Third, and U.S. Bancorp Investments, Inc. | Preferred Stock | Series E Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Maximum aggregate sales price of shares to be issued under open market sale agreement		$ 100,000,000
Redeemable preferred stock, shares issued (in shares)		0
Common Stock ATM Program | Baird, Goldman Sachs, Stifel, Fifth Third, and U.S. Bancorp Investments, Inc. | Common Stock
Class of Stock [Line Items]
Redeemable preferred stock, shares issued (in shares)		1,300,000
Consideration received		$ 27,900,000
Maximum aggregate sales price of shares to be issued under open market sale agreement		250,000,000
Maximum remaining capacity to sell common stock under open market sale agreement		209,200,000
2019 Universal Shelf
Class of Stock [Line Items]
Universal registration statement, amount authorized		409,700,000				$ 500,000,000
2020 Universal Shelf
Class of Stock [Line Items]
Universal registration statement, amount authorized		$ 800,000,000		$ 800,000,000
2020 Universal Shelf | Preferred Stock | Series F Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Universal registration statement, amount authorized				$ 636,500,000

Subsequent Events - Monthly Dis

Subsequent Events - Monthly Distributions Declared by Company's Board of Directors (Detail) - $ / shares

Jul. 06, 2020

Jul. 02, 2020

Jun. 30, 2020

Jun. 25, 2020

Jun. 19, 2020

Jun. 05, 2020

May 29, 2020

May 28, 2020

May 19, 2020

May 06, 2020

May 05, 2020

Apr. 30, 2020

Apr. 29, 2020

Apr. 24, 2020

Jun. 30, 2020

May 31, 2020

Apr. 30, 2020

Apr. 14, 2020

Subsequent event | Series D Preferred Stock

Dividends Payable [Line Items]

Distribution per share (in dollars per share)

$ 0.4374999

Subsequent event | Series E Preferred Stock

Dividends Payable [Line Items]

Distribution per share (in dollars per share)

0.414063

Subsequent event | Series F Preferred Stock

Dividends Payable [Line Items]

Distribution per share (in dollars per share)

0.375

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)

$ 0.37545

Subsequent event | April 2020

Dividends Payable [Line Items]

Record Date

Apr. 24, 2020

Forecast | May 2020

Dividends Payable [Line Items]

Record Date

May 19, 2020

Payment Date

May 29, 2020

Forecast | May 2020 | Series D Preferred Stock

Dividends Payable [Line Items]

Distribution per share (in dollars per share)

$ 0.1458333

Forecast | May 2020 | Series E Preferred Stock

Dividends Payable [Line Items]

Distribution per share (in dollars per share)

0.138021

Forecast | May 2020 | Series F Preferred Stock

Dividends Payable [Line Items]

Payable to the Holders of Record During the Month of:

May 28, 2020

Payment Date

Jun. 5, 2020

Distribution per share (in dollars per share)

$ 0.125

Forecast | May 2020 | Senior Common Stock

Dividends Payable [Line Items]

Payable to the Holders of Record During the Month of:

May

Payment Date

Jun. 5, 2020

Distribution per share (in dollars per share)

$ 0.0875

Forecast | May 2020 | Common Stock

Dividends Payable [Line Items]

Distribution per share (in dollars per share)

$ 0.12515

Forecast | June 2020

Dividends Payable [Line Items]

Record Date

Jun. 19, 2020

Payment Date

Jun. 30, 2020

Forecast | June 2020 | Series D Preferred Stock

Dividends Payable [Line Items]

Distribution per share (in dollars per share)

$ 0.1458333

$ 0.1458333

Forecast | June 2020 | Series E Preferred Stock

Dividends Payable [Line Items]

Distribution per share (in dollars per share)

0.138021

$ 0.138021

Forecast | June 2020 | Series F Preferred Stock

Dividends Payable [Line Items]

Payable to the Holders of Record During the Month of:

June 25, 2020

Payment Date

Jul. 2, 2020

Distribution per share (in dollars per share)

$ 0.125

Forecast | June 2020 | Senior Common Stock

Dividends Payable [Line Items]

Payable to the Holders of Record During the Month of:

June

Payment Date

Jul. 6, 2020

Distribution per share (in dollars per share)

$ 0.0875

Forecast | June 2020 | Common Stock

Dividends Payable [Line Items]

Distribution per share (in dollars per share)

$ 0.12515

$ 0.12515

Forecast | Subsequent event | April 2020

Dividends Payable [Line Items]

Payment Date

Apr. 30, 2020

Forecast | Subsequent event | April 2020 | Series D Preferred Stock

Dividends Payable [Line Items]

Distribution per share (in dollars per share)

$ 0.1458333

$ 0.1458333

Forecast | Subsequent event | April 2020 | Series E Preferred Stock

Dividends Payable [Line Items]

Distribution per share (in dollars per share)

0.138021

$ 0.138021

Forecast | Subsequent event | April 2020 | Series F Preferred Stock

Dividends Payable [Line Items]

Payable to the Holders of Record During the Month of:

April 29, 2020

Payment Date

May 5, 2020

Distribution per share (in dollars per share)

$ 0.125

Forecast | Subsequent event | April 2020 | Senior Common Stock

Dividends Payable [Line Items]

Payable to the Holders of Record During the Month of:

April

Payment Date

May 6, 2020

Distribution per share (in dollars per share)

$ 0.0875

Forecast | Subsequent event | April 2020 | Common Stock

Dividends Payable [Line Items]

Distribution per share (in dollars per share)

$ 0.12515

$ 0.12515

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events - Additional Information (Details) $ in Thousands	Apr. 24, 2020USD ($)property	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Apr. 28, 2020tenant
Subsequent Event [Line Items]
Repayments on mortgage notes		$ 3,162	$ 6,692
Subsequent event
Subsequent Event [Line Items]
Rent obligations collected (as percent)				98.00%
Number of tenants granted rent deferrals | tenant				3
Rent obligations deferred (as percent)				2.00%
Subsequent event | Variable rate mortgage loans
Subsequent Event [Line Items]
Repayments on mortgage notes	$ 12,100
Number of properties | property	2
Subsequent event | Fixed rate mortgage loans
Subsequent Event [Line Items]
Repayments on mortgage notes	$ 5,900
Number of properties | property	1
Stated interest rate (as percent)	6.00%
Subsequent event | LIBOR | Variable rate mortgage loans
Subsequent Event [Line Items]
Stated interest rate (as percent)	2.25%

Uncategorized Items - good-2020

Label	Element	Value
Restricted Cash	us-gaap_RestrictedCash	$ 2,703,000
Restricted Cash	us-gaap_RestrictedCash	$ 4,678,000