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GLADSTONE COMMERCIAL CORP

2015 Q1 Form 10-Q Financial Statement

#000119312515168959 Filed on May 04, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $19.88M $17.14M
YoY Change 16.01% 22.09%
Cost Of Revenue $1.810M $1.960M
YoY Change -7.65% 79.82%
Gross Profit $18.07M $15.18M
YoY Change 19.04% 17.22%
Gross Profit Margin 90.9% 88.59%
Selling, General & Admin $2.730M $2.200M
YoY Change 24.09% 30.95%
% of Gross Profit 15.11% 14.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.210M $6.720M
YoY Change 22.17% 37.14%
% of Gross Profit 45.43% 44.27%
Operating Expenses $11.76M $23.74M
YoY Change -50.47% 226.36%
Operating Profit $6.313M -$8.556M
YoY Change -173.78% -250.71%
Interest Expense $6.771M $6.275M
YoY Change 7.9% 10.85%
% of Operating Profit 107.25%
Other Income/Expense, Net -$7.429M -$6.914M
YoY Change 7.45% 9.24%
Pretax Income $690.0K -$13.51M
YoY Change -105.11% -3241.86%
Income Tax
% Of Pretax Income
Net Earnings $694.0K -$13.51M
YoY Change -105.14% -3221.02%
Net Earnings / Revenue 3.49% -78.86%
Basic Earnings Per Share -$0.03 -$0.93
Diluted Earnings Per Share -$0.03 -$0.93
COMMON SHARES
Basic Shares Outstanding 20.21M shares 15.75M shares
Diluted Shares Outstanding 20.21M shares 15.75M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.800M $5.800M
YoY Change 0.0% -20.55%
Cash & Equivalents $5.760M $5.813M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $3.000M $9.900M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $8.800M $15.70M
YoY Change -43.95% -32.33%
LONG-TERM ASSETS
Property, Plant & Equipment $644.1M $544.0M
YoY Change 18.4% 15.89%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $44.40M $39.30M
YoY Change 12.98% 127.17%
Total Long-Term Assets $798.5M $663.2M
YoY Change 20.4% 21.46%
TOTAL ASSETS
Total Short-Term Assets $8.800M $15.70M
Total Long-Term Assets $798.5M $663.2M
Total Assets $807.3M $678.9M
YoY Change 18.91% 19.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.700M $1.200M
YoY Change 41.67% 9.09%
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 $2.200M
YoY Change -22.73% 100.0%
LONG-TERM LIABILITIES
Long-Term Debt $548.8M $489.4M
YoY Change 12.14% 14.91%
Other Long-Term Liabilities $22.20M $16.20M
YoY Change 37.04% 12.5%
Total Long-Term Liabilities $571.0M $505.6M
YoY Change 12.94% 14.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.700M $2.200M
Total Long-Term Liabilities $571.0M $505.6M
Total Liabilities $580.1M $509.0M
YoY Change 13.97% 14.24%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $20.00K $16.00K
YoY Change 25.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $227.2M $169.9M
YoY Change
Total Liabilities & Shareholders Equity $807.3M $678.9M
YoY Change 18.91% 19.27%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $694.0K -$13.51M
YoY Change -105.14% -3221.02%
Depreciation, Depletion And Amortization $8.210M $6.720M
YoY Change 22.17% 37.14%
Cash From Operating Activities $8.940M $6.159M
YoY Change 45.15% 101.67%
INVESTING ACTIVITIES
Capital Expenditures -$30.05M -$5.390M
YoY Change 457.51% -6.59%
Acquisitions
YoY Change
Other Investing Activities -$660.0K -$890.0K
YoY Change -25.84% -297.78%
Cash From Investing Activities -$30.71M -$6.278M
YoY Change 389.17% 17.94%
FINANCING ACTIVITIES
Cash Dividend Paid $8.802M $6.986M
YoY Change 25.99% 32.56%
Common Stock Issuance & Retirement, Net $18.14M $7.707M
YoY Change 135.31% 18.86%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 18.93M -2.614M
YoY Change -824.18% -165.32%
NET CHANGE
Cash From Operating Activities 8.940M 6.159M
Cash From Investing Activities -30.71M -6.278M
Cash From Financing Activities 18.93M -2.614M
Net Change In Cash -2.840M -2.733M
YoY Change 3.92% -257.7%
FREE CASH FLOW
Cash From Operating Activities $8.940M $6.159M
Capital Expenditures -$30.05M -$5.390M
Free Cash Flow $38.99M $11.55M
YoY Change 237.6% 30.88%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2014Q1 good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
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1037000
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AreaOfRealEstateProperties
41509 sqft
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PurchasePrice
10048000
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EarningsPerWeightedAverageShareOfSeniorCommonStock
0.26
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OperatingExpensesBeforeCredits
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BusinessAcquisitionProFormaNetIncome
-13407000
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BusinessAcquisitionExpenses
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ImprovementsOfExistingRealEstate
1673000
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PurchasePriceOfAcquiredProperty
10048000
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NetIncomeLossFromAcquiredProperties
9000
CY2014Q1 good Credit To Incentive Fee
CreditToIncentiveFee
1205000
CY2014Q1 good Fixed Rate Debt Assumed In Connection With Acquisitions
FixedRateDebtAssumedInConnectionWithAcquisitions
6330000
CY2014Q1 good Business Acquisition Pro Forma Operating Expenses
BusinessAcquisitionProFormaOperatingExpenses
26282000
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WeightedAverageSharesOfSeniorCommonStockOutstandingBasic
385875 shares
CY2014Q1 good Base Management Fee
BaseManagementFee
625000
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DistributionsAttributableToSeniorCommonStock
100000
CY2014Q1 good Senior Common Dividend Issued In Dividend Reinvestment Program
SeniorCommonDividendIssuedInDividendReinvestmentProgram
39000
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PaymentsToLendersForReservesHeldInEscrow
1260000
CY2014Q1 good Asset Retirement Obligation Expense
AssetRetirementObligationExpense
-180000
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OperatingLeasesIncomeStatementLeaseRevenueFromAcquiredProperties
14000
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PaymentsToAcquireRealEstateAndIntangibleAssets
3718000
CY2014Q1 good Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.92
CY2014Q1 good Incentive Fee
IncentiveFee
1240000
CY2014Q1 good Administration Fee
AdministrationFee
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ProceedsFromDepositsAppliedAgainstRealEstateInvestments
127000
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AmortizationOfDeferredRentAssetAndLiabilityNet
-92000
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ReceiptsFromLendersForReservesHeldInEscrow
496000
CY2014Q1 good Payment Of Financing Fee
PaymentOfFinancingFee
0
CY2014Q1 good Related Party Transactions Incentive Fee Net
RelatedPartyTransactionsIncentiveFeeNet
40000
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ReceiptsFromTenantsForReserves
790000
CY2014Q1 good Business Acquisition Pro Forma Other Expenses
BusinessAcquisitionProFormaOtherExpenses
7914000
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NonCashCapitalImprovementsIncludedInAccountsPayableAndAccruedExpenses
671000
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EarningsPerShareDiluted
-0.03
CY2015Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
0 shares
CY2015Q1 dei Document Type
DocumentType
10-Q
CY2015Q1 dei Entity Registrant Name
EntityRegistrantName
GLADSTONE COMMERCIAL CORP
CY2015Q1 dei Trading Symbol
TradingSymbol
GOOD
CY2015Q1 us-gaap Asset Retirement Obligation Period Increase Decrease
AssetRetirementObligationPeriodIncreaseDecrease
21000
CY2015Q1 us-gaap Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <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 whether 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 of the property.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> We evaluate our entire portfolio of properties each quarter for any impairment indicators and perform an impairment analysis on those select properties that have an indication of impairment. We performed this evaluation and analysis and concluded that none of our properties were impaired as of March&#xA0;31, 2015; however, we determined that our property located in Dayton, Ohio is at risk to become impaired in the future. The lease with the tenant in this property terminates on June&#xA0;30, 2015. There is a possibility we may have to impair this property during 2015 if we do not find a replacement tenant.</p> </div>
CY2015Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
8936000
CY2015Q1 us-gaap Debt Instrument Description Of Variable Rate Basis
DebtInstrumentDescriptionOfVariableRateBasis
One month LIBOR was approximately 0.18%.
CY2015Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <i>Use of Estimates</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could materially differ from those estimates.</p> </div>
CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20210975 shares
CY2015Q1 dei Document Period End Date
DocumentPeriodEndDate
2015-03-31
CY2015Q1 us-gaap Debt Instrument Interest Rate Effective Percentage Rate Range Minimum
DebtInstrumentInterestRateEffectivePercentageRateRangeMinimum
0.0018 pure
CY2015Q1 dei Amendment Flag
AmendmentFlag
false
CY2015Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2015Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20210975 shares
CY2015Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.03
CY2015Q1 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P10Y6M
CY2015Q1 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.
CY2015Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001234006
CY2015Q1 us-gaap Debt Instrument Maturity Date Description
DebtInstrumentMaturityDateDescription
This loan matures upon the earlier of April 2016 or the sale of the transitional care facility, which is anticipated to occur in November 2015.
CY2015Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.03
CY2015Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
723631 shares
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-553000
CY2015Q1 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2017-12-31
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
694000
CY2015Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
216000
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20210975 shares
CY2015Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
17644000
CY2015Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
2245000
CY2015Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
542000
CY2015Q1 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
314000
CY2015Q1 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
DilutiveSecuritiesEffectOnBasicEarningsPerShareOther
0
CY2015Q1 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
20000
CY2015Q1 us-gaap Tenant Reimbursements
TenantReimbursements
324000
CY2015Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
8802000
CY2015Q1 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
200000
CY2015Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
24000000
CY2015Q1 us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
150000
CY2015Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
2000
CY2015Q1 us-gaap Straight Line Rent
StraightLineRent
856000
CY2015Q1 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
19288000
CY2015Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-7429000
CY2015Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-395000
CY2015Q1 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
19880000
CY2015Q1 us-gaap Payments For Lease Commissions
PaymentsForLeaseCommissions
65000
CY2015Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
28000
CY2015Q1 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
20318000
CY2015Q1 us-gaap Dividends
Dividends
8853000
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InterestExpense
6771000
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OperatingExpenses
11757000
CY2015Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
431000
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AssetRetirementObligationAccretionExpense
40000
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AmortizationOfIntangibleAssets
3000000
CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-2839000
CY2015Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
14573000
CY2015Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
8207000
CY2015Q1 us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
30000
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
18933000
CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
18135000
CY2015Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
-77000
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-30708000
CY2015Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
196000
CY2015Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
100000
CY2015Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
690000
CY2015Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1008000
CY2015Q1 us-gaap Mortgage Loans On Real Estate New Mortgage Loans
MortgageLoansOnRealEstateNewMortgageLoans
14573000
CY2015Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
22000000
CY2015Q1 us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
962000
CY2015Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-301000
CY2015Q1 good Amount To Be Paid To Adviser In Percentage Of Pre Incentive Fee Condition Two
AmountToBePaidToAdviserInPercentageOfPreIncentiveFeeConditionTwo
0.20 pure
CY2015Q1 good Payments To Tenants From Reserves
PaymentsToTenantsFromReserves
511000
CY2015Q1 good Net Income Loss Available To Common Stockholders Plus Assumed Conversion
NetIncomeLossAvailableToCommonStockholdersPlusAssumedConversion
-553000
CY2015Q1 good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
BusinessAcquisitionProFormaDividendsAttributableToPreferredAndSeniorCommonStock
1247000
CY2015Q1 good Annualized Straight Line Rent
AnnualizedStraightLineRent
3041000
CY2015Q1 good Incentive Fee Per Advisory Agreement
IncentiveFeePerAdvisoryAgreement
0.0175 pure
CY2015Q1 good Area Of Real Estate Properties
AreaOfRealEstateProperties
186834 sqft
CY2015Q1 good Amount To Be Paid To Adviser In Percentage Of Pre Incentive Fee Condition One
AmountToBePaidToAdviserInPercentageOfPreIncentiveFeeConditionOne
1.00 pure
CY2015Q1 good Purchase Price
PurchasePrice
28348000
CY2015Q1 good Number Of Subsidiaries Interest Owned In General And Limited Partnership
NumberOfSubsidiariesInterestOwnedInGeneralAndLimitedPartnership
2 Subsidiary
CY2015Q1 good Earnings Per Weighted Average Share Of Senior Common Stock
EarningsPerWeightedAverageShareOfSeniorCommonStock
0.26
CY2015Q1 good Operating Expenses Before Credits
OperatingExpensesBeforeCredits
12942000
CY2015Q1 good Business Acquisition Pro Forma Net Income
BusinessAcquisitionProFormaNetIncome
852000
CY2015Q1 good Business Acquisition Expenses
BusinessAcquisitionExpenses
169000
CY2015Q1 good Improvements Of Existing Real Estate
ImprovementsOfExistingRealEstate
1697000
CY2015Q1 good Annual Base Management Fee In Percentage Of Stockholders Equity In Excess Of Recorded Value Of Preferred Stock
AnnualBaseManagementFeeInPercentageOfStockholdersEquityInExcessOfRecordedValueOfPreferredStock
0.02 pure
CY2015Q1 good Purchase Price Of Acquired Property
PurchasePriceOfAcquiredProperty
28348000
CY2015Q1 good Non Qualifying Income Related To Real Estate Portfolio
NonQualifyingIncomeRelatedToRealEstatePortfolio
0
CY2015Q1 good Net Income Loss From Acquired Properties
NetIncomeLossFromAcquiredProperties
55000
CY2015Q1 good Agreement Termination Date
AgreementTerminationDate
2015-08-31
CY2015Q1 good Secured Mortgages Financing Fee Percent
SecuredMortgagesFinancingFeePercent
0.0026 pure
CY2015Q1 good Credit To Incentive Fee
CreditToIncentiveFee
1185000
CY2015Q1 good Business Acquisition Pro Forma Operating Expenses
BusinessAcquisitionProFormaOperatingExpenses
11920000
CY2015Q1 good Weighted Average Shares Of Senior Common Stock Outstanding Basic
WeightedAverageSharesOfSeniorCommonStockOutstandingBasic
866201 shares
CY2015Q1 good Base Management Fee
BaseManagementFee
852000
CY2015Q1 good Interest Income From Mortgage Note Receivable
InterestIncomeFromMortgageNoteReceivable
268000
CY2015Q1 good Distributions Attributable To Senior Common Stock
DistributionsAttributableToSeniorCommonStock
224000
CY2015Q1 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
CY2015Q1 good Senior Common Dividend Issued In Dividend Reinvestment Program
SeniorCommonDividendIssuedInDividendReinvestmentProgram
51000
CY2015Q1 good Shares Of Senior Common Stock Sold In This Ongoing Offering
SharesOfSeniorCommonStockSoldInThisOngoingOffering
189052 shares
CY2015Q1 good Lease Termination Description
LeaseTerminationDescription
Termination option, which allows the tenant to terminate their lease effective December 31, 2017, upon paying a termination penalty of approximately $1.0 million on or before March 31, 2017. All other terms and conditions of the lease remain in full force and effect.
CY2015Q1 good Payments To Lenders For Reserves Held In Escrow
PaymentsToLendersForReservesHeldInEscrow
801000
CY2015Q1 good Asset Retirement Obligation Expense
AssetRetirementObligationExpense
38000
CY2015Q1 good Operating Leases Income Statement Lease Revenue From Acquired Properties
OperatingLeasesIncomeStatementLeaseRevenueFromAcquiredProperties
193000
CY2015Q1 good Payments To Acquire Real Estate And Intangible Assets
PaymentsToAcquireRealEstateAndIntangibleAssets
28348000
CY2015Q1 good Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
-0.02
CY2015Q1 good Incentive Fee
IncentiveFee
1673000
CY2015Q1 good Administration Fee
AdministrationFee
362000
CY2015Q1 good Annualized Incentive Fee Per Advisory Agreement
AnnualizedIncentiveFeePerAdvisoryAgreement
0.07 pure
CY2015Q1 good Proceeds From Deposits Applied Against Real Estate Investments
ProceedsFromDepositsAppliedAgainstRealEstateInvestments
250000
CY2015Q1 good Amortization Of Deferred Rent Asset And Liability Net
AmortizationOfDeferredRentAssetAndLiabilityNet
-141000
CY2015Q1 good Dealer Manager Fee In Percentage Of Gross Proceeds Of Shares Of Senior Common Stock Sold
DealerManagerFeeInPercentageOfGrossProceedsOfSharesOfSeniorCommonStockSold
0.070 pure
CY2015Q1 good Receipts From Lenders For Reserves Held In Escrow
ReceiptsFromLendersForReservesHeldInEscrow
68000
CY2015Q1 good Payment Of Financing Fee
PaymentOfFinancingFee
38000
CY2015Q1 good Related Party Transactions Incentive Fee Net
RelatedPartyTransactionsIncentiveFeeNet
500000
CY2015Q1 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
CY2015Q1 good Receipts From Tenants For Reserves
ReceiptsFromTenantsForReserves
795000
CY2015Q1 good Business Acquisition Pro Forma Other Expenses
BusinessAcquisitionProFormaOtherExpenses
7546000
CY2015Q1 good Number Of Long Term Mortgages Issued
NumberOfLongTermMortgagesIssued
1 Mortgages
CY2015Q1 good Sales Commission Fee In Percentage Of Gross Proceeds Of Shares Of Senior Common Stock Sold
SalesCommissionFeeInPercentageOfGrossProceedsOfSharesOfSeniorCommonStockSold
0.030 pure
CY2015Q1 good Non Cash Capital Improvements Included In Accounts Payable And Accrued Expenses
NonCashCapitalImprovementsIncludedInAccountsPayableAndAccruedExpenses
4402000
CY2015Q1 good Refinance Of Principal Payments Maturity Period Description
RefinanceOfPrincipalPaymentsMaturityPeriodDescription
We plan to refinance the 3 balloon principal payments that mature in the second half of 2015 with a combination of new mortgage debt and equity.

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