$GOOD
GLADSTONE COMMERCIAL CORP

2013 Q3 Form 10-Q Financial Statement

#000119312513425166 Filed on November 04, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2012 Q3
Revenue $16.19M $12.97M
YoY Change 24.83% 16.11%
Cost Of Revenue $1.420M $700.0K
YoY Change 102.86% 2.94%
Gross Profit $14.77M $12.27M
YoY Change 20.37% 16.97%
Gross Profit Margin 91.23% 94.6%
Selling, General & Admin $1.790M $1.540M
YoY Change 16.23% 2.67%
% of Gross Profit 12.12% 12.55%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.250M $4.270M
YoY Change 46.37% 17.96%
% of Gross Profit 42.32% 34.8%
Operating Expenses $8.639M $6.100M
YoY Change 41.62% 41.86%
Operating Profit $6.131M $6.170M
YoY Change -0.63% -0.32%
Interest Expense $6.573M $5.229M
YoY Change 25.7% -223.04%
% of Operating Profit 107.21% 84.75%
Other Income/Expense, Net -$7.242M -$5.878M
YoY Change 23.21% -58880.0%
Pretax Income $310.0K $990.0K
YoY Change -68.69% -43.43%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $309.0K $992.0K
YoY Change -68.85% -43.31%
Net Earnings / Revenue 1.91% 7.65%
Basic Earnings Per Share -$0.06 -$0.01
Diluted Earnings Per Share -$0.06 -$0.01
COMMON SHARES
Basic Shares Outstanding 14.20M shares 10.95M shares
Diluted Shares Outstanding 14.20M shares 10.95M shares

Balance Sheet

Concept 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.500M $14.80M
YoY Change -69.59% 516.67%
Cash & Equivalents $4.531M $14.78M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $4.500M $28.30M
YoY Change -84.1% 93.84%
LONG-TERM ASSETS
Property, Plant & Equipment $545.6M $432.1M
YoY Change 26.27% 17.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $40.00M $15.20M
YoY Change 163.16% 56.7%
Total Long-Term Assets $661.9M $497.3M
YoY Change 33.1% 20.56%
TOTAL ASSETS
Total Short-Term Assets $4.500M $28.30M
Total Long-Term Assets $661.9M $497.3M
Total Assets $666.4M $525.6M
YoY Change 26.79% 23.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.000M $1.000M
YoY Change 0.0% 42.86%
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 $3.600M $4.900M
YoY Change -26.53% 276.92%
LONG-TERM LIABILITIES
Long-Term Debt $477.2M $381.9M
YoY Change 24.95% 38.82%
Other Long-Term Liabilities $19.80M $13.80M
YoY Change 43.48% 28.97%
Total Long-Term Liabilities $497.0M $395.7M
YoY Change 25.6% 38.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.600M $4.900M
Total Long-Term Liabilities $497.0M $395.7M
Total Liabilities $501.6M $401.6M
YoY Change 24.89% 39.54%
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 $164.9M $124.0M
YoY Change
Total Liabilities & Shareholders Equity $666.4M $525.6M
YoY Change 26.79% 23.06%

Cashflow Statement

Concept 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $309.0K $992.0K
YoY Change -68.85% -43.31%
Depreciation, Depletion And Amortization $6.250M $4.270M
YoY Change 46.37% 17.96%
Cash From Operating Activities $8.030M $7.860M
YoY Change 2.16% 62.4%
INVESTING ACTIVITIES
Capital Expenditures -$72.67M -$7.930M
YoY Change 816.39% 1341.82%
Acquisitions
YoY Change
Other Investing Activities $10.00K -$1.360M
YoY Change -100.74% -2.86%
Cash From Investing Activities -$72.66M -$9.290M
YoY Change 682.13% 376.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 65.13M 11.94M
YoY Change 445.48% -527.96%
NET CHANGE
Cash From Operating Activities 8.030M 7.860M
Cash From Investing Activities -72.66M -9.290M
Cash From Financing Activities 65.13M 11.94M
Net Change In Cash 500.0K 10.51M
YoY Change -95.24% 10410.0%
FREE CASH FLOW
Cash From Operating Activities $8.030M $7.860M
Capital Expenditures -$72.67M -$7.930M
Free Cash Flow $80.70M $15.79M
YoY Change 411.08% 192.95%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2013Q3 good Number Of Property Collateralized In Mortgage Notes Payable
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CY2013Q3 good Number Of Properties Acquired
NumberOfPropertiesAcquired
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CY2013Q3 good Senior Common Stock Shares Authorized
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CY2013Q3 good Senior Common Stocks
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CY2013Q3 good Aggregate Undiscounted Obligation On Properties
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CY2013Q3 good Senior Common Stock Shares Issued
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CY2013Q3 good Number Of Properties Impaired
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CY2013Q3 good Future Amortization Expense Current Year
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CY2013Q3 good Maximum Remaining Capacity To Sell Common Stock Under Open Market Sale Agreement
MaximumRemainingCapacityToSellCommonStockUnderOpenMarketSaleAgreement
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CY2013Q3 good Number Of Shares Sold Under Open Market Sale Agreement
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CY2012Q4 good Senior Common Stocks
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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
2013-09-30
dei Entity Central Index Key
EntityCentralIndexKey
0001234006
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
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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-0.16
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
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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: 18pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <i>Impairment</i></p> <p style="MARGIN-TOP: 6pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> 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.</p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px"> &#xA0;</p> <p style="MARGIN-TOP: 0pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> 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 September&#xA0;30, 2013; however, we determined that our property located in South Hadley, Massachusetts may become impaired in the future. We recently extended the lease on this property for one year, and it now expires in January 2015. There may be a possibility we would have to impair the property in 2014 if we do not negotiate another lease extension on this building or find a replacement tenant</p> <p style="MARGIN-TOP: 12pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> We will continue to monitor our portfolio for any other indicators of impairment. There have been no impairments recognized on our real estate assets since inception.</p> </div>
us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Use Of Estimates
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<div> <p style="MARGIN-TOP: 0pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <i>Use of Estimates</i></p> <p style="MARGIN-TOP: 6pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> 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.</p> </div>
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Asset Retirement Obligation Liabilities Incurred
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Dividends
17429000
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
96000
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0
us-gaap Operating Expenses
OperatingExpenses
23280000
good Expiration Period Of Property Lease
ExpirationPeriodOfPropertyLease
2015-01
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
44482000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1339000
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
7800000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1243000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
94401000
us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
-18000
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
56108000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
16374000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1015000
us-gaap Interest Expense
InterestExpense
17998000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
62139000
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
622000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-110988000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
1698000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
58900000
us-gaap Real Estate Tax Expense
RealEstateTaxExpense
10200000
us-gaap Mortgage Loans On Real Estate New Mortgage Loans
MortgageLoansOnRealEstateNewMortgageLoans
56100000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1410000
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
1004000
good Senior Common Dividend Issued In Dividend Reinvestment Program
SeniorCommonDividendIssuedInDividendReinvestmentProgram
85000
good Payments To Tenants From Reserves
PaymentsToTenantsFromReserves
2167000
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
5657000
good Credit To Incentive Fee
CreditToIncentiveFee
2491000
good Amortization Of Discount On Assumed Debt
AmortizationOfDiscountOnAssumedDebt
-128000
good Debt Assumed On Acquisition Of Property
DebtAssumedOnAcquisitionOfProperty
56100000
good Business Acquisition Pro Forma Other Expenses
BusinessAcquisitionProFormaOtherExpenses
21520000
good Related Party Transactions Incentive Fee Net
RelatedPartyTransactionsIncentiveFeeNet
500000
good Amount To Be Paid To Adviser In Percentage Of Pre Incentive Fee Condition One
AmountToBePaidToAdviserInPercentageOfPreIncentiveFeeConditionOne
1.00 pure
good Incentive Fee
IncentiveFee
3001000
good Business Acquisition Pro Forma Operating Expenses
BusinessAcquisitionProFormaOperatingExpenses
25901000
good Income Loss From Continuing Operations Per Basic And Diluted Share Net Of Dividend Attributable To Parent Net Of Preferred Stock Dividend
IncomeLossFromContinuingOperationsPerBasicAndDilutedShareNetOfDividendAttributableToParentNetOfPreferredStockDividend
-0.16
good Weighted Average Number Of Diluted Shares Outstanding Pro Forma
WeightedAverageNumberOfDilutedSharesOutstandingProForma
12613354 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
3275000
good Number Of Subsidiaries Interest Owned In General And Limited Partnership
NumberOfSubsidiariesInterestOwnedInGeneralAndLimitedPartnership
2 Subsidiary
good Lease Extended Period
LeaseExtendedPeriod
P1Y
good Incremental Common Share Attributable To Convertible Senior Common Stock
IncrementalCommonShareAttributableToConvertibleSeniorCommonStock
217010 shares
good Annual Base Management Fee In Percentage Of Stockholders Equity In Excess Of Recorded Value Of Preferred Stock
AnnualBaseManagementFeeInPercentageOfStockholdersEquityInExcessOfRecordedValueOfPreferredStock
0.02 pure
good Weighted Average Shares Of Senior Common Stock Outstanding Basic
WeightedAverageSharesOfSeniorCommonStockOutstandingBasic
260693 shares
good Payments To Acquire Real Estate And Intangible Assets
PaymentsToAcquireRealEstateAndIntangibleAssets
104806000
good Net Proceeds Of Shares Sold Under Open Market Sale Agreement
NetProceedsOfSharesSoldUnderOpenMarketSaleAgreement
14000000
good Net Income Loss Available To Common Stockholders Plus Assumed Conversion
NetIncomeLossAvailableToCommonStockholdersPlusAssumedConversion
-2080000
good Earnings Per Weighted Average Share Of Senior Common Stock
EarningsPerWeightedAverageShareOfSeniorCommonStock
0.78
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
5355000
good Purchase Price
PurchasePrice
108888000
good Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.15
good Amortization Of Deferred Rent Asset And Liability Net
AmortizationOfDeferredRentAssetAndLiabilityNet
-243000
good Number Of Long Term Mortgages Issued
NumberOfLongTermMortgagesIssued
4 Mortgages
good Payments To Lenders For Reserves Held In Escrow
PaymentsToLendersForReservesHeldInEscrow
7159000
good Receipts From Lenders For Reserves Held In Escrow
ReceiptsFromLendersForReservesHeldInEscrow
5764000
good Operating Expenses Before Credits
OperatingExpensesBeforeCredits
25771000
good Annualized Straight Line Rent
AnnualizedStraightLineRent
10218000
good Reclassification Effect On Previously Reported Net Income
ReclassificationEffectOnPreviouslyReportedNetIncome
0
good Base Management Fee
BaseManagementFee
1363000
good Repayment Of Principal On Employee Notes Receivable
RepaymentOfPrincipalOnEmployeeNotesReceivable
35000
good Distributions Attributable To Senior Common Stock
DistributionsAttributableToSeniorCommonStock
204000
good Annualized Incentive Fee Per Advisory Agreement
AnnualizedIncentiveFeePerAdvisoryAgreement
0.07 pure
good Agreement Termination Date
AgreementTerminationDate
2014-08-31
good Business Acquisition Expenses
BusinessAcquisitionExpenses
653000
good Business Acquisition Pro Forma Net Income
BusinessAcquisitionProFormaNetIncome
1323000
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
829132 sqft
good Payment Of Financing Fee
PaymentOfFinancingFee
40000
good Purchase Price Of Acquired Property
PurchasePriceOfAcquiredProperty
105638000
good Operating Leases Income Statement Lease Revenue From Acquired Properties
OperatingLeasesIncomeStatementLeaseRevenueFromAcquiredProperties
2716000
good Net Income Loss From Acquired Properties
NetIncomeLossFromAcquiredProperties
1037000
good Proceeds From Deposits Applied Against Real Estate Investments
ProceedsFromDepositsAppliedAgainstRealEstateInvestments
2675000
good Number Of Properties Expanded
NumberOfPropertiesExpanded
1 Property
good Secured Mortgages Financing Fee Percent
SecuredMortgagesFinancingFeePercent
0.0008 pure
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.00
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.125
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11022682 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.00
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
77303 shares
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
-0.05
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
18630000
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.00
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10945379 shares
us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P12Y1M6D
us-gaap Tenant Reimbursements
TenantReimbursements
264000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
3483000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
6000
us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
300000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
32500000
us-gaap Payments For Lease Commissions
PaymentsForLeaseCommissions
1538000
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
109000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
261000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
5544000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-552000
us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
1625000
us-gaap Straight Line Rent
StraightLineRent
1189000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
47109000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
125000
us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
DilutiveSecuritiesEffectOnBasicEarningsPerShareOther
71000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-16407000
us-gaap Net Income Loss
NetIncomeLoss
3147000
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
37214000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
642000
us-gaap Payments Of Dividends
PaymentsOfDividends
15443000
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
37478000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
2810000
us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
2510000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1130000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
48409000
us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
134000
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
46455000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
12172000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
11453000
us-gaap Proceeds From Issuance Of Redeemable Preferred Stock
ProceedsFromIssuanceOfRedeemablePreferredStock
38500000
us-gaap Interest Expense
InterestExpense
14687000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1103000
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
805000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-55586000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
240000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
19300000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1103000
us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
1031000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3500000
us-gaap Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
12000
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
124000
us-gaap Operating Expenses
OperatingExpenses
17924000
good Administration Fee
AdministrationFee
846000
good Senior Common Dividend Issued In Dividend Reinvestment Program
SeniorCommonDividendIssuedInDividendReinvestmentProgram
11000
good Payments To Tenants From Reserves
PaymentsToTenantsFromReserves
1647000
good Receipts From Tenants For Reserves
ReceiptsFromTenantsForReserves
2156000
good Credit To Incentive Fee
CreditToIncentiveFee
1794000
good Amortization Of Discount On Assumed Debt
AmortizationOfDiscountOnAssumedDebt
45000
good Debt Assumed On Acquisition Of Property
DebtAssumedOnAcquisitionOfProperty
20508000
good Business Acquisition Pro Forma Other Expenses
BusinessAcquisitionProFormaOtherExpenses
19659000
good Related Party Transactions Incentive Fee Net
RelatedPartyTransactionsIncentiveFeeNet
800000
good Incentive Fee
IncentiveFee
2614000
good Business Acquisition Pro Forma Operating Expenses
BusinessAcquisitionProFormaOperatingExpenses
24861000
good Income Loss From Continuing Operations Per Basic And Diluted Share Net Of Dividend Attributable To Parent Net Of Preferred Stock Dividend
IncomeLossFromContinuingOperationsPerBasicAndDilutedShareNetOfDividendAttributableToParentNetOfPreferredStockDividend
0.00
good Weighted Average Number Of Diluted Shares Outstanding Pro Forma
WeightedAverageNumberOfDilutedSharesOutstandingProForma
10945379 shares
good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
BusinessAcquisitionProFormaDividendsAttributableToPreferredAndSeniorCommonStock
3141000
good Fixed Rate Debt Assumed In Connection With Acquisitions
FixedRateDebtAssumedInConnectionWithAcquisitions
10758000
good Weighted Average Shares Of Senior Common Stock Outstanding Basic
WeightedAverageSharesOfSeniorCommonStockOutstandingBasic
89720 shares
good Payments To Acquire Real Estate And Intangible Assets
PaymentsToAcquireRealEstateAndIntangibleAssets
47307000
good Net Income Loss Available To Common Stockholders Plus Assumed Conversion
NetIncomeLossAvailableToCommonStockholdersPlusAssumedConversion
77000
good Earnings Per Weighted Average Share Of Senior Common Stock
EarningsPerWeightedAverageShareOfSeniorCommonStock
0.80
good Business Acquisition Expenses
BusinessAcquisitionExpenses
577000
good Business Acquisition Pro Forma Net Income
BusinessAcquisitionProFormaNetIncome
2589000
good Receipts From Lenders For Reserves Held In Escrow
ReceiptsFromLendersForReservesHeldInEscrow
1286000
good Reclassification Effect On Previously Reported Net Income
ReclassificationEffectOnPreviouslyReportedNetIncome
0
good Purchase Price Of Acquired Property
PurchasePriceOfAcquiredProperty
58065000
good Operating Leases Income Statement Lease Revenue From Acquired Properties
OperatingLeasesIncomeStatementLeaseRevenueFromAcquiredProperties
1637000
good Base Management Fee
BaseManagementFee
1120000
good Distributions Attributable To Senior Common Stock
DistributionsAttributableToSeniorCommonStock
71000
good Proceeds From Deposits Applied Against Real Estate Investments
ProceedsFromDepositsAppliedAgainstRealEstateInvestments
1125000
good Improvements Of Existing Real Estate
ImprovementsOfExistingRealEstate
5526000
good Purchase Price
PurchasePrice
58065000
good Area Of Real Estate Properties
AreaOfRealEstateProperties
617283 sqft
good Net Income Loss From Acquired Properties
NetIncomeLossFromAcquiredProperties
915000
CY2012Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.01
good Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.05
good Amortization Of Deferred Rent Asset And Liability Net
AmortizationOfDeferredRentAssetAndLiabilityNet
-533000
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10945379 shares
good Payments To Lenders For Reserves Held In Escrow
PaymentsToLendersForReservesHeldInEscrow
3406000
CY2012Q3 us-gaap Tenant Reimbursements
TenantReimbursements
92000
good Operating Expenses Before Credits
OperatingExpensesBeforeCredits
19718000
good Annualized Straight Line Rent
AnnualizedStraightLineRent
5404000
CY2012Q3 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
500000
CY2013Q2 good Net Proceeds From Issuance Initial Public Offering
NetProceedsFromIssuanceInitialPublicOffering
26300000
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
CY2012Q1 us-gaap Preferred Stock Redemption Date
PreferredStockRedemptionDate
2017-01-31
CY2011Q1 good Shares Intended To Be Offered Pursuant To Primary Offering
SharesIntendedToBeOfferedPursuantToPrimaryOffering
3000000 shares
CY2013Q2 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
27800000
CY2012Q3 good Base Management Fee
BaseManagementFee
355000
CY2012Q3 good Distributions Attributable To Senior Common Stock
DistributionsAttributableToSeniorCommonStock
30000
CY2012Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-61000
CY2012Q3 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
37000
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2012Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
-0.01
CY2013Q2 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
23900000
CY2013Q2 good Net Proceeds From Issuance Initial Public Offering
NetProceedsFromIssuanceInitialPublicOffering
22600000
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
CY2012Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.375
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10945379 shares
CY2012Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-117000
CY2012Q3 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
15720000
CY2012Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-5878000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
992000
CY2012Q3 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
12878000
CY2012Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
12970000
CY2012Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
343000
CY2012Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
4276000
CY2012Q3 us-gaap Interest Expense
InterestExpense
5229000
CY2012Q3 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
117000
CY2012Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
400000
CY2012Q3 us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
345000
CY2012Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1200000
CY2012Q3 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
40000
CY2012Q3 us-gaap Operating Expenses
OperatingExpenses
6100000
CY2012Q3 good Administration Fee
AdministrationFee
272000
CY2012Q3 good Credit To Incentive Fee
CreditToIncentiveFee
535000
CY2012Q3 good Business Acquisition Pro Forma Other Expenses
BusinessAcquisitionProFormaOtherExpenses
6718000
CY2012Q3 good Related Party Transactions Incentive Fee Net
RelatedPartyTransactionsIncentiveFeeNet
400000
CY2012Q3 good Incentive Fee
IncentiveFee
927000
CY2012Q3 good Business Acquisition Pro Forma Operating Expenses
BusinessAcquisitionProFormaOperatingExpenses
8066000
CY2012Q3 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
CY2012Q3 good Weighted Average Number Of Diluted Shares Outstanding Pro Forma
WeightedAverageNumberOfDilutedSharesOutstandingProForma
10945379 shares
CY2012Q3 good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
BusinessAcquisitionProFormaDividendsAttributableToPreferredAndSeniorCommonStock
1053000
CY2012Q3 good Incremental Common Share Attributable To Convertible Senior Common Stock
IncrementalCommonShareAttributableToConvertibleSeniorCommonStock
93871 shares
CY2012Q3 good Weighted Average Shares Of Senior Common Stock Outstanding Basic
WeightedAverageSharesOfSeniorCommonStockOutstandingBasic
112873 shares
CY2012Q3 good Net Income Loss Available To Common Stockholders Plus Assumed Conversion
NetIncomeLossAvailableToCommonStockholdersPlusAssumedConversion
-61000
CY2012Q3 good Earnings Per Weighted Average Share Of Senior Common Stock
EarningsPerWeightedAverageShareOfSeniorCommonStock
0.26
CY2012Q3 good Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.01
CY2012Q3 good Reclassification Effect On Previously Reported Net Income
ReclassificationEffectOnPreviouslyReportedNetIncome
0
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
17000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1300000
CY2012Q3 good Business Acquisition Pro Forma Net Income
BusinessAcquisitionProFormaNetIncome
936000
CY2012Q3 good Operating Expenses Before Credits
OperatingExpensesBeforeCredits
6635000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-797000
good Distributions Attributable To Senior Common Stock
DistributionsAttributableToSeniorCommonStock
83000
CY2012Q3 good Operating Leases Income Statement Lease Revenue From Acquired Properties
OperatingLeasesIncomeStatementLeaseRevenueFromAcquiredProperties
1025000
CY2012Q3 good Net Income Loss From Acquired Properties
NetIncomeLossFromAcquiredProperties
558000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.06
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.375
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14196423 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.06
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
-0.04
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.06
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14196423 shares
us-gaap Tenant Reimbursements
TenantReimbursements
383000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-581000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
16314000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-7242000
us-gaap Net Income Loss
NetIncomeLoss
309000
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
15807000
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
16190000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
377000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
6253000
us-gaap Interest Expense
InterestExpense
6573000
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
163000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
600000
us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
864000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2000000
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
30000
us-gaap Operating Expenses
OperatingExpenses
8639000
good Administration Fee
AdministrationFee
274000
good Credit To Incentive Fee
CreditToIncentiveFee
989000
good Business Acquisition Pro Forma Other Expenses
BusinessAcquisitionProFormaOtherExpenses
7287000
good Related Party Transactions Incentive Fee Net
RelatedPartyTransactionsIncentiveFeeNet
100000
good Incentive Fee
IncentiveFee
1138000
good Business Acquisition Pro Forma Operating Expenses
BusinessAcquisitionProFormaOperatingExpenses
8502000
good Income Loss From Continuing Operations Per Basic And Diluted Share Net Of Dividend Attributable To Parent Net Of Preferred Stock Dividend
IncomeLossFromContinuingOperationsPerBasicAndDilutedShareNetOfDividendAttributableToParentNetOfPreferredStockDividend
-0.06
good Weighted Average Number Of Diluted Shares Outstanding Pro Forma
WeightedAverageNumberOfDilutedSharesOutstandingProForma
14196423 shares
good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
BusinessAcquisitionProFormaDividendsAttributableToPreferredAndSeniorCommonStock
1106000
good Incremental Common Share Attributable To Convertible Senior Common Stock
IncrementalCommonShareAttributableToConvertibleSeniorCommonStock
257429 shares
good Weighted Average Shares Of Senior Common Stock Outstanding Basic
WeightedAverageSharesOfSeniorCommonStockOutstandingBasic
313239 shares
good Net Income Loss Available To Common Stockholders Plus Assumed Conversion
NetIncomeLossAvailableToCommonStockholdersPlusAssumedConversion
-797000
good Earnings Per Weighted Average Share Of Senior Common Stock
EarningsPerWeightedAverageShareOfSeniorCommonStock
0.26
good Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.04
good Reclassification Effect On Previously Reported Net Income
ReclassificationEffectOnPreviouslyReportedNetIncome
0
good Base Management Fee
BaseManagementFee
559000
good Operating Expenses Before Credits
OperatingExpensesBeforeCredits
9628000
good Operating Leases Income Statement Lease Revenue From Acquired Properties
OperatingLeasesIncomeStatementLeaseRevenueFromAcquiredProperties
2207000
good Net Income Loss From Acquired Properties
NetIncomeLossFromAcquiredProperties
802000
good Business Acquisition Pro Forma Net Income
BusinessAcquisitionProFormaNetIncome
525000
good Payment Of Financing Fee
PaymentOfFinancingFee
40000

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