$GOOD
GLADSTONE COMMERCIAL CORP

2015 Q2 Form 10-Q Financial Statement

#000119312515274807 Filed on August 03, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $20.69M $18.39M
YoY Change 12.5% 28.98%
Cost Of Revenue $2.040M $1.970M
YoY Change 3.55% 93.14%
Gross Profit $18.64M $16.42M
YoY Change 13.52% 24.02%
Gross Profit Margin 90.1% 89.29%
Selling, General & Admin $2.670M $690.0K
YoY Change 286.96% -61.24%
% of Gross Profit 14.32% 4.2%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.940M $6.870M
YoY Change 30.13% 31.61%
% of Gross Profit 47.96% 41.84%
Operating Expenses $12.60M $11.24M
YoY Change 12.03% 52.57%
Operating Profit $6.045M $5.177M
YoY Change 16.77% -11.82%
Interest Expense $6.999M $6.509M
YoY Change 7.53% 12.93%
% of Operating Profit 115.78% 125.73%
Other Income/Expense, Net -$7.662M -$5.928M
YoY Change 29.25% -7.92%
Pretax Income $430.0K $1.220M
YoY Change -64.75% 171.11%
Income Tax
% Of Pretax Income
Net Earnings $431.0K $1.219M
YoY Change -64.64% 170.29%
Net Earnings / Revenue 2.08% 6.63%
Basic Earnings Per Share -$0.04 $0.01
Diluted Earnings Per Share -$0.04 $0.01
COMMON SHARES
Basic Shares Outstanding 20.83M shares 16.55M shares
Diluted Shares Outstanding 20.83M shares 16.89M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.300M $2.400M
YoY Change 37.5% -40.0%
Cash & Equivalents $3.297M $2.367M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $2.200M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $5.500M $2.400M
YoY Change 129.17% -88.41%
LONG-TERM ASSETS
Property, Plant & Equipment $661.6M $595.5M
YoY Change 11.1% 20.99%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $47.90M $43.20M
YoY Change 10.88% 144.07%
Total Long-Term Assets $824.8M $733.1M
YoY Change 12.51% 27.85%
TOTAL ASSETS
Total Short-Term Assets $5.500M $2.400M
Total Long-Term Assets $824.8M $733.1M
Total Assets $830.3M $735.5M
YoY Change 12.89% 23.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.700M $1.700M
YoY Change 0.0% 112.5%
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 $5.900M $1.700M
YoY Change 247.06% -50.0%
LONG-TERM LIABILITIES
Long-Term Debt $571.0M $520.4M
YoY Change 9.72% 27.27%
Other Long-Term Liabilities $20.80M $16.40M
YoY Change 26.83% 12.33%
Total Long-Term Liabilities $591.8M $536.8M
YoY Change 10.25% 26.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.900M $1.700M
Total Long-Term Liabilities $591.8M $536.8M
Total Liabilities $599.5M $545.0M
YoY Change 10.0% 27.4%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $21.00K $18.00K
YoY Change 16.67% 28.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $230.9M $190.6M
YoY Change
Total Liabilities & Shareholders Equity $830.3M $735.5M
YoY Change 12.89% 23.8%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $431.0K $1.219M
YoY Change -64.64% 170.29%
Depreciation, Depletion And Amortization $8.940M $6.870M
YoY Change 30.13% 31.61%
Cash From Operating Activities $7.540M $4.880M
YoY Change 54.51% 8.69%
INVESTING ACTIVITIES
Capital Expenditures -$31.27M -$62.31M
YoY Change -49.82% 96.44%
Acquisitions
YoY Change
Other Investing Activities -$1.190M $7.730M
YoY Change -115.39% -699.22%
Cash From Investing Activities -$32.46M -$54.58M
YoY Change -40.53% 65.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 22.47M 46.25M
YoY Change -51.42% 83.02%
NET CHANGE
Cash From Operating Activities 7.540M 4.880M
Cash From Investing Activities -32.46M -54.58M
Cash From Financing Activities 22.47M 46.25M
Net Change In Cash -2.450M -3.450M
YoY Change -28.99% 6.15%
FREE CASH FLOW
Cash From Operating Activities $7.540M $4.880M
Capital Expenditures -$31.27M -$62.31M
Free Cash Flow $38.81M $67.19M
YoY Change -42.24% 85.56%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.07
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
16475000
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
-0.05
us-gaap Debt Instrument Description Of Variable Rate Basis
DebtInstrumentDescriptionOfVariableRateBasis
One month LIBOR was approximately 0.19%
us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
-0.05
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
dei Amendment Flag
AmendmentFlag
false
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.07
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
775002 shares
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001234006
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P12Y6M
us-gaap Payments Of Dividends
PaymentsOfDividends
17919000
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Registrant Name
EntityRegistrantName
GLADSTONE COMMERCIAL CORP
us-gaap Incentive Fee Description
IncentiveFeeDescription
However, in no event shall the incentive fee for a particular quarter exceed by 15.0% (the cap) the average quarterly incentive fee paid by us for the previous four quarters (excluding quarters for which no incentive fee was paid).
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20524101 shares
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 October 2015.
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20524101 shares
good Business Acquisition Expenses
BusinessAcquisitionExpenses
391000
dei Document Period End Date
DocumentPeriodEndDate
2015-06-30
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>
us-gaap Asset Retirement Obligation Period Increase Decrease
AssetRetirementObligationPeriodIncreaseDecrease
56000
us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.0019 pure
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 Trading Symbol
TradingSymbol
GOOD
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.07
us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
1600000
us-gaap Net Income Loss
NetIncomeLoss
1125000
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
51000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-1026000
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
39300000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
29673000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
742000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
538000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-15091000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
800000
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
40567000
us-gaap Payments To Acquire Mortgage Notes Receivable
PaymentsToAcquireMortgageNotesReceivable
300000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
23625000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
883000
us-gaap Tenant Reimbursements
TenantReimbursements
718000
us-gaap Payments For Lease Commissions
PaymentsForLeaseCommissions
291000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
42114000
us-gaap Straight Line Rent
StraightLineRent
1843000
us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
400000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
54500000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
200000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-5302000
us-gaap Operating Expenses
OperatingExpenses
24351000
us-gaap Dividends
Dividends
17971000
us-gaap Interest Expense
InterestExpense
13770000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-63173000
us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
108000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
41396000
us-gaap Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
375000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
30363000
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
451000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-683000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1021000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1229000
us-gaap Mortgage Loans On Real Estate New Mortgage Loans
MortgageLoansOnRealEstateNewMortgageLoans
32039000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
56400000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
878000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
-154000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6400000
us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
2139000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
17154000
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
51819000
good Number Of Long Term Mortgages Issued
NumberOfLongTermMortgagesIssued
4 Mortgages
good Incentive Fee On Capital Gains Percentage Description
IncentiveFeeOnCapitalGainsPercentageDescription
At the end of the fiscal year, if this number is positive, then the capital gain fee payable for such time period shall equal 15.0% of such amount.
good Number Of Properties Issued To Collateralized Mortgage Notes Payable
NumberOfPropertiesIssuedToCollateralizedMortgageNotesPayable
5 Property
good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
BusinessAcquisitionProFormaDividendsAttributableToPreferredAndSeniorCommonStock
2532000
good Business Acquisition Pro Forma Other Expenses
BusinessAcquisitionProFormaOtherExpenses
15495000
good Area Of Real Estate Properties
AreaOfRealEstateProperties
351276 sqft
good Incentive Fee Per Advisory Agreement
IncentiveFeePerAdvisoryAgreement
0.0175 pure
good Operating Leases Income Statement Lease Revenue From Acquired Properties
OperatingLeasesIncomeStatementLeaseRevenueFromAcquiredProperties
1207000
good Payments To Acquire Real Estate And Intangible Assets
PaymentsToAcquireRealEstateAndIntangibleAssets
58248000
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 Non Cash Capital Improvements Included In Accounts Payable And Accrued Expenses
NonCashCapitalImprovementsIncludedInAccountsPayableAndAccruedExpenses
2922000
good Asset Retirement Obligation Expense
AssetRetirementObligationExpense
76000
good Administration Fee
AdministrationFee
728000
good Sales Commission Fee In Percentage Of Gross Proceeds Of Shares Of Senior Common Stock Sold
SalesCommissionFeeInPercentageOfGrossProceedsOfSharesOfSeniorCommonStockSold
0.030 pure
good Payments To Lenders For Reserves Held In Escrow
PaymentsToLendersForReservesHeldInEscrow
1924000
good Incentive Fee
IncentiveFee
3433000
good Senior Common Dividend Issued In Dividend Reinvestment Program
SeniorCommonDividendIssuedInDividendReinvestmentProgram
52000
good Receipts From Tenants For Reserves
ReceiptsFromTenantsForReserves
2037000
good Annualized Straight Line Rent
AnnualizedStraightLineRent
6089000
good Amount To Be Paid To Adviser In Percentage Of Pre Incentive Fee Condition Two
AmountToBePaidToAdviserInPercentageOfPreIncentiveFeeConditionTwo
0.200 pure
good Line Of Credit Facility Optional Extension Period
LineOfCreditFacilityOptionalExtensionPeriod
P1Y
good Weighted Average Number Of Diluted Shares Outstanding Pro Forma
WeightedAverageNumberOfDilutedSharesOutstandingProForma
20524101 shares
good Earnings Per Weighted Average Share Of Senior Common Stock
EarningsPerWeightedAverageShareOfSeniorCommonStock
0.52
good Business Acquisition Pro Forma Net Income
BusinessAcquisitionProFormaNetIncome
1506000
good Payments To Tenants From Reserves
PaymentsToTenantsFromReserves
1308000
good Amount To Be Paid To Adviser In Percentage Of Pre Incentive Fee Condition One
AmountToBePaidToAdviserInPercentageOfPreIncentiveFeeConditionOne
1.000 pure
good Net Income Loss Available To Common Stockholders Plus Assumed Conversion
NetIncomeLossAvailableToCommonStockholdersPlusAssumedConversion
-1407000
good Annual Base Management Fee In Percentage Of Stockholders Equity In Excess Of Recorded Value Of Preferred Stock
AnnualBaseManagementFeeInPercentageOfStockholdersEquityInExcessOfRecordedValueOfPreferredStock
0.020 pure
good Amortization Of Deferred Rent Asset And Liability Net
AmortizationOfDeferredRentAssetAndLiabilityNet
-270000
good Improvements Of Existing Real Estate
ImprovementsOfExistingRealEstate
3072000
good Proceeds From Deposits Applied Against Acquisition Of Real Estate Investments
ProceedsFromDepositsAppliedAgainstAcquisitionOfRealEstateInvestments
1400000
good Operating Expenses Before Credits
OperatingExpensesBeforeCredits
26851000
good Base Management Fee
BaseManagementFee
1717000
good Annualized Incentive Fee Per Advisory Agreement
AnnualizedIncentiveFeePerAdvisoryAgreement
0.070 pure
good Net Income Loss From Acquired Properties
NetIncomeLossFromAcquiredProperties
861000
good Agreement Termination Date
AgreementTerminationDate
2016-08-31
good Purchase Price Of Acquired Property
PurchasePriceOfAcquiredProperty
58248000
good Distributions Attributable To Senior Common Stock
DistributionsAttributableToSeniorCommonStock
485000
good Related Party Transactions Incentive Fee Net
RelatedPartyTransactionsIncentiveFeeNet
900000
good Refinance Of Principal Payments Maturity Period Description
RefinanceOfPrincipalPaymentsMaturityPeriodDescription
This figure includes two balloon principal payments that mature in the second half of 2015. We refinanced one of these mortgages subsequent to June 30, 2015, using a combination of new mortgage debt and equity, repaying $11.3 million of principal.
good Credit To Incentive Fee
CreditToIncentiveFee
2500000
good Secured Mortgages Financing Fee Percent
SecuredMortgagesFinancingFeePercent
0.003 pure
good Interest Income From Mortgage Note Receivable
InterestIncomeFromMortgageNoteReceivable
549000
good Receipts From Lenders For Reserves Held In Escrow
ReceiptsFromLendersForReservesHeldInEscrow
642000
good Payment Of Financing Fee
PaymentOfFinancingFee
200000
good Business Acquisition Pro Forma Operating Expenses
BusinessAcquisitionProFormaOperatingExpenses
25113000
good Line Of Credit Facility Percentage Of Extension Fee On Initial Maturity
LineOfCreditFacilityPercentageOfExtensionFeeOnInitialMaturity
0.0025 pure
good Weighted Average Shares Of Senior Common Stock Outstanding Basic
WeightedAverageSharesOfSeniorCommonStockOutstandingBasic
928323 shares
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
CY2014Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-5928000
CY2014Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
27000
CY2014Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
912000
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
86000
CY2014Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
17620000
CY2014Q2 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
DilutiveSecuritiesEffectOnBasicEarningsPerShareOther
110000
good Line Of Credit Facility Expiration Month And Year
LineOfCreditFacilityExpirationMonthAndYear
2017-08
good Dealer Manager Fee In Percentage Of Gross Proceeds Of Shares Of Senior Common Stock Sold
DealerManagerFeeInPercentageOfGrossProceedsOfSharesOfSeniorCommonStockSold
0.070 pure
good Repayment Date Of Note
RepaymentDateOfNote
2015-05-07
good Long Term Mortgages Debt Issued
LongTermMortgagesDebtIssued
51819000
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
CY2015Q1 good Shares Of Senior Common Stock Sold In This Ongoing Offering
SharesOfSeniorCommonStockSoldInThisOngoingOffering
189052 shares
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
CY2014Q2 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.05
CY2014Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
347180 shares
CY2014Q2 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.06
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.01
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16894973 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16547793 shares
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
1219000
CY2014Q2 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
18390000
CY2014Q2 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
400000
CY2014Q2 us-gaap Tenant Reimbursements
TenantReimbursements
770000
CY2014Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
21938000
CY2014Q2 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
200000
CY2014Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
100000
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
11243000
CY2014Q2 us-gaap Interest Expense
InterestExpense
6509000
CY2014Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
859000
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
490000
CY2014Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2300000
CY2014Q2 us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
1302000
CY2014Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
6871000
CY2014Q2 good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
BusinessAcquisitionProFormaDividendsAttributableToPreferredAndSeniorCommonStock
1133000
CY2014Q2 good Business Acquisition Pro Forma Other Expenses
BusinessAcquisitionProFormaOtherExpenses
6860000
CY2014Q2 good Operating Leases Income Statement Lease Revenue From Acquired Properties
OperatingLeasesIncomeStatementLeaseRevenueFromAcquiredProperties
896000
CY2014Q2 good Earnings Per Weighted Average Share Of Senior Common Stock
EarningsPerWeightedAverageShareOfSeniorCommonStock
0.26
CY2014Q2 good Administration Fee
AdministrationFee
485000
CY2014Q2 good Incentive Fee
IncentiveFee
1527000
CY2014Q2 good Business Acquisition Pro Forma Net Income
BusinessAcquisitionProFormaNetIncome
2045000
CY2014Q2 good Net Income Loss Available To Common Stockholders Plus Assumed Conversion
NetIncomeLossAvailableToCommonStockholdersPlusAssumedConversion
196000
CY2014Q2 good Operating Expenses Before Credits
OperatingExpensesBeforeCredits
12200000
CY2014Q2 good Base Management Fee
BaseManagementFee
666000
CY2014Q2 good Net Income Loss From Acquired Properties
NetIncomeLossFromAcquiredProperties
431000
CY2014Q2 good Distributions Attributable To Senior Common Stock
DistributionsAttributableToSeniorCommonStock
110000
CY2014Q2 good Credit To Incentive Fee
CreditToIncentiveFee
957000
CY2014Q2 good Related Party Transactions Incentive Fee Net
RelatedPartyTransactionsIncentiveFeeNet
500000
CY2014Q2 good Payment Of Financing Fee
PaymentOfFinancingFee
100000
CY2014Q2 good Business Acquisition Pro Forma Operating Expenses
BusinessAcquisitionProFormaOperatingExpenses
13033000
CY2014Q2 good Weighted Average Shares Of Senior Common Stock Outstanding Basic
WeightedAverageSharesOfSeniorCommonStockOutstandingBasic
421312 shares
CY2014Q2 good Weighted Average Number Of Diluted Shares Outstanding Pro Forma
WeightedAverageNumberOfDilutedSharesOutstandingProForma
16894973 shares
CY2014Q2 good Gains Losses On Sales Of Real Estate
GainsLossesOnSalesOfRealEstate
1240000
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04
CY2015Q2 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
-0.03
CY2015Q2 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
-0.03
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.04
CY2015Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
830600 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20833787 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20833787 shares
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.04
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
431000
CY2015Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
23000
CY2015Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-634000
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-853000
CY2015Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
20012000
CY2015Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-7662000
CY2015Q2 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
20688000
CY2015Q2 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
400000
CY2015Q2 us-gaap Tenant Reimbursements
TenantReimbursements
394000
CY2015Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
21122000
CY2015Q2 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
200000
CY2015Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
100000
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
12595000
CY2015Q2 us-gaap Interest Expense
InterestExpense
6999000
CY2015Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
255000
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
539000
CY2015Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3400000
CY2015Q2 us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
1178000
CY2015Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
8947000
CY2015Q2 good Business Acquisition Pro Forma Dividends Attributable To Preferred And Senior Common Stock
BusinessAcquisitionProFormaDividendsAttributableToPreferredAndSeniorCommonStock
1284000
CY2015Q2 good Business Acquisition Pro Forma Other Expenses
BusinessAcquisitionProFormaOtherExpenses
7775000
CY2015Q2 good Operating Leases Income Statement Lease Revenue From Acquired Properties
OperatingLeasesIncomeStatementLeaseRevenueFromAcquiredProperties
1014000
CY2015Q2 good Administration Fee
AdministrationFee
366000
CY2015Q2 good Incentive Fee
IncentiveFee
1760000
CY2015Q2 good Earnings Per Weighted Average Share Of Senior Common Stock
EarningsPerWeightedAverageShareOfSeniorCommonStock
0.26
CY2015Q2 good Business Acquisition Pro Forma Net Income
BusinessAcquisitionProFormaNetIncome
650000
CY2015Q2 good Net Income Loss Available To Common Stockholders Plus Assumed Conversion
NetIncomeLossAvailableToCommonStockholdersPlusAssumedConversion
-853000
CY2015Q2 good Operating Expenses Before Credits
OperatingExpensesBeforeCredits
13911000
CY2015Q2 good Base Management Fee
BaseManagementFee
866000
CY2015Q2 good Net Income Loss From Acquired Properties
NetIncomeLossFromAcquiredProperties
495000
CY2015Q2 good Distributions Attributable To Senior Common Stock
DistributionsAttributableToSeniorCommonStock
261000
CY2015Q2 good Credit To Incentive Fee
CreditToIncentiveFee
1316000
CY2015Q2 good Secured Mortgages Financing Fee Percent
SecuredMortgagesFinancingFeePercent
0.003 pure
CY2015Q2 good Interest Income From Mortgage Note Receivable
InterestIncomeFromMortgageNoteReceivable
282000
CY2015Q2 good Related Party Transactions Incentive Fee Net
RelatedPartyTransactionsIncentiveFeeNet
500000
CY2015Q2 good Payment Of Financing Fee
PaymentOfFinancingFee
100000
CY2015Q2 good Business Acquisition Pro Forma Operating Expenses
BusinessAcquisitionProFormaOperatingExpenses
12697000
CY2015Q2 good Weighted Average Shares Of Senior Common Stock Outstanding Basic
WeightedAverageSharesOfSeniorCommonStockOutstandingBasic
995852 shares
CY2015Q2 good Weighted Average Number Of Diluted Shares Outstanding Pro Forma
WeightedAverageNumberOfDilutedSharesOutstandingProForma
20833787 shares

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