Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 10, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Global Medical REIT Inc. | |
Entity Central Index Key | 1,533,615 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | GMRE | |
Entity Common Stock, Shares Outstanding | 17,605,675 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Investment in real estate: | ||
Land | $ 11,733,852 | $ 4,563,852 |
Building and improvements | 113,094,766 | 51,574,271 |
Real Estate Investment Property, at Cost, Total | 124,828,618 | 56,138,123 |
Less: accumulated depreciation | (2,517,532) | (989,251) |
Investment in real estate, net | 122,311,086 | 55,148,872 |
Cash | 81,347,992 | 9,184,270 |
Restricted cash | 805,776 | 447,627 |
Tenant receivables | 177,369 | 0 |
Escrow deposits | 903,636 | 454,310 |
Deferred assets | 245,619 | 93,646 |
Total assets | 205,791,478 | 65,328,725 |
Liabilities: | ||
Accrued expenses | 416,230 | 683,857 |
Dividends payable | 3,592,786 | 0 |
Security deposits | 597,593 | 0 |
Due to related parties, net | 1,135,302 | 847,169 |
Convertible debenture, due to related party | 0 | 40,030,134 |
Notes payable to related parties | 421,000 | 421,000 |
Notes payable, net of unamortized discount of $1,177,522 and $302,892 at September 30, 2016 and December 31, 2015, respectively | 39,920,275 | 23,485,173 |
Total liabilities | 46,083,186 | 65,467,333 |
Stockholders' equity (deficit): | ||
Preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock $0.001 par value, 500,000,000 shares authorized at September 30, 2016 and December 31, 2015, respectively; 17,605,675 and 250,000 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively | 17,606 | 250 |
Additional paid-in capital | 171,143,411 | 3,011,790 |
Accumulated deficit | (11,452,725) | (3,150,648) |
Total stockholders' equity (deficit) | 159,708,292 | (138,608) |
Total liabilities and stockholders' equity (deficit) | $ 205,791,478 | $ 65,328,725 |
Consolidated Balance Sheets _Pa
Consolidated Balance Sheets [Parenthetical] - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Notes payable, net of unamortized discount | $ 1,177,522 | $ 302,892 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 17,605,675 | 250,000 |
Common stock, shares outstanding | 17,605,675 | 250,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenue | ||||
Rental revenue | $ 1,932,425 | $ 482,131 | $ 4,994,172 | $ 1,392,669 |
Other income | 70,225 | 4,971 | 93,196 | 12,471 |
Total revenue | 2,002,650 | 487,102 | 5,087,368 | 1,405,140 |
Expenses | ||||
Acquisition fees - related party | 0 | 227,000 | 754,000 | 227,000 |
General and administrative | 1,721,676 | 150,810 | 2,978,415 | 291,591 |
Management fees - related party | 627,147 | 90,000 | 807,147 | 270,000 |
Depreciation expense | 585,449 | 153,148 | 1,528,281 | 446,491 |
Interest expense | 1,051,204 | 363,937 | 3,443,113 | 988,825 |
Total expenses | 3,985,476 | 984,895 | 9,510,956 | 2,223,907 |
Net loss | $ (1,982,826) | $ (497,793) | $ (4,423,588) | $ (818,767) |
Net loss per share - Basic and Diluted (in dollars per share) | $ (0.11) | $ (1.99) | $ (0.68) | $ (3.28) |
Weighted average shares outstanding - Basic and Diluted (in shares) | 17,371,743 | 250,000 | 6,514,230 | 250,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating activities | ||
Net loss | $ (4,423,588) | $ (818,767) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 1,528,281 | 446,491 |
Amortization of debt discount | 215,449 | 89,850 |
LTIP unit compensation expense | 830,827 | 0 |
Changes in operating assets and liabilities: | ||
Restricted cash | (438,189) | 0 |
Tenant receivables | (177,369) | (25,058) |
Deferred assets | (222,324) | 1,567 |
Accrued expenses | (267,627) | (44,248) |
Security deposits | 597,593 | 0 |
Accrued management fees due to related party | 297,147 | 270,000 |
Net cash used in operating activities | (2,059,800) | (80,165) |
Investing activities | ||
Escrow deposits for purchase of properties | 394,310 | 0 |
Loans to related party | (39,000) | (71,683) |
Purchase of buildings and improvements | (68,690,495) | (11,608,672) |
Net cash used in investing activities | (68,335,185) | (11,680,355) |
Financing activities | ||
Net proceeds received from initial public offering | 137,358,367 | 0 |
Change in restricted cash | 80,040 | 837 |
Escrow deposits required by third party lenders | (843,636) | 0 |
Loans received from related parties | 29,986 | 51,198 |
Proceeds from convertible debenture, due to related party | 0 | 4,545,838 |
Repayment of convertible debenture, due to related party | (10,000,000) | 0 |
Proceeds from notes payable to related parties | 450,000 | 350,000 |
Repayment of notes payable from related parties | (450,000) | 0 |
Proceeds from notes payable from acquisitions | 41,320,900 | 7,377,500 |
Payments on notes payable from acquisitions | (24,011,168) | (256,704) |
Payments of deferred financing costs | (1,090,079) | (137,735) |
Dividends paid to stockholders | (285,703) | (170,400) |
Net cash provided by financing activities | 142,558,707 | 11,760,534 |
Net increase in cash and cash equivalents | 72,163,722 | 14 |
Cash and cash equivalentsbeginning of period | 9,184,270 | 88,806 |
Cash and cash equivalentsend of period | 81,347,992 | 88,820 |
Supplemental cash flow information: | ||
Cash payments for interest | 3,696,467 | 961,383 |
Noncash financing and investing activities: | ||
Conversion of convertible debenture due to ZH USA, LLC to shares of common stock | 30,030,134 | 0 |
Reclassification of deferred initial public offering costs to additional paid-in capital | 1,681,259 | 0 |
Accrued dividends payable | $ 3,592,786 | $ 0 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 Organization Background Global Medical REIT Inc. (the “Company”) is a Maryland corporation engaged primarily in the acquisition of licensed, state-of-the-art, purpose-built healthcare facilities and the leasing of these facilities to leading clinical operators with dominant market share. The Company is externally managed and advised by Inter-American Management, LLC (the “Advisor”). The Company holds its facilities and conducts its operations through a Delaware limited partnership subsidiary called Global Medical REIT L.P. (the “Operating Partnership”). The Company serves as the sole general partner of the Operating Partnership through a wholly-owned subsidiary of the Company called Global Medical REIT GP LLC (the “GP”), a Delaware limited liability company. As of September 30, 2016, the Company was the 98.0 2 Completed Initial Public Offering Related Events On June 13, 2016, in anticipation of the Company’s initial public offering that closed on July 1, 2016, the board of directors of the Company approved an amendment and restatement of the Company’s Amended and Restated Bylaws (as amended and restated, the “Bylaws”), effective on that date. The following is a summary of the amendments to the Bylaws. In addition to the amendments described below, the Bylaws include certain changes to clarify language and consistency with Maryland law and the listing requirements of the New York Stock Exchange and to make various technical revisions and non-substantive changes. The Bylaws were amended to provide for the following matters, among others: (a) Procedures for calling and holding special stockholders’ meetings; (b) Procedures for notice, organization and conduct of stockholders’ meetings; (c) Advance notice provisions for stockholder nominations for director and stockholder business proposals; (d) Clarification that the Company’s election to become subject to Section 3-804(c) of the Maryland General Corporation Law has already become effective; (e) Procedures for calling a meeting of the Board in the event of an emergency; (f) Procedures for Board committees to fill vacancies, appoint committee chairs and delegate powers; (g) The adjournment or postponement of a shareholder meeting to a date not more than 120 days after the original record date, without the need to set a new record date; and (h) Litigation regarding internal actions be brought in the Circuit Court for Baltimore City, Maryland (or, if that court does not have jurisdiction, the United States District Court for the District of Maryland, Baltimore Division). On June 28, 2016, the Company, the Advisor, and the Operating Partnership entered into an Underwriting Agreement with Wunderlich Securities, Inc., as representative of the several underwriters named therein, relating to the offer and sale of the Company’s common stock in its initial public offering. On July 1, 2016, the Company closed its initial public offering and issued 13,043,479 10.00 130,434,790 11,272,068 119,162,722 1,956,521 10.00 19,565,210 1,369,565 18,195,645 1,681,259 15,000,000 137,358,367 Use of Proceeds: The Company designated the following uses for the net proceeds of the initial public offering: · approximately $ 14.9 14.6 0.3 · $ 10.0 8.0 · $ 9.38 · $ 1.5 · the remaining approximately $ 101.6 The Company invested the unexpended net proceeds of the offering in interest-bearing accounts, money market accounts, and interest-bearing securities in a manner that is consistent with its intention to qualify for taxation as a real estate investment trust (“REIT”). In connection with the Company’s initial public offering, the Company’s common stock was listed on the New York Stock Exchange under the ticker symbol “GMRE.” |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 2 Summary of Significant Accounting Policies The accompanying financial statements are unaudited and include the accounts of the Company and its subsidiaries. The accompanying financial statements have been prepared in accordance with GAAP and the rules and regulations of the SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the accompanying financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended December 31, 2015. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the financial statements for the interim periods have been made. The accompanying consolidated financial statements include the accounts of the Company, including the Operating Partnership and its wholly-owned subsidiaries, and the interests in the Operating Partnership held by the LTIP unit holders, which the Operating Partnership has control over and therefore consolidates. These LTIP units represent “noncontrolling interests” and have no value as of September 30, 2016 as they have not been converted into OP Units and therefore did not participate in the Company’s consolidated net loss. At the time when there is value associated with the noncontrolling interests, the Company will classify such interests as a component of consolidated equity, separate from the Company’s total stockholder’s equity on its Consolidated Balance Sheets. Additionally, net income or loss will be allocated to noncontrolling interests based on their respective ownership percentage of the Operating Partnership. All material intercompany balances and transactions between the Company and its subsidiaries have been eliminated. The restricted cash balance of $ 805,776 367,587 319,500 118,689 358,149 447,627 The tenant receivables balance of $ 177,369 17,965 159,404 Escrow deposits include funds held in escrow to be used for the acquisition of future properties and for the payment of taxes, insurance, and other amounts as stipulated by the Company’s third party loan agreements. The escrow balance as of September 30, 2016 and December 31, 2015 was $ 903,636 454,310 449,326 843,636 394,310 The deferred assets balance of $ 245,619 1,610,908 1,681,259 93,646 23,295 70,351 The security deposits liability balance of $ 597,593 319,500 278,093 As disclosed in Note 7 “2016 Equity Incentive Plan,” the Company grants LTIP unit awards to employees of its advisor and its affiliates, and to the Company’s independent directors. The Company expenses the fair value of unit awards in accordance with the fair value recognition requirements of ASC Topic 718, “Compensation-Stock Compensation” and ASC Topic 505, “Equity.” These ASC topics require companies to measure the cost of the recipient services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. Under ASC Topic 718, the Company’s independent directors are deemed to be employees and therefore compensation expense for these units is recognized based on the price of $ 10.00 12 42 54 830,827 Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net loss per common share is computed by dividing net loss attributable to common stockholders by the sum of the weighted average number of common shares outstanding plus any potential dilutive shares for the period. The effect of the conversion of vested LTIP units into OP Units and the conversion of OP Units into common stock is not reflected in the computation of basic and diluted earnings per share, as all units are exchangeable for common stock on a one-for-one basis and are anti-dilutive to the Company’s net loss for the three and nine months ended September 30, 2016. The Company considered the requirements of the two-class method when computing earnings per share. Earnings per share would not be affected by using the two-class method because the Company incurred a net loss for the three and nine months ended September 30, 2016. In accordance with the provisions of ASC Topic 280, “Segment Reporting,” the Company has determined that it has one reportable segment consisting of its activities related to the acquisition of healthcare facilities and the leasing of these facilities to leading clinical operators. |
Property Portfolio
Property Portfolio | 9 Months Ended |
Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 3 Property Portfolio Summary of Properties under Executed Asset Purchase Agreements as of September 30, 2016 Sandusky Facilities On September 13, 2016, the Company entered into an assignment and assumption agreement to assume from a third party a purchase contract to acquire a portfolio of seven properties known as the NOMS portfolio located in Northern Ohio, for a total purchase price of $ 10.0 4.6 5.4 50,931 Summary of Properties Acquired During the Nine Months Ended September 30, 2016 During the three months ended September 30, 2016, the Company completed three acquisitions. Including these three acquisitions the Company completed a total of six acquisitions during the nine months ended September 30, 2016. A description of each facility acquired during that period is as follows. Watertown Facilities On September 30, 2016, the Company closed on an asset purchase agreement with Brown Investment Group, LLC, a South Dakota limited liability company, to acquire a 30,062 3,136 st 13,686 th 9.0 9.1 Upon the closing of the transaction, the Company leased the portfolio properties to Brown Clinic via a 15-year triple-net lease that expires in 2031. The lease provides for two additional five-year extensions at the option of the tenant. The acquisition was funded using a portion of the proceeds from the Company’s initial public offering. East Orange Facility On September 29, 2016, the Company closed on an asset purchase agreement with Prospect EOGH, Inc. (“Prospect”), a New Jersey corporation, and wholly-owned subsidiary of Prospect Medical Holdings, Inc. (“PMH”), a Delaware corporation, to acquire a 60,442 11.86 12.3 Upon the closing of the transaction, the Company leased the MOB to PMH via a 10-year triple-net lease that expires in 2026. The lease provides for four additional five-year extensions at the option of the tenant. The acquisition was funded using a portion of the proceeds from the Company’s initial public offering. Reading Facilities On July 20, 2016, the Company closed on an asset purchase agreement to acquire a 17,000 6,500 9.20 9.38 Upon the closing of the transaction, the Eye Center was leased back to Berks Eye Physicians & Surgeons, Ltd., a Pennsylvania professional corporation (the “Eye Center Tenant”) and the Surgery Center was leased back to Ridgewood Surgery Associates, LLC, a Pennsylvania limited liability company (the “Surgery Center Tenant”). Both leases are 10-year absolute triple-net lease agreements that expire in 2026 and are cross defaulted. Both leases also provide for two consecutive five-year extensions at the option of the tenants. The Eye Center lease is guaranteed by the Surgery Center Tenant and the Surgery Center lease is guaranteed by the Eye Center Tenant, each pursuant to a written guaranty. The acquisition was funded using a portion of the proceeds from the Company’s initial public offering. Melbourne Facility On March 31, 2016, the Company closed on a purchase agreement to acquire a 78,000 15.45 15.5 1.9 The Melbourne facility acquisition was financed in full using proceeds from the third party Cantor Loan, which is disclosed in Note 4 “Notes Payable Related to Acquisitions.” The Melbourne facility’s obligations under the lease with Marina Towers, LLC are fully guaranteed by its parent company, First Choice Healthcare Solutions, Inc. (OTCMKTS: FCHS). Information about First Choice Healthcare Solutions, Inc., including its audited historical financial statements, can be obtained from its Annual Report on Form 10-K and other reports and filings available on its website at http://www.myfchs.com/ or on the SEC website at www.sec.gov. Westland Facility On March 31, 2016, the Company closed on a purchase agreement to acquire a two-story medical office building and ambulatory surgery center located in Westland, Michigan for an aggregate purchase price of $ 4.75 4.8 15,018 1.3 The Westland facility acquisition was financed in full using proceeds from the third party Cantor Loan, which is disclosed in Note 4 “Notes Payable Related to Acquisitions.” Plano Facility On January 28, 2016, the Company closed on an asset purchase agreement with an unrelated party Star Medreal, LLC, a Texas limited liability company, to acquire an approximately 24,000 17.5 17.7 500,000 2.75 6,400 Also on January 28, 2016, the Company entered into a Promissory Note and Deed of Trust with East West Bank to borrow a total of $ 9,223,500 53,280 50,000 46,118 0.50 64,551 9,223,500 53,280 Additional funding for this transaction was received from ZH USA, LLC during the year ended December 31, 2015 in the amount of $ 9,369,310 9,025,000 344,310 9,369,310 12.748 Land Building & Improvements Gross Investment Balances as of January 1, 2016 $ 4,563,852 $ 51,574,271 $ 56,138,123 Acquisitions: Watertown Facilities 1,100,000 8,002,171 9,102,171 East Orange Facility 2,150,000 10,112,200 12,262,200 Reading Facilities 1,440,000 7,939,985 9,379,985 Melbourne Facility 1,200,000 14,250,000 15,450,000 Westland Facility 230,000 4,520,000 4,750,000 Plano Facility 1,050,000 16,696,139 17,746,139 Total Additions: 7,170,000 61,520,495 68,690,495 Balances as of September 30, 2016 $ 11,733,852 $ 113,094,766 $ 124,828,618 Depreciation expense was $ 585,449 1,528,281 153,148 446,491 As of December 31, 2015, the Company had acquired the following facilities: Tennessee Facilities On December 31, 2015, the Company acquired a six building, 52,266 20.0 20.2 1.75 20,900,000 West Mifflin Facility On September 25, 2015, the Company acquired a combined approximately 27,193 11.35 11.6 2 7,377,500 4,545,838 Asheville Facility On September 19, 2014, the Company acquired an approximately 8,840 2.5 1.7 Omaha Facility On June 5, 2014, the Company completed the acquisition of a 56-bed long term acute care hospital located at 1870 S. 75 th 21.7 21.9 60 60 15.06 The Omaha facility’s obligations under the sublease with Select Specialty Hospital Omaha, Inc. are fully guaranteed by its parent company, Select Medical Corporation (NYSE: SEM). Information about Select Medical Corporation, including its audited historical financial statements, can be obtained from its Annual Report on Form 10-K and other reports and filings available on its website at http://www.selectmedical.com/ or on the SEC website at www.sec.gov. |
Notes Payable Related to Acquis
Notes Payable Related to Acquisitions | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 4 Notes Payable Related to Acquisitions Summary of Notes Payable Related to Acquisitions, Net of Debt Discount Effective for the fiscal year ended December 31, 2015, the Company early adopted the provisions of Accounting Standards Update 2015-03 entitled “Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”), which requires retrospective application. The adoption of ASU 2015-03 represents a change in accounting principle. September 30, 2016 December 31, 2015 Notes payable related to acquisitions, gross $ 41,097,797 $ 23,788,065 Less: Unamortized debt discount (1,177,522) (302,892) Notes payable related to acquisitions, net $ 39,920,275 $ 23,485,173 The Company incurred financing costs related to the procurement of the Cantor, Plano, West Mifflin, Asheville, and Omaha loans that are treated as debt discounts. Balance as of January 1, 2016, net $ 302,892 Additions Plano and Cantor financings 1,090,079 Write-off of Plano financing costs (a)(b) (53,280) Debt discount amortization expense (b) (162,169) Balance as of September 30, 2016, net $ 1,177,522 (a) As disclosed in Note 3 “Property Portfolio,” the Plano loan was refinanced with proceeds from the Cantor Loan and accordingly the Plano related deferred financing costs were written off during the nine months ended September 30, 2016 into the “Interest Expense” line item in the accompanying Consolidated Statements of Operations. (b) Sum equals amortization expense incurred on the debt discount for the nine months ended September 30, 2016 of $ 215,449 Amortization expense of $ 62,604 215,449 30,257 89,850 Cantor Loan On March 31, 2016, through certain of the Company’s subsidiaries, the Company entered into a $ 32,097,400 9,223,500 The Cantor Loan has a maturity date of April 6, 2026 and accrues annual interest at 5.22 Prepayment can only occur within four months prior to the maturity date, except that after the earlier of (a) 2 years after the loan is placed in a securitized mortgage pool, or (ii) May 6, 2020, the Cantor Loan can be fully and partially defeased upon payment of amounts due under the Cantor Loan and payment of a defeasance amount that is sufficient to purchase U.S. government securities equal to the scheduled payments of principal, interest, fees, and any other amounts due related to a full or partial defeasance under the Cantor Loan The Company is securing the payment of the Cantor Loan with the assets, including property, facilities, and rents, held by the GMR Loan Subsidiaries and has agreed to guarantee certain customary recourse obligations, including findings of fraud, gross negligence, or breach of environmental covenants by the GMR Loan Subsidiaries. The GMR Loan Subsidiaries will be required to maintain a monthly debt service coverage ratio of 1.35:1.00 for all of the collateral properties in the aggregate. No principal payments were made for the nine months ended September 30, 2016. The note balance as of September 30, 2016 was $ 32,097,400 428,179 851,704 2016 $ - 2017 - 2018 - 2019 - 2020 - Thereafter 32,097,400 Total $ 32,097,400 West Mifflin Note Payable In order to finance a portion of the purchase price for the West Mifflin facility, on September 25, 2015 the Company entered into a Term Loan and Security Agreement with Capital One to borrow $ 7,377,500 3.72 September 25, 2020 7,377,500 70,136 209,645 2016 $ - 2017 - 2018 22,044 2019 136,007 2020 7,219,449 Total $ 7,377,500 Asheville Note Payable In order to finance a portion of the purchase price of the Asheville facility, on September 15, 2014 the Company entered into a Promissory Note with the Bank of North Carolina to borrow $ 1,700,000 4.75 th th 39,204 37,899 1,622,897 1,662,101 19,799 59,667 20,433 61,101 2016 $ 13,515 2017 1,609,382 Total $ 1,622,897 Omaha Note Payable In order to finance a portion of the purchase price for the Omaha facility, on June 5, 2014 the Company entered into a Term Loan and Security Agreement with Capital One, National Association to borrow $ 15,060,000 4.91 June 5, 2017 301,200 14,748,464 311,536 14,748,464 121,247 487,714 186,702 495,275 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 5 Stockholders’ Equity Preferred Stock The Company’s charter authorizes the issuance of 10,000,000 0.001 Common Stock The Company has 500,000,000 0.001 17,605,675 250,000 On March 2, 2016, ZH USA, LLC converted $ 15,000,000 1,176,656 12.748 On July 1, 2016, the Company closed its initial public offering and issued 13,043,479 10.00 130,434,790 11,272,068 119,162,722 1,956,521 10.00 19,565,210 1,369,565 18,195,645 1,681,259 15,000,000 137,358,367 On July 1, 2016, ZH USA, LLC converted $ 15,030,134 1,179,019 12.748 In order to help the Company qualify as a REIT, among other purposes, the Company’s charter, subject to certain exceptions, restricts the number of shares of the Company’s common stock that a person may beneficially or constructively own. The Company’s charter provides that, subject to certain exceptions, no person may beneficially or constructively own more than 9.8%, in value or in number of shares, whichever is more restrictive, of the outstanding shares of any class or series of the Company’s capital stock. On June 27, 2016, the Company’s board of directors approved a waiver of the 9.8% ownership limit in our charter allowing ZH USA, LLC to own up to 16.9% of the Company’s outstanding shares of common stock. Pursuant to a previously declared dividend approved by the Board of Directors of the Company and in compliance with applicable provisions of the Maryland General Corporation Law, the Company has paid a monthly dividend of $ 0.0852 285,703 0.20 3,592,786 170,400 21,300 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 6 Related Party Transactions Management Agreement Initial Management Agreement On November 10, 2014, the Company entered into a management agreement, with an effective date of April 1, 2014, with Inter-American Management LLC (the “Advisor”), a Delaware limited liability company and an affiliate of the Company. ZH International Holdings Limited (formerly known as Heng Fai Enterprises, Ltd.), a Hong Kong limited company that is engaged in real estate development, investments, management and sales, hospitality management and investments and REIT management, is the 85 2.0 30,000 754,000 227,000 Amended Management Agreement Upon completion of the Company’s initial public offering on July 1, 2016, the Company and the Advisor entered into an amended and restated management agreement. Terms of the amended and restated management agreement are as follows: Term and Termination The initial term of the amended and restated management agreement will expire on the third anniversary of the closing date of the initial public offering and will automatically renew for an unlimited number of successive one-year periods thereafter, unless the agreement is not renewed or is terminated in accordance with its terms. If the Company’s board of directors decides to terminate or not renew the amended and restated management agreement, the Company will generally be required to pay the Advisor a termination fee equal to three times the sum of the average annual base management fee and the average annual incentive compensation with respect to the previous eight fiscal quarters ending on the last day of the fiscal quarter prior to termination. Subsequent to the initial term, the Company may terminate the management agreement only under certain circumstances. Base Management Fee The Company will pay its advisor a base management fee in an amount equal to: 1.5% of its stockholders’ equity per annum, calculated quarterly for the most recently completed fiscal quarter and payable in quarterly installments in arrears. For purposes of calculating the base management fee, the Company’s stockholders’ equity means: (a) the sum of (1) the Company stockholders’ equity as of March 31, 2016, (2) the aggregate amount of the conversion price (including interest) for the conversion of the Company’s outstanding convertible debentures into common stock and OP units upon completion of the initial public offering, and (3) the net proceeds from (or equity value assigned to) all issuances of equity and equity equivalent securities (including common stock, common stock equivalents, preferred stock, long-term incentive plan (“LTIP”) units and OP units issued by the Company or the Operating Partnership) in the initial public offering, or in any subsequent offering (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance), less (b) any amount that the Company pays to repurchase shares of its common stock or equity securities of the OP. Stockholders’ equity also excludes (1) any unrealized gains and losses and other non-cash items (including depreciation and amortization) that have impacted stockholders’ equity as reported in the Company’s financial statements prepared in accordance with GAAP, and (2) one-time events pursuant to changes in GAAP, and certain non-cash items not otherwise described above, in each case after discussions between the Advisor and its independent directors and approval by a majority of the Company’s independent directors. As a result, the Company’s stockholders’ equity, for purposes of calculating the base management fee, could be greater or less than the amount of stockholders’ equity shown on its financial statements. The base management fee of the Advisor shall be calculated within 30 days after the end of each quarter and such calculation shall be promptly delivered to the Company. The Company is obligated to pay the quarterly installment of the base management fee calculated for that quarter in cash within five business days after delivery to the Company of the written statement of the Advisor setting forth the computation of the base management fee for such quarter. Incentive Compensation Fee The Company will pay its advisor an incentive fee with respect to each calendar quarter (or part thereof that the management agreement is in effect) in arrears. The incentive fee will be an amount, not less than zero, equal to the difference between (1) the product of (x) 20% and (y) the difference between (i) the Company’s AFFO (as defined below) for the previous 12-month period, and (ii) the product of (A) the weighted average of the issue price of equity securities issued in the initial public offering and in future offerings and transactions, multiplied by the weighted average number of all shares of common stock outstanding on a fully-diluted basis (including any restricted stock units, any restricted shares of common stock, OP units, LTIP units, and shares of common stock underlying awards granted under the 2016 Equity Incentive Plan or any future plan in the previous 12-month period, and (B) 8%, and (2) the sum of any incentive fee paid to the Advisor with respect to the first three calendar quarters of such previous 12-month period; provided, however, that no incentive fee is payable with respect to any calendar quarter unless AFFO is greater than zero for the four most recently completed calendar quarters, or the number of completed calendar quarters since the closing date of the offering, whichever is less. For purposes of calculating the incentive fee during the first 12 months after completion of the offering, AFFO will be determined by annualizing the applicable period following completion of the offering. AFFO is calculated by adjusting the Company’s funds from operations, or FFO, by adding back acquisition and disposition costs, stock based compensation expenses, amortization of deferred financing costs and any other non-recurring or non-cash expenses, which are costs that do not relate to the operating performance of the Company’s properties, and subtracting loss on extinguishment of debt, straight line rent adjustment, recurring tenant improvements, recurring leasing commissions and recurring capital expenditures. Management Fee Expense Incurred and Accrued Management Fees For the three and nine months ended September 30, 2016, management fees of $ 627,147 807,147 90,000 270,000 510,000 927,147 630,000 Allocated General and Administrative Expenses In the future, the Company may receive an allocation of general and administrative expenses from the Advisor that are either clearly applicable to or were reasonably allocated to the operations of the properties. There were no allocated general and administrative expenses from the Advisor for the three months ended September 30, 2016 or the twelve months ended December 31, 2015. Convertible Debenture, due to Related Party The Company has received funds from its related party ZH USA, LLC in the form of convertible interest bearing notes ( 8 On March 2, 2016, ZH USA, LLC converted $ 15,000,000 1,176,656 12.748 On June 15, 2016, in anticipation of its initial public offering, the Company entered into a Pay-Off Letter and Conversion Agreement (the “Pay-Off Letter and Conversion Agreement”) with ZH USA, LLC with regards to the Convertible Debentures loaned to the Company. Under the terms of the Pay-Off Letter and Conversion Agreement, upon the closing date of the initial public offering on July 1, 2016, ZH USA, LLC converted $15,030,134 of the principal under the Convertible Debenture into 1,179,019 12.748 10,000,000 Balance as of January 1, 2016 $ 40,030,134 Conversion of convertible debenture to common shares (March 2, 2016) (a) (15,000,000) Conversion of convertible debenture to common shares (July 1, 2016) (a) (15,030,134) Pay-off of remaining principal balance (10,000,000) Balance as of September 30, 2016 $ - (a) Total amount converted to common shares equals $ 30,030,134 On July 8, 2016, also in accordance with the Pay-Off Letter and Conversion Agreement, the Company paid all accrued interest owed and outstanding on the Convertible Debentures in the amount of $ 1,716,811 Interest expense on the Convertible Debentures was $ 43,889 1,242,899 126,545 342,599 Prior to the conversions and the pay-off of the remaining outstanding principal balance of the Convertible Debentures discussed above, the Company analyzed the conversion option in the convertible debenture for derivative accounting treatment under ASC Topic 815, “Derivatives and Hedging,” and determined that the instrument does not qualify for derivative accounting. The Company performed an analysis in accordance with ASC Topic 470-20, “Debt with Conversion and Other Options,” to determine if the conversion option was subject to a beneficial conversion feature and determined that the instrument does not have a beneficial conversion feature. Notes Payable to Related Parties During the nine months ended September 30, 2016, the Company received total funds in the amount of $ 450,000 4 4,150 10,284 450,000 During the year ended December 31, 2015, the Company received funds in the amount of $ 421,000 The total note payable balance from these related party loans was $ 421,000 ZH USA, LLC Loan On June 7, 2016, the Company received an interest free loan from ZH USA, LLC in the principal amount of $ 1.5 Due to Related Parties, Net Due from Due to Due to Advisor Due (to) from Total Due (To) Balance as of January 1, 2016 $ 178,111 (630,000) (240,280) (155,000) (847,169) Management fees repaid to Advisor (a) - (297,147) - - (297,147) Funds loaned by Advisor (b) - - (184,986) - (184,986) Funds loaned to ZH USA, LLC (c) - - - 39,000 39,000 Funds repaid to Other Related Party (b) - - - 155,000 155,000 Balance as of September 30, 2016 $ 178,111 (927,147) (425,266) 39,000 (1,135,302) (a) Net amount accrued of $ 297,147 807,147 510,000 (b) Net amount received of $ 29,986 184,986 155,000 (c) Represent funds of $ 39,000 |
2016 Equity Incentive Plan
2016 Equity Incentive Plan | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 7 - 2016 Equity Incentive Plan LTIP Units and Related Accounting Impact Prior to the completion of the initial public offering on July 1, 2016, the Company’s board of directors approved and adopted the 2016 Equity Incentive Plan. The purpose of the 2016 Equity Incentive Plan is to attract and retain qualified persons upon whom, in large measure, our sustained progress, growth and profitability depend, to motivate the participants to achieve long-term company goals and to more closely align the participants’ interests with those of the Company’s other stockholders by providing them with a proprietary interest in the Company’s growth and performance. The Company’s executive officers, employees, employees of our advisor and its affiliates, consultants and non-employee directors are eligible to participate in the 2016 Equity Incentive Plan. Under the 2016 Equity Incentive Plan, a number of shares of the Company’s common stock equal to 7 percent of the outstanding shares of our common stock on a fully diluted basis upon the completion of the initial public offering (including 7 percent of the shares sold pursuant to the underwriters’ option), are available for issuance pursuant to awards under the 2016 Equity Incentive Plan, less the shares underlying the LTIP grants awarded upon completion of the initial public offering. Specifically, an aggregate of 358,250 LTIP units were granted upon completion of the offering on July 1, 2016 pursuant to the 2016 Equity Incentive Plan. In addition, an aggregate of 874,147 additional shares are available for future issuance under the Company’s 2016 Equity Incentive Plan, or 7 percent of the fully diluted outstanding shares of the Company’s common stock upon completion of the initial public offering, including the underwriters’ over-allotment option, which was exercised in full on July 11, 2016. Of the 358,250 LTIP units that were granted, 60,400 297,850 284,100 13,750 Total compensation expense of $ 830,827 604,000 10.00 226,827 9.76 There was a total of 274,794 2.7 3.30 Shares subject to awards under the 2016 Equity Incentive Plan that are forfeited, cancelled, lapsed, settled in cash or otherwise expired (excluding shares withheld to satisfy exercise prices or tax withholding obligations) will again be available for awards under the 2016 Equity Incentive Plan. The 2016 Equity Incentive Plan is administered by the Company’s compensation committee, which will interpret the 2016 Equity Incentive Plan and have broad discretion to select the eligible persons to whom awards will be granted, as well as the type, size and terms and conditions of each award, including the exercise price of options, the number of shares subject to awards and the expiration date of, and the vesting schedule or other restrictions (including, without limitation, restrictive covenants) applicable to, awards. The 2016 Equity Incentive Plan allows the Company to grant the following types of awards: ⋅ options, including non-qualified options and incentive stock options; ⋅ stock appreciation rights, or SARs; ⋅ stock awards, including restricted stock and unrestricted stock; ⋅ restricted stock units; ⋅ other equity-based awards, including LTIP units; ⋅ incentive awards; ⋅ substitute awards; and performance awards. Operating Partnership and LTIP Units As disclosed on March 14, 2016, the Company entered into the Agreement of Limited Partnership of Global Medical REIT, L.P. (“Partnership Agreement”), pursuant to which the Company, through a wholly-owned subsidiary, serves as the sole general partner of the Operating Partnership and may not be removed as general partner by the limited partners with or without cause. The Partnership Agreement, as amended, provides, among other things, that the Operating Partnership initially has two classes of limited partnership interests, which are Units of limited partnership interest (“OP Units”), and the Operating Partnership’s LTIP units. In calculating the percentage interests of the partners in the Operating Partnership, LTIP units are treated as OP Units. In general, LTIP units will receive the same per-unit distributions as the OP Units. Initially, each LTIP unit will have a capital account balance of zero and, therefore, will not have full parity with OP Units with respect to any liquidating distributions. However, the Partnership Agreement, as amended provides that “book gain,” or economic appreciation, in the Company’s assets realized by the Operating Partnership as a result of the actual sale of all or substantially all of the Operating Partnership’s assets, or the revaluation of the Operating Partnership’s assets as provided by applicable U.S. Department of Treasury regulations, will be allocated first to the holders of LTIP units until their capital account per unit is equal to the average capital account per-unit of the Company’s OP Unit holders in the Operating Partnership. We expect that the Operating Partnership will issue OP Units to limited partners, and the Company, in exchange for capital contributions of cash or property, and will issue LTIP units pursuant to the Company’s 2016 Equity Incentive Plan to persons who provide services to the Company, including the Company’s officers, directors and employees. Pursuant to the Partnership Agreement, as amended, any holders of OP Units, other than the Company or its subsidiaries, will receive redemption rights which, subject to certain restrictions and limitations, will enable them to cause the Operating Partnership to redeem their OP Units in exchange for cash or, at the Company’s option, shares of the Company’s common stock, on a one-for-one basis. The Company has agreed to file, not earlier than one year after the closing of the IPO, one or more registration statements registering the issuance or resale of shares of its common stock issuable upon redemption of the OP Units, including those issued upon conversion of LTIP units to the Manager and the Former Advisor. LTIP units are convertible into OP Units on a one for one basis, subject to certain conditions as set forth in the LTIP Unit Vesting Agreement entered into by each LTIP unit holder. First, the LTIP units must have vested. The existing LTIP Unit Vesting Agreements generally provide for a five-year vesting period. Second, the number of vested LTIP units that may be converted into OP Units is limited to the proportion of the "capital account equivalency" that the LTIP units have achieved with the OP Units. The number of vested LTIP units that may be converted generally is equal to the capital account balance of such LTIP units divided by the capital account balance per unit of the OP units held by the General Partner. LTIP unit holders initially receive a capital account with a zero balance and receive priority allocations of certain gains to increase their capital account balances until they equal the capital account balances of OP Unit holders. Upon capital account equalization and vesting, LTIP units are convertible into an equal number of OP Units at the holder’s election with notice to the Operating Partnership. The Operating Partnership, at any time at the election of the General Partner, may also force a conversion of vested LTIP units into OP Units, subject to the capital account equivalency requirement described in this paragraph. LTIP unit holders have the same voting rights as holders of OP Units, with the LTIP units voting as a single class with the OP Units and having one vote per LTIP unit. With certain exceptions, a majority vote of the LTIP unit holders is required to amend the provisions of the Partnership Agreement related to LTIP units. |
Rental Revenue
Rental Revenue | 9 Months Ended |
Sep. 30, 2016 | |
Leases [Abstract] | |
Operating Leases of Lessor Disclosure [Text Block] | Note 8 Rental Revenue 2016 $ 2,265,155 2017 9,060,123 2018 9,204,836 2019 9,403,255 2020 9,583,394 Thereafter 82,475,421 Total $ 121,992,184 For the three months ended September 30, 2016, the Omaha facility constituted approximately 22 18 17 11 15 8 3 6 For the nine months ended September 30, 2016, the Omaha facility constituted approximately 26 21 17 13 12 3 4 For the three months ended September 30, 2015, the Omaha facility constituted approximately 85 12 3 For the nine months ended September 30, 2015, the Omaha facility constituted approximately 87 12 1 |
Omaha Land Lease Rent Expense
Omaha Land Lease Rent Expense | 9 Months Ended |
Sep. 30, 2016 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | Note 9 Omaha Land Lease Rent Expense The Omaha facility land lease initially was to expire in 2023 with options to renew up to 60 2033 12.5 18,153 54,461 46,768 61,738 The aggregate minimum cash payments to be made by the Company on the non-cancelable Omaha facility related land lease in effect as of September 30, 2016, are as follows for the subsequent years ended December 31; as listed below. 2016 $ 14,969 2017 59,877 2018 63,619 2019 67,362 2020 67,362 Thereafter 973,586 Total $ 1,246,775 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 10 - Commitments and Contingencies Litigation The Company is not presently subject to any material litigation nor, to its knowledge, is any material litigation threatened against the Company, which if determined unfavorably to the Company, would have a material adverse effect on the Company’s financial position, results of operations, or cash flows. Environmental Matters The Company follows a policy of monitoring its properties for the presence of hazardous or toxic substances. While there can be no assurance that a material environmental liability does not exist at its properties, the Company is not currently aware of any environmental liability with respect to its properties that would have a material effect on its financial position, results of operations, or cash flows. Additionally, the Company is not aware of any material environmental liability or any unasserted claim or assessment with respect to an environmental liability that management believes would require additional disclosure or the recording of a loss contingency. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 11 Subsequent Events Dividend Paid On October 11, 2016, the Company paid the dividend that was declared on September 14, 2016, in the amount of $ 0.20 0.20 3,592,786 Property Acquisitions Completed Subsequent to September 30, 2016 Carson City Facilities On October 31, 2016, the Company acquired land and two medical office buildings located in Carson City, Nevada for a total purchase price of $ 3.975 Sandusky Facilities As disclosed in Note 3 “Property Portfolio,” on September 13, 2016, the Company entered into an assignment and assumption agreement to assume from a third party a purchase contract to acquire a portfolio of seven properties known as the NOMS portfolio located in Northern Ohio, for a total purchase price of $ 10.0 4.6 5.4 50,931 Asset Purchase Agreements Executed Subsequent to September 30, 2016 Las Cruces Facility On November 4, 2016, the Company entered into a purchase agreement to acquire a surgical and imaging center in Las Cruces, New Mexico for a total purchase price of $ 4.88 Ellijay Facilities On November 1, 2016, the Company entered into a purchase agreement to acquire land and three office buildings located in Ellijay, Georgia for a total purchase price of $ 4.9 Credit Facility Commitment Letter Subsequent to quarter-end, the Company received a commitment for a $ 75 |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Basis of presentation The accompanying financial statements are unaudited and include the accounts of the Company and its subsidiaries. The accompanying financial statements have been prepared in accordance with GAAP and the rules and regulations of the SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the accompanying financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended December 31, 2015. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the financial statements for the interim periods have been made. |
Consolidation, Policy [Policy Text Block] | Consolidation Policy The accompanying consolidated financial statements include the accounts of the Company, including the Operating Partnership and its wholly-owned subsidiaries, and the interests in the Operating Partnership held by the LTIP unit holders, which the Operating Partnership has control over and therefore consolidates. These LTIP units represent “noncontrolling interests” and have no value as of September 30, 2016 as they have not been converted into OP Units and therefore did not participate in the Company’s consolidated net loss. At the time when there is value associated with the noncontrolling interests, the Company will classify such interests as a component of consolidated equity, separate from the Company’s total stockholder’s equity on its Consolidated Balance Sheets. Additionally, net income or loss will be allocated to noncontrolling interests based on their respective ownership percentage of the Operating Partnership. All material intercompany balances and transactions between the Company and its subsidiaries have been eliminated. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash The restricted cash balance of $ 805,776 367,587 319,500 118,689 358,149 447,627 |
Receivables, Policy [Policy Text Block] | Tenant Receivables The tenant receivables balance of $ 177,369 17,965 159,404 |
Escrow Deposits Policy [Policy Text Block] | Escrow Deposits Escrow deposits include funds held in escrow to be used for the acquisition of future properties and for the payment of taxes, insurance, and other amounts as stipulated by the Company’s third party loan agreements. The escrow balance as of September 30, 2016 and December 31, 2015 was $ 903,636 454,310 449,326 843,636 394,310 |
Deferred Charges, Policy [Policy Text Block] | Deferred Assets The deferred assets balance of $ 245,619 1,610,908 1,681,259 93,646 23,295 70,351 |
Security Deposit Liability [Policy Text Block] | Security Deposits Liability The security deposits liability balance of $ 597,593 319,500 278,093 |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation As disclosed in Note 7 “2016 Equity Incentive Plan,” the Company grants LTIP unit awards to employees of its advisor and its affiliates, and to the Company’s independent directors. The Company expenses the fair value of unit awards in accordance with the fair value recognition requirements of ASC Topic 718, “Compensation-Stock Compensation” and ASC Topic 505, “Equity.” These ASC topics require companies to measure the cost of the recipient services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. Under ASC Topic 718, the Company’s independent directors are deemed to be employees and therefore compensation expense for these units is recognized based on the price of $ 10.00 12 42 54 830,827 |
Earnings Per Share, Policy [Policy Text Block] | Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net loss per common share is computed by dividing net loss attributable to common stockholders by the sum of the weighted average number of common shares outstanding plus any potential dilutive shares for the period. The effect of the conversion of vested LTIP units into OP Units and the conversion of OP Units into common stock is not reflected in the computation of basic and diluted earnings per share, as all units are exchangeable for common stock on a one-for-one basis and are anti-dilutive to the Company’s net loss for the three and nine months ended September 30, 2016. The Company considered the requirements of the two-class method when computing earnings per share. Earnings per share would not be affected by using the two-class method because the Company incurred a net loss for the three and nine months ended September 30, 2016. |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting In accordance with the provisions of ASC Topic 280, “Segment Reporting,” the Company has determined that it has one reportable segment consisting of its activities related to the acquisition of healthcare facilities and the leasing of these facilities to leading clinical operators. |
Property Portfolio (Tables)
Property Portfolio (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | A rollforward of the gross investment in land, building and improvements as of September 30, 2016, resulting from the six acquisitions completed during the nine-month period, is as follows: Land Building & Improvements Gross Investment Balances as of January 1, 2016 $ 4,563,852 $ 51,574,271 $ 56,138,123 Acquisitions: Watertown Facilities 1,100,000 8,002,171 9,102,171 East Orange Facility 2,150,000 10,112,200 12,262,200 Reading Facilities 1,440,000 7,939,985 9,379,985 Melbourne Facility 1,200,000 14,250,000 15,450,000 Westland Facility 230,000 4,520,000 4,750,000 Plano Facility 1,050,000 16,696,139 17,746,139 Total Additions: 7,170,000 61,520,495 68,690,495 Balances as of September 30, 2016 $ 11,733,852 $ 113,094,766 $ 124,828,618 |
Notes Payable Related to Acqu19
Notes Payable Related to Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Instrument [Line Items] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | A detail of the impact of adopting ASU 2015-03 on the Company’s Notes Payable Related to Acquisitions, net of unamortized discount balances, as of September 30, 2016 and December 31, 2015, is as follows: September 30, 2016 December 31, 2015 Notes payable related to acquisitions, gross $ 41,097,797 $ 23,788,065 Less: Unamortized debt discount (1,177,522) (302,892) Notes payable related to acquisitions, net $ 39,920,275 $ 23,485,173 |
Schedule of Debt [Table Text Block] | A rollforward of the unamortized debt discount balance as of September 30, 2016 is as follows: Balance as of January 1, 2016, net $ 302,892 Additions Plano and Cantor financings 1,090,079 Write-off of Plano financing costs (a)(b) (53,280) Debt discount amortization expense (b) (162,169) Balance as of September 30, 2016, net $ 1,177,522 (a) As disclosed in Note 3 “Property Portfolio,” the Plano loan was refinanced with proceeds from the Cantor Loan and accordingly the Plano related deferred financing costs were written off during the nine months ended September 30, 2016 into the “Interest Expense” line item in the accompanying Consolidated Statements of Operations. (b) Sum equals amortization expense incurred on the debt discount for the nine months ended September 30, 2016 of $ 215,449 |
Cantor Loan [Member] | |
Debt Instrument [Line Items] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | As of September 30, 2016, scheduled principal payments due for each fiscal year ended December 31 are listed below as follows: 2016 $ - 2017 - 2018 - 2019 - 2020 - Thereafter 32,097,400 Total $ 32,097,400 |
West Mifflin Note Payable [Member] | |
Debt Instrument [Line Items] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | As of September 30, 2016, scheduled principal payments due for each fiscal year ended December 31 are listed below as follows: 2016 $ - 2017 - 2018 22,044 2019 136,007 2020 7,219,449 Total $ 7,377,500 |
Asheville Note Payable [Member] | |
Debt Instrument [Line Items] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | As of September 30, 2016, scheduled principal payments due for each fiscal year ended December 31 are listed below as follows: 2016 $ 13,515 2017 1,609,382 Total $ 1,622,897 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Convertible Debt [Table Text Block] | A rollforward of the funding from ZH USA, LLC classified as convertible debenture, due to related party as of September 30, 2016 is as follows: Balance as of January 1, 2016 $ 40,030,134 Conversion of convertible debenture to common shares (March 2, 2016) (a) (15,000,000) Conversion of convertible debenture to common shares (July 1, 2016) (a) (15,030,134) Pay-off of remaining principal balance (10,000,000) Balance as of September 30, 2016 $ - (a) Total amount converted to common shares equals $ 30,030,134 |
Schedule of Related Party Transactions [Table Text Block] | A rollforward of the due (to) from related parties balance, net as of September 30, 2016 is as follows: Due from Due to Due to Advisor Due (to) from Total Due (To) Balance as of January 1, 2016 $ 178,111 (630,000) (240,280) (155,000) (847,169) Management fees repaid to Advisor (a) - (297,147) - - (297,147) Funds loaned by Advisor (b) - - (184,986) - (184,986) Funds loaned to ZH USA, LLC (c) - - - 39,000 39,000 Funds repaid to Other Related Party (b) - - - 155,000 155,000 Balance as of September 30, 2016 $ 178,111 (927,147) (425,266) 39,000 (1,135,302) (a) Net amount accrued of $ 297,147 807,147 510,000 (b) Net amount received of $ 29,986 184,986 155,000 (c) Represent funds of $ 39,000 |
Rental Revenue (Tables)
Rental Revenue (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Leases [Abstract] | |
Schedule of Future Lease Payments Receivables [Table Text Block] | The aggregate annual minimum cash to be received by the Company on the noncancelable operating leases related to its portfolio of facilities in effect as of September 30, 2016, are as follows for the subsequent years ended December 31; as listed below: 2016 $ 2,265,155 2017 9,060,123 2018 9,204,836 2019 9,403,255 2020 9,583,394 Thereafter 82,475,421 Total $ 121,992,184 |
Omaha Land Lease Rent Expense (
Omaha Land Lease Rent Expense (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The aggregate minimum cash payments to be made by the Company on the non-cancelable Omaha facility related land lease in effect as of September 30, 2016, are as follows for the subsequent years ended December 31; as listed below. 2016 $ 14,969 2017 59,877 2018 63,619 2019 67,362 2020 67,362 Thereafter 973,586 Total $ 1,246,775 |
Organization (Details)
Organization (Details) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jul. 31, 2016 | Jun. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Stock Issued During Period, Shares, New Issues | 15,000,000 | 15,000,000 | |||
Stock Issued During Period, Value, New Issues | $ 137,358,367 | ||||
Proceeds from Issuance Initial Public Offering | $ 137,358,367 | $ 0 | |||
Payments of Stock Issuance Costs | $ 23,295 | ||||
Noninterest Expense Offering Cost | $ 1,681,259 | ||||
Payment To Acquire Others | 101,600,000 | ||||
Payments to Acquire Property, Plant, and Equipment, Total | 68,690,495 | 11,608,672 | |||
Repayments of Related Party Debt | $ 450,000 | $ 0 | |||
Wyomissing Facilities [Member] | |||||
Payments to Acquire Property, Plant, and Equipment, Total | $ 9,380,000 | ||||
IPO [Member] | |||||
Stock Issued During Period, Shares, New Issues | 13,043,479 | ||||
Stock Issued During Period, Value, New Issues | $ 130,434,790 | ||||
Proceeds from Issuance Initial Public Offering | $ 119,162,722 | ||||
Shares Issued, Price Per Share | $ 10 | ||||
Payments of Stock Issuance Costs | $ 11,272,068 | ||||
Over-Allotment Option [Member] | |||||
Stock Issued During Period, Shares, New Issues | 1,956,521 | 1,956,521 | |||
Stock Issued During Period, Value, New Issues | $ 19,565,210 | $ 19,565,210 | |||
Proceeds from Issuance Initial Public Offering | 18,195,645 | $ 18,195,645 | |||
Shares Issued, Price Per Share | $ 10 | ||||
Payments of Stock Issuance Costs | 1,369,565 | $ 1,369,565 | |||
Noninterest Expense Offering Cost | $ 1,681,259 | ||||
Global Medical REIT GP LLC [Member] | |||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 98.00% | ||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 2.00% | ||||
ZH USA, LLC [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||
Repayments of Related Party Debt | $ 1,500,000 | ||||
ZH USA, LLC [Member] | Pay-Off Letter and Conversion Agreement [Member] | |||||
Debt Instrument, Periodic Payment, Principal | 10,000,000 | ||||
Omaha Note Payable [Member] | |||||
Repayments of Notes Payable | 14,900,000 | ||||
Debt Instrument, Periodic Payment, Principal | 14,600,000 | ||||
Payment Of Early termination Fee | $ 300,000 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Details) - USD ($) | Jul. 02, 2016 | Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 |
Restricted Cash and Cash Equivalents | $ 805,776 | $ 805,776 | $ 447,627 | ||
Increase in Restricted Cash | 358,149 | ||||
Tenant Receivables | 177,369 | 177,369 | 0 | ||
Escrow Deposit | 903,636 | 903,636 | 454,310 | ||
Increase (Decrease) in Escrow Deposits | 449,326 | ||||
Escrow Deposit Disbursements Related to Property Acquisition | 394,310 | ||||
Deferred Costs and Other Assets | 245,619 | 245,619 | 93,646 | ||
Deferred Offering Costs | 1,681,259 | 1,681,259 | |||
Deferred Finance Costs, Net | 93,646 | ||||
Payments of Stock Issuance Costs | 23,295 | ||||
Cash Acquired And Held As Reserve For Debt Service | 367,587 | 367,587 | |||
Restricted Cash Held To Pay Specific Tenant Expenses | 118,689 | 118,689 | |||
Receivables Earned But Not Paid Relating To Tenant Rent | 17,965 | 17,965 | |||
Receivables To be Collected To Pay Specific Tenant Expenses | 159,404 | 159,404 | |||
Payments Made For Deferred Offering Costs | 1,610,908 | ||||
Secutity Deposit Held To Pay Specific Tenant Expenses | 278,093 | 278,093 | |||
Security Deposit Liability | $ 597,593 | $ 597,593 | 0 | ||
Share Price | $ 10 | $ 10 | |||
Share-based Compensation | $ 830,827 | $ 830,827 | $ 0 | ||
ASC Topic 718 [Member] | |||||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 12 months | 12 months | |||
ASC Topic 505 [Member] | Minimum [Member] | |||||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 42 months | 42 months | |||
ASC Topic 505 [Member] | Maximum [Member] | |||||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 54 months | 54 months | |||
Accounts Payable and Accrued Liabilities [Member] | |||||
Deferred Offering Costs | $ 70,351 | ||||
Cantor Loan [Member] | |||||
Increase (Decrease) in Escrow Deposits | $ 843,636 | ||||
Plano Lease [Member] | |||||
Restricted Cash and Cash Equivalents | 319,500 | 319,500 | |||
Security Deposit Liability | $ 319,500 | $ 319,500 |
Property Portfolio (Gross Inves
Property Portfolio (Gross Investment) (Details) | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Property, Plant and Equipment [Line Items] | |
Balances as of January 1, 2016 | $ 56,138,123 |
Acquisitions | 68,690,495 |
Balances as of September 30, 2016 | 124,828,618 |
Watertown Facilities [Member] | |
Property, Plant and Equipment [Line Items] | |
Acquisitions | 9,102,171 |
East Orange Facility [Member] | |
Property, Plant and Equipment [Line Items] | |
Acquisitions | 12,262,200 |
Reading Facilities [Member] | |
Property, Plant and Equipment [Line Items] | |
Acquisitions | 9,379,985 |
Melbourne Facility [Member] | |
Property, Plant and Equipment [Line Items] | |
Acquisitions | 15,450,000 |
Westland Facility [Member] | |
Property, Plant and Equipment [Line Items] | |
Acquisitions | 4,750,000 |
Plano Facility [Member] | |
Property, Plant and Equipment [Line Items] | |
Acquisitions | 17,746,139 |
Land [Member] | |
Property, Plant and Equipment [Line Items] | |
Balances as of January 1, 2016 | 4,563,852 |
Acquisitions | 7,170,000 |
Balances as of September 30, 2016 | 11,733,852 |
Land [Member] | Watertown Facilities [Member] | |
Property, Plant and Equipment [Line Items] | |
Acquisitions | 1,100,000 |
Land [Member] | East Orange Facility [Member] | |
Property, Plant and Equipment [Line Items] | |
Acquisitions | 2,150,000 |
Land [Member] | Reading Facilities [Member] | |
Property, Plant and Equipment [Line Items] | |
Acquisitions | 1,440,000 |
Land [Member] | Melbourne Facility [Member] | |
Property, Plant and Equipment [Line Items] | |
Acquisitions | 1,200,000 |
Land [Member] | Westland Facility [Member] | |
Property, Plant and Equipment [Line Items] | |
Acquisitions | 230,000 |
Land [Member] | Plano Facility [Member] | |
Property, Plant and Equipment [Line Items] | |
Acquisitions | 1,050,000 |
Land, Buildings and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Balances as of January 1, 2016 | 51,574,271 |
Acquisitions | 61,520,495 |
Balances as of September 30, 2016 | 113,094,766 |
Land, Buildings and Improvements [Member] | Watertown Facilities [Member] | |
Property, Plant and Equipment [Line Items] | |
Acquisitions | 8,002,171 |
Land, Buildings and Improvements [Member] | East Orange Facility [Member] | |
Property, Plant and Equipment [Line Items] | |
Acquisitions | 10,112,200 |
Land, Buildings and Improvements [Member] | Reading Facilities [Member] | |
Property, Plant and Equipment [Line Items] | |
Acquisitions | 7,939,985 |
Land, Buildings and Improvements [Member] | Melbourne Facility [Member] | |
Property, Plant and Equipment [Line Items] | |
Acquisitions | 14,250,000 |
Land, Buildings and Improvements [Member] | Westland Facility [Member] | |
Property, Plant and Equipment [Line Items] | |
Acquisitions | 4,520,000 |
Land, Buildings and Improvements [Member] | Plano Facility [Member] | |
Property, Plant and Equipment [Line Items] | |
Acquisitions | $ 16,696,139 |
Property Portfolio (Details)
Property Portfolio (Details) | Jun. 05, 2014USD ($) | Jan. 28, 2016USD ($)ft² | Sep. 25, 2015USD ($)ft² | Sep. 30, 2016USD ($)a$ / shares | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)a$ / shares | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)ft² | Dec. 31, 2016USD ($) | Oct. 07, 2016USD ($)a | Sep. 29, 2016USD ($)a | Jul. 20, 2016USD ($)a | Mar. 31, 2016USD ($)ft²a | Sep. 19, 2014USD ($)ft² |
Property, Plant and Equipment [Line Items] | ||||||||||||||
Deferred Finance Costs, Net | $ 93,646 | |||||||||||||
Debt Instrument, Fee Amount | $ 301,200 | $ 301,200 | ||||||||||||
Write-off of financing costs | 62,604 | $ 30,257 | 215,449 | $ 89,850 | ||||||||||
Proceeds from Related Party Debt | 29,986 | 51,198 | ||||||||||||
Escrow Deposit | 903,636 | 903,636 | 454,310 | |||||||||||
Depreciation, Total | 585,449 | $ 153,148 | 1,528,281 | $ 446,491 | ||||||||||
Convertible Debt to Majority Stockholder | 0 | 0 | 40,030,134 | |||||||||||
Sandusky Facilities [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | 10,000,000 | 10,000,000 | ||||||||||||
Sandusky Facilities [Member] | Scenario, Forecast [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 5,400,000 | |||||||||||||
Sandusky Facilities [Member] | Subsequent Event [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 4,600,000 | |||||||||||||
Net Rentable Area | a | 50,931 | |||||||||||||
Watertown Facilities [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | 9,000,000 | 9,000,000 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, After Transaction Costs | $ 9,100,000 | $ 9,100,000 | ||||||||||||
Watertown Facilities [Member] | Office Building [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Area of Real Estate Property | a | 3,136 | 3,136 | ||||||||||||
Watertown Facilities [Member] | Clinic Building [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Area of Real Estate Property | a | 30,062 | 30,062 | ||||||||||||
Watertown Facilities [Member] | Other Facility [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Area of Real Estate Property | a | 13,686 | 13,686 | ||||||||||||
Reading Facilities [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 9,200,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, After Transaction Costs | $ 9,380,000 | |||||||||||||
Reading Facilities [Member] | Eye Center [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Area of Real Estate Property | a | 17,000 | |||||||||||||
Reading Facilities [Member] | Eye Surgery Center [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Area of Real Estate Property | a | 6,500 | |||||||||||||
East Orange Facility [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Area of Real Estate Property | a | 60,442 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 11,860,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, After Transaction Costs | $ 12,300,000 | |||||||||||||
Plano Facility [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Area of Real Estate Property | ft² | 24,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 17,500,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, After Transaction Costs | 17,700,000 | |||||||||||||
Payment of Development fee | 500,000 | |||||||||||||
Allowance for Tenant Improvements | $ 2,750,000 | |||||||||||||
Real Estate Property Development Area | ft² | 6,400 | |||||||||||||
Plano Facility [Member] | Promissory Note and Deed of Trust [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 9,223,500 | |||||||||||||
Deferred Finance Costs, Net | 53,280 | |||||||||||||
Debt Instrument Non Refundable Deposits | 50,000 | |||||||||||||
Debt Instrument, Fee Amount | $ 46,118 | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||||||||
Interest Expense, Debt | $ 64,551 | |||||||||||||
Long-term Debt, Total | $ 9,223,500 | 9,223,500 | ||||||||||||
Write-off of financing costs | 53,280 | |||||||||||||
Plano Facility [Member] | Unsecured Convertible Debentures [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Long-term Debt, Total | 9,025,000 | |||||||||||||
Proceeds from Related Party Debt | 9,369,310 | |||||||||||||
Escrow Deposit | $ 344,310 | |||||||||||||
Convertible Debentures to Majority Stockholder | $ 9,369,310 | $ 9,369,310 | ||||||||||||
Debt Instrument Convertible, Base for Conversion | $ / shares | $ 12.748 | $ 12.748 | ||||||||||||
Melbourne Facility [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Area of Real Estate Property | ft² | 78,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 15,450,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, After Transaction Costs | $ 15,500,000 | |||||||||||||
Area of Land | a | 1.9 | |||||||||||||
Westland Facility [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Area of Real Estate Property | a | 1.3 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 4,750,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, After Transaction Costs | $ 4,800,000 | |||||||||||||
Net Rentable Area | ft² | 15,018 | |||||||||||||
Tennessee facilities [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Area of Real Estate Property | ft² | 52,266 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 20,000,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, After Transaction Costs | $ 20,200,000 | |||||||||||||
Operating Leases of Lessee Base Rate Percentage of Increase | 1.75% | |||||||||||||
Convertible Debt to Majority Stockholder | $ 20,900,000 | |||||||||||||
West Mifflin Facility [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Area of Real Estate Property | ft² | 27,193 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 11,350,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, After Transaction Costs | 11,600,000 | |||||||||||||
Long-term Debt, Total | $ 7,377,500 | |||||||||||||
Operating Leases of Lessee Base Rate Percentage of Increase | 2.00% | |||||||||||||
Convertible Debt to Majority Stockholder | $ 4,545,838 | |||||||||||||
Asheville facility [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Area of Real Estate Property | ft² | 8,840 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 2,500,000 | |||||||||||||
Long-term Debt, Total | $ 1,700,000 | |||||||||||||
Omaha facility [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 21,700,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, After Transaction Costs | 21,900,000 | |||||||||||||
Long-term Debt, Total | $ 15,060,000 | |||||||||||||
Lessor Leasing Arrangements, Operating Leases, Renewal Term | 60 years | 60 years |
Schedule of net of unamortized
Schedule of net of unamortized discount balances (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Notes payable related to acquisitions, gross | $ 41,097,797 | $ 23,788,065 |
Less: Unamortized debt discount | (1,177,522) | (302,892) |
Notes payable related to acquisitions, net | $ 39,920,275 | $ 23,485,173 |
Schedule of unamortized debt di
Schedule of unamortized debt discount (Details) | 9 Months Ended | |
Sep. 30, 2016USD ($) | ||
Debt Instrument [Line Items] | ||
Balance as of January 1, 2016, net | $ 302,892 | |
Write-off of Plano financing costs | (53,280) | [1],[2] |
Debt discount amortization expense | (162,169) | [2] |
Balance as of September 30, 2016, net | 1,177,522 | |
Plano Financing [Member] | ||
Debt Instrument [Line Items] | ||
Additions - Plano and Cantor financings | $ 1,090,079 | |
[1] | As disclosed in Note 3 “Property Portfolio,” the Plano loan was refinanced with proceeds from the Cantor Loan and accordingly the Plano related deferred financing costs were written off during the nine months ended September 30, 2016 into the “Interest Expense” line item in the accompanying Consolidated Statements of Operations. | |
[2] | Sum equals amortization expense incurred on the debt discount for the nine months ended September 30, 2016 of $215,449. |
Scheduled Principal Payments Du
Scheduled Principal Payments Due On Cantor Loan Note Payable (Details) - Cantor Loan [Member] - USD ($) | Sep. 30, 2016 | Mar. 31, 2016 |
Debt Instrument [Line Items] | ||
2,016 | $ 0 | |
2,017 | 0 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 0 | |
Thereafter | 32,097,400 | |
Total | $ 32,097,400 | $ 32,097,400 |
Scheduled Principal Payments 30
Scheduled Principal Payments Due On West Mifflin Note Payable (Details) - West Mifflin Note Payable [Member] - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 25, 2015 |
Debt Instrument [Line Items] | |||
2,016 | $ 0 | ||
2,017 | 0 | ||
2,018 | 22,044 | ||
2,019 | 136,007 | ||
2,020 | 7,219,449 | ||
Total | $ 7,377,500 | $ 7,377,500 | $ 7,377,500 |
Scheduled Principal Payments 31
Scheduled Principal Payments Due On Asheville Note Payable (Details) - Asheville Note Payable [Member] - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 15, 2014 |
Debt Instrument [Line Items] | |||
2,016 | $ 13,515 | ||
2,017 | 1,609,382 | ||
Total | $ 1,622,897 | $ 1,662,101 | $ 1,700,000 |
Notes Payable Related to Acqu32
Notes Payable Related to Acquisitions (Details) - USD ($) | Jun. 05, 2014 | Mar. 31, 2016 | Sep. 25, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Sep. 15, 2014 | |
Debt Instrument [Line Items] | ||||||||||
Amortization of Financing Costs | $ 62,604 | $ 30,257 | $ 215,449 | $ 89,850 | ||||||
Debt Instrument, early termination fee amount | 301,200 | 301,200 | ||||||||
Amortization of Debt Discount (Premium) | [1] | (162,169) | ||||||||
Cantor Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of Long-term Debt, Total | $ 9,223,500 | |||||||||
Long-term Debt, Total | $ 32,097,400 | $ 32,097,400 | $ 32,097,400 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.22% | 5.22% | ||||||||
Debt Instrument, Description | Prepayment can only occur within four months prior to the maturity date, except that after the earlier of (a) 2 years after the loan is placed in a securitized mortgage pool, or (ii) May 6, 2020, the Cantor Loan can be fully and partially defeased upon payment of amounts due under the Cantor Loan and payment of a defeasance amount that is sufficient to purchase U.S. government securities equal to the scheduled payments of principal, interest, fees, and any other amounts due related to a full or partial defeasance under the Cantor Loan | |||||||||
Debt Instrument, Covenant Description | maintain a monthly debt service coverage ratio of 1.35:1.00 for all of the collateral properties in the aggregate. | |||||||||
Interest Expense, Debt | $ 428,179 | $ 851,704 | ||||||||
West Mifflin Note Payable [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Total | $ 7,377,500 | 7,377,500 | 7,377,500 | $ 7,377,500 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.72% | |||||||||
Debt Instrument, Maturity Date | Sep. 25, 2020 | |||||||||
Interest Expense, Debt | 70,136 | 209,645 | ||||||||
Asheville Note Payable [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Total | 1,622,897 | 1,622,897 | 1,662,101 | $ 1,700,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | |||||||||
Interest Expense, Debt | 19,799 | 20,433 | 59,667 | 61,101 | ||||||
Debt Instrument, Periodic Payment, Principal | 39,204 | 37,899 | ||||||||
Omaha Note Payable [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Total | $ 15,060,000 | 0 | 0 | 14,748,464 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.91% | |||||||||
Debt Instrument, Maturity Date | Jun. 5, 2017 | |||||||||
Interest Expense, Debt | $ 121,247 | $ 186,702 | 487,714 | $ 495,275 | ||||||
Debt Instrument, Periodic Payment, Principal | $ 14,748,464 | $ 311,536 | ||||||||
[1] | Sum equals amortization expense incurred on the debt discount for the nine months ended September 30, 2016 of $215,449. |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | Sep. 14, 2016 | Mar. 02, 2016 | Jul. 31, 2016 | Jun. 30, 2016 | Oct. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | ||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||||||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | ||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||||||
Common Stock, Shares, Outstanding | 17,605,675 | 250,000 | ||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.0852 | |||||||
Dividends, Common Stock, Total | $ 21,300 | $ 285,703 | $ 170,400 | |||||
Stock Issued During Period, Shares, New Issues | 15,000,000 | 15,000,000 | ||||||
Stock Issued During Period, Value, New Issues | $ 137,358,367 | |||||||
Payments of Stock Issuance Costs | $ 23,295 | |||||||
Proceeds from Issuance Initial Public Offering | $ 137,358,367 | $ 0 | ||||||
Noninterest Expense Offering Cost | $ 1,681,259 | |||||||
Beneficial Ownership description | The Companys charter provides that, subject to certain exceptions, no person may beneficially or constructively own more than 9.8%, in value or in number of shares, whichever is more restrictive, of the outstanding shares of any class or series of the Companys capital stock. On June 27, 2016, the Companys board of directors approved a waiver of the 9.8% ownership limit in our charter allowing ZH USA, LLC to own up to 16.9% of the Companys outstanding shares of common stock. | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.20 | |||||||
Dividends Payable | 3,592,786 | $ 0 | ||||||
IPO [Member] | ||||||||
Stock Issued During Period, Shares, New Issues | 13,043,479 | |||||||
Shares Issued, Price Per Share | $ 10 | |||||||
Stock Issued During Period, Value, New Issues | $ 130,434,790 | |||||||
Payments of Stock Issuance Costs | 11,272,068 | |||||||
Proceeds from Issuance Initial Public Offering | $ 119,162,722 | |||||||
Over-Allotment Option [Member] | ||||||||
Stock Issued During Period, Shares, New Issues | 1,956,521 | 1,956,521 | ||||||
Shares Issued, Price Per Share | $ 10 | |||||||
Stock Issued During Period, Value, New Issues | $ 19,565,210 | $ 19,565,210 | ||||||
Payments of Stock Issuance Costs | 1,369,565 | 1,369,565 | ||||||
Proceeds from Issuance Initial Public Offering | 18,195,645 | $ 18,195,645 | ||||||
Noninterest Expense Offering Cost | 1,681,259 | |||||||
ZH USA, LLC [Member] | ||||||||
Debt Conversion, Original Debt, Amount | $ 15,000,000 | $ 15,030,134 | $ 30,030,134 | |||||
Debt Conversion, Converted Instrument, Shares Issued | 1,176,656 | 1,179,019 | ||||||
Debt Instrument Convertible, Base for Conversion | $ 12.748 | $ 12.748 |
Convertible Debenture, due to M
Convertible Debenture, due to Majority Stockholder (Details) | 9 Months Ended | |
Sep. 30, 2016USD ($) | ||
Related Party Transaction [Line Items] | ||
Balance as of January 1, 2016 | $ 40,030,134 | |
Balance as of September 30, 2016 | 0 | |
Two Thousand Sixteen March Two [Member] | ||
Related Party Transaction [Line Items] | ||
Conversion of convertible debenture to common shares | (15,000,000) | [1] |
Two Thousand Sixteen July One [Member] | ||
Related Party Transaction [Line Items] | ||
Conversion of convertible debenture to common shares | (15,030,134) | [1] |
ZH USA, LLC [Member] | Pay-Off Letter and Conversion Agreement [Member] | ||
Related Party Transaction [Line Items] | ||
Pay-off of remaining principal balance | $ (10,000,000) | |
[1] | Total amount converted to common shares equals $30,030,134 |
Due to Related Parties, Net (De
Due to Related Parties, Net (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | ||
Related Party Transaction [Line Items] | |||
Balance as of January 1, 2016 | $ 847,169 | ||
Management fees repaid to Advisor | [1] | (297,147) | |
Funds loaned by Advisor | [2] | (184,986) | |
Funds loaned by Other Related Party | [2] | 155,000 | |
Funds loaned to ZH USA, LLC | 29,986 | $ 51,198 | |
Balance as of September 30, 2016 | 1,135,302 | ||
Due From Advisor [Member] | |||
Related Party Transaction [Line Items] | |||
Balance as of January 1, 2016 | 178,111 | ||
Management fees repaid to Advisor | [1] | 0 | |
Funds loaned by Advisor | [2] | 0 | |
Funds loaned by Other Related Party | [2] | 0 | |
Funds loaned to ZH USA, LLC | [3] | 0 | |
Balance as of September 30, 2016 | 178,111 | ||
Due To Advisor Mgmt Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Balance as of January 1, 2016 | (630,000) | ||
Management fees repaid to Advisor | [1] | (297,147) | |
Funds loaned by Advisor | [2] | 0 | |
Funds loaned by Other Related Party | [2] | 0 | |
Funds loaned to ZH USA, LLC | [3] | 0 | |
Balance as of September 30, 2016 | (927,147) | ||
Due To Advisor Other Funds [Member] | |||
Related Party Transaction [Line Items] | |||
Balance as of January 1, 2016 | (240,280) | ||
Management fees repaid to Advisor | [1] | 0 | |
Funds loaned by Advisor | [2] | (184,986) | |
Funds loaned by Other Related Party | [2] | 0 | |
Funds loaned to ZH USA, LLC | [3] | 0 | |
Balance as of September 30, 2016 | (425,266) | ||
Due to from Other Related party [Member] | |||
Related Party Transaction [Line Items] | |||
Balance as of January 1, 2016 | (155,000) | ||
Management fees repaid to Advisor | [1] | 0 | |
Funds loaned by Advisor | [2] | 0 | |
Funds loaned by Other Related Party | [2] | 155,000 | |
Funds loaned to ZH USA, LLC | [3] | 39,000 | |
Balance as of September 30, 2016 | $ 39,000 | ||
[1] | Net amount accrued of $297,147 consists of $807,147 of management fee expenses incurred during the nine-month period net of $510,000 of accrued management fees that were repaid to the Advisor. This is a cash flow operating activity. | ||
[2] | Net amount received of $29,986 consists of $184,986 loaned to the Company net of $155,000 in funds repaid by the Company. This is a cash flow financing activity. | ||
[3] | Represent funds of $39,000 the Company loaned to a related party for its general use. This is a cash flow investing activity. |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Jul. 08, 2016 | Mar. 02, 2016 | Nov. 10, 2014 | Jun. 05, 2014 | Jul. 31, 2016 | Jun. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | ||||||||||||
Management Fee Expense | $ 627,147 | $ 90,000 | $ 807,147 | $ 270,000 | ||||||||
Payment of Acquisition Fee | 510,000 | |||||||||||
Due to Related Parties | 1,135,302 | 1,135,302 | $ 847,169 | |||||||||
Payment for Management Fee | 510,000 | |||||||||||
Notes Payable, Related Parties | 421,000 | 421,000 | 421,000 | |||||||||
Related Party Transaction, Expenses from Transactions with Related Party | [1] | 297,147 | ||||||||||
Proceeds from Related Party Debt | 29,986 | 51,198 | ||||||||||
Business Combination, Acquisition Related Costs | 0 | 227,000 | 754,000 | 227,000 | ||||||||
Proceeds from Issuance of Other Long-term Debt | [2] | 184,986 | ||||||||||
Proceeds from Collection of Long-term Loans to Related Parties | [2] | 155,000 | ||||||||||
Payments to Fund Long-term Loans to Related Parties | 39,000 | 71,683 | ||||||||||
Pay-Off Letter and Conversion Agreement [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Debt Instrument, Periodic Payment, Interest | $ 1,716,811 | |||||||||||
Inter-American Management, LLC [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Property Management Fee, Percent Fee | 2.00% | |||||||||||
Management Fee Payable | $ 30,000 | |||||||||||
Payment of Acquisition Fee | 754,000 | |||||||||||
Payment for Management Fee | 754,000 | |||||||||||
ZH International Holdings Limited [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Equity Method Investment, Ownership Percentage | 85.00% | |||||||||||
Due to from Other Related party [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Management Fee Expense | 807,147 | |||||||||||
Due to Related Parties | 927,147 | 927,147 | 630,000 | |||||||||
Convertible Debt [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Interest and Debt Expense, Total | $ 43,889 | $ 126,545 | $ 1,242,899 | $ 342,599 | ||||||||
Interest Bearing Notes Payable [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 4.00% | ||||||||||
Proceeds from Short-term Debt, Total | $ 450,000 | |||||||||||
Interest Expense, Subordinated Notes and Debentures | $ 4,150 | 10,284 | ||||||||||
Repayments of Debt | $ 450,000 | |||||||||||
ZH USA, LLC [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 8.00% | ||||||||||
Debt Instrument Convertible, Base for Conversion | $ 12.748 | $ 12.748 | ||||||||||
Debt Conversion, Original Debt, Amount | $ 15,000,000 | $ 15,030,134 | $ 30,030,134 | |||||||||
Debt Conversion, Converted Instrument, Shares Issued | 1,176,656 | 1,179,019 | ||||||||||
Debt Instrument, Convertible, Conversion Price | $ 12.748 | $ 12.748 | ||||||||||
Proceeds from Debt, Net of Issuance Costs | $ 1,500,000 | |||||||||||
Proceeds from Notes Payable | $ 421,000 | |||||||||||
Payments to Fund Long-term Loans to Related Parties | $ 39,000 | |||||||||||
ZH USA, LLC [Member] | Pay-Off Letter and Conversion Agreement [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 1,179,019 | |||||||||||
Debt Instrument, Periodic Payment, Principal | $ 10,000,000 | |||||||||||
[1] | Net amount accrued of $297,147 consists of $807,147 of management fee expenses incurred during the nine-month period net of $510,000 of accrued management fees that were repaid to the Advisor. This is a cash flow operating activity. | |||||||||||
[2] | Net amount received of $29,986 consists of $184,986 loaned to the Company net of $155,000 in funds repaid by the Company. This is a cash flow financing activity. |
2016 Equity Incentive Plan (Det
2016 Equity Incentive Plan (Details) - USD ($) | Jul. 02, 2016 | Jun. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 60,400 | 358,250 | |||
Share-based Compensation | $ 830,827 | $ 830,827 | $ 0 | ||
Share Price | $ 10 | $ 10 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 2,700,000 | $ 2,700,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 3 months 18 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 274,794 | 274,794 | |||
Services Long term Incentive Plans [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Share-based Compensation | $ 226,827 | ||||
Share Price | $ 9.76 | $ 9.76 | |||
ASC Topic 505 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 284,100 | ||||
ASC Topic 505 [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 42 months | 42 months | |||
ASC Topic 505 [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 54 months | 54 months | |||
ASC Topic 718 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 13,750 | ||||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 12 months | 12 months | |||
IPO [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 297,850 | 874,147 | |||
Share-based Compensation | $ 604,000 |
Schedule of Future Lease Paymen
Schedule of Future Lease Payments Receivables (Details) | Sep. 30, 2016USD ($) |
2,016 | $ 2,265,155 |
2,017 | 9,060,123 |
2,018 | 9,204,836 |
2,019 | 9,403,255 |
2,020 | 9,583,394 |
Thereafter | 82,475,421 |
Total | $ 121,992,184 |
Rental Revenue (Details)
Rental Revenue (Details) - Sales Revenue, Net [Member] | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Plano Facility [Member] | ||||
Concentration Risk, Percentage | 17.00% | 17.00% | ||
Omaha facility [Member] | ||||
Concentration Risk, Percentage | 22.00% | 85.00% | 26.00% | 87.00% |
Tennessee facilities [Member] | ||||
Concentration Risk, Percentage | 18.00% | 21.00% | ||
Asheville facility [Member] | ||||
Concentration Risk, Percentage | 3.00% | 12.00% | 12.00% | |
Melbourne Facility [Member] | ||||
Concentration Risk, Percentage | 15.00% | 12.00% | ||
Westland Facility [Member] | ||||
Concentration Risk, Percentage | 6.00% | 4.00% | ||
West Mifflin Facility [Member] | ||||
Concentration Risk, Percentage | 11.00% | 3.00% | 13.00% | 1.00% |
Reading facility [Member] | ||||
Concentration Risk, Percentage | 8.00% | 3.00% |
Schedule Of Future Minimum Rent
Schedule Of Future Minimum Rental Payments (Details) | Sep. 30, 2016USD ($) |
2,016 | $ 14,969 |
2,017 | 59,877 |
2,018 | 63,619 |
2,019 | 67,362 |
2,020 | 67,362 |
Thereafter | 973,586 |
Total | $ 1,246,775 |
Omaha Land Lease Rent Expense41
Omaha Land Lease Rent Expense (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Lease Expiration Periods | 2,033 | |||
Percentage of annual lease rent | 12.50% | |||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 60 years | |||
Operating Leases, Rent Expense, Net, Total | $ 18,153 | $ 46,768 | $ 54,461 | $ 61,738 |
Subsequent Events (Details)
Subsequent Events (Details) | Oct. 11, 2016USD ($)$ / shares | Sep. 30, 2016USD ($)$ / shares | Sep. 30, 2015USD ($) | Dec. 31, 2016USD ($) | Nov. 04, 2016USD ($) | Nov. 01, 2016USD ($) | Oct. 31, 2016USD ($) | Oct. 07, 2016USD ($)a |
Subsequent Event [Line Items] | ||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ / shares | $ 0.0852 | |||||||
Payments of Dividends, Total | $ 285,703 | $ 170,400 | ||||||
Sandusky Facilities [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 10,000,000 | |||||||
Sandusky Facilities [Member] | Scenario, Forecast [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 5,400,000 | |||||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ / shares | $ 0.20 | |||||||
Payments of Dividends, Total | $ 3,592,786 | |||||||
Subsequent Event [Member] | Secured Debt [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 75,000,000 | |||||||
Subsequent Event [Member] | Sandusky Facilities [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 4,600,000 | |||||||
Net Rentable Area | a | 50,931 | |||||||
Subsequent Event [Member] | Las Cruces Facility [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 4,880,000 | |||||||
Subsequent Event [Member] | Ellijay Facilities [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 4,900,000 | |||||||
Subsequent Event [Member] | Carson City Facilities [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 3,975,000 | |||||||
Subsequent Event [Member] | Cash Distribution [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ / shares | $ 0.20 |