Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 01, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity Central Index Key | 0001234006 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Entity File Number | 001-33097 | |
Entity Registrant Name | GLADSTONE COMMERCIAL CORP | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 02-0681276 | |
Entity Address, Address Line One | 1521 Westbranch Drive, | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | McLean, | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 22102 | |
City Area Code | 703 | |
Local Phone Number | 287-5800 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 37,268,416 | |
Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | GOOD | |
Security Exchange Name | NASDAQ | |
7.00% Series D Cumulative Redeemable Preferred Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 6.625% Series E Cumulative Redeemable Preferred Stock, par value $0.001 per share | |
Trading Symbol | GOODN | |
Security Exchange Name | NASDAQ | |
6.625% Series E Cumulative Redeemable Preferred Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 6.00% Series G Cumulative Redeemable Preferred Stock, par value $0.001 per share | |
Trading Symbol | GOODO | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
ASSETS | |||
Real estate, at cost | $ 1,172,548 | $ 1,128,683 | |
Less: accumulated depreciation | 257,050 | 228,468 | |
Total real estate, net | 915,498 | 900,215 | |
Lease intangibles, net | 111,782 | 117,379 | |
Real estate and related assets held for sale | 4,005 | 8,498 | |
Cash and cash equivalents | 10,230 | 11,016 | |
Restricted cash | 4,972 | 5,060 | |
Funds held in escrow | 8,888 | 9,145 | |
Right-of-use assets from operating leases | 5,432 | 5,582 | |
Deferred rent receivable, net | 38,203 | 36,555 | |
Other assets | 5,784 | 4,458 | |
TOTAL ASSETS | 1,104,794 | 1,097,908 | |
LIABILITIES | |||
Mortgage notes payable, net | [1] | 448,001 | 456,177 |
Borrowings under Revolver | 2,100 | 53,312 | |
Borrowings under Term Loan, net | 223,951 | 159,203 | |
Deferred rent liability, net | 22,459 | 20,633 | |
Operating lease liabilities | 5,571 | 5,687 | |
Asset retirement obligation | 3,151 | 3,086 | |
Accounts payable and accrued expenses | 8,000 | 4,459 | |
Liabilities related to assets held for sale | 13 | 0 | |
Due to Adviser and Administrator | [1] | 3,188 | 2,960 |
Other liabilities | 16,554 | 17,068 | |
TOTAL LIABILITIES | 732,988 | 722,585 | |
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 6,571,003 and 6,571,003 shares issued and outstanding at March 31, 2021 and December 31, 2020 | [3] | 170,264 | 159,286 |
EQUITY | |||
Senior common stock, par value $0.001 per share; 950,000 shares authorized; and 706,152 and 750,372 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | [3] | 1 | 1 |
Common stock, par value $0.001 per share, 60,290,000 and 60,290,000 shares authorized and 36,224,499 and 35,331,970 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | [3] | 37 | 35 |
Series F redeemable preferred stock, par value $0.001 per share; $25 per share liquidation preference; 26,000,000 and 26,000,000 shares authorized and 118,174 and 116,674 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | [3] | 0 | 0 |
Additional paid in capital | 656,790 | 626,533 | |
Accumulated other comprehensive income | (2,075) | (4,345) | |
Distributions in excess of accumulated earnings | (454,494) | (409,041) | |
TOTAL STOCKHOLDERS' EQUITY | 200,259 | 213,183 | |
OP Units held by Non-controlling OP Unitholders | [3] | 1,283 | 2,854 |
TOTAL EQUITY | 201,542 | 216,037 | |
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY | $ 1,104,794 | $ 1,097,908 | |
[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 | Sep. 30, 2021 | Dec. 31, 2020 |
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) | 634,179 | 750,372 |
Senior common stock, shares outstanding (in shares) | 634,179 | 750,372 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 62,290,000 | 60,290,000 |
Common stock, shares issued (in shares) | 36,880,119 | 35,331,970 |
Common stock, shares outstanding (in shares) | 36,880,119 | 35,331,970 |
Series D, E And G 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) | 10,760,000 | 12,760,000 |
Redeemable preferred stock, shares issued (in shares) | 7,061,448 | 6,571,003 |
Redeemable preferred stock, shares outstanding (in shares) | 7,061,448 | 6,571,003 |
Series F 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) | 26,000,000 | 26,000,000 |
Redeemable preferred stock, shares issued (in shares) | 335,162 | 116,674 |
Redeemable preferred stock, shares outstanding (in shares) | 335,162 | 116,674 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Operating revenues | |||||
Lease revenue | $ 34,334 | $ 33,142 | $ 102,381 | $ 100,287 | |
Total operating revenues | 34,334 | 33,142 | 102,381 | 100,287 | |
Operating expenses | |||||
Depreciation and amortization | 14,760 | 13,798 | 45,661 | 42,076 | |
Property operating expenses | 6,807 | 6,590 | 20,278 | 19,098 | |
Base management fee | [1] | 1,472 | 1,418 | 4,369 | 4,219 |
Incentive fee | [1] | 1,266 | 1,128 | 3,540 | 3,301 |
Administration fee | [1] | 382 | 361 | 1,016 | 1,194 |
General and administrative | 811 | 775 | 2,540 | 2,406 | |
Impairment charge | 0 | 1,184 | 0 | 2,905 | |
Total operating expense before incentive fee waiver | 25,498 | 25,254 | 77,404 | 75,199 | |
Incentive fee waiver | [1] | 0 | 0 | (16) | 0 |
Total operating expenses | 25,498 | 25,254 | 77,388 | 75,199 | |
Other (expense) income | |||||
Interest expense | (6,688) | (6,444) | (20,338) | (20,411) | |
Gain (loss) on sale of real estate, net | 0 | 1,196 | (882) | 1,184 | |
Other income | 2,350 | 204 | 2,884 | 209 | |
Total other expense, net | (4,338) | (5,044) | (18,336) | (19,018) | |
Net income | 4,498 | 2,844 | 6,657 | 6,070 | |
Net (income) loss (available) attributable to OP Units held by Non-controlling OP Unitholders | (21) | 2 | 42 | 39 | |
Net income attributable to the Company | 4,477 | 2,846 | 6,699 | 6,109 | |
Distributions attributable to Series D, E, F, and G preferred stock | (2,868) | (2,771) | (8,571) | (8,137) | |
Series D preferred stock offering costs write off | 0 | 0 | (2,141) | 0 | |
Distributions attributable to senior common stock | (170) | (203) | (534) | (615) | |
Net income (loss) available (attributable) to common stockholders | $ 1,439 | $ (128) | $ (4,547) | $ (2,643) | |
Earnings (loss) per weighted average share of common stock - basic & diluted | |||||
Income (loss) attributable to common shareholders, basic (in dollars per share) | $ 0.04 | $ (0.004) | $ (0.13) | $ (0.08) | |
Income (loss) attributable to common shareholders, diluted (in dollars per share) | $ 0.04 | $ (0.004) | $ (0.13) | $ (0.08) | |
Weighted average shares of common stock outstanding | |||||
Basic (in shares) | 36,768,779 | 34,075,147 | 36,296,414 | 33,884,007 | |
Diluted (in shares) | 36,768,779 | 34,075,147 | 36,296,414 | 33,884,007 | |
Earnings per weighted average share of senior common stock (in dollars per share) | $ 0.26 | $ 0.26 | $ 0.78 | $ 0.79 | |
Weighted average shares of senior common stock outstanding - basic (in shares) | 642,742 | 768,550 | 680,878 | 779,526 | |
Comprehensive income | |||||
Change in unrealized gain (loss) related to interest rate hedging instruments, net | $ 421 | $ 276 | $ 2,125 | $ (2,733) | |
Other Comprehensive gain (loss) | 421 | 276 | 2,125 | (2,733) | |
Net income | 4,498 | 2,844 | 6,657 | 6,070 | |
Comprehensive income | 4,919 | 3,120 | 8,782 | 3,337 | |
Comprehensive (income) loss available (attributable) to OP Units held by Non-controlling OP Unitholders | (21) | 2 | 42 | 39 | |
Total comprehensive income available to the Company | $ 4,898 | $ 3,122 | $ 8,824 | $ 3,376 | |
[1] | Refer to Note 2 “Related-Party Transactions” |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 6,657 | $ 6,070 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 45,661 | 42,076 |
Impairment charge | 0 | 2,905 |
Loss (gain) on sale of real estate, net | 882 | (1,184) |
Amortization of deferred financing costs | 1,175 | 1,156 |
Amortization of deferred rent asset and liability, net | (2,702) | (1,472) |
Amortization of discount and premium on assumed debt, net | 40 | 43 |
Asset retirement obligation expense | 78 | 72 |
Amortization of right-of-use asset from operating leases and operating lease liabilities, net | 34 | 39 |
Operating changes in assets and liabilities | ||
Decrease in other assets | 114 | 2,397 |
Increase in deferred rent receivable | (1,907) | (1,042) |
Increase in accounts payable and accrued expenses | 4,071 | 1,960 |
Increase in amount due to Adviser and Administrator | 228 | 68 |
Increase in other liabilities | 1,016 | 660 |
Tenant inducement payments | (20) | 0 |
Leasing commissions paid | (1,634) | (1,364) |
Net cash provided by operating activities | 53,693 | 52,384 |
Cash flows from investing activities: | ||
Acquisition of real estate and related intangible assets | (45,879) | (82,098) |
Improvements of existing real estate | (4,752) | (5,112) |
Proceeds from sale of real estate | 5,106 | 14,363 |
Receipts from lenders for funds held in escrow | 1,948 | 171 |
Payments to lenders for funds held in escrow | (1,691) | (1,881) |
Receipts from tenants for reserves | 3,035 | 1,740 |
Payments to tenants from reserves | (3,223) | (1,507) |
Deposits on future acquisitions | (500) | (1,575) |
Deposits applied against acquisition of real estate investments | 0 | 2,891 |
Net cash used in investing activities | (45,956) | (73,008) |
Cash flows from financing activities: | ||
Proceeds from issuance of equity | 129,992 | 39,624 |
Offering costs paid | (4,304) | (559) |
Redemption of Series D perpetual preferred stock | (87,739) | 0 |
Borrowings under mortgage notes payable | 5,500 | 35,855 |
Payments for deferred financing costs | (614) | (422) |
Principal repayments on mortgage notes payable | (14,336) | (31,667) |
Borrowings from revolving credit facility | 19,100 | 95,600 |
Repayments on revolving credit facility | (70,900) | (104,200) |
Borrowings on term loan | 65,000 | 37,700 |
Increase (decrease) in security deposits | 83 | (1) |
Distributions paid for common, senior common, preferred stock and Non-controlling OP Unitholders | (50,393) | (47,532) |
Net cash (used in) provided by financing activities | (8,611) | 24,398 |
Net (decrease) increase in cash, cash equivalents, and restricted cash | (874) | 3,774 |
Cash, cash equivalents, and restricted cash at beginning of period | 16,076 | 11,488 |
Cash, cash equivalents, and restricted cash at end of period | 15,202 | 15,262 |
SUPPLEMENTAL AND NON-CASH INFORMATION | ||
Tenant funded fixed asset improvements included in deferred rent liability, net | 4,905 | 1,972 |
Acquisition of real estate and related intangible assets | 300 | 0 |
Unrealized gain (loss) related to interest rate hedging instruments, net | 2,125 | (2,733) |
Capital improvements and leasing commissions included in accounts payable and accrued expenses | 539 | 670 |
Non-controlling OP Units issued in connection with acquisition | 0 | 502 |
Series D Preferred Stock offering cost write off | 2,141 | 0 |
Cash and cash equivalents | 10,230 | 10,370 |
Restricted cash | 4,972 | 4,892 |
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows | $ 15,202 | $ 15,262 |
Organization, Basis of Presenta
Organization, Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
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. 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, 2020, as filed with the U.S. Securities and Exchange Commission on February 16, 2021. The results of operations for the three and nine months ended September 30, 2021 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. Significant 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, 2020. There were no material changes to our critical accounting policies during the three and nine months ended September 30, 2021. Recently Issued Accounting Pronouncements In April 2020, the FASB issued a staff question-and-answer document, Topic 842 and Topic 840: Accounting for Lease Concessions related to the Effects of the COVID-19 Pandemic (“COVID-19 Q&A”), to address frequently asked questions pertaining to lease concessions arising from the effects of the COVID-19 pandemic. Existing lease guidance requires entities to determine if a lease concession was a result of a new arrangement reached with the tenant, which would be addressed under the lease modification accounting framework, or if a lease concession was under the enforceable rights and obligations within the existing lease agreement, which would not fall under the lease modification accounting framework. The COVID-19 Q&A clarifies that entities may elect to not evaluate whether lease-related relief granted in light of the effects of COVID-19 is a lease |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
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 the executive vice president of commercial and industrial real estate of our Adviser. Mr. Michael LiCalsi, our general counsel and secretary, also serves as our Administrator’s president, general counsel and secretary, as well as executive vice president of administration of our Adviser. 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 September 30, 2021 and December 31, 2020, $3.2 million and $3.0 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 agreements with our Adviser and Administrator each July. During their July 2021 meeting, our Board of Directors reviewed and renewed the Administration Agreement for an additional year, through August 31, 2022. Base Management Fee Under the previous version of the Advisory Agreement (that which was in place prior to the most recent amendment on July 14, 2020), the calculation of the annual base management fee equaled 1.5% of our Total Equity, which was 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 was calculated and accrued quarterly as 0.375% per quarter of such Total Equity. Our Adviser does not charge acquisition or disposition fees when we acquire or dispose of properties, as is common in other externally managed REITs; however, our Adviser may earn fee income from our borrowers, tenants or other sources. On July 14, 2020, we amended and restated the Advisory Agreement by entering into the Sixth Amended and Restated Investment Advisory Agreement between us and the Adviser (the “Sixth Amended Advisory Agreement”), which replaced the previous calculation of the base management fee with a calculation based on Gross Tangible Real Estate. The revised base management fee will be payable quarterly in arrears and calculated at an annual rate of 0.425% (0.10625% per quarter) of the prior calendar quarter’s “Gross Tangible Real Estate,” defined in the Sixth Amended Advisory Agreement as the current gross value of our property portfolio (meaning the aggregate of each property’s original acquisition price plus the cost of any subsequent capital improvements thereon). The calculation of the other fees in the Advisory Agreement remain unchanged. The revised base management fee calculation began with the fee calculations for the quarter ended September 30, 2020. For the three and nine months ended September 30, 2021, we recorded a base management fee of $1.5 million and $4.4 million, respectively. For the three and nine months ended September 30, 2020, we recorded a base management fee of $1.4 million and $4.2 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 and nine months ended September 30, 2021, we recorded an incentive fee of $1.3 million and $3.5 million, respectively, partially offset by credits related to unconditional voluntary and irrevocable waivers issued by the Adviser of $0.00 million and $0.02 million, respectively, resulting in a net incentive fee for the three and nine months ended September 30, 2021 of $1.3 million and $3.5 million, respectively. For the three and nine months ended September 30, 2020, we recorded an incentive fee of $1.1 million and $3.3 million, respectively. The Adviser did not waive any portion of the incentive fee for the three and nine months ended September 30, 2020. 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 and nine months ended September 30, 2021 or 2020. Termination Fee The Advisory Agreement includes a termination fee clause 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 that the methodology of allocating the Administrator’s total expenses by approximate percentage of time services were performed among all companies serviced by our Administrator more closely approximates fees paid to actual services performed. For the three and nine months ended September 30, 2021, we recorded an administration fee of $0.4 million and $1.0 million, respectively. For the three and nine months ended September 30, 2020, we recorded an administration fee of $0.4 million and $1.2 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. 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 1.00% 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 did not pay financing fees to Gladstone Securities during the three months ended September 30, 2021, but we paid financing fees to Gladstone Securities of $14,000 during the nine months ended September 30, 2021, which are included in mortgage notes payable, net, in the condensed consolidated balance sheets, or 0.25% of the mortgage principal secured. We did not pay financing fees to Gladstone Securities during the three months ended September 30, 2020, but we paid financing fees to Gladstone Securities of $89,637 during the nine months ended September 30, 2020, which are included in mortgage notes payable, net, in the condensed consolidated balance sheets, or 0.25% of the mortgage principal secured. Our Board of Directors renewed the agreement for an additional year, through August 31, 2022, at its July 2021 meeting. Dealer Manager Agreement On February 20, 2020 we entered into a dealer manager agreement (the “Dealer Manager Agreement”), whereby Gladstone Securities will act as the 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, 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, Gladstone Securities, as dealer manager, will provide certain sales, promotional and marketing services to us in connection with the Offering, and we will pay Gladstone Securities (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. Gladstone Securities may, in its sole discretion, reallow a portion of the Dealer Manager Fee to participating broker-dealers in support of the Offering. We paid fees of $0.5 million to Gladstone Securities during the nine months ended September 30, 2021 in connection with the Offering. |
Earnings (Loss) Per Share of Co
Earnings (Loss) Per Share of Common Stock | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share of Common Stock | Earnings (Loss) Per Share of Common Stock The following tables set forth the computation of basic and diluted earnings (loss) per share of common stock for the three and nine months ended September 30, 2021 and 2020. The OP Units held by Non-controlling OP Unitholders (which may be redeemed for shares of common stock) have been excluded from the diluted earnings (loss) per share calculations, as there would be no effect on the amounts since the Non-controlling OP Unitholders’ share of earnings (loss) would also be added back to net income (loss). Net income (loss) figures are presented net of such non-controlling interests in the earnings (loss) per share calculation. We computed basic earnings (loss) per share for the three and nine months ended September 30, 2021 and 2020 using the weighted average number of shares outstanding during the respective periods. Diluted earnings (loss) per share for the three and nine months ended September 30, 2021 and 2020 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 income (loss) attributable to common stockholders as applicable to common stockholders that would result from their assumed issuance (dollars in thousands, except per share amounts). For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Calculation of basic earnings (loss) per share of common stock: Net income (loss) attributable to common stockholders $ 1,439 $ (128) $ (4,547) $ (2,643) Denominator for basic weighted average shares of common stock (1) 36,768,779 34,075,147 36,296,414 33,884,007 Basic earnings (loss) per share of common stock $ 0.04 $ (0.004) $ (0.13) $ (0.08) Calculation of diluted earnings (loss) per share of common stock: Net income (loss) attributable to common stockholders $ 1,439 $ (128) $ (4,547) $ (2,643) Net income (loss) attributable to common stockholders plus assumed conversions (2) $ 1,439 $ (128) $ (4,547) $ (2,643) Denominator for basic weighted average shares of common stock (1) 36,768,779 34,075,147 36,296,414 33,884,007 Effect of convertible Senior Common Stock (2) — — — — Denominator for diluted weighted average shares of common stock (2) 36,768,779 34,075,147 36,296,414 33,884,007 Diluted earnings (loss) per share of common stock $ 0.04 $ (0.004) $ (0.13) $ (0.08) (1) The weighted average number of OP Units held by Non-controlling OP Unitholders was 256,994 and 337,205 for the three and nine months ended September 30, 2021, respectively, and 503,033 and 502,435 for the three and nine months ended September 30, 2020, respectively. |
Real Estate and Intangible Asse
Real Estate and Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Real Estate [Abstract] | |
Real Estate and Intangible Assets | Real Estate and Intangible Assets Real Estate The following table sets forth the components of our investments in real estate as of September 30, 2021 and December 31, 2020, excluding real estate held for sale as of September 30, 2021 and December 31, 2020, respectively (dollars in thousands): September 30, 2021 December 31, 2020 Real estate: Land (1) $ 146,684 $ 142,853 Building and improvements 955,233 916,601 Tenant improvements 70,631 69,229 Accumulated depreciation (257,050) (228,468) Real estate, net $ 915,498 $ 900,215 (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 $9.8 million and $30.0 million for the three and nine months ended September 30, 2021, respectively. Real estate depreciation expense on building and tenant improvements was $9.0 million and $27.2 million for the three and nine months ended September 30, 2020, respectively. Acquisitions We acquired eight properties during the nine months ended September 30, 2021, and six properties during the nine months ended September 30, 2020. The acquisitions are summarized below (dollars in thousands): Nine Months Ended Aggregate Square Footage Weighted Average Lease Term Aggregate Purchase Price Aggregate Capitalized Acquisition Costs September 30, 2021 (1) 367,716 15.5 years $ 46,225 $ 370 September 30, 2020 (2) 1,043,638 14.2 years $ 82,599 $ 339 (1) On January 22, 2021, we acquired a 180,152 square foot property in Findlay, Ohio for $11.1 million. The property is fully leased to one tenant for 14.2 years at time we acquired the property. On June 17, 2021, we acquired a 25,200 square foot property in Baytown, Texas for $8.2 million. The property is fully leased to one tenant for 12.6 years at time we acquired the property. On July 21, 2021, we acquired an 80,604 square foot, four-property portfolio in Pacific, Missouri for $22.1 million. These properties are fully leased to one tenant for 17.4 years at time we acquired the portfolio. On August 20, 2021, we acquired an 81,760 square foot, two-property portfolio in Peru, Illinois for $4.8 million. These properties are fully leased to one tenant for 15.0 years at time we acquired the portfolio. (2) 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 at time we acquired the property. 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 at time we acquired the portfolio. On March 9, 2020, we acquired a 504,400 square foot property in Crandall, Georgia, for $32.0 million. The property is fully leased to one tenant for 10.5 years at time we acquired the property. On September 1, 2020, we acquired a 153,600 square foot property in Indianapolis, Indiana for $10.6 million. The property is fully leased to one tenant for 9.7 years at time we acquired the property. We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the nine months ended September 30, 2021 and 2020, respectively, as follows (dollars in thousands): Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Acquired assets and liabilities Purchase price Purchase price Land $ 4,116 $ 7,798 (1) Building 33,113 61,930 Tenant Improvements 860 1,431 In-place Leases 3,336 5,411 Leasing Costs 3,198 4,664 Customer Relationships 1,458 2,808 Above Market Leases 410 309 (2) Below Market Leases (266) (1,752) (3) Total Purchase Price $ 46,225 $ 82,599 (1) This amount includes $2,711 of land value subject to a land lease agreement, which we may purchase for a nominal fee. (2) This amount includes $46 and $53 of loans receivable included in Other assets on the condensed consolidated balance sheets, respectively. (3) This amount includes $62 of prepaid rent included in Other liabilities on the condensed consolidated balance sheets. Future Lease Payments Future operating lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses, for the three months ending December 31, 2021 and each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands): Year Tenant Lease Payments Three Months Ending 2021 $ 28,699 2022 115,625 2023 108,691 2024 102,252 2025 95,813 2026 86,921 Thereafter 309,507 $ 847,508 In accordance with the lease terms, substantially all operating expenses are required to be paid by the tenant directly, or reimbursed to us from the tenant; however, we would be required to pay operating expenses on the respective properties in the event the tenants fail to pay them. Lease Revenue Reconciliation The table below sets forth the allocation of lease revenue between fixed contractual payments and variable lease payments for the three and nine months ended September 30, 2021 and 2020, respectively (dollars in thousands): For the three months ended September 30, (Dollars in Thousands) Lease revenue reconciliation 2021 2020 $ Change % Change Fixed lease payments $ 30,230 $ 29,116 $ 1,114 3.8 % Variable lease payments 4,104 4,026 78 1.9 % $ 34,334 $ 33,142 $ 1,192 3.6 % For the nine months ended September 30, (Dollars in Thousands) Lease revenue reconciliation 2021 2020 $ Change % Change Fixed lease payments $ 90,331 $ 88,286 $ 2,045 2.3 % Variable lease payments 12,050 12,001 49 0.4 % $ 102,381 $ 100,287 $ 2,094 2.1 % Legal Settlements In August 2021, we reached separate legal settlements through which we recognized $2.4 million, net, recorded in other income on the condensed consolidated statement of operations and comprehensive income. Intangible Assets The following table summarizes the carrying value of intangible assets, liabilities and the accumulated amortization for each intangible asset and liability class as of September 30, 2021 and December 31, 2020, excluding real estate held for sale as of September 30, 2021 and December 31, 2020, respectively (dollars in thousands): September 30, 2021 December 31, 2020 Lease Intangibles Accumulated Amortization Lease Intangibles Accumulated Amortization In-place leases $ 102,796 $ (60,713) $ 99,254 $ (54,168) Leasing costs 78,755 (42,536) 73,707 (37,801) Customer relationships 70,016 (36,536) 68,268 (31,881) $ 251,567 $ (139,785) $ 241,229 $ (123,850) Deferred Rent Receivable/(Liability) Accumulated (Amortization)/Accretion Deferred Rent Receivable/(Liability) Accumulated (Amortization)/Accretion Above market leases $ 15,460 $ (11,312) $ 15,076 $ (10,670) Below market leases and deferred revenue (43,152) 20,693 (38,319) 17,686 Total amortization expense related to in-place leases, leasing costs and customer relationship lease intangible assets was $5.0 million and $15.7 million for the three and nine months ended September 30, 2021, respectively, and $4.8 million and $14.9 million for the three and nine months ended September 30, 2020, 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 $0.6 million for the three and nine months ended September 30, 2021, respectively, and $0.2 million and $0.6 million for the three and nine months ended September 30, 2020, 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 $0.9 million and $3.3 million for the three and nine months ended September 30, 2021, respectively, and $0.7 million and $2.1 million for the three and nine months ended September 30, 2020, 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 and liabilities assumed during the nine months ended September 30, 2021 and 2020, respectively, were as follows: Intangible Assets & Liabilities 2021 2020 In-place leases 15.0 15.7 Leasing costs 15.0 15.7 Customer relationships 21.2 18.9 Above market leases 14.0 16.6 Below market leases 17.4 14.2 All intangible assets & liabilities 16.5 16.3 |
Real Estate Dispositions, Held
Real Estate Dispositions, Held for Sale and Impairment Charges | 9 Months Ended |
Sep. 30, 2021 | |
Real Estate [Abstract] | |
Real Estate Dispositions, Held for Sale and Impairment Charges | Real Estate Dispositions, Held for Sale and Impairment Charges Real Estate Dispositions During the nine months ended September 30, 2021, we continued to execute our capital recycling program, whereby we sold properties outside of our core markets and redeployed 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. During the nine months ended September 30, 2021, we sold two non-core properties, located in Rancho Cordova, California and Champaign, Illinois, which are summarized in the table below (dollars in thousands): Aggregate Square Footage Sold Aggregate Sales Price Aggregate Sales Costs Aggregate loss on Sale of Real Estate, net 81,758 $ 5,473 $ 367 $ (882) Our dispositions during the nine months ended September 30, 2021 were not classified as discontinued operations because they did not represent a strategic shift in operations, nor will such dispositions have a major effect on our operations and financial results. Accordingly, the operating results of these properties are included within continuing operations for all periods reported. The table below summarizes the components of operating income from the real estate and related assets disposed of during the three and nine months ended September 30, 2021, and 2020 (dollars in thousands): For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Operating revenue $ — $ 319 $ 240 $ 773 Operating expense — 1,561 117 1,926 Other expense, net — (59) (1,622) (1) (177) Loss from real estate and related assets sold $ — $ (1,301) $ (1,499) $ (1,330) (1) Includes a $0.9 million loss on sale of real estate, net, on two property sales. Real Estate Held for Sale As of September 30, 2021, we had one property classified as held for sale, located in Richmond, Virginia. We consider this asset to be non-core to our long term strategy. At December 31, 2020, we had three properties classified as held for sale, located in Boston Heights, Ohio, Rancho Cordova, California, and Champaign, Illinois. Two of the properties were sold during the nine months ended September 30, 2021. Our Boston Heights, Ohio property is classified as held and used as of September 30, 2021, as this property no longer meets the held for sale criteria. 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): September 30, 2021 December 31, 2020 Assets Held for Sale Total real estate held for sale $ 4,005 $ 8,114 Lease intangibles, net — 384 Total Assets Held for Sale $ 4,005 $ 8,498 Liabilities Held for Sale Asset retirement obligation 13 — Total Liabilities Held for Sale $ 13 $ — Impairment Charges We evaluated our portfolio for triggering events to determine if any of our held and used assets were impaired during the nine months ended September 30, 2021 and did not recognize an impairment charge. We recognized an aggregate impairment charge of $2.9 million during the nine months ended September 30, 2020 on three held and used assets, located in Blaine, Minnesota, Champaign, Illinois, and Rancho Cardova, California. In performing our impairment testing, the undiscounted cash flows for this asset were below the carrying value, so we impaired the asset and wrote it down to its fair value, which we determined using third party purchase offers. 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 | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable and Credit Facility | Mortgage Notes Payable and Credit Facility Our $100.0 million unsecured revolving credit facility (“Revolver”), $160.0 million term loan facility (“Term Loan A”), and $65.0 million term loan facility (“Term Loan B”), are collectively referred to herein as the Credit Facility. Our mortgage notes payable and Credit Facility as of September 30, 2021 and December 31, 2020 are summarized below (dollars in thousands): Encumbered properties at Carrying Value at Stated Interest Rates at Scheduled Maturity Dates at September 30, 2021 September 30, 2021 December 31, 2020 September 30, 2021 September 30, 2021 Mortgage and other secured loans: Fixed rate mortgage loans 61 $ 426,933 $ 435,029 (1) (2) Variable rate mortgage loans 7 24,069 24,809 (3) (2) Premiums and discounts, net - (142) (182) N/A N/A Deferred financing costs, mortgage loans, net - (2,859) (3,479) N/A N/A Total mortgage notes payable, net 68 $ 448,001 $ 456,177 (4) Variable rate revolving credit facility 56 (6) $ 2,100 $ 53,900 LIBOR + 1.90% 7/2/2023 Total revolver 56 $ 2,100 $ 53,900 Variable rate term loan facility A - (6) $ 160,000 $ 160,000 LIBOR + 1.85% 7/2/2024 Variable rate term loan facility B - (6) 65,000 — LIBOR + 2.00% 2/11/2026 Deferred financing costs, term loan facility - (1,049) (797) N/A N/A Total term loan, net N/A $ 223,951 $ 159,203 Total mortgage notes payable and credit facility 124 $ 674,052 $ 669,280 (5) (1) Interest rates on our fixed rate mortgage notes payable vary from 2.80% to 6.63%. (2) We have 53 mortgage notes payable with maturity dates ranging from 11/1/2021 through 8/1/2037. (3) Interest rates on our variable rate mortgage notes payable vary from one month LIBOR + 2.35% to one month LIBOR + 2.75%. As of September 30, 2021, one month LIBOR was approximately 0.08%. (4) The weighted average interest rate on the mortgage notes outstanding as of September 30, 2021 was approximately 4.19%. (5) The weighted average interest rate on all debt outstanding as of September 30, 2021 was approximately 3.45%. (6) The amount we may draw under our Credit Facility is based on a percentage of the fair value of a combined pool of 56 unencumbered properties as of September 30, 2021. N/A - Not Applicable Mortgage Notes Payable As of September 30, 2021, we had 53 mortgage notes payable, collateralized by a total of 68 properties with a net book value of $667.8 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. As of September 30, 2021, we did not have any mortgages subject to recourse. We will also indemnify lenders against claims resulting from the presence of hazardous substances or activity involving hazardous substances in violation of environmental laws on a property. During the nine months ended September 30, 2021, we repaid one mortgage, collateralized by one property, which is summarized in the table below (dollars in thousands): Fixed Rate Debt Repaid Interest Rate on Fixed Rate Debt Repaid $ 4,470 4.90% During the nine months ended September 30, 2021, we issued one mortgage, collateralized by one property, which is summarized in the table below (dollars in thousands): Fixed Rate Debt Issued Interest Rate on Fixed Rate Debt $ 5,500 (1) 3.24% (1) On January 22, 2021, we issued $5.5 million of floating rate debt swapped to fixed debt of 3.24% in connection with one property acquisition. We did not make any payments for deferred financing costs during the three months ended September 30, 2021 but made payments of $0.6 million for deferred financing costs during the nine months ended September 30, 2021. We made payments of $0.03 million and $0.4 million for deferred financing costs during the three and nine months ended September 30, 2020, respectively. Scheduled principal payments of mortgage notes payable for the three months ending December 31, 2021, and each of the five succeeding fiscal years and thereafter are as follows (dollars in thousands): Year Scheduled Principal Payments Three Months Ending December 31, 2021 $ 13,551 2022 105,787 2023 72,371 2024 45,601 2025 37,763 2026 42,892 Thereafter 133,037 Total $ 451,002 (1) (1) This figure does not include $(0.1) million of premiums and (discounts), net, and $2.9 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 September 30, 2021 and December 31, 2020, 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 September 30, 2021 and December 31, 2020 (dollars in thousands): September 30, 2021 December 31, 2020 Aggregate Cost Aggregate Notional Amount Aggregate Fair Value Aggregate Notional Amount Aggregate Fair Value $ 1,228 (1) $ 208,855 $ 128 $ 177,060 $ 9 (1) We have entered into various interest rate cap agreements on variable rate debt with LIBOR caps ranging from 1.50% to 2.75%. We have assumed or entered into interest rate swap agreements in connection with certain of our 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 value 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 September 30, 2021 and December 31, 2020 (dollars in thousands): September 30, 2021 December 31, 2020 Aggregate Notional Amount Aggregate Fair Value Asset Aggregate Fair Value Liability Aggregate Notional Amount Aggregate Fair Value Asset Aggregate Fair Value Liability $ 73,497 $ 725 $ (1,631) $ 68,829 $ — $ (3,055) The following table presents the impact of our derivative instruments in the condensed consolidated financial statements (dollars in thousands): Amount of gain (loss) recognized in Comprehensive Income Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Derivatives in cash flow hedging relationships Interest rate caps $ (49) $ (25) $ (26) $ (332) Interest rate swaps 470 301 2,151 (2,401) Total $ 421 $ 276 $ 2,125 $ (2,733) The following table presents the reclassifications of our derivative instruments out of accumulated other comprehensive income into interest expense in the condensed consolidated financial statements (dollars in thousands): Amount reclassified out of Accumulated Other Comprehensive Income Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Interest rate caps $ (145) $ — $ (145) $ — Total $ (145) $ — $ (145) $ — 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 September 30, 2021 December 31, 2020 Interest rate caps Other assets $ 128 $ 9 Interest rate swaps Other assets 725 — Interest rate swaps Other liabilities (1,631) (3,055) Total derivative liabilities, net $ (778) $ (3,046) The fair value of all mortgage notes payable outstanding as of September 30, 2021 was $458.6 million , as compared to the carrying value stated above of $448.0 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 Term Loan A from $75.0 million to $160.0 million, and increased our Revolver from $85.0 million to $100.0 million. Term Loan A has a maturity date of July 2, 2024, and the Revolver has a maturity date of July 2, 2023. The interest rate for the Credit Facility is equal to LIBOR plus a spread ranging from 125 to 215 basis points, depending on our leverage. We entered into multiple interest rate cap agreements on Term Loan A, which cap LIBOR ranging from 2.50% to 2.75%, to hedge our exposure to variable interest rates. The Credit Facility’s bank syndicate is 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. On February 11, 2021, we added a new $65.0 million Term Loan B, inclusive of a $15.0 million delayed funding component. Term Loan B has a maturity date of February 11, 2026 and a LIBOR floor of 25 basis points, plus a spread ranging from 140 to 225 basis points, depending on our leverage. We entered into multiple interest rate cap agreements on Term Loan B, which cap LIBOR from 1.50% to 1.75%. We incurred fees of approximately $0.5 million in connection with issuing Term Loan B. As of September 30, 2021, there was $65.0 million outstanding under Term Loan B, and we used all net proceeds to repay all outstanding borrowings on the Revolver and fund acquisitions. As of September 30, 2021, there was $227.1 million outstanding under our Credit Facility, at a weighted average interest rate of approximately 1.97%, and $18.7 million outstanding under letters of credit, at a weighted average interest rate of 1.90%. As of September 30, 2021, the maximum additional amount we could draw under the Credit Facility was $26.1 million. We were in compliance with all covenants under the Credit Facility as of September 30, 2021. The amount outstanding under the Credit Facility approximates fair value as of September 30, 2021. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Ground Leases We are obligated as lessee under four ground leases. Future minimum rental payments due under the terms of these leases for the three months ending December 31, 2021 and each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands): Year Future Lease Payments Due Under Operating Leases Three Months Ending December 31, 2021 $ 122 2022 489 2023 492 2024 493 2025 494 2026 498 Thereafter 6,807 Total anticipated lease payments $ 9,395 Less: amount representing interest (3,824) Present value of lease payments $ 5,571 Rental expense incurred for properties with ground lease obligations during the three and nine months ended September 30, 2021 was $0.1 million and $0.4 million, respectively, and during the three and nine months ended September 30, 2020 was $0.1 million and $0.4 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. Our ground leases have a weighted average remaining lease term of 19.5 years and a weighted average discount rate of 5.32%. Letters of Credit As of September 30, 2021, there was $18.7 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 | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Equity and Mezzanine Equity | Equity and Mezzanine Equity Stockholders’ Equity The following table summarizes the changes in our equity for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Senior Common Stock Balance, beginning of period $ 1 $ 1 $ 1 $ 1 Issuance of senior common stock, net — — — — Balance, end of period $ 1 $ 1 $ 1 $ 1 Common Stock Balance, beginning of period $ 36 $ 34 $ 35 $ 32 Issuance of common stock, net 1 — 2 2 Balance, end of period $ 37 $ 34 $ 37 $ 34 Series F Preferred Stock (1) Balance, beginning of period $ — $ — $ — $ — Issuance of Series F preferred stock, net — — — — Balance, end of period $ — $ — $ — $ — Additional Paid in Capital Balance, beginning of period $ 648,112 $ 599,741 $ 626,533 $ 571,205 Issuance of common stock and Series F preferred stock, net (1) 8,699 5,027 29,110 33,465 Redemption of OP Units — — 4,812 — Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership (21) (61) (3,665) 37 Balance, end of period $ 656,790 $ 604,707 $ 656,790 $ 604,707 Accumulated Other Comprehensive Income Balance, beginning of period $ (2,641) $ (5,135) $ (4,345) $ (2,126) Comprehensive income 421 276 2,125 (2,733) Reclassification into interest expense 145 — 145 — Balance, end of period $ (2,075) $ (4,859) $ (2,075) $ (4,859) Distributions in Excess of Accumulated Earnings Balance, beginning of period $ (442,122) $ (388,900) $ (409,041) $ (360,978) Distributions declared to common, senior common, and preferred stockholders (16,849) (15,780) (50,011) (46,965) Redemption of Series D preferred stock, net — — (2,141) — Net income attributable to the Company 4,477 2,846 6,699 6,109 Balance, end of period $ (454,494) $ (401,834) $ (454,494) $ (401,834) Total Stockholders' Equity Balance, beginning of period $ 203,386 $ 205,741 $ 213,183 $ 208,134 Issuance of common stock and Series F preferred stock, net (1) 8,700 5,027 29,112 33,467 Redemption of OP Units — — 4,812 — Redemption of Series D preferred stock, net — — (2,141) — Distributions declared to common, senior common, and preferred stockholders (16,849) (15,780) (50,011) (46,965) Comprehensive income 421 276 2,125 (2,733) Reclassification into interest expense 145 — 145 — Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership (21) (61) (3,665) 37 Net income attributable to the Company 4,477 2,846 6,699 6,109 Balance, end of period $ 200,259 $ 198,049 $ 200,259 $ 198,049 Non-Controlling Interest Balance, beginning of period $ 1,338 $ 2,892 $ 2,854 $ 2,903 Distributions declared to Non-controlling OP Unit holders (97) (189) (382) (567) Issuance of Non-controlling OP Units as consideration in real estate acquisitions, net — — — 502 Redemptions of OP Units — — (4,812) — Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership 21 61 3,665 (37) Net loss attributable to OP units held by Non-controlling OP Unitholders 21 (2) (42) (39) Balance, end of period $ 1,283 $ 2,762 $ 1,283 $ 2,762 Total Equity $ 201,542 $ 200,811 $ 201,542 $ 200,811 (1) No shares of Series F Preferred Stock were outstanding prior to July 1, 2020. Distributions We paid the following distributions per share for the three and nine months ended September 30, 2021 and 2020: For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Common Stock and Non-controlling OP Units $ 0.37545 $ 0.37545 $ 1.12635 $ 1.12635 Senior Common Stock 0.2625 0.2625 0.7875 0.7875 Series D Preferred Stock — (1) 0.4374999 0.8749998 (1) 1.3124997 Series E Preferred Stock 0.414063 0.414063 1.242189 1.242189 Series F Preferred Stock 0.375 0.375 1.125 0.375 (2) Series G Preferred Stock 0.375 — 0.375 — (1) We redeemed all outstanding shares of our Series D Preferred Stock on June 30, 2021. (2) Prior to July 1, 2020, Series F Preferred Stock distributions were declared, but not paid, as there were no Series F Preferred Stock shares outstanding on the applicable dividend record dates. Recent Activity Amendment to Articles of Restatement On June 23, 2021, we filed with the State Department of Assessments and Taxation of Maryland (“SDAT”) the Articles Supplementary (i) setting forth the rights, preferences and terms of our newly designated 6.00% Series G Cumulative Redeemable Preferred Stock (“Series G Preferred Stock”) and (ii) reclassifying and designating 4,000,000 shares of our authorized and unissued shares of common stock as shares of Series G Preferred Stock. Amendment to Operating Partnership Agreement On June 23, 2021, the Operating Partnership adopted the Third Amendment to its Second Amended and Restated Agreement of Limited Partnership, including Exhibit SGP thereto (collectively, the “Amendment”), establishing the rights, privileges, and preferences of 6.00% Series G Cumulative Redeemable Preferred Units, a newly-designated class of limited partnership interests (the “Series G Term Preferred Units”). The Amendment provides for the Operating Partnership’s establishment and issuance of an equal number of Series G Term Preferred Units as are issued shares of Series G Preferred Stock by the Company in connection with the offering of Series G Preferred Stock upon the Company’s contribution to the Operating Partnership of the net proceeds of the offering of Series G Preferred Stock. Generally, the Series G Preferred Units provided for under the Amendment have preferences, distribution rights, and other provisions substantially equivalent to those of the Series G Preferred Stock. Series G Preferred Stock Offering On June 28, 2021, we completed an underwritten public offering of 4,000,000 shares of our newly designated Series G Preferred Stock at a public offering price of $25.00 per share, raising $100.0 million in gross proceeds and approximately $96.6 million in net proceeds, after payment of underwriting discounts and commissions. We used the net proceeds from this offering to voluntarily redeem all outstanding shares of our 7.00% Series D Cumulative Redeemable Preferred Stock (“Series D Preferred Stock”). Common Stock ATM Program During the nine months ended September 30, 2021, we sold 1.2 million shares of common stock, raising $24.1 million in net proceeds under our At-the-Market Equity Offering Sales Agreements with sales agents 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”), 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 September 30, 2021, we had remaining capacity to sell up to $159.4 million of common stock under the Common Stock ATM Program. Mezzanine Equity Our Series D Preferred Stock, 6.625% Series E Cumulative Redeemable Preferred Stock (“Series E Preferred Stock”), and Series G Preferred Stock are classified as mezzanine equity in our condensed consolidated balance sheets because all three are redeemable at the option of the shareholder upon a change of control of greater than 50%. 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 and Series G Preferred Stock are redeemable at the option of the applicable 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 E Preferred Stock, and Series G 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 of greater than 50%, or a delisting event, is remote. Series D Preferred Stock Redemption On June 30, 2021, we voluntarily redeemed all 3,509,555 outstanding shares of our Series D Preferred Stock at a redemption price of $25.1458333 per share, which represented the liquidation preference per share, plus accrued and unpaid dividends through June 30, 2021, for an aggregate redemption price of approximately $88.3 million. In connection with this redemption, we recognized a $2.1 million decrease to net income available to common shareholders pertaining to the original issuance costs incurred upon issuance of our Series D Preferred Stock. Articles Supplementary Reclassifying Remaining Series D Preferred Stock On August 5, 2021, we filed Articles Supplementary (the “Reclassification Articles Supplementary”) with the SDAT, pursuant to which our board of directors reclassified and designated the remaining 2,490,445 shares of authorized but unissued Series D Preferred Stock as additional shares of common stock. After giving effect to the filing of the Reclassification Articles Supplementary, our authorized capital stock consists of 62,290,000 shares of common stock, 6,760,000 shares of Series E Preferred Stock, 26,000,000 shares of Series F Preferred Stock, 4,000,000 shares of Series G Preferred Stock, and 950,000 shares of senior common stock. The Reclassification Articles Supplementary did not increase our authorized shares of capital stock. Series E Preferred Stock ATM Program We have an At-the-Market Equity Offering Sales Agreement (the “Series E Preferred Stock Sales Agreement”) with sales agents Baird, Goldman Sachs, Stifel, Fifth Third, and U.S. Bancorp Investments, Inc., 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 shares of our Series E Preferred Stock under the Series E Preferred Stock Sales Agreement during the nine months ended September 30, 2021. As of September 30, 2021, we had remaining capacity to sell up to $92.8 million of Series E Preferred Stock under the Series E Preferred Stock Sales Agreement. 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 September 30, 2021, we had the ability to issue up to $352.7 million of securities 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 September 30, 2021, we had the ability to issue up to $691.7 million of securities under the 2020 Universal Shelf. Series F Preferred Stock On February 20, 2020, we 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 our 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. We sold 217,422 shares of our Series F Preferred Stock, raising $4.9 million in net proceeds during the nine months ended September 30, 2021. As of September 30, 2021, we had remaining capacity to sell up to $628.2 million of Series F Preferred Stock. Non-controlling Interest in Operating Partnership As of September 30, 2021 and December 31, 2020, we owned approximately 99.3% and 98.6%, re spectively, of the outstanding OP Units. During the nine months ended September 30, 2021 , we redeemed 246,039 OP Units for an equivalent amount of common stock. The Operating Partnership is required to make distributions on each OP Unit in the same amount as those paid on each share of our common stock, with the distributions on the OP Units held by us being utilized to make distributions to our common stockholders. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Distributions On October 12, 2021, our Board of Directors declared the following monthly distributions for the months of October, November and December of 2021: Record Date Payment Date Common Stock and Non-controlling OP Unit Distributions per Share Series E Preferred Distributions per Share Series G Preferred Distributions per Share October 22, 2021 October 29, 2021 $ 0.125275 $ 0.138021 $ 0.125 November 19, 2021 November 30, 2021 0.125275 0.138021 0.125 December 23, 2021 December 31, 2021 0.125275 0.138021 0.125 $ 0.375825 $ 0.414063 $ 0.375 Senior Common Stock Distributions Payable to the Holders of Record During the Month of: Payment Date Distribution per Share October November 5, 2021 $ 0.0875 November December 6, 2021 0.0875 December January 5, 2022 0.0875 $ 0.2625 Series F Preferred Stock Distributions Record Date Payment Date Distribution per Share October 28, 2021 November 5, 2021 $ 0.125 November 29, 2021 December 6, 2021 0.125 December 29, 2021 January 5, 2022 0.125 $ 0.375 Equity Activity Subsequent to September 30, 2021 and through November 1, 2021, we raised $8.0 million in net proceeds from the sale of 378,495 shares of common stock under our Common Stock ATM Program and $0.8 million in net proceeds from the sale of 33,572 shares of Series F Preferred Stock. Financing Activity On October 26, 2021, we repaid $3.2 million of fixed rate debt, collateralized by one property, at an interest rate of 4.92%. |
Organization, Basis of Presen_2
Organization, Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2020, as filed with the U.S. Securities and Exchange Commission on February 16, 2021. The results of operations for the three and nine months ended September 30, 2021 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. 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. |
Significant Accounting Policies | Significant 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, 2020. There were no material changes to our critical accounting policies during the three and nine months ended September 30, 2021. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In April 2020, the FASB issued a staff question-and-answer document, Topic 842 and Topic 840: Accounting for Lease Concessions related to the Effects of the COVID-19 Pandemic (“COVID-19 Q&A”), to address frequently asked questions pertaining to lease concessions arising from the effects of the COVID-19 pandemic. Existing lease guidance requires entities to determine if a lease concession was a result of a new arrangement reached with the tenant, which would be addressed under the lease modification accounting framework, or if a lease concession was under the enforceable rights and obligations within the existing lease agreement, which would not fall under the lease modification accounting framework. The COVID-19 Q&A clarifies that entities may elect to not evaluate whether lease-related relief granted in light of the effects of COVID-19 is a lease |
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. |
Earnings (Loss) Per Share of _2
Earnings (Loss) Per Share of Common Stock (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings Per Share of Common Stock | The following tables set forth the computation of basic and diluted earnings (loss) per share of common stock for the three and nine months ended September 30, 2021 and 2020. The OP Units held by Non-controlling OP Unitholders (which may be redeemed for shares of common stock) have been excluded from the diluted earnings (loss) per share calculations, as there would be no effect on the amounts since the Non-controlling OP Unitholders’ share of earnings (loss) would also be added back to net income (loss). Net income (loss) figures are presented net of such non-controlling interests in the earnings (loss) per share calculation. We computed basic earnings (loss) per share for the three and nine months ended September 30, 2021 and 2020 using the weighted average number of shares outstanding during the respective periods. Diluted earnings (loss) per share for the three and nine months ended September 30, 2021 and 2020 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 income (loss) attributable to common stockholders as applicable to common stockholders that would result from their assumed issuance (dollars in thousands, except per share amounts). For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Calculation of basic earnings (loss) per share of common stock: Net income (loss) attributable to common stockholders $ 1,439 $ (128) $ (4,547) $ (2,643) Denominator for basic weighted average shares of common stock (1) 36,768,779 34,075,147 36,296,414 33,884,007 Basic earnings (loss) per share of common stock $ 0.04 $ (0.004) $ (0.13) $ (0.08) Calculation of diluted earnings (loss) per share of common stock: Net income (loss) attributable to common stockholders $ 1,439 $ (128) $ (4,547) $ (2,643) Net income (loss) attributable to common stockholders plus assumed conversions (2) $ 1,439 $ (128) $ (4,547) $ (2,643) Denominator for basic weighted average shares of common stock (1) 36,768,779 34,075,147 36,296,414 33,884,007 Effect of convertible Senior Common Stock (2) — — — — Denominator for diluted weighted average shares of common stock (2) 36,768,779 34,075,147 36,296,414 33,884,007 Diluted earnings (loss) per share of common stock $ 0.04 $ (0.004) $ (0.13) $ (0.08) (1) The weighted average number of OP Units held by Non-controlling OP Unitholders was 256,994 and 337,205 for the three and nine months ended September 30, 2021, respectively, and 503,033 and 502,435 for the three and nine months ended September 30, 2020, respectively. |
Real Estate and Intangible As_2
Real Estate and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Real Estate [Abstract] | |
Components of Investments in Real Estate | The following table sets forth the components of our investments in real estate as of September 30, 2021 and December 31, 2020, excluding real estate held for sale as of September 30, 2021 and December 31, 2020, respectively (dollars in thousands): September 30, 2021 December 31, 2020 Real estate: Land (1) $ 146,684 $ 142,853 Building and improvements 955,233 916,601 Tenant improvements 70,631 69,229 Accumulated depreciation (257,050) (228,468) Real estate, net $ 915,498 $ 900,215 (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 eight properties during the nine months ended September 30, 2021, and six properties during the nine months ended September 30, 2020. The acquisitions are summarized below (dollars in thousands): Nine Months Ended Aggregate Square Footage Weighted Average Lease Term Aggregate Purchase Price Aggregate Capitalized Acquisition Costs September 30, 2021 (1) 367,716 15.5 years $ 46,225 $ 370 September 30, 2020 (2) 1,043,638 14.2 years $ 82,599 $ 339 (1) On January 22, 2021, we acquired a 180,152 square foot property in Findlay, Ohio for $11.1 million. The property is fully leased to one tenant for 14.2 years at time we acquired the property. On June 17, 2021, we acquired a 25,200 square foot property in Baytown, Texas for $8.2 million. The property is fully leased to one tenant for 12.6 years at time we acquired the property. On July 21, 2021, we acquired an 80,604 square foot, four-property portfolio in Pacific, Missouri for $22.1 million. These properties are fully leased to one tenant for 17.4 years at time we acquired the portfolio. On August 20, 2021, we acquired an 81,760 square foot, two-property portfolio in Peru, Illinois for $4.8 million. These properties are fully leased to one tenant for 15.0 years at time we acquired the portfolio. (2) 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 at time we acquired the property. 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 at time we acquired the portfolio. On March 9, 2020, we acquired a 504,400 square foot property in Crandall, Georgia, for $32.0 million. The property is fully leased to one tenant for 10.5 years at time we acquired the property. On September 1, 2020, we acquired a 153,600 square foot property in Indianapolis, Indiana for $10.6 million. The property is fully leased to one tenant for 9.7 years at time we acquired the property. |
Fair Value of Assets Acquired and Liabilities Assumed | We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the nine months ended September 30, 2021 and 2020, respectively, as follows (dollars in thousands): Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Acquired assets and liabilities Purchase price Purchase price Land $ 4,116 $ 7,798 (1) Building 33,113 61,930 Tenant Improvements 860 1,431 In-place Leases 3,336 5,411 Leasing Costs 3,198 4,664 Customer Relationships 1,458 2,808 Above Market Leases 410 309 (2) Below Market Leases (266) (1,752) (3) Total Purchase Price $ 46,225 $ 82,599 (1) This amount includes $2,711 of land value subject to a land lease agreement, which we may purchase for a nominal fee. (2) This amount includes $46 and $53 of loans receivable included in Other assets on the condensed consolidated balance sheets, respectively. (3) This amount includes $62 of prepaid rent included in Other liabilities on the condensed consolidated balance sheets. |
Future Lease Payments From Tenants | Future operating lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses, for the three months ending December 31, 2021 and each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands): Year Tenant Lease Payments Three Months Ending 2021 $ 28,699 2022 115,625 2023 108,691 2024 102,252 2025 95,813 2026 86,921 Thereafter 309,507 $ 847,508 |
Lease Revenue | The table below sets forth the allocation of lease revenue between fixed contractual payments and variable lease payments for the three and nine months ended September 30, 2021 and 2020, respectively (dollars in thousands): For the three months ended September 30, (Dollars in Thousands) Lease revenue reconciliation 2021 2020 $ Change % Change Fixed lease payments $ 30,230 $ 29,116 $ 1,114 3.8 % Variable lease payments 4,104 4,026 78 1.9 % $ 34,334 $ 33,142 $ 1,192 3.6 % For the nine months ended September 30, (Dollars in Thousands) Lease revenue reconciliation 2021 2020 $ Change % Change Fixed lease payments $ 90,331 $ 88,286 $ 2,045 2.3 % Variable lease payments 12,050 12,001 49 0.4 % $ 102,381 $ 100,287 $ 2,094 2.1 % |
Carrying Value of Intangible Assets and Accumulated Amortization | The following table summarizes the carrying value of intangible assets, liabilities and the accumulated amortization for each intangible asset and liability class as of September 30, 2021 and December 31, 2020, excluding real estate held for sale as of September 30, 2021 and December 31, 2020, respectively (dollars in thousands): September 30, 2021 December 31, 2020 Lease Intangibles Accumulated Amortization Lease Intangibles Accumulated Amortization In-place leases $ 102,796 $ (60,713) $ 99,254 $ (54,168) Leasing costs 78,755 (42,536) 73,707 (37,801) Customer relationships 70,016 (36,536) 68,268 (31,881) $ 251,567 $ (139,785) $ 241,229 $ (123,850) Deferred Rent Receivable/(Liability) Accumulated (Amortization)/Accretion Deferred Rent Receivable/(Liability) Accumulated (Amortization)/Accretion Above market leases $ 15,460 $ (11,312) $ 15,076 $ (10,670) Below market leases and deferred revenue (43,152) 20,693 (38,319) 17,686 |
Weighted Average Amortization Periods | The weighted average amortization periods in years for the intangible assets acquired and liabilities assumed during the nine months ended September 30, 2021 and 2020, respectively, were as follows: Intangible Assets & Liabilities 2021 2020 In-place leases 15.0 15.7 Leasing costs 15.0 15.7 Customer relationships 21.2 18.9 Above market leases 14.0 16.6 Below market leases 17.4 14.2 All intangible assets & liabilities 16.5 16.3 |
Real Estate Dispositions, Hel_2
Real Estate Dispositions, Held for Sale and Impairment Charges (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Real Estate [Abstract] | |
Summary of Sold Properties | During the nine months ended September 30, 2021, we sold two non-core properties, located in Rancho Cordova, California and Champaign, Illinois, which are summarized in the table below (dollars in thousands): Aggregate Square Footage Sold Aggregate Sales Price Aggregate Sales Costs Aggregate loss on Sale of Real Estate, net 81,758 $ 5,473 $ 367 $ (882) |
Components of Operating Income from Real Estate and Related Assets Disposed | The table below summarizes the components of operating income from the real estate and related assets disposed of during the three and nine months ended September 30, 2021, and 2020 (dollars in thousands): For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Operating revenue $ — $ 319 $ 240 $ 773 Operating expense — 1,561 117 1,926 Other expense, net — (59) (1,622) (1) (177) Loss from real estate and related assets sold $ — $ (1,301) $ (1,499) $ (1,330) (1) Includes a $0.9 million loss on sale of real estate, net, on two property sales. |
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): September 30, 2021 December 31, 2020 Assets Held for Sale Total real estate held for sale $ 4,005 $ 8,114 Lease intangibles, net — 384 Total Assets Held for Sale $ 4,005 $ 8,498 Liabilities Held for Sale Asset retirement obligation 13 — Total Liabilities Held for Sale $ 13 $ — |
Mortgage Notes Payable and Cr_2
Mortgage Notes Payable and Credit Facility (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Company's Mortgage Notes Payable and Line of Credit | Our mortgage notes payable and Credit Facility as of September 30, 2021 and December 31, 2020 are summarized below (dollars in thousands): Encumbered properties at Carrying Value at Stated Interest Rates at Scheduled Maturity Dates at September 30, 2021 September 30, 2021 December 31, 2020 September 30, 2021 September 30, 2021 Mortgage and other secured loans: Fixed rate mortgage loans 61 $ 426,933 $ 435,029 (1) (2) Variable rate mortgage loans 7 24,069 24,809 (3) (2) Premiums and discounts, net - (142) (182) N/A N/A Deferred financing costs, mortgage loans, net - (2,859) (3,479) N/A N/A Total mortgage notes payable, net 68 $ 448,001 $ 456,177 (4) Variable rate revolving credit facility 56 (6) $ 2,100 $ 53,900 LIBOR + 1.90% 7/2/2023 Total revolver 56 $ 2,100 $ 53,900 Variable rate term loan facility A - (6) $ 160,000 $ 160,000 LIBOR + 1.85% 7/2/2024 Variable rate term loan facility B - (6) 65,000 — LIBOR + 2.00% 2/11/2026 Deferred financing costs, term loan facility - (1,049) (797) N/A N/A Total term loan, net N/A $ 223,951 $ 159,203 Total mortgage notes payable and credit facility 124 $ 674,052 $ 669,280 (5) (1) Interest rates on our fixed rate mortgage notes payable vary from 2.80% to 6.63%. (2) We have 53 mortgage notes payable with maturity dates ranging from 11/1/2021 through 8/1/2037. (3) Interest rates on our variable rate mortgage notes payable vary from one month LIBOR + 2.35% to one month LIBOR + 2.75%. As of September 30, 2021, one month LIBOR was approximately 0.08%. (4) The weighted average interest rate on the mortgage notes outstanding as of September 30, 2021 was approximately 4.19%. (5) The weighted average interest rate on all debt outstanding as of September 30, 2021 was approximately 3.45%. (6) The amount we may draw under our Credit Facility is based on a percentage of the fair value of a combined pool of 56 unencumbered properties as of September 30, 2021. N/A - Not Applicable |
Summary of Long-Term Mortgages | During the nine months ended September 30, 2021, we repaid one mortgage, collateralized by one property, which is summarized in the table below (dollars in thousands): Fixed Rate Debt Repaid Interest Rate on Fixed Rate Debt Repaid $ 4,470 4.90% During the nine months ended September 30, 2021, we issued one mortgage, collateralized by one property, which is summarized in the table below (dollars in thousands): Fixed Rate Debt Issued Interest Rate on Fixed Rate Debt $ 5,500 (1) 3.24% (1) On January 22, 2021, we issued $5.5 million of floating rate debt swapped to fixed debt of 3.24% in connection with one property acquisition. |
Schedule of Principal Payments of Mortgage Notes Payable | Scheduled principal payments of mortgage notes payable for the three months ending December 31, 2021, and each of the five succeeding fiscal years and thereafter are as follows (dollars in thousands): Year Scheduled Principal Payments Three Months Ending December 31, 2021 $ 13,551 2022 105,787 2023 72,371 2024 45,601 2025 37,763 2026 42,892 Thereafter 133,037 Total $ 451,002 (1) (1) This figure does not include $(0.1) million of premiums and (discounts), net, and $2.9 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 the interest rate caps at September 30, 2021 and December 31, 2020 (dollars in thousands): September 30, 2021 December 31, 2020 Aggregate Cost Aggregate Notional Amount Aggregate Fair Value Aggregate Notional Amount Aggregate Fair Value $ 1,228 (1) $ 208,855 $ 128 $ 177,060 $ 9 (1) We have entered into various interest rate cap agreements on variable rate debt with LIBOR caps ranging from 1.50% to 2.75%. September 30, 2021 December 31, 2020 Aggregate Notional Amount Aggregate Fair Value Asset Aggregate Fair Value Liability Aggregate Notional Amount Aggregate Fair Value Asset Aggregate Fair Value Liability $ 73,497 $ 725 $ (1,631) $ 68,829 $ — $ (3,055) |
Schedule of Derivative Instruments | The following table presents the impact of our derivative instruments in the condensed consolidated financial statements (dollars in thousands): Amount of gain (loss) recognized in Comprehensive Income Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Derivatives in cash flow hedging relationships Interest rate caps $ (49) $ (25) $ (26) $ (332) Interest rate swaps 470 301 2,151 (2,401) Total $ 421 $ 276 $ 2,125 $ (2,733) The following table presents the reclassifications of our derivative instruments out of accumulated other comprehensive income into interest expense in the condensed consolidated financial statements (dollars in thousands): Amount reclassified out of Accumulated Other Comprehensive Income Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Interest rate caps $ (145) $ — $ (145) $ — Total $ (145) $ — $ (145) $ — 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 September 30, 2021 December 31, 2020 Interest rate caps Other assets $ 128 $ 9 Interest rate swaps Other assets 725 — Interest rate swaps Other liabilities (1,631) (3,055) Total derivative liabilities, net $ (778) $ (3,046) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Lease Payments Due Under Operating Leases | Future minimum rental payments due under the terms of these leases for the three months ending December 31, 2021 and each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands): Year Future Lease Payments Due Under Operating Leases Three Months Ending December 31, 2021 $ 122 2022 489 2023 492 2024 493 2025 494 2026 498 Thereafter 6,807 Total anticipated lease payments $ 9,395 Less: amount representing interest (3,824) Present value of lease payments $ 5,571 |
Equity and Mezzanine Equity (Ta
Equity and Mezzanine Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Summary of Changes in Stockholders' Equity | The following table summarizes the changes in our equity for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Senior Common Stock Balance, beginning of period $ 1 $ 1 $ 1 $ 1 Issuance of senior common stock, net — — — — Balance, end of period $ 1 $ 1 $ 1 $ 1 Common Stock Balance, beginning of period $ 36 $ 34 $ 35 $ 32 Issuance of common stock, net 1 — 2 2 Balance, end of period $ 37 $ 34 $ 37 $ 34 Series F Preferred Stock (1) Balance, beginning of period $ — $ — $ — $ — Issuance of Series F preferred stock, net — — — — Balance, end of period $ — $ — $ — $ — Additional Paid in Capital Balance, beginning of period $ 648,112 $ 599,741 $ 626,533 $ 571,205 Issuance of common stock and Series F preferred stock, net (1) 8,699 5,027 29,110 33,465 Redemption of OP Units — — 4,812 — Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership (21) (61) (3,665) 37 Balance, end of period $ 656,790 $ 604,707 $ 656,790 $ 604,707 Accumulated Other Comprehensive Income Balance, beginning of period $ (2,641) $ (5,135) $ (4,345) $ (2,126) Comprehensive income 421 276 2,125 (2,733) Reclassification into interest expense 145 — 145 — Balance, end of period $ (2,075) $ (4,859) $ (2,075) $ (4,859) Distributions in Excess of Accumulated Earnings Balance, beginning of period $ (442,122) $ (388,900) $ (409,041) $ (360,978) Distributions declared to common, senior common, and preferred stockholders (16,849) (15,780) (50,011) (46,965) Redemption of Series D preferred stock, net — — (2,141) — Net income attributable to the Company 4,477 2,846 6,699 6,109 Balance, end of period $ (454,494) $ (401,834) $ (454,494) $ (401,834) Total Stockholders' Equity Balance, beginning of period $ 203,386 $ 205,741 $ 213,183 $ 208,134 Issuance of common stock and Series F preferred stock, net (1) 8,700 5,027 29,112 33,467 Redemption of OP Units — — 4,812 — Redemption of Series D preferred stock, net — — (2,141) — Distributions declared to common, senior common, and preferred stockholders (16,849) (15,780) (50,011) (46,965) Comprehensive income 421 276 2,125 (2,733) Reclassification into interest expense 145 — 145 — Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership (21) (61) (3,665) 37 Net income attributable to the Company 4,477 2,846 6,699 6,109 Balance, end of period $ 200,259 $ 198,049 $ 200,259 $ 198,049 Non-Controlling Interest Balance, beginning of period $ 1,338 $ 2,892 $ 2,854 $ 2,903 Distributions declared to Non-controlling OP Unit holders (97) (189) (382) (567) Issuance of Non-controlling OP Units as consideration in real estate acquisitions, net — — — 502 Redemptions of OP Units — — (4,812) — Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership 21 61 3,665 (37) Net loss attributable to OP units held by Non-controlling OP Unitholders 21 (2) (42) (39) Balance, end of period $ 1,283 $ 2,762 $ 1,283 $ 2,762 Total Equity $ 201,542 $ 200,811 $ 201,542 $ 200,811 (1) No shares of Series F Preferred Stock were outstanding prior to July 1, 2020. |
Dividends Paid | We paid the following distributions per share for the three and nine months ended September 30, 2021 and 2020: For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Common Stock and Non-controlling OP Units $ 0.37545 $ 0.37545 $ 1.12635 $ 1.12635 Senior Common Stock 0.2625 0.2625 0.7875 0.7875 Series D Preferred Stock — (1) 0.4374999 0.8749998 (1) 1.3124997 Series E Preferred Stock 0.414063 0.414063 1.242189 1.242189 Series F Preferred Stock 0.375 0.375 1.125 0.375 (2) Series G Preferred Stock 0.375 — 0.375 — (1) We redeemed all outstanding shares of our Series D Preferred Stock on June 30, 2021. |
Subsequent Events (Tables)
Subsequent Events (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Monthly Distributions Declared by Company's Board of Directors | On October 12, 2021, our Board of Directors declared the following monthly distributions for the months of October, November and December of 2021: Record Date Payment Date Common Stock and Non-controlling OP Unit Distributions per Share Series E Preferred Distributions per Share Series G Preferred Distributions per Share October 22, 2021 October 29, 2021 $ 0.125275 $ 0.138021 $ 0.125 November 19, 2021 November 30, 2021 0.125275 0.138021 0.125 December 23, 2021 December 31, 2021 0.125275 0.138021 0.125 $ 0.375825 $ 0.414063 $ 0.375 Senior Common Stock Distributions Payable to the Holders of Record During the Month of: Payment Date Distribution per Share October November 5, 2021 $ 0.0875 November December 6, 2021 0.0875 December January 5, 2022 0.0875 $ 0.2625 Series F Preferred Stock Distributions Record Date Payment Date Distribution per Share October 28, 2021 November 5, 2021 $ 0.125 November 29, 2021 December 6, 2021 0.125 December 29, 2021 January 5, 2022 0.125 $ 0.375 |
Related-Party Transactions (Det
Related-Party Transactions (Details) | Jul. 14, 2020 | Feb. 20, 2020$ / sharesshares | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)officerquarter | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Related Party Transaction [Line Items] | ||||||||
Number of executive officers | officer | 2 | |||||||
Amount due to Adviser and Administrator | [1] | $ 3,188,000 | $ 3,188,000 | $ 2,960,000 | ||||
Annual base management fee, in percentage of stockholders' equity, adjusted to unrealized gains or losses (as percent) | 0.425% | 1.50% | ||||||
Quarterly base management fee, in percentage of stockholders' equity, adjusted to unrealized gains or losses | 0.10625% | 0.375% | ||||||
Base management fee | [2] | 1,472,000 | $ 1,418,000 | $ 4,369,000 | $ 4,219,000 | |||
Pre-incentive quarterly fee FFO in percentage of common stockholders' equity that will reward the Adviser | 2.00% | |||||||
Pre-incentive annual fee FFO in percentage of common stockholders' equity that will reward the Adviser | 8.00% | |||||||
Amount to be paid to Adviser in percentage of pre-incentive fee condition one | 15.00% | |||||||
Number of quarters used for the cap of average quarterly incentive fees | quarter | 4 | |||||||
Incentive fee | [2] | 1,266,000 | 1,128,000 | $ 3,540,000 | 3,301,000 | |||
Incentive fee credit | [2] | 0 | 0 | 16,000 | 0 | |||
Net incentive fee | 1,300,000 | $ 3,500,000 | ||||||
Portion of incentive fee waived | 0 | 0 | ||||||
Capital gains-based incentive fee | 15.00% | |||||||
Capital gain fee | 0 | 0 | $ 0 | 0 | ||||
Notice period for termination of agreement without cause | 120 days | |||||||
Percentage of independent directors required to terminate the Amended Advisory Agreement | 66.67% | |||||||
Termination fee payable | 200.00% | |||||||
Period prior to termination | 24 months | |||||||
Notice period for termination of agreement with cause | 30 days | |||||||
Administration fee | [2] | 382,000 | 361,000 | $ 1,016,000 | 1,194,000 | |||
Fees paid | $ 0 | $ 0 | $ 14,000 | $ 89,637 | ||||
Financing fee on total secured mortgages percentage | 0.25% | 0.25% | ||||||
Selling commissions | 6.00% | |||||||
Dealer management fee | 3.00% | |||||||
Dealer management fee, payments for commissions | $ 500,000 | |||||||
Minimum | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of the amount of the mortgage | 0.15% | |||||||
Maximum | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of the amount of the mortgage | 1.00% | |||||||
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 | 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” |
Earnings (Loss) Per Share of _3
Earnings (Loss) Per Share of Common Stock - Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Calculation of basic earnings (loss) per share of common stock: | ||||
Net income (loss) attributable to common stockholders | $ 1,439 | $ (128) | $ (4,547) | $ (2,643) |
Denominator for basic weighted average shares of common stock (in shares) | 36,768,779 | 34,075,147 | 36,296,414 | 33,884,007 |
Basic earnings (loss) per share of common stock (in dollars per share) | $ 0.04 | $ (0.004) | $ (0.13) | $ (0.08) |
Calculation of diluted earnings (loss) per share of common stock: | ||||
Net income (loss) attributable to common stockholders | $ 1,439 | $ (128) | $ (4,547) | $ (2,643) |
Net income (loss) attributable to common stockholders plus assumed conversions | $ 1,439 | $ (128) | $ (4,547) | $ (2,643) |
Denominator for basic weighted average shares of common stock (in shares) | 36,768,779 | 34,075,147 | 36,296,414 | 33,884,007 |
Effect of convertible Senior Common Stock (in shares) | 0 | 0 | 0 | 0 |
Denominator for diluted weighted average shares of common stock (in shares) | 36,768,779 | 34,075,147 | 36,296,414 | 33,884,007 |
Diluted earnings (loss) per share of common stock (in dollars per share) | $ 0.04 | $ (0.004) | $ (0.13) | $ (0.08) |
Weighted average number of OP Units held by Non-controlling OP Unitholders (in shares) | 256,994 | 503,033 | 502,435 | |
Number of OP Units held by Non-controlling OP Unitholders (in shares) | 337,205 | |||
Senior Common Stock | ||||
Calculation of diluted earnings (loss) per share of common stock: | ||||
Anti-dilutive convertible shares of senior common stock excluded from calculation of diluted earnings (in shares) | 532,785 | 532,785 | 641,430 | 641,430 |
Real Estate and Intangible As_3
Real Estate and Intangible Assets - Components of Investments in Real Estate (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Real estate: | ||
Land | $ 146,684 | $ 142,853 |
Building and improvements | 955,233 | 916,601 |
Tenant improvements | 70,631 | 69,229 |
Accumulated depreciation | (257,050) | (228,468) |
Total real estate, net | 915,498 | 900,215 |
Land value subject to land lease agreements | $ 4,436 | $ 4,436 |
Real Estate and Intangible As_4
Real Estate and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Real Estate Properties [Line Items] | |||||
Gain related to litigation settlement | $ 2,400 | ||||
Total amortization expense related to lease intangible assets | $ 5,000 | $ 4,800 | $ 15,700 | $ 14,900 | |
Amortization related to above-market lease | 34 | 39 | |||
Amortization related to below-market lease | 900 | 700 | 3,300 | 2,100 | |
Above market leases | |||||
Real Estate Properties [Line Items] | |||||
Amortization related to above-market lease | 200 | 200 | 600 | 600 | |
Building and Tenant Improvements | |||||
Real Estate Properties [Line Items] | |||||
Real estate depreciation expense | $ 9,800 | $ 9,000 | $ 30,000 | $ 27,200 |
Real Estate and Intangible As_5
Real Estate and Intangible Assets - Summary of Acquired Properties (Details) $ in Thousands | Aug. 20, 2021USD ($)ft²propertytenant | Jul. 21, 2021USD ($)ft²propertytenant | Jun. 17, 2021USD ($)ft²tenant | Jan. 22, 2021USD ($)ft²tenant | Sep. 01, 2020USD ($)ft²tenant | Mar. 09, 2020USD ($)ft²tenant | Jan. 27, 2020USD ($)ft²property | Jan. 08, 2020USD ($)ft²tenant | Sep. 30, 2021USD ($)ft²property | Sep. 30, 2020USD ($)ft²property |
Business Acquisition [Line Items] | ||||||||||
Number of properties acquired | property | 8 | 6 | ||||||||
Aggregate Purchase Price | $ 46,225 | $ 82,599 | ||||||||
Findlay, Ohio | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Aggregate Square Footage | ft² | 180,152 | |||||||||
Weighted Average Remaining Lease Term at Time of Acquisition | 14 years 2 months 12 days | |||||||||
Aggregate Purchase Price | $ 11,100 | |||||||||
Number of tenants | tenant | 1 | |||||||||
Baytown, Texas | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Aggregate Square Footage | ft² | 25,200 | |||||||||
Weighted Average Remaining Lease Term at Time of Acquisition | 12 years 7 months 6 days | |||||||||
Aggregate Purchase Price | $ 8,200 | |||||||||
Number of tenants | tenant | 1 | |||||||||
Pacific, Missouri | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Aggregate Square Footage | ft² | 80,604 | |||||||||
Weighted Average Remaining Lease Term at Time of Acquisition | 17 years 4 months 24 days | |||||||||
Aggregate Purchase Price | $ 22,100 | |||||||||
Number of tenants | tenant | 1 | |||||||||
Number of properties in portfolio | property | 4 | |||||||||
Peru, Illinois | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Aggregate Square Footage | ft² | 81,760 | |||||||||
Weighted Average Remaining Lease Term at Time of Acquisition | 15 years | |||||||||
Aggregate Purchase Price | $ 4,800 | |||||||||
Number of tenants | tenant | 1 | |||||||||
Number of properties in portfolio | property | 2 | |||||||||
Indianapolis, Indiana | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Aggregate Square Footage | ft² | 153,600 | 64,800 | ||||||||
Weighted Average Remaining Lease Term at Time of Acquisition | 9 years 8 months 12 days | 7 years 2 months 12 days | ||||||||
Aggregate Purchase Price | $ 10,600 | $ 5,300 | ||||||||
Number of tenants | tenant | 1 | 3 | ||||||||
Houston, Texas; Charlotte, North Carolina; St. Charles, Missouri | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Aggregate Square Footage | ft² | 320,838 | |||||||||
Weighted Average Remaining Lease Term at Time of Acquisition | 20 years | |||||||||
Aggregate Purchase Price | $ 34,700 | |||||||||
Number of properties in portfolio | property | 3 | |||||||||
Crandall, Georgia | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Aggregate Square Footage | ft² | 504,400 | |||||||||
Weighted Average Remaining Lease Term at Time of Acquisition | 10 years 6 months | |||||||||
Aggregate Purchase Price | $ 32,000 | |||||||||
Number of tenants | tenant | 1 | |||||||||
Series of property acquisitions | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Aggregate Square Footage | ft² | 367,716 | 1,043,638 | ||||||||
Weighted Average Remaining Lease Term at Time of Acquisition | 15 years 6 months | 14 years 2 months 12 days | ||||||||
Aggregate Purchase Price | $ 46,225 | $ 82,599 | ||||||||
Aggregate Capitalized Acquisition Costs | $ 370 | $ 339 |
Real Estate and Intangible As_6
Real Estate and Intangible Assets - Business Combinations and Asset Acquisitions (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Business Acquisition [Line Items] | ||
Total purchase price | $ 46,225 | $ 82,599 |
Land value subject to land lease agreement | 2,711 | |
Loan receivable | 46 | 53 |
Prepaid rent | 62 | |
Customer relationships | ||
Business Acquisition [Line Items] | ||
Assets acquired | 1,458 | 2,808 |
Above market leases | ||
Business Acquisition [Line Items] | ||
Assets acquired | 410 | 309 |
Below market leases | ||
Business Acquisition [Line Items] | ||
Liabilities assumed | (266) | (1,752) |
Land | ||
Business Acquisition [Line Items] | ||
Assets acquired | 4,116 | 7,798 |
Building | ||
Business Acquisition [Line Items] | ||
Assets acquired | 33,113 | 61,930 |
Tenant Improvements | ||
Business Acquisition [Line Items] | ||
Assets acquired | 860 | 1,431 |
In-place leases | ||
Business Acquisition [Line Items] | ||
Assets acquired | 3,336 | 5,411 |
Leasing costs | ||
Business Acquisition [Line Items] | ||
Assets acquired | $ 3,198 | $ 4,664 |
Real Estate and Intangible As_7
Real Estate and Intangible Assets - Future Operating Lease Payments from Tenants under Non-Cancelable Leases (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Real Estate [Abstract] | |
Three Months Ending 2021 | $ 28,699 |
2022 | 115,625 |
2023 | 108,691 |
2024 | 102,252 |
2025 | 95,813 |
2026 | 86,921 |
Thereafter | 309,507 |
Tenant Lease Payments | $ 847,508 |
Real Estate and Intangible As_8
Real Estate and Intangible Assets - Lease Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Real Estate [Abstract] | ||||
Fixed lease payments | $ 30,230 | $ 29,116 | $ 90,331 | $ 88,286 |
Variable lease payments | 4,104 | 4,026 | 12,050 | 12,001 |
Total lease payments | 34,334 | $ 33,142 | 102,381 | $ 100,287 |
Fixed lease payments, amount change | 1,114 | 2,045 | ||
Variable lease payments, amount change | 78 | 49 | ||
Lease payments, amount change | $ 1,192 | $ 2,094 | ||
Fixed lease payments, percent change | 3.80% | 2.30% | ||
Variable lease payments, percent change | 1.90% | 0.40% | ||
Lease payments, percent change | 3.60% | 2.10% |
Real Estate and Intangible As_9
Real Estate and Intangible Assets - Carrying Value of Intangible Assets and Accumulated Amortization (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Below market leases and deferred revenue, gross | $ (43,152) | $ (38,319) |
Below market leases and deferred revenue, accumulated amortization | 20,693 | 17,686 |
Lease Intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Lease Intangibles | 251,567 | 241,229 |
Accumulated Amortization | (139,785) | (123,850) |
In-place leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Lease Intangibles | 102,796 | 99,254 |
Accumulated Amortization | (60,713) | (54,168) |
Leasing costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Lease Intangibles | 78,755 | 73,707 |
Accumulated Amortization | (42,536) | (37,801) |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Lease Intangibles | 70,016 | 68,268 |
Accumulated Amortization | (36,536) | (31,881) |
Above market leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Lease Intangibles | 15,460 | 15,076 |
Accumulated Amortization | $ (11,312) | $ (10,670) |
Real Estate and Intangible A_10
Real Estate and Intangible Assets - Weighted Average Amortization Period for Intangible Assets and Liabilities (Details) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period (in years) | 16 years 6 months | 16 years 3 months 18 days |
In-place leases | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period (in years) | 15 years | 15 years 8 months 12 days |
Leasing costs | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period (in years) | 15 years | 15 years 8 months 12 days |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period (in years) | 21 years 2 months 12 days | 18 years 10 months 24 days |
Above market leases | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period (in years) | 14 years | 16 years 7 months 6 days |
Below market leases | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period (in years) | 17 years 4 months 24 days | 14 years 2 months 12 days |
Real Estate Dispositions, Hel_3
Real Estate Dispositions, Held for Sale and Impairment Charges - Summary of Property Sold (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($)ft² | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)ft²property | Sep. 30, 2020USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Aggregate loss on Sale of Real Estate, net | $ 0 | $ 1,196 | $ (882) | $ 1,184 |
Disposed of by sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of properties sold | property | 2 | |||
Aggregate loss on Sale of Real Estate, net | $ (900) | |||
Rancho Cordova, California and Champaign, Illinois | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of properties sold | property | 2 | |||
Rancho Cordova, California and Champaign, Illinois | Disposed of by sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Aggregate Square Footage Sold | ft² | 81,758 | 81,758 | ||
Aggregate Sales Price | $ 5,473 | |||
Aggregate Sales Costs | 367 | |||
Aggregate loss on Sale of Real Estate, net | $ (882) |
Real Estate Dispositions, Hel_4
Real Estate Dispositions, Held for Sale and Impairment Charges - Components of Income from Real Estate and Related Assets Held for Sale (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)property | Sep. 30, 2020USD ($) | |
Real Estate Properties [Line Items] | ||||
Loss (gain) on sale of real estate, net | $ 0 | $ (1,196) | $ 882 | $ (1,184) |
Assets disposed of by sale | ||||
Real Estate Properties [Line Items] | ||||
Operating revenue | 0 | 319 | 240 | 773 |
Operating expense | 0 | 1,561 | 117 | 1,926 |
Other expense, net | 0 | (59) | (1,622) | (177) |
Loss from real estate and related assets sold | $ 0 | $ (1,301) | (1,499) | $ (1,330) |
Loss (gain) on sale of real estate, net | $ 900 | |||
Number of properties sold | property | 2 |
Real Estate Dispositions, Hel_5
Real Estate Dispositions, Held for Sale and Impairment Charges - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($)property | Sep. 30, 2020USD ($)tenant | Sep. 30, 2021USD ($)property | Sep. 30, 2020USD ($)tenant | Dec. 31, 2020property | |
Real Estate Properties [Line Items] | |||||
Number of real estate properties, held for sale | 1 | 1 | |||
Impairment charge | $ | $ 0 | ||||
Impairment charge | $ | $ 0 | $ 1,184,000 | $ 0 | $ 2,905,000 | |
Boston Heights, Ohio; Rancho Cordova, California; Champaign, Illinois | |||||
Real Estate Properties [Line Items] | |||||
Number of real estate properties, held for sale | 3 | ||||
Rancho Cordova, California and Champaign, Illinois | |||||
Real Estate Properties [Line Items] | |||||
Number of properties sold | 2 | 2 | |||
Blaine, Minnesota | |||||
Real Estate Properties [Line Items] | |||||
Number of properties impaired | tenant | 3 | 3 |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Assets Held for Sale | ||
Total Assets Held for Sale | $ 4,005 | $ 8,498 |
Liabilities Held for Sale | ||
Liabilities related to assets held for sale | 13 | 0 |
Real Estate Held for Sale | ||
Assets Held for Sale | ||
Total real estate held for sale | 4,005 | 8,114 |
Lease intangibles, net | 0 | 384 |
Total Assets Held for Sale | 4,005 | 8,498 |
Liabilities Held for Sale | ||
Asset retirement obligation | 13 | 0 |
Liabilities related to assets held for sale | $ 13 | $ 0 |
Mortgage Notes Payable and Cr_3
Mortgage Notes Payable and Credit Facility - Additional Information (Detail) | Feb. 11, 2021USD ($) | Jul. 02, 2019USD ($) | Sep. 30, 2021USD ($)mortgageproperty | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)mortgageproperty | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Jul. 01, 2019USD ($) |
Debt Instrument [Line Items] | ||||||||
Number of properties collateralized in mortgage notes payable | property | 124 | 124 | ||||||
Payments of deferred financing costs | $ 614,000 | $ 422,000 | ||||||
Carrying value | $ 674,052,000 | 674,052,000 | $ 669,280,000 | |||||
Line of credit outstanding | $ 2,100,000 | $ 2,100,000 | 53,312,000 | |||||
Weighted average interest rate on debt outstanding | 4.19% | 4.19% | ||||||
Line of credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit outstanding | $ 227,100,000 | $ 227,100,000 | ||||||
Weighted average interest rate (as percent) | 1.97% | 1.97% | ||||||
Letters of credit, outstanding | $ 18,700,000 | $ 18,700,000 | ||||||
Weighted average interest rate on debt outstanding | 1.90% | 1.90% | ||||||
Maximum additional amount that can be drawn under Line of Credit | $ 26,100,000 | $ 26,100,000 | ||||||
Term Loan A | ||||||||
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 | ||||||
Term Loan B | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 65,000,000 | |||||||
Debt instrument fees incurred | 500,000 | |||||||
Delayed funding component | $ 15,000,000 | |||||||
Carrying value | $ 65,000,000 | $ 65,000,000 | ||||||
Mortgage notes payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of mortgage notes payable | mortgage | 53 | 53 | ||||||
Number of properties collateralized in mortgage notes payable | property | 68 | 68 | ||||||
Net book value of collateralized mortgage properties | $ 667,800,000 | $ 667,800,000 | ||||||
Fair value of mortgage notes payable | 458,600,000 | 458,600,000 | ||||||
Carrying value | $ 448,001,000 | $ 448,001,000 | 456,177,000 | |||||
Weighted average interest rate on debt outstanding | 3.45% | 3.45% | ||||||
Carrying value | $ 451,002,000 | $ 451,002,000 | ||||||
Fixed rate mortgage loans | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of properties collateralized in mortgage notes payable | property | 61 | 61 | ||||||
Payments of deferred financing costs | $ 0 | $ 30,000 | $ 600,000 | $ 400,000 | ||||
Carrying value | 426,933,000 | 426,933,000 | 435,029,000 | |||||
Variable rate term loan facility B | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying value | $ 65,000,000 | $ 65,000,000 | $ 0 | |||||
LIBOR | Term Loan B | ||||||||
Debt Instrument [Line Items] | ||||||||
Floor on variable rate | 0.25% | |||||||
LIBOR | Variable rate term loan facility B | ||||||||
Debt Instrument [Line Items] | ||||||||
Spread on LIBOR | 2.00% | |||||||
Minimum | Term Loan A | ||||||||
Debt Instrument [Line Items] | ||||||||
Spread on LIBOR | 1.25% | |||||||
Minimum | Term Loan B | ||||||||
Debt Instrument [Line Items] | ||||||||
Spread on LIBOR | 1.40% | |||||||
Minimum | LIBOR | Term Loan A | ||||||||
Debt Instrument [Line Items] | ||||||||
Spread on LIBOR | 2.50% | |||||||
Minimum | LIBOR | Term Loan B | ||||||||
Debt Instrument [Line Items] | ||||||||
Spread on LIBOR | 1.50% | |||||||
Maximum | Term Loan A | ||||||||
Debt Instrument [Line Items] | ||||||||
Spread on LIBOR | 2.15% | |||||||
Maximum | Term Loan B | ||||||||
Debt Instrument [Line Items] | ||||||||
Spread on LIBOR | 2.25% | |||||||
Maximum | LIBOR | Term Loan A | ||||||||
Debt Instrument [Line Items] | ||||||||
Spread on LIBOR | 2.75% | |||||||
Maximum | LIBOR | Term Loan B | ||||||||
Debt Instrument [Line Items] | ||||||||
Spread on LIBOR | 1.75% |
Mortgage Notes Payable and Cr_4
Mortgage Notes Payable and Credit Facility - Company's Mortgage Notes Payable and Line of Credit (Detail) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021USD ($)property | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | ||
Encumbered properties | property | 124 | |
Total | $ 674,052 | $ 669,280 |
Fixed rate mortgage loans | ||
Debt Instrument [Line Items] | ||
Encumbered properties | property | 61 | |
Carrying value | $ 426,933 | 435,029 |
Variable rate mortgage loans | ||
Debt Instrument [Line Items] | ||
Encumbered properties | property | 7 | |
Carrying value | $ 24,069 | 24,809 |
Mortgage notes payable | ||
Debt Instrument [Line Items] | ||
Encumbered properties | property | 68 | |
Carrying value | $ 451,002 | |
Premiums and discounts, net | (142) | (182) |
Deferred financing costs, net | (2,859) | (3,479) |
Total | $ 448,001 | 456,177 |
Variable rate revolving credit facility | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Encumbered properties | property | 56 | |
Carrying value | $ 2,100 | 53,900 |
Total | $ 2,100 | 53,900 |
Scheduled maturity dates | Jul. 2, 2023 | |
Variable rate revolving credit facility | Revolving credit facility | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread on LIBOR | 1.90% | |
Variable rate term loan facility A | ||
Debt Instrument [Line Items] | ||
Carrying value | $ 160,000 | 160,000 |
Scheduled maturity dates | Jul. 2, 2024 | |
Variable rate term loan facility A | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread on LIBOR | 1.85% | |
Variable rate term loan facility B | ||
Debt Instrument [Line Items] | ||
Carrying value | $ 65,000 | 0 |
Scheduled maturity dates | Feb. 11, 2026 | |
Variable rate term loan facility B | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread on LIBOR | 2.00% | |
Term loan facility | ||
Debt Instrument [Line Items] | ||
Deferred financing costs, net | $ (1,049) | (797) |
Total | $ 223,951 | $ 159,203 |
Mortgage Notes Payable and Cr_5
Mortgage Notes Payable and Credit Facility - Company's Mortgage Notes Payable and Line of Credit Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2021propertymortgage | |
Debt Instrument [Line Items] | |
Weighted average interest rate on debt outstanding | 4.19% |
Encumbered properties | 124 |
LIBOR | |
Debt Instrument [Line Items] | |
Variable rate at period end (as percent) | 0.08% |
Fixed rate mortgage loans | |
Debt Instrument [Line Items] | |
Stated interest rate | 4.90% |
Encumbered properties | 61 |
Fixed rate mortgage loans | Minimum | |
Debt Instrument [Line Items] | |
Stated interest rate | 2.80% |
Fixed rate mortgage loans | Maximum | |
Debt Instrument [Line Items] | |
Stated interest rate | 6.63% |
Mortgage notes payable | |
Debt Instrument [Line Items] | |
Number of mortgage notes payable | mortgage | 53 |
Maturity date of mortgage notes payable, start date | Nov. 1, 2021 |
Maturity date of mortgage notes payable, end date | Aug. 1, 2037 |
Weighted average interest rate on debt outstanding | 3.45% |
Encumbered properties | 68 |
Variable rate mortgage loans | |
Debt Instrument [Line Items] | |
Encumbered properties | 7 |
Variable rate mortgage loans | Minimum | LIBOR | |
Debt Instrument [Line Items] | |
Spread on LIBOR | 2.35% |
Variable rate mortgage loans | Maximum | LIBOR | |
Debt Instrument [Line Items] | |
Spread on LIBOR | 2.75% |
Variable rate revolving credit facility | Revolving credit facility | |
Debt Instrument [Line Items] | |
Encumbered properties | 56 |
Variable rate revolving credit facility | LIBOR | Revolving credit facility | |
Debt Instrument [Line Items] | |
Spread on LIBOR | 1.90% |
Mortgage Notes Payable and Cr_6
Mortgage Notes Payable and Credit Facility - Mortgages Notes Payable (Detail) $ in Thousands | Jan. 22, 2021USD ($)property | Sep. 30, 2021USD ($)propertymortgage | Sep. 30, 2020USD ($)property |
Debt Instrument [Line Items] | |||
Fixed rate debt repaid | $ | $ 14,336 | $ 31,667 | |
Number of properties collateralized in mortgage notes payable | 124 | ||
Number of properties acquired | 8 | 6 | |
Fixed rate mortgage loans | |||
Debt Instrument [Line Items] | |||
Number of long term mortgages repaid | mortgage | 1 | ||
Number of properties | 1 | ||
Fixed rate debt repaid | $ | $ 4,470 | ||
Stated interest rate | 4.90% | ||
Number of properties collateralized in mortgage notes payable | 61 | ||
New fixed rate mortgage notes payable | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.24% | ||
Number of mortgage notes payable | mortgage | 1 | ||
Number of properties collateralized in mortgage notes payable | 1 | ||
Fixed rate debt issued | $ | $ 5,500 | ||
New fixed rate mortgage notes payable | Property Maturing February 15, 2031 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.24% | ||
Fixed rate debt issued | $ | $ 5,500 | ||
Number of properties acquired | 1 |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Three Months Ending December 31, 2021 | $ 13,551 | |
2022 | 105,787 | |
2023 | 72,371 | |
2024 | 45,601 | |
2025 | 37,763 | |
2026 | 42,892 | |
Thereafter | 133,037 | |
Total | 451,002 | |
Premiums and discounts, net | (142) | $ (182) |
Deferred financing costs, net | $ 2,859 | $ 3,479 |
Mortgage Notes Payable and Cr_8
Mortgage Notes Payable and Credit Facility - Interest Rate Derivatives (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Aggregate Cost | $ 1,228 | |
Aggregate Notional Amount | 208,855 | $ 177,060 |
Aggregate Fair Value | $ 128 | 9 |
Minimum | LIBOR | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.50% | |
Maximum | LIBOR | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.75% | |
Interest rate swaps | Counterparty | ||
Debt Instrument [Line Items] | ||
Aggregate Notional Amount | $ 73,497 | 68,829 |
Aggregate Fair Value | 725 | 0 |
Aggregate Fair Value Liability | $ (1,631) | $ (3,055) |
Mortgage Notes Payable and Cr_9
Mortgage Notes Payable and Credit Facility - Schedule of Derivative Instruments Impact (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) recognized in Comprehensive Income | $ 421 | $ 276 | $ 2,125 | $ (2,733) |
Interest rate caps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) recognized in Comprehensive Income | (49) | (25) | (26) | (332) |
Interest rate swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) recognized in Comprehensive Income | $ 470 | $ 301 | $ 2,151 | $ (2,401) |
Mortgage Notes Payable and C_10
Mortgage Notes Payable and Credit Facility Schedule of Derivative Instrument Reclassification (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount reclassified out of Accumulated Other Comprehensive Income | $ (145) | $ 0 | $ (145) | $ 0 |
Interest rate caps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount reclassified out of Accumulated Other Comprehensive Income | $ (145) | $ 0 | $ (145) | $ 0 |
Mortgage Notes Payable and C_11
Mortgage Notes Payable and Credit Facility - Schedule of Derivative Instruments' Information (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total derivative liabilities, net | $ (778) | $ (3,046) |
Interest rate caps | Derivatives Designated as Hedging Instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative assets | 128 | 9 |
Interest rate swaps | Derivatives Designated as Hedging Instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative assets | 725 | 0 |
Derivative liabilities | $ (1,631) | $ (3,055) |
Commitments and Contingencies -
Commitments and Contingencies - Future Lease Payments Due Under Operating Leases (Detail) $ in Thousands | Sep. 30, 2021USD ($)property | Dec. 31, 2020USD ($) |
Future Lease Payments Due Under Operating Leases | ||
Number of leases | property | 4 | |
Three Months Ending December 31, 2021 | $ 122 | |
2022 | 489 | |
2023 | 492 | |
2024 | 493 | |
2025 | 494 | |
2026 | 498 | |
Thereafter | 6,807 | |
Total anticipated lease payments | 9,395 | |
Less: amount representing interest | (3,824) | |
Present value of lease payments | $ 5,571 | $ 5,687 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other Commitments [Line Items] | ||||
Rental expense | $ 30,230 | $ 29,116 | $ 90,331 | $ 88,286 |
Weighted average remaining lease term (years) | 19 years 6 months | 19 years 6 months | ||
Weighted average discount rate, percent | 5.32% | 5.32% | ||
Property operating expense | ||||
Other Commitments [Line Items] | ||||
Rental expense | $ 100 | $ 100 | $ 400 | $ 400 |
Line of credit | ||||
Other Commitments [Line Items] | ||||
Letters of credit, outstanding | $ 18,700 | $ 18,700 |
Equity and Mezzanine Equity - S
Equity and Mezzanine Equity - Summary of Changes in Stockholders' Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stockholders' equity, beginning balance | $ 213,183 | ||||
Net income (loss) | $ 4,498 | $ 2,844 | 6,657 | $ 6,070 | |
Comprehensive income | 421 | 276 | 2,125 | (2,733) | |
Reclassification into interest expense | 145 | 0 | 145 | 0 | |
Stockholders' equity, ending balance | 200,259 | 200,259 | |||
Total Equity | 201,542 | 200,811 | 201,542 | 200,811 | $ 216,037 |
Interest rate caps | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Reclassification into interest expense | 145 | 0 | 145 | 0 | |
Common Stock | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stockholders' equity, beginning balance | 36 | 34 | 35 | 32 | |
Issuance of common stock and preferred stock, net | 1 | 2 | 2 | ||
Stockholders' equity, ending balance | 37 | 34 | 37 | 34 | |
Common Stock | Senior Common Stock | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stockholders' equity, beginning balance | 1 | 1 | 1 | 1 | |
Stockholders' equity, ending balance | 1 | 1 | 1 | 1 | |
Common Stock | Series F Preferred Stock | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stockholders' equity, beginning balance | 0 | 0 | 0 | 0 | |
Stockholders' equity, ending balance | 0 | 0 | 0 | 0 | |
Additional Paid in Capital | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stockholders' equity, beginning balance | 648,112 | 599,741 | 626,533 | 571,205 | |
Issuance of common stock and preferred stock, net | 8,699 | 5,027 | 29,110 | 33,465 | |
Redemption of OP Units | 4,812 | ||||
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership | (21) | (61) | (3,665) | 37 | |
Stockholders' equity, ending balance | 656,790 | 604,707 | 656,790 | 604,707 | |
Accumulated Other Comprehensive Income | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stockholders' equity, beginning balance | (2,641) | (5,135) | (4,345) | (2,126) | |
Comprehensive income | 421 | 276 | 2,125 | (2,733) | |
Reclassification into interest expense | 145 | ||||
Stockholders' equity, ending balance | (2,075) | (4,859) | (2,075) | (4,859) | |
Distributions in Excess of Accumulated Earnings | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stockholders' equity, beginning balance | (442,122) | (388,900) | (409,041) | (360,978) | |
Distributions declared to common, senior common, and preferred stockholders | (16,849) | (15,780) | (50,011) | (46,965) | |
Redemption of Series D preferred stock, net | (2,141) | ||||
Net income (loss) | 4,477 | 2,846 | 6,699 | 6,109 | |
Stockholders' equity, ending balance | (454,494) | (401,834) | (454,494) | (401,834) | |
Total Stockholders' Equity | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stockholders' equity, beginning balance | 203,386 | 205,741 | 213,183 | 208,134 | |
Issuance of common stock and preferred stock, net | 8,700 | 5,027 | 29,112 | 33,467 | |
Redemption of OP Units | 4,812 | ||||
Distributions declared to common, senior common, and preferred stockholders | (16,849) | (15,780) | (50,011) | (46,965) | |
Redemption of Series D preferred stock, net | (2,141) | ||||
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership | (21) | (61) | (3,665) | 37 | |
Net income (loss) | 4,477 | 2,846 | 6,699 | 6,109 | |
Comprehensive income | 421 | 276 | 2,125 | (2,733) | |
Reclassification into interest expense | 145 | ||||
Stockholders' equity, ending balance | 200,259 | 198,049 | 200,259 | 198,049 | |
Non-Controlling Interest | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stockholders' equity, beginning balance | 1,338 | 2,892 | 2,854 | 2,903 | |
Redemption of OP Units | (4,812) | ||||
Distributions declared to common, senior common, and preferred stockholders | (97) | (189) | (382) | (567) | |
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 | 21 | 61 | 3,665 | (37) | |
Net income (loss) | 21 | (2) | (42) | (39) | |
Stockholders' equity, ending balance | $ 1,283 | $ 2,762 | $ 1,283 | $ 2,762 |
Equity and Mezzanine Equity - D
Equity and Mezzanine Equity - Dividends Paid (Detail) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Senior Common Stock | ||||
Dividends Payable [Line Items] | ||||
Common Stock, dividends paid (in dollars per share) | $ 0.2625 | $ 0.2625 | $ 0.7875 | $ 0.7875 |
Series D Preferred Stock | ||||
Dividends Payable [Line Items] | ||||
Preferred Stock, dividends paid (in dollars per share) | 0 | 0.4374999 | 0.8749998 | 1.3124997 |
Series E Preferred Stock | ||||
Dividends Payable [Line Items] | ||||
Preferred Stock, dividends paid (in dollars per share) | 0.414063 | 0.414063 | 1.242189 | 1.242189 |
Series F Preferred Stock | ||||
Dividends Payable [Line Items] | ||||
Preferred Stock, dividends paid (in dollars per share) | 0.375 | 0.375 | 1.125 | 0.375 |
Series G Preferred Stock | ||||
Dividends Payable [Line Items] | ||||
Preferred Stock, dividends paid (in dollars per share) | 0.375 | 0 | 0.375 | 0 |
Common Stock | ||||
Dividends Payable [Line Items] | ||||
Common Stock, dividends paid (in dollars per share) | $ 0.37545 | $ 0.37545 | $ 1.12635 | $ 1.12635 |
Equity and Mezzanine Equity - A
Equity and Mezzanine Equity - Additional Information (Detail) - USD ($) | Jun. 30, 2021 | Jun. 28, 2021 | Jun. 23, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Aug. 05, 2021 | Feb. 20, 2020 | Feb. 19, 2020 | Jan. 29, 2020 | Jan. 11, 2019 |
Class of Stock [Line Items] | |||||||||||||
Temporary equity, contract terms, trigger change in control | 50.00% | ||||||||||||
Series D preferred stock offering costs write off | $ 0 | $ 0 | $ 2,141,000 | $ 0 | |||||||||
Common stock, shares authorized (in shares) | 62,290,000 | 62,290,000 | 60,290,000 | ||||||||||
Common stock, shares outstanding (in shares) | 36,880,119 | 36,880,119 | 35,331,970 | 60,290,000 | 86,290,000 | ||||||||
Units held by noncontrolling owners (in shares) | 256,994 | 503,033 | |||||||||||
Gladstone Commercial Limited Partnership | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Company ownership percentage of voting securities | 99.30% | 99.30% | 98.60% | ||||||||||
Number of units redeemed in acquisition (in shares) | 246,039 | ||||||||||||
Series G Preferred Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Redeemable preferred stock, dividend rate percentage | 6.00% | ||||||||||||
Redeemable preferred stock, shares authorized (in shares) | 4,000,000 | ||||||||||||
Series D Preferred Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Redeemable preferred stock, dividend rate percentage | 7.00% | ||||||||||||
Temporary equity, contract terms, minimum vote needed to trigger change in control from tender offer (as percent) | 90.00% | 90.00% | |||||||||||
Shares redeemed (in shares) | 3,509,555 | ||||||||||||
Redemption price (in usd per share) | $ 25.1458333 | $ 25.1458333 | |||||||||||
Aggregate redemption price | $ 88,300,000 | ||||||||||||
Series D preferred stock offering costs write off | $ 2,100,000 | ||||||||||||
Series F Preferred Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Redeemable preferred stock, shares authorized (in shares) | 26,000,000 | 26,000,000 | 26,000,000 | ||||||||||
Common Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Common stock, shares authorized (in shares) | 62,290,000 | ||||||||||||
Common Stock | Senior Common Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Common stock, shares authorized (in shares) | 950,000 | ||||||||||||
Preferred Stock | Series G Preferred Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Redeemable preferred stock, shares authorized (in shares) | 4,000,000 | ||||||||||||
Preferred Stock | Series D Preferred Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Redeemable preferred stock, shares authorized (in shares) | 2,490,445 | ||||||||||||
Preferred Stock | Series E Preferred Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Redeemable preferred stock, dividend rate percentage | 6.625% | ||||||||||||
Redeemable preferred stock, shares authorized (in shares) | 6,760,000 | ||||||||||||
Preferred Stock | Series F Preferred Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Redeemable preferred stock, shares issued (in shares) | 217,422 | ||||||||||||
Consideration received | $ 4,900,000 | ||||||||||||
Maximum remaining capacity to sell common stock under open market sale agreement | $ 628,200,000 | 628,200,000 | |||||||||||
Redeemable preferred stock, shares authorized (in shares) | 26,000,000 | 26,000,000 | |||||||||||
Baird, Goldman Sachs, Stifel, Fifth Third, and U.S. Bancorp Investments, Inc. | Preferred Stock | Series E Preferred Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Maximum aggregate sales price of shares to be issued under open market sale agreement | 100,000,000 | 100,000,000 | |||||||||||
Maximum remaining capacity to sell common stock under open market sale agreement | 92,800,000 | $ 92,800,000 | |||||||||||
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) | 1,200,000 | ||||||||||||
Consideration received | $ 24,100,000 | ||||||||||||
Maximum aggregate sales price of shares to be issued under open market sale agreement | 250,000,000 | 250,000,000 | |||||||||||
Maximum remaining capacity to sell common stock under open market sale agreement | 159,400,000 | 159,400,000 | |||||||||||
2019 Universal Shelf | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Universal registration statement, amount authorized | 352,700,000 | 352,700,000 | $ 500,000,000 | ||||||||||
2020 Universal Shelf | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Universal registration statement, amount authorized | $ 691,700,000 | $ 691,700,000 | $ 800,000,000 | ||||||||||
2020 Universal Shelf | Preferred Stock | Series F Preferred Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Universal registration statement, amount authorized | $ 636,500,000 | ||||||||||||
Over-Allotment Option | Redeemable Preferred Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Redeemable preferred stock, shares issued (in shares) | 4,000,000 | ||||||||||||
Public offering price (in usd per share) | $ 25 | ||||||||||||
Consideration received | $ 100,000,000 | ||||||||||||
Gross proceeds of the offering | $ 96,600,000 |
Subsequent Events - Monthly Dis
Subsequent Events - Monthly Distributions Declared by Company's Board of Directors (Detail) - $ / shares | Jan. 05, 2022 | Dec. 31, 2021 | Dec. 06, 2021 | Nov. 30, 2021 | Nov. 05, 2021 | Oct. 29, 2021 | Oct. 12, 2021 |
Series E Preferred Stock | Forecast | |||||||
Dividends Payable [Line Items] | |||||||
Distribution per share (in dollars per share) | $ 0.138021 | $ 0.138021 | |||||
Series E Preferred Stock | Subsequent Event | |||||||
Dividends Payable [Line Items] | |||||||
Distribution per share (in dollars per share) | $ 0.138021 | $ 0.414063 | |||||
Series G Preferred Stock | Forecast | |||||||
Dividends Payable [Line Items] | |||||||
Distribution per share (in dollars per share) | 0.125 | 0.125 | |||||
Series G Preferred Stock | Subsequent Event | |||||||
Dividends Payable [Line Items] | |||||||
Distribution per share (in dollars per share) | 0.125 | 0.375 | |||||
Senior Common Stock | Forecast | |||||||
Dividends Payable [Line Items] | |||||||
Distribution per share (in dollars per share) | $ 0.0875 | $ 0.0875 | $ 0.0875 | ||||
Senior Common Stock | Subsequent Event | |||||||
Dividends Payable [Line Items] | |||||||
Distribution per share (in dollars per share) | 0.2625 | ||||||
Series F Preferred Stock | Forecast | |||||||
Dividends Payable [Line Items] | |||||||
Distribution per share (in dollars per share) | $ 0.125 | $ 0.125 | $ 0.125 | ||||
Series F Preferred Stock | Subsequent Event | |||||||
Dividends Payable [Line Items] | |||||||
Distribution per share (in dollars per share) | 0.375 | ||||||
Common Stock | Forecast | |||||||
Dividends Payable [Line Items] | |||||||
Distribution per share (in dollars per share) | $ 0.125275 | $ 0.125275 | |||||
Common Stock | Subsequent Event | |||||||
Dividends Payable [Line Items] | |||||||
Distribution per share (in dollars per share) | $ 0.125275 | $ 0.375825 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ in Thousands | Oct. 26, 2021USD ($)property | Nov. 01, 2021USD ($)shares | Sep. 30, 2021USD ($)propertyshares | Sep. 30, 2020USD ($) |
Subsequent Event [Line Items] | ||||
Encumbered properties | property | 124 | |||
Repayments on mortgage notes | $ 14,336 | $ 31,667 | ||
Fixed rate mortgage loans | ||||
Subsequent Event [Line Items] | ||||
Encumbered properties | property | 61 | |||
Repayments on mortgage notes | $ 4,470 | |||
Stated interest rate | 4.90% | |||
Subsequent Event | Fixed rate mortgage loans | ||||
Subsequent Event [Line Items] | ||||
Encumbered properties | property | 1 | |||
Repayments on mortgage notes | $ 3,200 | |||
Stated interest rate | 4.92% | |||
Common Stock | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Consideration received | $ 8,000 | |||
Redeemable preferred stock, shares issued (in shares) | shares | 378,495 | |||
Series F Preferred Stock | Preferred Stock | ||||
Subsequent Event [Line Items] | ||||
Consideration received | $ 4,900 | |||
Redeemable preferred stock, shares issued (in shares) | shares | 217,422 | |||
Series F Preferred Stock | Preferred Stock | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Consideration received | $ 800 | |||
Redeemable preferred stock, shares issued (in shares) | shares | 33,572 |