Gladstone Commercial (GOOD) 10-Q 8 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Aug. 08, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		39,917,995
Entity Central Index Key	0001234006
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	GOOD
Security Exchange Name	NASDAQ
7.00% Series D Cumulative Redeemable Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	6.625% Series E Cumulative Redeemable Preferred Stock, par value $0.001 per share
Trading Symbol	GOODN
Security Exchange Name	NASDAQ
6.625% Series E Cumulative Redeemable Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	6.00% Series G Cumulative Redeemable Preferred Stock, par value $0.001 per share
Trading Symbol	GOODO
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
ASSETS
Real estate, at cost		$ 1,232,860	$ 1,287,297
Less: accumulated depreciation		286,911	286,150
Total real estate, net		945,949	1,001,147
Lease intangibles, net		104,439	111,622
Real estate and related assets held for sale		36,766	3,293
Cash and cash equivalents		16,487	11,653
Restricted cash		4,076	4,339
Funds held in escrow		8,459	8,818
Right-of-use assets from operating leases		5,011	5,131
Deferred rent receivable, net		40,035	38,884
Other assets		20,713	17,746
TOTAL ASSETS		1,181,935	1,202,633
LIABILITIES
Mortgage notes payable, net	[1]	348,371	359,389
Borrowings under Revolver		38,450	23,250
Borrowings under Term Loan A, Term Loan B and Term Loan C, net		366,913	366,567
Deferred rent liability, net		35,761	39,997
Operating lease liabilities		5,202	5,308
Asset retirement obligation		4,811	4,793
Accounts payable and accrued expenses		11,479	9,606
Liabilities related to assets held for sale		933	0
TOTAL LIABILITIES		828,171	826,883
Commitments and contingencies	[2]
MEZZANINE EQUITY
Series E and G redeemable preferred stock, net, par value $0.001 per share; $25 per share liquidation preference; 10,750,886 and 10,751,486 shares authorized; and 7,052,334 and 7,052,934 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	[3]	170,041	170,056
EQUITY
Senior common stock, par value $0.001 per share; 950,000 shares authorized; and 406,425 and 431,064 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	[3]	1	1
Common stock, par value $0.001 per share, 62,315,414 and 62,305,727 shares authorized; and 39,917,995 and 39,744,359 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	[3]	39	39
Series F redeemable preferred stock, par value $0.001 per share; $25 per share liquidation preference; 25,983,700 and 25,992,787 shares authorized and 860,677 and 670,895 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	[3]	1	1
Additional paid in capital		728,580	721,327
Accumulated other comprehensive income		14,297	11,640
Distributions in excess of accumulated earnings		(560,719)	(529,104)
TOTAL STOCKHOLDERS' EQUITY		182,199	203,904
OP Units held by Non-controlling OP Unitholders	[3]	1,524	1,790
TOTAL EQUITY		183,723	205,694
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY		1,181,935	1,202,633
Related Party
LIABILITIES
Other liabilities	[1]	2,624	3,356
Nonrelated Party
LIABILITIES
Other liabilities		$ 13,627	$ 14,617
[1]Refer to Note 2 “Related-Party Transactions”[2]Refer to Note 7 “Commitments and Contingencies”[3]Refer to Note 8 “Equity and Mezzanine Equity”

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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)	406,425	431,064
Senior common stock, shares outstanding (in shares)	406,425	431,064
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	62,315,414	62,305,727
Common stock, shares issued (in shares)	39,917,995	39,744,359
Common stock, shares outstanding (in shares)	39,917,995	39,744,359
Series 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)	10,750,886	10,751,486
Redeemable preferred stock, shares issued (in shares)	7,052,334	7,052,934
Redeemable preferred stock, shares outstanding (in shares)	7,052,334	7,052,934
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)	25,983,700	25,992,787
Redeemable preferred stock, shares issued (in shares)	860,677	670,895
Redeemable preferred stock, shares outstanding (in shares)	860,677	670,895

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating revenues
Lease revenue		$ 38,658	$ 36,399	$ 75,212	$ 71,930
Total operating revenues		38,658	36,399	75,212	71,930
Operating expenses
Depreciation and amortization		16,936	15,167	31,640	29,804
Property operating expenses		6,738	6,959	13,465	13,582
Base management fee	[1]	1,605	1,577	3,210	3,124
Incentive fee	[1]	0	1,339	0	2,679
Administrative fees	[1]	546	399	1,110	861
General and administrative		1,068	958	2,131	1,955
Impairment charge		6,823	1,374	6,823	1,374
Total operating expenses		33,716	27,773	58,379	53,379
Other income (expense)
Interest expense		(9,081)	(7,121)	(17,909)	(13,706)
Loss on sale of real estate, net		(451)	0	(451)	0
Other income		2	119	107	223
Total other expense, net		(9,530)	(7,002)	(18,253)	(13,483)
Net (loss) income		(4,588)	1,624	(1,420)	5,068
Net loss attributable to OP Units held by Non-controlling OP Unitholders		73	10	81	8
Net (loss) income (attributable) available to the Company		(4,515)	1,634	(1,339)	5,076
Distributions attributable to Series E, F, and G preferred stock		(3,058)	(2,967)	(6,080)	(5,913)
Distributions attributable to senior common stock		(106)	(114)	(215)	(230)
Loss on extinguishment of Series F preferred stock		(6)	0	(11)	(5)
Gain on repurchase of Series G preferred stock		0	0	3	0
Net loss attributable to common stockholders		$ (7,685)	$ (1,447)	$ (7,642)	$ (1,072)
Loss per weighted average share of common stock - basic & diluted
Loss attributable to common shareholders, Basic (in dollars per share)		$ (0.19)	$ (0.04)	$ (0.19)	$ (0.03)
Loss attributable to common shareholders, Diluted (in dollars per share)		$ (0.19)	$ (0.04)	$ (0.19)	$ (0.03)
Weighted average shares of common stock outstanding
Basic (in shares)		39,978,674	38,745,751	39,950,672	38,326,531
Diluted (in shares)		39,978,674	38,745,751	39,950,672	38,326,531
Earnings per weighted average share of senior common stock (in dollars per share)		$ 0.26	$ 0.26	$ 0.52	$ 0.52
Weighted average shares of senior common stock outstanding - basic (in shares)		407,099	435,364	413,438	442,364
Comprehensive income
Change in unrealized gain related to interest rate hedging instruments, net		$ 8,025	$ 2,603	$ 2,130	$ 6,870
Other Comprehensive gain		8,025	2,603	2,130	6,870
Net (loss) income		(4,588)	1,624	(1,420)	5,068
Comprehensive income		3,437	4,227	710	11,938
Comprehensive loss attributable to OP Units held by Non-controlling OP Unitholders		73	10	81	8
Total comprehensive income available to the Company		$ 3,510	$ 4,237	$ 791	$ 11,946
[1]Refer to Note 2 “Related-Party Transactions”

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended					6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net (loss) income	$ (4,588)	$ 3,167	$ 2,787	$ 1,624	$ 3,442	$ (1,420)	$ 5,068	$ 7,852	$ 10,782	$ 10,895
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	16,936	14,704	15,474	15,167	14,638	31,640	29,804	45,279	60,154	59,149
Impairment charge	6,823			1,374		6,823	1,374
Loss on sale of real estate, net	451			0		451	0
Amortization of deferred financing costs						819	860
Amortization of deferred rent asset and liability, net						(4,129)	(1,194)
Amortization of discount and premium on assumed debt, net						21	24
Asset retirement obligation expense						63	45
Amortization of right-of-use asset from operating leases and operating lease liabilities, net						14	16
Operating changes in assets and liabilities
Increase in other assets						(761)	(1,716)
Decrease in deferred rent receivable						(1,452)	(57)
Increase in accounts payable and accrued expenses						1,199	1,817
(Decrease) increase in amount due to Adviser and Administrator						(732)	215
Decrease in other liabilities						(517)	(569)
Leasing commissions paid						(1,331)	(1,079)
Net cash provided by operating activities						30,688	34,608
Cash flows from investing activities:
Acquisition of real estate and related intangible assets						(5,363)	(51,919)
Improvements of existing real estate						(5,973)	(1,816)
Proceeds from sale of real estate						4,417	0
Receipts from lenders for funds held in escrow						3,370	1,826
Payments to lenders for funds held in escrow						(3,011)	(4,530)
Receipts from tenants for reserves						206	1,385
Payments to tenants from reserves						0	(2,247)
Deposits on future acquisitions						(570)	(545)
Net cash used in investing activities						(6,924)	(57,846)
Cash flows from financing activities:
Proceeds from issuance of equity						8,768	35,260
Offering costs paid						(423)	(681)
Redemption of Series F preferred stock						(229)	(55)
Retirement of Senior Common stock						(55)	0
Repurchase of Series G preferred stock						(12)	0
Repurchase of common stock						(998)	0
Borrowings under mortgage notes payable						0	35,000
Payments for deferred financing costs						(118)	(667)
Principal repayments on mortgage notes payable						(11,305)	(22,040)
Borrowings from revolving credit facility						34,200	51,500
Repayments on revolving credit facility						(19,000)	(38,100)
Increase in security deposits						253	73
Distributions paid for common, senior common, preferred stock and Non-controlling OP Unitholders						(30,274)	(35,026)
Net cash (used in) provided by financing activities						(19,193)	25,264
Net increase in cash, cash equivalents, and restricted cash						4,571	2,026
Cash, cash equivalents, and restricted cash at beginning of period		$ 15,992	$ 15,204		$ 13,178	15,992	13,178	$ 13,178	13,178
Cash, cash equivalents, and restricted cash at end of period	20,563			15,204		20,563	15,204		15,992	13,178
SUPPLEMENTAL AND NON-CASH INFORMATION
Tenant funded fixed asset improvements included in deferred rent liability, net						861	12,952
Unrealized gain related to interest rate hedging instruments, net	8,025			2,603		2,130	6,870
Capital improvements and leasing commissions included in accounts payable and accrued expenses						2,116	645
Dividends paid on Series F Preferred Stock via additional share issuances						226	184
Cash and cash equivalents	16,487			10,741		16,487	10,741		11,653
Restricted cash	4,076			4,463		4,076	4,463
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows	$ 20,563			$ 15,204		$ 20,563	$ 15,204		$ 15,992	$ 13,178

Organization, Basis of Presenta

Organization, Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Basis of Presentation and Significant Accounting Policies	Organization, Basis of Presentation and Significant Accounting Policies Gladstone Commercial Corporation is a real estate investment trust (“REIT”) that was incorporated under the General Corporation Law of the State of Maryland on February 14, 2003. We focus on acquiring, owning and managing primarily 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 other general expenses directly. Gladstone Commercial Corporation conducts substantially all of its operations through a subsidiary, Gladstone Commercial Limited Partnership, a Delaware limited partnership (the “Operating Partnership”). All references herein to “we,” “our,” “us” and the “Company” mean Gladstone Commercial Corporation and its consolidated subsidiaries, except where it is made clear that the term means only Gladstone Commercial Corporation. Interim Financial Information Our interim financial statements are prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and in accordance with Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with GAAP are omitted. The year-end balance sheet data presented herein was derived from audited financial statements, but does not include all disclosures required by GAAP. In the opinion of our management, all adjustments, consisting solely of normal recurring accruals, necessary for the fair statement of financial statements for the interim period, have been included. The interim financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 22, 2023. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for other interim periods or for the full fiscal year. Revision of Previously Issued Financial Statements In connection with the preparation of its financial statements for the second quarter of 2023, the Company identified errors in the calculation of depreciation of tenant funded improvement assets at a number of its properties. The Company had depreciated these assets through a term that was different than their useful lives, the correction of which resulted in changes to depreciation expense, a non-cash amount, and net income. The correction of these errors had an immaterial impact on the Incentive Fee for each period presented and had no impact on any other Advisory fees. The identified errors were included in the Company's previously issued 2021 quarterly and annual financial statements, 2022 quarterly and annual financial statements, and quarterly financial statements for the three months ended March 31, 2023. The Company evaluated the errors and determined that the related impact was not material to the Consolidated Statements of Operations and Comprehensive Income, Consolidated Balance Sheets, Consolidated Statements of Cash Flows or Consolidated Statements of Equity for any period impacted. The Company has revised the previously issued Condensed Consolidated Statements of Operations and Comprehensive Income, Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Cash Flows and Stockholders’ Equity tables as of and for the three and six months ended June 30, 2022 to correct for such errors and these revisions are reflected in this Form 10-Q. The Company will also correct previously reported financial information for these errors in its future filings, as applicable. A summary of the corrections to the impacted financial statement line items to the Company’s previously issued Consolidated Statements of Operations and Comprehensive Income, Consolidated Balance Sheets, Consolidated Statements of Cash Flows and Consolidated Statements of Equity for each affected period is presented in Note 9, “Revision of Previously Issued Financial Statements.” Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Significant Accounting Policies

Related-Party Transactions

Related-Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions Gladstone Management and Gladstone Administration We are externally managed pursuant to contractual arrangements with our Adviser and our Administrator, which collectively employ all of our personnel and pay their salaries, benefits, and other general expenses directly. Both our Adviser and Administrator are affiliates of ours, as their parent company is owned and controlled by Mr. David Gladstone, our chairman and chief executive officer. Two of our executive officers, Mr. Gladstone and Mr. Terry Lee Brubaker (our chief operating officer) serve as directors and executive officers of our Adviser and our Administrator. Our president, Mr. Arthur “Buzz” Cooper, is also executive vice president of commercial and industrial real estate of our Adviser. Mr. Michael LiCalsi, our general counsel and secretary, also serves as our Administrator’s president, general counsel and secretary, as well as executive vice president of administration of our Adviser. We have entered into an advisory agreement with our Adviser, as amended from time to time (the “Advisory Agreement”), and an administration agreement with our Administrator (the “Administration Agreement”). The services and fees under the Advisory Agreement and Administration Agreement are described below. As of June 30, 2023 and December 31, 2022, $2.6 million and $3.4 million, respectively, were collectively due to our Adviser and Administrator. Our entrance into the Advisory Agreement and each amendment thereto has been approved unanimously by our Board of Directors. Our Board of Directors reviews and considers renewing the agreements with our Adviser and Administrator each July. During their July 2023 meeting, our Board of Directors reviewed and renewed each of the Advisory Agreement and Administration Agreement for an additional year, through August 31, 2024. Base Management Fee On July 14, 2020, we amended and restated the Advisory Agreement by entering into the Sixth Amended and Restated Investment Advisory Agreement between us and the Adviser (the “Sixth Amended Advisory Agreement”), which replaced the previous calculation of the base management fee with a calculation based on Gross Tangible Real Estate. The revised base management fee is payable quarterly in arrears and calculated at an annual rate of 0.425% (0.10625% per quarter) of the prior calendar quarter’s “Gross Tangible Real Estate,” defined in the Sixth Amended Advisory Agreement as the current gross value of our property portfolio (meaning the aggregate of each property’s original acquisition price plus the cost of any subsequent capital improvements thereon). The calculation of the other fees in the Advisory Agreement remains unchanged. For the three and six months ended June 30, 2023, we recorded a base management fee of $1.6 million and $3.2 million, respectively. For the three and six months ended June 30, 2022, we recorded a base management fee of $1.6 million and $3.1 million, respectively. Incentive Fee Pursuant to the Advisory Agreement, the calculation of the incentive fee rewards the Adviser in circumstances where our quarterly Core FFO (defined at the end of this paragraph), before giving effect to any incentive fee, or pre-incentive fee Core FFO, exceeds 2.0% quarterly, or 8.0% annualized, of adjusted total stockholders’ equity (after giving effect to the base management fee but before giving effect to the incentive fee). We refer to this as the hurdle rate. The Adviser will receive 15.0% of the amount of our pre-incentive fee Core FFO that exceeds the hurdle rate. However, in no event shall the incentive fee for a particular quarter exceed by 15.0% (the cap) the average quarterly incentive fee paid by us for the previous four quarters (excluding quarters for which no incentive fee was paid). Core FFO (as defined in the Advisory Agreement) is GAAP net (loss) income (attributable) 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 (loss) income (attributable) available to common stockholders for the period, and one-time events pursuant to changes in GAAP. On January 10, 2023, the Company amended and restated the Sixth Amended Advisory Agreement by entering into the Seventh Amended and Restated Investment Advisory Agreement between the Company and the Adviser (the “Seventh Amended Advisory Agreement”), as approved unanimously by our Board of Directors, including specifically, our independent directors. The Seventh Amended Advisory Agreement contractually eliminated the payment of the incentive fee for the quarters ended March 31, 2023 and June 30, 2023. The calculation of the other fees remains unchanged. On July 11, 2023, the Company amended and restated the Seventh Amended Advisory Agreement by entering into the Eighth Amended and Restate Investment Advisory Agreement between the Company and the Advisory (the “Eighth Amended Advisory Agreement”), as approved unanimously by our Board of Directors, including specifically, our independent directors. The Eight Amended Advisory Agreement contractually eliminated the payment of the incentive fee for the quarters ending September 30, 2023 and December 31, 2023. In addition, the Eight Amended Advisory Agreement also clarifies that for any future quarter whereby an incentive fee would exceed by greater than 15% the average quarterly incentive fee paid, the measurement would be versus the last four quarters where an incentive fee was actually paid. The calculation of the other fees remains unchanged. For the three and six months ended June 30, 2023, the contractually eliminated incentive fee would have been $1.4 million and $2.5 million, respectively. For the three and six months ended June 30, 2022, we recorded an incentive fee of $1.3 million and $2.7 million, respectively. The Adviser did not waive any portion of the incentive fee for the three and six months ended June 30, 2022. Capital Gain Fee Under the Advisory Agreement, we will pay to the Adviser a capital gain-based incentive fee that will be calculated and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement). In determining the capital gain fee, we will calculate aggregate realized capital gains and aggregate realized capital losses for the applicable time period. For this purpose, aggregate realized capital gains and losses, if any, equals the realized gain or loss calculated by the difference between the sales price of the property, less any costs to sell the property and the current gross value of the property (equal to the property’s original acquisition price plus any subsequent non-reimbursed capital improvements) of the disposed property. At the end of the fiscal year, if this number is positive, then the capital gain fee payable for such time period shall equal 15.0% of such amount. No capital gain fee was recognized during the three and six months ended June 30, 2023 or 2022. Termination Fee The Advisory Agreement includes a termination fee clause whereby, in the event of our termination of the agreement without cause (with 120 days’ prior written notice and the vote of at least two-thirds of our independent directors), a termination fee would be payable to the Adviser equal to two times the sum of the average annual base management fee and incentive fee earned by the Adviser during the 24-month period prior to such termination. A termination fee is also payable if the Adviser terminates the Advisory Agreement after we have defaulted and applicable cure periods have expired. The Advisory Agreement may also be terminated for cause by us (with 30 days’ prior written notice and the vote of at least two-thirds of our independent directors), with no termination fee payable. Cause is defined in the agreement to include if the Adviser breaches any material provisions thereof, the bankruptcy or insolvency of the Adviser, dissolution of the Adviser and fraud or misappropriation of funds. Administration Agreement Under the terms of the Administration Agreement, we pay separately for our allocable portion of the Administrator’s overhead expenses in performing its obligations to us including, but not limited to, rent and our allocable portion of the salaries and benefits expenses of our Administrator’s employees, including, but not limited to, our chief financial officer, treasurer, chief compliance officer, general counsel and secretary (who also serves as our Administrator’s president, general counsel and secretary), and their respective staffs. Our allocable portion of the Administrator’s expenses are generally derived by multiplying our Administrator’s total expenses by the approximate percentage of time the Administrator’s employees perform services for us in relation to their time spent performing services for all companies serviced by our Administrator under contractual agreements. We believe that the methodology of allocating the Administrator’s total expenses by approximate percentage of time services were performed among all companies serviced by our Administrator more closely approximates fees paid to actual services performed. For the three and six months ended June 30, 2023, we recorded an administration fee of $0.5 million and $1.1 million, respectively. For the three and six months ended June 30, 2022, we recorded an administration fee of $0.4 million and $0.9 million, respectively. Gladstone Securities Gladstone Securities, LLC (“Gladstone Securities”), is a privately held broker dealer registered with the Financial Industry Regulatory Authority and insured by the Securities Investor Protection Corporation. Gladstone Securities is an affiliate of ours, as its parent company is owned and controlled by David Gladstone, our chairman and chief executive officer. Mr. Gladstone also serves on the board of managers of Gladstone Securities. Mortgage Financing Arrangement Agreement We entered into an agreement with Gladstone Securities, effective June 18, 2013, for it to act as our non-exclusive agent to assist us with arranging mortgage financing for properties we own. In connection with this engagement, Gladstone Securities will, from time to time, continue to solicit the interest of various commercial real estate lenders or recommend to us third party lenders offering credit products or packages that are responsive to our needs. We pay Gladstone Securities a financing fee in connection with the services it provides to us for securing mortgage financing on any of our properties. The amount of these financing fees, which are payable upon closing of the financing, are based on a percentage of the amount of the mortgage, generally ranging from 0.15% to a maximum of 1.00% of the mortgage obtained. The amount of the financing fees may be reduced or eliminated, as determined by us and Gladstone Securities, after taking into consideration various factors, including, but not limited to, the involvement of any third-party brokers and market conditions. We paid financing fees to Gladstone Securities of $17,500 during the three and six months ended June 30, 2023, which are included in mortgage payable, net, in the condensed consolidated balance sheets, or 0.20% of the mortgage principal secured. We paid financing fees to Gladstone Securities of $0.1 million during the three and six months ended June 30, 2022, which are included in mortgage payable, net, in the condensed consolidated balance sheets, or 0.35% of the mortgage principal secured. Our Board of Directors renewed the agreement for an additional year, through August 31, 2024, at its July 2023 meeting. Dealer Manager Agreement On February 20, 2020 we entered into a dealer manager agreement, as amended on February 9, 2023 (together, the “Dealer Manager Agreement”), whereby Gladstone Securities acts as the exclusive dealer manager in connection with our offering (the “Offering”) of up to (i) 20,000,000 shares of 6.00% Series F Cumulative Redeemable Preferred Stock, par value $0.001 per share (the “Series F Preferred Stock”), on a “reasonable best efforts” basis (the “Primary Offering”), and (ii) 6,000,000 shares of Series F Preferred Stock pursuant to our distribution reinvestment plan (the “DRIP”) to those holders of the Series F Preferred Stock who participate in such DRIP. The Series F Preferred Stock is registered with the SEC pursuant to an automatic registration statement on Form S-3 (File No. 333-268549), as the same may be amended and/or supplemented (the “2022 Registration Statement”), under the Securities Act of 1933, as amended, and will be offered and sold pursuant to a prospectus supplement, dated February 9, 2023, and a base prospectus dated November 23, 2022 relating to the 2022 Registration Statement. During the years ended December 31, 2020, 2021 and 2022, the Series F Preferred Stock was registered with the SEC pursuant to a registration statement on Form S-3 (File No. 333-236143) (the “2020 Registration Statement”), and offered and sold pursuant to a prospectus supplement, dated February 20, 2020, and a base prospectus dated February 11, 2020. Under the Dealer Manager Agreement, Gladstone Securities, as dealer manager, provides certain sales, promotional and marketing services to us in connection with the Offering, and we 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 are paid with respect to shares sold pursuant to the DRIP. Gladstone Securities may, in its sole discretion, re-allow a portion of the Dealer Manager Fee to participating broker-dealers in support of the Offering. We paid fees of $0.3 million and $0.4 million to Gladstone Securities during the three and six months ended June 30, 2023, respectively, in connection with the Offering. We paid fees of $0.1 million and $0.3 million to Gladstone Securities during the three and six months ended June 30, 2022, respectively, in connection with the Offering.

Loss Per Share of Common Stock

Loss Per Share of Common Stock	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Loss Per Share of Common Stock	Loss Per Share of Common StockThe following tables set forth the computation of basic and diluted loss per share of common stock for the three and six months ended June 30, 2023 and 2022. The operating partnership units in the Operating Partnership (“OP Units”) held by holders who do not control the Operating Partnership (“Non-controlling OP Unitholders”) (which may be redeemed for shares of common stock) have been excluded from the diluted loss per share calculations, as there would be no effect on the amounts since the Non-controlling OP Unitholders’ share of loss would also be added back to net loss. Net loss figures are presented net of such non-controlling interests in the loss per share calculation. We computed basic loss per share for the three and six months ended June 30, 2023 and 2022 using the weighted average number of shares outstanding during the respective periods. Diluted loss per share for the three and six months ended June 30, 2023 and 2022 reflects additional shares of common stock related to our convertible senior common stock (the “Senior Common Stock”), if the effect of conversion would be dilutive, that would have been outstanding if such dilutive potential shares of common stock had been issued, as well as an adjustment to net loss attributable to common stockholders as applicable to common stockholders that would result from their assumed issuance (dollars in thousands, except per share amounts). For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Calculation of basic loss per share of common stock: Net loss attributable to common stockholders $ (7,685) $ (1,447) $ (7,642) $ (1,072) Denominator for basic weighted average shares of common stock (1) 39,978,674 38,745,751 39,950,672 38,326,531 Basic loss per share of common stock $ (0.19) $ (0.04) $ (0.19) $ (0.03) Calculation of diluted loss per share of common stock: Net loss attributable to common stockholders $ (7,685) $ (1,447) $ (7,642) $ (1,072) Net loss attributable to common stockholders plus assumed conversions (2) $ (7,685) $ (1,447) $ (7,642) $ (1,072) Denominator for basic weighted average shares of common stock (1) 39,978,674 38,745,751 39,950,672 38,326,531 Effect of convertible Senior Common Stock (2) — — — — Denominator for diluted weighted average shares of common stock (2) 39,978,674 38,745,751 39,950,672 38,326,531 Diluted loss per share of common stock $ (0.19) $ (0.04) $ (0.19) $ (0.03) (1) The weighted average number of OP Units held by Non-controlling OP Unitholders was 391,468 and 391,468 for the three and six months ended June 30, 2023, respectively, and 256,994 and 256,994 for the three and six months ended June 30, 2022, respectively.

Real Estate and Intangible Asse

Real Estate and Intangible Assets	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Real Estate and Intangible Assets	Real Estate and Intangible Assets Real Estate The following table sets forth the components of our investments in real estate as of June 30, 2023 and December 31, 2022, respectively, excluding real estate held for sale as of June 30, 2023 and December 31, 2022 (dollars in thousands): June 30, 2023 December 31, 2022 Real estate: Land (1) $ 144,228 $ 152,916 Building and improvements 1,029,967 1,069,407 Tenant improvements 58,665 64,974 Accumulated depreciation (286,911) (286,150) Real estate, net $ 945,949 $ 1,001,147 (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 $11.8 million and $22.3 million for the three and six months ended June 30, 2023, respectively. Real estate depreciation expense on building and tenant improvements was $10.1 million and $20.0 million for the three and six months ended June 30, 2022, respectively. Acquisitions We acquired one property during the six months ended June 30, 2023, and acquired seven industrial properties during the six months ended June 30, 2022. The acquisitions are summarized below (dollars in thousands): Six Months Ended Aggregate Square Footage Weighted Average Lease Term Aggregate Purchase Price Aggregate Capitalized Acquisition Costs June 30, 2023 (1) 76,089 20.0 years $ 5,363 $ 98 June 30, 2022 (2) 742,303 11.7 years $ 51,919 $ 519 (1) On April 14, 2023, we acquired a 76,089 square foot property in Riverdale, Illinois for $5.4 million. The property is fully leased to one tenant and had 20.0 years of remaining lease term at the time we acquired the property. (2) On February 24, 2022, we acquired an 80,000 square foot property in Wilkesboro, North Carolina for $7.5 million. The property is fully leased to one tenant and had 12.7 years of remaining lease term at the time we acquired the property. On March 11, 2022, we acquired a 56,000 square foot property in Oklahoma City, Oklahoma for $6.0 million. The property is fully leased to one tenant and had 7.0 years of remaining lease term at the time we acquired the property. On May 4, 2022, we acquired a two-property, 260,719 square foot portfolio in Cleveland, Ohio and Fort Payne, Alabama for $19.5 million. The properties are fully leased to one tenant and had 11.4 years of remaining lease term at the time we acquired the properties. On May 12, 2022, we acquired a three-property, 345,584 square foot portfolio in Wilmington, North Carolina for $18.9 million. The properties are fully leased to one tenant and had 13.1 years of remaining lease term at the time we acquired the properties. We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the six months ended June 30, 2023 and 2022 as follows (dollars in thousands): Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Acquired assets and liabilities Purchase price Purchase price Land $ 675 $ 3,380 Building 3,678 40,855 Tenant Improvements 184 768 In-place Leases 307 2,952 Leasing Costs 405 2,296 Customer Relationships 114 1,932 Above Market Leases — 319 Below Market Leases — (583) (1) Total Purchase Price $ 5,363 $ 51,919 (1) This amount includes $17 of prepaid rent included in Other liabilities on the condensed consolidated balance sheets. Future Lease Payments Future operating lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses, for the six months ending December 31, 2023 and each of the five succeeding fiscal years and thereafter is as follows, excluding real estate held for sale as of June 30, 2023 (dollars in thousands): Year Tenant Lease Payments Six Months Ending December 31, 2023 $ 57,904 2024 112,610 2025 111,833 2026 106,202 2027 89,935 2028 74,706 Thereafter 334,312 In accordance with the lease terms, substantially all operating expenses are required to be paid by the tenant directly, or reimbursed to us from the tenant; however, we would be required to pay operating expenses on the respective properties in the event the tenants fail to pay them. Lease Revenue Reconciliation The table below sets forth the allocation of lease revenue between fixed contractual payments and variable lease payments for the three and six months ended June 30, 2023 and 2022, respectively (dollars in thousands): For the three months ended June 30, (Dollars in Thousands) Lease revenue reconciliation 2023 2022 $ Change % Change Fixed lease payments $ 34,380 $ 31,878 $ 2,502 7.8 % Variable lease payments 4,278 4,521 (243) (5.4) % $ 38,658 $ 36,399 $ 2,259 6.2 % For the six months ended June 30, (Dollars in Thousands) Lease revenue reconciliation 2023 2022 $ Change % Change Fixed lease payments $ 66,521 $ 63,210 $ 3,311 5.2 % Variable lease payments 8,691 8,720 (29) (0.3) % $ 75,212 $ 71,930 $ 3,282 4.6 % Intangible Assets The following table summarizes the carrying value of intangible assets, liabilities and the accumulated amortization for each intangible asset and liability class as of June 30, 2023 and December 31, 2022, respectively, excluding real estate held for sale as of June 30, 2023 and December 31, 2022 (dollars in thousands): June 30, 2023 December 31, 2022 Lease Intangibles Accumulated Amortization Lease Intangibles Accumulated Amortization In-place leases $ 99,022 $ (61,538) $ 104,394 $ (63,240) Leasing costs 82,946 (44,538) 85,038 (45,501) Customer relationships 64,266 (35,719) 69,586 (38,655) $ 246,234 $ (141,795) $ 259,018 $ (147,396) Deferred Rent Receivable/(Liability) Accumulated (Amortization)/Accretion Deferred Rent Receivable/(Liability) Accumulated (Amortization)/Accretion Above market leases $ 13,826 $ (10,663) $ 15,371 $ (11,909) Below market leases and deferred revenue (63,100) 27,339 (66,138) 26,141 Total amortization expense related to in-place leases, leasing costs and customer relationship lease intangible assets was $5.2 million and $9.3 million for the three and six months ended June 30, 2023, respectively, and $5.0 million and $9.8 million for the three and six months ended June 30, 2022, respectively, and is included in depreciation and amortization expense in the condensed consolidated statements of operations and comprehensive income. Total amortization related to above-market lease values was $0.1 million and $0.3 million for the three and six months ended June 30, 2023, respectively, and $0.2 million and $0.4 million for the three and six months ended June 30, 2022, respectively, and is included in lease revenue in the condensed consolidated statements of operations and comprehensive income. Total amortization related to below-market lease values was $2.5 million and $4.4 million for the three and six months ended June 30, 2023, respectively, and $0.8 million and $1.6 million for the three and six months ended June 30, 2022, respectively, and is included in lease revenue in the condensed consolidated statements of operations and comprehensive income. The weighted average amortization periods in years for the intangible assets acquired and liabilities assumed during the six months ended June 30, 2023 and 2022, were as follows: Intangible Assets & Liabilities June 30, 2023 June 30, 2022 In-place leases 20.1 11.6 Leasing costs 20.1 11.6 Customer relationships 25.1 18.9 Above market leases 0.0 12.1 Below market leases 0.0 11.2 All intangible assets & liabilities 21.7 13.3

Real Estate Dispositions, Held

Real Estate Dispositions, Held for Sale and Impairment Charges	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Real Estate Dispositions, Held for Sale and Impairment Charges	Real Estate Dispositions, Held for Sale and Impairment Charges Real Estate Dispositions We sold two properties during the six months ended June 30, 2023. We did not sell any properties during the six months ended June 30, 2022. During the six months ended June 30, 2023, we continued to execute our capital recycling program, whereby we sold non-core properties 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, and use the sales proceeds to acquire properties in our target, secondary growth markets or pay down outstanding debt. During the six months ended June 30, 2023, we sold two non-core properties, located in Baytown, Texas and Birmingham, Alabama, 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 42,868 $ 4,650 $ 233 $ (451) Our dispositions during the six months ended June 30, 2023 were not classified as discontinued operations because they did not represent a strategic shift in operations, nor will such dispositions have a major effect on our operations and financial results. Accordingly, the operating results of these properties are included within continuing operations for all periods reported. The table below summarizes the components of operating income from real estate and related assets disposed of during the three and six months ended June 30, 2023 and 2022 (dollars in thousands): For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Operating revenue $ 105 $ 137 $ 235 $ 275 Operating expense 34 124 171 246 Other income (expense), net (451) (1) — (451) (1) — Income from real estate and related assets sold $ (380) $ 13 $ (387) $ 29 (1) Includes a $(0.5) million loss on sale of real estate, net, on two property sales. Real Estate Held for Sale At June 30, 2023, we had six properties classified as held for sale, located in Columbia, South Carolina; Richardson, Texas; Taylorsville, Utah; Pittsburgh, Pennsylvania; Eatontown, New Jersey; and Blaine, Minnesota. We consider these assets to be non-core to our long term strategy. At December 31, 2022, we had one property classified as held for sale, located in Columbia, South Carolina. The table below summarizes the components of the assets and liabilities held for sale at June 30, 2023 and December 31, 2022 reflected on the accompanying condensed consolidated balance sheets (dollars in thousands): June 30, 2023 December 31, 2022 Assets Held for Sale Total real estate held for sale $ 36,220 $ 3,293 Lease intangibles, net 546 — Total Assets Held for Sale $ 36,766 $ 3,293 Liabilities Held for Sale Deferred rent liability, net $ 873 $ — Asset retirement obligation 60 — Total Liabilities Held for Sale $ 933 $ — Impairment Charges We evaluated our portfolio for triggering events to determine if any of our held and used assets were impaired during the six months ended June 30, 2023 and identified two held for sale assets, located in Richardson, Texas and Taylorsville, Utah, and one held and used asset, located in Columbus, Ohio, which were impaired by $6.8 million. In performing our held for sale assessment, the carrying value of these assets were above the fair value, less costs of sale. As a result, we impaired these properties to equal the fair market value less costs of sale. We recognized an impairment charge of $1.4 million during the six months ended June 30, 2022 on one held for sale asset, located in Parsippany, New Jersey. In performing our held for sale assessment, the carrying value of this asset was above the fair value, less costs of sale. As a result, we impaired this property to equal the fair market value less costs of sale.

Mortgage Notes Payable and Cred

Mortgage Notes Payable and Credit Facility	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Mortgage Notes Payable and Credit Facility	Mortgage Notes Payable and Credit Facility Our $125.0 million unsecured revolving credit facility (“Revolver”), $160.0 million term loan facility (“Term Loan A”), $60.0 million term loan facility (“Term Loan B”), and $150.0 million term loan facility (“Term Loan C”), are collectively referred to herein as the Credit Facility. Our mortgage notes payable and Credit Facility as of June 30, 2023 and December 31, 2022 are summarized below (dollars in thousands): Encumbered properties at Carrying Value at Stated Interest Rates at Scheduled Maturity Dates at June 30, 2023 June 30, 2023 December 31, 2022 June 30, 2023 June 30, 2023 Mortgage and other secured loans: Fixed rate mortgage loans 49 $ 350,732 $ 362,037 (1) (2) Premiums and discounts, net — (62) (83) N/A N/A Deferred financing costs, mortgage loans, net — (2,299) (2,565) N/A N/A Total mortgage notes payable, net 49 $ 348,371 $ 359,389 (3) Variable rate revolving credit facility 85 (6) $ 38,450 $ 23,250 SOFR + 1.50% (4) 8/18/2026 Total revolver 85 $ 38,450 $ 23,250 Variable rate term loan facility A — (6) $ 160,000 $ 160,000 SOFR + 1.45% (4) 8/18/2027 Variable rate term loan facility B — (6) 60,000 60,000 SOFR + 1.45% (4) 2/11/2026 Variable rate term loan facility C — (6) 150,000 150,000 SOFR + 1.45% (4) 2/18/2028 Deferred financing costs, term loan facility — (3,087) (3,433) N/A N/A Total term loan, net N/A $ 366,913 $ 366,567 Total mortgage notes payable and credit facility 134 $ 753,734 $ 749,206 (5) (1) As of June 30, 2023, interest rates on our fixed rate mortgage notes payable varied from 2.80% to 6.63%. (2) As of June 30, 2023, we had 43 mortgage notes payable with maturity dates ranging from August 1, 2023 through August 1, 2037. (3) The weighted average interest rate on the mortgage notes outstanding as of June 30, 2023 was approximately 4.23%. (4) As of June 30, 2023, Secured Overnight Financing Rate (“SOFR”) was approximately 5.09%. (5) The weighted average interest rate on all debt outstanding as of June 30, 2023 was approximately 5.48%. (6) The amount we may draw under our Credit Facility is based on a percentage of the fair value of a combined pool of 85 unencumbered properties as of June 30, 2023. N/A - Not Applicable Mortgage Notes Payable As of June 30, 2023, we had 43 mortgage notes payable, collateralized by a total of 49 properties with a net book value of $536.9 million. We have limited recourse liabilities that could result from any one or more of the following circumstances: a borrower voluntarily filing for bankruptcy, improper conveyance of a property, fraud or material misrepresentation, misapplication or misappropriation of rents, security deposits, insurance proceeds or condemnation proceeds, or physical waste or damage to the property resulting from a borrower’s gross negligence or willful misconduct. As of June 30, 2023, we did not have any mortgages subject to recourse. We will also indemnify lenders against claims resulting from the presence of hazardous substances or activity involving hazardous substances in violation of environmental laws on a property. During the six months ended June 30, 2023, we repaid one mortgage, collateralized by one property, which is summarized in the table below (dollars in thousands): Fixed Rate Debt Repaid Interest Rate on Fixed Rate Debt Repaid $ 2,690 4.16 % During the six months ended June 30, 2023, we extended the maturity date of one mortgage, collateralized by one property, which is summarized in the table below (dollars in thousands): Fixed Rate Debt Extended Interest Rate on Fixed Rate Debt Extended Extension Term $ 8,769 6.50 % 1.0 year We made payments of $0.05 million and $0.12 million for deferred financing costs during the three and six months ended June 30, 2023. We made payments of $0.7 million for deferred financing costs during the three and six months ended June 30, 2022. Scheduled principal payments of mortgage notes payable for the six months ending December 31, 2023, and each of the five succeeding fiscal years and thereafter are as follows (dollars in thousands): Year Scheduled Principal Payments Six Months Ending December 31, 2023 $ 50,163 2024 28,578 2025 36,559 2026 42,379 2027 94,848 2028 28,858 Thereafter 69,347 Total $ 350,732 (1) (1) This figure does not include $(0.1) million of premiums and (discounts), net, and $2.3 million of deferred financing costs, which are reflected in mortgage notes payable, net on the condensed consolidated balance sheets. We believe we will be able to address all mortgage notes payable maturing over the next 12 months through a combination of refinancing our existing indebtedness, cash from operations, proceeds from one or more equity offerings and availability on our Credit Facility. Interest Rate Cap and Interest Rate Swap Agreements We have entered into interest rate cap agreements that cap the interest rate on certain of our variable-rate debt and we have assumed or entered into interest rate swap agreements in which we hedged our exposure to variable interest rates by agreeing to pay fixed interest rates to our respective counterparty. We have adopted the fair value measurement provisions for our financial instruments recorded at fair value. The fair value guidance establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Generally, we will estimate the fair value of our interest rate caps and interest rate swaps, in the absence of observable market data, using estimates of value including estimated remaining life, counterparty credit risk, current market yield and interest rate spreads of similar securities as of the measurement date. At June 30, 2023 and December 31, 2022, our interest rate cap agreements and interest rate swaps were valued using Level 2 inputs. The fair value of the interest rate cap agreements is recorded in other assets on our accompanying condensed consolidated balance sheets. We record changes in the fair value of the interest rate cap agreements quarterly based on the current market valuations at quarter end. If the interest rate cap qualifies for hedge accounting, the change in the estimated fair value is recorded to accumulated other comprehensive income to the extent that it is effective, with any ineffective portion recorded to interest expense in our condensed consolidated statements of operations and comprehensive income. If the interest rate cap does not qualify for hedge accounting, or if it is determined the hedge is ineffective, any change in the fair value is recognized in interest expense in our consolidated statements of operations and comprehensive income. The following table summarizes the interest rate caps at June 30, 2023 and December 31, 2022 (dollars in thousands): June 30, 2023 December 31, 2022 Aggregate Cost Aggregate Notional Amount Aggregate Fair Value Aggregate Notional Amount Aggregate Fair Value $ 620 (1) $ 225,000 $ 2,095 $ 225,000 $ 4,629 (1) We have entered into various interest rate cap agreements on variable rate debt with LIBOR caps ranging from 1.49% to 2.50%. We have assumed or entered into interest rate swap agreements in connection with certain of our mortgage financings and Credit Facility, whereby we will pay our counterparty a fixed rate interest rate on a monthly basis and receive payments from our counterparty equivalent to the stipulated floating rate. The fair value of our interest rate swap agreements is recorded in other assets or other liabilities on our accompanying condensed consolidated balance sheets. We have designated our interest rate swaps as cash flow hedges, and we record changes in the fair value of the interest rate swap agreement to accumulated other comprehensive income on the condensed consolidated balance sheets. We record changes in fair value on a quarterly basis, using current market valuations at quarter end. The following table summarizes our interest rate swaps at June 30, 2023 and December 31, 2022 (dollars in thousands): June 30, 2023 December 31, 2022 Aggregate Notional Amount Aggregate Fair Value Asset Aggregate Fair Value Liability Aggregate Notional Amount Aggregate Fair Value Asset Aggregate Fair Value Liability $ 362,258 $ 11,380 $ (110) $ 362,832 $ 8,264 $ (897) The following table presents the impact of our derivative instruments in the condensed consolidated financial statements (dollars in thousands): Amount of (loss) gain, net, recognized in Comprehensive Income Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Derivatives in cash flow hedging relationships Interest rate caps $ (768) $ 1,138 $ (1,774) $ 2,762 Interest rate swaps 8,793 1,465 3,904 4,108 Total $ 8,025 $ 2,603 $ 2,130 $ 6,870 The following table presents the reclassifications of our derivative instruments out of accumulated other comprehensive income into interest expense in the condensed consolidated financial statements (dollars in thousands): Amount reclassified out of Accumulated Other Comprehensive Income Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Interest rate caps $ 264 $ — $ 527 $ — Total $ 264 $ — $ 527 $ — 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 June 30, 2023 December 31, 2022 Interest rate caps Other assets $ 2,095 $ 4,629 Interest rate swaps Other assets 11,380 8,264 Interest rate swaps Other liabilities (110) (897) Total derivative liabilities, net $ 13,365 $ 11,996 The fair value of all mortgage notes payable outstanding as of June 30, 2023 was $323.2 million, as compared to the carrying value stated above of $348.4 million. The fair value is calculated based on a discounted cash flow analysis, using management’s estimate of market interest rates on long-term debt with comparable terms and loan to value ratios. The fair value was calculated using Level 3 inputs of the hierarchy established by ASC 820, “Fair Value Measurements and Disclosures.” Credit Facility On August 18, 2022, we amended, extended and upsized our Credit Facility, increasing our Revolver from $100.0 million to $120.0 million (and its term to August 2026), adding the new $140.0 million Term Loan C, decreasing the principal balance of Term Loan B to $60.0 million and extending the maturity date of Term Loan A to August 2027. Term Loan C has a maturity date of February 18, 2028 and a SOFR spread ranging from 125 to 195 basis points, depending on our leverage. On September 27, 2022 we further increased the Revolver to $125.0 million and Term Loan C to $150.0 million, as permitted under the terms of the Credit Facility. We entered into multiple interest rate swap agreements on Term Loan C, which swap the interest rate to fixed rates from 3.15% to 3.75%. We incurred fees of approximately $4.2 million in connection with extending and upsizing our Credit Facility. As of June 30, 2023, there was $150.0 million outstanding under Term Loan C, and we used all net proceeds to repay all outstanding borrowings on the Revolver, pay off mortgage debt, and fund acquisitions. The Credit Facility’s current bank syndicate is comprised of KeyBank, Fifth Third Bank, The Huntington National Bank, Bank of America, Synovus Bank, United Bank, First Financial Bank, and S&T Bank. As of June 30, 2023, there was $408.5 million outstanding under our Credit Facility, at a weighted average interest rate of approximately 6.54%, and $14.4 million outstanding under letters of credit, at a weighted average interest rate of 1.50%. As of June 30, 2023, the maximum additional amount we could draw under the Credit Facility was $70.3 million. We were in compliance with all covenants under the Credit Facility as of June 30, 2023. The amount outstanding under the Credit Facility approximates fair value as of June 30, 2023.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Ground Leases We are obligated as lessee under four ground leases. Future minimum rental payments due under the terms of these leases for the six months ending December 31, 2023 and each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands): Year Future Lease Payments Due Under Operating Leases Six Months Ending December 31, 2023 $ 247 2024 493 2025 494 2026 498 2027 506 2028 510 Thereafter 5,790 Total anticipated lease payments $ 8,538 Less: amount representing interest (3,336) Present value of lease payments $ 5,202 Rental expense incurred for properties with ground lease obligations during the three and six months ended June 30, 2023 was $0.1 million and $0.2 million, respectively, and during the three and six months ended June 30, 2022 was $0.1 million and $0.2 million, respectively. Our ground leases are treated as operating leases and rental expenses are reflected in property operating expenses on the condensed consolidated statements of operations and comprehensive income. Our ground leases have a weighted average remaining lease term of 18.1 years and a weighted average discount rate of 5.33%. Letters of Credit As of June 30, 2023, there was $14.4 million outstanding under letters of credit. These letters of credit are not reflected on our condensed consolidated balance sheets.

Equity and Mezzanine Equity

Equity and Mezzanine Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Equity and Mezzanine Equity	Equity and Mezzanine Equity Stockholders’ Equity The following table summarizes the changes in our equity for the three and six months ended June 30, 2023 and 2022 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Senior Common Stock Balance, beginning of period $ 1 $ 1 $ 1 $ 1 Issuance of senior common stock, net — — — — Balance, end of period $ 1 $ 1 $ 1 $ 1 Common Stock Balance, beginning of period $ 40 $ 38 $ 39 $ 37 Issuance of common stock, net — 1 1 2 Repurchase of common stock, net (1) — (1) — Balance, end of period $ 39 $ 39 $ 39 $ 39 Series F Preferred Stock Balance, beginning of period $ 1 $ — $ 1 $ — Issuance of Series F preferred stock, net — 1 — 1 Redemption of Series F preferred stock, net — — — — Balance, end of period $ 1 $ 1 $ 1 $ 1 Additional Paid in Capital Balance, beginning of period $ 725,874 $ 692,795 $ 721,327 $ 671,134 Issuance of common stock and Series F preferred stock, net 1,651 12,908 6,036 34,657 Repurchase of common stock, net 998 — 998 — Redemption of Series F preferred stock, net 131 — 217 55 Retirement of senior common stock, net — — 52 — Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership (74) (74) (50) (217) Balance, end of period $ 728,580 $ 705,629 $ 728,580 $ 705,629 Accumulated Other Comprehensive Income Balance, beginning of period $ 6,008 $ 2,921 $ 11,640 $ (1,346) Comprehensive income 8,025 2,603 2,130 6,870 Reclassification into interest expense 264 — 527 — Balance, end of period $ 14,297 $ 5,524 $ 14,297 $ 5,524 Distributions in Excess of Accumulated Earnings Balance, beginning of period $ (541,042) $ (482,827) $ (529,104) $ (468,908) Distributions declared to common, senior common, and preferred stockholders (15,156) (17,663) (30,265) (35,019) Redemption of Series F preferred stock, net (6) — (11) (5) Net income attributable to the Company (4,515) 1,634 (1,339) 5,076 Balance, end of period $ (560,719) $ (498,856) $ (560,719) $ (498,856) Total Stockholders' Equity Balance, beginning of period $ 190,882 $ 212,928 $ 203,904 $ 200,918 Issuance of common stock and Series F preferred stock, net 1,651 12,910 6,037 34,660 Repurchase of common stock, net 997 — 997 — Redemption of Series F preferred stock, net 125 — 206 50 Retirement of senior common stock, net — — 52 — Distributions declared to common, senior common, and preferred stockholders (15,156) (17,663) (30,265) (35,019) Comprehensive income 8,025 2,603 2,130 6,870 Reclassification into interest expense 264 — 527 — Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership (74) (74) (50) (217) Net income attributable to the Company (4,515) 1,634 (1,339) 5,076 Balance, end of period $ 182,199 $ 212,338 $ 182,199 $ 212,338 Non-Controlling Interest Balance, beginning of period $ 1,641 $ 1,308 $ 1,790 $ 1,259 Distributions declared to Non-controlling OP Unit holders (118) (97) (235) (193) Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership 74 74 50 217 Net loss attributable to OP units held by Non-controlling OP Unitholders (73) (10) (81) (8) Balance, end of period $ 1,524 $ 1,275 $ 1,524 $ 1,275 Total Equity $ 183,723 $ 213,613 $ 183,723 $ 213,613 Distributions We paid the following distributions per share for the three and six months ended June 30, 2023 and 2022: For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Common Stock and Non-controlling OP Units $ 0.30000 $ 0.37620 $ 0.60000 $ 0.75240 Senior Common Stock 0.2625 0.2625 0.5250 0.5250 Series E Preferred Stock 0.414063 0.414063 0.828126 0.828126 Series F Preferred Stock 0.375 0.375 0.750 0.750 Series G Preferred Stock 0.375 0.375 0.750 0.750 Recent Activity Common Stock ATM Programs During the six months ended June 30, 2023, we sold 0.2 million shares of common stock, raising approximately $4.0 million in net proceeds under our At-the-Market Equity Offering Sales Agreement with sales agents Robert W. Baird & Co. Incorporated (“Baird”), Goldman Sachs & Co. LLC (“Goldman Sachs”), Stifel, Nicolaus & Company, Incorporated, (“Stifel”) BTIG, LLC, and Fifth Third Securities, Inc. (“Fifth Third”). On February 22, 2022, we entered into Amendment No. 1 to the At-the-Market Equity Offering Sales Agreement, dated December 3, 2019 (together, the “Prior Common Stock Sales Agreement”). The amendment permitted shares of common stock to be issued pursuant to the Prior Common Stock Sales Agreement under the 2020 Registration Statement, and future registration statements on Form S-3 (the “Prior Common Stock ATM Program”). We terminated the Prior Common Stock Sales Agreement effective as of February 10, 2023 in connection with the expiration of the 2020 Registration Statement on February 11, 2023. On March 3, 2023, we entered into an At-the-Market Equity Offering Sales Agreement (the “2023 Common Stock Sales Agreement”), with BofA Securities, inc. (“BofA”), Goldman Sachs, Baird, KeyBanc Capital Markets Inc. (“KeyBanc”), and Fifth Third (collectively the “Common Stock Sales Agents”). In connection with the 2023 Common Stock Sales Agreement, we filed prospectus supplements dated March 3, 2023 and March 7, 2023, to the prospectus dated November 23, 2022, with the SEC, for the offer and sale of an aggregate offering amount of up to $250.0 million of common stock. During the six months ended June 30, 2023, we did not sell any shares of common stock under the 2023 Common Stock Sales Agreement. During the six months ended June 30, 2023, we repurchased $1.0 million worth of our common stock through our common stock repurchase program. Mezzanine Equity Our 6.625% Series E Cumulative Redeemable Preferred Stock (“Series E Preferred Stock”), and our 6.00% Series G Cumulative Redeemable Preferred Stock (“Series G Preferred Stock”) are classified as mezzanine equity in our condensed consolidated balance sheets because both are redeemable at the option of the shareholder upon a change of control of greater than 50%. A change in control of our company, outside of our control, is only possible if a tender offer is accepted by over 90% of our shareholders. All other change in control situations would require input from our Board of Directors. In addition, our Series E Preferred Stock and Series G Preferred Stock are redeemable at the option of the applicable shareholder in the event a delisting event occurs. We will periodically evaluate the likelihood that a delisting event or change of control of greater than 50% will take place, and if we deem this probable, we adjust the Series E Preferred Stock, and Series G Preferred Stock presented in mezzanine equity to their redemption value, with the offset to gain (loss) on extinguishment. We currently believe the likelihood of a change of control of greater than 50%, or a delisting event, is remote. Prior to February 10, 2023, we had 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 could, 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 six months ended June 30, 2023. However, we terminated the Series E Preferred Stock Sales Agreement effective as of February 10, 2023. Universal Shelf Registration Statements On January 29, 2020, we filed the 2020 Registration Statement. The 2020 Registration Statement was declared effective on February 11, 2020. The 2020 Registration Statement allowed us to issue up to $800.0 million of securities. Of the $800.0 million of available capacity under our 2020 Registration Statement, approximately $636.5 million was reserved for the sale of our Series F Preferred Stock, and $63.0 million was reserved for our Prior Common Stock ATM Program. The 2020 Registration Statement expired on February 11, 2023. On November 23, 2022, we filed the 2022 Registration Statement. There is no limit on the aggregate amount of the securities that we may offer pursuant to the 2022 Registration Statement. Series F Preferred Stock On February 20, 2020, we filed with the Maryland Department of Assessments and Taxation Articles Supplementary (i) setting forth the rights, preferences and terms of the Series F Preferred Stock and (ii) reclassifying and designating 26,000,000 shares of our authorized and unissued shares of common stock as shares of Series F Preferred Stock. The reclassification decreased the number of shares classified as common stock from 86,290,000 shares immediately prior to the reclassification to 60,290,000 shares immediately after the reclassification. We sold 188,919 shares of our Series F Preferred Stock, raising $4.3 million in net proceeds, during the six months ended June 30, 2023. Non-controlling Interest in Operating Partnership As of June 30, 2023 and December 31, 2022, we owned approximately 99.0% and 99.0%, re spectively, of the outstanding OP Units. The Operating Partnership is required to make distributions on each OP Unit in the same amount as those paid on each share of our common stock, with the distributions on the OP Units held by us being utilized to make distributions to our common stockholders.

Revision of Previously Issued F

Revision of Previously Issued Financial Statements	6 Months Ended
	Jun. 30, 2023
Accounting Changes and Error Corrections [Abstract]
Revision of Previously Issued Financial Statements	Revision of Previously Issued Financial Statements As discussed in Note 1, the Company identified errors in its calculation of the depreciation of tenant funded improvement assets at a number of its properties. A summary of the corrections to the impacted financial statement line items in the Company’s previously issued Consolidated Statements of Operations and Comprehensive Income, Consolidated Balance Sheets, Consolidated Statements of Cash Flows and Consolidated Statements of Equity for the years ended December 31, 2021, and December 31, 2022 included in previously filed Annual Reports on Form 10-K and Condensed Consolidated Statements of Operations and Comprehensive Income, Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Cash Flows and the Stockholders’ Equity tables for periods presented below, which were presented in previously filed Quarterly Reports on Form 10-Q, is as follows: Condensed Consolidated Statements of Operations and Comprehensive Income Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Operating expenses Depreciation and amortization $ 14,191 $ (42) $ 14,149 $ 30,901 $ (1,084) $ 29,817 Total operating expense before incentive fee waiver $ 25,003 $ (42) $ 24,961 $ 51,905 $ (1,084) $ 50,821 Total operating expenses $ 24,987 $ (42) $ 24,945 $ 51,889 $ (1,084) $ 50,805 Net income $ 2,121 $ 42 $ 2,163 $ 2,160 $ 1,084 $ 3,244 Net income available to the Company $ 2,142 $ 42 $ 2,184 $ 2,223 $ 1,084 $ 3,307 Net loss attributable to common stockholders $ (3,032) $ 42 $ (2,990) $ (5,985) $ 1,084 $ (4,901) Loss per weighted average share of common stock - basic & diluted Loss attributable to common shareholders $ (0.08) $ — $ (0.08) $ (0.17) $ 0.03 $ (0.14) Comprehensive income Net income $ 2,121 $ 42 $ 2,163 $ 2,160 $ 1,084 $ 3,244 Total comprehensive income available to the Company $ 1,422 $ 42 $ 1,464 $ 3,927 $ 1,084 $ 5,011 Condensed Consolidated Statements of Operations and Comprehensive Income Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Operating expenses Depreciation and amortization $ 14,760 $ (39) $ 14,721 $ 45,661 $ (1,123) $ 44,538 Total operating expense before incentive fee waiver $ 25,498 $ (39) $ 25,459 $ 77,404 $ (1,123) $ 76,281 Total operating expenses $ 25,498 $ (39) $ 25,459 $ 77,388 $ (1,123) $ 76,265 Net income $ 4,498 $ 39 $ 4,537 $ 6,657 $ 1,123 $ 7,780 Net income available to the Company $ 4,477 $ 39 $ 4,516 $ 6,699 $ 1,123 $ 7,822 Net income (loss) available (attributable) to common stockholders $ 1,439 $ 39 $ 1,478 $ (4,547) $ 1,123 $ (3,424) Earnings (loss) per weighted average share of common stock - basic & diluted Income (loss) available (attributable) to common shareholders $ 0.04 $ — $ 0.04 $ (0.13) $ 0.03 $ (0.10) Comprehensive income Net income $ 4,498 $ 39 $ 4,537 $ 6,657 $ 1,123 $ 7,780 Total comprehensive income available to the Company $ 4,898 $ 39 $ 4,937 $ 8,824 $ 1,123 $ 9,947 Consolidated Statements of Operations and Comprehensive Income Year Ended December 31, 2021 As Previously Reported Adjustments As Revised Operating expenses Depreciation and amortization $ 60,311 $ (1,162) $ 59,149 Total operating expense before incentive fee waiver $ 102,816 $ (1,162) $ 101,654 Total operating expenses $ 102,800 $ (1,162) $ 101,638 Net income $ 9,733 $ 1,162 $ 10,895 Net income available to the Company $ 9,773 $ 1,162 $ 10,935 Net loss attributable to common stockholders $ (4,554) $ 1,162 $ (3,392) Loss per weighted average share of common stock - basic & diluted Loss attributable to common shareholders $ (0.12) $ 0.03 $ (0.09) Comprehensive income Net income $ 9,733 $ 1,162 $ 10,895 Total comprehensive income available to the Company $ 12,627 $ 1,162 $ 13,789 Condensed Consolidated Statements of Operations and Comprehensive Income Three Months Ended March 31, 2022 As Previously Reported Adjustments As Revised Operating expenses Depreciation and amortization $ 14,689 $ (51) $ 14,638 Total operating expenses $ 25,658 $ (51) $ 25,607 Net income $ 3,391 $ 51 $ 3,442 Net income available to the Company $ 3,389 $ 51 $ 3,440 Net income available to common stockholders $ 322 $ 51 $ 373 Earnings per weighted average share of common stock - basic & diluted Income available to common shareholders $ 0.01 $ — $ 0.01 Comprehensive income Net income $ 3,391 $ 51 $ 3,442 Total comprehensive income available to the Company $ 7,656 $ 51 $ 7,707 Condensed Consolidated Statements of Operations and Comprehensive Income Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Operating expenses Depreciation and amortization $ 15,219 $ (52) $ 15,167 $ 29,907 $ (103) $ 29,804 Total operating expense before incentive fee waiver $ 27,825 $ (52) $ 27,773 $ 53,482 $ (103) $ 53,379 Total operating expenses $ 27,825 $ (52) $ 27,773 $ 53,482 $ (103) $ 53,379 Net income $ 1,572 $ 52 $ 1,624 $ 4,965 $ 103 $ 5,068 Net income available to the Company $ 1,582 $ 52 $ 1,634 $ 4,973 $ 103 $ 5,076 Net loss attributable to common stockholders $ (1,499) $ 52 $ (1,447) $ (1,175) $ 103 $ (1,072) Loss per weighted average share of common stock - basic & diluted Loss attributable to common shareholders $ (0.04) $ — $ (0.04) $ (0.03) $ — $ (0.03) Comprehensive income Net income $ 1,572 $ 52 $ 1,624 $ 4,965 $ 103 $ 5,068 Total comprehensive income available to the Company $ 4,185 $ 52 $ 4,237 $ 11,843 $ 103 $ 11,946 Condensed Consolidated Statements of Operations and Comprehensive Income Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Operating expenses Depreciation and amortization $ 15,764 $ (290) $ 15,474 $ 45,672 $ (393) $ 45,279 Total operating expense before incentive fee waiver $ 37,448 $ (290) $ 37,158 $ 90,932 $ (393) $ 90,539 Total operating expenses $ 37,448 $ (290) $ 37,158 $ 90,932 $ (393) $ 90,539 Net income $ 2,497 $ 290 $ 2,787 $ 7,459 $ 393 $ 7,852 Net income available to the Company $ 2,501 $ 290 $ 2,791 $ 7,471 $ 393 $ 7,864 Net loss attributable to common stockholders $ (600) $ 290 $ (310) $ (1,778) $ 393 $ (1,385) Loss per weighted average share of common stock - basic & diluted Loss attributable to common shareholders $ (0.02) $ 0.01 $ (0.01) $ (0.05) $ 0.01 $ (0.04) Comprehensive income Net income $ 2,497 $ 290 $ 2,787 $ 7,459 $ 393 $ 7,852 Total comprehensive income available to the Company $ 9,291 $ 290 $ 9,581 $ 21,131 $ 393 $ 21,524 Consolidated Statements of Operations and Comprehensive Income Year Ended December 31, 2022 As Previously Reported Adjustments As Revised Operating expenses Depreciation and amortization $ 61,664 $ (1,510) $ 60,154 Total operating expense before incentive fee waiver $ 117,758 $ (1,510) $ 116,248 Total operating expenses $ 117,758 $ (1,510) $ 116,248 Net income $ 9,272 $ 1,510 $ 10,782 Net income available to the Company $ 9,295 $ 1,510 $ 10,805 Net loss attributable to common stockholders $ (3,039) $ 1,510 $ (1,529) Loss per weighted average share of common stock - basic & diluted Loss attributable to common shareholders $ (0.08) $ 0.04 $ (0.04) Comprehensive income Net income $ 9,272 $ 1,510 $ 10,782 Total comprehensive income available to the Company $ 21,410 $ 1,510 $ 22,920 Condensed Consolidated Statements of Operations and Comprehensive Income Three Months Ended March 31, 2023 As Previously Reported Adjustments As Revised Operating expenses Depreciation and amortization $ 15,474 $ (770) $ 14,704 Total operating expenses $ 25,434 $ (770) $ 24,664 Net income $ 2,397 $ 770 $ 3,167 Net income available to the Company $ 2,404 $ 770 $ 3,174 Net loss attributable to common stockholders $ (729) $ 770 $ 41 Loss per weighted average share of common stock - basic & diluted Loss attributable to common shareholders $ (0.02) $ 0.02 $ — Comprehensive income Net income $ 2,397 $ 770 $ 3,167 Total comprehensive loss attributable to the Company $ (3,491) $ 770 $ (2,721) Condensed Consolidated Balance Sheets As of June 30, 2021 As Previously Reported Adjustments As Revised ASSETS Less: accumulated depreciation $ 249,797 $ 464 $ 250,261 Total real estate, net $ 902,505 $ (464) $ 902,041 TOTAL ASSETS $ 1,089,224 $ (464) $ 1,088,760 EQUITY Distributions in excess of accumulated earnings $ (442,122) $ (464) $ (442,586) TOTAL STOCKHOLDERS' EQUITY $ 203,386 $ (464) $ 202,922 TOTAL EQUITY $ 204,724 $ (464) $ 204,260 TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 1,089,224 $ (464) $ 1,088,760 Condensed Consolidated Balance Sheets As of September 30, 2021 As Previously Reported Adjustments As Revised ASSETS Less: accumulated depreciation $ 257,050 $ 425 $ 257,475 Total real estate, net $ 915,498 $ (425) $ 915,073 TOTAL ASSETS $ 1,104,794 $ (425) $ 1,104,369 EQUITY Distributions in excess of accumulated earnings $ (454,494) $ (425) $ (454,919) TOTAL STOCKHOLDERS' EQUITY $ 200,259 $ (425) $ 199,834 TOTAL EQUITY $ 201,542 $ (425) $ 201,117 TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 1,104,794 $ (425) $ 1,104,369 Consolidated Balance Sheets As of December 31, 2021 As Previously Reported Adjustments As Revised ASSETS Less: accumulated depreciation $ 266,672 $ 385 $ 267,057 Total real estate, net $ 958,586 $ (385) $ 958,201 TOTAL ASSETS $ 1,143,352 $ (385) $ 1,142,967 EQUITY Distributions in excess of accumulated earnings $ (468,523) $ (385) $ (468,908) TOTAL STOCKHOLDERS' EQUITY $ 201,303 $ (385) $ 200,918 TOTAL EQUITY $ 202,562 $ (385) $ 202,177 TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 1,143,352 $ (385) $ 1,142,967 Condensed Consolidated Balance Sheets As of March 31, 2022 As Previously Reported Adjustments As Revised ASSETS Less: accumulated depreciation $ 276,612 $ 334 $ 276,946 Total real estate, net $ 964,316 $ (334) $ 963,982 TOTAL ASSETS $ 1,154,409 $ (334) $ 1,154,075 EQUITY Distributions in excess of accumulated earnings $ (482,493) $ (334) $ (482,827) TOTAL STOCKHOLDERS' EQUITY $ 213,262 $ (334) $ 212,928 TOTAL EQUITY $ 214,570 $ (334) $ 214,236 TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 1,154,409 $ (334) $ 1,154,075 Condensed Consolidated Balance Sheets As of June 30, 2022 As Previously Reported Adjustments As Revised ASSETS Less: accumulated depreciation $ 279,331 $ 282 $ 279,613 Total real estate, net $ 981,091 $ (282) $ 980,809 TOTAL ASSETS $ 1,193,389 $ (282) $ 1,193,107 EQUITY Distributions in excess of accumulated earnings $ (498,574) $ (282) $ (498,856) TOTAL STOCKHOLDERS' EQUITY $ 212,620 $ (282) $ 212,338 TOTAL EQUITY $ 213,895 $ (282) $ 213,613 TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 1,193,389 $ (282) $ 1,193,107 Condensed Consolidated Balance Sheets As of September 30, 2022 As Previously Reported Adjustments As Revised ASSETS Less: accumulated depreciation $ 284,802 $ (7) $ 284,795 Total real estate, net $ 994,653 $ 7 $ 994,660 TOTAL ASSETS $ 1,209,668 $ 7 $ 1,209,675 EQUITY Distributions in excess of accumulated earnings $ (514,057) $ 7 $ (514,050) TOTAL STOCKHOLDERS' EQUITY $ 215,448 $ 7 $ 215,455 TOTAL EQUITY $ 217,386 $ 7 $ 217,393 TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 1,209,668 $ 7 $ 1,209,675 Consolidated Balance Sheets As of December 31, 2022 As Previously Reported Adjustments As Revised ASSETS Less: accumulated depreciation $ 286,994 $ (844) $ 286,150 Total real estate, net $ 1,000,303 $ 844 $ 1,001,147 Real estate and related assets held for sale $ 3,013 $ 280 $ 3,293 TOTAL ASSETS $ 1,201,509 $ 1,124 $ 1,202,633 EQUITY Distributions in excess of accumulated earnings $ (530,228) $ 1,124 $ (529,104) TOTAL STOCKHOLDERS' EQUITY $ 202,780 $ 1,124 $ 203,904 TOTAL EQUITY $ 204,570 $ 1,124 $ 205,694 TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 1,201,509 $ 1,124 $ 1,202,633 Condensed Consolidated Balance Sheets As of March 31, 2023 As Previously Reported Adjustments As Revised ASSETS Less: accumulated depreciation $ 294,773 $ (644) $ 294,129 Total real estate, net $ 990,766 $ 644 $ 991,410 Real estate and related assets held for sale $ 4,722 $ 1,251 $ 5,973 TOTAL ASSETS $ 1,186,583 $ 1,895 $ 1,188,478 EQUITY Distributions in excess of accumulated earnings $ (542,937) $ 1,895 $ (541,042) TOTAL STOCKHOLDERS' EQUITY $ 188,987 $ 1,895 $ 190,882 TOTAL EQUITY $ 190,628 $ 1,895 $ 192,523 TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 1,186,583 $ 1,895 $ 1,188,478 Stockholders’ Equity Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Distributions in Excess of Accumulated Earnings Balance, beginning of period $ (425,422) $ (506) $ (425,928) $ (409,041) $ (1,548) $ (410,589) Net income attributable to the Company 2,142 42 2,184 2,223 1,084 3,307 Balance, end of period $ (442,122) $ (464) $ (442,586) $ (442,122) $ (464) $ (442,586) Total Stockholders' Equity Balance, beginning of period $ 211,747 $ (506) $ 211,241 $ 213,183 $ (1,548) $ 211,635 Net income attributable to the Company 2,142 42 2,184 2,223 1,084 3,307 Balance, end of period $ 203,386 $ (464) $ 202,922 $ 203,386 $ (464) $ 202,922 Total Equity $ 204,724 $ (464) $ 204,260 $ 204,724 $ (464) $ 204,260 Stockholders’ Equity Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Distributions in Excess of Accumulated Earnings Balance, beginning of period $ (442,122) $ (464) $ (442,586) $ (409,041) $ (1,548) $ (410,589) Net income attributable to the Company 4,477 39 4,516 6,699 1,123 7,822 Balance, end of period $ (454,494) $ (425) $ (454,919) $ (454,494) $ (425) $ (454,919) Total Stockholders' Equity Balance, beginning of period $ 203,386 $ (464) $ 202,922 $ 213,183 $ (1,548) $ 211,635 Net income attributable to the Company 4,477 39 4,516 6,699 1,123 7,822 Balance, end of period $ 200,259 $ (425) $ 199,834 $ 200,259 $ (425) $ 199,834 Total Equity $ 201,542 $ (425) $ 201,117 $ 201,542 $ (425) $ 201,117 Consolidated Statements of Equity As of December 31, 2021 Distributions in Excess of Accumulated Earnings Total Stockholders' Equity Total Equity As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Balance at December 31, 2020 $ (409,041) $ (1,548) $ (410,589) $ 213,183 $ (1,548) $ 211,635 $ 216,037 $ (1,548) $ 214,489 Net income 9,773 1,162 10,935 9,773 1,162 10,935 9,733 1,162 10,895 Balance at December 31, 2021 $ (468,523) $ (385) $ (468,908) $ 201,303 $ (385) $ 200,918 $ 202,562 $ (385) $ 202,177 Stockholders’ Equity Three Months Ended March 31, 2022 As Previously Reported Adjustments As Revised Distributions in Excess of Accumulated Earnings Balance, beginning of period $ (468,523) $ (385) $ (468,908) Net income attributable to the Company 3,389 51 3,440 Balance, end of period $ (482,493) $ (334) $ (482,827) Total Stockholders' Equity Balance, beginning of period $ 201,303 $ (385) $ 200,918 Net income attributable to the Company 3,389 51 3,440 Balance, end of period $ 213,262 $ (334) $ 212,928 Total Equity $ 214,570 $ (334) $ 214,236 Stockholders’ Equity Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Distributions in Excess of Accumulated Earnings Balance, beginning of period $ (482,493) $ (334) $ (482,827) $ (468,523) $ (385) $ (468,908) Net income attributable to the Company 1,582 52 1,634 4,973 103 5,076 Balance, end of period $ (498,574) $ (282) $ (498,856) $ (498,574) $ (282) $ (498,856) Total Stockholders' Equity Balance, beginning of period $ 213,262 $ (334) $ 212,928 $ 201,303 $ (385) $ 200,918 Net income attributable to the Company 1,582 52 1,634 4,973 103 5,076 Balance, end of period $ 212,620 $ (282) $ 212,338 $ 212,620 $ (282) $ 212,338 Total Equity $ 213,895 $ (282) $ 213,613 $ 213,895 $ (282) $ 213,613 Stockholders’ Equity Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Distributions in Excess of Accumulated Earnings Balance, beginning of period $ (498,574) $ (282) $ (498,856) $ (468,523) $ (385) $ (468,908) Net income attributable to the Company 2,501 290 2,791 7,471 393 7,864 Balance, end of period $ (514,057) $ 7 $ (514,050) $ (514,057) $ 7 $ (514,050) Total Stockholders' Equity Balance, beginning of period $ 212,620 $ (282) $ 212,338 $ 201,303 $ (385) $ 200,918 Net income attributable to the Company 2,501 290 2,791 7,471 393 7,864 Balance, end of period $ 215,448 $ 7 $ 215,455 $ 215,448 $ 7 $ 215,455 Total Equity $ 217,386 $ 7 $ 217,393 $ 217,386 $ 7 $ 217,393 Consolidated Statements of Equity As of December 31, 2022 Distributions in Excess of Accumulated Earnings Total Stockholders' Equity Total Equity As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Balance at December 31, 2021 $ (468,523) $ (385) $ (468,908) $ 201,303 $ (385) $ 200,918 $ 202,562 $ (385) $ 202,177 Net income 9,295 1,510 10,805 9,295 1,510 10,805 9,272 1,510 10,782 Balance at December 31, 2022 $ (530,228) $ 1,124 $ (529,104) $ 202,780 $ 1,124 $ 203,904 $ 204,570 $ 1,124 $ 205,694 Stockholders’ Equity Three Months Ended March 31, 2023 As Previously Reported Adjustments As Revised Distributions in Excess of Accumulated Earnings Balance, beginning of period $ (530,228) $ 1,124 $ (529,104) Net income attributable to the Company 2,404 770 3,174 Balance, end of period $ (542,937) $ 1,895 $ (541,042) Total Stockholders' Equity Balance, beginning of period $ 202,780 $ 1,124 $ 203,904 Net income attributable to the Company 2,404 770 3,174 Balance, end of period $ 188,987 $ 1,895 $ 190,882 Total Equity $ 190,628 $ 1,895 $ 192,523 Condensed Consolidated Statements of Cash Flows Six Months Ended June 31, 2021 As Previously Reported Adjustments As Revised Cash flows from operating activities: Net income $ 2,160 $ 1,084 $ 3,244 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 30,901 (1,084) 29,817 Condensed Consolidated Statements of Cash Flows Nine Months Ended September 30, 2021 As Previously Reported Adjustments As Revised Cash flows from operating activities: Net income $ 6,657 $ 1,123 $ 7,780 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 45,661 (1,123) 44,538 Consolidated Statements of Cash Flows Year Ended December 31, 2021 As Previously Reported Adjustments As Revised Cash flows from operating activities: Net income $ 9,733 $ 1,162 $ 10,895 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 60,311 (1,162) 59,149 Condensed Consolidated Statements of Cash Flows Three Months Ended March 31, 2022 As Previously Reported Adjustments As Revised Cash flows from operating activities: Net income $ 3,391 $ 51 $ 3,442 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 14,689 (51) 14,638 Condensed Consolidated Statements of Cash Flows Six Months Ended June 31, 2022 As Previously Reported Adjustments As Revised Cash flows from operating activities: Net income $ 4,965 $ 103 $ 5,068 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 29,907 (103) 29,804 Condensed Consolidated Statements of Cash Flows Nine Months Ended September 30, 2022 As Previously Reported Adjustments As Revised Cash flows from operating activities: Net income $ 7,459 $ 393 $ 7,852 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 45,672 (393) 45,279 Consolidated Statements of Cash Flows Year Ended December 31, 2022 As Previously Reported Adjustments As Revised Cash flows from operating activities: Net income $ 9,272 $ 1,510 $ 10,782 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 61,664 (1,510) 60,154 Condensed Consolidated Statements of Cash Flows Three Months Ended March 31, 2023 As Previously Reported Adjustments As Revised Cash flows from operating activities: Net income $ 2,397 $ 770 $ 3,167 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 15,474 (770) 14,704

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions On July 11, 2023, our Board of Directors declared the following monthly distributions for the months of July, August and September of 2023: 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 July 21, 2023 July 31, 2023 $ 0.10 $ 0.138021 $ 0.125 August 23, 2023 August 31, 2023 0.10 0.138021 0.125 September 21, 2023 September 29, 2023 0.10 0.138021 0.125 $ 0.30 $ 0.414063 $ 0.375 Senior Common Stock Distributions Payable to the Holders of Record During the Month of: Payment Date Distribution per Share July August 4, 2023 $ 0.0875 August September 6, 2023 0.0875 September October 5, 2023 0.0875 $ 0.2625 Series F Preferred Stock Distributions Record Date Payment Date Distribution per Share July 27, 2023 August 4, 2023 $ 0.125 August 28, 2023 September 6, 2023 0.125 September 27, 2023 October 5, 2023 0.125 $ 0.375 Equity Activity Subsequent to June 30, 2023 and through August 8, 2023, we raised $0.8 million in net proceeds from the sale of 33,198 shares of Series F Preferred Stock. Acquisition Activity On July 10, 2023, we purchased a 7,714 square foot medical office property in Dallas Fort Worth, Texas for $2.9 million. This property is fully leased to one tenant on a 10-year lease. On July 28, 2023 we purchased a 100,000 square foot industrial property in Cedar Hill, Texas for $9.1 million. This property is fully leased to one tenant on a 20-year lease. Sale Activity On July 27, 2023 we sold our 26,080 square foot office property in Pittsburgh, Pennsylvania for $6.8 million. We realized a $3.6 million gain on sale. Financing Activity On July 28, 2023 we repaid $6.8 million in fixed rate mortgage debt, collateralized by one property, at an interest rate of 5.00%. On August 4, 2023 we repaid $28.9 million in fixed rate mortgage debt, collateralized by one property, at an interest rate of 4.81%.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended							6 Months Ended			9 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ (4,515)	$ 3,174	$ 2,791	$ 1,634	$ 3,440	$ 4,516	$ 2,184	$ (1,339)	$ 5,076	$ 3,307	$ 7,864	$ 7,822	$ 10,805	$ 10,935

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization, Basis of Presen_2

Organization, Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Financial Information	Interim Financial Information Our interim financial statements are prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and in accordance with Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with GAAP are omitted. The year-end balance sheet data presented herein was derived from audited financial statements, but does not include all disclosures required by GAAP. In the opinion of our management, all adjustments, consisting solely of normal recurring accruals, necessary for the fair statement of financial statements for the interim period, have been included. The interim financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 22, 2023. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for other interim periods or for the full fiscal year.
Revision of Previously Issued Financial Statements	Revision of Previously Issued Financial Statements In connection with the preparation of its financial statements for the second quarter of 2023, the Company identified errors in the calculation of depreciation of tenant funded improvement assets at a number of its properties. The Company had depreciated these assets through a term that was different than their useful lives, the correction of which resulted in changes to depreciation expense, a non-cash amount, and net income. The correction of these errors had an immaterial impact on the Incentive Fee for each period presented and had no impact on any other Advisory fees. The identified errors were included in the Company's previously issued 2021 quarterly and annual financial statements, 2022 quarterly and annual financial statements, and quarterly financial statements for the three months ended March 31, 2023. The Company evaluated the errors and determined that the related impact was not material to the Consolidated Statements of Operations and Comprehensive Income, Consolidated Balance Sheets, Consolidated Statements of Cash Flows or Consolidated Statements of Equity for any period impacted. The Company has revised the previously issued Condensed Consolidated Statements of Operations and Comprehensive Income, Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Cash Flows and Stockholders’ Equity tables as of and for the three and six months ended June 30, 2022 to correct for such errors and these revisions are reflected in this Form 10-Q. The Company will also correct previously reported financial information for these errors in its future filings, as applicable. A summary of the corrections to the impacted financial statement line items to the Company’s previously issued Consolidated Statements of Operations and Comprehensive Income, Consolidated Balance Sheets, Consolidated Statements of Cash Flows and Consolidated Statements of Equity for each affected period is presented in Note 9, “Revision of Previously Issued Financial Statements.”
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
Significant Accounting Policies	Significant Accounting PoliciesThe preparation of our financial statements in accordance with GAAP requires management to make judgments that are subjective in nature to make certain estimates and assumptions. Application of these accounting policies involves the exercise of judgment regarding the use of assumptions as to future uncertainties, and as a result, actual results could materially differ from these estimates. A summary of all of our significant accounting policies is provided in Note 1, “Organization, Basis of Presentation and Significant Accounting Policies,” to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022. There were no material changes to our critical accounting policies during the three and six months ended June 30, 2023.
Interest Rate Cap and Interest Rate Swap Agreements	We have adopted the fair value measurement provisions for our financial instruments recorded at fair value. The fair value guidance establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Generally, we will estimate the fair value of our interest rate caps and interest rate swaps, in the absence of observable market data, using estimates of value including estimated remaining life, counterparty credit risk, current market yield and interest rate spreads of similar securities as of the measurement date.

Loss Per Share of Common Stock

Loss Per Share of Common Stock (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share of Common Stock	The following tables set forth the computation of basic and diluted loss per share of common stock for the three and six months ended June 30, 2023 and 2022. The operating partnership units in the Operating Partnership (“OP Units”) held by holders who do not control the Operating Partnership (“Non-controlling OP Unitholders”) (which may be redeemed for shares of common stock) have been excluded from the diluted loss per share calculations, as there would be no effect on the amounts since the Non-controlling OP Unitholders’ share of loss would also be added back to net loss. Net loss figures are presented net of such non-controlling interests in the loss per share calculation. We computed basic loss per share for the three and six months ended June 30, 2023 and 2022 using the weighted average number of shares outstanding during the respective periods. Diluted loss per share for the three and six months ended June 30, 2023 and 2022 reflects additional shares of common stock related to our convertible senior common stock (the “Senior Common Stock”), if the effect of conversion would be dilutive, that would have been outstanding if such dilutive potential shares of common stock had been issued, as well as an adjustment to net loss attributable to common stockholders as applicable to common stockholders that would result from their assumed issuance (dollars in thousands, except per share amounts). For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Calculation of basic loss per share of common stock: Net loss attributable to common stockholders $ (7,685) $ (1,447) $ (7,642) $ (1,072) Denominator for basic weighted average shares of common stock (1) 39,978,674 38,745,751 39,950,672 38,326,531 Basic loss per share of common stock $ (0.19) $ (0.04) $ (0.19) $ (0.03) Calculation of diluted loss per share of common stock: Net loss attributable to common stockholders $ (7,685) $ (1,447) $ (7,642) $ (1,072) Net loss attributable to common stockholders plus assumed conversions (2) $ (7,685) $ (1,447) $ (7,642) $ (1,072) Denominator for basic weighted average shares of common stock (1) 39,978,674 38,745,751 39,950,672 38,326,531 Effect of convertible Senior Common Stock (2) — — — — Denominator for diluted weighted average shares of common stock (2) 39,978,674 38,745,751 39,950,672 38,326,531 Diluted loss per share of common stock $ (0.19) $ (0.04) $ (0.19) $ (0.03) (1) The weighted average number of OP Units held by Non-controlling OP Unitholders was 391,468 and 391,468 for the three and six months ended June 30, 2023, respectively, and 256,994 and 256,994 for the three and six months ended June 30, 2022, respectively.

Real Estate and Intangible As_2

Real Estate and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Schedule of Components of Investments in Real Estate	The following table sets forth the components of our investments in real estate as of June 30, 2023 and December 31, 2022, respectively, excluding real estate held for sale as of June 30, 2023 and December 31, 2022 (dollars in thousands): June 30, 2023 December 31, 2022 Real estate: Land (1) $ 144,228 $ 152,916 Building and improvements 1,029,967 1,069,407 Tenant improvements 58,665 64,974 Accumulated depreciation (286,911) (286,150) Real estate, net $ 945,949 $ 1,001,147 (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.
Schedule of Acquisitions	We acquired one property during the six months ended June 30, 2023, and acquired seven industrial properties during the six months ended June 30, 2022. The acquisitions are summarized below (dollars in thousands): Six Months Ended Aggregate Square Footage Weighted Average Lease Term Aggregate Purchase Price Aggregate Capitalized Acquisition Costs June 30, 2023 (1) 76,089 20.0 years $ 5,363 $ 98 June 30, 2022 (2) 742,303 11.7 years $ 51,919 $ 519 (1) On April 14, 2023, we acquired a 76,089 square foot property in Riverdale, Illinois for $5.4 million. The property is fully leased to one tenant and had 20.0 years of remaining lease term at the time we acquired the property. (2) On February 24, 2022, we acquired an 80,000 square foot property in Wilkesboro, North Carolina for $7.5 million. The property is fully leased to one tenant and had 12.7 years of remaining lease term at the time we acquired the property. On March 11, 2022, we acquired a 56,000 square foot property in Oklahoma City, Oklahoma for $6.0 million. The property is fully leased to one tenant and had 7.0 years of remaining lease term at the time we acquired the property. On May 4, 2022, we acquired a two-property, 260,719 square foot portfolio in Cleveland, Ohio and Fort Payne, Alabama for $19.5 million. The properties are fully leased to one tenant and had 11.4 years of remaining lease term at the time we acquired the properties. On May 12, 2022, we acquired a three-property, 345,584 square foot portfolio in Wilmington, North Carolina for $18.9 million. The properties are fully leased to one tenant and had 13.1 years of remaining lease term at the time we acquired the properties.
Schedule of Fair Value of Assets Acquired and Liabilities Assumed	We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the six months ended June 30, 2023 and 2022 as follows (dollars in thousands): Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Acquired assets and liabilities Purchase price Purchase price Land $ 675 $ 3,380 Building 3,678 40,855 Tenant Improvements 184 768 In-place Leases 307 2,952 Leasing Costs 405 2,296 Customer Relationships 114 1,932 Above Market Leases — 319 Below Market Leases — (583) (1) Total Purchase Price $ 5,363 $ 51,919
Schedule of Future Lease Payments From Tenants	Future operating lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses, for the six months ending December 31, 2023 and each of the five succeeding fiscal years and thereafter is as follows, excluding real estate held for sale as of June 30, 2023 (dollars in thousands): Year Tenant Lease Payments Six Months Ending December 31, 2023 $ 57,904 2024 112,610 2025 111,833 2026 106,202 2027 89,935 2028 74,706 Thereafter 334,312
Schedule of Lease Revenue	The table below sets forth the allocation of lease revenue between fixed contractual payments and variable lease payments for the three and six months ended June 30, 2023 and 2022, respectively (dollars in thousands): For the three months ended June 30, (Dollars in Thousands) Lease revenue reconciliation 2023 2022 $ Change % Change Fixed lease payments $ 34,380 $ 31,878 $ 2,502 7.8 % Variable lease payments 4,278 4,521 (243) (5.4) % $ 38,658 $ 36,399 $ 2,259 6.2 % For the six months ended June 30, (Dollars in Thousands) Lease revenue reconciliation 2023 2022 $ Change % Change Fixed lease payments $ 66,521 $ 63,210 $ 3,311 5.2 % Variable lease payments 8,691 8,720 (29) (0.3) % $ 75,212 $ 71,930 $ 3,282 4.6 %
Schedule of Carrying Value of Intangible Assets and Accumulated Amortization	The following table summarizes the carrying value of intangible assets, liabilities and the accumulated amortization for each intangible asset and liability class as of June 30, 2023 and December 31, 2022, respectively, excluding real estate held for sale as of June 30, 2023 and December 31, 2022 (dollars in thousands): June 30, 2023 December 31, 2022 Lease Intangibles Accumulated Amortization Lease Intangibles Accumulated Amortization In-place leases $ 99,022 $ (61,538) $ 104,394 $ (63,240) Leasing costs 82,946 (44,538) 85,038 (45,501) Customer relationships 64,266 (35,719) 69,586 (38,655) $ 246,234 $ (141,795) $ 259,018 $ (147,396) Deferred Rent Receivable/(Liability) Accumulated (Amortization)/Accretion Deferred Rent Receivable/(Liability) Accumulated (Amortization)/Accretion Above market leases $ 13,826 $ (10,663) $ 15,371 $ (11,909) Below market leases and deferred revenue (63,100) 27,339 (66,138) 26,141
Schedule of Weighted Average Amortization Periods	The weighted average amortization periods in years for the intangible assets acquired and liabilities assumed during the six months ended June 30, 2023 and 2022, were as follows: Intangible Assets & Liabilities June 30, 2023 June 30, 2022 In-place leases 20.1 11.6 Leasing costs 20.1 11.6 Customer relationships 25.1 18.9 Above market leases 0.0 12.1 Below market leases 0.0 11.2 All intangible assets & liabilities 21.7 13.3

Real Estate Dispositions, Hel_2

Real Estate Dispositions, Held for Sale and Impairment Charges (Tables)	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Summary of Sold Properties	During the six months ended June 30, 2023, we sold two non-core properties, located in Baytown, Texas and Birmingham, Alabama, 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 42,868 $ 4,650 $ 233 $ (451)
Schedule of Operating Income from the Real Estate and Related Assets Disposed	The table below summarizes the components of operating income from real estate and related assets disposed of during the three and six months ended June 30, 2023 and 2022 (dollars in thousands): For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Operating revenue $ 105 $ 137 $ 235 $ 275 Operating expense 34 124 171 246 Other income (expense), net (451) (1) — (451) (1) — Income from real estate and related assets sold $ (380) $ 13 $ (387) $ 29 (1) Includes a $(0.5) million loss on sale of real estate, net, on two property sales.
Schedule of Real Estate Owned Held for Sale	The table below summarizes the components of the assets and liabilities held for sale at June 30, 2023 and December 31, 2022 reflected on the accompanying condensed consolidated balance sheets (dollars in thousands): June 30, 2023 December 31, 2022 Assets Held for Sale Total real estate held for sale $ 36,220 $ 3,293 Lease intangibles, net 546 — Total Assets Held for Sale $ 36,766 $ 3,293 Liabilities Held for Sale Deferred rent liability, net $ 873 $ — Asset retirement obligation 60 — Total Liabilities Held for Sale $ 933 $ —

Mortgage Notes Payable and Cr_2

Mortgage Notes Payable and Credit Facility (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Company's Mortgage Notes Payable and Line of Credit	Our mortgage notes payable and Credit Facility as of June 30, 2023 and December 31, 2022 are summarized below (dollars in thousands): Encumbered properties at Carrying Value at Stated Interest Rates at Scheduled Maturity Dates at June 30, 2023 June 30, 2023 December 31, 2022 June 30, 2023 June 30, 2023 Mortgage and other secured loans: Fixed rate mortgage loans 49 $ 350,732 $ 362,037 (1) (2) Premiums and discounts, net — (62) (83) N/A N/A Deferred financing costs, mortgage loans, net — (2,299) (2,565) N/A N/A Total mortgage notes payable, net 49 $ 348,371 $ 359,389 (3) Variable rate revolving credit facility 85 (6) $ 38,450 $ 23,250 SOFR + 1.50% (4) 8/18/2026 Total revolver 85 $ 38,450 $ 23,250 Variable rate term loan facility A — (6) $ 160,000 $ 160,000 SOFR + 1.45% (4) 8/18/2027 Variable rate term loan facility B — (6) 60,000 60,000 SOFR + 1.45% (4) 2/11/2026 Variable rate term loan facility C — (6) 150,000 150,000 SOFR + 1.45% (4) 2/18/2028 Deferred financing costs, term loan facility — (3,087) (3,433) N/A N/A Total term loan, net N/A $ 366,913 $ 366,567 Total mortgage notes payable and credit facility 134 $ 753,734 $ 749,206 (5) (1) As of June 30, 2023, interest rates on our fixed rate mortgage notes payable varied from 2.80% to 6.63%. (2) As of June 30, 2023, we had 43 mortgage notes payable with maturity dates ranging from August 1, 2023 through August 1, 2037. (3) The weighted average interest rate on the mortgage notes outstanding as of June 30, 2023 was approximately 4.23%. (4) As of June 30, 2023, Secured Overnight Financing Rate (“SOFR”) was approximately 5.09%. (5) The weighted average interest rate on all debt outstanding as of June 30, 2023 was approximately 5.48%. (6) The amount we may draw under our Credit Facility is based on a percentage of the fair value of a combined pool of 85 unencumbered properties as of June 30, 2023. N/A - Not Applicable
Summary of Long-Term Mortgages	During the six months ended June 30, 2023, we repaid one mortgage, collateralized by one property, which is summarized in the table below (dollars in thousands): Fixed Rate Debt Repaid Interest Rate on Fixed Rate Debt Repaid $ 2,690 4.16 % During the six months ended June 30, 2023, we extended the maturity date of one mortgage, collateralized by one property, which is summarized in the table below (dollars in thousands): Fixed Rate Debt Extended Interest Rate on Fixed Rate Debt Extended Extension Term $ 8,769 6.50 % 1.0 year
Schedule of Principal Payments of Mortgage Notes Payable	Scheduled principal payments of mortgage notes payable for the six months ending December 31, 2023, and each of the five succeeding fiscal years and thereafter are as follows (dollars in thousands): Year Scheduled Principal Payments Six Months Ending December 31, 2023 $ 50,163 2024 28,578 2025 36,559 2026 42,379 2027 94,848 2028 28,858 Thereafter 69,347 Total $ 350,732 (1) (1) This figure does not include $(0.1) million of premiums and (discounts), net, and $2.3 million of deferred financing costs, which are reflected in mortgage notes payable, net on the condensed consolidated balance sheets.
Summary of Interest Rate Cap Agreement	The following table summarizes the interest rate caps at June 30, 2023 and December 31, 2022 (dollars in thousands): June 30, 2023 December 31, 2022 Aggregate Cost Aggregate Notional Amount Aggregate Fair Value Aggregate Notional Amount Aggregate Fair Value $ 620 (1) $ 225,000 $ 2,095 $ 225,000 $ 4,629 (1) We have entered into various interest rate cap agreements on variable rate debt with LIBOR caps ranging from 1.49% to 2.50%. June 30, 2023 December 31, 2022 Aggregate Notional Amount Aggregate Fair Value Asset Aggregate Fair Value Liability Aggregate Notional Amount Aggregate Fair Value Asset Aggregate Fair Value Liability $ 362,258 $ 11,380 $ (110) $ 362,832 $ 8,264 $ (897)
Schedule of Derivative Instruments	The following table presents the impact of our derivative instruments in the condensed consolidated financial statements (dollars in thousands): Amount of (loss) gain, net, recognized in Comprehensive Income Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Derivatives in cash flow hedging relationships Interest rate caps $ (768) $ 1,138 $ (1,774) $ 2,762 Interest rate swaps 8,793 1,465 3,904 4,108 Total $ 8,025 $ 2,603 $ 2,130 $ 6,870 The following table presents the reclassifications of our derivative instruments out of accumulated other comprehensive income into interest expense in the condensed consolidated financial statements (dollars in thousands): Amount reclassified out of Accumulated Other Comprehensive Income Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Interest rate caps $ 264 $ — $ 527 $ — Total $ 264 $ — $ 527 $ — 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 June 30, 2023 December 31, 2022 Interest rate caps Other assets $ 2,095 $ 4,629 Interest rate swaps Other assets 11,380 8,264 Interest rate swaps Other liabilities (110) (897) Total derivative liabilities, net $ 13,365 $ 11,996

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Lease Payments Due Under Operating Leases	Future minimum rental payments due under the terms of these leases for the six months ending December 31, 2023 and each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands): Year Future Lease Payments Due Under Operating Leases Six Months Ending December 31, 2023 $ 247 2024 493 2025 494 2026 498 2027 506 2028 510 Thereafter 5,790 Total anticipated lease payments $ 8,538 Less: amount representing interest (3,336) Present value of lease payments $ 5,202

Equity and Mezzanine Equity (Ta

Equity and Mezzanine Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Summary of Changes in Stockholders' Equity	The following table summarizes the changes in our equity for the three and six months ended June 30, 2023 and 2022 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Senior Common Stock Balance, beginning of period $ 1 $ 1 $ 1 $ 1 Issuance of senior common stock, net — — — — Balance, end of period $ 1 $ 1 $ 1 $ 1 Common Stock Balance, beginning of period $ 40 $ 38 $ 39 $ 37 Issuance of common stock, net — 1 1 2 Repurchase of common stock, net (1) — (1) — Balance, end of period $ 39 $ 39 $ 39 $ 39 Series F Preferred Stock Balance, beginning of period $ 1 $ — $ 1 $ — Issuance of Series F preferred stock, net — 1 — 1 Redemption of Series F preferred stock, net — — — — Balance, end of period $ 1 $ 1 $ 1 $ 1 Additional Paid in Capital Balance, beginning of period $ 725,874 $ 692,795 $ 721,327 $ 671,134 Issuance of common stock and Series F preferred stock, net 1,651 12,908 6,036 34,657 Repurchase of common stock, net 998 — 998 — Redemption of Series F preferred stock, net 131 — 217 55 Retirement of senior common stock, net — — 52 — Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership (74) (74) (50) (217) Balance, end of period $ 728,580 $ 705,629 $ 728,580 $ 705,629 Accumulated Other Comprehensive Income Balance, beginning of period $ 6,008 $ 2,921 $ 11,640 $ (1,346) Comprehensive income 8,025 2,603 2,130 6,870 Reclassification into interest expense 264 — 527 — Balance, end of period $ 14,297 $ 5,524 $ 14,297 $ 5,524 Distributions in Excess of Accumulated Earnings Balance, beginning of period $ (541,042) $ (482,827) $ (529,104) $ (468,908) Distributions declared to common, senior common, and preferred stockholders (15,156) (17,663) (30,265) (35,019) Redemption of Series F preferred stock, net (6) — (11) (5) Net income attributable to the Company (4,515) 1,634 (1,339) 5,076 Balance, end of period $ (560,719) $ (498,856) $ (560,719) $ (498,856) Total Stockholders' Equity Balance, beginning of period $ 190,882 $ 212,928 $ 203,904 $ 200,918 Issuance of common stock and Series F preferred stock, net 1,651 12,910 6,037 34,660 Repurchase of common stock, net 997 — 997 — Redemption of Series F preferred stock, net 125 — 206 50 Retirement of senior common stock, net — — 52 — Distributions declared to common, senior common, and preferred stockholders (15,156) (17,663) (30,265) (35,019) Comprehensive income 8,025 2,603 2,130 6,870 Reclassification into interest expense 264 — 527 — Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership (74) (74) (50) (217) Net income attributable to the Company (4,515) 1,634 (1,339) 5,076 Balance, end of period $ 182,199 $ 212,338 $ 182,199 $ 212,338 Non-Controlling Interest Balance, beginning of period $ 1,641 $ 1,308 $ 1,790 $ 1,259 Distributions declared to Non-controlling OP Unit holders (118) (97) (235) (193) Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership 74 74 50 217 Net loss attributable to OP units held by Non-controlling OP Unitholders (73) (10) (81) (8) Balance, end of period $ 1,524 $ 1,275 $ 1,524 $ 1,275 Total Equity $ 183,723 $ 213,613 $ 183,723 $ 213,613
Schedule of Dividends Paid	We paid the following distributions per share for the three and six months ended June 30, 2023 and 2022: For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Common Stock and Non-controlling OP Units $ 0.30000 $ 0.37620 $ 0.60000 $ 0.75240 Senior Common Stock 0.2625 0.2625 0.5250 0.5250 Series E Preferred Stock 0.414063 0.414063 0.828126 0.828126 Series F Preferred Stock 0.375 0.375 0.750 0.750 Series G Preferred Stock 0.375 0.375 0.750 0.750

Revision of Previously Issued_2

Revision of Previously Issued Financial Statements (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Changes and Error Corrections [Abstract]
Schedule of Corrections to Impacted Financial Statements	A summary of the corrections to the impacted financial statement line items in the Company’s previously issued Consolidated Statements of Operations and Comprehensive Income, Consolidated Balance Sheets, Consolidated Statements of Cash Flows and Consolidated Statements of Equity for the years ended December 31, 2021, and December 31, 2022 included in previously filed Annual Reports on Form 10-K and Condensed Consolidated Statements of Operations and Comprehensive Income, Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Cash Flows and the Stockholders’ Equity tables for periods presented below, which were presented in previously filed Quarterly Reports on Form 10-Q, is as follows: Condensed Consolidated Statements of Operations and Comprehensive Income Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Operating expenses Depreciation and amortization $ 14,191 $ (42) $ 14,149 $ 30,901 $ (1,084) $ 29,817 Total operating expense before incentive fee waiver $ 25,003 $ (42) $ 24,961 $ 51,905 $ (1,084) $ 50,821 Total operating expenses $ 24,987 $ (42) $ 24,945 $ 51,889 $ (1,084) $ 50,805 Net income $ 2,121 $ 42 $ 2,163 $ 2,160 $ 1,084 $ 3,244 Net income available to the Company $ 2,142 $ 42 $ 2,184 $ 2,223 $ 1,084 $ 3,307 Net loss attributable to common stockholders $ (3,032) $ 42 $ (2,990) $ (5,985) $ 1,084 $ (4,901) Loss per weighted average share of common stock - basic & diluted Loss attributable to common shareholders $ (0.08) $ — $ (0.08) $ (0.17) $ 0.03 $ (0.14) Comprehensive income Net income $ 2,121 $ 42 $ 2,163 $ 2,160 $ 1,084 $ 3,244 Total comprehensive income available to the Company $ 1,422 $ 42 $ 1,464 $ 3,927 $ 1,084 $ 5,011 Condensed Consolidated Statements of Operations and Comprehensive Income Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Operating expenses Depreciation and amortization $ 14,760 $ (39) $ 14,721 $ 45,661 $ (1,123) $ 44,538 Total operating expense before incentive fee waiver $ 25,498 $ (39) $ 25,459 $ 77,404 $ (1,123) $ 76,281 Total operating expenses $ 25,498 $ (39) $ 25,459 $ 77,388 $ (1,123) $ 76,265 Net income $ 4,498 $ 39 $ 4,537 $ 6,657 $ 1,123 $ 7,780 Net income available to the Company $ 4,477 $ 39 $ 4,516 $ 6,699 $ 1,123 $ 7,822 Net income (loss) available (attributable) to common stockholders $ 1,439 $ 39 $ 1,478 $ (4,547) $ 1,123 $ (3,424) Earnings (loss) per weighted average share of common stock - basic & diluted Income (loss) available (attributable) to common shareholders $ 0.04 $ — $ 0.04 $ (0.13) $ 0.03 $ (0.10) Comprehensive income Net income $ 4,498 $ 39 $ 4,537 $ 6,657 $ 1,123 $ 7,780 Total comprehensive income available to the Company $ 4,898 $ 39 $ 4,937 $ 8,824 $ 1,123 $ 9,947 Consolidated Statements of Operations and Comprehensive Income Year Ended December 31, 2021 As Previously Reported Adjustments As Revised Operating expenses Depreciation and amortization $ 60,311 $ (1,162) $ 59,149 Total operating expense before incentive fee waiver $ 102,816 $ (1,162) $ 101,654 Total operating expenses $ 102,800 $ (1,162) $ 101,638 Net income $ 9,733 $ 1,162 $ 10,895 Net income available to the Company $ 9,773 $ 1,162 $ 10,935 Net loss attributable to common stockholders $ (4,554) $ 1,162 $ (3,392) Loss per weighted average share of common stock - basic & diluted Loss attributable to common shareholders $ (0.12) $ 0.03 $ (0.09) Comprehensive income Net income $ 9,733 $ 1,162 $ 10,895 Total comprehensive income available to the Company $ 12,627 $ 1,162 $ 13,789 Condensed Consolidated Statements of Operations and Comprehensive Income Three Months Ended March 31, 2022 As Previously Reported Adjustments As Revised Operating expenses Depreciation and amortization $ 14,689 $ (51) $ 14,638 Total operating expenses $ 25,658 $ (51) $ 25,607 Net income $ 3,391 $ 51 $ 3,442 Net income available to the Company $ 3,389 $ 51 $ 3,440 Net income available to common stockholders $ 322 $ 51 $ 373 Earnings per weighted average share of common stock - basic & diluted Income available to common shareholders $ 0.01 $ — $ 0.01 Comprehensive income Net income $ 3,391 $ 51 $ 3,442 Total comprehensive income available to the Company $ 7,656 $ 51 $ 7,707 Condensed Consolidated Statements of Operations and Comprehensive Income Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Operating expenses Depreciation and amortization $ 15,219 $ (52) $ 15,167 $ 29,907 $ (103) $ 29,804 Total operating expense before incentive fee waiver $ 27,825 $ (52) $ 27,773 $ 53,482 $ (103) $ 53,379 Total operating expenses $ 27,825 $ (52) $ 27,773 $ 53,482 $ (103) $ 53,379 Net income $ 1,572 $ 52 $ 1,624 $ 4,965 $ 103 $ 5,068 Net income available to the Company $ 1,582 $ 52 $ 1,634 $ 4,973 $ 103 $ 5,076 Net loss attributable to common stockholders $ (1,499) $ 52 $ (1,447) $ (1,175) $ 103 $ (1,072) Loss per weighted average share of common stock - basic & diluted Loss attributable to common shareholders $ (0.04) $ — $ (0.04) $ (0.03) $ — $ (0.03) Comprehensive income Net income $ 1,572 $ 52 $ 1,624 $ 4,965 $ 103 $ 5,068 Total comprehensive income available to the Company $ 4,185 $ 52 $ 4,237 $ 11,843 $ 103 $ 11,946 Condensed Consolidated Statements of Operations and Comprehensive Income Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Operating expenses Depreciation and amortization $ 15,764 $ (290) $ 15,474 $ 45,672 $ (393) $ 45,279 Total operating expense before incentive fee waiver $ 37,448 $ (290) $ 37,158 $ 90,932 $ (393) $ 90,539 Total operating expenses $ 37,448 $ (290) $ 37,158 $ 90,932 $ (393) $ 90,539 Net income $ 2,497 $ 290 $ 2,787 $ 7,459 $ 393 $ 7,852 Net income available to the Company $ 2,501 $ 290 $ 2,791 $ 7,471 $ 393 $ 7,864 Net loss attributable to common stockholders $ (600) $ 290 $ (310) $ (1,778) $ 393 $ (1,385) Loss per weighted average share of common stock - basic & diluted Loss attributable to common shareholders $ (0.02) $ 0.01 $ (0.01) $ (0.05) $ 0.01 $ (0.04) Comprehensive income Net income $ 2,497 $ 290 $ 2,787 $ 7,459 $ 393 $ 7,852 Total comprehensive income available to the Company $ 9,291 $ 290 $ 9,581 $ 21,131 $ 393 $ 21,524 Consolidated Statements of Operations and Comprehensive Income Year Ended December 31, 2022 As Previously Reported Adjustments As Revised Operating expenses Depreciation and amortization $ 61,664 $ (1,510) $ 60,154 Total operating expense before incentive fee waiver $ 117,758 $ (1,510) $ 116,248 Total operating expenses $ 117,758 $ (1,510) $ 116,248 Net income $ 9,272 $ 1,510 $ 10,782 Net income available to the Company $ 9,295 $ 1,510 $ 10,805 Net loss attributable to common stockholders $ (3,039) $ 1,510 $ (1,529) Loss per weighted average share of common stock - basic & diluted Loss attributable to common shareholders $ (0.08) $ 0.04 $ (0.04) Comprehensive income Net income $ 9,272 $ 1,510 $ 10,782 Total comprehensive income available to the Company $ 21,410 $ 1,510 $ 22,920 Condensed Consolidated Statements of Operations and Comprehensive Income Three Months Ended March 31, 2023 As Previously Reported Adjustments As Revised Operating expenses Depreciation and amortization $ 15,474 $ (770) $ 14,704 Total operating expenses $ 25,434 $ (770) $ 24,664 Net income $ 2,397 $ 770 $ 3,167 Net income available to the Company $ 2,404 $ 770 $ 3,174 Net loss attributable to common stockholders $ (729) $ 770 $ 41 Loss per weighted average share of common stock - basic & diluted Loss attributable to common shareholders $ (0.02) $ 0.02 $ — Comprehensive income Net income $ 2,397 $ 770 $ 3,167 Total comprehensive loss attributable to the Company $ (3,491) $ 770 $ (2,721) Condensed Consolidated Balance Sheets As of June 30, 2021 As Previously Reported Adjustments As Revised ASSETS Less: accumulated depreciation $ 249,797 $ 464 $ 250,261 Total real estate, net $ 902,505 $ (464) $ 902,041 TOTAL ASSETS $ 1,089,224 $ (464) $ 1,088,760 EQUITY Distributions in excess of accumulated earnings $ (442,122) $ (464) $ (442,586) TOTAL STOCKHOLDERS' EQUITY $ 203,386 $ (464) $ 202,922 TOTAL EQUITY $ 204,724 $ (464) $ 204,260 TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 1,089,224 $ (464) $ 1,088,760 Condensed Consolidated Balance Sheets As of September 30, 2021 As Previously Reported Adjustments As Revised ASSETS Less: accumulated depreciation $ 257,050 $ 425 $ 257,475 Total real estate, net $ 915,498 $ (425) $ 915,073 TOTAL ASSETS $ 1,104,794 $ (425) $ 1,104,369 EQUITY Distributions in excess of accumulated earnings $ (454,494) $ (425) $ (454,919) TOTAL STOCKHOLDERS' EQUITY $ 200,259 $ (425) $ 199,834 TOTAL EQUITY $ 201,542 $ (425) $ 201,117 TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 1,104,794 $ (425) $ 1,104,369 Consolidated Balance Sheets As of December 31, 2021 As Previously Reported Adjustments As Revised ASSETS Less: accumulated depreciation $ 266,672 $ 385 $ 267,057 Total real estate, net $ 958,586 $ (385) $ 958,201 TOTAL ASSETS $ 1,143,352 $ (385) $ 1,142,967 EQUITY Distributions in excess of accumulated earnings $ (468,523) $ (385) $ (468,908) TOTAL STOCKHOLDERS' EQUITY $ 201,303 $ (385) $ 200,918 TOTAL EQUITY $ 202,562 $ (385) $ 202,177 TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 1,143,352 $ (385) $ 1,142,967 Condensed Consolidated Balance Sheets As of March 31, 2022 As Previously Reported Adjustments As Revised ASSETS Less: accumulated depreciation $ 276,612 $ 334 $ 276,946 Total real estate, net $ 964,316 $ (334) $ 963,982 TOTAL ASSETS $ 1,154,409 $ (334) $ 1,154,075 EQUITY Distributions in excess of accumulated earnings $ (482,493) $ (334) $ (482,827) TOTAL STOCKHOLDERS' EQUITY $ 213,262 $ (334) $ 212,928 TOTAL EQUITY $ 214,570 $ (334) $ 214,236 TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 1,154,409 $ (334) $ 1,154,075 Condensed Consolidated Balance Sheets As of June 30, 2022 As Previously Reported Adjustments As Revised ASSETS Less: accumulated depreciation $ 279,331 $ 282 $ 279,613 Total real estate, net $ 981,091 $ (282) $ 980,809 TOTAL ASSETS $ 1,193,389 $ (282) $ 1,193,107 EQUITY Distributions in excess of accumulated earnings $ (498,574) $ (282) $ (498,856) TOTAL STOCKHOLDERS' EQUITY $ 212,620 $ (282) $ 212,338 TOTAL EQUITY $ 213,895 $ (282) $ 213,613 TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 1,193,389 $ (282) $ 1,193,107 Condensed Consolidated Balance Sheets As of September 30, 2022 As Previously Reported Adjustments As Revised ASSETS Less: accumulated depreciation $ 284,802 $ (7) $ 284,795 Total real estate, net $ 994,653 $ 7 $ 994,660 TOTAL ASSETS $ 1,209,668 $ 7 $ 1,209,675 EQUITY Distributions in excess of accumulated earnings $ (514,057) $ 7 $ (514,050) TOTAL STOCKHOLDERS' EQUITY $ 215,448 $ 7 $ 215,455 TOTAL EQUITY $ 217,386 $ 7 $ 217,393 TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 1,209,668 $ 7 $ 1,209,675 Consolidated Balance Sheets As of December 31, 2022 As Previously Reported Adjustments As Revised ASSETS Less: accumulated depreciation $ 286,994 $ (844) $ 286,150 Total real estate, net $ 1,000,303 $ 844 $ 1,001,147 Real estate and related assets held for sale $ 3,013 $ 280 $ 3,293 TOTAL ASSETS $ 1,201,509 $ 1,124 $ 1,202,633 EQUITY Distributions in excess of accumulated earnings $ (530,228) $ 1,124 $ (529,104) TOTAL STOCKHOLDERS' EQUITY $ 202,780 $ 1,124 $ 203,904 TOTAL EQUITY $ 204,570 $ 1,124 $ 205,694 TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 1,201,509 $ 1,124 $ 1,202,633 Condensed Consolidated Balance Sheets As of March 31, 2023 As Previously Reported Adjustments As Revised ASSETS Less: accumulated depreciation $ 294,773 $ (644) $ 294,129 Total real estate, net $ 990,766 $ 644 $ 991,410 Real estate and related assets held for sale $ 4,722 $ 1,251 $ 5,973 TOTAL ASSETS $ 1,186,583 $ 1,895 $ 1,188,478 EQUITY Distributions in excess of accumulated earnings $ (542,937) $ 1,895 $ (541,042) TOTAL STOCKHOLDERS' EQUITY $ 188,987 $ 1,895 $ 190,882 TOTAL EQUITY $ 190,628 $ 1,895 $ 192,523 TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 1,186,583 $ 1,895 $ 1,188,478 Stockholders’ Equity Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Distributions in Excess of Accumulated Earnings Balance, beginning of period $ (425,422) $ (506) $ (425,928) $ (409,041) $ (1,548) $ (410,589) Net income attributable to the Company 2,142 42 2,184 2,223 1,084 3,307 Balance, end of period $ (442,122) $ (464) $ (442,586) $ (442,122) $ (464) $ (442,586) Total Stockholders' Equity Balance, beginning of period $ 211,747 $ (506) $ 211,241 $ 213,183 $ (1,548) $ 211,635 Net income attributable to the Company 2,142 42 2,184 2,223 1,084 3,307 Balance, end of period $ 203,386 $ (464) $ 202,922 $ 203,386 $ (464) $ 202,922 Total Equity $ 204,724 $ (464) $ 204,260 $ 204,724 $ (464) $ 204,260 Stockholders’ Equity Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Distributions in Excess of Accumulated Earnings Balance, beginning of period $ (442,122) $ (464) $ (442,586) $ (409,041) $ (1,548) $ (410,589) Net income attributable to the Company 4,477 39 4,516 6,699 1,123 7,822 Balance, end of period $ (454,494) $ (425) $ (454,919) $ (454,494) $ (425) $ (454,919) Total Stockholders' Equity Balance, beginning of period $ 203,386 $ (464) $ 202,922 $ 213,183 $ (1,548) $ 211,635 Net income attributable to the Company 4,477 39 4,516 6,699 1,123 7,822 Balance, end of period $ 200,259 $ (425) $ 199,834 $ 200,259 $ (425) $ 199,834 Total Equity $ 201,542 $ (425) $ 201,117 $ 201,542 $ (425) $ 201,117 Consolidated Statements of Equity As of December 31, 2021 Distributions in Excess of Accumulated Earnings Total Stockholders' Equity Total Equity As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Balance at December 31, 2020 $ (409,041) $ (1,548) $ (410,589) $ 213,183 $ (1,548) $ 211,635 $ 216,037 $ (1,548) $ 214,489 Net income 9,773 1,162 10,935 9,773 1,162 10,935 9,733 1,162 10,895 Balance at December 31, 2021 $ (468,523) $ (385) $ (468,908) $ 201,303 $ (385) $ 200,918 $ 202,562 $ (385) $ 202,177 Stockholders’ Equity Three Months Ended March 31, 2022 As Previously Reported Adjustments As Revised Distributions in Excess of Accumulated Earnings Balance, beginning of period $ (468,523) $ (385) $ (468,908) Net income attributable to the Company 3,389 51 3,440 Balance, end of period $ (482,493) $ (334) $ (482,827) Total Stockholders' Equity Balance, beginning of period $ 201,303 $ (385) $ 200,918 Net income attributable to the Company 3,389 51 3,440 Balance, end of period $ 213,262 $ (334) $ 212,928 Total Equity $ 214,570 $ (334) $ 214,236 Stockholders’ Equity Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Distributions in Excess of Accumulated Earnings Balance, beginning of period $ (482,493) $ (334) $ (482,827) $ (468,523) $ (385) $ (468,908) Net income attributable to the Company 1,582 52 1,634 4,973 103 5,076 Balance, end of period $ (498,574) $ (282) $ (498,856) $ (498,574) $ (282) $ (498,856) Total Stockholders' Equity Balance, beginning of period $ 213,262 $ (334) $ 212,928 $ 201,303 $ (385) $ 200,918 Net income attributable to the Company 1,582 52 1,634 4,973 103 5,076 Balance, end of period $ 212,620 $ (282) $ 212,338 $ 212,620 $ (282) $ 212,338 Total Equity $ 213,895 $ (282) $ 213,613 $ 213,895 $ (282) $ 213,613 Stockholders’ Equity Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Distributions in Excess of Accumulated Earnings Balance, beginning of period $ (498,574) $ (282) $ (498,856) $ (468,523) $ (385) $ (468,908) Net income attributable to the Company 2,501 290 2,791 7,471 393 7,864 Balance, end of period $ (514,057) $ 7 $ (514,050) $ (514,057) $ 7 $ (514,050) Total Stockholders' Equity Balance, beginning of period $ 212,620 $ (282) $ 212,338 $ 201,303 $ (385) $ 200,918 Net income attributable to the Company 2,501 290 2,791 7,471 393 7,864 Balance, end of period $ 215,448 $ 7 $ 215,455 $ 215,448 $ 7 $ 215,455 Total Equity $ 217,386 $ 7 $ 217,393 $ 217,386 $ 7 $ 217,393 Consolidated Statements of Equity As of December 31, 2022 Distributions in Excess of Accumulated Earnings Total Stockholders' Equity Total Equity As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Balance at December 31, 2021 $ (468,523) $ (385) $ (468,908) $ 201,303 $ (385) $ 200,918 $ 202,562 $ (385) $ 202,177 Net income 9,295 1,510 10,805 9,295 1,510 10,805 9,272 1,510 10,782 Balance at December 31, 2022 $ (530,228) $ 1,124 $ (529,104) $ 202,780 $ 1,124 $ 203,904 $ 204,570 $ 1,124 $ 205,694 Stockholders’ Equity Three Months Ended March 31, 2023 As Previously Reported Adjustments As Revised Distributions in Excess of Accumulated Earnings Balance, beginning of period $ (530,228) $ 1,124 $ (529,104) Net income attributable to the Company 2,404 770 3,174 Balance, end of period $ (542,937) $ 1,895 $ (541,042) Total Stockholders' Equity Balance, beginning of period $ 202,780 $ 1,124 $ 203,904 Net income attributable to the Company 2,404 770 3,174 Balance, end of period $ 188,987 $ 1,895 $ 190,882 Total Equity $ 190,628 $ 1,895 $ 192,523 Condensed Consolidated Statements of Cash Flows Six Months Ended June 31, 2021 As Previously Reported Adjustments As Revised Cash flows from operating activities: Net income $ 2,160 $ 1,084 $ 3,244 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 30,901 (1,084) 29,817 Condensed Consolidated Statements of Cash Flows Nine Months Ended September 30, 2021 As Previously Reported Adjustments As Revised Cash flows from operating activities: Net income $ 6,657 $ 1,123 $ 7,780 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 45,661 (1,123) 44,538 Consolidated Statements of Cash Flows Year Ended December 31, 2021 As Previously Reported Adjustments As Revised Cash flows from operating activities: Net income $ 9,733 $ 1,162 $ 10,895 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 60,311 (1,162) 59,149 Condensed Consolidated Statements of Cash Flows Three Months Ended March 31, 2022 As Previously Reported Adjustments As Revised Cash flows from operating activities: Net income $ 3,391 $ 51 $ 3,442 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 14,689 (51) 14,638 Condensed Consolidated Statements of Cash Flows Six Months Ended June 31, 2022 As Previously Reported Adjustments As Revised Cash flows from operating activities: Net income $ 4,965 $ 103 $ 5,068 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 29,907 (103) 29,804 Condensed Consolidated Statements of Cash Flows Nine Months Ended September 30, 2022 As Previously Reported Adjustments As Revised Cash flows from operating activities: Net income $ 7,459 $ 393 $ 7,852 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 45,672 (393) 45,279 Consolidated Statements of Cash Flows Year Ended December 31, 2022 As Previously Reported Adjustments As Revised Cash flows from operating activities: Net income $ 9,272 $ 1,510 $ 10,782 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 61,664 (1,510) 60,154 Condensed Consolidated Statements of Cash Flows Three Months Ended March 31, 2023 As Previously Reported Adjustments As Revised Cash flows from operating activities: Net income $ 2,397 $ 770 $ 3,167 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 15,474 (770) 14,704

Subsequent Events (Tables)

Subsequent Events (Tables)	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Schedule of Monthly Distributions Declared by Company's Board of Directors	On July 11, 2023, our Board of Directors declared the following monthly distributions for the months of July, August and September of 2023: 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 July 21, 2023 July 31, 2023 $ 0.10 $ 0.138021 $ 0.125 August 23, 2023 August 31, 2023 0.10 0.138021 0.125 September 21, 2023 September 29, 2023 0.10 0.138021 0.125 $ 0.30 $ 0.414063 $ 0.375 Senior Common Stock Distributions Payable to the Holders of Record During the Month of: Payment Date Distribution per Share July August 4, 2023 $ 0.0875 August September 6, 2023 0.0875 September October 5, 2023 0.0875 $ 0.2625 Series F Preferred Stock Distributions Record Date Payment Date Distribution per Share July 27, 2023 August 4, 2023 $ 0.125 August 28, 2023 September 6, 2023 0.125 September 27, 2023 October 5, 2023 0.125 $ 0.375

Related-Party Transactions (Det

Related-Party Transactions (Details)					1 Months Ended	3 Months Ended		6 Months Ended
		Jul. 11, 2023	Jul. 14, 2020	Feb. 20, 2020 $ / shares shares	Feb. 29, 2020	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) quarter officer	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Number of executive officers | officer								2
Base management fee	[1]					$ 1,605,000	$ 1,577,000	$ 3,210,000	$ 3,124,000
Related Party
Related Party Transaction [Line Items]
Amount due to advisor and administrator	[2]					$ 2,624,000		$ 2,624,000		$ 3,356,000
Advisory Agreement
Related Party Transaction [Line Items]
Number of quarters used for the cap of average quarterly incentive fees | quarter								4
Advisory Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Notice period for termination of agreement without cause								120 days
Percentage of independent directors required to terminate the amended advisory agreement								66.67%
Number of times the sum of the average annual base management fee and incentive fee earned by adviser						2		2
Period prior to termination								24 months
Notice period for termination of agreement with cause								30 days
Advisory Agreement - Base Rate, Annualized Rate | Affiliated Entity
Related Party Transaction [Line Items]
Management and service fees, base rate			0.425%
Advisory Agreement - Base Rate, Quarterly Rate | Affiliated Entity
Related Party Transaction [Line Items]
Management and service fees, base rate			0.10625%
Advisory Agreement - Base Management Fee
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction						$ 1,600,000	1,600,000	$ 3,200,000	3,100,000
Advisory Agreement - Incentive Rate, Quarterly Hurdle Rate | Affiliated Entity
Related Party Transaction [Line Items]
Management and service fees, incentive rate								2%
Advisory Agreement - Incentive Rate, Annualized Hurdle Rate | Affiliated Entity
Related Party Transaction [Line Items]
Management and service fees, incentive rate								8%
Advisory Agreement - Incentive Rate, Pre-Incentive Fee Net Investment Income Below Catch-Up Threshold | Affiliated Entity
Related Party Transaction [Line Items]
Management and service fees, incentive rate								15%
Advisory Agreement - Incentive Rate, Pre-Incentive Fee Net Investment Income Exceeds Catch-Up Threshold | Affiliated Entity
Related Party Transaction [Line Items]
Management and service fees, incentive rate								15%
Eight Amended Advisory Agreement | Affiliated Entity | Subsequent Event
Related Party Transaction [Line Items]
Management and service fees, incentive rate		15%
Advisory Agreement - Incentive Fees | Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction							1,300,000		2,700,000
Contractual fee waived						1,400,000		$ 2,500,000
Investment company, voluntary fee waived							0		0
Advisory Agreement - Incentive Rate, Realized Capital Gains
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction						0	0	$ 0	0
Advisory Agreement - Incentive Rate, Realized Capital Gains | Affiliated Entity
Related Party Transaction [Line Items]
Management and service fees, incentive rate								15%
Advisory Agreement - Termination Fee Payable as a Percentage of Management and Incentive Fees Earned by Adviser | Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, rate								200%
Administrative Agreement - Administrative Fee
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction						500,000	400,000	$ 1,100,000	900,000
Mortgage Financing Arrangement Agreement - Financing Fees | Gladstone Securities, LLC
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction						$ 17,500	$ 100,000	$ 17,500	$ 100,000
Mortgage Financing Arrangement Agreement - Percentage of Mortgage Principal Secured | Gladstone Securities, LLC
Related Party Transaction [Line Items]
Related party transaction, rate						0.20%	0.35%	0.20%	0.35%
Dealer Manager Agreement | Gladstone Securities, LLC
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction						$ 300,000	$ 100,000	$ 400,000	$ 300,000
Dealer Manager Agreement - Selling Commission Percentage of Gross Proceeds From Sales
Related Party Transaction [Line Items]
Related party transaction, rate				6%
Dealer Manager Agreement - Dealer Management Fee Percentage of Gross Proceeds from Sale of Preferred Stock in Primary Offering
Related Party Transaction [Line Items]
Related party transaction, rate				3%
Series F Cumulative Redeemable Preferred Stock | Preferred Stock | Dealer Manager Agreement | Affiliated Entity | Gladstone Securities, LLC
Related Party Transaction [Line Items]
Redeemable preferred stock, shares authorized (in shares) | shares				20,000,000
Redeemable preferred stock, dividend rate					6%
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 | Mortgage Financing Arrangement Agreement - Financing Fees | Gladstone Securities, LLC
Related Party Transaction [Line Items]
Related party transaction, rate								0.15%
Maximum | Mortgage Financing Arrangement Agreement - Financing Fees | Gladstone Securities, LLC
Related Party Transaction [Line Items]
Related party transaction, rate								1%
[1]Refer to Note 2 “Related-Party Transactions”[2]Refer to Note 2 “Related-Party Transactions”

Loss Per Share of Common Stoc_2

Loss Per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended							6 Months Ended			9 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Calculation of basic loss per share of common stock:
Net loss attributable to common stockholders	$ (7,685)	$ 41	$ (310)	$ (1,447)	$ 373	$ 1,478	$ (2,990)	$ (7,642)	$ (1,072)	$ (4,901)	$ (1,385)	$ (3,424)	$ (1,529)	$ (3,392)
Denominator for basic weighted average shares of common stock (in shares)	39,978,674			38,745,751				39,950,672	38,326,531
Basic loss per share of common stock (in dollars per share)	$ (0.19)	$ 0	$ (0.01)	$ (0.04)	$ 0.01	$ 0.04	$ (0.08)	$ (0.19)	$ (0.03)	$ (0.14)	$ (0.04)	$ (0.10)	$ (0.04)	$ (0.09)
Calculation of diluted loss per share of common stock:
Net loss attributable to common stockholders	$ (7,685)	$ 41	$ (310)	$ (1,447)	$ 373	$ 1,478	$ (2,990)	$ (7,642)	$ (1,072)	$ (4,901)	$ (1,385)	$ (3,424)	$ (1,529)	$ (3,392)
Net loss attributable to common stockholders plus assumed conversions	$ (7,685)			$ (1,447)				$ (7,642)	$ (1,072)
Denominator for basic weighted average shares of common stock (in shares)	39,978,674			38,745,751				39,950,672	38,326,531
Effect of convertible Senior Common Stock (in shares)	0			0				0	0
Denominator for diluted weighted average shares of common stock (in shares)	39,978,674			38,745,751				39,950,672	38,326,531
Diluted loss per share of common stock (in dollars per share)	$ (0.19)	$ 0	$ (0.01)	$ (0.04)	$ 0.01	$ 0.04	$ (0.08)	$ (0.19)	$ (0.03)	$ (0.14)	$ (0.04)	$ (0.10)	$ (0.04)	$ (0.09)
Weighted average number of OP Units held by Non-controlling OP Unitholders (in shares)	391,468			256,994				391,468	256,994
Senior Common Stock
Calculation of diluted loss per share of common stock:
Anti-dilutive convertible shares of senior common stock excluded from calculation of diluted earnings (in shares)	345,132			363,246				345,132	363,246

Real Estate and Intangible As_3

Real Estate and Intangible Assets - Components of Investments in Real Estate (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021
Real estate:
Land	$ 144,228		$ 152,916
Building and improvements	1,029,967		1,069,407
Tenant improvements	58,665		64,974
Accumulated depreciation	(286,911)	$ (294,129)	(286,150)	$ (284,795)	$ (279,613)	$ (276,946)	$ (267,057)	$ (257,475)	$ (250,261)
Total real estate, net	945,949	$ 991,410	1,001,147	$ 994,660	$ 980,809	$ 963,982	$ 958,201	$ 915,073	$ 902,041
Land value subject to land lease agreements	$ 4,436		$ 4,436

Real Estate and Intangible As_4

Real Estate and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Real Estate Properties [Line Items]
Total amortization expense related to lease intangible assets	$ 5.2	$ 5	$ 9.3	$ 9.8
Amortization related to below-market lease	2.5	0.8	4.4	1.6
Above market leases
Real Estate Properties [Line Items]
Operating lease, right-of-use asset, amortization expense	0.1	0.2	0.3	0.4
Building and Tenant Improvements
Real Estate Properties [Line Items]
Real estate depreciation expense	$ 11.8	$ 10.1	$ 22.3	$ 20

Real Estate and Intangible As_5

Real Estate and Intangible Assets - Summary of Acquired Properties (Details) $ in Thousands						6 Months Ended
	May 12, 2023 USD ($) ft² tenant property	May 04, 2023 USD ($) ft² tenant property	Apr. 14, 2023 USD ($) ft² tenant	Mar. 11, 2022 USD ($) ft² tenant	Feb. 24, 2022 USD ($) ft² tenant	Jun. 30, 2023 USD ($) ft² property	Jun. 30, 2022 USD ($) ft² property
Business Acquisition [Line Items]
Number of properties acquired | property						1	7
Aggregate Purchase Price						$ 5,363	$ 51,919
Riverdale, Illinois
Business Acquisition [Line Items]
Aggregate Square Footage | ft²			76,089
Weighted Average Lease Term			20 years
Aggregate Purchase Price			$ 5,400
Number of tenants | tenant			1
Wilkesboro, North Carolina
Business Acquisition [Line Items]
Aggregate Square Footage | ft²					80,000
Weighted Average Lease Term					12 years 8 months 12 days
Aggregate Purchase Price					$ 7,500
Number of tenants | tenant					1
Oklahoma City, Oklahoma
Business Acquisition [Line Items]
Aggregate Square Footage | ft²				56,000
Weighted Average Lease Term				7 years
Aggregate Purchase Price				$ 6,000
Number of tenants | tenant				1
Cleveland, Ohio and Fort Payne, Alabama
Business Acquisition [Line Items]
Number of properties acquired | property		2
Aggregate Square Footage | ft²		260,719
Weighted Average Lease Term		11 years 4 months 24 days
Aggregate Purchase Price		$ 19,500
Number of tenants | tenant		1
Wilmington, North Carolina
Business Acquisition [Line Items]
Number of properties acquired | property	3
Aggregate Square Footage | ft²	345,584
Weighted Average Lease Term	13 years 1 month 6 days
Aggregate Purchase Price	$ 18,900
Number of tenants | tenant	1
Series of Property Acquisitions
Business Acquisition [Line Items]
Aggregate Square Footage | ft²						76,089	742,303
Weighted Average Lease Term						20 years	11 years 8 months 12 days
Aggregate Purchase Price						$ 5,363	$ 51,919
Aggregate Capitalized Acquisition Costs						$ 98	$ 519

Real Estate and Intangible As_6

Real Estate and Intangible Assets - Business Combinations and Asset Acquisitions (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Business Acquisition [Line Items]
Total purchase price	$ 5,363	$ 51,919
Customer Relationships
Business Acquisition [Line Items]
Assets acquired	114	1,932
Above Market Leases
Business Acquisition [Line Items]
Assets acquired	0	319
Below Market Leases
Business Acquisition [Line Items]
Liabilities assumed	0	(583)
Prepaid rent		17
Land
Business Acquisition [Line Items]
Assets acquired	675	3,380
Building
Business Acquisition [Line Items]
Assets acquired	3,678	40,855
Tenant Improvements
Business Acquisition [Line Items]
Assets acquired	184	768
In-place Leases
Business Acquisition [Line Items]
Assets acquired	307	2,952
Leasing Costs
Business Acquisition [Line Items]
Assets acquired	$ 405	$ 2,296

Real Estate and Intangible As_7

Real Estate and Intangible Assets - Future Operating Lease Payments from Tenants under Non-Cancelable Leases (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Real Estate [Abstract]
Six Months Ending December 31, 2023	$ 57,904
2024	112,610
2025	111,833
2026	106,202
2027	89,935
2028	74,706
Thereafter	$ 334,312

Real Estate and Intangible As_8

Real Estate and Intangible Assets - Lease Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Real Estate [Abstract]
Fixed lease payments	$ 34,380	$ 31,878	$ 66,521	$ 63,210
Variable lease payments	4,278	4,521	8,691	8,720
Total lease payments	38,658	$ 36,399	75,212	$ 71,930
Fixed lease payments, amount change	2,502		3,311
Variable lease payments, amount change	(243)		(29)
Lease payments, amount change	$ 2,259		$ 3,282
Fixed lease payments, percent change	7.80%		5.20%
Variable lease payments, percent change	(5.40%)		(0.30%)
Lease payments, percent change	6.20%		4.60%

Real Estate and Intangible As_9

Real Estate and Intangible Assets - Carrying Value of Intangible Assets and Accumulated Amortization (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Below market leases and deferred revenue, lease intangibles	$ (63,100)	$ (66,138)
Below market leases and deferred revenue, accumulated amortization	27,339	26,141
Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
Lease Intangibles	246,234	259,018
Accumulated Amortization	(141,795)	(147,396)
In-place leases
Finite-Lived Intangible Assets [Line Items]
Lease Intangibles	99,022	104,394
Accumulated Amortization	(61,538)	(63,240)
Leasing costs
Finite-Lived Intangible Assets [Line Items]
Lease Intangibles	82,946	85,038
Accumulated Amortization	(44,538)	(45,501)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Lease Intangibles	64,266	69,586
Accumulated Amortization	(35,719)	(38,655)
Above market leases
Finite-Lived Intangible Assets [Line Items]
Lease Intangibles	13,826	15,371
Accumulated Amortization	$ (10,663)	$ (11,909)

Real Estate and Intangible A_10

Real Estate and Intangible Assets - Weighted Average Amortization Period for Intangible Assets and Liabilities (Details)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period (in years)	21 years 8 months 12 days	13 years 3 months 18 days
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period (in years)	20 years 1 month 6 days	11 years 7 months 6 days
Leasing costs
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period (in years)	20 years 1 month 6 days	11 years 7 months 6 days
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period (in years)	25 years 1 month 6 days	18 years 10 months 24 days
Above market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period (in years)	0 years	12 years 1 month 6 days
Below market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period (in years)	0 years	11 years 2 months 12 days

Real Estate Dispositions, Hel_3

Real Estate Dispositions, Held for Sale and Impairment Charges - Additional Information (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023 property	Jun. 30, 2023 USD ($) property	Jun. 30, 2022 USD ($) property	Dec. 31, 2022 property
Columbia, South Carolina, Baytown, Texas, Birmingham, Alabama, Richardson, Texas, and Taylorsville, Utah
Real Estate Properties [Line Items]
Number of real estate properties, held for sale	6	6
Columbia, South Carolina
Real Estate Properties [Line Items]
Number of real estate properties, held for sale				1
Richardson, Texas and Taylorsville, Utah
Real Estate Properties [Line Items]
Number of assets held for sale		2
Impairment charge | $		$ 6.8
Columbus, Ohio
Real Estate Properties [Line Items]
Number of assets held for sale		1
Parsipanny, New Jersey
Real Estate Properties [Line Items]
Number of assets held for sale			1
Impairment charge | $			$ 1.4
Disposed of by Sale
Real Estate Properties [Line Items]
Number of non-core properties sold	2	2	0

Real Estate Dispositions, Hel_4

Real Estate Dispositions, Held for Sale and Impairment Charges - Summary of Properties Sold (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) ft²	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) ft²	Jun. 30, 2022 USD ($)
Real Estate Properties [Line Items]
Aggregate Loss on Sale of Real Estate, net	$ (451)	$ 0	$ (451)	$ 0
Assets disposed of by Sale
Real Estate Properties [Line Items]
Aggregate Square Footage | ft²	42,868		42,868
Aggregate Sales Price			$ 4,650
Aggregate Sales Costs			233
Aggregate Loss on Sale of Real Estate, net	$ (500)		$ (451)

Real Estate Dispositions, Hel_5

Real Estate Dispositions, Held for Sale and Impairment Charges - Components of Operating Income from Real Estate and Related Assets Disposed (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) property	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) property	Jun. 30, 2022 USD ($) property
Real Estate Properties [Line Items]
Gain on sale of real estate, net	$ (451)	$ 0	$ (451)	$ 0
Assets disposed of by Sale
Real Estate Properties [Line Items]
Operating revenue	105	137	235	275
Operating expense	34	124	171	246
Other income (expense), net	(451)	0	(451)	0
Income from real estate and related assets sold	(380)	$ 13	(387)	$ 29
Gain on sale of real estate, net	$ (500)		$ (451)
Number of non-core properties sold | property	2		2	0

Real Estate Dispositions, Hel_6

Real Estate Dispositions, Held for Sale and Impairment Charges - Components of Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Assets Held for Sale
Total Assets Held for Sale	$ 36,766	$ 5,973	$ 3,293
Liabilities Held for Sale
Total Liabilities Held for Sale	933		0
Real Estate Held for Sale
Assets Held for Sale
Total real estate held for sale	36,220		3,293
Lease intangibles, net	546		0
Total Assets Held for Sale	36,766		3,293
Liabilities Held for Sale
Deferred rent liability, net	873		0
Asset retirement obligation	60		0
Total Liabilities Held for Sale	$ 933		$ 0

Mortgage Notes Payable and Cr_3

Mortgage Notes Payable and Credit Facility - Additional Information (Details)			3 Months Ended		6 Months Ended
	Sep. 27, 2022 USD ($)	Aug. 18, 2022 USD ($)	Jun. 30, 2023 USD ($) property mortgage	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) property mortgage	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Aug. 17, 2022 USD ($)
Debt Instrument [Line Items]
Number of properties collateralized in mortgage notes payable | property			134		134
Payments of deferred financing costs					$ 118,000	$ 667,000
Carrying value			$ 753,734,000		753,734,000		$ 749,206,000
Line of credit outstanding			$ 38,450,000		$ 38,450,000		23,250,000
Weighted average interest rate on debt outstanding			4.23%		4.23%
Line of Credit
Debt Instrument [Line Items]
Line of credit outstanding			$ 408,500,000		$ 408,500,000
Weighted average interest rate			6.54%		6.54%
Letters of credit, outstanding			$ 14,400,000		$ 14,400,000
Weighted average interest rate on debt outstanding			1.50%		1.50%
Maximum additional amount that can be drawn under line of credit			$ 70,300,000		$ 70,300,000
Fixed rate mortgage loans
Debt Instrument [Line Items]
Number of properties collateralized in mortgage notes payable | property			49		49
Payments of deferred financing costs			$ 50,000	$ 700,000	$ 120,000	$ 700,000
Carrying value			$ 350,732,000		$ 350,732,000		362,037,000
Mortgage notes payable
Debt Instrument [Line Items]
Number of mortgage notes payable | mortgage			43		43
Number of properties collateralized in mortgage notes payable | property			49		49
Net book value of collateralized mortgage properties			$ 536,900,000		$ 536,900,000
Fair value of mortgage notes payable			323,200,000		323,200,000
Carrying value			348,371,000		348,371,000		$ 359,389,000
Carrying value			$ 350,732,000		$ 350,732,000
Weighted average interest rate on debt outstanding			5.48%		5.48%
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 125,000,000	$ 120,000,000	$ 125,000,000		$ 125,000,000			$ 100,000,000
Variable rate term loan facility A
Debt Instrument [Line Items]
Maximum borrowing capacity			160,000,000		160,000,000
Variable rate term loan facility B
Debt Instrument [Line Items]
Maximum borrowing capacity		60,000,000	60,000,000		60,000,000
Variable rate term loan facility C
Debt Instrument [Line Items]
Maximum borrowing capacity	150,000,000	$ 140,000,000	150,000,000		150,000,000
Debt instrument fees incurred	$ 4,200,000
Carrying value			$ 150,000,000		$ 150,000,000
Variable rate term loan facility C | Minimum | SOFR
Debt Instrument [Line Items]
Spread on debt	3.15%	1.25%
Variable rate term loan facility C | Maximum | SOFR
Debt Instrument [Line Items]
Spread on debt	3.75%	1.95%

Mortgage Notes Payable and Cr_4

Mortgage Notes Payable and Credit Facility - Company's Mortgage Notes Payable and Line of Credit (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) property mortgage	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Encumbered properties | property	134
Total	$ 753,734	$ 749,206
Weighted average interest rate on debt outstanding	4.23%
SOFR
Debt Instrument [Line Items]
Variable rate at period end	5.09%
Mortgage notes payable
Debt Instrument [Line Items]
Encumbered properties | property	49
Carrying value	$ 350,732
Premiums and discounts, net	(62)	(83)
Deferred financing costs, net	(2,299)	(2,565)
Total	$ 348,371	359,389
Number of mortgage notes payable | mortgage	43
Weighted average interest rate on debt outstanding	5.48%
Fixed rate mortgage loans
Debt Instrument [Line Items]
Encumbered properties | property	49
Carrying value	$ 350,732	362,037
Stated interest rate	4.16%
Fixed rate mortgage loans | Minimum
Debt Instrument [Line Items]
Stated interest rate	2.80%
Fixed rate mortgage loans | Maximum
Debt Instrument [Line Items]
Stated interest rate	6.63%
Variable rate revolving credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Encumbered properties | property	85
Carrying value	$ 38,450	23,250
Total	$ 38,450	23,250
Scheduled maturity dates	Aug. 18, 2026
Variable rate revolving credit facility | Revolving Credit Facility | SOFR
Debt Instrument [Line Items]
Spread on debt	1.50%
Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, net	$ (3,087)	(3,433)
Total	366,913	366,567
Variable rate term loan facility A
Debt Instrument [Line Items]
Carrying value	$ 160,000	160,000
Scheduled maturity dates	Aug. 18, 2027
Variable rate term loan facility A | SOFR
Debt Instrument [Line Items]
Spread on debt	1.45%
Variable rate term loan facility B
Debt Instrument [Line Items]
Carrying value	$ 60,000	60,000
Scheduled maturity dates	Feb. 11, 2026
Variable rate term loan facility B | SOFR
Debt Instrument [Line Items]
Spread on debt	1.45%
Variable rate term loan facility C
Debt Instrument [Line Items]
Carrying value	$ 150,000	$ 150,000
Scheduled maturity dates	Feb. 18, 2028
Variable rate term loan facility C | SOFR
Debt Instrument [Line Items]
Spread on debt	1.45%

Mortgage Notes Payable and Cr_5

Mortgage Notes Payable and Credit Facility - Mortgages Notes Payable (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) property mortgage	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Fixed rate debt repaid	$ 11,305	$ 22,040
Fixed rate mortgage loans
Debt Instrument [Line Items]
Number of long term mortgages repaid | mortgage	1
Number of existing encumbered propertied repaid | property	1
Fixed rate debt repaid	$ 2,690
Stated interest rate	4.16%
Carrying value	$ 350,732		$ 362,037
Fixed rate mortgage loans with extended maturity
Debt Instrument [Line Items]
Stated interest rate	6.50%
Number of long term mortgages, maturity date extended | mortgage	1
Number of properties used to collateralize mortgages with extended maturity | property	1
Carrying value	$ 8,769
Extension Term	1 year

Mortgage Notes Payable and Cr_6

Mortgage Notes Payable and Credit Facility - Scheduled Principal Payments of Mortgage Notes Payable (Details) - Mortgage notes payable - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Six Months Ending December 31, 2023	$ 50,163
2024	28,578
2025	36,559
2026	42,379
2027	94,848
2028	28,858
Thereafter	69,347
Total	350,732
Premiums and discounts, net	(62)	$ (83)
Deferred financing costs, net	$ 2,299	$ 2,565

Mortgage Notes Payable and Cr_7

Mortgage Notes Payable and Credit Facility - Interest Rate Derivatives (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Aggregate Cost	$ 620
Aggregate Notional Amount	225,000	$ 225,000
Aggregate Fair Value	$ 2,095	4,629
Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Interest rate	1.49%
Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Interest rate	2.50%
Interest rate swaps | Counterparty
Debt Instrument [Line Items]
Aggregate Notional Amount	$ 362,258	362,832
Aggregate Fair Value Asset	11,380	8,264
Aggregate Fair Value Liability	$ (110)	$ (897)

Mortgage Notes Payable and Cr_8

Mortgage Notes Payable and Credit Facility - Schedule of Derivative Instruments Impact (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (loss) gain, net, recognized in Comprehensive Income	$ 8,025	$ 2,603	$ 2,130	$ 6,870
Amount reclassified out of Accumulated Other Comprehensive Income	264	0	527	0
Interest rate caps
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (loss) gain, net, recognized in Comprehensive Income	(768)	1,138	(1,774)	2,762
Amount reclassified out of Accumulated Other Comprehensive Income	264	0	527	0
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (loss) gain, net, recognized in Comprehensive Income	$ 8,793	$ 1,465	$ 3,904	$ 4,108

Mortgage Notes Payable and Cr_9

Mortgage Notes Payable and Credit Facility - Schedule of Derivative Instruments' Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Total derivative liabilities, net	$ 13,365	$ 11,996
Interest rate caps | Derivatives Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets	2,095	4,629
Interest rate swaps | Derivatives Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets	11,380	8,264
Derivative liabilities	$ (110)	$ (897)

Commitments and Contingencies -

Commitments and Contingencies - Future Lease Payments Due Under Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Future Lease Payments Due Under Operating Leases
Six Months Ending December 31, 2023	$ 247
2024	493
2025	494
2026	498
2027	506
2028	510
Thereafter	5,790
Total anticipated lease payments	8,538
Less: amount representing interest	(3,336)
Present value of lease payments	$ 5,202	$ 5,308

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) property	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) property	Jun. 30, 2022 USD ($)
Other Commitments [Line Items]
Number of leases | property	4		4
Rental expense	$ 34,380	$ 31,878	$ 66,521	$ 63,210
Weighted average remaining lease term	18 years 1 month 6 days		18 years 1 month 6 days
Weighted average discount rate	5.33%		5.33%
Line of Credit
Other Commitments [Line Items]
Letters of credit, outstanding	$ 14,400		$ 14,400
Property Operating Expense
Other Commitments [Line Items]
Rental expense	$ 100	$ 100	$ 200	$ 200

Equity and Mezzanine Equity - S

Equity and Mezzanine Equity - Summary of Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended							6 Months Ended			9 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	$ 190,882	$ 203,904	$ 212,338	$ 212,928	$ 200,918	$ 202,922		$ 203,904	$ 200,918		$ 200,918		$ 200,918
Comprehensive income	8,025			2,603				2,130	6,870
Reclassification into interest expense	(264)			0				(527)	0
Net (loss) income	(4,588)	3,167	2,787	1,624	3,442	4,537	$ 2,163	(1,420)	5,068	$ 3,244	7,852	$ 7,780	10,782	$ 10,895
Stockholders' equity, ending balance	182,199	190,882	215,455	212,338	212,928	199,834	202,922	182,199	212,338	202,922	215,455	199,834	203,904	200,918
Total Equity	183,723	192,523	217,393	213,613	214,236	201,117	204,260	183,723	213,613	204,260	217,393	201,117	205,694	202,177	$ 214,489
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	40	39	39	38	37			39	37		37		37
Issuance of common stock and preferred stock, net	0			1				1	2
Repurchase of common stock, net	(1)			0				(1)	0
Stockholders' equity, ending balance	39	40		39	38			39	39				39	37
Common Stock | Senior Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	1	1	1	1	1			1	1		1		1
Issuance of common stock and preferred stock, net	0			0				0	0
Stockholders' equity, ending balance	1	1		1	1			1	1				1	1
Preferred Stock | Series F Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	1	1	1	0	0			1	0		0		0
Issuance of common stock and preferred stock, net	0			1				0	1
Redemption of Series F preferred stock, net	0			0				0	0
Stockholders' equity, ending balance	1	1		1	0			1	1				1	0
Additional Paid in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	725,874	721,327	705,629	692,795	671,134			721,327	671,134		671,134		671,134
Issuance of common stock and preferred stock, net	1,651			12,908				6,036	34,657
Repurchase of common stock, net	998			0				998	0
Redemption of Series F preferred stock, net	131			0				217	55
Retirement of senior common stock, net	0			0				52	0
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership	(74)			(74)				(50)	(217)
Stockholders' equity, ending balance	728,580	725,874		705,629	692,795			728,580	705,629				721,327	671,134
Accumulated Other Comprehensive Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	6,008	11,640	5,524	2,921	(1,346)			11,640	(1,346)		(1,346)		(1,346)
Comprehensive income	8,025			2,603				2,130	6,870
Reclassification into interest expense	264			0				527	0
Stockholders' equity, ending balance	14,297	6,008		5,524	2,921			14,297	5,524				11,640	(1,346)
Distributions in Excess of Accumulated Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	(541,042)	(529,104)	(498,856)	(482,827)	(468,908)	(442,586)	(425,928)	(529,104)	(468,908)	(410,589)	(468,908)	(410,589)	(468,908)	(410,589)
Distributions declared to common, senior common, and preferred stockholders	(15,156)			(17,663)				(30,265)	(35,019)
Net (loss) income	(4,515)	3,174	2,791	1,634	3,440	4,516	2,184	(1,339)	5,076	3,307	7,864	7,822	10,805	10,935
Stockholders' equity, ending balance	(560,719)	(541,042)	(514,050)	(498,856)	(482,827)	(454,919)	(442,586)	(560,719)	(498,856)	(442,586)	(514,050)	(454,919)	(529,104)	(468,908)
Distributions in Excess of Accumulated Earnings | Series F Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of Series F preferred stock, net	(6)			0				(11)	(5)
Total Stockholders' Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	190,882	203,904	212,338	212,928	200,918	202,922	211,241	203,904	200,918	211,635	200,918	211,635	200,918	211,635
Issuance of common stock and preferred stock, net	1,651			12,910				6,037	34,660
Repurchase of common stock, net	997			0				997	0
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership	(74)			(74)				(50)	(217)
Comprehensive income	8,025			2,603				2,130	6,870
Reclassification into interest expense	264			0				527	0
Distributions declared to common, senior common, and preferred stockholders	(15,156)			(17,663)				(30,265)	(35,019)
Net (loss) income	(4,515)	3,174	2,791	1,634	3,440	4,516	2,184	(1,339)	5,076	3,307	7,864	7,822	10,805	10,935
Stockholders' equity, ending balance	182,199	190,882	215,455	212,338	212,928	$ 199,834	$ 202,922	182,199	212,338	$ 202,922	215,455	$ 199,834	203,904	200,918
Total Stockholders' Equity | Series F Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of Series F preferred stock, net	125			0				206	50
Retirement of senior common stock, net	0			0				52	0
Non-Controlling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	1,641	1,790	$ 1,275	1,308	1,259			1,790	1,259		$ 1,259		1,259
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership	74			74				50	217
Distributions declared to common, senior common, and preferred stockholders	(118)			(97)				(235)	(193)
Net (loss) income	(73)			(10)				(81)	(8)
Stockholders' equity, ending balance	$ 1,524	$ 1,641		$ 1,275	$ 1,308			$ 1,524	$ 1,275				$ 1,790	$ 1,259

Equity and Mezzanine Equity - D

Equity and Mezzanine Equity - Dividends Paid (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Senior Common Stock
Dividends Payable [Line Items]
Common Stock, dividends paid (in dollars per share)	$ 0.2625	$ 0.2625	$ 0.5250	$ 0.5250
Series E Preferred Stock
Dividends Payable [Line Items]
Preferred Stock, dividends paid (in dollars per share)	0.414063	0.414063	0.828126	0.828126
Series F Preferred Stock
Dividends Payable [Line Items]
Preferred Stock, dividends paid (in dollars per share)	0.375	0.375	0.750	0.750
Series G Preferred Stock
Dividends Payable [Line Items]
Preferred Stock, dividends paid (in dollars per share)	0.375	0.375	0.750	0.750
Common Stock and Non-controlling OP Units
Dividends Payable [Line Items]
Common Stock, dividends paid (in dollars per share)	$ 0.30000	$ 0.37620	$ 0.60000	$ 0.75240

Equity and Mezzanine Equity - A

Equity and Mezzanine Equity - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Feb. 09, 2023	Feb. 20, 2020	Feb. 19, 2020	Jan. 29, 2020
Class of Stock [Line Items]
Temporary equity, contract terms, trigger change in control			50%
Common stock, shares outstanding (in shares)	39,917,995		39,917,995		39,744,359		60,290,000	86,290,000
Units held by noncontrolling owners (in shares)			391,468		391,468
Gladstone Commercial Limited Partnership
Class of Stock [Line Items]
Company ownership percentage of voting securities	99%		99%		99%
Series D Preferred Stock
Class of Stock [Line Items]
Temporary equity, contract terms, minimum vote needed to trigger change in control from tender offer	90%		90%
Common Stock
Class of Stock [Line Items]
Repurchase of common stock, net	$ 1	$ 0	$ 1	$ 0
Preferred Stock | Series E Preferred Stock
Class of Stock [Line Items]
Redeemable preferred stock, dividend rate			6.625%
Preferred Stock | Series G Preferred Stock
Class of Stock [Line Items]
Redeemable preferred stock, dividend rate			6%
Preferred Stock | Series F Preferred Stock
Class of Stock [Line Items]
Redeemable preferred stock, shares issued (in shares)			188,919
Consideration received			$ 4,300
Redeemable preferred stock, shares authorized (in shares)							26,000,000
Common Stock ATM Program | Common Stock
Class of Stock [Line Items]
Repurchase of common stock, net			$ 1,000
Universal registration statement, amount authorized									$ 63,000
Common Stock ATM Program | Baird, Goldman Sachs, Stifel, Fifth Third, and U.S. Bancorp Investments, Inc. | Common Stock
Class of Stock [Line Items]
Redeemable preferred stock, shares issued (in shares)			200,000
Maximum aggregate sales price of shares to be issued under open market sale agreement	$ 250,000		$ 250,000
Common Stock ATM Program | Baird, Goldman Sachs, Stifel, and Fifth Third | Common Stock
Class of Stock [Line Items]
Consideration received			$ 4,000
Maximum aggregate sales price of shares to be issued under open market sale agreement						$ 100,000
2020 Universal Shelf
Class of Stock [Line Items]
Universal registration statement, amount authorized									800,000
2020 Universal Shelf | Preferred Stock | Series F Preferred Stock
Class of Stock [Line Items]
Universal registration statement, amount authorized									$ 636,500

Revision of Previously Issued_3

Revision of Previously Issued Financial Statements - Operations and Comprehensive Income (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended							6 Months Ended			9 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Operating expenses
Depreciation and amortization	$ 16,936	$ 14,704	$ 15,474	$ 15,167	$ 14,638	$ 14,721	$ 14,149	$ 31,640	$ 29,804	$ 29,817	$ 45,279	$ 44,538	$ 60,154	$ 59,149
Total operating expense before incentive fee waiver			37,158	27,773		25,459	24,961		53,379	50,821	90,539	76,281	116,248	101,654
Total operating expenses	33,716	24,664	37,158	27,773	25,607	25,459	24,945	58,379	53,379	50,805	90,539	76,265	116,248	101,638
Net (loss) income	(4,588)	3,167	2,787	1,624	3,442	4,537	2,163	(1,420)	5,068	3,244	7,852	7,780	10,782	10,895
Net (loss) income (attributable) available to the Company	(4,515)	3,174	2,791	1,634	3,440	4,516	2,184	(1,339)	5,076	3,307	7,864	7,822	10,805	10,935
Net loss attributable to common stockholders	$ (7,685)	$ 41	$ (310)	$ (1,447)	$ 373	$ 1,478	$ (2,990)	$ (7,642)	$ (1,072)	$ (4,901)	$ (1,385)	$ (3,424)	$ (1,529)	$ (3,392)
Loss per weighted average share of common stock - basic & diluted
Income (loss) available (attributable) to common shareholders, basic (in dollars per share)	$ (0.19)	$ 0	$ (0.01)	$ (0.04)	$ 0.01	$ 0.04	$ (0.08)	$ (0.19)	$ (0.03)	$ (0.14)	$ (0.04)	$ (0.10)	$ (0.04)	$ (0.09)
Income (loss) available (attributable) to common shareholders, diluted (in dollars per share)	$ (0.19)	$ 0	$ (0.01)	$ (0.04)	$ 0.01	$ 0.04	$ (0.08)	$ (0.19)	$ (0.03)	$ (0.14)	$ (0.04)	$ (0.10)	$ (0.04)	$ (0.09)
Comprehensive income
Net income	$ (4,588)	$ 3,167	$ 2,787	$ 1,624	$ 3,442	$ 4,537	$ 2,163	$ (1,420)	$ 5,068	$ 3,244	$ 7,852	$ 7,780	$ 10,782	$ 10,895
Total comprehensive income available to the Company	$ 3,510	(2,721)	9,581	4,237	7,707	4,937	1,464	$ 791	11,946	5,011	21,524	9,947	22,920	13,789
As Previously Reported
Operating expenses
Depreciation and amortization		15,474	15,764	15,219	14,689	14,760	14,191		29,907	30,901	45,672	45,661	61,664	60,311
Total operating expense before incentive fee waiver			37,448	27,825		25,498	25,003		53,482	51,905	90,932	77,404	117,758	102,816
Total operating expenses		25,434	37,448	27,825	25,658	25,498	24,987		53,482	51,889	90,932	77,388	117,758	102,800
Net (loss) income		2,397	2,497	1,572	3,391	4,498	2,121		4,965	2,160	7,459	6,657	9,272	9,733
Net (loss) income (attributable) available to the Company		2,404	2,501	1,582	3,389	4,477	2,142		4,973	2,223	7,471	6,699	9,295	9,773
Net loss attributable to common stockholders		$ (729)	$ (600)	$ (1,499)	$ 322	$ 1,439	$ (3,032)		$ (1,175)	$ (5,985)	$ (1,778)	$ (4,547)	$ (3,039)	$ (4,554)
Loss per weighted average share of common stock - basic & diluted
Income (loss) available (attributable) to common shareholders, basic (in dollars per share)		$ (0.02)	$ (0.02)	$ (0.04)	$ 0.01	$ 0.04	$ (0.08)		$ (0.03)	$ (0.17)	$ (0.05)	$ (0.13)	$ (0.08)	$ (0.12)
Income (loss) available (attributable) to common shareholders, diluted (in dollars per share)		$ (0.02)	$ (0.02)	$ (0.04)	$ 0.01	$ 0.04	$ (0.08)		$ (0.03)	$ (0.17)	$ (0.05)	$ (0.13)	$ (0.08)	$ (0.12)
Comprehensive income
Net income		$ 2,397	$ 2,497	$ 1,572	$ 3,391	$ 4,498	$ 2,121		$ 4,965	$ 2,160	$ 7,459	$ 6,657	$ 9,272	$ 9,733
Total comprehensive income available to the Company		(3,491)	9,291	4,185	7,656	4,898	1,422		11,843	3,927	21,131	8,824	21,410	12,627
Adjustments
Operating expenses
Depreciation and amortization		(770)	(290)	(52)	(51)	(39)	(42)		(103)	(1,084)	(393)	(1,123)	(1,510)	(1,162)
Total operating expense before incentive fee waiver			(290)	(52)		(39)	(42)		(103)	(1,084)	(393)	(1,123)	(1,510)	(1,162)
Total operating expenses		(770)	(290)	(52)	(51)	(39)	(42)		(103)	(1,084)	(393)	(1,123)	(1,510)	(1,162)
Net (loss) income		770	290	52	51	39	42		103	1,084	393	1,123	1,510	1,162
Net (loss) income (attributable) available to the Company		770	290	52	51	39	42		103	1,084	393	1,123	1,510	1,162
Net loss attributable to common stockholders		$ 770	$ 290	$ 52	$ 51	$ 39	$ 42		$ 103	$ 1,084	$ 393	$ 1,123	$ 1,510	$ 1,162
Loss per weighted average share of common stock - basic & diluted
Income (loss) available (attributable) to common shareholders, basic (in dollars per share)		$ 0.02	$ 0.01	$ 0	$ 0	$ 0	$ 0		$ 0	$ 0.03	$ 0.01	$ 0.03	$ 0.04	$ 0.03
Income (loss) available (attributable) to common shareholders, diluted (in dollars per share)		$ 0.02	$ 0.01	$ 0	$ 0	$ 0	$ 0		$ 0	$ 0.03	$ 0.01	$ 0.03	$ 0.04	$ 0.03
Comprehensive income
Net income		$ 770	$ 290	$ 52	$ 51	$ 39	$ 42		$ 103	$ 1,084	$ 393	$ 1,123	$ 1,510	$ 1,162
Total comprehensive income available to the Company		$ 770	$ 290	$ 52	$ 51	$ 39	$ 42		$ 103	$ 1,084	$ 393	$ 1,123	$ 1,510	$ 1,162

Revision of Previously Issued_4

Revision of Previously Issued Financial Statements - Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
ASSETS
Less: accumulated depreciation	$ 286,911	$ 294,129	$ 286,150	$ 284,795	$ 279,613	$ 276,946	$ 267,057	$ 257,475	$ 250,261
Total real estate, net	945,949	991,410	1,001,147	994,660	980,809	963,982	958,201	915,073	902,041
Real estate and related assets held for sale	36,766	5,973	3,293
TOTAL ASSETS	1,181,935	1,188,478	1,202,633	1,209,675	1,193,107	1,154,075	1,142,967	1,104,369	1,088,760
EQUITY
Distributions in excess of accumulated earnings	(560,719)	(541,042)	(529,104)	(514,050)	(498,856)	(482,827)	(468,908)	(454,919)	(442,586)
TOTAL STOCKHOLDERS' EQUITY	(182,199)	(190,882)	(203,904)	(215,455)	(212,338)	(212,928)	(200,918)	(199,834)	(202,922)
TOTAL EQUITY	183,723	192,523	205,694	217,393	213,613	214,236	202,177	201,117	204,260	$ 214,489
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY	$ 1,181,935	1,188,478	1,202,633	1,209,675	1,193,107	1,154,075	1,142,967	1,104,369	1,088,760
As Previously Reported
ASSETS
Less: accumulated depreciation		294,773	286,994	284,802	279,331	276,612	266,672	257,050	249,797
Total real estate, net		990,766	1,000,303	994,653	981,091	964,316	958,586	915,498	902,505
Real estate and related assets held for sale		4,722	3,013
TOTAL ASSETS		1,186,583	1,201,509	1,209,668	1,193,389	1,154,409	1,143,352	1,104,794	1,089,224
EQUITY
Distributions in excess of accumulated earnings		(542,937)	(530,228)	(514,057)	(498,574)	(482,493)	(468,523)	(454,494)	(442,122)
TOTAL STOCKHOLDERS' EQUITY		(188,987)	(202,780)	(215,448)	(212,620)	(213,262)	(201,303)	(200,259)	(203,386)
TOTAL EQUITY		190,628	204,570	217,386	213,895	214,570	202,562	201,542	204,724	216,037
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY		1,186,583	1,201,509	1,209,668	1,193,389	1,154,409	1,143,352	1,104,794	1,089,224
Adjustments
ASSETS
Less: accumulated depreciation		(644)	(844)	(7)	282	334	385	425	464
Total real estate, net		644	844	7	(282)	(334)	(385)	(425)	(464)
Real estate and related assets held for sale		1,251	280
TOTAL ASSETS		1,895	1,124	7	(282)	(334)	(385)	(425)	(464)
EQUITY
Distributions in excess of accumulated earnings		1,895	1,124	7	(282)	(334)	(385)	(425)	(464)
TOTAL STOCKHOLDERS' EQUITY		(1,895)	(1,124)	(7)	282	334	385	425	464
TOTAL EQUITY		1,895	1,124	7	(282)	(334)	(385)	(425)	(464)	$ (1,548)
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY		$ 1,895	$ 1,124	$ 7	$ (282)	$ (334)	$ (385)	$ (425)	$ (464)

Revision of Previously Issued_5

Revision of Previously Issued Financial Statements - Summary of Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended							6 Months Ended			9 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	$ 190,882	$ 203,904	$ 212,338	$ 212,928	$ 200,918	$ 202,922		$ 203,904	$ 200,918		$ 200,918		$ 200,918
Stockholders' equity, beginning balance	192,523	205,694	213,613	214,236	202,177	204,260		205,694	202,177	$ 214,489	202,177	$ 214,489	202,177	$ 214,489
Net income	(4,588)	3,167	2,787	1,624	3,442	4,537	$ 2,163	(1,420)	5,068	3,244	7,852	7,780	10,782	10,895
Stockholders' equity, ending balance	182,199	190,882	215,455	212,338	212,928	199,834	202,922	182,199	212,338	202,922	215,455	199,834	203,904	200,918
Stockholders' equity, ending balance	183,723	192,523	217,393	213,613	214,236	201,117	204,260	183,723	213,613	204,260	217,393	201,117	205,694	202,177
Distributions in Excess of Accumulated Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	(541,042)	(529,104)	(498,856)	(482,827)	(468,908)	(442,586)	(425,928)	(529,104)	(468,908)	(410,589)	(468,908)	(410,589)	(468,908)	(410,589)
Net income	(4,515)	3,174	2,791	1,634	3,440	4,516	2,184	(1,339)	5,076	3,307	7,864	7,822	10,805	10,935
Stockholders' equity, ending balance	(560,719)	(541,042)	(514,050)	(498,856)	(482,827)	(454,919)	(442,586)	(560,719)	(498,856)	(442,586)	(514,050)	(454,919)	(529,104)	(468,908)
Total Stockholders' Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	190,882	203,904	212,338	212,928	200,918	202,922	211,241	203,904	200,918	211,635	200,918	211,635	200,918	211,635
Net income	(4,515)	3,174	2,791	1,634	3,440	4,516	2,184	(1,339)	5,076	3,307	7,864	7,822	10,805	10,935
Stockholders' equity, ending balance	182,199	190,882	215,455	212,338	212,928	199,834	202,922	182,199	212,338	202,922	215,455	199,834	203,904	200,918
As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	188,987	202,780	212,620	213,262	201,303	203,386		202,780	201,303		201,303		201,303
Stockholders' equity, beginning balance	190,628	204,570	213,895	214,570	202,562	204,724		204,570	202,562	216,037	202,562	216,037	202,562	216,037
Net income		2,397	2,497	1,572	3,391	4,498	2,121		4,965	2,160	7,459	6,657	9,272	9,733
Stockholders' equity, ending balance		188,987	215,448	212,620	213,262	200,259	203,386		212,620	203,386	215,448	200,259	202,780	201,303
Stockholders' equity, ending balance		190,628	217,386	213,895	214,570	201,542	204,724		213,895	204,724	217,386	201,542	204,570	202,562
As Previously Reported | Distributions in Excess of Accumulated Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	(542,937)	(530,228)	(498,574)	(482,493)	(468,523)	(442,122)	(425,422)	(530,228)	(468,523)	(409,041)	(468,523)	(409,041)	(468,523)	(409,041)
Net income		2,404	2,501	1,582	3,389	4,477	2,142		4,973	2,223	7,471	6,699	9,295	9,773
Stockholders' equity, ending balance		(542,937)	(514,057)	(498,574)	(482,493)	(454,494)	(442,122)		(498,574)	(442,122)	(514,057)	(454,494)	(530,228)	(468,523)
As Previously Reported | Total Stockholders' Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	188,987	202,780	212,620	213,262	201,303	203,386	211,747	202,780	201,303	213,183	201,303	213,183	201,303	213,183
Net income		2,404	2,501	1,582	3,389	4,477	2,142		4,973	2,223	7,471	6,699	9,295	9,773
Stockholders' equity, ending balance		188,987	215,448	212,620	213,262	200,259	203,386		212,620	203,386	215,448	200,259	202,780	201,303
Adjustments
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	1,895	1,124	(282)	(334)	(385)	(464)		1,124	(385)		(385)		(385)
Stockholders' equity, beginning balance	1,895	1,124	(282)	(334)	(385)	(464)		1,124	(385)	(1,548)	(385)	(1,548)	(385)	(1,548)
Net income		770	290	52	51	39	42		103	1,084	393	1,123	1,510	1,162
Stockholders' equity, ending balance		1,895	7	(282)	(334)	(425)	(464)		(282)	(464)	7	(425)	1,124	(385)
Stockholders' equity, ending balance		1,895	7	(282)	(334)	(425)	(464)		(282)	(464)	7	(425)	1,124	(385)
Adjustments | Distributions in Excess of Accumulated Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	1,895	1,124	(282)	(334)	(385)	(464)	(506)	1,124	(385)	(1,548)	(385)	(1,548)	(385)	(1,548)
Net income		770	290	52	51	39	42		103	1,084	393	1,123	1,510	1,162
Stockholders' equity, ending balance		1,895	7	(282)	(334)	(425)	(464)		(282)	(464)	7	(425)	1,124	(385)
Adjustments | Total Stockholders' Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	$ 1,895	1,124	(282)	(334)	(385)	(464)	(506)	$ 1,124	(385)	(1,548)	(385)	(1,548)	(385)	(1,548)
Net income		770	290	52	51	39	42		103	1,084	393	1,123	1,510	1,162
Stockholders' equity, ending balance		$ 1,895	$ 7	$ (282)	$ (334)	$ (425)	$ (464)		$ (282)	$ (464)	$ 7	$ (425)	$ 1,124	$ (385)

Revision of Previously Issued_6

Revision of Previously Issued Financial Statements - Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended							6 Months Ended			9 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net (loss) income	$ (4,588)	$ 3,167	$ 2,787	$ 1,624	$ 3,442	$ 4,537	$ 2,163	$ (1,420)	$ 5,068	$ 3,244	$ 7,852	$ 7,780	$ 10,782	$ 10,895
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	$ 16,936	14,704	15,474	15,167	14,638	14,721	14,149	$ 31,640	29,804	29,817	45,279	44,538	60,154	59,149
As Previously Reported
Cash flows from operating activities:
Net (loss) income		2,397	2,497	1,572	3,391	4,498	2,121		4,965	2,160	7,459	6,657	9,272	9,733
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		15,474	15,764	15,219	14,689	14,760	14,191		29,907	30,901	45,672	45,661	61,664	60,311
Adjustments
Cash flows from operating activities:
Net (loss) income		770	290	52	51	39	42		103	1,084	393	1,123	1,510	1,162
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		$ (770)	$ (290)	$ (52)	$ (51)	$ (39)	$ (42)		$ (103)	$ (1,084)	$ (393)	$ (1,123)	$ (1,510)	$ (1,162)

Subsequent Events - Monthly Dis

Subsequent Events - Monthly Distributions Declared by Company's Board of Directors (Details) - Subsequent Event	Jul. 11, 2023 $ / shares
Series E Preferred Stock
Dividends Payable [Line Items]
Distribution per share (in dollars per share)	$ 0.414063
Series E Preferred Stock | Dividend Declared, Period One
Dividends Payable [Line Items]
Distribution per share (in dollars per share)	0.138021
Series E Preferred Stock | Dividend Declared, Period Two
Dividends Payable [Line Items]
Distribution per share (in dollars per share)	0.138021
Series E Preferred Stock | Dividend Declared, Period Three
Dividends Payable [Line Items]
Distribution per share (in dollars per share)	0.138021
Series G Preferred Stock
Dividends Payable [Line Items]
Distribution per share (in dollars per share)	0.375
Series G Preferred Stock | Dividend Declared, Period One
Dividends Payable [Line Items]
Distribution per share (in dollars per share)	0.125
Series G Preferred Stock | Dividend Declared, Period Two
Dividends Payable [Line Items]
Distribution per share (in dollars per share)	0.125
Series G Preferred Stock | Dividend Declared, Period Three
Dividends Payable [Line Items]
Distribution per share (in dollars per share)	0.125
Senior Common Stock
Dividends Payable [Line Items]
Distribution per share (in dollars per share)	0.2625
Senior Common Stock | Dividend Declared, Period One
Dividends Payable [Line Items]
Distribution per share (in dollars per share)	0.0875
Senior Common Stock | Dividend Declared, Period Two
Dividends Payable [Line Items]
Distribution per share (in dollars per share)	0.0875
Senior Common Stock | Dividend Declared, Period Three
Dividends Payable [Line Items]
Distribution per share (in dollars per share)	0.0875
Series F Preferred Stock
Dividends Payable [Line Items]
Distribution per share (in dollars per share)	0.375
Series F Preferred Stock | Dividend Declared, Period One
Dividends Payable [Line Items]
Distribution per share (in dollars per share)	0.125
Series F Preferred Stock | Dividend Declared, Period Two
Dividends Payable [Line Items]
Distribution per share (in dollars per share)	0.125
Series F Preferred Stock | Dividend Declared, Period Three
Dividends Payable [Line Items]
Distribution per share (in dollars per share)	0.125
Common Stock
Dividends Payable [Line Items]
Distribution per share (in dollars per share)	0.30
Common Stock | Dividend Declared, Period One
Dividends Payable [Line Items]
Distribution per share (in dollars per share)	0.10
Common Stock | Dividend Declared, Period Two
Dividends Payable [Line Items]
Distribution per share (in dollars per share)	0.10
Common Stock | Dividend Declared, Period Three
Dividends Payable [Line Items]
Distribution per share (in dollars per share)	$ 0.10

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ in Thousands					1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 04, 2023 USD ($) property	Jul. 28, 2023 USD ($) ft² property tenant	Jul. 27, 2023 USD ($) ft²	Jul. 10, 2023 USD ($) ft² tenant	Aug. 08, 2023 USD ($) shares	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)
Subsequent Event [Line Items]
Gain on sale of real estate, net						$ (451)	$ 0	$ (451)	$ 0
Fixed rate mortgage loans
Subsequent Event [Line Items]
Stated interest rate						4.16%		4.16%
Subsequent Event | Mortgages | Fixed rate mortgage loans
Subsequent Event [Line Items]
Net book value of collateralized mortgage properties	$ 28,900	$ 6,800
Number of properties | property	1	1
Stated interest rate	4.81%	5%
Subsequent Event | Pittsburgh, Pennsylvania
Subsequent Event [Line Items]
Purchased industrial property in square foot | ft²			26,080
Proceeds from sale of property held-for-sale			$ 6,800
Gain on sale of real estate, net			$ 3,600
Subsequent Event | Medical Office Property | Dallas Fort Worth, Texas
Subsequent Event [Line Items]
Purchased industrial property in square foot | ft²				7,714
Payments to acquire real estate				$ 2,900
Number of tenants | tenant				1
Lease term (in years)				10 years
Subsequent Event | Medical Office Property | Cedar Hill, Texas
Subsequent Event [Line Items]
Purchased industrial property in square foot | ft²		100,000
Payments to acquire real estate		$ 9,100
Number of tenants | tenant		1
Lease term (in years)		20 years
Series F Preferred Stock | Series A and B Preferred Stock
Subsequent Event [Line Items]
Consideration received								$ 4,300
Redeemable preferred stock, shares issued (in shares) | shares								188,919
Series F Preferred Stock | Series A and B Preferred Stock | Subsequent Event
Subsequent Event [Line Items]
Consideration received					$ 800
Redeemable preferred stock, shares issued (in shares) | shares					33,198