2021 Q3 Form 10-Q Financial Statement

#000143774921019318 Filed on August 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q2
Revenue $4.376M $4.847M $6.121M
YoY Change -22.73% -20.83% -14.04%
Cost Of Revenue $1.415M $1.486M $2.000M
YoY Change -32.96% -25.71% -20.95%
Gross Profit $2.962M $3.361M $4.120M
YoY Change -16.57% -18.43% -10.24%
Gross Profit Margin 67.68% 69.34% 67.3%
Selling, General & Admin $1.479M $1.345M $1.280M
YoY Change 7.98% 5.06% -9.86%
% of Gross Profit 49.95% 40.01% 31.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.307M $1.368M $1.622M
YoY Change -19.67% -15.66% -7.25%
% of Gross Profit 44.13% 40.71% 39.37%
Operating Expenses $4.201M $4.199M $5.747M
YoY Change -17.67% -26.94% 0.91%
Operating Profit -$1.239M -$838.0K $3.276M
YoY Change -20.16% -125.58% -28.71%
Interest Expense $1.031M $1.207M $2.273M
YoY Change -51.92% -46.91% -8.77%
% of Operating Profit 69.4%
Other Income/Expense, Net -$600.1K $1.128M -$1.982M
YoY Change -69.17% -156.9% -20.8%
Pretax Income -$241.9K $2.014M -$1.560M
YoY Change -80.8% -229.13% 77.27%
Income Tax $182.6K $238.7K $51.37K
% Of Pretax Income 11.85%
Net Earnings -$851.8K $850.0K -$1.923M
YoY Change -51.28% -144.21% 52.65%
Net Earnings / Revenue -19.47% 17.54% -31.41%
Basic Earnings Per Share -$0.13 $0.08
Diluted Earnings Per Share -$78.63K $89.40K -$215.7K
COMMON SHARES
Basic Shares Outstanding 10.51M 9.508M 17.73M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.42M $29.34M $8.700M
YoY Change 194.16% 237.28% -25.64%
Cash & Equivalents $27.82M $29.34M $8.658M
Short-Term Investments $1.600M
Other Short-Term Assets $273.6K $1.025M $500.0K
YoY Change -31.6% 105.02% -16.67%
Inventory
Prepaid Expenses
Receivables $363.1K $233.8K $1.400M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $28.45M $30.60M $10.60M
YoY Change 163.45% 188.7% -20.9%
LONG-TERM ASSETS
Property, Plant & Equipment $115.7M $113.7M $150.8M
YoY Change -20.68% -24.59% -10.29%
Goodwill $2.423M $2.423M $2.423M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $1.671M
YoY Change
Other Assets $11.27M $11.68M $27.00M
YoY Change -62.06% -56.73% -28.95%
Total Long-Term Assets $133.4M $130.2M $183.6M
YoY Change -26.32% -29.07% -14.33%
TOTAL ASSETS
Total Short-Term Assets $28.45M $30.60M $10.60M
Total Long-Term Assets $133.4M $130.2M $183.6M
Total Assets $161.8M $160.8M $194.2M
YoY Change -15.63% -17.18% -14.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.704M $4.392M $5.000M
YoY Change -11.24% -12.17% -27.54%
Accrued Expenses $1.590M $1.030M $1.400M
YoY Change -24.26% -26.43% -33.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $8.300M
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.475M $5.517M $14.70M
YoY Change -59.02% -62.47% 45.54%
LONG-TERM LIABILITIES
Long-Term Debt $86.26M $89.98M $125.5M
YoY Change -30.16% -28.3% -15.26%
Other Long-Term Liabilities $86.85K $98.88K $200.0K
YoY Change -56.58% -50.56% -50.0%
Total Long-Term Liabilities $86.34M $90.08M $125.7M
YoY Change -30.2% -28.34% -15.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.475M $5.517M $14.70M
Total Long-Term Liabilities $86.34M $90.08M $125.7M
Total Liabilities $92.82M $95.60M $140.4M
YoY Change -33.46% -31.89% -19.64%
SHAREHOLDERS EQUITY
Retained Earnings -$128.2M -$125.6M -$116.1M
YoY Change 8.82% 8.2% 0.57%
Common Stock $185.7M $176.9M $153.4M
YoY Change 21.11% 15.37% 1.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $57.64M $51.46M $37.40M
YoY Change
Total Liabilities & Shareholders Equity $161.8M $160.8M $194.2M
YoY Change -15.63% -17.18% -14.71%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$851.8K $850.0K -$1.923M
YoY Change -51.28% -144.21% 52.65%
Depreciation, Depletion And Amortization $1.307M $1.368M $1.622M
YoY Change -19.67% -15.66% -7.25%
Cash From Operating Activities $1.446M $1.149M $670.0K
YoY Change -46.46% 71.54% -38.53%
INVESTING ACTIVITIES
Capital Expenditures -$789.5K -$232.5K -$1.490M
YoY Change 507.34% -84.4% -23.98%
Acquisitions
YoY Change
Other Investing Activities -$2.316M $21.71M $1.990M
YoY Change -237.88% 990.83% -176.25%
Cash From Investing Activities -$3.106M $21.47M $490.0K
YoY Change -299.1% 4282.64% -110.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 133.2K -261.7K -1.490M
YoY Change -104.59% -82.43% -165.07%
NET CHANGE
Cash From Operating Activities 1.446M 1.149M 670.0K
Cash From Investing Activities -3.106M 21.47M 490.0K
Cash From Financing Activities 133.2K -261.7K -1.490M
Net Change In Cash -1.527M 22.36M -330.0K
YoY Change -212.29% -6876.51% -72.5%
FREE CASH FLOW
Cash From Operating Activities $1.446M $1.149M $670.0K
Capital Expenditures -$789.5K -$232.5K -$1.490M
Free Cash Flow $2.235M $1.382M $2.160M
YoY Change -21.02% -36.03% -29.18%

Facts In Submission

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CY2020Q2 sqft Contributed Capital Less Distributions Of Noncontrolling Interests
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CY2020Q2 sqft Adjustments To Additional Paid In Capital Share Reconciliation Adjustment
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AmortizationOfBelowMarketLease
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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sqft Change Accrued Real Estate Taxes
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us-gaap Net Cash Provided By Used In Operating Activities
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sqft Proceeds From Issuance Of Mortgage Notes Payable
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ProceedsFromIssuanceOfMortgageNotesPayable
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sqft Repayments Of Secured Notes Payable
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us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
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us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
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0 USD
us-gaap Payments Of Dividends Common Stock
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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AmortizationOfAboveAndBelowMarketLeases
3000 USD
us-gaap Amortization Of Above And Below Market Leases
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2000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
10391275 USD
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
8657989 USD
sqft Interest Paid Mortgage Notes
InterestPaidMortgageNotes
2400367 USD
sqft Interest Paid Mortgage Notes
InterestPaidMortgageNotes
3089554 USD
us-gaap Interest Paid Net
InterestPaidNet
103861 USD
us-gaap Interest Paid Net
InterestPaidNet
425267 USD
us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
35000 USD
us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
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91037 USD
us-gaap Stock Issued1
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0 USD
us-gaap Stock Issued1
StockIssued1
1247990 USD
sqft Noncash Financing Items Dividends Payable
NoncashFinancingItemsDividendsPayable
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sqft Noncash Financing Items Dividends Payable
NoncashFinancingItemsDividendsPayable
0 USD
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -1pt; text-align: justify;"><b><i>Use of Estimates</i></b>. 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 the 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. Significant estimates include the allocation of purchase price paid for property acquisitions between land, building and intangible assets acquired including their useful lives; valuation of long-lived assets, and the allowance for doubtful accounts, which is based on an evaluation of the tenants’ ability to pay. Actual results <em style="font: inherit;"> may </em>differ from those estimates.</p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"> </p>
CY2020Q2 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
28000 USD
us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
58000 USD
CY2021Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
100000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
200000 USD
CY2020Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
100000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
300000 USD
CY2021Q2 sqft Unamortized Deferred Stock Costs
UnamortizedDeferredStockCosts
100000 USD
CY2021Q2 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
1200000 USD
CY2020Q4 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
1900000 USD
CY2021Q2 us-gaap Operating Lease Initial Direct Cost Expense Over Term
OperatingLeaseInitialDirectCostExpenseOverTerm
87000 USD
us-gaap Operating Lease Initial Direct Cost Expense Over Term
OperatingLeaseInitialDirectCostExpenseOverTerm
173000 USD
CY2020Q2 us-gaap Operating Lease Initial Direct Cost Expense Over Term
OperatingLeaseInitialDirectCostExpenseOverTerm
101000 USD
us-gaap Operating Lease Initial Direct Cost Expense Over Term
OperatingLeaseInitialDirectCostExpenseOverTerm
200000 USD
CY2021Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
29300000 USD
CY2020Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
11500000 USD
CY2021Q2 us-gaap Restricted Cash
RestrictedCash
4100000 USD
CY2020Q4 us-gaap Restricted Cash
RestrictedCash
4200000 USD
CY2021Q2 sqft Number Of Real Estate Properties Held For Sale
NumberOfRealEstatePropertiesHeldForSale
1 pure
CY2021Q2 sqft Real Estate Investment Property And Lease Intangibles Net
RealEstateInvestmentPropertyAndLeaseIntangiblesNet
124393000 USD
CY2020Q4 sqft Real Estate Investment Property And Lease Intangibles Net
RealEstateInvestmentPropertyAndLeaseIntangiblesNet
166254000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
4110139 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3725688 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
384451 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
5200728 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
4559510 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
641218 USD
CY2021Q2 us-gaap Below Market Lease Net
BelowMarketLeaseNet
100000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
127281 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
202342 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
17526 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
17526 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
15670 USD
CY2021Q2 sqft Finitelived Intangible Asset Expected Amortization After Year Four
FinitelivedIntangibleAssetExpectedAmortizationAfterYearFour
4106 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
384451 USD
CY2021Q2 sqft Mortgage Notes Payable Net
MortgageNotesPayableNet
89980358 USD
CY2020Q4 sqft Mortgage Notes Payable Net
MortgageNotesPayableNet
120029696 USD
CY2021Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
2610965 USD
CY2021Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
13824837 USD
CY2021Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
7016316 USD
CY2021Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
15352920 USD
CY2021Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
28783605 USD
CY2021Q2 sqft Longterm Debt Maturities Repayments Of Principal After Year Four
LongtermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
23125671 USD
CY2021Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
90714314 USD
CY2021Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q2 sqft Maximum Individual Common Stock Ownership Percentage
MaximumIndividualCommonStockOwnershipPercentage
0.098 pure
us-gaap Payments Of Dividends
PaymentsOfDividends
0 USD
CY2012Q1 sqft Registered Shares Of Common Stock Pursuant To Dividend Reinvestment Plan
RegisteredSharesOfCommonStockPursuantToDividendReinvestmentPlan
3000000
CY2012Q1 sqft Common Stock Percentage Of Purchase Price Per Share
CommonStockPercentageOfPurchasePricePerShare
0.95 pure
CY2012Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
19.00
CY2012Q1 sqft Payment Of Sales Commission Or Dealer Manager Fee
PaymentOfSalesCommissionOrDealerManagerFee
0 USD
CY2012Q1 sqft Notice Period For Amendments To Dividend Reinvestment Plan
NoticePeriodForAmendmentsToDividendReinvestmentPlan
P30D
us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
17400000 USD
us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
917074
us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
0 USD
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
300000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
600000 USD
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
200000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
400000 USD
us-gaap Number Of Reportable Segments
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3 pure
CY2021Q2 sqft General And Administrative Expense Including Income Tax Expense Benefit
GeneralAndAdministrativeExpenseIncludingIncomeTaxExpenseBenefit
1344770 USD
CY2020Q2 sqft General And Administrative Expense Including Income Tax Expense Benefit
GeneralAndAdministrativeExpenseIncludingIncomeTaxExpenseBenefit
1278971 USD
sqft General And Administrative Expense Including Income Tax Expense Benefit
GeneralAndAdministrativeExpenseIncludingIncomeTaxExpenseBenefit
2882036 USD
sqft General And Administrative Expense Including Income Tax Expense Benefit
GeneralAndAdministrativeExpenseIncludingIncomeTaxExpenseBenefit
2630316 USD
CY2021Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1368209 USD
CY2020Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1622230 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2797143 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3196756 USD
CY2021Q2 us-gaap Interest Expense
InterestExpense
1207036 USD
CY2020Q2 us-gaap Interest Expense
InterestExpense
2273355 USD
us-gaap Interest Expense
InterestExpense
2791430 USD
us-gaap Interest Expense
InterestExpense
4827202 USD
CY2021Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
10000 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
CY2021Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-20657 USD
CY2020Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
8400 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-53443 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1405 USD
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
238701 USD
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
51369 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
288899 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
135000 USD
CY2021Q2 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
2594341 USD
CY2020Q2 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
334096 USD
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
1433014 USD
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
324261 USD
CY2021Q2 us-gaap Profit Loss
ProfitLoss
1775736 USD
CY2020Q2 us-gaap Profit Loss
ProfitLoss
-1607534 USD
us-gaap Profit Loss
ProfitLoss
-479338 USD
us-gaap Profit Loss
ProfitLoss
-2539653 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
2851800 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
6292383 USD
us-gaap Payments For Tenant Improvements
PaymentsForTenantImprovements
332508 USD
us-gaap Payments For Tenant Improvements
PaymentsForTenantImprovements
2382436 USD
sqft Real Estate Acquisitions And Improvements
RealEstateAcquisitionsAndImprovements
3184308 USD
sqft Real Estate Acquisitions And Improvements
RealEstateAcquisitionsAndImprovements
8674819 USD
CY2021Q2 sqft Equity Offering Maximum Gross Proceeds
EquityOfferingMaximumGrossProceeds
200000000 USD

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