$GOOD
GLADSTONE COMMERCIAL CORP

2014 Q4 Form 10-Q Financial Statement

#000119312514387143 Filed on October 29, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $19.22M $19.01M $16.19M
YoY Change 13.97% 17.44% 24.83%
Cost Of Revenue $1.490M $1.940M $1.420M
YoY Change -19.02% 36.62% 102.86%
Gross Profit $17.72M $17.07M $14.77M
YoY Change 17.9% 15.57% 20.37%
Gross Profit Margin 92.21% 89.78% 91.23%
Selling, General & Admin $1.480M $2.340M $1.790M
YoY Change -28.85% 30.73% 16.23%
% of Gross Profit 8.35% 13.71% 12.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.750M $7.520M $6.250M
YoY Change 19.97% 20.32% 46.37%
% of Gross Profit 43.74% 44.05% 42.32%
Operating Expenses $10.97M $11.46M $8.639M
YoY Change 14.97% 32.62% 41.62%
Operating Profit $6.750M $5.613M $6.131M
YoY Change 23.0% -8.45% -0.63%
Interest Expense -$7.420M $6.679M $6.573M
YoY Change 5.4% 1.61% 25.7%
% of Operating Profit -109.93% 118.99% 107.21%
Other Income/Expense, Net -$2.082M -$7.328M -$7.242M
YoY Change -70.19% 1.19% 23.21%
Pretax Income $6.160M $230.0K $310.0K
YoY Change 1766.67% -25.81% -68.69%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $6.164M $229.0K $309.0K
YoY Change 1745.51% -25.89% -68.85%
Net Earnings / Revenue 32.08% 1.2% 1.91%
Basic Earnings Per Share -$0.05 -$0.06
Diluted Earnings Per Share $324.9K -$0.05 -$0.06
COMMON SHARES
Basic Shares Outstanding 18.93M shares 17.74M shares 14.20M shares
Diluted Shares Outstanding 17.74M shares 14.20M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.600M $5.200M $4.500M
YoY Change 1.18% 15.56% -69.59%
Cash & Equivalents $8.599M $5.237M $4.531M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $8.600M $5.200M $4.500M
YoY Change 1.18% 15.56% -84.1%
LONG-TERM ASSETS
Property, Plant & Equipment $630.4M $607.2M $545.6M
YoY Change 12.35% 11.29% 26.27%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $42.60M $44.60M $40.00M
YoY Change 8.12% 11.5% 163.16%
Total Long-Term Assets $779.2M $754.2M $661.9M
YoY Change 14.25% 13.94% 33.1%
TOTAL ASSETS
Total Short-Term Assets $8.600M $5.200M $4.500M
Total Long-Term Assets $779.2M $754.2M $661.9M
Total Assets $787.8M $759.4M $666.4M
YoY Change 14.09% 13.95% 26.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $900.0K $1.700M $1.000M
YoY Change -35.71% 70.0% 0.0%
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 $900.0K $1.700M $3.600M
YoY Change -62.5% -52.78% -26.53%
LONG-TERM LIABILITIES
Long-Term Debt $541.1M $544.5M $477.2M
YoY Change 11.45% 14.1% 24.95%
Other Long-Term Liabilities $19.80M $16.80M $19.80M
YoY Change 8.79% -15.15% 43.48%
Total Long-Term Liabilities $560.9M $561.3M $497.0M
YoY Change 11.36% 12.94% 25.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $900.0K $1.700M $3.600M
Total Long-Term Liabilities $560.9M $561.3M $497.0M
Total Liabilities $570.1M $570.2M $501.6M
YoY Change 12.37% 13.69% 24.89%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $20.00K $18.00K $14.00K
YoY Change 25.0% 28.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $217.7M $189.2M $164.9M
YoY Change
Total Liabilities & Shareholders Equity $787.8M $759.4M $666.4M
YoY Change 14.09% 13.95% 26.79%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $6.164M $229.0K $309.0K
YoY Change 1745.51% -25.89% -68.85%
Depreciation, Depletion And Amortization $7.750M $7.520M $6.250M
YoY Change 19.97% 20.32% 46.37%
Cash From Operating Activities $9.520M $7.640M $8.030M
YoY Change 120.37% -4.86% 2.16%
INVESTING ACTIVITIES
Capital Expenditures -$41.68M -$21.28M -$72.67M
YoY Change 59.08% -70.72% 816.39%
Acquisitions
YoY Change
Other Investing Activities -$720.0K -$5.900M $10.00K
YoY Change -614.29% -59100.0% -100.74%
Cash From Investing Activities -$42.40M -$27.18M -$72.66M
YoY Change 62.64% -62.59% 682.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 36.25M 22.41M 65.13M
YoY Change 40.67% -65.59% 445.48%
NET CHANGE
Cash From Operating Activities 9.520M 7.640M 8.030M
Cash From Investing Activities -42.40M -27.18M -72.66M
Cash From Financing Activities 36.25M 22.41M 65.13M
Net Change In Cash 3.370M 2.870M 500.0K
YoY Change -16.17% 474.0% -95.24%
FREE CASH FLOW
Cash From Operating Activities $9.520M $7.640M $8.030M
Capital Expenditures -$41.68M -$21.28M -$72.67M
Free Cash Flow $51.20M $28.92M $80.70M
YoY Change 67.76% -64.16% 411.08%

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
DeferredOfferingCosts
1800000
CY2013Q2 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
8600000
CY2014Q3 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
81371 sqft
CY2014Q3 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
5600000
CY2014Q3 good Percentage Of Mortgage Loan Interest Earned In Cash
PercentageOfMortgageLoanInterestEarnedInCash
0.090 pure
CY2014Q3 good Effect Of Mortgage Loan Rate Of Return Estimate
EffectOfMortgageLoanRateOfReturnEstimate
0.22 pure
CY2013Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4531000
CY2013Q3 good Number Of Renewal Option Under Lease
NumberOfRenewalOptionUnderLease
2 Option
CY2014Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
17907652 shares
CY2014Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
17907652 shares
CY2014Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
38500000 shares
CY2014Q3 us-gaap Number Of Properties Subject To Ground Leases
NumberOfPropertiesSubjectToGroundLeases
3 Lease
CY2014Q3 us-gaap Preferred Stock Liquidation Preference
PreferredStockLiquidationPreference
25
CY2014Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
2150000 shares
CY2014Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2014Q3 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0513 pure
CY2014Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2300000 shares
CY2014Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2014Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
2150000 shares
CY2014Q3 us-gaap Secured Long Term Debt
SecuredLongTermDebt
460358000
CY2014Q3 us-gaap Other Commitment Due In Fourth Year
OtherCommitmentDueInFourthYear
0
CY2014Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
16929000
CY2014Q3 us-gaap Preferred Stock Value
PreferredStockValue
2000
CY2014Q3 us-gaap Other Liabilities
OtherLiabilities
6987000
CY2014Q3 us-gaap Other Commitment Due In Next Twelve Months
OtherCommitmentDueInNextTwelveMonths
0
CY2014Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
290868000
CY2014Q3 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
1688000
CY2014Q3 us-gaap Common Stock Value
CommonStockValue
18000
CY2014Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2014Q3 us-gaap Asset Retirement Obligation
AssetRetirementObligation
3950000
CY2014Q3 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
7267000
CY2014Q3 us-gaap Other Commitment Due In Second Year
OtherCommitmentDueInSecondYear
0
CY2014Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
64103000
CY2014Q3 us-gaap Stockholders Equity
StockholdersEquity
189196000
CY2014Q3 us-gaap Other Commitment Due In Third Year
OtherCommitmentDueInThirdYear
0
CY2014Q3 us-gaap Other Commitment Due In Fifth Year
OtherCommitmentDueInFifthYear
0
CY2014Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
64403000
CY2014Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
64689000
CY2014Q3 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
467500000
CY2014Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
759407000
CY2014Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
42161000
CY2014Q3 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
339083000
CY2014Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
93401000
CY2014Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
65416000
CY2014Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
5300000
CY2014Q3 us-gaap Line Of Credit
LineOfCredit
45600000
CY2014Q3 us-gaap Liabilities
Liabilities
570211000
CY2014Q3 us-gaap Deferred Rent Credit
DeferredRentCredit
5861000
CY2014Q3 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
68254000
CY2014Q3 us-gaap Long Term Debt
LongTermDebt
505958000
CY2014Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
5237000
CY2014Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
10719000
CY2014Q3 us-gaap Land
Land
86737000
CY2014Q3 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
607173000
CY2014Q3 us-gaap Accumulated Distributions In Excess Of Net Income
AccumulatedDistributionsInExcessOfNetIncome
149533000
CY2014Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
3541000
CY2014Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
94642000
CY2014Q3 us-gaap Notes Receivable Net
NotesReceivableNet
5600000
CY2014Q3 us-gaap Escrow Deposit
EscrowDeposit
13377000
CY2014Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
10711000
CY2014Q3 us-gaap Other Assets
OtherAssets
2108000
CY2014Q3 us-gaap Receivable From Shareholders Or Affiliates For Issuance Of Capital Stock
ReceivableFromShareholdersOrAffiliatesForIssuanceOfCapitalStock
375000
CY2014Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
6342000
CY2014Q3 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
21387000
CY2014Q3 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
35990000
CY2014Q3 us-gaap Assets
Assets
759407000
CY2014Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
11224000
CY2014Q3 us-gaap Mortgage Loans On Real Estate Face Amount Of Mortgages
MortgageLoansOnRealEstateFaceAmountOfMortgages
614500000
CY2014Q3 us-gaap Tenant Improvements
TenantImprovements
40688000
CY2014Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
11931000
CY2014Q3 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
573149000
CY2014Q3 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
700574000
CY2014Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
3049000
CY2014Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
11018000
CY2014Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
136803000
CY2014Q3 good Senior Common Stock Shares Issued
SeniorCommonStockSharesIssued
659537 shares
CY2014Q3 good Number Of Property Collateralized In Mortgage Notes Payable
NumberOfPropertyCollateralizedInMortgageNotesPayable
76 Property
CY2014Q3 good Number Of Existing Encumbered Properties
NumberOfExistingEncumberedProperties
93 Property
CY2014Q3 good Number Of Properties Acquired
NumberOfPropertiesAcquired
8 Property
CY2014Q3 good Senior Common Stocks
SeniorCommonStocks
1000
CY2014Q3 good Senior Common Stock Shares Authorized
SeniorCommonStockSharesAuthorized
7500000 shares
CY2014Q3 good Senior Common Stock Par Value
SeniorCommonStockParValue
0.001
CY2014Q3 good Senior Common Stock Shares Outstanding
SeniorCommonStockSharesOutstanding
659537 shares
CY2014Q3 good Aggregate Undiscounted Obligation On Properties
AggregateUndiscountedObligationOnProperties
9500000
CY2014Q3 good Number Of Mortgage Notes Payable
NumberOfMortgageNotesPayable
41 Mortgages
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
18928422 shares
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
5546000
CY2013Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
15662414 shares
CY2013Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
15662414 shares
CY2013Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
38500000 shares
CY2013Q4 us-gaap Preferred Stock Liquidation Preference
PreferredStockLiquidationPreference
25
CY2013Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
2150000 shares
CY2013Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2013Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2300000 shares
CY2013Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2013Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
2150000 shares
CY2013Q4 us-gaap Secured Long Term Debt
SecuredLongTermDebt
422602000
CY2013Q4 us-gaap Preferred Stock Value
PreferredStockValue
2000
CY2013Q4 us-gaap Other Liabilities
OtherLiabilities
8259000
CY2013Q4 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
1360000
CY2013Q4 us-gaap Common Stock Value
CommonStockValue
16000
CY2013Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2013Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
3884000
CY2013Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
2359000
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
183146000
CY2013Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
690525000
CY2013Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
34888000
CY2013Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
298751000
CY2013Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
81241000
CY2013Q4 us-gaap Line Of Credit
LineOfCredit
24400000
CY2013Q4 us-gaap Liabilities
Liabilities
507379000
CY2013Q4 us-gaap Deferred Rent Credit
DeferredRentCredit
6015000
CY2013Q4 us-gaap Long Term Debt
LongTermDebt
447002000
CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
8546000
CY2013Q4 us-gaap Land
Land
79153000
CY2013Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
561112000
CY2013Q4 us-gaap Accumulated Distributions In Excess Of Net Income
AccumulatedDistributionsInExcessOfNetIncome
115248000
CY2013Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
5051000
CY2013Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
79632000
CY2013Q4 us-gaap Escrow Deposit
EscrowDeposit
8653000
CY2013Q4 us-gaap Other Assets
OtherAssets
1786000
CY2013Q4 us-gaap Receivable From Shareholders Or Affiliates For Issuance Of Capital Stock
ReceivableFromShareholdersOrAffiliatesForIssuanceOfCapitalStock
375000
CY2013Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
6840000
CY2013Q4 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
18905000
CY2013Q4 us-gaap Assets
Assets
690525000
CY2013Q4 us-gaap Tenant Improvements
TenantImprovements
35970000
CY2013Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
527230000
CY2013Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
642353000
CY2013Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
114520000
CY2013Q4 good Senior Common Stock Shares Issued
SeniorCommonStockSharesIssued
374484 shares
CY2013Q4 good Senior Common Stock Shares Authorized
SeniorCommonStockSharesAuthorized
7500000 shares
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
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
3533000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
3472000
CY2014Q2 us-gaap Gains Losses On Sales Of Other Real Estate
GainsLossesOnSalesOfOtherRealEstate
1200000
CY2014Q2 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
27400000
CY2014Q2 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
11400000
CY2014Q2 good Net Proceeds From Issuance Initial Public Offering
NetProceedsFromIssuanceInitialPublicOffering
26000000
CY2014Q2 good Annual Increase In Lease Rental Percentage
AnnualIncreaseInLeaseRentalPercentage
0.14 pure
CY2014Q2 good Extended Additional Period Of Lease
ExtendedAdditionalPeriodOfLease
P3Y
CY2014Q3 us-gaap Payments For Tenant Improvements
PaymentsForTenantImprovements
900000
CY2014Q3 us-gaap Payments For Lease Commissions
PaymentsForLeaseCommissions
200000
CY2014Q3 good Lease Expiration Month Year
LeaseExpirationMonthYear
2015-03
CY2014Q3 good Annualized Straight Line Rent Escalations
AnnualizedStraightLineRentEscalations
600000
CY2014Q3 good Extended Lease Expiration Month Year
ExtendedLeaseExpirationMonthYear
2020-03
CY2014Q3 good Mortgage Development Loan Scheduled Maturity Period
MortgageDevelopmentLoanScheduledMaturityPeriod
2016-07
CY2014Q3 good Construction Loans Scheduled Maturity Period
ConstructionLoansScheduledMaturityPeriod
2015-07
CY2014Q3 good Shares Of Senior Common Stock Sold In This Ongoing Offering
SharesOfSeniorCommonStockSoldInThisOngoingOffering
593659 shares
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.16
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
shares
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
15572000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12613354 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.16
us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P9Y10M24D
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.16
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
217010 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12613354 shares
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
5403000
us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
DilutiveSecuritiesEffectOnBasicEarningsPerShareOther
us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
0
us-gaap Tenant Reimbursements
TenantReimbursements
819000
us-gaap Payments Of Dividends
PaymentsOfDividends
17343000
us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
400000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
55000000
us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
2125000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-242000
us-gaap Straight Line Rent
StraightLineRent
2724000
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
43663000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-20008000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-3194000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1484000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2080000
us-gaap Net Income Loss
NetIncomeLoss
1194000
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
44482000
us-gaap Payments For Lease Commissions
PaymentsForLeaseCommissions
1008000
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
47000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
56906000
us-gaap Interest Expense
InterestExpense
17998000
good Net Income Loss Available To Common Stockholders Plus Assumed Conversion
NetIncomeLossAvailableToCommonStockholdersPlusAssumedConversion
-2080000
good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
BusinessAcquisitionProFormaDividendsAttributableToPreferredAndSeniorCommonStock
3274000
good Annualized Straight Line Rent
AnnualizedStraightLineRent
10658000
good Area Of Real Estate Properties
AreaOfRealEstateProperties
829132 sqft
good Purchase Price
PurchasePrice
108888000
us-gaap Operating Expenses
OperatingExpenses
23280000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1410000
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
100000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
5200000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1015000
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
56108000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
16374000
us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
-18000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
94401000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
62139000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
-128000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-110988000
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
622000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
300000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1243000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1339000
us-gaap Mortgage Loans On Real Estate New Mortgage Loans
MortgageLoansOnRealEstateNewMortgageLoans
56100000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
58900000
us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
2164000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
1698000
us-gaap Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
35000
good Payments To Tenants From Reserves
PaymentsToTenantsFromReserves
2167000
good Earnings Per Weighted Average Share Of Senior Common Stock
EarningsPerWeightedAverageShareOfSeniorCommonStock
0.78
good Operating Expenses Before Credits
OperatingExpensesBeforeCredits
25771000
good Business Acquisition Pro Forma Net Income
BusinessAcquisitionProFormaNetIncome
-80000
good Business Acquisition Expenses
BusinessAcquisitionExpenses
653000
good Improvements Of Existing Real Estate
ImprovementsOfExistingRealEstate
5355000
good Purchase Price Of Acquired Property
PurchasePriceOfAcquiredProperty
105638000
good Net Income Loss From Acquired Properties
NetIncomeLossFromAcquiredProperties
1037000
good Renewal Options Lease Term Per Option
RenewalOptionsLeaseTermPerOption
P5Y
good Credit To Incentive Fee
CreditToIncentiveFee
2491000
good Business Acquisition Pro Forma Operating Expenses
BusinessAcquisitionProFormaOperatingExpenses
32479000
good Weighted Average Shares Of Senior Common Stock Outstanding Basic
WeightedAverageSharesOfSeniorCommonStockOutstandingBasic
260693 shares
good Base Management Fee
BaseManagementFee
1363000
good Distributions Attributable To Senior Common Stock
DistributionsAttributableToSeniorCommonStock
204000
good Senior Common Dividend Issued In Dividend Reinvestment Program
SeniorCommonDividendIssuedInDividendReinvestmentProgram
85000
good Payments To Lenders For Reserves Held In Escrow
PaymentsToLendersForReservesHeldInEscrow
7159000
good Asset Retirement Obligation Expense
AssetRetirementObligationExpense
96000
good Operating Leases Income Statement Lease Revenue From Acquired Properties
OperatingLeasesIncomeStatementLeaseRevenueFromAcquiredProperties
2716000
good Payments To Acquire Real Estate And Intangible Assets
PaymentsToAcquireRealEstateAndIntangibleAssets
104806000
good Income Loss From Continuing Operations Per Basic And Diluted Share Net Of Dividend Attributable To Parent Net Of Preferred Stock Dividend
IncomeLossFromContinuingOperationsPerBasicAndDilutedShareNetOfDividendAttributableToParentNetOfPreferredStockDividend
-0.16
good Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.25
good Incentive Fee
IncentiveFee
3001000
good Administration Fee
AdministrationFee
1004000
good Proceeds From Deposits Applied Against Real Estate Investments
ProceedsFromDepositsAppliedAgainstRealEstateInvestments
2675000
good Amortization Of Deferred Rent Asset And Liability Net
AmortizationOfDeferredRentAssetAndLiabilityNet
-243000
good Lease Expiration Period Month And Year
LeaseExpirationPeriodMonthAndYear
2021-08
good Receipts From Lenders For Reserves Held In Escrow
ReceiptsFromLendersForReservesHeldInEscrow
5764000
good Payment Of Financing Fee
PaymentOfFinancingFee
40000
good Related Party Transactions Incentive Fee Net
RelatedPartyTransactionsIncentiveFeeNet
500000
good Receipts From Tenants For Reserves
ReceiptsFromTenantsForReserves
5657000
good Business Acquisition Pro Forma Other Expenses
BusinessAcquisitionProFormaOtherExpenses
24347000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.93
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
shares
dei Document Type
DocumentType
10-Q
dei Entity Registrant Name
EntityRegistrantName
GLADSTONE COMMERCIAL CORP
dei Trading Symbol
TradingSymbol
GOOD
us-gaap Asset Retirement Obligation Period Increase Decrease
AssetRetirementObligationPeriodIncreaseDecrease
162000
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 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> </div>
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.0015 pure
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="font-family: Times New Roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"> <i>Use of Estimates</i></p> <p style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"> 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>
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
18679000
us-gaap Debt Instrument Description Of Variable Rate Basis
DebtInstrumentDescriptionOfVariableRateBasis
One month LIBOR was approximately 0.15%.
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
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
16685162 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.93
us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P11Y6M
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
-0.93
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
362162 shares
us-gaap Description Of Lessee Leasing Arrangements Capital Leases
DescriptionOfLesseeLeasingArrangementsCapitalLeases
The other tenants in the building have varying lease expirations from December 2015 to October 2018. No other tenants have renewal options.
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
46050000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16685162 shares
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
40335000
us-gaap Restatement Of Prior Year Income Gross
RestatementOfPriorYearIncomeGross
0
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
6085000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
2443000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-1510000
us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
DilutiveSecuritiesEffectOnBasicEarningsPerShareOther
us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
200000
us-gaap Tenant Reimbursements
TenantReimbursements
1870000
us-gaap Payments Of Dividends
PaymentsOfDividends
22077000
us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
500000
us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
2000000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
322000
us-gaap Straight Line Rent
StraightLineRent
2808000
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
52573000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-20169000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-14416000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
711000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-15483000
us-gaap Net Income Loss
NetIncomeLoss
-12066000
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
54540000
us-gaap Payments For Lease Commissions
PaymentsForLeaseCommissions
898000
us-gaap Payments To Acquire Mortgage Notes Receivable
PaymentsToAcquireMortgageNotesReceivable
5600000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
238000
good Lease Extended Period
LeaseExtendedPeriod
P2Y
good Amount To Be Paid To Adviser In Percentage Of Pre Incentive Fee Condition Two
AmountToBePaidToAdviserInPercentageOfPreIncentiveFeeConditionTwo
0.20 pure
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
111000
us-gaap Gains Losses On Sales Of Other Real Estate
GainsLossesOnSalesOfOtherRealEstate
1240000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
58050000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
14238000
us-gaap Dividends
Dividends
22219000
us-gaap Interest Expense
InterestExpense
19463000
us-gaap Operating Expenses
OperatingExpenses
46437000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1209000
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
100000
us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
311000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
7200000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-3309000
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
33635000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
21107000
us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
-103000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
66052000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
42636000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
-190000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-88040000
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
1202000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
300000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1495000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-538000
us-gaap Mortgage Loans On Real Estate New Mortgage Loans
MortgageLoansOnRealEstateNewMortgageLoans
43781000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
67250000
us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
11162000
us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
3834000
good Payments To Tenants From Reserves
PaymentsToTenantsFromReserves
3892000
good Net Income Loss Available To Common Stockholders Plus Assumed Conversion
NetIncomeLossAvailableToCommonStockholdersPlusAssumedConversion
-15483000
good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
BusinessAcquisitionProFormaDividendsAttributableToPreferredAndSeniorCommonStock
3417000
good Annualized Straight Line Rent
AnnualizedStraightLineRent
9490000
good Incentive Fee Per Advisory Agreement
IncentiveFeePerAdvisoryAgreement
0.0175 pure
good Area Of Real Estate Properties
AreaOfRealEstateProperties
1406054 sqft
good Amount To Be Paid To Adviser In Percentage Of Pre Incentive Fee Condition One
AmountToBePaidToAdviserInPercentageOfPreIncentiveFeeConditionOne
1.00 pure
good Purchase Price
PurchasePrice
93711000
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
0.79
good Operating Expenses Before Credits
OperatingExpensesBeforeCredits
49450000
good Business Acquisition Pro Forma Net Income
BusinessAcquisitionProFormaNetIncome
-10999000
good Business Acquisition Expenses
BusinessAcquisitionExpenses
1114000
good Improvements Of Existing Real Estate
ImprovementsOfExistingRealEstate
5416000
good Annual Base Management Fee In Percentage Of Stockholders Equity In Excess Of Recorded Value Of Preferred Stock
AnnualBaseManagementFeeInPercentageOfStockholdersEquityInExcessOfRecordedValueOfPreferredStock
0.02 pure
good Purchase Price Of Acquired Property
PurchasePriceOfAcquiredProperty
93711000
good Non Qualifying Income Related To Real Estate Portfolio
NonQualifyingIncomeRelatedToRealEstatePortfolio
0
good Net Income Loss From Acquired Properties
NetIncomeLossFromAcquiredProperties
1422000
good Agreement Termination Date
AgreementTerminationDate
2015-08-31
good Credit To Incentive Fee
CreditToIncentiveFee
3013000
good Payments To Acquire Real Estate And Intangible Assets
PaymentsToAcquireRealEstateAndIntangibleAssets
83564000
good Income Loss From Continuing Operations Per Basic And Diluted Share Net Of Dividend Attributable To Parent Net Of Preferred Stock Dividend
IncomeLossFromContinuingOperationsPerBasicAndDilutedShareNetOfDividendAttributableToParentNetOfPreferredStockDividend
-0.93
good Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.86
good Expiration Period Of Property Lease
ExpirationPeriodOfPropertyLease
2017-01
good Fixed Rate Debt Assumed In Connection With Acquisitions
FixedRateDebtAssumedInConnectionWithAcquisitions
10147000
good Business Acquisition Pro Forma Operating Expenses
BusinessAcquisitionProFormaOperatingExpenses
47780000
good Weighted Average Shares Of Senior Common Stock Outstanding Basic
WeightedAverageSharesOfSeniorCommonStockOutstandingBasic
438196 shares
good Base Management Fee
BaseManagementFee
2031000
good Interest Income From Mortgage Note Receivable
InterestIncomeFromMortgageNoteReceivable
97000
good Number Of Properties To Collateralized Mortgage Notes Payable
NumberOfPropertiesToCollateralizedMortgageNotesPayable
3 Property
good Distributions Attributable To Senior Common Stock
DistributionsAttributableToSeniorCommonStock
347000
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
SeniorCommonDividendIssuedInDividendReinvestmentProgram
142000
good Payments To Lenders For Reserves Held In Escrow
PaymentsToLendersForReservesHeldInEscrow
6394000
good Asset Retirement Obligation Expense
AssetRetirementObligationExpense
-96000
good Operating Leases Income Statement Lease Revenue From Acquired Properties
OperatingLeasesIncomeStatementLeaseRevenueFromAcquiredProperties
3016000
good Incentive Fee
IncentiveFee
4305000
good Administration Fee
AdministrationFee
1238000
good Annualized Incentive Fee Per Advisory Agreement
AnnualizedIncentiveFeePerAdvisoryAgreement
0.07 pure
good Proceeds From Deposits Applied Against Real Estate Investments
ProceedsFromDepositsAppliedAgainstRealEstateInvestments
2000000
good Amortization Of Deferred Rent Asset And Liability Net
AmortizationOfDeferredRentAssetAndLiabilityNet
-266000
good Lease Expiration Period Month And Year
LeaseExpirationPeriodMonthAndYear
2016-11
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
1670000
good Payment Of Financing Fee
PaymentOfFinancingFee
100000
good Related Party Transactions Incentive Fee Net
RelatedPartyTransactionsIncentiveFeeNet
1300000
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
2484000
good Business Acquisition Pro Forma Other Expenses
BusinessAcquisitionProFormaOtherExpenses
21269000
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
3 Mortgages
good Number Of Properties Issued To Collateralized Mortgage Notes Payable
NumberOfPropertiesIssuedToCollateralizedMortgageNotesPayable
3 Property
good Non Cash Capital Improvements Included In Accounts Payable And Accrued Expenses
NonCashCapitalImprovementsIncludedInAccountsPayableAndAccruedExpenses
5774000
CY2012Q1 us-gaap Preferred Stock Redemption Date
PreferredStockRedemptionDate
2017-01-31
CY2005Q4 good Purchase Price
PurchasePrice
5300000
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
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.05
CY2014Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
shares
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17739084 shares
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.05
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.05
CY2014Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
429673 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17739084 shares
CY2014Q3 us-gaap Restatement Of Prior Year Income Gross
RestatementOfPriorYearIncomeGross
300000
CY2014Q3 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
DilutiveSecuritiesEffectOnBasicEarningsPerShareOther
CY2014Q3 us-gaap Tenant Reimbursements
TenantReimbursements
549000
CY2014Q3 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
200000
CY2014Q3 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
18368000
CY2014Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-7328000
CY2014Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-791000
CY2014Q3 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
100000
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-931000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
229000
CY2014Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
19014000
CY2014Q3 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
37000
CY2014Q3 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
19086000
CY2014Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
280000
CY2014Q3 us-gaap Interest Expense
InterestExpense
6679000
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
11457000
CY2014Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
400000
CY2014Q3 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
40000
CY2014Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2600000
CY2014Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
7516000
CY2014Q3 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
233000
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
538000
CY2014Q3 us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
1202000
CY2014Q3 good Net Income Loss Available To Common Stockholders Plus Assumed Conversion
NetIncomeLossAvailableToCommonStockholdersPlusAssumedConversion
-931000
CY2014Q3 good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
BusinessAcquisitionProFormaDividendsAttributableToPreferredAndSeniorCommonStock
1160000
CY2014Q3 good Earnings Per Weighted Average Share Of Senior Common Stock
EarningsPerWeightedAverageShareOfSeniorCommonStock
0.26
CY2014Q3 good Operating Expenses Before Credits
OperatingExpensesBeforeCredits
12308000
CY2014Q3 good Business Acquisition Pro Forma Net Income
BusinessAcquisitionProFormaNetIncome
369000
CY2014Q3 good Net Income Loss From Acquired Properties
NetIncomeLossFromAcquiredProperties
1047000
CY2014Q3 good Credit To Incentive Fee
CreditToIncentiveFee
851000
CY2014Q3 good Business Acquisition Pro Forma Operating Expenses
BusinessAcquisitionProFormaOperatingExpenses
11434000
CY2014Q3 good Weighted Average Shares Of Senior Common Stock Outstanding Basic
WeightedAverageSharesOfSeniorCommonStockOutstandingBasic
518592 shares
CY2014Q3 good Base Management Fee
BaseManagementFee
741000
CY2014Q3 good Interest Income From Mortgage Note Receivable
InterestIncomeFromMortgageNoteReceivable
97000
CY2014Q3 good Distributions Attributable To Senior Common Stock
DistributionsAttributableToSeniorCommonStock
137000
CY2014Q3 good Operating Leases Income Statement Lease Revenue From Acquired Properties
OperatingLeasesIncomeStatementLeaseRevenueFromAcquiredProperties
2105000
CY2014Q3 good Income Loss From Continuing Operations Per Basic And Diluted Share Net Of Dividend Attributable To Parent Net Of Preferred Stock Dividend
IncomeLossFromContinuingOperationsPerBasicAndDilutedShareNetOfDividendAttributableToParentNetOfPreferredStockDividend
-0.05
CY2014Q3 good Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.04
CY2014Q3 good Incentive Fee
IncentiveFee
1538000
CY2014Q3 good Administration Fee
AdministrationFee
260000
CY2014Q3 good Payment Of Financing Fee
PaymentOfFinancingFee
20000
CY2014Q3 good Related Party Transactions Incentive Fee Net
RelatedPartyTransactionsIncentiveFeeNet
700000
CY2014Q3 good Business Acquisition Pro Forma Other Expenses
BusinessAcquisitionProFormaOtherExpenses
7283000
CY2013Q3 good Administration Fee
AdministrationFee
274000
CY2013Q3 good Payment Of Financing Fee
PaymentOfFinancingFee
40000
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.06
CY2013Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
shares
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14196423 shares
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.06
CY2013Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.06
CY2013Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
257429 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14196423 shares
CY2013Q3 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
DilutiveSecuritiesEffectOnBasicEarningsPerShareOther
CY2013Q3 us-gaap Tenant Reimbursements
TenantReimbursements
383000
CY2013Q3 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
200000
CY2013Q3 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
15807000
CY2013Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-7242000
CY2013Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-799000
CY2013Q3 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1300000
CY2013Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-797000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
309000
CY2013Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
16190000
CY2013Q3 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
17000
CY2013Q3 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
19060000
CY2013Q3 us-gaap Interest Expense
InterestExpense
6573000
CY2013Q3 us-gaap Operating Expenses
OperatingExpenses
8639000
CY2013Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
600000
CY2013Q3 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
30000
CY2013Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2000000
CY2013Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
6253000
CY2013Q3 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
163000
CY2013Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
377000
CY2013Q3 us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
864000
CY2013Q3 good Net Income Loss Available To Common Stockholders Plus Assumed Conversion
NetIncomeLossAvailableToCommonStockholdersPlusAssumedConversion
-797000
CY2013Q3 good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
BusinessAcquisitionProFormaDividendsAttributableToPreferredAndSeniorCommonStock
1106000
CY2013Q3 good Earnings Per Weighted Average Share Of Senior Common Stock
EarningsPerWeightedAverageShareOfSeniorCommonStock
0.26
CY2013Q3 good Operating Expenses Before Credits
OperatingExpensesBeforeCredits
9628000
CY2013Q3 good Business Acquisition Pro Forma Net Income
BusinessAcquisitionProFormaNetIncome
307000
CY2013Q3 good Net Income Loss From Acquired Properties
NetIncomeLossFromAcquiredProperties
802000
CY2013Q3 good Credit To Incentive Fee
CreditToIncentiveFee
989000
CY2013Q3 good Business Acquisition Pro Forma Operating Expenses
BusinessAcquisitionProFormaOperatingExpenses
10538000
CY2013Q3 good Weighted Average Shares Of Senior Common Stock Outstanding Basic
WeightedAverageSharesOfSeniorCommonStockOutstandingBasic
313239 shares
CY2013Q3 good Base Management Fee
BaseManagementFee
559000
CY2013Q3 good Distributions Attributable To Senior Common Stock
DistributionsAttributableToSeniorCommonStock
83000
CY2013Q3 good Operating Leases Income Statement Lease Revenue From Acquired Properties
OperatingLeasesIncomeStatementLeaseRevenueFromAcquiredProperties
2207000
CY2013Q3 good Income Loss From Continuing Operations Per Basic And Diluted Share Net Of Dividend Attributable To Parent Net Of Preferred Stock Dividend
IncomeLossFromContinuingOperationsPerBasicAndDilutedShareNetOfDividendAttributableToParentNetOfPreferredStockDividend
-0.06
CY2013Q3 good Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.06
CY2013Q3 good Incentive Fee
IncentiveFee
1138000
CY2013Q3 good Related Party Transactions Incentive Fee Net
RelatedPartyTransactionsIncentiveFeeNet
100000
CY2013Q3 good Business Acquisition Pro Forma Other Expenses
BusinessAcquisitionProFormaOtherExpenses
8215000

Files In Submission

Name View Source Status
0001193125-14-387143-index-headers.html Edgar Link pending
0001193125-14-387143-index.html Edgar Link pending
0001193125-14-387143.txt Edgar Link pending
0001193125-14-387143-xbrl.zip Edgar Link pending
d787295d10q.htm Edgar Link pending
d787295dex12.htm Edgar Link pending
d787295dex311.htm Edgar Link pending
d787295dex312.htm Edgar Link pending
d787295dex321.htm Edgar Link pending
d787295dex322.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
g787295g85i21.jpg Edgar Link pending
good-20140930.xml Edgar Link completed
good-20140930.xsd Edgar Link pending
good-20140930_cal.xml Edgar Link unprocessable
good-20140930_def.xml Edgar Link unprocessable
good-20140930_lab.xml Edgar Link unprocessable
good-20140930_pre.xml Edgar Link unprocessable
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R37.htm Edgar Link pending
R38.htm Edgar Link pending
R39.htm Edgar Link pending
R4.htm Edgar Link pending
R40.htm Edgar Link pending
R41.htm Edgar Link pending
R42.htm Edgar Link pending
R43.htm Edgar Link pending
R44.htm Edgar Link pending
R45.htm Edgar Link pending
R46.htm Edgar Link pending
R47.htm Edgar Link pending
R48.htm Edgar Link pending
R49.htm Edgar Link pending
R5.htm Edgar Link pending
R50.htm Edgar Link pending
R51.htm Edgar Link pending
R52.htm Edgar Link pending
R53.htm Edgar Link pending
R54.htm Edgar Link pending
R55.htm Edgar Link pending
R56.htm Edgar Link pending
R57.htm Edgar Link pending
R58.htm Edgar Link pending
R59.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending