Peakstone Realty Trust (PKST) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	May 05, 2021
Class of Stock [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	000-55605
Entity Registrant Name	Griffin Capital Essential Asset REIT, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-4654479
Entity Address, Address Line One	1520 E. Grand Ave
Entity Address, City or Town	El Segundo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90245
City Area Code	310
Local Phone Number	469-6100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001600626
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Common Class T
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		562,050
Common Class S
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		1,800
Common Class D
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		41,600
Common Class I
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		1,905,375
Common Class A
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		24,484,216
Common Class AA
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		47,566,378
Common Class AAA
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		922,838
Common Class E
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		248,951,930

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents		$ 104,628	$ 168,954
Restricted cash		27,315	34,352
Real estate:
Land		586,395	445,674
Building and improvements		4,102,883	3,112,253
Tenant origination and absorption cost		888,291	740,489
Construction in progress		17,404	11,886
Total real estate		5,594,973	4,310,302
Less: accumulated depreciation and amortization		(854,207)	(817,773)
Total real estate, net		4,740,766	3,492,529
Investments in unconsolidated entities		0	34
Intangible assets, net		47,299	10,035
Deferred rent receivable		98,567	98,116
Deferred leasing costs, net		44,504	45,966
Goodwill		229,948	229,948
Due from affiliates		1,416	1,411
Right of use asset		40,522	39,935
Other assets		31,094	30,570
Total assets		5,366,059	4,151,850
LIABILITIES AND EQUITY
Debt, net		2,538,547	2,140,427
Restricted reserves		12,131	12,071
Interest rate swap liability		37,559	53,975
Redemptions payable		6,910	5,345
Distributions payable		12,256	9,430
Due to affiliates		3,116	3,272
Intangible liabilities, net		35,949	27,333
Lease liability		50,432	45,646
Accrued expenses and other liabilities		102,910	114,434
Total liabilities		2,799,810	2,411,933
Commitments and contingencies
Noncontrolling interests subject to redemption; units as of March 31, 2021 and December 31, 2020, respectively	[1]	4,640	4,610
Stockholders’ equity:
Common stock, $0.001 par value; 800,000,000 shares authorized; 323,881,102 and 230,320,668 shares outstanding in the aggregate as of March 31, 2021 and December 31, 2020(1)	[1]	324	230
Additional paid-in capital		2,945,517	2,103,028
Cumulative distributions		(836,711)	(813,892)
Accumulated earnings		135,530	140,354
Accumulated other comprehensive loss		(33,302)	(48,001)
Total stockholders’ equity		2,211,358	1,381,719
Noncontrolling interests		224,995	226,550
Total equity		2,436,353	1,608,269
Total liabilities and equity		$ 5,366,059	$ 4,151,850
Units eligible towards redemption (in shares)		556,099	556,099
Common Stock, Par or Stated Value Per Share		$ 0.001	$ 0.001
Common Stock, Shares Authorized		800,000,000	800,000,000
Common Stock, shares outstanding (in shares)		323,881,102	230,320,668
Perpetual convertible preferred shares
LIABILITIES AND EQUITY
Perpetual convertible preferred stock and common stock subject to redemption		$ 125,000	$ 125,000
Common stock subject to redemption
LIABILITIES AND EQUITY
Perpetual convertible preferred stock and common stock subject to redemption		$ 256	$ 2,038
[1]	See Note 9, Equity , for the number of shares outstanding of each class of common stock as of March 31, 2021.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common Stock, par value (in usd per share)	$ 0.001	$ 0.001

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue:
Rental income	$ 101,355	$ 95,728
Expenses:
Property operating expense	14,445	14,971
Property tax expense	9,679	9,548
Property management fees to non-affiliates	981	909
General and administrative expenses	9,469	7,665
Corporate operating expenses to affiliates	625	625
Impairment provision	4,242	0
Depreciation and amortization	44,338	41,148
Total expenses	83,779	74,866
Income before other income and (expenses)	17,576	20,862
Other income (expenses):
Interest expense	(20,685)	(19,961)
Other income, net	116	2,700
Gain (Loss) from investment in unconsolidated entities	8	(627)
Loss from disposition of assets	(6)	0
Net (loss) income	(2,991)	2,974
Distributions to redeemable preferred shareholders	(2,359)	(2,047)
Net loss (income) attributable to noncontrolling interests	569	(111)
Net (loss) income attributable to controlling interest	(4,781)	816
Distributions to redeemable noncontrolling interests attributable to common stockholders	(43)	(79)
Net (loss) income attributable to common stockholders	$ (4,824)	$ 737
Net (loss) income attributable to common stockholders per share, basic and diluted (in usd per share)	$ (0.02)	$ 0
Weighted average number of common shares outstanding, basic and diluted (in shares)	263,046,014	229,810,621
Cash distributions declared per common share (in usd per share)	$ 0.09	$ 0.14

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (2,991)	$ 2,974
Other comprehensive loss:
Change in fair value of swap agreements	16,447	(30,826)
Total comprehensive income (loss)	13,456	(27,852)
Distributions to redeemable preferred shareholders	(2,359)	(2,047)
Distributions to redeemable noncontrolling interests attributable to common stockholders	(43)	(79)
Comprehensive (income) loss attributable to noncontrolling interests	(1,179)	3,596
Comprehensive income (loss) attributable to common stockholders	$ 9,875	$ (26,382)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Common Stock	Additional Paid-In Capital	Cumulative Distributions	Accumulated Income	Accumulated Other Comprehensive Loss	Non- controlling Interests
Beginning Balance (in shares) at Dec. 31, 2019			227,853,720
Beginning Balance at Dec. 31, 2019	$ 1,721,517	$ 1,476,477	$ 228	$ 2,060,604	$ (715,792)	$ 153,312	$ (21,875)	$ 245,040
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Gross proceeds from issuance of common stock (in shares)			433,328
Gross proceeds from issuance of common stock	4,141	4,141		4,141
Deferred equity compensation (in shares)			17,836
Deferred equity compensation	984	984		984
Cash distributions to common stockholders	(23,627)	(23,627)			(23,627)
Issuance of shares for distribution reinvestment plan (in shares)			1,297,656
Issuance of shares for distribution reinvestment plan	4,155	4,155	$ 1	12,116	(7,962)
Repurchase of common stock (in shares)			(548,312)
Repurchase of common stock	(5,110)	(5,110)		(5,110)
Reclass of common stock subject to redemption	(85,180)	(85,180)		(85,180)
Issuance of stock dividend for noncontrolling interest	802							802
Issuance of stock dividends (in shares)			617,327
Issuance of stock dividends	19	19	$ 1	5,766	(5,748)
Distributions to noncontrolling interest	(5,069)							(5,069)
Distributions to noncontrolling interests subject to redemption	(11)							(11)
Offering costs	(604)	(604)		(604)
Net income	848	737				737		111
Other comprehensive loss	(30,826)	(27,118)					(27,118)	(3,708)
Ending Balance(in shares) at Mar. 31, 2020			229,671,555
Ending Balance at Mar. 31, 2020	1,582,039	1,344,874	$ 230	1,992,717	(753,129)	154,049	(48,993)	237,165
Beginning Balance (in shares) at Dec. 31, 2019			227,853,720
Beginning Balance at Dec. 31, 2019	$ 1,721,517	1,476,477	$ 228	2,060,604	(715,792)	153,312	(21,875)	245,040
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock dividend for noncontrolling interest								1,068
Distributions to noncontrolling interest								(13,306)
Net income								(1,732)
Other comprehensive loss								(3,578)
Ending Balance(in shares) at Dec. 31, 2020	230,320,668		230,320,668
Ending Balance at Dec. 31, 2020	$ 1,608,269	1,381,719	$ 230	2,103,028	(813,892)	140,354	(48,001)	226,550
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock related to the CCIT II Merger (in shares)			93,457,668
Issuance of stock related to the CCIT II Merger	838,315	838,315	$ 93	838,222				0
Deferred equity compensation (in shares)			170,302
Deferred equity compensation	3,133	3,133		3,133
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock			(99,298)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(891)	(891)		(891)
Cash distributions to common stockholders	(15,653)	(15,653)			(15,653)
Issuance of shares for distribution reinvestment plan (in shares)			804,027
Issuance of shares for distribution reinvestment plan	10	10	$ 2	7,174	(7,166)
Repurchase of common stock (in shares)			(772,265)
Repurchase of common stock	(6,920)	(6,920)	$ (1)	(6,919)
Reclass of noncontrolling interest subject to redemption	(31)							(31)
Reclass of common stock subject to redemption	1,781	1,781		1,781
Issuance of stock dividend for noncontrolling interest								0
Distributions to noncontrolling interest	(2,698)							(2,698)
Distributions to noncontrolling interests subject to redemption	(5)							(5)
Offering costs	(11)	(11)		(11)
Net income	(5,393)	(4,824)				(4,824)		(569)
Other comprehensive loss	$ 16,447	14,699					14,699	1,748
Ending Balance(in shares) at Mar. 31, 2021	323,881,102		323,881,102
Ending Balance at Mar. 31, 2021	$ 2,436,353	$ 2,211,358	$ 324	$ 2,945,517	$ (836,711)	$ 135,530	$ (33,302)	$ 224,995

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Activities:
Net (loss) income	$ (2,991)	$ 2,974
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation of building and building improvements	26,546	22,673
Amortization of leasing costs and intangibles, including ground leasehold interests and leasing costs	17,919	18,475
Amortization of below market leases, net	650	(763)
Amortization of deferred financing costs and debt premium	880	632
Amortization of swap interest	31	32
Deferred rent	(451)	(3,761)
Deferred rent, ground lease	516	510
Loss from disposition of assets	6	0
Gain on fair value of earn-out	0	(2,581)
(Income) loss from investment in unconsolidated entities	(8)	627
Loss from investments	134	136
Impairment provision	4,242	0
Stock-based compensation	1,713	984
Change in operating assets and liabilities:
Deferred leasing costs and other assets	426	(4,010)
Restricted reserves	123	190
Accrued expenses and other liabilities	(12,833)	4,364
Due to affiliates, net	(162)	(928)
Net cash provided by operating activities	36,741	39,554
Investing Activities:
Cash paid in connection with CCIT II Merger, net of cash assumed	(36,746)	0
Acquisition of properties, net	0	(16,584)
Proceeds from disposition of properties	1,676	0
Real estate acquisition deposits	0	1,047
Restricted reserves	(64)	(330)
Payments for construction in progress	(30,489)	(12,587)
Distributions of capital from investment in unconsolidated entities	41	2,151
Purchase of investments	(82)	(810)
Net cash used in investing activities	(65,664)	(27,113)
Financing Activities:
Principal payoff of indebtedness - CCIT II Credit Facility	(415,500)	0
Proceeds from borrowings - KeyBank Loans	400,000	90,000
Repurchase of common shares to satisfy employee tax withholding requirements	(891)	0
Principal amortization payments on secured indebtedness	(2,418)	(1,722)
Deferred financing costs	(342)	0
Offering costs	(11)	(303)
Repurchase of common stock	(5,356)	(96,520)
Issuance of common stock, net of discounts and underwriting costs	0	4,699
Distributions to noncontrolling interests	(2,743)	(4,362)
Distributions to preferred units subject to redemption	(2,359)	(2,047)
Distributions to common stockholders	(12,820)	(19,853)
Net cash used in financing activities	(42,440)	(30,108)
Net increase (decrease) in cash, cash equivalents and restricted cash	(71,363)	(17,667)
Cash, cash equivalents and restricted cash at the beginning of the period	203,306	113,260
Cash, cash equivalents and restricted cash at the end of the period	131,943	95,593
Supplemental Disclosures of Significant Non-Cash Transactions:
Increase (decrease) in fair value swap agreement	16,447	(30,826)
Accrued tenant obligations	11,303	0
Distributions payable to common stockholders	9,688	12,692
Distributions payable to noncontrolling interests	946	1,753
Common stock issued pursuant to the distribution reinvestment plan	7,175	12,117
Common stock redemptions funded subsequent to period-end	(6,910)	5,238
Issuance of stock dividends	0	5,747
Mortgage debt assumed in conjunction with the acquisition of real estate assets plus a premium	0	18,884
Net assets acquired in Mergers in exchange for common shares	838,315	0
Payable for construction in progress	3,570	15,919
Capitalized transaction costs accrued	2,036	0
Capitalized transaction costs transfers to real estate	2,130	0
Assumption of debt through the CCIT II Merger	$ 415,500	$ 0

Organization

Organization	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Griffin Capital Essential Asset REIT, Inc. (“GCEAR” or the “Company”) is an internally managed, publicly registered non-traded real estate investment trust ("REIT") that owns and operates a geographically diversified portfolio of corporate office and industrial properties that are primarily net-leased. GCEAR’s year-end date is December 31. On December 14, 2018, GCEAR, Griffin Capital Essential Asset Operating Partnership II, L.P. (the “GCEAR II Operating Partnership”), GCEAR’s wholly-owned subsidiary Globe Merger Sub, LLC (“EA Merger Sub”), the entity formerly known as Griffin Capital Essential Asset REIT, Inc. (“EA-1”), and Griffin Capital Essential Asset Operating Partnership, L.P. (the “EA-1 Operating Partnership”) entered into an Agreement and Plan of Merger (the “EA Merger Agreement”). On April 30, 2019, pursuant to the EA Merger Agreement, (i) EA-1 merged with and into EA Merger Sub, with EA Merger Sub surviving as GCEAR’s direct, wholly-owned subsidiary (the “EA Company Merger”) and (ii) the GCEAR II Operating Partnership merged with and into the EA-1 Operating Partnership (the “EA Partnership Merger” and, together with the EA Company Merger, the “EA Mergers”), with the EA-1 Operating Partnership (and now known as the “GCEAR Operating Partnership”) surviving the EA Partnership Merger. In addition, on April 30, 2019, following the EA Mergers, EA Merger Sub merged into GCEAR. On March 1, 2021, the Company completed its previously announced acquisition of Cole Office & Industrial REIT (CCIT II), Inc. (“CCIT II”) for approximately $1.3 billion, including transaction costs, in a stock-for-stock transaction (the “CCIT II Merger”). At the effective time of the CCIT II Merger, each issued and outstanding share of CCIT II Class A common stock and each issued and outstanding share of CCIT II Class T common stock was converted into the right to receive 1.392 shares of the Company's Class E common stock. The GCEAR Operating Partnership owns, directly or indirectly, all of the properties that the Company has acquired. As of March 31, 2021, (i) the Company owned approximately 91.0% of the outstanding common limited partnership units of the GCEAR Operating Partnership ("GCEAR OP Units"), (ii), the former sponsor and certain of its affiliates owned approximately 7.8% of the limited partnership units of the GCEAR Operating Partnership, including approximately 2.4 million units owned by the Company’s Executive Chairman and Chairman of the Board, Kevin A. Shields, a result of the contribution of five properties to the Company and the self-administration transaction, and (iii) the remaining approximately 1.2% GCEAR OP Units are owned by unaffiliated third parties. The GCEAR Operating Partnership may conduct certain activities through one or more of the Company’s taxable REIT subsidiaries, which are wholly-owned subsidiaries of the GCEAR Operating Partnership. As of March 31, 2021, the Company had issued 285,399,745 shares (approximately $2.8 billion) of co mmon stock since November 9, 2009 in various private offerings, public offerings, dividend reinvestment plan ("DRP") offerings and mergers (includes EA-1 offerings and EA-1 merger with Signature Office REIT, Inc. and the CCIT II Merger). Th ere were 323,881,102 shares of common stock outstanding as of March 31, 2021, including shares issued pursuant to the DRP, less shares redeemed pursuant to the share redemption program ("SRP") and self-tender offer. As of March 31, 2021 and December 31, 2020, the Company had issued approximately $325.4 million and $318.2 million in shares pursuant to the DRP, respectively. As of March 31, 2021, 30,407 shares subject to the Company's quarterly cap on aggregate redemptions were classified on the consolidated balance sheet as common stock subject to redemption.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies There have been no significant changes to the Company’s accounting policies since the Company filed its audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2020. For further information about the Company’s accounting policies, refer to the Company’s consolidated financial statements and notes thereto for the year ended included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"). The accompanying unaudited consolidated financial statements of the Company are prepared by management on the accrual basis of accounting and in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), and in conjunction with 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 unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The unaudited consolidated financial statements include accounts and related adjustments, which are, in the opinion of management, of a normal recurring nature and necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim period. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 . In addition, see the risk factors identified in the “Risk Factors” section of the Company's Annual Report on Form 10-K for the year ended December 31, 2020. The consolidated financial statements of the Company include all accounts of the Company, the GCEAR Operating Partnership, and its subsidiaries. Intercompany transactions are not shown on the consolidated statements. However, each property-owning entity is a wholly-owned subsidiary which is a special purpose entity ("SPE"), whose assets and credit are not available to satisfy the debts or obligations of any other entity, except to the extent required with respect to any co-borrower or guarantor under the same credit facility. Use of Estimates The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. Per Share Data The Company reports earnings per share for the period as (1) basic earnings per share computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period, and (2) diluted earnings per share computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding, including common stock equivalents. As of March 31, 2021 and December 31, 2020, there were no material common stock equivalents that would have a dilutive effect on earnings (loss) per share for common stockholders. During the year ended December 31, 2020, the Company retroactively adjusted the number of common shares outstanding in accordance with ASC 260-10, Earnings Per Share ("ASC 260-10"). ASC 260-10 requires the computations of basic and diluted earnings per share to be adjusted retroactively for all periods presented to reflect the change in capital structure if the number of common shares outstanding increases as a result of a stock dividend or stock split or decreases as a result of a reverse stock split. If changes in common stock resulting from stock dividends, stock splits, or reverse stock splits occur after the close of the period but before the consolidated financial statements are issued or are available to be issued, the per share computations for those and any prior period consolidated financial statements presented shall be based on the new number of shares. Segment Information ASC 280, Segment Reporting, establishes standards for reporting financial and descriptive information about a public entity’s reportable segments. The Company internally evaluates all of the properties and interests therein as one reportable segment. Income Taxes The Company has elected to be taxed as a REIT under the Internal Revenue Code ("Code"). To qualify as a REIT, the Company must meet certain organizational and operational requirements. The Company intends to adhere to these requirements and maintain its REIT status for the current year and subsequent years. As a REIT, the Company generally will not be subject to federal income taxes on taxable income that is distributed to stockholders. However, the Company may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed taxable income, if any. If the Company fails to qualify as a REIT in any taxable year, the Company will then be subject to federal income taxes on the taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service ("IRS") grants the Company relief under certain statutory provisions. Such an event could materially adversely affect net income and net cash available for distribution to stockholders. As of March 31, 2021, the Company satisfied the REIT requirements and distributed all of its taxable income. Pursuant to the Code, the Company has elected to treat its corporate subsidiary as a TRS. In general, the TRS may perform non-customary services for the Company’s tenants and may engage in any real estate or non-real estate-related business. The TRS will be subject to corporate federal and state income tax. Goodwill Goodwill represents the excess of consideration paid over the fair value of underlying identifiable net assets of business acquired. The Company's goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company takes a qualitative approach to consider whether an impairment of goodwill exists prior to quantitatively determining the fair value of the reporting unit in step one of the impairment test. The Company performs its annual assessment on October 1st. Recently Issued Accounting Pronouncements Changes to GAAP are established by the FASB in the form of ASUs to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. Other than the ASUs discussed below, the FASB has not recently issued any other ASUs that the Company expects to be applicable and have a material impact on the Company's financial statements. Adoption of New Accounting Pronouncements

Real Estate

Real Estate	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Real Estate	Real Estate As of March 31, 2021, the Company’s real estate portfolio consisted of 123 properties (including one land parcel held for future development), in 26 states consisting substantially of office, warehouse, and manufacturing facilities with a combined acquisition value of approximately $5.4 billion, including the allocation of the purchase price to above and below-market lease valuation. Depreciation expense for b uildings and improvements for the three months ended March 31, 2021 was $26.5 million. Amortization expense for intangibles, including, but not limited to, tenant origination and absorption costs for the three months ended March 31, 2021 was $17.8 million. 2021 Acquisition CCIT II Merger The CCIT II Merger was accounted for as an asset acquisition under ASC 805, with the Company treated as the accounting acquirer. The total purchase price was allocated to the individual assets acquired and liabilities assumed based upon their relative fair values. Intangible assets were recognized at their relative fair values in accordance with ASC 350, Intangibles. Based on an evaluation of the relevant factors and the guidance in ASC 805 requiring significant management judgment, the entity considered the acquirer for accounting purposes is also the legal acquirer. In order to make this consideration, various factors have been analyzed including which entity issued its equity interests, relative voting rights, existence of minority interests (if any), control of the board of directors, management composition, existence of a premium as it applies to the exchange ratio, relative size, transaction initiation, operational structure, relative composition of employees, surviving brand and name, and other factors. The strongest factor identified was the relative size of the Company as compared to CCIT II. Based on financial measures, the Company was a significantly larger entity than CCIT II and its stockholders hold the majority of the voting shares of the Company. The assets (including identifiable intangible assets) and liabilities (including executory contracts and other commitments) of CCIT II as of the effective time of the CCIT II Merger was recorded at their respective relative fair values and added to those of the Company. Transaction costs incurred by the Company were capitalized in the period in which the costs were incurred and services were received. The total purchase price was allocated to the individual assets acquired and liabilities assumed based upon their relative fair values. Intangible assets were recognized at their relative fair values in accordance with ASC 805. Upon the effective time of the CCIT II Merger on March 1, 2021, each of CCIT II's 67.1 million issued and outstanding shares of common stock were converted into the right to receive 1.392 newly issued shares of the Class E common stock of the Company (approximately 93.5 million shares). Total consideration transferred is calculated as such: As of March 1, 2021 CCIT II's common stock shares prior to conversion 67,139,129 Exchange ratio 1.392 Implied GCEAR common stock issued as consideration 93,457,668 GCEAR's Class E NAV per share in effect at March 1, 2021 $ 8.97 Total consideration $ 838,315 The following table summarizes the final purchase price allocation based on a valuation report prepared by the Company's third-party valuation specialist that was subject to management's review and approval: March 1, 2021 Assets: Cash assumed $ 2,721 Land 141,892 Building and improvements 992,779 Tenant origination and absorption cost 152,793 In-place lease valuation (above market) 11,591 Intangibles 27,788 Other assets 3,522 Total assets $ 1,333,086 Liabilities: Debt $ 415,926 In-place lease valuation (below market) 10,026 Lease liability 4,616 Accounts payable and other liabilities 20,604 Total liabilities 451,172 Fair value of net assets acquired 881,914 Less: GCEAR's CCIT II Merger expenses 43,599 Fair value of net assets acquired, less GCEAR's CCIT II Merger expenses $ 838,315 Merger-Related Expenses In connection with the CCIT II Merger, the Company incurred various transaction and administrative costs. These costs included advisory fees, legal, tax, accounting, valuation fees, and other costs. These costs were capitalized as a component of the cost of the assets acquired. The following is a breakdown of the Company's costs incurred during 2020 and three months ended March 31, 2021 related to the CCIT II Merger: Amount Termination fee of the CCIT II advisory agreement $ 28,439 Advisory and valuation fees 4,699 Legal, accounting and tax fees 5,115 Other fees 5,346 Total CCIT II Merger-related fees $ 43,599 Real Estate - Valuation and Purchase Price Allocation The Company allocates the purchase price to the relative fair value of the tangible assets of a property by valuing the property as if it were vacant. This “as-if vacant” value is estimated using an income, or discounted cash flow, approach that relies upon Level 3 inputs, which are unobservable inputs based on the Company's review of the assumptions a market participant would use. These Level 3 inputs include discount rates, capitalization rates, market rents and comparable sales data for similar properties. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. In calculating the “as-if vacant” value for the properties acquired during the three months ended March 31, 2021, the Company used a discount rate range of 5.75% to 8.75%. In determining the fair value of intangible lease assets or liabilities, the Company also considers Level 3 inputs. Acquired above and below-market leases are valued based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases, if applicable. The estimated fair value of acquired in-place at-market tenant leases are the costs that would have been incurred to lease the property to the occupancy level of the property at the date of acquisition. Such estimates include the value associated with leasing commissions, legal and other costs, as well as the estimated period necessary to lease such properties that would be incurred to lease the property to its occupancy level at the time of its acquisition. Acquisition costs associated with asset acquisitions are capitalized during the period they are incurred. The following table summarizes the purchase price allocation of the properties acquired during the three months ended March 31, 2021: Acquisition Land Building Improvements Tenant origination and absorption costs Other Intangibles In-place lease valuation - above/(below) market Financing Leases Total (1) CCIT II Properties $ 141,892 (2) $ 958,166 $ 34,613 $ 152,793 $ 27,788 $ 1,565 $ (3,681) $ 1,313,136 (1) The allocations noted above are based on a determination of the relative fair value of the total consideration provided and represent the amount paid including capitalized acquisition costs. (2) Approximately $5.6 million includes land allocation related to the Company's finance leases. Intangibles The Company allocated a portion of the acquired and contributed real estate asset value to in-place lease valuation, tenant origination and absorption cost, and other intangibles, net of the write-off of intangibles for the three months ended March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 In-place lease valuation (above market) $ 54,545 $ 43,576 In-place lease valuation (above market) - accumulated amortization (36,963) (35,604) In-place lease valuation (above market), net $ 17,582 $ 7,972 Ground leasehold interest (below market) 2,254 2,254 Ground leasehold interest (below market) - accumulated amortization (198) (191) Ground leasehold interest (below market), net 2,056 2,063 Intangibles - other 32,028 4,240 Intangibles - other - accumulated amortization (4,367) (4,240) Intangible assets, net $ 47,299 $ 10,035 In-place lease valuation (below market) $ (77,862) $ (68,334) Land leasehold interest (above market) (3,072) (3,072) Intangibles - other (above market) (387) — In-place lease valuation & land leasehold interest - accumulated amortization 45,372 44,073 Intangible liabilities, net $ (35,949) $ (27,333) Tenant origination and absorption cost $ 888,291 $ 740,489 Tenant origination and absorption cost - accumulated amortization (423,868) (412,462) Tenant origination and absorption cost, net $ 464,423 $ 328,027 The following table sets forth the estimated annual amortization (income) expense for in-place lease valuation, net, tenant origination and absorption costs, ground leasehold improvements, other intangibles, and other leasing costs as of March 31, 2021 for the next five years: Year In-place lease valuation, net Tenant origination and absorption costs Ground leasehold interest Other intangibles Other leasing costs 2021 $ (1,464) $ 61,186 $ (218) $ 1,125 $ 4,702 2022 $ (2,339) $ 76,904 $ (290) $ 1,495 $ 5,769 2023 $ (2,845) $ 69,849 $ (290) $ 1,495 $ 5,637 2024 $ (1,803) $ 54,791 $ (291) $ 1,499 $ 5,412 2025 $ (1,331) $ 43,007 $ (290) $ 1,495 $ 5,386 2026 $ (1,156) $ 38,348 $ (290) $ 1,495 $ 4,761 Assets Held for Sale As of March 31, 2021, the 2200 Channahon Road property located in Joliet, Illinois met the criteria for classification as held for sale. The following summary presents the major components of assets and liabilities related to the real estate held for sale as of March 31, 2021: Balance as of Land $ 1,710 Building 15,043 Building improvements 493 Total real estate 17,246 Less: Accumulated Depreciation (6,194) Total real estate, net $ 11,052 Accrued Expenses and other liabilities $ 964 Total liabilities $ 964 Impairments 2200 Channahon Road and Houston Westway I During the three months ended March 31, 2021, in connection with the preparation and review of the Company's financial statements, the Company recorded an impairment provision of approximately $4.2 million as it was determined that the carrying value of the real estate would not be recoverable on two properties. This impairment resulted from change in expected hold period and selling price. In determining the fair value of property, the Company considered Level 3 inputs. See Note 8, Fair Value Measurements, for details. Restricted Cash In conjunction with the acquisition of certain assets, as required by certain lease provisions or certain lenders in conjunction with an acquisition or debt financing, or credits received by the seller of certain assets, the Company assumed or funded reserves for specific property improvements and deferred maintenance, re-leasing costs, and taxes and insurance, which are included on the consolidated balance sheets as restricted cash. Additionally, an ongoing replacement reserve is funded by certain tenants pursuant to each tenant’s respective lease as follows: Balance as of March 31, 2021 December 31, 2020 Cash reserves $ 15,545 $ 20,385 Restricted lockbox 11,770 13,967 Total $ 27,315 $ 34,352

Investments in Unconsolidated E

Investments in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities The interests discussed below are deemed to be variable interests in variable interest entities ("VIEs") and, based on an evaluation of the variable interests against the criteria for consolidation, the Company determined that it is not the primary beneficiary of the investments, as the Company does not have power to direct the activities of the entities that most significantly affect their performance. As such, the interest in the VIEs is recorded using the equity method of accounting in the accompanying consolidated financial statements. Under the equity method, the investments in the unconsolidated entities are stated at cost and adjusted for the Company’s share of net earnings or losses and reduced by distributions. Equity in earnings of real estate ventures is generally recognized based on the allocation of cash distributions upon liquidation of the investment at book value in accordance with the operating agreements. The Company's maximum exposure to losses associated with its unconsolidated investments is primarily limited to its carrying value in the investments. Heritage Commons X, LTD In June 2018, the Company, through an SPE, wholly-owned by the GCEAR Operating Partnership, formed a joint venture ("Heritage Commons X") for the construction and ownership of a four-story Class "A" office building with a net rentable area of approximately 200,000 square feet located in Fort Worth, Texas (the "Heritage Commons Property"). The Heritage Commons Property was completed in April 2019 and is 100% leased to Mercedes-Benz Financial Services USA. On July 17, 2019, Heritage Commons X sold the Heritage Commons Property. On March 16, 2021, the Company received the final distribution of approximately $.03 million. Digital Realty Trust, Inc. In September 2014, the Company, through an SPE wholly-owned by the GCEAR Operating Partnership, acquired an 80% interest in a joint venture with an affiliate of Digital Realty Trust, Inc. ("Digital") for $68.4 million, which was funded with equity proceeds raised in the Company's public offerings. The gross acquisition value of the property was $187.5 million, plus closing costs, which was partially financed with debt of $102.0 million. The joint venture was created for purposes of directly or indirectly acquiring, owning, financing, operating and maintaining a data center facility located in Ashburn, Virginia (the "Digital Property"). The Digital Property is approximately 132,300 square feet and consists of certain data processing and communications equipment that is fully leased to a social media company and a financial services company with an average remaining lease term of approximately three years. In September 2014, the joint venture entered into a secured term loan (the "Digital Loan") in the amount of approximately $102.0 million. The Digital Loan had an original maturity date of September 9, 2019 and included two extension options of 12 additional months each beyond the original maturity date. On March 29, 2019, the joint venture executed the first 12-month loan extension. Based on the executed extension, the new loan maturity date was September 9, 2020. The extension did not change the loan amount, rate or other substantive terms. The members were also required to issue a $10.2 million stand-by letter of credit, of which the Company's portion was $8.2 million. Since the tenant did not execute a long term extension or sign a new lease with the joint venture, the joint venture elected not to accept the loan extension terms offered by the lender and subsequent discussions did not result in an additional loan extension in 2020. As a result, on September 9, 2020, the lender provided a notice of default for non-payment of the unpaid balance of the non-recourse Digital Loan and exercised its right to draw on the stand-by letter of credit. The Company funded the $8.2 million stand-by letter of credit with cash. In accordance with the terms of the Digital operating agreement, the Company holds a guaranteed minimum return such that the Digital managing member will pay an amount to the Company in order for the Company to receive a minimum 7% return on investment, subject to a cap on actual cash amounts distributed to the managing member. As part of the wind up of the joint venture, the Company has recorded a receivable from the Digital managing member of $4.1 million. The $4.1 million payment was received in April 2021 and the Company has written off its remaining investment in the venture. In April 2021, the lender sold the Digital Loan and concurrently, the Digital-GCEAR 1 (Ashburn) joint venture executed a deed in lieu thereby extinguishing any further obligations. The Company is not exposed to any future funding obligations and there are no other future losses expected to arise from this investment.

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt As of March 31, 2021 and December 31, 2020, the Company’s debt consisted of the following: March 31, 2021 December 31, 2020 Contractual Interest Rate (1) Loan Effective Interest Rate (2) HealthSpring Mortgage Loan $ 20,073 $ 20,208 4.18% April 2023 4.62% Midland Mortgage Loan 97,619 98,155 3.94% April 2023 4.13% Emporia Partners Mortgage Loan 1,502 1,627 5.88% September 2023 5.97% Samsonite Loan 19,908 20,165 6.08% September 2023 5.09% Highway 94 Loan 14,453 14,689 3.75% August 2024 4.80% Pepsi Bottling Ventures Loan 18,496 18,587 3.69% October 2024 3.92% AIG Loan II 126,241 126,792 4.15% November 2025 4.92% BOA Loan 375,000 375,000 3.77% October 2027 3.91% BOA/KeyBank Loan 250,000 250,000 4.32% May 2028 4.14% AIG Loan 103,383 103,870 4.96% February 2029 5.08% Total Mortgage Debt 1,026,675 1,029,093 Revolving Credit Facility (3) 373,500 373,500 LIBO Rate + 1.60% June 2023 1.84% 2023 Term Loan 200,000 200,000 LIBO Rate + 1.55% June 2023 1.76% 2024 Term Loan 400,000 400,000 LIBO Rate + 1.55% April 2024 1.75% 2025 Term Loan 400,000 — LIBO Rate + 1.55% December 2025 1.97% 2026 Term Loan 150,000 150,000 LIBO Rate + 1.85% April 2026 2.02% Total Debt 2,550,175 2,152,593 Unamortized Deferred Financing Costs and Discounts, net (11,628) (12,166) Total Debt, net $ 2,538,547 $ 2,140,427 (1) Including the effect of the interest rate swap agreements with a total notional amount of $750.0 million, the weighted average interest rate as of March 31, 2021 was 3.30% for both the Company’s fixed-rate and variable-rate debt combined and 3.96% for the Company’s fixed-rate debt only. (2) Reflects the effective interest rate as of March 31, 2021 and includes the effect of amortization of discounts/premiums and deferred financing costs. (3) The LIBO rate as of March 31, 2021 (ef fe Second Amended and Restated Credit Agreement Pursuant to the Second Amended and Restated Credit Agreement dated as of April 30, 2019 (as amended by the First Amendment to the Second Amended and Restated Credit Agreement dated as of October 1, 2020 and the Second Amendment to the Second Amended and Restated Credit Agreement dated as of December 18, 2020, the “Second Amended and Restated Credit Agreement”), with KeyBank National Association ("KeyBank") as administrative agent, and a syndicate of lenders, we, through the GCEAR Operating Partnership, as the borrower, have been provided with a $1.9 billion credit facility consisting of a $750 million senior unsecured revolving credit facility (the “Revolving Credit Facility”) maturing in June 2022 with (subject to the satisfaction of certain customary conditions) a one-year extension option, a $200 million senior unsecured term loan maturing in June 2023 (the “$200M 5-Year Term Loan”), a $400 million senior unsecured term loan maturing in April 2024 (the “$400M 5-Year Term Loan”), a $400 million senior unsecured term loan maturing in December 2025 (the “$400M 5-Year Term Loan 2025”) (collectively, the “KeyBank Loans”), and a $150 million senior unsecured term loan maturing in April 2026 (the “$150M 7-Year Term Loan”). The credit facility also provides the option, subject to obtaining additional commitments from lenders and certain other customary conditions, to increase the commitments under the Revolving Credit Facility, increase the existing term loans and/or incur new term loans by up to an additional $600 million in the aggregate. As of March 31, 2021, the remaining capacity under the Revolving Credit Facility was $376.5 million. Based on the terms as of December 31, 2020, the interest rate for the credit facility varies based on the consolidated leverage ratio of the GCEAR Operating Partnership, us, and our subsidiaries and ranges (a) in the case of the Revolving Credit Facility, from LIBOR plus 1.30% to LIBOR plus 2.20%, (b) in the case of each of the $200M 5-Year Term Loan, the $400M 5-Year Term Loan and the $400M 5-Year Term Loan 2025, from LIBOR plus 1.25% to LIBOR plus 2.15% and (c) in the case of the $150M 7-Year Term Loan, from LIBOR plus 1.65% to LIBOR plus 2.50%. If the GCEAR Operating Partnership obtains an investment grade rating of its senior unsecured long term debt from Standard & Poor's Rating Services, Moody's Investors Service, Inc., or Fitch, Inc., the applicable LIBOR margin and base rate margin will vary based on such rating and range (i) in the case of the Revolving Credit Facility, from LIBOR plus 0.825% to LIBOR plus 1.55%, (ii) in the case of each of the $200M 5-Year Term Loan, the $400M 5-Year Term Loan and the $400M 5-Year Term Loan 2025, from LIBOR plus 0.90% to LIBOR plus 1.75% and (iii) in the case of the $150M 7-Year Term Loan, from LIBOR plus 1.40% to LIBOR plus 2.35%. On March 1, 2021, the Company exercised its right to draw on the $400M 5-Year Term Loan 2025 to repay CCIT II's existing debt balance in connection with the CCIT II Merger. The Second Amended and Restated Credit Agreement provides that the GCEAR Operating Partnership must maintain a pool of unencumbered real properties (each a "Pool Property" and collectively the "Pool Properties") that meet certain requirements contained in the Second Amended and Restated Credit Agreement. The agreement sets forth certain covenants relating to the Pool Properties, including, without limitation, the following: • there must be no less than 15 Pool Properties at any time; • no greater than 15% of the aggregate pool value may be contributed by a single Pool Property or tenant; • no greater than 15% of the aggregate pool value may be contributed by Pool Properties subject to ground leases; • no greater than 20% of the aggregate pool value may be contributed by Pool Properties which are under development or assets under renovation; • the minimum aggregate leasing percentage of all Pool Properties must be no less than 90%; and • other limitations as determined by KeyBank upon further due diligence of the Pool Properties. Borrowing availability under the Second Amended and Restated Credit Agreement is limited to the lesser of the maximum amount of all loans outstanding that would result in (i) an unsecured leverage ratio of no greater than 60%, or (ii) an unsecured interest coverage ratio of no less than 2.00:1.00. Guarantors of the KeyBank Loans include the Company, each special purpose entity that owns a Pool Property, and each of the GCEAR Operating Partnership's other subsidiaries which owns a direct or indirect equity interest in a special purpose entity that owns a Pool Property. In addition to customary representations, warranties, covenants, and indemnities, the KeyBank Loans require the GCEAR Operating Partnership to comply with the following at all times, which will be tested on a quarterly basis: • a maximum consolidated leverage ratio of 60%, or, the ratio may increase to 65% for up to four consecutive quarters after a material acquisition; • a minimum consolidated tangible net worth of 75% of the Company's consolidated tangible net worth at closing of the Revolving Credit Facility, or approximately $2.0 billion, plus 75% of net future equity issuances (including GCEAR OP Units ), minus 75% of the amount of any payments used to redeem the Company's stock or GCEAR OP Units, minus any amounts paid for the redemption or retirement of or any accrued return on the preferred equity issued under the preferred equity investment made in EA-1 in August 2018 by SHBNPP Global Professional Investment Type Private Real Estate Trust No. 13 (H); • upon consummation, if ever, of an initial public offering, a minimum consolidated tangible net worth of 75% of the Company's consolidated tangible net worth at the time of such initial public offering plus 75% of net future equity issuances (including GCEAR OP Units) should the Company publicly list its shares; • a minimum consolidated fixed charge coverage ratio of not less than 1.50:1.00; • a maximum total secured debt ratio of not greater than 40%, which ratio will increase by five percentage points for four quarters after closing of a material acquisition that is financed with secured debt; • a minimum unsecured interest coverage ratio of 2.00:1.00; • a maximum total secured recourse debt ratio, excluding recourse obligations associated with interest rate hedges, of 10% of our total asset value; and • aggregate maximum unhedged variable rate debt of not greater than 30% of the Company's total asset value. Furthermore, the activities of the GCEAR Operating Partnership, the Company, and the Company's subsidiaries must be focused principally on the ownership, development, operation and management of office, industrial, manufacturing, warehouse, distribution or educational properties (or mixed uses thereof) and businesses reasonably related or ancillary thereto. Debt Covenant Compliance Pursuant to the terms of the Company's mortgage loans and the KeyBank Loans, the GCEAR Operating Partnership, in consolidation with the Company, is subject to certain loan compliance covenants. The Company was in compliance with all of its debt covenants as of March 31, 2021.

Interest Rate Contracts

Interest Rate Contracts	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Contracts	Interest Rate Contracts Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both business operations and economic conditions. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the values of which are determined by expected cash payments principally related to borrowings and interest rates. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company does not use derivatives for trading or speculative purposes. Derivative Instruments On July 9, 2015, the Company executed one interest rate swap agreement to hedge the variable cash flows associated with LIBOR. The interest rate swap was effective for the period from July 9, 2015 to July 1, 2020 with a notional amount of $425.0 million, which matured during the third quarter of 2020. On August 31, 2018, the Company executed four interest rate swap agreements to hedge future variable cash flows associated with LIBOR. The forward-starting interest rate swaps with a total notional amount of $425.0 million became effective on July 1, 2020 and have a term of five years. On March 10, 2020, the Company entered into three interest rate swap agreements to hedge variable cash flows associated with LIBOR. The swap agreements became effective on March 10, 2020, and have a term of approximately five years with notional amounts of $150.0 million, $100.0 million and $75.0 million. The Company also has entered into interest rate swap agreements to hedge the variable cash flows associated with certain existing or forecasted LIBOR based variable-rate debt, including the Company's KeyBank Loans. The change in the fair value of derivatives designated and qualifying as cash flow hedges is initially recorded in accumulated other comprehensive income ("AOCI") and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company's variable-rate debt. The following table sets forth a summary of the interest rate swaps at March 31, 2021 and December 31, 2020: Fair Value (1) Current Notional Amounts Derivative Instrument Effective Date Maturity Date Interest Strike Rate March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Liabilities: Interest Rate Swap 3/10/2020 7/1/2025 0.83% $ (216) $ (2,963) $ 150,000 $ 150,000 Interest Rate Swap 3/10/2020 7/1/2025 0.84% (197) (2,023) 100,000 100,000 Interest Rate Swap 3/10/2020 7/1/2025 0.86% (201) (1,580) 75,000 75,000 Interest Rate Swap 7/1/2020 7/1/2025 2.82% (10,816) (13,896) 125,000 125,000 Interest Rate Swap 7/1/2020 7/1/2025 2.82% (8,690) (11,140) 100,000 100,000 Interest Rate Swap 7/1/2020 7/1/2025 2.83% (8,684) (11,148) 100,000 100,000 Interest Rate Swap 7/1/2020 7/1/2025 2.84% (8,755) (11,225) 100,000 100,000 Total $ (37,559) $ (53,975) $ 750,000 $ 750,000 (1) The Company records all derivative instruments on a gross basis in the consolidated balance sheets, and accordingly there are no offsetting amounts that net assets against liabilities. As of March 31, 2021, derivatives in a liability position are included in the line item "Interest rate swap liability" in the consolidated balance sheets at fair value. The LIBO rate as of March 31, 2021 (ef fe ctive date) was 0.12%. The following table sets forth the impact of the interest rate swaps on the consolidated statements of operations for the periods presented: Three Months Ended March 31, 2021 2020 Interest Rate Swap in Cash Flow Hedging Relationship: Amount of (loss) gain recognized in AOCI on derivatives $ (16,447) $ (30,869) Amount of (gain) loss reclassified from AOCI into earnings under “Interest expense” $ 16,416 $ 42 Total interest expense presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded $ 20,685 $ 19,961 During the twelve months subsequent to March 31, 2021, the Company estimates that an additio nal $13.8 million of its expense will be recognized from AOCI into earnings. Certain agreements with the derivative counterparties contain a provision that if the Company defaults on any of its indebtedness, including a default where repayment of the indebtedness has not been accelerated by the lender within a specified time period, then the Company could also be declared in default on its derivative obligations. As of March 31, 2021 and December 31, 2020, the fair value of interest rate swaps that were in a liability position, which excludes any adjustment for nonperformance risk related to these agreements, was approximately $37.6 million and $54.0 million , respectively. As of March 31, 2021 and December 31, 2020, the Company had not posted any collateral related to these agreements.

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	3 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Prepaid tenant rent $ 23,371 $ 20,780 Real estate taxes payable 12,545 15,380 Accrued tenant improvements 11,303 30,011 Interest payable 10,482 9,147 Deferred compensation 8,554 10,599 Property operating expense payable 6,268 8,473 Other liabilities 30,387 20,044 Total $ 102,910 $ 114,434

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company is required to disclose fair value information about all financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practicable to estimate fair value. The Company measures and discloses the estimated fair value of financial assets and liabilities utilizing a fair value hierarchy that distinguishes between data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. This hierarchy consists of three broad levels, as follows: (i) quoted prices in active markets for identical assets or liabilities, (ii) "significant other observable inputs," and (iii) "significant unobservable inputs." "Significant other observable inputs" can include quoted prices for similar assets or liabilities in active markets, as well as inputs that are observable for the asset or liability, such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. "Significant unobservable inputs" are typically based on an entity’s own assumptions, since there is little, if any, related market activity. In instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level of input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. There were no transfers between the levels in the fair value hierarchy during the three months ended March 31, 2021 and the year ended December 31, 2020. The following table sets forth the assets and liabilities that the Company measures at fair value on a recurring basis by level within the fair value hierarchy as of March 31, 2021 and December 31, 2020: Assets/(Liabilities) Total Fair Value Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs March 31, 2021 Interest Rate Swap Liability $ (37,559) $ — $ (37,559) $ — Corporate Owned Life Insurance Asset $ 4,609 $ — $ 4,609 $ — Mutual Funds Asset $ 6,939 $ 6,939 $ — $ — Deferred Compensation Liability $ (8,554) $ — $ (8,554) $ — December 31, 2020 Interest Rate Swap Liability $ (53,975) $ — $ (53,975) $ — Corporate Owned Life Insurance Asset $ 4,454 $ — $ 4,454 $ — Mutual Funds Asset $ 6,643 $ 6,643 $ — $ — Deferred Compensation Liability $ (10,599) $ — $ (10,599) $ — Real Estate For the three months ended March 31, 2021, in connection with the preparation and review of the Company's financial statements, the Company determined that two of the Company's properties were impaired based on expected hold period and selling price. The Company considered these inputs as Level 3 measurements within the fair value hierarchy. The following table is a summary of the quantitative information related to the non-recurring fair value measurement for the impairment of the Company's real estate properties for the three months ended March 31, 2021 Range of Inputs or Inputs Unobservable Inputs: 2200 Channahon Road Houston Westway I Expected selling price per square foot $8.30 $72.90 Estimated hold period Less than one year Less than one year Financial Instruments Disclosed at Fair Value Financial instruments as of March 31, 2021 and December 31, 2020 consisted of cash and cash equivalents, restricted cash, accounts receivable, accrued expenses and other liabilities, and mortgage payable and other borrowings, as defined in Note 5, Debt. With the exception of the mortgage loans in the table below, the amounts of the financial instruments presented in the consolidated financial statements substantially approximate their fair value as of March 31, 2021 and December 31, 2020. The fair value o f the ten mortgage loans in the table below is estimated by discounting each loan’s principal balance over the remaining term of the mortgage using current borrowing rates available to the Company for debt instruments with similar terms and maturities. The Company determined that the mortgage debt valuation in its entirety is classified in Level 2 of the fair value hierarchy, as the fair value is based on current pricing for debt with similar terms as the in-place debt. March 31, 2021 December 31, 2020 Fair Value Carrying Value (1) Fair Value Carrying Value (1) BOA Loan $ 354,417 $ 375,000 $ 355,823 $ 375,000 BOA/KeyBank Loan $ 262,283 $ 250,000 $ 263,454 $ 250,000 AIG Loan II $ 120,491 $ 126,241 $ 121,011 $ 126,792 AIG Loan $ 101,596 $ 103,383 $ 102,033 $ 103,870 Midland Mortgage Loan $ 97,600 $ 97,619 $ 97,709 $ 98,155 Samsonite Loan $ 20,603 $ 19,908 $ 21,030 $ 20,165 HealthSpring Mortgage Loan $ 20,204 $ 20,073 $ 20,462 $ 20,208 Pepsi Bottling Ventures Loan $ 18,767 $ 18,496 $ 18,942 $ 18,587 Highway 94 Loan $ 14,148 $ 14,453 $ 14,447 $ 14,689 Emporia Partners Mortgage Loan $ 1,526 $ 1,502 $ 1,654 $ 1,627 Total $ 1,011,635 $ 1,026,675 $ 1,016,565 $ 1,029,093 (1) The carrying values do not include the debt premium/(discount) or deferred financing costs as of March 31, 2021 and December 31, 2020. See Note 5, Debt

Equity

Equity	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Equity	Equity Classes Class T shares, Class S shares, Class D shares, Class I shares, Class A shares, Class AA shares, Class AAA and Class E shares vote together as a single class, and each share is entitled to one vote on each matter submitted to a vote at a meeting of the Company's stockholders; provided that with respect to any matter that would only have a material adverse effect on the rights of a particular class of common stock, only the holders of such affected class are entitled to vote . As of March 31, 2021, there were 560,462 shares of Class T common stock, 1,800 shares of Class S common stock, 41,396 shares of Class D common stock, 1,902,061 shares of Class I common stock, 24,415,356 shares of Class A common stock, 47,432,524 shares of Class AA common stock, 920,743 shares of Class AAA common stock, and 248,606,760 shares of Class E common stock outstanding. Common Equity As of March 31, 2021, the Company had received aggregate gross offering proceeds of approximately $2.8 billion from the sale of shares in the private offering, the public offerings, the DRP offerings and mergers (includes EA-1 offerings and EA-1 merger with Signature Office REIT, Inc., the EA Mergers and the CCIT II Merger), as discussed in Note 1 Organization. As part of the $2.8 billion from the sale of shares, the Company issued approximately 43,772,611 shares of its common stock upon the consummation of the merger of Signature Office REIT, Inc. in June 2015 and 174,981,547 Class E shares (in exchange for all outstanding shares of EA-1's common stock at the time of the EA Mergers) in April 2019 upon the consummation of the EA Mergers and 93,457,668 Class E shares (in exchange for all the outstanding shares of CCIT II's common stock at the time of the CCIT II Merger). As of March 31, 2021, there were 323,881,102 shares outstanding, including shares issued pursuant to the DRP, less shares redeemed pursuant to the SRP and the self-tender offer, which occurred in May 2019. Termination of Follow-On Offering On February 26, 2020, the Company’s Board of Directors (the “Board”) approved the temporary suspension of the primary portion of the Company’s follow-on offering of up to $2.2 billion of shares, consisting of up to $2.0 billion of shares in our primary offering and $0.2 billion of shares pursuant to our DRP (the “Follow-On Offering”), effective February 27, 2020. The Follow-On Offering terminated with the expiration of the registration statement on Form S-11 (Registration No. 333-217223), as amended, on September 20, 2020. Distribution Reinvestment Plan (DRP) The Company has adopted the DRP, which allows stockholders to have dividends and other distributions otherwise distributable to them invested in additional shares of common stock. No sales commissions or dealer manager fees will be paid on shares sold through the DRP, but the DRP shares will be charged the applicable distribution fee payable with respect to all shares of the applicable class. The purchase price per share under the DRP is equal to the net asset value ("NAV") per share applicable to the class of shares purchased, calculated using the most recently published NAV available at the time of reinvestment. The Company may amend or terminate the DRP for any reason at any time upon 10 days' prior written notice to stockholders, which may be provided through the Company's filings with the SEC. In connection with a potential strategic transaction, on February 26, 2020, the Board approved the temporary suspension of the DRP, effective March 8, 2020. On July 16, 2020, the Board approved the reinstatement of the DRP, effective July 27, 2020 and an amendment of the DRP to allow for the use of the most recently published NAV per share of the applicable share class available at the time of reinvestment as the DRP purchase price for each share class. On July 17, 2020, the Company filed a registration statement on Form S-3 for the registration of up to $100 million in shares pursuant to the Company's DRP (the “DRP Offering”). The DRP Offering may be terminated at any time upon 10 days’ prior written notice to stockholders. As of March 31, 2021, the Company had issued approximately $325.4 million in shares pursuant to the DRP offerings. The following table summarizes the DRP offerings, by share class, as of March 31, 2021. Share Class Amount Shares Class A $ 7,837 846,370 Class AA 15,474 1,670,921 Class AAA 234 25,328 Class D 15 1,614 Class E 301,312 31,186,771 Class I 348 37,271 Class S — 12 Class T 133 14,286 Total $ 325,353 33,782,573 As of March 31, 2021 and December 31, 2020, the Company had issued approximately $325.4 million and $318.2 million in shares pursuant to the DRP offerings, respectively. Share Redemption Program (SRP) The Company has adopted the SRP that enables stockholders to sell their stock to the Company in limited circumstances. On August 8, 2019, the Board amended and restated its SRP, effective as of September 12, 2019, in order to (i) clarify that only those stockholders who purchased their shares from us or received their shares from the Company (directly or indirectly) through one or more non-cash transactions (including transfers to trusts, family members, etc.) may participate in the SRP; (ii) allocate capacity within each class of common stock such that the Company may redeem up to 5% of t he aggregate NAV of each class of common stock; (iii) treat all unsatisfied redemption requests (or portion thereof) as a request for redemption the following quarter unless otherwise withdrawn; and (iv) make certain other clarifying changes. On November 7, 2019, the Board amended and restated the SRP, effective as of December 12, 2019, in order to (i) provide for redemption sought upon a stockholder’s determination of incompetence or incapacitation; (ii) clarify the circumstances under which a determination of incompetence or incapacitation will entitle a stockholder to such redemption; and (iii) make certain other clarifying changes. In connection with a potential strategic transaction, on February 26, 2020, the Board approved the temporary suspension of the SRP, effective March 28, 2020. On July 16, 2020, the Board approved the partial reinstatement of the SRP, effective August 17, 2020, subject to the following limitations: (A) redemptions will be limited to those sought upon a stockholder’s death, qualifying disability, or determination of incompetence or incapacitation in accordance with the terms of the SRP, and (B) the quarterly cap on aggregate redemptions will be equal to the aggregate NAV, as of the last business day of the previous quarter, of the shares issued pursuant to the DRP during such quarter. Settlements of share redemptions will be made within the first three business days of the following quarter. Redemption activity during the quarter is listed below. Under the SRP, the Company will redeem shares as of the last business day of each quarter. The redemption price will be equal to the NAV per share for the applicable class generally on the 13th day of the month prior to quarter end (which will be the most recently published NAV). Redemption requests must be received by 4:00 p.m. (Eastern time) on the second to last business day of the applicable quarter. Redemption requests exceeding the quarterly cap will be filled on a pro rata basis. With respect to any pro rata treatment, redemption requests following the death or qualifying disability of a stockholder will be considered first, as a group, followed by requests where pro rata redemption would result in a stockholder owning less than the minimum balance of $2,500 of shares of the Company's common stock, which will be redeemed in full to the extent there are available funds, with any remaining available funds allocated pro rata among all other redemption requests. All unsatisfied redemption requests must be resubmitted after the start of the next quarter, or upon the recommencement of the SRP, as applicable. There are several restrictions under the SRP. Stockholders generally must hold their shares for one year before submitting their shares for redemption under the program; however, the Company will waive the one-year holding period in the event of the death or qualifying disability of a stockholder. Shares issued pursuant to the DRP are not subject to the one-year holding period. In addition, the SRP generally imposes a quarterly cap on aggregate redemptions of the Company's shares equal to a value of up to 5% of the aggregate NAV of the outstanding shares as of the last business day of the previous quarter, subject to the further limitations as indicated in the August 8, 2019 amendments discussed above. As the value on the aggregate redemptions of the Company's shares is outside the Company's control, the 5% quarterly cap is considered to be temporary equity and is presented as common stock subject to redemption on the accompanying consolidated balance sheets. The following table summarizes share redemption (excluding the self-tender offer) activity during the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Shares of common stock redeemed 772,265 548,312 Weighted average price per share $ 8.96 $ 9.32 Since July 31, 2014 and through March 31, 2021, the Company had redeemed 26,844,716 shares (excluding the self-tender offer) of common stock for approximately $252.2 million at a weighted average price per share of $9.40 pursuant to the SRP. Since July 31, 2014 and through December 31, 2019, the Company had honored all outstanding redemption requests. During the three months ended September 30, 2019, redemption requests for Class E shares exceeded the quarterly 5% per share class limitation by 2,872,488 shares or approximately $27.4 million. The Class E shares not redeemed during that quarter, or 25% of the shares submitted, were treated as redemption requests for the quarter ended December 31, 2019. All outstanding requests for the quarter ended September 30, 2019 and all new requests for the quarter ended December 31, 2019 were honored on January 2, 2020. Redemptions sought upon a stockholder's death, qualifying disability, or determination of incompetence or incapacitation in the first quarter of 2020 were honored in accordance with the terms of the SRP, and the SRP officially was suspended as of March 28, 2020 for regular redemptions and subsequent redemptions for death, qualifying disability, or determination of incompetence or incapacitation after those honored in the first quarter of 2020. As described above, the SRP was partially reinstated, effective August 17, 2020, for redemptions sought upon a stockholder’s death, qualifying disability, or determination of incompetence or incapacitation in accordance with the terms of the SRP, subject to a quarterly cap on aggregate redemptions equal to the aggregate NAV, as of the last business day of the previous quarter, of the shares issued pursuant to the DRP during such quarter. During the three months ended March 31, 2021, the Company received redemption requests (including those due to death, disability or incapacitation) for 771,109 shares of common stock that were all redeemed during the current quarter. Issuance of Restricted Stock Units to Executive Officers and Employees On May 1, 2019, the Company issued 1,009,415 restricted stock units ("RSUs") to the Company's officers under the Griffin Capital Essential Asset REIT, Inc. Employee and Director Long-Term Incentive Plan (as amended, the "LTIP"). Each RSU represents a contingent right to receive one share of the Company’s Class E common stock when settled in accordance with the terms of the respective restricted stock unit award agreement and will vest in equal, 25% installments on each of December 31, 2019, 2020, 2021 and 2022, provided that such executive officer remains continuously employed by the Company on each such date, subject to certain accelerated vesting provisions as provided in the restricted stock unit award agreements. The shares of Class E common stock underlying the RSUs will not be delivered upon vesting, but instead will be deferred for delivery on May 1, 2023, or, if sooner, upon the executive officer's termination of employment. The fair value of grants issued was approximately $9.7 million. As of March 31, 2021 , there was $3.9 million of unrecognized compensation expense remaining over two years. On January 15, 2020, the Company issued 589,248 restricted stock units ("RSUs") to Company employees, including officers, under the Griffin Capital Essential Asset REIT, Inc. Employee and LTIP. Each RSU represents a contingent right to receive one share of the Company’s Class E common stock when settled in accordance with the terms of the respective restricted stock award agreement. The remaining RSUs are scheduled to vest in equal, 25% installments on each of December 31, 2021, 2022 and 2023 provided that the employee continues to be employed by the Company on each such date, subject to certain accelerated vesting provisions as provided in the respective restricted stock unit award agreement. The fair value of grants issued was approximately $5.5 million. Forfeitures on the Company's restricted stock units are recognized as they occur. As of March 31, 2021 , there was $3.0 million of unrecognized compensation expense remaining over three years. On January 22, 2021, the Company issued 1,071,347 RSUs to Company employees, including officers, under the LTIP. Each RSU represents a contingent right to receive one share of the Company’s Class E common stock when settled in accordance with the terms of the respective RSU agreement and 1/3 of the RSUs are scheduled to vest equally on each of December 31, 2021, 2022, and 2023 provided that the employee continues to be employed by the Company on each such date, subject to certain accelerated vesting provisions as provided in the respective RSU agreement. The fair value of grants issued was approximately $9.6 million. As of March 31, 2021 , there was $7.7 million of unrecognized compensation expense remaining over three years. On March 25, 2021, the Company issued 547,908 RSUs to Company employees, including officers, under the LTIP. Each RSU represents a contingent right to receive one share of the Company’s Class E common stock when settled in accordance with the terms of the respective RSU agreement and 1/4 of the RSUs are scheduled to vest equally on each of March 25, 2022, 2023, 2024, and 2025, provided that the employee continues to be employed by the Company on each such date, subject to certain accelerated vesting provisions as provided in the respective RSU agreement. The fair value of grants issued was approximately $4.9 million. On March 1, 2021, the Company issued 3,901 shares of restricted stock as an initial equity grant to each of the three former directors of CCIT II who were appointed to the Board in connection with the CCIT II Merger. The shares of restricted stock vested fully upon issuance. Total compensation expense for the three months ended March 31, 2021 and 2020 was approximately $1.7 million and $1.0 million, respectively. Number of Unvested Shares of RSU Awards Weighted-Average Grant Date Fair Value per Share Balance at December 31, 2019 757,061 Granted 589,248 $ 9.35 Forfeited (3,744) $ 9.35 Vested (398,729) $ 9.48 Balance at December 31, 2020 943,836 Granted 1,619,255 $ 8.97 Forfeited (98,323) $ 9.13 Vested (1) (158,599) $ 9.22 Balance at March 31, 2021 2,306,169

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended
	Mar. 31, 2021
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Noncontrolling interests represent limited partnership interests in the GCEAR Operating Partnership in which the Company is the general partner. General partnership units and limited partnership units of the GCEAR Operating Partnership were issued as part of the initial capitalization of the EA-1 Operating Partnership and GCEAR II Operating Partnership, in conjunction with members of management's contribution of certain assets, other contributions, and in connection with the self-administration transaction as discussed in Note 1, Organization. As of March 31, 2021, noncontrolling interests were approximately 9.00% of total shares and 10.63% of weighted average shares outstanding (both measures assuming GCEAR OP Units were converted to common stock). The Company has evaluated the terms of the limited partnership interests in the GCEAR Operating Partnership, and as a result, has classified limited partnership interests issued in the initial capitalization, in conjunction with the contributed assets and in connection with the self-administration transaction, as noncontrolling interests, which are presented as a component of permanent equity, except as discussed below. The Company evaluates individual noncontrolling interests for the ability to recognize the noncontrolling interest as permanent equity on the consolidated balance sheets at the time such interests are issued and on a continual basis. Any noncontrolling interest that fails to qualify as permanent equity has been reclassified as temporary equity and adjusted to the greater of (a) the carrying amount or (b) its redemption value as of the end of the period in which the determination is made. As of March 31, 2021, the limited partners of the GCEAR Operating Partnership owned approximately 31.8 million GCEAR OP Units, which were issued to affiliated parties and unaffiliated third parties in exchange for the contribution of certain properties to the Comp, and in connection with the self-administration transaction and other services. Approximately 20.4 million GCEAR OP Units issued to affiliates had a mandatory hold period until December 2020 and had no voting rights until the units convert to common shares. In addition, 0.2 million GCEAR OP Units were issued to unaffiliated third parties unrelated to property contributions. To the extent the contributors should elect to redeem all or a portion of their GCEAR OP Units, pursuant to the terms of the respective contribution agreement, such redemption shall be at a per unit value equivalent to the price at which the contributor acquired its GCEAR OP Units in the respective transaction. The limited partners of the GCEAR Operating Partnership, other than those related to the Will Partners REIT, LLC ("Will Partners") property contribution, will have the right to cause the general partner of the GCEAR Operating Partnership, the Company, to redeem their GCEAR OP Units for cash equal to the value of an equivalent number of shares, or, at the Company’s option, purchase their GCEAR OP Units by issuing one share of the Company’s common stock for the original redemption value of each limited partnership unit redeemed. The Company has the control and ability to settle such requests in shares. These rights may not be exercised under certain circumstances which could cause the Company to lose its REIT election. The following summarizes the activity for noncontrolling interests recorded as equity for the three months ended March 31, 2021 and year ended December 31, 2020: Three Months Ended March 31, 2021 Year Ended December 31, 2020 Beginning balance $ 226,550 $ 245,040 Reclass of noncontrolling interest subject to redemption (31) 224 Repurchase of noncontrolling interest — (1,137) Issuance of stock dividend for noncontrolling interest — 1,068 Distributions to noncontrolling interests (2,698) (13,306) Allocated distributions to noncontrolling interests subject to redemption (5) (29) Net (loss) income (569) (1,732) Other comprehensive loss 1,748 (3,578) Ending balance $ 224,995 $ 226,550 Noncontrolling interests subject to redemption Operating partnership units issued pursuant to the Will Partners property contribution are not included in permanent equity on the consolidated balance sheets. The partners holding these units can cause the general partner to redeem the units for the cash value, as defined in the GCEAR Operating Partnership agreement. As the general partner does not control these redemptions, these units are presented on the consolidated balance sheets as noncontrolling interest subject to redemption at their redeemable value. The net income (loss) and distributions attributed to these limited partners is allocated proportionately between common stockholders and other noncontrolling interests that are not considered redeemable.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Summarized below are the related party costs incurred by the Company for the three months ended March 31, 2021 and 2020, respectively, and any related amounts receivable and payable as of March 31, 2021 and December 31, 2020: Incurred for the Three Months Ended Receivable as of March 31, March 31, December 31, 2021 2020 2021 2020 Assets Assumed through the Self-Administration Transaction Other fees $ — $ — $ 294 $ 293 Due from GCC Reimbursable Expense Allocation — 16 4 4 Payroll/Expense Allocation 5 99 1,119 1,114 Total $ 5 $ 115 $ 1,417 $ 1,411 Incurred for the Three Months Ended Payable as of March 31, March 31, December 31, 2021 2020 2021 2020 Expensed Costs advanced by the advisor $ 501 $ 627 $ 1,135 $ 1,085 Consulting fee - shared services 625 625 758 695 Assumed through Self- Administration Transaction/Mergers Earn-out — — 262 262 Stockholder Servicing Fee — — 223 494 Other Distributions 2,142 4,009 739 736 Total $ 3,268 $ 5,261 $ 3,117 $ 3,272 Dealer Manager Agreement GCEAR entered into a dealer manager agreement and associated form of participating dealer agreement (the "Dealer Manager Agreement") with the dealer manager for the Follow-On Offering. The terms of the Dealer Manager Agreement are substantially similar to the terms of the dealer manager agreement from GCEAR's initial public offering ("IPO"), except as it relates to the share classes offered and the fees to be received by the dealer manager. The Follow-On Offering terminated on September 20, 2020. See Note 9, Equity. Subject to the Financial Industry Regulatory Authority, Inc.'s limitations on underwriting compensation, under the Dealer Manager Agreement the Company requires payment to the dealer manager of a distribution fee for ongoing services rendered to stockholders by participating broker-dealers or broker-dealers servicing investors’ accounts, referred to as servicing broker-dealers. The fee accrues daily, is paid monthly in arrears, and is calculated based on the average daily NAV for the applicable month. Conflicts of Interest Affiliated Dealer Manager Since Griffin Capital Securities, LLC, the Company's dealer manager, is an affiliate of the Company's former sponsor, the Company does not have the benefit of an independent due diligence review and investigation of the type normally performed by an unaffiliated, independent underwriter in connection with the offering of securities. The Company's dealer manager is also serving as the dealer manager for Griffin-American Healthcare REIT III, Inc. and Griffin-American Healthcare REIT IV, Inc., each of which are publicly-registered, non-traded REITs, as wholesale marketing agent for Griffin Institutional Access Real Estate Fund and Griffin Institutional Access Credit Fund both of which are non-diversified, closed-end management investment companies that are operated as interval funds under the 1940 Act, and as dealer manager or master placement agent for various private offerings. Administrative Services Agreement In connection with the EA Mergers, the Company assumed, as the successor of EA-1 and the EA-1 Operating Partnership, an Administrative Services Agreement (the "Administrative Services Agreement"), pursuant to which GCC and GC LLC continue to provide office space and certain operational and administrative services at cost to the GCEAR Operating Partnership, Griffin Capital Essential Asset TRS, Inc., and GRECO, which may include, without limitation, the shared information technology, human resources, legal, due diligence, marketing, customer service, events, operations, accounting and administrative support services set forth in the Administrative Services Agreement. The Company pays GCC a monthly amount based on the actual costs anticipated to be incurred by GCC for the provision of such office space and services until the Company elects to provide such space and/or services for itself or through another provider, which amount is initially $0.2 million per month, based on an approved budget. Such costs are reconciled quarterly and a full review of the costs will be performed at least annually. In addition, the Company will directly pay or reimburse GCC for the actual cost of any reasonable third-party expenses incurred in connection with the provision of such services. Certain Conflict Resolution Procedures Every transaction that the Company enters into with affiliates is subject to an inherent conflict of interest. The Board may encounter conflicts of interest in enforcing the Company's rights against any affiliate in the event of a default by or disagreement with an affiliate or in invoking powers, rights or options pursuant to any agreement between the Company and affiliates. See the Company's Code of Ethics available at the "Corporate Governance" subpage of the Company's website at www.GCEAR.com for a detailed description of the Company's conflict resolution procedures.

Leases

Leases	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Leases	Leases Lessor The Company leases commercial and industrial space to tenants primarily under non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses. Total minimum lease payments are recognized in rental income on a straight-line basis over the term of the related lease and estimated reimbursements from tenants for real estate taxes, insurance, common area maintenance and other recoverable operating expenses are recognized in rental income in the period that the expenses are incurred. The Company recogn ized $83.9 million and $76.8 million of lease income related to operating lease payments for the three months ended March 31, 2021 and 2020, respectively. The Company's current leases have expirations ranging from 2021 to 2044. The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of March 31, 2021: As of March 31, 2021 2021 $ 284,016 2022 378,130 2023 363,061 2024 320,060 2025 276,935 Thereafter 1,217,708 Total $ 2,839,910 The future minimum base rents in the table above excludes tenant reimbursements of operating expenses, amortization of adjustments for deferred rent receivables and the amortization of above/below-market lease intangibles. Lessee Certain of the Company’s real estate are subject to ground leases. The Company’s ground leases are classified as either operating leases or financing leases based on the characteristics of each lease. As of March 31, 2021, the Company had four ground leases classified as operating and two ground leases classified as financing. Each of the Company’s ground leases were acquired as part of the acquisition of real estate and no incremental costs were incurred for such ground leases. The Company’s ground leases are non-cancelable, and contain no renewal options. The Company's Chicago office space lease has a remaining lease term of approximately four years and no option to renew. The Company incurred operating lease costs of approximately $0.9 million and $0.9 million for the three months ended March 31, 2021 and 2020, respectively, which are included in "Property Operating Expense" in the accompanying consolidated statement of operations. Total cash paid for amounts included in the measurement of operating lease liabilities was $0.4 million and $0.4 million for three months ended March 31, 2021 and 2020, respectively. The following table sets forth the weighted-average for the lease term and the discount rate as of March 31, 2021: Lease Term and Discount Rate As of March 31, 2021 Weighted-average remaining lease term in years. 74.2 Weighted-average discount rate (1) 4.82% (1) Because the rate implicit in each of the Company's leases was not readily determinable, the Company used an incremental borrowing rate. In determining the Company's incremental borrowing rate for each lease, the Company considered recent rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to the Company's creditworthiness, the impact of collateralization and the term of each of the Company's lease agreements. Maturities of lease liabilities as of March 31, 2021 were as follows: As of March 31, 2021 Operating Financing 2021 $ 1,265 $ 345 2022 1,730 350 2023 1,795 355 2024 1,830 360 2025 1,782 370 2026 1,716 375 Thereafter 284,449 3,820 Total undiscounted lease payments 294,567 5,975 Less: imputed interest (247,824) (2,286) Total lease liabilities $ 46,743 $ 3,689
Leases	Leases Lessor The Company leases commercial and industrial space to tenants primarily under non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses. Total minimum lease payments are recognized in rental income on a straight-line basis over the term of the related lease and estimated reimbursements from tenants for real estate taxes, insurance, common area maintenance and other recoverable operating expenses are recognized in rental income in the period that the expenses are incurred. The Company recogn ized $83.9 million and $76.8 million of lease income related to operating lease payments for the three months ended March 31, 2021 and 2020, respectively. The Company's current leases have expirations ranging from 2021 to 2044. The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of March 31, 2021: As of March 31, 2021 2021 $ 284,016 2022 378,130 2023 363,061 2024 320,060 2025 276,935 Thereafter 1,217,708 Total $ 2,839,910 The future minimum base rents in the table above excludes tenant reimbursements of operating expenses, amortization of adjustments for deferred rent receivables and the amortization of above/below-market lease intangibles. Lessee Certain of the Company’s real estate are subject to ground leases. The Company’s ground leases are classified as either operating leases or financing leases based on the characteristics of each lease. As of March 31, 2021, the Company had four ground leases classified as operating and two ground leases classified as financing. Each of the Company’s ground leases were acquired as part of the acquisition of real estate and no incremental costs were incurred for such ground leases. The Company’s ground leases are non-cancelable, and contain no renewal options. The Company's Chicago office space lease has a remaining lease term of approximately four years and no option to renew. The Company incurred operating lease costs of approximately $0.9 million and $0.9 million for the three months ended March 31, 2021 and 2020, respectively, which are included in "Property Operating Expense" in the accompanying consolidated statement of operations. Total cash paid for amounts included in the measurement of operating lease liabilities was $0.4 million and $0.4 million for three months ended March 31, 2021 and 2020, respectively. The following table sets forth the weighted-average for the lease term and the discount rate as of March 31, 2021: Lease Term and Discount Rate As of March 31, 2021 Weighted-average remaining lease term in years. 74.2 Weighted-average discount rate (1) 4.82% (1) Because the rate implicit in each of the Company's leases was not readily determinable, the Company used an incremental borrowing rate. In determining the Company's incremental borrowing rate for each lease, the Company considered recent rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to the Company's creditworthiness, the impact of collateralization and the term of each of the Company's lease agreements. Maturities of lease liabilities as of March 31, 2021 were as follows: As of March 31, 2021 Operating Financing 2021 $ 1,265 $ 345 2022 1,730 350 2023 1,795 355 2024 1,830 360 2025 1,782 370 2026 1,716 375 Thereafter 284,449 3,820 Total undiscounted lease payments 294,567 5,975 Less: imputed interest (247,824) (2,286) Total lease liabilities $ 46,743 $ 3,689

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation From time to time, the Company may become subject to legal proceedings, claims and litigation arising in the ordinary course of business. The Company is not a party to any material legal proceedings, nor is the Company aware of any pending or threatened litigation that would have a material adverse effect on the Company’s business, operating results, cash flows or financial condition should such litigation be resolved unfavorably.

Declaration of Distributions

Declaration of Distributions	3 Months Ended
	Mar. 31, 2021
Declaration of Distributions [Abstract]
Declaration of Distributions	Declaration of Distribution On December 17, 2020, January 26, 2021 and February 25, 2021, the Board declared cash distributions in the amount of $0.000958904 per day ($0.35 per share annualized), subject to adjustments for class-specific expenses, per Class E share, Class T share, Class S share, Class D share, Class I share, Class A share, Class AA share and Class AAA share of common stock, for stockholders of such classes as of the close of each business day of the period from January 1, 2021 through January 31, 2021, February 1, 2021 through February 28, 2021, and March 1, 2021 through March 31, 2021, respectively. The Company paid such January, February and March distributions to each stockholder of record on February 1, 2021, March 1, 2021, and April 1, 2021, respectively, as determined by the Company’s Chief Executive Officer. On March 25, 2021, the Board (i) approved the declaration of distributions on a quarterly basis, as opposed to monthly, beginning with distributions for the period commencing on April 1, 2021 and ending on June 30, 2021; and (ii) declared an all-cash distribution rate, based on 365 days in the calendar year, of $0.000958904 per day ($0.35 per share annualized), subject to adjustments for class-specific expenses, per Class E share, Class T share, Class S share, Class D share, Class I share, Class A share, Class AA share and Class AAA share of common stock, for stockholders of record at the close of each business day for the period commencing on April 1, 2021 and ending on June 30, 2021. The Company intends to pay distributions for said period to each stockholder of record at such time after the end of each month during the period as determined by the Company's Chief Executive Officer.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events DRP Offering As of May 5, 2021, the Company had issued 34,340,675 shares of the Company’s common stock pursuant to the DRP offerings for approximately $330.4 million (includes historical amounts sold by EA-1 prior to the EA Mergers). Sale of Properties On April 12, 2021, the Company sold the 2200 Channahon Road property located in Joliet, Illinois for total proceeds of $11.5 million, less closing costs and other closing credits. The property sold for an approximate amount equal to the carrying value.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Accounting	The accompanying unaudited consolidated financial statements of the Company are prepared by management on the accrual basis of accounting and in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), and in conjunction with 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 unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements.
Consolidation	The consolidated financial statements of the Company include all accounts of the Company, the GCEAR Operating Partnership, and its subsidiaries. Intercompany transactions are not shown on the consolidated statements. However, each property-owning entity is a wholly-owned subsidiary which is a special purpose entity ("SPE"), whose assets and credit are not available to satisfy the debts or obligations of any other entity, except to the extent required with respect to any co-borrower or guarantor under the same credit facility.
Use of Estimates	Use of Estimates The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
Per Share Data	Per Share Data The Company reports earnings per share for the period as (1) basic earnings per share computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period, and (2) diluted earnings per share computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding, including common stock equivalents. As of March 31, 2021 and December 31, 2020, there were no material common stock equivalents that would have a dilutive effect on earnings (loss) per share for common stockholders. During the year ended December 31, 2020, the Company retroactively adjusted the number of common shares outstanding in accordance with ASC 260-10, Earnings Per Share ("ASC 260-10"). ASC 260-10 requires the computations of basic and diluted earnings per share to be adjusted retroactively for all periods presented to reflect the change in capital structure if the number of common shares outstanding increases as a result of a stock dividend or stock split or decreases as a result of a reverse stock split. If changes in common stock resulting from stock dividends, stock splits, or reverse stock splits occur after the close of the period but before the consolidated financial statements are issued or are available to be issued, the per share computations for those and any prior period consolidated financial statements presented shall be based on the new number of shares.
Segment Information	Segment Information ASC 280, Segment Reporting, establishes standards for reporting financial and descriptive information about a public entity’s reportable segments. The Company internally evaluates all of the properties and interests therein as one reportable segment.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under the Internal Revenue Code ("Code"). To qualify as a REIT, the Company must meet certain organizational and operational requirements. The Company intends to adhere to these requirements and maintain its REIT status for the current year and subsequent years. As a REIT, the Company generally will not be subject to federal income taxes on taxable income that is distributed to stockholders. However, the Company may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed taxable income, if any. If the Company fails to qualify as a REIT in any taxable year, the Company will then be subject to federal income taxes on the taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service ("IRS") grants the Company relief under certain statutory provisions. Such an event could materially adversely affect net income and net cash available for distribution to stockholders. As of March 31, 2021, the Company satisfied the REIT requirements and distributed all of its taxable income.
Goodwill	Goodwill Goodwill represents the excess of consideration paid over the fair value of underlying identifiable net assets of business acquired. The Company's goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company takes a qualitative approach to consider whether an impairment of goodwill exists prior to quantitatively determining the fair value of the reporting unit in step one of the impairment test. The Company performs its annual assessment on October 1st.
Recently Issued Accounting Pronouncements and Adoption of New Accounting Pronouncements	Recently Issued Accounting Pronouncements Changes to GAAP are established by the FASB in the form of ASUs to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. Other than the ASUs discussed below, the FASB has not recently issued any other ASUs that the Company expects to be applicable and have a material impact on the Company's financial statements. Adoption of New Accounting Pronouncements

Real Estate (Tables)

Real Estate (Tables)	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Schedule of Consideration Transferred	Upon the effective time of the CCIT II Merger on March 1, 2021, each of CCIT II's 67.1 million issued and outstanding shares of common stock were converted into the right to receive 1.392 newly issued shares of the Class E common stock of the Company (approximately 93.5 million shares). Total consideration transferred is calculated as such: As of March 1, 2021 CCIT II's common stock shares prior to conversion 67,139,129 Exchange ratio 1.392 Implied GCEAR common stock issued as consideration 93,457,668 GCEAR's Class E NAV per share in effect at March 1, 2021 $ 8.97 Total consideration $ 838,315
Schedule of Asset Acquisition	The following table summarizes the final purchase price allocation based on a valuation report prepared by the Company's third-party valuation specialist that was subject to management's review and approval: March 1, 2021 Assets: Cash assumed $ 2,721 Land 141,892 Building and improvements 992,779 Tenant origination and absorption cost 152,793 In-place lease valuation (above market) 11,591 Intangibles 27,788 Other assets 3,522 Total assets $ 1,333,086 Liabilities: Debt $ 415,926 In-place lease valuation (below market) 10,026 Lease liability 4,616 Accounts payable and other liabilities 20,604 Total liabilities 451,172 Fair value of net assets acquired 881,914 Less: GCEAR's CCIT II Merger expenses 43,599 Fair value of net assets acquired, less GCEAR's CCIT II Merger expenses $ 838,315
Schedule of Costs Incurred	The following is a breakdown of the Company's costs incurred during 2020 and three months ended March 31, 2021 related to the CCIT II Merger: Amount Termination fee of the CCIT II advisory agreement $ 28,439 Advisory and valuation fees 4,699 Legal, accounting and tax fees 5,115 Other fees 5,346 Total CCIT II Merger-related fees $ 43,599
Schedule of Property Acquisition	The following table summarizes the purchase price allocation of the properties acquired during the three months ended March 31, 2021: Acquisition Land Building Improvements Tenant origination and absorption costs Other Intangibles In-place lease valuation - above/(below) market Financing Leases Total (1) CCIT II Properties $ 141,892 (2) $ 958,166 $ 34,613 $ 152,793 $ 27,788 $ 1,565 $ (3,681) $ 1,313,136 (1) The allocations noted above are based on a determination of the relative fair value of the total consideration provided and represent the amount paid including capitalized acquisition costs.
Schedule of In-Place Lease Valuation and Tenant Origination and Absorption Cost	March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 In-place lease valuation (above market) $ 54,545 $ 43,576 In-place lease valuation (above market) - accumulated amortization (36,963) (35,604) In-place lease valuation (above market), net $ 17,582 $ 7,972 Ground leasehold interest (below market) 2,254 2,254 Ground leasehold interest (below market) - accumulated amortization (198) (191) Ground leasehold interest (below market), net 2,056 2,063 Intangibles - other 32,028 4,240 Intangibles - other - accumulated amortization (4,367) (4,240) Intangible assets, net $ 47,299 $ 10,035 In-place lease valuation (below market) $ (77,862) $ (68,334) Land leasehold interest (above market) (3,072) (3,072) Intangibles - other (above market) (387) — In-place lease valuation & land leasehold interest - accumulated amortization 45,372 44,073 Intangible liabilities, net $ (35,949) $ (27,333) Tenant origination and absorption cost $ 888,291 $ 740,489 Tenant origination and absorption cost - accumulated amortization (423,868) (412,462) Tenant origination and absorption cost, net $ 464,423 $ 328,027
Schedule of Estimated Annual Amortization (Income) Expense	The following table sets forth the estimated annual amortization (income) expense for in-place lease valuation, net, tenant origination and absorption costs, ground leasehold improvements, other intangibles, and other leasing costs as of March 31, 2021 for the next five years: Year In-place lease valuation, net Tenant origination and absorption costs Ground leasehold interest Other intangibles Other leasing costs 2021 $ (1,464) $ 61,186 $ (218) $ 1,125 $ 4,702 2022 $ (2,339) $ 76,904 $ (290) $ 1,495 $ 5,769 2023 $ (2,845) $ 69,849 $ (290) $ 1,495 $ 5,637 2024 $ (1,803) $ 54,791 $ (291) $ 1,499 $ 5,412 2025 $ (1,331) $ 43,007 $ (290) $ 1,495 $ 5,386 2026 $ (1,156) $ 38,348 $ (290) $ 1,495 $ 4,761
Components of Assets and Liabilities Related to Real Estate Held for Sale	The following summary presents the major components of assets and liabilities related to the real estate held for sale as of March 31, 2021: Balance as of Land $ 1,710 Building 15,043 Building improvements 493 Total real estate 17,246 Less: Accumulated Depreciation (6,194) Total real estate, net $ 11,052 Accrued Expenses and other liabilities $ 964 Total liabilities $ 964
Restrictions on Cash	Additionally, an ongoing replacement reserve is funded by certain tenants pursuant to each tenant’s respective lease as follows: Balance as of March 31, 2021 December 31, 2020 Cash reserves $ 15,545 $ 20,385 Restricted lockbox 11,770 13,967 Total $ 27,315 $ 34,352

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt	As of March 31, 2021 and December 31, 2020, the Company’s debt consisted of the following: March 31, 2021 December 31, 2020 Contractual Interest Rate (1) Loan Effective Interest Rate (2) HealthSpring Mortgage Loan $ 20,073 $ 20,208 4.18% April 2023 4.62% Midland Mortgage Loan 97,619 98,155 3.94% April 2023 4.13% Emporia Partners Mortgage Loan 1,502 1,627 5.88% September 2023 5.97% Samsonite Loan 19,908 20,165 6.08% September 2023 5.09% Highway 94 Loan 14,453 14,689 3.75% August 2024 4.80% Pepsi Bottling Ventures Loan 18,496 18,587 3.69% October 2024 3.92% AIG Loan II 126,241 126,792 4.15% November 2025 4.92% BOA Loan 375,000 375,000 3.77% October 2027 3.91% BOA/KeyBank Loan 250,000 250,000 4.32% May 2028 4.14% AIG Loan 103,383 103,870 4.96% February 2029 5.08% Total Mortgage Debt 1,026,675 1,029,093 Revolving Credit Facility (3) 373,500 373,500 LIBO Rate + 1.60% June 2023 1.84% 2023 Term Loan 200,000 200,000 LIBO Rate + 1.55% June 2023 1.76% 2024 Term Loan 400,000 400,000 LIBO Rate + 1.55% April 2024 1.75% 2025 Term Loan 400,000 — LIBO Rate + 1.55% December 2025 1.97% 2026 Term Loan 150,000 150,000 LIBO Rate + 1.85% April 2026 2.02% Total Debt 2,550,175 2,152,593 Unamortized Deferred Financing Costs and Discounts, net (11,628) (12,166) Total Debt, net $ 2,538,547 $ 2,140,427 (1) Including the effect of the interest rate swap agreements with a total notional amount of $750.0 million, the weighted average interest rate as of March 31, 2021 was 3.30% for both the Company’s fixed-rate and variable-rate debt combined and 3.96% for the Company’s fixed-rate debt only. (2) Reflects the effective interest rate as of March 31, 2021 and includes the effect of amortization of discounts/premiums and deferred financing costs. (3) The LIBO rate as of March 31, 2021 (ef fe

Interest Rate Contracts (Tables

Interest Rate Contracts (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Interest Rate Swaps	The following table sets forth a summary of the interest rate swaps at March 31, 2021 and December 31, 2020: Fair Value (1) Current Notional Amounts Derivative Instrument Effective Date Maturity Date Interest Strike Rate March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Liabilities: Interest Rate Swap 3/10/2020 7/1/2025 0.83% $ (216) $ (2,963) $ 150,000 $ 150,000 Interest Rate Swap 3/10/2020 7/1/2025 0.84% (197) (2,023) 100,000 100,000 Interest Rate Swap 3/10/2020 7/1/2025 0.86% (201) (1,580) 75,000 75,000 Interest Rate Swap 7/1/2020 7/1/2025 2.82% (10,816) (13,896) 125,000 125,000 Interest Rate Swap 7/1/2020 7/1/2025 2.82% (8,690) (11,140) 100,000 100,000 Interest Rate Swap 7/1/2020 7/1/2025 2.83% (8,684) (11,148) 100,000 100,000 Interest Rate Swap 7/1/2020 7/1/2025 2.84% (8,755) (11,225) 100,000 100,000 Total $ (37,559) $ (53,975) $ 750,000 $ 750,000 (1) The Company records all derivative instruments on a gross basis in the consolidated balance sheets, and accordingly there are no offsetting amounts that net assets against liabilities. As of March 31, 2021, derivatives in a liability position are included in the line item "Interest rate swap liability" in the consolidated balance sheets at fair value. The LIBO rate as of March 31, 2021 (ef fe
Impact of Interest Rate Swap on Consolidated Statements of Operation	The following table sets forth the impact of the interest rate swaps on the consolidated statements of operations for the periods presented: Three Months Ended March 31, 2021 2020 Interest Rate Swap in Cash Flow Hedging Relationship: Amount of (loss) gain recognized in AOCI on derivatives $ (16,447) $ (30,869) Amount of (gain) loss reclassified from AOCI into earnings under “Interest expense” $ 16,416 $ 42 Total interest expense presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded $ 20,685 $ 19,961

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consisted of the following as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Prepaid tenant rent $ 23,371 $ 20,780 Real estate taxes payable 12,545 15,380 Accrued tenant improvements 11,303 30,011 Interest payable 10,482 9,147 Deferred compensation 8,554 10,599 Property operating expense payable 6,268 8,473 Other liabilities 30,387 20,044 Total $ 102,910 $ 114,434

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measure at Fair Value on a Recurring Basis	The following table sets forth the assets and liabilities that the Company measures at fair value on a recurring basis by level within the fair value hierarchy as of March 31, 2021 and December 31, 2020: Assets/(Liabilities) Total Fair Value Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs March 31, 2021 Interest Rate Swap Liability $ (37,559) $ — $ (37,559) $ — Corporate Owned Life Insurance Asset $ 4,609 $ — $ 4,609 $ — Mutual Funds Asset $ 6,939 $ 6,939 $ — $ — Deferred Compensation Liability $ (8,554) $ — $ (8,554) $ — December 31, 2020 Interest Rate Swap Liability $ (53,975) $ — $ (53,975) $ — Corporate Owned Life Insurance Asset $ 4,454 $ — $ 4,454 $ — Mutual Funds Asset $ 6,643 $ 6,643 $ — $ — Deferred Compensation Liability $ (10,599) $ — $ (10,599) $ —
Quantitative Information Related to Non-recurring Fair Value Measurements	The following table is a summary of the quantitative information related to the non-recurring fair value measurement for the impairment of the Company's real estate properties for the three months ended March 31, 2021 Range of Inputs or Inputs Unobservable Inputs: 2200 Channahon Road Houston Westway I Expected selling price per square foot $8.30 $72.90 Estimated hold period Less than one year Less than one year
Schedule of Carrying Values and Estimated Fair Values of Financial Instruments	The fair value o f the ten mortgage loans in the table below is estimated by discounting each loan’s principal balance over the remaining term of the mortgage using current borrowing rates available to the Company for debt instruments with similar terms and maturities. The Company determined that the mortgage debt valuation in its entirety is classified in Level 2 of the fair value hierarchy, as the fair value is based on current pricing for debt with similar terms as the in-place debt. March 31, 2021 December 31, 2020 Fair Value Carrying Value (1) Fair Value Carrying Value (1) BOA Loan $ 354,417 $ 375,000 $ 355,823 $ 375,000 BOA/KeyBank Loan $ 262,283 $ 250,000 $ 263,454 $ 250,000 AIG Loan II $ 120,491 $ 126,241 $ 121,011 $ 126,792 AIG Loan $ 101,596 $ 103,383 $ 102,033 $ 103,870 Midland Mortgage Loan $ 97,600 $ 97,619 $ 97,709 $ 98,155 Samsonite Loan $ 20,603 $ 19,908 $ 21,030 $ 20,165 HealthSpring Mortgage Loan $ 20,204 $ 20,073 $ 20,462 $ 20,208 Pepsi Bottling Ventures Loan $ 18,767 $ 18,496 $ 18,942 $ 18,587 Highway 94 Loan $ 14,148 $ 14,453 $ 14,447 $ 14,689 Emporia Partners Mortgage Loan $ 1,526 $ 1,502 $ 1,654 $ 1,627 Total $ 1,011,635 $ 1,026,675 $ 1,016,565 $ 1,029,093 (1) The carrying values do not include the debt premium/(discount) or deferred financing costs as of March 31, 2021 and December 31, 2020. See Note 5, Debt

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Schedule of Sale of Stock by Subsidiary or Equity Method Investee Disclosure	The following table summarizes the DRP offerings, by share class, as of March 31, 2021. Share Class Amount Shares Class A $ 7,837 846,370 Class AA 15,474 1,670,921 Class AAA 234 25,328 Class D 15 1,614 Class E 301,312 31,186,771 Class I 348 37,271 Class S — 12 Class T 133 14,286 Total $ 325,353 33,782,573
Schedule of Share Redemption Activity	three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Shares of common stock redeemed 772,265 548,312 Weighted average price per share $ 8.96 $ 9.32
Nonvested Restricted Stock Shares Activity	Total compensation expense for the three months ended March 31, 2021 and 2020 was approximately $1.7 million and $1.0 million, respectively. Number of Unvested Shares of RSU Awards Weighted-Average Grant Date Fair Value per Share Balance at December 31, 2019 757,061 Granted 589,248 $ 9.35 Forfeited (3,744) $ 9.35 Vested (398,729) $ 9.48 Balance at December 31, 2020 943,836 Granted 1,619,255 $ 8.97 Forfeited (98,323) $ 9.13 Vested (1) (158,599) $ 9.22 Balance at March 31, 2021 2,306,169

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	3 Months Ended
	Mar. 31, 2021
Noncontrolling Interest [Abstract]
Schedule of Activity for Noncontrolling Interests	The following summarizes the activity for noncontrolling interests recorded as equity for the three months ended March 31, 2021 and year ended December 31, 2020: Three Months Ended March 31, 2021 Year Ended December 31, 2020 Beginning balance $ 226,550 $ 245,040 Reclass of noncontrolling interest subject to redemption (31) 224 Repurchase of noncontrolling interest — (1,137) Issuance of stock dividend for noncontrolling interest — 1,068 Distributions to noncontrolling interests (2,698) (13,306) Allocated distributions to noncontrolling interests subject to redemption (5) (29) Net (loss) income (569) (1,732) Other comprehensive loss 1,748 (3,578) Ending balance $ 224,995 $ 226,550

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Summarized below are the related party costs incurred by the Company for the three months ended March 31, 2021 and 2020, respectively, and any related amounts receivable and payable as of March 31, 2021 and December 31, 2020: Incurred for the Three Months Ended Receivable as of March 31, March 31, December 31, 2021 2020 2021 2020 Assets Assumed through the Self-Administration Transaction Other fees $ — $ — $ 294 $ 293 Due from GCC Reimbursable Expense Allocation — 16 4 4 Payroll/Expense Allocation 5 99 1,119 1,114 Total $ 5 $ 115 $ 1,417 $ 1,411 Incurred for the Three Months Ended Payable as of March 31, March 31, December 31, 2021 2020 2021 2020 Expensed Costs advanced by the advisor $ 501 $ 627 $ 1,135 $ 1,085 Consulting fee - shared services 625 625 758 695 Assumed through Self- Administration Transaction/Mergers Earn-out — — 262 262 Stockholder Servicing Fee — — 223 494 Other Distributions 2,142 4,009 739 736 Total $ 3,268 $ 5,261 $ 3,117 $ 3,272

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Schedule of Future Minimum Base Rents to be Received	The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of March 31, 2021: As of March 31, 2021 2021 $ 284,016 2022 378,130 2023 363,061 2024 320,060 2025 276,935 Thereafter 1,217,708 Total $ 2,839,910
Schedule of Lease, Cost	The following table sets forth the weighted-average for the lease term and the discount rate as of March 31, 2021: Lease Term and Discount Rate As of March 31, 2021 Weighted-average remaining lease term in years. 74.2 Weighted-average discount rate (1) 4.82% (1) Because the rate implicit in each of the Company's leases was not readily determinable, the Company used an incremental borrowing rate. In determining the Company's incremental borrowing rate for each lease, the Company considered recent rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to the Company's creditworthiness, the impact of collateralization and the term of each of the Company's lease agreements.
Schedule of Remaining Required Payments Under Ground Leases	Maturities of lease liabilities as of March 31, 2021 were as follows: As of March 31, 2021 Operating Financing 2021 $ 1,265 $ 345 2022 1,730 350 2023 1,795 355 2024 1,830 360 2025 1,782 370 2026 1,716 375 Thereafter 284,449 3,820 Total undiscounted lease payments 294,567 5,975 Less: imputed interest (247,824) (2,286) Total lease liabilities $ 46,743 $ 3,689

Organization - Narrative (Detai

Organization - Narrative (Details) $ / shares in Units, $ in Thousands		Mar. 01, 2021USD ($)	Mar. 31, 2021USD ($)realEstateProperty$ / sharesshares	Mar. 31, 2021USD ($)realEstateProperty$ / sharesshares	Mar. 31, 2021USD ($)realEstateProperty$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares
Subsidiary, Sale of Stock [Line Items]
Common Stock, Par or Stated Value Per Share | $ / shares			$ 0.001	$ 0.001	$ 0.001	$ 0.001
Proceeds from sale of shares | $				$ 2,800,000
Number of shares outstanding (in shares)			323,881,102	323,881,102	323,881,102	230,320,668
Shares issued | $	[1]		$ 324	$ 324	$ 324	$ 230
Units eligible towards redemption (in shares)			556,099	556,099	556,099	556,099
GCEAR Operating Partnership
Subsidiary, Sale of Stock [Line Items]
Limited liability partnership percentage of interest held (percent)			91.00%
CCIT II Merger
Subsidiary, Sale of Stock [Line Items]
Total consideration | $		$ 1,300,000
Number of shares to be received for each share converted		1.392
Sponsor and Affiliates
Subsidiary, Sale of Stock [Line Items]
Number of properties contributed | realEstateProperty			5	5	5
Sponsor and Affiliates | GCEAR Operating Partnership
Subsidiary, Sale of Stock [Line Items]
Limited liability partnership percentage of interest held (percent)			7.80%
Third Parties | GCEAR Operating Partnership
Subsidiary, Sale of Stock [Line Items]
Limited liability partnership percentage of interest held (percent)			1.20%
Board Chairman
Subsidiary, Sale of Stock [Line Items]
Partnership units owned (in shares)			2,400,000	2,400,000	2,400,000
Private Offerings, Public Offerings, Dividend Reinvestment Plan ("DRP") Offerings and Mergers
Subsidiary, Sale of Stock [Line Items]
Implied EA-1 common stock issued in consideration			285,399,745	285,399,745	285,399,745
Proceeds from sale of shares | $					$ 2,800,000
Distribution Reinvestment Plan
Subsidiary, Sale of Stock [Line Items]
Shares issued | $			$ 325,400	$ 325,400	$ 325,400	$ 318,200
Units eligible towards redemption (in shares)			30,407	30,407	30,407
Common Class A
Subsidiary, Sale of Stock [Line Items]
Number of shares outstanding (in shares)			24,415,356	24,415,356	24,415,356
Common Class T
Subsidiary, Sale of Stock [Line Items]
Number of shares outstanding (in shares)			560,462	560,462	560,462
Common Class E
Subsidiary, Sale of Stock [Line Items]
Number of shares outstanding (in shares)			248,606,760	248,606,760	248,606,760
[1]	See Note 9, Equity , for the number of shares outstanding of each class of common stock as of March 31, 2021.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended
	Mar. 31, 2021Segment
Accounting Policies [Abstract]
Number of reportable segments	1

Real Estate - Narrative (Detail

Real Estate - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)realEstatePropertyparcelstate	Mar. 31, 2020USD ($)	Mar. 01, 2021shares
Real Estate [Line Items]
Number of properties | realEstateProperty	123
Land parcel held for future development | parcel	1
Number of states | state	26
Purchase price	$ 5,400,000
Depreciation	26,546	$ 22,673
Amortization expense	17,800
Impairment provision	$ 4,242	$ 0
Number of properties impaired | realEstateProperty	2
2200 Channahon Road and Houston Westway I
Real Estate [Line Items]
Impairment provision	$ 4,200
Number of properties impaired | realEstateProperty	2
Minimum | Discount Rate
Real Estate [Line Items]
Discount rate (percent)	0.0575
Maximum | Discount Rate
Real Estate [Line Items]
Discount rate (percent)	0.0875
Mergers
Real Estate [Line Items]
CCIT II's common stock shares prior to conversion (shares) | shares			67,139,129
Exchange ratio			1.392
Implied GCEAR common stock issued as consideration (shares) | shares			93,457,668

Real Estate - Summary of Consid

Real Estate - Summary of Consideration Transferred (Details) - Mergers $ / shares in Units, $ in Thousands	Mar. 01, 2021USD ($)$ / sharesshares
Real Estate [Line Items]
CCIT II's common stock shares prior to conversion (shares)	67,139,129
Exchange ratio	1.392
Implied GCEAR common stock issued as consideration (shares)	93,457,668
GCEAR's Class E NAV per share (USD per share) | $ / shares	$ 8.97
Total consideration | $	$ 838,315

Real Estate - Summary of Purcha

Real Estate - Summary of Purchase Price Allocation (Details) - Mergers $ in Thousands	Mar. 01, 2021USD ($)
Schedule of Asset Acquisition [Line Items]
Cash assumed	$ 2,721
Land	141,892
Building and improvements	992,779
Tenant origination and absorption cost	152,793
In-place lease valuation (above market)	11,591
Intangibles	27,788
Other assets	3,522
Total assets	1,333,086
Debt	415,926
In-place lease valuation (below market)	10,026
Lease liability	4,616
Accounts payable and other liabilities	20,604
Total liabilities	451,172
Fair value of net assets acquired	881,914
Less: GCEAR's CCIT II Merger expenses	43,599
Fair value of net assets acquired, less GCEAR's CCIT II Merger expenses	$ 838,315

Real Estate - Summary of Costs

Real Estate - Summary of Costs Incurred (Details) - Mergers $ in Thousands	Mar. 01, 2021USD ($)
Schedule of Asset Acquisition [Line Items]
Termination fee of the CCIT II advisory agreement	$ 28,439
Advisory and valuation fees	4,699
Legal, accounting and tax fees	5,115
Other fees	5,346
Total Merger-related fees	$ 43,599

Real Estate - Summary of Purc_2

Real Estate - Summary of Purchase Price Allocation of Properties Acquired (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real Estate [Line Items]
Land	$ 586,395	$ 445,674
Other Intangibles	47,299	10,035
In-place lease valuation - above/(below) market	17,582	7,972
Financing Leases	(3,689)
Ground leasehold interest (below market)	2,254	$ 2,254
CCIT II Properties
Real Estate [Line Items]
Land	141,892
Building	958,166
Improvements	34,613
Tenant origination and absorption costs	152,793
Other Intangibles	27,788
In-place lease valuation - above/(below) market	1,565
Financing Leases	(3,681)
Total	1,313,136
Ground leasehold interest (below market)	$ 5,600

Real Estate - Intangibles (Deta

Real Estate - Intangibles (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of in-place lease valuation
In-place lease valuation (above market)	$ 54,545	$ 43,576
In-place lease valuation (above market) - accumulated amortization	(36,963)	(35,604)
In-place lease valuation (above market), net	17,582	7,972
Ground leasehold interest (below market)	2,254	2,254
Ground leasehold interest (below market) - accumulated amortization	(198)	(191)
Ground leasehold interest (below market), net	2,056	2,063
Intangibles - other	32,028	4,240
Intangibles - other - accumulated amortization	(4,367)	(4,240)
Intangible assets, net	47,299	10,035
In-place lease valuation (below market)	(77,862)	(68,334)
Land leasehold interest (above market)	(3,072)	(3,072)
Intangibles - other (above market)	(387)	0
In-place lease valuation & land leasehold interest - accumulated amortization	45,372	44,073
Intangible liabilities, net	(35,949)	(27,333)
Tenant origination and absorption cost	888,291	740,489
Tenant origination and absorption cost - accumulated amortization	(423,868)	(412,462)
Tenant origination and absorption cost, net	$ 464,423	$ 328,027

Real Estate - Leasing Costs For

Real Estate - Leasing Costs For Next Five Years (Details) $ in Thousands	Mar. 31, 2021USD ($)
In-place lease valuation, net
2021	$ (1,464)
2022	(2,339)
2023	(2,845)
2024	(1,803)
2025	(1,331)
2026	(1,156)
Tenant origination and absorption costs
2021	61,186
2022	76,904
2023	69,849
2024	54,791
2025	43,007
2026	38,348
Ground leasehold interest
2021	(218)
2022	(290)
2023	(290)
2024	(291)
2025	(290)
2026	(290)
Other leasing costs
2021	4,702
2022	5,769
2023	5,637
2024	5,412
2025	5,386
2026	4,761
Other intangibles
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2021	1,125
2022	1,495
2023	1,495
2024	1,499
2025	1,495
2026	$ 1,495

Real Estate - Real Estate Held

Real Estate - Real Estate Held for Sale (Details) - Held-for-sale - 2200 Channahon Road $ in Thousands	Mar. 31, 2021USD ($)
Real Estate [Line Items]
Land	$ 1,710
Building	15,043
Building improvements	493
Total real estate	17,246
Less: Accumulated Depreciation	(6,194)
Total real estate, net	11,052
Accrued Expenses and other liabilities	964
Total liabilities	$ 964

Real Estate - Restricted Cash (

Real Estate - Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real Estate [Line Items]
Restricted cash	$ 27,315	$ 34,352
Real Estate Asset Acquisitions and Contributions
Real Estate [Line Items]
Restricted cash	27,315	34,352
Real Estate Asset Acquisitions and Contributions | Cash reserves
Real Estate [Line Items]
Restricted cash	15,545	20,385
Real Estate Asset Acquisitions and Contributions | Restricted lockbox
Real Estate [Line Items]
Restricted cash	$ 11,770	$ 13,967

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Narrative (Details) $ in Thousands	Mar. 16, 2021USD ($)	Mar. 29, 2019USD ($)	Apr. 30, 2021USD ($)	Sep. 30, 2014USD ($)ft²termExtension	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Sep. 09, 2020USD ($)	Jun. 30, 2018ft²
Schedule of Equity Method Investments [Line Items]
Assets					$ 5,366,059	$ 4,151,850
Receivable					$ 1,417	$ 1,411
The Loan | Secured term loan
Schedule of Equity Method Investments [Line Items]
Outstanding letter of credit		$ 8,200
Heritage Common X, Ltd.
Schedule of Equity Method Investments [Line Items]
Area of real estate property (in sqft) | ft²								200,000
Digital Realty Trust, Inc.
Schedule of Equity Method Investments [Line Items]
Area of real estate property (in sqft) | ft²				132,300
Equity method investment, ownership (percent)				80.00%
Gross acquisition value				$ 68,400
Assets				187,500
Debt				$ 102,000
Weighted average remaining lease terms				3 years
Guaranteed rate of return (percent)					7.00%
Digital Realty Trust, Inc. | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Payment received			$ 4,100
Digital Realty Trust, Inc. | The Loan | Secured term loan
Schedule of Equity Method Investments [Line Items]
Secured term loan				$ 102,000
Number of term extensions | termExtension				2
Duration of each extension term		12 months		12 months
Outstanding letter of credit		$ 10,200					$ 8,200
Mercedes-Benz Financial Services USA | Heritage Common X, Ltd.
Schedule of Equity Method Investments [Line Items]
Portion of building leased out (percent)					100.00%
Proceeds from sale of property	$ 30

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)	Dec. 18, 2020	Mar. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total principal		$ 2,550,175,000	$ 2,550,175,000	$ 2,152,593,000
Unamortized Deferred Financing Costs and Discounts, net		(11,628,000)	(11,628,000)	(12,166,000)
Total Debt, net		2,538,547,000	2,538,547,000	2,140,427,000
Interest Rate Swap
Debt Instrument [Line Items]
Derivative notional amount		$ 750,000,000	$ 750,000,000
LIBOR
Debt Instrument [Line Items]
Effective interest rate (percent)		0.12%	0.12%
Mortgages
Debt Instrument [Line Items]
Total principal		$ 1,026,675,000	$ 1,026,675,000	1,029,093,000
Fixed and variable rate debt
Debt Instrument [Line Items]
Weighted average interest rate		3.30%	3.30%
Fixed rate debt
Debt Instrument [Line Items]
Weighted average interest rate		3.96%	3.96%
HealthSpring Mortgage Loan | Mortgages
Debt Instrument [Line Items]
Total principal		$ 20,073,000	$ 20,073,000	20,208,000
Contractual stated interest rate (percent)		4.18%	4.18%
Effective interest rate (percent)		4.62%	4.62%
Midland Mortgage Loan | Mortgages
Debt Instrument [Line Items]
Total principal		$ 97,619,000	$ 97,619,000	98,155,000
Contractual stated interest rate (percent)		3.94%	3.94%
Effective interest rate (percent)		4.13%	4.13%
Emporia Partners Mortgage Loan | Mortgages
Debt Instrument [Line Items]
Total principal		$ 1,502,000	$ 1,502,000	1,627,000
Contractual stated interest rate (percent)		5.88%	5.88%
Effective interest rate (percent)		5.97%	5.97%
Samsonite Loan | Mortgages
Debt Instrument [Line Items]
Total principal		$ 19,908,000	$ 19,908,000	20,165,000
Contractual stated interest rate (percent)		6.08%	6.08%
Effective interest rate (percent)		5.09%	5.09%
Highway 94 Loan | Mortgages
Debt Instrument [Line Items]
Total principal		$ 14,453,000	$ 14,453,000	14,689,000
Contractual stated interest rate (percent)		3.75%	3.75%
Effective interest rate (percent)		4.80%	4.80%
Pepsi Bottling Ventures Loan | Mortgages
Debt Instrument [Line Items]
Total principal		$ 18,496,000	$ 18,496,000	18,587,000
Contractual stated interest rate (percent)		3.69%	3.69%
Effective interest rate (percent)		3.92%	3.92%
AIG Loan II | Mortgages
Debt Instrument [Line Items]
Total principal		$ 126,241,000	$ 126,241,000	126,792,000
Contractual stated interest rate (percent)		4.15%	4.15%
Effective interest rate (percent)		4.92%	4.92%
BOA Loan | Mortgages
Debt Instrument [Line Items]
Total principal		$ 375,000,000	$ 375,000,000	375,000,000
Contractual stated interest rate (percent)		3.77%	3.77%
Effective interest rate (percent)		3.91%	3.91%
BOA/KeyBank Loan | Mortgages
Debt Instrument [Line Items]
Total principal		$ 250,000,000	$ 250,000,000	250,000,000
Contractual stated interest rate (percent)		4.32%	4.32%
Effective interest rate (percent)		4.14%	4.14%
AIG Loan | Mortgages
Debt Instrument [Line Items]
Total principal		$ 103,383,000	$ 103,383,000	103,870,000
Contractual stated interest rate (percent)		4.96%	4.96%
Effective interest rate (percent)		5.08%	5.08%
Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Total principal		$ 373,500,000	$ 373,500,000	373,500,000
Effective interest rate (percent)		1.84%	1.84%
Initial debt instrument term			1 year
Debt instrument extended term			1 year
Revolving Credit Facility | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Spread on LIBOR (percent)			1.60%
2023 Term Loan | Term Loans
Debt Instrument [Line Items]
Total principal		$ 200,000,000	$ 200,000,000	200,000,000
Effective interest rate (percent)		1.76%	1.76%
Initial debt instrument term	5 years	5 years
2023 Term Loan | Term Loans | LIBOR
Debt Instrument [Line Items]
Spread on LIBOR (percent)			1.55%
2024 Term Loan | Term Loans
Debt Instrument [Line Items]
Total principal		$ 400,000,000	$ 400,000,000	400,000,000
Effective interest rate (percent)		1.75%	1.75%
Initial debt instrument term	5 years	5 years
2024 Term Loan | Term Loans | LIBOR
Debt Instrument [Line Items]
Spread on LIBOR (percent)			1.55%
2025 Term Loan | Term Loans
Debt Instrument [Line Items]
Total principal		$ 400,000,000	$ 400,000,000	0
Effective interest rate (percent)		1.97%	1.97%
Initial debt instrument term	5 years	5 years
2025 Term Loan | Term Loans | LIBOR
Debt Instrument [Line Items]
Spread on LIBOR (percent)			1.55%
2026 Term Loan | Term Loans
Debt Instrument [Line Items]
Total principal		$ 150,000,000	$ 150,000,000	$ 150,000,000
Effective interest rate (percent)		2.02%	2.02%
Initial debt instrument term		7 years
2026 Term Loan | Term Loans | LIBOR
Debt Instrument [Line Items]
Spread on LIBOR (percent)			1.85%

Debt - Narrative (Details)

Debt - Narrative (Details)	Dec. 18, 2020USD ($)	Mar. 31, 2021USD ($)realEstatePropertyquarter	Mar. 31, 2021USD ($)realEstatePropertyquarter
2025 Term Loan | Minimum | LIBOR | External Credit Rating, Investment Grade
Debt Instrument [Line Items]
Spread on LIBOR (percent)		0.90%
2025 Term Loan | Maximum | LIBOR | External Credit Rating, Investment Grade
Debt Instrument [Line Items]
Spread on LIBOR (percent)		1.75%
2024 Term Loan | Minimum | LIBOR | External Credit Rating, Investment Grade
Debt Instrument [Line Items]
Spread on LIBOR (percent)		0.90%
2024 Term Loan | Maximum | LIBOR | External Credit Rating, Investment Grade
Debt Instrument [Line Items]
Spread on LIBOR (percent)		1.75%
2023 Term Loan | Minimum | LIBOR | External Credit Rating, Investment Grade
Debt Instrument [Line Items]
Spread on LIBOR (percent)		0.90%
2023 Term Loan | Maximum | LIBOR | External Credit Rating, Investment Grade
Debt Instrument [Line Items]
Spread on LIBOR (percent)		1.75%
Term Loans | Keybank Loans
Debt Instrument [Line Items]
Compliance requirement - maximum consolidated leverage ratio (percent)		60.00%	60.00%
Compliance requirement - maximum consolidated leverage ratio after material acquisition (percent)		65.00%	65.00%
Compliance requirement - consecutive quarters after material acquisition subject to higher consolidated leverage ratio | quarter			4
Compliance requirement - minimum consolidated tangible net worth (percent)		75.00%	75.00%
Compliance requirement - minimum consolidated tangible net worth		$ 2,000,000,000	$ 2,000,000,000
Compliance requirement - additional net future equity issuances (percent)		75.00%	75.00%
Compliance requirement - reduction for amount of payments used to redeem stock (percent)		75.00%	75.00%
Compliance requirement - minimum consolidated fixed charge coverage ratio		1.50	1.50
Compliance requirement - maximum total secured debt ratio (percent)		40.00%	40.00%
Compliance requirement - increase in maximum total secured coverage ratio after material acquisition (percent)		5.00%	5.00%
Compliance requirement - number of quarters subject to higher maximum total secured coverage ratio after material acquisition | quarter		4	4
Compliance requirement - minimum unsecured interest coverage ratio		2	2
Compliance requirement - maximum total secured recourse debt ratio (percent)		10.00%	10.00%
Compliance requirement - maximum aggregate maximum unhedged variable rate debt (percent)		30.00%	30.00%
Term Loans | 2025 Term Loan
Debt Instrument [Line Items]
Credit facility	$ 400,000,000
Term of debt instrument	5 years	5 years
Term Loans | 2025 Term Loan | External Credit Rating, Investment Grade
Debt Instrument [Line Items]
Term of debt instrument		5 years
Term Loans | 2025 Term Loan | LIBOR
Debt Instrument [Line Items]
Spread on LIBOR (percent)			1.55%
Term Loans | 2025 Term Loan | Minimum | LIBOR
Debt Instrument [Line Items]
Spread on LIBOR (percent)		1.25%
Term Loans | 2025 Term Loan | Maximum | LIBOR
Debt Instrument [Line Items]
Spread on LIBOR (percent)		2.15%
Term Loans | 2024 Term Loan
Debt Instrument [Line Items]
Credit facility	$ 400,000,000
Term of debt instrument	5 years	5 years
Term Loans | 2024 Term Loan | LIBOR
Debt Instrument [Line Items]
Spread on LIBOR (percent)			1.55%
Term Loans | 2024 Term Loan | Minimum | LIBOR
Debt Instrument [Line Items]
Spread on LIBOR (percent)		1.25%
Term Loans | 2024 Term Loan | Maximum | LIBOR
Debt Instrument [Line Items]
Spread on LIBOR (percent)		2.15%
Term Loans | 2023 Term Loan
Debt Instrument [Line Items]
Credit facility	$ 200,000,000
Term of debt instrument	5 years	5 years
Term Loans | 2023 Term Loan | External Credit Rating, Investment Grade
Debt Instrument [Line Items]
Term of debt instrument		5 years
Term Loans | 2023 Term Loan | LIBOR
Debt Instrument [Line Items]
Spread on LIBOR (percent)			1.55%
Term Loans | 2023 Term Loan | Minimum | LIBOR
Debt Instrument [Line Items]
Spread on LIBOR (percent)		1.25%
Term Loans | 2023 Term Loan | Maximum | LIBOR
Debt Instrument [Line Items]
Spread on LIBOR (percent)		2.15%
Term Loans | 2026 Term Loan
Debt Instrument [Line Items]
Credit facility	$ 150,000,000
Term of debt instrument		7 years
Term Loans | 2026 Term Loan | LIBOR
Debt Instrument [Line Items]
Spread on LIBOR (percent)			1.85%
Term Loans | 2026 Term Loan | Minimum | LIBOR
Debt Instrument [Line Items]
Spread on LIBOR (percent)		1.65%
Term Loans | 2026 Term Loan | Minimum | LIBOR | External Credit Rating, Investment Grade
Debt Instrument [Line Items]
Spread on LIBOR (percent)		1.40%
Term Loans | 2026 Term Loan | Maximum | LIBOR
Debt Instrument [Line Items]
Spread on LIBOR (percent)		2.50%
Term Loans | 2026 Term Loan | Maximum | LIBOR | External Credit Rating, Investment Grade
Debt Instrument [Line Items]
Spread on LIBOR (percent)		2.35%
Line of Credit | Line of Credit
Debt Instrument [Line Items]
Credit facility	1,900,000,000
Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument extended term			1 year
Term of debt instrument			1 year
Revolving Credit Facility | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Spread on LIBOR (percent)			1.60%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Covenant - minimum pool properties | realEstateProperty		15	15
Covenant -maximum pool value contributed by single pool property of tenant (percent)		15.00%	15.00%
Covenant - maximum aggregate pool value to be contributed by pool properties subject to ground leases (percent)		15.00%	15.00%
Covenant - maximum aggregate pool value to be contributed by pool properties under development (percent)		20.00%	20.00%
Covenant - minimum aggregate leasing percentage (percent)		90.00%	90.00%
Covenant - maximum unsecured leverage ratio (percent)		60.00%	60.00%
Covenant - minimum unsecured interest coverage ratio		2	2
Revolving Credit Facility | Unsecured Debt
Debt Instrument [Line Items]
Credit facility	$ 750,000,000
Debt instrument extended term	1 year
Additional increase in limit	$ 600,000,000
Remaining borrowing capacity		$ 376,500,000	$ 376,500,000
Revolving Credit Facility | Unsecured Debt | Minimum | LIBOR
Debt Instrument [Line Items]
Spread on LIBOR (percent)		1.30%
Revolving Credit Facility | Unsecured Debt | Minimum | LIBOR | External Credit Rating, Investment Grade
Debt Instrument [Line Items]
Spread on LIBOR (percent)		0.825%
Revolving Credit Facility | Unsecured Debt | Maximum | LIBOR
Debt Instrument [Line Items]
Spread on LIBOR (percent)		2.20%
Revolving Credit Facility | Unsecured Debt | Maximum | LIBOR | External Credit Rating, Investment Grade
Debt Instrument [Line Items]
Spread on LIBOR (percent)		1.55%

Interest Rate Contracts - Narra

Interest Rate Contracts - Narrative (Details)	Jul. 01, 2020USD ($)	Mar. 10, 2020USD ($)contract	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Aug. 31, 2020swapAgreement	Jul. 09, 2015USD ($)swapAgreement
Derivative [Line Items]
Income expected to be recognized in earnings in next 12 months			$ 13,800,000
Fair value of interest rate swap in a net asset liability position			37,600,000	$ 54,000,000
Interest Rate Swap
Derivative [Line Items]
Number of interest rate swap agreements executed		3			4	1
Derivative notional amount	$ 425,000,000		750,000,000	750,000,000		$ 425,000,000
Term of interest rate contracts	5 years	5 years
Fair value of interest rate swap in a net asset liability position			37,559,000	53,975,000
Interest Rate Swap, Effective March 10, 2020 - $150,000 Notional Amount, Interest Rate 0.83%
Derivative [Line Items]
Derivative notional amount		$ 150,000,000	150,000,000	150,000,000
Fair value of interest rate swap in a net asset liability position			216,000	2,963,000
Interest Rate Swap Effective Date July 1, 2020,$125,000 Notional Amount, Interest Rate 2.82%
Derivative [Line Items]
Derivative notional amount		100,000,000	125,000,000	125,000,000
Fair value of interest rate swap in a net asset liability position			10,816,000	13,896,000
Interest Rate Swap, Effective March 10, 2020 - $75,000 Notional Amount, Interest Rate 0.86%
Derivative [Line Items]
Derivative notional amount		$ 75,000,000	75,000,000	75,000,000
Fair value of interest rate swap in a net asset liability position			$ 201,000	$ 1,580,000

Interest Rate Contracts - Summa

Interest Rate Contracts - Summary of Interest Rate Swaps (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Jul. 01, 2020	Mar. 10, 2020	Jul. 09, 2015
Derivative [Line Items]
Fair value of interest rate swap in a net asset (liability) position	$ (37,600,000)	$ (54,000,000)
Interest Rate Swap, Effective March 10, 2020 - $150,000 Notional Amount, Interest Rate 0.83%
Derivative [Line Items]
Interest strike rate (percent)	0.83%
Fair value of interest rate swap in a net asset (liability) position	$ (216,000)	(2,963,000)
Derivative notional amount	$ 150,000,000	150,000,000		$ 150,000,000
Interest Rate Swap, Effective March 10, 2020 - $100,000 Notional Amount, Interest Rate 0.84%
Derivative [Line Items]
Interest strike rate (percent)	0.84%
Fair value of interest rate swap in a net asset (liability) position	$ (197,000)	(2,023,000)
Derivative notional amount	$ 100,000,000	100,000,000
Interest Rate Swap, Effective March 10, 2020 - $75,000 Notional Amount, Interest Rate 0.86%
Derivative [Line Items]
Interest strike rate (percent)	0.86%
Fair value of interest rate swap in a net asset (liability) position	$ (201,000)	(1,580,000)
Derivative notional amount	$ 75,000,000	75,000,000		75,000,000
Interest Rate Swap Effective Date July 1, 2020,$125,000 Notional Amount, Interest Rate 2.82%
Derivative [Line Items]
Interest strike rate (percent)	2.82%
Fair value of interest rate swap in a net asset (liability) position	$ (10,816,000)	(13,896,000)
Derivative notional amount	$ 125,000,000	125,000,000		$ 100,000,000
Interest Rate Swap Effective Date July 1, 2020
Derivative [Line Items]
Interest strike rate (percent)	2.82%
Fair value of interest rate swap in a net asset (liability) position	$ (8,690,000)	(11,140,000)
Derivative notional amount	$ 100,000,000	100,000,000
Interest Rate Swap Effective Date July 1, 2020
Derivative [Line Items]
Interest strike rate (percent)	2.83%
Fair value of interest rate swap in a net asset (liability) position	$ (8,684,000)	(11,148,000)
Derivative notional amount	$ 100,000,000	100,000,000
Interest Rate Swap Effective Date July 1, 2020
Derivative [Line Items]
Interest strike rate (percent)	2.84%
Fair value of interest rate swap in a net asset (liability) position	$ (8,755,000)	(11,225,000)
Derivative notional amount	100,000,000	100,000,000
Interest Rate Swap
Derivative [Line Items]
Fair value of interest rate swap in a net asset (liability) position	(37,559,000)	(53,975,000)
Derivative notional amount	$ 750,000,000	$ 750,000,000	$ 425,000,000		$ 425,000,000

Interest Rate Contracts - Impac

Interest Rate Contracts - Impact of Interest Rate Swap on Consolidated Statements of Operation (Details) - Interest Rate Swap - Cash Flow Hedging - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (loss) gain recognized in AOCI on derivatives	$ (16,447)	$ (30,869)
Amount of (gain) loss reclassified from AOCI into earnings under “Interest expense”	16,416	42
Total interest expense presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded	$ 20,685	$ 19,961

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Payables and Accruals [Abstract]
Prepaid tenant rent	$ 23,371	$ 20,780
Real estate taxes payable	12,545	15,380
Accrued tenant improvements	11,303	30,011	$ 0
Interest payable	10,482	9,147
Deferred compensation	8,554	10,599
Property operating expense payable	6,268	8,473
Other liabilities	30,387	20,044
Total	$ 102,910	$ 114,434

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Swap Liability	$ (37,559)	$ (53,975)
Recurring Basis
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Corporate Owned Life Insurance Asset	4,609	4,454
Mutual Funds Asset	6,939	6,643
Deferred Compensation Liability	(8,554)	(10,599)
Recurring Basis | Quoted Prices in Active Markets for Identical Assets and Liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Corporate Owned Life Insurance Asset	0	0
Mutual Funds Asset	6,939	6,643
Deferred Compensation Liability	0	0
Recurring Basis | Significant Other Observable Inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Corporate Owned Life Insurance Asset	4,609	4,454
Mutual Funds Asset	0	0
Deferred Compensation Liability	(8,554)	(10,599)
Recurring Basis | Significant Unobservable Inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Corporate Owned Life Insurance Asset	0	0
Mutual Funds Asset	0	0
Deferred Compensation Liability	0	0
Recurring Basis | Interest Rate Swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Swap Liability	(37,559)	(53,975)
Recurring Basis | Interest Rate Swap | Quoted Prices in Active Markets for Identical Assets and Liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Swap Liability	0	0
Recurring Basis | Interest Rate Swap | Significant Other Observable Inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Swap Liability	(37,559)	(53,975)
Recurring Basis | Interest Rate Swap | Significant Unobservable Inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Swap Liability	$ 0	$ 0

Fair Value Measurements - Non-r

Fair Value Measurements - Non-recurring Fair Value Measurements for Impairment (Details)	3 Months Ended
	Mar. 31, 2021$ / ft²yrrealEstateProperty
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of properties impaired | realEstateProperty	2
2200 Channahon Road | Expected selling price per square foot
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Expected selling price per square foot | $ / ft²	8.30
2200 Channahon Road | Estimated hold period
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Expected selling price per square foot | yr	1
Houston Westway I | Expected selling price per square foot
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Expected selling price per square foot | $ / ft²	72.90
Houston Westway I | Estimated hold period
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Expected selling price per square foot | yr	1

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments at Fair Value (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of mortgage loans (in loan) | loan	10
Fair Value | Mortgages | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	$ 1,011,635	$ 1,016,565
Fair Value | Mortgages | BOA Loan | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	354,417	355,823
Fair Value | Mortgages | BOA/KeyBank Loan | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	262,283	263,454
Fair Value | Mortgages | AIG Loan II | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	120,491	121,011
Fair Value | Mortgages | AIG Loan | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	101,596	102,033
Fair Value | Mortgages | Midland Mortgage Loan | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	97,600	97,709
Fair Value | Mortgages | Samsonite Loan | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	20,603	21,030
Fair Value | Mortgages | HealthSpring Mortgage Loan | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	20,204	20,462
Fair Value | Mortgages | CCIT II Properties | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	18,767	18,942
Fair Value | Mortgages | Highway 94 Loan | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	14,148	14,447
Fair Value | Mortgages | Emporia Partners Mortgage Loan | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	1,526	1,654
Carrying Value | Mortgages
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	1,026,675	1,029,093
Carrying Value | Mortgages | BOA Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	375,000	375,000
Carrying Value | Mortgages | BOA/KeyBank Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	250,000	250,000
Carrying Value | Mortgages | AIG Loan II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	126,241	126,792
Carrying Value | Mortgages | AIG Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	103,383	103,870
Carrying Value | Mortgages | Midland Mortgage Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	97,619	98,155
Carrying Value | Mortgages | Samsonite Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	19,908	20,165
Carrying Value | Mortgages | HealthSpring Mortgage Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	20,073	20,208
Carrying Value | Mortgages | CCIT II Properties
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	18,496	18,587
Carrying Value | Mortgages | Highway 94 Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	14,453	14,689
Carrying Value | Mortgages | Emporia Partners Mortgage Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	$ 1,502	$ 1,627

Equity - Narrative (Details)

Equity - Narrative (Details)		Mar. 25, 2021USD ($)shares	Mar. 01, 2021shares	Jan. 22, 2021USD ($)shares	Jan. 15, 2020USD ($)shares	May 01, 2019USD ($)shares	Mar. 31, 2021USD ($)vote$ / sharesshares	Mar. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019shares	Sep. 30, 2019USD ($)shares	Dec. 31, 2020USD ($)shares	Mar. 31, 2021USD ($)voteshares	Dec. 31, 2020USD ($)$ / sharesshares	Mar. 31, 2021USD ($)voteshares	Oct. 29, 2020shares	Jul. 17, 2020USD ($)	Feb. 26, 2020USD ($)	Apr. 30, 2019shares	Jun. 30, 2015shares
Class of Stock [Line Items]
Number of shares outstanding (in shares)							323,881,102				230,320,668	323,881,102	230,320,668	323,881,102
Proceeds from sale of shares | $												$ 2,800,000,000
Shares issued | $	[1]						$ 324,000				$ 230,000	324,000	$ 230,000	$ 324,000
Share Redemption Program
Class of Stock [Line Items]
Minimum ownership balance (shares) | $							$ 2,500					2,500		2,500
Minimum holding period for stock to be redeemed from stockholder by the Company							1 year
Distribution Reinvestment Plan
Class of Stock [Line Items]
Stock authorized under offering (shares) | $																$ 100,000,000	$ 200,000,000
Period for written notice							10 days
Shares issued | $							$ 325,400,000				$ 318,200,000	325,400,000	$ 318,200,000	325,400,000
Follow-on Offering
Class of Stock [Line Items]
Stock authorized under offering (shares) | $																	2,200,000,000
Private Placement [Member]
Class of Stock [Line Items]
Number of shares issued (shares)																			43,772,611
Stock authorized under offering (shares) | $																	$ 2,000,000,000
Maximum | Share Redemption Program
Class of Stock [Line Items]
Aggregate redemption of Company's shares (percent)							5.00%			5.00%
RSUs
Class of Stock [Line Items]
RSU's issued (in shares)							1,619,255				589,248
Share-based Payment Arrangement, Expense | $							$ 1,700,000	$ 1,000,000
Shares used to satisfy employee tax withholding requirements on vesting restricted stock (shares)							83,027
RSUs | 2019 Restricted Stock Units
Class of Stock [Line Items]
RSU's issued (in shares)						1,009,415
Vesting installment (percent)						25.00%
Fair value of grants issued | $						$ 9,700,000
Unrecognized cost | $							$ 3,900,000					3,900,000		3,900,000
Unrecognized cost recognition period							2 years
RSUs | 2020 Restricted Stock Units
Class of Stock [Line Items]
RSU's issued (in shares)					589,248
Fair value of grants issued | $					$ 5,500,000
Unrecognized cost | $							$ 3,000,000					3,000,000		3,000,000
Unrecognized cost recognition period							3 years
Vesting (percent)					25.00%
RSUs | 2021 Restricted Stock Units
Class of Stock [Line Items]
RSU's issued (in shares)		547,908		1,071,347
Fair value of grants issued | $		$ 4,900,000		$ 9,600,000
Unrecognized cost | $							$ 7,700,000					$ 7,700,000		$ 7,700,000
Unrecognized cost recognition period							3 years
Restricted Stock | Former directors
Class of Stock [Line Items]
RSU's issued (in shares)			3,901
Common Class T
Class of Stock [Line Items]
Number of votes each share is entitled to | vote							1					1		1
Number of shares outstanding (in shares)							560,462					560,462		560,462
Common Class S
Class of Stock [Line Items]
Number of votes each share is entitled to | vote							1					1		1
Number of shares outstanding (in shares)							1,800					1,800		1,800
Common Class D
Class of Stock [Line Items]
Number of votes each share is entitled to | vote							1					1		1
Number of shares outstanding (in shares)							41,396					41,396		41,396
Common Class I
Class of Stock [Line Items]
Number of votes each share is entitled to | vote							1					1		1
Number of shares outstanding (in shares)							1,902,061					1,902,061		1,902,061
Common Class A
Class of Stock [Line Items]
Number of votes each share is entitled to | vote							1					1		1
Number of shares outstanding (in shares)							24,415,356					24,415,356		24,415,356
Common Class AA
Class of Stock [Line Items]
Number of votes each share is entitled to | vote							1					1		1
Number of shares outstanding (in shares)							47,432,524					47,432,524		47,432,524
Common Class AAA
Class of Stock [Line Items]
Number of votes each share is entitled to | vote							1					1		1
Number of shares outstanding (in shares)							920,743					920,743		920,743
Common Class E
Class of Stock [Line Items]
Number of votes each share is entitled to | vote							1					1		1
Number of shares outstanding (in shares)							248,606,760					248,606,760		248,606,760
Common Class E | 2021 Restricted Stock Units
Class of Stock [Line Items]
Number of shares contingently entitled to be received for each RSU (shares)		1		1
Common Class E | Share Redemption Program
Class of Stock [Line Items]
Excess of quarterly cap limitation (in shares)										2,872,488
Excess of quarterly cap limitation | $										$ 27,400,000
Percentage of redemption requests not redeemed (percent)									25.00%
Common Class E | Private Placement [Member]
Class of Stock [Line Items]
Number of shares issued (shares)															93,457,668			174,981,547
Common Stock
Class of Stock [Line Items]
Number of shares outstanding (in shares)							323,881,102	229,671,555	227,853,720		230,320,668	323,881,102	230,320,668	323,881,102
Stock redeemed during period (in shares)							772,265	548,312
Weighted average price per share (in dollars per share) | $ / shares							$ 8.96	$ 9.32
Shares used to satisfy employee tax withholding requirements on vesting restricted stock (shares)							99,298
Common Stock | Share Redemption Program
Class of Stock [Line Items]
Stock redeemed during period (in shares)							771,109							26,844,716
Stock redeemed, value | $													$ 252,200,000
Weighted average price per share (in dollars per share) | $ / shares													$ 9.40
Common Stock | Common Class E | RSUs | 2020 Restricted Stock Units
Class of Stock [Line Items]
Number of shares contingently entitled to be received for each RSU (shares)					1
[1]	See Note 9, Equity , for the number of shares outstanding of each class of common stock as of March 31, 2021.

Equity - Schedule of Sale of St

Equity - Schedule of Sale of Stock by Subsidiary or Equity Method Investee Disclosure (Details) - Distribution Reinvestment Plan $ in Thousands	5 Months Ended
	Dec. 31, 2020USD ($)shares
Class of Stock [Line Items]
Amount | $	$ 325,353
Gross proceeds from issuance of common stock (in shares) | shares	33,782,573
Common Class T
Class of Stock [Line Items]
Amount | $	$ 133
Gross proceeds from issuance of common stock (in shares) | shares	14,286
Common Class S
Class of Stock [Line Items]
Amount | $	$ 0
Gross proceeds from issuance of common stock (in shares) | shares	12
Common Class D
Class of Stock [Line Items]
Amount | $	$ 15
Gross proceeds from issuance of common stock (in shares) | shares	1,614
Common Class E
Class of Stock [Line Items]
Amount | $	$ 301,312
Gross proceeds from issuance of common stock (in shares) | shares	31,186,771
Common Class I
Class of Stock [Line Items]
Amount | $	$ 348
Gross proceeds from issuance of common stock (in shares) | shares	37,271
Common Class A
Class of Stock [Line Items]
Amount | $	$ 7,837
Gross proceeds from issuance of common stock (in shares) | shares	846,370
Common Class AA
Class of Stock [Line Items]
Amount | $	$ 15,474
Gross proceeds from issuance of common stock (in shares) | shares	1,670,921
Common Class AAA
Class of Stock [Line Items]
Amount | $	$ 234
Gross proceeds from issuance of common stock (in shares) | shares	25,328

Equity - Schedule of Share Rede

Equity - Schedule of Share Redemptions (Details) - Common Stock - $ / shares	3 Months Ended		77 Months Ended	80 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Mar. 31, 2021
Class of Stock [Line Items]
Stock redeemed during period (in shares)	772,265	548,312
Weighted average price per share (in dollars per share)	$ 8.96	$ 9.32
Share Redemption Program
Class of Stock [Line Items]
Stock redeemed during period (in shares)	771,109			26,844,716
Weighted average price per share (in dollars per share)			$ 9.40

Equity - Nonvested Restricted S

Equity - Nonvested Restricted Stock Activity (Details) - RSUs - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Beginning balance (shares)	943,836	757,061
Granted (shares)	1,619,255	589,248
Forfeited (shares)	(98,323)	(3,744)
Vested (shares)	(158,599)	(398,729)
Ending balance (shares)	2,306,169	943,836
Granted - Weighted average grant date fair value per shares (in usd per share)	$ 8.97	$ 9.35
Forfeited - Weighted average grant date fair value per shares (in usd per share)	9.13	9.35
Vested - Weighted average grant date fair value per shares (in usd per share)	$ 9.22	$ 9.48

Noncontrolling Interests - Narr

Noncontrolling Interests - Narrative (Details)	3 Months Ended
	Mar. 31, 2021shares
Noncontrolling Interest [Line Items]
Percentage of noncontrolling interests based on weighted average shares outstanding (percent)	10.63%
Limited partnership units issued (in shares)	31,800,000
Limited partnership units with mandatory hold period (in shares)	20,400,000
Implied EA-1 operating partnership units issued in consideration (in shares)	200,000
Partnership unit exchange (in shares)	1
Griffin Capital Essential Asset Operating Partnership, L.P.
Noncontrolling Interest [Line Items]
Percentage of noncontrolling interests based on total shares (percent)	9.00%

Noncontrolling Interests - Sche

Noncontrolling Interests - Schedule of Noncontrolling Interests Activity (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Issuance of stock dividend for noncontrolling interest		$ 802
Distributions to noncontrolling interest	$ (2,698)	(5,069)
Net (loss) income	(5,393)	848
Other comprehensive loss	16,447	(30,826)
Non- controlling Interests
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	226,550	245,040	$ 245,040
Reclass of noncontrolling interest subject to redemption	(31)		224
Repurchase of noncontrolling interest	0		(1,137)
Issuance of stock dividend for noncontrolling interest	0	802	1,068
Distributions to noncontrolling interest	(2,698)	(5,069)	(13,306)
Allocated distributions to noncontrolling interests subject to redemption	(5)		(29)
Net (loss) income	(569)	111	(1,732)
Other comprehensive loss	1,748	$ (3,708)	(3,578)
Ending balance	$ 224,995		$ 226,550

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Incurred fees	$ 5	$ 115
Receivable	1,417		$ 1,411
Payable	3,116		3,272
Other fees
Related Party Transaction [Line Items]
Incurred fees	0	0
Receivable	294		293
Costs advanced by the advisor
Related Party Transaction [Line Items]
Incurred costs	501	627
Payable	1,135		1,085
Consulting fee - shared services
Related Party Transaction [Line Items]
Incurred costs	625	625
Payable	758		695
Earn-out
Related Party Transaction [Line Items]
Incurred costs	0	0
Payable	262		262
Stockholder Servicing Fee
Related Party Transaction [Line Items]
Incurred costs	0	0
Payable	223		494
Distributions
Related Party Transaction [Line Items]
Incurred costs	2,142	4,009
Payable	739		736
Total
Related Party Transaction [Line Items]
Incurred costs	3,268	5,261
Payable	3,117		3,272
Griffin Capital Corporation | Reimbursable Expense Allocation
Related Party Transaction [Line Items]
Incurred fees	0	16
Receivable	4		4
Griffin Capital Corporation | Payroll/Expense Allocation
Related Party Transaction [Line Items]
Incurred fees	5	$ 99
Receivable	$ 1,119		$ 1,114

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Administrative Service Agreement | Griffin Capital Corporation
Related Party Transaction [Line Items]
Monthly service cost	$ 0.2

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)renewallease	Mar. 31, 2020USD ($)
Lessee, Lease, Description [Line Items]
Rental income	$ 83.9	$ 76.8
Number of ground leases classified as operating | lease	4
Number of ground leases classified as financing | lease	2
Options to renew | renewal	0
Weighted average remaining lease term	74 years 2 months 12 days
Operating lease costs	$ 0.9	0.9
Cash paid for operating lease liabilities	$ 0.4	$ 0.4
Chicago Illinois Office
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	4 years

Leases - Future Minimum Base Re

Leases - Future Minimum Base Rents to be Received (Details) $ in Thousands	Mar. 31, 2021USD ($)
Leases [Abstract]
2021	$ 284,016
2022	378,130
2023	363,061
2024	320,060
2025	276,935
Thereafter	1,217,708
Total	$ 2,839,910

Leases - Cash paid for measurem

Leases - Cash paid for measurement of lease liabilities (Details)	Mar. 31, 2021
Leases [Abstract]
Weighted average remaining lease term	74 years 2 months 12 days
Weighted average discount rate	4.82%

Leases - Remaining Required Pay

Leases - Remaining Required Payments Under Ground Leases (Details) $ in Thousands	Mar. 31, 2021USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2021	$ 1,265
2022	1,730
2023	1,795
2024	1,830
2025	1,782
2026	1,716
Thereafter	284,449
Total undiscounted lease payments	294,567
Less: imputed interest	(247,824)
Total lease liabilities	46,743
Finance Lease, Liability, Payment, Due [Abstract]
2021	345
2022	350
2023	355
2024	360
2025	370
2026	375
Thereafter	3,820
Total undiscounted lease payments	5,975
Less: imputed interest	(2,286)
Finance Lease, Liability	$ 3,689

Declaration of Distributions -

Declaration of Distributions - (Details) - $ / shares	Mar. 25, 2021	Feb. 25, 2021	Jan. 26, 2021	Dec. 17, 2020	Mar. 31, 2021	Mar. 31, 2020
Declaration of Distributions [Abstract]
Common stock dividends, daily rate (in usd per share)		$ 0.000958904	$ 0.000958904	$ 0.000958904
Common stock dividends, annualized equivalent (in usd per share)	$ 0.35	$ 0.35	$ 0.35	$ 0.35
Quarterly dividends declared (in usd per share)	$ 0.000958904				$ 0.09	$ 0.14

Subsequent Events - (Details)

Subsequent Events - (Details) - USD ($) $ in Thousands	Apr. 12, 2021	Dec. 31, 2020	May 05, 2021
Subsequent Event | 2200 Channahon Road
Subsequent Event [Line Items]
Proceeds from sale of property	$ 11,500
Distribution Reinvestment Plan
Subsequent Event [Line Items]
Gross proceeds from issuance of common stock (in shares)		33,782,573
Amount		$ 325,353
Distribution Reinvestment Plan | Subsequent Event
Subsequent Event [Line Items]
Gross proceeds from issuance of common stock (in shares)			34,340,675
Amount			$ 330,400