ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each Class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
☒ | Accelerated filer | ☐ | ||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
Emerging growth company |
PAGE | ||||||||
PART I | ||||||||
PART II | ||||||||
PART III | ||||||||
PART IV | ||||||||
Number of Individuals | Functional Area | ||||
13 | Executive Management | ||||
35 | Investment Management, Asset Management, Portfolio Management and Due Diligence | ||||
21 | Administration, Accounting, Compliance, Human Resources, Legal and Treasury |
Year of Lease Expiration | Square Feet (1) | Number of Expiring Leases | Lease Revenue for the year ended December 31, 2023 | % Expiring | ||||||||||
2024 | 1,794,776 | 4 | 6,596 | 4.5 | % | |||||||||
2025 | 442,630 | 9 | 11,073 | 7.5 | % | |||||||||
2026 | 1,781,100 | 12 | 18,635 | 12.6 | % | |||||||||
2027 | 1,081,647 | 12 | 16,132 | 10.9 | % | |||||||||
2028 | 2,276,338 | 15 | 12,857 | 8.7 | % | |||||||||
Thereafter | 9,135,521 | 85 | 73,462 | 49.8 | % | |||||||||
Sold/terminated leases | N/A | N/A | 8,829 | 6.0 | % | |||||||||
16,512,012 | 137 | $ | 147,584 | 100.0 | % |
State | Lease Revenue for the twelve months ended December 31, 2023 | % of Lease Revenue | Number of Leases for the twelve months ended December 31, 2023 | Rentable Square Feet for the twelve months ended December 31, 2023 | Lease Revenue for the twelve months ended December 31, 2022 | % of Lease Revenue | Number of Leases for the twelve months ended December 31, 2022 | Rentable Square Feet for the twelve months ended December 31, 2022 | Lease Revenue for the year ended December 31, 2021 | % of Lease Revenue | Number of Leases for the year ended December 31, 2021 | Rentable Square Feet for the year ended December 31, 2021 | ||||||||||||||||||||||||||
Florida | $ | 19,387 | 13.1 | % | 9 | 1,045,404 | $ | 16,329 | 11.0 | % | 9 | 1,045,404 | $ | 16,741 | 12.2 | % | 9 | 1,038,076 | ||||||||||||||||||||
Texas | 17,847 | 12.1 | 14 | 1,473,264 | 21,462 | 14.4 | 14 | 1,377,568 | 16,124 | 11.7 | 14 | 1,492,768 | ||||||||||||||||||||||||||
Pennsylvania | 14,809 | 10.0 | 10 | 2,267,847 | 14,850 | 10.0 | 10 | 2,224,007 | 15,382 | 11.2 | 10 | 2,224,007 | ||||||||||||||||||||||||||
Ohio | 14,347 | 9.7 | 15 | 1,312,291 | 13,888 | 9.3 | 16 | 1,312,291 | 14,911 | 10.8 | 15 | 1,275,023 | ||||||||||||||||||||||||||
Georgia | 12,061 | 8.2 | 11 | 1,686,986 | 11,674 | 7.8 | 10 | 1,686,986 | 10,778 | 7.8 | 10 | 1,686,986 | ||||||||||||||||||||||||||
North Carolina | 9,340 | 6.3 | 10 | 1,539,430 | 8,684 | 5.8 | 10 | 1,539,430 | 6,860 | 5.0 | 8 | 1,113,846 | ||||||||||||||||||||||||||
Alabama | 8,793 | 6.0 | 6 | 1,107,654 | 7,578 | 5.1 | 7 | 1,138,504 | 6,477 | 4.7 | 5 | 921,891 | ||||||||||||||||||||||||||
Colorado | 7,480 | 5.1 | 4 | 482,481 | 4,613 | 3.1 | 4 | 482,481 | 4,331 | 3.1 | 3 | 413,807 | ||||||||||||||||||||||||||
Michigan | 6,487 | 4.4 | 6 | 973,638 | 6,435 | 4.3 | 6 | 973,638 | 6,374 | 4.6 | 6 | 973,638 | ||||||||||||||||||||||||||
Indiana | 4,223 | 2.9 | 11 | 639,605 | 4,121 | 2.8 | 10 | 571,896 | 4,129 | 3.0 | 10 | 571,896 | ||||||||||||||||||||||||||
All Other States | 32,810 | 22.2 | 41 | 4,530,669 | 39,347 | 26.4 | 41 | 4,827,746 | 35,581 | 25.9 | 40 | 4,520,857 | ||||||||||||||||||||||||||
$ | 147,584 | 100.0 | % | 137 | 17,059,269 | $ | 148,981 | 100.0 | % | 137 | 17,179,951 | $ | 137,688 | 100.0 | % | 130 | 16,232,795 |
For the year ended December 31, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Industry Classification | Lease Revenue | Percentage of Lease Revenue | Lease Revenue | Percentage of Lease Revenue | Lease Revenue | Percentage of Lease Revenue | ||||||||||||||||||||||||||||||||
Telecommunications | $ | 21,306 | 14.1 | % | $ | 22,456 | 15.1 | % | $ | 22,712 | 16.5 | % | ||||||||||||||||||||||||||
Automotive | 20,697 | 14.0 | 19,133 | 12.8 | 13,555 | 9.8 | ||||||||||||||||||||||||||||||||
Diversified/Conglomerate Services | 18,379 | 12.5 | 17,946 | 12.0 | 18,613 | 13.5 | ||||||||||||||||||||||||||||||||
Healthcare | 11,156 | 7.6 | 15,928 | 10.7 | 15,216 | 11.1 | ||||||||||||||||||||||||||||||||
Diversified/Conglomerate Manufacturing | 10,648 | 7.2 | 10,976 | 7.4 | 7,774 | 5.6 | ||||||||||||||||||||||||||||||||
Buildings and Real Estate | 9,667 | 6.6 | 9,319 | 6.3 | 9,582 | 7.0 | ||||||||||||||||||||||||||||||||
Banking | 9,538 | 6.5 | 13,136 | 8.8 | 10,264 | 7.5 | ||||||||||||||||||||||||||||||||
Personal, Food & Miscellaneous Services | 9,382 | 6.4 | 7,232 | 4.9 | 7,097 | 5.2 | ||||||||||||||||||||||||||||||||
Personal & Non-Durable Consumer Products | 7,648 | 5.2 | 5,531 | 3.7 | 2,495 | 1.8 | ||||||||||||||||||||||||||||||||
Machinery | 5,874 | 4.0 | 4,257 | 2.9 | 4,001 | 2.9 | ||||||||||||||||||||||||||||||||
Beverage, Food & Tobacco | 5,724 | 3.9 | 5,615 | 3.8 | 5,805 | 4.2 | ||||||||||||||||||||||||||||||||
Chemicals, Plastics & Rubber | 5,365 | 3.6 | 4,838 | 3.2 | 4,703 | 3.4 | ||||||||||||||||||||||||||||||||
Containers, Packaging & Glass | 4,065 | 2.8 | 3,827 | 2.6 | 2,937 | 2.1 | ||||||||||||||||||||||||||||||||
Information Technology | 2,439 | 1.7 | 3,515 | 2.4 | 6,657 | 4.8 | ||||||||||||||||||||||||||||||||
Childcare | 2,292 | 1.6 | 2,292 | 1.5 | 2,293 | 1.7 | ||||||||||||||||||||||||||||||||
Electronics | 1,145 | 0.8 | 725 | 0.5 | 1,013 | 0.7 | ||||||||||||||||||||||||||||||||
Printing & Publishing | 930 | 0.6 | 917 | 0.6 | 1,668 | 1.2 | ||||||||||||||||||||||||||||||||
Education | 836 | 0.6 | 845 | 0.6 | 818 | 0.6 | ||||||||||||||||||||||||||||||||
Home & Office Furnishings | 493 | 0.3 | 493 | 0.2 | 485 | 0.4 | ||||||||||||||||||||||||||||||||
Total | $ | 147,584 | 100.0 | % | $ | 148,981 | 100.0 | % | $ | 137,688 | 100.0 | % |
At December 31, | ||||||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |||||||||||||||
GOOD | $ | 100.00 | $ | 151.10 | $ | 135.86 | $ | 207.01 | $ | 161.88 | $ | 126.91 | ||||||||
S&P 500 | $ | 100.00 | $ | 126.15 | $ | 149.49 | $ | 191.74 | $ | 163.01 | $ | 198.36 | ||||||||
FNAR | $ | 100.00 | $ | 128.07 | $ | 120.57 | $ | 168.65 | $ | 126.32 | $ | 140.78 |
Aggregate Square Footage Sold | Aggregate Sales Price | Aggregate Sales Costs | Aggregate Impairment Charge for the Twelve Months Ended December 31, 2023 | Aggregate Gain on Sale of Real Estate, net | ||||||||||||||||||||||
445,036 | $ | 39,634 | $ | 2,626 | $ | 3,591 | $ | 7,737 |
Aggregate Square Footage | Weighted Average Remaining Lease Term at Time of Acquisition | Aggregate Purchase Price | Aggregate Capitalized Acquisition Expenses | Aggregate Annualized GAAP Fixed Lease Payments | ||||||||||||||||||||||
321,432 | 19.3 years | $ | 30,018 | $ | 528 | $ | 2,820 |
Aggregate Square Footage | Weighted Average Remaining Lease Term | Aggregate Annualized GAAP Fixed Lease Payments | Aggregate Tenant Improvement | Aggregate Leasing Commissions | ||||||||||||||||||||||
1,428,830 | 10.8 years | (1) | $ | 10,700 | $ | 7,701 | $ | 3,041 |
Square Footage Reduced | Accelerated Rent | Accelerated Rent Recognized through December 31, 2023 | ||||||||||||
119,224 | $ | 2,581 | $ | 2,134 |
Fixed Rate Debt Repaid | Interest Rate on Fixed Rate Debt Repaid | |||||||
$ | 58,864 | 4.69 | % |
Aggregate Fixed Rate Debt Issued | Weighted Average Interest Rate on Fixed Rate Debt | |||||||
$ | 9,000 | (1) | 6.10 | % |
Fixed Rate Debt Extended | Interest Rate on Fixed Rate Debt Extended | Extension Term | ||||||||||||
$ | 8,769 | 6.50 | % | 1.0 year |
For the year ended December 31, | ||||||||||||||||||||||||||
2023 | 2022 | $ Change | % Change | |||||||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||||
Lease revenue | $ | 147,584 | $ | 148,981 | $ | (1,397) | (0.9) | % | ||||||||||||||||||
Total operating revenues | $ | 147,584 | $ | 148,981 | $ | (1,397) | (0.9) | % | ||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||
Depreciation and amortization | $ | 57,856 | $ | 60,154 | $ | (2,298) | (3.8) | % | ||||||||||||||||||
Property operating expenses | 25,858 | 26,832 | (974) | (3.6) | % | |||||||||||||||||||||
Base management fee | 6,380 | 6,331 | 49 | 0.8 | % | |||||||||||||||||||||
Incentive fee | — | 5,270 | (5,270) | (100.0) | % | |||||||||||||||||||||
Administration fee | 2,350 | 1,864 | 486 | 26.1 | % | |||||||||||||||||||||
General and administrative | 4,363 | 3,705 | 658 | 17.8 | % | |||||||||||||||||||||
Impairment charge | 19,296 | 12,092 | 7,204 | 59.6 | % | |||||||||||||||||||||
Total operating expenses | $ | 116,103 | $ | 116,248 | $ | (145) | (0.1) | % | ||||||||||||||||||
Other (expense) income | ||||||||||||||||||||||||||
Interest expense | $ | (37,330) | $ | (32,457) | $ | (4,873) | 15.0 | % | ||||||||||||||||||
Gain on sale of real estate, net | 7,737 | 10,052 | (2,315) | (23.0) | % | |||||||||||||||||||||
Gain on debt extinguishment, net | 2,830 | — | 2,830 | 100.0 | % | |||||||||||||||||||||
Other income | 204 | 454 | (250) | (55.1) | % | |||||||||||||||||||||
Total other expense, net | $ | (26,559) | $ | (21,951) | $ | (4,608) | 21.0 | % | ||||||||||||||||||
Net income | $ | 4,922 | $ | 10,782 | $ | (5,860) | (54.3) | % | ||||||||||||||||||
Distributions attributable to Series E, F, and G preferred stock | (12,285) | (11,903) | (382) | 3.2 | % | |||||||||||||||||||||
Distributions attributable to senior common stock | (430) | (458) | 28 | (6.1) | % | |||||||||||||||||||||
Loss on extinguishment of Series F preferred stock | (11) | (10) | (1) | 10.0 | % | |||||||||||||||||||||
Gain on repurchase of Series G preferred stock | 3 | 37 | (34) | (91.9) | % | |||||||||||||||||||||
Net loss attributable to common stockholders and Non-controlling OP Unitholders | $ | (7,801) | $ | (1,552) | $ | (6,249) | 402.6 | % | ||||||||||||||||||
Net loss attributable to common stockholders and Non-controlling OP Unitholders per weighted average share and unit - basic & diluted | $ | (0.19) | $ | (0.04) | $ | (0.15) | 375.0 | % | ||||||||||||||||||
FFO available to common stockholders and Non-controlling OP Unitholders - basic (1) | $ | 58,784 | $ | 60,642 | $ | (1,858) | (3.1) | % | ||||||||||||||||||
FFO available to common stockholders and Non-controlling OP Unitholders - diluted (1) | $ | 59,214 | $ | 61,100 | $ | (1,886) | (3.1) | % | ||||||||||||||||||
FFO per weighted average share of common stock and Non-controlling OP Unit - basic (1) | $ | 1.46 | $ | 1.55 | $ | (0.09) | (5.8) | % | ||||||||||||||||||
FFO per weighted average share of common stock and Non-controlling OP Unit - diluted (1) | $ | 1.46 | $ | 1.54 | $ | (0.08) | (5.2) | % | ||||||||||||||||||
For the year ended December 31, | ||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||
Lease Revenues | 2023 | 2022 | $ Change | % Change | ||||||||||||||||||||||
Same Store Properties | $ | 116,477 | $ | 109,364 | $ | 7,113 | 6.5 | % | ||||||||||||||||||
Acquired & Disposed Properties | 16,199 | 26,055 | (9,856) | (37.8) | % | |||||||||||||||||||||
Properties with Vacancy | 14,908 | 13,562 | 1,346 | 9.9 | % | |||||||||||||||||||||
$ | 147,584 | $ | 148,981 | $ | (1,397) | (0.9) | % |
For the year ended December 31, | ||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||
Property Operating Expenses | 2023 | 2022 | $ Change | % Change | ||||||||||||||||||||||
Same Store Properties | $ | 15,730 | $ | 14,689 | $ | 1,041 | 7.1 | % | ||||||||||||||||||
Acquired & Disposed Properties | 2,965 | 5,134 | (2,169) | (42.2) | % | |||||||||||||||||||||
Properties with Vacancy | 7,163 | 7,009 | 154 | 2.2 | % | |||||||||||||||||||||
$ | 25,858 | $ | 26,832 | $ | (974) | (3.6) | % |
Net Proceeds | Number of Shares Sold | Weighted Average Share Price | ||||||||||||||||||
Common Stock ATM Program | $ | 4,063 | 238,078 | $ | 17.29 | |||||||||||||||
Series F Preferred Stock Continuous Public Offering | 5,611 | 246,775 | 24.75 | |||||||||||||||||
$ | 9,674 | 484,853 |
Payments Due by Period | ||||||||||||||||||||||||||||||||
Contractual Obligations | Total | Less than 1 Year | 1-3 Years | 3-5 Years | More than 5 Years | |||||||||||||||||||||||||||
Debt Obligations (1) | $ | 743,872 | $ | 25,079 | $ | 207,294 | $ | 442,154 | $ | 69,345 | ||||||||||||||||||||||
Interest on Debt Obligations (2) | 151,230 | 42,565 | 75,558 | 29,069 | 4,038 | |||||||||||||||||||||||||||
Operating Lease Obligations (3) | 8,291 | 493 | 992 | 1,016 | 5,790 | |||||||||||||||||||||||||||
Purchase Obligations (4) | 9,469 | 6,605 | 2,864 | — | — | |||||||||||||||||||||||||||
$ | 912,862 | $ | 74,742 | $ | 286,708 | $ | 472,239 | $ | 79,173 |
For the twelve months ended December 31, | ||||||||||||||
(Dollars in Thousands, Except for Per Share Amounts) | ||||||||||||||
2023 | 2022 | |||||||||||||
Calculation of basic FFO per share of common stock and Non-controlling OP Unit | ||||||||||||||
Net income | $ | 4,922 | $ | 10,782 | ||||||||||
Less: Distributions attributable to preferred and senior common stock | (12,715) | (12,361) | ||||||||||||
Less: Loss on extinguishment of Series F preferred stock | (11) | (10) | ||||||||||||
Add: Gain on repurchase of Series G preferred stock | 3 | 37 | ||||||||||||
Net loss attributable to common stockholders and Non-controlling OP Unitholders | $ | (7,801) | $ | (1,552) | ||||||||||
Adjustments: | ||||||||||||||
Add: Real estate depreciation and amortization | 57,856 | 60,154 | ||||||||||||
Add: Impairment charge | 19,296 | 12,092 | ||||||||||||
Less: Gain on sale of real estate, net | (7,737) | (10,052) | ||||||||||||
Less: Gain on debt extinguishment, net | (2,830) | — | ||||||||||||
FFO available to common stockholders and Non-controlling OP Unitholders - basic (1) | $ | 58,784 | $ | 60,642 | ||||||||||
Weighted average common shares outstanding - basic | 39,943,167 | 38,950,734 | ||||||||||||
Weighted average Non-controlling OP Units outstanding | 382,563 | 294,941 | ||||||||||||
Weighted average common shares and Non-controlling OP Units | 40,325,730 | 39,245,675 | ||||||||||||
Basic FFO per weighted average share of common stock and Non-controlling OP Unit (1) | $ | 1.46 | $ | 1.55 | ||||||||||
Calculation of diluted FFO per share of common stock and Non-controlling OP Unit | ||||||||||||||
Net income | $ | 4,922 | $ | 10,782 | ||||||||||
Less: Distributions attributable to preferred and senior common stock | (12,715) | (12,361) | ||||||||||||
Less: Loss on extinguishment of Series F preferred stock | (11) | (10) | ||||||||||||
Add: Gain on repurchase of Series G preferred stock | 3 | 37 | ||||||||||||
Net loss attributable to common stockholders and Non-controlling OP Unitholders | $ | (7,801) | $ | (1,552) | ||||||||||
Adjustments: | ||||||||||||||
Add: Real estate depreciation and amortization | 57,856 | 60,154 | ||||||||||||
Add: Impairment charge | 19,296 | 12,092 | ||||||||||||
Add: Income impact of assumed conversion of senior common stock | 430 | 458 | ||||||||||||
Less: Gain on sale of real estate, net | (7,737) | (10,052) | ||||||||||||
Less: Gain on debt extinguishment, net | (2,830) | — | ||||||||||||
FFO available to common stockholders and Non-controlling OP Unitholders plus assumed conversions (1) | $ | 59,214 | $ | 61,100 | ||||||||||
Weighted average common shares outstanding - basic | 39,943,167 | 38,950,734 | ||||||||||||
Weighted average Non-controlling OP Units outstanding | 382,563 | 294,941 | ||||||||||||
Effect of convertible senior common stock | 345,132 | 363,246 | ||||||||||||
Weighted average common shares and Non-controlling OP Units outstanding - diluted | 40,670,862 | 39,608,921 | ||||||||||||
Diluted FFO per weighted average share of common stock and Non-controlling OP Unit (1) | $ | 1.46 | $ | 1.54 | ||||||||||
Distributions declared per share of common stock and Non-controlling OP Unit | $ | 1.2000 | $ | 1.5048 |
Interest Rate Change | (Decrease) increase to Interest Expense | Net increase (decrease) to Net Income | ||||||||||||
3% Decrease to SOFR | $ | (2,310) | $ | 2,310 | ||||||||||
2% Decrease to SOFR | (1,540) | 1,540 | ||||||||||||
1% Decrease to SOFR | (770) | 770 | ||||||||||||
1% Increase to SOFR | 770 | (770) | ||||||||||||
2% Increase to SOFR | 1,540 | (1,540) | ||||||||||||
3% Increase to SOFR | 2,310 | (2,310) |
2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | Total | |||||||||||||||||
Fixed rate | $ | 25,079 | $ | 36,457 | $ | 35,087 | $ | 95,039 | $ | 37,115 | $ | 69,345 | $ | 298,122 | |||||||||
Variable rate | $ | — | $ | — | $ | 135,750 | $ | 160,000 | $ | 150,000 | $ | — | $ | 445,750 | |||||||||
$ | 25,079 | $ | 36,457 | $ | 170,837 | $ | 255,039 | $ | 187,115 | $ | 69,345 | $ | 743,872 |
December 31, 2023 | December 31, 2022 | |||||||||||||
ASSETS | ||||||||||||||
Real estate, at cost | $ | $ | ||||||||||||
Less: accumulated depreciation | ||||||||||||||
Total real estate, net | ||||||||||||||
Lease intangibles, net | ||||||||||||||
Real estate and related assets held for sale | ||||||||||||||
Cash and cash equivalents | ||||||||||||||
Restricted cash | ||||||||||||||
Funds held in escrow | ||||||||||||||
Right-of-use assets from operating leases | ||||||||||||||
Deferred rent receivable, net | ||||||||||||||
Other assets | ||||||||||||||
TOTAL ASSETS | $ | $ | ||||||||||||
LIABILITIES, MEZZANINE EQUITY AND EQUITY | ||||||||||||||
LIABILITIES | ||||||||||||||
Mortgage notes payable, net (1) | $ | $ | ||||||||||||
Borrowings under Revolver | ||||||||||||||
Borrowings under Term Loan A, Term Loan B and Term Loan C, net | ||||||||||||||
Deferred rent liability, net | ||||||||||||||
Operating lease liabilities | ||||||||||||||
Asset retirement obligation | ||||||||||||||
Accounts payable and accrued expenses | ||||||||||||||
Liabilities related to assets held for sale | ||||||||||||||
Due to Adviser and Administrator (1) | ||||||||||||||
Other liabilities | ||||||||||||||
TOTAL LIABILITIES | $ | $ | ||||||||||||
Commitments and contingencies (2) | ||||||||||||||
MEZZANINE EQUITY | ||||||||||||||
Series D, E and G redeemable preferred stock, net, par value $ | $ | $ | ||||||||||||
TOTAL MEZZANINE EQUITY | $ | $ | ||||||||||||
EQUITY | ||||||||||||||
Senior common stock, par value $ | $ | $ | ||||||||||||
Common stock, par value $ | ||||||||||||||
Series F redeemable preferred stock, par value $ | ||||||||||||||
Additional paid in capital | ||||||||||||||
Accumulated other comprehensive income | ||||||||||||||
Distributions in excess of accumulated earnings | ( | ( | ||||||||||||
TOTAL STOCKHOLDERS' EQUITY | $ | $ | ||||||||||||
OP Units held by Non-controlling OP Unitholders (3) | ||||||||||||||
TOTAL EQUITY | $ | $ | ||||||||||||
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY | $ | $ |
For the year ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Operating revenues | ||||||||||||||||||||
Lease revenue | $ | $ | $ | |||||||||||||||||
Total operating revenues | $ | $ | $ | |||||||||||||||||
Operating expenses | ||||||||||||||||||||
Depreciation and amortization | $ | $ | $ | |||||||||||||||||
Property operating expenses | ||||||||||||||||||||
Base management fee (1) | ||||||||||||||||||||
Incentive fee (1) | ||||||||||||||||||||
Administration fee (1) | ||||||||||||||||||||
General and administrative | ||||||||||||||||||||
Impairment charge | ||||||||||||||||||||
Total operating expense before incentive fee waiver | $ | $ | $ | |||||||||||||||||
Incentive fee waiver (1) | ( | |||||||||||||||||||
Total operating expenses | $ | $ | $ | |||||||||||||||||
Other income (expense) | ||||||||||||||||||||
Interest expense | $ | ( | $ | ( | $ | ( | ||||||||||||||
Gain on sale of real estate, net | ( | |||||||||||||||||||
Gain on debt extinguishment, net | ||||||||||||||||||||
Other income | ||||||||||||||||||||
Total other (expense), net | $ | ( | $ | ( | $ | ( | ||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Net loss attributable to OP Units held by Non-controlling OP Unitholders | ||||||||||||||||||||
Net income available to the Company | $ | $ | $ | |||||||||||||||||
Distributions attributable to Series D, E, F, and G preferred stock | ( | ( | ( | |||||||||||||||||
Series D preferred stock offering costs write off | ( | |||||||||||||||||||
Distributions attributable to senior common stock | ( | ( | ( | |||||||||||||||||
Loss on extinguishment of Series F preferred stock | ( | ( | ||||||||||||||||||
Gain on repurchase of Series G preferred stock | ||||||||||||||||||||
Net loss attributable to common stockholders | $ | ( | $ | ( | $ | ( | ||||||||||||||
Loss per weighted average share of common stock - basic & diluted | ||||||||||||||||||||
Loss attributable to common stockholders | $ | ( | $ | ( | $ | ( | ||||||||||||||
Weighted average shares of common stock outstanding | ||||||||||||||||||||
Basic and Diluted | ||||||||||||||||||||
Distributions declared per common share | $ | $ | $ | |||||||||||||||||
Earnings per weighted average share of senior common stock | $ | $ | $ | |||||||||||||||||
Weighted average shares of senior common stock outstanding - basic | ||||||||||||||||||||
Comprehensive income | ||||||||||||||||||||
Change in unrealized gain related to interest rate hedging instruments, net | $ | ( | $ | $ | ||||||||||||||||
Other Comprehensive (loss) gain | ( | |||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Comprehensive income | $ | $ | $ | |||||||||||||||||
Comprehensive loss attributable to OP Units held by Non-controlling OP Unitholders | ||||||||||||||||||||
Total comprehensive income available to the Company | $ | $ | $ |
Series F Preferred Stock | Common Stock | Senior Common Stock | Senior Common Stock | Common Stock | Series F Preferred Stock | Additional Paid in Capital | Accumulated Other Comprehensive Income | Distributions in Excess of Accumulated Earnings | Total Stockholders' Equity | Non-Controlling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock and Series F preferred stock, net | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of senior common stock to common stock | — | ( | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions declared to common, senior common, preferred stockholders and Non-controlling OP Unit holders | — | — | — | — | — | — | — | — | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification into interest expense | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of OP Units | — | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of Series D preferred stock, net | — | — | — | — | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership | — | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock and Series F preferred stock, net | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of senior common stock to common stock | — | ( | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions declared to common, senior common, preferred stockholders and Non-controlling OP Unit holders | — | — | — | — | — | — | — | — | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification into interest expense | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Non-controlling OP Units as consideration in real estate acquisitions, net | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of Series F preferred stock, net | — | — | — | — | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of Series G preferred stock, net | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership | — | — | — | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock and Series F preferred stock, net | — | — | — | — | — | — |
Conversion of senior common stock to common stock | — | ( | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement of senior common stock, net | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions declared to common, senior common, preferred stockholders and Non-controlling OP Unit holders | — | — | — | — | — | — | — | — | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | — | — | — | — | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification into interest expense | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of OP Units | — | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of Series F preferred stock, net | — | — | — | — | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of Series G preferred stock, net | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock, net | — | ( | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership | — | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2023 | $ | $ | $ | $ | $ | $ | ( | $ | $ | $ |
For the year ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
Impairment charge | ||||||||||||||||||||
Gain on debt extinguishment, net | ( | |||||||||||||||||||
Gain on sale of real estate, net | ( | ( | ||||||||||||||||||
Amortization of deferred financing costs | ||||||||||||||||||||
Amortization of deferred rent asset and liability, net | ( | ( | ( | |||||||||||||||||
Amortization of discount and premium on assumed debt, net | ||||||||||||||||||||
Asset retirement obligation expense | ||||||||||||||||||||
Amortization of right-of-use asset from operating leases and operating lease liabilities, net | ||||||||||||||||||||
Operating changes in assets and liabilities | ||||||||||||||||||||
Decrease (increase) in other assets | ( | |||||||||||||||||||
Decrease in deferred rent receivable | ( | ( | ( | |||||||||||||||||
(Decrease) increase in accounts payable and accrued expenses | ( | |||||||||||||||||||
(Decrease) increase in amount due to Adviser and Administrator | ( | ( | ||||||||||||||||||
(Decrease) increase in other liabilities | ( | ( | ||||||||||||||||||
Tenant inducement payments | ( | |||||||||||||||||||
Leasing commissions paid | ( | ( | ( | |||||||||||||||||
Net cash provided by operating activities | $ | $ | $ | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Acquisition of real estate and related intangible assets | $ | ( | $ | ( | $ | ( | ||||||||||||||
Improvements of existing real estate | ( | ( | ( | |||||||||||||||||
Proceeds from sale of real estate | ||||||||||||||||||||
Receipts from lenders for funds held in escrow | ||||||||||||||||||||
Payments to lenders for funds held in escrow | ( | ( | ( | |||||||||||||||||
Receipts from tenants for reserves | ||||||||||||||||||||
Payments to tenants from reserves | ( | ( | ( | |||||||||||||||||
Net cash provided by (used in) investing activities | $ | $ | ( | $ | ( | |||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from issuance of equity | $ | $ | $ | |||||||||||||||||
Offering costs paid | ( | ( | ( | |||||||||||||||||
Redemption of Series F preferred stock | ( | ( | ||||||||||||||||||
Retirement of Senior Common stock | ( | |||||||||||||||||||
Repurchase of Series G preferred stock | ( | ( | ||||||||||||||||||
Repurchase of common stock | ( | |||||||||||||||||||
Redemption of Series D perpetual preferred stock | ( | |||||||||||||||||||
Borrowings under mortgage notes payable | ||||||||||||||||||||
Payments for deferred financing costs | ( | ( | ( | |||||||||||||||||
Principal repayments on mortgage notes payable | ( | ( | ( | |||||||||||||||||
Borrowings on term loan | ||||||||||||||||||||
Repayments on term loan | ( | |||||||||||||||||||
Borrowings from revolving credit facility | ||||||||||||||||||||
Repayments on revolving credit facility | ( | ( | ( | |||||||||||||||||
Increase in security deposits | ||||||||||||||||||||
Distributions paid for common, senior common, preferred stock and Non-controlling OP Unitholders | ( | ( | ( | |||||||||||||||||
Net cash (used in) provided by financing activities | $ | ( | $ | $ | ||||||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | $ | $ | $ | ( | ||||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | $ | $ | $ | |||||||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | $ | $ | |||||||||||||||||
SUPPLEMENTAL AND NON-CASH INFORMATION | ||||||||||||||||||||
Cash paid during year for interest | $ | $ | $ | |||||||||||||||||
Tenant funded fixed asset improvements included in deferred rent liability, net | $ | ( | $ | $ |
Acquisition of real estate and related intangible assets | $ | $ | $ | |||||||||||||||||
Capital improvements and leasing commissions included in accounts payable and accrued expenses | $ | $ | $ | |||||||||||||||||
Unrealized (loss) gain related to interest rate hedging instruments, net | $ | ( | $ | $ | ||||||||||||||||
Increase in asset retirement obligation assumed in acquisition | $ | $ | $ | |||||||||||||||||
Non-controlling OP Units issued in connection with acquisition | $ | $ | $ | |||||||||||||||||
Series D Preferred Stock offering cost write off | $ | $ | $ | |||||||||||||||||
Dividends paid on Series F Preferred Stock via additional share issuances | $ | $ | $ | |||||||||||||||||
For the year ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | |||||||||||||||||
Restricted cash | ||||||||||||||||||||
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows | $ | $ | $ |
For the year ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Calculation of basic loss per share of common stock: | ||||||||||||||||||||
Net loss attributable to common stockholders | $ | ( | $ | ( | $ | ( | ||||||||||||||
Denominator for basic weighted average shares of common stock (1) | ||||||||||||||||||||
Basic loss per share of common stock | $ | ( | $ | ( | $ | ( | ||||||||||||||
Calculation of diluted loss per share of common stock: | ||||||||||||||||||||
Net loss attributable to common stockholders | $ | ( | $ | ( | $ | ( | ||||||||||||||
Net loss attributable to common stockholders plus assumed conversions (2) | $ | ( | $ | ( | $ | ( | ||||||||||||||
Denominator for basic weighted average shares of common stock (1) | ||||||||||||||||||||
Effect of convertible Senior Common Stock (2) | ||||||||||||||||||||
Denominator for diluted weighted average shares of common stock (2) | ||||||||||||||||||||
Diluted loss per share of common stock | $ | ( | $ | ( | $ | ( |
December 31, 2023 | December 31, 2022 | |||||||||||||
Real estate: | ||||||||||||||
Land (1) | $ | $ | ||||||||||||
Building and improvements | ||||||||||||||
Tenant improvements | ||||||||||||||
Accumulated depreciation | ( | ( | ||||||||||||
Real estate, net | $ | $ |
Year Ended | Aggregate Square Footage | Weighted Average Lease Term | Aggregate Purchase Price | Aggregate Capitalized Acquisition Costs | ||||||||||||||||||||||
December 31, 2023 | (1) | $ | $ | |||||||||||||||||||||||
December 31, 2022 | (2) | $ | $ |
Year ended December 31, 2023 | Year ended December 31, 2022 | ||||||||||||||||
Acquired assets and liabilities | Purchase price | Purchase price | |||||||||||||||
Land | $ | $ | |||||||||||||||
Building | |||||||||||||||||
Tenant Improvements | |||||||||||||||||
In-place Leases | |||||||||||||||||
Leasing Costs | |||||||||||||||||
Customer Relationships | |||||||||||||||||
Above Market Leases | (1) | ||||||||||||||||
Below Market Leases | ( | (2) | ( | (2) | |||||||||||||
Total Purchase Price | $ | $ |
Year | Tenant Lease Payments | ||||
2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter | |||||
$ |
For the year ended December 31, | ||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Lease revenue reconciliation | 2023 | 2022 | 2021 | |||||||||||||||||
Fixed lease payments | $ | $ | $ | |||||||||||||||||
Variable lease payments | ||||||||||||||||||||
$ | $ | $ |
December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Lease Intangibles | Accumulated Amortization | Lease Intangibles | Accumulated Amortization | |||||||||||||||||||||||
In-place leases | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Leasing costs | ( | ( | ||||||||||||||||||||||||
Customer relationships | ( | ( | ||||||||||||||||||||||||
$ | $ | ( | $ | $ | ( | |||||||||||||||||||||
Deferred Rent Receivable/(Liability) | Accumulated (Amortization)/Accretion | Deferred Rent Receivable/(Liability) | Accumulated (Amortization)/Accretion | |||||||||||||||||||||||
Above market leases | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Below market leases and deferred revenue | ( | ( |
Intangible Assets & Liabilities | 2023 | 2022 | ||||||||||||
In-place leases | ||||||||||||||
Leasing costs | ||||||||||||||
Customer relationships | ||||||||||||||
Above market leases | ||||||||||||||
Below market leases | ||||||||||||||
All intangible assets & liabilities |
Year | Estimated Amortization Expense of In-Place Leases, Leasing Costs and Customer Relationships | ||||
2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter | |||||
$ |
Year | Net Increase to Rental Income Related to Above and Below Market Leases (1) | ||||
2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter | |||||
$ |
Aggregate Square Footage Sold | Aggregate Sales Price | Aggregate Sales Costs | Aggregate Impairment Charge for the Twelve Months Ended December 31, 2023 | Aggregate Gain on Sale of Real Estate, net | ||||||||||||||||||||||
$ | $ | $ | $ |
For the year ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Operating revenue | $ | $ | $ | |||||||||||||||||
Operating expense | (1) | (3) | ||||||||||||||||||
Other income (expense), net | (2) | ( | ( | |||||||||||||||||
Income (expense) from real estate and related assets sold | $ | $ | ( | $ | ( |
December 31, 2023 | December 31, 2022 | |||||||||||||
Total real estate held for sale | $ | $ | ||||||||||||
Lease intangibles, net | ||||||||||||||
Deferred rent receivable, net | ||||||||||||||
Total Assets Held for Sale | $ | $ | ||||||||||||
Liabilities Held for Sale | ||||||||||||||
Deferred rent liability, net | $ | $ | ||||||||||||
Total Liabilities Held for Sale | $ | $ |
Encumbered properties at | Carrying Value at | Stated Interest Rates at | Scheduled Maturity Dates at | |||||||||||||||||||||||||||||
December 31, 2023 | December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2023 | ||||||||||||||||||||||||||||
Mortgage and other secured loans: | ||||||||||||||||||||||||||||||||
Fixed rate mortgage loans | $ | $ | (1) | (2) | ||||||||||||||||||||||||||||
Premiums and discounts, net | — | ( | ( | N/A | N/A | |||||||||||||||||||||||||||
Deferred financing costs, mortgage loans, net | — | ( | ( | N/A | N/A | |||||||||||||||||||||||||||
Total mortgage notes payable, net | $ | $ | (3) | |||||||||||||||||||||||||||||
Variable rate revolving credit facility | (6) | $ | $ | SOFR + | (4) | |||||||||||||||||||||||||||
Total revolver | $ | $ | ||||||||||||||||||||||||||||||
Variable rate term loan facility A | — | SOFR + | (4) | |||||||||||||||||||||||||||||
Variable rate term loan facility B | — | SOFR + | (4) | |||||||||||||||||||||||||||||
Variable rate term loan facility C | — | SOFR + | (4) | |||||||||||||||||||||||||||||
Deferred financing costs, term loan facility | — | ( | ( | N/A | N/A | |||||||||||||||||||||||||||
Total term loan, net | N/A | $ | $ | |||||||||||||||||||||||||||||
Total mortgage notes payable and credit facility | $ | $ | (5) |
Fixed Rate Debt Repaid | Interest Rate on Fixed Rate Debt Repaid | |||||||
$ | % |
Aggregate Fixed Rate Debt Issued | Weighted Average Interest Rate on Fixed Rate Debt | |||||||
$ | % |
Fixed Rate Debt Extended | Interest Rate on Fixed Rate Debt Extended | Extension Term | ||||||||||||
$ | % |
Year | Scheduled Principal Payments | ||||||||||
2024 | $ | ||||||||||
2025 | |||||||||||
2026 | |||||||||||
2027 | |||||||||||
2028 | |||||||||||
Thereafter | |||||||||||
$ | (1) |
December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Aggregate Cost | Aggregate Notional Amount | Aggregate Fair Value | Aggregate Notional Amount | Aggregate Fair Value | ||||||||||||||||||||||
$ | (1) | $ | $ | $ | $ |
December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||
Aggregate Notional Amount | Aggregate Fair Value Asset | Aggregate Fair Value Liability | Aggregate Notional Amount | Aggregate Fair Value Asset | Aggregate Fair Value Liability | |||||||||||||||||||||||||||
$ | $ | $ | ( | $ | $ | $ | ( |
Amount of gain, net, recognized in Comprehensive Income | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Derivatives in cash flow hedging relationships | ||||||||||||||||||||
Interest rate caps | $ | ( | $ | $ | ||||||||||||||||
Interest rate swaps | ( | |||||||||||||||||||
Total | $ | ( | $ | $ |
Amount reclassified out of Accumulated Other Comprehensive Income | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Derivatives in cash flow hedging relationships | ||||||||||||||||||||
Interest rate caps | $ | ( | $ | ( | $ | ( | ||||||||||||||
Total | $ | ( | $ | ( | $ | ( |
Asset (Liability) Derivatives Fair Value at | ||||||||||||||||||||
Derivatives Designated as Hedging Instruments | Balance Sheet Location | December 31, 2023 | December 31, 2022 | |||||||||||||||||
Interest rate caps | Other assets | $ | $ | |||||||||||||||||
Interest rate swaps | Other assets | |||||||||||||||||||
Interest rate swaps | Other liabilities | ( | ( | |||||||||||||||||
Total derivative liabilities, net | $ | $ |
Year | Future Lease Payments Due Under Operating Leases | |||||||
2024 | $ | |||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
2028 | ||||||||
Thereafter | ||||||||
Total anticipated lease payments | $ | |||||||
Less: amount representing interest | ( | |||||||
Present value of lease payments | $ |
For the year ended December 31, | |||||||||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||||||||
Common Stock and Non-controlling OP Units | $ | $ | $ | ||||||||||||||||||||
Senior Common Stock | |||||||||||||||||||||||
Series D Preferred Stock | (1) | ||||||||||||||||||||||
Series E Preferred Stock | |||||||||||||||||||||||
Series F Preferred Stock | |||||||||||||||||||||||
Series G Preferred Stock | (2) |
Ordinary Income | Return of Capital | Long-Term Capital Gains | ||||||||||||||||||
Common Stock and OP Units | ||||||||||||||||||||
For the year ended December 31, 2021 | % | % | % | |||||||||||||||||
For the year ended December 31, 2022 | % | % | % | |||||||||||||||||
For the year ended December 31, 2023 | % | % | % | |||||||||||||||||
Senior Common Stock | ||||||||||||||||||||
For the year ended December 31, 2021 | % | % | % | |||||||||||||||||
For the year ended December 31, 2022 | % | % | % | |||||||||||||||||
For the year ended December 31, 2023 | % | % | % | |||||||||||||||||
Series D Preferred Stock | ||||||||||||||||||||
For the year ended December 31, 2021 | % | % | % | |||||||||||||||||
For the year ended December 31, 2022 | % | % | % | |||||||||||||||||
For the year ended December 31, 2023 | % | % | % | |||||||||||||||||
Series E Preferred Stock | ||||||||||||||||||||
For the year ended December 31, 2021 | % | % | % | |||||||||||||||||
For the year ended December 31, 2022 | % | % | % | |||||||||||||||||
For the year ended December 31, 2023 | % | % | % | |||||||||||||||||
Series F Preferred Stock | ||||||||||||||||||||
For the year ended December 31, 2021 | % | % | % | |||||||||||||||||
For the year ended December 31, 2022 | % | % | % | |||||||||||||||||
For the year ended December 31, 2023 | % | % | % | |||||||||||||||||
Series G Preferred Stock | ||||||||||||||||||||
For the year ended December 31, 2021 | % | % | % | |||||||||||||||||
For the year ended December 31, 2022 | % | % | % | |||||||||||||||||
For the year ended December 31, 2023 | % | % | % |
Consolidated Statements of Operations and Comprehensive Income | ||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
As Previously Reported | Adjustments | As Revised | ||||||||||||||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Total operating expense before incentive fee waiver | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Total operating expenses | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Net income available to the Company | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Net loss attributable to common stockholders | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||
Loss per weighted average share of common stock - basic & diluted | ||||||||||||||||||||||||||||||||||||||
Loss attributable to common stockholders | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Total comprehensive income available to the Company | $ | $ | $ |
Consolidated Statements of Operations and Comprehensive Income | ||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
As Previously Reported | Adjustments | As Revised | ||||||||||||||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Total operating expense before incentive fee waiver | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Total operating expenses | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Net income available to the Company | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Net loss attributable to common stockholders | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||
Loss per weighted average share of common stock - basic & diluted | ||||||||||||||||||||||||||||||||||||||
Loss attributable to common stockholders | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Total comprehensive income available to the Company | $ | $ | $ |
Consolidated Balance Sheets | ||||||||||||||||||||
As of December 31, 2021 | ||||||||||||||||||||
As Previously Reported | Adjustments | As Revised | ||||||||||||||||||
ASSETS | ||||||||||||||||||||
Less: accumulated depreciation | $ | $ | $ | |||||||||||||||||
Total real estate, net | $ | $ | ( | $ | ||||||||||||||||
TOTAL ASSETS | $ | $ | ( | $ | ||||||||||||||||
EQUITY | ||||||||||||||||||||
Distributions in excess of accumulated earnings | $ | ( | $ | ( | $ | ( | ||||||||||||||
TOTAL STOCKHOLDERS' EQUITY | $ | $ | ( | $ | ||||||||||||||||
TOTAL EQUITY | $ | $ | ( | $ | ||||||||||||||||
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY | $ | $ | ( | $ |
Consolidated Balance Sheets | ||||||||||||||||||||
As of December 31, 2022 | ||||||||||||||||||||
As Previously Reported | Adjustments | As Revised | ||||||||||||||||||
ASSETS | ||||||||||||||||||||
Less: accumulated depreciation | $ | $ | ( | $ | ||||||||||||||||
Total real estate, net | $ | $ | $ | |||||||||||||||||
Real estate and related assets held for sale | $ | $ | $ | |||||||||||||||||
TOTAL ASSETS | $ | $ | $ | |||||||||||||||||
EQUITY | ||||||||||||||||||||
Distributions in excess of accumulated earnings | $ | ( | $ | $ | ( | |||||||||||||||
TOTAL STOCKHOLDERS' EQUITY | $ | $ | $ | |||||||||||||||||
TOTAL EQUITY | $ | $ | $ | |||||||||||||||||
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY | $ | $ | $ |
Consolidated Statements of Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions in Excess of Accumulated Earnings | Total Stockholders' Equity | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
As Previously Reported | Adjustments | As Revised | As Previously Reported | Adjustments | As Revised | As Previously Reported | Adjustments | As Revised | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | $ | $ | ( | $ |
Consolidated Statements of Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions in Excess of Accumulated Earnings | Total Stockholders' Equity | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
As Previously Reported | Adjustments | As Revised | As Previously Reported | Adjustments | As Revised | As Previously Reported | Adjustments | As Revised | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | ( | $ | $ | ( | $ | $ | $ | $ | $ | $ |
Consolidated Statements of Cash Flows | ||||||||||||||||||||
Year Ended December 31, 2021 | ||||||||||||||||||||
As Previously Reported | Adjustments | As Revised | ||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | ( |
Consolidated Statements of Cash Flows | ||||||||||||||||||||
Year Ended December 31, 2022 | ||||||||||||||||||||
As Previously Reported | Adjustments | As Revised | ||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | ( |
Record Date | Payment Date | Common Stock and Non-controlling OP Unit Distributions per Share | Series E Preferred Distributions per Share | Series G Preferred Distributions per Share | ||||||||||||||||||||||
January 23, 2024 | January 31, 2024 | $ | $ | $ | ||||||||||||||||||||||
February 21, 2024 | February 29, 2024 | |||||||||||||||||||||||||
March 21, 2024 | March 29, 2024 | |||||||||||||||||||||||||
$ | $ | $ |
Series F Preferred Stock Distributions | ||||||||||||||
Record Date | Payment Date | Distribution per Share | ||||||||||||
January 25, 2024 | February 5, 2024 | $ | ||||||||||||
February 27, 2024 | March 5, 2024 | |||||||||||||
March 26, 2024 | April 5, 2024 | |||||||||||||
$ |
Senior Common Stock Distributions | ||||||||||||||
Payable to the Holders of Record During the Month of: | Payment Date | Distribution per Share | ||||||||||||
January | February 5, 2024 | $ | ||||||||||||
February | March 5, 2024 | |||||||||||||
March | April 5, 2024 | |||||||||||||
$ |
Initial Cost | Total Cost | ||||||||||||||||||||||||||||||||||
Location of Property | Encumbrances | Land | Buildings & Improvements | Improvement Costs Capitalized Subsequent to Acquisition | Land | Buildings & Improvements | Total (1) | Accumulated Depreciation (2) | Net Real Estate | Year Construction/ Improvements | Date Acquired | ||||||||||||||||||||||||
Raleigh, North Carolina (3) | |||||||||||||||||||||||||||||||||||
Office Building | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Canton, Ohio (3) | |||||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||
Akron, Ohio (3) | |||||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||
Canton, North Carolina (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Crenshaw, Pennsylvania (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Lexington, North Carolina (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Mt. Pocono, Pennsylvania (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
San Antonio, Texas (3) | |||||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||
Big Flats, New York (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Wichita, Kansas (3) | |||||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||
Duncan, South Carolina (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Duncan, South Carolina (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Clintonville, Wisconsin (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Burnsville, Minnesota (3) | |||||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||
Menomonee Falls, Wisconsin (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Mason, Ohio (3) | |||||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||
Raleigh, North Carolina (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Tulsa, Oklahoma (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Hialeah, Florida (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Mason, Ohio (3) | |||||||||||||||||||||||||||||||||||
Retail Building | |||||||||||||||||||||||||||||||||||
Cicero, New York (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Grand Rapids, Michigan (3) | |||||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||
Bolingbrook, Illinois (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Decatur, Georgia (3) | |||||||||||||||||||||||||||||||||||
Medical Office Building | |||||||||||||||||||||||||||||||||||
Decatur, Georgia (3) | |||||||||||||||||||||||||||||||||||
Medical Office Building | |||||||||||||||||||||||||||||||||||
Decatur, Georgia (3) | |||||||||||||||||||||||||||||||||||
Medical Office Building | |||||||||||||||||||||||||||||||||||
Lawrenceville, Georgia (3) | |||||||||||||||||||||||||||||||||||
Medical Office Building | ( | ||||||||||||||||||||||||||||||||||
Snellville, Georgia (3) | |||||||||||||||||||||||||||||||||||
Medical Office Building | |||||||||||||||||||||||||||||||||||
Covington, Georgia (3) | |||||||||||||||||||||||||||||||||||
Medical Office Building | |||||||||||||||||||||||||||||||||||
Conyers, Georgia (3) | |||||||||||||||||||||||||||||||||||
Medical Office Building | |||||||||||||||||||||||||||||||||||
Cumming, Georgia (3) |
Initial Cost | Total Cost | ||||||||||||||||||||||||||||||||||
Location of Property | Encumbrances | Land | Buildings & Improvements | Improvement Costs Capitalized Subsequent to Acquisition | Land | Buildings & Improvements | Total (1) | Accumulated Depreciation (2) | Net Real Estate | Year Construction/ Improvements | Date Acquired | ||||||||||||||||||||||||
Medical Office Building | |||||||||||||||||||||||||||||||||||
Reading, Pennsylvania (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Fridley, Minnesota | |||||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||
Pineville, North Carolina (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Marietta, Ohio (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Chalfont, Pennsylvania (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Orange City, Iowa | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Hickory, North Carolina (3) | |||||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||
Springfield, Missouri (3) | |||||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||
Dartmouth, Massachusetts (3) | |||||||||||||||||||||||||||||||||||
Retail Location | |||||||||||||||||||||||||||||||||||
Springfield, Missouri | |||||||||||||||||||||||||||||||||||
Retail Location | |||||||||||||||||||||||||||||||||||
Ashburn, Virginia (3) | |||||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||
Ottumwa, Iowa | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
New Albany, Ohio | |||||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||
Columbus, Georgia (3) | |||||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||
Fort Worth, Texas | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Egg Harbor, New Jersey (3) | |||||||||||||||||||||||||||||||||||
Office Building | ( | ||||||||||||||||||||||||||||||||||
Vance, Alabama (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Austin, Texas | |||||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||
Englewood, Colorado (3) | |||||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||
Novi, Michigan (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Allen, Texas (3) | |||||||||||||||||||||||||||||||||||
Retail Building | |||||||||||||||||||||||||||||||||||
Colleyville, Texas (3) | |||||||||||||||||||||||||||||||||||
Retail Building | |||||||||||||||||||||||||||||||||||
Coppell, Texas (3) | |||||||||||||||||||||||||||||||||||
Retail Building | |||||||||||||||||||||||||||||||||||
Columbus, Ohio (3) | |||||||||||||||||||||||||||||||||||
Office Building | ( | ||||||||||||||||||||||||||||||||||
Taylor, Pennsylvania (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Aurora, Colorado (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Indianapolis, Indiana (3) | |||||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||
Denver, Colorado (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Monroe, Michigan | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Monroe, Michigan | |||||||||||||||||||||||||||||||||||
Industrial Building | ( | ||||||||||||||||||||||||||||||||||
Richardson, Texas | |||||||||||||||||||||||||||||||||||
Office Building | ( | ||||||||||||||||||||||||||||||||||
Dublin, Ohio (3) | |||||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||
Draper, Utah | |||||||||||||||||||||||||||||||||||
Office Building | ( | ||||||||||||||||||||||||||||||||||
Hapeville, Georgia (3) |
Initial Cost | Total Cost | ||||||||||||||||||||||||||||||||||
Location of Property | Encumbrances | Land | Buildings & Improvements | Improvement Costs Capitalized Subsequent to Acquisition | Land | Buildings & Improvements | Total (1) | Accumulated Depreciation (2) | Net Real Estate | Year Construction/ Improvements | Date Acquired | ||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||
Villa Rica, Georgia | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Fort Lauderdale, Florida | |||||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||
King of Prussia, Pennsylvania | |||||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||
Conshohocken, Pennsylvania | |||||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||
Philadelphia, Pennsylvania | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Maitland, Florida | |||||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||
Maitland, Florida | |||||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||
Columbus, Ohio (3) | |||||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||
Salt Lake City, Utah (3) | |||||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||
Vance, Alabama (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Columbus, Ohio | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Detroit, Michigan | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Detroit, Michigan (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Lake Mary, Florida | |||||||||||||||||||||||||||||||||||
Office Building | |||||||||||||||||||||||||||||||||||
Moorestown, New Jersey (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Indianapolis, Indiana (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Ocala, Florida (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Ocala, Florida (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Delaware, Ohio (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Tifton, Georgia | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Denton, Texas (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Temple, Texas (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Temple, Texas (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Indianapolis, Indiana (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Jackson, Tennessee | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Carrollton, Georgia | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
New Orleans, Louisiana | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
San Antonio, Texas | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Port Allen, Louisiana | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Albuquerque, New Mexico | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Tucson, Arizona | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Albuquerque, New Mexico | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Indianapolis, Indiana (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Houston, Texas |
Initial Cost | Total Cost | ||||||||||||||||||||||||||||||||||
Location of Property | Encumbrances | Land | Buildings & Improvements | Improvement Costs Capitalized Subsequent to Acquisition | Land | Buildings & Improvements | Total (1) | Accumulated Depreciation (2) | Net Real Estate | Year Construction/ Improvements | Date Acquired | ||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Charlotte, North Carolina | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
St. Charles, Missouri | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Crandall, Georgia | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Terre Haute, Indiana (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Montgomery, Alabama (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Huntsville, Alabama | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Pittsburgh, Pennsylvania | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Findlay, Ohio | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Baytown, Texas (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Pacific, Missouri (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Pacific, Missouri (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Pacific, Missouri (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Pacific, Missouri (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Peru, Illinois (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Peru, Illinois (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Charlotte, North Carolina (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Atlanta, Georgia (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Crossville, Tennessee | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Wilkesboro, North Carolina (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Oklahoma City, Oklahoma (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Cleveland, Ohio | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Fort Payne, Alabama | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Wilmington, North Carolina | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Wilmington, North Carolina | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Wilmington, North Carolina | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Bridgeton, New Jersey | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Vineland, New Jersey | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Jacksonville, Florida | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Fort Payne, Alabama (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Denver, Colorado | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Greenville, South Carolina (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | |||||||||||||||||||||||||||||||||||
Riverdale, Illinois | |||||||||||||||||||||||||||||||||||
Industrial Building | 4/14/2023 | ||||||||||||||||||||||||||||||||||
Dallas Forth Worth, Texas | |||||||||||||||||||||||||||||||||||
Retail Building | ( | 7/10/2023 | |||||||||||||||||||||||||||||||||
Dallas Forth Worth, Texas |
Initial Cost | Total Cost | ||||||||||||||||||||||||||||||||||
Location of Property | Encumbrances | Land | Buildings & Improvements | Improvement Costs Capitalized Subsequent to Acquisition | Land | Buildings & Improvements | Total (1) | Accumulated Depreciation (2) | Net Real Estate | Year Construction/ Improvements | Date Acquired | ||||||||||||||||||||||||
Industrial Building | 7/28/2023 | ||||||||||||||||||||||||||||||||||
Allentown, Pennsylvania (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | 10/12/2023 | ||||||||||||||||||||||||||||||||||
Indianapolis, Indiana (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | ( | 11/3/2023 | |||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ |
2023 | 2022 | 2021 | |||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | ||||||||||||||||||||
Additions: | |||||||||||||||||||||||
Acquisitions during period | |||||||||||||||||||||||
Improvements | |||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||
Dispositions during period | ( | ( | ( | ||||||||||||||||||||
Impairments during period | ( | ( | |||||||||||||||||||||
Balance at end of period | $ | (1) | $ | $ | (2) |
2023 | 2022 | 2021 | |||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | ||||||||||||||||||||
Additions during period | |||||||||||||||||||||||
Dispositions during period | ( | ( | ( | ||||||||||||||||||||
Balance at end of period | $ | (1) | $ | (2) | $ |
a. | DOCUMENTS FILED AS PART OF THIS REPORT |
1 | The following financial statements are filed herewith: |
2 | Financial statement schedules |
3 | Exhibits |
Exhibit Number | Exhibit Description | ||||
3.1 | |||||
3.2 | |||||
3.3 | |||||
3.4 | |||||
3.5 |
10.9 | |||||
10.10 | |||||
10.11 | |||||
10.12 | |||||
10.13 | |||||
21 | |||||
23 | |||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
97.1 | |||||
99.1 | |||||
101.INS* | XBRL Instance Document | ||||
101.SCH* | XBRL Taxonomy Extension Schema Document | ||||
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.LAB* | XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document | ||||
101.DEF* | XBRL Definition Linkbase | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Gladstone Commercial Corporation | ||||||||||||||||||||||||||
Date: | February 21, 2024 | By: | /s/ Gary Gerson | |||||||||||||||||||||||
Gary Gerson | ||||||||||||||||||||||||||
Chief Financial Officer | ||||||||||||||||||||||||||
Date: | February 21, 2024 | By: | /s/ David Gladstone | |||||||||||||||||||||||
David Gladstone | ||||||||||||||||||||||||||
Chief Executive Officer and | ||||||||||||||||||||||||||
Chairman of the Board of Directors |
Date: | February 21, 2024 | By: | /s/ David Gladstone | ||||||||||||||
David Gladstone Chief Executive Officer and Chairman of the Board of Directors (principal executive officer) | |||||||||||||||||
Date: | February 21, 2024 | By: | /s/ Terry Lee Brubaker | ||||||||||||||
Terry Lee Brubaker Chief Operating Officer and Director | |||||||||||||||||
Date: | February 21, 2024 | By: | /s/ Gary Gerson | ||||||||||||||
Gary Gerson Chief Financial Officer (principal financial and accounting officer) | |||||||||||||||||
Date: | February 21, 2024 | By: | /s/ Anthony W. Parker | ||||||||||||||
Anthony W. Parker Director | |||||||||||||||||
Date: | February 21, 2024 | By: | /s/ Michela A. English | ||||||||||||||
Michela A. English Director | |||||||||||||||||
Date: | February 21, 2024 | By: | /s/ Paul Adelgren | ||||||||||||||
Paul Adelgren Director | |||||||||||||||||
Date: | February 21, 2024 | By: | /s/ John Outland | ||||||||||||||
John Outland Director | |||||||||||||||||
Date: | February 21, 2024 | By: | /s/ Walter H. Wilkinson, Jr. | ||||||||||||||
Walter H. Wilkinson, Jr. Director | |||||||||||||||||
Date: | February 21, 2024 | By: | /s/ Paula Novara | ||||||||||||||
Paula Novara Director |
/s/ PricewaterhouseCoopers LLP | ||
Washington, DC | ||
February 21, 2024 |
/s/ David Gladstone | ||
David Gladstone | ||
Chief Executive Officer and | ||
Chairman of the Board of Directors |
/s/ Gary Gerson | ||
Gary Gerson | ||
Chief Financial Officer |
/s/ David Gladstone | ||
David Gladstone | ||
Chief Executive Officer |
/s/ Gary Gerson | ||
Gary Gerson | ||
Chief Financial Officer |
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Audit Information |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Auditor Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Firm ID | 238 |
Auditor Location | Washington, District of Columbia |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Senior common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Senior common stock, shares authorized (in shares) | 950,000 | 950,000 |
Senior common stock, shares issued (in shares) | 406,425 | 431,064 |
Senior common stock, shares outstanding (in shares) | 406,425 | 431,064 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 62,326,818 | 62,305,727 |
Common stock, shares issued (in shares) | 40,000,596 | 39,744,359 |
Common stock, shares outstanding (in shares) | 40,000,596 | 39,744,359 |
Series D, E And G Preferred Stock | ||
Redeemable preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Redeemable preferred stock, liquidation preference (in dollars per share) | $ 25 | $ 25 |
Redeemable preferred stock, shares authorized (in shares) | 10,750,886 | 10,751,486 |
Redeemable preferred stock, shares issued (in shares) | 7,052,334 | 7,052,934 |
Redeemable preferred stock, shares outstanding (in shares) | 7,052,334 | 7,052,934 |
Series F Preferred Stock | ||
Redeemable preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Redeemable preferred stock, liquidation preference (in dollars per share) | $ 25 | $ 25 |
Redeemable preferred stock, shares authorized (in shares) | 25,972,296 | 25,992,787 |
Redeemable preferred stock, shares issued (in shares) | 918,601 | 670,895 |
Redeemable preferred stock, shares outstanding (in shares) | 918,601 | 670,895 |
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|||
Operating revenues | |||||
Lease revenue | $ 147,584 | $ 148,981 | $ 137,688 | ||
Total operating revenues | 147,584 | 148,981 | 137,688 | ||
Operating expenses | |||||
Depreciation and amortization | 57,856 | 60,154 | 59,149 | ||
Property operating expenses | 25,858 | 26,832 | 27,098 | ||
Base management fee | [1] | 6,380 | 6,331 | 5,882 | |
Incentive fee | [1] | 0 | 5,270 | 4,859 | |
Administration fee | [1] | 2,350 | 1,864 | 1,448 | |
General and administrative | 4,363 | 3,705 | 3,218 | ||
Impairment charge | 19,296 | 12,092 | 0 | ||
Total operating expense before incentive fee waiver | 116,103 | 116,248 | 101,654 | ||
Incentive fee waiver | [1] | 0 | 0 | (16) | |
Total operating expenses | 116,103 | 116,248 | 101,638 | ||
Other income (expense) | |||||
Interest expense | (37,330) | (32,457) | (26,887) | ||
Gain on sale of real estate, net | 7,737 | 10,052 | (1,148) | ||
Gain on debt extinguishment, net | 2,830 | 0 | 0 | ||
Other income | 204 | 454 | 2,880 | ||
Total other (expense), net | (26,559) | (21,951) | (25,155) | ||
Net income | 4,922 | 10,782 | 10,895 | ||
Net loss attributable to OP Units held by Non-controlling OP Unitholders | 63 | 23 | 40 | ||
Net income available to the Company | 4,985 | 10,805 | 10,935 | ||
Distributions attributable to Series D, E, F, and G preferred stock | (12,285) | (11,903) | (11,488) | ||
Series D preferred stock offering costs write off | 0 | 0 | (2,141) | ||
Distributions attributable to senior common stock | (430) | (458) | (698) | ||
Loss on extinguishment of Series F preferred stock | (11) | (10) | 0 | ||
Gain on repurchase of Series G preferred stock | 3 | 37 | 0 | ||
Net loss attributable to common stockholders | $ (7,738) | $ (1,529) | $ (3,392) | ||
Loss per weighted average share of common stock - basic & diluted | |||||
Loss attributable to common stockholders, Basic (in dollars per share) | $ (0.19) | $ (0.04) | $ (0.09) | ||
Loss attributable to common stockholders, Diluted (in dollars per share) | $ (0.19) | $ (0.04) | $ (0.09) | ||
Weighted average shares of common stock outstanding | |||||
Basic (in shares) | 39,943,167 | 38,950,734 | 36,537,306 | ||
Diluted (in shares) | 39,943,167 | 38,950,734 | 36,537,306 | ||
Distributions declared per common share (in dollars per share) | $ 1.200000 | $ 1.504800 | $ 1.502175 | ||
Earnings per weighted average share of senior common stock (in dollars per share) | $ 1.05 | $ 1.05 | $ 1.05 | ||
Weighted average shares of senior common stock outstanding - basic (in shares) | 409,903 | 436,667 | 664,898 | ||
Comprehensive income | |||||
Change in unrealized gain related to interest rate hedging instruments, net | $ (4,853) | $ 12,115 | $ 2,854 | ||
Other Comprehensive (loss) gain | (4,853) | 12,115 | 2,854 | ||
Net income | 4,922 | 10,782 | 10,895 | ||
Comprehensive income | 69 | 22,897 | 13,749 | ||
Comprehensive loss attributable to OP Units held by Non-controlling OP Unitholders | 63 | 23 | 40 | ||
Total comprehensive income available to the Company | $ 132 | $ 22,920 | $ 13,789 | ||
|
Consolidated Statements of Equity - USD ($) $ in Thousands |
Total |
Series D Preferred Stock |
Series F Preferred Stock |
Series G Preferred Stock |
Total Stockholders' Equity |
Total Stockholders' Equity
Series D Preferred Stock
|
Total Stockholders' Equity
Series F Preferred Stock
|
Total Stockholders' Equity
Series G Preferred Stock
|
Preferred Stock
Series F Preferred Stock
|
Common and Senior Common Stock |
Common and Senior Common Stock
Senior Common Stock
|
Additional Paid in Capital |
Additional Paid in Capital
Series F Preferred Stock
|
Accumulated Other Comprehensive Income |
Distributions in Excess of Accumulated Earnings |
Distributions in Excess of Accumulated Earnings
Series D Preferred Stock
|
Distributions in Excess of Accumulated Earnings
Series F Preferred Stock
|
Distributions in Excess of Accumulated Earnings
Series G Preferred Stock
|
Non-Controlling Interest |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Preferred stock, beginning balance (in shares) at Dec. 31, 2020 | 116,674 | ||||||||||||||||||
Common stock, beginning balance (in shares) at Dec. 31, 2020 | 35,331,970 | 750,372 | |||||||||||||||||
Beginning balance at Dec. 31, 2020 | $ 214,489 | $ 211,635 | $ 0 | $ 35 | $ 1 | $ 626,533 | $ (4,345) | $ (410,589) | $ 2,854 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Issuance of Series A, B and F preferred stock and common stock, net (in shares) | 306,246 | 1,771,277 | |||||||||||||||||
Issuance of Series A, B and F preferred stock and common stock, net | 43,527 | 43,527 | $ 2 | 43,525 | |||||||||||||||
Conversion of senior common stock to common stock (in shares) | 124,301 | (150,311) | |||||||||||||||||
Distributions declared to common, senior common, preferred stockholders and Non-controlling OP Unit holders | (67,593) | (67,114) | (67,114) | (479) | |||||||||||||||
Comprehensive income | 2,854 | 2,854 | 2,854 | ||||||||||||||||
Reclassification into interest expense | 145 | 145 | 145 | ||||||||||||||||
Redemptions of OP Units (in shares) | 246,039 | ||||||||||||||||||
Redemptions of OP Units | 0 | 4,812 | 4,812 | (4,812) | |||||||||||||||
Stock redeemed | $ (2,141) | $ (2,141) | $ (2,141) | ||||||||||||||||
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership | 0 | (3,736) | (3,736) | 3,736 | |||||||||||||||
Net income | 10,895 | 10,935 | 10,935 | (40) | |||||||||||||||
Preferred stock, ending balance (in shares) at Dec. 31, 2021 | 422,920 | ||||||||||||||||||
Common stock, ending balance (in shares) at Dec. 31, 2021 | 37,473,587 | 600,061 | |||||||||||||||||
Ending balance at Dec. 31, 2021 | 202,177 | 200,918 | $ 0 | $ 37 | $ 1 | 671,134 | (1,346) | (468,908) | 1,259 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Issuance of Series A, B and F preferred stock and common stock, net (in shares) | 247,975 | 2,130,056 | |||||||||||||||||
Issuance of Series A, B and F preferred stock and common stock, net | 48,636 | 48,636 | $ 1 | $ 2 | 48,633 | ||||||||||||||
Conversion of senior common stock to common stock (in shares) | 140,716 | (168,997) | |||||||||||||||||
Distributions declared to common, senior common, preferred stockholders and Non-controlling OP Unit holders | (71,481) | (71,027) | (71,027) | (454) | |||||||||||||||
Comprehensive income | 12,115 | 12,115 | 12,115 | ||||||||||||||||
Reclassification into interest expense | 871 | 871 | 871 | ||||||||||||||||
Issuance of Non-controlling OP Units as consideration in real estate acquisitions, net | 2,394 | 2,394 | |||||||||||||||||
Stock redeemed | $ 164 | $ 164 | $ 174 | $ (10) | |||||||||||||||
Repurchase of common stock, net | $ 37 | $ 37 | $ 37 | ||||||||||||||||
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership | 0 | 1,386 | 1,386 | (1,386) | |||||||||||||||
Net income | $ 10,782 | 10,805 | 10,805 | (23) | |||||||||||||||
Preferred stock, ending balance (in shares) at Dec. 31, 2022 | 670,895 | ||||||||||||||||||
Common stock, ending balance (in shares) at Dec. 31, 2022 | 39,744,359 | 39,744,359 | 431,064 | ||||||||||||||||
Ending balance at Dec. 31, 2022 | $ 205,694 | 203,904 | $ 1 | $ 39 | $ 1 | 721,327 | 11,640 | (529,104) | 1,790 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Issuance of Series A, B and F preferred stock and common stock, net (in shares) | 247,706 | 238,078 | |||||||||||||||||
Issuance of Series A, B and F preferred stock and common stock, net | 7,119 | 7,119 | $ 1 | 7,118 | |||||||||||||||
Conversion of senior common stock to common stock (in shares) | 18,114 | (24,639) | |||||||||||||||||
Conversion of senior common stock to common stock | 0 | ||||||||||||||||||
Retirement of senior common stock, net | 52 | 52 | 52 | ||||||||||||||||
Distributions declared to common, senior common, preferred stockholders and Non-controlling OP Unit holders | (61,106) | (60,649) | (60,649) | (457) | |||||||||||||||
Comprehensive income | (4,853) | (4,853) | (4,853) | ||||||||||||||||
Reclassification into interest expense | 971 | 971 | 971 | ||||||||||||||||
Redemptions of OP Units (in shares) | 80,825 | ||||||||||||||||||
Redemptions of OP Units | 0 | 1,040 | 1,040 | (1,040) | |||||||||||||||
Stock redeemed | $ 466 | $ 466 | $ 477 | $ (11) | |||||||||||||||
Repurchase of common stock, net (in shares) | (80,780) | ||||||||||||||||||
Repurchase of common stock, net | 998 | $ 3 | 998 | $ 3 | 998 | $ 3 | |||||||||||||
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership | 0 | (756) | (756) | 756 | |||||||||||||||
Net income | $ 4,922 | 4,985 | 4,985 | (63) | |||||||||||||||
Preferred stock, ending balance (in shares) at Dec. 31, 2023 | 918,601 | ||||||||||||||||||
Common stock, ending balance (in shares) at Dec. 31, 2023 | 40,000,596 | 40,000,596 | 406,425 | ||||||||||||||||
Ending balance at Dec. 31, 2023 | $ 154,266 | $ 153,280 | $ 1 | $ 40 | $ 1 | $ 730,256 | $ 7,758 | $ (584,776) | $ 986 |
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Cash flows from operating activities: | |||
Net income | $ 4,922 | $ 10,782 | $ 10,895 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 57,856 | 60,154 | 59,149 |
Impairment charge | 19,296 | 12,092 | 0 |
Gain on debt extinguishment, net | (2,830) | 0 | 0 |
Gain on sale of real estate, net | (7,737) | (10,052) | 1,148 |
Amortization of deferred financing costs | 1,646 | 3,482 | 1,583 |
Amortization of deferred rent asset and liability, net | (7,457) | (4,215) | (3,271) |
Amortization of discount and premium on assumed debt, net | 41 | 47 | 52 |
Asset retirement obligation expense | 126 | 99 | 96 |
Amortization of right-of-use asset from operating leases and operating lease liabilities, net | 27 | 29 | 43 |
Operating changes in assets and liabilities | |||
Decrease (increase) in other assets | 1,483 | (619) | 602 |
Decrease in deferred rent receivable | (3,161) | (1,330) | (2,900) |
(Decrease) increase in accounts payable and accrued expenses | (11) | 1,600 | 2,834 |
(Decrease) increase in amount due to Adviser and Administrator | (800) | (75) | 471 |
(Decrease) increase in other liabilities | (722) | (942) | 1,418 |
Tenant inducement payments | 0 | 0 | (20) |
Leasing commissions paid | (2,312) | (1,875) | (1,974) |
Net cash provided by operating activities | 60,367 | 69,177 | 70,126 |
Cash flows from investing activities: | |||
Acquisition of real estate and related intangible assets | (30,018) | (112,970) | (100,153) |
Improvements of existing real estate | (6,674) | (6,822) | (5,348) |
Proceeds from sale of real estate | 37,008 | 39,499 | 8,840 |
Receipts from lenders for funds held in escrow | 4,972 | 5,945 | 3,963 |
Payments to lenders for funds held in escrow | (3,669) | (7,459) | (2,122) |
Receipts from tenants for reserves | 1,037 | 1,843 | 3,804 |
Payments to tenants from reserves | (1,518) | (2,549) | (3,761) |
Net cash provided by (used in) investing activities | 1,138 | (82,513) | (94,777) |
Cash flows from financing activities: | |||
Proceeds from issuance of equity | 10,225 | 49,676 | 144,677 |
Offering costs paid | (538) | (1,073) | (4,579) |
Retirement of Senior Common stock | (52) | 0 | |
Repurchase of common stock | (998) | 0 | |
Borrowings under mortgage notes payable | 9,000 | 62,913 | 21,500 |
Payments for deferred financing costs | (400) | (5,355) | (792) |
Principal repayments on mortgage notes payable | (70,083) | (153,744) | (28,470) |
Borrowings on term loan | 0 | 150,000 | 65,000 |
Repayments on term loan | 0 | (5,000) | 0 |
Borrowings from revolving credit facility | 123,600 | 111,750 | 69,900 |
Repayments on revolving credit facility | (71,100) | (122,050) | (90,250) |
Increase in security deposits | 104 | 485 | 98 |
Distributions paid for common, senior common, preferred stock and Non-controlling OP Unitholders | (60,620) | (71,092) | (67,592) |
Net cash (used in) provided by financing activities | (61,362) | 16,150 | 21,753 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 143 | 2,814 | (2,898) |
Cash, cash equivalents, and restricted cash at beginning of period | 15,992 | 13,178 | 16,076 |
Cash, cash equivalents, and restricted cash at end of period | 16,135 | 15,992 | 13,178 |
SUPPLEMENTAL AND NON-CASH INFORMATION | |||
Cash paid during year for interest | 33,136 | 27,844 | 23,393 |
Tenant funded fixed asset improvements included in deferred rent liability, net | (1,312) | 17,898 | 9,192 |
Acquisition of real estate and related intangible assets | 0 | 0 | 300 |
Capital improvements and leasing commissions included in accounts payable and accrued expenses | 5,475 | 1,632 | 512 |
Unrealized (loss) gain related to interest rate hedging instruments, net | (4,853) | 12,115 | 2,854 |
Increase in asset retirement obligation assumed in acquisition | 95 | 979 | 600 |
Non-controlling OP Units issued in connection with acquisition | 0 | 2,394 | 0 |
Series D Preferred Stock offering cost write off | 0 | 0 | 2,141 |
Dividends paid on Series F Preferred Stock via additional share issuances | 487 | 389 | 0 |
Cash and cash equivalents | 11,985 | 11,653 | 7,956 |
Restricted cash | 4,150 | 4,339 | 5,222 |
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows | 16,135 | 15,992 | 13,178 |
Series F Preferred Stock | |||
Cash flows from financing activities: | |||
Redemption of preferred stock | (488) | (184) | 0 |
Series G Preferred Stock | |||
Cash flows from financing activities: | |||
Redemption of preferred stock | (12) | (176) | 0 |
Series D Preferred Stock | |||
Cash flows from financing activities: | |||
Redemption of preferred stock | $ 0 | $ 0 | $ (87,739) |
Organization, Basis of Presentation and Significant Accounting Policies |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Basis of Presentation and Significant Accounting Policies | Organization, Basis of Presentation and Significant Accounting Policies Gladstone Commercial Corporation was incorporated under the General Corporation Law of the State of Maryland on February 14, 2003. We have elected to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes. We focus on acquiring, owning and managing primarily industrial and office properties. Subject to certain restrictions and limitations, our business is managed by Gladstone Management Corporation, a Delaware corporation (the “Adviser”), and administrative services are provided by Gladstone Administration, LLC, a Delaware limited liability company (the “Administrator”), each pursuant to a contractual arrangement with us. Our Adviser and Administrator collectively employ all of our personnel and pay their salaries, benefits, and general expenses directly. Gladstone Commercial Corporation conducts substantially all of its operations through a subsidiary, Gladstone Commercial Limited Partnership, a Delaware limited partnership (the “Operating Partnership”). All further references herein to “we,” “our,” “us” and the “Company” mean Gladstone Commercial Corporation and its consolidated subsidiaries, except where it is made clear that the term means only Gladstone Commercial Corporation. All references herein and throughout the Notes to Consolidated Financial Statements to the number of properties and square footage are unaudited. Subsidiaries We conduct substantially all of our operations through the Operating Partnership. We currently control the sole general partner of the Operating Partnership and own, directly or indirectly, a majority of the limited partnership interests in the Operating Partnership (“Non-controlling OP Units”) through two of our subsidiaries, GCLP Business Trust I and II. The financial position and results of operations of the Operating Partnership are consolidated within our financial statements. As of December 31, 2023 and 2022, the Company owned 99.2% and 99.0%, respectively, of the outstanding OP Units (See Note 8, “Equity and Mezzanine Equity” for additional discussion regarding OP Units). Gladstone Commercial Lending, LLC, a Delaware limited liability company (“Gladstone Commercial Lending”), a subsidiary of ours, was created to conduct all operations related to our real estate mortgage loans. As the Operating Partnership currently owns all of the membership interests of Gladstone Commercial Lending, the financial position and results of operations of Gladstone Commercial Lending are consolidated with ours. Gladstone Commercial Advisers, Inc., a Delaware corporation (“Commercial Advisers”), and wholly-owned taxable REIT subsidiary (“TRS”) of ours, was created to collect any non-qualifying income related to our real estate portfolio. There has been no such income earned to date. Since we own 100% of the voting securities of Commercial Advisers, the financial position and results of operations of Commercial Advisers are consolidated within our financial statements. GCLP Business Trust I and GCLP Business Trust II, each a subsidiary and business trust of ours, were formed under the laws of the Commonwealth of Massachusetts on December 28, 2005. We transferred our 99% limited partnership interest in the Operating Partnership to GCLP Business Trust I in exchange for 100 shares of the trust. Gladstone Commercial Partners, LLC, a subsidiary of ours, transferred its 1% general partnership interest in the Operating Partnership to GCLP Business Trust II in exchange for 100 trust shares. Revision of Previously Issued Financial Statements In connection with the preparation of its financial statements for the second quarter of 2023, the Company identified errors in the calculation of depreciation of tenant funded improvement assets at a number of its properties. The Company had depreciated these assets through a term that was different than their useful lives, the correction of which resulted in changes to depreciation expense, a non-cash amount, and net income. The correction of these errors had an immaterial impact on the Incentive Fee for each period presented and had no impact on any other Advisory fees. The identified errors were included in the Company's previously issued 2021 quarterly and annual financial statements, 2022 quarterly and annual financial statements, and quarterly financial statements for the three months ended March 31, 2023. The Company evaluated the errors and determined that the related impact was not material to the Consolidated Statements of Operations and Comprehensive Income, Consolidated Balance Sheets, Consolidated Statements of Cash Flows or Consolidated Statements of Equity for any period impacted. The Company has revised the previously issued Consolidated Balance Sheets, Consolidated Statements of Operations and Comprehensive Income, Consolidated Statements of Equity, and Consolidated Statements of Cash Flows for the years ended December 31, 2022 and 2021 to correct for such errors and these revisions are reflected in this Form 10-K. The Company will also correct previously reported financial information for these errors in its future filings, as applicable. A summary of the corrections to the impacted financial statement line items to the Company’s previously issued Consolidated Balance Sheets, Consolidated Statements of Operations and Comprehensive Income, Consolidated Statements of Equity, and Consolidated Statements of Cash Flows for each affected period is presented in Note 9, “Revision of Previously Issued Financial Statements.” Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could materially differ from those estimates. Real Estate and Lease Intangibles We record investments in real estate at cost and capitalize improvements and replacements when they extend the useful life or improve the efficiency of the asset. We expense costs of repairs and maintenance as such costs are incurred. We generally compute depreciation using the straight-line method over the estimated useful life, or up to 39 years, for buildings, to 25 years for improvements, and the remaining lease term for tenant improvements. Most properties that we acquire are already being operated as rental properties, which we consider to be asset acquisitions under Accounting Standards Codification (“ASC”) 360, “Property Plant and Equipment” (“ASC 360”). When an acquisition is considered an asset acquisition, ASC 360 requires that the purchase price of real estate be allocated to the acquired tangible assets and liabilities, consisting of land, building, tenant improvements, long-term debt assumed and identified intangible assets and liabilities, typically the value of above-market and below-market leases, the value of in-place leases, the value of lease origination costs and the value of tenant relationships, based in each case on their fair values. ASC 360 allows us to capitalize all expenses related to an acquisition accounted for as an asset acquisition into the cost of the acquisition. Management’s estimates of fair value are made using methods similar to those used by independent appraisers (e.g. discounted cash flow analysis). Factors considered by management in its analysis include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions and costs to execute similar leases. We also consider information obtained about each property as a result of our pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired and liabilities assumed. In estimating carrying costs, management also includes lost reimbursement of real estate taxes, insurance and other operating expenses as well as estimates of lost rents at market rates during the hypothetical expected lease-up periods, which generally range from to 18 months, depending on specific local market conditions. Management also estimates costs to execute similar leases, including leasing commissions, legal and other related expenses to the extent that such costs are not already incurred in connection with a new lease origination as part of the transaction. We allocate purchase price to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. The “as-if-vacant” value is allocated to land, building and tenant improvements based on management’s determination of the relative fair values of these assets on the date of acquisition. Above-market and below-market in-place lease fair values for acquired properties are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. When determining the non-cancelable term of the lease, we evaluate which fixed-rate renewal options, if any, should be included. The capitalized above-market lease values, included in the accompanying consolidated balance sheets as part of deferred rent receivable, are amortized as a reduction of rental income over the remaining non-cancelable terms of the respective leases. Total amortization related to above-market lease values was $0.6 million, $0.8 million, and $0.8 million for the years ended December 31, 2023, 2022, and 2021, respectively. The capitalized below-market lease values, included in the accompanying consolidated balance sheets as part of deferred rent liability, are amortized as an increase to rental income over the remaining non-cancelable terms of the respective leases, including any below market renewal periods. Total amortization related to below-market lease values was $8.0 million, $5.1 million, and $4.1 million for the years ended December 31, 2023, 2022, and 2021, respectively. The total amount of the remaining intangible assets acquired, which consists of in-place lease values, lease origination costs, and customer relationship intangible values, are allocated based on management’s evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant. Characteristics to be considered by management in determining these values include the nature and extent of our existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and our expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors. The value of in-place leases and lease origination costs are amortized to amortization expense over the remaining term of the respective leases, which generally range from to 15 years. The value of customer relationship intangibles, which is the benefit to us resulting from the likelihood of an existing tenant renewing its lease, are amortized to amortization expense over the remaining term and any anticipated renewal periods in the respective leases, but in no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. Total amortization expense related to these intangible assets and liabilities was $16.7 million, $19.1 million, and $20.7 million for the years ended December 31, 2023, 2022, and 2021, respectively. Should a tenant terminate its lease, the unamortized portion of the above-market and below-market lease values would be charged to rental income and the unamortized portion of in-place lease values, lease origination costs and customer relationship intangibles will be charged to amortization expense through the revised termination date. Impairment Charges We account for the impairment of real estate in accordance with ASC 360-10-35, “Property, Plant, and Equipment,” which requires us to periodically review the carrying value of each property to determine if circumstances indicate impairment of the carrying value of the investment exists or that depreciation periods should be modified. In determining if impairment exists, we consider such factors as each tenant’s payment history and financial condition, the likelihood of lease renewal, business conditions in the industry in which the tenants operate, whether there are indications that the fair value of the real estate has decreased or our intended holding period of the property is shortened. If any of the factors above indicate the possibility of impairment, we prepare a projection of the undiscounted future cash flows, without interest charges, of the specific property and determine if the carrying amount of such property is recoverable. In preparing the projection of undiscounted future cash flows, we estimate cap rates and market rental rates using information that we obtain from market comparability studies and other comparable sources, and apply the undiscounted cash flows against our expected holding period. If impairment were indicated, the carrying value of the property would be written down to its estimated fair value based on our best estimate of the property’s discounted future cash flows using market derived cap rates, discount rates and market rental rates applied against our expected hold period. We evaluate our entire portfolio of properties each quarter for any impairment indicators and perform an impairment analysis on those select properties that have an indication of impairment. Held for Sale Property For properties considered held for sale, we cease depreciating and amortizing the property and value the property at the lower of depreciated and amortized cost or fair value, less costs to dispose. We present qualifying assets and liabilities and the results of operations that have been sold, or otherwise qualify as held for sale, as discontinued operations in all periods when the sale meets the definition of discontinued operations. Under GAAP, the definition of discontinued operations is the disposal of a component or group of components that is disposed or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on our operations and financial results. The components of the property’s net income (loss) that are reflected as discontinued operations if classified as such include operating results, depreciation, amortization, and interest expense. When properties are considered held for sale, but do not qualify as a discontinued operation, we present qualifying assets and liabilities as held for sale in the consolidated balance sheet in all periods that the qualifying assets and liabilities meet the held for sale criteria under ASC 360-10-49-9. The components of the held for sale property’s net income (loss) is recorded within continuing operations under the consolidated statement of operations and comprehensive income. Cash and Cash Equivalents We consider cash equivalents to be short-term, highly-liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase, except that any such investments purchased with funds held in escrow or similar accounts are classified as restricted cash. Items classified as cash equivalents include money-market deposit accounts. The Company maintains majority of its cash and cash equivalents with financial institutions in the U.S., which management believes to be financially sound and with minimal credit risk. At times, the balance of our cash and cash equivalents may exceed federally insurable limits. Restricted Cash Restricted cash consists of security deposits and receipts from tenants for reserves. These funds will be released to the tenants upon completion of agreed upon tasks, as specified in the lease agreements, mainly consisting of maintenance and repairs on the buildings and upon receipt by us of evidence of insurance and tax payments. For purposes of the consolidated statements of cash flows, changes in restricted cash caused by changes in reserves held for tenants are shown as investing activities. Changes in restricted cash caused by changes in security deposits are reflected as financing activities. Funds Held in Escrow Funds held in escrow consist of funds held by certain of our lenders for properties held as collateral by these lenders. These funds will be released to us upon completion of agreed upon tasks, as specified in the mortgage agreements, mainly consisting of maintenance and repairs on the buildings, and when evidence of insurance and tax payments has been submitted to the lenders. For the purposes of the consolidated statements of cash flows, changes in funds held in escrow caused by changes in lender held reserve balances are shown as investing activities. Deferred Financing Costs Deferred financing costs consist of costs incurred to obtain financing, including legal fees, origination fees and administrative fees. The costs are deferred and amortized using the straight-line method, which approximates the effective interest method, over the term of the secured financing. We made payments of $0.4 million, $5.4 million, and $0.8 million for deferred financing costs during the years ended December 31, 2023, 2022, and 2021, respectively. Total amortization expense related to deferred financing costs is included in interest expense and was $1.6 million, $3.5 million, and $1.6 million for the years ended December 31, 2023, 2022, and 2021, respectively. Gains (Losses) on Sale of Real Estate, Net Gains (losses) on sale of real estate, net, consist of the excess consideration received for a property over the property carrying value at the time of sale, or gains on real estate, offset by consideration received for a property less than the property carrying value at the time of sale, or loss on sale of real estate. Lease Revenue Lease revenue includes rents that each tenant pays in accordance with the terms of its respective lease reported evenly over the non-cancelable term of the lease. Most of our leases contain rental increases at specified intervals. We recognize such revenues on a straight-line basis. Deferred rent receivable in the accompanying consolidated balance sheet includes the cumulative difference between lease revenue, as recorded on a straight-line basis, and rents received from the tenants in accordance with the lease terms, along with the capitalized above-market in-place lease values of certain acquired properties. Deferred rent liability in the accompanying consolidated balance sheet includes the capitalized below-market in-place lease values of certain acquired properties. Accordingly, we determine, in our judgment, to what extent the deferred rent receivable applicable to each specific tenant is collectible. We review deferred rent receivable, as it relates to straight line rents, on a quarterly basis and take into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the geographic area in which the property is located. In the event that the collectability of deferred rent with respect to any given tenant is in doubt, we record an allowance for uncollectible accounts or record a direct write-off of the specific rent receivable. We incurred $0.4 million, $0.4 million, and $0.4 million in deferred rent write offs during each of the years ended December 31, 2023, 2022, and 2021, respectively. Tenant recovery revenue includes payments from tenants as reimbursements for franchise taxes, management fees, insurance, maintenance and repairs, utilities, and ground lease payments. We recognize tenant recovery revenue in the same periods that we incur the related expenses. We do not record any tenant recovery revenues or operating expenses associated with costs paid directly by our tenants for our net leased properties. On January 1, 2020, we completed the integration of the accounting records of certain of our triple net leased third-party asset managed properties into our accounting system and paid property operating expenses out of our operating bank accounts. For periods prior to January 1, 2020, we recorded property operating expenses and offsetting lease revenues for these certain triple net leased properties on a net basis. Beginning January 1, 2020, we began to record the property operating expenses and offsetting lease revenues for these triple net leased properties on a gross basis, as we have amended our process whereby we are paying operating expenses on behalf of our tenants and receiving reimbursement; whereas, previously these tenants were paying these expenses directly, with limited insight provided to us. Income Taxes We have operated and intend to continue to operate in a manner that will allow us to qualify as a REIT under the Internal Revenue Code of 1986, as amended, and, accordingly, will not be subject to federal income taxes on amounts distributed to stockholders (except income from foreclosure property), provided that we distribute at least 90% of our REIT taxable income to our stockholders and meet certain other conditions. To the extent that we satisfy the distribution requirement but distribute less than 100% of our taxable income, we will be subject to federal corporate income tax on our undistributed income. Commercial Advisers is a wholly-owned TRS that is subject to federal and state income taxes. Though Commercial Advisers has had no activity to date, we would account for any future income taxes in accordance with the provisions of ASC 740, “Income Taxes.” Under ASC 740-10-25, we would account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We may recognize a tax benefit from an uncertain tax position when it is more-likely-than-not (defined as a likelihood of more than 50%) that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. If a tax position does not meet the more-likely-than-not recognition threshold, despite our belief that the filing position is supportable, the benefit of that tax position is not recognized in the statements of operations. We recognize interest and penalties, as applicable, related to unrecognized tax benefits as a component of income tax expense. We recognize unrecognized tax benefits in the period that the uncertainty is eliminated by either affirmative agreement of the uncertain tax position by the applicable taxing authority, or by expiration of the applicable statute of limitation. For the years ended December 31, 2023, 2022, and 2021, we did not record any provisions for uncertain tax positions. Asset Retirement Obligations ASC 410, “Asset Retirement and Environmental Obligation,” requires an entity to recognize a liability for a conditional asset retirement obligation when incurred if the liability can be reasonably estimated. ASC 410-20-20 clarifies that the term “Conditional Asset Retirement Obligation” refers to a legal obligation (pursuant to existing laws or by contract) to perform an asset retirement activity in which the timing and/or method of settlement are conditional on a future event that may or may not be within the control of the entity. ASC 410-20-25-6 clarifies when an entity would have sufficient information to reasonably estimate the fair value of an asset retirement obligation. We have accrued a liability at the present value of the estimated payments expected to be made and corresponding increase to the cost of the related properties for disposal related to all properties constructed prior to 1985 that have, or may have, asbestos present in the building. The liabilities are accreted to their estimated obligation over the life of the leases for the respective properties. We accrued $0.1 million, $1.0 million, and $0.6 million of liabilities in connection with acquisitions for the years ended December 31, 2023, 2022, and 2021, respectively. We recorded accretion expense of $0.1 million in each of the years ended December 31, 2023, 2022, and 2021, to general and administrative expense. Costs of future expenditures for obligations are discounted to their present value. The aggregate undiscounted obligation on all properties is $10.5 million and the discount rates used in the calculations range from 2.0% to 7.0%. We do not expect to make any material payments in conjunction with these obligations in each of the next five years. Stock Issuance Costs We account for stock issuance costs in accordance with SEC Staff Accounting Bulletin (“SAB”) Topic 5.A, which states that incremental costs directly attributable to a proposed or actual offering of securities may properly be deferred and charged against the gross proceeds of the offering. Accordingly, we record costs incurred related to our ongoing equity offerings to other assets on our consolidated balance sheet and ratably apply these amounts to the cost of equity as stock is issued. If an equity offering is subsequently terminated and there are amounts remaining in other assets that have not been allocated to the cost of the offering, the remaining amounts are recorded as a general and administrative expense on our consolidated statements of operations. Comprehensive Income We record the effective portion of changes in the fair value of the interest rate cap and swap agreements that qualify as cash flow hedges to accumulated other comprehensive income. For the years ended December 31, 2023, 2022, and 2021, we reconciled net income to comprehensive income on the consolidated statements of operations and comprehensive income in the accompanying consolidated financial statements. Segment Reporting We manage our operations on an aggregated, single segment basis for purposes of assessing performance and making operating decisions, and, accordingly, have only one reporting and operating segment.
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Related-Party Transactions |
12 Months Ended |
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Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Related-Party Transactions Gladstone Management Corporation and Gladstone Administration, LLC We are externally managed pursuant to contractual arrangements with our Adviser and our Administrator, which collectively employ all of our personnel and pay their salaries, benefits, and general expenses directly. Both our Adviser and Administrator are affiliates of ours, as their parent company is owned and controlled by Mr. Gladstone, our chairman and chief executive officer. Two of our executive officers, Mr. Gladstone and Mr. Brubaker (our chief operating officer) serve as directors and executive officers of our Adviser and our Administrator. Our president, Mr. Cooper, is also an executive managing director of our Adviser. Michael LiCalsi, our general counsel and secretary, also serves as our Administrator’s president, general counsel and secretary. We have entered into an advisory agreement with our Adviser, as amended from time to time (the “Advisory Agreement”), and an administration agreement with our Administrator (the “Administration Agreement”). The services and fees under the Advisory Agreement and Administration Agreement are described below. At December 31, 2023 and December 31, 2022, $2.6 million and $3.4 million, respectively, was collectively due to our Adviser and Administrator. Base Management Fee On July 14, 2020, the Company amended and restated the Fifth Amended Advisory Agreement by entering into the Sixth Amended and Restated Investment Advisory Agreement between the Company and the Adviser (the “Sixth Amended Advisory Agreement”). The Sixth Amended Advisory Agreement replaced the Fifth Amended Advisory Agreement’s previous calculation of the base management fee with a calculation based on Gross Tangible Real Estate. The revised Base Management Fee is payable quarterly in arrears and is calculated at an annual rate of 0.425% (0.10625% per quarter) of the prior calendar quarter’s “Gross Tangible Real Estate,” defined in the Sixth Amended Advisory Agreement as the current gross value of the Company’s property portfolio (meaning the aggregate of each property’s original acquisition price plus the cost of any subsequent capital improvements thereon). The calculation of the other fees in the agreement remained unchanged. The revised Base Management Fee calculation began with the fee calculations for the quarter ended September 30, 2020. For the years ended December 31, 2023, 2022, and 2021, we recorded a base management fee of $6.4 million, $6.3 million, and $5.9 million, respectively. Incentive Fee Pursuant to the Advisory Agreement, the calculation of the incentive fee rewards the Adviser in circumstances where our quarterly Core FFO (defined at the end of this paragraph), before giving effect to any incentive fee, or pre-incentive fee Core FFO, exceeds 2.0% quarterly, or 8.0% annualized, of adjusted total stockholders’ equity (after giving effect to the base management fee but before giving effect to the incentive fee). We refer to this as the new hurdle rate. The Adviser will receive 15.0% of the amount of our pre-incentive fee Core FFO that exceeds the new hurdle rate. However, in no event shall the incentive fee for a particular quarter exceed by 15.0% (the cap) the average quarterly incentive fee paid by us for the previous four quarters (excluding quarters for which no incentive fee was paid). Core FFO (as defined in the Advisory Agreement) is GAAP net income (loss) available to common stockholders, excluding the incentive fee, depreciation and amortization, any realized and unrealized gains, losses or other non-cash items recorded in net income (loss) available to common stockholders for the period, and one-time events pursuant to changes in GAAP. On January 10, 2023, the Company amended and restated the Sixth Amended Advisory Agreement by entering into the Seventh Amended and Restated Investment Advisory Agreement between the Company and the Adviser (the “Seventh Amended Advisory Agreement”). The Company’s entrance into the Amended Agreement was approved unanimously by our Board of Directors, including specifically, our independent directors. The Seventh Amended Advisory Agreement contractually eliminated the payment of the incentive fee, as applicable, for the quarters ended March 31, 2023 and June 30, 2023. The calculation of the other fees remains unchanged. On July 11, 2023, the Company entered into the Eighth Amended Advisory Agreement (the “Eighth Amended Advisory Agreement”), as approved unanimously by our Board of Directors, including specifically, our independent directors. The Eighth Amended Advisory Agreement contractually eliminated the payment of the incentive fee for the quarters ended September 30, 2023 and December 31, 2023. In addition, the Eighth Amended Advisory Agreement also clarified that for any future quarter whereby an incentive fee would exceed by greater than 15% the average quarterly incentive fee paid, the measurement would be versus the last four quarters where an incentive fee was actually paid. The calculation of the other fees remains unchanged. For the year ended December 31, 2023, the contractually eliminated incentive fee would have been $4.6 million. For the years ended December 31, 2022 and 2021, we recorded an incentive fee of $5.3 million and $4.9 million, respectively. Our Advisor issued a waiver of the incentive fee of $0.02 million during the year ended December 31, 2021. Our Adviser did not waive any portion of the incentive fee for the year ended December 31, 2022. Waivers are non-contractual, unconditional, and irrevocable and cannot be recouped by the Adviser in the future. Capital Gain Fee Under the Advisory Agreement, we will pay to the Adviser a capital gains-based incentive fee that will be calculated and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement). In determining the capital gain fee, we calculate aggregate realized capital gains and aggregate realized capital losses for the applicable time period. For this purpose, aggregate realized capital gains and losses, if any, equals the realized gain or loss calculated by the difference between the sales price of the property, less any costs to sell the property and the all-in acquisition cost of the disposed property. At the end of the fiscal year, if this number is positive, then the capital gain fee payable for such time period shall equal 15.0% of such amount. No capital gain fee was recognized during the years ended December 31, 2023, 2022, or 2021. Termination Fee The Advisory Agreement includes a termination fee whereby, in the event of our termination of the agreement without cause (with 120 days’ prior written notice and the vote of at least two-thirds of our independent directors), a termination fee would be payable to the Adviser equal to two times the sum of the average annual base management fee and incentive fee earned by the Adviser during the 24-month period prior to such termination. A termination fee is also payable if the Adviser terminates the Advisory Agreement after we have defaulted and applicable cure periods have expired. The Advisory Agreement may also be terminated for cause by us (with 30 days’ prior written notice and the vote of at least two-thirds of our independent directors), with no termination fee payable. Cause is defined in the agreement to include if the Adviser breaches any material provisions thereof, the bankruptcy or insolvency of the Adviser, dissolution of the Adviser and fraud or misappropriation of funds. Administration Agreement Under the terms of the Administration Agreement, we pay separately for our allocable portion of our Administrator’s overhead expenses in performing its obligations to us including, but not limited to, rent and our allocable portion of the salaries and benefits expenses of our Administrator’s employees, including, but not limited to, our chief financial officer, treasurer, chief compliance officer, general counsel and secretary (who also serves as our Administrator’s president, general counsel and secretary), and their respective staffs. Our allocable portion of the Administrator’s expenses are generally derived by multiplying our Administrator’s total expenses by the approximate percentage of time the Administrator’s employees perform services for us in relation to their time spent performing services for all companies serviced by our Administrator under contractual agreements. We believe that the methodology of allocating the Administrator’s total expenses by approximate percentage of time services were performed among all companies serviced by our Administrator more closely approximates fees paid to actual services performed. For the years ended December 31, 2023, 2022, and 2021, we recorded an administration fee of $2.4 million, $1.9 million, and $1.4 million, respectively. Our Board of Directors reviews and considers approving or renewing the Administration Agreement each July. Gladstone Securities, LLC Gladstone Securities, LLC (“Gladstone Securities”), is a privately held broker dealer registered with the Financial Industry Regulatory Authority and insured by the Securities Investor Protection Corporation. Gladstone Securities is an affiliate of ours, as its parent company is owned and controlled by David Gladstone, our chairman and chief executive officer. Mr. Gladstone also serves on the board of managers of Gladstone Securities. Mortgage Financing Arrangement Agreement We entered into an agreement with Gladstone Securities, effective June 18, 2013, for it to act as our non-exclusive agent to assist us with arranging mortgage financing for properties we own. In connection with this engagement, Gladstone Securities will, from time to time, continue to solicit the interest of various commercial real estate lenders or recommend to us third party lenders offering credit products or packages that are responsive to our needs. We pay Gladstone Securities a financing fee in connection with the services it provides to us for securing mortgage financing on any of our properties. The amount of these financing fees, which are payable upon closing of the financing, are based on a percentage of the amount of the mortgage, generally ranging from 0.15% to a maximum of 1.0% of the mortgage obtained. The amount of the financing fees may be reduced or eliminated, as determined by us and Gladstone Securities, after taking into consideration various factors, including, but not limited to, the involvement of any third party brokers and market conditions. We paid financing fees to Gladstone Securities of $0.1 million, $0.3 million, and $0.1 million during the years ended December 31, 2023, 2022, and 2021, respectively, which are included in mortgage notes payable, net, in the consolidated balance sheets, or 0.29%, 0.33%, and 0.33% of total mortgage principal secured or extended during the respective periods. Our Board of Directors renewed the agreement for an additional year, through August 31, 2024, at its July 2023 meeting. Dealer Manager Agreement On February 20, 2020, we entered into a dealer manager agreement, as amended by that certain First Amendment on February 9, 2023 (the “Dealer Manager Agreement”), whereby Gladstone Securities will act as the exclusive dealer manager in connection with our offering (the “Offering”) of up to (i) 20,000,000 shares of our 6.00% Series F Cumulative Redeemable Preferred Stock of the Company, par value $0.001 per share (the “Series F Preferred Stock”), on a “reasonable best efforts” basis (the “Primary Offering”), and (ii) 6,000,000 shares of Series F Preferred Stock pursuant to our distribution reinvestment plan (the “DRIP”) to those holders of the Series F Preferred Stock who participate in such DRIP. The Series F Preferred Stock is registered with the SEC pursuant to a registration statement on Form S-3 (File No. 333-268549), as the same may be amended and/or supplemented (the “2022 Registration Statement”), under the Securities Act of 1933, as amended, and will be offered and sold pursuant to a prospectus supplement, dated February 9, 2023, and a base prospectus dated November 23, 2022 relating to the 2022 Registration Statement (the “Prospectus”). During the years ended December 31, 2021, 2022 and 2023, the Series F Preferred Stock was registered with the SEC pursuant to a registration statement on Form S-3 (File No. 333-236143), and offered and sold pursuant to a prospectus supplement, dated February 20, 2020, and a base prospectus dated February 11, 2020. Under the Dealer Manager Agreement, Gladstone Securities, as dealer manager, will provide certain sales, promotional and marketing services to the Company in connection with the Offering, and the Company will pay Gladstone Securities (i) selling commissions of 6.0% of the gross proceeds from sales of Series F Preferred Stock in the Primary Offering (the “Selling Commissions”), and (ii) a dealer manager fee of 3.0% of the gross proceeds from sales of Series F Preferred Stock in the Primary Offering (the “Dealer Manager Fee”). No Selling Commissions or Dealer Manager Fee shall be paid with respect to Shares sold pursuant to the DRIP. Gladstone Securities may, in its sole discretion, reallow a portion of the Dealer Manager Fee to participating broker-dealers in support of the Offering. We paid fees of $0.5 million, $0.5 million, and $0.7 million to Gladstone Securities during the years ended December 31, 2023, 2022 and 2021, respectively, in connection with the Offering.
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Loss per Share of Common Stock |
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Loss per Share of Common Stock | Loss per Share of Common Stock The following tables set forth the computation of basic and diluted loss per share of common stock for the years ended December 31, 2023, 2022 and 2021, respectively. The OP Units held by Non-controlling OP Unitholders (which may be redeemed for shares of common stock) have been excluded from the diluted earnings per share calculation, as there would be no effect on the amounts since the Non-controlling OP Unitholders’ share of income would also be added back to net income. Net income figures are presented net of such non-controlling interests in the earnings per share calculation. We computed basic loss per share for the years ended December 31, 2023, 2022 and 2021, respectively, using the weighted average number of shares outstanding during the periods. Diluted loss per share for the years ended December 31, 2023, 2022 and 2021, reflects additional shares of common stock related to our convertible Senior Common Stock, if the effect would be dilutive, that would have been outstanding if dilutive potential shares of common stock had been issued, as well as an adjustment to net loss attributable to common stockholders as applicable to common stockholders that would result from their assumed issuance (dollars in thousands, except per share amounts).
(1)The weighted average number of OP Units held by Non-controlling OP Unitholders was 382,563, 294,941, and 316,987 for the years ended December 31, 2023, 2022, and 2021, respectively. (2)We excluded convertible shares of Senior Common Stock of 345,132, 363,246 and 503,962 from the calculation of diluted earnings per share for the years ended December 31, 2023, 2022 and 2021, respectively, because it was anti-dilutive.
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Real Estate and Intangible Assets |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Intangible Assets | Real Estate and Intangible Assets Real Estate The following table sets forth the components of our investments in real estate as of December 31, 2023 and 2022, respectively, excluding real estate held for sale as of December 31, 2023 (dollars in thousands):
(1)This amount includes $4,436 of land value subject to land lease agreements which we may purchase at our option for a nominal fee. Real estate depreciation expense on building and tenant improvements was $41.2 million, $41.1 million, and $38.4 million for the years ended December 31, 2023, 2022, and 2021, respectively. Acquisitions During the years ended December 31, 2023 and 2022, we acquired five and 13 properties, respectively, which are summarized below (dollars in thousands):
(1)On April 14, 2023, we acquired a 76,089 square foot property in Riverdale, Illinois for $5.4 million. The property is fully leased to one tenant and had 20.0 years of remaining lease term at the time we acquired the property. On July 10, 2023, we acquired a 7,714 square foot property in Dallas-Fort Worth, Texas for $3.0 million. The property is fully leased to one tenant and had 9.9 years of remaining lease term at the time we acquired the property. On July 28, 2023, we acquired a 100,000 square foot property in Dallas-Fort Worth, Texas for $9.2 million. The property is fully leased to one tenant and had 20.0 years of remaining lease term at the time we acquired the property. On October 12, 2023, we acquired a 69,920 square foot property in Allentown, Pennsylvania for $7.9 million. The property is fully leased to one tenant and had 20.1 years of remaining lease term at the time we acquired the property. On November 3, 2023, we acquired a 67,709 square foot property in Indianapolis, Indiana for $4.6 million. The property is fully leased to one tenant and had 20.1 years of remaining lease term at the time we acquired the property. (2)On February 24, 2022, we acquired an 80,000 square foot property in Wilkesboro, North Carolina for $7.5 million. The property is fully leased to one tenant and had 12.7 years of remaining lease term at the time we acquired the property. On March 11, 2022, we acquired a 56,000 square foot property portfolio in Oklahoma City, Oklahoma for $6.0 million. The property is fully leased to one tenant and had 7.0 years of remaining lease term at the time we acquired the portfolio. On May 4, 2022, we acquired a 260,719 square foot, two-property portfolio in Cleveland, Ohio and Fort Payne, Alabama for $19.5 million. On May 12, 2022, we acquired a 345,584 square foot, three-property portfolio in Wilmington, North Carolina, for $18.9 million. These properties are fully leased to one tenant and had 13.1 years of remaining lease term at the time we acquired the portfolio. On August 5, 2022, we acquired a 246,000 square foot, two-property portfolio in Bridgeton, New Jersey and Vineland, New Jersey for $32.7 million. These properties are fully leased to one tenant and had 15.1 years of remaining lease term at the time we acquired the property. On September 16, 2022, we acquired a 67,328 square foot property in Jacksonville, Florida for $8.1 million. This property is fully leased to one tenant and had 20.0 years of remaining lease term at the time we acquired the property. On September 20, 2022, we acquired a 49,375 square foot property in Fort Payne, Alabama for $5.6 million. This property is fully leased to one tenant and had 14.8 years of remaining lease term at the time we acquired the property. On October 26, 2022, we acquired a 68,674 square foot property in Denver, Colorado for $12.1 million. This property is fully leased to one tenant and had 20.0 years of remaining lease term at the time we acquired the property. On December 21, 2022, we acquired a 65,000 square foot property in Greenville, South Carolina for $5.0 million. The property is fully leased to one tenant and had 12.0 years of remaining lease term at the time we acquired the property. We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the years ended December 31, 2023 and 2022, respectively, as follows (dollars in thousands):
(1)This amount includes $181 of loans receivable included in Other assets on the consolidated balance sheets. (2)This amount includes $393 and $32 of prepaid rent included in Other liabilities on the consolidated balance sheets, respectively. Future Lease Payments Future operating lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses, for each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands):
In accordance with the lease terms, substantially all operating expenses are required to be paid by the tenant; however, we would be required to pay operating expenses on the respective properties in the event the tenants fail to pay them. Lease Revenue Reconciliation The table below sets forth the allocation of lease revenue between fixed contractual lease payments and variable lease payments for the years ended December 31, 2023, 2022, and 2021, respectively (dollars in thousands):
At December 31, 2023 and 2022, accounts receivable from tenants totaled $1.5 million and $1.1 million, respectively, included in other assets on the consolidated balance sheets. Legal Settlements In August 2021, we reached separate legal settlements through which we recognized $2.4 million, net, recorded in other income on the consolidated statement of operations and comprehensive income. Intangible Assets The following table summarizes the carrying value of intangible assets, liabilities and the accumulated amortization for each intangible asset and liability class as of December 31, 2023 and 2022, excluding real estate held for sale as of December 31, 2023 (dollars in thousands):
Total amortization expense related to in-place leases, leasing costs and customer relationship lease intangible assets was $16.7 million, $19.1 million, and $20.7 million for the years ended December 31, 2023, 2022, and 2021, respectively, and is included in depreciation and amortization expense in the consolidated statement of operations and comprehensive income. Total amortization related to above-market lease values was $0.6 million, $0.8 million, and $0.8 million for the years ended December 31, 2023, 2022, and 2021, respectively, and is included in lease revenue in the consolidated statement of operations and comprehensive income. Total amortization related to below-market lease values was $8.0 million, $5.1 million, and $4.1 million for the years ended December 31, 2023, 2022, and 2021, respectively, and is included in lease revenue in the consolidated statement of operations and comprehensive income. The weighted average amortization periods in years for the intangible assets acquired and liabilities assumed during the years ended December 31, 2023 and 2022, respectively, were as follows:
The estimated aggregate amortization expense to be recorded for in-place leases, leasing costs and customer relationships for each of the five succeeding fiscal years and thereafter is as follows, excluding real estate held for sale as of December 31, 2023 (dollars in thousands):
The estimated aggregate rental income to be recorded for the amortization of both above and below market leases for each of the five succeeding fiscal years and thereafter is as follows, excluding real estate held for sale as of December 31, 2023 (dollars in thousands):
(1)Does not include ground lease amortization of $141.
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Real Estate Dispositions, Held for Sale, and Impairment Charges |
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Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Dispositions, Held for Sale, and Impairment Charges | Real Estate Dispositions, Held for Sale, and Impairment Charges Real Estate Dispositions During the year ended December 31, 2023, we continued to execute our capital recycling program, whereby we sold properties outside of our core markets and redeployed proceeds to either fund property acquisitions in our target secondary growth markets, or repay outstanding debt. We expect to continue to execute our capital recycling plan and sell non-core properties as reasonable disposition opportunities become available. During the year ended December 31, 2023, we sold seven non-core properties, located in Baytown, Texas; Birmingham, Alabama; Pittsburgh, Pennsylvania; Eatontown, New Jersey; Taylorsville, Utah; Columbia, South Carolina; and Blaine, Minnesota, which are summarized in the table below (dollars in thousands):
Our 2023 dispositions were not classified as discontinued operations because they did not represent a strategic shift in operations, nor will they have a major effect on our operations and financial results. Accordingly, the operating results of these properties are included within continuing operations for all periods reported. The table below summarizes the components of operating income from the real estate and related assets disposed of during the years ended December 31, 2023, 2022, and 2021, respectively (dollars in thousands):
(1)Includes a $3.6 million impairment charge. (2)Includes a $7.7 million gain on sale of real estate, net, from seven property sales and a $2.8 million gain on debt extinguishment from one property sale. (3)Includes a $10.7 million impairment charge. Real Estate Held for Sale At December 31, 2023, we had three properties classified as held for sale, located in Richardson, Texas; Columbus, Ohio; and Tifton, Georgia. We consider these assets to be non-core to our long term strategy. At December 31, 2022, we had one property classified as held for sale, located in Columbia, South Carolina. The table below summarizes the components of the assets held for sale at December 31, 2023 reflected on the accompanying consolidated balance sheet (dollars in thousands):
Impairment Charges We evaluated our portfolio for triggering events to determine if any of our held and used assets were impaired during the year ended December 31, 2023 and identified two held and used assets, located in Draper, Utah and Egg Harbor, New Jersey, which were impaired by an aggregate $8.0 million during the quarters ended September 30, 2023 and December 31, 2023. In performing our impairment testing, the undiscounted cash flows were below the carrying value, which resulted in us recognizing an impairment charge. We evaluated our held for sale assets to determine if any of these assets were impaired during the year ended December 31, 2023 and identified three held for sale assets, located in Richardson, Texas, Taylorsville, Utah, and Columbus, Ohio, which were impaired by an aggregate $11.3 million during the three months ended June 30, 2023 and December 31, 2023. In performing our held for sale assessment, the carrying value of this asset was above the fair value, less costs of sale. As a result, we impaired this property to equal the fair market value less costs of sale. The property was sold during the year ended December 31, 2023. During the year ended December 31, 2022, we identified one held and used asset, located in Columbia, South Carolina, which was impaired by $10.7 million. In performing our impairment testing, the undiscounted cash flow for this asset was below the carrying value. As the undiscounted cash flows for this asset was below the carrying value, we evaluated the fair value of the asset using a third-party expert to determine the fair value for this asset, which resulted in us recognizing an impairment charge. We also identified one held for sale asset, located in Parsippany, New Jersey, which was impaired by $1.4 million. In performing our held for sale assessment, the carrying value of this asset was above the fair value, less costs of sale, which resulted in us recognizing an impairment charge. Fair market value for this asset was calculated using Level 3 inputs (defined in Note 6 “Mortgage Notes Payable and Credit Facility”), which were determined using a negotiated sales price from an executed purchase and sale agreement with a third party. We continue to evaluate our properties on a quarterly basis for changes that could create the need to record impairment. Future impairment losses may result, and could be significant, should market conditions deteriorate in the markets in which we hold our assets or we are unable to secure leases at terms that are favorable to us, which could impact the estimated cash flow of our properties over the period in which we plan to hold our properties. Additionally, changes in management’s decisions to either own and lease long-term or sell a particular asset will have an impact on this analysis. The fair values for the above properties were calculated using Level 3 inputs which were calculated using an estimated sales price, less estimated costs to sell. The estimated sales price was determined using executed purchase and sale agreements.
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Mortgage Notes Payable and Credit Facility |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Notes Payable and Credit Facility | Mortgage Notes Payable and Credit Facility Our $125.0 million unsecured revolving credit facility (“Revolver”), $160.0 million term loan facility (“Term Loan A”), $60.0 million term loan facility (“Term Loan B”), and $150.0 million term loan facility (“Term Loan C”) are collectively referred to herein as the Credit Facility. Our mortgage notes payable and Credit Facility as of December 31, 2023 and December 31, 2022 are summarized below (dollars in thousands):
(1)Interest rates on our fixed rate mortgage notes payable vary from 2.80% to 6.63%. (2)We have 41 mortgage notes payable with maturity dates ranging from June 18, 2024 through August 1, 2037. (3)The weighted average interest rate on the mortgage notes outstanding at December 31, 2023, was approximately 4.19%. (4)As of December 31, 2023, SOFR was approximately 5.38%. (5)The weighted average interest rate on all debt outstanding at December 31, 2023, was approximately 5.78%. (6)The amount we may draw under our Credit Facility is based on a percentage of the fair value of a combined pool of 85 unencumbered properties as of December 31, 2023. N/A - Not Applicable Mortgage Notes Payable As of December 31, 2023, we had 41 mortgage notes payable, collateralized by a total of 47 properties with a net book value of $480.2 million. We have limited recourse liabilities that could result from any one or more of the following circumstances: a borrower voluntarily filing for bankruptcy, improper conveyance of a property, fraud or material misrepresentation, misapplication or misappropriation of rents, security deposits, insurance proceeds or condemnation proceeds, or physical waste or damage to the property resulting from a borrower’s gross negligence or willful misconduct. As of December 31, 2023, we did not have any recourse mortgages. We will also indemnify lenders against claims resulting from the presence of hazardous substances or activity involving hazardous substances in violation of environmental laws on a property. During the year ended December 31, 2023, we repaid six mortgages collateralized by six properties, which are summarized below (dollars in thousands):
During the year ended December 31, 2023, we issued three mortgages, collateralized by three properties, which are summarized below (dollars in thousands):
During the year ended December 31, 2023, we extended the maturity date of one mortgage, collateralized by one property, which is summarized in the table below (dollars in thousands):
Scheduled principal payments of mortgage notes payable for each of the five succeeding fiscal years and thereafter are as follows (dollars in thousands):
(1)This figure does not include $(0.04) million premiums and (discounts), net, and $2.2 million of deferred financing costs, which are reflected in mortgage notes payable on the consolidated balance sheets. We believe we will be able to address all mortgage notes payable maturing over the next 12 months through a combination of refinancing our existing indebtedness, cash from operations, proceeds from one or more equity offerings and availability on our Credit Facility. Interest Rate Caps and Swaps We have entered into interest rate cap agreements that cap the interest rate on certain of our variable-rate debt and we have assumed or entered into interest rate swap agreements in which we hedged our exposure to variable interest rates by agreeing to pay fixed interest rates to our respective counterparty. We have adopted the fair value measurement provisions for our financial instruments recorded at fair value. The fair value guidance establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Generally, we will estimate the fair value of our interest rate caps and interest rate swaps, in the absence of observable market data, using estimates of value including estimated remaining life, counterparty credit risk, current market yield and interest rate spreads of similar securities as of the measurement date. At December 31, 2023 and 2022, our interest rate cap and interest rate swap agreements were valued using Level 2 inputs. The fair value of the interest rate cap agreements is recorded in other assets on our accompanying consolidated balance sheets. We record changes in the fair value of the interest rate cap agreements quarterly based on the current market valuations at quarter end. If the interest rate cap qualifies for hedge accounting, the change in the estimated fair value is recorded to accumulated other comprehensive income to the extent that it is effective, with any ineffective portion recorded to interest expense in our consolidated statements of operations and comprehensive income. If the interest rate cap does not qualify for hedge accounting, or if it is determined the hedge is ineffective, any change in the fair value is recognized in interest expense in our consolidated statements of operations and comprehensive income. During the next 12 months, we estimate that an additional $4.3 million will be reclassified out of accumulated other comprehensive income into interest expense in our consolidated statements of operations and comprehensive income, as a reduction to interest expense. The following table summarizes the interest rate caps at December 31, 2023 and 2022 (dollars in thousands):
(1)We have entered into various interest rate cap agreements on new variable rate debt with SOFR caps ranging from 1.49% to 1.75%. We have entered into interest rate swap agreements in connection with certain of our acquisitions, whereby we will pay our counterparty a fixed interest rate on a monthly basis, and receive payments from our counterparty equivalent to the stipulated floating rate. The fair value of our interest rate swap agreements are recorded in other liabilities on our accompanying consolidated balance sheets. We have designated our interest rate swaps as cash flow hedges, and we record changes in the fair value of the respective interest rate swap agreement to accumulated other comprehensive income on the consolidated balance sheets. We record changes in fair value on a quarterly basis, using current market valuations at quarter end. The following table summarizes our interest rate swaps at December 31, 2023 and 2022 (dollars in thousands):
The following tables present the impact of our derivative instruments in the consolidated financial statements (dollars in thousands):
The following table presents the reclassifications of our derivative instruments out of accumulated other comprehensive income into interest expense in the consolidated financial statements (dollars in thousands):
The following table sets forth certain information regarding our derivative instruments (dollars in thousands):
The fair value of all mortgage notes payable outstanding as of December 31, 2023 was $263.3 million, as compared to the carrying value stated above of $295.9 million. The fair value is calculated based on a discounted cash flow analysis, using management’s estimate of market interest rates on long-term debt with comparable terms and loan to value ratios. The fair value was calculated using Level 3 inputs of the hierarchy established by ASC 820, “Fair Value Measurements and Disclosures.” Credit Facility On August 7, 2013, we procured our $60.0 million Revolver with KeyBank National Association (“KeyBank”) (serving as revolving lender, a letter of credit issuer and an administrative agent). In October 2015, we expanded our Revolver to $85.0 million and entered into Term Loan A whereby we added a $25.0 million, five-year Term Loan subject to the same leverage tiers as the Revolver, with the interest rate at each leverage tier being five basis points lower than that of the Revolver. We have the option to repay Term Loan A in full, or in part, at any time without penalty or premium prior to the maturity date. On October 27, 2017, we amended this Credit Facility, increasing Term Loan A from $25.0 million, to $75.0 million, with the Revolver commitment remaining at $85.0 million. Term Loan A’s maturity date was extended to October 27, 2022, and the Revolver maturity date was extended to October 27, 2021. In connection with the amendment, the interest rate for the Credit Facility was reduced by 25 basis points at each of the leverage tiers. At the time of amendment, we entered into multiple interest rate cap agreements on Term Loan A, which cap LIBOR at 2.75% to hedge our exposure to variable interest rates. On July 2, 2019, we amended, extended and upsized our Credit Facility, expanding Term Loan A from $75.0 million to $160.0 million, inclusive of a delayed draw component whereby we can incrementally borrow on the Term Loan up to the $160.0 million commitment, and increasing the Revolver from $85.0 million to $100.0 million. Term Loan A has a new five-year term, with a maturity date of July 2, 2024, and the Revolver has a new four-year term, with a maturity date of July 2, 2023. The interest rate margin for the Credit Facility was reduced by 10 basis points at each of the leverage tiers. We entered into multiple interest rate cap agreements on Term Loan A, which cap LIBOR ranging from 2.50% to 2.75%, to hedge our exposure to variable interest rates. We used the net proceeds derived from the amended Credit Facility to repay all previously existing borrowings under the Revolver. We incurred fees of approximately $1.3 million in connection with the Credit Facility amendment. The bank syndicate for the Credit Facility is now comprised of KeyBank, Fifth Third Bank, U.S. Bank National Association, The Huntington National Bank, Goldman Sachs Bank USA, and Wells Fargo Bank, National Association. On February 11, 2021, we added a new $65.0 million Term Loan B, inclusive of a $15.0 million delayed funding component, which was funded on July 20, 2021. Term Loan B has a maturity date of February 11, 2026 and a LIBOR floor of 25 basis points, plus a spread ranging from 140 to 225 basis points, depending on leverage. We entered into multiple interest rate cap agreements on Term Loan B, which cap LIBOR from 1.50% to 1.75%. We incurred fees of approximately $0.5 million in connection with issuing Term Loan B. As of December 31, 2023, there was $60.0 million outstanding under Term Loan B. On August 18, 2022, we amended, extended and upsized our Credit Facility, increasing our Revolver from $100.0 million to $120.0 million (and its term to August 2026), adding the new $140.0 million Term Loan C, decreasing the principal balance of Term Loan B to $60.0 million and extending the maturity date of Term Loan A to August 2027. Term Loan C has a maturity date of February 18, 2028 and a SOFR spread ranging from 125 to 195 basis points, depending on our leverage. On September 27, 2022 we further increased the Revolver to $125.0 million and Term Loan C to $150.0 million, as permitted under the terms of the Credit Facility. We entered into multiple interest rate swap agreements on Term Loan C, which swap the interest rate to fixed rates ranging from 3.15% to 3.75%. We also entered into an interest rate swap agreement on Term Loan A to replace the expiring rate caps, which swaps the interest rate to a fixed rate of 3.70%. We incurred fees of approximately $4.2 million in connection with extending and upsizing our Credit Facility. The net proceeds of the transaction were used to repay the then-outstanding borrowings on the Revolver, pay off mortgage debt, and fund acquisitions. The Credit Facility’s current bank syndicate is comprised of KeyBank, Fifth Third Bank, The Huntington National Bank, Bank of America, Synovus Bank, United Bank, First Financial Bank, and S&T Bank. As of December 31, 2023, there was $445.8 million outstanding under our Credit Facility, at a weighted average interest rate of approximately 6.84% and $2.0 million outstanding under letters of credit, at a weighted average interest rate of 1.50%. As of December 31, 2023, the maximum additional amount we could draw under the Credit Facility was $44.5 million. We were in compliance with all covenants under the Credit Facility as of December 31, 2023. The amount outstanding under the Credit Facility approximates fair value as of December 31, 2023.
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Ground Leases We are obligated as lessee under four ground leases. Future minimum rental payments due under the terms of these leases as of December 31, 2023, are as follows (dollars in thousands):
Rental expense incurred for properties with ground lease obligations was $0.3 million, $0.4 million, and $0.5 million for the years ended December 31, 2023, 2022 and 2021, respectively. Our ground leases are treated as operating leases and rental expenses are reflected in property operating expenses on the consolidated statements of operations and comprehensive income. Our ground leases have a weighted average remaining lease term of 17.7 years and weighted average discount rate of 5.33%. Letters of Credit As of December 31, 2023, there was $2.0 million outstanding under letters of credit. These letters of credit are not reflected on our consolidated balance sheet.
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Equity and Mezzanine Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity and Mezzanine Equity | Equity and Mezzanine Equity Distributions We paid the following distributions per share for the years ended December 31, 2023, 2022, and 2021:
(1)We redeemed all outstanding shares of our Series D Preferred Stock on June 30, 2021. (2)Series G Preferred Stock was issued on June 28, 2021. For federal income tax purposes, distributions paid to stockholders may be characterized as ordinary income, capital gains, return of capital or a combination of the foregoing. The characterization of distributions during each of the last three years is reflected in the table below:
Recent Activity Common Stock ATM Program On December 3, 2019, we entered into an At-the-Market Equity Offering Sales Agreement (the “Common Stock Sales Agreement”), with Robert W. Baird & Co. Incorporated (“Baird”), Goldman Sachs & Co. LLC (“Goldman Sachs”), Stifel, Nicolaus & Company, Incorporated (“Stifel”), BTIG, LLC, and Fifth Third Securities, Inc. (“Fifth Third”) (collectively the “Common Stock Sales Agents”), pursuant to which we sold shares of our common stock in an aggregate offering price of up to $250.0 million (the “Common Stock ATM Program”). On February 22, 2022, we entered into Amendment No. 1 to the At-the-Market Equity Offering Sales Agreement, dated December 3, 2019 (together, the “Prior Common Stock Sales Agreement”). The amendment permitted shares of common stock to be issued pursuant to the Prior Common Stock Sales Agreement under the 2020 Registration Statement, and future registration statements on Form S-3 (the “Prior Common Stock ATM Program”). During the year ended December 31, 2023, we sold 0.2 million shares of common stock, raising approximately $4.0 million in net proceeds under our At-the-Market Equity Offering Sales Agreement with sales agents Baird, Goldman Sachs, Stifel, and Fifth Third. We terminated the Common Stock Sales Agreement effective February 10, 2023 in connection with the expiration of our registration statement on Form S-3 (File No. 333-236143) (the “2020 Registration Statement”) on February 11, 2023. On March 3, 2023, we entered into an At-the-Market Equity Offering Sales Agreement (the “2023 Common Stock Sales Agreement”), with BofA Securities, Inc. (“BofA”), Goldman Sachs, Baird, KeyBanc Capital Markets Inc. (“KeyBanc”), and Fifth Third (collectively the “Common Stock Sales Agents”). In connection with the 2023 Common Stock Sales Agreement, we filed prospectus supplements dated March 3, 2023 and March 7, 2023, to the prospectus dated November 23, 2022, with the SEC, for the offer and sale of an aggregate offering amount of $250.0 million of common stock. During the year ended December 31, 2023, we sold 1,776 shares of common stock, raising approximately $0.02 million in net proceeds under the 2023 Common Stock Sales Agreement. Common Stock Buyback Program During the year ended December 31, 2023, we repurchased $1.0 million worth of our common stock through our common stock repurchase program. Mezzanine Equity Our 7.00% Series D Cumulative Redeemable Preferred Stock (“Series D Preferred Stock”), 6.625% Series E Cumulative Redeemable Preferred Stock (“Series E Preferred Stock”) and 6.00% Series G Cumulative Redeemable Preferred Stock (“Series G Preferred Stock”), are classified as mezzanine equity in our consolidated balance sheet because all three are redeemable at the option of the stockholder upon a change of control of greater than 50% in accordance with ASC 480-10-S99 “Distinguishing Liabilities from Equity,” which requires mezzanine equity classification for preferred stock issuances with redemption features which are outside of the control of the issuer. A change in control of the Company, outside of our control, is only possible if a tender offer is accepted by over 90% of our stockholders. All other change in control situations would require input from our Board of Directors. In addition, our Series E Preferred Stock and Series G Preferred Stock are redeemable at the option of the stockholder in the event a delisting event occurs. We will periodically evaluate the likelihood that a change of control or delisting event of greater than 50% will take place, and if we deem this probable, we would adjust the Series E Preferred Stock and Series G Preferred Stock presented in mezzanine equity to their redemption value, with the offset to gain (loss) on extinguishment. We currently believe the likelihood of a change of control or delisting event of greater than 50% is remote. Series G Preferred Stock Offering On June 28, 2021, we completed an underwritten public offering of 4,000,000 shares of our newly designated Series G Preferred Stock at a public offering price of $25.00 per share, raising $100.0 million in gross proceeds and approximately $96.6 million in net proceeds, after payment of underwriting discounts and commissions. We used the net proceeds from this offering to voluntarily redeem all outstanding shares of our Series D Preferred Stock. Series D Preferred Stock Redemption On June 30, 2021, we voluntarily redeemed all 3,509,555 outstanding shares of our Series D Preferred Stock at a redemption price of $25.1458333 per share, which represented the liquidation preference per share, plus accrued and unpaid dividends through June 30, 2021, for an aggregate redemption price of approximately $88.3 million. In connection with this redemption, we recognized a $2.1 million decrease to net income available to common stockholders pertaining to the original issuance costs incurred upon issuance of our Series D Preferred Stock. Articles Supplementary Reclassifying Remaining Series D Preferred Stock On August 5, 2021, we filed Articles Supplementary (the “Reclassification Articles Supplementary”) with the State Department of Assessments and Taxation of Maryland (“SDAT”), pursuant to which our Board of Directors reclassified and designated the remaining 2,490,445 shares of authorized but unissued Series D Preferred Stock as additional shares of common stock. After giving effect to the filing of the Reclassification Articles Supplementary, our authorized capital stock consists of 62,290,000 shares of common stock, 6,760,000 shares of Series E Preferred Stock, 26,000,000 shares of Series F Preferred Stock, 4,000,000 shares of Series G Preferred Stock, and 950,000 shares of senior common stock. The Reclassification Articles Supplementary did not increase our authorized shares of capital stock. Series E Preferred Stock ATM Program We had an At-the-Market Equity Offering Sales Agreement (the “Series E Preferred Stock Sales Agreement”), with sales agents Baird, Goldman Sachs, Stifel, Fifth Third, and U.S. Bancorp Investments, Inc., pursuant to which we could, from time to time, offer to sell shares of our Series E Preferred Stock in an aggregate offering price of up to $100.0 million. We did not sell any shares of our Series E Preferred Stock pursuant to the Series E Preferred Stock Sales Agreement during the year ended December 31, 2023. We terminated the Series E Preferred Stock Sales Agreement effective February 10, 2023 in connection with the expiration of the 2020 Registration Statement on February 11, 2023. Universal Shelf Registration Statement On January 11, 2019, we filed a registration statement on Form S-3 (File No. 333-229209), and an amendment thereto on Form-S-3/A on January 24, 2019 (collectively referred to as the “2019 Registration Statement”). The 2019 Registration Statement became effective on February 13, 2019 and replaced our prior registration statement. The 2019 Registration Statement allowed us to issue up to $500.0 million of securities and expired on February 13, 2022. On January 29, 2020, we filed the 2020 Registration Statement. The 2020 Registration Statement was declared effective on February 11, 2020 and was in addition to the 2019 Registration Statement. The 2020 Registration Statement allowed us to issue up to an additional $800.0 million of securities. Of the $800.0 million of available capacity under our 2020 Registration Statement, approximately $636.5 million was reserved for the sale of our Series F Preferred Stock. On November 23, 2022, we filed an automatic registration statement on Form S-3 (File No. 333-268549) (the “2022 Registration Statement”). There is no limit on the aggregate amount of the securities that we may offer pursuant to the 2022 Registration Statement. Preferred Series F Continuous Offering On February 20, 2020, we filed with the Maryland Department of Assessments and Taxation Articles Supplementary (i) setting forth the rights, preferences and terms of the Series F Preferred Stock and (ii) reclassifying and designating 26,000,000 shares of the Company’s authorized and unissued shares of common stock as shares of Series F Preferred Stock. The reclassification decreased the number of shares classified as common stock from 86,290,000 shares immediately prior to the reclassification to 60,290,000 shares immediately after the reclassification. We sold 0.2 million shares of our Series F Preferred Stock, raising $5.6 million in net proceeds during the year ended December 31, 2023. Amendment to Articles of Restatement On June 23, 2021, we filed with the SDAT the Articles Supplementary (i) setting forth the rights, preferences and terms of our newly designated Series G Preferred Stock and (ii) reclassifying and designating 4,000,000 shares of our authorized and unissued shares of common stock as shares of Series G Preferred Stock. Amendments to Operating Partnership Agreement In connection with the authorization of the Series F Preferred Stock in February of 2020, the Operating Partnership controlled by the Company through its ownership of GCLP Business Trust II, the general partner of the Operating Partnership, adopted the Second Amendment to its Second Amended and Restated Agreement of Limited Partnership (collectively, the “Second Amendment”), as amended from time to time, establishing the rights, privileges and preferences of 6.00% Series F Cumulative Redeemable Preferred Units, a newly-designated class of limited partnership interests (the “Series F Preferred Units”). The Second Amendment provides for the Operating Partnership’s establishment and issuance of an equal number of Series F Preferred Units as are issued shares of Series F Preferred Stock by the Company in connection with the offering upon the Company’s contribution to the Operating Partnership of the net proceeds of the offering. Generally, the Series F Preferred Units provided for under the Second Amendment have preferences, distribution rights and other provisions substantially equivalent to those of the Series F Preferred Stock. On June 23, 2021, the Operating Partnership adopted the Third Amendment to its Second Amended and Restated Agreement of Limited Partnership, including Exhibit SGP thereto (collectively, the “Third Amendment”), establishing the rights, privileges, and preferences of 6.00% Series G Cumulative Redeemable Preferred Units, a newly-designated class of limited partnership interests (the “Series G Term Preferred Units”). The Third Amendment provides for the Operating Partnership’s establishment and issuance of an equal number of Series G Term Preferred Units as are issued shares of Series G Preferred Stock by the Company in connection with the offering of Series G Preferred Stock upon the Company’s contribution to the Operating Partnership of the net proceeds of the offering of Series G Preferred Stock. Generally, the Series G Preferred Units provided for under the Third Amendment have preferences, distribution rights, and other provisions substantially equivalent to those of the Series G Preferred Stock. On August 5, 2021, the Operating Partnership adopted the Fourth Amendment to its Second Amended and Restated Agreement of Limited Partnership, including Exhibit SGP thereto, to remove all references to the 7.00% Series D Cumulative Redeemable Preferred Units of the Partnership and update the rights, privileges, and preferences accordingly. Non-controlling Interests in Operating Partnership As of December 31, 2023 and 2022, we owned approximately 99.2% and 99.0%, respectively, of the outstanding OP Units. On September 20, 2022, we issued 134,474 OP Units as partial consideration to acquire our 49,375 square foot property located in Fort Payne, Alabama for $5.6 million. During the year ended December 31, 2023, we redeemed 80,825 OP units for an equivalent amount of common stock. The Operating Partnership is required to make distributions on each OP Unit in the same amount as those paid on each share of the Company’s common stock, with the distributions on the OP Units held by the Company being utilized to make distributions to the Company’s common stockholders. As of December 31, 2023 and 2022, there were 310,643 and 391,468 outstanding OP Units held by Non-controlling OP Unitholders, respectively.
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Revision of Previously Issued Financial Statements |
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Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revision of Previously Issued Financial Statements | Revision of Previously Issued Financial Statements As discussed in Note 1, the Company identified errors in its calculation of the depreciation of tenant funded improvement assets at a number of its properties. A summary of the corrections to the impacted financial statement line items in the Company’s previously issued Consolidated Statements of Operations and Comprehensive Income, Consolidated Balance Sheets, Consolidated Statements of Equity, and Consolidated Statements of Cash Flows for the years ended December 31, 2021 and December 31, 2022 included in previously filed Annual Reports on Form 10-K, is as follows:
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Subsequent Events |
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Subsequent Events [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events | Subsequent Events Distributions On January 9, 2024, our Board of Directors declared the following monthly distributions for the months of January, February, and March of 2024:
Equity Activity Subsequent to December 31, 2023 and through February 21, 2024, we raised $0.2 million in net proceeds from the sale of 7,580 sales of Series F Preferred Stock. Sale Activity On January 11, 2024, we sold our 114,786 square foot office property in Columbus, Ohio for $4.5 million. We realized a $0.3 million loss on sale, net.
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Schedule III - Real Estate and Accumulated Depreciation |
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SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION | GLADSTONE COMMERCIAL CORPORATION SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2023 (Dollars in Thousands)
(1)The aggregate cost for land and building improvements for federal income tax purposes is the same as the total gross cost of land, building improvements and acquisition costs capitalized for asset acquisitions under ASC 360, which is $1,261.7 million. (2)Depreciable life of all buildings is the shorter of the useful life of the asset or 39 years. Depreciable life of all improvements is the shorter of the useful life of the assets or the life of the respective leases on each building, which range from 5-25 years. (3)These properties are in our unencumbered pool of assets on our Credit Facility. The following table reconciles the change in the balance of real estate during the years ended December 31, 2023, 2022 and 2021, respectively (in thousands):
(1)The real estate figure includes $40.4 million of real estate held for sale as of December 31, 2023. (2)The real estate figure includes $12.3 million of real estate held for sale as of December 31, 2022. The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2023, 2022 and 2021, respectively (in thousands):
(1)The accumulated depreciation figure includes $12.9 million of real estate held for sale as of December 31, 2023. (2)The accumulated depreciation figure includes $9.0 million of real estate held for sale as of December 31, 2022.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
12 Months Ended | ||
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Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
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Pay vs Performance Disclosure | |||
Net income available to the Company | $ 4,985 | $ 10,805 | $ 10,935 |
Insider Trading Arrangements |
3 Months Ended |
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Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Organization, Basis of Presentation and Significant Accounting Policies (Policies) |
12 Months Ended |
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Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Subsidiaries | Subsidiaries We conduct substantially all of our operations through the Operating Partnership. We currently control the sole general partner of the Operating Partnership and own, directly or indirectly, a majority of the limited partnership interests in the Operating Partnership (“Non-controlling OP Units”) through two of our subsidiaries, GCLP Business Trust I and II. The financial position and results of operations of the Operating Partnership are consolidated within our financial statements. As of December 31, 2023 and 2022, the Company owned 99.2% and 99.0%, respectively, of the outstanding OP Units (See Note 8, “Equity and Mezzanine Equity” for additional discussion regarding OP Units). Gladstone Commercial Lending, LLC, a Delaware limited liability company (“Gladstone Commercial Lending”), a subsidiary of ours, was created to conduct all operations related to our real estate mortgage loans. As the Operating Partnership currently owns all of the membership interests of Gladstone Commercial Lending, the financial position and results of operations of Gladstone Commercial Lending are consolidated with ours. Gladstone Commercial Advisers, Inc., a Delaware corporation (“Commercial Advisers”), and wholly-owned taxable REIT subsidiary (“TRS”) of ours, was created to collect any non-qualifying income related to our real estate portfolio. There has been no such income earned to date. Since we own 100% of the voting securities of Commercial Advisers, the financial position and results of operations of Commercial Advisers are consolidated within our financial statements. GCLP Business Trust I and GCLP Business Trust II, each a subsidiary and business trust of ours, were formed under the laws of the Commonwealth of Massachusetts on December 28, 2005.
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Revision of Previously Issued Financial Statements | Revision of Previously Issued Financial Statements In connection with the preparation of its financial statements for the second quarter of 2023, the Company identified errors in the calculation of depreciation of tenant funded improvement assets at a number of its properties. The Company had depreciated these assets through a term that was different than their useful lives, the correction of which resulted in changes to depreciation expense, a non-cash amount, and net income. The correction of these errors had an immaterial impact on the Incentive Fee for each period presented and had no impact on any other Advisory fees. The identified errors were included in the Company's previously issued 2021 quarterly and annual financial statements, 2022 quarterly and annual financial statements, and quarterly financial statements for the three months ended March 31, 2023. The Company evaluated the errors and determined that the related impact was not material to the Consolidated Statements of Operations and Comprehensive Income, Consolidated Balance Sheets, Consolidated Statements of Cash Flows or Consolidated Statements of Equity for any period impacted. The Company has revised the previously issued Consolidated Balance Sheets, Consolidated Statements of Operations and Comprehensive Income, Consolidated Statements of Equity, and Consolidated Statements of Cash Flows for the years ended December 31, 2022 and 2021 to correct for such errors and these revisions are reflected in this Form 10-K. The Company will also correct previously reported financial information for these errors in its future filings, as applicable. A summary of the corrections to the impacted financial statement line items to the Company’s previously issued Consolidated Balance Sheets, Consolidated Statements of Operations and Comprehensive Income, Consolidated Statements of Equity, and Consolidated Statements of Cash Flows for each affected period is presented in Note 9, “Revision of Previously Issued Financial Statements.”
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Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could materially differ from those estimates.
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Real Estate and Lease Intangibles | Real Estate and Lease Intangibles We record investments in real estate at cost and capitalize improvements and replacements when they extend the useful life or improve the efficiency of the asset. We expense costs of repairs and maintenance as such costs are incurred. We generally compute depreciation using the straight-line method over the estimated useful life, or up to 39 years, for buildings, to 25 years for improvements, and the remaining lease term for tenant improvements.Management’s estimates of fair value are made using methods similar to those used by independent appraisers (e.g. discounted cash flow analysis). Factors considered by management in its analysis include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions and costs to execute similar leases. We also consider information obtained about each property as a result of our pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired and liabilities assumed. In estimating carrying costs, management also includes lost reimbursement of real estate taxes, insurance and other operating expenses as well as estimates of lost rents at market rates during the hypothetical expected lease-up periods, which generally range from to 18 months, depending on specific local market conditions. Management also estimates costs to execute similar leases, including leasing commissions, legal and other related expenses to the extent that such costs are not already incurred in connection with a new lease origination as part of the transaction. We allocate purchase price to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. The “as-if-vacant” value is allocated to land, building and tenant improvements based on management’s determination of the relative fair values of these assets on the date of acquisition. Above-market and below-market in-place lease fair values for acquired properties are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. When determining the non-cancelable term of the lease, we evaluate which fixed-rate renewal options, if any, should be included. The capitalized above-market lease values, included in the accompanying consolidated balance sheets as part of deferred rent receivable, are amortized as a reduction of rental income over the remaining non-cancelable terms of the respective leases. Total amortization related to above-market lease values was $0.6 million, $0.8 million, and $0.8 million for the years ended December 31, 2023, 2022, and 2021, respectively. The capitalized below-market lease values, included in the accompanying consolidated balance sheets as part of deferred rent liability, are amortized as an increase to rental income over the remaining non-cancelable terms of the respective leases, including any below market renewal periods. Total amortization related to below-market lease values was $8.0 million, $5.1 million, and $4.1 million for the years ended December 31, 2023, 2022, and 2021, respectively. The total amount of the remaining intangible assets acquired, which consists of in-place lease values, lease origination costs, and customer relationship intangible values, are allocated based on management’s evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant. Characteristics to be considered by management in determining these values include the nature and extent of our existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and our expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors. The value of in-place leases and lease origination costs are amortized to amortization expense over the remaining term of the respective leases, which generally range from to 15 years. The value of customer relationship intangibles, which is the benefit to us resulting from the likelihood of an existing tenant renewing its lease, are amortized to amortization expense over the remaining term and any anticipated renewal periods in the respective leases, but in no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. Total amortization expense related to these intangible assets and liabilities was $16.7 million, $19.1 million, and $20.7 million for the years ended December 31, 2023, 2022, and 2021, respectively. Should a tenant terminate its lease, the unamortized portion of the above-market and below-market lease values would be charged to rental income and the unamortized portion of in-place lease values, lease origination costs and customer relationship intangibles will be charged to amortization expense through the revised termination date.
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Business Combinations | Most properties that we acquire are already being operated as rental properties, which we consider to be asset acquisitions under Accounting Standards Codification (“ASC”) 360, “Property Plant and Equipment” (“ASC 360”). When an acquisition is considered an asset acquisition, ASC 360 requires that the purchase price of real estate be allocated to the acquired tangible assets and liabilities, consisting of land, building, tenant improvements, long-term debt assumed and identified intangible assets and liabilities, typically the value of above-market and below-market leases, the value of in-place leases, the value of lease origination costs and the value of tenant relationships, based in each case on their fair values. ASC 360 allows us to capitalize all expenses related to an acquisition accounted for as an asset acquisition into the cost of the acquisition. |
Impairment Charges | Impairment Charges We account for the impairment of real estate in accordance with ASC 360-10-35, “Property, Plant, and Equipment,” which requires us to periodically review the carrying value of each property to determine if circumstances indicate impairment of the carrying value of the investment exists or that depreciation periods should be modified. In determining if impairment exists, we consider such factors as each tenant’s payment history and financial condition, the likelihood of lease renewal, business conditions in the industry in which the tenants operate, whether there are indications that the fair value of the real estate has decreased or our intended holding period of the property is shortened. If any of the factors above indicate the possibility of impairment, we prepare a projection of the undiscounted future cash flows, without interest charges, of the specific property and determine if the carrying amount of such property is recoverable. In preparing the projection of undiscounted future cash flows, we estimate cap rates and market rental rates using information that we obtain from market comparability studies and other comparable sources, and apply the undiscounted cash flows against our expected holding period. If impairment were indicated, the carrying value of the property would be written down to its estimated fair value based on our best estimate of the property’s discounted future cash flows using market derived cap rates, discount rates and market rental rates applied against our expected hold period. We evaluate our entire portfolio of properties each quarter for any impairment indicators and perform an impairment analysis on those select properties that have an indication of impairment.
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Held for Sale Property | Held for Sale Property For properties considered held for sale, we cease depreciating and amortizing the property and value the property at the lower of depreciated and amortized cost or fair value, less costs to dispose. We present qualifying assets and liabilities and the results of operations that have been sold, or otherwise qualify as held for sale, as discontinued operations in all periods when the sale meets the definition of discontinued operations. Under GAAP, the definition of discontinued operations is the disposal of a component or group of components that is disposed or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on our operations and financial results. The components of the property’s net income (loss) that are reflected as discontinued operations if classified as such include operating results, depreciation, amortization, and interest expense. When properties are considered held for sale, but do not qualify as a discontinued operation, we present qualifying assets and liabilities as held for sale in the consolidated balance sheet in all periods that the qualifying assets and liabilities meet the held for sale criteria under ASC 360-10-49-9. The components of the held for sale property’s net income (loss) is recorded within continuing operations under the consolidated statement of operations and comprehensive income.
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Cash and Cash Equivalents | Cash and Cash Equivalents We consider cash equivalents to be short-term, highly-liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase, except that any such investments purchased with funds held in escrow or similar accounts are classified as restricted cash. Items classified as cash equivalents include money-market deposit accounts. The Company maintains majority of its cash and cash equivalents with financial institutions in the U.S., which management believes to be financially sound and with minimal credit risk. At times, the balance of our cash and cash equivalents may exceed federally insurable limits.
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Restricted Cash | Restricted Cash Restricted cash consists of security deposits and receipts from tenants for reserves. These funds will be released to the tenants upon completion of agreed upon tasks, as specified in the lease agreements, mainly consisting of maintenance and repairs on the buildings and upon receipt by us of evidence of insurance and tax payments. For purposes of the consolidated statements of cash flows, changes in restricted cash caused by changes in reserves held for tenants are shown as investing activities. Changes in restricted cash caused by changes in security deposits are reflected as financing activities.
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Funds Held in Escrow | Funds Held in Escrow Funds held in escrow consist of funds held by certain of our lenders for properties held as collateral by these lenders. These funds will be released to us upon completion of agreed upon tasks, as specified in the mortgage agreements, mainly consisting of maintenance and repairs on the buildings, and when evidence of insurance and tax payments has been submitted to the lenders. For the purposes of the consolidated statements of cash flows, changes in funds held in escrow caused by changes in lender held reserve balances are shown as investing activities.
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Deferred Financing Costs | Deferred Financing Costs Deferred financing costs consist of costs incurred to obtain financing, including legal fees, origination fees and administrative fees. The costs are deferred and amortized using the straight-line method, which approximates the effective interest method, over the term of the secured financing.
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Gains (Losses) on Sale of Real Estate, Net | Gains (Losses) on Sale of Real Estate, Net Gains (losses) on sale of real estate, net, consist of the excess consideration received for a property over the property carrying value at the time of sale, or gains on real estate, offset by consideration received for a property less than the property carrying value at the time of sale, or loss on sale of real estate.
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Lease Revenue | Lease Revenue Lease revenue includes rents that each tenant pays in accordance with the terms of its respective lease reported evenly over the non-cancelable term of the lease. Most of our leases contain rental increases at specified intervals. We recognize such revenues on a straight-line basis. Deferred rent receivable in the accompanying consolidated balance sheet includes the cumulative difference between lease revenue, as recorded on a straight-line basis, and rents received from the tenants in accordance with the lease terms, along with the capitalized above-market in-place lease values of certain acquired properties. Deferred rent liability in the accompanying consolidated balance sheet includes the capitalized below-market in-place lease values of certain acquired properties. Accordingly, we determine, in our judgment, to what extent the deferred rent receivable applicable to each specific tenant is collectible. We review deferred rent receivable, as it relates to straight line rents, on a quarterly basis and take into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the geographic area in which the property is located. In the event that the collectability of deferred rent with respect to any given tenant is in doubt, we record an allowance for uncollectible accounts or record a direct write-off of the specific rent receivable. We incurred $0.4 million, $0.4 million, and $0.4 million in deferred rent write offs during each of the years ended December 31, 2023, 2022, and 2021, respectively. Tenant recovery revenue includes payments from tenants as reimbursements for franchise taxes, management fees, insurance, maintenance and repairs, utilities, and ground lease payments. We recognize tenant recovery revenue in the same periods that we incur the related expenses. We do not record any tenant recovery revenues or operating expenses associated with costs paid directly by our tenants for our net leased properties. On January 1, 2020, we completed the integration of the accounting records of certain of our triple net leased third-party asset managed properties into our accounting system and paid property operating expenses out of our operating bank accounts. For periods prior to January 1, 2020, we recorded property operating expenses and offsetting lease revenues for these certain triple net leased properties on a net basis. Beginning January 1, 2020, we began to record the property operating expenses and offsetting lease revenues for these triple net leased properties on a gross basis, as we have amended our process whereby we are paying operating expenses on behalf of our tenants and receiving reimbursement; whereas, previously these tenants were paying these expenses directly, with limited insight provided to us.
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Income Taxes | Income Taxes We have operated and intend to continue to operate in a manner that will allow us to qualify as a REIT under the Internal Revenue Code of 1986, as amended, and, accordingly, will not be subject to federal income taxes on amounts distributed to stockholders (except income from foreclosure property), provided that we distribute at least 90% of our REIT taxable income to our stockholders and meet certain other conditions. To the extent that we satisfy the distribution requirement but distribute less than 100% of our taxable income, we will be subject to federal corporate income tax on our undistributed income. Commercial Advisers is a wholly-owned TRS that is subject to federal and state income taxes. Though Commercial Advisers has had no activity to date, we would account for any future income taxes in accordance with the provisions of ASC 740, “Income Taxes.” Under ASC 740-10-25, we would account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We may recognize a tax benefit from an uncertain tax position when it is more-likely-than-not (defined as a likelihood of more than 50%) that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. If a tax position does not meet the more-likely-than-not recognition threshold, despite our belief that the filing position is supportable, the benefit of that tax position is not recognized in the statements of operations. We recognize interest and penalties, as applicable, related to unrecognized tax benefits as a component of income tax expense. We recognize unrecognized tax benefits in the period that the uncertainty is eliminated by either affirmative agreement of the uncertain tax position by the applicable taxing authority, or by expiration of the applicable statute of limitation.
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Asset Retirement Obligations | Asset Retirement Obligations ASC 410, “Asset Retirement and Environmental Obligation,” requires an entity to recognize a liability for a conditional asset retirement obligation when incurred if the liability can be reasonably estimated. ASC 410-20-20 clarifies that the term “Conditional Asset Retirement Obligation” refers to a legal obligation (pursuant to existing laws or by contract) to perform an asset retirement activity in which the timing and/or method of settlement are conditional on a future event that may or may not be within the control of the entity. ASC 410-20-25-6 clarifies when an entity would have sufficient information to reasonably estimate the fair value of an asset retirement obligation.
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Stock Issuance Costs | Stock Issuance Costs We account for stock issuance costs in accordance with SEC Staff Accounting Bulletin (“SAB”) Topic 5.A, which states that incremental costs directly attributable to a proposed or actual offering of securities may properly be deferred and charged against the gross proceeds of the offering. Accordingly, we record costs incurred related to our ongoing equity offerings to other assets on our consolidated balance sheet and ratably apply these amounts to the cost of equity as stock is issued. If an equity offering is subsequently terminated and there are amounts remaining in other assets that have not been allocated to the cost of the offering, the remaining amounts are recorded as a general and administrative expense on our consolidated statements of operations.
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Comprehensive Income | Comprehensive Income We record the effective portion of changes in the fair value of the interest rate cap and swap agreements that qualify as cash flow hedges to accumulated other comprehensive income. For the years ended December 31, 2023, 2022, and 2021, we reconciled net income to comprehensive income on the consolidated statements of operations and comprehensive income in the accompanying consolidated financial statements.
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Segment Reporting | Segment Reporting We manage our operations on an aggregated, single segment basis for purposes of assessing performance and making operating decisions, and, accordingly, have only one reporting and operating segment.
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(Loss) Earnings per Share of Common Stock | We computed basic loss per share for the years ended December 31, 2023, 2022 and 2021, respectively, using the weighted average number of shares outstanding during the periods. Diluted loss per share for the years ended December 31, 2023, 2022 and 2021, reflects additional shares of common stock related to our convertible Senior Common Stock, if the effect would be dilutive, that would have been outstanding if dilutive potential shares of common stock had been issued, as well as an adjustment to net loss attributable to common stockholders as applicable to common stockholders that would result from their assumed issuance (dollars in thousands, except per share amounts).
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Fair Value Measurements and Disclosures | The fair value of the interest rate cap agreements is recorded in other assets on our accompanying consolidated balance sheets. We record changes in the fair value of the interest rate cap agreements quarterly based on the current market valuations at quarter end. If the interest rate cap qualifies for hedge accounting, the change in the estimated fair value is recorded to accumulated other comprehensive income to the extent that it is effective, with any ineffective portion recorded to interest expense in our consolidated statements of operations and comprehensive income. If the interest rate cap does not qualify for hedge accounting, or if it is determined the hedge is ineffective, any change in the fair value is recognized in interest expense in our consolidated statements of operations and comprehensive income. During the next 12 months, we estimate that an additional $4.3 million will be reclassified out of accumulated other comprehensive income into interest expense in our consolidated statements of operations and comprehensive income, as a reduction to interest expense. |
Loss per Share of Common Stock (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and Diluted Loss Per Share of Common Stock | The following tables set forth the computation of basic and diluted loss per share of common stock for the years ended December 31, 2023, 2022 and 2021, respectively. The OP Units held by Non-controlling OP Unitholders (which may be redeemed for shares of common stock) have been excluded from the diluted earnings per share calculation, as there would be no effect on the amounts since the Non-controlling OP Unitholders’ share of income would also be added back to net income. Net income figures are presented net of such non-controlling interests in the earnings per share calculation. We computed basic loss per share for the years ended December 31, 2023, 2022 and 2021, respectively, using the weighted average number of shares outstanding during the periods. Diluted loss per share for the years ended December 31, 2023, 2022 and 2021, reflects additional shares of common stock related to our convertible Senior Common Stock, if the effect would be dilutive, that would have been outstanding if dilutive potential shares of common stock had been issued, as well as an adjustment to net loss attributable to common stockholders as applicable to common stockholders that would result from their assumed issuance (dollars in thousands, except per share amounts).
(1)The weighted average number of OP Units held by Non-controlling OP Unitholders was 382,563, 294,941, and 316,987 for the years ended December 31, 2023, 2022, and 2021, respectively. (2)We excluded convertible shares of Senior Common Stock of 345,132, 363,246 and 503,962 from the calculation of diluted earnings per share for the years ended December 31, 2023, 2022 and 2021, respectively, because it was anti-dilutive.
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Real Estate and Intangible Assets (Tables) |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Investments in Real Estate | The following table sets forth the components of our investments in real estate as of December 31, 2023 and 2022, respectively, excluding real estate held for sale as of December 31, 2023 (dollars in thousands):
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Summary of Properties Acquired | During the years ended December 31, 2023 and 2022, we acquired five and 13 properties, respectively, which are summarized below (dollars in thousands):
(1)On April 14, 2023, we acquired a 76,089 square foot property in Riverdale, Illinois for $5.4 million. The property is fully leased to one tenant and had 20.0 years of remaining lease term at the time we acquired the property. On July 10, 2023, we acquired a 7,714 square foot property in Dallas-Fort Worth, Texas for $3.0 million. The property is fully leased to one tenant and had 9.9 years of remaining lease term at the time we acquired the property. On July 28, 2023, we acquired a 100,000 square foot property in Dallas-Fort Worth, Texas for $9.2 million. The property is fully leased to one tenant and had 20.0 years of remaining lease term at the time we acquired the property. On October 12, 2023, we acquired a 69,920 square foot property in Allentown, Pennsylvania for $7.9 million. The property is fully leased to one tenant and had 20.1 years of remaining lease term at the time we acquired the property. On November 3, 2023, we acquired a 67,709 square foot property in Indianapolis, Indiana for $4.6 million. The property is fully leased to one tenant and had 20.1 years of remaining lease term at the time we acquired the property. (2)On February 24, 2022, we acquired an 80,000 square foot property in Wilkesboro, North Carolina for $7.5 million. The property is fully leased to one tenant and had 12.7 years of remaining lease term at the time we acquired the property. On March 11, 2022, we acquired a 56,000 square foot property portfolio in Oklahoma City, Oklahoma for $6.0 million. The property is fully leased to one tenant and had 7.0 years of remaining lease term at the time we acquired the portfolio. On May 4, 2022, we acquired a 260,719 square foot, two-property portfolio in Cleveland, Ohio and Fort Payne, Alabama for $19.5 million. On May 12, 2022, we acquired a 345,584 square foot, three-property portfolio in Wilmington, North Carolina, for $18.9 million. These properties are fully leased to one tenant and had 13.1 years of remaining lease term at the time we acquired the portfolio. On August 5, 2022, we acquired a 246,000 square foot, two-property portfolio in Bridgeton, New Jersey and Vineland, New Jersey for $32.7 million. These properties are fully leased to one tenant and had 15.1 years of remaining lease term at the time we acquired the property. On September 16, 2022, we acquired a 67,328 square foot property in Jacksonville, Florida for $8.1 million. This property is fully leased to one tenant and had 20.0 years of remaining lease term at the time we acquired the property. On September 20, 2022, we acquired a 49,375 square foot property in Fort Payne, Alabama for $5.6 million. This property is fully leased to one tenant and had 14.8 years of remaining lease term at the time we acquired the property. On October 26, 2022, we acquired a 68,674 square foot property in Denver, Colorado for $12.1 million. This property is fully leased to one tenant and had 20.0 years of remaining lease term at the time we acquired the property. On December 21, 2022, we acquired a 65,000 square foot property in Greenville, South Carolina for $5.0 million. The property is fully leased to one tenant and had 12.0 years of remaining lease term at the time we acquired the property.
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Fair Value of Acquired Assets and Liabilities Assumed | We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the years ended December 31, 2023 and 2022, respectively, as follows (dollars in thousands):
(1)This amount includes $181 of loans receivable included in Other assets on the consolidated balance sheets. (2)This amount includes $393 and $32 of prepaid rent included in Other liabilities on the consolidated balance sheets, respectively.
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Future Operating Lease Payments from Tenants under Non-Cancelable Leases | Future operating lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses, for each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands):
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Lease Revenue | The table below sets forth the allocation of lease revenue between fixed contractual lease payments and variable lease payments for the years ended December 31, 2023, 2022, and 2021, respectively (dollars in thousands):
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Carrying Value of Intangible Assets and Accumulated Amortization | The following table summarizes the carrying value of intangible assets, liabilities and the accumulated amortization for each intangible asset and liability class as of December 31, 2023 and 2022, excluding real estate held for sale as of December 31, 2023 (dollars in thousands):
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Weighted Average Amortization Period for Intangible Assets Acquired and Liabilities Assumed | The weighted average amortization periods in years for the intangible assets acquired and liabilities assumed during the years ended December 31, 2023 and 2022, respectively, were as follows:
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Estimated Aggregate Amortization Expense | The estimated aggregate amortization expense to be recorded for in-place leases, leasing costs and customer relationships for each of the five succeeding fiscal years and thereafter is as follows, excluding real estate held for sale as of December 31, 2023 (dollars in thousands):
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Summary of Estimated Aggregate Rental Income | The estimated aggregate rental income to be recorded for the amortization of both above and below market leases for each of the five succeeding fiscal years and thereafter is as follows, excluding real estate held for sale as of December 31, 2023 (dollars in thousands):
(1)Does not include ground lease amortization of $141.
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Real Estate Dispositions, Held for Sale, and Impairment Charges (Tables) |
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Summary Properties Sold | During the year ended December 31, 2023, we sold seven non-core properties, located in Baytown, Texas; Birmingham, Alabama; Pittsburgh, Pennsylvania; Eatontown, New Jersey; Taylorsville, Utah; Columbia, South Carolina; and Blaine, Minnesota, which are summarized in the table below (dollars in thousands):
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Components of Operating Income from Real Estate and Related Assets Disposed | The table below summarizes the components of operating income from the real estate and related assets disposed of during the years ended December 31, 2023, 2022, and 2021, respectively (dollars in thousands):
(1)Includes a $3.6 million impairment charge. (2)Includes a $7.7 million gain on sale of real estate, net, from seven property sales and a $2.8 million gain on debt extinguishment from one property sale. (3)Includes a $10.7 million impairment charge.
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Components of Assets and Liabilities Held for Sale | The table below summarizes the components of the assets held for sale at December 31, 2023 reflected on the accompanying consolidated balance sheet (dollars in thousands):
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Mortgage Notes Payable and Credit Facility (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Mortgage Notes Payable and Credit Facility | Our mortgage notes payable and Credit Facility as of December 31, 2023 and December 31, 2022 are summarized below (dollars in thousands):
(1)Interest rates on our fixed rate mortgage notes payable vary from 2.80% to 6.63%. (2)We have 41 mortgage notes payable with maturity dates ranging from June 18, 2024 through August 1, 2037. (3)The weighted average interest rate on the mortgage notes outstanding at December 31, 2023, was approximately 4.19%. (4)As of December 31, 2023, SOFR was approximately 5.38%. (5)The weighted average interest rate on all debt outstanding at December 31, 2023, was approximately 5.78%. (6)The amount we may draw under our Credit Facility is based on a percentage of the fair value of a combined pool of 85 unencumbered properties as of December 31, 2023. N/A - Not Applicable
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Summary of Long-Term Mortgages | During the year ended December 31, 2023, we repaid six mortgages collateralized by six properties, which are summarized below (dollars in thousands):
During the year ended December 31, 2023, we issued three mortgages, collateralized by three properties, which are summarized below (dollars in thousands):
During the year ended December 31, 2023, we extended the maturity date of one mortgage, collateralized by one property, which is summarized in the table below (dollars in thousands):
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Schedule of Principal Payments of Mortgage Notes Payable | Scheduled principal payments of mortgage notes payable for each of the five succeeding fiscal years and thereafter are as follows (dollars in thousands):
(1)This figure does not include $(0.04) million premiums and (discounts), net, and $2.2 million of deferred financing costs, which are reflected in mortgage notes payable on the consolidated balance sheets.
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Summary of Interest Rate Cap Agreement | The following table summarizes the interest rate caps at December 31, 2023 and 2022 (dollars in thousands):
(1)We have entered into various interest rate cap agreements on new variable rate debt with SOFR caps ranging from 1.49% to 1.75%. The following table summarizes our interest rate swaps at December 31, 2023 and 2022 (dollars in thousands):
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Schedule of Derivative Instruments | The following tables present the impact of our derivative instruments in the consolidated financial statements (dollars in thousands):
The following table presents the reclassifications of our derivative instruments out of accumulated other comprehensive income into interest expense in the consolidated financial statements (dollars in thousands):
The following table sets forth certain information regarding our derivative instruments (dollars in thousands):
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Commitments and Contingencies (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future Lease Payments Due Under Operating Leases | Future minimum rental payments due under the terms of these leases as of December 31, 2023, are as follows (dollars in thousands):
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Equity and Mezzanine Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Declared | We paid the following distributions per share for the years ended December 31, 2023, 2022, and 2021:
(1)We redeemed all outstanding shares of our Series D Preferred Stock on June 30, 2021. (2)Series G Preferred Stock was issued on June 28, 2021.
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Summary of Changes in Stockholders' Equity | The characterization of distributions during each of the last three years is reflected in the table below:
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Revision of Previously Issued Financial Statements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Corrections to Impacted Financial Statements | A summary of the corrections to the impacted financial statement line items in the Company’s previously issued Consolidated Statements of Operations and Comprehensive Income, Consolidated Balance Sheets, Consolidated Statements of Equity, and Consolidated Statements of Cash Flows for the years ended December 31, 2021 and December 31, 2022 included in previously filed Annual Reports on Form 10-K, is as follows:
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Subsequent Events (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Monthly Distributions Declared by Company's Board of Directors | On January 9, 2024, our Board of Directors declared the following monthly distributions for the months of January, February, and March of 2024:
|
Organization, Basis of Presentation and Significant Accounting Policies - Additional Information (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023
USD ($)
segment
subsidiary
shares
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Organization And Significant Accounting Policies [Line Items] | |||
Number of subsidiaries interest owned in general and limited partnership | subsidiary | 2 | ||
Non-qualifying income related to real estate portfolio | $ 0 | ||
Total amortization expense related to intangible assets | 16,700,000 | $ 19,100,000 | $ 20,700,000 |
Amortization related to below-market lease | 8,000,000 | 5,100,000 | 4,100,000 |
Payments of deferred financing costs | 400,000 | 5,355,000 | 792,000 |
Total amortization expense related to deferred financing costs is included in interest expense | 1,646,000 | 3,482,000 | 1,583,000 |
Deferred rent write-offs | $ 400,000 | 400,000 | 400,000 |
Uncertain tax positions percentage | 50.00% | ||
Uncertain tax positions | $ 0 | 0 | 0 |
ARO liabilities accrued in connection with acquisitions | 95,000 | 979,000 | 600,000 |
Expenses recorded to general and administrative expense | 100,000 | 100,000 | 100,000 |
Aggregate undiscounted obligation on properties | $ 10,500,000 | ||
Number of reporting segments | segment | 1 | ||
Number of operating segments | segment | 1 | ||
Above Market Leases | |||
Organization And Significant Accounting Policies [Line Items] | |||
Total amortization expense related to intangible assets | $ 600,000 | $ 800,000 | $ 800,000 |
Minimum | |||
Organization And Significant Accounting Policies [Line Items] | |||
Expected lease up period for estimating carrying costs | 9 months | ||
Remaining term of in-place leases and unamortized lease | 7 years | ||
REIT taxable income to its stockholders (as percent) | 90.00% | ||
Percentage of discount rate for calculating undiscounted obligation | 2.00% | ||
Maximum | |||
Organization And Significant Accounting Policies [Line Items] | |||
Expected lease up period for estimating carrying costs | 18 months | ||
Remaining term of in-place leases and unamortized lease | 15 years | ||
REIT taxable income to its stockholders (as percent) | 100.00% | ||
Percentage of discount rate for calculating undiscounted obligation | 7.00% | ||
Building | |||
Organization And Significant Accounting Policies [Line Items] | |||
Estimated useful life | 39 years | ||
Improvements | Minimum | |||
Organization And Significant Accounting Policies [Line Items] | |||
Estimated useful life | 10 years | ||
Improvements | Maximum | |||
Organization And Significant Accounting Policies [Line Items] | |||
Estimated useful life | 25 years | ||
GCLP Business Trust I | |||
Organization And Significant Accounting Policies [Line Items] | |||
Subsidiary and business trust of the Company, formed under the laws of the Commonwealth of Massachusetts, date | Dec. 28, 2005 | ||
Percentage of limited partnership interest transferred to business unit | 99.00% | ||
Number of trust shares exchanged for limited partnership interest (in shares) | shares | 100 | ||
Operating Partnership | |||
Organization And Significant Accounting Policies [Line Items] | |||
Company ownership percentage of voting securities | 99.20% | 99.00% | |
Gladstone Commercial Advisers, Inc. | |||
Organization And Significant Accounting Policies [Line Items] | |||
Company ownership percentage of voting securities | 100.00% | ||
GCLP Business Trust II | |||
Organization And Significant Accounting Policies [Line Items] | |||
Percentage of limited partnership interest transferred to business unit | 1.00% | ||
Number of trust shares exchanged for general partnership interest (in shares) | shares | 100 |
Related-Party Transactions (Details) |
1 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jul. 11, 2023 |
Jul. 14, 2020 |
Feb. 20, 2020
$ / shares
shares
|
Feb. 29, 2020 |
Dec. 31, 2023
USD ($)
quarter
officer
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|||
Related Party Transaction [Line Items] | |||||||||
Number of executive officers | officer | 2 | ||||||||
Related Party | |||||||||
Related Party Transaction [Line Items] | |||||||||
Amount due to advisor and administrator | [1] | $ 2,556,000 | $ 3,356,000 | ||||||
Advisory Agreement | |||||||||
Related Party Transaction [Line Items] | |||||||||
Number of quarters used for the cap of average quarterly incentive fees | quarter | 4 | ||||||||
Advisory Agreement | Affiliated Entity | |||||||||
Related Party Transaction [Line Items] | |||||||||
Notice period for termination of agreement without cause | 120 days | ||||||||
Percentage of independent directors required to terminate the amended advisory agreement | 66.67% | ||||||||
Number of times the sum of the average annual base management fee and incentive fee earned by adviser | 2 | ||||||||
Period prior to termination | 24 months | ||||||||
Notice period for termination of agreement with cause | 30 days | ||||||||
Advisory Agreement - Base Rate, Annualized Rate | Affiliated Entity | |||||||||
Related Party Transaction [Line Items] | |||||||||
Management and service fees, base rate | 0.425% | ||||||||
Advisory Agreement - Base Rate, Quarterly Rate | Affiliated Entity | |||||||||
Related Party Transaction [Line Items] | |||||||||
Management and service fees, base rate | 0.10625% | ||||||||
Advisory Agreement - Base Management Fee | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction, amounts of transaction | $ 6,400,000 | 6,300,000 | $ 5,900,000 | ||||||
Advisory Agreement - Incentive Rate, Quarterly Hurdle Rate | Affiliated Entity | |||||||||
Related Party Transaction [Line Items] | |||||||||
Management and service fees, incentive rate | 2.00% | ||||||||
Advisory Agreement - Incentive Rate, Annualized Hurdle Rate | Affiliated Entity | |||||||||
Related Party Transaction [Line Items] | |||||||||
Management and service fees, incentive rate | 8.00% | ||||||||
Advisory Agreement - Incentive Rate, Pre-Incentive Fee Net Investment Income Below Catch-Up Threshold | Affiliated Entity | |||||||||
Related Party Transaction [Line Items] | |||||||||
Management and service fees, incentive rate | 15.00% | ||||||||
Advisory Agreement - Incentive Rate, Pre-Incentive Fee Net Investment Income Exceeds Catch-Up Threshold | Affiliated Entity | |||||||||
Related Party Transaction [Line Items] | |||||||||
Management and service fees, incentive rate | 15.00% | ||||||||
Eight Amended Advisory Agreement | Affiliated Entity | |||||||||
Related Party Transaction [Line Items] | |||||||||
Management and service fees, incentive rate | 15.00% | ||||||||
Advisory Agreement - Incentive Fees | Affiliated Entity | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction, amounts of transaction | 5,300,000 | 4,900,000 | |||||||
Contractual fee waived | $ 4,600,000 | ||||||||
Investment company, voluntary fee waived | 0 | 20,000.00 | |||||||
Advisory Agreement - Incentive Rate, Realized Capital Gains | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction, amounts of transaction | $ 0 | 0 | 0 | ||||||
Advisory Agreement - Incentive Rate, Realized Capital Gains | Affiliated Entity | |||||||||
Related Party Transaction [Line Items] | |||||||||
Management and service fees, incentive rate | 15.00% | ||||||||
Administrative Agreement - Administrative Fee | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction, amounts of transaction | $ 2,400,000 | 1,900,000 | 1,400,000 | ||||||
Mortgage Financing Arrangement Agreement - Financing Fees | Gladstone Securities, LLC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction, amounts of transaction | $ 100,000 | $ 300,000 | $ 100,000 | ||||||
Mortgage Financing Arrangement Agreement - Percentage of Mortgage Principal Secured | Gladstone Securities, LLC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction, rate | 0.29% | 0.33% | 0.33% | ||||||
Dealer Manager Agreement | Gladstone Securities, LLC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction, amounts of transaction | $ 500,000 | $ 500,000 | $ 700,000 | ||||||
Dealer Manager Agreement - Selling Commission Percentage of Gross Proceeds From Sales | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction, rate | 6.00% | ||||||||
Dealer Manager Agreement - Dealer Management Fee Percentage of Gross Proceeds from Sale of Preferred Stock in Primary Offering | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction, rate | 3.00% | ||||||||
Series F Cumulative Redeemable Preferred Stock | Preferred Stock | Dealer Manager Agreement | Affiliated Entity | Gladstone Securities, LLC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Redeemable preferred stock, shares authorized (in shares) | shares | 20,000,000 | ||||||||
Preferred stock, dividend rate | 6.00% | ||||||||
Redeemable preferred stock, par value (in dollars per share) | $ / shares | $ 0.001 | ||||||||
Redeemable preferred stock, dividend reinvestment plan, shares authorized (in shares) | shares | 6,000,000 | ||||||||
Minimum | Mortgage Financing Arrangement Agreement - Financing Fees | Gladstone Securities, LLC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction, rate | 0.15% | ||||||||
Maximum | Mortgage Financing Arrangement Agreement - Financing Fees | Gladstone Securities, LLC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction, rate | 1.00% | ||||||||
|
Loss per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Calculation of basic loss per share of common stock: | |||
Net loss attributable to common stockholders | $ (7,738) | $ (1,529) | $ (3,392) |
Denominator for basic weighted average shares of common stock (in shares) | 39,943,167 | 38,950,734 | 36,537,306 |
Basic (loss) earnings per share of common stock (in dollars per share) | $ (0.19) | $ (0.04) | $ (0.09) |
Calculation of diluted loss per share of common stock: | |||
Net loss attributable to common stockholders | $ (7,738) | $ (1,529) | $ (3,392) |
Net (loss) income (attributable) available to common stockholders plus assumed conversions | $ (7,738) | $ (1,529) | $ (3,392) |
Denominator for basic weighted average shares of common stock (in shares) | 39,943,167 | 38,950,734 | 36,537,306 |
Effect of convertible senior common stock (in shares) | 0 | 0 | 0 |
Denominator for diluted weighted average shares of common stock (in shares) | 39,943,167 | 38,950,734 | 36,537,306 |
Diluted (loss) earnings per share of common stock (in dollars per share) | $ (0.19) | $ (0.04) | $ (0.09) |
Weighted average number of OP Units held by Non-controlling OP Unitholders (in shares) | 382,563 | 294,941 | 316,987 |
Senior Common Stock | |||
Calculation of diluted loss per share of common stock: | |||
Anti-dilutive convertible shares of senior common stock excluded from calculation of diluted earnings per share (in shares) | 345,132 | 363,246 | 503,962 |
Loss per Share of Common Stock - Basic and Diluted Loss Per Share of Common Stock Narrative (Detail) - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | |||
Number of OP Units held by Non-controlling OP Unitholders (in shares) | 382,563 | 294,941 | 316,987 |
Senior Common Stock | |||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | |||
Anti-dilutive convertible shares of senior common stock excluded from calculation of diluted earnings per share (in shares) | 345,132 | 363,246 | 503,962 |
Real Estate and Intangible Assets - Components of Investments in Real Estate (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Real estate: | |||
Land | $ 143,442 | $ 152,916 | |
Building and improvements | 1,020,661 | 1,069,407 | |
Tenant improvements | 57,261 | 64,974 | |
Accumulated depreciation | (299,662) | (286,150) | $ (267,057) |
Total real estate, net | 921,702 | 1,001,147 | 958,201 |
Land value subject to land lease agreements | 4,436 | ||
Building and Improvements | |||
Real Estate Properties [Line Items] | |||
Depreciation | $ 41,200 | $ 41,100 | $ 38,400 |
Real Estate and Intangible Assets - Summary of Properties Acquired (Details) $ in Thousands |
12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 03, 2023
USD ($)
ft²
tenant
|
Oct. 12, 2023
USD ($)
ft²
tenant
|
Jul. 28, 2023
USD ($)
ft²
tenant
|
Jul. 10, 2023
USD ($)
ft²
tenant
|
Apr. 14, 2023
USD ($)
ft²
tenant
|
Dec. 21, 2022
USD ($)
ft²
|
Oct. 26, 2022
USD ($)
ft²
tenant
|
Sep. 20, 2022
USD ($)
ft²
tenant
|
Sep. 16, 2022
USD ($)
ft²
tenant
|
Aug. 05, 2022
USD ($)
ft²
property
tenant
|
May 12, 2022
USD ($)
ft²
property
tenant
|
May 04, 2022
USD ($)
ft²
property
|
Mar. 11, 2022
USD ($)
ft²
tenant
|
Feb. 24, 2022
USD ($)
ft²
tenant
|
Dec. 31, 2023
USD ($)
ft²
property
|
Dec. 31, 2022
USD ($)
ft²
property
|
|
Business Acquisition [Line Items] | ||||||||||||||||
Number of properties acquired | property | 5 | 13 | ||||||||||||||
Aggregate Purchase Price | $ 30,018 | $ 115,364 | ||||||||||||||
Riverdale, Illinois | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Aggregate Square Footage | ft² | 76,089 | |||||||||||||||
Weighted Average Lease Term | 20 years | |||||||||||||||
Aggregate Purchase Price | $ 5,400 | |||||||||||||||
Number of tenants | tenant | 1 | |||||||||||||||
Dallas-Fort Worth, Texas | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Aggregate Square Footage | ft² | 100,000 | 7,714 | ||||||||||||||
Weighted Average Lease Term | 20 years | 9 years 10 months 24 days | ||||||||||||||
Aggregate Purchase Price | $ 9,200 | $ 3,000 | ||||||||||||||
Number of tenants | tenant | 1 | 1 | ||||||||||||||
Allentown, Pennsylvania | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Aggregate Square Footage | ft² | 69,920 | |||||||||||||||
Weighted Average Lease Term | 20 years 1 month 6 days | |||||||||||||||
Aggregate Purchase Price | $ 7,900 | |||||||||||||||
Number of tenants | tenant | 1 | |||||||||||||||
Indianapolis, Indiana | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Aggregate Square Footage | ft² | 67,709 | |||||||||||||||
Weighted Average Lease Term | 20 years 1 month 6 days | |||||||||||||||
Aggregate Purchase Price | $ 4,600 | |||||||||||||||
Number of tenants | tenant | 1 | |||||||||||||||
Wilkesboro, North Carolina | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Aggregate Square Footage | ft² | 80,000 | |||||||||||||||
Weighted Average Lease Term | 12 years 8 months 12 days | |||||||||||||||
Aggregate Purchase Price | $ 7,500 | |||||||||||||||
Number of tenants | tenant | 1 | |||||||||||||||
Oklahoma City, Oklahoma | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Aggregate Square Footage | ft² | 56,000 | |||||||||||||||
Weighted Average Lease Term | 7 years | |||||||||||||||
Aggregate Purchase Price | $ 6,000 | |||||||||||||||
Number of tenants | tenant | 1 | |||||||||||||||
Cleveland, Ohio And Fort Payne, Alabama | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Number of properties acquired | property | 2 | |||||||||||||||
Aggregate Square Footage | ft² | 260,719 | |||||||||||||||
Aggregate Purchase Price | $ 19,500 | |||||||||||||||
Wilmington, North Carolina | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Number of properties acquired | property | 3 | |||||||||||||||
Aggregate Square Footage | ft² | 345,584 | |||||||||||||||
Weighted Average Lease Term | 13 years 1 month 6 days | |||||||||||||||
Aggregate Purchase Price | $ 18,900 | |||||||||||||||
Number of tenants | tenant | 1 | |||||||||||||||
Bridgeton and Vineland, New Jersey | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Number of properties acquired | property | 2 | |||||||||||||||
Aggregate Square Footage | ft² | 246,000 | |||||||||||||||
Weighted Average Lease Term | 15 years 1 month 6 days | |||||||||||||||
Aggregate Purchase Price | $ 32,700 | |||||||||||||||
Number of tenants | tenant | 1 | |||||||||||||||
Jacksonville, Florida | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Aggregate Square Footage | ft² | 67,328 | |||||||||||||||
Weighted Average Lease Term | 20 years | |||||||||||||||
Aggregate Purchase Price | $ 8,100 | |||||||||||||||
Number of tenants | tenant | 1 | |||||||||||||||
Fort Payne, Alabama | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Aggregate Square Footage | ft² | 49,375 | |||||||||||||||
Weighted Average Lease Term | 14 years 9 months 18 days | |||||||||||||||
Aggregate Purchase Price | $ 5,600 | $ 5,600 | ||||||||||||||
Number of tenants | tenant | 1 | |||||||||||||||
Denver, Colorado | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Aggregate Square Footage | ft² | 68,674 | |||||||||||||||
Weighted Average Lease Term | 20 years | |||||||||||||||
Aggregate Purchase Price | $ 12,100 | |||||||||||||||
Number of tenants | tenant | 1 | |||||||||||||||
Greenville, South Carolina | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Aggregate Square Footage | ft² | 65,000 | |||||||||||||||
Weighted Average Lease Term | 12 years | |||||||||||||||
Aggregate Purchase Price | $ 5,000 | |||||||||||||||
Series of Property Acquisitions | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Aggregate Square Footage | ft² | 321,432 | 1,238,680 | ||||||||||||||
Weighted Average Lease Term | 19 years 3 months 18 days | 14 years 6 months | ||||||||||||||
Aggregate Purchase Price | $ 30,018 | $ 115,364 | ||||||||||||||
Aggregate Capitalized Acquisition Costs | $ 528 | $ 1,014 |
Real Estate and Intangible Assets - Fair Value of Acquired Assets and Liabilities Assumed (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Business Acquisition [Line Items] | ||
Total Purchase Price | $ 30,018 | $ 115,364 |
Loans receivable | 181 | |
Prepaid rent | 393 | 32 |
Customer Relationships | ||
Business Acquisition [Line Items] | ||
Assets acquired | 684 | 3,352 |
Above Market Leases | ||
Business Acquisition [Line Items] | ||
Assets acquired | 0 | 500 |
Below Market Leases | ||
Business Acquisition [Line Items] | ||
Liabilities assumed | (393) | (603) |
Land | ||
Business Acquisition [Line Items] | ||
Assets acquired | 4,629 | 11,587 |
Building | ||
Business Acquisition [Line Items] | ||
Assets acquired | 19,726 | 85,774 |
Tenant Improvements | ||
Business Acquisition [Line Items] | ||
Assets acquired | 997 | 1,939 |
In-place Leases | ||
Business Acquisition [Line Items] | ||
Assets acquired | 1,642 | 5,927 |
Leasing Costs | ||
Business Acquisition [Line Items] | ||
Assets acquired | $ 2,733 | $ 6,888 |
Real Estate and Intangible Assets - Future Operating Lease Payments from Tenants under Non-Cancelable Leases (Details) $ in Thousands |
Dec. 31, 2023
USD ($)
|
---|---|
Real Estate [Abstract] | |
2024 | $ 113,627 |
2025 | 111,796 |
2026 | 106,207 |
2027 | 90,925 |
2028 | 77,945 |
Thereafter | 389,670 |
Tenant lease payments | $ 890,170 |
Real Estate and Intangible Assets - Lease Revenue (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Real Estate [Abstract] | |||
Fixed lease payments | $ 130,551 | $ 132,032 | $ 121,303 |
Variable lease payments | 17,033 | 16,949 | 16,385 |
Lease payments | 147,584 | 148,981 | $ 137,688 |
Accounts receivable from tenants | $ 1,500 | $ 1,100 |
Real Estate and Intangible Assets - Legal Settlement (Details) $ in Millions |
1 Months Ended |
---|---|
Aug. 31, 2021
USD ($)
| |
Real Estate [Abstract] | |
Gain on legal settlement | $ 2.4 |
Real Estate and Intangible Assets - Carrying Value of Intangible Assets and Accumulated Amortization (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Finite-Lived Intangible Assets [Line Items] | |||
Below market leases, gross | $ (59,411) | $ (66,138) | |
Below market leases, accumulated amortization | 30,087 | 26,141 | |
Amortization of intangible assets | 16,700 | 19,100 | $ 20,700 |
Amortization related to below-market lease | 8,000 | 5,100 | 4,100 |
Lease Intangibles | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 246,644 | 259,018 | |
Finite-lived intangible assets, accumulated amortization | (145,596) | (147,396) | |
In-place Leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 98,615 | 104,394 | |
Finite-lived intangible assets, accumulated amortization | (63,269) | (63,240) | |
Leasing Costs | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 84,844 | 85,038 | |
Finite-lived intangible assets, accumulated amortization | (46,096) | (45,501) | |
Customer Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 63,185 | 69,586 | |
Finite-lived intangible assets, accumulated amortization | (36,231) | (38,655) | |
Above Market Leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 13,431 | 15,371 | |
Finite-lived intangible assets, accumulated amortization | (10,675) | (11,909) | |
Amortization of intangible assets | $ 600 | $ 800 | $ 800 |
Real Estate and Intangible Assets - Weighted Average Amortization Period for Intangible Assets Acquired and Liabilities Assumed (Details) |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period | 21 years 1 month 6 days | 16 years 2 months 12 days |
In-place Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period | 18 years 10 months 24 days | 14 years 9 months 18 days |
Leasing Costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period | 18 years 10 months 24 days | 14 years 9 months 18 days |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period | 26 years 3 months 18 days | 20 years 6 months |
Above Market Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period | 0 years | 16 years 3 months 18 days |
Below Market Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period | 20 years 1 month 6 days | 13 years |
Real Estate and Intangible Assets - Estimated Aggregate Amortization Expense (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Real Estate [Abstract] | ||
2024 | $ 16,225 | |
2025 | 14,201 | |
2026 | 12,490 | |
2027 | 10,853 | |
2028 | 8,818 | |
Thereafter | 38,461 | |
Lease intangibles, net | $ 101,048 | $ 111,622 |
Real Estate and Intangible Assets - Summary of Estimated Aggregate Rental Income (Details) $ in Thousands |
Dec. 31, 2023
USD ($)
|
---|---|
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | |
2024 | $ 113,627 |
2025 | 111,796 |
2026 | 106,207 |
2027 | 90,925 |
2028 | 77,945 |
Thereafter | 389,670 |
Tenant lease payments | 890,170 |
Ground lease amortization | 141 |
Above and Below Market Leases | |
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | |
2024 | 6,188 |
2025 | 6,006 |
2026 | 3,814 |
2027 | 2,522 |
2028 | 2,525 |
Thereafter | 5,372 |
Tenant lease payments | $ 26,427 |
Real Estate Dispositions, Held for Sale, and Impairment Charges - Summary of Properties Sold (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023
USD ($)
ft²
property
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Aggregate Impairment Charge for the Twelve Months Ended December 31, 2023 | $ 19,296 | $ 12,092 | $ 0 |
Aggregate Gain on Sale of Real Estate, net | $ 7,737 | $ 10,052 | $ (1,148) |
Assets disposed of by sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of non-core properties sold | property | 7 | ||
Aggregate Square Footage | ft² | 445,036 | ||
Aggregate Sales Price | $ 39,634 | ||
Aggregate Sales Costs | 2,626 | ||
Aggregate Impairment Charge for the Twelve Months Ended December 31, 2023 | 3,591 | ||
Aggregate Gain on Sale of Real Estate, net | $ 7,737 |
Real Estate Dispositions, Held for Sale, and Impairment Charges - Components of Operating Income from Real Estate and Related Assets Disposed (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023
USD ($)
property
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Real Estate Properties [Line Items] | |||
Loss on sale of real estate, net | $ 7,737 | $ 10,052 | $ (1,148) |
Gain on debt extinguishment, net | 2,830 | 0 | 0 |
Assets disposed of by sale | |||
Real Estate Properties [Line Items] | |||
Operating revenue | 2,223 | 7,426 | 8,234 |
Operating expense | 3,816 | 16,529 | 7,222 |
Other income (expense), net | 9,884 | (1,545) | (1,649) |
Income (expense) from real estate and related assets sold | 8,291 | (10,648) | $ (637) |
Impairment charge | 3,600 | $ 10,700 | |
Loss on sale of real estate, net | $ 7,737 | ||
Number of non-core properties sold | property | 7 | ||
Gain on debt extinguishment, net | $ 2,800 | ||
Number of properties sold | property | 1 |
Real Estate Dispositions, Held for Sale, and Impairment Charges - Additional Information (Details) $ in Millions |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2023
USD ($)
property
|
Sep. 30, 2023
USD ($)
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2023
property
|
Dec. 31, 2022
USD ($)
property
|
|
Real Estate Properties [Line Items] | |||||
Impairment Long-Lived Asset, Held-For-Use, Statement Of Income Or Comprehensive Income, Extensible Enumeration, Not Disclosed Flag | Impairment Charges | ||||
Richardson, Texas; Columbus, Ohio And Tifton, Georgia | |||||
Real Estate Properties [Line Items] | |||||
Number of real estate properties, held for sale | 3 | 3 | |||
Columbia, South Carolina | |||||
Real Estate Properties [Line Items] | |||||
Number of real estate properties, held for sale | 1 | ||||
Number of assets held for sale | 1 | ||||
Impairment charge | $ | $ 10.7 | ||||
Draper, Utah and Egg Harbor, New Jersey | |||||
Real Estate Properties [Line Items] | |||||
Number of assets held for sale | 2 | ||||
Impairment charge | $ | $ 8.0 | $ 8.0 | |||
Richardson, Texas, Taylorsville, Utah, and Columbus, Ohio | |||||
Real Estate Properties [Line Items] | |||||
Number of assets held for sale | 3 | ||||
Impairment charge | $ | $ 11.3 | $ 11.3 | |||
Parsippany, New Jersey | |||||
Real Estate Properties [Line Items] | |||||
Number of assets held for sale | 1 | ||||
Impairment charge | $ | $ 1.4 |
Real Estate Dispositions, Held for Sale, and Impairment Charges - Components of Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Assets Held for Sale | ||
Total Assets Held for Sale | $ 28,787 | $ 3,293 |
Liabilities Held for Sale | ||
Liabilities related to assets held for sale | 676 | 0 |
Real Estate Held For Sale | ||
Assets Held for Sale | ||
Total real estate held for sale | 27,496 | 3,293 |
Lease intangibles, net | 1,284 | 0 |
Deferred rent receivable, net | 7 | 0 |
Total Assets Held for Sale | 28,787 | 3,293 |
Liabilities Held for Sale | ||
Deferred rent liability, net | 676 | 0 |
Liabilities related to assets held for sale | $ 676 | $ 0 |
Mortgage Notes Payable and Credit Facility - Additional Information (Details) |
1 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 27, 2022
USD ($)
|
Aug. 18, 2022
USD ($)
|
Feb. 11, 2021
USD ($)
|
Jul. 02, 2019
USD ($)
|
Oct. 27, 2017
USD ($)
|
Oct. 31, 2015
USD ($)
|
Dec. 31, 2023
USD ($)
mortgage
property
|
Dec. 31, 2022
USD ($)
|
Aug. 17, 2022
USD ($)
|
Jul. 01, 2019
USD ($)
|
Oct. 26, 2017
USD ($)
|
Aug. 07, 2013
USD ($)
|
|
Debt Instrument [Line Items] | ||||||||||||
Number of properties collateralized in mortgage notes payable | property | 132 | |||||||||||
The estimated value of gains (losses), net anticipated to be transferred in the future from accumulated other comprehensive income into earnings. | $ 4,300,000 | |||||||||||
Long-term debt | 738,861,000 | $ 749,206,000 | ||||||||||
Borrowings under revolving credit facility, net | $ 75,750,000 | 23,250,000 | ||||||||||
Weighted average interest rate on debt outstanding | 5.78% | |||||||||||
Mortgage notes payable | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of mortgage notes payable | mortgage | 41 | |||||||||||
Number of properties collateralized in mortgage notes payable | property | 47 | |||||||||||
Net book value of collateralized mortgage properties | $ 480,200,000 | |||||||||||
Fair value of mortgage notes payable outstanding | 263,300,000 | |||||||||||
Long-term debt | 295,853,000 | $ 359,389,000 | ||||||||||
Carrying value | $ 298,122,000 | |||||||||||
Weighted average interest rate on debt outstanding | 4.19% | |||||||||||
Line of credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 85,000,000 | $ 60,000,000 | ||||||||||
Reduction at each of the leverage tiers | 0.10% | |||||||||||
Borrowings under revolving credit facility, net | $ 445,800,000 | |||||||||||
Line of credit at an interest rate | 6.84% | |||||||||||
Letters of credit, outstanding | $ 2,000,000 | |||||||||||
Line of credit facility, maximum additional amount drawn | $ 44,500,000 | |||||||||||
Letter of credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Weighted average interest rate on debt outstanding | 1.50% | |||||||||||
Revolving credit facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 125,000,000 | $ 120,000,000 | $ 100,000,000 | $ 125,000,000 | $ 100,000,000 | $ 85,000,000 | ||||||
Revolving credit facility | Line of credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument term | 4 years | |||||||||||
Debt instrument, fee | $ 1,300,000 | |||||||||||
Variable Rate Term Loan Facility A | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 160,000,000 | $ 75,000,000 | 160,000,000 | $ 75,000,000 | $ 25,000,000 | |||||||
Stated interest rate | 3.70% | |||||||||||
Variable Rate Term Loan Facility A | London Interbank Offered Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread | 2.75% | |||||||||||
Variable Rate Term Loan Facility A | Line of credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | 85,000,000 | |||||||||||
Debt instrument term | 5 years | |||||||||||
Reduction at each of the leverage tiers | 0.25% | |||||||||||
Variable Rate Term Loan Facility A | Minimum | London Interbank Offered Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread | 2.50% | |||||||||||
Variable Rate Term Loan Facility A | Maximum | London Interbank Offered Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread | 2.75% | |||||||||||
Variable Rate Term Loan Facility B | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | 60,000,000 | $ 65,000,000 | 60,000,000 | |||||||||
Debt instrument, fee | 500,000 | |||||||||||
Line of credit facility, delayed funding component | $ 15,000,000 | |||||||||||
Carrying value | 60,000,000 | |||||||||||
Variable Rate Term Loan Facility B | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread | 1.40% | |||||||||||
Variable Rate Term Loan Facility B | Minimum | London Interbank Offered Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread | 1.50% | |||||||||||
Floor on LIBOR | 0.25% | |||||||||||
Variable Rate Term Loan Facility B | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread | 2.25% | |||||||||||
Variable Rate Term Loan Facility B | Maximum | London Interbank Offered Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread | 1.75% | |||||||||||
Variable Rate Term Loan Facility C | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 150,000,000 | $ 140,000,000 | $ 150,000,000 | |||||||||
Debt instrument, fee | $ 4,200,000 | |||||||||||
Variable Rate Term Loan Facility C | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread | 3.15% | 1.25% | ||||||||||
Variable Rate Term Loan Facility C | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread | 3.75% | 1.95% | ||||||||||
Five year term loan facility | Line of credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 25,000,000 | |||||||||||
Debt instrument term | 5 years | |||||||||||
Reduction at each of the leverage tiers | 0.05% |
Mortgage Notes Payable and Credit Facility - Company's Mortgage Notes Payable and Line of Credit (Details) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2023
USD ($)
property
mortgage
|
Dec. 31, 2022
USD ($)
|
|
Debt Instrument [Line Items] | ||
Encumbered properties | property | 132 | |
Long-term debt | $ 738,861 | $ 749,206 |
Weighted average interest rate on debt outstanding | 5.78% | |
Secured Overnight Financing Rate | ||
Debt Instrument [Line Items] | ||
Variable rate at period end | 5.38% | |
Mortgage notes payable | ||
Debt Instrument [Line Items] | ||
Encumbered properties | property | 47 | |
Carrying value | $ 298,122 | |
Premiums and discounts, net | (42) | (83) |
Deferred financing costs, net | (2,227) | (2,565) |
Long-term debt | $ 295,853 | 359,389 |
Number of mortgage notes payable | mortgage | 41 | |
Weighted average interest rate on debt outstanding | 4.19% | |
Fixed rate mortgage loans | ||
Debt Instrument [Line Items] | ||
Encumbered properties | property | 47 | |
Carrying value | $ 298,122 | 362,037 |
Stated interest rate | 4.69% | |
Fixed rate mortgage loans | Minimum | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 2.80% | |
Fixed rate mortgage loans | Maximum | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 6.63% | |
Variable rate revolving credit facility | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Encumbered properties | property | 85 | |
Carrying value | $ 75,750 | 23,250 |
Long-term debt | $ 75,750 | 23,250 |
Scheduled maturity dates | Aug. 18, 2026 | |
Variable rate revolving credit facility | Secured Overnight Financing Rate | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Spread on LIBOR | 1.50% | |
Credit Facility | ||
Debt Instrument [Line Items] | ||
Deferred financing costs, net | $ (2,742) | (3,433) |
Long-term debt | 367,258 | 366,567 |
Variable Rate Term Loan Facility A | ||
Debt Instrument [Line Items] | ||
Carrying value | $ 160,000 | 160,000 |
Scheduled maturity dates | Aug. 18, 2027 | |
Variable Rate Term Loan Facility A | Secured Overnight Financing Rate | ||
Debt Instrument [Line Items] | ||
Spread on LIBOR | 1.45% | |
Variable Rate Term Loan Facility B | ||
Debt Instrument [Line Items] | ||
Carrying value | $ 60,000 | 60,000 |
Scheduled maturity dates | Feb. 11, 2026 | |
Variable Rate Term Loan Facility B | Secured Overnight Financing Rate | ||
Debt Instrument [Line Items] | ||
Spread on LIBOR | 1.45% | |
Variable Rate Term Loan Facility C | ||
Debt Instrument [Line Items] | ||
Carrying value | $ 150,000 | $ 150,000 |
Scheduled maturity dates | Feb. 18, 2028 | |
Variable Rate Term Loan Facility C | Secured Overnight Financing Rate | ||
Debt Instrument [Line Items] | ||
Spread on LIBOR | 1.45% |
Mortgage Notes Payable and Credit Facility - Mortgage Notes Payable (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023
USD ($)
property
mortgage
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Debt Instrument [Line Items] | |||
Debt repaid | $ 70,083 | $ 153,744 | $ 28,470 |
Weighted Average Interest Rate on Fixed Rate Debt | 5.78% | ||
Fixed rate mortgage loans | |||
Debt Instrument [Line Items] | |||
Number of mortgages repaid | property | 6 | ||
Number of properties collateralized | property | 6 | ||
Debt repaid | $ 58,864 | ||
Stated interest rate | 4.69% | ||
Carrying value | $ 298,122 | $ 362,037 | |
New fixed rate mortgage notes payable | |||
Debt Instrument [Line Items] | |||
Number of long-term mortgages issued | property | 3 | ||
Number of properties to issue collateralized mortgage notes payable | property | 3 | ||
Aggregate Fixed Rate Debt Issued | $ 9,000 | ||
Weighted Average Interest Rate on Fixed Rate Debt | 6.10% | ||
Mortgage notes payable | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate on Fixed Rate Debt | 4.19% | ||
Number of long term mortgages, maturity date extended | mortgage | 1 | ||
Number of properties used to collateralize mortgages with extended maturity | property | 1 | ||
Carrying value | $ 298,122 | ||
Fixed Rate Mortgage Loans With Extended Maturity | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 6.50% | ||
Carrying value | $ 8,769 | ||
Extension Term | 1 year |
Mortgage Notes Payable and Credit Facility - Schedule of Principal Payments of Mortgage Notes Payable (Details) - Mortgage notes payable - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
2024 | $ 25,079 | |
2025 | 36,457 | |
2026 | 35,087 | |
2027 | 95,039 | |
2028 | 37,115 | |
Thereafter | 69,345 | |
Carrying value | 298,122 | |
Premiums and discounts, net | (42) | $ (83) |
Deferred financing costs | $ 2,227 | $ 2,565 |
Mortgage Notes Payable and Credit Facility - Interest Rate Caps and Swaps (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Debt Instrument [Line Items] | ||
Aggregate Cost | $ 141 | |
Aggregate Notional Amount | 65,000 | $ 225,000 |
Aggregate Fair Value | 684 | 4,629 |
Interest rate swaps | Counterparty | ||
Debt Instrument [Line Items] | ||
Aggregate Notional Amount | 361,676 | 362,832 |
Aggregate Fair Value Asset | 6,222 | 8,264 |
Aggregate Fair Value Liability | $ (670) | $ (897) |
Minimum | Secured Overnight Financing Rate | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.49% | |
Maximum | Secured Overnight Financing Rate | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.75% |
Mortgage Notes Payable and Credit Facility - Derivative Instruments Impact (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain, net, recognized in Comprehensive Income | $ (4,853) | $ 12,115 | $ 2,854 |
Amount reclassified out of Accumulated Other Comprehensive Income | (971) | (871) | (145) |
Interest rate caps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain, net, recognized in Comprehensive Income | (3,038) | 4,301 | 174 |
Amount reclassified out of Accumulated Other Comprehensive Income | (971) | (871) | (145) |
Interest rate swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain, net, recognized in Comprehensive Income | $ (1,815) | $ 7,814 | $ 2,680 |
Mortgage Notes Payable and Credit Facility - Derivative Instruments Additional Information (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total derivative liabilities, net | $ 6,236 | $ 11,996 |
Interest rate caps | Derivatives Designated as Hedging Instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative asset | 684 | 4,629 |
Interest rate swaps | Derivatives Designated as Hedging Instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative asset | 6,222 | 8,264 |
Derivative liability | $ (670) | $ (897) |
Commitments and Contingencies - Additional Information (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023
USD ($)
lease
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Other Commitments [Line Items] | |||
Number of leases | lease | 4 | ||
Expenses incurred for the properties listed | $ 130,551 | $ 132,032 | $ 121,303 |
Weighted average lease term | 17 years 8 months 12 days | ||
Weighted average discount rate | 5.33% | ||
Line of credit | |||
Other Commitments [Line Items] | |||
Letters of credit, outstanding | $ 2,000 | ||
Operating Expense | |||
Other Commitments [Line Items] | |||
Expenses incurred for the properties listed | $ 300 | $ 400 | $ 500 |
Commitments and Contingencies - Future Lease Payments Due Under Operating Leases (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Future Lease Payments Due Under Operating Leases | ||
2024 | $ 493 | |
2025 | 494 | |
2026 | 498 | |
2027 | 506 | |
2028 | 510 | |
Thereafter | 5,790 | |
Total anticipated lease payments | 8,291 | |
Less: amount representing interest | (3,198) | |
Present value of lease payments | $ 5,093 | $ 5,308 |
Equity and Mezzanine Equity - Dividends Declared (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Senior Common Stock | |||
Dividends Payable [Line Items] | |||
Common stock, cash paid (in dollars per share) | $ 1.05 | $ 1.05 | $ 1.05 |
Series D Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, cash paid (in dollars per share) | 0 | 0 | 0.8750 |
Series E Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, cash paid (in dollars per share) | 1.656252 | 1.656252 | 1.656252 |
Series F Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, cash paid (in dollars per share) | 1.50 | 1.50 | 1.50 |
Series G Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, cash paid (in dollars per share) | 1.50 | 1.50 | 0.7500 |
Common Stock and Non-controlling OP Units | |||
Dividends Payable [Line Items] | |||
Common stock, cash paid (in dollars per share) | $ 1.200000 | $ 1.504800 | $ 1.502175 |
Equity and Mezzanine Equity - Summary of Changes in Stockholders' Equity (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Ordinary Income | Common Stock and Non-controlling OP Units | |||
Dividends Payable [Line Items] | |||
Common stock, dividend rate | 5.39525% | 29.60044% | 28.14778% |
Ordinary Income | Senior Common Stock | |||
Dividends Payable [Line Items] | |||
Common stock, dividend rate | 100.00% | 100.00% | 100.00% |
Ordinary Income | Series D Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend rate | 0.00% | 0.00% | 100.00% |
Ordinary Income | Series E Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend rate | 100.00% | 100.00% | 100.00% |
Ordinary Income | Series F Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend rate | 100.00% | 100.00% | 100.00% |
Ordinary Income | Series G Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend rate | 100.00% | 100.00% | 100.00% |
Return of Capital | Common Stock and Non-controlling OP Units | |||
Dividends Payable [Line Items] | |||
Common stock, dividend rate | 94.60475% | 70.39956% | 71.85222% |
Return of Capital | Senior Common Stock | |||
Dividends Payable [Line Items] | |||
Common stock, dividend rate | 0.00% | 0.00% | 0.00% |
Return of Capital | Series D Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend rate | 0.00% | 0.00% | 0.00% |
Return of Capital | Series E Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend rate | 0.00% | 0.00% | 0.00% |
Return of Capital | Series F Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend rate | 0.00% | 0.00% | 0.00% |
Return of Capital | Series G Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend rate | 0.00% | 0.00% | 0.00% |
Long-Term Capital Gains | Common Stock and Non-controlling OP Units | |||
Dividends Payable [Line Items] | |||
Common stock, dividend rate | 0.00% | 0.00% | 0.00% |
Long-Term Capital Gains | Senior Common Stock | |||
Dividends Payable [Line Items] | |||
Common stock, dividend rate | 0.00% | 0.00% | 0.00% |
Long-Term Capital Gains | Series D Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend rate | 0.00% | 0.00% | 0.00% |
Long-Term Capital Gains | Series E Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend rate | 0.00% | 0.00% | 0.00% |
Long-Term Capital Gains | Series F Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend rate | 0.00% | 0.00% | 0.00% |
Long-Term Capital Gains | Series G Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend rate | 0.00% | 0.00% | 0.00% |
Equity and Mezzanine Equity - Additional Information (Details) $ / shares in Units, $ in Thousands |
1 Months Ended | 12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 20, 2022
USD ($)
ft²
shares
|
Aug. 05, 2021
shares
|
Jun. 30, 2021
USD ($)
$ / shares
shares
|
Jun. 28, 2021
USD ($)
$ / shares
shares
|
Jun. 23, 2021
shares
|
Feb. 29, 2020 |
Dec. 31, 2023
USD ($)
shares
|
Dec. 31, 2022
USD ($)
shares
|
Dec. 31, 2021
USD ($)
shares
|
Mar. 03, 2023
USD ($)
|
Dec. 31, 2020
shares
|
Feb. 20, 2020
shares
|
Feb. 19, 2020
shares
|
Jan. 29, 2020
USD ($)
|
Dec. 03, 2019
USD ($)
|
Jan. 11, 2019
USD ($)
|
|
Class of Stock [Line Items] | ||||||||||||||||
Net proceeds from sale of shares | $ | $ 96,600 | |||||||||||||||
Repurchase of common stock, net | $ | $ 998 | |||||||||||||||
Temporary equity, contract terms, trigger change in control | 50.00% | |||||||||||||||
Sale of stock, price per share (in dollars per share) | $ / shares | $ 25.00 | |||||||||||||||
Gross proceeds from sale of stock | $ | $ 100,000 | |||||||||||||||
Common stock, shares authorized (in shares) | 62,326,818 | 62,305,727 | ||||||||||||||
Common stock, shares outstanding (in shares) | 40,000,596 | 39,744,359 | 60,290,000 | 86,290,000 | ||||||||||||
Aggregate Purchase Price | $ | $ 30,018 | $ 115,364 | ||||||||||||||
Ownership by noncontrolling owners, shares outstanding (in shares) | 310,643 | 391,468 | ||||||||||||||
Fort Payne, Alabama | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Aggregate Square Footage | ft² | 49,375 | |||||||||||||||
Aggregate Purchase Price | $ | $ 5,600 | $ 5,600 | ||||||||||||||
Operating Partnership | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Company ownership percentage of voting securities | 99.20% | 99.00% | ||||||||||||||
Units issued | 134,474 | |||||||||||||||
Number of units redeemed in acquisition (in shares) | 80,825 | |||||||||||||||
Series D Cumulative Redeemable Preferred Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Minimum vote need to trigger change in control from tender offer | 90.00% | |||||||||||||||
Stock redeemed (in shares) | 3,509,555 | |||||||||||||||
Preferred stock, redemption price per share (in usd per share) | $ / shares | $ 25.1458333 | |||||||||||||||
Stock redeemed | $ | $ 88,300 | |||||||||||||||
Preferred stock adjustments | $ | $ 2,100 | |||||||||||||||
Series D Preferred Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock redeemed | $ | $ 2,141 | |||||||||||||||
Series F Preferred Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock redeemed | $ | $ (466) | $ (164) | ||||||||||||||
Redeemable preferred stock, shares authorized (in shares) | 25,972,296 | 25,992,787 | ||||||||||||||
Series G Preferred Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Repurchase of common stock, net | $ | $ 3 | $ 37 | ||||||||||||||
Redeemable preferred stock, shares authorized (in shares) | 4,000,000 | |||||||||||||||
Common Stock and Non-controlling OP Units | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock redeemed (in shares) | 80,825 | 246,039 | ||||||||||||||
Common stock, shares authorized (in shares) | 62,290,000 | |||||||||||||||
Common stock, shares outstanding (in shares) | 40,000,596 | 39,744,359 | 37,473,587 | 35,331,970 | ||||||||||||
Preferred Stock | Series D Cumulative Redeemable Preferred Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Preferred stock, dividend rate | 7.00% | 7.00% | ||||||||||||||
Preferred Stock | Series E Cumulative Redeemable Preferred Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Preferred stock, dividend rate | 6.625% | |||||||||||||||
Preferred Stock | Series G Cumulative Redeemable Preferred Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Preferred stock, dividend rate | 6.00% | |||||||||||||||
Preferred Stock | Series D Preferred Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Redeemable preferred stock, shares authorized (in shares) | 2,490,445 | |||||||||||||||
Preferred Stock | Series E Preferred Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Redeemable preferred stock, shares authorized (in shares) | 6,760,000 | |||||||||||||||
Preferred Stock | Series F Preferred Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Number of shares sold (in shares) | 200,000 | |||||||||||||||
Net proceeds from sale of shares | $ | $ 5,600 | |||||||||||||||
Preferred stock, dividend rate | 6.00% | 6.00% | ||||||||||||||
Redeemable preferred stock, shares authorized (in shares) | 26,000,000 | 26,000,000 | ||||||||||||||
Preferred Stock | Series G Preferred Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Redeemable preferred stock, shares authorized (in shares) | 4,000,000 | |||||||||||||||
Senior Common Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Common stock, shares authorized (in shares) | 950,000 | |||||||||||||||
Common Stock ATM Program | Common Stock and Non-controlling OP Units | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Repurchase of common stock, net | $ | $ 1,000 | |||||||||||||||
Public Stock Offering | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Number of shares sold (in shares) | 4,000,000 | |||||||||||||||
2019 Registration Statement | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Universal registration statement, amount authorized | $ | $ 500,000 | |||||||||||||||
2020 Registration Statement | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Universal registration statement, amount authorized | $ | $ 800,000 | |||||||||||||||
2020 Registration Statement | Preferred Stock | Series F Preferred Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Universal registration statement, amount authorized | $ | $ 636,500 | |||||||||||||||
Baird, Goldman Sachs, Stifel, and Fifth Third | Common Stock ATM Program | Common Stock and Non-controlling OP Units | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Maximum aggregate sales price of shares to be issued under open market sale agreement | $ | $ 250,000 | $ 250,000 | ||||||||||||||
Number of shares sold (in shares) | 200,000 | |||||||||||||||
Net proceeds from sale of shares | $ | $ 4,000 | |||||||||||||||
Baird, Goldman Sachs, Stifel, Fifth Third, and U.S. Bancorp Investments, Inc. | Common Stock ATM Program | Common Stock and Non-controlling OP Units | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Number of shares sold (in shares) | 1,776 | |||||||||||||||
Net proceeds from sale of shares | $ | $ 20 | |||||||||||||||
Baird, Goldman Sachs, Stifel, Fifth Third, and U.S. Bancorp Investments, Inc. | Series E Preferred Stock ATM Program | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Maximum aggregate sales price of shares to be issued under open market sale agreement | $ | $ 100,000 |
Revision of Previously Issued Financial Statements - Operations and Comprehensive Income (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Operating expenses | |||
Depreciation and amortization | $ 57,856 | $ 60,154 | $ 59,149 |
Total operating expense before incentive fee waiver | 116,103 | 116,248 | 101,654 |
Total operating expenses | 116,103 | 116,248 | 101,638 |
Net income | 4,922 | 10,782 | 10,895 |
Net income available to the Company | 4,985 | 10,805 | 10,935 |
Net loss attributable to common stockholders | $ (7,738) | $ (1,529) | $ (3,392) |
Loss per weighted average share of common stock - basic & diluted | |||
Loss attributable to common stockholders, Basic (in dollars per share) | $ (0.19) | $ (0.04) | $ (0.09) |
Loss attributable to common stockholders, Diluted (in dollars per share) | $ (0.19) | $ (0.04) | $ (0.09) |
Total comprehensive income available to the Company | $ 132 | $ 22,920 | $ 13,789 |
As Previously Reported | |||
Operating expenses | |||
Depreciation and amortization | 61,664 | 60,311 | |
Total operating expense before incentive fee waiver | 117,758 | 102,816 | |
Total operating expenses | 117,758 | 102,800 | |
Net income | 9,272 | 9,733 | |
Net income available to the Company | 9,295 | 9,773 | |
Net loss attributable to common stockholders | $ (3,039) | $ (4,554) | |
Loss per weighted average share of common stock - basic & diluted | |||
Loss attributable to common stockholders, Basic (in dollars per share) | $ (0.08) | $ (0.12) | |
Loss attributable to common stockholders, Diluted (in dollars per share) | $ (0.08) | $ (0.12) | |
Total comprehensive income available to the Company | $ 21,410 | $ 12,627 | |
Adjustments | |||
Operating expenses | |||
Depreciation and amortization | (1,510) | (1,162) | |
Total operating expense before incentive fee waiver | (1,510) | (1,162) | |
Total operating expenses | (1,510) | (1,162) | |
Net income | 1,510 | 1,162 | |
Net income available to the Company | 1,510 | 1,162 | |
Net loss attributable to common stockholders | $ 1,510 | $ 1,162 | |
Loss per weighted average share of common stock - basic & diluted | |||
Loss attributable to common stockholders, Basic (in dollars per share) | $ 0.04 | $ 0.03 | |
Loss attributable to common stockholders, Diluted (in dollars per share) | $ 0.04 | $ 0.03 | |
Total comprehensive income available to the Company | $ 1,510 | $ 1,162 |
Revision of Previously Issued Financial Statements - Balance Sheets (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
ASSETS | ||||
Less: accumulated depreciation | $ 299,662 | $ 286,150 | $ 267,057 | |
Total real estate, net | 921,702 | 1,001,147 | 958,201 | |
Real estate and related assets held for sale | 28,787 | 3,293 | ||
TOTAL ASSETS | 1,133,471 | 1,202,633 | 1,142,967 | |
EQUITY | ||||
Distributions in excess of accumulated earnings | (584,776) | (529,104) | (468,908) | |
TOTAL STOCKHOLDERS' EQUITY | 153,280 | 203,904 | 200,918 | |
TOTAL EQUITY | 154,266 | 205,694 | 202,177 | $ 214,489 |
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY | $ 1,133,471 | 1,202,633 | 1,142,967 | |
As Previously Reported | ||||
ASSETS | ||||
Less: accumulated depreciation | 286,994 | 266,672 | ||
Total real estate, net | 1,000,303 | 958,586 | ||
Real estate and related assets held for sale | 3,013 | |||
TOTAL ASSETS | 1,201,509 | 1,143,352 | ||
EQUITY | ||||
Distributions in excess of accumulated earnings | (530,228) | (468,523) | ||
TOTAL STOCKHOLDERS' EQUITY | 202,780 | 201,303 | ||
TOTAL EQUITY | 204,570 | 202,562 | 216,037 | |
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY | 1,201,509 | 1,143,352 | ||
Adjustments | ||||
ASSETS | ||||
Less: accumulated depreciation | (844) | 385 | ||
Total real estate, net | 844 | (385) | ||
Real estate and related assets held for sale | 280 | |||
TOTAL ASSETS | 1,124 | (385) | ||
EQUITY | ||||
Distributions in excess of accumulated earnings | 1,124 | (385) | ||
TOTAL STOCKHOLDERS' EQUITY | 1,124 | (385) | ||
TOTAL EQUITY | 1,124 | (385) | $ (1,548) | |
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY | $ 1,124 | $ (385) |
Revision of Previously Issued Financial Statements - Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | $ 205,694 | $ 202,177 | $ 214,489 |
Net income | 4,922 | 10,782 | 10,895 |
Ending balance | 154,266 | 205,694 | 202,177 |
Distributions in Excess of Accumulated Earnings | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | (529,104) | (468,908) | (410,589) |
Net income | 4,985 | 10,805 | 10,935 |
Ending balance | (584,776) | (529,104) | (468,908) |
Total Stockholders' Equity | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 203,904 | 200,918 | 211,635 |
Net income | 4,985 | 10,805 | 10,935 |
Ending balance | 153,280 | 203,904 | 200,918 |
As Previously Reported | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 204,570 | 202,562 | 216,037 |
Net income | 9,272 | 9,733 | |
Ending balance | 204,570 | 202,562 | |
As Previously Reported | Distributions in Excess of Accumulated Earnings | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | (530,228) | (468,523) | (409,041) |
Net income | 9,295 | 9,773 | |
Ending balance | (530,228) | (468,523) | |
As Previously Reported | Total Stockholders' Equity | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 202,780 | 201,303 | 213,183 |
Net income | 9,295 | 9,773 | |
Ending balance | 202,780 | 201,303 | |
Adjustments | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 1,124 | (385) | (1,548) |
Net income | 1,510 | 1,162 | |
Ending balance | 1,124 | (385) | |
Adjustments | Distributions in Excess of Accumulated Earnings | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 1,124 | (385) | (1,548) |
Net income | 1,510 | 1,162 | |
Ending balance | 1,124 | (385) | |
Adjustments | Total Stockholders' Equity | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | $ 1,124 | (385) | (1,548) |
Net income | 1,510 | 1,162 | |
Ending balance | $ 1,124 | $ (385) |
Revision of Previously Issued Financial Statements (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Cash flows from operating activities: | |||
Net income | $ 4,922 | $ 10,782 | $ 10,895 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | $ 57,856 | 60,154 | 59,149 |
As Previously Reported | |||
Cash flows from operating activities: | |||
Net income | 9,272 | 9,733 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 61,664 | 60,311 | |
Adjustments | |||
Cash flows from operating activities: | |||
Net income | 1,510 | 1,162 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | $ (1,510) | $ (1,162) |
Subsequent Events - Monthly Distributions Declared by Company's Board of Directors (Details) - Subsequent Event |
Jan. 09, 2024
$ / shares
|
---|---|
Series E Preferred Stock | |
Dividends Payable [Line Items] | |
Distributions (in dollars per share) | $ 0.414063 |
Series E Preferred Stock | Dividend Declared, Period One | |
Dividends Payable [Line Items] | |
Distributions (in dollars per share) | 0.138021 |
Series E Preferred Stock | Dividend Declared, Period Two | |
Dividends Payable [Line Items] | |
Distributions (in dollars per share) | 0.138021 |
Series E Preferred Stock | Dividend Declared, Period Three | |
Dividends Payable [Line Items] | |
Distributions (in dollars per share) | 0.138021 |
Series G Preferred Stock | |
Dividends Payable [Line Items] | |
Distributions (in dollars per share) | 0.375 |
Series G Preferred Stock | Dividend Declared, Period One | |
Dividends Payable [Line Items] | |
Distributions (in dollars per share) | 0.125 |
Series G Preferred Stock | Dividend Declared, Period Two | |
Dividends Payable [Line Items] | |
Distributions (in dollars per share) | 0.125 |
Series G Preferred Stock | Dividend Declared, Period Three | |
Dividends Payable [Line Items] | |
Distributions (in dollars per share) | 0.125 |
Series F Preferred Stock | |
Dividends Payable [Line Items] | |
Distributions (in dollars per share) | 0.375 |
Series F Preferred Stock | Dividend Declared, Period One | |
Dividends Payable [Line Items] | |
Distributions (in dollars per share) | 0.125 |
Series F Preferred Stock | Dividend Declared, Period Two | |
Dividends Payable [Line Items] | |
Distributions (in dollars per share) | 0.125 |
Series F Preferred Stock | Dividend Declared, Period Three | |
Dividends Payable [Line Items] | |
Distributions (in dollars per share) | 0.125 |
Senior Common Stock | |
Dividends Payable [Line Items] | |
Distributions (in dollars per share) | 0.2625 |
Senior Common Stock | Dividend Declared, Period One | |
Dividends Payable [Line Items] | |
Distributions (in dollars per share) | 0.0875 |
Senior Common Stock | Dividend Declared, Period Two | |
Dividends Payable [Line Items] | |
Distributions (in dollars per share) | 0.0875 |
Senior Common Stock | Dividend Declared, Period Three | |
Dividends Payable [Line Items] | |
Distributions (in dollars per share) | 0.0875 |
Common Stock and Non-controlling OP Units | |
Dividends Payable [Line Items] | |
Distributions (in dollars per share) | 0.30 |
Common Stock and Non-controlling OP Units | Dividend Declared, Period One | |
Dividends Payable [Line Items] | |
Distributions (in dollars per share) | 0.10 |
Common Stock and Non-controlling OP Units | Dividend Declared, Period Two | |
Dividends Payable [Line Items] | |
Distributions (in dollars per share) | 0.10 |
Common Stock and Non-controlling OP Units | Dividend Declared, Period Three | |
Dividends Payable [Line Items] | |
Distributions (in dollars per share) | $ 0.10 |
Subsequent Events - Additional Information (Details) $ in Thousands |
2 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Jan. 11, 2024
USD ($)
ft²
|
Jun. 28, 2021
USD ($)
|
Feb. 21, 2024
USD ($)
shares
|
Dec. 31, 2023
USD ($)
shares
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Subsequent Event [Line Items] | ||||||
Net proceeds from sale of shares | $ 96,600 | |||||
Loss on sale of properties | $ (7,737) | $ (10,052) | $ 1,148 | |||
Subsequent Event | Columbus, Ohio | Office Building | ||||||
Subsequent Event [Line Items] | ||||||
Aggregate Square Footage | ft² | 114,786 | |||||
Proceeds from sale of real estate | $ 4,500 | |||||
Loss on sale of properties | $ 300 | |||||
Preferred Stock | Series F Preferred Stock | ||||||
Subsequent Event [Line Items] | ||||||
Net proceeds from sale of shares | $ 5,600 | |||||
Number of shares sold (in shares) | shares | 200,000 | |||||
Preferred Stock | Series F Preferred Stock | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Net proceeds from sale of shares | $ 200 | |||||
Number of shares sold (in shares) | shares | 7,580 |
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 298,122 | |||
Land, initial cost | 149,217 | |||
Buildings & improvements, initial cost | 1,012,847 | |||
Improvement costs capitalized subsequent to acquisition | 99,651 | |||
Land, total cost | 147,545 | |||
Buildings & improvements, total cost | 1,114,170 | |||
Total | 1,261,715 | $ 1,299,570 | $ 1,225,258 | $ 1,140,205 |
Accumulated depreciation | 312,517 | $ 295,130 | $ 267,057 | $ 233,424 |
Net real estate | 949,198 | |||
Raleigh, North Carolina Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | 0 | |||
Land, initial cost | 960 | |||
Buildings & improvements, initial cost | 4,481 | |||
Improvement costs capitalized subsequent to acquisition | 1,345 | |||
Land, total cost | 960 | |||
Buildings & improvements, total cost | 5,826 | |||
Total | 6,786 | |||
Accumulated depreciation | 3,004 | |||
Net real estate | $ 3,782 | |||
Year construction/ improvements | 1997 | |||
Date acquired | Dec. 23, 2003 | |||
Canton, Ohio Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 186 | |||
Buildings & improvements, initial cost | 3,083 | |||
Improvement costs capitalized subsequent to acquisition | 500 | |||
Land, total cost | 187 | |||
Buildings & improvements, total cost | 3,582 | |||
Total | 3,769 | |||
Accumulated depreciation | 1,974 | |||
Net real estate | $ 1,795 | |||
Year construction/ improvements | 1994 | |||
Date acquired | Jan. 30, 2004 | |||
Akron, Ohio Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,973 | |||
Buildings & improvements, initial cost | 6,771 | |||
Improvement costs capitalized subsequent to acquisition | 4,042 | |||
Land, total cost | 1,974 | |||
Buildings & improvements, total cost | 10,812 | |||
Total | 12,786 | |||
Accumulated depreciation | 4,990 | |||
Net real estate | $ 7,796 | |||
Year construction/ improvements | 1968 | |||
Year construction/improvements one | 1999 | |||
Date acquired | Apr. 29, 2004 | |||
Canton, North Carolina Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 150 | |||
Buildings & improvements, initial cost | 5,050 | |||
Improvement costs capitalized subsequent to acquisition | 7,285 | |||
Land, total cost | 150 | |||
Buildings & improvements, total cost | 12,335 | |||
Total | 12,485 | |||
Accumulated depreciation | 4,631 | |||
Net real estate | $ 7,854 | |||
Year construction/ improvements | 1998 | |||
Year construction/improvements one | 2014 | |||
Date acquired | Jul. 06, 2004 | |||
Crenshaw, Pennsylvania Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 100 | |||
Buildings & improvements, initial cost | 6,574 | |||
Improvement costs capitalized subsequent to acquisition | 269 | |||
Land, total cost | 100 | |||
Buildings & improvements, total cost | 6,843 | |||
Total | 6,943 | |||
Accumulated depreciation | 3,429 | |||
Net real estate | $ 3,514 | |||
Year construction/ improvements | 1991 | |||
Date acquired | Aug. 05, 2004 | |||
Lexington, North Carolina Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 820 | |||
Buildings & improvements, initial cost | 2,107 | |||
Improvement costs capitalized subsequent to acquisition | 69 | |||
Land, total cost | 820 | |||
Buildings & improvements, total cost | 2,176 | |||
Total | 2,996 | |||
Accumulated depreciation | 1,117 | |||
Net real estate | $ 1,879 | |||
Year construction/ improvements | 1986 | |||
Date acquired | Aug. 05, 2004 | |||
Mt. Pocono, Pennsylvania Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 350 | |||
Buildings & improvements, initial cost | 5,819 | |||
Improvement costs capitalized subsequent to acquisition | 18 | |||
Land, total cost | 350 | |||
Buildings & improvements, total cost | 5,837 | |||
Total | 6,187 | |||
Accumulated depreciation | 2,910 | |||
Net real estate | $ 3,277 | |||
Year construction/ improvements | 1995 | |||
Year construction/improvements one | 1999 | |||
Date acquired | Oct. 15, 2004 | |||
San Antonio, Texas Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 843 | |||
Buildings & improvements, initial cost | 7,514 | |||
Improvement costs capitalized subsequent to acquisition | 3,208 | |||
Land, total cost | 843 | |||
Buildings & improvements, total cost | 10,722 | |||
Total | 11,565 | |||
Accumulated depreciation | 5,082 | |||
Net real estate | $ 6,483 | |||
Year construction/ improvements | 1999 | |||
Date acquired | Feb. 10, 2005 | |||
Big Flats, New York Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 275 | |||
Buildings & improvements, initial cost | 6,459 | |||
Improvement costs capitalized subsequent to acquisition | 515 | |||
Land, total cost | 275 | |||
Buildings & improvements, total cost | 6,974 | |||
Total | 7,249 | |||
Accumulated depreciation | 3,204 | |||
Net real estate | $ 4,045 | |||
Year construction/ improvements | 2001 | |||
Date acquired | Apr. 15, 2005 | |||
Wichita, Kansas Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,525 | |||
Buildings & improvements, initial cost | 9,703 | |||
Improvement costs capitalized subsequent to acquisition | 674 | |||
Land, total cost | 1,525 | |||
Buildings & improvements, total cost | 10,377 | |||
Total | 11,902 | |||
Accumulated depreciation | 5,133 | |||
Net real estate | $ 6,769 | |||
Year construction/ improvements | 2000 | |||
Date acquired | May 18, 2005 | |||
Duncan, South Carolina Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 783 | |||
Buildings & improvements, initial cost | 10,790 | |||
Improvement costs capitalized subsequent to acquisition | 1,889 | |||
Land, total cost | 783 | |||
Buildings & improvements, total cost | 12,679 | |||
Total | 13,462 | |||
Accumulated depreciation | 5,912 | |||
Net real estate | $ 7,550 | |||
Year construction/ improvements | 1984 | |||
Year construction/improvements one | 2001 | |||
Year construction/improvements two | 2007 | |||
Date acquired | Jul. 14, 2005 | |||
Duncan, South Carolina Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 195 | |||
Buildings & improvements, initial cost | 2,682 | |||
Improvement costs capitalized subsequent to acquisition | 470 | |||
Land, total cost | 195 | |||
Buildings & improvements, total cost | 3,152 | |||
Total | 3,347 | |||
Accumulated depreciation | 1,470 | |||
Net real estate | $ 1,877 | |||
Year construction/ improvements | 1984 | |||
Year construction/improvements one | 2001 | |||
Year construction/improvements two | 2007 | |||
Date acquired | Jul. 14, 2005 | |||
Clintonville, Wisconsin Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 55 | |||
Buildings & improvements, initial cost | 4,717 | |||
Improvement costs capitalized subsequent to acquisition | 3,250 | |||
Land, total cost | 55 | |||
Buildings & improvements, total cost | 7,967 | |||
Total | 8,022 | |||
Accumulated depreciation | 3,339 | |||
Net real estate | $ 4,683 | |||
Year construction/ improvements | 1992 | |||
Year construction/improvements one | 2013 | |||
Date acquired | Oct. 31, 2005 | |||
Burnsville, Minnesota Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 3,511 | |||
Buildings & improvements, initial cost | 8,746 | |||
Improvement costs capitalized subsequent to acquisition | 7,759 | |||
Land, total cost | 3,511 | |||
Buildings & improvements, total cost | 16,505 | |||
Total | 20,016 | |||
Accumulated depreciation | 8,971 | |||
Net real estate | $ 11,045 | |||
Year construction/ improvements | 1984 | |||
Date acquired | May 10, 2006 | |||
Menomonee Falls, Wisconsin Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 625 | |||
Buildings & improvements, initial cost | 6,911 | |||
Improvement costs capitalized subsequent to acquisition | 686 | |||
Land, total cost | 625 | |||
Buildings & improvements, total cost | 7,597 | |||
Total | 8,222 | |||
Accumulated depreciation | 3,645 | |||
Net real estate | $ 4,577 | |||
Year construction/ improvements | 1986 | |||
Year construction/improvements one | 2000 | |||
Date acquired | Jun. 30, 2006 | |||
Mason, Ohio Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 797 | |||
Buildings & improvements, initial cost | 6,258 | |||
Improvement costs capitalized subsequent to acquisition | 1,902 | |||
Land, total cost | 797 | |||
Buildings & improvements, total cost | 8,160 | |||
Total | 8,957 | |||
Accumulated depreciation | 3,446 | |||
Net real estate | $ 5,511 | |||
Year construction/ improvements | 2002 | |||
Date acquired | Jan. 05, 2007 | |||
Raleigh, North Carolina Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,606 | |||
Buildings & improvements, initial cost | 5,513 | |||
Improvement costs capitalized subsequent to acquisition | 4,700 | |||
Land, total cost | 1,606 | |||
Buildings & improvements, total cost | 10,213 | |||
Total | 11,819 | |||
Accumulated depreciation | 5,083 | |||
Net real estate | $ 6,736 | |||
Year construction/ improvements | 1994 | |||
Date acquired | Feb. 16, 2007 | |||
Tulsa, Oklahoma Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 0 | |||
Buildings & improvements, initial cost | 14,057 | |||
Improvement costs capitalized subsequent to acquisition | 687 | |||
Land, total cost | 0 | |||
Buildings & improvements, total cost | 14,744 | |||
Total | 14,744 | |||
Accumulated depreciation | 7,230 | |||
Net real estate | $ 7,514 | |||
Year construction/ improvements | 2004 | |||
Date acquired | Mar. 01, 2007 | |||
Hialeah, Florida Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 3,562 | |||
Buildings & improvements, initial cost | 6,672 | |||
Improvement costs capitalized subsequent to acquisition | 1,026 | |||
Land, total cost | 3,562 | |||
Buildings & improvements, total cost | 7,698 | |||
Total | 11,260 | |||
Accumulated depreciation | 3,327 | |||
Net real estate | $ 7,933 | |||
Year construction/ improvements | 1956 | |||
Year construction/improvements one | 1992 | |||
Date acquired | Mar. 09, 2007 | |||
Mason, Ohio Retail Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,201 | |||
Buildings & improvements, initial cost | 4,961 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 1,201 | |||
Buildings & improvements, total cost | 4,961 | |||
Total | 6,162 | |||
Accumulated depreciation | 2,139 | |||
Net real estate | $ 4,023 | |||
Year construction/ improvements | 2007 | |||
Date acquired | Jul. 01, 2007 | |||
Cicero, New York Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 299 | |||
Buildings & improvements, initial cost | 5,019 | |||
Improvement costs capitalized subsequent to acquisition | 150 | |||
Land, total cost | 299 | |||
Buildings & improvements, total cost | 5,169 | |||
Total | 5,468 | |||
Accumulated depreciation | 2,113 | |||
Net real estate | $ 3,355 | |||
Year construction/ improvements | 2005 | |||
Date acquired | Sep. 06, 2007 | |||
Grand Rapids, Michigan Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,629 | |||
Buildings & improvements, initial cost | 10,500 | |||
Improvement costs capitalized subsequent to acquisition | 842 | |||
Land, total cost | 1,629 | |||
Buildings & improvements, total cost | 11,342 | |||
Total | 12,971 | |||
Accumulated depreciation | 4,744 | |||
Net real estate | $ 8,227 | |||
Year construction/ improvements | 2001 | |||
Date acquired | Sep. 28, 2007 | |||
Bollingbrook, Illinois Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,272 | |||
Buildings & improvements, initial cost | 5,003 | |||
Improvement costs capitalized subsequent to acquisition | 999 | |||
Land, total cost | 1,272 | |||
Buildings & improvements, total cost | 6,002 | |||
Total | 7,274 | |||
Accumulated depreciation | 2,937 | |||
Net real estate | $ 4,337 | |||
Year construction/ improvements | 2002 | |||
Date acquired | Sep. 28, 2007 | |||
Decatur, Georgia Medical Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 783 | |||
Buildings & improvements, initial cost | 3,241 | |||
Improvement costs capitalized subsequent to acquisition | 358 | |||
Land, total cost | 844 | |||
Buildings & improvements, total cost | 3,538 | |||
Total | 4,382 | |||
Accumulated depreciation | 1,508 | |||
Net real estate | $ 2,874 | |||
Year construction/ improvements | 1989 | |||
Date acquired | Dec. 13, 2007 | |||
Decatur, Georgia Medical Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 205 | |||
Buildings & improvements, initial cost | 847 | |||
Improvement costs capitalized subsequent to acquisition | 94 | |||
Land, total cost | 221 | |||
Buildings & improvements, total cost | 925 | |||
Total | 1,146 | |||
Accumulated depreciation | 394 | |||
Net real estate | $ 752 | |||
Year construction/ improvements | 1989 | |||
Date acquired | Dec. 13, 2007 | |||
Decatur, Georgia Medical Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 257 | |||
Buildings & improvements, initial cost | 1,062 | |||
Improvement costs capitalized subsequent to acquisition | 118 | |||
Land, total cost | 277 | |||
Buildings & improvements, total cost | 1,160 | |||
Total | 1,437 | |||
Accumulated depreciation | 495 | |||
Net real estate | $ 942 | |||
Year construction/ improvements | 1989 | |||
Date acquired | Dec. 13, 2007 | |||
Lawrenceville, Georgia Medical Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 678 | |||
Buildings & improvements, initial cost | 2,807 | |||
Improvement costs capitalized subsequent to acquisition | (892) | |||
Land, total cost | 525 | |||
Buildings & improvements, total cost | 2,068 | |||
Total | 2,593 | |||
Accumulated depreciation | 931 | |||
Net real estate | $ 1,662 | |||
Year construction/ improvements | 2005 | |||
Date acquired | Dec. 13, 2007 | |||
Snellville, Georgia Medical Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 176 | |||
Buildings & improvements, initial cost | 727 | |||
Improvement costs capitalized subsequent to acquisition | 81 | |||
Land, total cost | 190 | |||
Buildings & improvements, total cost | 794 | |||
Total | 984 | |||
Accumulated depreciation | 339 | |||
Net real estate | $ 645 | |||
Year construction/ improvements | 1986 | |||
Date acquired | Dec. 13, 2007 | |||
Covington, Georgia Medical Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 232 | |||
Buildings & improvements, initial cost | 959 | |||
Improvement costs capitalized subsequent to acquisition | 106 | |||
Land, total cost | 250 | |||
Buildings & improvements, total cost | 1,047 | |||
Total | 1,297 | |||
Accumulated depreciation | 446 | |||
Net real estate | $ 851 | |||
Year construction/ improvements | 2000 | |||
Date acquired | Dec. 13, 2007 | |||
Conyers Georgia Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 296 | |||
Buildings & improvements, initial cost | 1,228 | |||
Improvement costs capitalized subsequent to acquisition | 135 | |||
Land, total cost | 319 | |||
Buildings & improvements, total cost | 1,340 | |||
Total | 1,659 | |||
Accumulated depreciation | 571 | |||
Net real estate | $ 1,088 | |||
Year construction/ improvements | 1994 | |||
Date acquired | Dec. 13, 2007 | |||
Cumming, Georgia Medical Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 738 | |||
Buildings & improvements, initial cost | 3,055 | |||
Improvement costs capitalized subsequent to acquisition | 2,884 | |||
Land, total cost | 741 | |||
Buildings & improvements, total cost | 5,936 | |||
Total | 6,677 | |||
Accumulated depreciation | 4,075 | |||
Net real estate | $ 2,602 | |||
Year construction/ improvements | 2004 | |||
Date acquired | Dec. 13, 2007 | |||
Reading, Pennsylvania Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 491 | |||
Buildings & improvements, initial cost | 6,202 | |||
Improvement costs capitalized subsequent to acquisition | 357 | |||
Land, total cost | 491 | |||
Buildings & improvements, total cost | 6,559 | |||
Total | 7,050 | |||
Accumulated depreciation | 2,576 | |||
Net real estate | $ 4,474 | |||
Year construction/ improvements | 2007 | |||
Date acquired | Jan. 29, 2008 | |||
Fridley, Minnesota Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,354 | |||
Buildings & improvements, initial cost | 8,074 | |||
Improvement costs capitalized subsequent to acquisition | 1,824 | |||
Land, total cost | 1,383 | |||
Buildings & improvements, total cost | 9,869 | |||
Total | 11,252 | |||
Accumulated depreciation | 4,516 | |||
Net real estate | $ 6,736 | |||
Year construction/ improvements | 1985 | |||
Year construction/improvements one | 2006 | |||
Date acquired | Feb. 26, 2008 | |||
Pineville, North Carolina Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 669 | |||
Buildings & improvements, initial cost | 3,028 | |||
Improvement costs capitalized subsequent to acquisition | 293 | |||
Land, total cost | 669 | |||
Buildings & improvements, total cost | 3,321 | |||
Total | 3,990 | |||
Accumulated depreciation | 1,398 | |||
Net real estate | $ 2,592 | |||
Year construction/ improvements | 1985 | |||
Date acquired | Apr. 30, 2008 | |||
Marietta, Ohio Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 829 | |||
Buildings & improvements, initial cost | 6,607 | |||
Improvement costs capitalized subsequent to acquisition | 529 | |||
Land, total cost | 829 | |||
Buildings & improvements, total cost | 7,136 | |||
Total | 7,965 | |||
Accumulated depreciation | 3,039 | |||
Net real estate | $ 4,926 | |||
Year construction/ improvements | 1992 | |||
Year construction/improvements one | 2007 | |||
Date acquired | Aug. 29, 2008 | |||
Chalfont, Pennsylvania Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,249 | |||
Buildings & improvements, initial cost | 6,420 | |||
Improvement costs capitalized subsequent to acquisition | 1,024 | |||
Land, total cost | 1,249 | |||
Buildings & improvements, total cost | 7,444 | |||
Total | 8,693 | |||
Accumulated depreciation | 3,142 | |||
Net real estate | $ 5,551 | |||
Year construction/ improvements | 1987 | |||
Date acquired | Aug. 29, 2008 | |||
Orange City, Iowa Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 2,974 | |||
Land, initial cost | 258 | |||
Buildings & improvements, initial cost | 5,861 | |||
Improvement costs capitalized subsequent to acquisition | 6 | |||
Land, total cost | 258 | |||
Buildings & improvements, total cost | 5,867 | |||
Total | 6,125 | |||
Accumulated depreciation | 2,394 | |||
Net real estate | $ 3,731 | |||
Year construction/ improvements | 1990 | |||
Date acquired | Dec. 15, 2010 | |||
Hickory, North Carolina Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,163 | |||
Buildings & improvements, initial cost | 6,605 | |||
Improvement costs capitalized subsequent to acquisition | 357 | |||
Land, total cost | 1,163 | |||
Buildings & improvements, total cost | 6,962 | |||
Total | 8,125 | |||
Accumulated depreciation | 3,639 | |||
Net real estate | $ 4,486 | |||
Year construction/ improvements | 2008 | |||
Date acquired | Apr. 04, 2011 | |||
Springfield, Missouri Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,700 | |||
Buildings & improvements, initial cost | 12,038 | |||
Improvement costs capitalized subsequent to acquisition | 924 | |||
Land, total cost | 1,845 | |||
Buildings & improvements, total cost | 12,817 | |||
Total | 14,662 | |||
Accumulated depreciation | 4,799 | |||
Net real estate | $ 9,863 | |||
Year construction/ improvements | 2006 | |||
Date acquired | Jun. 20, 2011 | |||
Dartmouth, Massachusetts Retail Location | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 0 | |||
Buildings & improvements, initial cost | 4,236 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 0 | |||
Buildings & improvements, total cost | 4,236 | |||
Total | 4,236 | |||
Accumulated depreciation | 1,433 | |||
Net real estate | $ 2,803 | |||
Year construction/ improvements | 2011 | |||
Date acquired | Nov. 18, 2011 | |||
Springfield, Missouri Retail Location | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 861 | |||
Land, initial cost | 0 | |||
Buildings & improvements, initial cost | 2,275 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 0 | |||
Buildings & improvements, total cost | 2,275 | |||
Total | 2,275 | |||
Accumulated depreciation | 901 | |||
Net real estate | $ 1,374 | |||
Year construction/ improvements | 2005 | |||
Date acquired | Dec. 13, 2011 | |||
Ashburn, Virginia Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 706 | |||
Buildings & improvements, initial cost | 7,858 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 705 | |||
Buildings & improvements, total cost | 7,859 | |||
Total | 8,564 | |||
Accumulated depreciation | 3,079 | |||
Net real estate | $ 5,485 | |||
Year construction/ improvements | 2002 | |||
Date acquired | Jan. 25, 2012 | |||
Ottumwa, Iowa Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 1,598 | |||
Land, initial cost | 212 | |||
Buildings & improvements, initial cost | 5,072 | |||
Improvement costs capitalized subsequent to acquisition | 310 | |||
Land, total cost | 212 | |||
Buildings & improvements, total cost | 5,382 | |||
Total | 5,594 | |||
Accumulated depreciation | 1,977 | |||
Net real estate | $ 3,617 | |||
Year construction/ improvements | 1970 | |||
Date acquired | May 30, 2012 | |||
New Albany, Ohio Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,658 | |||
Buildings & improvements, initial cost | 8,746 | |||
Improvement costs capitalized subsequent to acquisition | 2,829 | |||
Land, total cost | 1,658 | |||
Buildings & improvements, total cost | 11,575 | |||
Total | 13,233 | |||
Accumulated depreciation | 3,608 | |||
Net real estate | $ 9,625 | |||
Year construction/ improvements | 2007 | |||
Date acquired | Jun. 05, 2012 | |||
Columbus, Georgia Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,378 | |||
Buildings & improvements, initial cost | 4,520 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 1,378 | |||
Buildings & improvements, total cost | 4,520 | |||
Total | 5,898 | |||
Accumulated depreciation | 2,149 | |||
Net real estate | $ 3,749 | |||
Year construction/ improvements | 2012 | |||
Date acquired | Jun. 21, 2012 | |||
Fort Worth, Texas Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 8,043 | |||
Land, initial cost | 963 | |||
Buildings & improvements, initial cost | 15,647 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 963 | |||
Buildings & improvements, total cost | 15,647 | |||
Total | 16,610 | |||
Accumulated depreciation | 5,203 | |||
Net real estate | $ 11,407 | |||
Year construction/ improvements | 2005 | |||
Date acquired | Nov. 08, 2012 | |||
Egg Harbor, New Jersey Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,627 | |||
Buildings & improvements, initial cost | 3,017 | |||
Improvement costs capitalized subsequent to acquisition | (950) | |||
Land, total cost | 1,065 | |||
Buildings & improvements, total cost | 2,629 | |||
Total | 3,694 | |||
Accumulated depreciation | 1,296 | |||
Net real estate | $ 2,398 | |||
Year construction/ improvements | 1985 | |||
Date acquired | Mar. 28, 2013 | |||
Vance, Alabama Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 457 | |||
Buildings & improvements, initial cost | 10,529 | |||
Improvement costs capitalized subsequent to acquisition | 6,692 | |||
Land, total cost | 457 | |||
Buildings & improvements, total cost | 17,221 | |||
Total | 17,678 | |||
Accumulated depreciation | 5,002 | |||
Net real estate | $ 12,676 | |||
Year construction/ improvements | 2013 | |||
Date acquired | May 09, 2013 | |||
Austin, Texas Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 2,330 | |||
Buildings & improvements, initial cost | 44,021 | |||
Improvement costs capitalized subsequent to acquisition | 6,507 | |||
Land, total cost | 2,330 | |||
Buildings & improvements, total cost | 50,528 | |||
Total | 52,858 | |||
Accumulated depreciation | 21,753 | |||
Net real estate | $ 31,105 | |||
Year construction/ improvements | 1999 | |||
Date acquired | Jul. 09, 2013 | |||
Englewood, Colorado Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,503 | |||
Buildings & improvements, initial cost | 11,739 | |||
Improvement costs capitalized subsequent to acquisition | 1,498 | |||
Land, total cost | 1,503 | |||
Buildings & improvements, total cost | 13,237 | |||
Total | 14,740 | |||
Accumulated depreciation | 5,026 | |||
Net real estate | $ 9,714 | |||
Year construction/ improvements | 2008 | |||
Date acquired | Dec. 11, 2013 | |||
Novi, Michigan Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 352 | |||
Buildings & improvements, initial cost | 5,626 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 352 | |||
Buildings & improvements, total cost | 5,626 | |||
Total | 5,978 | |||
Accumulated depreciation | 1,906 | |||
Net real estate | $ 4,072 | |||
Year construction/ improvements | 1988 | |||
Date acquired | Dec. 27, 2013 | |||
Allen, Texas Retail Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 874 | |||
Buildings & improvements, initial cost | 3,634 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 874 | |||
Buildings & improvements, total cost | 3,634 | |||
Total | 4,508 | |||
Accumulated depreciation | 1,198 | |||
Net real estate | $ 3,310 | |||
Year construction/ improvements | 2004 | |||
Date acquired | Mar. 27, 2014 | |||
Colleyville, Texas Retail Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,277 | |||
Buildings & improvements, initial cost | 2,424 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 1,277 | |||
Buildings & improvements, total cost | 2,424 | |||
Total | 3,701 | |||
Accumulated depreciation | 787 | |||
Net real estate | $ 2,914 | |||
Year construction/ improvements | 2000 | |||
Date acquired | Mar. 27, 2014 | |||
Coppell, Texas Retail Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,448 | |||
Buildings & improvements, initial cost | 3,349 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 1,448 | |||
Buildings & improvements, total cost | 3,349 | |||
Total | 4,797 | |||
Accumulated depreciation | 1,111 | |||
Net real estate | $ 3,686 | |||
Year construction/ improvements | 2005 | |||
Date acquired | May 08, 2014 | |||
Columbus, Ohio Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 990 | |||
Buildings & improvements, initial cost | 8,017 | |||
Improvement costs capitalized subsequent to acquisition | (514) | |||
Land, total cost | 555 | |||
Buildings & improvements, total cost | 7,938 | |||
Total | 8,493 | |||
Accumulated depreciation | 4,272 | |||
Net real estate | $ 4,221 | |||
Year construction/ improvements | 1986 | |||
Date acquired | May 13, 2014 | |||
Taylor, Pennsylvania Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 3,101 | |||
Buildings & improvements, initial cost | 25,405 | |||
Improvement costs capitalized subsequent to acquisition | 1,248 | |||
Land, total cost | 3,101 | |||
Buildings & improvements, total cost | 26,653 | |||
Total | 29,754 | |||
Accumulated depreciation | 8,060 | |||
Net real estate | $ 21,694 | |||
Year construction/ improvements | 2000 | |||
Year construction/improvements one | 2006 | |||
Date acquired | Jun. 09, 2014 | |||
Aurora, Colorado Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 2,882 | |||
Buildings & improvements, initial cost | 3,917 | |||
Improvement costs capitalized subsequent to acquisition | 96 | |||
Land, total cost | 2,882 | |||
Buildings & improvements, total cost | 4,013 | |||
Total | 6,895 | |||
Accumulated depreciation | 1,317 | |||
Net real estate | $ 5,578 | |||
Year construction/ improvements | 1983 | |||
Date acquired | Jul. 01, 2014 | |||
Indianapolis, Indiana Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 502 | |||
Buildings & improvements, initial cost | 6,422 | |||
Improvement costs capitalized subsequent to acquisition | 1,940 | |||
Land, total cost | 499 | |||
Buildings & improvements, total cost | 8,365 | |||
Total | 8,864 | |||
Accumulated depreciation | 3,407 | |||
Net real estate | $ 5,457 | |||
Year construction/ improvements | 1981 | |||
Year construction/improvements one | 2014 | |||
Date acquired | Sep. 03, 2014 | |||
Denver, Colorado Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,621 | |||
Buildings & improvements, initial cost | 7,071 | |||
Improvement costs capitalized subsequent to acquisition | 11,878 | |||
Land, total cost | 1,621 | |||
Buildings & improvements, total cost | 18,949 | |||
Total | 20,570 | |||
Accumulated depreciation | 3,399 | |||
Net real estate | $ 17,171 | |||
Year construction/ improvements | 1985 | |||
Date acquired | Oct. 31, 2014 | |||
Monroe, Michigan Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 8,930 | |||
Land, initial cost | 658 | |||
Buildings & improvements, initial cost | 14,607 | |||
Improvement costs capitalized subsequent to acquisition | 195 | |||
Land, total cost | 658 | |||
Buildings & improvements, total cost | 14,802 | |||
Total | 15,460 | |||
Accumulated depreciation | 4,168 | |||
Net real estate | $ 11,292 | |||
Year construction/ improvements | 2004 | |||
Date acquired | Dec. 23, 2014 | |||
Monroe, Michigan Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 6,232 | |||
Land, initial cost | 460 | |||
Buildings & improvements, initial cost | 10,225 | |||
Improvement costs capitalized subsequent to acquisition | (20) | |||
Land, total cost | 459 | |||
Buildings & improvements, total cost | 10,206 | |||
Total | 10,665 | |||
Accumulated depreciation | 2,875 | |||
Net real estate | $ 7,790 | |||
Year construction/ improvements | 2004 | |||
Date acquired | Dec. 23, 2014 | |||
Richardson, Texas Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 9,794 | |||
Land, initial cost | 2,728 | |||
Buildings & improvements, initial cost | 15,372 | |||
Improvement costs capitalized subsequent to acquisition | (3,157) | |||
Land, total cost | 1,823 | |||
Buildings & improvements, total cost | 13,120 | |||
Total | 14,943 | |||
Accumulated depreciation | 6,299 | |||
Net real estate | $ 8,644 | |||
Year construction/ improvements | 1985 | |||
Year construction/improvements one | 2008 | |||
Date acquired | Mar. 06, 2015 | |||
Dublin, Ohio Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,338 | |||
Buildings & improvements, initial cost | 5,058 | |||
Improvement costs capitalized subsequent to acquisition | 1,086 | |||
Land, total cost | 1,338 | |||
Buildings & improvements, total cost | 6,144 | |||
Total | 7,482 | |||
Accumulated depreciation | 2,202 | |||
Net real estate | $ 5,280 | |||
Year construction/ improvements | 1980 | |||
Date acquired | May 28, 2015 | |||
Draper, Utah Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 8,027 | |||
Land, initial cost | 3,248 | |||
Buildings & improvements, initial cost | 13,129 | |||
Improvement costs capitalized subsequent to acquisition | (6,543) | |||
Land, total cost | 1,504 | |||
Buildings & improvements, total cost | 8,330 | |||
Total | 9,834 | |||
Accumulated depreciation | 4,181 | |||
Net real estate | $ 5,653 | |||
Year construction/ improvements | 2008 | |||
Date acquired | May 29, 2015 | |||
Hapeville, Georgia Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 2,272 | |||
Buildings & improvements, initial cost | 8,778 | |||
Improvement costs capitalized subsequent to acquisition | 263 | |||
Land, total cost | 2,272 | |||
Buildings & improvements, total cost | 9,041 | |||
Total | 11,313 | |||
Accumulated depreciation | 2,773 | |||
Net real estate | $ 8,540 | |||
Year construction/ improvements | 1999 | |||
Year construction/improvements one | 2007 | |||
Date acquired | Jul. 15, 2015 | |||
Villa Rica, Georgia Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 3,246 | |||
Land, initial cost | 293 | |||
Buildings & improvements, initial cost | 5,277 | |||
Improvement costs capitalized subsequent to acquisition | 198 | |||
Land, total cost | 293 | |||
Buildings & improvements, total cost | 5,475 | |||
Total | 5,768 | |||
Accumulated depreciation | 1,621 | |||
Net real estate | $ 4,147 | |||
Year construction/ improvements | 2000 | |||
Year construction/improvements one | 2014 | |||
Date acquired | Oct. 20, 2015 | |||
Fort Lauderdale, Florida Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 11,447 | |||
Land, initial cost | 4,117 | |||
Buildings & improvements, initial cost | 15,516 | |||
Improvement costs capitalized subsequent to acquisition | 3,823 | |||
Land, total cost | 4,117 | |||
Buildings & improvements, total cost | 19,339 | |||
Total | 23,456 | |||
Accumulated depreciation | 7,010 | |||
Net real estate | $ 16,446 | |||
Year construction/ improvements | 1984 | |||
Date acquired | Sep. 12, 2016 | |||
King of Prussia, Pennsylvania Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 13,689 | |||
Land, initial cost | 3,681 | |||
Buildings & improvements, initial cost | 15,739 | |||
Improvement costs capitalized subsequent to acquisition | 473 | |||
Land, total cost | 3,681 | |||
Buildings & improvements, total cost | 16,212 | |||
Total | 19,893 | |||
Accumulated depreciation | 5,189 | |||
Net real estate | $ 14,704 | |||
Year construction/ improvements | 2001 | |||
Date acquired | Dec. 14, 2016 | |||
Conshohocken Pennsylvania Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 9,106 | |||
Land, initial cost | 1,996 | |||
Buildings & improvements, initial cost | 10,880 | |||
Improvement costs capitalized subsequent to acquisition | 185 | |||
Land, total cost | 1,996 | |||
Buildings & improvements, total cost | 11,065 | |||
Total | 13,061 | |||
Accumulated depreciation | 2,835 | |||
Net real estate | $ 10,226 | |||
Year construction/ improvements | 1996 | |||
Date acquired | Jun. 22, 2017 | |||
Philadelphia Pennsylvania, Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 14,431 | |||
Land, initial cost | 5,896 | |||
Buildings & improvements, initial cost | 16,282 | |||
Improvement costs capitalized subsequent to acquisition | 62 | |||
Land, total cost | 5,906 | |||
Buildings & improvements, total cost | 16,334 | |||
Total | 22,240 | |||
Accumulated depreciation | 4,973 | |||
Net real estate | $ 17,267 | |||
Year construction/ improvements | 1994 | |||
Year construction/improvements one | 2011 | |||
Date acquired | Jul. 07, 2017 | |||
Maitland Florida Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 13,946 | |||
Land, initial cost | 3,073 | |||
Buildings & improvements, initial cost | 19,661 | |||
Improvement costs capitalized subsequent to acquisition | 864 | |||
Land, total cost | 3,091 | |||
Buildings & improvements, total cost | 20,507 | |||
Total | 23,598 | |||
Accumulated depreciation | 6,941 | |||
Net real estate | $ 16,657 | |||
Year construction/ improvements | 1998 | |||
Date acquired | Jul. 31, 2017 | |||
Maitland Florida Office Building Three | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 6,992 | |||
Land, initial cost | 2,095 | |||
Buildings & improvements, initial cost | 9,339 | |||
Improvement costs capitalized subsequent to acquisition | 9 | |||
Land, total cost | 2,095 | |||
Buildings & improvements, total cost | 9,348 | |||
Total | 11,443 | |||
Accumulated depreciation | 2,495 | |||
Net real estate | $ 8,948 | |||
Year construction/ improvements | 1999 | |||
Date acquired | Jul. 31, 2017 | |||
Columbus Ohio Office Building Two | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,926 | |||
Buildings & improvements, initial cost | 11,410 | |||
Improvement costs capitalized subsequent to acquisition | 332 | |||
Land, total cost | 1,925 | |||
Buildings & improvements, total cost | 11,743 | |||
Total | 13,668 | |||
Accumulated depreciation | 3,203 | |||
Net real estate | $ 10,465 | |||
Year construction/ improvements | 2007 | |||
Date acquired | Dec. 01, 2017 | |||
Salt Lake City Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 4,446 | |||
Buildings & improvements, initial cost | 9,938 | |||
Improvement costs capitalized subsequent to acquisition | 801 | |||
Land, total cost | 4,446 | |||
Buildings & improvements, total cost | 10,739 | |||
Total | 15,185 | |||
Accumulated depreciation | 3,197 | |||
Net real estate | $ 11,988 | |||
Year construction/ improvements | 2007 | |||
Date acquired | Dec. 01, 2017 | |||
Vance, Alabama Industrial Building Two | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 459 | |||
Buildings & improvements, initial cost | 12,224 | |||
Improvement costs capitalized subsequent to acquisition | 44 | |||
Land, total cost | 469 | |||
Buildings & improvements, total cost | 12,258 | |||
Total | 12,727 | |||
Accumulated depreciation | 2,608 | |||
Net real estate | $ 10,119 | |||
Year construction/ improvements | 2018 | |||
Date acquired | Mar. 09, 2018 | |||
Columbus, Ohio Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 4,197 | |||
Land, initial cost | 681 | |||
Buildings & improvements, initial cost | 6,401 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 681 | |||
Buildings & improvements, total cost | 6,401 | |||
Total | 7,082 | |||
Accumulated depreciation | 1,749 | |||
Net real estate | $ 5,333 | |||
Year construction/ improvements | 1990 | |||
Date acquired | Sep. 20, 2018 | |||
Detroit, Michigan Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 5,589 | |||
Land, initial cost | 1,458 | |||
Buildings & improvements, initial cost | 10,092 | |||
Improvement costs capitalized subsequent to acquisition | 10 | |||
Land, total cost | 1,468 | |||
Buildings & improvements, total cost | 10,092 | |||
Total | 11,560 | |||
Accumulated depreciation | 1,889 | |||
Net real estate | $ 9,671 | |||
Year construction/ improvements | 1997 | |||
Date acquired | Oct. 30, 2018 | |||
Detroit, Michigan Industrial Building Two | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 662 | |||
Buildings & improvements, initial cost | 6,681 | |||
Improvement costs capitalized subsequent to acquisition | 10 | |||
Land, total cost | 672 | |||
Buildings & improvements, total cost | 6,681 | |||
Total | 7,353 | |||
Accumulated depreciation | 1,272 | |||
Net real estate | $ 6,081 | |||
Year construction/ improvements | 2002 | |||
Year construction/improvements one | 2016 | |||
Date acquired | Oct. 30, 2018 | |||
Lake Mary, Florida Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 9,762 | |||
Land, initial cost | 3,018 | |||
Buildings & improvements, initial cost | 11,756 | |||
Improvement costs capitalized subsequent to acquisition | 164 | |||
Land, total cost | 3,020 | |||
Buildings & improvements, total cost | 11,918 | |||
Total | 14,938 | |||
Accumulated depreciation | 2,583 | |||
Net real estate | $ 12,355 | |||
Year construction/ improvements | 1997 | |||
Year construction/improvements one | 2018 | |||
Date acquired | Dec. 27, 2018 | |||
Moorestown, New Jersey Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 471 | |||
Buildings & improvements, initial cost | 1,825 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 471 | |||
Buildings & improvements, total cost | 1,825 | |||
Total | 2,296 | |||
Accumulated depreciation | 550 | |||
Net real estate | $ 1,746 | |||
Year construction/ improvements | 1991 | |||
Date acquired | Feb. 08, 2019 | |||
Indianapolis, Indiana Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 255 | |||
Buildings & improvements, initial cost | 2,809 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 255 | |||
Buildings & improvements, total cost | 2,809 | |||
Total | 3,064 | |||
Accumulated depreciation | 534 | |||
Net real estate | $ 2,530 | |||
Year construction/ improvements | 1989 | |||
Year construction/improvements one | 2019 | |||
Date acquired | Feb. 28, 2019 | |||
Ocala, Florida Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,286 | |||
Buildings & improvements, initial cost | 8,535 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 1,286 | |||
Buildings & improvements, total cost | 8,535 | |||
Total | 9,821 | |||
Accumulated depreciation | 1,375 | |||
Net real estate | $ 8,446 | |||
Year construction/ improvements | 2001 | |||
Date acquired | Apr. 05, 2019 | |||
Ocala, Florida Industrial Building Two | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 725 | |||
Buildings & improvements, initial cost | 4,814 | |||
Improvement costs capitalized subsequent to acquisition | 849 | |||
Land, total cost | 724 | |||
Buildings & improvements, total cost | 5,664 | |||
Total | 6,388 | |||
Accumulated depreciation | 932 | |||
Net real estate | $ 5,456 | |||
Year construction/ improvements | 1965 | |||
Year construction/improvements one | 2007 | |||
Date acquired | Apr. 05, 2019 | |||
Delaware, Ohio Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 316 | |||
Buildings & improvements, initial cost | 2,355 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 316 | |||
Buildings & improvements, total cost | 2,355 | |||
Total | 2,671 | |||
Accumulated depreciation | 462 | |||
Net real estate | $ 2,209 | |||
Year construction/ improvements | 2005 | |||
Date acquired | Apr. 30, 2019 | |||
Tifton, Georgia Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 7,527 | |||
Land, initial cost | 0 | |||
Buildings & improvements, initial cost | 15,190 | |||
Improvement costs capitalized subsequent to acquisition | 1,725 | |||
Land, total cost | 1,725 | |||
Buildings & improvements, total cost | 15,190 | |||
Total | 16,915 | |||
Accumulated depreciation | 2,284 | |||
Net real estate | $ 14,631 | |||
Year construction/ improvements | 1995 | |||
Year construction/improvements one | 2003 | |||
Date acquired | Jun. 18, 2019 | |||
Denton, Texas Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,497 | |||
Buildings & improvements, initial cost | 4,151 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 1,496 | |||
Buildings & improvements, total cost | 4,152 | |||
Total | 5,648 | |||
Accumulated depreciation | 814 | |||
Net real estate | $ 4,834 | |||
Year construction/ improvements | 2012 | |||
Date acquired | Jul. 30, 2019 | |||
Temple, Texas Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 200 | |||
Buildings & improvements, initial cost | 4,335 | |||
Improvement costs capitalized subsequent to acquisition | 65 | |||
Land, total cost | 200 | |||
Buildings & improvements, total cost | 4,400 | |||
Total | 4,600 | |||
Accumulated depreciation | 759 | |||
Net real estate | $ 3,841 | |||
Year construction/ improvements | 1973 | |||
Year construction/improvements one | 2006 | |||
Date acquired | Sep. 26, 2019 | |||
Temple, Texas Industrial Building Two | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 296 | |||
Buildings & improvements, initial cost | 6,425 | |||
Improvement costs capitalized subsequent to acquisition | 99 | |||
Land, total cost | 296 | |||
Buildings & improvements, total cost | 6,524 | |||
Total | 6,820 | |||
Accumulated depreciation | 1,125 | |||
Net real estate | $ 5,695 | |||
Year construction/ improvements | 1978 | |||
Year construction/improvements one | 2006 | |||
Date acquired | Sep. 26, 2019 | |||
Indianapolis, Indiana Industrial Building Two | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,158 | |||
Buildings & improvements, initial cost | 5,162 | |||
Improvement costs capitalized subsequent to acquisition | 4 | |||
Land, total cost | 1,162 | |||
Buildings & improvements, total cost | 5,162 | |||
Total | 6,324 | |||
Accumulated depreciation | 1,292 | |||
Net real estate | $ 5,032 | |||
Year construction/ improvements | 1967 | |||
Year construction/improvements one | 1998 | |||
Date acquired | Nov. 14, 2019 | |||
Jackson, Tennessee Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 4,293 | |||
Land, initial cost | 311 | |||
Buildings & improvements, initial cost | 7,199 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 311 | |||
Buildings & improvements, total cost | 7,199 | |||
Total | 7,510 | |||
Accumulated depreciation | 969 | |||
Net real estate | $ 6,541 | |||
Year construction/ improvements | 2019 | |||
Date acquired | Dec. 16, 2019 | |||
Carrollton, Georgia Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 3,820 | |||
Land, initial cost | 291 | |||
Buildings & improvements, initial cost | 6,720 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 292 | |||
Buildings & improvements, total cost | 6,719 | |||
Total | 7,011 | |||
Accumulated depreciation | 875 | |||
Net real estate | $ 6,136 | |||
Year construction/ improvements | 2015 | |||
Year construction/improvements one | 2019 | |||
Date acquired | Dec. 17, 2019 | |||
New Orleans, Louisiana Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 3,413 | |||
Land, initial cost | 2,168 | |||
Buildings & improvements, initial cost | 4,667 | |||
Improvement costs capitalized subsequent to acquisition | 25 | |||
Land, total cost | 2,166 | |||
Buildings & improvements, total cost | 4,694 | |||
Total | 6,860 | |||
Accumulated depreciation | 999 | |||
Net real estate | $ 5,861 | |||
Year construction/ improvements | 1975 | |||
Date acquired | Dec. 17, 2019 | |||
San Antonio, Texas Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 3,503 | |||
Land, initial cost | 775 | |||
Buildings & improvements, initial cost | 6,877 | |||
Improvement costs capitalized subsequent to acquisition | 864 | |||
Land, total cost | 773 | |||
Buildings & improvements, total cost | 7,743 | |||
Total | 8,516 | |||
Accumulated depreciation | 1,093 | |||
Net real estate | $ 7,423 | |||
Year construction/ improvements | 1985 | |||
Date acquired | Dec. 17, 2019 | |||
Port Allen, Louisiana Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 2,595 | |||
Land, initial cost | 292 | |||
Buildings & improvements, initial cost | 3,411 | |||
Improvement costs capitalized subsequent to acquisition | 412 | |||
Land, total cost | 291 | |||
Buildings & improvements, total cost | 3,824 | |||
Total | 4,115 | |||
Accumulated depreciation | 675 | |||
Net real estate | $ 3,440 | |||
Year construction/ improvements | 1983 | |||
Year construction/improvements one | 2005 | |||
Date acquired | Dec. 17, 2019 | |||
Albuquerque, New Mexico Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 1,679 | |||
Land, initial cost | 673 | |||
Buildings & improvements, initial cost | 2,291 | |||
Improvement costs capitalized subsequent to acquisition | 4 | |||
Land, total cost | 671 | |||
Buildings & improvements, total cost | 2,297 | |||
Total | 2,968 | |||
Accumulated depreciation | 360 | |||
Net real estate | $ 2,608 | |||
Year construction/ improvements | 1998 | |||
Year construction/improvements one | 2017 | |||
Date acquired | Dec. 17, 2019 | |||
Tucson, Arizona Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 3,143 | |||
Land, initial cost | 819 | |||
Buildings & improvements, initial cost | 4,636 | |||
Improvement costs capitalized subsequent to acquisition | 210 | |||
Land, total cost | 817 | |||
Buildings & improvements, total cost | 4,848 | |||
Total | 5,665 | |||
Accumulated depreciation | 712 | |||
Net real estate | $ 4,953 | |||
Year construction/ improvements | 1987 | |||
Year construction/improvements one | 1995 | |||
Year construction/improvements two | 2005 | |||
Date acquired | Dec. 17, 2019 | |||
Albuquerque, New Mexico Industrial Building Two | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 3,179 | |||
Land, initial cost | 818 | |||
Buildings & improvements, initial cost | 5,219 | |||
Improvement costs capitalized subsequent to acquisition | 240 | |||
Land, total cost | 815 | |||
Buildings & improvements, total cost | 5,462 | |||
Total | 6,277 | |||
Accumulated depreciation | 771 | |||
Net real estate | $ 5,506 | |||
Year construction/ improvements | 2000 | |||
Year construction/improvements one | 2018 | |||
Date acquired | Dec. 17, 2019 | |||
Indianapolis, Indiana Industrial Building Three | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 489 | |||
Buildings & improvements, initial cost | 3,956 | |||
Improvement costs capitalized subsequent to acquisition | 223 | |||
Land, total cost | 493 | |||
Buildings & improvements, total cost | 4,175 | |||
Total | 4,668 | |||
Accumulated depreciation | 612 | |||
Net real estate | $ 4,056 | |||
Year construction/ improvements | 1987 | |||
Date acquired | Jan. 08, 2020 | |||
Houston, Texas Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 9,118 | |||
Land, initial cost | 1,714 | |||
Buildings & improvements, initial cost | 14,170 | |||
Improvement costs capitalized subsequent to acquisition | 3 | |||
Land, total cost | 1,717 | |||
Buildings & improvements, total cost | 14,170 | |||
Total | 15,887 | |||
Accumulated depreciation | 1,628 | |||
Net real estate | $ 14,259 | |||
Year construction/ improvements | 2000 | |||
Year construction/improvements one | 2018 | |||
Date acquired | Jan. 27, 2020 | |||
Charlotte, North Carolina Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 4,926 | |||
Land, initial cost | 1,458 | |||
Buildings & improvements, initial cost | 6,778 | |||
Improvement costs capitalized subsequent to acquisition | 4 | |||
Land, total cost | 1,461 | |||
Buildings & improvements, total cost | 6,779 | |||
Total | 8,240 | |||
Accumulated depreciation | 989 | |||
Net real estate | $ 7,251 | |||
Year construction/ improvements | 1995 | |||
Year construction/improvements one | 1999 | |||
Year construction/improvements two | 2006 | |||
Date acquired | Jan. 27, 2020 | |||
St. Charles, Missouri Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 2,725 | |||
Land, initial cost | 924 | |||
Buildings & improvements, initial cost | 3,749 | |||
Improvement costs capitalized subsequent to acquisition | 4 | |||
Land, total cost | 928 | |||
Buildings & improvements, total cost | 3,749 | |||
Total | 4,677 | |||
Accumulated depreciation | 445 | |||
Net real estate | $ 4,232 | |||
Year construction/ improvements | 2012 | |||
Date acquired | Jan. 27, 2020 | |||
Crandall, Georgia Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 16,068 | |||
Land, initial cost | 2,711 | |||
Buildings & improvements, initial cost | 26,632 | |||
Improvement costs capitalized subsequent to acquisition | 172 | |||
Land, total cost | 2,711 | |||
Buildings & improvements, total cost | 26,804 | |||
Total | 29,515 | |||
Accumulated depreciation | 3,050 | |||
Net real estate | $ 26,465 | |||
Year construction/ improvements | 2020 | |||
Date acquired | Mar. 09, 2020 | |||
Terre Haute, Indiana Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 502 | |||
Buildings & improvements, initial cost | 8,076 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 502 | |||
Buildings & improvements, total cost | 8,076 | |||
Total | 8,578 | |||
Accumulated depreciation | 806 | |||
Net real estate | $ 7,772 | |||
Year construction/ improvements | 2010 | |||
Date acquired | Sep. 01, 2020 | |||
Montgomery, Alabama Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 599 | |||
Buildings & improvements, initial cost | 11,290 | |||
Improvement costs capitalized subsequent to acquisition | 3 | |||
Land, total cost | 602 | |||
Buildings & improvements, total cost | 11,290 | |||
Total | 11,892 | |||
Accumulated depreciation | 1,443 | |||
Net real estate | $ 10,449 | |||
Year construction/ improvements | 1990 | |||
Year construction/improvements one | 1997 | |||
Date acquired | Oct. 14, 2020 | |||
Huntsville, Alabama Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 9,500 | |||
Land, initial cost | 1,445 | |||
Buildings & improvements, initial cost | 15,040 | |||
Improvement costs capitalized subsequent to acquisition | 11,158 | |||
Land, total cost | 1,445 | |||
Buildings & improvements, total cost | 26,198 | |||
Total | 27,643 | |||
Accumulated depreciation | 2,642 | |||
Net real estate | $ 25,001 | |||
Year construction/ improvements | 2001 | |||
Date acquired | Dec. 18, 2020 | |||
Pittsburg, Pennsylvania Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 6,248 | |||
Land, initial cost | 1,422 | |||
Buildings & improvements, initial cost | 10,094 | |||
Improvement costs capitalized subsequent to acquisition | 150 | |||
Land, total cost | 1,422 | |||
Buildings & improvements, total cost | 10,244 | |||
Total | 11,666 | |||
Accumulated depreciation | 1,408 | |||
Net real estate | $ 10,258 | |||
Year construction/ improvements | 1994 | |||
Date acquired | Dec. 21, 2020 | |||
Findley, Ohio Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 5,065 | |||
Land, initial cost | 258 | |||
Buildings & improvements, initial cost | 8,847 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 258 | |||
Buildings & improvements, total cost | 8,847 | |||
Total | 9,105 | |||
Accumulated depreciation | 929 | |||
Net real estate | $ 8,176 | |||
Year construction/ improvements | 1992 | |||
Year construction/improvements one | 2008 | |||
Date acquired | Jan. 22, 2021 | |||
Baytown, Texas Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,604 | |||
Buildings & improvements, initial cost | 5,533 | |||
Improvement costs capitalized subsequent to acquisition | 3 | |||
Land, total cost | 1,607 | |||
Buildings & improvements, total cost | 5,533 | |||
Total | 7,140 | |||
Accumulated depreciation | 684 | |||
Net real estate | $ 6,456 | |||
Year construction/ improvements | 2018 | |||
Date acquired | Jun. 17, 2021 | |||
Pacific, Missouri Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 926 | |||
Buildings & improvements, initial cost | 7,294 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 926 | |||
Buildings & improvements, total cost | 7,294 | |||
Total | 8,220 | |||
Accumulated depreciation | 585 | |||
Net real estate | $ 7,635 | |||
Year construction/ improvements | 2019 | |||
Year construction/improvements one | 2021 | |||
Date acquired | Jul. 21, 2021 | |||
Pacific, Missouri Industrial Building Two | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 235 | |||
Buildings & improvements, initial cost | 1,852 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 235 | |||
Buildings & improvements, total cost | 1,852 | |||
Total | 2,087 | |||
Accumulated depreciation | 148 | |||
Net real estate | $ 1,939 | |||
Year construction/ improvements | 2019 | |||
Year construction/improvements one | 2021 | |||
Date acquired | Jul. 21, 2021 | |||
Pacific, Missouri Industrial Building Three | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 607 | |||
Buildings & improvements, initial cost | 4,782 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 607 | |||
Buildings & improvements, total cost | 4,782 | |||
Total | 5,389 | |||
Accumulated depreciation | 383 | |||
Net real estate | $ 5,006 | |||
Year construction/ improvements | 2019 | |||
Year construction/improvements one | 2021 | |||
Date acquired | Jul. 21, 2021 | |||
Pacific, Missouri Industrial Building Four | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 257 | |||
Buildings & improvements, initial cost | 2,027 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 257 | |||
Buildings & improvements, total cost | 2,027 | |||
Total | 2,284 | |||
Accumulated depreciation | 162 | |||
Net real estate | $ 2,122 | |||
Year construction/ improvements | 2019 | |||
Year construction/improvements one | 2021 | |||
Date acquired | Jul. 21, 2021 | |||
Peru, Illinois Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 89 | |||
Buildings & improvements, initial cost | 1,413 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 89 | |||
Buildings & improvements, total cost | 1,413 | |||
Total | 1,502 | |||
Accumulated depreciation | 151 | |||
Net real estate | $ 1,351 | |||
Year construction/ improvements | 1987 | |||
Year construction/improvements one | 1998 | |||
Date acquired | Aug. 20, 2021 | |||
Peru, Illinois Industrial Building Two | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 140 | |||
Buildings & improvements, initial cost | 2,225 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 140 | |||
Buildings & improvements, total cost | 2,225 | |||
Total | 2,365 | |||
Accumulated depreciation | 239 | |||
Net real estate | $ 2,126 | |||
Year construction/ improvements | 1987 | |||
Year construction/improvements one | 1998 | |||
Date acquired | Aug. 20, 2021 | |||
Charlotte, North Carolina Industrial Building Two | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,400 | |||
Buildings & improvements, initial cost | 10,615 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 1,400 | |||
Buildings & improvements, total cost | 10,615 | |||
Total | 12,015 | |||
Accumulated depreciation | 956 | |||
Net real estate | $ 11,059 | |||
Year construction/ improvements | 1972 | |||
Year construction/improvements one | 2018 | |||
Date acquired | Nov. 03, 2021 | |||
Atlanta, Georgia Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 1,255 | |||
Buildings & improvements, initial cost | 8,787 | |||
Improvement costs capitalized subsequent to acquisition | 1,503 | |||
Land, total cost | 1,255 | |||
Buildings & improvements, total cost | 10,290 | |||
Total | 11,545 | |||
Accumulated depreciation | 732 | |||
Net real estate | $ 10,813 | |||
Year construction/ improvements | 1974 | |||
Date acquired | Dec. 21, 2021 | |||
Crossville, Tennessee Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 15,695 | |||
Land, initial cost | 434 | |||
Buildings & improvements, initial cost | 24,589 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 434 | |||
Buildings & improvements, total cost | 24,589 | |||
Total | 25,023 | |||
Accumulated depreciation | 1,362 | |||
Net real estate | $ 23,661 | |||
Year construction/ improvements | 2020 | |||
Date acquired | Dec. 21, 2021 | |||
Wilkesboro, North Carolina Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 346 | |||
Buildings & improvements, initial cost | 5,758 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 346 | |||
Buildings & improvements, total cost | 5,758 | |||
Total | 6,104 | |||
Accumulated depreciation | 418 | |||
Net real estate | $ 5,686 | |||
Year construction/ improvements | 2014 | |||
Date acquired | Feb. 24, 2022 | |||
Oklahoma City, Oklahoma Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 470 | |||
Buildings & improvements, initial cost | 4,688 | |||
Improvement costs capitalized subsequent to acquisition | 1 | |||
Land, total cost | 470 | |||
Buildings & improvements, total cost | 4,689 | |||
Total | 5,159 | |||
Accumulated depreciation | 287 | |||
Net real estate | $ 4,872 | |||
Year construction/ improvements | 1999 | |||
Year construction/improvements one | 2004 | |||
Date acquired | Mar. 11, 2022 | |||
Cleveland, Ohio Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 3,552 | |||
Land, initial cost | 628 | |||
Buildings & improvements, initial cost | 5,252 | |||
Improvement costs capitalized subsequent to acquisition | 495 | |||
Land, total cost | 628 | |||
Buildings & improvements, total cost | 5,747 | |||
Total | 6,375 | |||
Accumulated depreciation | 514 | |||
Net real estate | $ 5,861 | |||
Year construction/ improvements | 1966 | |||
Year construction/improvements one | 1972 | |||
Year construction/improvements two | 2000 | |||
Year construction/improvements three | 2013 | |||
Date acquired | May 04, 2022 | |||
Fort Payne, Alabama Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 6,370 | |||
Land, initial cost | 217 | |||
Buildings & improvements, initial cost | 10,778 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 217 | |||
Buildings & improvements, total cost | 10,778 | |||
Total | 10,995 | |||
Accumulated depreciation | 623 | |||
Net real estate | $ 10,372 | |||
Year construction/ improvements | 2013 | |||
Date acquired | May 04, 2022 | |||
Wilmington, North Carolina Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 6,401 | |||
Land, initial cost | 1,104 | |||
Buildings & improvements, initial cost | 9,730 | |||
Improvement costs capitalized subsequent to acquisition | 22 | |||
Land, total cost | 1,104 | |||
Buildings & improvements, total cost | 9,752 | |||
Total | 10,856 | |||
Accumulated depreciation | 706 | |||
Net real estate | $ 10,150 | |||
Year construction/ improvements | 2000 | |||
Year construction/improvements one | 2020 | |||
Date acquired | May 12, 2022 | |||
Wilmington, North Carolina Two Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 3,309 | |||
Land, initial cost | 571 | |||
Buildings & improvements, initial cost | 5,031 | |||
Improvement costs capitalized subsequent to acquisition | 12 | |||
Land, total cost | 571 | |||
Buildings & improvements, total cost | 5,043 | |||
Total | 5,614 | |||
Accumulated depreciation | 365 | |||
Net real estate | $ 5,249 | |||
Year construction/ improvements | 2000 | |||
Year construction/improvements one | 2020 | |||
Date acquired | May 12, 2022 | |||
Wilmington, North Carolina Three Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 254 | |||
Land, initial cost | 44 | |||
Buildings & improvements, initial cost | 386 | |||
Improvement costs capitalized subsequent to acquisition | 1 | |||
Land, total cost | 44 | |||
Buildings & improvements, total cost | 387 | |||
Total | 431 | |||
Accumulated depreciation | 28 | |||
Net real estate | $ 403 | |||
Year construction/ improvements | 2000 | |||
Year construction/improvements one | 2020 | |||
Date acquired | May 12, 2022 | |||
Bridgeton, New Jersey Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 1,945 | |||
Land, initial cost | 571 | |||
Buildings & improvements, initial cost | 2,753 | |||
Improvement costs capitalized subsequent to acquisition | 3 | |||
Land, total cost | 574 | |||
Buildings & improvements, total cost | 2,753 | |||
Total | 3,327 | |||
Accumulated depreciation | 205 | |||
Net real estate | $ 3,122 | |||
Year construction/ improvements | 2017 | |||
Date acquired | Aug. 05, 2022 | |||
Vineland, New Jersey, Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 14,968 | |||
Land, initial cost | 860 | |||
Buildings & improvements, initial cost | 24,634 | |||
Improvement costs capitalized subsequent to acquisition | 4 | |||
Land, total cost | 864 | |||
Buildings & improvements, total cost | 24,634 | |||
Total | 25,498 | |||
Accumulated depreciation | 1,228 | |||
Net real estate | $ 24,270 | |||
Year construction/ improvements | 2003 | |||
Year construction/improvements one | 2009 | |||
Date acquired | Aug. 05, 2022 | |||
Jacksonville, Florida Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 4,400 | |||
Land, initial cost | 1,099 | |||
Buildings & improvements, initial cost | 5,587 | |||
Improvement costs capitalized subsequent to acquisition | 222 | |||
Land, total cost | 1,099 | |||
Buildings & improvements, total cost | 5,809 | |||
Total | 6,908 | |||
Accumulated depreciation | 288 | |||
Net real estate | $ 6,620 | |||
Year construction/ improvements | 1978 | |||
Date acquired | Sep. 16, 2022 | |||
Fort Payne, Alabama Two Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 39 | |||
Buildings & improvements, initial cost | 4,774 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 39 | |||
Buildings & improvements, total cost | 4,774 | |||
Total | 4,813 | |||
Accumulated depreciation | 196 | |||
Net real estate | $ 4,617 | |||
Year construction/ improvements | 2022 | |||
Date acquired | Sep. 20, 2022 | |||
Denver, Colorado Two Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 6,600 | |||
Land, initial cost | 5,227 | |||
Buildings & improvements, initial cost | 4,649 | |||
Improvement costs capitalized subsequent to acquisition | 157 | |||
Land, total cost | 5,228 | |||
Buildings & improvements, total cost | 4,805 | |||
Total | 10,033 | |||
Accumulated depreciation | 244 | |||
Net real estate | $ 9,789 | |||
Year construction/ improvements | 1978 | |||
Date acquired | Oct. 26, 2022 | |||
Greenville, South Carolina Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 411 | |||
Buildings & improvements, initial cost | 3,693 | |||
Improvement costs capitalized subsequent to acquisition | 105 | |||
Land, total cost | 410 | |||
Buildings & improvements, total cost | 3,799 | |||
Total | 4,209 | |||
Accumulated depreciation | 150 | |||
Net real estate | $ 4,059 | |||
Year construction/ improvements | 1964 | |||
Date acquired | Dec. 21, 2022 | |||
Riverdale, Illinois Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 2,788 | |||
Land, initial cost | 675 | |||
Buildings & improvements, initial cost | 3,862 | |||
Improvement costs capitalized subsequent to acquisition | 43 | |||
Land, total cost | 676 | |||
Buildings & improvements, total cost | 3,904 | |||
Total | 4,580 | |||
Accumulated depreciation | 97 | |||
Net real estate | $ 4,483 | |||
Year construction/ improvements | 1949 | |||
Year construction/improvements one | 1992 | |||
Dallas Forth Worth, Texas , Retail Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 1,494 | |||
Land, initial cost | 770 | |||
Buildings & improvements, initial cost | 1,636 | |||
Improvement costs capitalized subsequent to acquisition | (1) | |||
Land, total cost | 770 | |||
Buildings & improvements, total cost | 1,635 | |||
Total | 2,405 | |||
Accumulated depreciation | 31 | |||
Net real estate | $ 2,374 | |||
Year construction/ improvements | 2010 | |||
Year construction/improvements one | 2023 | |||
Dallas Forth Worth, Texas , Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 4,680 | |||
Land, initial cost | 1,269 | |||
Buildings & improvements, initial cost | 6,617 | |||
Improvement costs capitalized subsequent to acquisition | 0 | |||
Land, total cost | 1,268 | |||
Buildings & improvements, total cost | 6,618 | |||
Total | 7,886 | |||
Accumulated depreciation | 105 | |||
Net real estate | $ 7,781 | |||
Year construction/ improvements | 1999 | |||
Allentown, Pennsylvania , Industrial Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 987 | |||
Buildings & improvements, initial cost | 5,506 | |||
Improvement costs capitalized subsequent to acquisition | 53 | |||
Land, total cost | 988 | |||
Buildings & improvements, total cost | 5,558 | |||
Total | 6,546 | |||
Accumulated depreciation | 41 | |||
Net real estate | $ 6,505 | |||
Year construction/ improvements | 1974 | |||
Year construction/improvements one | 2016 | |||
Indianapolis, Indiana Industrial Building Four | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances, initial cost | $ 0 | |||
Land, initial cost | 928 | |||
Buildings & improvements, initial cost | 3,102 | |||
Improvement costs capitalized subsequent to acquisition | (2) | |||
Land, total cost | 926 | |||
Buildings & improvements, total cost | 3,102 | |||
Total | 4,028 | |||
Accumulated depreciation | 17 | |||
Net real estate | $ 4,011 | |||
Year construction/ improvements | 1997 |
Schedule III - Real Estate and Accumulated Depreciation Footnote Narrative (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Total gross cost | $ 1,261,715 | $ 1,299,570 | $ 1,225,258 | $ 1,140,205 |
Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable life | 39 years | |||
Improvements | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable life | 5 years | |||
Improvements | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable life | 25 years |
Schedule III - Real Estate and Accumulated Depreciation - Change in Balance of Real Estate (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at beginning of period | $ 1,299,570 | $ 1,225,258 | $ 1,140,205 |
Additions: | |||
Acquisitions during period | 25,352 | 99,300 | 85,169 |
Improvements | 9,087 | 26,670 | 14,495 |
Deductions: | |||
Dispositions during period | (53,281) | (39,823) | (14,611) |
Impairments during period | (19,013) | (11,835) | 0 |
Balance at end of period | $ 1,261,715 | $ 1,299,570 | $ 1,225,258 |
Schedule III - Real Estate and Accumulated Depreciation - Change in Balance of Real Estate Footnote Narrative (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Real Estate Held for Sale | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real estate held for sale, gross | $ 40,400 | $ 12,300 |
Schedule III - Real Estate and Accumulated Depreciation - Change in Balance of Accumulated Depreciation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Balance at beginning of period | $ 295,130 | $ 267,057 | $ 233,424 |
Additions during period | 41,174 | 41,075 | 38,449 |
Dispositions during period | (23,787) | (13,002) | (4,816) |
Balance at end of period | $ 312,517 | $ 295,130 | $ 267,057 |
Schedule III - Real Estate and Accumulated Depreciation - Change in Balance of Accumulated Depreciation Footnote Narrative (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Real Estate Held for Sale | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real estate held for sale, accumulated depreciation | $ 12,900 | $ 9,000 |
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