$GOOD
GLADSTONE COMMERCIAL CORP

2013 Q4 Form 10-K Financial Statement

#000119312514057052 Filed on February 18, 2014

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q1 2013
Revenue $16.86M $14.04M $61.34M
YoY Change 22.26% 15.99% 19.65%
Cost Of Revenue $1.840M $1.090M $5.400M
YoY Change 104.44% 49.32% 74.19%
Gross Profit $15.03M $12.95M $56.00M
YoY Change 16.6% 13.9% 16.18%
Gross Profit Margin 89.15% 92.27% 91.29%
Selling, General & Admin $2.080M $1.680M $7.300M
YoY Change 23.08% 5.66% 78.05%
% of Gross Profit 13.84% 12.97% 13.04%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.460M $4.900M $22.83M
YoY Change 38.63% 25.64% 35.65%
% of Gross Profit 42.98% 37.84% 40.77%
Operating Expenses $9.542M $7.273M $32.82M
YoY Change 36.88% 25.46% 31.85%
Operating Profit $5.488M $5.677M $23.18M
YoY Change -7.28% 1.87% -0.55%
Interest Expense -$7.040M $5.661M $24.35M
YoY Change 13.0% -212.54% 20.39%
% of Operating Profit -128.28% 99.72% 105.07%
Other Income/Expense, Net -$6.984M -$6.329M -$26.99M
YoY Change 12.55% 26.53% 19.36%
Pretax Income $330.0K $430.0K $1.500M
YoY Change -45.9% -66.92% -60.53%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0% 0.0% 0.0%
Net Earnings $334.0K $433.0K $1.527M
YoY Change -45.6% -66.72% -59.4%
Net Earnings / Revenue 1.98% 3.09% 2.49%
Basic Earnings Per Share -$0.22
Diluted Earnings Per Share $22.27K $35.57K -$0.22
COMMON SHARES
Basic Shares Outstanding 14.80M shares 11.23M shares 13.16M shares
Diluted Shares Outstanding 14.80M shares 11.23M shares 13.16M shares

Balance Sheet

Concept 2013 Q4 2013 Q1 2013
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.500M $7.300M $8.500M
YoY Change 54.55% 28.07% 54.55%
Cash & Equivalents $8.546M $7.279M $8.500M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $8.500M $23.20M $8.500M
YoY Change -58.74% 26.09% -61.88%
LONG-TERM ASSETS
Property, Plant & Equipment $561.1M $469.4M $561.1M
YoY Change 19.89% 18.66% 19.89%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $39.40M $17.30M $39.40M
YoY Change 130.41% 32.06% 130.41%
Total Long-Term Assets $682.0M $546.0M $682.0M
YoY Change 25.33% 21.44% 25.71%
TOTAL ASSETS
Total Short-Term Assets $8.500M $23.20M $8.500M
Total Long-Term Assets $682.0M $546.0M $682.0M
Total Assets $690.5M $569.2M $690.5M
YoY Change 22.26% 21.62% 22.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.400M $1.100M $1.400M
YoY Change 16.67% 10.0% 16.67%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.400M $1.100M $1.400M
YoY Change 100.0% 10.0% -70.21%
LONG-TERM LIABILITIES
Long-Term Debt $485.5M $425.9M $485.5M
YoY Change 14.86% 32.84% 26.37%
Other Long-Term Liabilities $18.20M $14.40M $18.20M
YoY Change 31.88% 26.32% -65.2%
Total Long-Term Liabilities $503.7M $440.3M $503.7M
YoY Change 15.4% 32.62% 15.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.400M $1.100M $1.400M
Total Long-Term Liabilities $503.7M $440.3M $503.7M
Total Liabilities $507.4M $445.6M $507.4M
YoY Change 14.68% 32.5% 14.69%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $16.00K
YoY Change 45.45%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $183.1M $123.6M $183.1M
YoY Change
Total Liabilities & Shareholders Equity $690.5M $569.2M $690.5M
YoY Change 22.26% 21.62% 22.26%

Cashflow Statement

Concept 2013 Q4 2013 Q1 2013
OPERATING ACTIVITIES
Net Income $334.0K $433.0K $1.527M
YoY Change -45.6% -66.72% -59.4%
Depreciation, Depletion And Amortization $6.460M $4.900M $22.83M
YoY Change 38.63% 25.64% 35.65%
Cash From Operating Activities $4.320M $3.054M $19.89M
YoY Change -9.62% -45.75% -15.04%
INVESTING ACTIVITIES
Capital Expenditures -$26.20M -$5.770M -$136.4M
YoY Change -25.08% -51.35% 55.31%
Acquisitions
YoY Change
Other Investing Activities $140.0K $450.0K -$690.0K
YoY Change -109.72% -164.29% -83.53%
Cash From Investing Activities -$26.07M -$5.323M -$137.1M
YoY Change -28.36% -57.65% 49.0%
FINANCING ACTIVITIES
Cash Dividend Paid $5.270M $23.94M
YoY Change 16.14%
Common Stock Issuance & Retirement, Net $6.484M $88.12M
YoY Change 2002.62%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 25.77M 4.002M 120.2M
YoY Change 15.1% -56.97% 69.74%
NET CHANGE
Cash From Operating Activities 4.320M 3.054M 19.89M
Cash From Investing Activities -26.07M -5.323M -137.1M
Cash From Financing Activities 25.77M 4.002M 120.2M
Net Change In Cash 4.020M 1.733M 3.000M
YoY Change -143.6% -26.57% 35.32%
FREE CASH FLOW
Cash From Operating Activities $4.320M $3.054M $19.89M
Capital Expenditures -$26.20M -$5.770M -$136.4M
Free Cash Flow $30.52M $8.824M $156.2M
YoY Change -23.22% -49.55% 40.5%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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26422 shares
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11000000
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762478 shares
CY2013Q4 good Number Of Financial Institution
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CY2013Q4 good Number Of Properties Impaired
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0 Property
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0.001
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3000000 shares
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CY2011 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.15
CY2011 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.19
CY2011 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
51852 shares
CY2011 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
19656000
CY2011 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.15
CY2011 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10236859 shares
CY2011 us-gaap Tenant Reimbursements
TenantReimbursements
344000
CY2011 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1065000
CY2011 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1558000
CY2011 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
100000
CY2011 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
66774000
CY2011 us-gaap Real Estate Other Deductions
RealEstateOtherDeductions
3395000
CY2011 us-gaap Payments For Lease Commissions
PaymentsForLeaseCommissions
6000
CY2011 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
84000
CY2011 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
142000
CY2011 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
6311000
CY2011 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
1988000
CY2011 us-gaap Straight Line Rent
StraightLineRent
1394000
CY2011 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
56954000
CY2011 us-gaap Interest Paid
InterestPaid
17076000
CY2011 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
2412000
CY2011 us-gaap Real Estate Accumulated Depreciation Other Additions
RealEstateAccumulatedDepreciationOtherAdditions
10125000
CY2011 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
DilutiveSecuritiesEffectOnBasicEarningsPerShareOther
62000
CY2011 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-16992000
CY2011 us-gaap Net Income Loss
NetIncomeLoss
5714000
CY2011 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
CY2011 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
43632000
CY2011 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
37294000
CY2011 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
185000
CY2011 us-gaap Payments Of Dividends
PaymentsOfDividends
19610000
CY2011 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
43976000
CY2011 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-504000
CY2011 us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
1626000
CY2011 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1497000
CY2011 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
22612000
CY2011 us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
9000
CY2011 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
20052000
CY2011 us-gaap Real Estate Accumulated Depreciation Other Deductions
RealEstateAccumulatedDepreciationOtherDeductions
CY2011 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
43735000
CY2011 us-gaap Depreciation And Amortization
DepreciationAndAmortization
14149000
CY2011 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-3733000
CY2011 us-gaap Interest Expense
InterestExpense
17076000
CY2011 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
39707000
CY2011 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
700000
CY2011 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-46001000
CY2011 us-gaap Real Estate Improvements
RealEstateImprovements
1164000
CY2011 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-340000
CY2011 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
58474000
CY2011 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
918000
CY2011 us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
986000
CY2011 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4000000
CY2011 us-gaap Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
542000
CY2011 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
200000
CY2011 us-gaap Dividends
Dividends
19610000
CY2011 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
157000
CY2011 us-gaap Operating Expenses
OperatingExpenses
21270000
CY2011 good Administration Fee
AdministrationFee
1024000
CY2011 good Payments To Tenants From Reserves
PaymentsToTenantsFromReserves
2031000
CY2011 good Repayment Of Principal On Notes Receivable
RepaymentOfPrincipalOnNotesReceivable
541000
CY2011 good Receipts From Tenants For Reserves
ReceiptsFromTenantsForReserves
2205000
CY2011 good Credit To Incentive Fee
CreditToIncentiveFee
2113000
CY2011 good Amortization Of Discount On Assumed Debt
AmortizationOfDiscountOnAssumedDebt
94000
CY2011 good Business Acquisition Pro Forma Other Expenses
BusinessAcquisitionProFormaOtherExpenses
21797000
CY2011 good Related Party Transactions Incentive Fee Net
RelatedPartyTransactionsIncentiveFeeNet
1300000
CY2011 good Incentive Fee
IncentiveFee
3398000
CY2011 good Business Acquisition Pro Forma Operating Expenses
BusinessAcquisitionProFormaOperatingExpenses
29013000
CY2011 good Income Loss From Continuing Operations Per Basic And Diluted Share Net Of Dividend Attributable To Parent Net Of Preferred Stock Dividend
IncomeLossFromContinuingOperationsPerBasicAndDilutedShareNetOfDividendAttributableToParentNetOfPreferredStockDividend
0.15
CY2011 good Weighted Average Number Of Diluted Shares Outstanding Pro Forma
WeightedAverageNumberOfDilutedSharesOutstandingProForma
10288711 shares
CY2011 good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
BusinessAcquisitionProFormaDividendsAttributableToPreferredAndSeniorCommonStock
4156000
CY2011 good Fixed Rate Debt Assumed In Connection With Acquisitions
FixedRateDebtAssumedInConnectionWithAcquisitions
11921000
CY2011 good Weighted Average Shares Of Senior Common Stock Outstanding Basic
WeightedAverageSharesOfSeniorCommonStockOutstandingBasic
59258 shares
CY2011 good Increase In Asset Retirement Obligation
IncreaseInAssetRetirementObligation
69000
CY2011 good Payments To Acquire Real Estate And Intangible Assets
PaymentsToAcquireRealEstateAndIntangibleAssets
42681000
CY2011 good Net Income Loss Available To Common Stockholders Plus Assumed Conversion
NetIncomeLossAvailableToCommonStockholdersPlusAssumedConversion
1620000
CY2011 good Earnings Per Weighted Average Share Of Senior Common Stock
EarningsPerWeightedAverageShareOfSeniorCommonStock
1.05
CY2011 good Capital Gain Distributions
CapitalGainDistributions
0.0000 pure
CY2011 good Improvements Of Existing Real Estate
ImprovementsOfExistingRealEstate
1844000
CY2011 good Amortization Of Deferred Rent Asset And Liability Net
AmortizationOfDeferredRentAssetAndLiabilityNet
-616000
CY2011 good Payments To Lenders For Reserves Held In Escrow
PaymentsToLendersForReservesHeldInEscrow
3376000
CY2011 good Receipts From Lenders For Reserves Held In Escrow
ReceiptsFromLendersForReservesHeldInEscrow
1911000
CY2011 good Base Management Fee
BaseManagementFee
1629000
CY2011 good Distributions Attributable To Senior Common Stock
DistributionsAttributableToSeniorCommonStock
62000
CY2011 good Business Acquisition Pro Forma Net Income
BusinessAcquisitionProFormaNetIncome
6144000
CY2011 good Operating Expenses Before Credits
OperatingExpensesBeforeCredits
23383000
CY2013 dei Entity Registrant Name
EntityRegistrantName
GLADSTONE COMMERCIAL CORP
CY2013 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2013 dei Amendment Flag
AmendmentFlag
false
CY2013 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2013 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2013 dei Document Type
DocumentType
10-K
CY2013 dei Document Period End Date
DocumentPeriodEndDate
2013-12-31
CY2013 dei Entity Central Index Key
EntityCentralIndexKey
0001234006
CY2013 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2013 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2013 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2013 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2013 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.22
CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13164244 shares
CY2013 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.22
CY2013 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
-0.22
CY2013 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
shares
CY2013 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
-0.22
CY2013 us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.0017 pure
CY2013 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
19885000
CY2013 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.22
CY2013 us-gaap Debt Instrument Description Of Variable Rate Basis
DebtInstrumentDescriptionOfVariableRateBasis
one month LIBOR was approximately 0.17%
CY2013 us-gaap Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <i>Impairment</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> 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, whether there are indications that the fair value of the real estate has decreased and our intended holding period of the property. 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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> 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 December&#xA0;31, 2013; however, we determined that properties located in South Hadley, Massachusetts and Roseville, Minnesota are at risk to become impaired in the future. We recently extended the lease on the property in South Hadley Massachusetts for one year, and it now expires in January 2015. There is a possibility we may have to impair this property in 2014 if we do not negotiate another lease extension on this building or find a replacement tenant.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> Our property in Roseville, Minnesota remains partially vacant. We are currently working to re-tenant this building; however, if we do not secure a tenant in the near term there is a possibility we may have to impair this property in 2014.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> 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>
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13164244 shares
CY2013 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-2838000
CY2013 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <i>Use of Estimates</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> 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>
CY2013 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P10Y
CY2013 us-gaap Tenant Reimbursements
TenantReimbursements
1574000
CY2013 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
2051000
CY2013 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2867000
CY2013 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
0
CY2013 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
76000000
CY2013 us-gaap Payments For Lease Commissions
PaymentsForLeaseCommissions
1041000
CY2013 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
101000
CY2013 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
399000
CY2013 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
16407000
CY2013 us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
2375000
CY2013 us-gaap Straight Line Rent
StraightLineRent
3700000
CY2013 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
67818000
CY2013 us-gaap Interest Paid
InterestPaid
26679000
CY2013 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
4963000
CY2013 us-gaap Real Estate Accumulated Depreciation Other Additions
RealEstateAccumulatedDepreciationOtherAdditions
15511000
CY2013 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
DilutiveSecuritiesEffectOnBasicEarningsPerShareOther
CY2013 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-26993000
CY2013 us-gaap Net Income Loss
NetIncomeLoss
1527000
CY2013 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
CY2013 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
59769000
CY2013 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
83286000
CY2013 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
2117000
CY2013 us-gaap Payments Of Dividends
PaymentsOfDividends
23940000
CY2013 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
61343000
CY2013 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
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CY2013 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
7800000
CY2013 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1655000
CY2013 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
120171000
CY2013 us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
-19000
CY2013 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
79995000
CY2013 us-gaap Real Estate Accumulated Depreciation Other Deductions
RealEstateAccumulatedDepreciationOtherDeductions
CY2013 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
103424000
CY2013 us-gaap Depreciation And Amortization
DepreciationAndAmortization
22827000
CY2013 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
3000000
CY2013 us-gaap Interest Expense
InterestExpense
24351000
CY2013 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
88121000
CY2013 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
768000
CY2013 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-137056000
CY2013 us-gaap Real Estate Improvements
RealEstateImprovements
5176000
CY2013 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
1437000
CY2013 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
75400000
CY2013 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
10800000
CY2013 us-gaap Mortgage Loans On Real Estate New Mortgage Loans
MortgageLoansOnRealEstateNewMortgageLoans
79995000
CY2013 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1780000
CY2013 us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
3348000
CY2013 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
7300000
CY2013 us-gaap Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
35000
CY2013 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
400000
CY2013 us-gaap Dividends
Dividends
24067000
CY2013 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
129000
CY2013 us-gaap Operating Expenses
OperatingExpenses
32823000
CY2013 good Expiration Period Of Property Lease
ExpirationPeriodOfPropertyLease
2015-01
CY2013 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
CY2013 good Administration Fee
AdministrationFee
1467000
CY2013 good Senior Common Dividend Issued In Dividend Reinvestment Program
SeniorCommonDividendIssuedInDividendReinvestmentProgram
126000
CY2013 good Payments To Tenants From Reserves
PaymentsToTenantsFromReserves
3949000
CY2013 good Repayment Of Principal On Notes Receivable
RepaymentOfPrincipalOnNotesReceivable
35000
CY2013 good Amount To Be Paid To Adviser In Percentage Of Pre Incentive Fee Condition Two
AmountToBePaidToAdviserInPercentageOfPreIncentiveFeeConditionTwo
0.20 pure
CY2013 good Incentive Fee Per Advisory Agreement
IncentiveFeePerAdvisoryAgreement
0.0175 pure
CY2013 good Receipts From Tenants For Reserves
ReceiptsFromTenantsForReserves
6085000
CY2013 good Credit To Incentive Fee
CreditToIncentiveFee
3457000
CY2013 good Cash Equivalents Maximum Maturity Period Of Highly Liquid Investments
CashEquivalentsMaximumMaturityPeriodOfHighlyLiquidInvestments
three months or less
CY2013 good Amortization Of Discount On Assumed Debt
AmortizationOfDiscountOnAssumedDebt
-171000
CY2013 good Debt Assumed On Acquisition Of Property
DebtAssumedOnAcquisitionOfProperty
71795000
CY2013 good Business Acquisition Pro Forma Other Expenses
BusinessAcquisitionProFormaOtherExpenses
29283000
CY2013 good Related Party Transactions Incentive Fee Net
RelatedPartyTransactionsIncentiveFeeNet
700000
CY2013 good Amount To Be Paid To Adviser In Percentage Of Pre Incentive Fee Condition One
AmountToBePaidToAdviserInPercentageOfPreIncentiveFeeConditionOne
1.00 pure
CY2013 good Incentive Fee
IncentiveFee
4201000
CY2013 good Business Acquisition Pro Forma Operating Expenses
BusinessAcquisitionProFormaOperatingExpenses
36979000
CY2013 good Income Loss From Continuing Operations Per Basic And Diluted Share Net Of Dividend Attributable To Parent Net Of Preferred Stock Dividend
IncomeLossFromContinuingOperationsPerBasicAndDilutedShareNetOfDividendAttributableToParentNetOfPreferredStockDividend
-0.22
CY2013 good Weighted Average Number Of Diluted Shares Outstanding Pro Forma
WeightedAverageNumberOfDilutedSharesOutstandingProForma
13164244 shares
CY2013 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
CY2013 good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
BusinessAcquisitionProFormaDividendsAttributableToPreferredAndSeniorCommonStock
4394000
CY2013 good Number Of Subsidiaries Interest Owned In General And Limited Partnership
NumberOfSubsidiariesInterestOwnedInGeneralAndLimitedPartnership
2 Subsidiary
CY2013 good Dealer Manager Fee In Percentage Of Gross Proceeds Of Shares Of Senior Common Stock Sold
DealerManagerFeeInPercentageOfGrossProceedsOfSharesOfSeniorCommonStockSold
0.070 pure
CY2013 good Lease Extended Period
LeaseExtendedPeriod
P1Y
CY2013 good Annual Base Management Fee In Percentage Of Stockholders Equity In Excess Of Recorded Value Of Preferred Stock
AnnualBaseManagementFeeInPercentageOfStockholdersEquityInExcessOfRecordedValueOfPreferredStock
0.02 pure
CY2013 good Weighted Average Shares Of Senior Common Stock Outstanding Basic
WeightedAverageSharesOfSeniorCommonStockOutstandingBasic
287178 shares
CY2013 good Payments To Acquire Real Estate And Intangible Assets
PaymentsToAcquireRealEstateAndIntangibleAssets
131188000
CY2013 good Net Proceeds Of Shares Sold Under Open Market Sale Agreement
NetProceedsOfSharesSoldUnderOpenMarketSaleAgreement
14000000
CY2013 good Minimum Percentage Likelihood To Recognize Tax Benefit From Uncertain Tax Position
MinimumPercentageLikelihoodToRecognizeTaxBenefitFromUncertainTaxPosition
0.50 pure
CY2013 good Net Income Loss Available To Common Stockholders Plus Assumed Conversion
NetIncomeLossAvailableToCommonStockholdersPlusAssumedConversion
-2867000
CY2013 good Earnings Per Weighted Average Share Of Senior Common Stock
EarningsPerWeightedAverageShareOfSeniorCommonStock
1.04
CY2013 good Capital Gain Distributions
CapitalGainDistributions
0.0000 pure
CY2013 good Improvements Of Existing Real Estate
ImprovementsOfExistingRealEstate
5176000
CY2013 good Purchase Price
PurchasePrice
134438000
CY2013 good Amortization Of Deferred Rent Asset And Liability Net
AmortizationOfDeferredRentAssetAndLiabilityNet
-333000
CY2013 good Number Of Long Term Mortgages Issued
NumberOfLongTermMortgagesIssued
7 Mortgages
CY2013 good Payments To Lenders For Reserves Held In Escrow
PaymentsToLendersForReservesHeldInEscrow
6606000
CY2013 good Receipts From Lenders For Reserves Held In Escrow
ReceiptsFromLendersForReservesHeldInEscrow
5545000
CY2013 good Base Management Fee
BaseManagementFee
2014000
CY2013 good Distributions Attributable To Senior Common Stock
DistributionsAttributableToSeniorCommonStock
300000
CY2013 good Annualized Incentive Fee Per Advisory Agreement
AnnualizedIncentiveFeePerAdvisoryAgreement
0.07 pure
CY2013 good Agreement Termination Date
AgreementTerminationDate
2014-08-31
CY2013 good Business Acquisition Expenses
BusinessAcquisitionExpenses
761000
CY2013 good Business Acquisition Pro Forma Net Income
BusinessAcquisitionProFormaNetIncome
1556000
CY2013 good Non Qualifying Income Related To Real Estate Portfolio
NonQualifyingIncomeRelatedToRealEstatePortfolio
0
CY2013 good Sales Commission Fee In Percentage Of Gross Proceeds Of Shares Of Senior Common Stock Sold
SalesCommissionFeeInPercentageOfGrossProceedsOfSharesOfSeniorCommonStockSold
0.030 pure
CY2013 good Area Of Real Estate Properties
AreaOfRealEstateProperties
1085129 sqft
CY2013 good Payment Of Financing Fee
PaymentOfFinancingFee
100000
CY2013 good Operating Expenses Before Credits
OperatingExpensesBeforeCredits
36280000
CY2013 good Annualized Straight Line Rent
AnnualizedStraightLineRent
12399000
CY2013 good Purchase Price Of Acquired Property
PurchasePriceOfAcquiredProperty
131188000
CY2013 good Operating Leases Income Statement Lease Revenue From Acquired Properties
OperatingLeasesIncomeStatementLeaseRevenueFromAcquiredProperties
5155000
CY2013 good Net Income Loss From Acquired Properties
NetIncomeLossFromAcquiredProperties
1981000
CY2013 good Proceeds From Deposits Applied Against Real Estate Investments
ProceedsFromDepositsAppliedAgainstRealEstateInvestments
2725000
CY2013 good Secured Mortgages Financing Fee Percent
SecuredMortgagesFinancingFeePercent
0.0018 pure
CY2012 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04
CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10953325 shares
CY2012 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.04
CY2012 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
-0.13
CY2012 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
shares
CY2012 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
-0.13
CY2012 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
23405000
CY2012 us-gaap Earnings Per Share Basic And Diluted
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GeneralAndAdministrativeExpense
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134000
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CY2012 us-gaap Real Estate Other Acquisitions
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DepreciationAndAmortization
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ProceedsFromIssuanceOfRedeemablePreferredStock
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InterestExpense
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ProceedsFromIssuanceOfCommonStock
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BusinessCombinationAcquisitionRelatedCosts
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RealEstateImprovements
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743000
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ProceedsFromLinesOfCredit
41800000
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AmortizationOfFinancingCosts
1502000
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1588000
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AmortizationOfIntangibleAssets
4900000
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RepaymentOfNotesReceivableFromRelatedParties
12000
CY2012 us-gaap Lease And Rental Expense
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Dividends
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AssetRetirementObligationAccretionExpense
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OperatingExpenses
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AdministrationFee
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SeniorCommonDividendIssuedInDividendReinvestmentProgram
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PaymentsToTenantsFromReserves
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RepaymentOfPrincipalOnNotesReceivable
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ReceiptsFromTenantsForReserves
2870000
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CreditToIncentiveFee
2221000
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AmortizationOfDiscountOnAssumedDebt
9000
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DebtAssumedOnAcquisitionOfProperty
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BusinessAcquisitionProFormaOtherExpenses
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1400000
CY2012 good Incentive Fee
IncentiveFee
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BusinessAcquisitionProFormaOperatingExpenses
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-0.04
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BusinessAcquisitionProFormaDividendsAttributableToPreferredAndSeniorCommonStock
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FixedRateDebtAssumedInConnectionWithAcquisitions
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IncreaseInAssetRetirementObligation
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EarningsPerWeightedAverageShareOfSeniorCommonStock
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CapitalGainDistributions
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ImprovementsOfExistingRealEstate
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PurchasePrice
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PaymentsToLendersForReservesHeldInEscrow
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ReceiptsFromLendersForReservesHeldInEscrow
1959000
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BaseManagementFee
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DistributionsAttributableToSeniorCommonStock
113000
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BusinessAcquisitionExpenses
778000
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BusinessAcquisitionProFormaNetIncome
2729000
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AreaOfRealEstateProperties
972000 sqft
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OperatingExpensesBeforeCredits
27116000
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AnnualizedStraightLineRent
9646000
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PurchasePriceOfAcquiredProperty
107165000
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OperatingLeasesIncomeStatementLeaseRevenueFromAcquiredProperties
3507000
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NetIncomeLossFromAcquiredProperties
1883000
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11230647 shares
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EarningsPerShareBasicAndDiluted
-0.06
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NetIncomeLossAvailableToCommonStockholdersBasic
-643000
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NonoperatingIncomeExpense
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CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
433000
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RealEstateRevenueNet
14035000
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OperatingExpenses
7273000
CY2013Q1 good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
BusinessAcquisitionProFormaDividendsAttributableToPreferredAndSeniorCommonStock
1076000
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11006597 shares
CY2012Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.02
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2012Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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259000
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NonoperatingIncomeExpense
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NetIncomeLoss
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RealEstateRevenueNet
12100000
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OperatingExpenses
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BusinessAcquisitionProFormaDividendsAttributableToPreferredAndSeniorCommonStock
1042000
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2012Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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NetIncomeLossAvailableToCommonStockholdersBasic
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NonoperatingIncomeExpense
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NetIncomeLoss
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RealEstateRevenueNet
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OperatingExpenses
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EarningsPerShareBasicAndDiluted
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WeightedAverageNumberOfSharesOutstandingBasic
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NonoperatingIncomeExpense
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NetIncomeLoss
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RealEstateRevenueNet
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OperatingExpenses
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CY2013Q2 good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
BusinessAcquisitionProFormaDividendsAttributableToPreferredAndSeniorCommonStock
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CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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EarningsPerShareBasicAndDiluted
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WeightedAverageNumberOfSharesOutstandingBasic
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NonoperatingIncomeExpense
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NetIncomeLoss
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RealEstateRevenueNet
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OperatingExpenses
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CY2012Q3 good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
BusinessAcquisitionProFormaDividendsAttributableToPreferredAndSeniorCommonStock
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WeightedAverageNumberOfDilutedSharesOutstanding
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CY2013Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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WeightedAverageNumberOfSharesOutstandingBasic
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NetIncomeLossAvailableToCommonStockholdersBasic
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NonoperatingIncomeExpense
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NetIncomeLoss
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RealEstateRevenueNet
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OperatingExpenses
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CY2013Q3 good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
BusinessAcquisitionProFormaDividendsAttributableToPreferredAndSeniorCommonStock
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CY2012Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2012Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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CY2012Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2012Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2012Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2013Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2012Q4 us-gaap Net Income Loss
NetIncomeLoss
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CY2012Q4 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
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OperatingExpenses
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CY2012Q4 good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
BusinessAcquisitionProFormaDividendsAttributableToPreferredAndSeniorCommonStock
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CY2013Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2013Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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CY2013Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2013Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
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CY2013Q4 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
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CY2013Q4 us-gaap Operating Expenses
OperatingExpenses
9542000
CY2013Q4 good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
BusinessAcquisitionProFormaDividendsAttributableToPreferredAndSeniorCommonStock
1120000

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