$GOOD
GLADSTONE COMMERCIAL CORP

2013 Q2 Form 10-Q Financial Statement

#000119312513310140 Filed on July 30, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $14.26M $12.41M
YoY Change 14.89% 14.7%
Cost Of Revenue $1.020M $730.0K
YoY Change 39.73% 14.06%
Gross Profit $13.24M $11.69M
YoY Change 13.26% 14.83%
Gross Profit Margin 92.86% 94.2%
Selling, General & Admin $1.780M $1.460M
YoY Change 21.92% 0.0%
% of Gross Profit 13.44% 12.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.220M $4.000M
YoY Change 30.5% 14.94%
% of Gross Profit 39.43% 34.22%
Operating Expenses $7.369M $6.027M
YoY Change 22.27% 34.23%
Operating Profit $5.871M $5.663M
YoY Change 3.67% -0.47%
Interest Expense $5.764M $4.885M
YoY Change 17.99% -216.59%
% of Operating Profit 98.18% 86.26%
Other Income/Expense, Net -$6.438M -$5.529M
YoY Change 16.44%
Pretax Income $450.0K $850.0K
YoY Change -47.06% -37.96%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $451.0K $854.0K
YoY Change -47.19% -37.66%
Net Earnings / Revenue 3.16% 6.88%
Basic Earnings Per Share -$0.05 -$0.02
Diluted Earnings Per Share -$0.05 -$0.02
COMMON SHARES
Basic Shares Outstanding 12.38M shares 10.95M shares
Diluted Shares Outstanding 12.38M shares 10.95M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.000M $4.300M
YoY Change -6.98% 86.96%
Cash & Equivalents $4.023M $4.273M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $20.70M $17.40M
YoY Change 18.97% 22.54%
LONG-TERM ASSETS
Property, Plant & Equipment $492.2M $419.0M
YoY Change 17.47% 12.88%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $17.70M $14.00M
YoY Change 26.43% 59.09%
Total Long-Term Assets $573.4M $479.9M
YoY Change 19.49% 15.97%
TOTAL ASSETS
Total Short-Term Assets $20.70M $17.40M
Total Long-Term Assets $573.4M $479.9M
Total Assets $594.1M $497.3M
YoY Change 19.47% 16.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $800.0K $800.0K
YoY Change 0.0% -27.27%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.400M $4.300M
YoY Change -20.93% 290.91%
LONG-TERM LIABILITIES
Long-Term Debt $408.9M $353.3M
YoY Change 15.74% 28.33%
Other Long-Term Liabilities $14.60M $11.40M
YoY Change 28.07% 15.15%
Total Long-Term Liabilities $423.5M $364.7M
YoY Change 16.12% 27.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.400M $4.300M
Total Long-Term Liabilities $423.5M $364.7M
Total Liabilities $427.8M $369.7M
YoY Change 15.7% 28.28%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $14.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $166.4M $127.6M
YoY Change
Total Liabilities & Shareholders Equity $594.1M $497.3M
YoY Change 19.47% 16.19%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $451.0K $854.0K
YoY Change -47.19% -37.66%
Depreciation, Depletion And Amortization $5.220M $4.000M
YoY Change 30.5% 14.94%
Cash From Operating Activities $4.490M $5.140M
YoY Change -12.65% 6.64%
INVESTING ACTIVITIES
Capital Expenditures -$31.72M -$33.04M
YoY Change -4.0% 116.51%
Acquisitions
YoY Change
Other Investing Activities -$1.290M -$690.0K
YoY Change 86.96% 590.0%
Cash From Investing Activities -$33.01M -$33.73M
YoY Change -2.13% 119.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 25.27M 27.17M
YoY Change -6.99% -1948.3%
NET CHANGE
Cash From Operating Activities 4.490M 5.140M
Cash From Investing Activities -33.01M -33.73M
Cash From Financing Activities 25.27M 27.17M
Net Change In Cash -3.250M -1.420M
YoY Change 128.87% -88.18%
FREE CASH FLOW
Cash From Operating Activities $4.490M $5.140M
Capital Expenditures -$31.72M -$33.04M
Free Cash Flow $36.21M $38.18M
YoY Change -5.16% 90.14%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2012Q1 good Line Of Credit Covenant Limit Of Distributions To Shareholders Percentage
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CY2013Q2 good Number Of Properties Acquired
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CY2013Q2 good Senior Common Stock Shares Authorized
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CY2013Q2 good Senior Common Stocks
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CY2013Q2 good Number Of Property Pledged As Collateral Under Line Of Credit
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CY2013Q2 good Senior Common Stock Shares Issued
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CY2013Q2 good Number Of Properties Impaired
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CY2013Q2 good Senior Common Stock Par Value
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CY2013Q2 good Maximum Remaining Capacity To Sell Common Stock Under Open Market Sale Agreement
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CY2013Q2 good Number Of Shares Sold Under Open Market Sale Agreement
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CY2010Q4 good Standby Letters Of Credit Sublimit
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CY2012Q4 good Senior Common Stock Par Value
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dei Trading Symbol
TradingSymbol
GOOD
dei Entity Registrant Name
EntityRegistrantName
GLADSTONE COMMERCIAL CORP
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2013-06-30
dei Entity Central Index Key
EntityCentralIndexKey
0001234006
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
us-gaap Earnings Per Share Diluted
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us-gaap Common Stock Dividends Per Share Declared
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Earnings Per Share Basic
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-0.11
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Earnings Per Share Basic And Diluted
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us-gaap Property Plant And Equipment Impairment
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Impairment</i></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">We account for the impairment of real estate, including intangible assets, in accordance with ASC 360-10-35, &#x201C;Property, Plant, and Equipment,&#x201D; which requires us to periodically review the carrying value of each property to determine if circumstances indicate impairment of the carrying value of the investment exists or that depreciation periods should be modified. If circumstances indicate the possibility of impairment, we prepare a projection of the undiscounted future cash flows, without interest charges, of the specific property and determine if the carrying value of the investment in such property is recoverable. In performing the analysis, we consider such factors as the tenants&#x2019; payment history and financial condition, the likelihood of lease renewal, business conditions in the industry in which the tenants operate and whether there are indications that the fair value of the real estate has decreased. If the carrying amount is more than the aggregate undiscounted future cash flows, we would recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">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. We performed this evaluation and analysis and concluded that none of our properties were impaired as of June&#xA0;30, 2013; however, we determined that our property located in South Hadley, Massachusetts may become impaired in the future. The lease on this property expires in January 2014 and we are currently negotiating a potential lease extension with the existing tenant. There is a possibility we would have to impair the property later in 2013 if we do not negotiate a lease extension on this building or find a replacement tenant.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px"> &#xA0;</p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">We will continue to monitor our portfolio for any indicators of impairment and there have been no impairments recognized on our real estate assets since inception.</font></p> </div>
us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Operating Leases Income Statement Lease Revenue
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us-gaap Net Income Loss
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us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Use of Estimates</i></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could materially differ from those estimates.</font></p> </div>
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1689000
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us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
1103000
us-gaap Payments Of Dividends
PaymentsOfDividends
10936000
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
28293000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1664000
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
6300000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
866000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
29266000
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
3700000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
10121000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1523000
us-gaap Interest Expense
InterestExpense
11425000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
57219000
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
459000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-38328000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-139000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
23700000
us-gaap Real Estate Tax Expense
RealEstateTaxExpense
9400000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
817000
us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
1300000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3100000
us-gaap Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
35000
us-gaap Dividends
Dividends
10988000
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
64000
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0
us-gaap Operating Expenses
OperatingExpenses
14642000
good Expiration Period Of Property Lease
ExpirationPeriodOfPropertyLease
2014-01
good Pre Incentive Fee In Percentage Of Common Stockholders Equity That Awards Adviser Hundred Percent Of Amount Of Pre Incentive Fee Maximum Percentage
PreIncentiveFeeInPercentageOfCommonStockholdersEquityThatAwardsAdviserHundredPercentOfAmountOfPreIncentiveFeeMaximumPercentage
0.021875 pure
good Administration Fee
AdministrationFee
730000
good Senior Common Dividend Issued In Dividend Reinvestment Program
SeniorCommonDividendIssuedInDividendReinvestmentProgram
52000
good Payments To Tenants From Reserves
PaymentsToTenantsFromReserves
1158000
good Amount To Be Paid To Adviser In Percentage Of Pre Incentive Fee Condition Two
AmountToBePaidToAdviserInPercentageOfPreIncentiveFeeConditionTwo
0.20 pure
good Incentive Fee Per Advisory Agreement
IncentiveFeePerAdvisoryAgreement
0.0175 pure
good Receipts From Tenants For Reserves
ReceiptsFromTenantsForReserves
2261000
good Credit To Incentive Fee
CreditToIncentiveFee
1502000
good Amortization Of Discount On Assumed Debt
AmortizationOfDiscountOnAssumedDebt
-85000
good Debt Assumed On Acquisition Of Property
DebtAssumedOnAcquisitionOfProperty
3700000
good Business Acquisition Pro Forma Other Expenses
BusinessAcquisitionProFormaOtherExpenses
13141000
good Related Party Transactions Incentive Fee Net
RelatedPartyTransactionsIncentiveFeeNet
400000
good Amount To Be Paid To Adviser In Percentage Of Pre Incentive Fee Condition One
AmountToBePaidToAdviserInPercentageOfPreIncentiveFeeConditionOne
1.00 pure
good Incentive Fee
IncentiveFee
1864000
good Business Acquisition Pro Forma Operating Expenses
BusinessAcquisitionProFormaOperatingExpenses
14922000
good Income Loss From Continuing Operations Per Basic And Diluted Share Net Of Dividend Attributable To Parent Net Of Preferred Stock Dividend
IncomeLossFromContinuingOperationsPerBasicAndDilutedShareNetOfDividendAttributableToParentNetOfPreferredStockDividend
-0.11
good Weighted Average Number Of Diluted Shares Outstanding Pro Forma
WeightedAverageNumberOfDilutedSharesOutstandingProForma
11808701 shares
good Pre Incentive Fee In Percentage Of Common Stockholders Equity That Awards Adviser Twenty Percent Of Amount Of Pre Incentive Fee Minimum Percentage
PreIncentiveFeeInPercentageOfCommonStockholdersEquityThatAwardsAdviserTwentyPercentOfAmountOfPreIncentiveFeeMinimumPercentage
0.021875 pure
good Maximum Aggregate Sales Price Of Shares To Be Issued Under Open Market Sale Agreement
MaximumAggregateSalesPriceOfSharesToBeIssuedUnderOpenMarketSaleAgreement
25000000
good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
BusinessAcquisitionProFormaDividendsAttributableToPreferredAndSeniorCommonStock
2168000
good Number Of Subsidiaries Interest Owned In General And Limited Partnership
NumberOfSubsidiariesInterestOwnedInGeneralAndLimitedPartnership
2 Subsidiary
good Incremental Common Share Attributable To Convertible Senior Common Stock
IncrementalCommonShareAttributableToConvertibleSeniorCommonStock
180753 shares
good Weighted Average Shares Of Senior Common Stock Outstanding Basic
WeightedAverageSharesOfSeniorCommonStockOutstandingBasic
233633 shares
good Payments To Acquire Real Estate And Intangible Assets
PaymentsToAcquireRealEstateAndIntangibleAssets
33488000
good Net Proceeds Of Shares Sold Under Open Market Sale Agreement
NetProceedsOfSharesSoldUnderOpenMarketSaleAgreement
12400000
good Net Income Loss Available To Common Stockholders Plus Assumed Conversion
NetIncomeLossAvailableToCommonStockholdersPlusAssumedConversion
-1286000
good Earnings Per Weighted Average Share Of Senior Common Stock
EarningsPerWeightedAverageShareOfSeniorCommonStock
0.52
good Dealer Manager Fee In Percentage Of Gross Proceeds Of Shares Of Senior Common Stock Sold
DealerManagerFeeInPercentageOfGrossProceedsOfSharesOfSeniorCommonStockSold
0.070 pure
good Improvements Of Existing Real Estate
ImprovementsOfExistingRealEstate
3999000
good Purchase Price
PurchasePrice
36738000
good Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.07
good Amortization Of Deferred Rent Asset And Liability Net
AmortizationOfDeferredRentAssetAndLiabilityNet
-157000
good Number Of Long Term Mortgages Issued
NumberOfLongTermMortgagesIssued
1 Mortgages
good Payments To Lenders For Reserves Held In Escrow
PaymentsToLendersForReservesHeldInEscrow
1645000
good Receipts From Lenders For Reserves Held In Escrow
ReceiptsFromLendersForReservesHeldInEscrow
1529000
good Annualized Incentive Fee Per Advisory Agreement
AnnualizedIncentiveFeePerAdvisoryAgreement
0.07 pure
good Agreement Termination Date
AgreementTerminationDate
2014-08-31
good Business Acquisition Expenses
BusinessAcquisitionExpenses
417000
good Business Acquisition Pro Forma Net Income
BusinessAcquisitionProFormaNetIncome
1311000
good Non Qualifying Income Related To Real Estate Portfolio
NonQualifyingIncomeRelatedToRealEstatePortfolio
0
good Sales Commission Fee In Percentage Of Gross Proceeds Of Shares Of Senior Common Stock Sold
SalesCommissionFeeInPercentageOfGrossProceedsOfSharesOfSeniorCommonStockSold
0.030 pure
good Area Of Real Estate Properties
AreaOfRealEstateProperties
393932 sqft
good Reclassification Effect On Previously Reported Net Income
ReclassificationEffectOnPreviouslyReportedNetIncome
0
good Base Management Fee
BaseManagementFee
804000
good Repayment Of Principal On Employee Notes Receivable
RepaymentOfPrincipalOnEmployeeNotesReceivable
35000
good Distributions Attributable To Senior Common Stock
DistributionsAttributableToSeniorCommonStock
122000
good Payment Of Financing Fee
PaymentOfFinancingFee
0
good Operating Expenses Before Credits
OperatingExpensesBeforeCredits
16144000
good Annualized Straight Line Rent
AnnualizedStraightLineRent
4099000
good Purchase Price Of Acquired Property
PurchasePriceOfAcquiredProperty
36738000
good Operating Leases Income Statement Lease Revenue From Acquired Properties
OperatingLeasesIncomeStatementLeaseRevenueFromAcquiredProperties
508000
good Net Income Loss From Acquired Properties
NetIncomeLossFromAcquiredProperties
236000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.750
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11011259 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
65880 shares
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.08
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
10767000
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.01
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10945379 shares
us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P12Y4M24D
us-gaap Tenant Reimbursements
TenantReimbursements
171000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
3018000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
67000
us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
400000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
32500000
us-gaap Payments For Lease Commissions
PaymentsForLeaseCommissions
1101000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1931000
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
73000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
40000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
4317000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
875000
us-gaap Straight Line Rent
StraightLineRent
739000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
26073000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
65000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-10528000
us-gaap Net Income Loss
NetIncomeLoss
2155000
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
24336000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
416000
us-gaap Payments Of Dividends
PaymentsOfDividends
10293000
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
24507000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
787000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
36473000
us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
133000
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
33705000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
7896000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
944000
us-gaap Proceeds From Issuance Of Redeemable Preferred Stock
ProceedsFromIssuanceOfRedeemablePreferredStock
38500000
us-gaap Interest Expense
InterestExpense
9458000
good Operating Leases Income Statement Lease Revenue From Acquired Properties
OperatingLeasesIncomeStatementLeaseRevenueFromAcquiredProperties
611000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
522000
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
688000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-46296000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
185000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
13800000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
703000
us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
686000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2200000
us-gaap Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
6000
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
82000
us-gaap Operating Expenses
OperatingExpenses
11824000
good Administration Fee
AdministrationFee
575000
good Senior Common Dividend Issued In Dividend Reinvestment Program
SeniorCommonDividendIssuedInDividendReinvestmentProgram
4000
good Payments To Tenants From Reserves
PaymentsToTenantsFromReserves
1166000
good Receipts From Tenants For Reserves
ReceiptsFromTenantsForReserves
1448000
good Credit To Incentive Fee
CreditToIncentiveFee
1259000
good Amortization Of Discount On Assumed Debt
AmortizationOfDiscountOnAssumedDebt
32000
good Debt Assumed On Acquisition Of Property
DebtAssumedOnAcquisitionOfProperty
9750000
good Business Acquisition Pro Forma Other Expenses
BusinessAcquisitionProFormaOtherExpenses
10837000
good Related Party Transactions Incentive Fee Net
RelatedPartyTransactionsIncentiveFeeNet
400000
good Incentive Fee
IncentiveFee
1686000
good Business Acquisition Pro Forma Operating Expenses
BusinessAcquisitionProFormaOperatingExpenses
12273000
good Income Loss From Continuing Operations Per Basic And Diluted Share Net Of Dividend Attributable To Parent Net Of Preferred Stock Dividend
IncomeLossFromContinuingOperationsPerBasicAndDilutedShareNetOfDividendAttributableToParentNetOfPreferredStockDividend
0.01
good Weighted Average Number Of Diluted Shares Outstanding Pro Forma
WeightedAverageNumberOfDilutedSharesOutstandingProForma
11011259 shares
good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
BusinessAcquisitionProFormaDividendsAttributableToPreferredAndSeniorCommonStock
2088000
good Weighted Average Shares Of Senior Common Stock Outstanding Basic
WeightedAverageSharesOfSeniorCommonStockOutstandingBasic
75738 shares
good Payments To Acquire Real Estate And Intangible Assets
PaymentsToAcquireRealEstateAndIntangibleAssets
42565000
good Net Income Loss Available To Common Stockholders Plus Assumed Conversion
NetIncomeLossAvailableToCommonStockholdersPlusAssumedConversion
108000
good Earnings Per Weighted Average Share Of Senior Common Stock
EarningsPerWeightedAverageShareOfSeniorCommonStock
0.53
good Improvements Of Existing Real Estate
ImprovementsOfExistingRealEstate
2338000
good Purchase Price
PurchasePrice
42565000
good Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
0.08
good Amortization Of Deferred Rent Asset And Liability Net
AmortizationOfDeferredRentAssetAndLiabilityNet
-337000
good Payments To Lenders For Reserves Held In Escrow
PaymentsToLendersForReservesHeldInEscrow
2386000
good Receipts From Lenders For Reserves Held In Escrow
ReceiptsFromLendersForReservesHeldInEscrow
1127000
good Reclassification Effect On Previously Reported Net Income
ReclassificationEffectOnPreviouslyReportedNetIncome
0
good Base Management Fee
BaseManagementFee
765000
good Distributions Attributable To Senior Common Stock
DistributionsAttributableToSeniorCommonStock
41000
good Business Acquisition Expenses
BusinessAcquisitionExpenses
522000
good Business Acquisition Pro Forma Net Income
BusinessAcquisitionProFormaNetIncome
2963000
good Area Of Real Estate Properties
AreaOfRealEstateProperties
557283 sqft
good Operating Expenses Before Credits
OperatingExpensesBeforeCredits
13083000
good Annualized Straight Line Rent
AnnualizedStraightLineRent
4032000
good Purchase Price Of Acquired Property
PurchasePriceOfAcquiredProperty
42565000
CY2012Q2 good Incremental Common Share Attributable To Convertible Senior Common Stock
IncrementalCommonShareAttributableToConvertibleSeniorCommonStock
66000 shares
CY2012Q2 good Weighted Average Shares Of Senior Common Stock Outstanding Basic
WeightedAverageSharesOfSeniorCommonStockOutstandingBasic
84361 shares
CY2012Q2 good Net Income Loss Available To Common Stockholders Plus Assumed Conversion
NetIncomeLossAvailableToCommonStockholdersPlusAssumedConversion
-192000
good Net Income Loss From Acquired Properties
NetIncomeLossFromAcquiredProperties
255000
CY2012Q1 us-gaap Preferred Stock Redemption Date
PreferredStockRedemptionDate
2017-01-31
CY2012Q1 us-gaap Preferred Stock Redemption Terms
PreferredStockRedemptionTerms
On or after January 31, 2016, we may redeem the shares at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends to and including the date of redemption.
CY2011Q1 us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
500000 shares
CY2011Q1 good Shares Intended To Be Offered Pursuant To Primary Offering
SharesIntendedToBeOfferedPursuantToPrimaryOffering
3000000 shares
CY2013Q2 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
24800000
CY2013Q2 good Net Proceeds From Issuance Initial Public Offering
NetProceedsFromIssuanceInitialPublicOffering
23500000
CY2010Q4 us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.0300 pure
CY2013Q2 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
23900000
CY2013Q2 good Net Proceeds From Issuance Initial Public Offering
NetProceedsFromIssuanceInitialPublicOffering
22600000
CY2012Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
CY2012Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.375
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10945379 shares
CY2012Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
CY2012Q2 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.03
CY2012Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.02
CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10945379 shares
CY2012Q2 us-gaap Tenant Reimbursements
TenantReimbursements
87000
CY2012Q2 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
600000
CY2012Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-192000
CY2012Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
42000
CY2012Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
331000
CY2012Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
13071000
CY2012Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-5529000
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
854000
CY2012Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
12323000
CY2012Q2 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
12410000
CY2012Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
404000
CY2012Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3992000
CY2012Q2 us-gaap Interest Expense
InterestExpense
4885000
CY2012Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
528000
CY2012Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
400000
CY2012Q2 us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
353000
CY2012Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1100000
CY2012Q2 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
40000
CY2012Q2 us-gaap Operating Expenses
OperatingExpenses
6027000
CY2012Q2 good Administration Fee
AdministrationFee
265000
CY2012Q2 good Credit To Incentive Fee
CreditToIncentiveFee
674000
CY2012Q2 good Business Acquisition Pro Forma Other Expenses
BusinessAcquisitionProFormaOtherExpenses
5658000
CY2012Q2 good Related Party Transactions Incentive Fee Net
RelatedPartyTransactionsIncentiveFeeNet
100000
CY2012Q2 good Incentive Fee
IncentiveFee
787000
CY2012Q2 good Business Acquisition Pro Forma Operating Expenses
BusinessAcquisitionProFormaOperatingExpenses
6036000
CY2012Q2 good Income Loss From Continuing Operations Per Basic And Diluted Share Net Of Dividend Attributable To Parent Net Of Preferred Stock Dividend
IncomeLossFromContinuingOperationsPerBasicAndDilutedShareNetOfDividendAttributableToParentNetOfPreferredStockDividend
-0.02
CY2012Q2 good Reclassification Effect On Previously Reported Net Income
ReclassificationEffectOnPreviouslyReportedNetIncome
0
CY2012Q2 good Base Management Fee
BaseManagementFee
372000
CY2012Q2 good Distributions Attributable To Senior Common Stock
DistributionsAttributableToSeniorCommonStock
22000
CY2012Q2 good Earnings Per Weighted Average Share Of Senior Common Stock
EarningsPerWeightedAverageShareOfSeniorCommonStock
0.26
CY2012Q2 good Weighted Average Number Of Diluted Shares Outstanding Pro Forma
WeightedAverageNumberOfDilutedSharesOutstandingProForma
11018870 shares
CY2012Q2 good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
BusinessAcquisitionProFormaDividendsAttributableToPreferredAndSeniorCommonStock
1046000
CY2012Q2 good Business Acquisition Pro Forma Net Income
BusinessAcquisitionProFormaNetIncome
1377000
CY2012Q2 good Operating Expenses Before Credits
OperatingExpensesBeforeCredits
6701000
CY2012Q2 good Operating Leases Income Statement Lease Revenue From Acquired Properties
OperatingLeasesIncomeStatementLeaseRevenueFromAcquiredProperties
427000
CY2012Q2 good Net Income Loss From Acquired Properties
NetIncomeLossFromAcquiredProperties
242000
CY2012Q2 good Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
0.03
CY2013Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
14548000
CY2013Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-6438000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
451000
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.05
CY2013Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
12000
CY2013Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-402000
CY2013Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.375
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12380402 shares
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.05
CY2013Q2 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
-0.03
CY2013Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.05
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12380402 shares
CY2013Q2 us-gaap Tenant Reimbursements
TenantReimbursements
68000
CY2013Q2 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
100000
CY2013Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-641000
CY2013Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
14190000
CY2013Q2 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
14258000
CY2013Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
477000
CY2013Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
5220000
CY2013Q2 us-gaap Interest Expense
InterestExpense
5764000
CY2013Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
274000
CY2013Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
400000
CY2013Q2 us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
564000
CY2013Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1600000
CY2013Q2 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
30000
CY2013Q2 us-gaap Operating Expenses
OperatingExpenses
7369000
CY2013Q2 good Administration Fee
AdministrationFee
367000
CY2013Q2 good Credit To Incentive Fee
CreditToIncentiveFee
917000
CY2013Q2 good Business Acquisition Pro Forma Other Expenses
BusinessAcquisitionProFormaOtherExpenses
6574000
CY2013Q2 good Related Party Transactions Incentive Fee Net
RelatedPartyTransactionsIncentiveFeeNet
0
CY2013Q2 good Incentive Fee
IncentiveFee
933000
CY2013Q2 good Business Acquisition Pro Forma Operating Expenses
BusinessAcquisitionProFormaOperatingExpenses
7284000
CY2013Q2 good Income Loss From Continuing Operations Per Basic And Diluted Share Net Of Dividend Attributable To Parent Net Of Preferred Stock Dividend
IncomeLossFromContinuingOperationsPerBasicAndDilutedShareNetOfDividendAttributableToParentNetOfPreferredStockDividend
-0.05
CY2013Q2 good Weighted Average Number Of Diluted Shares Outstanding Pro Forma
WeightedAverageNumberOfDilutedSharesOutstandingProForma
12380402 shares
CY2013Q2 good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
BusinessAcquisitionProFormaDividendsAttributableToPreferredAndSeniorCommonStock
1092000
CY2013Q2 good Incremental Common Share Attributable To Convertible Senior Common Stock
IncrementalCommonShareAttributableToConvertibleSeniorCommonStock
195759 shares
CY2013Q2 good Annual Base Management Fee In Percentage Of Stockholders Equity In Excess Of Recorded Value Of Preferred Stock
AnnualBaseManagementFeeInPercentageOfStockholdersEquityInExcessOfRecordedValueOfPreferredStock
0.02 pure
CY2013Q2 good Weighted Average Shares Of Senior Common Stock Outstanding Basic
WeightedAverageSharesOfSeniorCommonStockOutstandingBasic
261754 shares
CY2013Q2 good Net Income Loss Available To Common Stockholders Plus Assumed Conversion
NetIncomeLossAvailableToCommonStockholdersPlusAssumedConversion
-641000
CY2013Q2 good Earnings Per Weighted Average Share Of Senior Common Stock
EarningsPerWeightedAverageShareOfSeniorCommonStock
0.26
CY2013Q2 good Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.03
CY2013Q2 good Reclassification Effect On Previously Reported Net Income
ReclassificationEffectOnPreviouslyReportedNetIncome
0
CY2013Q2 good Base Management Fee
BaseManagementFee
451000
CY2013Q2 good Distributions Attributable To Senior Common Stock
DistributionsAttributableToSeniorCommonStock
69000
CY2013Q2 good Business Acquisition Pro Forma Net Income
BusinessAcquisitionProFormaNetIncome
690000
CY2013Q2 good Operating Expenses Before Credits
OperatingExpensesBeforeCredits
8286000
CY2013Q2 good Operating Leases Income Statement Lease Revenue From Acquired Properties
OperatingLeasesIncomeStatementLeaseRevenueFromAcquiredProperties
502000
CY2013Q2 good Net Income Loss From Acquired Properties
NetIncomeLossFromAcquiredProperties
233000

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