$GOOD
GLADSTONE COMMERCIAL CORP

2014 Q2 Form 10-Q Financial Statement

#000119312514284770 Filed on July 29, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $18.39M $14.26M
YoY Change 28.98% 14.89%
Cost Of Revenue $1.970M $1.020M
YoY Change 93.14% 39.73%
Gross Profit $16.42M $13.24M
YoY Change 24.02% 13.26%
Gross Profit Margin 89.29% 92.86%
Selling, General & Admin $690.0K $1.780M
YoY Change -61.24% 21.92%
% of Gross Profit 4.2% 13.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.870M $5.220M
YoY Change 31.61% 30.5%
% of Gross Profit 41.84% 39.43%
Operating Expenses $11.24M $7.369M
YoY Change 52.57% 22.27%
Operating Profit $5.177M $5.871M
YoY Change -11.82% 3.67%
Interest Expense $6.509M $5.764M
YoY Change 12.93% 17.99%
% of Operating Profit 125.73% 98.18%
Other Income/Expense, Net -$5.928M -$6.438M
YoY Change -7.92% 16.44%
Pretax Income $1.220M $450.0K
YoY Change 171.11% -47.06%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $1.219M $451.0K
YoY Change 170.29% -47.19%
Net Earnings / Revenue 6.63% 3.16%
Basic Earnings Per Share $0.01 -$0.05
Diluted Earnings Per Share $0.01 -$0.05
COMMON SHARES
Basic Shares Outstanding 16.55M shares 12.38M shares
Diluted Shares Outstanding 16.89M shares 12.38M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.400M $4.000M
YoY Change -40.0% -6.98%
Cash & Equivalents $2.367M $4.023M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $2.400M $20.70M
YoY Change -88.41% 18.97%
LONG-TERM ASSETS
Property, Plant & Equipment $595.5M $492.2M
YoY Change 20.99% 17.47%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $43.20M $17.70M
YoY Change 144.07% 26.43%
Total Long-Term Assets $733.1M $573.4M
YoY Change 27.85% 19.49%
TOTAL ASSETS
Total Short-Term Assets $2.400M $20.70M
Total Long-Term Assets $733.1M $573.4M
Total Assets $735.5M $594.1M
YoY Change 23.8% 19.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.700M $800.0K
YoY Change 112.5% 0.0%
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 $1.700M $3.400M
YoY Change -50.0% -20.93%
LONG-TERM LIABILITIES
Long-Term Debt $520.4M $408.9M
YoY Change 27.27% 15.74%
Other Long-Term Liabilities $16.40M $14.60M
YoY Change 12.33% 28.07%
Total Long-Term Liabilities $536.8M $423.5M
YoY Change 26.75% 16.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.700M $3.400M
Total Long-Term Liabilities $536.8M $423.5M
Total Liabilities $545.0M $427.8M
YoY Change 27.4% 15.7%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $18.00K $14.00K
YoY Change 28.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $190.6M $166.4M
YoY Change
Total Liabilities & Shareholders Equity $735.5M $594.1M
YoY Change 23.8% 19.47%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $1.219M $451.0K
YoY Change 170.29% -47.19%
Depreciation, Depletion And Amortization $6.870M $5.220M
YoY Change 31.61% 30.5%
Cash From Operating Activities $4.880M $4.490M
YoY Change 8.69% -12.65%
INVESTING ACTIVITIES
Capital Expenditures -$62.31M -$31.72M
YoY Change 96.44% -4.0%
Acquisitions
YoY Change
Other Investing Activities $7.730M -$1.290M
YoY Change -699.22% 86.96%
Cash From Investing Activities -$54.58M -$33.01M
YoY Change 65.34% -2.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 46.25M 25.27M
YoY Change 83.02% -6.99%
NET CHANGE
Cash From Operating Activities 4.880M 4.490M
Cash From Investing Activities -54.58M -33.01M
Cash From Financing Activities 46.25M 25.27M
Net Change In Cash -3.450M -3.250M
YoY Change 6.15% 128.87%
FREE CASH FLOW
Cash From Operating Activities $4.880M $4.490M
Capital Expenditures -$62.31M -$31.72M
Free Cash Flow $67.19M $36.21M
YoY Change 85.56% -5.16%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2012Q1 us-gaap Preferred Stock Redemption Price Per Share
PreferredStockRedemptionPricePerShare
25.00
CY2012Q1 us-gaap Deferred Offering Costs
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CY2014Q3 dei Entity Common Stock Shares Outstanding
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CY2014Q2 us-gaap Area Of Real Estate Property
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150000 sqft
CY2014Q2 us-gaap Number Of Properties Subject To Ground Leases
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0.001
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CY2014Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2014Q2 us-gaap Preferred Stock Shares Issued
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CY2014Q2 us-gaap Mandatorily Redeemable Preferred Stock Fair Value Disclosure
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CY2014Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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CY2014Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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CY2014Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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CY2014Q2 us-gaap Notes Payable Fair Value Disclosure
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Assets
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CY2014Q2 good Senior Common Stock Shares Issued
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CY2014Q2 good Number Of Shares Sold Under Open Market Sale Agreement
NumberOfSharesSoldUnderOpenMarketSaleAgreement
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CY2014Q2 good Number Of Property Collateralized In Mortgage Notes Payable
NumberOfPropertyCollateralizedInMortgageNotesPayable
75 Property
CY2014Q2 good Number Of Existing Encumbered Properties
NumberOfExistingEncumberedProperties
91 Property
CY2014Q2 good Number Of Properties Acquired
NumberOfPropertiesAcquired
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CY2014Q2 good Senior Common Stocks
SeniorCommonStocks
0
CY2014Q2 good Senior Common Stock Shares Authorized
SeniorCommonStockSharesAuthorized
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CY2014Q2 good Maximum Aggregate Sales Price Of Shares To Be Issued Under Open Market Sale Agreement
MaximumAggregateSalesPriceOfSharesToBeIssuedUnderOpenMarketSaleAgreement
25000000
CY2014Q2 good Maximum Remaining Capacity To Sell Common Stock Under Open Market Sale Agreement
MaximumRemainingCapacityToSellCommonStockUnderOpenMarketSaleAgreement
3200000
CY2014Q2 good Senior Common Stock Par Value
SeniorCommonStockParValue
0.001
CY2014Q2 good Senior Common Stock Shares Outstanding
SeniorCommonStockSharesOutstanding
441774 shares
CY2014Q2 good Aggregate Undiscounted Obligation On Properties
AggregateUndiscountedObligationOnProperties
9200000
CY2014Q2 good Number Of Mortgage Notes Payable
NumberOfMortgageNotesPayable
40 Mortgages
CY2014Q2 good Maximum Remaining Capacity To Sell Common Stock
MaximumRemainingCapacityToSellCommonStock
47000000
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2013Q4 us-gaap Mandatorily Redeemable Preferred Stock Fair Value Disclosure
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38500000
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Liabilities
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Assets
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CY2013Q4 good Senior Common Stock Shares Issued
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CY2013Q4 good Senior Common Stocks
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CY2013Q4 good Senior Common Stock Shares Authorized
SeniorCommonStockSharesAuthorized
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CY2013Q4 good Senior Common Stock Par Value
SeniorCommonStockParValue
0.001
CY2013Q4 good Senior Common Stock Shares Outstanding
SeniorCommonStockSharesOutstanding
374484 shares
CY2014Q1 good Line Of Credit Facility Percentage Of Extension Fee On Initial Maturity
LineOfCreditFacilityPercentageOfExtensionFeeOnInitialMaturity
0.0025 pure
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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26000000
CY2014Q2 good Annual Increase In Lease Rental Percentage
AnnualIncreaseInLeaseRentalPercentage
0.14 pure
CY2014Q2 good Extended Additional Period Of Lease
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P3Y
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us-gaap Earnings Per Share Diluted
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us-gaap Net Income Loss
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us-gaap Business Acquisitions Pro Forma Revenue
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us-gaap Depreciation And Amortization
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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29266000
us-gaap Proceeds From Issuance Of Common Stock
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57219000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
866000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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-1664000
us-gaap Mortgage Loans On Real Estate New Mortgage Loans
MortgageLoansOnRealEstateNewMortgageLoans
3700000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
23700000
us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
1300000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-139000
us-gaap Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
35000
good Payments To Tenants From Reserves
PaymentsToTenantsFromReserves
1158000
good Net Income Loss Available To Common Stockholders Plus Assumed Conversion
NetIncomeLossAvailableToCommonStockholdersPlusAssumedConversion
-1286000
good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
BusinessAcquisitionProFormaDividendsAttributableToPreferredAndSeniorCommonStock
2169000
good Annualized Straight Line Rent
AnnualizedStraightLineRent
4099000
good Area Of Real Estate Properties
AreaOfRealEstateProperties
393932 sqft
good Purchase Price
PurchasePrice
36738000
good Earnings Per Weighted Average Share Of Senior Common Stock
EarningsPerWeightedAverageShareOfSeniorCommonStock
0.52
good Operating Expenses Before Credits
OperatingExpensesBeforeCredits
16144000
good Business Acquisition Pro Forma Net Income
BusinessAcquisitionProFormaNetIncome
665000
good Business Acquisition Expenses
BusinessAcquisitionExpenses
417000
good Improvements Of Existing Real Estate
ImprovementsOfExistingRealEstate
3999000
good Purchase Price Of Acquired Property
PurchasePriceOfAcquiredProperty
33488000
good Net Income Loss From Acquired Properties
NetIncomeLossFromAcquiredProperties
236000
good Credit To Incentive Fee
CreditToIncentiveFee
1502000
good Business Acquisition Pro Forma Operating Expenses
BusinessAcquisitionProFormaOperatingExpenses
21608000
good Weighted Average Shares Of Senior Common Stock Outstanding Basic
WeightedAverageSharesOfSeniorCommonStockOutstandingBasic
233633 shares
good Base Management Fee
BaseManagementFee
804000
good Distributions Attributable To Senior Common Stock
DistributionsAttributableToSeniorCommonStock
122000
good Senior Common Dividend Issued In Dividend Reinvestment Program
SeniorCommonDividendIssuedInDividendReinvestmentProgram
52000
good Payments To Lenders For Reserves Held In Escrow
PaymentsToLendersForReservesHeldInEscrow
1645000
good Asset Retirement Obligation Expense
AssetRetirementObligationExpense
64000
good Operating Leases Income Statement Lease Revenue From Acquired Properties
OperatingLeasesIncomeStatementLeaseRevenueFromAcquiredProperties
508000
good Payments To Acquire Real Estate And Intangible Assets
PaymentsToAcquireRealEstateAndIntangibleAssets
33488000
good Income Loss From Continuing Operations Per Basic And Diluted Share Net Of Dividend Attributable To Parent Net Of Preferred Stock Dividend
IncomeLossFromContinuingOperationsPerBasicAndDilutedShareNetOfDividendAttributableToParentNetOfPreferredStockDividend
-0.11
good Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.13
good Incentive Fee
IncentiveFee
1864000
good Administration Fee
AdministrationFee
730000
good Amortization Of Deferred Rent Asset And Liability Net
AmortizationOfDeferredRentAssetAndLiabilityNet
-157000
good Receipts From Lenders For Reserves Held In Escrow
ReceiptsFromLendersForReservesHeldInEscrow
1529000
good Payment Of Financing Fee
PaymentOfFinancingFee
0
good Related Party Transactions Incentive Fee Net
RelatedPartyTransactionsIncentiveFeeNet
400000
good Receipts From Tenants For Reserves
ReceiptsFromTenantsForReserves
2261000
good Business Acquisition Pro Forma Other Expenses
BusinessAcquisitionProFormaOtherExpenses
15355000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.90
dei Document Type
DocumentType
10-Q
dei Entity Registrant Name
EntityRegistrantName
GLADSTONE COMMERCIAL CORP
us-gaap Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <i>Impairment Charges</i></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> 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 each tenant&#x2019;s payment history and financial condition, the likelihood of lease renewal, business conditions in the industry in which the tenants operate, whether there are indications that the fair value of the real estate has decreased 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> <p>&#xA0;</p> </div>
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.001552 pure
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
11044000
us-gaap Debt Instrument Description Of Variable Rate Basis
DebtInstrumentDescriptionOfVariableRateBasis
One month LIBOR was approximately 0.1552%.
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <i>Use of Estimates</i></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> 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> <p>&#xA0;</p> </div>
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16149467 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.90
us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P12Y2M12D
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.
dei Entity Central Index Key
EntityCentralIndexKey
0001234006
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.90
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16149467 shares
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
34101000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
4182000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
2028000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-1935000
us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
0
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
332608 shares
us-gaap Tenant Reimbursements
TenantReimbursements
1321000
us-gaap Payments Of Dividends
PaymentsOfDividends
14313000
us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
300000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
43000000
us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
1500000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
372000
us-gaap Straight Line Rent
StraightLineRent
1778000
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
34205000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-12842000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-13395000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
633000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-14554000
us-gaap Net Income Loss
NetIncomeLoss
-12297000
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
35526000
us-gaap Payments For Lease Commissions
PaymentsForLeaseCommissions
765000
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
74000
us-gaap Gains Losses On Sales Of Other Real Estate
GainsLossesOnSalesOfOtherRealEstate
1240000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
38316000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
13958000
us-gaap Dividends
Dividends
14400000
us-gaap Interest Expense
InterestExpense
12784000
us-gaap Operating Expenses
OperatingExpenses
34981000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
795000
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
70000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4700000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-6179000
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
27535000
us-gaap Depreciation And Amortization
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13591000
us-gaap Increase Decrease In Security Deposits
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
-114000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-60863000
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
7600000
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
970000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
200000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
957000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1004000
us-gaap Mortgage Loans On Real Estate New Mortgage Loans
MortgageLoansOnRealEstateNewMortgageLoans
37681000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
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us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
11162000
us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
2632000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
585000
good Lease Extended Period
LeaseExtendedPeriod
P1Y
good Amount To Be Paid To Adviser In Percentage Of Pre Incentive Fee Condition Two
AmountToBePaidToAdviserInPercentageOfPreIncentiveFeeConditionTwo
0.20 pure
good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
BusinessAcquisitionProFormaDividendsAttributableToPreferredAndSeniorCommonStock
2257000
good Annualized Straight Line Rent
AnnualizedStraightLineRent
7218000
good Incentive Fee Per Advisory Agreement
IncentiveFeePerAdvisoryAgreement
0.0175 pure
good Area Of Real Estate Properties
AreaOfRealEstateProperties
1194759 sqft
good Payments To Tenants From Reserves
PaymentsToTenantsFromReserves
3423000
good Amount To Be Paid To Adviser In Percentage Of Pre Incentive Fee Condition One
AmountToBePaidToAdviserInPercentageOfPreIncentiveFeeConditionOne
1.00 pure
good Net Income Loss Available To Common Stockholders Plus Assumed Conversion
NetIncomeLossAvailableToCommonStockholdersPlusAssumedConversion
-14554000
good Purchase Price
PurchasePrice
74911000
good Number Of Subsidiaries Interest Owned In General And Limited Partnership
NumberOfSubsidiariesInterestOwnedInGeneralAndLimitedPartnership
2 Subsidiary
good Earnings Per Weighted Average Share Of Senior Common Stock
EarningsPerWeightedAverageShareOfSeniorCommonStock
0.52
good Operating Expenses Before Credits
OperatingExpensesBeforeCredits
37143000
good Gross Proceeds Of Shares Sold Under Open Market Sale Agreement
GrossProceedsOfSharesSoldUnderOpenMarketSaleAgreement
21800000
good Business Acquisition Pro Forma Net Income
BusinessAcquisitionProFormaNetIncome
-11138000
good Business Acquisition Expenses
BusinessAcquisitionExpenses
924000
good Improvements Of Existing Real Estate
ImprovementsOfExistingRealEstate
2934000
good Purchase Price Of Acquired Property
PurchasePriceOfAcquiredProperty
74911000
good Non Qualifying Income Related To Real Estate Portfolio
NonQualifyingIncomeRelatedToRealEstatePortfolio
0
good Net Income Loss From Acquired Properties
NetIncomeLossFromAcquiredProperties
440000
good Agreement Termination Date
AgreementTerminationDate
2014-08-31
good Credit To Incentive Fee
CreditToIncentiveFee
2162000
good Expiration Period Of Property Lease
ExpirationPeriodOfPropertyLease
2015-01
good Fixed Rate Debt Assumed In Connection With Acquisitions
FixedRateDebtAssumedInConnectionWithAcquisitions
10147000
good Business Acquisition Pro Forma Operating Expenses
BusinessAcquisitionProFormaOperatingExpenses
35799000
good Weighted Average Shares Of Senior Common Stock Outstanding Basic
WeightedAverageSharesOfSeniorCommonStockOutstandingBasic
404243 shares
good Base Management Fee
BaseManagementFee
1291000
good Number Of Properties To Collateralized Mortgage Notes Payable
NumberOfPropertiesToCollateralizedMortgageNotesPayable
3 Property
good Distributions Attributable To Senior Common Stock
DistributionsAttributableToSeniorCommonStock
210000
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 Senior Common Dividend Issued In Dividend Reinvestment Program
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87000
good Payments To Lenders For Reserves Held In Escrow
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5445000
good Asset Retirement Obligation Expense
AssetRetirementObligationExpense
-137000
good Operating Leases Income Statement Lease Revenue From Acquired Properties
OperatingLeasesIncomeStatementLeaseRevenueFromAcquiredProperties
910000
good Payments To Acquire Real Estate And Intangible Assets
PaymentsToAcquireRealEstateAndIntangibleAssets
64764000
good Income Loss From Continuing Operations Per Basic And Diluted Share Net Of Dividend Attributable To Parent Net Of Preferred Stock Dividend
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-0.90
good Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.83
good Incentive Fee
IncentiveFee
2767000
good Administration Fee
AdministrationFee
977000
good Annualized Incentive Fee Per Advisory Agreement
AnnualizedIncentiveFeePerAdvisoryAgreement
0.07 pure
good Amortization Of Deferred Rent Asset And Liability Net
AmortizationOfDeferredRentAssetAndLiabilityNet
-178000
good Proceeds From Deposits Applied Against Real Estate Investments
ProceedsFromDepositsAppliedAgainstRealEstateInvestments
1300000
good Dealer Manager Fee In Percentage Of Gross Proceeds Of Shares Of Senior Common Stock Sold
DealerManagerFeeInPercentageOfGrossProceedsOfSharesOfSeniorCommonStockSold
0.070 pure
good Receipts From Lenders For Reserves Held In Escrow
ReceiptsFromLendersForReservesHeldInEscrow
1287000
good Payment Of Financing Fee
PaymentOfFinancingFee
700000
good Related Party Transactions Incentive Fee Net
RelatedPartyTransactionsIncentiveFeeNet
600000
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 Receipts From Tenants For Reserves
ReceiptsFromTenantsForReserves
1519000
good Business Acquisition Pro Forma Other Expenses
BusinessAcquisitionProFormaOtherExpenses
13655000
good Number Of Long Term Mortgages Issued
NumberOfLongTermMortgagesIssued
2 Mortgages
good Sales Commission Fee In Percentage Of Gross Proceeds Of Shares Of Senior Common Stock Sold
SalesCommissionFeeInPercentageOfGrossProceedsOfSharesOfSeniorCommonStockSold
0.030 pure
good Tenant Improvements Payable
TenantImprovementsPayable
3300000
good Number Of Long Term Mortgages Assumed
NumberOfLongTermMortgagesAssumed
2 Mortgages
good Number Of Properties Issued To Collateralized Mortgage Notes Payable
NumberOfPropertiesIssuedToCollateralizedMortgageNotesPayable
2 Property
good Non Cash Capital Improvements Included In Accounts Payable And Accrued Expenses
NonCashCapitalImprovementsIncludedInAccountsPayableAndAccruedExpenses
5521000
good Extended Agreement Termination Date
ExtendedAgreementTerminationDate
2015-08-31
CY2012Q1 us-gaap Preferred Stock Redemption Date
PreferredStockRedemptionDate
2017-01-31
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 us-gaap Asset Impairment Charges
AssetImpairmentCharges
14000000
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EarningsPerShareDiluted
-0.05
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WeightedAverageNumberOfDilutedSharesOutstanding
12380402 shares
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EarningsPerShareBasic
-0.05
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EarningsPerShareBasicAndDiluted
-0.05
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AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
195759 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12380402 shares
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100000
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CY2013Q2 us-gaap Payments Of Financing Costs
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100000
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NetIncomeLoss
451000
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14258000
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12000
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AmortizationOfIntangibleAssets
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564000
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CY2013Q2 good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
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1092000
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EarningsPerWeightedAverageShareOfSeniorCommonStock
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8286000
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BusinessAcquisitionProFormaNetIncome
166000
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NetIncomeLossFromAcquiredProperties
233000
CY2013Q2 good Credit To Incentive Fee
CreditToIncentiveFee
917000
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BusinessAcquisitionProFormaOperatingExpenses
11090000
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WeightedAverageSharesOfSeniorCommonStockOutstandingBasic
261754 shares
CY2013Q2 good Base Management Fee
BaseManagementFee
451000
CY2013Q2 good Distributions Attributable To Senior Common Stock
DistributionsAttributableToSeniorCommonStock
69000
CY2013Q2 good Operating Leases Income Statement Lease Revenue From Acquired Properties
OperatingLeasesIncomeStatementLeaseRevenueFromAcquiredProperties
502000
CY2013Q2 good Income Loss From Continuing Operations Per Basic And Diluted Share Net Of Dividend Attributable To Parent Net Of Preferred Stock Dividend
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-0.05
CY2013Q2 good Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
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933000
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367000
CY2013Q2 good Payment Of Financing Fee
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0
CY2013Q2 good Related Party Transactions Incentive Fee Net
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BusinessAcquisitionProFormaOtherExpenses
7566000
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EarningsPerShareDiluted
0.01
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IncrementalCommonSharesAttributableToConversionOfDebtSecurities
347180 shares
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16894973 shares
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
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0.01
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16547793 shares
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110000
CY2014Q2 us-gaap Asset Retirement Obligation Liabilities Incurred
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770000
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200000
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17620000
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86000
CY2014Q2 us-gaap Net Income Loss
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18390000
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27000
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1240000
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19339000
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6509000
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400000
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AssetRetirementObligationAccretionExpense
40000
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AmortizationOfIntangibleAssets
2300000
CY2014Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
6871000
CY2014Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
859000
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
490000
CY2014Q2 us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
1302000
CY2014Q2 good Net Income Loss Available To Common Stockholders Plus Assumed Conversion
NetIncomeLossAvailableToCommonStockholdersPlusAssumedConversion
196000
CY2014Q2 good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
BusinessAcquisitionProFormaDividendsAttributableToPreferredAndSeniorCommonStock
1133000
CY2014Q2 good Earnings Per Weighted Average Share Of Senior Common Stock
EarningsPerWeightedAverageShareOfSeniorCommonStock
0.26
CY2014Q2 good Operating Expenses Before Credits
OperatingExpensesBeforeCredits
12200000
CY2014Q2 good Business Acquisition Pro Forma Net Income
BusinessAcquisitionProFormaNetIncome
2151000
CY2014Q2 good Annual Base Management Fee In Percentage Of Stockholders Equity In Excess Of Recorded Value Of Preferred Stock
AnnualBaseManagementFeeInPercentageOfStockholdersEquityInExcessOfRecordedValueOfPreferredStock
0.02 pure
CY2014Q2 good Net Income Loss From Acquired Properties
NetIncomeLossFromAcquiredProperties
431000
CY2014Q2 good Credit To Incentive Fee
CreditToIncentiveFee
957000
CY2014Q2 good Business Acquisition Pro Forma Operating Expenses
BusinessAcquisitionProFormaOperatingExpenses
10986000
CY2014Q2 good Weighted Average Shares Of Senior Common Stock Outstanding Basic
WeightedAverageSharesOfSeniorCommonStockOutstandingBasic
421312 shares
CY2014Q2 good Base Management Fee
BaseManagementFee
666000
CY2014Q2 good Distributions Attributable To Senior Common Stock
DistributionsAttributableToSeniorCommonStock
110000
CY2014Q2 good Operating Leases Income Statement Lease Revenue From Acquired Properties
OperatingLeasesIncomeStatementLeaseRevenueFromAcquiredProperties
896000
CY2014Q2 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
CY2014Q2 good Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
0.06
CY2014Q2 good Incentive Fee
IncentiveFee
1527000
CY2014Q2 good Administration Fee
AdministrationFee
485000
CY2014Q2 good Payment Of Financing Fee
PaymentOfFinancingFee
700000
CY2014Q2 good Related Party Transactions Incentive Fee Net
RelatedPartyTransactionsIncentiveFeeNet
500000
CY2014Q2 good Business Acquisition Pro Forma Other Expenses
BusinessAcquisitionProFormaOtherExpenses
6202000

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