Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 15, 2022 | Jun. 30, 2021 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | 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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 811,924,149 | ||
Entity Common Stock, Shares Outstanding | 37,798,979 | ||
Documents Incorporated by Reference | Portions of the Registrant’s Proxy Statement, to be filed no later than April 30, 2022, relating to the Registrant’s 2022 Annual Meeting of Stockholders, are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Entity Central Index Key | 0001234006 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common and Senior 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 | ||
6.625% Series E 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 | ||
6.00% Series G Cumulative Redeemable Preferred Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 6.00% Series G Cumulative Redeemable Preferred Stock, par value $0.001 per share | ||
Trading Symbol | GOODO | ||
Security Exchange Name | NASDAQ |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Firm ID | 238 |
Auditor Location | Washington, DC |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
ASSETS | |||
Real estate, at cost | $ 1,225,258 | $ 1,128,683 | |
Less: accumulated depreciation | 266,672 | 228,468 | |
Total real estate, net | 958,586 | 900,215 | |
Lease intangibles, net | 114,494 | 117,379 | |
Real estate and related assets held for sale | 0 | 8,498 | |
Cash and cash equivalents | 7,956 | 11,016 | |
Restricted cash | 5,222 | 5,060 | |
Funds held in escrow | 7,304 | 9,145 | |
Right-of-use assets from operating leases | 5,361 | 5,582 | |
Deferred rent receivable, net | 39,066 | 36,555 | |
Other assets | 5,363 | 4,458 | |
TOTAL ASSETS | 1,143,352 | 1,097,908 | |
LIABILITIES | |||
Mortgage notes payable, net | [1] | 449,944 | 456,177 |
Borrowings under Revolver | 33,550 | 53,312 | |
Borrowings under Term Loan A and Term Loan B, net | 224,032 | 159,203 | |
Deferred rent liability, net | 26,770 | 20,633 | |
Operating lease liabilities | 5,509 | 5,687 | |
Asset retirement obligation | 3,769 | 3,086 | |
Accounts payable and accrued expenses | 6,736 | 4,459 | |
Due to Adviser and Administrator | [1] | 3,431 | 2,960 |
Other liabilities | 16,788 | 17,068 | |
TOTAL LIABILITIES | 770,529 | 722,585 | |
Commitments and contingencies | [2] | ||
MEZZANINE EQUITY | |||
Mezzanine Equity | [3] | 170,261 | 159,286 |
EQUITY | |||
Senior common stock, par value $0.001 per share; 950,000 shares authorized; and 600,061 and 750,372 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively | [3] | 1 | 1 |
Common stock, par value $0.001 per share, 62,290,000 and 60,290,000 shares authorized and 37,473,587 and 35,331,970 shares issued and outstanding at December 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 shares authorized; and 422,920 and 116,674 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively | [3] | 0 | 0 |
Additional paid in capital | 671,134 | 626,533 | |
Accumulated other comprehensive income | (1,346) | (4,345) | |
Distributions in excess of accumulated earnings | (468,523) | (409,041) | |
TOTAL STOCKHOLDERS' EQUITY | 201,303 | 213,183 | |
OP Units held by Non-controlling OP Unitholders | [3] | 1,259 | 2,854 |
TOTAL EQUITY | 202,562 | 216,037 | |
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY | $ 1,143,352 | $ 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” |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 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) | 600,061 | 750,372 |
Senior common stock, shares outstanding (in shares) | 600,061 | 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) | 37,473,587 | 35,331,970 |
Common stock, shares outstanding (in shares) | 37,473,587 | 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 | |
Redeemable preferred stock, shares issued (in shares) | 422,920 | 116,674 |
Redeemable preferred stock, shares outstanding (in shares) | 422,920 | 116,674 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Operating revenues | ||||
Lease revenue | $ 137,688 | $ 133,152 | $ 114,387 | |
Revenues | 137,688 | 133,152 | 114,387 | |
Operating expenses | ||||
Depreciation and amortization | 60,311 | 55,424 | 52,039 | |
Property operating expenses | 27,098 | 26,004 | 12,592 | |
Base management fee | [1] | 5,882 | 5,648 | 5,174 |
Incentive fee | [1] | 4,859 | 4,301 | 3,688 |
Administration fee | [1] | 1,448 | 1,598 | 1,690 |
General and administrative | 3,218 | 3,259 | 3,235 | |
Impairment charge | 0 | 3,621 | 1,813 | |
Total operating expense before incentive fee waiver | 102,816 | 99,855 | 80,231 | |
Incentive fee waiver | [1] | (16) | 0 | 0 |
Total operating expenses | 102,800 | 99,855 | 80,231 | |
Other (expense) income | ||||
Interest expense | (26,887) | (26,803) | (28,279) | |
(Loss) gain on sale of real estate, net | (1,148) | 8,096 | 2,952 | |
Other income | 2,880 | 395 | 712 | |
Total other expense, net | (25,155) | (18,312) | (24,615) | |
Net income | 9,733 | 14,985 | 9,541 | |
Net loss (income) attributable (available) to OP Units held by Non-controlling OP Unitholders | 40 | (47) | 87 | |
Net income attributable to the Company | 9,773 | 14,938 | 9,628 | |
Distributions attributable to Series D, E, F, and G preferred stock | (11,488) | (10,973) | (10,822) | |
Series A, B, and D preferred stock offering costs write off | (2,141) | 0 | (2,674) | |
Distributions attributable to senior common stock | (698) | (816) | (892) | |
Net (loss) income (attributable) available to common stockholders | $ (4,554) | $ 3,149 | $ (4,760) | |
(Loss) earnings per weighted average share of common stock - basic & diluted | ||||
(Loss) Income (attributable) available to common shareholders, Basic (in dollars per share) | $ (0.12) | $ 0.09 | $ (0.16) | |
(Loss) Income (attributable) available to common shareholders, Diluted (in dollars per share) | $ (0.12) | $ 0.09 | $ (0.16) | |
Weighted average shares of common stock outstanding | ||||
Basic (in shares) | 36,537,306 | 34,040,085 | 30,695,902 | |
Diluted (in shares) | 36,537,306 | 34,040,085 | 30,695,902 | |
Distributions declared per common share (in dollars per share) | $ 1.502175 | $ 1.501800 | $ 1.500000 | |
Earnings per weighted average share of senior common stock (in dollars per share) | $ 1.05 | $ 1.05 | $ 1.05 | |
Weighted average shares of senior common stock outstanding - basic (in shares) | 664,898 | 774,658 | 849,348 | |
Comprehensive income | ||||
Change in unrealized gain (loss) related to interest rate hedging instruments, net | $ 2,854 | $ (2,219) | $ (1,978) | |
Other Comprehensive gain (loss) | 2,854 | (2,219) | (1,978) | |
Comprehensive income | 12,587 | 12,766 | 7,563 | |
Comprehensive loss (income) attributable (available) to OP Units held by Non-controlling OP Unitholders | 40 | (47) | 87 | |
Total comprehensive income available to the Company | $ 12,627 | $ 12,719 | $ 7,650 | |
[1] | Refer to Note 2 “Related-Party Transactions” |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Series F Preferred Stock | Series A and B Preferred Stock | Common and Senior Common Stock | Common and Senior Common StockSenior Common Stock | Additional Paid in Capital | AOCI Attributable to Parent | Distributions in Excess of Accumulated Earnings | Total Stockholders' Equity | Non-Controlling Interest |
Beginning balance (in shares) at Dec. 31, 2018 | 2,264,000 | 29,254,899 | 866,259 | |||||||
Beginning balance at Dec. 31, 2018 | $ 254,419 | $ 2 | $ 29 | $ 1 | $ 559,977 | $ (148) | $ (310,117) | $ 249,744 | $ 4,675 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of Series A and B preferred stock and common stock, net (in shares) | 3,025,727 | |||||||||
Issuance of common stock and Series F preferred stock, net | 64,542 | $ 3 | 64,539 | 64,542 | ||||||
Conversion of senior common stock to common stock (in shares) | 49,725 | (59,824) | ||||||||
Stock redeemed (in shares) | (2,264,000) | (263,300) | ||||||||
Redemption of Series A and B preferred stock, net | (56,600) | $ (2) | (53,924) | (2,674) | (56,600) | |||||
Distributions declared to common, senior common, preferred stockholders and Non-controlling OP Unit holders | (58,887) | (23) | (57,815) | (57,838) | (1,049) | |||||
Comprehensive income | (1,978) | (1,978) | (1,978) | |||||||
Reclassification into interest expense | 0 | |||||||||
Issuance of Non-controlling OP Units as consideration in real estate acquisitions, net | 0 | 6,143 | 6,143 | (6,143) | ||||||
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership | 0 | (5,507) | (5,507) | 5,507 | ||||||
Net income | 9,541 | 9,628 | 9,628 | (87) | ||||||
Ending balance (in shares) at Dec. 31, 2019 | 0 | 32,593,651 | 806,435 | |||||||
Ending balance at Dec. 31, 2019 | 211,037 | $ 0 | $ 32 | $ 1 | 571,205 | (2,126) | (360,978) | 208,134 | 2,903 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of Series A and B preferred stock and common stock, net (in shares) | 116,674 | 2,691,971 | ||||||||
Issuance of common stock and Series F preferred stock, net | 55,488 | $ 3 | 55,485 | 55,488 | ||||||
Conversion of senior common stock to common stock (in shares) | 46,348 | (56,063) | ||||||||
Distributions declared to common, senior common, preferred stockholders and Non-controlling OP Unit holders | (63,757) | (63,001) | (63,001) | (756) | ||||||
Comprehensive income | (2,219) | (2,219) | (2,219) | |||||||
Reclassification into interest expense | 0 | |||||||||
Issuance of Non-controlling OP Units as consideration in real estate acquisitions, net | 503 | 503 | ||||||||
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership | 0 | (157) | (157) | 157 | ||||||
Net income | 14,985 | 14,938 | 14,938 | 47 | ||||||
Ending balance (in shares) at Dec. 31, 2020 | 116,674 | 0 | 35,331,970 | 750,372 | ||||||
Ending balance at Dec. 31, 2020 | 216,037 | $ 0 | $ 35 | $ 1 | 626,533 | (4,345) | (409,041) | 213,183 | 2,854 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of Series A and B preferred stock and common stock, net (in shares) | 306,246 | 1,771,277 | ||||||||
Issuance of common stock and Series F preferred stock, net | 43,527 | $ 2 | 43,525 | 43,527 | ||||||
Conversion of senior common stock to common stock (in shares) | 124,301 | (150,311) | ||||||||
Stock redeemed (in shares) | (246,039) | |||||||||
Distributions declared to common, senior common, preferred stockholders and Non-controlling OP Unit holders | (67,593) | (67,114) | (67,114) | (479) | ||||||
Comprehensive income | 2,854 | 2,854 | 2,854 | |||||||
Reclassification into interest expense | 145 | 145 | 145 | |||||||
Issuance of Non-controlling OP Units as consideration in real estate acquisitions, net | 0 | 4,812 | 4,812 | (4,812) | ||||||
Redemption of Series D preferred stock, net | (2,141) | (2,141) | (2,141) | |||||||
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership | 0 | (3,736) | (3,736) | 3,736 | ||||||
Net income | 9,733 | 9,773 | 9,773 | (40) | ||||||
Ending balance (in shares) at Dec. 31, 2021 | 422,920 | 0 | 37,473,587 | 600,061 | ||||||
Ending balance at Dec. 31, 2021 | $ 202,562 | $ 0 | $ 37 | $ 1 | $ 671,134 | $ (1,346) | $ (468,523) | $ 201,303 | $ 1,259 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income | $ 9,733,000 | $ 14,985,000 | $ 9,541,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 60,311,000 | 55,424,000 | 52,039,000 |
Impairment charge | 0 | 3,621,000 | 1,813,000 |
Loss (gain) on sale of real estate, net | 1,148,000 | (8,096,000) | (2,952,000) |
Amortization of deferred financing costs | 1,583,000 | 1,531,000 | 1,641,000 |
Amortization of deferred rent asset and liability, net | (3,271,000) | (1,930,000) | (1,446,000) |
Amortization of discount and premium on assumed debt, net | 52,000 | 57,000 | 62,000 |
Asset retirement obligation expense | 96,000 | 98,000 | 119,000 |
Amortization of right-of-use asset from operating leases and operating lease liabilities, net | 43,000 | 52,000 | 53,000 |
Bad debt expense | 0 | 56,000 | 152,000 |
Operating changes in assets and liabilities | |||
Decrease (increase) in other assets | 602,000 | 2,875,000 | (2,170,000) |
Increase in deferred rent receivable | (2,900,000) | (1,899,000) | (1,477,000) |
Increase (decrease) in accounts payable and accrued expenses | 2,834,000 | (1,680,000) | 1,540,000 |
Increase in amount due to Adviser and Administrator | 471,000 | 56,000 | 381,000 |
Increase in other liabilities | 1,418,000 | 1,808,000 | 2,075,000 |
Tenant inducement payments | (20,000) | 0 | 0 |
Leasing commissions paid | (1,974,000) | (1,464,000) | (1,177,000) |
Net cash provided by operating activities | 70,126,000 | 65,494,000 | 60,194,000 |
Cash flows from investing activities: | |||
Acquisition of real estate and related intangible assets | (100,153,000) | (127,931,000) | (130,313,000) |
Improvements of existing real estate | (5,348,000) | (6,360,000) | (7,570,000) |
Proceeds from sale of real estate | 8,840,000 | 35,834,000 | 6,318,000 |
Receipts from lenders for funds held in escrow | 3,963,000 | 1,310,000 | 2,664,000 |
Payments to lenders for funds held in escrow | (2,122,000) | (3,229,000) | (3,880,000) |
Receipts from tenants for reserves | 3,804,000 | 2,406,000 | 4,782,000 |
Payments to tenants from reserves | (3,761,000) | (1,988,000) | (2,496,000) |
Deposits on future acquisitions | 0 | (300,000) | (1,542,000) |
Net cash used in investing activities | (94,777,000) | (100,258,000) | (132,037,000) |
Cash flows from financing activities: | |||
Proceeds from issuance of equity | 144,677,000 | 63,609,000 | 134,527,000 |
Offering costs paid | (4,579,000) | (988,000) | (3,431,000) |
Redemption of Series A, B, and D perpetual preferred stock | (87,739,000) | 0 | (56,600,000) |
Borrowings under mortgage notes payable | 21,500,000 | 52,578,000 | 69,650,000 |
Payments for deferred financing costs | (792,000) | (606,000) | (2,480,000) |
Principal repayments on mortgage notes payable | (28,470,000) | (50,662,000) | (57,438,000) |
Borrowings on term loan | 65,000,000 | 37,700,000 | 47,300,000 |
Borrowings from revolving credit facility | 69,900,000 | 142,700,000 | 165,400,000 |
Repayments on revolving credit facility | (90,250,000) | (141,200,000) | (163,600,000) |
Increase (decrease) in security deposits | 98,000 | (22,000) | (192,000) |
Distributions paid for common, senior common, preferred stock and Non-controlling OP Unitholders | (67,592,000) | (63,757,000) | (58,887,000) |
Net cash provided by financing activities | 21,753,000 | 39,352,000 | 74,249,000 |
Net (decrease) increase in cash, cash equivalents, and restricted cash | (2,898,000) | 4,588,000 | 2,406,000 |
Cash, cash equivalents, and restricted cash at beginning of period | 16,076,000 | 11,488,000 | 9,082,000 |
Cash, cash equivalents, and restricted cash at end of period | 13,178,000 | 16,076,000 | 11,488,000 |
SUPPLEMENTAL AND NON-CASH INFORMATION | |||
Cash paid during year for interest | 23,393,000 | 26,098,000 | 25,685,000 |
Tenant funded fixed asset improvements included in deferred rent liability, net | 9,192,000 | 2,978,000 | 2,787,000 |
Acquisition of real estate and related intangible assets | 300,000 | 1,542,000 | 0 |
Capital improvements and leasing commissions included in accounts payable and accrued expenses | 512,000 | 1,070,000 | 390,000 |
Unrealized gain (loss) related to interest rate hedging instruments, net | 2,854,000 | (2,219,000) | (1,978,000) |
Increase in asset retirement obligation assumed in acquisition | 600,000 | 0 | 164,000 |
Non-controlling OP Units issued in connection with acquisition | 0 | 503,000 | 0 |
Series A, B, and D Preferred Stock offering cost write off | 2,141,000 | 0 | 2,674,000 |
Right-of-use asset from operating leases | 0 | 0 | 5,998,000 |
Operating lease liabilities | 0 | 0 | (5,998,000) |
Property manager other assets | 0 | 0 | 1,676,000 |
Property manager accrued expenses and other liabilities | 0 | 0 | (1,676,000) |
Cash and cash equivalents | 7,956,000 | 11,016,000 | 6,849,000 |
Restricted cash | 5,222,000 | 5,060,000 | 4,639,000 |
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows | $ 13,178,000 | $ 16,076,000 | $ 11,488,000 |
Organization, Basis of Presenta
Organization, Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 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 was incorporated under the General Corporation Law of the State of Maryland on February 14, 2003. We have elected to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes. We focus on acquiring, owning and managing primarily industrial and office 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 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 further references herein to “we,” “our,” “us” and the “Company” mean Gladstone Commercial Corporation and its consolidated subsidiaries, except where it is made clear that the term means only Gladstone Commercial Corporation. A ll references herein and throughout the Notes to Consolidated Financial Statements to the number of properties and square footage are unaudited. Subsidiaries We conduct substantially all of our operations through the Operating Partnership. We currently control the sole general partner of the Operating Partnership and own, directly or indirectly, a majority of the limited partnership interests in the Operating Partnership (“Non-controlling OP Units”) through two of our subsidiaries, GCLP Business Trust I and II. The financial position and results of operations of the Operating Partnership are consolidated within our financial statements. As of December 31, 2021 and 2020, the Company owned 99.3% and 98.6%, respectively, of the outstanding OP Units (See Note 8, “Equity and Mezzanine Equity” for additional discussion regarding OP Units). Gladstone Commercial Lending, LLC, a Delaware limited liability company (“Gladstone Commercial Lending”), a subsidiary of ours, was created to conduct all operations related to our real estate mortgage loans. As the Operating Partnership currently owns all of the membership interests of Gladstone Commercial Lending, the financial position and results of operations of Gladstone Commercial Lending are consolidated with ours. Gladstone Commercial Advisers, Inc., a Delaware corporation (“Commercial Advisers”), and wholly-owned taxable REIT subsidiary (“TRS”) of ours, was created to collect any non-qualifying income related to our real estate portfolio. There has been no such income earned to date. Since we own 100% of the voting securities of Commercial Advisers, the financial position and results of operations of Commercial Advisers are consolidated within our financial statements. GCLP Business Trust I and GCLP Business Trust II, each a subsidiary and business trust of ours, were formed under the laws of the Commonwealth of Massachusetts on December 28, 2005. We transferred our 99% limited partnership interest in the Operating Partnership to GCLP Business Trust I in exchange for 100 shares of the trust. Gladstone Commercial Partners, LLC, a subsidiary of ours, transferred its 1% general partnership interest in the Operating Partnership to GCLP Business Trust II in exchange for 100 trust shares. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could materially differ from those estimates. Real Estate and Lease Intangibles We record investments in real estate at cost and capitalize improvements and replacements when they extend the useful life or improve the efficiency of the asset. We expense costs of repairs and maintenance as such costs are incurred. We compute depreciation using the straight-line method over the estimated useful life, or up to 39 years, for buildings and improvements, five Most properties that we acquire are already being operated as rental properties, which we consider to be asset acquisitions under Accounting Standards Codification (“ASC”) 360, “Property Plant and Equipment” (“ASC 360”). When an acquisition is considered an asset acquisition, ASC 360 requires that the purchase price of real estate be allocated to the acquired tangible assets and liabilities, consisting of land, building, tenant improvements, long-term debt assumed and identified intangible assets and liabilities, typically the value of above-market and below-market leases, the value of in-place leases, the value of lease origination costs and the value of tenant relationships, based in each case on their fair values. ASC 360 allows us to capitalize all expenses related to an acquisition accounted for as an asset acquisition into the cost of the acquisition. Management’s estimates of fair value are made using methods similar to those used by independent appraisers (e.g. discounted cash flow analysis). Factors considered by management in its analysis include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions and costs to execute similar leases. We also consider information obtained about each property as a result of our pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired and liabilities assumed. In estimating carrying costs, management also includes lost reimbursement of real estate taxes, insurance and other operating expenses as well as estimates of lost rents at market rates during the hypothetical expected lease-up periods, which generally range from nine We allocate purchase price to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. The “as-if-vacant” value is allocated to land, building and tenant improvements based on management’s determination of the relative fair values of these assets on the date of acquisition. Above-market and below-market in-place lease fair values for acquired properties are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. When determining the non-cancelable term of the lease, we evaluate which fixed-rate renewal options, if any, should be included. The capitalized above-market lease values, included in the accompanying consolidated balance sheets as part of deferred rent receivable, are amortized as a reduction of rental income over the remaining non-cancelable terms of the respective leases. Total amortization related to above-market lease values was $0.8 million, $0.8 million, and $1.1 million for the years ended December 31, 2021, 2020, and 2019, respectively. The capitalized below-market lease values, included in the accompanying consolidated balance sheets as part of deferred rent liability, are amortized as an increase to rental income over the remaining non-cancelable terms of the respective leases, including any below market renewal periods. Total amortization related to below-market lease values was $4.1 million, $2.8 million, and $2.5 million for the years ended December 31, 2021, 2020, and 2019, respectively. The total amount of the remaining intangible assets acquired, which consists of in-place lease values, lease origination costs, and customer relationship intangible values, are allocated based on management’s evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant. Characteristics to be considered by management in determining these values include the nature and extent of our existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and our expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors. The value of in-place leases and lease origination costs are amortized to amortization expense over the remaining term of the respective leases, which generally range from seven Should a tenant terminate its lease, the unamortized portion of the above-market and below-market lease values would be charged to rental income and the unamortized portion of in-place lease values, lease origination costs and customer relationship intangibles will be charged to amortization expense through the revised termination date. Impairment Charges We account for the impairment of real estate in accordance with ASC 360-10-35, “Property, Plant, and Equipment,” which requires us to periodically review the carrying value of each property to determine if circumstances indicate impairment of the carrying value of the investment exists or that depreciation periods should be modified. If circumstances indicate the possibility of impairment, we prepare a projection of the undiscounted future cash flows, without interest charges, of the specific property and determine if the carrying value of the investment in such property is recoverable. In performing the analysis, we consider such factors as each tenant’s payment history and financial condition, the likelihood of lease renewal, business conditions in the industry in which the tenants operate, whether there are indications that the fair value of the real estate has decreased or our intended holding period of the property is shortened. If the carrying amount is more than the aggregate undiscounted future cash flows, we would recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property. We evaluate our entire portfolio of properties each quarter for any impairment indicators and perform an impairment analysis on those select properties that have an indication of impairment. Held for Sale Property For properties considered held for sale, we cease depreciating and amortizing the property and value the property at the lower of depreciated and amortized cost or fair value, less costs to dispose. We present qualifying assets and liabilities and the results of operations that have been sold, or otherwise qualify as held for sale, as discontinued operations in all periods when the sale meets the definition of discontinued operations. Under GAAP, the definition of discontinued operations is the disposal of a component or group of components that is disposed or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on our operations and financial results. The components of the property’s net income (loss) that are reflected as discontinued operations if classified as such include operating results, depreciation, amortization, and interest expense. When properties are considered held for sale, but do not qualify as a discontinued operation, we present qualifying assets and liabilities as held for sale in the consolidated balance sheet in all periods that the qualifying assets and liabilities meet the held for sale criteria under ASC 360-10-49-9. The components of the held for sale property’s net income (loss) is recorded within continuing operations under the consolidated statement of operations and comprehensive income. Cash and Cash Equivalents We consider cash equivalents to be short-term, highly-liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase, except that any such investments purchased with funds held in escrow or similar accounts are classified as restricted cash. Items classified as cash equivalents include money-market deposit accounts. At times, the balance of our cash and cash equivalents may exceed federally insurable limits. Restricted Cash Restricted cash consists of security deposits and receipts from tenants for reserves. These funds will be released to the tenants upon completion of agreed upon tasks, as specified in the lease agreements, mainly consisting of maintenance and repairs on the buildings and upon receipt by us of evidence of insurance and tax payments. For purposes of the consolidated statements of cash flows, changes in restricted cash caused by changes in reserves held for tenants are shown as investing activities. Changes in restricted cash caused by changes in security deposits are reflected as financing activities. Funds Held in Escrow Funds held in escrow consist of funds held by certain of our lenders for properties held as collateral by these lenders. These funds will be released to us upon completion of agreed upon tasks, as specified in the mortgage agreements, mainly consisting of maintenance and repairs on the buildings, and when evidence of insurance and tax payments has been submitted to the lenders. For the purposes of the consolidated statements of cash flows, changes in funds held in escrow caused by changes in lender held reserve balances are shown as investing activities. Deferred Financing Costs Deferred financing costs consist of costs incurred to obtain financing, including legal fees, origination fees and administrative fees. The costs are deferred and amortized using the straight-line method, which approximates the effective interest method, over the term of the secured financing. We made payments of $0.8 million, $0.6 million, and $2.5 million for deferred financing costs during the years ended December 31, 2021, 2020, and 2019, respectively. Total amortization expense related to deferred financing costs is included in interest expense and was $1.6 million, $1.5 million, and $1.6 million for the years ended December 31, 2021, 2020, and 2019, respectively. Gains (Losses) on Sale of Real Estate, Net Gains (losses) on sale of real estate, net, consist of the excess consideration received for a property over the property carrying value at the time of sale, or gains on real estate, offset by consideration received for a property less than the property carrying value at the time of sale, or loss on sale of real estate. Lease Revenue Lease revenue includes rents that each tenant pays in accordance with the terms of its respective lease reported evenly over the non-cancelable term of the lease. Most of our leases contain rental increases at specified intervals. We recognize such revenues on a straight-line basis. Deferred rent receivable in the accompanying consolidated balance sheet includes the cumulative difference between lease revenue, as recorded on a straight-line basis, and rents received from the tenants in accordance with the lease terms, along with the capitalized above-market in-place lease values of certain acquired properties. Deferred rent liability in the accompanying consolidated balance sheet includes the capitalized below-market in-place lease values of certain acquired properties. Accordingly, we determine, in our judgment, to what extent the deferred rent receivable applicable to each specific tenant is collectible. We review deferred rent receivable, as it relates to straight line rents, on a quarterly basis and take into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the geographic area in which the property is located. In the event that the collectability of deferred rent with respect to any given tenant is in doubt, we record an allowance for uncollectible accounts or record a direct write-off of the specific rent receivable. We incurred $0.4 million and $0.2 million in deferred rent write offs during each of the years ended December 31, 2021 and 2020, respectively. No such reserves or direct write offs were recorded during the year ended 2019. Tenant recovery revenue includes payments from tenants as reimbursements for franchise taxes, management fees, insurance, maintenance and repairs, utilities, and ground lease payments. We recognize tenant recovery revenue in the same periods that we incur the related expenses. We do not record any tenant recovery revenues or operating expenses associated with costs paid directly by our tenants for our net leased properties. On January 1, 2020, we completed the integration of the accounting records of certain of our triple net leased third-party asset managed properties into our accounting system and paid out property operating expenses of our operating bank accounts. For periods prior to January 1, 2020, we recorded property operating expenses and offsetting lease revenues for these certain triple net leased properties on a net basis. Beginning January 1, 2020, we began to record the property operating expenses and offsetting lease revenues for these triple net leased properties on a gross basis, as we have amended our process whereby we are paying operating expenses on behalf of our tenants and receiving reimbursement, whereas, previously these tenants were paying these expenses directly, with limited insight provided to us. Income Taxes We have operated and intend to continue to operate in a manner that will allow us to qualify as a REIT under the Internal Revenue Code of 1986, as amended, and, accordingly, will not be subject to federal income taxes on amounts distributed to stockholders (except income from foreclosure property), provided that we distribute at least 90% of our REIT taxable income to our stockholders and meet certain other conditions. To the extent that we satisfy the distribution requirement but distribute less than 100% of our taxable income, we will be subject to federal corporate income tax on our undistributed income. Commercial Advisers is a wholly-owned TRS that is subject to federal and state income taxes. Though Commercial Advisers has had no activity to date, we would account for any future income taxes in accordance with the provisions of ASC 740, “Income Taxes.” Under ASC 740-10-25, we would account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We may recognize a tax benefit from an uncertain tax position when it is more-likely-than-not (defined as a likelihood of more than 50%) that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. If a tax position does not meet the more-likely-than-not recognition threshold, despite our belief that the filing position is supportable, the benefit of that tax position is not recognized in the statements of operations. We recognize interest and penalties, as applicable, related to unrecognized tax benefits as a component of income tax expense. We recognize unrecognized tax benefits in the period that the uncertainty is eliminated by either affirmative agreement of the uncertain tax position by the applicable taxing authority, or by expiration of the applicable statute of limitation. For the years ended December 31, 2021, 2020, and 2019, we did not record any provisions for uncertain tax positions. Asset Retirement Obligations ASC 410, “Asset Retirement and Environmental Obligation,” requires an entity to recognize a liability for a conditional asset retirement obligation when incurred if the liability can be reasonably estimated. ASC 410-20-20 clarifies that the term “Conditional Asset Retirement Obligation” refers to a legal obligation (pursuant to existing laws or by contract) to perform an asset retirement activity in which the timing and/or method of settlement are conditional on a future event that may or may not be within the control of the entity. ASC 410-20-25-6 clarifies when an entity would have sufficient information to reasonably estimate the fair value of an asset retirement obligation. We have accrued a liability at the present value of the estimated payments expected to be made and corresponding increase to the cost of the related properties for disposal related to all properties constructed prior to 1985 that have, or may have, asbestos present in the building. The liabilities are accreted to their estimated obligation over the life of the leases for the respective properties. We accrued $0.6 million and $0.2 million of liabilities in connection with acquisitions for the years ended December 31, 2021 and 2019, respectively, and no liabilities in connection with acquisitions for the year ended December 31, 2020. We recorded accretion expense of $0.1 million in each of the years ended December 31, 2021, 2020, and 2019, to general and administrative expense. Costs of future expenditures for obligations are discounted to their present value. The aggregate undiscounted obligation on all properties is $6.8 million and the discount rates used in the calculations range from 2.0% to 7.0%. We do not expect to make any material payments in conjunction with these obligations in each of the next five years. Stock Issuance Costs We account for stock issuance costs in accordance with SEC Staff Accounting Bulletin (“SAB”) Topic 5.A, which states that incremental costs directly attributable to a proposed or actual offering of securities may properly be deferred and charged against the gross proceeds of the offering. Accordingly, we record costs incurred related to our ongoing equity offerings to other assets on our consolidated balance sheet and ratably apply these amounts to the cost of equity as stock is issued. If an equity offering is subsequently terminated and there are amounts remaining in other assets that have not been allocated to the cost of the offering, the remaining amounts are recorded as a general and administrative expense on our consolidated statements of operations. Comprehensive Income We record the effective portion of changes in the fair value of the interest rate cap and swap agreements that qualify as cash flow hedges to accumulated other comprehensive income. For the years ended December 31, 2021, 2020, and 2019, we reconciled net income to comprehensive income on the consolidated statements of operations and comprehensive income in the accompanying consolidated financial statements. Segment Reporting We manage our operations on an aggregated, single segment basis for purposes of assessing performance and making operating decisions, and, accordingly, have only one reporting and operating segment. Recently Issued Accounting Pronouncements |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Related-Party TransactionsGladstone Management Corporation and Gladstone Administration, LLC We are externally managed pursuant to contractual arrangements with our Adviser and our Administrator, which collectively employ all of our personnel and pay their salaries, benefits, and general expenses directly. Both our Adviser and Administrator are affiliates of ours, as their parent company is owned and controlled by Mr. Gladstone, our chairman and chief executive officer. Two of our executive officers, Mr. Gladstone and Mr. Brubaker (our vice chairman and chief operating officer) serve as directors and executive officers of our Adviser and our Administrator. Our co-presidents, Messrs. Cutlip and Cooper, are executive managing directors of our Adviser. Michael LiCalsi, our general counsel and secretary, also serves as our Administrator’s president, general counsel and secretary. We have entered into an advisory agreement with our Adviser, as amended from time to time (the “Advisory Agreement”), and an administration agreement with our Administrator (the “Administration Agreement”). The services and fees under the Advisory Agreement and Administration Agreement are described below. At December 31, 2021 and December 31, 2020, $3.4 million and $3.0 million, respectively, was collectively due to our Adviser and Administrator. Base Management Fee On January 8, 2019, we entered into a Fifth Amended and Restated Investment Advisory Agreement (the “Fifth Amended Advisory Agreement”) with the Adviser, effective as of October 1, 2018, to clarify that the agreement’s definition of Total Equity includes outstanding OP Units issued to Non-controlling OP Unitholders. Our entrance into the Advisory Agreement (and each amendment thereto) has been approved unanimously by our Board of Directors. Our Board of Directors also reviews and considers renewing the agreement with our Adviser each July. Under the Fifth Amended Advisory Agreement, 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 did 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 OP Units held by Non-controlling OP Unitholders. The fee was calculated and accrued quarterly as 0.375% per quarter of such Total Equity figure. Our Adviser does not charge acquisition or disposition fees when we acquire or dispose of properties as is common in other externally managed REITs; however, our Adviser may earn fee income from our borrowers, tenants or other sources. On July 14, 2020, the Company amended and restated the Fifth Amended Advisory Agreement by entering into the Sixth Amended and Restated Investment Advisory Agreement between the Company and the Adviser (the “Sixth Amended Advisory Agreement”). The Sixth Amended Advisory Agreement replaced the Fifth Amended Advisory Agreement’s previous calculation of the base management fee with a calculation based on Gross Tangible Real Estate. The revised Base Management Fee is payable quarterly in arrears and is 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 the Company’s 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 agreement remained unchanged. The revised Base Management Fee calculation began with the fee calculations for the quarter ended September 30, 2020. For the years ended December 31, 2021, 2020, and 2019, we recorded a base management fee of $5.9 million, $5.6 million, and $5.2 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 new hurdle rate. The Adviser will receive 15.0% of the amount of our pre-incentive fee Core FFO that exceeds the new hurdle rate. However, in no event shall the incentive fee for a particular quarter exceed by 15.0% (the cap) the average quarterly incentive fee paid by us for the previous four quarters (excluding quarters for which no incentive fee was paid). Core FFO (as defined in the Advisory Agreement) is GAAP net income (loss) available to common stockholders, excluding the incentive fee, depreciation and amortization, any realized and unrealized gains, losses or other non-cash items recorded in net income (loss) available to common stockholders for the period, and one-time events pursuant to changes in GAAP. For the years ended December 31, 2021, 2020, and 2019, we recorded an incentive fee of $4.9 million, $4.3 million, and $3.7 million, respectively. Our Advisor issued a waiver of the incentive fee of $0.02 million during the year ended December 31, 2021. Our Adviser did not waive any portion of the incentive fee for the years ended December 31, 2020 and 2019. Waivers are non-contractual, unconditional, and irrevocable and cannot be recouped by the Adviser in the future. Capital Gain Fee Under the Advisory Agreement, we will pay to the Adviser a capital gains-based incentive fee that will be calculated and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement). In determining the capital gain fee, we will calculate aggregate realized capital gains and aggregate realized capital losses for the applicable time period. For this purpose, aggregate realized capital gains and losses, if any, equals the realized gain or loss calculated by the difference between the sales price of the property, less any costs to sell the property and the all-in acquisition cost 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 years ended December 31, 2021, 2020, and 2019. Termination Fee The Advisory Agreement includes a termination fee whereby, in the event of our termination of the agreement without cause (with 120 days’ prior written notice and the vote of at least two-thirds of our independent directors), a termination fee would be payable to the Adviser equal to two times the sum of the average annual base management fee and incentive fee earned by the Adviser during the 24-month period prior to such termination. A termination fee is also payable if the Adviser terminates the Advisory Agreement after we have defaulted and applicable cure periods have expired. The Advisory Agreement may also be terminated for cause by us (with 30 days’ prior written notice and the vote of at least two-thirds of our independent directors), with no termination fee payable. Cause is defined in the agreement to include if the Adviser breaches any material provisions thereof, the bankruptcy or insolvency of the Adviser, dissolution of the Adviser and fraud or misappropriation of funds. Administration Agreement Under the terms of the Administration Agreement, we pay separately for our allocable portion of our 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 years ended December 31, 2021, 2020, and 2019, we recorded an administration fee of $1.4 million, $1.6 million, and $1.7 million, respectively. Our Board of Directors reviews and considers approving or renewing the Administration Agreement each July. Gladstone Securities, LLC 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 1.0% of the mortgage obtained. The amount of the financing fees may be reduced or eliminated, as determined by us and Gladstone Securities, after taking into consideration various factors, including, but not limited to, the involvement of any third party brokers and market conditions. We paid financing fees to Gladstone Securities of $0.1 million, $0.1 million, and $0.2 million during the years ended December 31, 2021, 2020, and 2019, respectively, which are included in mortgage notes payable, net, in the consolidated balance sheets, or 0.33%, 0.25%, and 0.20% of total mortgage principal secured or extended during the respective periods. 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 our 6.00% Series F Cumulative Redeemable Preferred Stock of the Company, par value $0.001 per share (the “Series F Preferred Stock”) on a “reasonable best efforts” basis (the “Primary Offering”), and (ii) 6,000,000 shares of Series F Preferred Stock pursuant to our distribution reinvestment plan (the “DRIP”) to those holders of the Series F Preferred Stock who participate in such DRIP. The Series F Preferred Stock is registered with the SEC pursuant to a registration statement on Form S-3 (File No. 333-236143), as the same may be amended and/or supplemented (the “Registration Statement”), under the Securities Act of 1933, as amended, and will be offered and sold pursuant to a prospectus supplement, dated February 20, 2020, and a base prospectus dated February 11, 2020 relating to the Registration Statement (the “Prospectus”). Under the Dealer Manager Agreement, Gladstone Securities, as dealer manager, will provide certain sales, promotional and marketing services to the Company in connection with the Offering, and the Company 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 $0.7 million to Gladstone Securities during the year ended December 31, 2021 in connection with the Offering. |
(Loss) Earnings per Share of Co
(Loss) Earnings per Share of Common Stock | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
(Loss) Earnings per Share of Common Stock | (Loss) Earnings per Share of Common Stock The following tables set forth the computation of basic and diluted (loss) earnings per share of common stock for the years ended December 31, 2021, 2020 and 2019, respectively. 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 per share calculation, as there would be no effect on the amounts since the Non-controlling OP Unitholders’ share of income would also be added back to net income. Net income figures are presented net of such non-controlling interests in the earnings per share calculation. We computed basic (loss) earnings per share for the years ended December 31, 2021, 2020 and 2019, respectively, using the weighted average number of shares outstanding during the periods. Diluted (loss) earnings per share for the years ended December 31, 2021, 2020 and 2019, reflects additional shares of common stock related to our convertible Senior Common Stock, if the effect would be dilutive, that would have been outstanding if dilutive potential shares of common stock had been issued, as well as an adjustment to net (loss) income (attributable) available to common stockholders as applicable to common stockholders that would result from their assumed issuance (dollars in thousands, except per share amounts). For the year ended December 31, 2021 2020 2019 Calculation of basic (loss) earnings per share of common stock: Net (loss) income (attributable) available to common stockholders $ (4,554) $ 3,149 $ (4,760) Denominator for basic weighted average shares of common stock (1) 36,537,306 34,040,085 30,695,902 Basic (loss) earnings per share of common stock $ (0.12) $ 0.09 $ (0.16) Calculation of diluted (loss) earnings per share of common stock: Net (loss) income (attributable) available to common stockholders $ (4,554) $ 3,149 $ (4,760) Net (loss) income (attributable) available to common stockholders plus assumed conversions (2) $ (4,554) $ 3,149 $ (4,760) Denominator for basic weighted average shares of common stock (1) 36,537,306 34,040,085 30,695,902 Effect of convertible Senior Common Stock (2) — — — Denominator for diluted weighted average shares of common stock (2) 36,537,306 34,040,085 30,695,902 Diluted (loss) earnings per share of common stock $ (0.12) $ 0.09 $ (0.16) (1) The weighted average number of OP Units held by Non-controlling OP Unitholders was 316,987, 502,586, and 700,924 for the years ended December 31, 2021, 2020, and 2019, respectively. (2) We excluded convertible shares of Senior Common Stock of 503,962, 628,263 and 674,611 from the calculation of diluted earnings per share for the years ended December 31, 2021, 2020 and 2019, respectively, because it was anti-dilutive. |
Real Estate and Intangible Asse
Real Estate and Intangible Assets | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and 2020, respectively, excluding real estate held for sale as of December 31, 2020 (dollars in thousands): December 31, 2021 December 31, 2020 Real estate: Land (1) $ 149,773 $ 142,853 Building and improvements 1,004,362 916,601 Tenant improvements 71,123 69,229 Accumulated depreciation (266,672) (228,468) Real estate, net $ 958,586 $ 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 $39.6 million, $36.0 million, and $32.8 million for the years ended December 31, 2021, 2020, and 2019, respectively. Acquisitions During the year ended December 31, 2021 and 2020 we acquired 11 and nine properties, respectively, which are summarized below (dollars in thousands): Year Ended Aggregate Square Footage Weighted Average Lease Term Aggregate Purchase Price Aggregate Capitalized Acquisition Costs December 31, 2021 (1) 949,174 13.4 years $ 100,453 $ 798 December 31, 2020 (2) 1,717,502 12.2 years $ 129,974 $ 814 (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 and had 14.2 years of remaining lease term at the 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 and had 12.6 years remaining lease term at the 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 and had 17.4 years remaining lease term at the 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 and had 15.0 years remaining lease term at the time we acquired the portfolio. On November 3, 2021, we acquired a 161,458 square foot property in Charlotte, North Carolina for $12.9 million. This property is fully leased to one tenant and had 7.9 years remaining lease term at the time we acquired the property. On December 21, 2021, we acquired a 120,000 square foot property in Atlanta, Georgia for $12.1 million. This property is fully leased to one tenant and had 15.0 years of remaining lease term at the time we acquired the property. On December 21, 2021, we acquired a 300,000 square foot property in Crossville, Tennessee for $29.2 million. This property is fully leased to one tenant and had 11.0 years remaining lease term at the time we acquired the property. (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 and had a weighted average lease term of 7.2 years at the 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 had a weighted average lease term of 20.0 years at the 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 and had 10.5 years remaining lease term at the 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 and had 9.7 years remaining lease term at the time we acquired the property. On October 14, 2020, we acquired a 240,714 square foot property in Montgomery, Alabama, for $14.3 million. The property is fully leased to one tenant and had 7.2 years remaining lease term at the time we acquired the property. On December 18, 2020, we acquired a 277,883 square foot property in Huntsville, Alabama, for $20.0 million. The property is fully leased to one tenant and had 9.2 years remaining lease term at the time we acquired the property. On December 21, 2020, we acquired a 155,267 square foot property in Pittsburgh, Pennsylvania, for $13.0 million. The property is fully leased to one tenant and had 10.0 years remaining lease term at the time we acquired the property. We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the year ended December 31, 2021 and 2020, respectively, as follows (dollars in thousands): Year ended December 31, 2021 Year ended December 31, 2020 Acquired assets and liabilities Purchase price Purchase price Land $ 7,205 $ 11,264 (1) Building 76,611 97,101 Tenant Improvements 1,353 2,684 In-place Leases 6,431 9,076 Leasing Costs 5,779 6,352 Customer Relationships 3,364 5,239 Above Market Leases 777 529 (2) Below Market Leases (1,067) (2,271) (3) Total Purchase Price $ 100,453 $ 129,974 (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 $336 and $53 of loans receivable included in Other assets on the consolidated balance sheets, respectively. (3) This amount includes $62 of prepaid rent included in Other liabilities on the consolidated balance sheets. Future Lease Payments Future operating lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses, for each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands): Year Tenant Lease Payments 2022 $ 118,225 2023 111,338 2024 104,947 2025 98,833 2026 90,258 Thereafter 337,516 $ 861,117 In accordance with the lease terms, substantially all operating expenses are required to be paid by 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 years ended December 31, 2021, 2020, and 2019, respectively (dollars in thousands): For the twelve months ended December 31, (Dollars in Thousands) Lease revenue reconciliation 2021 2020 2019 Fixed lease payments $ 121,303 $ 117,248 $ 110,273 Variable lease payments 16,385 15,904 4,114 $ 137,688 $ 133,152 $ 114,387 At December 31, 2021 and 2020 , accounts receivable from tenants totaled $1.4 million and $1.7 million, respectively, included in other assets on the consolidated balance sheets. Legal Settlements In August 2021, we reached separate legal settlements through which we recognized $2.4 million, net, recorded in other income on the 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 December 31, 2021 and 2020, excluding real estate held for sale as of December 31, 2020 (dollars in thousands): December 31, 2021 December 31, 2020 Lease Intangibles Accumulated Amortization Lease Intangibles Accumulated Amortization In-place leases $ 105,891 $ (62,604) $ 99,254 $ (54,168) Leasing costs 81,487 (43,982) 73,707 (37,801) Customer relationships 71,922 (38,220) 68,268 (31,881) $ 259,300 $ (144,806) $ 241,229 $ (123,850) Deferred Rent Receivable/(Liability) Accumulated (Amortization)/Accretion Deferred Rent Receivable/(Liability) Accumulated (Amortization)/Accretion Above market leases $ 15,538 $ (11,520) $ 15,076 $ (10,670) Below market leases and deferred revenue (48,241) 21,471 (38,319) 17,686 Total amortization expense related to in-place leases, leasing costs and customer relationship lease intangible assets was $20.7 million, $19.4 million, and $19.2 million for the years ended December 31, 2021, 2020, and 2019, respectively, and is included in depreciation and amortization expense in the consolidated statement of operations and comprehensive income. Total amortization related to above-market lease values was $0.8 million, $0.8 million, and $1.1 million for the years ended December 31, 2021, 2020, and 2019, respectively, and is included in lease revenue in the consolidated statement of operations and comprehensive income. Total amortization related to below-market lease values was $4.1 million, $2.8 million, and $2.5 million for the years ended December 31, 2021, 2020, and 2019, respectively, and is included in lease revenue in the consolidated statement of operations and comprehensive income. The weighted average amortization periods in years for the intangible assets acquired and liabilities assumed during the years ended December 31, 2021 and 2020, respectively, were as follows: Intangible Assets & Liabilities 2021 2020 In-place leases 14.0 14.2 Leasing costs 14.0 14.2 Customer relationships 19.5 17.8 Above market leases 13.8 14.8 Below market leases 14.4 13.3 All intangible assets & liabilities 15.3 15.0 The estimated aggregate amortization expense to be recorded for in-place leases, leasing costs and customer relationships for each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands): Year Estimated Amortization Expense 2022 $ 19,692 2023 16,496 2024 14,382 2025 12,825 2026 11,182 Thereafter 39,917 $ 114,494 The estimated aggregate rental income to be recorded for the amortization of both above and below market leases for each of the five succeeding fiscal years and thereafter is as follows, excluding real estate held for sale as of December 31, 2021 (dollars in thousands): Year Net Increase to Rental Income 2022 $ 4,053 2023 3,982 2024 3,829 2025 3,533 2026 2,078 Thereafter 5,113 $ 22,588 (1) Does not include ground lease amortization of $164. |
Real Estate Dispositions, Held
Real Estate Dispositions, Held for Sale, and Impairment Charges | 12 Months Ended |
Dec. 31, 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 year ended December 31, 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 year ended December 31, 2021, we sold three non-core properties, located in Rancho Cordova, California, Champaign, Illinois, and Richmond, Virginia, 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 123,971 $ 9,473 $ 633 $ (1,148) Our 2021 dispositions were not classified as discontinued operations because they did not represent a strategic shift in operations, nor will they have a major effect on our operations and financial results. Accordingly, the operating results of these properties are included within continuing operations for all periods reported. The table below summarizes the components of operating income from the real estate and related assets disposed of during the years ended December 31, 2021, 2020, and 2019, respectively (dollars in thousands): For the year ended December 31, 2021 2020 2019 Operating revenue $ 991 $ 1,942 $ 1,676 Operating expense 695 3,230 905 Other expense, net (1,865) (1) (239) (223) (Loss) income from real estate and related assets sold $ (1,569) $ (1,527) $ 548 (1) Includes a $1.1 million loss on sale of real estate, net, from three property sales. Real Estate Held for Sale At December 31, 2021, we had no properties classified as held for sale. 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 these properties were sold during the year ended December 31, 2021. Our Boston Heights, Ohio property is classified as held and used as of December 31, 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 consolidated balance sheet (dollars in thousands): December 31, 2020 Assets Held for Sale Total real estate held for sale $ 8,114 Lease intangibles, net 384 Total Assets Held for Sale $ 8,498 Impairment Charges We evaluated our portfolio for triggering events to determine if any of our held and used assets were impaired during the year ended December 31, 2021 and did not recognize an impairment charge. During the year ended December 31, 2020, we identified three held and used assets, located in Blaine, Minnesota, Champaign, Illinois, and Rancho Cordova, California, which were impaired by an aggregate of $3.6 million when we determined the carrying value of these assets was unrecoverable based on an undiscounted cash flow analysis. As a result, we recorded an impairment charge to reflect the fair market value of these assets. The Rancho Cordova property was further impaired when we classified the property as held for sale as of December 31, 2020 to record the carrying value equal to the fair value less costs of sale and recorded an impairment charge to our Rancho Cordova, California asset of $0.7 million, which is reflected in the aggregate impairment charge of $3.6 million, as the fair market value minus selling costs was less than the carrying value. Fair market value for this asset was calculated using Level 3 inputs (defined in Note 6 “Mortgage Notes Payable and Credit Facility”), which were determined using a negotiated sales price from an executed purchase and sale agreement with a third party. We continue to evaluate our properties on a quarterly basis for changes that could create the need to record impairment. Future impairment losses may result, and could be significant, should market conditions deteriorate in the markets in which we hold our assets or we are unable to secure leases at terms that are favorable to us, which could impact the estimated cash flow of our properties over the period in which we plan to hold our properties. Additionally, changes in management’s decisions to either own and lease long-term or sell a particular asset will have an impact on this analysis. The fair values for the above properties were calculated using Level 3 inputs which were calculated using an estimated sales price, less estimated costs to sell. The estimated sales price was determined using executed purchase and sale agreements. |
Mortgage Notes Payable and Cred
Mortgage Notes Payable and Credit Facility | 12 Months Ended |
Dec. 31, 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 December 31, 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 December 31, 2021 December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2021 Mortgage and other secured loans: Fixed rate mortgage loans 61 $ 436,530 $ 435,029 (1) (2) Variable rate mortgage loans 6 16,338 24,809 (3) (2) Premiums and discounts, net - (130) (182) N/A N/A Deferred financing costs, mortgage loans, net - (2,794) (3,479) N/A N/A Total mortgage notes payable, net 67 $ 449,944 $ 456,177 (4) Variable rate revolving credit facility 60 (6) $ 33,550 $ 53,900 LIBOR + 1.90% July 2, 2023 Total revolver 60 $ 33,550 $ 53,900 Variable rate term loan facility A - 160,000 160,000 LIBOR + 1.85% July 2, 2024 Variable rate term loan facility B - 65,000 — LIBOR + 2.00% February 11, 2026 Deferred financing costs, term loan facility - (968) (797) N/A N/A Total term loan, net N/A $ 224,032 $ 159,203 Total mortgage notes payable and credit facility 127 $ 707,526 $ 669,280 (5) (1) Interest rates on our fixed rate mortgage notes payable vary from 2.80% to 6.63%. (2) We have 52 mortgage notes payable with maturity dates ranging from April 22, 2022 through August 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%. At December 31, 2021, one month LIBOR was approximately 0.10%. (4) The weighted average interest rate on the mortgage notes outstanding at December 31, 2021, was approximately 4.18%. (5) The weighted average interest rate on all debt outstanding at December 31, 2021, was approximately 3.39%. (6) The amount we may draw under our Credit Facility is based on a percentage of the fair value of a combined pool of 60 unencumbered properties as of December 31, 2021. N/A - Not Applicable Mortgage Notes Payable As of December 31, 2021, we had 52 mortgage notes payable, collateralized by a total of 67 properties with a net book value of $671.6 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 December 31, 2021, we did not have any recourse mortgage. 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 year ended December 31, 2021, we repaid three mortgages collateralized by three properties, which are summarized below (dollars in thousands): Aggregate Fixed Rate Debt Repaid Weighted Average Interest Rate on Fixed Rate Debt Repaid $ 7,669 4.91 % Variable Rate Debt Repaid Interest Rate on Variable Rate Debt Repaid $ 7,500 LIBOR + 2.50% During the year ended December 31, 2021, we issued two mortgages, collateralized by two properties, which are summarized below (dollars in thousands): Fixed Rate Debt Issued Interest Rate on Fixed Rate Debt $ 21,500 (1) 3.36 % (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. Scheduled principal payments of mortgage notes payable for each of the five succeeding fiscal years and thereafter are as follows (dollars in thousands): Year Scheduled Principal Payments 2022 $ 105,204 2023 72,676 2024 45,915 2025 38,089 2026 43,228 Thereafter 147,756 $ 452,868 (1) (1) This figure is does not include $(0.1) million premiums and (discounts), net, and $2.8 million of deferred financing costs, which are reflected in mortgage notes payable on the 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 Caps and Swaps 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 December 31, 2021 and 2020, our interest rate cap and interest rate swap agreements were valued using Level 2 inputs. The fair value of the interest rate cap agreements is recorded in other assets on our accompanying 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 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 December 31, 2021 and 2020 (dollars in thousands): December 31, 2021 December 31, 2020 Aggregate Cost Aggregate Notional Amount Aggregate Fair Value Aggregate Notional Amount Aggregate Fair Value $ 1,228 (1) $ 233,632 $ 324 $ 177,060 $ 9 (1) We have entered into various interest rate cap agreements on new 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 acquisitions, whereby we will pay our counterparty a fixed 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 liabilities on our accompanying consolidated balance sheets. We have designated our interest rate swaps as cash flow hedges, and we record changes in the fair value of the respective interest rate swap agreement to accumulated other comprehensive income on the 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 December 31, 2021 and 2020 (dollars in thousands): December 31, 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 $ 73,212 $ 841 $ (1,217) $ 68,829 $ — $ (3,055) The following tables present the impact of our derivative instruments in the consolidated financial statements (dollars in thousands): Amount of gain (loss) recognized in Comprehensive Income 2021 2020 2019 Derivatives in cash flow hedging relationships Interest rate caps $ 174 $ (337) $ (749) Interest rate swaps 2,680 (1,882) (1,229) Total $ 2,854 $ (2,219) $ (1,978) The following table presents the reclassifications of our derivative instruments out of accumulated other comprehensive income into interest expense in the consolidated financial statements (dollars in thousands): Amount reclassified out of Accumulated Other Comprehensive Income 2021 2020 2019 Derivatives in cash flow hedging relationships Interest rate caps $ (145) $ — $ — Total $ (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 December 31, 2021 December 31, 2020 Interest rate caps Other assets $ 324 $ 9 Interest rate swaps Other assets 841 — Interest rate swaps Other liabilities (1,217) (3,055) Total derivative liabilities, net $ (52) $ (3,046) The fair value of all mortgage notes payable outstanding as of December 31, 2021 was $456.8 million, as compared to the carrying value stated above of $449.9 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 August 7, 2013, we procured our Revolver with KeyBank National Association (“KeyBank”) (serving as revolving lender, a letter of credit issuer and an administrative agent). In October 2015, we expanded our Revolver to $85.0 million and entered into Term Loan A whereby we added a $25.0 million, five On October 27, 2017, we amended this Credit Facility, increasing Term Loan A from $25.0 million, to $75.0 million, with the Revolver commitment remaining at $85.0 million. Term Loan A’s maturity date was extended to October 27, 2022, and the Revolver maturity date was extended to October 27, 2021. In connection with the amendment, the interest rate for the Credit Facility was reduced by 25 basis points at each of the leverage tiers. At the time of amendment, we entered into multiple interest rate cap agreements on Term Loan A, which cap LIBOR at 2.75% to hedge our exposure to variable interest rates. On July 2, 2019, we amended, extended and upsized our Credit Facility, expanding Term Loan A from $75.0 million to $160.0 million, inclusive of a delayed draw component whereby we can incrementally borrow on the Term Loan up to the $160.0 million commitment, and increasing the Revolver from $85.0 million to $100.0 million. Term Loan A has a new five four On February 11, 2021, we added a new $65.0 million Term Loan B, inclusive of a $15.0 million delayed funding component, which was funded on July 20, 2021. 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 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 December 31, 2021, there was $65.0 million outstanding under Term Loan B. As of December 31, 2021, there was $258.6 million outstanding under our Credit Facility, at a weighted average interest rate of approximately 2.00% and $19.5 million outstanding under letters of credit, at a weighted average interest rate of 1.90%. As of December 31, 2021, the maximum additional amount we could draw under the Credit Facility was $21.2 million. We were in compliance with all covenants under the Credit Facility as of December 31, 2021. The amount outstanding under the Credit Facility approximates fair value as of December 31, 2021. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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 as of December 31, 2021, are as follows (dollars in thousands): Year Future Lease Payments Due Under Operating Leases 2022 $ 489 2023 492 2024 493 2025 494 2026 498 Thereafter 6,807 Total anticipated lease payments $ 9,273 Less: amount representing interest (3,764) Present value of lease payments $ 5,509 Rental expense incurred for properties with ground lease obligations was $0.5 million each for the years ended December 31, 2021, 2020 and 2019. Our ground leases are treated as operating leases and rental expenses are reflected in property operating expenses on the consolidated statements of operations and comprehensive income. Our ground leases have a weighted average remaining lease term of 19.3 years and weighted average discount rate of 5.32%. Letters of Credit As of December 31, 2021, there was $19.5 million outstanding under letters of credit. These letters of credit are not reflected on our consolidated balance sheet. |
Equity and Mezzanine Equity
Equity and Mezzanine Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Equity and Mezzanine Equity | Equity and Mezzanine Equity Distributions We paid the following distributions per share for the years ended December 31, 2021, 2020, and 2019: For the year ended December 31, 2021 2020 2019 Common Stock and Non-controlling OP Units $ 1.502175 $ 1.501800 $ 1.500000 Senior Common Stock 1.0500 1.0500 1.0500 Series A Preferred Stock — (1) — (1) 1.6038191 Series B Preferred Stock — (1) — (1) 1.5521 Series D Preferred Stock 0.8749998 (2) 1.7500 1.7500 Series E Preferred Stock 1.656252 1.656252 0.404900 (3) Series F Preferred Stock 1.5000 0.7500 (4) — Series G Preferred Stock 0.75 (5) — — (1) We fully redeemed our Series A and B Preferred Stock on October 28, 2019. (2) We redeemed all outstanding shares of our Series D Preferred Stock on June 30, 2021. (3) We issued our Series E Preferred Stock on October 4, 2019. (4) 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. (5) Series G Preferred Stock was issued on June 28, 2021. For federal income tax purposes, distributions paid to stockholders may be characterized as ordinary income, capital gains, return of capital or a combination of the foregoing. The characterization of distributions during each of the last three years is reflected in the table below: Ordinary Income Return of Capital Long-Term Capital Gains Common Stock and OP Units For the year ended December 31, 2019 44.46159 % 55.53841 % — % For the year ended December 31, 2020 37.28754 % 62.71246 % — % For the year ended December 31, 2021 28.14778 % 71.85222 % — % Senior Common Stock For the year ended December 31, 2019 100.00000 % — % — % For the year ended December 31, 2020 100.00000 % — % — % For the year ended December 31, 2021 100.00000 % — % — % Series A Preferred Stock For the year ended December 31, 2019 100.00000 % — % — % For the year ended December 31, 2020 — % — % — % For the year ended December 31, 2021 — % — % — % Series B Preferred Stock For the year ended December 31, 2019 100.00000 % — % — % For the year ended December 31, 2020 — % — % — % For the year ended December 31, 2021 — % — % — % Series D Preferred Stock For the year ended December 31, 2019 100.00000 % — % — % For the year ended December 31, 2020 100.00000 % — % — % For the year ended December 31, 2021 100.00000 % — % — % Series E Preferred Stock For the year ended December 31, 2019 100.00000 % — % — % For the year ended December 31, 2020 100.00000 % — % — % For the year ended December 31, 2021 100.00000 % — % — % Series F Preferred Stock For the year ended December 31, 2019 — % — % — % For the year ended December 31, 2020 100.00000 % — % — % For the year ended December 31, 2021 100.00000 % — % — % Series G Preferred Stock For the year ended December 31, 2019 — % — % — % For the year ended December 31, 2020 — % — % — % For the year ended December 31, 2021 100.00000 % — % — % Recent Activity Common Stock ATM Program On December 3, 2019, we entered into an At-the-Market Equity Offering Sales Agreement (the “Common Stock Sales Agreement”), with Robert W. Baird & Co. Incorporated (“Baird”), Goldman Sachs & Co. LLC (“Goldman Sachs”), Stifel, Nicolaus & Company, Incorporated (“Stifel”), BTIG, LLC, and Fifth Third Securities, Inc. (“Fifth Third”) (collectively the “Common Stock Sales Agents”), pursuant to which we may sell shares of our common stock in an aggregate offering price of up to $250.0 million (the “Common Stock ATM Program”). During the year ended December 31, 2021, we sold 1.8 million shares of common stock, raising $36.6 million in net proceeds under the Common Stock ATM Program. As of December 31, 2021, we had a remaining capacity to sell up to $146.9 million of common stock under the Common Stock Sales Agreement. The proceeds from these issuances were used to acquire real estate, repay outstanding debt and for other general corporate purposes. Mezzanine Equity Our 7.00% Series D Cumulative Redeemable Preferred Stock (“Series D Preferred Stock”), 6.625% Series E Cumulative Redeemable Preferred Stock (“Series E Preferred Stock”) and 6.00% Series G Cumulative Redeemable Preferred Stock (“Series G Preferred Stock”), are classified as mezzanine equity in our consolidated balance sheet because all three are redeemable at the option of the shareholder upon a change of control of greater than 50% in accordance with ASC 480-10-S99 “Distinguishing Liabilities from Equity,” which requires mezzanine equity classification for preferred stock issuances with redemption features which are outside of the control of the issuer. A change in control of the 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 shareholder in the event a delisting event occurs. We will periodically evaluate the likelihood that a change of control or delisting event 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% is remote. 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 Series D Preferred Stock. 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 State Department of Assessments and Taxation of Maryland (“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 pursuant to the Series E Preferred Stock Sales Agreement during the year ended December 31, 2021. As of December 31, 2021, we had remaining capacity to sell up to $92.8 million of Series E Preferred Stock under the program. Universal Shelf Registration Statement 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 December 31, 2021, we had the ability to issue up to $340.2 million under the 2019 Universal Shelf. On January 29, 2020, we filed an additional universal registration statement on Form S-3, File No. 333-236143 (the “2020 Universal Shelf”). The 2020 Universal Shelf was declared effective on February 11, 2020 and is in addition to the 2019 Universal Shelf. The 2020 Universal Shelf allows us to issue up to an additional $800.0 million of securities. Of the $800.0 million of available capacity under our 2020 Universal Shelf, approximately $636.5 million is reserved for the sale of our Series F Preferred Stock. As of December 31, 2021, we had the ability to issue up to $689.5 million of securities under the 2020 Universal Shelf. Preferred Series F Continuous Offering 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 the Company’s authorized and unissued shares of common stock as shares of Series F Preferred Stock. The reclassification decreased the number of shares classified as common stock from 86,290,000 shares immediately prior to the reclassification to 60,290,000 shares immediately after the reclassification. We sold 0.3 million shares of our Series F Preferred Stock, raising $6.9 million in net proceeds during the year ended December 31, 2021. As of December 31, 2021, we had remaining capacity to sell up to $626.0 million of Series F Preferred Stock. Amendment to Articles of Restatement On June 23, 2021, we filed with the SDAT the Articles Supplementary (i) setting forth the rights, preferences and terms of our newly designated 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. Amendments to Operating Partnership Agreement In connection with the authorization of the Series F Preferred Stock in February of 2020, the Operating Partnership controlled by the Company through its ownership of GCLP Business Trust II, the general partner of the Operating Partnership, adopted the Second Amendment to its Second Amended and Restated Agreement of Limited Partnership (collectively, the “Second Amendment”), as amended from time to time, establishing the rights, privileges and preferences of 6.00% Series F Cumulative Redeemable Preferred Units, a newly-designated class of limited partnership interests (the “Series F Preferred Units”). The Second Amendment provides for the Operating Partnership’s establishment and issuance of an equal number of Series F Preferred Units as are issued shares of Series F Preferred Stock by the Company in connection with the offering upon the Company’s contribution to the Operating Partnership of the net proceeds of the offering. Generally, the Series F Preferred Units provided for under the Second Amendment have preferences, distribution rights and other provisions substantially equivalent to those of the Series F Preferred Stock. 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 “Third 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 Third 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 Third Amendment have preferences, distribution rights, and other provisions substantially equivalent to those of the Series G Preferred Stock. Non-controlling Interests in Operating Partnership As of December 31, 2021 and 2020, we owned approximately 99.3% and 98.6%, respectively, of the outstanding OP Units. During the year ended December 31, 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 the Company’s common stock, with the distributions on the OP Units held by the Company being utilized to make distributions to the Company’s common stockholders. As of December 31, 2021 and 2020, there were 256,994 and 503,033 outstanding OP Units held by Non-controlling OP Unitholders, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Distributions On January 11, 2022, our Board of Directors declared the following monthly distributions for the months of January, February, and March of 2022: 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 January 21, 2022 January 31, 2022 $ 0.12540 $ 0.1380210 $ 0.125000 February 18, 2022 February 28, 2022 0.12540 0.1380210 0.125000 March 23, 2022 March 31, 2022 0.12540 0.1380210 0.125000 $ 0.37620 $ 0.4140630 $ 0.375000 Series F Preferred Stock Distributions Record Date Payment Date Distribution per Share January 26, 2022 February 4, 2022 $ 0.125 February 24, 2022 March 4, 2022 0.125 March 25, 2022 April 4, 2022 0.125 $ 0.375 Senior Common Stock Distributions Payable to the Holders of Record During the Month of: Payment Date Distribution per Share January February 4, 2022 $ 0.0875 February March 4, 2022 0.0875 March April 5, 2022 0.0875 $ 0.2625 Equity Activity Subsequent to December 31, 2021 and through February 15, 2022, we raised $4.6 million in net proceeds from the sale of 0.2 million shares of common stock under our Common Stock ATM Program and $0.9 million in net proceeds from the sale of 40,308 sales of Series F Preferred Stock. We made no sales under our Series E Preferred ATM Program subsequent to December 31, 2021 and through February 15, 2022. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION | GLADSTONE COMMERCIAL CORPORATION SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2021 (Dollars in Thousands) Initial Cost Total Cost Location of Property Encumbrances Land Buildings & Improvement Land Buildings & Total Accumulated Net Real Year Date Raleigh, North Carolina (3) Office Building $ — $ 960 $ 4,481 $ 1,345 $ 960 $ 5,826 $ 6,786 $ 2,720 $ 4,066 1997 12/23/2003 Canton, Ohio (3) Office Building — 186 3,083 500 187 3,582 3,769 1,764 2,005 1994 1/30/2004 Akron, Ohio (3) Office Building — 1,973 6,771 4,025 1,974 10,795 12,769 4,068 8,701 1968/1999 4/29/2004 Canton, North Carolina Industrial Building 3,015 150 5,050 7,285 150 12,335 12,485 3,614 8,871 1998/2014 7/6/2004 Crenshaw, Pennsylvania (3) Industrial Building — 100 6,574 269 100 6,843 6,943 3,078 3,865 1991 8/5/2004 Lexington, North Carolina (3) Industrial Building — 820 2,107 69 820 2,176 2,996 1,008 1,988 1986 8/5/2004 Mt. Pocono, Pennsylvania (3) Industrial Building — 350 5,819 18 350 5,837 6,187 2,614 3,573 1995/1999 10/15/2004 San Antonio, Texas (3) Office Building — 843 7,514 2,240 843 9,754 10,597 4,315 6,282 1999 2/10/2005 Big Flats, New York Industrial Building 1,988 275 6,459 515 275 6,974 7,249 2,823 4,426 2001 4/15/2005 Wichita, Kansas (3) Office Building — 1,525 9,703 674 1,525 10,377 11,902 4,478 7,424 2000 5/18/2005 Eatontown, New Jersey Office Building 2,498 1,351 3,520 534 1,351 4,054 5,405 1,812 3,593 1991 7/7/2005 Duncan, South Carolina (3) Industrial Building — 783 10,790 1,889 783 12,679 13,462 5,250 8,212 1984/2001/2007 7/14/2005 Duncan, South Carolina (3) Industrial Building — 195 2,682 470 195 3,152 3,347 1,305 2,042 1984/2001/2007 7/14/2005 Clintonville, Wisconsin (3) Industrial Building — 55 4,717 3,250 55 7,967 8,022 2,890 5,132 1992/2013 10/31/2005 Burnsville, Minnesota (3) Office Building — 3,511 8,746 7,352 3,511 16,098 19,609 7,451 12,158 1984 5/10/2006 Menomonee Falls, Wisconsin (3) Industrial Building — 625 6,911 686 625 7,597 8,222 3,158 5,064 1986/2000 6/30/2006 Baytown, Texas Medical Office Building — 221 2,443 2,478 221 4,921 5,142 3,314 1,828 1997 7/11/2006 Mason, Ohio Office Building 3,424 797 6,258 721 797 6,979 7,776 3,010 4,766 2002 1/5/2007 Raleigh, North Carolina (3) Industrial Building — 1,606 5,513 4,700 1,606 10,213 11,819 4,066 7,753 1994 2/16/2007 Tulsa, Oklahoma Industrial Building — — 14,057 579 — 14,636 14,636 6,318 8,318 2004 3/1/2007 Hialeah, Florida (3) Industrial Building — 3,562 6,672 769 3,562 7,441 11,003 2,908 8,095 1956/1992 3/9/2007 Mason, Ohio (3) Retail Building — 1,201 4,961 — 1,201 4,961 6,162 1,879 4,283 2007 7/1/2007 Cicero, New York (3) Industrial Building — 299 5,019 33 299 5,052 5,351 1,843 3,508 2005 9/6/2007 Grand Rapids, Michigan Office Building 4,699 1,629 10,500 308 1,629 10,808 12,437 4,121 8,316 2001 9/28/2007 Bolingbrook, Illinois (3) Industrial Building — 1,272 5,003 991 1,272 5,994 7,266 2,537 4,729 2002 9/28/2007 Decatur, Georgia (3) Medical Office Building — 783 3,241 — 783 3,241 4,024 1,227 2,797 1989 12/13/2007 Decatur, Georgia (3) Medical Office Building — 205 847 — 205 847 1,052 321 731 1989 12/13/2007 Decatur, Georgia (3) Medical Office Building — 257 1,062 — 257 1,062 1,319 403 916 1989 12/13/2007 Lawrenceville, Georgia (3) Medical Office Building — 678 2,807 — 678 2,807 3,485 1,064 2,421 2005 12/13/2007 Snellville, Georgia (3) Medical Office Building — 176 727 — 176 727 903 276 627 1986 12/13/2007 Covington, Georgia (3) Initial Cost Total Cost Location of Property Encumbrances Land Buildings & Improvement Land Buildings & Total Accumulated Net Real Year Date Medical Office Building — 232 959 — 232 959 1,191 363 828 2000 12/13/2007 Conyers, Georgia (3) Medical Office Building — 296 1,228 — 296 1,228 1,524 465 1,059 1994 12/13/2007 Cumming, Georgia Medical Office Building 2,534 738 3,055 2,524 741 5,576 6,317 1,768 4,549 2004 12/13/2007 Reading, Pennsylvania Industrial Building 3,209 491 6,202 135 491 6,337 6,828 2,222 4,606 2007 1/29/2008 Fridley, Minnesota Office Building 4,228 1,354 8,074 1,762 1,383 9,807 11,190 3,842 7,348 1985/2006 2/26/2008 Pineville, North Carolina Industrial Building 1,866 669 3,028 293 669 3,321 3,990 1,206 2,784 1985 4/30/2008 Marietta, Ohio Industrial Building 4,553 829 6,607 529 829 7,136 7,965 2,472 5,493 1992/2007 8/29/2008 Chalfont, Pennsylvania Industrial Building 4,146 1,249 6,420 1,024 1,249 7,444 8,693 2,612 6,081 1987 8/29/2008 Orange City, Iowa Industrial Building 4,588 258 5,861 6 258 5,867 6,125 2,027 4,098 1990 12/15/2010 Hickory, North Carolina Office Building 5,529 1,163 6,605 357 1,163 6,962 8,125 3,179 4,946 2008 4/4/2011 Springfield, Missouri (3) Office Building — 1,700 12,038 924 1,845 12,817 14,662 4,018 10,644 2006 6/20/2011 Boston Heights, Ohio Office Building 2,184 449 3,010 10 449 3,020 3,469 1,350 2,119 2011 10/20/2011 Parsippany, New Jersey (3) Office Building — 1,696 7,077 252 1,696 7,329 9,025 2,692 6,333 1984 10/28/2011 Dartmouth, Massachusetts (3) Retail Location — — 4,236 — — 4,236 4,236 1,196 3,040 2011 11/18/2011 Springfield, Missouri Retail Location 1,114 — 2,275 — — 2,275 2,275 795 1,480 2005 12/13/2011 Pittsburgh, Pennsylvania Office Building 2,238 281 3,205 743 281 3,948 4,229 1,441 2,788 1968 12/28/2011 Ashburn, Virginia Office Building 5,816 706 7,858 — 705 7,859 8,564 2,569 5,995 2002 1/25/2012 Ottumwa, Iowa Industrial Building 2,350 212 5,072 310 212 5,382 5,594 1,670 3,924 1970 5/30/2012 New Albany, Ohio Office Building 6,468 1,658 8,746 — 1,658 8,746 10,404 3,082 7,322 2007 6/5/2012 Columbus, Georgia Office Building 3,646 1,378 4,520 — 1,378 4,520 5,898 1,779 4,119 2012 6/21/2012 Columbus, Ohio (3) Office Building — 542 2,453 166 542 2,619 3,161 1,103 2,058 1981 6/28/2012 Jupiter, Florida (3) Office Building — 1,160 11,994 — 1,160 11,994 13,154 3,392 9,762 2011 9/26/2012 Fort Worth, Texas Industrial Building 9,646 963 15,647 — 963 15,647 16,610 4,358 12,252 2005 11/8/2012 Columbia, South Carolina Office Building 14,280 1,905 20,648 438 1,905 21,086 22,991 8,144 14,847 2010 11/21/2012 Egg Harbor, New Jersey Office Building 2,833 1,627 3,017 315 1,627 3,332 4,959 1,092 3,867 1985 3/28/2013 Vance, Alabama (3) Industrial Building — 457 10,529 6,692 457 17,221 17,678 3,979 13,699 2013 5/9/2013 Blaine, Minnesota Office Building 7,025 1,060 10,518 755 842 11,491 12,333 3,610 8,723 2009 5/10/2013 Austin, Texas Office Building 30,089 2,330 44,021 122 2,330 44,143 46,473 18,330 28,143 1999 7/9/2013 Allen, Texas Office Building 7,358 2,699 7,945 1,487 2,699 9,432 12,131 3,851 8,280 1998 7/10/2013 Englewood, Colorado (3) Office Building — 1,503 11,739 208 1,503 11,947 13,450 4,139 9,311 2008 12/11/2013 Novi, Michigan Industrial Building 3,580 352 5,626 — 352 5,626 5,978 1,560 4,418 1988 12/27/2013 Allen, Texas Retail Building 2,582 874 3,634 — 874 3,634 4,508 974 3,534 2004 3/27/2014 Colleyville, Texas Retail Building 2,382 1,277 2,424 — 1,277 2,424 3,701 656 3,045 2000 3/27/2014 Coppell, Texas Retail Building 2,742 1,448 3,349 — 1,448 3,349 4,797 880 3,917 2005 5/8/2014 Columbus, Ohio (3) Initial Cost Total Cost Location of Property Encumbrances Land Buildings & Improvement Land Buildings & Total Accumulated Net Real Year Date Office Building — 990 8,017 2,797 990 10,814 11,804 3,553 8,251 1986 5/13/2014 Taylor, Pennsylvania Industrial Building 21,600 3,101 25,405 1,248 3,101 26,653 29,754 6,444 23,310 2000/2006 6/9/2014 Aurora, Colorado (3) Industrial Building — 2,882 3,917 96 2,882 4,013 6,895 1,124 5,771 1983 7/1/2014 Indianapolis, Indiana Office Building 5,314 502 6,422 1,892 498 8,318 8,816 2,574 6,242 1981/2014 9/3/2014 Denver, Colorado (3) Industrial Building — 1,621 7,071 7,353 1,621 14,424 16,045 2,033 14,012 1985 10/31/2014 Monroe, Michigan Industrial Building 9,409 658 14,607 195 658 14,802 15,460 3,229 12,231 2004 12/23/2014 Monroe, Michigan Industrial Building 6,566 460 10,225 (20) 459 10,206 10,665 2,252 8,413 2004 12/23/2014 Richardson, Texas Office Building 12,673 2,728 15,372 1,135 2,728 16,507 19,235 4,850 14,385 1985/2008 3/6/2015 Birmingham, Alabama (3) Office Building — 650 2,034 91 650 2,125 2,775 656 2,119 1982/2010 3/20/2015 Dublin, Ohio Office Building 3,654 1,338 5,058 1,086 1,338 6,144 7,482 1,650 5,832 1980/Various 5/28/2015 Draper, Utah Office Building 11,664 3,248 13,129 74 3,248 13,203 16,451 3,524 12,927 2008 5/29/2015 Hapeville, Georgia Office Building 6,696 2,272 8,778 263 2,272 9,041 11,313 2,123 9,190 1999/2007 7/15/2015 Villa Rica, Georgia Industrial Building 3,403 293 5,277 18 293 5,295 5,588 1,226 4,362 2000/2014 10/20/2015 Taylorsville, Utah Office Building 8,610 3,008 10,659 501 3,008 11,160 14,168 3,299 10,869 1997 5/26/2016 Fort Lauderdale, Florida Office Building 12,270 4,117 15,516 3,689 4,117 19,205 23,322 4,637 18,685 1984 9/12/2016 King of Prussia, Pennsylvania Office Building 14,176 3,681 15,739 473 3,681 16,212 19,893 3,675 16,218 2001 12/14/2016 Conshohocken, Pennsylvania Office Building 9,795 1,996 10,880 — 1,996 10,880 12,876 1,966 10,910 1996 6/22/2017 Philadelphia, Pennsylvania Industrial Building 14,924 5,896 16,282 27 5,906 16,299 22,205 3,436 18,769 1994/2011 7/7/2017 Maitland, Florida Office Building 14,904 3,073 19,661 830 3,091 20,473 23,564 4,809 18,755 1998 7/31/2017 Maitland, Florida Office Building 7,472 2,095 9,339 9 2,095 9,348 11,443 1,717 9,726 1999 7/31/2017 Columbus, Ohio Office Building 8,784 1,926 11,410 (1) 1,925 11,410 13,335 2,211 11,124 2007 12/1/2017 Salt Lake City, Utah (3) Office Building — 4,446 9,938 771 4,446 10,709 15,155 2,190 12,965 2007 12/1/2017 Vance, Alabama (3) Industrial Building — 459 12,224 44 469 12,258 12,727 1,709 11,018 2018 3/9/2018 Columbus, Ohio Industrial Building 4,427 681 6,401 — 681 6,401 7,082 1,087 5,995 1990 9/20/2018 Detroit, Michigan Industrial Building 6,149 1,458 10,092 10 1,468 10,092 11,560 1,159 10,401 1997 10/30/2018 Detroit, Michigan (3) Industrial Building — 662 6,681 10 672 6,681 7,353 780 6,573 2002/2016 10/30/2018 Lake Mary, Florida Office Building 10,150 3,018 11,756 87 3,020 11,841 14,861 1,539 13,322 1997/2018 12/27/2018 Moorestown, New Jersey (3) Industrial Building — 471 1,825 — 471 1,825 2,296 325 1,971 1991 2/8/2019 Indianapolis, Indiana (3) Industrial Building — 255 2,809 — 255 2,809 3,064 313 2,751 1989/2019 2/28/2019 Ocala, Florida (3) Industrial Building — 1,286 8,535 — 1,286 8,535 9,821 795 9,026 2001 4/5/2019 Ocala, Florida (3) Industrial Building — 725 4,814 849 724 5,664 6,388 473 5,915 1965/2007 4/5/2019 Delaware, Ohio (3) Industrial Building — 316 2,355 — 316 2,355 2,671 264 2,407 2005 4/30/2019 Tifton, Georgia Industrial Building 8,168 — 15,190 1,725 1,725 15,190 16,915 1,296 15,619 1995/2003 6/18/2019 Denton, Texas (3) Industrial Building — 1,497 4,151 — 1,496 4,152 5,648 446 5,202 2012 7/30/2019 Temple, Texas (3) Initial Cost Total Cost Location of Property Encumbrances Land Buildings & Improvement Land Buildings & Total Accumulated Net Real Year Date Industrial Building — 200 4,335 65 200 4,400 4,600 403 4,197 1973/2006 9/26/2019 Temple, Texas (3) Industrial Building — 296 6,425 99 296 6,524 6,820 597 6,223 1978/2006 9/26/2019 Indianapolis, Indiana (3) Industrial Building — 1,158 5,162 4 1,162 5,162 6,324 667 5,657 1967/1998 11/14/2019 Jackson, Tennessee Industrial Building 4,540 311 7,199 — 311 7,199 7,510 490 7,020 2019 12/16/2019 Carrollton, Georgia Industrial Building 4,035 291 6,720 — 292 6,719 7,011 442 6,569 2015/2019 12/17/2019 New Orleans, Louisiana Industrial Building 3,618 2,168 4,667 (2) 2,166 4,667 6,833 502 6,331 1975 12/17/2019 San Antonio, Texas Industrial Building 3,713 775 6,877 (2) 773 6,877 7,650 526 7,124 1985 12/17/2019 Port Allen, Louisiana Industrial Building 2,751 292 3,411 (2) 291 3,410 3,701 329 3,372 1983/2005 12/17/2019 Albuquerque, New Mexico Industrial Building 1,780 673 2,291 (3) 671 2,290 2,961 182 2,779 1998/2017 12/17/2019 Tucson, Arizona Industrial Building 3,332 819 4,636 (2) 817 4,636 5,453 346 5,107 1987/1995/2005 12/17/2019 Albuquerque, New Mexico Industrial Building 3,370 818 5,219 (4) 815 5,218 6,033 383 5,650 2000/2018 12/17/2019 Indianapolis, Indiana (3) Industrial Building — 489 3,956 223 493 4,175 4,668 295 4,373 1987 1/8/2020 Houston, Texas Industrial Building 9,574 1,714 14,170 3 1,717 14,170 15,887 799 15,088 2000/2018 1/27/2020 Charlotte, North Carolina Industrial Building 5,172 1,458 6,778 4 1,461 6,779 8,240 486 7,754 1995/1999/2006 1/27/2020 St. Charles, Missouri Industrial Building 2,861 924 3,749 4 928 3,749 4,677 219 4,458 2012 1/27/2020 Crandall, Georgia Industrial Building 16,871 2,711 26,632 172 2,711 26,804 29,515 1,442 28,073 2020 3/9/2020 Terre Haute, Indiana (3) Industrial Building — 502 8,076 — 502 8,076 8,578 322 8,256 2010 9/1/2020 Montgomery, Alabama (3) Industrial Building — 599 11,290 3 602 11,290 11,892 545 11,347 1990/1997 10/14/2020 Huntsville, Alabama Industrial Building 10,090 1,445 15,040 — 1,445 15,040 16,485 574 15,911 2001 12/18/2020 Pittsburgh, Pennsylvania Industrial Building 6,375 1,422 10,094 150 1,422 10,244 11,666 474 11,192 1994 12/21/2020 Findlay, Ohio Industrial Building 5,368 258 8,847 — 258 8,847 9,105 298 8,807 1992/2008 1/22/2021 Baytown, Texas (3) Industrial Building — 1,604 5,533 3 1,607 5,533 7,140 145 6,995 2018 6/17/2021 Pacific, Missouri (3) Industrial Building — 926 7,294 — 926 7,294 8,220 106 8,114 2019/2021 7/21/2021 Pacific, Missouri (3) Industrial Building — 235 1,852 — 235 1,852 2,087 27 2,060 2019/2021 7/21/2021 Pacific, Missouri (3) Industrial Building — 607 4,782 — 607 4,782 5,389 70 5,319 2019/2021 7/21/2021 Pacific, Missouri (3) Industrial Building — 257 2,027 — 257 2,027 2,284 29 2,255 2019/2021 7/21/2021 Peru, Illinois (3) Industrial Building — 89 1,413 — 89 1,413 1,502 23 1,479 1987/1998 8/20/2021 Peru, Illinois (3) Industrial Building — 140 2,225 — 140 2,225 2,365 37 2,328 1987/1998 8/20/2021 Charlotte, North Carolina (3) Industrial Building — 1,400 10,615 — 1,400 10,615 12,015 71 11,944 1972/2018 11/3/2021 Atlanta, Georgia (3) Industrial Building — 1,255 8,787 599 1,255 9,386 10,641 9 10,632 1974 12/21/2021 Crossville, Tennessee Industrial Building 16,000 434 24,589 — 434 24,589 25,023 19 25,004 2020 12/21/2021 $ 452,868 $ 148,023 $ 989,917 $ 87,318 $ 149,773 $ 1,075,485 $ 1,225,258 $ 266,672 $ 958,586 (1) The aggregate cost for land and building improvements for federal income tax purposes is the same as the total gross cost of land, building improvements and acquisition costs capitalized for asset acquisitions under ASC 360, which is $1,225.3 million. (2) Depreciable life of all buildings is the shorter of the useful life of the asset or 39 years. Depreciable life of all improvements is the shorter of the useful life of the assets or the life of the respective leases on each building, which range from 5-20 years. (3) These properties are in our unencumbered pool of assets on our Credit Facility. The following table reconciles the change in the balance of real estate during the years ended December 31, 2021, 2020 and 2019, respectively (in thousands): 2021 2020 2019 Balance at beginning of period $ 1,140,205 $ 1,064,389 $ 949,822 Additions: Acquisitions during period 85,169 111,049 108,972 Improvements 14,495 11,696 10,580 Deductions: Dispositions during period (14,611) (43,383) (3,172) Impairments during period — (3,546) (1,813) Balance at end of period $ 1,225,258 $ 1,140,205 (1) $ 1,064,389 (2) (1) The real estate figure includes $11.5 million of real estate held for sale as of December 31, 2020. (2) The real estate figure includes $7.4 million of real estate held for sale as of December 31, 2019. The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2021, 2020 and 2019, respectively (in thousands): 2021 2020 2019 Balance at beginning of period $ 231,876 $ 210,944 $ 178,475 Additions during period 39,612 36,034 32,838 Dispositions during period (4,816) (15,102) (369) Balance at end of period $ 266,672 $ 231,876 (1) $ 210,944 (2) (1) The accumulated depreciation figure includes $3.4 million of real estate held for sale as of December 31, 2020. (2) The accumulated depreciation figure includes $3.4 million of real estate held for sale as of December 31, 2019. |
Organization, Basis of Presen_2
Organization, Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Subsidiaries | We conduct substantially all of our operations through the Operating Partnership. We currently control the sole general partner of the Operating Partnership and own, directly or indirectly, a majority of the limited partnership interests in the Operating Partnership (“Non-controlling OP Units”) through two of our subsidiaries, GCLP Business Trust I and II. The financial position and results of operations of the Operating Partnership are consolidated within our financial statements. As of December 31, 2021 and 2020, the Company owned 99.3% and 98.6%, respectively, of the outstanding OP Units (See Note 8, “Equity and Mezzanine Equity” for additional discussion regarding OP Units). Gladstone Commercial Lending, LLC, a Delaware limited liability company (“Gladstone Commercial Lending”), a subsidiary of ours, was created to conduct all operations related to our real estate mortgage loans. As the Operating Partnership currently owns all of the membership interests of Gladstone Commercial Lending, the financial position and results of operations of Gladstone Commercial Lending are consolidated with ours. Gladstone Commercial Advisers, Inc., a Delaware corporation (“Commercial Advisers”), and wholly-owned taxable REIT subsidiary (“TRS”) of ours, was created to collect any non-qualifying income related to our real estate portfolio. There has been no such income earned to date. Since we own 100% of the voting securities of Commercial Advisers, the financial position and results of operations of Commercial Advisers are consolidated within our financial statements. |
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could materially differ from those estimates. |
Real Estate and Lease Intangibles | We record investments in real estate at cost and capitalize improvements and replacements when they extend the useful life or improve the efficiency of the asset. We expense costs of repairs and maintenance as such costs are incurred. We compute depreciation using the straight-line method over the estimated useful life, or up to 39 years, for buildings and improvements, five Most properties that we acquire are already being operated as rental properties, which we consider to be asset acquisitions under Accounting Standards Codification (“ASC”) 360, “Property Plant and Equipment” (“ASC 360”). When an acquisition is considered an asset acquisition, ASC 360 requires that the purchase price of real estate be allocated to the acquired tangible assets and liabilities, consisting of land, building, tenant improvements, long-term debt assumed and identified intangible assets and liabilities, typically the value of above-market and below-market leases, the value of in-place leases, the value of lease origination costs and the value of tenant relationships, based in each case on their fair values. ASC 360 allows us to capitalize all expenses related to an acquisition accounted for as an asset acquisition into the cost of the acquisition. Management’s estimates of fair value are made using methods similar to those used by independent appraisers (e.g. discounted cash flow analysis). Factors considered by management in its analysis include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions and costs to execute similar leases. We also consider information obtained about each property as a result of our pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired and liabilities assumed. In estimating carrying costs, management also includes lost reimbursement of real estate taxes, insurance and other operating expenses as well as estimates of lost rents at market rates during the hypothetical expected lease-up periods, which generally range from nine We allocate purchase price to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. The “as-if-vacant” value is allocated to land, building and tenant improvements based on management’s determination of the relative fair values of these assets on the date of acquisition. Above-market and below-market in-place lease fair values for acquired properties are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. When determining the non-cancelable term of the lease, we evaluate which fixed-rate renewal options, if any, should be included. The capitalized above-market lease values, included in the accompanying consolidated balance sheets as part of deferred rent receivable, are amortized as a reduction of rental income over the remaining non-cancelable terms of the respective leases. Total amortization related to above-market lease values was $0.8 million, $0.8 million, and $1.1 million for the years ended December 31, 2021, 2020, and 2019, respectively. The capitalized below-market lease values, included in the accompanying consolidated balance sheets as part of deferred rent liability, are amortized as an increase to rental income over the remaining non-cancelable terms of the respective leases, including any below market renewal periods. Total amortization related to below-market lease values was $4.1 million, $2.8 million, and $2.5 million for the years ended December 31, 2021, 2020, and 2019, respectively. The total amount of the remaining intangible assets acquired, which consists of in-place lease values, lease origination costs, and customer relationship intangible values, are allocated based on management’s evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant. Characteristics to be considered by management in determining these values include the nature and extent of our existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and our expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors. The value of in-place leases and lease origination costs are amortized to amortization expense over the remaining term of the respective leases, which generally range from seven Should a tenant terminate its lease, the unamortized portion of the above-market and below-market lease values would be charged to rental income and the unamortized portion of in-place lease values, lease origination costs and customer relationship intangibles will be charged to amortization expense through the revised termination date. |
Business Combinations | Most properties that we acquire are already being operated as rental properties, which we consider to be asset acquisitions under Accounting Standards Codification (“ASC”) 360, “Property Plant and Equipment” (“ASC 360”). When an acquisition is considered an asset acquisition, ASC 360 requires that the purchase price of real estate be allocated to the acquired tangible assets and liabilities, consisting of land, building, tenant improvements, long-term debt assumed and identified intangible assets and liabilities, typically the value of above-market and below-market leases, the value of in-place leases, the value of lease origination costs and the value of tenant relationships, based in each case on their fair values. ASC 360 allows us to capitalize all expenses related to an acquisition accounted for as an asset acquisition into the cost of the acquisition. |
Impairment Charges | We account for the impairment of real estate in accordance with ASC 360-10-35, “Property, Plant, and Equipment,” which requires us to periodically review the carrying value of each property to determine if circumstances indicate impairment of the carrying value of the investment exists or that depreciation periods should be modified. If circumstances indicate the possibility of impairment, we prepare a projection of the undiscounted future cash flows, without interest charges, of the specific property and determine if the carrying value of the investment in such property is recoverable. In performing the analysis, we consider such factors as each tenant’s payment history and financial condition, the likelihood of lease renewal, business conditions in the industry in which the tenants operate, whether there are indications that the fair value of the real estate has decreased or our intended holding period of the property is shortened. If the carrying amount is more than the aggregate undiscounted future cash flows, we would recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property. We evaluate our entire portfolio of properties each quarter for any impairment indicators and perform an impairment analysis on those select properties that have an indication of impairment. |
Held for Sale Property | For properties considered held for sale, we cease depreciating and amortizing the property and value the property at the lower of depreciated and amortized cost or fair value, less costs to dispose. We present qualifying assets and liabilities and the results of operations that have been sold, or otherwise qualify as held for sale, as discontinued operations in all periods when the sale meets the definition of discontinued operations. Under GAAP, the definition of discontinued operations is the disposal of a component or group of components that is disposed or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on our operations and financial results. The components of the property’s net income (loss) that are reflected as discontinued operations if classified as such include operating results, depreciation, amortization, and interest expense.When properties are considered held for sale, but do not qualify as a discontinued operation, we present qualifying assets and liabilities as held for sale in the consolidated balance sheet in all periods that the qualifying assets and liabilities meet the held for sale criteria under ASC 360-10-49-9. The components of the held for sale property’s net income (loss) is recorded within continuing operations under the consolidated statement of operations and comprehensive income. |
Cash and Cash Equivalents | We consider cash equivalents to be short-term, highly-liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase, except that any such investments purchased with funds held in escrow or similar accounts are classified as restricted cash. Items classified as cash equivalents include money-market deposit accounts. At times, the balance of our cash and cash equivalents may exceed federally insurable limits. |
Restricted Cash | Restricted cash consists of security deposits and receipts from tenants for reserves. These funds will be released to the tenants upon completion of agreed upon tasks, as specified in the lease agreements, mainly consisting of maintenance and repairs on the buildings and upon receipt by us of evidence of insurance and tax payments. For purposes of the consolidated statements of cash flows, changes in restricted cash caused by changes in reserves held for tenants are shown as investing activities. Changes in restricted cash caused by changes in security deposits are reflected as financing activities. |
Funds Held in Escrow | Funds held in escrow consist of funds held by certain of our lenders for properties held as collateral by these lenders. These funds will be released to us upon completion of agreed upon tasks, as specified in the mortgage agreements, mainly consisting of maintenance and repairs on the buildings, and when evidence of insurance and tax payments has been submitted to the lenders. For the purposes of the consolidated statements of cash flows, changes in funds held in escrow caused by changes in lender held reserve balances are shown as investing activities. |
Deferred Financing Costs | Deferred financing costs consist of costs incurred to obtain financing, including legal fees, origination fees and administrative fees. The costs are deferred and amortized using the straight-line method, which approximates the effective interest method, over the term of the secured financing. |
Gains on Sale of Real Estate, Net | Gains (losses) on sale of real estate, net, consist of the excess consideration received for a property over the property carrying value at the time of sale, or gains on real estate, offset by consideration received for a property less than the property carrying value at the time of sale, or loss on sale of real estate. |
Lease Revenue | Lease revenue includes rents that each tenant pays in accordance with the terms of its respective lease reported evenly over the non-cancelable term of the lease. Most of our leases contain rental increases at specified intervals. We recognize such revenues on a straight-line basis. Deferred rent receivable in the accompanying consolidated balance sheet includes the cumulative difference between lease revenue, as recorded on a straight-line basis, and rents received from the tenants in accordance with the lease terms, along with the capitalized above-market in-place lease values of certain acquired properties. Deferred rent liability in the accompanying consolidated balance sheet includes the capitalized below-market in-place lease values of certain acquired properties. Accordingly, we determine, in our judgment, to what extent the deferred rent receivable applicable to each specific tenant is collectible. We review deferred rent receivable, as it relates to straight line rents, on a quarterly basis and take into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the geographic area in which the property is located. In the event that the collectability of deferred rent with respect to any given tenant is in doubt, we record an allowance for uncollectible accounts or record a direct write-off of the specific rent receivable. We incurred $0.4 million and $0.2 million in deferred rent write offs during each of the years ended December 31, 2021 and 2020, respectively. No such reserves or direct write offs were recorded during the year ended 2019. Tenant recovery revenue includes payments from tenants as reimbursements for franchise taxes, management fees, insurance, maintenance and repairs, utilities, and ground lease payments. We recognize tenant recovery revenue in the same periods that we incur the related expenses. We do not record any tenant recovery revenues or operating expenses associated with costs paid directly by our tenants for our net leased properties. On January 1, 2020, we completed the integration of the accounting records of certain of our triple net leased third-party asset managed properties into our accounting system and paid out property operating expenses of our operating bank accounts. For periods prior to January 1, 2020, we recorded property operating expenses and offsetting lease revenues for these certain triple net leased properties on a net basis. Beginning January 1, 2020, we began to record the property operating expenses and offsetting lease revenues for these triple net leased properties on a gross basis, as we have amended our process whereby we are paying operating expenses on behalf of our tenants and receiving reimbursement, whereas, previously these tenants were paying these expenses directly, with limited insight provided to us. |
Income Taxes | We have operated and intend to continue to operate in a manner that will allow us to qualify as a REIT under the Internal Revenue Code of 1986, as amended, and, accordingly, will not be subject to federal income taxes on amounts distributed to stockholders (except income from foreclosure property), provided that we distribute at least 90% of our REIT taxable income to our stockholders and meet certain other conditions. To the extent that we satisfy the distribution requirement but distribute less than 100% of our taxable income, we will be subject to federal corporate income tax on our undistributed income. Commercial Advisers is a wholly-owned TRS that is subject to federal and state income taxes. Though Commercial Advisers has had no activity to date, we would account for any future income taxes in accordance with the provisions of ASC 740, “Income Taxes.” Under ASC 740-10-25, we would account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. |
Asset Retirement Obligations | ASC 410, “Asset Retirement and Environmental Obligation,” requires an entity to recognize a liability for a conditional asset retirement obligation when incurred if the liability can be reasonably estimated. ASC 410-20-20 clarifies that the term “Conditional Asset Retirement Obligation” refers to a legal obligation (pursuant to existing laws or by contract) to perform an asset retirement activity in which the timing and/or method of settlement are conditional on a future event that may or may not be within the control of the entity. ASC 410-20-25-6 clarifies when an entity would have sufficient information to reasonably estimate the fair value of an asset retirement obligation. |
Stock Issuance Costs | We account for stock issuance costs in accordance with SEC Staff Accounting Bulletin (“SAB”) Topic 5.A, which states that incremental costs directly attributable to a proposed or actual offering of securities may properly be deferred and charged against the gross proceeds of the offering. Accordingly, we record costs incurred related to our ongoing equity offerings to other assets on our consolidated balance sheet and ratably apply these amounts to the cost of equity as stock is issued. If an equity offering is subsequently terminated and there are amounts remaining in other assets that have not been allocated to the cost of the offering, the remaining amounts are recorded as a general and administrative expense on our consolidated statements of operations. |
Comprehensive Income | We record the effective portion of changes in the fair value of the interest rate cap and swap agreements that qualify as cash flow hedges to accumulated other comprehensive income. For the years ended December 31, 2021, 2020, and 2019, we reconciled net income to comprehensive income on the consolidated statements of operations and comprehensive income in the accompanying consolidated financial statements. |
Segment Reporting | We manage our operations on an aggregated, single segment basis for purposes of assessing performance and making operating decisions, and, accordingly, have only one reporting and operating segment. |
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 modification, as long as the concession does not result in a substantial increase in rights of the lessor or obligations of the lessee. This election is available for concessions that result in the total payments required by the modified contract being substantially the same as or less than the total payments required by the original contract. |
Loss Per Share of Common Stock | We computed basic (loss) earnings per share for the years ended December 31, 2021, 2020 and 2019, respectively, using the weighted average number of shares outstanding during the periods. Diluted (loss) earnings per share for the years ended December 31, 2021, 2020 and 2019, reflects additional shares of common stock related to our convertible Senior Common Stock, if the effect would be dilutive, that would have been outstanding if dilutive potential shares of common stock had been issued, as well as an adjustment to net (loss) income (attributable) available to common stockholders as applicable to common stockholders that would result from their assumed issuance (dollars in thousands, except per share amounts). |
Fair Value Measurements and Disclosures | The fair value of the interest rate cap agreements is recorded in other assets on our accompanying 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 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. |
(Loss) Earnings per Share of _2
(Loss) Earnings per Share of Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Basic and Diluted (Loss) Earnings Per Share of Common Stock | The following tables set forth the computation of basic and diluted (loss) earnings per share of common stock for the years ended December 31, 2021, 2020 and 2019, respectively. 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 per share calculation, as there would be no effect on the amounts since the Non-controlling OP Unitholders’ share of income would also be added back to net income. Net income figures are presented net of such non-controlling interests in the earnings per share calculation. We computed basic (loss) earnings per share for the years ended December 31, 2021, 2020 and 2019, respectively, using the weighted average number of shares outstanding during the periods. Diluted (loss) earnings per share for the years ended December 31, 2021, 2020 and 2019, reflects additional shares of common stock related to our convertible Senior Common Stock, if the effect would be dilutive, that would have been outstanding if dilutive potential shares of common stock had been issued, as well as an adjustment to net (loss) income (attributable) available to common stockholders as applicable to common stockholders that would result from their assumed issuance (dollars in thousands, except per share amounts). For the year ended December 31, 2021 2020 2019 Calculation of basic (loss) earnings per share of common stock: Net (loss) income (attributable) available to common stockholders $ (4,554) $ 3,149 $ (4,760) Denominator for basic weighted average shares of common stock (1) 36,537,306 34,040,085 30,695,902 Basic (loss) earnings per share of common stock $ (0.12) $ 0.09 $ (0.16) Calculation of diluted (loss) earnings per share of common stock: Net (loss) income (attributable) available to common stockholders $ (4,554) $ 3,149 $ (4,760) Net (loss) income (attributable) available to common stockholders plus assumed conversions (2) $ (4,554) $ 3,149 $ (4,760) Denominator for basic weighted average shares of common stock (1) 36,537,306 34,040,085 30,695,902 Effect of convertible Senior Common Stock (2) — — — Denominator for diluted weighted average shares of common stock (2) 36,537,306 34,040,085 30,695,902 Diluted (loss) earnings per share of common stock $ (0.12) $ 0.09 $ (0.16) (1) The weighted average number of OP Units held by Non-controlling OP Unitholders was 316,987, 502,586, and 700,924 for the years ended December 31, 2021, 2020, and 2019, respectively. (2) We excluded convertible shares of Senior Common Stock of 503,962, 628,263 and 674,611 from the calculation of diluted earnings per share for the years ended December 31, 2021, 2020 and 2019, respectively, because it was anti-dilutive. |
Real Estate and Intangible As_2
Real Estate and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and 2020, respectively, excluding real estate held for sale as of December 31, 2020 (dollars in thousands): December 31, 2021 December 31, 2020 Real estate: Land (1) $ 149,773 $ 142,853 Building and improvements 1,004,362 916,601 Tenant improvements 71,123 69,229 Accumulated depreciation (266,672) (228,468) Real estate, net $ 958,586 $ 900,215 |
Summary of Properties Acquired | During the year ended December 31, 2021 and 2020 we acquired 11 and nine properties, respectively, which are summarized below (dollars in thousands): Year Ended Aggregate Square Footage Weighted Average Lease Term Aggregate Purchase Price Aggregate Capitalized Acquisition Costs December 31, 2021 (1) 949,174 13.4 years $ 100,453 $ 798 December 31, 2020 (2) 1,717,502 12.2 years $ 129,974 $ 814 (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 and had 14.2 years of remaining lease term at the 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 and had 12.6 years remaining lease term at the 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 and had 17.4 years remaining lease term at the 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 and had 15.0 years remaining lease term at the time we acquired the portfolio. On November 3, 2021, we acquired a 161,458 square foot property in Charlotte, North Carolina for $12.9 million. This property is fully leased to one tenant and had 7.9 years remaining lease term at the time we acquired the property. On December 21, 2021, we acquired a 120,000 square foot property in Atlanta, Georgia for $12.1 million. This property is fully leased to one tenant and had 15.0 years of remaining lease term at the time we acquired the property. On December 21, 2021, we acquired a 300,000 square foot property in Crossville, Tennessee for $29.2 million. This property is fully leased to one tenant and had 11.0 years remaining lease term at the time we acquired the property. (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 and had a weighted average lease term of 7.2 years at the 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 had a weighted average lease term of 20.0 years at the 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 and had 10.5 years remaining lease term at the 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 and had 9.7 years remaining lease term at the time we acquired the property. On October 14, 2020, we acquired a 240,714 square foot property in Montgomery, Alabama, for $14.3 million. The property is fully leased to one tenant and had 7.2 years remaining lease term at the time we acquired the property. On December 18, 2020, we acquired a 277,883 square foot property in Huntsville, Alabama, for $20.0 million. The property is fully leased to one tenant and had 9.2 years remaining lease term at the time we acquired the property. On December 21, 2020, we acquired a 155,267 square foot property in Pittsburgh, Pennsylvania, for $13.0 million. The property is fully leased to one tenant and had 10.0 years remaining lease term at the time we acquired the property. |
Fair Value of Acquired Assets and Liabilities Assumed | We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the year ended December 31, 2021 and 2020, respectively, as follows (dollars in thousands): Year ended December 31, 2021 Year ended December 31, 2020 Acquired assets and liabilities Purchase price Purchase price Land $ 7,205 $ 11,264 (1) Building 76,611 97,101 Tenant Improvements 1,353 2,684 In-place Leases 6,431 9,076 Leasing Costs 5,779 6,352 Customer Relationships 3,364 5,239 Above Market Leases 777 529 (2) Below Market Leases (1,067) (2,271) (3) Total Purchase Price $ 100,453 $ 129,974 (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 $336 and $53 of loans receivable included in Other assets on the consolidated balance sheets, respectively. (3) This amount includes $62 of prepaid rent included in Other liabilities on the consolidated balance sheets. |
Future Operating Lease Payments from Tenants under Non-Cancelable Leases | Future operating lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses, for each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands): Year Tenant Lease Payments 2022 $ 118,225 2023 111,338 2024 104,947 2025 98,833 2026 90,258 Thereafter 337,516 $ 861,117 |
Lease Revenue | The table below sets forth the allocation of lease revenue between fixed contractual payments and variable lease payments for the years ended December 31, 2021, 2020, and 2019, respectively (dollars in thousands): For the twelve months ended December 31, (Dollars in Thousands) Lease revenue reconciliation 2021 2020 2019 Fixed lease payments $ 121,303 $ 117,248 $ 110,273 Variable lease payments 16,385 15,904 4,114 $ 137,688 $ 133,152 $ 114,387 |
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 December 31, 2021 and 2020, excluding real estate held for sale as of December 31, 2020 (dollars in thousands): December 31, 2021 December 31, 2020 Lease Intangibles Accumulated Amortization Lease Intangibles Accumulated Amortization In-place leases $ 105,891 $ (62,604) $ 99,254 $ (54,168) Leasing costs 81,487 (43,982) 73,707 (37,801) Customer relationships 71,922 (38,220) 68,268 (31,881) $ 259,300 $ (144,806) $ 241,229 $ (123,850) Deferred Rent Receivable/(Liability) Accumulated (Amortization)/Accretion Deferred Rent Receivable/(Liability) Accumulated (Amortization)/Accretion Above market leases $ 15,538 $ (11,520) $ 15,076 $ (10,670) Below market leases and deferred revenue (48,241) 21,471 (38,319) 17,686 |
Weighted Average Amortization Period for Intangible Assets Acquired and Liabilities Assumed | The weighted average amortization periods in years for the intangible assets acquired and liabilities assumed during the years ended December 31, 2021 and 2020, respectively, were as follows: Intangible Assets & Liabilities 2021 2020 In-place leases 14.0 14.2 Leasing costs 14.0 14.2 Customer relationships 19.5 17.8 Above market leases 13.8 14.8 Below market leases 14.4 13.3 All intangible assets & liabilities 15.3 15.0 |
Estimated Aggregate Amortization Expense | The estimated aggregate amortization expense to be recorded for in-place leases, leasing costs and customer relationships for each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands): Year Estimated Amortization Expense 2022 $ 19,692 2023 16,496 2024 14,382 2025 12,825 2026 11,182 Thereafter 39,917 $ 114,494 |
Summary of Estimated Aggregate Rental Income | The estimated aggregate rental income to be recorded for the amortization of both above and below market leases for each of the five succeeding fiscal years and thereafter is as follows, excluding real estate held for sale as of December 31, 2021 (dollars in thousands): Year Net Increase to Rental Income 2022 $ 4,053 2023 3,982 2024 3,829 2025 3,533 2026 2,078 Thereafter 5,113 $ 22,588 (1) Does not include ground lease amortization of $164. |
Real Estate Dispositions, Hel_2
Real Estate Dispositions, Held for Sale, and Impairment Charges (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
Summary Properties Sold | During the year ended December 31, 2021, we sold three non-core properties, located in Rancho Cordova, California, Champaign, Illinois, and Richmond, Virginia, 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 123,971 $ 9,473 $ 633 $ (1,148) |
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 years ended December 31, 2021, 2020, and 2019, respectively (dollars in thousands): For the year ended December 31, 2021 2020 2019 Operating revenue $ 991 $ 1,942 $ 1,676 Operating expense 695 3,230 905 Other expense, net (1,865) (1) (239) (223) (Loss) income from real estate and related assets sold $ (1,569) $ (1,527) $ 548 (1) Includes a $1.1 million loss on sale of real estate, net, from three 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 consolidated balance sheet (dollars in thousands): December 31, 2020 Assets Held for Sale Total real estate held for sale $ 8,114 Lease intangibles, net 384 Total Assets Held for Sale $ 8,498 |
Mortgage Notes Payable and Cr_2
Mortgage Notes Payable and Credit Facility (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Company's Mortgage Notes Payable and Credit Facility | Our mortgage notes payable and Credit Facility as of December 31, 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 December 31, 2021 December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2021 Mortgage and other secured loans: Fixed rate mortgage loans 61 $ 436,530 $ 435,029 (1) (2) Variable rate mortgage loans 6 16,338 24,809 (3) (2) Premiums and discounts, net - (130) (182) N/A N/A Deferred financing costs, mortgage loans, net - (2,794) (3,479) N/A N/A Total mortgage notes payable, net 67 $ 449,944 $ 456,177 (4) Variable rate revolving credit facility 60 (6) $ 33,550 $ 53,900 LIBOR + 1.90% July 2, 2023 Total revolver 60 $ 33,550 $ 53,900 Variable rate term loan facility A - 160,000 160,000 LIBOR + 1.85% July 2, 2024 Variable rate term loan facility B - 65,000 — LIBOR + 2.00% February 11, 2026 Deferred financing costs, term loan facility - (968) (797) N/A N/A Total term loan, net N/A $ 224,032 $ 159,203 Total mortgage notes payable and credit facility 127 $ 707,526 $ 669,280 (5) (1) Interest rates on our fixed rate mortgage notes payable vary from 2.80% to 6.63%. (2) We have 52 mortgage notes payable with maturity dates ranging from April 22, 2022 through August 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%. At December 31, 2021, one month LIBOR was approximately 0.10%. (4) The weighted average interest rate on the mortgage notes outstanding at December 31, 2021, was approximately 4.18%. (5) The weighted average interest rate on all debt outstanding at December 31, 2021, was approximately 3.39%. (6) The amount we may draw under our Credit Facility is based on a percentage of the fair value of a combined pool of 60 unencumbered properties as of December 31, 2021. N/A - Not Applicable |
Summary of Long-Term Mortgages | During the year ended December 31, 2021, we repaid three mortgages collateralized by three properties, which are summarized below (dollars in thousands): Aggregate Fixed Rate Debt Repaid Weighted Average Interest Rate on Fixed Rate Debt Repaid $ 7,669 4.91 % Variable Rate Debt Repaid Interest Rate on Variable Rate Debt Repaid $ 7,500 LIBOR + 2.50% During the year ended December 31, 2021, we issued two mortgages, collateralized by two properties, which are summarized below (dollars in thousands): Fixed Rate Debt Issued Interest Rate on Fixed Rate Debt $ 21,500 (1) 3.36 % (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 each of the five succeeding fiscal years and thereafter are as follows (dollars in thousands): Year Scheduled Principal Payments 2022 $ 105,204 2023 72,676 2024 45,915 2025 38,089 2026 43,228 Thereafter 147,756 $ 452,868 (1) (1) This figure is does not include $(0.1) million premiums and (discounts), net, and $2.8 million of deferred financing costs, which are reflected in mortgage notes payable on the consolidated balance sheets. |
Summary of Interest Rate Cap Agreement | The following table summarizes the interest rate caps at December 31, 2021 and 2020 (dollars in thousands): December 31, 2021 December 31, 2020 Aggregate Cost Aggregate Notional Amount Aggregate Fair Value Aggregate Notional Amount Aggregate Fair Value $ 1,228 (1) $ 233,632 $ 324 $ 177,060 $ 9 (1) We have entered into various interest rate cap agreements on new variable rate debt with LIBOR caps ranging from 1.50% to 2.75%. December 31, 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 $ 73,212 $ 841 $ (1,217) $ 68,829 $ — $ (3,055) |
Schedule of Derivative Instruments | The following tables present the impact of our derivative instruments in the consolidated financial statements (dollars in thousands): Amount of gain (loss) recognized in Comprehensive Income 2021 2020 2019 Derivatives in cash flow hedging relationships Interest rate caps $ 174 $ (337) $ (749) Interest rate swaps 2,680 (1,882) (1,229) Total $ 2,854 $ (2,219) $ (1,978) The following table presents the reclassifications of our derivative instruments out of accumulated other comprehensive income into interest expense in the consolidated financial statements (dollars in thousands): Amount reclassified out of Accumulated Other Comprehensive Income 2021 2020 2019 Derivatives in cash flow hedging relationships Interest rate caps $ (145) $ — $ — Total $ (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 December 31, 2021 December 31, 2020 Interest rate caps Other assets $ 324 $ 9 Interest rate swaps Other assets 841 — Interest rate swaps Other liabilities (1,217) (3,055) Total derivative liabilities, net $ (52) $ (3,046) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Lease Payments Due Under Operating Leases | Future minimum rental payments due under the terms of these leases as of December 31, 2021, are as follows (dollars in thousands): Year Future Lease Payments Due Under Operating Leases 2022 $ 489 2023 492 2024 493 2025 494 2026 498 Thereafter 6,807 Total anticipated lease payments $ 9,273 Less: amount representing interest (3,764) Present value of lease payments $ 5,509 |
Equity and Mezzanine Equity (Ta
Equity and Mezzanine Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Dividends Declared | We paid the following distributions per share for the years ended December 31, 2021, 2020, and 2019: For the year ended December 31, 2021 2020 2019 Common Stock and Non-controlling OP Units $ 1.502175 $ 1.501800 $ 1.500000 Senior Common Stock 1.0500 1.0500 1.0500 Series A Preferred Stock — (1) — (1) 1.6038191 Series B Preferred Stock — (1) — (1) 1.5521 Series D Preferred Stock 0.8749998 (2) 1.7500 1.7500 Series E Preferred Stock 1.656252 1.656252 0.404900 (3) Series F Preferred Stock 1.5000 0.7500 (4) — Series G Preferred Stock 0.75 (5) — — (1) We fully redeemed our Series A and B Preferred Stock on October 28, 2019. (2) We redeemed all outstanding shares of our Series D Preferred Stock on June 30, 2021. (3) We issued our Series E Preferred Stock on October 4, 2019. (4) 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. (5) Series G Preferred Stock was issued on June 28, 2021. |
Summary of Changes in Stockholders' Equity | The characterization of distributions during each of the last three years is reflected in the table below: Ordinary Income Return of Capital Long-Term Capital Gains Common Stock and OP Units For the year ended December 31, 2019 44.46159 % 55.53841 % — % For the year ended December 31, 2020 37.28754 % 62.71246 % — % For the year ended December 31, 2021 28.14778 % 71.85222 % — % Senior Common Stock For the year ended December 31, 2019 100.00000 % — % — % For the year ended December 31, 2020 100.00000 % — % — % For the year ended December 31, 2021 100.00000 % — % — % Series A Preferred Stock For the year ended December 31, 2019 100.00000 % — % — % For the year ended December 31, 2020 — % — % — % For the year ended December 31, 2021 — % — % — % Series B Preferred Stock For the year ended December 31, 2019 100.00000 % — % — % For the year ended December 31, 2020 — % — % — % For the year ended December 31, 2021 — % — % — % Series D Preferred Stock For the year ended December 31, 2019 100.00000 % — % — % For the year ended December 31, 2020 100.00000 % — % — % For the year ended December 31, 2021 100.00000 % — % — % Series E Preferred Stock For the year ended December 31, 2019 100.00000 % — % — % For the year ended December 31, 2020 100.00000 % — % — % For the year ended December 31, 2021 100.00000 % — % — % Series F Preferred Stock For the year ended December 31, 2019 — % — % — % For the year ended December 31, 2020 100.00000 % — % — % For the year ended December 31, 2021 100.00000 % — % — % Series G Preferred Stock For the year ended December 31, 2019 — % — % — % For the year ended December 31, 2020 — % — % — % For the year ended December 31, 2021 100.00000 % — % — % |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Monthly Distributions Declared by Company's Board of Directors | On January 11, 2022, our Board of Directors declared the following monthly distributions for the months of January, February, and March of 2022: 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 January 21, 2022 January 31, 2022 $ 0.12540 $ 0.1380210 $ 0.125000 February 18, 2022 February 28, 2022 0.12540 0.1380210 0.125000 March 23, 2022 March 31, 2022 0.12540 0.1380210 0.125000 $ 0.37620 $ 0.4140630 $ 0.375000 Series F Preferred Stock Distributions Record Date Payment Date Distribution per Share January 26, 2022 February 4, 2022 $ 0.125 February 24, 2022 March 4, 2022 0.125 March 25, 2022 April 4, 2022 0.125 $ 0.375 Senior Common Stock Distributions Payable to the Holders of Record During the Month of: Payment Date Distribution per Share January February 4, 2022 $ 0.0875 February March 4, 2022 0.0875 March April 5, 2022 0.0875 $ 0.2625 |
Organization, Basis of Presen_3
Organization, Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2021USD ($)subsidiarysegmentshares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Organization And Significant Accounting Policies [Line Items] | |||
Number of subsidiaries interest owned in general and limited partnership | subsidiary | 2 | ||
Non-qualifying income related to real estate portfolio | $ 0 | ||
Amortization related to above-market lease | 43,000 | $ 52,000 | $ 53,000 |
Amortization related to below-market lease | 4,100,000 | 2,800,000 | 2,500,000 |
Total amortization expense related to intangible assets | 20,700,000 | 19,400,000 | 19,200,000 |
Payments of deferred financing costs | 792,000 | 606,000 | 2,480,000 |
Total amortization expense related to deferred financing costs is included in interest expense | 1,583,000 | 1,531,000 | 1,641,000 |
Deferred rent write-offs | $ 400,000 | 200,000 | 0 |
Uncertain tax positions percentage | 50.00% | ||
Uncertain tax positions | $ 0 | 0 | 0 |
ARO liabilities accrued in connection with acquisitions | 600,000 | 0 | 164,000 |
Expenses recorded to general and administrative expense | 100,000 | 100,000 | 100,000 |
Aggregate undiscounted obligation on properties | $ 6,800,000 | ||
Number of reporting segments | segment | 1 | ||
Number of operating segments | segment | 1 | ||
Above Market Leases | |||
Organization And Significant Accounting Policies [Line Items] | |||
Total amortization expense related to intangible assets | $ 800,000 | $ 800,000 | $ 1,100,000 |
Minimum | |||
Organization And Significant Accounting Policies [Line Items] | |||
Expected lease up period for estimating carrying costs | 9 months | ||
Remaining term of in-place leases and unamortized lease | 7 years | ||
REIT taxable income to its stockholders (as percent) | 90.00% | ||
Percentage of discount rate for calculating undiscounted obligation | 2.00% | ||
Maximum | |||
Organization And Significant Accounting Policies [Line Items] | |||
Expected lease up period for estimating carrying costs | 18 months | ||
Remaining term of in-place leases and unamortized lease | 15 years | ||
REIT taxable income to its stockholders (as percent) | 100.00% | ||
Percentage of discount rate for calculating undiscounted obligation | 7.00% | ||
Building and Improvements | |||
Organization And Significant Accounting Policies [Line Items] | |||
Estimated useful life | 39 years | ||
Equipment and Fixtures | Minimum | |||
Organization And Significant Accounting Policies [Line Items] | |||
Estimated useful life | 5 years | ||
Equipment and Fixtures | Maximum | |||
Organization And Significant Accounting Policies [Line Items] | |||
Estimated useful life | 20 years | ||
GCLP Business Trust I | |||
Organization And Significant Accounting Policies [Line Items] | |||
Subsidiary and business trust of the Company, formed under the laws of the Commonwealth of Massachusetts, date | Dec. 28, 2005 | ||
Percentage of limited partnership interest transferred to business unit | 99.00% | ||
Number of trust shares exchanged for limited partnership interest (in shares) | shares | 100 | ||
Operating Partnership | |||
Organization And Significant Accounting Policies [Line Items] | |||
Company ownership percentage of voting securities | 99.30% | 98.60% | |
Gladstone Commercial Advisers, Inc. | |||
Organization And Significant Accounting Policies [Line Items] | |||
Company ownership percentage of voting securities | 100.00% | ||
GCLP Business Trust II | |||
Organization And Significant Accounting Policies [Line Items] | |||
Percentage of limited partnership interest transferred to business unit | 1.00% | ||
Number of trust shares exchanged for general partnership interest (in shares) | shares | 100 |
Related-Party Transactions - (D
Related-Party Transactions - (Detail) | Jul. 14, 2020 | Feb. 20, 2020$ / sharesshares | Jan. 08, 2019 | Dec. 31, 2021USD ($)officer | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Related Party Transaction [Line Items] | |||||||
Number of executive officers | officer | 2 | ||||||
Due to adviser and administrator | [1] | $ 3,431,000 | $ 2,960,000 | ||||
Annual base management fee, in percentage of stockholders' equity, adjusted to unrealized gains or losses | 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] | $ 5,882,000 | 5,648,000 | $ 5,174,000 | |||
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% | ||||||
Incentive fee | [2] | $ 4,859,000 | 4,301,000 | 3,688,000 | |||
Incentive fee waiver | [2] | 16,000 | 0 | 0 | |||
Portion of incentive fee waived | $ 0 | 0 | 0 | ||||
Capital gains-based incentive fee percentage | 15.00% | ||||||
Capital gain fee | $ 0 | 0 | 0 | ||||
Notice period for termination of agreement without cause | 120 days | ||||||
Termination fee payable | 66.67% | ||||||
Payment period for termination of agreement | 24 months | ||||||
Notice period for termination of agreement with cause | 30 days | ||||||
Administration fee | [2] | $ 1,448,000 | 1,598,000 | 1,690,000 | |||
Fees paid | $ 100,000 | $ 100,000 | $ 200,000 | ||||
Financing fee on total secured mortgages | 0.33% | 0.25% | 0.20% | ||||
Selling commissions | 6.00% | ||||||
Dealer management fee | 3.00% | ||||||
Payments for commissions | $ 700,000 | ||||||
Dealer Management Agreement | Series F Cumulative Redeemable Preferred Stock | Preferred Stock | |||||||
Related Party Transaction [Line Items] | |||||||
Preferred stock, dividend rate | 6.00% | ||||||
Redeemable preferred stock, shares authorized (in shares) | shares | 20,000,000 | ||||||
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 | ||||||
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% | ||||||
[1] | Refer to Note 2 “Related-Party Transactions ” | ||||||
[2] | Refer to Note 2 “Related-Party Transactions” |
(Loss) Earnings per Share of _3
(Loss) Earnings per Share of Common Stock - Basic and Diluted Loss Per Share of Common Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Calculation of basic (loss) earnings per share of common stock: | |||
Net (loss) income (attributable) available to common stockholders | $ (4,554) | $ 3,149 | $ (4,760) |
Denominator for basic weighted average shares of common stock (in shares) | 36,537,306 | 34,040,085 | 30,695,902 |
Basic (loss) earnings per share of common stock (in dollars per share) | $ (0.12) | $ 0.09 | $ (0.16) |
Calculation of diluted (loss) earnings per share of common stock: | |||
Net (loss) income (attributable) available to common stockholders | $ (4,554) | $ 3,149 | $ (4,760) |
Net (loss) income (attributable) available to common stockholders plus assumed conversions | $ (4,554) | $ 3,149 | $ (4,760) |
Denominator for basic weighted average shares of common stock (in shares) | 36,537,306 | 34,040,085 | 30,695,902 |
Effect of convertible senior common stock (in shares) | 0 | 0 | 0 |
Denominator for diluted weighted average shares of common stock (in shares) | 36,537,306 | 34,040,085 | 30,695,902 |
Diluted (loss) earnings per share of common stock (in dollars per share) | $ (0.12) | $ 0.09 | $ (0.16) |
(Loss) Earnings per Share of _4
(Loss) Earnings per Share of Common Stock - Basic and Diluted Loss Per Share of Common Stock Narrative (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Weighted Average | |||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | |||
Number of OP Units held by Non-controlling OP Unitholders (in shares) | 316,987 | 502,586 | 700,924 |
Senior Common Stock | |||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | |||
Anti-dilutive convertible shares of senior common stock excluded from calculation of diluted earnings per share (in shares) | 503,962 | 628,263 | 674,611 |
Real Estate and Intangible As_3
Real Estate and Intangible Assets - Components of Investments in Real Estate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Real estate: | |||
Land | $ 149,773 | $ 142,853 | |
Building and improvements | 1,004,362 | 916,601 | |
Tenant improvements | 71,123 | 69,229 | |
Accumulated depreciation | (266,672) | (228,468) | |
Total real estate, net | 958,586 | 900,215 | |
Land value subject to land lease agreements | 4,436 | ||
Building and Improvements | |||
Real Estate Properties [Line Items] | |||
Depreciation | $ 39,600 | $ 36,000 | $ 32,800 |
Real Estate and Intangible As_4
Real Estate and Intangible Assets - Summary of Properties Acquired (Detail) $ in Thousands | Dec. 21, 2021USD ($)ft²tenant | Nov. 03, 2021USD ($)ft²tenant | Aug. 20, 2021USD ($)ft²propertytenant | Jul. 21, 2021USD ($)ft²propertytenant | Jun. 17, 2021USD ($)ft²tenant | Jan. 22, 2021USD ($)ft²tenant | Dec. 21, 2020USD ($)ft²tenant | Dec. 18, 2020USD ($)ft²tenant | Oct. 14, 2020USD ($)ft²tenant | Sep. 01, 2020USD ($)ft²tenant | Mar. 09, 2020USD ($)ft²tenant | Jan. 27, 2020USD ($)ft²property | Jan. 08, 2020USD ($)ft²tenant | Dec. 31, 2021USD ($)ft²property | Dec. 31, 2020USD ($)ft²property |
Business Acquisition [Line Items] | |||||||||||||||
Number of properties acquired | property | 11 | 9 | |||||||||||||
Aggregate Purchase Price | $ 100,453 | $ 129,974 | |||||||||||||
Series of Property Acquisitions | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Aggregate Square Footage | ft² | 949,174 | 1,717,502 | |||||||||||||
Lease Term | 13 years 4 months 24 days | 12 years 2 months 12 days | |||||||||||||
Aggregate Purchase Price | $ 100,453 | $ 129,974 | |||||||||||||
Acquisition Expenses | $ 798 | $ 814 | |||||||||||||
Findley, Ohio | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Aggregate Square Footage | ft² | 180,152 | ||||||||||||||
Lease Term | 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 | ||||||||||||||
Lease Term | 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 | ||||||||||||||
Lease Term | 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 | ||||||||||||||
Lease Term | 15 years | ||||||||||||||
Aggregate Purchase Price | $ 4,800 | ||||||||||||||
Number of tenants | tenant | 1 | ||||||||||||||
Number of properties in portfolio | property | 2 | ||||||||||||||
Charlotte, North Carolina | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Aggregate Square Footage | ft² | 161,458 | ||||||||||||||
Lease Term | 7 years 10 months 24 days | ||||||||||||||
Aggregate Purchase Price | $ 12,900 | ||||||||||||||
Number of tenants | tenant | 1 | ||||||||||||||
Atlanta, Georgia | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Aggregate Square Footage | ft² | 120,000 | ||||||||||||||
Lease Term | 15 years | ||||||||||||||
Aggregate Purchase Price | $ 12,100 | ||||||||||||||
Number of tenants | tenant | 1 | ||||||||||||||
Crossvile, Tennessee | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Aggregate Square Footage | ft² | 300,000 | ||||||||||||||
Lease Term | 11 years | ||||||||||||||
Aggregate Purchase Price | $ 29,200 | ||||||||||||||
Number of tenants | tenant | 1 | ||||||||||||||
Indianapolis, Indiana | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Aggregate Square Footage | ft² | 153,600 | 64,800 | |||||||||||||
Lease Term | 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, And St. Charles Missouri | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Aggregate Square Footage | ft² | 320,838 | ||||||||||||||
Lease Term | 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 | ||||||||||||||
Lease Term | 10 years 6 months | ||||||||||||||
Aggregate Purchase Price | $ 32,000 | ||||||||||||||
Number of tenants | tenant | 1 | ||||||||||||||
Montgomery, Alabama | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Aggregate Square Footage | ft² | 240,714 | ||||||||||||||
Lease Term | 7 years 2 months 12 days | ||||||||||||||
Aggregate Purchase Price | $ 14,300 | ||||||||||||||
Number of tenants | tenant | 1 | ||||||||||||||
Huntsville, Alabama | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Aggregate Square Footage | ft² | 277,883 | ||||||||||||||
Lease Term | 9 years 2 months 12 days | ||||||||||||||
Aggregate Purchase Price | $ 20,000 | ||||||||||||||
Number of tenants | tenant | 1 | ||||||||||||||
Pittsburgh, Pennsylvania | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Aggregate Square Footage | ft² | 155,267 | ||||||||||||||
Lease Term | 10 years | ||||||||||||||
Aggregate Purchase Price | $ 13,000 | ||||||||||||||
Number of tenants | tenant | 1 |
Real Estate and Intangible As_5
Real Estate and Intangible Assets - Fair Value of Acquired Assets and Liabilities Assumed (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||
Total Purchase Price | $ 100,453 | $ 129,974 |
Land subject to land lease agreement | 2,711 | |
Loans receivable | 336 | 53 |
Prepaid rent | 62 | |
Customer Relationships | ||
Business Acquisition [Line Items] | ||
Fair value of assets acquired | 3,364 | 5,239 |
Above Market Leases | ||
Business Acquisition [Line Items] | ||
Fair value of assets acquired | 777 | 529 |
Below Market Leases | ||
Business Acquisition [Line Items] | ||
Fair Value of Interest Rate Swap Assumed and (Below Market Leases) | (1,067) | (2,271) |
Land | ||
Business Acquisition [Line Items] | ||
Fair value of assets acquired | 7,205 | 11,264 |
Building | ||
Business Acquisition [Line Items] | ||
Fair value of assets acquired | 76,611 | 97,101 |
Tenant Improvements | ||
Business Acquisition [Line Items] | ||
Fair value of assets acquired | 1,353 | 2,684 |
In-place Leases | ||
Business Acquisition [Line Items] | ||
Fair value of assets acquired | 6,431 | 9,076 |
Leasing Costs | ||
Business Acquisition [Line Items] | ||
Fair value of assets acquired | $ 5,779 | $ 6,352 |
Real Estate and Intangible As_6
Real Estate and Intangible Assets - Future Operating Lease Payments from Tenants under Non-Cancelable Leases (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Real Estate [Abstract] | |
2022 | $ 118,225 |
2023 | 111,338 |
2024 | 104,947 |
2025 | 98,833 |
2026 | 90,258 |
Thereafter | 337,516 |
Tenant lease payments | $ 861,117 |
Real Estate and Intangible As_7
Real Estate and Intangible Assets - Lease Revenue (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Real Estate [Abstract] | |||
Fixed lease payments | $ 121,303 | $ 117,248 | $ 110,273 |
Variable lease payments | 16,385 | 15,904 | 4,114 |
Lease payments | 137,688 | 133,152 | $ 114,387 |
Accounts receivable from tenants | $ 1,400 | $ 1,700 |
Real Estate and Intangible As_8
Real Estate and Intangible Assets - Legal Settlement (Details) $ in Millions | 1 Months Ended |
Aug. 31, 2021USD ($) | |
Real Estate [Abstract] | |
Gain on legal settlement | $ 2.4 |
Real Estate and Intangible As_9
Real Estate and Intangible Assets - Carrying Value of Intangible Assets and Accumulated Amortization (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Below market leases, gross | $ (48,241) | $ (38,319) | |
Below market leases, accumulated amortization | 21,471 | 17,686 | |
Amortization of intangible assets | 20,700 | 19,400 | $ 19,200 |
Amortization related to above-market lease | 43 | 52 | 53 |
Amortization related to below-market lease | 4,100 | 2,800 | 2,500 |
Lease Intangibles | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 259,300 | 241,229 | |
Finite-lived intangible assets, accumulated amortization | (144,806) | (123,850) | |
In-place Leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 105,891 | 99,254 | |
Finite-lived intangible assets, accumulated amortization | (62,604) | (54,168) | |
Leasing Costs | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 81,487 | 73,707 | |
Finite-lived intangible assets, accumulated amortization | (43,982) | (37,801) | |
Customer Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 71,922 | 68,268 | |
Finite-lived intangible assets, accumulated amortization | (38,220) | (31,881) | |
Above Market Leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 15,538 | 15,076 | |
Finite-lived intangible assets, accumulated amortization | (11,520) | (10,670) | |
Amortization of intangible assets | $ 800 | $ 800 | $ 1,100 |
Real Estate and Intangible A_10
Real Estate and Intangible Assets - Weighted Average Amortization Period for Intangible Assets Acquired and Liabilities Assumed (Detail) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period | 15 years 3 months 18 days | 15 years |
In-place Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period | 14 years | 14 years 2 months 12 days |
Leasing Costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period | 14 years | 14 years 2 months 12 days |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period | 19 years 6 months | 17 years 9 months 18 days |
Above Market Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period | 13 years 9 months 18 days | 14 years 9 months 18 days |
Below Market Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period | 14 years 4 months 24 days | 13 years 3 months 18 days |
Real Estate and Intangible A_11
Real Estate and Intangible Assets - Estimated Aggregate Amortization Expense (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Real Estate [Abstract] | ||
2022 | $ 19,692 | |
2023 | 16,496 | |
2024 | 14,382 | |
2025 | 12,825 | |
2026 | 11,182 | |
Thereafter | 39,917 | |
Lease intangibles, net | $ 114,494 | $ 117,379 |
Real Estate and Intangible A_12
Real Estate and Intangible Assets - Summary of Estimated Aggregate Rental Income (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | |
2022 | $ 118,225 |
2023 | 111,338 |
2024 | 104,947 |
2025 | 98,833 |
2026 | 90,258 |
Thereafter | 337,516 |
Tenant lease payments | 861,117 |
Ground lease amortization | 164 |
Above and Below Market Leases | |
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | |
2022 | 4,053 |
2023 | 3,982 |
2024 | 3,829 |
2025 | 3,533 |
2026 | 2,078 |
Thereafter | 5,113 |
Tenant lease payments | $ 22,588 |
Real Estate Dispositions, Hel_3
Real Estate Dispositions, Held for Sale, and Impairment Charges - Summary of Properties Sold (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)ft²property | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of non-core properties sold | property | 2 | ||
Aggregate Loss on Sale of Real Estate, net | $ (1,148) | $ 8,096 | $ 2,952 |
Assets disposed of by sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of non-core properties sold | property | 3 | ||
Aggregate Square Footage | ft² | 123,971 | ||
Aggregate Sales Price | $ 9,473 | ||
Aggregate Sales Costs | 633 | ||
Aggregate Loss on Sale of Real Estate, net | $ (1,148) |
Real Estate Dispositions, Hel_4
Real Estate Dispositions, Held for Sale, and Impairment Charges - Components of Operating Income from Real Estate and Related Assets Disposed (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Real Estate Properties [Line Items] | |||
Loss on sale of real estate, net | $ (1,148) | $ 8,096 | $ 2,952 |
Assets disposed of by sale | |||
Real Estate Properties [Line Items] | |||
Operating revenue | 991 | 1,942 | 1,676 |
Operating expense | 695 | 3,230 | 905 |
Other expense, net | (1,865) | (239) | (223) |
(Loss) income from real estate and related assets sold | (1,569) | $ (1,527) | $ 548 |
Loss on sale of real estate, net | $ (1,148) |
Real Estate Dispositions, Hel_5
Real Estate Dispositions, Held for Sale, and Impairment Charges - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)property | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($) | |
Schedule Of Real Estate Owned Held For Sale [Line Items] | |||
Number of real estate properties, held for sale | 0 | 3 | |
Number of non-core properties sold | 2 | ||
Impairment charge | $ | $ 0 | $ 3,621 | $ 1,813 |
Boston Heights Ohio, Ransho Cordova California, And Champaign Illinois | |||
Schedule Of Real Estate Owned Held For Sale [Line Items] | |||
Number of real estate properties, held for sale | 3 | ||
Rancho Cordova, California | |||
Schedule Of Real Estate Owned Held For Sale [Line Items] | |||
Impairment charge | $ | $ 700 |
Real Estate Dispositions, Hel_6
Real Estate Dispositions, Held for Sale, and Impairment Charges - Components of Income from Real Estate and Related Assets Held for Sale (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)property | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Real Estate Properties [Line Items] | |||
Loss on sale of real estate, net | $ | $ (1,148) | $ 8,096 | $ 2,952 |
Number of non-core properties sold | property | 2 |
Real Estate Dispositions, Hel_7
Real Estate Dispositions, Held for Sale, and Impairment Charges - Components of Assets and Liabilities Held for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets Held for Sale | ||
Total Assets Held for Sale | $ 0 | $ 8,498 |
Real Estate Held For Sale | ||
Assets Held for Sale | ||
Total real estate held for sale | 8,114 | |
Lease intangibles, net | 384 | |
Total Assets Held for Sale | $ 8,498 |
Mortgage Notes Payable and Cr_3
Mortgage Notes Payable and Credit Facility - Additional Information (Detail) | Feb. 11, 2021USD ($) | Jul. 02, 2019USD ($) | Oct. 27, 2017USD ($) | Oct. 31, 2015USD ($) | Dec. 31, 2021USD ($)mortgageproperty | Dec. 31, 2020USD ($) | Jul. 01, 2019USD ($) | Oct. 26, 2017USD ($) |
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 160,000,000 | $ 75,000,000 | $ 75,000,000 | $ 25,000,000 | ||||
Number of properties collateralized in mortgage notes payable | property | 127 | |||||||
Long-term debt | $ 707,526,000 | $ 669,280,000 | ||||||
Borrowings under revolving credit facility, net | $ 33,550,000 | 53,312,000 | ||||||
Line of credit at an interest rate | 2.00% | |||||||
Weighted average interest rate on debt outstanding | 3.39% | |||||||
Mortgage notes payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of mortgage notes payable | mortgage | 52 | |||||||
Number of properties collateralized in mortgage notes payable | property | 67 | |||||||
Net book value of collateralized mortgage properties | $ 671,600,000 | |||||||
Fair value of mortgage notes payable outstanding | 456,800,000 | |||||||
Long-term debt | 449,944,000 | $ 456,177,000 | ||||||
Carrying value | $ 452,868,000 | |||||||
Weighted average interest rate on debt outstanding | 4.18% | |||||||
LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Spread on LIBOR | 2.75% | |||||||
Revolving credit facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | 100,000,000 | $ 100,000,000 | $ 85,000,000 | |||||
Term loan facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 160,000,000 | 160,000,000 | ||||||
New Term Loan Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 65,000,000 | 65,000,000 | ||||||
Debt instrument, fee | 500,000 | |||||||
Line of credit facility, delayed funding component | $ 15,000,000 | |||||||
Carrying value | 65,000,000 | |||||||
Line of credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 85,000,000 | |||||||
Reduction at each of the leverage tiers | 0.10% | 0.25% | ||||||
Borrowings under revolving credit facility, net | 258,600,000 | |||||||
Letters of credit, outstanding | 19,500,000 | |||||||
Line of credit facility, maximum additional amount drawn | $ 21,200,000 | |||||||
Line of credit | Revolving credit facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument term | 4 years | |||||||
Debt instrument, fee | $ 1,300,000 | |||||||
Line of credit | Term loan facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument term | 5 years | |||||||
Line of credit | Five year term loan facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 25,000,000 | |||||||
Debt instrument term | 5 years | |||||||
Letter of credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate on debt outstanding | 1.90% | |||||||
Minimum | Term loan facility | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Spread on LIBOR | 2.50% | |||||||
Minimum | New Term Loan Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Spread on LIBOR | 1.40% | |||||||
Floor on LIBOR | 0.25% | |||||||
Minimum | New Term Loan Facility | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Spread on LIBOR | 1.50% | |||||||
Maximum | Term loan facility | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Spread on LIBOR | 2.75% | |||||||
Maximum | New Term Loan Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Spread on LIBOR | 2.25% | |||||||
Maximum | New Term Loan Facility | LIBOR | ||||||||
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 | Oct. 27, 2017 | Dec. 31, 2021USD ($)mortgageproperty | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |||
Encumbered properties | property | 127 | ||
Long-term debt | $ 707,526 | $ 669,280 | |
Weighted average interest rate on debt outstanding | 3.39% | ||
Mortgage notes payable | |||
Debt Instrument [Line Items] | |||
Encumbered properties | property | 67 | ||
Carrying value | $ 452,868 | ||
Premiums and discounts, net | (130) | (182) | |
Deferred financing costs, net | (2,794) | (3,479) | |
Long-term debt | $ 449,944 | 456,177 | |
Number of mortgage notes payable | mortgage | 52 | ||
Maturity date of mortgage notes payable, start date | Apr. 22, 2022 | ||
Maturity date of mortgage notes payable, end date | Aug. 1, 2037 | ||
Weighted average interest rate on debt outstanding | 4.18% | ||
Fixed rate mortgage loans | |||
Debt Instrument [Line Items] | |||
Encumbered properties | property | 61 | ||
Carrying value | $ 436,530 | 435,029 | |
Stated interest rate | 4.91% | ||
Fixed rate mortgage loans | Maximum | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 6.63% | ||
Fixed rate mortgage loans | Minimum | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 2.80% | ||
Variable rate mortgage loans | |||
Debt Instrument [Line Items] | |||
Encumbered properties | property | 6 | ||
Carrying value | $ 16,338 | 24,809 | |
Variable rate revolving credit facility | |||
Debt Instrument [Line Items] | |||
Encumbered properties | property | 60 | ||
Variable rate revolving credit facility | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Encumbered properties | property | 60 | ||
Carrying value | $ 33,550 | 53,900 | |
Long-term debt | $ 33,550 | 53,900 | |
Scheduled maturity dates | Jul. 2, 2023 | ||
Credit Facility | |||
Debt Instrument [Line Items] | |||
Deferred financing costs, net | $ (968) | (797) | |
Long-term debt | 224,032 | 159,203 | |
Term loan facility | |||
Debt Instrument [Line Items] | |||
Carrying value | $ 160,000 | $ 160,000 | |
Scheduled maturity dates | Jul. 2, 2024 | ||
New Term Loan Facility | |||
Debt Instrument [Line Items] | |||
Carrying value | $ 65,000 | ||
Scheduled maturity dates | Feb. 11, 2026 | ||
LIBOR | |||
Debt Instrument [Line Items] | |||
Spread on LIBOR | 2.75% | ||
LIBOR | Variable rate mortgage loans | |||
Debt Instrument [Line Items] | |||
Spread on LIBOR | 2.50% | ||
Variable rate at period end | 0.10% | ||
LIBOR | Variable rate mortgage loans | Maximum | |||
Debt Instrument [Line Items] | |||
Spread on LIBOR | 2.75% | ||
LIBOR | Variable rate mortgage loans | Minimum | |||
Debt Instrument [Line Items] | |||
Spread on LIBOR | 2.35% | ||
LIBOR | Variable rate revolving credit facility | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Spread on LIBOR | 1.90% | ||
LIBOR | Term loan facility | |||
Debt Instrument [Line Items] | |||
Spread on LIBOR | 1.85% | ||
LIBOR | New Term Loan Facility | |||
Debt Instrument [Line Items] | |||
Spread on LIBOR | 2.00% |
Mortgage Notes Payable and Cr_5
Mortgage Notes Payable and Credit Facility - Mortgage Notes Payable (Detail) $ in Thousands | Jan. 22, 2021USD ($)property | Oct. 27, 2017 | Dec. 31, 2021USD ($)property | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |||||
Debt repaid | $ | $ 28,470 | $ 50,662 | $ 57,438 | ||
Interest Rate on Fixed Rate Debt | 3.39% | ||||
Number of properties acquired | 11 | 9 | |||
Fixed rate mortgage loans | |||||
Debt Instrument [Line Items] | |||||
Number of mortgages repaid | 3 | ||||
Number of properties collateralized | 3 | ||||
Debt repaid | $ | $ 7,669 | ||||
Stated interest rate | 4.91% | ||||
Variable rate mortgage loans | |||||
Debt Instrument [Line Items] | |||||
Debt repaid | $ | $ 7,500 | ||||
New fixed rate mortgage notes payable | |||||
Debt Instrument [Line Items] | |||||
Number of long-term mortgages issued | 2 | ||||
Number of properties to issue collateralized mortgage notes payable | 2 | ||||
Fixed Rate Debt Issued | $ | $ 5,500 | $ 21,500 | |||
Interest Rate on Fixed Rate Debt | 3.36% | ||||
Stated interest rate | 3.24% | ||||
Number of properties acquired | 1 | ||||
LIBOR | |||||
Debt Instrument [Line Items] | |||||
Interest Rate on Variable Rate Debt Repaid | 2.75% | ||||
LIBOR | Variable rate mortgage loans | |||||
Debt Instrument [Line Items] | |||||
Interest Rate on Variable Rate Debt Repaid | 2.50% |
Mortgage Notes Payable and Cr_6
Mortgage Notes Payable and Credit Facility - Schedule of Principal Payments of Mortgage Notes Payable (Detail) - Mortgage notes payable - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
2022 | $ 105,204 | |
2023 | 72,676 | |
2024 | 45,915 | |
2025 | 38,089 | |
2026 | 43,228 | |
Thereafter | 147,756 | |
Carrying value | 452,868 | |
Premiums and discounts, net | (130) | $ (182) |
Deferred financing costs | $ 2,794 | $ 3,479 |
Mortgage Notes Payable and Cr_7
Mortgage Notes Payable and Credit Facility - Interest Rate Caps and Swaps (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Aggregate Cost | $ 1,228 | |
Aggregate Notional Amount | 233,632 | $ 177,060 |
Aggregate Fair Value | $ 324 | 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 | $ 73,212 | 68,829 |
Aggregate Fair Value Asset | 841 | 0 |
Aggregate Fair Value Liability | $ (1,217) | $ (3,055) |
Mortgage Notes Payable and Cr_8
Mortgage Notes Payable and Credit Facility - Derivative Instruments Impact (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) related to interest rate hedging instruments, net | $ 2,854 | $ (2,219) | $ (1,978) |
Amount reclassified out of Accumulated Other Comprehensive Income | (145) | 0 | 0 |
Interest rate caps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) related to interest rate hedging instruments, net | 174 | (337) | (749) |
Amount reclassified out of Accumulated Other Comprehensive Income | (145) | 0 | 0 |
Interest rate swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) related to interest rate hedging instruments, net | $ 2,680 | $ (1,882) | $ (1,229) |
Mortgage Notes Payable and Cr_9
Mortgage Notes Payable and Credit Facility - Derivative Instruments Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total derivative liabilities, net | $ (52) | $ (3,046) |
Interest rate caps | Derivatives Designated as Hedging Instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative asset | 324 | 9 |
Interest rate swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative liability | (1,217) | (3,055) |
Interest rate swaps | Derivatives Designated as Hedging Instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative asset | $ 841 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)lease | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Other Commitments [Line Items] | |||
Number of leases | lease | 4 | ||
Expenses incurred for the properties listed | $ 121,303 | $ 117,248 | $ 110,273 |
Weighted average lease term | 19 years 3 months 18 days | ||
Weighted average discount rate | 5.32% | ||
Line of credit | |||
Other Commitments [Line Items] | |||
Letters of credit, outstanding | $ 19,500 | ||
Operating Expense | |||
Other Commitments [Line Items] | |||
Expenses incurred for the properties listed | $ 500 | $ 500 | $ 500 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Lease Payments Due Under Operating Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Future Lease Payments Due Under Operating Leases | ||
2022 | $ 489 | |
2023 | 492 | |
2024 | 493 | |
2025 | 494 | |
2026 | 498 | |
Thereafter | 6,807 | |
Total anticipated lease payments | 9,273 | |
Less: amount representing interest | (3,764) | |
Present value of lease payments | $ 5,509 | $ 5,687 |
Equity and Mezzanine Equity - D
Equity and Mezzanine Equity - Dividends Declared (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Senior Common Stock | |||
Dividends Payable [Line Items] | |||
Common stock, cash paid (in dollars per share) | $ 1.0500 | $ 1.0500 | $ 1.0500 |
Series A Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, cash paid (in dollars per share) | 0 | 0 | 1.6038191 |
Series B Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, cash paid (in dollars per share) | 0 | 0 | 1.5521 |
Series D Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, cash paid (in dollars per share) | 0.8749998 | 1.7500 | 1.7500 |
Series E Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, cash paid (in dollars per share) | 1.656252 | 1.656252 | 0.404900 |
Series F Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, cash paid (in dollars per share) | 1.5000 | 0.7500 | 0 |
Series G Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, cash paid (in dollars per share) | 0.75 | 0 | 0 |
Common Stock and Non-controlling OP Units | |||
Dividends Payable [Line Items] | |||
Common stock, cash paid (in dollars per share) | $ 1.502175 | $ 1.501800 | $ 1.500000 |
Equity and Mezzanine Equity - S
Equity and Mezzanine Equity - Summary of Changes in Stockholders' Equity (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Ordinary Income | Common Stock and Non-controlling OP Units | |||
Dividends Payable [Line Items] | |||
Common stock, dividend rate | 28.14778% | 37.28754% | 44.46159% |
Ordinary Income | Senior Common Stock | |||
Dividends Payable [Line Items] | |||
Common stock, dividend rate | 100.00% | 100.00% | 100.00% |
Ordinary Income | Series A Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend rate | 0.00% | 0.00% | 100.00% |
Ordinary Income | Series B Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend rate | 0.00% | 0.00% | 100.00% |
Ordinary Income | Series D Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend rate | 100.00% | 100.00% | 100.00% |
Ordinary Income | Series E Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend rate | 100.00% | 100.00% | 100.00% |
Ordinary Income | Series F Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend rate | 100.00% | 100.00% | 0.00% |
Ordinary Income | Series G Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend rate | 100.00% | 0.00% | 0.00% |
Return of Capital | Common Stock and Non-controlling OP Units | |||
Dividends Payable [Line Items] | |||
Common stock, dividend rate | 71.85222% | 62.71246% | 55.53841% |
Return of Capital | Senior Common Stock | |||
Dividends Payable [Line Items] | |||
Common stock, dividend rate | 0.00% | 0.00% | 0.00% |
Return of Capital | Series A Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend rate | 0.00% | 0.00% | 0.00% |
Return of Capital | Series B Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend rate | 0.00% | 0.00% | 0.00% |
Return of Capital | Series D Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend rate | 0.00% | 0.00% | 0.00% |
Return of Capital | Series E Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend rate | 0.00% | 0.00% | 0.00% |
Return of Capital | Series F Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend rate | 0.00% | 0.00% | 0.00% |
Return of Capital | Series G Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend rate | 0.00% | 0.00% | 0.00% |
Long-Term Capital Gains | Common Stock and Non-controlling OP Units | |||
Dividends Payable [Line Items] | |||
Common stock, dividend rate | 0.00% | 0.00% | 0.00% |
Long-Term Capital Gains | Senior Common Stock | |||
Dividends Payable [Line Items] | |||
Common stock, dividend rate | 0.00% | 0.00% | 0.00% |
Long-Term Capital Gains | Series A Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend rate | 0.00% | 0.00% | 0.00% |
Long-Term Capital Gains | Series B Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend rate | 0.00% | 0.00% | 0.00% |
Long-Term Capital Gains | Series D Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend rate | 0.00% | 0.00% | 0.00% |
Long-Term Capital Gains | Series E Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend rate | 0.00% | 0.00% | 0.00% |
Long-Term Capital Gains | Series F Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend rate | 0.00% | 0.00% | 0.00% |
Long-Term Capital Gains | Series G Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend rate | 0.00% | 0.00% | 0.00% |
Equity and Mezzanine Equity - A
Equity and Mezzanine Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jun. 30, 2021 | Jun. 28, 2021 | Feb. 29, 2020 | Nov. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 05, 2021 | Jun. 23, 2021 | Feb. 20, 2020 | Feb. 19, 2020 | Jan. 29, 2020 | Dec. 03, 2019 | Jan. 11, 2019 |
Class of Stock [Line Items] | ||||||||||||||
Net proceeds from sale of shares | $ 96,600 | |||||||||||||
Sale of stock, price per share (in dollars per share) | $ 25 | |||||||||||||
Gross proceeds from sale of satock | $ 100,000 | |||||||||||||
Stock redeemed | $ 2,141 | |||||||||||||
Common stock, shares authorized (in shares) | 62,290,000 | 60,290,000 | ||||||||||||
Common stock, shares outstanding (in shares) | 37,473,587 | 35,331,970 | 60,290,000 | 86,290,000 | ||||||||||
Ownership by noncontrolling owners, shares outstanding (in shares) | 256,994 | 503,033 | ||||||||||||
Series D Cumulative Redeemable Preferred Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Minimum vote need to trigger change in control from tender offer | 90.00% | |||||||||||||
Stock redeemed (in shares) | 3,509,555 | |||||||||||||
Preferred stock, redemption price per share (in usd per share) | $ 25.1458333 | |||||||||||||
Stock redeemed | $ 88,300 | |||||||||||||
Preferred stock adjustments | $ 2,100 | |||||||||||||
Series F Preferred Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Redeemable preferred stock, shares authorized (in shares) | 26,000,000 | |||||||||||||
Series G Preferred Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Redeemable preferred stock, shares authorized (in shares) | 4,000,000 | |||||||||||||
Common Stock and Non-controlling OP Units | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Stock redeemed (in shares) | 246,039 | 263,300 | ||||||||||||
Common stock, shares authorized (in shares) | 62,290,000 | |||||||||||||
Preferred Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Stock redeemed (in shares) | 2,264,000 | |||||||||||||
Preferred Stock | Series D Cumulative Redeemable Preferred Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred stock, dividend rate | 7.00% | |||||||||||||
Preferred Stock | Series E Cumulative Redeemable Preferred Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred stock, dividend rate | 6.625% | |||||||||||||
Preferred Stock | Series G Cumulative Redeemable Preferred Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred stock, dividend rate | 6.00% | |||||||||||||
Preferred Stock | Series D Preferred Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Redeemable preferred stock, shares authorized (in shares) | 2,490,445 | |||||||||||||
Preferred Stock | Series F Preferred Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Number of shares sold (in shares) | 300,000 | |||||||||||||
Net proceeds from sale of shares | $ 6,900 | |||||||||||||
Open market dale agreement, value of remaining capacity | 626,000 | |||||||||||||
Preferred stock, dividend rate | 6.00% | |||||||||||||
Redeemable preferred stock, shares authorized (in shares) | 26,000,000 | 26,000,000 | ||||||||||||
Preferred Stock | Series E Preferred Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Redeemable preferred stock, shares authorized (in shares) | 6,760,000 | |||||||||||||
Preferred Stock | Series G Preferred Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Redeemable preferred stock, shares authorized (in shares) | 4,000,000 | |||||||||||||
Senior Common Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Common stock, shares authorized (in shares) | 950,000 | |||||||||||||
Public Stock Offering | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Number of shares sold (in shares) | 4,000,000 | |||||||||||||
2019 Universal Shelf | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Universal registration statement, amount authorized | 340,200 | $ 500,000 | ||||||||||||
2020 Universal Shelf | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Universal registration statement, amount authorized | $ 689,500 | $ 800,000 | ||||||||||||
2020 Universal Shelf | Preferred Stock | Series F Preferred Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Universal registration statement, amount authorized | $ 636,500 | |||||||||||||
Baird, Goldman Sachs, Stifel, and Fifth Third | Common Stock ATM Program | Common Stock and Non-controlling OP Units | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Maximum aggregate sales price of shares to be issued under open market sale agreement | $ 250,000 | |||||||||||||
Number of shares sold (in shares) | 1,800,000 | |||||||||||||
Net proceeds from sale of shares | $ 36,600 | |||||||||||||
Open market dale agreement, value of remaining capacity | 146,900 | |||||||||||||
Baird, Goldman Sachs, Stifel, Fifth Third, and U.S. Bancorp Investments, Inc. | Series E Preferred Stock ATM Program | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Maximum aggregate sales price of shares to be issued under open market sale agreement | 100,000 | |||||||||||||
Open market dale agreement, value of remaining capacity | $ 92,800 | |||||||||||||
Operating Partnership | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Company ownership percentage of voting securities | 99.30% | 98.60% | ||||||||||||
Number of units redeemed in acquisition (in shares) | 246,039 |
Subsequent Events - Monthly Dis
Subsequent Events - Monthly Distributions Declared by Company's Board of Directors (Detail) - $ / shares | Apr. 05, 2022 | Mar. 31, 2022 | Mar. 25, 2022 | Mar. 23, 2022 | Mar. 04, 2022 | Feb. 28, 2022 | Feb. 24, 2022 | Feb. 18, 2022 | Feb. 04, 2022 | Jan. 31, 2022 | Jan. 26, 2022 | Jan. 21, 2022 | Mar. 31, 2022 | Feb. 28, 2022 | Jan. 31, 2022 | Jan. 11, 2022 |
Subsequent Event | Series E Preferred Stock | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Distributions (in dollars per share) | $ 0.4140630 | |||||||||||||||
Subsequent Event | Series F Preferred Stock | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Distributions (in dollars per share) | 0.375 | |||||||||||||||
Subsequent Event | Senior Common Stock | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Distributions (in dollars per share) | 0.2625 | |||||||||||||||
Subsequent Event | Series G Preferred Stock | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Distributions (in dollars per share) | 0.375000 | |||||||||||||||
Subsequent Event | Common Stock and Non-controlling OP Units | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Distributions (in dollars per share) | $ 0.37620 | |||||||||||||||
Subsequent Event | Dividend Declared for Month of January | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Record date | Jan. 21, 2022 | |||||||||||||||
Payment date | Jan. 31, 2022 | |||||||||||||||
Subsequent Event | Dividend Declared for Month of January | Series E Preferred Stock | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Distributions (in dollars per share) | $ 0.1380210 | $ 0.1380210 | ||||||||||||||
Subsequent Event | Dividend Declared for Month of January | Series F Preferred Stock | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Payment date | Feb. 4, 2022 | |||||||||||||||
Month in which distribution is payable to holders of record | January 26, 2022 | |||||||||||||||
Distributions (in dollars per share) | $ 0.125 | |||||||||||||||
Subsequent Event | Dividend Declared for Month of January | Senior Common Stock | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Payment date | Feb. 4, 2022 | |||||||||||||||
Month in which distribution is payable to holders of record | January | |||||||||||||||
Distributions (in dollars per share) | $ 0.0875 | |||||||||||||||
Subsequent Event | Dividend Declared for Month of January | Series G Preferred Stock | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Distributions (in dollars per share) | 0.125000 | $ 0.125000 | ||||||||||||||
Subsequent Event | Dividend Declared for Month of January | Common Stock and Non-controlling OP Units | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Distributions (in dollars per share) | $ 0.12540 | $ 0.12540 | ||||||||||||||
Scenario, Forecast | Dividend Declared for Month of February | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Record date | Feb. 18, 2022 | |||||||||||||||
Payment date | Feb. 28, 2022 | |||||||||||||||
Scenario, Forecast | Dividend Declared for Month of February | Series E Preferred Stock | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Distributions (in dollars per share) | $ 0.1380210 | $ 0.1380210 | ||||||||||||||
Scenario, Forecast | Dividend Declared for Month of February | Series F Preferred Stock | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Payment date | Mar. 4, 2022 | |||||||||||||||
Month in which distribution is payable to holders of record | February 24, 2022 | |||||||||||||||
Distributions (in dollars per share) | $ 0.125 | |||||||||||||||
Scenario, Forecast | Dividend Declared for Month of February | Senior Common Stock | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Payment date | Mar. 4, 2022 | |||||||||||||||
Month in which distribution is payable to holders of record | February | |||||||||||||||
Distributions (in dollars per share) | $ 0.0875 | |||||||||||||||
Scenario, Forecast | Dividend Declared for Month of February | Series G Preferred Stock | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Distributions (in dollars per share) | 0.125000 | $ 0.125000 | ||||||||||||||
Scenario, Forecast | Dividend Declared for Month of February | Common Stock and Non-controlling OP Units | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Distributions (in dollars per share) | $ 0.12540 | $ 0.12540 | ||||||||||||||
Scenario, Forecast | Dividend Declared for Month of March | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Record date | Mar. 23, 2022 | |||||||||||||||
Payment date | Mar. 31, 2022 | |||||||||||||||
Scenario, Forecast | Dividend Declared for Month of March | Series E Preferred Stock | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Distributions (in dollars per share) | $ 0.1380210 | $ 0.1380210 | ||||||||||||||
Scenario, Forecast | Dividend Declared for Month of March | Series F Preferred Stock | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Payment date | Apr. 4, 2022 | |||||||||||||||
Month in which distribution is payable to holders of record | March 25, 2022 | |||||||||||||||
Distributions (in dollars per share) | $ 0.125 | |||||||||||||||
Scenario, Forecast | Dividend Declared for Month of March | Senior Common Stock | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Payment date | Apr. 5, 2022 | |||||||||||||||
Month in which distribution is payable to holders of record | March | |||||||||||||||
Distributions (in dollars per share) | $ 0.0875 | |||||||||||||||
Scenario, Forecast | Dividend Declared for Month of March | Series G Preferred Stock | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Distributions (in dollars per share) | 0.125000 | $ 0.125000 | ||||||||||||||
Scenario, Forecast | Dividend Declared for Month of March | Common Stock and Non-controlling OP Units | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Distributions (in dollars per share) | $ 0.12540 | $ 0.12540 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 28, 2021 | Feb. 15, 2022 | Dec. 31, 2021 |
Subsequent Event [Line Items] | |||
Net proceeds from sale of shares | $ 96,600 | ||
Common and Senior Common Stock | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Net proceeds from sale of shares | $ 4,600 | ||
Number of shares sold (in shares) | 200,000 | ||
Preferred Stock | Series F Preferred Stock | |||
Subsequent Event [Line Items] | |||
Net proceeds from sale of shares | $ 6,900 | ||
Number of shares sold (in shares) | 300,000 | ||
Preferred Stock | Series F Preferred Stock | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Net proceeds from sale of shares | $ 900 | ||
Number of shares sold (in shares) | 40,308 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 452,868 | |||
Land, initial cost | 148,023 | |||
Buildings & improvements, initial cost | 989,917 | |||
Improvement costs capitalized subsequent to acquisition | 87,318 | |||
Land, total cost | 149,773 | |||
Buildings & improvements, total cost | 1,075,485 | |||
Total | 1,225,258 | $ 1,140,205 | $ 1,064,389 | $ 949,822 |
Accumulated depreciation | 266,672 | $ 231,876 | $ 210,944 | $ 178,475 |
Net real estate | 958,586 | |||
Raleigh, North Carolina Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | 0 | |||
Land, initial cost | 960 | |||
Buildings & improvements, initial cost | 4,481 | |||
Improvement costs capitalized subsequent to acquisition | 1,345 | |||
Land, total cost | 960 | |||
Buildings & improvements, total cost | 5,826 | |||
Total | 6,786 | |||
Accumulated depreciation | 2,720 | |||
Net real estate | $ 4,066 | |||
Year construction/ improvements | 1997 | |||
Date acquired | Dec. 23, 2003 | |||
Canton, Ohio Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 186 | |||
Buildings & improvements, initial cost | 3,083 | |||
Improvement costs capitalized subsequent to acquisition | 500 | |||
Land, total cost | 187 | |||
Buildings & improvements, total cost | 3,582 | |||
Total | 3,769 | |||
Accumulated depreciation | 1,764 | |||
Net real estate | $ 2,005 | |||
Year construction/ improvements | 1994 | |||
Date acquired | Jan. 30, 2004 | |||
Akron, Ohio Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,973 | |||
Buildings & improvements, initial cost | 6,771 | |||
Improvement costs capitalized subsequent to acquisition | 4,025 | |||
Land, total cost | 1,974 | |||
Buildings & improvements, total cost | 10,795 | |||
Total | 12,769 | |||
Accumulated depreciation | 4,068 | |||
Net real estate | $ 8,701 | |||
Year construction/ improvements | 1968 | |||
Year construction/improvements one | 1999 | |||
Date acquired | Apr. 29, 2004 | |||
Canton, North Carolina Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 3,015 | |||
Land, initial cost | 150 | |||
Buildings & improvements, initial cost | 5,050 | |||
Improvement costs capitalized subsequent to acquisition | 7,285 | |||
Land, total cost | 150 | |||
Buildings & improvements, total cost | 12,335 | |||
Total | 12,485 | |||
Accumulated depreciation | 3,614 | |||
Net real estate | $ 8,871 | |||
Year construction/ improvements | 1998 | |||
Year construction/improvements one | 2014 | |||
Date acquired | Jul. 6, 2004 | |||
Crenshaw, Pennsylvania Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 100 | |||
Buildings & improvements, initial cost | 6,574 | |||
Improvement costs capitalized subsequent to acquisition | 269 | |||
Land, total cost | 100 | |||
Buildings & improvements, total cost | 6,843 | |||
Total | 6,943 | |||
Accumulated depreciation | 3,078 | |||
Net real estate | $ 3,865 | |||
Year construction/ improvements | 1991 | |||
Date acquired | Aug. 5, 2004 | |||
Lexington, North Carolina Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 820 | |||
Buildings & improvements, initial cost | 2,107 | |||
Improvement costs capitalized subsequent to acquisition | 69 | |||
Land, total cost | 820 | |||
Buildings & improvements, total cost | 2,176 | |||
Total | 2,996 | |||
Accumulated depreciation | 1,008 | |||
Net real estate | $ 1,988 | |||
Year construction/ improvements | 1986 | |||
Date acquired | Aug. 5, 2004 | |||
Mt. Pocono, Pennsylvania Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 350 | |||
Buildings & improvements, initial cost | 5,819 | |||
Improvement costs capitalized subsequent to acquisition | 18 | |||
Land, total cost | 350 | |||
Buildings & improvements, total cost | 5,837 | |||
Total | 6,187 | |||
Accumulated depreciation | 2,614 | |||
Net real estate | $ 3,573 | |||
Year construction/ improvements | 1995 | |||
Year construction/improvements one | 1999 | |||
Date acquired | Oct. 15, 2004 | |||
San Antonio, Texas Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 843 | |||
Buildings & improvements, initial cost | 7,514 | |||
Improvement costs capitalized subsequent to acquisition | 2,240 | |||
Land, total cost | 843 | |||
Buildings & improvements, total cost | 9,754 | |||
Total | 10,597 | |||
Accumulated depreciation | 4,315 | |||
Net real estate | $ 6,282 | |||
Year construction/ improvements | 1999 | |||
Date acquired | Feb. 10, 2005 | |||
Big Flats, New York Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 1,988 | |||
Land, initial cost | 275 | |||
Buildings & improvements, initial cost | 6,459 | |||
Improvement costs capitalized subsequent to acquisition | 515 | |||
Land, total cost | 275 | |||
Buildings & improvements, total cost | 6,974 | |||
Total | 7,249 | |||
Accumulated depreciation | 2,823 | |||
Net real estate | $ 4,426 | |||
Year construction/ improvements | 2001 | |||
Date acquired | Apr. 15, 2005 | |||
Wichita, Kansas Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,525 | |||
Buildings & improvements, initial cost | 9,703 | |||
Improvement costs capitalized subsequent to acquisition | 674 | |||
Land, total cost | 1,525 | |||
Buildings & improvements, total cost | 10,377 | |||
Total | 11,902 | |||
Accumulated depreciation | 4,478 | |||
Net real estate | $ 7,424 | |||
Year construction/ improvements | 2000 | |||
Date acquired | May 18, 2005 | |||
Eatontown, New Jersey Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 2,498 | |||
Land, initial cost | 1,351 | |||
Buildings & improvements, initial cost | 3,520 | |||
Improvement costs capitalized subsequent to acquisition | 534 | |||
Land, total cost | 1,351 | |||
Buildings & improvements, total cost | 4,054 | |||
Total | 5,405 | |||
Accumulated depreciation | 1,812 | |||
Net real estate | $ 3,593 | |||
Year construction/ improvements | 1991 | |||
Date acquired | Jul. 7, 2005 | |||
Duncan, South Carolina Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 783 | |||
Buildings & improvements, initial cost | 10,790 | |||
Improvement costs capitalized subsequent to acquisition | 1,889 | |||
Land, total cost | 783 | |||
Buildings & improvements, total cost | 12,679 | |||
Total | 13,462 | |||
Accumulated depreciation | 5,250 | |||
Net real estate | $ 8,212 | |||
Year construction/ improvements | 1984 | |||
Year construction/improvements one | 2001 | |||
Year construction/improvements two | 2007 | |||
Date acquired | Jul. 14, 2005 | |||
Duncan, South Carolina Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 195 | |||
Buildings & improvements, initial cost | 2,682 | |||
Improvement costs capitalized subsequent to acquisition | 470 | |||
Land, total cost | 195 | |||
Buildings & improvements, total cost | 3,152 | |||
Total | 3,347 | |||
Accumulated depreciation | 1,305 | |||
Net real estate | $ 2,042 | |||
Year construction/ improvements | 1984 | |||
Year construction/improvements one | 2001 | |||
Year construction/improvements two | 2007 | |||
Date acquired | Jul. 14, 2005 | |||
Clintonville, Wisconsin Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 55 | |||
Buildings & improvements, initial cost | 4,717 | |||
Improvement costs capitalized subsequent to acquisition | 3,250 | |||
Land, total cost | 55 | |||
Buildings & improvements, total cost | 7,967 | |||
Total | 8,022 | |||
Accumulated depreciation | 2,890 | |||
Net real estate | $ 5,132 | |||
Year construction/ improvements | 1992 | |||
Year construction/improvements one | 2013 | |||
Date acquired | Oct. 31, 2005 | |||
Burnsville, Minnesota Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 3,511 | |||
Buildings & improvements, initial cost | 8,746 | |||
Improvement costs capitalized subsequent to acquisition | 7,352 | |||
Land, total cost | 3,511 | |||
Buildings & improvements, total cost | 16,098 | |||
Total | 19,609 | |||
Accumulated depreciation | 7,451 | |||
Net real estate | $ 12,158 | |||
Year construction/ improvements | 1984 | |||
Date acquired | May 10, 2006 | |||
Menomonee Falls, Wisconsin Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 625 | |||
Buildings & improvements, initial cost | 6,911 | |||
Improvement costs capitalized subsequent to acquisition | 686 | |||
Land, total cost | 625 | |||
Buildings & improvements, total cost | 7,597 | |||
Total | 8,222 | |||
Accumulated depreciation | 3,158 | |||
Net real estate | $ 5,064 | |||
Year construction/ improvements | 1986 | |||
Year construction/improvements one | 2000 | |||
Date acquired | Jun. 30, 2006 | |||
Baytown, Texas Medical Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 221 | |||
Buildings & improvements, initial cost | 2,443 | |||
Improvement costs capitalized subsequent to acquisition | 2,478 | |||
Land, total cost | 221 | |||
Buildings & improvements, total cost | 4,921 | |||
Total | 5,142 | |||
Accumulated depreciation | 3,314 | |||
Net real estate | $ 1,828 | |||
Year construction/ improvements | 1997 | |||
Date acquired | Jul. 11, 2006 | |||
Mason, Ohio Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 3,424 | |||
Land, initial cost | 797 | |||
Buildings & improvements, initial cost | 6,258 | |||
Improvement costs capitalized subsequent to acquisition | 721 | |||
Land, total cost | 797 | |||
Buildings & improvements, total cost | 6,979 | |||
Total | 7,776 | |||
Accumulated depreciation | 3,010 | |||
Net real estate | $ 4,766 | |||
Year construction/ improvements | 2002 | |||
Date acquired | Jan. 5, 2007 | |||
Raleigh, North Carolina Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,606 | |||
Buildings & improvements, initial cost | 5,513 | |||
Improvement costs capitalized subsequent to acquisition | 4,700 | |||
Land, total cost | 1,606 | |||
Buildings & improvements, total cost | 10,213 | |||
Total | 11,819 | |||
Accumulated depreciation | 4,066 | |||
Net real estate | $ 7,753 | |||
Year construction/ improvements | 1994 | |||
Date acquired | Feb. 16, 2007 | |||
Tulsa, Oklahoma Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 0 | |||
Buildings & improvements, initial cost | 14,057 | |||
Improvement costs capitalized subsequent to acquisition | 579 | |||
Land, total cost | 0 | |||
Buildings & improvements, total cost | 14,636 | |||
Total | 14,636 | |||
Accumulated depreciation | 6,318 | |||
Net real estate | $ 8,318 | |||
Year construction/ improvements | 2004 | |||
Date acquired | Mar. 1, 2007 | |||
Hialeah, Florida Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 3,562 | |||
Buildings & improvements, initial cost | 6,672 | |||
Improvement costs capitalized subsequent to acquisition | 769 | |||
Land, total cost | 3,562 | |||
Buildings & improvements, total cost | 7,441 | |||
Total | 11,003 | |||
Accumulated depreciation | 2,908 | |||
Net real estate | $ 8,095 | |||
Year construction/ improvements | 1956 | |||
Year construction/improvements one | 1992 | |||
Date acquired | Mar. 9, 2007 | |||
Mason, Ohio Retail Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,201 | |||
Buildings & improvements, initial cost | 4,961 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 1,201 | |||
Buildings & improvements, total cost | 4,961 | |||
Total | 6,162 | |||
Accumulated depreciation | 1,879 | |||
Net real estate | $ 4,283 | |||
Year construction/ improvements | 2007 | |||
Date acquired | Jul. 1, 2007 | |||
Cicero, New York Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 299 | |||
Buildings & improvements, initial cost | 5,019 | |||
Improvement costs capitalized subsequent to acquisition | 33 | |||
Land, total cost | 299 | |||
Buildings & improvements, total cost | 5,052 | |||
Total | 5,351 | |||
Accumulated depreciation | 1,843 | |||
Net real estate | $ 3,508 | |||
Year construction/ improvements | 2005 | |||
Date acquired | Sep. 6, 2007 | |||
Grand Rapids, Michigan Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 4,699 | |||
Land, initial cost | 1,629 | |||
Buildings & improvements, initial cost | 10,500 | |||
Improvement costs capitalized subsequent to acquisition | 308 | |||
Land, total cost | 1,629 | |||
Buildings & improvements, total cost | 10,808 | |||
Total | 12,437 | |||
Accumulated depreciation | 4,121 | |||
Net real estate | $ 8,316 | |||
Year construction/ improvements | 2001 | |||
Date acquired | Sep. 28, 2007 | |||
Bollingbrook, Illinois Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,272 | |||
Buildings & improvements, initial cost | 5,003 | |||
Improvement costs capitalized subsequent to acquisition | 991 | |||
Land, total cost | 1,272 | |||
Buildings & improvements, total cost | 5,994 | |||
Total | 7,266 | |||
Accumulated depreciation | 2,537 | |||
Net real estate | $ 4,729 | |||
Year construction/ improvements | 2002 | |||
Date acquired | Sep. 28, 2007 | |||
Decatur, Georgia Medical Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 783 | |||
Buildings & improvements, initial cost | 3,241 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 783 | |||
Buildings & improvements, total cost | 3,241 | |||
Total | 4,024 | |||
Accumulated depreciation | 1,227 | |||
Net real estate | $ 2,797 | |||
Year construction/ improvements | 1989 | |||
Date acquired | Dec. 13, 2007 | |||
Decatur, Georgia Medical Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 205 | |||
Buildings & improvements, initial cost | 847 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 205 | |||
Buildings & improvements, total cost | 847 | |||
Total | 1,052 | |||
Accumulated depreciation | 321 | |||
Net real estate | $ 731 | |||
Year construction/ improvements | 1989 | |||
Date acquired | Dec. 13, 2007 | |||
Decatur, Georgia Medical Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 257 | |||
Buildings & improvements, initial cost | 1,062 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 257 | |||
Buildings & improvements, total cost | 1,062 | |||
Total | 1,319 | |||
Accumulated depreciation | 403 | |||
Net real estate | $ 916 | |||
Year construction/ improvements | 1989 | |||
Date acquired | Dec. 13, 2007 | |||
Lawrenceville, Georgia Medical Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 678 | |||
Buildings & improvements, initial cost | 2,807 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 678 | |||
Buildings & improvements, total cost | 2,807 | |||
Total | 3,485 | |||
Accumulated depreciation | 1,064 | |||
Net real estate | $ 2,421 | |||
Year construction/ improvements | 2005 | |||
Date acquired | Dec. 13, 2007 | |||
Snellville, Georgia Medical Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 176 | |||
Buildings & improvements, initial cost | 727 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 176 | |||
Buildings & improvements, total cost | 727 | |||
Total | 903 | |||
Accumulated depreciation | 276 | |||
Net real estate | $ 627 | |||
Year construction/ improvements | 1986 | |||
Date acquired | Dec. 13, 2007 | |||
Covington, Georgia Medical Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 232 | |||
Buildings & improvements, initial cost | 959 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 232 | |||
Buildings & improvements, total cost | 959 | |||
Total | 1,191 | |||
Accumulated depreciation | 363 | |||
Net real estate | $ 828 | |||
Year construction/ improvements | 2000 | |||
Date acquired | Dec. 13, 2007 | |||
Conyers Georgia Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 296 | |||
Buildings & improvements, initial cost | 1,228 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 296 | |||
Buildings & improvements, total cost | 1,228 | |||
Total | 1,524 | |||
Accumulated depreciation | 465 | |||
Net real estate | $ 1,059 | |||
Year construction/ improvements | 1994 | |||
Date acquired | Dec. 13, 2007 | |||
Cumming, Georgia Medical Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 2,534 | |||
Land, initial cost | 738 | |||
Buildings & improvements, initial cost | 3,055 | |||
Improvement costs capitalized subsequent to acquisition | 2,524 | |||
Land, total cost | 741 | |||
Buildings & improvements, total cost | 5,576 | |||
Total | 6,317 | |||
Accumulated depreciation | 1,768 | |||
Net real estate | $ 4,549 | |||
Year construction/ improvements | 2004 | |||
Date acquired | Dec. 13, 2007 | |||
Reading, Pennsylvania Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 3,209 | |||
Land, initial cost | 491 | |||
Buildings & improvements, initial cost | 6,202 | |||
Improvement costs capitalized subsequent to acquisition | 135 | |||
Land, total cost | 491 | |||
Buildings & improvements, total cost | 6,337 | |||
Total | 6,828 | |||
Accumulated depreciation | 2,222 | |||
Net real estate | $ 4,606 | |||
Year construction/ improvements | 2007 | |||
Date acquired | Jan. 29, 2008 | |||
Fridley, Minnesota Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 4,228 | |||
Land, initial cost | 1,354 | |||
Buildings & improvements, initial cost | 8,074 | |||
Improvement costs capitalized subsequent to acquisition | 1,762 | |||
Land, total cost | 1,383 | |||
Buildings & improvements, total cost | 9,807 | |||
Total | 11,190 | |||
Accumulated depreciation | 3,842 | |||
Net real estate | $ 7,348 | |||
Year construction/ improvements | 1985 | |||
Year construction/improvements one | 2006 | |||
Date acquired | Feb. 26, 2008 | |||
Pineville, North Carolina Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 1,866 | |||
Land, initial cost | 669 | |||
Buildings & improvements, initial cost | 3,028 | |||
Improvement costs capitalized subsequent to acquisition | 293 | |||
Land, total cost | 669 | |||
Buildings & improvements, total cost | 3,321 | |||
Total | 3,990 | |||
Accumulated depreciation | 1,206 | |||
Net real estate | $ 2,784 | |||
Year construction/ improvements | 1985 | |||
Date acquired | Apr. 30, 2008 | |||
Marietta, Ohio Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 4,553 | |||
Land, initial cost | 829 | |||
Buildings & improvements, initial cost | 6,607 | |||
Improvement costs capitalized subsequent to acquisition | 529 | |||
Land, total cost | 829 | |||
Buildings & improvements, total cost | 7,136 | |||
Total | 7,965 | |||
Accumulated depreciation | 2,472 | |||
Net real estate | $ 5,493 | |||
Year construction/ improvements | 1992 | |||
Year construction/improvements one | 2007 | |||
Date acquired | Aug. 29, 2008 | |||
Chalfont, Pennsylvania Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 4,146 | |||
Land, initial cost | 1,249 | |||
Buildings & improvements, initial cost | 6,420 | |||
Improvement costs capitalized subsequent to acquisition | 1,024 | |||
Land, total cost | 1,249 | |||
Buildings & improvements, total cost | 7,444 | |||
Total | 8,693 | |||
Accumulated depreciation | 2,612 | |||
Net real estate | $ 6,081 | |||
Year construction/ improvements | 1987 | |||
Date acquired | Aug. 29, 2008 | |||
Orange City, Iowa Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 4,588 | |||
Land, initial cost | 258 | |||
Buildings & improvements, initial cost | 5,861 | |||
Improvement costs capitalized subsequent to acquisition | 6 | |||
Land, total cost | 258 | |||
Buildings & improvements, total cost | 5,867 | |||
Total | 6,125 | |||
Accumulated depreciation | 2,027 | |||
Net real estate | $ 4,098 | |||
Year construction/ improvements | 1990 | |||
Date acquired | Dec. 15, 2010 | |||
Hickory, North Carolina Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 5,529 | |||
Land, initial cost | 1,163 | |||
Buildings & improvements, initial cost | 6,605 | |||
Improvement costs capitalized subsequent to acquisition | 357 | |||
Land, total cost | 1,163 | |||
Buildings & improvements, total cost | 6,962 | |||
Total | 8,125 | |||
Accumulated depreciation | 3,179 | |||
Net real estate | $ 4,946 | |||
Year construction/ improvements | 2008 | |||
Date acquired | Apr. 4, 2011 | |||
Springfield, Missouri Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,700 | |||
Buildings & improvements, initial cost | 12,038 | |||
Improvement costs capitalized subsequent to acquisition | 924 | |||
Land, total cost | 1,845 | |||
Buildings & improvements, total cost | 12,817 | |||
Total | 14,662 | |||
Accumulated depreciation | 4,018 | |||
Net real estate | $ 10,644 | |||
Year construction/ improvements | 2006 | |||
Date acquired | Jun. 20, 2011 | |||
Boston Heights, Ohio Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 2,184 | |||
Land, initial cost | 449 | |||
Buildings & improvements, initial cost | 3,010 | |||
Improvement costs capitalized subsequent to acquisition | 10 | |||
Land, total cost | 449 | |||
Buildings & improvements, total cost | 3,020 | |||
Total | 3,469 | |||
Accumulated depreciation | 1,350 | |||
Net real estate | $ 2,119 | |||
Year construction/ improvements | 2011 | |||
Date acquired | Oct. 20, 2011 | |||
Parsippany, New Jersey Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,696 | |||
Buildings & improvements, initial cost | 7,077 | |||
Improvement costs capitalized subsequent to acquisition | 252 | |||
Land, total cost | 1,696 | |||
Buildings & improvements, total cost | 7,329 | |||
Total | 9,025 | |||
Accumulated depreciation | 2,692 | |||
Net real estate | $ 6,333 | |||
Year construction/ improvements | 1984 | |||
Date acquired | Oct. 28, 2011 | |||
Dartmouth, Massachusetts Retail Location | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 0 | |||
Buildings & improvements, initial cost | 4,236 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 0 | |||
Buildings & improvements, total cost | 4,236 | |||
Total | 4,236 | |||
Accumulated depreciation | 1,196 | |||
Net real estate | $ 3,040 | |||
Year construction/ improvements | 2011 | |||
Date acquired | Nov. 18, 2011 | |||
Springfield, Missouri Retail Location | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 1,114 | |||
Land, initial cost | 0 | |||
Buildings & improvements, initial cost | 2,275 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 0 | |||
Buildings & improvements, total cost | 2,275 | |||
Total | 2,275 | |||
Accumulated depreciation | 795 | |||
Net real estate | $ 1,480 | |||
Year construction/ improvements | 2005 | |||
Date acquired | Dec. 13, 2011 | |||
Pittsburgh, Pennsylvania Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 2,238 | |||
Land, initial cost | 281 | |||
Buildings & improvements, initial cost | 3,205 | |||
Improvement costs capitalized subsequent to acquisition | 743 | |||
Land, total cost | 281 | |||
Buildings & improvements, total cost | 3,948 | |||
Total | 4,229 | |||
Accumulated depreciation | 1,441 | |||
Net real estate | $ 2,788 | |||
Year construction/ improvements | 1968 | |||
Date acquired | Dec. 28, 2011 | |||
Ashburn, Virginia Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 5,816 | |||
Land, initial cost | 706 | |||
Buildings & improvements, initial cost | 7,858 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 705 | |||
Buildings & improvements, total cost | 7,859 | |||
Total | 8,564 | |||
Accumulated depreciation | 2,569 | |||
Net real estate | $ 5,995 | |||
Year construction/ improvements | 2002 | |||
Date acquired | Jan. 25, 2012 | |||
Ottumwa, Iowa Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 2,350 | |||
Land, initial cost | 212 | |||
Buildings & improvements, initial cost | 5,072 | |||
Improvement costs capitalized subsequent to acquisition | 310 | |||
Land, total cost | 212 | |||
Buildings & improvements, total cost | 5,382 | |||
Total | 5,594 | |||
Accumulated depreciation | 1,670 | |||
Net real estate | $ 3,924 | |||
Year construction/ improvements | 1970 | |||
Date acquired | May 30, 2012 | |||
New Albany, Ohio Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 6,468 | |||
Land, initial cost | 1,658 | |||
Buildings & improvements, initial cost | 8,746 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 1,658 | |||
Buildings & improvements, total cost | 8,746 | |||
Total | 10,404 | |||
Accumulated depreciation | 3,082 | |||
Net real estate | $ 7,322 | |||
Year construction/ improvements | 2007 | |||
Date acquired | Jun. 5, 2012 | |||
Columbus, Georgia Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 3,646 | |||
Land, initial cost | 1,378 | |||
Buildings & improvements, initial cost | 4,520 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 1,378 | |||
Buildings & improvements, total cost | 4,520 | |||
Total | 5,898 | |||
Accumulated depreciation | 1,779 | |||
Net real estate | $ 4,119 | |||
Year construction/ improvements | 2012 | |||
Date acquired | Jun. 21, 2012 | |||
Columbus, Ohio Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 542 | |||
Buildings & improvements, initial cost | 2,453 | |||
Improvement costs capitalized subsequent to acquisition | 166 | |||
Land, total cost | 542 | |||
Buildings & improvements, total cost | 2,619 | |||
Total | 3,161 | |||
Accumulated depreciation | 1,103 | |||
Net real estate | $ 2,058 | |||
Year construction/ improvements | 1981 | |||
Date acquired | Jun. 28, 2012 | |||
Jupiter, Florida Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,160 | |||
Buildings & improvements, initial cost | 11,994 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 1,160 | |||
Buildings & improvements, total cost | 11,994 | |||
Total | 13,154 | |||
Accumulated depreciation | 3,392 | |||
Net real estate | $ 9,762 | |||
Year construction/ improvements | 2011 | |||
Date acquired | Sep. 26, 2012 | |||
Fort Worth, Texas Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 9,646 | |||
Land, initial cost | 963 | |||
Buildings & improvements, initial cost | 15,647 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 963 | |||
Buildings & improvements, total cost | 15,647 | |||
Total | 16,610 | |||
Accumulated depreciation | 4,358 | |||
Net real estate | $ 12,252 | |||
Year construction/ improvements | 2005 | |||
Date acquired | Nov. 8, 2012 | |||
Columbia, South Carolina Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 14,280 | |||
Land, initial cost | 1,905 | |||
Buildings & improvements, initial cost | 20,648 | |||
Improvement costs capitalized subsequent to acquisition | 438 | |||
Land, total cost | 1,905 | |||
Buildings & improvements, total cost | 21,086 | |||
Total | 22,991 | |||
Accumulated depreciation | 8,144 | |||
Net real estate | $ 14,847 | |||
Year construction/ improvements | 2010 | |||
Date acquired | Nov. 21, 2012 | |||
Egg Harbor, New Jersey Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 2,833 | |||
Land, initial cost | 1,627 | |||
Buildings & improvements, initial cost | 3,017 | |||
Improvement costs capitalized subsequent to acquisition | 315 | |||
Land, total cost | 1,627 | |||
Buildings & improvements, total cost | 3,332 | |||
Total | 4,959 | |||
Accumulated depreciation | 1,092 | |||
Net real estate | $ 3,867 | |||
Year construction/ improvements | 1985 | |||
Date acquired | Mar. 28, 2013 | |||
Vance, Alabama Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 457 | |||
Buildings & improvements, initial cost | 10,529 | |||
Improvement costs capitalized subsequent to acquisition | 6,692 | |||
Land, total cost | 457 | |||
Buildings & improvements, total cost | 17,221 | |||
Total | 17,678 | |||
Accumulated depreciation | 3,979 | |||
Net real estate | $ 13,699 | |||
Year construction/ improvements | 2013 | |||
Date acquired | May 9, 2013 | |||
Blaine, Minnesota Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 7,025 | |||
Land, initial cost | 1,060 | |||
Buildings & improvements, initial cost | 10,518 | |||
Improvement costs capitalized subsequent to acquisition | 755 | |||
Land, total cost | 842 | |||
Buildings & improvements, total cost | 11,491 | |||
Total | 12,333 | |||
Accumulated depreciation | 3,610 | |||
Net real estate | $ 8,723 | |||
Year construction/ improvements | 2009 | |||
Date acquired | May 10, 2013 | |||
Austin, Texas Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 30,089 | |||
Land, initial cost | 2,330 | |||
Buildings & improvements, initial cost | 44,021 | |||
Improvement costs capitalized subsequent to acquisition | 122 | |||
Land, total cost | 2,330 | |||
Buildings & improvements, total cost | 44,143 | |||
Total | 46,473 | |||
Accumulated depreciation | 18,330 | |||
Net real estate | $ 28,143 | |||
Year construction/ improvements | 1999 | |||
Date acquired | Jul. 9, 2013 | |||
Allen, Texas Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 7,358 | |||
Land, initial cost | 2,699 | |||
Buildings & improvements, initial cost | 7,945 | |||
Improvement costs capitalized subsequent to acquisition | 1,487 | |||
Land, total cost | 2,699 | |||
Buildings & improvements, total cost | 9,432 | |||
Total | 12,131 | |||
Accumulated depreciation | 3,851 | |||
Net real estate | $ 8,280 | |||
Year construction/ improvements | 1998 | |||
Date acquired | Jul. 10, 2013 | |||
Englewood, Colorado Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,503 | |||
Buildings & improvements, initial cost | 11,739 | |||
Improvement costs capitalized subsequent to acquisition | 208 | |||
Land, total cost | 1,503 | |||
Buildings & improvements, total cost | 11,947 | |||
Total | 13,450 | |||
Accumulated depreciation | 4,139 | |||
Net real estate | $ 9,311 | |||
Year construction/ improvements | 2008 | |||
Date acquired | Dec. 11, 2013 | |||
Novi, Michigan Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 3,580 | |||
Land, initial cost | 352 | |||
Buildings & improvements, initial cost | 5,626 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 352 | |||
Buildings & improvements, total cost | 5,626 | |||
Total | 5,978 | |||
Accumulated depreciation | 1,560 | |||
Net real estate | $ 4,418 | |||
Year construction/ improvements | 1988 | |||
Date acquired | Dec. 27, 2013 | |||
Allen, Texas Retail Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 2,582 | |||
Land, initial cost | 874 | |||
Buildings & improvements, initial cost | 3,634 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 874 | |||
Buildings & improvements, total cost | 3,634 | |||
Total | 4,508 | |||
Accumulated depreciation | 974 | |||
Net real estate | $ 3,534 | |||
Year construction/ improvements | 2004 | |||
Date acquired | Mar. 27, 2014 | |||
Colleyville, Texas Retail Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 2,382 | |||
Land, initial cost | 1,277 | |||
Buildings & improvements, initial cost | 2,424 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 1,277 | |||
Buildings & improvements, total cost | 2,424 | |||
Total | 3,701 | |||
Accumulated depreciation | 656 | |||
Net real estate | $ 3,045 | |||
Year construction/ improvements | 2000 | |||
Date acquired | Mar. 27, 2014 | |||
Coppell, Texas Retail Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 2,742 | |||
Land, initial cost | 1,448 | |||
Buildings & improvements, initial cost | 3,349 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 1,448 | |||
Buildings & improvements, total cost | 3,349 | |||
Total | 4,797 | |||
Accumulated depreciation | 880 | |||
Net real estate | $ 3,917 | |||
Year construction/ improvements | 2005 | |||
Date acquired | May 8, 2014 | |||
Columbus, Ohio (3) Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 990 | |||
Buildings & improvements, initial cost | 8,017 | |||
Improvement costs capitalized subsequent to acquisition | 2,797 | |||
Land, total cost | 990 | |||
Buildings & improvements, total cost | 10,814 | |||
Total | 11,804 | |||
Accumulated depreciation | 3,553 | |||
Net real estate | $ 8,251 | |||
Year construction/ improvements | 1986 | |||
Date acquired | May 13, 2014 | |||
Taylor, Pennsylvania Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 21,600 | |||
Land, initial cost | 3,101 | |||
Buildings & improvements, initial cost | 25,405 | |||
Improvement costs capitalized subsequent to acquisition | 1,248 | |||
Land, total cost | 3,101 | |||
Buildings & improvements, total cost | 26,653 | |||
Total | 29,754 | |||
Accumulated depreciation | 6,444 | |||
Net real estate | $ 23,310 | |||
Year construction/ improvements | 2000 | |||
Year construction/improvements one | 2006 | |||
Date acquired | Jun. 9, 2014 | |||
Aurora, Colorado Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 2,882 | |||
Buildings & improvements, initial cost | 3,917 | |||
Improvement costs capitalized subsequent to acquisition | 96 | |||
Land, total cost | 2,882 | |||
Buildings & improvements, total cost | 4,013 | |||
Total | 6,895 | |||
Accumulated depreciation | 1,124 | |||
Net real estate | $ 5,771 | |||
Year construction/ improvements | 1983 | |||
Date acquired | Jul. 1, 2014 | |||
Indianapolis, Indiana Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 5,314 | |||
Land, initial cost | 502 | |||
Buildings & improvements, initial cost | 6,422 | |||
Improvement costs capitalized subsequent to acquisition | 1,892 | |||
Land, total cost | 498 | |||
Buildings & improvements, total cost | 8,318 | |||
Total | 8,816 | |||
Accumulated depreciation | 2,574 | |||
Net real estate | $ 6,242 | |||
Year construction/ improvements | 1981 | |||
Year construction/improvements one | 2014 | |||
Date acquired | Sep. 3, 2014 | |||
Denver, Colorado Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,621 | |||
Buildings & improvements, initial cost | 7,071 | |||
Improvement costs capitalized subsequent to acquisition | 7,353 | |||
Land, total cost | 1,621 | |||
Buildings & improvements, total cost | 14,424 | |||
Total | 16,045 | |||
Accumulated depreciation | 2,033 | |||
Net real estate | $ 14,012 | |||
Year construction/ improvements | 1985 | |||
Date acquired | Oct. 31, 2014 | |||
Monroe, Michigan Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 9,409 | |||
Land, initial cost | 658 | |||
Buildings & improvements, initial cost | 14,607 | |||
Improvement costs capitalized subsequent to acquisition | 195 | |||
Land, total cost | 658 | |||
Buildings & improvements, total cost | 14,802 | |||
Total | 15,460 | |||
Accumulated depreciation | 3,229 | |||
Net real estate | $ 12,231 | |||
Year construction/ improvements | 2004 | |||
Date acquired | Dec. 23, 2014 | |||
Monroe, Michigan Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 6,566 | |||
Land, initial cost | 460 | |||
Buildings & improvements, initial cost | 10,225 | |||
Improvement costs capitalized subsequent to acquisition | (20) | |||
Land, total cost | 459 | |||
Buildings & improvements, total cost | 10,206 | |||
Total | 10,665 | |||
Accumulated depreciation | 2,252 | |||
Net real estate | $ 8,413 | |||
Year construction/ improvements | 2004 | |||
Date acquired | Dec. 23, 2014 | |||
Richardson, Texas Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 12,673 | |||
Land, initial cost | 2,728 | |||
Buildings & improvements, initial cost | 15,372 | |||
Improvement costs capitalized subsequent to acquisition | 1,135 | |||
Land, total cost | 2,728 | |||
Buildings & improvements, total cost | 16,507 | |||
Total | 19,235 | |||
Accumulated depreciation | 4,850 | |||
Net real estate | $ 14,385 | |||
Year construction/ improvements | 1985 | |||
Year construction/improvements one | 2008 | |||
Date acquired | Mar. 6, 2015 | |||
Birmingham, Alabama Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 650 | |||
Buildings & improvements, initial cost | 2,034 | |||
Improvement costs capitalized subsequent to acquisition | 91 | |||
Land, total cost | 650 | |||
Buildings & improvements, total cost | 2,125 | |||
Total | 2,775 | |||
Accumulated depreciation | 656 | |||
Net real estate | $ 2,119 | |||
Year construction/ improvements | 1982 | |||
Year construction/improvements one | 2010 | |||
Date acquired | Mar. 20, 2015 | |||
Dublin, Ohio Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 3,654 | |||
Land, initial cost | 1,338 | |||
Buildings & improvements, initial cost | 5,058 | |||
Improvement costs capitalized subsequent to acquisition | 1,086 | |||
Land, total cost | 1,338 | |||
Buildings & improvements, total cost | 6,144 | |||
Total | 7,482 | |||
Accumulated depreciation | 1,650 | |||
Net real estate | $ 5,832 | |||
Year construction/ improvements | 1980 | |||
Date acquired | May 28, 2015 | |||
Draper, Utah Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 11,664 | |||
Land, initial cost | 3,248 | |||
Buildings & improvements, initial cost | 13,129 | |||
Improvement costs capitalized subsequent to acquisition | 74 | |||
Land, total cost | 3,248 | |||
Buildings & improvements, total cost | 13,203 | |||
Total | 16,451 | |||
Accumulated depreciation | 3,524 | |||
Net real estate | $ 12,927 | |||
Year construction/ improvements | 2008 | |||
Date acquired | May 29, 2015 | |||
Hapeville, Georgia Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 6,696 | |||
Land, initial cost | 2,272 | |||
Buildings & improvements, initial cost | 8,778 | |||
Improvement costs capitalized subsequent to acquisition | 263 | |||
Land, total cost | 2,272 | |||
Buildings & improvements, total cost | 9,041 | |||
Total | 11,313 | |||
Accumulated depreciation | 2,123 | |||
Net real estate | $ 9,190 | |||
Year construction/ improvements | 1999 | |||
Year construction/improvements one | 2007 | |||
Date acquired | Jul. 15, 2015 | |||
Villa Rica, Georgia Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 3,403 | |||
Land, initial cost | 293 | |||
Buildings & improvements, initial cost | 5,277 | |||
Improvement costs capitalized subsequent to acquisition | 18 | |||
Land, total cost | 293 | |||
Buildings & improvements, total cost | 5,295 | |||
Total | 5,588 | |||
Accumulated depreciation | 1,226 | |||
Net real estate | $ 4,362 | |||
Year construction/ improvements | 2000 | |||
Year construction/improvements one | 2014 | |||
Date acquired | Oct. 20, 2015 | |||
Taylorsville, Utah Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 8,610 | |||
Land, initial cost | 3,008 | |||
Buildings & improvements, initial cost | 10,659 | |||
Improvement costs capitalized subsequent to acquisition | 501 | |||
Land, total cost | 3,008 | |||
Buildings & improvements, total cost | 11,160 | |||
Total | 14,168 | |||
Accumulated depreciation | 3,299 | |||
Net real estate | $ 10,869 | |||
Year construction/ improvements | 1997 | |||
Date acquired | May 26, 2016 | |||
Fort Lauderdale, Florida Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 12,270 | |||
Land, initial cost | 4,117 | |||
Buildings & improvements, initial cost | 15,516 | |||
Improvement costs capitalized subsequent to acquisition | 3,689 | |||
Land, total cost | 4,117 | |||
Buildings & improvements, total cost | 19,205 | |||
Total | 23,322 | |||
Accumulated depreciation | 4,637 | |||
Net real estate | $ 18,685 | |||
Year construction/ improvements | 1984 | |||
Date acquired | Sep. 12, 2016 | |||
King of Prussia, Pennsylvania Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 14,176 | |||
Land, initial cost | 3,681 | |||
Buildings & improvements, initial cost | 15,739 | |||
Improvement costs capitalized subsequent to acquisition | 473 | |||
Land, total cost | 3,681 | |||
Buildings & improvements, total cost | 16,212 | |||
Total | 19,893 | |||
Accumulated depreciation | 3,675 | |||
Net real estate | $ 16,218 | |||
Year construction/ improvements | 2001 | |||
Date acquired | Dec. 14, 2016 | |||
Conshohocken Pennsylvania Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 9,795 | |||
Land, initial cost | 1,996 | |||
Buildings & improvements, initial cost | 10,880 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 1,996 | |||
Buildings & improvements, total cost | 10,880 | |||
Total | 12,876 | |||
Accumulated depreciation | 1,966 | |||
Net real estate | $ 10,910 | |||
Year construction/ improvements | 1996 | |||
Date acquired | Jun. 22, 2017 | |||
Philadelphia Pennsylvania, Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 14,924 | |||
Land, initial cost | 5,896 | |||
Buildings & improvements, initial cost | 16,282 | |||
Improvement costs capitalized subsequent to acquisition | 27 | |||
Land, total cost | 5,906 | |||
Buildings & improvements, total cost | 16,299 | |||
Total | 22,205 | |||
Accumulated depreciation | 3,436 | |||
Net real estate | $ 18,769 | |||
Year construction/ improvements | 1994 | |||
Year construction/improvements one | 2011 | |||
Date acquired | Jul. 7, 2017 | |||
Maitland Florida Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 14,904 | |||
Land, initial cost | 3,073 | |||
Buildings & improvements, initial cost | 19,661 | |||
Improvement costs capitalized subsequent to acquisition | 830 | |||
Land, total cost | 3,091 | |||
Buildings & improvements, total cost | 20,473 | |||
Total | 23,564 | |||
Accumulated depreciation | 4,809 | |||
Net real estate | $ 18,755 | |||
Year construction/ improvements | 1998 | |||
Date acquired | Jul. 31, 2017 | |||
Maitland Florida Office Building Three | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 7,472 | |||
Land, initial cost | 2,095 | |||
Buildings & improvements, initial cost | 9,339 | |||
Improvement costs capitalized subsequent to acquisition | 9 | |||
Land, total cost | 2,095 | |||
Buildings & improvements, total cost | 9,348 | |||
Total | 11,443 | |||
Accumulated depreciation | 1,717 | |||
Net real estate | $ 9,726 | |||
Year construction/ improvements | 1999 | |||
Date acquired | Jul. 31, 2017 | |||
Columbus Ohio Office Building Two | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 8,784 | |||
Land, initial cost | 1,926 | |||
Buildings & improvements, initial cost | 11,410 | |||
Improvement costs capitalized subsequent to acquisition | (1) | |||
Land, total cost | 1,925 | |||
Buildings & improvements, total cost | 11,410 | |||
Total | 13,335 | |||
Accumulated depreciation | 2,211 | |||
Net real estate | $ 11,124 | |||
Year construction/ improvements | 2007 | |||
Date acquired | Dec. 1, 2017 | |||
Salt Lake City Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 4,446 | |||
Buildings & improvements, initial cost | 9,938 | |||
Improvement costs capitalized subsequent to acquisition | 771 | |||
Land, total cost | 4,446 | |||
Buildings & improvements, total cost | 10,709 | |||
Total | 15,155 | |||
Accumulated depreciation | 2,190 | |||
Net real estate | $ 12,965 | |||
Year construction/ improvements | 2007 | |||
Date acquired | Dec. 1, 2017 | |||
Vance, Alabama Industrial Building Two | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 459 | |||
Buildings & improvements, initial cost | 12,224 | |||
Improvement costs capitalized subsequent to acquisition | 44 | |||
Land, total cost | 469 | |||
Buildings & improvements, total cost | 12,258 | |||
Total | 12,727 | |||
Accumulated depreciation | 1,709 | |||
Net real estate | $ 11,018 | |||
Year construction/ improvements | 2018 | |||
Date acquired | Mar. 9, 2018 | |||
Columbus, Ohio Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 4,427 | |||
Land, initial cost | 681 | |||
Buildings & improvements, initial cost | 6,401 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 681 | |||
Buildings & improvements, total cost | 6,401 | |||
Total | 7,082 | |||
Accumulated depreciation | 1,087 | |||
Net real estate | $ 5,995 | |||
Year construction/ improvements | 1990 | |||
Date acquired | Sep. 20, 2018 | |||
Detroit, Michigan Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 6,149 | |||
Land, initial cost | 1,458 | |||
Buildings & improvements, initial cost | 10,092 | |||
Improvement costs capitalized subsequent to acquisition | 10 | |||
Land, total cost | 1,468 | |||
Buildings & improvements, total cost | 10,092 | |||
Total | 11,560 | |||
Accumulated depreciation | 1,159 | |||
Net real estate | $ 10,401 | |||
Year construction/ improvements | 1997 | |||
Date acquired | Oct. 30, 2018 | |||
Detroit, Michigan Industrial Building Two | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 662 | |||
Buildings & improvements, initial cost | 6,681 | |||
Improvement costs capitalized subsequent to acquisition | 10 | |||
Land, total cost | 672 | |||
Buildings & improvements, total cost | 6,681 | |||
Total | 7,353 | |||
Accumulated depreciation | 780 | |||
Net real estate | $ 6,573 | |||
Year construction/ improvements | 2002 | |||
Year construction/improvements one | 2016 | |||
Date acquired | Oct. 30, 2018 | |||
Lake Mary, Florida Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 10,150 | |||
Land, initial cost | 3,018 | |||
Buildings & improvements, initial cost | 11,756 | |||
Improvement costs capitalized subsequent to acquisition | 87 | |||
Land, total cost | 3,020 | |||
Buildings & improvements, total cost | 11,841 | |||
Total | 14,861 | |||
Accumulated depreciation | 1,539 | |||
Net real estate | $ 13,322 | |||
Year construction/ improvements | 1997 | |||
Year construction/improvements one | 2018 | |||
Date acquired | Dec. 27, 2018 | |||
Moorestown, New Jersey Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 471 | |||
Buildings & improvements, initial cost | 1,825 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 471 | |||
Buildings & improvements, total cost | 1,825 | |||
Total | 2,296 | |||
Accumulated depreciation | 325 | |||
Net real estate | $ 1,971 | |||
Year construction/ improvements | 1991 | |||
Date acquired | Feb. 8, 2019 | |||
Indianapolis, Indiana Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 255 | |||
Buildings & improvements, initial cost | 2,809 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 255 | |||
Buildings & improvements, total cost | 2,809 | |||
Total | 3,064 | |||
Accumulated depreciation | 313 | |||
Net real estate | $ 2,751 | |||
Year construction/ improvements | 1989 | |||
Year construction/improvements one | 2019 | |||
Date acquired | Feb. 28, 2019 | |||
Ocala, Florida Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,286 | |||
Buildings & improvements, initial cost | 8,535 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 1,286 | |||
Buildings & improvements, total cost | 8,535 | |||
Total | 9,821 | |||
Accumulated depreciation | 795 | |||
Net real estate | $ 9,026 | |||
Year construction/ improvements | 2001 | |||
Date acquired | Apr. 5, 2019 | |||
Ocala, Florida Industrial Building Two | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 725 | |||
Buildings & improvements, initial cost | 4,814 | |||
Improvement costs capitalized subsequent to acquisition | 849 | |||
Land, total cost | 724 | |||
Buildings & improvements, total cost | 5,664 | |||
Total | 6,388 | |||
Accumulated depreciation | 473 | |||
Net real estate | $ 5,915 | |||
Year construction/ improvements | 1965 | |||
Year construction/improvements one | 2007 | |||
Date acquired | Apr. 5, 2019 | |||
Delaware, Ohio Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 316 | |||
Buildings & improvements, initial cost | 2,355 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 316 | |||
Buildings & improvements, total cost | 2,355 | |||
Total | 2,671 | |||
Accumulated depreciation | 264 | |||
Net real estate | $ 2,407 | |||
Year construction/ improvements | 2005 | |||
Date acquired | Apr. 30, 2019 | |||
Tifton, Georgia Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 8,168 | |||
Land, initial cost | 0 | |||
Buildings & improvements, initial cost | 15,190 | |||
Improvement costs capitalized subsequent to acquisition | 1,725 | |||
Land, total cost | 1,725 | |||
Buildings & improvements, total cost | 15,190 | |||
Total | 16,915 | |||
Accumulated depreciation | 1,296 | |||
Net real estate | $ 15,619 | |||
Year construction/ improvements | 1995 | |||
Year construction/improvements one | 2003 | |||
Date acquired | Jun. 18, 2019 | |||
Denton, Texas Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,497 | |||
Buildings & improvements, initial cost | 4,151 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 1,496 | |||
Buildings & improvements, total cost | 4,152 | |||
Total | 5,648 | |||
Accumulated depreciation | 446 | |||
Net real estate | $ 5,202 | |||
Year construction/ improvements | 2012 | |||
Date acquired | Jul. 30, 2019 | |||
Temple, Texas Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 200 | |||
Buildings & improvements, initial cost | 4,335 | |||
Improvement costs capitalized subsequent to acquisition | 65 | |||
Land, total cost | 200 | |||
Buildings & improvements, total cost | 4,400 | |||
Total | 4,600 | |||
Accumulated depreciation | 403 | |||
Net real estate | $ 4,197 | |||
Year construction/ improvements | 1973 | |||
Year construction/improvements one | 2006 | |||
Date acquired | Sep. 26, 2019 | |||
Temple, Texas Industrial Building Two | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 296 | |||
Buildings & improvements, initial cost | 6,425 | |||
Improvement costs capitalized subsequent to acquisition | 99 | |||
Land, total cost | 296 | |||
Buildings & improvements, total cost | 6,524 | |||
Total | 6,820 | |||
Accumulated depreciation | 597 | |||
Net real estate | $ 6,223 | |||
Year construction/ improvements | 1978 | |||
Year construction/improvements one | 2006 | |||
Date acquired | Sep. 26, 2019 | |||
Indianapolis, Indiana Industrial Building Two | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,158 | |||
Buildings & improvements, initial cost | 5,162 | |||
Improvement costs capitalized subsequent to acquisition | 4 | |||
Land, total cost | 1,162 | |||
Buildings & improvements, total cost | 5,162 | |||
Total | 6,324 | |||
Accumulated depreciation | 667 | |||
Net real estate | $ 5,657 | |||
Year construction/ improvements | 1967 | |||
Year construction/improvements one | 1998 | |||
Date acquired | Nov. 14, 2019 | |||
Jackson, Tennessee Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 4,540 | |||
Land, initial cost | 311 | |||
Buildings & improvements, initial cost | 7,199 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 311 | |||
Buildings & improvements, total cost | 7,199 | |||
Total | 7,510 | |||
Accumulated depreciation | 490 | |||
Net real estate | $ 7,020 | |||
Year construction/ improvements | 2019 | |||
Date acquired | Dec. 16, 2019 | |||
Carrollton, Georgia Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 4,035 | |||
Land, initial cost | 291 | |||
Buildings & improvements, initial cost | 6,720 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 292 | |||
Buildings & improvements, total cost | 6,719 | |||
Total | 7,011 | |||
Accumulated depreciation | 442 | |||
Net real estate | $ 6,569 | |||
Year construction/ improvements | 2015 | |||
Year construction/improvements one | 2019 | |||
Date acquired | Dec. 17, 2019 | |||
New Orleans, Louisiana Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 3,618 | |||
Land, initial cost | 2,168 | |||
Buildings & improvements, initial cost | 4,667 | |||
Improvement costs capitalized subsequent to acquisition | (2) | |||
Land, total cost | 2,166 | |||
Buildings & improvements, total cost | 4,667 | |||
Total | 6,833 | |||
Accumulated depreciation | 502 | |||
Net real estate | $ 6,331 | |||
Year construction/ improvements | 1975 | |||
Date acquired | Dec. 17, 2019 | |||
San Antonio, Texas Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 3,713 | |||
Land, initial cost | 775 | |||
Buildings & improvements, initial cost | 6,877 | |||
Improvement costs capitalized subsequent to acquisition | (2) | |||
Land, total cost | 773 | |||
Buildings & improvements, total cost | 6,877 | |||
Total | 7,650 | |||
Accumulated depreciation | 526 | |||
Net real estate | $ 7,124 | |||
Year construction/ improvements | 1985 | |||
Date acquired | Dec. 17, 2019 | |||
Port Allen, Louisiana Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 2,751 | |||
Land, initial cost | 292 | |||
Buildings & improvements, initial cost | 3,411 | |||
Improvement costs capitalized subsequent to acquisition | (2) | |||
Land, total cost | 291 | |||
Buildings & improvements, total cost | 3,410 | |||
Total | 3,701 | |||
Accumulated depreciation | 329 | |||
Net real estate | $ 3,372 | |||
Year construction/ improvements | 1983 | |||
Year construction/improvements one | 2005 | |||
Date acquired | Dec. 17, 2019 | |||
Albuquerque, New Mexico Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 1,780 | |||
Land, initial cost | 673 | |||
Buildings & improvements, initial cost | 2,291 | |||
Improvement costs capitalized subsequent to acquisition | (3) | |||
Land, total cost | 671 | |||
Buildings & improvements, total cost | 2,290 | |||
Total | 2,961 | |||
Accumulated depreciation | 182 | |||
Net real estate | $ 2,779 | |||
Year construction/ improvements | 1998 | |||
Year construction/improvements one | 2017 | |||
Date acquired | Dec. 17, 2019 | |||
Tucson, Arizona Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 3,332 | |||
Land, initial cost | 819 | |||
Buildings & improvements, initial cost | 4,636 | |||
Improvement costs capitalized subsequent to acquisition | (2) | |||
Land, total cost | 817 | |||
Buildings & improvements, total cost | 4,636 | |||
Total | 5,453 | |||
Accumulated depreciation | 346 | |||
Net real estate | $ 5,107 | |||
Year construction/ improvements | 1987 | |||
Year construction/improvements one | 1995 | |||
Year construction/improvements two | 2005 | |||
Date acquired | Dec. 17, 2019 | |||
Albuquerque, New Mexico Industrial Building Two | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 3,370 | |||
Land, initial cost | 818 | |||
Buildings & improvements, initial cost | 5,219 | |||
Improvement costs capitalized subsequent to acquisition | (4) | |||
Land, total cost | 815 | |||
Buildings & improvements, total cost | 5,218 | |||
Total | 6,033 | |||
Accumulated depreciation | 383 | |||
Net real estate | $ 5,650 | |||
Year construction/ improvements | 2000 | |||
Year construction/improvements one | 2018 | |||
Date acquired | Dec. 17, 2019 | |||
Indianapolis, Indiana Industrial Building Three | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 489 | |||
Buildings & improvements, initial cost | 3,956 | |||
Improvement costs capitalized subsequent to acquisition | 223 | |||
Land, total cost | 493 | |||
Buildings & improvements, total cost | 4,175 | |||
Total | 4,668 | |||
Accumulated depreciation | 295 | |||
Net real estate | $ 4,373 | |||
Year construction/ improvements | 1987 | |||
Date acquired | Jan. 8, 2020 | |||
Houston, Texas Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 9,574 | |||
Land, initial cost | 1,714 | |||
Buildings & improvements, initial cost | 14,170 | |||
Improvement costs capitalized subsequent to acquisition | 3 | |||
Land, total cost | 1,717 | |||
Buildings & improvements, total cost | 14,170 | |||
Total | 15,887 | |||
Accumulated depreciation | 799 | |||
Net real estate | $ 15,088 | |||
Year construction/ improvements | 2000 | |||
Year construction/improvements one | 2018 | |||
Date acquired | Jan. 27, 2020 | |||
Charlotte, North Carolina Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 5,172 | |||
Land, initial cost | 1,458 | |||
Buildings & improvements, initial cost | 6,778 | |||
Improvement costs capitalized subsequent to acquisition | 4 | |||
Land, total cost | 1,461 | |||
Buildings & improvements, total cost | 6,779 | |||
Total | 8,240 | |||
Accumulated depreciation | 486 | |||
Net real estate | $ 7,754 | |||
Year construction/ improvements | 1995 | |||
Year construction/improvements one | 1999 | |||
Year construction/improvements two | 2006 | |||
Date acquired | Jan. 27, 2020 | |||
St. Charles, Missouri Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 2,861 | |||
Land, initial cost | 924 | |||
Buildings & improvements, initial cost | 3,749 | |||
Improvement costs capitalized subsequent to acquisition | 4 | |||
Land, total cost | 928 | |||
Buildings & improvements, total cost | 3,749 | |||
Total | 4,677 | |||
Accumulated depreciation | 219 | |||
Net real estate | $ 4,458 | |||
Year construction/ improvements | 2012 | |||
Date acquired | Jan. 27, 2020 | |||
Crandall, Georgia Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 16,871 | |||
Land, initial cost | 2,711 | |||
Buildings & improvements, initial cost | 26,632 | |||
Improvement costs capitalized subsequent to acquisition | 172 | |||
Land, total cost | 2,711 | |||
Buildings & improvements, total cost | 26,804 | |||
Total | 29,515 | |||
Accumulated depreciation | 1,442 | |||
Net real estate | $ 28,073 | |||
Year construction/ improvements | 2020 | |||
Date acquired | Mar. 9, 2020 | |||
Terre Haute, Indiana Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 502 | |||
Buildings & improvements, initial cost | 8,076 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 502 | |||
Buildings & improvements, total cost | 8,076 | |||
Total | 8,578 | |||
Accumulated depreciation | 322 | |||
Net real estate | $ 8,256 | |||
Year construction/ improvements | 2010 | |||
Date acquired | Sep. 1, 2020 | |||
Montgomery, Alabama Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 599 | |||
Buildings & improvements, initial cost | 11,290 | |||
Improvement costs capitalized subsequent to acquisition | 3 | |||
Land, total cost | 602 | |||
Buildings & improvements, total cost | 11,290 | |||
Total | 11,892 | |||
Accumulated depreciation | 545 | |||
Net real estate | $ 11,347 | |||
Year construction/ improvements | 1990 | |||
Year construction/improvements one | 1997 | |||
Date acquired | Oct. 14, 2020 | |||
Huntsville, Alabama Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 10,090 | |||
Land, initial cost | 1,445 | |||
Buildings & improvements, initial cost | 15,040 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 1,445 | |||
Buildings & improvements, total cost | 15,040 | |||
Total | 16,485 | |||
Accumulated depreciation | 574 | |||
Net real estate | $ 15,911 | |||
Year construction/ improvements | 2001 | |||
Date acquired | Dec. 18, 2020 | |||
Pittsburg, Pennsylvania Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 6,375 | |||
Land, initial cost | 1,422 | |||
Buildings & improvements, initial cost | 10,094 | |||
Improvement costs capitalized subsequent to acquisition | 150 | |||
Land, total cost | 1,422 | |||
Buildings & improvements, total cost | 10,244 | |||
Total | 11,666 | |||
Accumulated depreciation | 474 | |||
Net real estate | $ 11,192 | |||
Year construction/ improvements | 1994 | |||
Date acquired | Dec. 21, 2020 | |||
Findley, Ohio Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 5,368 | |||
Land, initial cost | 258 | |||
Buildings & improvements, initial cost | 8,847 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 258 | |||
Buildings & improvements, total cost | 8,847 | |||
Total | 9,105 | |||
Accumulated depreciation | 298 | |||
Net real estate | $ 8,807 | |||
Year construction/ improvements | 1992 | |||
Year construction/improvements one | 2008 | |||
Date acquired | Jan. 22, 2021 | |||
Baytown, Texas Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,604 | |||
Buildings & improvements, initial cost | 5,533 | |||
Improvement costs capitalized subsequent to acquisition | 3 | |||
Land, total cost | 1,607 | |||
Buildings & improvements, total cost | 5,533 | |||
Total | 7,140 | |||
Accumulated depreciation | 145 | |||
Net real estate | $ 6,995 | |||
Year construction/ improvements | 2018 | |||
Date acquired | Jun. 17, 2021 | |||
Pacific, Missouri Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 926 | |||
Buildings & improvements, initial cost | 7,294 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 926 | |||
Buildings & improvements, total cost | 7,294 | |||
Total | 8,220 | |||
Accumulated depreciation | 106 | |||
Net real estate | $ 8,114 | |||
Year construction/ improvements | 2019 | |||
Year construction/improvements one | 2021 | |||
Date acquired | Jul. 21, 2021 | |||
Pacific, Missouri Industrial Building Two | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 235 | |||
Buildings & improvements, initial cost | 1,852 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 235 | |||
Buildings & improvements, total cost | 1,852 | |||
Total | 2,087 | |||
Accumulated depreciation | 27 | |||
Net real estate | $ 2,060 | |||
Year construction/ improvements | 2019 | |||
Year construction/improvements one | 2021 | |||
Date acquired | Jul. 21, 2021 | |||
Pacific, Missouri Industrial Building Three | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 607 | |||
Buildings & improvements, initial cost | 4,782 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 607 | |||
Buildings & improvements, total cost | 4,782 | |||
Total | 5,389 | |||
Accumulated depreciation | 70 | |||
Net real estate | $ 5,319 | |||
Year construction/ improvements | 2019 | |||
Year construction/improvements one | 2021 | |||
Date acquired | Jul. 21, 2021 | |||
Pacific, Missouri Industrial Building Four | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 257 | |||
Buildings & improvements, initial cost | 2,027 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 257 | |||
Buildings & improvements, total cost | 2,027 | |||
Total | 2,284 | |||
Accumulated depreciation | 29 | |||
Net real estate | $ 2,255 | |||
Year construction/ improvements | 2019 | |||
Year construction/improvements one | 2021 | |||
Date acquired | Jul. 21, 2021 | |||
Peru, Illinois Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 89 | |||
Buildings & improvements, initial cost | 1,413 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 89 | |||
Buildings & improvements, total cost | 1,413 | |||
Total | 1,502 | |||
Accumulated depreciation | 23 | |||
Net real estate | $ 1,479 | |||
Year construction/ improvements | 1987 | |||
Year construction/improvements one | 1998 | |||
Date acquired | Aug. 20, 2021 | |||
Peru, Illinois Industrial Building Two | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 140 | |||
Buildings & improvements, initial cost | 2,225 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 140 | |||
Buildings & improvements, total cost | 2,225 | |||
Total | 2,365 | |||
Accumulated depreciation | 37 | |||
Net real estate | $ 2,328 | |||
Year construction/ improvements | 1987 | |||
Year construction/improvements one | 1998 | |||
Date acquired | Aug. 20, 2021 | |||
Charlotte, North Carolina Industrial Building Two | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,400 | |||
Buildings & improvements, initial cost | 10,615 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 1,400 | |||
Buildings & improvements, total cost | 10,615 | |||
Total | 12,015 | |||
Accumulated depreciation | 71 | |||
Net real estate | $ 11,944 | |||
Year construction/ improvements | 1972 | |||
Year construction/improvements one | 2018 | |||
Date acquired | Nov. 3, 2021 | |||
Atlanta, Georgia Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,255 | |||
Buildings & improvements, initial cost | 8,787 | |||
Improvement costs capitalized subsequent to acquisition | 599 | |||
Land, total cost | 1,255 | |||
Buildings & improvements, total cost | 9,386 | |||
Total | 10,641 | |||
Accumulated depreciation | 9 | |||
Net real estate | $ 10,632 | |||
Year construction/ improvements | 1974 | |||
Date acquired | Dec. 21, 2021 | |||
Crossville, Tennessee Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 16,000 | |||
Land, initial cost | 434 | |||
Buildings & improvements, initial cost | 24,589 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 434 | |||
Buildings & improvements, total cost | 24,589 | |||
Total | 25,023 | |||
Accumulated depreciation | 19 | |||
Net real estate | $ 25,004 | |||
Year construction/ improvements | 2020 | |||
Date acquired | Dec. 21, 2021 |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation 2 (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Total gross cost | $ 1,225,258 | $ 1,140,205 | $ 1,064,389 | $ 949,822 |
Real Estate Held for Sale | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Total real estate held for sale | $ 8,114 | |||
Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable life | 39 years | |||
Improvements | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable life | 5 years | |||
Improvements | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable life | 20 years |
Schedule III - Real Estate an_4
Schedule III - Real Estate and Accumulated Depreciation - Change in Balance of Real Estate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at beginning of period | $ 1,140,205 | $ 1,064,389 | $ 949,822 |
Additions: | |||
Acquisitions during period | 85,169 | 111,049 | 108,972 |
Improvements | 14,495 | 11,696 | 10,580 |
Deductions: | |||
Dispositions during period | (14,611) | (43,383) | (3,172) |
Impairments during period | 0 | (3,546) | (1,813) |
Balance at end of period | $ 1,225,258 | $ 1,140,205 | $ 1,064,389 |
Schedule III - Real Estate an_5
Schedule III - Real Estate and Accumulated Depreciation - Change in Balance of Real Estate 2 (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Real Estate Held for Sale | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real estate held for sale, gross | $ 11.5 | $ 7.4 |
Schedule III - Real Estate an_6
Schedule III - Real Estate and Accumulated Depreciation - Change in Balance of Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Balance at beginning of period | $ 231,876 | $ 210,944 | $ 178,475 |
Additions during period | 39,612 | 36,034 | 32,838 |
Dispositions during period | (4,816) | (15,102) | (369) |
Balance at end of period | $ 266,672 | $ 231,876 | $ 210,944 |
Schedule III - Real Estate an_7
Schedule III - Real Estate and Accumulated Depreciation - Change in Balance of Accumulated Depreciation 2 (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Real Estate Held for Sale | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real estate held for sale, accumulated depreciation | $ 3.4 | $ 3.4 |