$LAND
GLADSTONE LAND Corp

2023 Q3 Form 10-Q Financial Statement

#000149524023000020 Filed on August 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $23.53M $21.21M $20.29M
YoY Change -2.79% 4.52% 20.13%
Cost Of Revenue $2.850M $3.009M $2.715M
YoY Change 2.93% 10.83% 20.13%
Gross Profit $20.68M $18.20M $17.58M
YoY Change -3.54% 3.54% 20.13%
Gross Profit Margin 87.87% 85.81% 86.62%
Selling, General & Admin $2.010M $1.256M $1.141M
YoY Change 21.82% 10.08% 20.11%
% of Gross Profit 9.72% 6.9% 6.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.244M $9.044M $8.392M
YoY Change 1.07% 7.77% 33.52%
% of Gross Profit 44.7% 49.69% 47.74%
Operating Expenses $14.14M $10.30M $9.533M
YoY Change -2.95% 8.05% 0.4%
Operating Profit $6.544M $7.901M $8.045M
YoY Change -4.8% -1.79% 56.58%
Interest Expense $5.856M -$6.730M -$7.278M
YoY Change -9.57% -7.53% -218.51%
% of Operating Profit 89.49% -85.18% -90.47%
Other Income/Expense, Net -$6.257M $364.0K $63.00K
YoY Change -20.16% 477.78% -100.79%
Pretax Income $3.140M $7.855M $613.0K
YoY Change 73.86% 1181.4% -215.44%
Income Tax
% Of Pretax Income
Net Earnings $3.141M $1.727M $616.0K
YoY Change 74.11% 180.36% -216.23%
Net Earnings / Revenue 13.35% 8.14% 3.04%
Basic Earnings Per Share -$0.08 $0.05 -$0.11
Diluted Earnings Per Share -$0.08 $0.05 $17.84K
COMMON SHARES
Basic Shares Outstanding 35.84M shares 35.71M shares 34.21M shares
Diluted Shares Outstanding 35.82M shares 35.72M shares 34.52M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.10M $48.21M $48.44M
YoY Change -32.17% -0.49% -27.47%
Cash & Equivalents $25.08M $48.21M $48.44M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $25.10M $48.21M $48.44M
YoY Change -32.17% -0.49% -27.47%
LONG-TERM ASSETS
Property, Plant & Equipment $1.304B $1.309B $1.301B
YoY Change -1.9% 0.65% 17.74%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.700M $5.800M $3.100M
YoY Change -1.72% 87.1% 181.82%
Other Assets
YoY Change
Total Long-Term Assets $1.381B $1.381B $1.362B
YoY Change -1.41% 1.37% 20.01%
TOTAL ASSETS
Total Short-Term Assets $25.10M $48.21M $48.44M
Total Long-Term Assets $1.381B $1.381B $1.362B
Total Assets $1.406B $1.429B $1.410B
YoY Change -2.2% 1.31% 17.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.700M $14.10M $14.58M
YoY Change -16.18% -3.29% 34.88%
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 $13.30M $17.19M $17.55M
YoY Change -10.29% -2.04% 37.1%
LONG-TERM LIABILITIES
Long-Term Debt $643.6M $653.1M $720.8M
YoY Change -7.89% -9.4% 5.08%
Other Long-Term Liabilities $17.70M $23.54M $19.99M
YoY Change 4.06% 17.74% -7.14%
Total Long-Term Liabilities $661.3M $676.6M $740.8M
YoY Change -7.61% -8.67% 4.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.30M $17.19M $17.55M
Total Long-Term Liabilities $661.3M $676.6M $740.8M
Total Liabilities $674.6M $693.8M $758.4M
YoY Change -7.66% -8.52% 5.29%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $855.9M $853.0M
YoY Change 6.65%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $731.5M $734.9M $651.9M
YoY Change
Total Liabilities & Shareholders Equity $1.406B $1.429B $1.410B
YoY Change -2.2% 1.31% 17.37%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income $3.141M $1.727M $616.0K
YoY Change 74.11% 180.36% -216.23%
Depreciation, Depletion And Amortization $9.244M $9.044M $8.392M
YoY Change 1.07% 7.77% 33.52%
Cash From Operating Activities $80.00K $17.86M $11.80M
YoY Change -97.85% 51.36% 14.53%
INVESTING ACTIVITIES
Capital Expenditures $4.290M $2.820M -$30.92M
YoY Change -110.53% -109.12% -61.14%
Acquisitions
YoY Change
Other Investing Activities $100.0K $8.937M -$655.0K
YoY Change -103.64% -1464.43% -2720.0%
Cash From Investing Activities -$4.190M $6.117M -$31.58M
YoY Change -90.36% -119.37% -60.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -19.02M -14.50M 18.84M
YoY Change -167.15% -176.98% -70.16%
NET CHANGE
Cash From Operating Activities 80.00K 17.86M 11.80M
Cash From Investing Activities -4.190M 6.117M -31.58M
Cash From Financing Activities -19.02M -14.50M 18.84M
Net Change In Cash -23.13M 9.480M -937.0K
YoY Change 102.22% -1111.74% -84.66%
FREE CASH FLOW
Cash From Operating Activities $80.00K $17.86M $11.80M
Capital Expenditures $4.290M $2.820M -$30.92M
Free Cash Flow -$4.210M $15.04M $42.72M
YoY Change -109.47% -64.79% -52.46%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2023Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
35780082 shares
CY2023Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2023Q2 us-gaap Operating Expenses
OperatingExpenses
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CY2022Q2 us-gaap Operating Expenses
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CY2023Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
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CY2022Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
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CY2023Q2 us-gaap Interest Expense
InterestExpense
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CY2022Q2 us-gaap Interest Expense
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us-gaap Interest Expense
InterestExpense
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us-gaap Interest Expense
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CY2023Q2 us-gaap Redeemable Preferred Stock Dividends
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CY2022Q2 us-gaap Redeemable Preferred Stock Dividends
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CY2023Q2 us-gaap Gains Losses On Sales Of Investment Real Estate
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CY2022Q2 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
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CY2023Q2 land Gain Loss On Business Interruption Insurance Recovery
GainLossOnBusinessInterruptionInsuranceRecovery
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CY2022Q2 land Gain Loss On Business Interruption Insurance Recovery
GainLossOnBusinessInterruptionInsuranceRecovery
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CY2023Q2 land Income Loss From Investments In Unconsolidated Entities
IncomeLossFromInvestmentsInUnconsolidatedEntities
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CY2022Q2 land Income Loss From Investments In Unconsolidated Entities
IncomeLossFromInvestmentsInUnconsolidatedEntities
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CY2023Q2 us-gaap Nonoperating Income Expense
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CY2022Q2 us-gaap Nonoperating Income Expense
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CY2023Q2 us-gaap Profit Loss
ProfitLoss
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CY2022Q2 us-gaap Preferred Stock Dividends Income Statement Impact
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CY2023Q2 us-gaap Other Preferred Stock Dividends And Adjustments
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CY2022Q2 us-gaap Other Preferred Stock Dividends And Adjustments
OtherPreferredStockDividendsAndAdjustments
3000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35722836 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35722836 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34520068 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34520068 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2023Q2 us-gaap Profit Loss
ProfitLoss
7855000 usd
CY2022Q2 us-gaap Profit Loss
ProfitLoss
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CY2023Q2 us-gaap Increase Decrease In Fair Value Of Interest Rate Fair Value Hedging Instruments1
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CY2022Q2 us-gaap Increase Decrease In Fair Value Of Interest Rate Fair Value Hedging Instruments1
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CY2023Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
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CY2022Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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CY2023Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2022Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2023Q2 us-gaap Comprehensive Income Net Of Tax
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CY2022Q2 us-gaap Comprehensive Income Net Of Tax
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CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2023Q2 us-gaap Profit Loss
ProfitLoss
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CY2023Q2 us-gaap Dividends Preferred Stock
DividendsPreferredStock
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CY2023Q2 land Stockholders Equity Decreasefrom Distributions
StockholdersEquityDecreasefromDistributions
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CY2023Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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land Stockholders Equity Decreasefrom Distributions
StockholdersEquityDecreasefromDistributions
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CY2022Q2 us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
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CY2022Q2 us-gaap Profit Loss
ProfitLoss
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CY2022Q2 us-gaap Dividends Preferred Stock
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CY2022Q2 land Stockholders Equity Decreasefrom Distributions
StockholdersEquityDecreasefromDistributions
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CY2022Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2022Q2 land Noncontrolling Interest Increase Decrease From Changes In Ownership Of Subsidiary
NoncontrollingInterestIncreaseDecreaseFromChangesInOwnershipOfSubsidiary
0 usd
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
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us-gaap Profit Loss
ProfitLoss
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us-gaap Dividends Preferred Stock
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land Stockholders Equity Decreasefrom Distributions
StockholdersEquityDecreasefromDistributions
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us-gaap Other Comprehensive Income Loss Net Of Tax
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land Noncontrolling Interest Increase Decrease From Changes In Ownership Of Subsidiary
NoncontrollingInterestIncreaseDecreaseFromChangesInOwnershipOfSubsidiary
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CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
ProfitLoss
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land Depreciation Depletionand Amortization Excluding Operating Lease Rightof Use Asset Amortization Expenseand Debt Issuance Costs
DepreciationDepletionandAmortizationExcludingOperatingLeaseRightofUseAssetAmortizationExpenseandDebtIssuanceCosts
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us-gaap Amortization Of Financing Costs
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us-gaap Amortization Of Financing Costs
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land Amortization Of Deferred Rent Asset And Liability Net
AmortizationOfDeferredRentAssetAndLiabilityNet
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land Amortization Of Deferred Rent Asset And Liability Net
AmortizationOfDeferredRentAssetAndLiabilityNet
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land Operating Lease Right Of Use Asset Operating Lease Liabilities Amortization Expense
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land Operating Lease Right Of Use Asset Operating Lease Liabilities Amortization Expense
OperatingLeaseRightOfUseAssetOperatingLeaseLiabilitiesAmortizationExpense
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us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
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us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
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us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
63000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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us-gaap Gain Loss On Disposition Of Real Estate Discontinued Operations
GainLossOnDispositionOfRealEstateDiscontinuedOperations
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us-gaap Gain Loss On Disposition Of Real Estate Discontinued Operations
GainLossOnDispositionOfRealEstateDiscontinuedOperations
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land Gain Loss On Business Interruption Insurance Recovery
GainLossOnBusinessInterruptionInsuranceRecovery
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land Gain Loss On Business Interruption Insurance Recovery
GainLossOnBusinessInterruptionInsuranceRecovery
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us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
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us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
3923000 usd
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
139000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
22577000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
19355000 usd
us-gaap Payments To Acquire Other Real Estate
PaymentsToAcquireOtherRealEstate
0 usd
us-gaap Payments To Acquire Other Real Estate
PaymentsToAcquireOtherRealEstate
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us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
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us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
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us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
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us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
0 usd
us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
245000 usd
us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
709000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
3101000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
0 usd
us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
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us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
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us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
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us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
3000 usd
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
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us-gaap Proceeds From Other Equity
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us-gaap Proceeds From Other Equity
ProceedsFromOtherEquity
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us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
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us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
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us-gaap Payments For Repurchase Of Preferred Stock And Preference Stock
PaymentsForRepurchaseOfPreferredStockAndPreferenceStock
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us-gaap Payments For Repurchase Of Preferred Stock And Preference Stock
PaymentsForRepurchaseOfPreferredStockAndPreferenceStock
111000 usd
us-gaap Payments For Repurchase Of Redeemable Preferred Stock
PaymentsForRepurchaseOfRedeemablePreferredStock
0 usd
us-gaap Payments For Repurchase Of Redeemable Preferred Stock
PaymentsForRepurchaseOfRedeemablePreferredStock
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us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
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us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
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us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
0 usd
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
27000 usd
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-12933000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
61141000 usd
land Additions To Real Estate Included In Accounts Payable And Accrued Expenses And Contingent Consideration Owed
AdditionsToRealEstateIncludedInAccountsPayableAndAccruedExpensesAndContingentConsiderationOwed
2510000 usd
land Tenant Funded Improvements Included Within Real Estate At Cost
TenantFundedImprovementsIncludedWithinRealEstateAtCost
25000 usd
land Common Stock Offering And Operating Partnership Unit Issuance Costs Included In Accounts Payable And Accrued Expenses
CommonStockOfferingAndOperatingPartnershipUnitIssuanceCostsIncludedInAccountsPayableAndAccruedExpenses
155000 usd
land Financing Fees Included In Accounts Payable And Accrued Liabilities
FinancingFeesIncludedInAccountsPayableAndAccruedLiabilities
5000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Before Tax Noncontrolling Interest
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationBeforeTaxNoncontrollingInterest
8714000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Before Tax Noncontrolling Interest
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationBeforeTaxNoncontrollingInterest
6256000 usd
us-gaap Stock Issued1
StockIssued1
170000 usd
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:15pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in accordance 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 as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making certain judgments. Actual results may materially differ from these estimates.</span></div>
land Number Of Real Estate Farms
NumberOfRealEstateFarms
169 farm
land Number Of Real Estate Farms
NumberOfRealEstateFarms
169 farm
CY2023Q2 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
115593 acre
CY2023Q2 land Farmable Area Of Land
FarmableAreaOfLand
96138 acre
CY2023Q2 land Area Of Water
AreaOfWater
45016 acre
CY2023Q2 land Sec Schedule Iii Real Estate Investment Property Including Intangible Assets Net
SecScheduleIiiRealEstateInvestmentPropertyIncludingIntangibleAssetsNet
1354156000 usd
CY2023Q2 srt Real Estate And Accumulated Depreciation Amount Of Encumbrances
RealEstateAndAccumulatedDepreciationAmountOfEncumbrances
596967000 usd
CY2023Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
3200000 usd
CY2022Q4 us-gaap Land And Land Improvements
LandAndLandImprovements
845779000 usd
CY2022Q4 land Irrigation Equipment System
IrrigationEquipmentSystem
358249000 usd
CY2022Q4 land Real Estate And Accumulated Depreciation Carrying Amount Of Horticulture
RealEstateAndAccumulatedDepreciationCarryingAmountOfHorticulture
165438000 usd
CY2022Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
48690000 usd
CY2022Q4 land Real Estate Other Site Improvements
RealEstateOtherSiteImprovements
14238000 usd
CY2022Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1432394000 usd
CY2022Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
106966000 usd
CY2022Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1325428000 usd
us-gaap Depreciation
Depreciation
16200000 usd
CY2023Q2 us-gaap Tenant Improvements
TenantImprovements
2700000 usd
CY2022Q4 us-gaap Tenant Improvements
TenantImprovements
3000000 usd
CY2023Q2 land Tenant Improvements Rental Revenue
TenantImprovementsRentalRevenue
136000 usd
land Tenant Improvements Rental Revenue
TenantImprovementsRentalRevenue
284000 usd
CY2022Q2 land Tenant Improvements Rental Revenue
TenantImprovementsRentalRevenue
103000 usd
land Tenant Improvements Rental Revenue
TenantImprovementsRentalRevenue
207000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
5073000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
4577000 usd
CY2023Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
256000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
508000 usd
CY2022Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
245000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
511000 usd
CY2023Q2 land Amortization Of Above Market Lease
AmortizationOfAboveMarketLease
200000 usd
land Amortization Of Above Market Lease
AmortizationOfAboveMarketLease
359000 usd
CY2022Q2 land Amortization Of Above Market Lease
AmortizationOfAboveMarketLease
122000 usd
land Amortization Of Above Market Lease
AmortizationOfAboveMarketLease
203000 usd
CY2023Q2 us-gaap Below Market Lease Period Increase Decrease
BelowMarketLeasePeriodIncreaseDecrease
44000 usd
us-gaap Below Market Lease Period Increase Decrease
BelowMarketLeasePeriodIncreaseDecrease
88000 usd
CY2022Q2 us-gaap Below Market Lease Period Increase Decrease
BelowMarketLeasePeriodIncreaseDecrease
44000 usd
us-gaap Below Market Lease Period Increase Decrease
BelowMarketLeasePeriodIncreaseDecrease
89000 usd
land Asset Acquisition Pro Forma Information Revenueof Acquireesince Acquisition Date Actual
AssetAcquisitionProFormaInformationRevenueofAcquireesinceAcquisitionDateActual
71000 usd
CY2022Q2 land Asset Acquisition Pro Forma Information Revenueof Acquireesince Acquisition Date Actual
AssetAcquisitionProFormaInformationRevenueofAcquireesinceAcquisitionDateActual
71000 usd
land Number Of Executive Officers Serving As Directors And Executive Officers Of Adviser And Administrator
NumberOfExecutiveOfficersServingAsDirectorsAndExecutiveOfficersOfAdviserAndAdministrator
2 executive_officer
CY2023Q2 land Income Loss From Investments In Unconsolidated Entities
IncomeLossFromInvestmentsInUnconsolidatedEntities
-33000 usd
land Asset Acquisition Pro Forma Information Earningsor Lossof Acquireesince Acquisition Date Actual
AssetAcquisitionProFormaInformationEarningsorLossofAcquireesinceAcquisitionDateActual
60000 usd
CY2022Q2 land Asset Acquisition Pro Forma Information Earningsor Lossof Acquireesince Acquisition Date Actual
AssetAcquisitionProFormaInformationEarningsorLossofAcquireesinceAcquisitionDateActual
0 usd
land Asset Acquisition Pro Forma Information Earningsor Lossof Acquireesince Acquisition Date Actual
AssetAcquisitionProFormaInformationEarningsorLossofAcquireesinceAcquisitionDateActual
29000 usd
CY2022Q4 land Numberof Impaired Properties
NumberofImpairedProperties
0 property
CY2023Q2 land Numberof Impaired Properties
NumberofImpairedProperties
0 property
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 usd
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
593756000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
626500000 usd
land Derivative Instrument Expected Interest Expense Reclassification
DerivativeInstrumentExpectedInterestExpenseReclassification
-2600000 usd
CY2023Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
8714000 usd
CY2022Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
9007000 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
42078000 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
40210000 usd
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
334000 usd
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
26000 usd
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
42412000 usd
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
40236000 usd
CY2023Q2 us-gaap Payments For Rent
PaymentsForRent
0 usd
us-gaap Payments For Rent
PaymentsForRent
195000 usd
CY2023Q2 land Tenant Reimbursements
TenantReimbursements
57000 usd
land Tenant Reimbursements
TenantReimbursements
93000 usd
CY2022Q2 land Tenant Reimbursements
TenantReimbursements
0 usd
land Tenant Reimbursements
TenantReimbursements
6000 usd
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35722836 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35722836 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34403184 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34403184 shares
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.11
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.11
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.07
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.07
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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