2021 Q4 Form 10-K Financial Statement

#000164587322000045 Filed on March 23, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $7.701M $36.22M $8.750M
YoY Change -11.99% -6.25%
Cost Of Revenue $1.581M $6.692M $1.520M
YoY Change 3.99% -4.39%
Gross Profit $6.121M $29.53M $7.230M
YoY Change -15.35% -6.67%
Gross Profit Margin 79.48% 81.53% 82.63%
Selling, General & Admin $2.816M $12.65M $2.950M
YoY Change -4.54% 21.63%
% of Gross Profit 46.01% 42.83% 40.8%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.449M $15.27M $4.170M
YoY Change -17.28% -13.22%
% of Gross Profit 56.36% 51.7% 57.68%
Operating Expenses $3.035M $20.20M $4.170M
YoY Change -27.22% -16.09%
Operating Profit $3.086M -$1.534M $3.060M
YoY Change 0.84% -96.85%
Interest Expense -$1.761M $7.586M -$2.040M
YoY Change -13.68% -33.81%
% of Operating Profit -57.07% -66.67%
Other Income/Expense, Net $264.0K $1.098M $320.0K
YoY Change -17.51% -356.74%
Pretax Income -$2.178M -$435.5K $2.960M
YoY Change -173.6% -99.11%
Income Tax
% Of Pretax Income
Net Earnings -$2.178M -$435.5K $2.960M
YoY Change -173.6% -99.11%
Net Earnings / Revenue -28.29% -1.2% 33.83%
Basic Earnings Per Share -$0.20
Diluted Earnings Per Share -$288.0K -$0.20 $0.39
COMMON SHARES
Basic Shares Outstanding 7.545M shares
Diluted Shares Outstanding 7.545M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $55.97M $55.97M $8.200M
YoY Change 582.51% 578.5%
Cash & Equivalents $55.97M $55.97M $8.248M
Short-Term Investments
Other Short-Term Assets $6.379M $6.379M $2.200M
YoY Change 189.96% 190.83%
Inventory
Prepaid Expenses $5.856M $2.193M
Receivables $7.834M $7.834M $8.500M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $70.18M $70.18M $18.90M
YoY Change 271.31% 270.69%
LONG-TERM ASSETS
Property, Plant & Equipment $295.6M $295.6M $329.5M
YoY Change -10.28% -10.27%
Goodwill $17.32M $17.32M
YoY Change 0.0% -65.76%
Intangibles $0.00 $5.128M
YoY Change -100.0% -33.41%
Long-Term Investments $9.941M $9.941M $10.00M
YoY Change -0.61% -0.61% -3.72%
Other Assets $34.74M $34.74M $25.80M
YoY Change 34.66% 34.69%
Total Long-Term Assets $358.3M $358.3M $388.6M
YoY Change -7.78% -7.77%
TOTAL ASSETS
Total Short-Term Assets $70.18M $70.18M $18.90M
Total Long-Term Assets $358.3M $358.3M $388.6M
Total Assets $428.5M $428.5M $407.5M
YoY Change 5.16% 5.16% -17.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.768M $1.768M $1.100M
YoY Change 60.7% 55.47%
Accrued Expenses $6.148M $6.148M $5.700M
YoY Change 7.86% 7.27%
Deferred Revenue
YoY Change
Short-Term Debt $8.022M $8.022M $6.000M
YoY Change 33.7% 33.7%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $19.87M $19.87M $16.50M
YoY Change 20.41% 19.97%
LONG-TERM LIABILITIES
Long-Term Debt $173.9M $173.9M $185.5M
YoY Change -6.24% -6.26%
Other Long-Term Liabilities $12.27M $12.27M $15.10M
YoY Change -18.71% -18.77%
Total Long-Term Liabilities $186.2M $186.2M $200.6M
YoY Change -7.18% -7.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.87M $19.87M $16.50M
Total Long-Term Liabilities $186.2M $186.2M $200.6M
Total Liabilities $206.1M $256.7M $217.2M
YoY Change -5.13% -4.16% -8.23%
SHAREHOLDERS EQUITY
Retained Earnings -$101.6M -$92.01M
YoY Change 10.45% 195.21%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change
Treasury Stock Shares 0.000 shares
Shareholders Equity $171.8M $171.8M $132.3M
YoY Change
Total Liabilities & Shareholders Equity $428.5M $428.5M $407.5M
YoY Change 5.16% 5.16% -17.0%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$2.178M -$435.5K $2.960M
YoY Change -173.6% -99.11%
Depreciation, Depletion And Amortization $3.449M $15.27M $4.170M
YoY Change -17.28% -13.22%
Cash From Operating Activities $3.416M $9.729M $1.770M
YoY Change 92.99% 74.42%
INVESTING ACTIVITIES
Capital Expenditures -$12.34M -$16.71M $70.00K
YoY Change -17732.49% 1248.2%
Acquisitions
YoY Change
Other Investing Activities $13.88M $38.54M $11.65M
YoY Change 19.14% 48.14%
Cash From Investing Activities $1.537M $21.83M $11.57M
YoY Change -86.71% -11.9%
FINANCING ACTIVITIES
Cash Dividend Paid $733.0K
YoY Change
Common Stock Issuance & Retirement, Net $14.75M
YoY Change 121.18%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.257M $18.47M -13.97M
YoY Change -91.01% -163.88%
NET CHANGE
Cash From Operating Activities 3.416M $9.729M 1.770M
Cash From Investing Activities 1.537M $21.83M 11.57M
Cash From Financing Activities -1.257M $18.47M -13.97M
Net Change In Cash 3.697M $50.03M -630.0K
YoY Change -686.77% 3372.86%
FREE CASH FLOW
Cash From Operating Activities $3.416M $9.729M $1.770M
Capital Expenditures -$12.34M -$16.71M $70.00K
Free Cash Flow $15.76M $26.44M $1.700M
YoY Change 826.99% 287.88%

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CY2020 us-gaap Share Based Compensation
ShareBasedCompensation
712217 USD
CY2021 us-gaap Straight Line Rent
StraightLineRent
-188297 USD
CY2020 us-gaap Straight Line Rent
StraightLineRent
1591012 USD
CY2021 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
245438 USD
CY2020 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
61204 USD
CY2021 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
369286 USD
CY2020 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1025093 USD
CY2021 none Amortizationof Above Market Lease
AmortizationofAboveMarketLease
129823 USD
CY2020 none Amortizationof Above Market Lease
AmortizationofAboveMarketLease
169857 USD
CY2021 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
1462797 USD
CY2020 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
1541313 USD
CY2021 none Impairment Reversal Of Real Estate Properties
ImpairmentReversalOfRealEstateProperties
-400999 USD
CY2020 none Impairment Reversal Of Real Estate Properties
ImpairmentReversalOfRealEstateProperties
10267625 USD
CY2021 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
3767190 USD
CY2020 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
34572403 USD
CY2021 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
7803702 USD
CY2020 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
4139749 USD
CY2021 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
517000 USD
CY2020 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
CY2021 us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
970039 USD
CY2020 us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
-770898 USD
CY2021 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
276042 USD
CY2020 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
296780 USD
CY2021 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
337072 USD
CY2020 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
683000 USD
CY2021 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-753906 USD
CY2020 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-122292 USD
CY2021 us-gaap Increase Decrease In Notes Receivables
IncreaseDecreaseInNotesReceivables
1836767 USD
CY2020 us-gaap Increase Decrease In Notes Receivables
IncreaseDecreaseInNotesReceivables
0 USD
CY2021 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
1348858 USD
CY2020 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
357458 USD
CY2021 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
977563 USD
CY2020 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-2702556 USD
CY2021 us-gaap Increase Decrease In Due To Affiliates Current
IncreaseDecreaseInDueToAffiliatesCurrent
0 USD
CY2020 us-gaap Increase Decrease In Due To Affiliates Current
IncreaseDecreaseInDueToAffiliatesCurrent
-628488 USD
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
9728685 USD
CY2020 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
5577576 USD
CY2021 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
15162305 USD
CY2020 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
0 USD
CY2021 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
1356038 USD
CY2020 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
673631 USD
CY2021 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
195750 USD
CY2020 us-gaap Proceeds From Unsecured Lines Of Credit
ProceedsFromUnsecuredLinesOfCredit
4260000 USD
CY2020 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
566102 USD
CY2021 us-gaap Proceeds From Sale Of Other Real Estate
ProceedsFromSaleOfOtherRealEstate
1824383 USD
CY2020 us-gaap Proceeds From Sale Of Other Real Estate
ProceedsFromSaleOfOtherRealEstate
0 USD
CY2021 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
37719998 USD
CY2020 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
27008028 USD
CY2021 none Payments To Acquire Lease Incentives
PaymentsToAcquireLeaseIncentives
0 USD
CY2020 none Payments To Acquire Lease Incentives
PaymentsToAcquireLeaseIncentives
990000 USD
CY2021 us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
1000000 USD
CY2020 us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
0 USD
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
21830288 USD
CY2020 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
24778295 USD
CY2021 us-gaap Proceeds From Unsecured Lines Of Credit
ProceedsFromUnsecuredLinesOfCredit
14022000 USD
CY2021 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
12000000 USD
CY2020 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
6000000 USD
CY2021 us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
25436000 USD
CY2020 us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
35705500 USD
CY2021 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
36569537 USD
CY2020 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
45299688 USD
CY2021 us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
0 USD
CY2020 us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
517000 USD
CY2021 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0 USD
CY2020 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
4800000 USD
CY2021 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
404971 USD
CY2020 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
387341 USD
CY2021 us-gaap Payments For Proceeds From Deposit On Loan
PaymentsForProceedsFromDepositOnLoan
-18804 USD
CY2020 us-gaap Payments For Proceeds From Deposit On Loan
PaymentsForProceedsFromDepositOnLoan
18804 USD
CY2021 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
47607309 USD
CY2020 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
0 USD
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
4336086 USD
CY2020 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
10908856 USD
CY2021 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1418334 USD
CY2020 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1205317 USD
CY2021 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
19082962 USD
CY2020 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
17576261 USD
CY2021 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
3473378 USD
CY2020 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
5019216 USD
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
18471017 USD
CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-28915271 USD
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
50029990 USD
CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1440600 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8377530 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6936930 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
58407520 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8377530 USD
CY2021 us-gaap Interest Paid Net
InterestPaidNet
8053000 USD
CY2020 us-gaap Interest Paid Net
InterestPaidNet
9119728 USD
CY2021 none Transfers To Redeemable Common Stock
TransfersToRedeemableCommonStock
10346127 USD
CY2020 none Transfers To Redeemable Common Stock
TransfersToRedeemableCommonStock
3723565 USD
CY2021 none Reinvested Distribution To Investment In Rich Uncles Reiti
ReinvestedDistributionToInvestmentInRichUnclesREITI
4600611 USD
CY2020 none Reinvested Distribution To Investment In Rich Uncles Reiti
ReinvestedDistributionToInvestmentInRichUnclesREITI
6958534 USD
CY2021 none Transfer Of Tenant Improvements From Other Assets To Real Estate Investments
TransferOfTenantImprovementsFromOtherAssetsToRealEstateInvestments
73037 USD
CY2020 none Transfer Of Tenant Improvements From Other Assets To Real Estate Investments
TransferOfTenantImprovementsFromOtherAssetsToRealEstateInvestments
0 USD
CY2021 none Increase Decreasein Share Repurchase Payable
IncreaseDecreaseinShareRepurchasePayable
-2980559 USD
CY2020 none Increase Decreasein Share Repurchase Payable
IncreaseDecreaseinShareRepurchasePayable
2980559 USD
CY2021 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
2128538 USD
CY2020 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
0 USD
CY2021 none Non Cash Or Part Non Cash Transactions Accrued Distributions
NonCashOrPartNonCashTransactionsAccruedDistributions
36972 USD
CY2020 none Non Cash Or Part Non Cash Transactions Accrued Distributions
NonCashOrPartNonCashTransactionsAccruedDistributions
275922 USD
CY2021 us-gaap Contribution Of Property
ContributionOfProperty
6925023 USD
CY2020 us-gaap Contribution Of Property
ContributionOfProperty
25217972 USD
CY2021 none Assets Relatedto Property Sales
AssetsRelatedtoPropertySales
-291065 USD
CY2020 none Assets Relatedto Property Sales
AssetsRelatedtoPropertySales
1079361 USD
CY2021 none Above Market Leases Assumed Reduction
AboveMarketLeasesAssumedReduction
50549 USD
CY2020 none Above Market Leases Assumed Reduction
AboveMarketLeasesAssumedReduction
-50549 USD
CY2021 us-gaap Mortgage Loan Related To Property Sales1
MortgageLoanRelatedToPropertySales1
12611474 USD
CY2020 us-gaap Mortgage Loan Related To Property Sales1
MortgageLoanRelatedToPropertySales1
9088438 USD
CY2021 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
418055 USD
CY2020 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
-801337 USD
CY2021 none Below Market Leases Increase Decrease
BelowMarketLeasesIncreaseDecrease
-325734 USD
CY2020 none Below Market Leases Increase Decrease
BelowMarketLeasesIncreaseDecrease
325734 USD
CY2021 none Derivatives Increase Decrease
DerivativesIncreaseDecrease
-14166 USD
CY2020 none Derivatives Increase Decrease
DerivativesIncreaseDecrease
14166 USD
CY2021Q4 none Authority To Issue Of Common Stock
AuthorityToIssueOfCommonStock
450000000 shares
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2021Q4 none Number Of Rentable Square Feet
NumberOfRentableSquareFeet
2400000 sqft
CY2021Q4 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
38 property
CY2021Q1 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
30.81
CY2020Q2 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
21.01
CY2021Q1 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
23.03
CY2021Q2 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
24.61
CY2021Q3 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
26.05
CY2021Q3 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
32 property
CY2021 none Revenue Recognitionfrom Tenant Reimbursement
RevenueRecognitionfromTenantReimbursement
6198045 USD
CY2020 none Revenue Recognitionfrom Tenant Reimbursement
RevenueRecognitionfromTenantReimbursement
6764838 USD
CY2021 us-gaap Advertising Expense
AdvertisingExpense
592351 USD
CY2020 us-gaap Advertising Expense
AdvertisingExpense
607787 USD
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
2441970 USD
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
129118 USD
CY2021Q4 none Tenant Reimbursement
TenantReimbursement
189136 USD
CY2020Q4 none Tenant Reimbursement
TenantReimbursement
60598 USD
CY2020 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 numberOfSegment
CY2021Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
2315270 shares
CY2021 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-top:10pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior year balance sheet, statement of operations and statement of cash flows accounts have been reclassified to conform with the current year presentation. The reclassification did not affect net income in the prior year consolidated statement of operations.</span></div>
CY2021 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 numberOfSegment
CY2021Q4 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
38 property
CY2021Q4 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
14 state
CY2021 none Numberof Real Estate Properties Heldfor Sale
NumberofRealEstatePropertiesHeldforSale
4 property
CY2021Q4 none Land Building And Improvements
LandBuildingAndImprovements
311728848 USD
CY2021Q4 us-gaap Tenant Improvements
TenantImprovements
21504210 USD
CY2021Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
37611133 USD
CY2021Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
295621925 USD
CY2021Q4 none Numberof Impaired Real Estate Properties Vacant
NumberofImpairedRealEstatePropertiesVacant
2 property
CY2020Q1 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
9157068 USD
CY2020Q2 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
349457 USD
CY2020Q4 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
761100 USD
CY2020 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
10267625 USD
CY2020Q4 none Impairmentof Real Estate Percentage
ImpairmentofRealEstatePercentage
0.025
CY2021 none Reversal Of Impairment
ReversalOfImpairment
400999 USD
CY2020 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
10267625 USD
CY2021 none Number Of Real Estate Properties Sold
NumberOfRealEstatePropertiesSold
5 property
CY2021 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
7803702 USD
CY2021Q4 us-gaap Nontrade Receivables
NontradeReceivables
1836767 USD
CY2021 none Number Of Real Estate Properties With Extensions
NumberOfRealEstatePropertiesWithExtensions
6 property
CY2021 none Number Of Real Estate Properties With Extensions
NumberOfRealEstatePropertiesWithExtensions
6 property
CY2021Q4 us-gaap Lessor Operating Lease Renewal Term
LessorOperatingLeaseRenewalTerm
P10Y
CY2021Q4 none Lessor Operating Lease Renewal Term Increase In Rents Percent
LessorOperatingLeaseRenewalTermIncreaseInRentsPercent
0.06
CY2021 none Number Of Real Estate Properties Sold
NumberOfRealEstatePropertiesSold
5 property
CY2021 none Numberof Real Estate Properties Heldfor Sale
NumberofRealEstatePropertiesHeldforSale
4 property
CY2021Q4 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
24323043 USD
CY2021Q4 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
24583548 USD
CY2021Q4 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
23109893 USD
CY2021Q4 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
20606798 USD
CY2021Q4 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
14148931 USD
CY2021Q4 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
70872917 USD
CY2021Q4 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
177645130 USD
CY2021 us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1
P9Y7M6D
none Number Of Real Estate Properties Sold
NumberOfRealEstatePropertiesSold
5 lease
CY2021Q1 none Number Of Real Estate Properties Sold
NumberOfRealEstatePropertiesSold
3 lease
CY2020Q4 none Number Of Real Estate Properties Held For Investment
NumberOfRealEstatePropertiesHeldForInvestment
2 lease
CY2021 none Numberof Real Estate Properties Heldfor Sale
NumberofRealEstatePropertiesHeldforSale
4 property
CY2021 none Numberof Real Estate Properties Heldfor Sale
NumberofRealEstatePropertiesHeldforSale
4 property
CY2021Q4 us-gaap Equity Method Investments
EquityMethodInvestments
9941338 USD
CY2020Q4 us-gaap Equity Method Investments
EquityMethodInvestments
10002368 USD
none Decrease In Fair Value Of Real Estate Investment Property Percentage
DecreaseInFairValueOfRealEstateInvestmentPropertyPercentage
0.14
CY2020Q4 us-gaap Goodwill
Goodwill
17320857 USD
CY2019Q4 us-gaap Goodwill
Goodwill
50588000 USD
CY2021 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2020 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
33267143 USD
CY2021Q4 us-gaap Goodwill
Goodwill
17320857 USD
CY2020Q4 us-gaap Goodwill
Goodwill
17320857 USD
CY2020 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
33267143 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
0 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
6960842 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
0 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1833054 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
0 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
5127788 USD
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1556348 USD
CY2020 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1833054 USD
CY2021Q4 none Straight Line Rents
StraightLineRents
4417065 USD
CY2020Q4 none Straight Line Rents
StraightLineRents
4344388 USD
CY2021Q4 none Tenant Rent
TenantRent
81079 USD
CY2020Q4 none Tenant Rent
TenantRent
204775 USD
CY2021Q4 none Tenant Recoveries
TenantRecoveries
1498775 USD
CY2020Q4 none Tenant Recoveries
TenantRecoveries
2116627 USD
CY2021Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
5996919 USD
CY2020Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
6665790 USD
CY2021Q4 none Deferred Tenant Allowance
DeferredTenantAllowance
2400811 USD
CY2020Q4 none Deferred Tenant Allowance
DeferredTenantAllowance
517711 USD
CY2021Q4 us-gaap Other Receivables
OtherReceivables
681369 USD
CY2020Q4 us-gaap Other Receivables
OtherReceivables
19954 USD
CY2021Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
1776595 USD
CY2020Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
1276700 USD
CY2021Q4 us-gaap Earnest Money Deposits
EarnestMoneyDeposits
1420244 USD
CY2020Q4 us-gaap Earnest Money Deposits
EarnestMoneyDeposits
357352 USD
CY2021Q4 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
100080 USD
CY2020Q4 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
21724 USD
CY2021Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
6379099 USD
CY2020Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
2193441 USD
CY2021Q4 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
1767657 USD
CY2020Q4 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
1136954 USD
CY2021Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
3864222 USD
CY2020Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
3068714 USD
CY2021Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
1795303 USD
CY2020Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
706106 USD
CY2021Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
548564 USD
CY2020Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
629628 USD
CY2021Q4 us-gaap Accrued Rent Current And Noncurrent
AccruedRentCurrentAndNoncurrent
1735440 USD
CY2020Q4 us-gaap Accrued Rent Current And Noncurrent
AccruedRentCurrentAndNoncurrent
2033065 USD
CY2021Q4 none Deferred Tenant Reimbursement
DeferredTenantReimbursement
2133695 USD
CY2020Q4 none Deferred Tenant Reimbursement
DeferredTenantReimbursement
5157 USD
CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
11844881 USD
CY2020Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
7579624 USD
CY2021 none Loans To Assets Ratio
LoansToAssetsRatio
0.60
CY2021 none Loans To Assets Ratio
LoansToAssetsRatio
0.60
CY2021 none Loans To Assets Ratio
LoansToAssetsRatio
0.60
CY2021 none Numberof Real Estate Properties Heldfor Sale
NumberofRealEstatePropertiesHeldforSale
4 property
CY2020 none Numberof Real Estate Properties Heldfor Sale
NumberofRealEstatePropertiesHeldforSale
2 property
CY2021Q4 us-gaap Line Of Credit
LineOfCredit
8022000 USD
CY2020Q4 us-gaap Line Of Credit
LineOfCredit
6000000 USD
CY2020Q4 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
21724 USD
CY2021Q4 none Debt Instrument Covenant Leverage Ratio Target
DebtInstrumentCovenantLeverageRatioTarget
0.40
CY2021Q4 none Debt Instrument Covenant Leverage Ratio Maximum
DebtInstrumentCovenantLeverageRatioMaximum
0.55
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
23672283 USD
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
21587403 USD
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
20841085 USD
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
20736311 USD
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
17989016 USD
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
56171339 USD
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
160997437 USD
CY2021Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
-204281 USD
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
956139 USD
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
160245579 USD
CY2021 us-gaap Interest Expense
InterestExpense
7586197 USD
CY2020 us-gaap Interest Expense
InterestExpense
11460747 USD
CY2021 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
970039 USD
CY2020 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-770898 USD
CY2021Q4 none Liabilities Accrued Interest Payable Receivable
LiabilitiesAccruedInterestPayableReceivable
56114 USD
CY2020Q4 none Liabilities Accrued Interest Payable Receivable
LiabilitiesAccruedInterestPayableReceivable
45636 USD
CY2020 none Derivative Number Of Instruments Terminated
DerivativeNumberOfInstrumentsTerminated
4 instrument
CY2021 none Property Management Fees Percentage
PropertyManagementFeesPercentage
263971
CY2021 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
970039 USD
CY2020 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-770898 USD
CY2021Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
2000000 shares
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
21250 USD
CY2021Q1 us-gaap Dividends
Dividends
730445 USD
CY2021Q1 none Dividends Payable Amount Per Share Per Day
DividendsPayableAmountPerSharePerDay
0.00315070
CY2021Q4 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
1.15
CY2021 none Adjusted Funds From Operations Threshold In Excess Of Distributions Declared Percent
AdjustedFundsFromOperationsThresholdInExcessOfDistributionsDeclaredPercent
1.10
CY2021 us-gaap Payments Of Dividends
PaymentsOfDividends
732965 USD
CY2021Q4 none Debt Instrument Covenant Leverage Ratio Target
DebtInstrumentCovenantLeverageRatioTarget
0.40
CY2021Q4 none Real Estate Investments Net Including Disposal Group
RealEstateInvestmentsNetIncludingDisposalGroup
337074025 USD
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
55965550 USD
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
2441970 USD
CY2021Q4 us-gaap Nontrade Receivables
NontradeReceivables
1836767 USD
CY2021Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
5996919 USD
CY2021Q4 us-gaap Deferred Costs Leasing Net
DeferredCostsLeasingNet
691019 USD
CY2021Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
6379099 USD
CY2021Q4 us-gaap Goodwill
Goodwill
17320857 USD
CY2021Q4 us-gaap Disposal Group Including Discontinued Operation Other Assets
DisposalGroupIncludingDiscontinuedOperationOtherAssets
788296 USD
CY2021Q4 us-gaap Assets
Assets
428494502 USD
CY2021Q4 none Secured Debt Including Disposal Group
SecuredDebtIncludingDisposalGroup
173923491 USD
CY2021Q4 us-gaap Unsecured Debt
UnsecuredDebt
8022000 USD
CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
11844881 USD
CY2021Q4 none Below Market Lease Intangibles Net
BelowMarketLeaseIntangiblesNet
11102940 USD
CY2021Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
788016 USD
CY2021Q4 us-gaap Disposal Group Including Discontinued Operation Other Liabilities
DisposalGroupIncludingDiscontinuedOperationOtherLiabilities
383282 USD
CY2021Q4 us-gaap Liabilities
Liabilities
206064610 USD
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
222429892 USD
CY2021Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
428494502 USD
CY2021Q4 srt Real Estate And Accumulated Depreciation Amount Of Encumbrances
RealEstateAndAccumulatedDepreciationAmountOfEncumbrances
152975437 USD
CY2021Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Land
RealEstateAndAccumulatedDepreciationInitialCostOfLand
61005402 USD
CY2021Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements
268531222 USD
CY2021Q4 none Real Estate And Accumulated Depreciation Initial Cost Of Land Buildings And Improvements
RealEstateAndAccumulatedDepreciationInitialCostOfLandBuildingsAndImprovements
329536624 USD
CY2021Q4 us-gaap Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Improvements
RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionImprovements
3696434 USD
CY2021Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Land
RealEstateAndAccumulatedDepreciationCarryingAmountOfLand
61005402 USD
CY2021Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements
272227656 USD
CY2021Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
333233058 USD
CY2021Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
37611133 USD
CY2021Q4 us-gaap Sec Schedule Iii Real Estate Investment Property Net
SECScheduleIIIRealEstateInvestmentPropertyNet
295621925 USD
CY2021Q4 srt Real Estate Federal Income Tax Basis
RealEstateFederalIncomeTaxBasis
304086000 USD
CY2020Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
361547850 USD
CY2019Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
423947488 USD
CY2021 us-gaap Real Estate Acquisitions Through Foreclosures
RealEstateAcquisitionsThroughForeclosures
15162305 USD
CY2020 us-gaap Real Estate Acquisitions Through Foreclosures
RealEstateAcquisitionsThroughForeclosures
0 USD
CY2021 us-gaap Real Estate Improvements
RealEstateImprovements
1429075 USD
CY2020 us-gaap Real Estate Improvements
RealEstateImprovements
673631 USD
CY2021 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
33965562 USD
CY2020 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
26575397 USD
CY2021 us-gaap Real Estate Other Deductions
RealEstateOtherDeductions
11341609 USD
CY2020 us-gaap Real Estate Other Deductions
RealEstateOtherDeductions
26230247 USD
CY2021 us-gaap Sec Schedule Iii Real Estate Writedown Or Reserve Amount
SECScheduleIIIRealEstateWritedownOrReserveAmount
-400999 USD
CY2020 us-gaap Sec Schedule Iii Real Estate Writedown Or Reserve Amount
SECScheduleIIIRealEstateWritedownOrReserveAmount
10267625 USD
CY2021Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
333233058 USD
CY2020Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
361547850 USD
CY2020Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
32091211 USD
CY2019Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
20411794 USD
CY2021 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
13710588 USD
CY2020 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
15759199 USD
CY2021 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
3774080 USD
CY2020 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
2435274 USD
CY2021 us-gaap Real Estate Accumulated Depreciation Other Deductions
RealEstateAccumulatedDepreciationOtherDeductions
4416586 USD
CY2020 us-gaap Real Estate Accumulated Depreciation Other Deductions
RealEstateAccumulatedDepreciationOtherDeductions
1644508 USD
CY2021Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
37611133 USD
CY2020Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
32091211 USD

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