$GOOD
GLADSTONE COMMERCIAL CORP

2014 Q1 Form 10-Q Financial Statement

#000119312514162898 Filed on April 28, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $17.14M $14.04M
YoY Change 22.09% 15.99%
Cost Of Revenue $1.960M $1.090M
YoY Change 79.82% 49.32%
Gross Profit $15.18M $12.95M
YoY Change 17.22% 13.9%
Gross Profit Margin 88.59% 92.27%
Selling, General & Admin $2.200M $1.680M
YoY Change 30.95% 5.66%
% of Gross Profit 14.49% 12.97%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.720M $4.900M
YoY Change 37.14% 25.64%
% of Gross Profit 44.27% 37.84%
Operating Expenses $23.74M $7.273M
YoY Change 226.36% 25.46%
Operating Profit -$8.556M $5.677M
YoY Change -250.71% 1.87%
Interest Expense $6.275M $5.661M
YoY Change 10.85% -212.54%
% of Operating Profit 99.72%
Other Income/Expense, Net -$6.914M -$6.329M
YoY Change 9.24% 26.53%
Pretax Income -$13.51M $430.0K
YoY Change -3241.86% -66.92%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings -$13.51M $433.0K
YoY Change -3221.02% -66.72%
Net Earnings / Revenue -78.86% 3.09%
Basic Earnings Per Share -$0.93
Diluted Earnings Per Share -$0.93 $35.57K
COMMON SHARES
Basic Shares Outstanding 15.75M shares 11.23M shares
Diluted Shares Outstanding 15.75M shares 11.23M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.800M $7.300M
YoY Change -20.55% 28.07%
Cash & Equivalents $5.813M $7.279M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $9.900M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $15.70M $23.20M
YoY Change -32.33% 26.09%
LONG-TERM ASSETS
Property, Plant & Equipment $544.0M $469.4M
YoY Change 15.89% 18.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $39.30M $17.30M
YoY Change 127.17% 32.06%
Total Long-Term Assets $663.2M $546.0M
YoY Change 21.46% 21.44%
TOTAL ASSETS
Total Short-Term Assets $15.70M $23.20M
Total Long-Term Assets $663.2M $546.0M
Total Assets $678.9M $569.2M
YoY Change 19.27% 21.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.200M $1.100M
YoY Change 9.09% 10.0%
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 $2.200M $1.100M
YoY Change 100.0% 10.0%
LONG-TERM LIABILITIES
Long-Term Debt $489.4M $425.9M
YoY Change 14.91% 32.84%
Other Long-Term Liabilities $16.20M $14.40M
YoY Change 12.5% 26.32%
Total Long-Term Liabilities $505.6M $440.3M
YoY Change 14.83% 32.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.200M $1.100M
Total Long-Term Liabilities $505.6M $440.3M
Total Liabilities $509.0M $445.6M
YoY Change 14.24% 32.5%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $16.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $169.9M $123.6M
YoY Change
Total Liabilities & Shareholders Equity $678.9M $569.2M
YoY Change 19.27% 21.62%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$13.51M $433.0K
YoY Change -3221.02% -66.72%
Depreciation, Depletion And Amortization $6.720M $4.900M
YoY Change 37.14% 25.64%
Cash From Operating Activities $6.159M $3.054M
YoY Change 101.67% -45.75%
INVESTING ACTIVITIES
Capital Expenditures -$5.390M -$5.770M
YoY Change -6.59% -51.35%
Acquisitions
YoY Change
Other Investing Activities -$890.0K $450.0K
YoY Change -297.78% -164.29%
Cash From Investing Activities -$6.278M -$5.323M
YoY Change 17.94% -57.65%
FINANCING ACTIVITIES
Cash Dividend Paid $6.986M $5.270M
YoY Change 32.56%
Common Stock Issuance & Retirement, Net $7.707M $6.484M
YoY Change 18.86%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.614M 4.002M
YoY Change -165.32% -56.97%
NET CHANGE
Cash From Operating Activities 6.159M 3.054M
Cash From Investing Activities -6.278M -5.323M
Cash From Financing Activities -2.614M 4.002M
Net Change In Cash -2.733M 1.733M
YoY Change -257.7% -26.57%
FREE CASH FLOW
Cash From Operating Activities $6.159M $3.054M
Capital Expenditures -$5.390M -$5.770M
Free Cash Flow $11.55M $8.824M
YoY Change 30.88% -49.55%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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PreferredStockRedemptionPricePerShare
25.00
CY2012Q1 us-gaap Deferred Offering Costs
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CY2014Q1 us-gaap Common Stock Shares Outstanding
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CY2014Q1 us-gaap Line Of Credit Facility Interest Rate At Period End
LineOfCreditFacilityInterestRateAtPeriodEnd
0.030 pure
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25
CY2014Q1 us-gaap Preferred Stock Shares Outstanding
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2150000 shares
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0.0530 pure
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2000
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CY2014Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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CY2014Q1 us-gaap Liabilities Of Assets Held For Sale
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CY2014Q1 us-gaap Land
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CY2014Q1 good Number Of Property Collateralized In Mortgage Notes Payable
NumberOfPropertyCollateralizedInMortgageNotesPayable
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CY2014Q1 good Number Of Existing Encumbered Properties
NumberOfExistingEncumberedProperties
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CY2014Q1 good Senior Common Stock Shares Authorized
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CY2014Q1 good Senior Common Stocks
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CY2014Q1 good Senior Common Stock Shares Outstanding
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CY2014Q1 good Maximum Aggregate Sales Price Of Shares To Be Issued Under Open Market Sale Agreement
MaximumAggregateSalesPriceOfSharesToBeIssuedUnderOpenMarketSaleAgreement
25000000
CY2014Q1 good Aggregate Undiscounted Obligation On Properties
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CY2014Q1 good Senior Common Stock Shares Issued
SeniorCommonStockSharesIssued
402811 shares
CY2014Q1 good Senior Common Stock Par Value
SeniorCommonStockParValue
0.001
CY2014Q1 good Maximum Remaining Capacity To Sell Common Stock Under Open Market Sale Agreement
MaximumRemainingCapacityToSellCommonStockUnderOpenMarketSaleAgreement
3600000
CY2014Q1 good Number Of Shares Sold Under Open Market Sale Agreement
NumberOfSharesSoldUnderOpenMarketSaleAgreement
1200000 shares
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2013Q4 good Senior Common Stock Shares Authorized
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CY2013Q4 good Senior Common Stocks
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CY2013Q4 good Senior Common Stock Shares Outstanding
SeniorCommonStockSharesOutstanding
374484 shares
CY2013Q4 good Senior Common Stock Shares Issued
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CY2013Q4 good Senior Common Stock Par Value
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0.001
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
CY2014Q1 good Line Of Credit Facility Expiration Month And Year
LineOfCreditFacilityExpirationMonthAndYear
2017-08
CY2014Q1 good Line Of Credit Facility Optional Extension Period
LineOfCreditFacilityOptionalExtensionPeriod
P1Y
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0.0025 pure
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6484000
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-5323000
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-264000
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7900000
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405000
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737000
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1500000
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35000
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100000
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30000
CY2013Q1 us-gaap Operating Expenses
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7273000
CY2013Q1 us-gaap Amortization Of Debt Discount Premium
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-42000
CY2013Q1 good Administration Fee
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362000
CY2013Q1 good Senior Common Dividend Issued In Dividend Reinvestment Program
SeniorCommonDividendIssuedInDividendReinvestmentProgram
22000
CY2013Q1 good Receipts From Tenants For Reserves
ReceiptsFromTenantsForReserves
1456000
CY2013Q1 good Credit To Incentive Fee
CreditToIncentiveFee
585000
CY2013Q1 good Business Acquisition Pro Forma Other Expenses
BusinessAcquisitionProFormaOtherExpenses
7327000
CY2013Q1 good Related Party Transactions Incentive Fee Net
RelatedPartyTransactionsIncentiveFeeNet
300000
CY2013Q1 good Incentive Fee
IncentiveFee
931000
CY2013Q1 good Business Acquisition Pro Forma Operating Expenses
BusinessAcquisitionProFormaOperatingExpenses
9586000
CY2013Q1 good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
BusinessAcquisitionProFormaDividendsAttributableToPreferredAndSeniorCommonStock
1076000
CY2013Q1 good Weighted Average Shares Of Senior Common Stock Outstanding Basic
WeightedAverageSharesOfSeniorCommonStockOutstandingBasic
204582 shares
CY2013Q1 good Payments To Acquire Real Estate And Intangible Assets
PaymentsToAcquireRealEstateAndIntangibleAssets
5650000
CY2013Q1 good Earnings Per Weighted Average Share Of Senior Common Stock
EarningsPerWeightedAverageShareOfSeniorCommonStock
0.26
CY2013Q1 good Improvements Of Existing Real Estate
ImprovementsOfExistingRealEstate
121000
CY2013Q1 good Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.06
CY2013Q1 good Amortization Of Deferred Rent Asset And Liability Net
AmortizationOfDeferredRentAssetAndLiabilityNet
-98000
CY2013Q1 good Payments To Lenders For Reserves Held In Escrow
PaymentsToLendersForReservesHeldInEscrow
830000
CY2013Q1 good Receipts From Lenders For Reserves Held In Escrow
ReceiptsFromLendersForReservesHeldInEscrow
1228000
CY2013Q1 good Base Management Fee
BaseManagementFee
353000
CY2013Q1 good Distributions Attributable To Senior Common Stock
DistributionsAttributableToSeniorCommonStock
53000
CY2013Q1 good Business Acquisition Pro Forma Net Income
BusinessAcquisitionProFormaNetIncome
384000
CY2013Q1 good Payment Of Financing Fee
PaymentOfFinancingFee
0
CY2013Q1 good Operating Expenses Before Credits
OperatingExpensesBeforeCredits
7858000
CY2013Q1 good Operating Leases Income Statement Lease Revenue From Acquired Properties
OperatingLeasesIncomeStatementLeaseRevenueFromAcquiredProperties
5000
CY2013Q1 good Net Income Loss From Acquired Properties
NetIncomeLossFromAcquiredProperties
3000
CY2013Q1 good Proceeds From Deposits Applied Against Real Estate Investments
ProceedsFromDepositsAppliedAgainstRealEstateInvestments
50000
CY2013Q1 good Asset Retirement Obligation Expense
AssetRetirementObligationExpense
31000
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
GLADSTONE COMMERCIAL CORP
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001234006
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 us-gaap Debt Instrument Description Of Variable Rate Basis
DebtInstrumentDescriptionOfVariableRateBasis
One month LIBOR was approximately 0.152%.
CY2014Q1 us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.00152 pure
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
6159000
CY2014Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.93
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
15746714 shares
CY2014Q1 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 Charges</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, less cost to sell, of the property. 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.</p> </div>
CY2014Q1 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P13Y3M18D
CY2014Q1 us-gaap Tenant Reimbursements
TenantReimbursements
551000
CY2014Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
360000
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-14637000
CY2014Q1 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
0
CY2014Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
13000000
CY2014Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <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>
CY2014Q1 us-gaap Payments For Lease Commissions
PaymentsForLeaseCommissions
54000
CY2014Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
47000
CY2014Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-298000
CY2014Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
2172000
CY2014Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-14518000
CY2014Q1 us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
250000
CY2014Q1 us-gaap Straight Line Rent
StraightLineRent
906000
CY2014Q1 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
17436000
CY2014Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
503000
CY2014Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-6914000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-13514000
CY2014Q1 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
16585000
CY2014Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
7243000
CY2014Q1 good Incentive Fee Per Advisory Agreement
IncentiveFeePerAdvisoryAgreement
0.0175 pure
CY2014Q1 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-1545000
CY2014Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
6986000
CY2014Q1 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
17136000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-372000
CY2014Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
7200000
CY2014Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
466000
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2614000
CY2014Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
6720000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-2733000
CY2014Q1 us-gaap Interest Expense
InterestExpense
6275000
CY2014Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
7707000
CY2014Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
110000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6278000
CY2014Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-41000
CY2014Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
12700000
CY2014Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
13958000
CY2014Q1 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
11000000
CY2014Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
386000
CY2014Q1 us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
1330000
CY2014Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2300000
CY2014Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
100000
CY2014Q1 us-gaap Dividends
Dividends
7025000
CY2014Q1 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
30000
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
23736000
CY2014Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
-44000
CY2014Q1 good Expiration Period Of Property Lease
ExpirationPeriodOfPropertyLease
2015-01
CY2014Q1 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
CY2014Q1 good Administration Fee
AdministrationFee
492000
CY2014Q1 good Senior Common Dividend Issued In Dividend Reinvestment Program
SeniorCommonDividendIssuedInDividendReinvestmentProgram
39000
CY2014Q1 good Receipts From Tenants For Reserves
ReceiptsFromTenantsForReserves
790000
CY2014Q1 good Payments To Tenants From Reserves
PaymentsToTenantsFromReserves
2335000
CY2014Q1 good Amount To Be Paid To Adviser In Percentage Of Pre Incentive Fee Condition Two
AmountToBePaidToAdviserInPercentageOfPreIncentiveFeeConditionTwo
0.20 pure
CY2014Q1 good Credit To Incentive Fee
CreditToIncentiveFee
1205000
CY2014Q1 good Debt Assumed On Acquisition Of Property
DebtAssumedOnAcquisitionOfProperty
6330000
CY2014Q1 good Business Acquisition Pro Forma Other Expenses
BusinessAcquisitionProFormaOtherExpenses
7000000
CY2014Q1 good Related Party Transactions Incentive Fee Net
RelatedPartyTransactionsIncentiveFeeNet
40000
CY2014Q1 good Amount To Be Paid To Adviser In Percentage Of Pre Incentive Fee Condition One
AmountToBePaidToAdviserInPercentageOfPreIncentiveFeeConditionOne
1.00 pure
CY2014Q1 good Incentive Fee
IncentiveFee
1240000
CY2014Q1 good Business Acquisition Pro Forma Operating Expenses
BusinessAcquisitionProFormaOperatingExpenses
23831000
CY2014Q1 good Number Of Properties To Collateralized Mortgage Notes Payable
NumberOfPropertiesToCollateralizedMortgageNotesPayable
2 Property
CY2014Q1 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
CY2014Q1 good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
BusinessAcquisitionProFormaDividendsAttributableToPreferredAndSeniorCommonStock
1123000
CY2014Q1 good Number Of Subsidiaries Interest Owned In General And Limited Partnership
NumberOfSubsidiariesInterestOwnedInGeneralAndLimitedPartnership
2 Subsidiary
CY2014Q1 good Lease Extended Period
LeaseExtendedPeriod
P1Y
CY2014Q1 good Fixed Rate Debt Assumed In Connection With Acquisitions
FixedRateDebtAssumedInConnectionWithAcquisitions
6330000
CY2014Q1 good Annual Base Management Fee In Percentage Of Stockholders Equity In Excess Of Recorded Value Of Preferred Stock
AnnualBaseManagementFeeInPercentageOfStockholdersEquityInExcessOfRecordedValueOfPreferredStock
0.02 pure
CY2014Q1 good Weighted Average Shares Of Senior Common Stock Outstanding Basic
WeightedAverageSharesOfSeniorCommonStockOutstandingBasic
385875 shares
CY2014Q1 good Payments To Acquire Real Estate And Intangible Assets
PaymentsToAcquireRealEstateAndIntangibleAssets
3718000
CY2014Q1 good Earnings Per Weighted Average Share Of Senior Common Stock
EarningsPerWeightedAverageShareOfSeniorCommonStock
0.26
CY2014Q1 good Dealer Manager Fee In Percentage Of Gross Proceeds Of Shares Of Senior Common Stock Sold
DealerManagerFeeInPercentageOfGrossProceedsOfSharesOfSeniorCommonStockSold
0.070 pure
CY2014Q1 good Improvements Of Existing Real Estate
ImprovementsOfExistingRealEstate
1673000
CY2014Q1 good Purchase Price
PurchasePrice
10048000
CY2014Q1 good Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.92
CY2014Q1 good Amortization Of Deferred Rent Asset And Liability Net
AmortizationOfDeferredRentAssetAndLiabilityNet
-92000
CY2014Q1 good Number Of Long Term Mortgages Issued
NumberOfLongTermMortgagesIssued
1 Mortgages
CY2014Q1 good Payments To Lenders For Reserves Held In Escrow
PaymentsToLendersForReservesHeldInEscrow
1260000
CY2014Q1 good Receipts From Lenders For Reserves Held In Escrow
ReceiptsFromLendersForReservesHeldInEscrow
496000
CY2014Q1 good Base Management Fee
BaseManagementFee
625000
CY2014Q1 good Distributions Attributable To Senior Common Stock
DistributionsAttributableToSeniorCommonStock
100000
CY2014Q1 good Annualized Incentive Fee Per Advisory Agreement
AnnualizedIncentiveFeePerAdvisoryAgreement
0.07 pure
CY2014Q1 good Agreement Termination Date
AgreementTerminationDate
2014-08-31
CY2014Q1 good Business Acquisition Expenses
BusinessAcquisitionExpenses
52000
CY2014Q1 good Business Acquisition Pro Forma Net Income
BusinessAcquisitionProFormaNetIncome
-13395000
CY2014Q1 good Non Qualifying Income Related To Real Estate Portfolio
NonQualifyingIncomeRelatedToRealEstatePortfolio
0
CY2014Q1 good Sales Commission Fee In Percentage Of Gross Proceeds Of Shares Of Senior Common Stock Sold
SalesCommissionFeeInPercentageOfGrossProceedsOfSharesOfSeniorCommonStockSold
0.030 pure
CY2014Q1 good Area Of Real Estate Properties
AreaOfRealEstateProperties
41509 sqft
CY2014Q1 good Payment Of Financing Fee
PaymentOfFinancingFee
0
CY2014Q1 good Purchase Price Of Acquired Property
PurchasePriceOfAcquiredProperty
10048000
CY2014Q1 good Operating Expenses Before Credits
OperatingExpensesBeforeCredits
24941000
CY2014Q1 good Annualized Straight Line Rent
AnnualizedStraightLineRent
1037000
CY2014Q1 good Operating Leases Income Statement Lease Revenue From Acquired Properties
OperatingLeasesIncomeStatementLeaseRevenueFromAcquiredProperties
14000
CY2014Q1 good Net Income Loss From Acquired Properties
NetIncomeLossFromAcquiredProperties
9000
CY2014Q1 good Proceeds From Deposits Applied Against Real Estate Investments
ProceedsFromDepositsAppliedAgainstRealEstateInvestments
127000
CY2014Q1 good Noncash Capital Improvements Included In Accounts Payable
NoncashCapitalImprovementsIncludedInAccountsPayable
671000
CY2014Q1 good Asset Retirement Obligation Expense
AssetRetirementObligationExpense
-180000
CY2014Q1 good Gross Proceeds Of Shares Sold Under Open Market Sale Agreement
GrossProceedsOfSharesSoldUnderOpenMarketSaleAgreement
21400000

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