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Name | Symbol | Market | Type |
---|---|---|---|
Gladstone Commercial Corporation | NASDAQ:GOODN | NASDAQ | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 21.81 | 20.87 | 24.63 | 0 | 09:00:00 |
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 02-0681276 | ||||||||||
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
||||||||||
1521 Westbranch Drive, | Suite 100 | 22102 | |||||||||
McLean, | Virginia | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each Class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, par value $0.001 per share | GOOD | The Nasdaq Stock Market LLC | ||||||||||||
6.625% Series E Cumulative Redeemable Preferred Stock, par value $0.001 per share | GOODN | The Nasdaq Stock Market LLC | ||||||||||||
6.00% Series G Cumulative Redeemable Preferred Stock, par value $0.001 per share | GOODO | The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☒ | |||||||||||||||||
Non-accelerated filer |
☐
|
Smaller reporting company | ☐ | |||||||||||||||||
Emerging growth company | ☐ |
PAGE | ||||||||
PART I | ||||||||
PART II | ||||||||
PART III | ||||||||
PART IV | ||||||||
Number of Individuals | Functional Area | ||||
13 | Executive Management | ||||
36 | Investment Management, Asset Management, Portfolio Management and Due Diligence | ||||
20 | Administration, Accounting, Compliance, Human Resources, Legal and Treasury |
State | Lease Revenue for the year ended December 31, 2021 | % of Lease Revenue | Number of Leases for the year ended December 31, 2021 | Rentable Square Feet for the year ended December 31, 2021 | Lease Revenue for the year ended December 31, 2020 | % of Lease Revenue | Number of Leases for the year ended December 31, 2020 | Rentable Square Feet for the year ended December 31, 2020 | Lease Revenue for the year ended December 31, 2019 | % of Lease Revenue | Number of Leases for the year ended December 31, 2019 | Rentable Square Feet for the year ended December 31, 2019 | ||||||||||||||||||||||||||
Florida | $ | 16,741 | 12.2 | % | 9 | 1,038,076 | $ | 16,686 | 12.5 | % | 11 | 1,038,076 | $ | 15,268 | 13.3 | % | 11 | 1,038,076 | ||||||||||||||||||||
Texas | 16,124 | 11.7 | 14 | 1,492,768 | 19,021 | 14.3 | 14 | 1,474,967 | 16,436 | 14.4 | 15 | 1,388,940 | ||||||||||||||||||||||||||
Pennsylvania | 15,382 | 11.2 | 10 | 2,224,007 | 13,978 | 10.5 | 10 | 2,224,007 | 13,640 | 11.9 | 9 | 2,068,740 | ||||||||||||||||||||||||||
Ohio | 14,911 | 10.8 | 15 | 1,275,023 | 14,008 | 10.5 | 15 | 1,094,871 | 11,016 | 9.6 | 16 | 1,442,990 | ||||||||||||||||||||||||||
Georgia | 10,778 | 7.8 | 10 | 1,686,986 | 10,360 | 7.8 | 9 | 1,566,986 | 5,695 | 5.0 | 8 | 1,062,586 | ||||||||||||||||||||||||||
Utah | 7,641 | 5.6 | 3 | 298,478 | 7,885 | 5.9 | 4 | 298,478 | 6,978 | 6.1 | 4 | 298,478 | ||||||||||||||||||||||||||
North Carolina | 6,860 | 5.0 | 8 | 1,113,846 | 6,101 | 4.6 | 8 | 944,943 | 5,666 | 5.0 | 7 | 894,465 | ||||||||||||||||||||||||||
Alabama | 6,477 | 4.7 | 5 | 921,891 | 3,865 | 2.9 | 5 | 921,891 | 3,555 | 3.1 | 3 | 403,294 | ||||||||||||||||||||||||||
Michigan | 6,374 | 4.6 | 6 | 973,638 | 6,293 | 4.7 | 6 | 973,638 | 6,035 | 5.3 | 6 | 973,638 | ||||||||||||||||||||||||||
South Carolina | 5,559 | 4.0 | 2 | 424,683 | 4,826 | 3.6 | 2 | 424,683 | 4,638 | 4.1 | 2 | 424,683 | ||||||||||||||||||||||||||
All Other States | 30,841 | 22.4 | 48 | 4,783,399 | 30,129 | 22.7 | 46 | 4,445,006 | 25,460 | 22.2 | 41 | 4,246,118 | ||||||||||||||||||||||||||
$ | 137,688 | 100.0 | % | 130 | 16,232,795 | $ | 133,152 | 100.0 | % | 130 | 15,407,546 | $ | 114,387 | 100.0 | % | 122 | 14,242,008 |
For the year ended December 31, | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||
Industry Classification | Lease Revenue | Percentage of Lease Revenue | Lease Revenue | Percentage of Lease Revenue | Lease Revenue | Percentage of Lease Revenue | ||||||||||||||||||||||||||||||||
Telecommunications | $ | 22,712 | 16.5 | % | $ | 22,222 | 16.9 | % | $ | 19,091 | 16.7 | % | ||||||||||||||||||||||||||
Diversified/Conglomerate Services | 18,613 | 13.5 | 16,587 | 12.5 | 15,330 | 13.4 | ||||||||||||||||||||||||||||||||
Healthcare | 15,216 | 11.1 | 16,133 | 12.1 | 13,209 | 11.5 | ||||||||||||||||||||||||||||||||
Automotive | 13,555 | 9.8 | 13,768 | 10.3 | 15,115 | 13.2 | ||||||||||||||||||||||||||||||||
Banking | 10,264 | 7.5 | 10,042 | 7.5 | 7,873 | 6.9 | ||||||||||||||||||||||||||||||||
Buildings and Real Estate | 9,582 | 7.0 | 9,050 | 6.8 | 4,102 | 3.6 | ||||||||||||||||||||||||||||||||
Diversified/Conglomerate Manufacturing | 7,774 | 5.6 | 6,268 | 4.7 | 5,191 | 4.5 | ||||||||||||||||||||||||||||||||
Personal, Food & Miscellaneous Services | 7,097 | 5.2 | 6,323 | 4.7 | 5,995 | 5.2 | ||||||||||||||||||||||||||||||||
Information Technology | 6,657 | 4.8 | 6,899 | 5.2 | 6,154 | 5.4 | ||||||||||||||||||||||||||||||||
Beverage, Food & Tobacco | 5,805 | 4.2 | 4,268 | 3.2 | 2,811 | 2.5 | ||||||||||||||||||||||||||||||||
Chemicals, Plastics & Rubber | 4,703 | 3.4 | 3,647 | 2.7 | 3,124 | 2.7 | ||||||||||||||||||||||||||||||||
Machinery | 4,001 | 2.9 | 4,191 | 3.1 | 2,816 | 2.5 | ||||||||||||||||||||||||||||||||
Containers, Packaging & Glass | 2,937 | 2.1 | 1,972 | 1.5 | 2,035 | 1.8 | ||||||||||||||||||||||||||||||||
Personal & Non-Durable Consumer Products | 2,495 | 1.8 | 2,450 | 1.8 | 2,420 | 2.1 | ||||||||||||||||||||||||||||||||
Childcare | 2,293 | 1.7 | 2,237 | 1.7 | 2,225 | 1.9 | ||||||||||||||||||||||||||||||||
Printing & Publishing | 1,668 | 1.2 | 1,377 | 1.0 | 1,202 | 1.1 | ||||||||||||||||||||||||||||||||
Electronics | 1,013 | 0.7 | 4,412 | 3.3 | 4,539 | 4.0 | ||||||||||||||||||||||||||||||||
Education | 818 | 0.6 | 823 | 0.6 | 660 | 0.6 | ||||||||||||||||||||||||||||||||
Home & Office Furnishings | 485 | 0.4 | 483 | 0.4 | 495 | 0.4 | ||||||||||||||||||||||||||||||||
Total | $ | 137,688 | 100.0 | % | $ | 133,152 | 100.0 | % | $ | 114,387 | 100.0 | % |
At December 31, | ||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | 2021 | |||||||||||||||
GOOD | $ | 100.00 | $ | 111.77 | $ | 102.90 | $ | 134.72 | $ | 121.12 | $ | 184.56 | ||||||||
S&P 500 | $ | 100.00 | $ | 120.91 | $ | 118.71 | $ | 149.76 | $ | 177.46 | $ | 227.61 | ||||||||
FNAR | $ | 100.00 | $ | 109.27 | $ | 104.79 | $ | 134.20 | $ | 126.34 | $ | 176.71 |
Aggregate Square Footage Sold | Aggregate Sales Price | Aggregate Sales Costs | Aggregate Loss on Sale of Real Estate, net | |||||||||||||||||||||||
123,971 | $ | 9,473 | $ | 633 | $ | (1,148) |
Aggregate Square Footage | Weighted Average Remaining Lease Term at Time of Acquisition | Aggregate Purchase Price | Aggregate Capitalized Acquisition Expenses | Aggregate Annualized GAAP Fixed Lease Payments | Aggregate Debt Issued | |||||||||||||||||||||||||||
949,174 | 13.4 years | $ | 100,453 | $ | 798 | $ | 7,006 | $ | 21,500 |
Aggregate Square Footage | Weighted Average Remaining Lease Term | Aggregate Annualized GAAP Fixed Lease Payments | Aggregate Tenant Improvement | Aggregate Leasing Commissions | ||||||||||||||||||||||
1,686,194 | 8.0 years | (1) | $ | 14,660 | $ | 4,558 | $ | 1,995 |
Aggregate Square Footage Reduced | Aggregate Accelerated Rent | Aggregate Accelerated Rent Recognized through December 31, 2021 | ||||||||||||||||||
497,369 | (1) | $ | 2,865 | $ | 2,182 |
Aggregate Fixed Rate Debt Repaid | Weighted Average Interest Rate on Fixed Rate Debt Repaid | |||||||
$ | 7,669 | 4.91 | % |
Variable Rate Debt Repaid | Interest Rate on Variable Rate Debt Repaid | ||||||||||
$ | 7,500 | LIBOR + | 2.50% |
Fixed Rate Debt Issued | Interest Rate on Fixed Rate Debt | ||||||||||||||||
$ | 21,500 | (1) | 3.36 | % |
For the year ended December 31, | ||||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||||
Lease revenue | $ | 137,688 | $ | 133,152 | $ | 4,536 | 3.4 | % | ||||||||||||||||||
Total operating revenues | $ | 137,688 | $ | 133,152 | $ | 4,536 | 3.4 | % | ||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||
Depreciation and amortization | $ | 60,311 | $ | 55,424 | $ | 4,887 | 8.8 | % | ||||||||||||||||||
Property operating expenses | 27,098 | 26,004 | 1,094 | 4.2 | % | |||||||||||||||||||||
Base management fee | 5,882 | 5,648 | 234 | 4.1 | % | |||||||||||||||||||||
Incentive fee | 4,859 | 4,301 | 558 | 13.0 | % | |||||||||||||||||||||
Administration fee | 1,448 | 1,598 | (150) | (9.4) | % | |||||||||||||||||||||
General and administrative | 3,218 | 3,259 | (41) | (1.3) | % | |||||||||||||||||||||
Impairment charge | — | 3,621 | (3,621) | (100.0) | % | |||||||||||||||||||||
Total operating expense before incentive fee waiver | $ | 102,816 | $ | 99,855 | $ | 2,961 | 3.0 | % | ||||||||||||||||||
Incentive fee waiver | (16) | — | (16) | 100.0 | % | |||||||||||||||||||||
Total operating expenses | $ | 102,800 | $ | 99,855 | $ | 2,945 | 2.9 | % | ||||||||||||||||||
Other (expense) income | ||||||||||||||||||||||||||
Interest expense | $ | (26,887) | $ | (26,803) | $ | (84) | 0.3 | % | ||||||||||||||||||
(Loss) gain on sale of real estate, net | (1,148) | 8,096 | (9,244) | (114.2) | % | |||||||||||||||||||||
Other income | 2,880 | 395 | 2,485 | 629.1 | % | |||||||||||||||||||||
Total other expense, net | $ | (25,155) | $ | (18,312) | $ | (6,843) | 37.4 | % | ||||||||||||||||||
Net income | $ | 9,733 | $ | 14,985 | $ | (5,252) | (35.0) | % | ||||||||||||||||||
Distributions attributable to Series D, E, F, and G preferred stock | (11,488) | (10,973) | (515) | 4.7 | % | |||||||||||||||||||||
Series D preferred stock offering costs write off | (2,141) | — | (2,141) | 100.0 | % | |||||||||||||||||||||
Distributions attributable to senior common stock | (698) | (816) | 118 | (14.5) | % | |||||||||||||||||||||
Net (loss) income (attributable) available to common stockholders and Non-controlling OP Unitholders | $ | (4,594) | $ | 3,196 | $ | (7,790) | (243.7) | % | ||||||||||||||||||
Net (loss) income (attributable) available to common stockholders and Non-controlling OP Unitholders per weighted average share and unit - basic & diluted | $ | (0.12) | $ | 0.09 | $ | (0.21) | (233.3) | % | ||||||||||||||||||
FFO available to common stockholders and Non-controlling OP Unitholders - basic (1) | $ | 56,865 | $ | 54,145 | $ | 2,720 | 5.0 | % | ||||||||||||||||||
FFO available to common stockholders and Non-controlling OP Unitholders - diluted (1) | $ | 57,563 | $ | 54,961 | $ | 2,602 | 4.7 | % | ||||||||||||||||||
FFO available to common stockholders and Non-controlling OP Unitholders - diluted, as adjusted for comparability (1) | $ | 59,704 | $ | 54,961 | $ | 4,743 | 8.6 | % | ||||||||||||||||||
FFO per weighted average share of common stock and Non-controlling OP Unit - basic (1) | $ | 1.54 | $ | 1.57 | $ | (0.03) | (1.9) | % | ||||||||||||||||||
FFO per weighted average share of common stock and Non-controlling OP Unit - diluted (1) | $ | 1.54 | $ | 1.56 |
|
$ | (0.02) | (1.3) | % | |||||||||||||||||
FFO per weighted average share of common stock and Non-controlling OP Unit - diluted, as adjusted for comparability (1) | $ | 1.60 | $ | 1.56 | $ | 0.04 | 2.6 | % |
For the year ended December 31, | ||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||
Lease Revenues | 2021 | 2020 | $ Change | % Change | ||||||||||||||||||||||
Same Store Properties | $ | 106,035 | $ | 102,778 | $ | 3,257 | 3.2 | % | ||||||||||||||||||
Acquired & Disposed Properties | 13,874 | 10,327 | 3,547 | 34.3 | % | |||||||||||||||||||||
Properties with Vacancy | 17,779 | 20,047 | (2,268) | (11.3) | % | |||||||||||||||||||||
$ | 137,688 | $ | 133,152 | $ | 4,536 | 3.4 | % |
For the year ended December 31, | ||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||
Property Operating Expenses | 2021 | 2020 | $ Change | % Change | ||||||||||||||||||||||
Same Store Properties | $ | 16,055 | $ | 16,065 | $ | (10) | (0.1) | % | ||||||||||||||||||
Acquired & Disposed Properties | 988 | 1,644 | (656) | (39.9) | % | |||||||||||||||||||||
Properties with Vacancy | 10,055 | 8,295 | 1,760 | 21.2 | % | |||||||||||||||||||||
$ | 27,098 | $ | 26,004 | $ | 1,094 | 4.2 | % |
Net Proceeds | Number of Shares Sold | Weighted Average Share Price | ||||||||||||||||||
Common Stock ATM Program | $ | 36,561 | 1,771,277 | $ | 20.91 | |||||||||||||||
Series F Preferred Stock Continuous Public Offering | 6,869 | 302,007 | 24.98 | |||||||||||||||||
Series G Preferred Stock Public Offering | $ | 96,573 | 4,000,000 | 25.00 | ||||||||||||||||
$ | 140,003 | 6,073,284 |
Payments Due by Period | ||||||||||||||||||||||||||||||||
Contractual Obligations | Total | Less than 1 Year | 1-3 Years | 3-5 Years | More than 5 Years | |||||||||||||||||||||||||||
Debt Obligations (1) | $ | 711,418 | $ | 105,204 | $ | 312,141 | $ | 146,317 | $ | 147,756 | ||||||||||||||||||||||
Interest on Debt Obligations (2) | 78,782 | 21,961 | 31,050 | 16,704 | 9,067 | |||||||||||||||||||||||||||
Operating Lease Obligations (3) | 9,273 | 489 | 985 | 992 | 6,807 | |||||||||||||||||||||||||||
Purchase Obligations (4) | 4,518 | 3,226 | 1,292 | — | — | |||||||||||||||||||||||||||
$ | 803,991 | $ | 130,880 | $ | 345,468 | $ | 164,013 | $ | 163,630 |
For the twelve months ended December 31, | ||||||||||||||
(Dollars in Thousands, Except for Per Share Amounts) | ||||||||||||||
2021 | 2020 | |||||||||||||
Calculation of basic FFO per share of common stock and Non-controlling OP Unit | ||||||||||||||
Net income | $ | 9,733 | $ | 14,985 | ||||||||||
Less: Distributions attributable to preferred and senior common stock | (12,186) | (11,789) | ||||||||||||
Less: Series D preferred stock offering costs write off | (2,141) | — | ||||||||||||
Net (loss) income (attributable) available to common stockholders and Non-controlling OP Unitholders | $ | (4,594) | $ | 3,196 | ||||||||||
Adjustments: | ||||||||||||||
Add: Real estate depreciation and amortization | 60,311 | 55,424 | ||||||||||||
Add: Impairment charge | — | 3,621 | ||||||||||||
Add: Loss on sale of real estate, net | 1,148 | — | ||||||||||||
Less: Gain on sale of real estate, net | — | (8,096) | ||||||||||||
FFO available to common stockholders and Non-controlling OP Unitholders - basic | $ | 56,865 | $ | 54,145 | ||||||||||
Weighted average common shares outstanding - basic | 36,537,306 | 34,040,085 | ||||||||||||
Weighted average Non-controlling OP Units outstanding | 316,987 | 502,586 | ||||||||||||
Total common shares and Non-controlling OP Units | 36,854,293 | 34,542,671 | ||||||||||||
Basic FFO per weighted average share of common stock and Non-controlling OP Unit | $ | 1.54 | $ | 1.57 | ||||||||||
Calculation of diluted FFO per share of common stock and Non-controlling OP Unit | ||||||||||||||
Net income | $ | 9,733 | $ | 14,985 | ||||||||||
Less: Distributions attributable to preferred and senior common stock | (12,186) | (11,789) | ||||||||||||
Less: Series D preferred stock offering costs write off | (2,141) | — | ||||||||||||
Net (loss) income (attributable) available to common stockholders and Non-controlling OP Unitholders | $ | (4,594) | $ | 3,196 | ||||||||||
Adjustments: | ||||||||||||||
Add: Real estate depreciation and amortization | 60,311 | 55,424 | ||||||||||||
Add: Impairment charge | — | 3,621 | ||||||||||||
Add: Income impact of assumed conversion of senior common stock | 698 | 816 | ||||||||||||
Add: Loss on sale of real estate, net | 1,148 | — | ||||||||||||
Less: Gain on sale of real estate, net | — | (8,096) | ||||||||||||
FFO available to common stockholders and Non-controlling OP Unitholders plus assumed conversions | $ | 57,563 | $ | 54,961 | ||||||||||
Weighted average common shares outstanding - basic | 36,537,306 | 34,040,085 | ||||||||||||
Weighted average Non-controlling OP Units outstanding | 316,987 | 502,586 | ||||||||||||
Effect of convertible senior common stock | 503,962 | 628,263 | ||||||||||||
Weighted average common shares and Non-controlling OP Units outstanding - diluted | 37,358,255 | 35,170,934 | ||||||||||||
Diluted FFO per weighted average share of common stock and Non-controlling OP Unit | $ | 1.54 | $ | 1.56 | ||||||||||
Calculation of diluted FFO per share of common stock and Non-controlling OP Unit, as adjusted for comparability | ||||||||||||||
FFO available to common stockholders and Non-controlling OP Unitholders plus assumed conversions | $ | 57,563 | $ | 54,961 | ||||||||||
Add: Series D preferred stock offering costs write off | 2,141 | — | ||||||||||||
FFO available to common stockholders and Non-controlling OP Unitholders plus assumed conversions, as adjusted for comparability | $ | 59,704 | $ | 54,961 | ||||||||||
Weighted average common shares and Non-controlling OP Units outstanding - diluted | 37,358,255 | 35,170,934 | ||||||||||||
Diluted FFO per weighted average share of common stock and Non-controlling OP Unit, as adjusted for comparability | $ | 1.60 | $ | 1.56 | ||||||||||
Distributions declared per share of common stock and Non-controlling OP Unit | $ | 1.502175 | $ | 1.501800 |
Interest Rate Change | Increase to Interest Expense | Net decrease to Net Income | ||||||||||||
1% Increase to LIBOR | $ | 2,787 | $ | (2,787) | ||||||||||
2% Increase to LIBOR | 5,221 | (5,221) | ||||||||||||
3% Increase to LIBOR | 6,493 | (6,493) |
2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | Total | |||||||||||||||||
Fixed rate | $ | 97,196 | $ | 64,346 | $ | 45,915 | $ | 38,089 | $ | 43,228 | $ | 147,756 | $ | 436,530 | |||||||||
Variable rate | $ | 8,008 | $ | 41,880 | $ | 160,000 | $ | — | $ | 65,000 | $ | — | $ | 274,888 | |||||||||
$ | 105,204 | $ | 106,226 | $ | 205,915 | $ | 38,089 | $ | 108,228 | $ | 147,756 | $ | 711,418 |
December 31, 2021 | December 31, 2020 | |||||||||||||
ASSETS | ||||||||||||||
Real estate, at cost | $ | 1,225,258 | $ | 1,128,683 | ||||||||||
Less: accumulated depreciation | 266,672 | 228,468 | ||||||||||||
Total real estate, net | 958,586 | 900,215 | ||||||||||||
Lease intangibles, net | 114,494 | 117,379 | ||||||||||||
Real estate and related assets held for sale | — | 8,498 | ||||||||||||
Cash and cash equivalents | 7,956 | 11,016 | ||||||||||||
Restricted cash | 5,222 | 5,060 | ||||||||||||
Funds held in escrow | 7,304 | 9,145 | ||||||||||||
Right-of-use assets from operating leases | 5,361 | 5,582 | ||||||||||||
Deferred rent receivable, net | 39,066 | 36,555 | ||||||||||||
Other assets | 5,363 | 4,458 | ||||||||||||
TOTAL ASSETS | $ | 1,143,352 | $ | 1,097,908 | ||||||||||
LIABILITIES, MEZZANINE EQUITY AND EQUITY | ||||||||||||||
LIABILITIES | ||||||||||||||
Mortgage notes payable, net (1) | $ | 449,944 | $ | 456,177 | ||||||||||
Borrowings under Revolver | 33,550 | 53,312 | ||||||||||||
Borrowings under Term Loan A and Term Loan B, net | 224,032 | 159,203 | ||||||||||||
Deferred rent liability, net | 26,770 | 20,633 | ||||||||||||
Operating lease liabilities | 5,509 | 5,687 | ||||||||||||
Asset retirement obligation | 3,769 | 3,086 | ||||||||||||
Accounts payable and accrued expenses | 6,736 | 4,459 | ||||||||||||
Due to Adviser and Administrator (1) | 3,431 | 2,960 | ||||||||||||
Other liabilities | 16,788 | 17,068 | ||||||||||||
TOTAL LIABILITIES | $ | 770,529 | $ | 722,585 | ||||||||||
Commitments and contingencies (2) | ||||||||||||||
MEZZANINE EQUITY | ||||||||||||||
Series D, E and G redeemable preferred stock, net, par value $0.001 per share; $25 per share liquidation preference; 10,760,000 and 12,760,000 shares authorized; and 7,061,448 and 6,571,003 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively (3)
|
$ | 170,261 | $ | 159,286 | ||||||||||
TOTAL MEZZANINE EQUITY | $ | 170,261 | $ | 159,286 | ||||||||||
EQUITY | ||||||||||||||
Senior common stock, par value $0.001 per share; 950,000 shares authorized; and 600,061 and 750,372 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively (3)
|
$ | 1 | $ | 1 | ||||||||||
Common stock, par value $0.001 per share, 62,290,000 and 60,290,000 shares authorized and 37,473,587 and 35,331,970 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively (3)
|
37 | 35 | ||||||||||||
Series F redeemable preferred stock, par value $0.001 per share; $25 per share liquidation preference; 26,000,000 shares authorized; and 422,920 and 116,674 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively (3)
|
— | — | ||||||||||||
Additional paid in capital | 671,134 | 626,533 | ||||||||||||
Accumulated other comprehensive income | (1,346) | (4,345) | ||||||||||||
Distributions in excess of accumulated earnings | (468,523) | (409,041) | ||||||||||||
TOTAL STOCKHOLDERS' EQUITY | $ | 201,303 | $ | 213,183 | ||||||||||
OP Units held by Non-controlling OP Unitholders (3) | 1,259 | 2,854 | ||||||||||||
TOTAL EQUITY | $ | 202,562 | $ | 216,037 | ||||||||||
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY | $ | 1,143,352 | $ | 1,097,908 |
For the year ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Operating revenues | ||||||||||||||||||||
Lease revenue | $ | 137,688 | $ | 133,152 | $ | 114,387 | ||||||||||||||
Total operating revenues | $ | 137,688 | $ | 133,152 | $ | 114,387 | ||||||||||||||
Operating expenses | ||||||||||||||||||||
Depreciation and amortization | $ | 60,311 | $ | 55,424 | $ | 52,039 | ||||||||||||||
Property operating expenses | 27,098 | 26,004 | 12,592 | |||||||||||||||||
Base management fee (1) | 5,882 | 5,648 | 5,174 | |||||||||||||||||
Incentive fee (1) | 4,859 | 4,301 | 3,688 | |||||||||||||||||
Administration fee (1) | 1,448 | 1,598 | 1,690 | |||||||||||||||||
General and administrative | 3,218 | 3,259 | 3,235 | |||||||||||||||||
Impairment charge | — | 3,621 | 1,813 | |||||||||||||||||
Total operating expense before incentive fee waiver | $ | 102,816 | $ | 99,855 | $ | 80,231 | ||||||||||||||
Incentive fee waiver (1) | (16) | — | — | |||||||||||||||||
Total operating expenses | $ | 102,800 | $ | 99,855 | $ | 80,231 | ||||||||||||||
Other (expense) income | ||||||||||||||||||||
Interest expense | $ | (26,887) | $ | (26,803) | $ | (28,279) | ||||||||||||||
(Loss) gain on sale of real estate, net | (1,148) | 8,096 | 2,952 | |||||||||||||||||
Other income | 2,880 | 395 | 712 | |||||||||||||||||
Total other expense, net | $ | (25,155) | $ | (18,312) | $ | (24,615) | ||||||||||||||
Net income | $ | 9,733 | $ | 14,985 | $ | 9,541 | ||||||||||||||
Net loss (income) attributable (available) to OP Units held by Non-controlling OP Unitholders | 40 | (47) | 87 | |||||||||||||||||
Net income attributable to the Company | $ | 9,773 | $ | 14,938 | $ | 9,628 | ||||||||||||||
Distributions attributable to Series D, E, F, and G preferred stock | (11,488) | (10,973) | (10,822) | |||||||||||||||||
Series A, B, and D preferred stock offering costs write off | (2,141) | — | (2,674) | |||||||||||||||||
Distributions attributable to senior common stock | (698) | (816) | (892) | |||||||||||||||||
Net (loss) income (attributable) available to common stockholders | $ | (4,554) | $ | 3,149 | $ | (4,760) | ||||||||||||||
(Loss) earnings per weighted average share of common stock - basic & diluted | ||||||||||||||||||||
(Loss) Income (attributable) available to common shareholders | $ | (0.12) | $ | 0.09 | $ | (0.16) | ||||||||||||||
Weighted average shares of common stock outstanding | ||||||||||||||||||||
Basic and Diluted | 36,537,306 | 34,040,085 | 30,695,902 | |||||||||||||||||
Distributions declared per common share | $ | 1.502175 | $ | 1.501800 | $ | 1.500000 | ||||||||||||||
Earnings per weighted average share of senior common stock | $ | 1.05 | $ | 1.05 | $ | 1.05 | ||||||||||||||
Weighted average shares of senior common stock outstanding - basic | 664,898 | 774,658 | 849,348 | |||||||||||||||||
Comprehensive income | ||||||||||||||||||||
Change in unrealized gain (loss) related to interest rate hedging instruments, net | $ | 2,854 | $ | (2,219) | $ | (1,978) | ||||||||||||||
Other Comprehensive gain (loss) | 2,854 | (2,219) | (1,978) | |||||||||||||||||
Net income | $ | 9,733 | $ | 14,985 | $ | 9,541 | ||||||||||||||
Comprehensive income | $ | 12,587 | $ | 12,766 | $ | 7,563 | ||||||||||||||
Comprehensive loss (income) attributable (available) to OP Units held by Non-controlling OP Unitholders | 40 | (47) | 87 | |||||||||||||||||
Total comprehensive income available to the Company | $ | 12,627 | $ | 12,719 | $ | 7,650 |
Series A and B Preferred Stock | Series F Preferred Stock | Common Stock | Senior Common Stock | Series A and B Preferred Stock | Senior Common Stock | Common Stock | Series F Preferred Stock | Additional Paid in Capital | Accumulated Other Comprehensive Income | Distributions in Excess of Accumulated Earnings | Total Stockholders' Equity | Non-Controlling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | 2,264,000 | — | 29,254,899 | 866,259 | $ | 2 | $ | 1 | $ | 29 | $ | — | $ | 559,977 | $ | (148) | $ | (310,117) | $ | 249,744 | $ | 4,675 | $ | 254,419 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Series A and B preferred stock and common stock, net | — | — | 3,025,727 | — | — | — | 3 | — | 64,539 | — | — | 64,542 | — | 64,542 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of senior common stock to common stock | — | — | 49,725 | (59,824) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of Series A and B preferred stock, net | (2,264,000) | — | — | — | (2) | — | — | — | (53,924) | — | (2,674) | (56,600) | — | (56,600) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions declared to common, senior common and preferred stockholders | — | — | — | — | — | — | — | — | (23) | — | (57,815) | (57,838) | (1,049) | (58,887) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | — | — | — | — | — | — | — | — | — | (1,978) | — | (1,978) | — | (1,978) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of OP Units | — | — | 263,300 | — | — | — | — | — | 6,143 | — | — | 6,143 | (6,143) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership | — | — | — | — | — | — | — | — | (5,507) | — | — | (5,507) | 5,507 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | — | — | 9,628 | 9,628 | (87) | 9,541 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | — | — | 32,593,651 | 806,435 | $ | — | $ | 1 | $ | 32 | $ | — | $ | 571,205 | $ | (2,126) | $ | (360,978) | $ | 208,134 | $ | 2,903 | $ | 211,037 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock and Series F preferred stock, net | — | 116,674 | 2,691,971 | — | — | — | 3 | — | 55,485 | — | — | 55,488 | — | 55,488 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of senior common stock to common stock | — | — | 46,348 | (56,063) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions declared to common, senior common, preferred stockholders and Non-controlling OP Unit holders | — | — | — | — | — | — | — | — | — | — | (63,001) | (63,001) | (756) | (63,757) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | — | — | — | — | — | — | — | — | — | (2,219) | — | (2,219) | — | (2,219) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Non-controlling OP Units as consideration in real estate acquisitions, net | — | — | — | — | — | — | — | — | — | — | — | — | 503 | 503 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership | — | — | — | — | — | — | — | — | (157) | — | — | (157) | 157 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | — | — | 14,938 | 14,938 | 47 | 14,985 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | — | 116,674 | 35,331,970 | 750,372 | $ | — | $ | 1 | $ | 35 | $ | — | $ | 626,533 | $ | (4,345) | $ | (409,041) | $ | 213,183 | $ | 2,854 | $ | 216,037 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock and Series F preferred stock, net | — | 306,246 | 1,771,277 | — | — | — | 2 | — | 43,525 | — | — | 43,527 | — | 43,527 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of senior common stock to common stock | — | — | 124,301 | (150,311) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions declared to common, senior common, preferred stockholders and Non-controlling OP Unit holders | — | — | — | — | — | — | — | — | — | — | (67,114) | (67,114) | (479) | (67,593) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | — | — | — | — | — | — | — | — | — | 2,854 | — | 2,854 | — | 2,854 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification into interest expense | — | — | — | — | — | — | — | — | — | 145 | — | 145 | — | 145 |
Redemptions of OP Units | — | — | 246,039 | — | — | — | — | — | 4,812 | — | — | 4,812 | (4,812) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of Series D preferred stock, net | — | — | — | — | — | — | — | — | — | — | (2,141) | (2,141) | — | (2,141) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership | — | — | — | — | — | — | — | — | (3,736) | — | — | (3,736) | 3,736 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | — | — | 9,773 | 9,773 | (40) | 9,733 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | — | 422,920 | 37,473,587 | 600,061 | $ | — | $ | 1 | $ | 37 | $ | — | $ | 671,134 | $ | (1,346) | $ | (468,523) | $ | 201,303 | $ | 1,259 | $ | 202,562 |
For the year ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income | $ | 9,733 | $ | 14,985 | $ | 9,541 | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | 60,311 | 55,424 | 52,039 | |||||||||||||||||
Impairment charge | — | 3,621 | 1,813 | |||||||||||||||||
Loss (gain) on sale of real estate, net | 1,148 | (8,096) | (2,952) | |||||||||||||||||
Amortization of deferred financing costs | 1,583 | 1,531 | 1,641 | |||||||||||||||||
Amortization of deferred rent asset and liability, net | (3,271) | (1,930) | (1,446) | |||||||||||||||||
Amortization of discount and premium on assumed debt, net | 52 | 57 | 62 | |||||||||||||||||
Asset retirement obligation expense | 96 | 98 | 119 | |||||||||||||||||
Amortization of right-of-use asset from operating leases and operating lease liabilities, net | 43 | 52 | 53 | |||||||||||||||||
Bad debt expense | — | 56 | 152 | |||||||||||||||||
Operating changes in assets and liabilities | ||||||||||||||||||||
Decrease (increase) in other assets | 602 | 2,875 | (2,170) | |||||||||||||||||
Increase in deferred rent receivable | (2,900) | (1,899) | (1,477) | |||||||||||||||||
Increase (decrease) in accounts payable and accrued expenses | 2,834 | (1,680) | 1,540 | |||||||||||||||||
Increase in amount due to Adviser and Administrator | 471 | 56 | 381 | |||||||||||||||||
Increase in other liabilities | 1,418 | 1,808 | 2,075 | |||||||||||||||||
Tenant inducement payments | (20) | — | — | |||||||||||||||||
Leasing commissions paid | (1,974) | (1,464) | (1,177) | |||||||||||||||||
Net cash provided by operating activities | $ | 70,126 | $ | 65,494 | $ | 60,194 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Acquisition of real estate and related intangible assets | $ | (100,153) | $ | (127,931) | $ | (130,313) | ||||||||||||||
Improvements of existing real estate | (5,348) | (6,360) | (7,570) | |||||||||||||||||
Proceeds from sale of real estate | 8,840 | 35,834 | 6,318 | |||||||||||||||||
Receipts from lenders for funds held in escrow | 3,963 | 1,310 | 2,664 | |||||||||||||||||
Payments to lenders for funds held in escrow | (2,122) | (3,229) | (3,880) | |||||||||||||||||
Receipts from tenants for reserves | 3,804 | 2,406 | 4,782 | |||||||||||||||||
Payments to tenants from reserves | (3,761) | (1,988) | (2,496) | |||||||||||||||||
Deposits on future acquisitions | — | (300) | (1,542) | |||||||||||||||||
Net cash used in investing activities | $ | (94,777) | $ | (100,258) | $ | (132,037) | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from issuance of equity | $ | 144,677 | $ | 63,609 | $ | 134,527 | ||||||||||||||
Offering costs paid | (4,579) | (988) | (3,431) | |||||||||||||||||
Redemption of Series A, B, and D perpetual preferred stock | (87,739) | — | (56,600) | |||||||||||||||||
Borrowings under mortgage notes payable | 21,500 | 52,578 | 69,650 | |||||||||||||||||
Payments for deferred financing costs | (792) | (606) | (2,480) | |||||||||||||||||
Principal repayments on mortgage notes payable | (28,470) | (50,662) | (57,438) | |||||||||||||||||
Borrowings on term loan | 65,000 | 37,700 | 47,300 | |||||||||||||||||
Borrowings from revolving credit facility | 69,900 | 142,700 | 165,400 | |||||||||||||||||
Repayments on revolving credit facility | (90,250) | (141,200) | (163,600) | |||||||||||||||||
Increase (decrease) in security deposits | 98 | (22) | (192) | |||||||||||||||||
Distributions paid for common, senior common, preferred stock and Non-controlling OP Unitholders | (67,592) | (63,757) | (58,887) | |||||||||||||||||
Net cash provided by financing activities | $ | 21,753 | $ | 39,352 | $ | 74,249 | ||||||||||||||
Net (decrease) increase in cash, cash equivalents, and restricted cash | $ | (2,898) | $ | 4,588 | $ | 2,406 | ||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | $ | 16,076 | $ | 11,488 | $ | 9,082 | ||||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 13,178 | $ | 16,076 | $ | 11,488 | ||||||||||||||
SUPPLEMENTAL AND NON-CASH INFORMATION | ||||||||||||||||||||
Cash paid during year for interest | $ | 23,393 | $ | 26,098 | $ | 25,685 | ||||||||||||||
Tenant funded fixed asset improvements included in deferred rent liability, net | $ | 9,192 | $ | 2,978 | $ | 2,787 | ||||||||||||||
Acquisition of real estate and related intangible assets | $ | 300 | $ | 1,542 | $ | — | ||||||||||||||
Capital improvements and leasing commissions included in accounts payable and accrued expenses | $ | 512 | $ | 1,070 | $ | 390 | ||||||||||||||
Unrealized gain (loss) related to interest rate hedging instruments, net | $ | 2,854 | $ | (2,219) | $ | (1,978) | ||||||||||||||
Increase in asset retirement obligation assumed in acquisition | $ | 600 | $ | — | $ | 164 |
Non-controlling OP Units issued in connection with acquisition | $ | — | $ | 503 | $ | — | ||||||||||||||
Series A, B, and D Preferred Stock offering cost write off | $ | 2,141 | $ | — | $ | 2,674 | ||||||||||||||
Right-of-use asset from operating leases | $ | — | $ | — | $ | 5,998 | ||||||||||||||
Operating lease liabilities | $ | — | $ | — | $ | (5,998) | ||||||||||||||
Property manager other assets | $ | — | $ | — | $ | 1,676 | ||||||||||||||
Property manager accrued expenses and other liabilities | $ | — | $ | — | $ | (1,676) |
For the year ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Cash and cash equivalents | $ | 7,956 | $ | 11,016 | $ | 6,849 | ||||||||||||||
Restricted cash | 5,222 | 5,060 | 4,639 | |||||||||||||||||
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows | $ | 13,178 | $ | 16,076 | $ | 11,488 |
For the year ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Calculation of basic (loss) earnings per share of common stock: | ||||||||||||||||||||
Net (loss) income (attributable) available to common stockholders | $ | (4,554) | $ | 3,149 | $ | (4,760) | ||||||||||||||
Denominator for basic weighted average shares of common stock (1) | 36,537,306 | 34,040,085 | 30,695,902 | |||||||||||||||||
Basic (loss) earnings per share of common stock | $ | (0.12) | $ | 0.09 | $ | (0.16) | ||||||||||||||
Calculation of diluted (loss) earnings per share of common stock: | ||||||||||||||||||||
Net (loss) income (attributable) available to common stockholders | $ | (4,554) | $ | 3,149 | $ | (4,760) | ||||||||||||||
Net (loss) income (attributable) available to common stockholders plus assumed conversions (2) | $ | (4,554) | $ | 3,149 | $ | (4,760) | ||||||||||||||
Denominator for basic weighted average shares of common stock (1) | 36,537,306 | 34,040,085 | 30,695,902 | |||||||||||||||||
Effect of convertible Senior Common Stock (2) | — | — | — | |||||||||||||||||
Denominator for diluted weighted average shares of common stock (2) | 36,537,306 | 34,040,085 | 30,695,902 | |||||||||||||||||
Diluted (loss) earnings per share of common stock | $ | (0.12) | $ | 0.09 | $ | (0.16) |
December 31, 2021 | December 31, 2020 | |||||||||||||
Real estate: | ||||||||||||||
Land (1) | $ | 149,773 | $ | 142,853 | ||||||||||
Building and improvements | 1,004,362 | 916,601 | ||||||||||||
Tenant improvements | 71,123 | 69,229 | ||||||||||||
Accumulated depreciation | (266,672) | (228,468) | ||||||||||||
Real estate, net | $ | 958,586 | $ | 900,215 |
Year Ended | Aggregate Square Footage | Weighted Average Lease Term | Aggregate Purchase Price | Aggregate Capitalized Acquisition Costs | |||||||||||||||||||||||||||||||||||||
December 31, 2021 | (1) | 949,174 | 13.4 years | $ | 100,453 | $ | 798 | ||||||||||||||||||||||||||||||||||
December 31, 2020 | (2) | 1,717,502 | 12.2 years | $ | 129,974 | $ | 814 |
Year ended December 31, 2021
|
Year ended December 31, 2020
|
||||||||||||||||
Acquired assets and liabilities | Purchase price | Purchase price | |||||||||||||||
Land | $ | 7,205 | $ | 11,264 | (1) | ||||||||||||
Building | 76,611 | 97,101 | |||||||||||||||
Tenant Improvements | 1,353 | 2,684 | |||||||||||||||
In-place Leases | 6,431 | 9,076 | |||||||||||||||
Leasing Costs | 5,779 | 6,352 | |||||||||||||||
Customer Relationships | 3,364 | 5,239 | |||||||||||||||
Above Market Leases | 777 | 529 | (2) | ||||||||||||||
Below Market Leases | (1,067) | (2,271) | (3) | ||||||||||||||
Total Purchase Price | $ | 100,453 | $ | 129,974 |
Year | Tenant Lease Payments | ||||
2022 | $ | 118,225 | |||
2023 | 111,338 | ||||
2024 | 104,947 | ||||
2025 | 98,833 | ||||
2026 | 90,258 | ||||
Thereafter | 337,516 | ||||
$ | 861,117 |
For the twelve months ended December 31, | ||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Lease revenue reconciliation | 2021 | 2020 | 2019 | |||||||||||||||||
Fixed lease payments | $ | 121,303 | $ | 117,248 | $ | 110,273 | ||||||||||||||
Variable lease payments | 16,385 | 15,904 | 4,114 | |||||||||||||||||
$ | 137,688 | $ | 133,152 | $ | 114,387 |
December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Lease Intangibles | Accumulated Amortization | Lease Intangibles | Accumulated Amortization | |||||||||||||||||||||||
In-place leases | $ | 105,891 | $ | (62,604) | $ | 99,254 | $ | (54,168) | ||||||||||||||||||
Leasing costs | 81,487 | (43,982) | 73,707 | (37,801) | ||||||||||||||||||||||
Customer relationships | 71,922 | (38,220) | 68,268 | (31,881) | ||||||||||||||||||||||
$ | 259,300 | $ | (144,806) | $ | 241,229 | $ | (123,850) | |||||||||||||||||||
Deferred Rent Receivable/(Liability) | Accumulated (Amortization)/Accretion | Deferred Rent Receivable/(Liability) | Accumulated (Amortization)/Accretion | |||||||||||||||||||||||
Above market leases | $ | 15,538 | $ | (11,520) | $ | 15,076 | $ | (10,670) | ||||||||||||||||||
Below market leases and deferred revenue | (48,241) | 21,471 | (38,319) | 17,686 |
Intangible Assets & Liabilities | 2021 | 2020 | ||||||||||||
In-place leases | 14.0 | 14.2 | ||||||||||||
Leasing costs | 14.0 | 14.2 | ||||||||||||
Customer relationships | 19.5 | 17.8 | ||||||||||||
Above market leases | 13.8 | 14.8 | ||||||||||||
Below market leases | 14.4 | 13.3 | ||||||||||||
All intangible assets & liabilities | 15.3 | 15.0 |
Year |
Estimated Amortization Expense
of In-Place Leases, Leasing Costs and Customer Relationships |
||||
2022 | $ | 19,692 | |||
2023 | 16,496 | ||||
2024 | 14,382 | ||||
2025 | 12,825 | ||||
2026 | 11,182 | ||||
Thereafter | 39,917 | ||||
$ | 114,494 |
Year |
Net Increase to Rental Income
Related to Above and Below Market Leases (1) |
||||
2022 | $ | 4,053 | |||
2023 | 3,982 | ||||
2024 | 3,829 | ||||
2025 | 3,533 | ||||
2026 | 2,078 | ||||
Thereafter | 5,113 | ||||
$ | 22,588 |
Aggregate Square Footage Sold | Aggregate Sales Price | Aggregate Sales Costs | Aggregate Loss on Sale of Real Estate, net | |||||||||||||||||||||||
123,971 | $ | 9,473 | $ | 633 | $ | (1,148) |
For the year ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Operating revenue | $ | 991 | $ | 1,942 | $ | 1,676 | ||||||||||||||
Operating expense | 695 | 3,230 | 905 | |||||||||||||||||
Other expense, net | (1,865) | (1) | (239) | (223) | ||||||||||||||||
(Loss) income from real estate and related assets sold | $ | (1,569) | $ | (1,527) | $ | 548 |
December 31, 2020 | ||||||||||||||
Assets Held for Sale | ||||||||||||||
Total real estate held for sale | $ | 8,114 | ||||||||||||
Lease intangibles, net | 384 | |||||||||||||
Total Assets Held for Sale | $ | 8,498 | ||||||||||||
Encumbered properties at | Carrying Value at | Stated Interest Rates at | Scheduled Maturity Dates at | |||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2021 | ||||||||||||||||||||||||||||
Mortgage and other secured loans: | ||||||||||||||||||||||||||||||||
Fixed rate mortgage loans | 61 | $ | 436,530 | $ | 435,029 | (1) | (2) | |||||||||||||||||||||||||
Variable rate mortgage loans | 6 | 16,338 | 24,809 | (3) | (2) | |||||||||||||||||||||||||||
Premiums and discounts, net | - | (130) | (182) | N/A | N/A | |||||||||||||||||||||||||||
Deferred financing costs, mortgage loans, net | - | (2,794) | (3,479) | N/A | N/A | |||||||||||||||||||||||||||
Total mortgage notes payable, net | 67 | $ | 449,944 | $ | 456,177 | (4) | ||||||||||||||||||||||||||
Variable rate revolving credit facility | 60 | (6) | $ | 33,550 | $ | 53,900 |
LIBOR + 1.90%
|
July 2, 2023 | ||||||||||||||||||||||||
Total revolver | 60 | $ | 33,550 | $ | 53,900 | |||||||||||||||||||||||||||
Variable rate term loan facility A | - | 160,000 | 160,000 |
LIBOR + 1.85%
|
July 2, 2024 | |||||||||||||||||||||||||||
Variable rate term loan facility B | - | 65,000 | — |
LIBOR + 2.00%
|
February 11, 2026 | |||||||||||||||||||||||||||
Deferred financing costs, term loan facility | - | (968) | (797) | N/A | N/A | |||||||||||||||||||||||||||
Total term loan, net | N/A | $ | 224,032 | $ | 159,203 | |||||||||||||||||||||||||||
Total mortgage notes payable and credit facility | 127 | $ | 707,526 | $ | 669,280 | (5) |
Aggregate Fixed Rate Debt Repaid | Weighted Average Interest Rate on Fixed Rate Debt Repaid | |||||||
$ | 7,669 | 4.91 | % |
Variable Rate Debt Repaid | Interest Rate on Variable Rate Debt Repaid | ||||||||||
$ | 7,500 | LIBOR + | 2.50% |
Fixed Rate Debt Issued | Interest Rate on Fixed Rate Debt | ||||||||||||||||
$ | 21,500 | (1) | 3.36 | % |
Year | Scheduled Principal Payments | ||||||||||
2022 | $ | 105,204 | |||||||||
2023 | 72,676 | ||||||||||
2024 | 45,915 | ||||||||||
2025 | 38,089 | ||||||||||
2026 | 43,228 | ||||||||||
Thereafter | 147,756 | ||||||||||
$ | 452,868 | (1) |
December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Aggregate Cost | Aggregate Notional Amount | Aggregate Fair Value | Aggregate Notional Amount | Aggregate Fair Value | ||||||||||||||||||||||
$ | 1,228 | (1) | $ | 233,632 | $ | 324 | $ | 177,060 | $ | 9 |
December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
Aggregate Notional Amount | Aggregate Fair Value Asset | Aggregate Fair Value Liability | Aggregate Notional Amount | Aggregate Fair Value Asset | Aggregate Fair Value Liability | |||||||||||||||||||||||||||
$ | 73,212 | $ | 841 | $ | (1,217) | $ | 68,829 | $ | — | $ | (3,055) |
Amount of gain (loss) recognized in Comprehensive Income | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Derivatives in cash flow hedging relationships | ||||||||||||||||||||
Interest rate caps | $ | 174 | $ | (337) | $ | (749) | ||||||||||||||
Interest rate swaps | 2,680 | (1,882) | (1,229) | |||||||||||||||||
Total | $ | 2,854 | $ | (2,219) | $ | (1,978) |
Amount reclassified out of Accumulated Other Comprehensive Income | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Derivatives in cash flow hedging relationships | ||||||||||||||||||||
Interest rate caps | $ | (145) | $ | — | $ | — | ||||||||||||||
Total | $ | (145) | $ | — | $ | — |
Asset (Liability) Derivatives Fair Value at | ||||||||||||||||||||
Derivatives Designated as Hedging Instruments | Balance Sheet Location | December 31, 2021 | December 31, 2020 | |||||||||||||||||
Interest rate caps | Other assets | $ | 324 | $ | 9 | |||||||||||||||
Interest rate swaps | Other assets | 841 | — | |||||||||||||||||
Interest rate swaps | Other liabilities | (1,217) | (3,055) | |||||||||||||||||
Total derivative liabilities, net | $ | (52) | $ | (3,046) |
Year | Future Lease Payments Due Under Operating Leases | |||||||
2022 | $ | 489 | ||||||
2023 | 492 | |||||||
2024 | 493 | |||||||
2025 | 494 | |||||||
2026 | 498 | |||||||
Thereafter | 6,807 | |||||||
Total anticipated lease payments | $ | 9,273 | ||||||
Less: amount representing interest | (3,764) | |||||||
Present value of lease payments | $ | 5,509 |
For the year ended December 31, | |||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||
Common Stock and Non-controlling OP Units | $ | 1.502175 | $ | 1.501800 | $ | 1.500000 | |||||||||||||||||
Senior Common Stock | 1.0500 | 1.0500 | 1.0500 | ||||||||||||||||||||
Series A Preferred Stock | — | (1) | — | (1) | 1.6038191 | ||||||||||||||||||
Series B Preferred Stock | — | (1) | — | (1) | 1.5521 | ||||||||||||||||||
Series D Preferred Stock | 0.8749998 | (2) | 1.7500 | 1.7500 | |||||||||||||||||||
Series E Preferred Stock | 1.656252 | 1.656252 | 0.404900 | (3) | |||||||||||||||||||
Series F Preferred Stock | 1.5000 | 0.7500 | (4) | — | |||||||||||||||||||
Series G Preferred Stock | 0.75 | (5) | — | — |
Ordinary Income | Return of Capital | Long-Term Capital Gains | ||||||||||||||||||
Common Stock and OP Units | ||||||||||||||||||||
For the year ended December 31, 2019 | 44.46159 | % | 55.53841 | % | — | % | ||||||||||||||
For the year ended December 31, 2020 | 37.28754 | % | 62.71246 | % | — | % | ||||||||||||||
For the year ended December 31, 2021 | 28.14778 | % | 71.85222 | % | — | % | ||||||||||||||
Senior Common Stock | ||||||||||||||||||||
For the year ended December 31, 2019 | 100.00000 | % | — | % | — | % | ||||||||||||||
For the year ended December 31, 2020 | 100.00000 | % | — | % | — | % | ||||||||||||||
For the year ended December 31, 2021 | 100.00000 | % | — | % | — | % | ||||||||||||||
Series A Preferred Stock | ||||||||||||||||||||
For the year ended December 31, 2019 | 100.00000 | % | — | % | — | % | ||||||||||||||
For the year ended December 31, 2020 | — | % | — | % | — | % | ||||||||||||||
For the year ended December 31, 2021 | — | % | — | % | — | % | ||||||||||||||
Series B Preferred Stock | ||||||||||||||||||||
For the year ended December 31, 2019 | 100.00000 | % | — | % | — | % | ||||||||||||||
For the year ended December 31, 2020 | — | % | — | % | — | % | ||||||||||||||
For the year ended December 31, 2021 | — | % | — | % | — | % | ||||||||||||||
Series D Preferred Stock | ||||||||||||||||||||
For the year ended December 31, 2019 | 100.00000 | % | — | % | — | % | ||||||||||||||
For the year ended December 31, 2020 | 100.00000 | % | — | % | — | % | ||||||||||||||
For the year ended December 31, 2021 | 100.00000 | % | — | % | — | % | ||||||||||||||
Series E Preferred Stock | ||||||||||||||||||||
For the year ended December 31, 2019 | 100.00000 | % | — | % | — | % | ||||||||||||||
For the year ended December 31, 2020 | 100.00000 | % | — | % | — | % | ||||||||||||||
For the year ended December 31, 2021 | 100.00000 | % | — | % | — | % | ||||||||||||||
Series F Preferred Stock | ||||||||||||||||||||
For the year ended December 31, 2019 | — | % | — | % | — | % | ||||||||||||||
For the year ended December 31, 2020 | 100.00000 | % | — | % | — | % | ||||||||||||||
For the year ended December 31, 2021 | 100.00000 | % | — | % | — | % | ||||||||||||||
Series G Preferred Stock | ||||||||||||||||||||
For the year ended December 31, 2019 | — | % | — | % | — | % | ||||||||||||||
For the year ended December 31, 2020 | — | % | — | % | — | % | ||||||||||||||
For the year ended December 31, 2021 | 100.00000 | % | — | % | — | % |
Record Date | Payment Date | Common Stock and Non-controlling OP Unit Distributions per Share | Series E Preferred Distributions per Share | Series G Preferred Distributions per Share | ||||||||||||||||||||||
January 21, 2022 | January 31, 2022 | $ | 0.12540 | $ | 0.1380210 | $ | 0.125000 | |||||||||||||||||||
February 18, 2022 | February 28, 2022 | 0.12540 | 0.1380210 | 0.125000 | ||||||||||||||||||||||
March 23, 2022 | March 31, 2022 | 0.12540 | 0.1380210 | 0.125000 | ||||||||||||||||||||||
$ | 0.37620 | $ | 0.4140630 | $ | 0.375000 |
Series F Preferred Stock Distributions | ||||||||||||||
Record Date | Payment Date | Distribution per Share | ||||||||||||
January 26, 2022 | February 4, 2022 | $ | 0.125 | |||||||||||
February 24, 2022 | March 4, 2022 | 0.125 | ||||||||||||
March 25, 2022 | April 4, 2022 | 0.125 | ||||||||||||
$ | 0.375 |
Senior Common Stock Distributions | ||||||||||||||
Payable to the Holders of Record During the Month of: | Payment Date | Distribution per Share | ||||||||||||
January | February 4, 2022 | $ | 0.0875 | |||||||||||
February | March 4, 2022 | 0.0875 | ||||||||||||
March | April 5, 2022 | 0.0875 | ||||||||||||
$ | 0.2625 |
Initial Cost | Total Cost | ||||||||||||||||||||||||||||||||||
Location of Property | Encumbrances | Land |
Buildings &
Improvements |
Improvement
Costs Capitalized Subsequent to Acquisition |
Land |
Buildings &
Improvements |
Total
(1) |
Accumulated
Depreciation (2) |
Net Real
Estate |
Year
Construction/ Improvements |
Date
Acquired |
||||||||||||||||||||||||
Raleigh, North Carolina (3) | |||||||||||||||||||||||||||||||||||
Office Building | $ | — | $ | 960 | $ | 4,481 | $ | 1,345 | $ | 960 | $ | 5,826 | $ | 6,786 | $ | 2,720 | $ | 4,066 | 1997 | 12/23/2003 | |||||||||||||||
Canton, Ohio (3) | |||||||||||||||||||||||||||||||||||
Office Building | — | 186 | 3,083 | 500 | 187 | 3,582 | 3,769 | 1,764 | 2,005 | 1994 | 1/30/2004 | ||||||||||||||||||||||||
Akron, Ohio (3) | |||||||||||||||||||||||||||||||||||
Office Building | — | 1,973 | 6,771 | 4,025 | 1,974 | 10,795 | 12,769 | 4,068 | 8,701 |
1968/1999
|
4/29/2004 | ||||||||||||||||||||||||
Canton, North Carolina | |||||||||||||||||||||||||||||||||||
Industrial Building | 3,015 | 150 | 5,050 | 7,285 | 150 | 12,335 | 12,485 | 3,614 | 8,871 |
1998/2014
|
7/6/2004 | ||||||||||||||||||||||||
Crenshaw, Pennsylvania (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 100 | 6,574 | 269 | 100 | 6,843 | 6,943 | 3,078 | 3,865 | 1991 | 8/5/2004 | ||||||||||||||||||||||||
Lexington, North Carolina (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 820 | 2,107 | 69 | 820 | 2,176 | 2,996 | 1,008 | 1,988 | 1986 | 8/5/2004 | ||||||||||||||||||||||||
Mt. Pocono, Pennsylvania (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 350 | 5,819 | 18 | 350 | 5,837 | 6,187 | 2,614 | 3,573 |
1995/1999
|
10/15/2004 | ||||||||||||||||||||||||
San Antonio, Texas (3) | |||||||||||||||||||||||||||||||||||
Office Building | — | 843 | 7,514 | 2,240 | 843 | 9,754 | 10,597 | 4,315 | 6,282 | 1999 | 2/10/2005 | ||||||||||||||||||||||||
Big Flats, New York | |||||||||||||||||||||||||||||||||||
Industrial Building | 1,988 | 275 | 6,459 | 515 | 275 | 6,974 | 7,249 | 2,823 | 4,426 | 2001 | 4/15/2005 | ||||||||||||||||||||||||
Wichita, Kansas (3) | |||||||||||||||||||||||||||||||||||
Office Building | — | 1,525 | 9,703 | 674 | 1,525 | 10,377 | 11,902 | 4,478 | 7,424 | 2000 | 5/18/2005 | ||||||||||||||||||||||||
Eatontown, New Jersey | |||||||||||||||||||||||||||||||||||
Office Building | 2,498 | 1,351 | 3,520 | 534 | 1,351 | 4,054 | 5,405 | 1,812 | 3,593 | 1991 | 7/7/2005 | ||||||||||||||||||||||||
Duncan, South Carolina (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 783 | 10,790 | 1,889 | 783 | 12,679 | 13,462 | 5,250 | 8,212 |
1984/2001/2007
|
7/14/2005 | ||||||||||||||||||||||||
Duncan, South Carolina (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 195 | 2,682 | 470 | 195 | 3,152 | 3,347 | 1,305 | 2,042 |
1984/2001/2007
|
7/14/2005 | ||||||||||||||||||||||||
Clintonville, Wisconsin (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 55 | 4,717 | 3,250 | 55 | 7,967 | 8,022 | 2,890 | 5,132 |
1992/2013
|
10/31/2005 | ||||||||||||||||||||||||
Burnsville, Minnesota (3) | |||||||||||||||||||||||||||||||||||
Office Building | — | 3,511 | 8,746 | 7,352 | 3,511 | 16,098 | 19,609 | 7,451 | 12,158 | 1984 | 5/10/2006 | ||||||||||||||||||||||||
Menomonee Falls, Wisconsin (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 625 | 6,911 | 686 | 625 | 7,597 | 8,222 | 3,158 | 5,064 |
1986/2000
|
6/30/2006 | ||||||||||||||||||||||||
Baytown, Texas | |||||||||||||||||||||||||||||||||||
Medical Office Building | — | 221 | 2,443 | 2,478 | 221 | 4,921 | 5,142 | 3,314 | 1,828 | 1997 | 7/11/2006 | ||||||||||||||||||||||||
Mason, Ohio | |||||||||||||||||||||||||||||||||||
Office Building | 3,424 | 797 | 6,258 | 721 | 797 | 6,979 | 7,776 | 3,010 | 4,766 | 2002 | 1/5/2007 | ||||||||||||||||||||||||
Raleigh, North Carolina (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 1,606 | 5,513 | 4,700 | 1,606 | 10,213 | 11,819 | 4,066 | 7,753 | 1994 | 2/16/2007 | ||||||||||||||||||||||||
Tulsa, Oklahoma | |||||||||||||||||||||||||||||||||||
Industrial Building | — | — | 14,057 | 579 | — | 14,636 | 14,636 | 6,318 | 8,318 | 2004 | 3/1/2007 | ||||||||||||||||||||||||
Hialeah, Florida (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 3,562 | 6,672 | 769 | 3,562 | 7,441 | 11,003 | 2,908 | 8,095 |
1956/1992
|
3/9/2007 | ||||||||||||||||||||||||
Mason, Ohio (3) | |||||||||||||||||||||||||||||||||||
Retail Building | — | 1,201 | 4,961 | — | 1,201 | 4,961 | 6,162 | 1,879 | 4,283 | 2007 | 7/1/2007 | ||||||||||||||||||||||||
Cicero, New York (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 299 | 5,019 | 33 | 299 | 5,052 | 5,351 | 1,843 | 3,508 | 2005 | 9/6/2007 | ||||||||||||||||||||||||
Grand Rapids, Michigan | |||||||||||||||||||||||||||||||||||
Office Building | 4,699 | 1,629 | 10,500 | 308 | 1,629 | 10,808 | 12,437 | 4,121 | 8,316 | 2001 | 9/28/2007 | ||||||||||||||||||||||||
Bolingbrook, Illinois (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 1,272 | 5,003 | 991 | 1,272 | 5,994 | 7,266 | 2,537 | 4,729 | 2002 | 9/28/2007 | ||||||||||||||||||||||||
Decatur, Georgia (3) | |||||||||||||||||||||||||||||||||||
Medical Office Building | — | 783 | 3,241 | — | 783 | 3,241 | 4,024 | 1,227 | 2,797 | 1989 | 12/13/2007 | ||||||||||||||||||||||||
Decatur, Georgia (3) | |||||||||||||||||||||||||||||||||||
Medical Office Building | — | 205 | 847 | — | 205 | 847 | 1,052 | 321 | 731 | 1989 | 12/13/2007 | ||||||||||||||||||||||||
Decatur, Georgia (3) | |||||||||||||||||||||||||||||||||||
Medical Office Building | — | 257 | 1,062 | — | 257 | 1,062 | 1,319 | 403 | 916 | 1989 | 12/13/2007 | ||||||||||||||||||||||||
Lawrenceville, Georgia (3) | |||||||||||||||||||||||||||||||||||
Medical Office Building | — | 678 | 2,807 | — | 678 | 2,807 | 3,485 | 1,064 | 2,421 | 2005 | 12/13/2007 | ||||||||||||||||||||||||
Snellville, Georgia (3) | |||||||||||||||||||||||||||||||||||
Medical Office Building | — | 176 | 727 | — | 176 | 727 | 903 | 276 | 627 | 1986 | 12/13/2007 | ||||||||||||||||||||||||
Covington, Georgia (3) |
Initial Cost | Total Cost | ||||||||||||||||||||||||||||||||||
Location of Property | Encumbrances | Land |
Buildings &
Improvements |
Improvement
Costs Capitalized Subsequent to Acquisition |
Land |
Buildings &
Improvements |
Total
(1) |
Accumulated
Depreciation (2) |
Net Real
Estate |
Year
Construction/ Improvements |
Date
Acquired |
||||||||||||||||||||||||
Medical Office Building | — | 232 | 959 | — | 232 | 959 | 1,191 | 363 | 828 | 2000 | 12/13/2007 | ||||||||||||||||||||||||
Conyers, Georgia (3) | |||||||||||||||||||||||||||||||||||
Medical Office Building | — | 296 | 1,228 | — | 296 | 1,228 | 1,524 | 465 | 1,059 | 1994 | 12/13/2007 | ||||||||||||||||||||||||
Cumming, Georgia | |||||||||||||||||||||||||||||||||||
Medical Office Building | 2,534 | 738 | 3,055 | 2,524 | 741 | 5,576 | 6,317 | 1,768 | 4,549 | 2004 | 12/13/2007 | ||||||||||||||||||||||||
Reading, Pennsylvania | |||||||||||||||||||||||||||||||||||
Industrial Building | 3,209 | 491 | 6,202 | 135 | 491 | 6,337 | 6,828 | 2,222 | 4,606 | 2007 | 1/29/2008 | ||||||||||||||||||||||||
Fridley, Minnesota | |||||||||||||||||||||||||||||||||||
Office Building | 4,228 | 1,354 | 8,074 | 1,762 | 1,383 | 9,807 | 11,190 | 3,842 | 7,348 |
1985/2006
|
2/26/2008 | ||||||||||||||||||||||||
Pineville, North Carolina | |||||||||||||||||||||||||||||||||||
Industrial Building | 1,866 | 669 | 3,028 | 293 | 669 | 3,321 | 3,990 | 1,206 | 2,784 | 1985 | 4/30/2008 | ||||||||||||||||||||||||
Marietta, Ohio | |||||||||||||||||||||||||||||||||||
Industrial Building | 4,553 | 829 | 6,607 | 529 | 829 | 7,136 | 7,965 | 2,472 | 5,493 |
1992/2007
|
8/29/2008 | ||||||||||||||||||||||||
Chalfont, Pennsylvania | |||||||||||||||||||||||||||||||||||
Industrial Building | 4,146 | 1,249 | 6,420 | 1,024 | 1,249 | 7,444 | 8,693 | 2,612 | 6,081 | 1987 | 8/29/2008 | ||||||||||||||||||||||||
Orange City, Iowa | |||||||||||||||||||||||||||||||||||
Industrial Building | 4,588 | 258 | 5,861 | 6 | 258 | 5,867 | 6,125 | 2,027 | 4,098 | 1990 | 12/15/2010 | ||||||||||||||||||||||||
Hickory, North Carolina | |||||||||||||||||||||||||||||||||||
Office Building | 5,529 | 1,163 | 6,605 | 357 | 1,163 | 6,962 | 8,125 | 3,179 | 4,946 | 2008 | 4/4/2011 | ||||||||||||||||||||||||
Springfield, Missouri (3) | |||||||||||||||||||||||||||||||||||
Office Building | — | 1,700 | 12,038 | 924 | 1,845 | 12,817 | 14,662 | 4,018 | 10,644 | 2006 | 6/20/2011 | ||||||||||||||||||||||||
Boston Heights, Ohio | |||||||||||||||||||||||||||||||||||
Office Building | 2,184 | 449 | 3,010 | 10 | 449 | 3,020 | 3,469 | 1,350 | 2,119 | 2011 | 10/20/2011 | ||||||||||||||||||||||||
Parsippany, New Jersey (3) | |||||||||||||||||||||||||||||||||||
Office Building | — | 1,696 | 7,077 | 252 | 1,696 | 7,329 | 9,025 | 2,692 | 6,333 | 1984 | 10/28/2011 | ||||||||||||||||||||||||
Dartmouth, Massachusetts (3) | |||||||||||||||||||||||||||||||||||
Retail Location | — | — | 4,236 | — | — | 4,236 | 4,236 | 1,196 | 3,040 | 2011 | 11/18/2011 | ||||||||||||||||||||||||
Springfield, Missouri | |||||||||||||||||||||||||||||||||||
Retail Location | 1,114 | — | 2,275 | — | — | 2,275 | 2,275 | 795 | 1,480 | 2005 | 12/13/2011 | ||||||||||||||||||||||||
Pittsburgh, Pennsylvania | |||||||||||||||||||||||||||||||||||
Office Building | 2,238 | 281 | 3,205 | 743 | 281 | 3,948 | 4,229 | 1,441 | 2,788 | 1968 | 12/28/2011 | ||||||||||||||||||||||||
Ashburn, Virginia | |||||||||||||||||||||||||||||||||||
Office Building | 5,816 | 706 | 7,858 | — | 705 | 7,859 | 8,564 | 2,569 | 5,995 | 2002 | 1/25/2012 | ||||||||||||||||||||||||
Ottumwa, Iowa | |||||||||||||||||||||||||||||||||||
Industrial Building | 2,350 | 212 | 5,072 | 310 | 212 | 5,382 | 5,594 | 1,670 | 3,924 | 1970 | 5/30/2012 | ||||||||||||||||||||||||
New Albany, Ohio | |||||||||||||||||||||||||||||||||||
Office Building | 6,468 | 1,658 | 8,746 | — | 1,658 | 8,746 | 10,404 | 3,082 | 7,322 | 2007 | 6/5/2012 | ||||||||||||||||||||||||
Columbus, Georgia | |||||||||||||||||||||||||||||||||||
Office Building | 3,646 | 1,378 | 4,520 | — | 1,378 | 4,520 | 5,898 | 1,779 | 4,119 | 2012 | 6/21/2012 | ||||||||||||||||||||||||
Columbus, Ohio (3) | |||||||||||||||||||||||||||||||||||
Office Building | — | 542 | 2,453 | 166 | 542 | 2,619 | 3,161 | 1,103 | 2,058 | 1981 | 6/28/2012 | ||||||||||||||||||||||||
Jupiter, Florida (3) | |||||||||||||||||||||||||||||||||||
Office Building | — | 1,160 | 11,994 | — | 1,160 | 11,994 | 13,154 | 3,392 | 9,762 | 2011 | 9/26/2012 | ||||||||||||||||||||||||
Fort Worth, Texas | |||||||||||||||||||||||||||||||||||
Industrial Building | 9,646 | 963 | 15,647 | — | 963 | 15,647 | 16,610 | 4,358 | 12,252 | 2005 | 11/8/2012 | ||||||||||||||||||||||||
Columbia, South Carolina | |||||||||||||||||||||||||||||||||||
Office Building | 14,280 | 1,905 | 20,648 | 438 | 1,905 | 21,086 | 22,991 | 8,144 | 14,847 | 2010 | 11/21/2012 | ||||||||||||||||||||||||
Egg Harbor, New Jersey | |||||||||||||||||||||||||||||||||||
Office Building | 2,833 | 1,627 | 3,017 | 315 | 1,627 | 3,332 | 4,959 | 1,092 | 3,867 | 1985 | 3/28/2013 | ||||||||||||||||||||||||
Vance, Alabama (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 457 | 10,529 | 6,692 | 457 | 17,221 | 17,678 | 3,979 | 13,699 | 2013 | 5/9/2013 | ||||||||||||||||||||||||
Blaine, Minnesota | |||||||||||||||||||||||||||||||||||
Office Building | 7,025 | 1,060 | 10,518 | 755 | 842 | 11,491 | 12,333 | 3,610 | 8,723 | 2009 | 5/10/2013 | ||||||||||||||||||||||||
Austin, Texas | |||||||||||||||||||||||||||||||||||
Office Building | 30,089 | 2,330 | 44,021 | 122 | 2,330 | 44,143 | 46,473 | 18,330 | 28,143 | 1999 | 7/9/2013 | ||||||||||||||||||||||||
Allen, Texas | |||||||||||||||||||||||||||||||||||
Office Building | 7,358 | 2,699 | 7,945 | 1,487 | 2,699 | 9,432 | 12,131 | 3,851 | 8,280 | 1998 | 7/10/2013 | ||||||||||||||||||||||||
Englewood, Colorado (3) | |||||||||||||||||||||||||||||||||||
Office Building | — | 1,503 | 11,739 | 208 | 1,503 | 11,947 | 13,450 | 4,139 | 9,311 | 2008 | 12/11/2013 | ||||||||||||||||||||||||
Novi, Michigan | |||||||||||||||||||||||||||||||||||
Industrial Building | 3,580 | 352 | 5,626 | — | 352 | 5,626 | 5,978 | 1,560 | 4,418 | 1988 | 12/27/2013 | ||||||||||||||||||||||||
Allen, Texas | |||||||||||||||||||||||||||||||||||
Retail Building | 2,582 | 874 | 3,634 | — | 874 | 3,634 | 4,508 | 974 | 3,534 | 2004 | 3/27/2014 | ||||||||||||||||||||||||
Colleyville, Texas | |||||||||||||||||||||||||||||||||||
Retail Building | 2,382 | 1,277 | 2,424 | — | 1,277 | 2,424 | 3,701 | 656 | 3,045 | 2000 | 3/27/2014 | ||||||||||||||||||||||||
Coppell, Texas | |||||||||||||||||||||||||||||||||||
Retail Building | 2,742 | 1,448 | 3,349 | — | 1,448 | 3,349 | 4,797 | 880 | 3,917 | 2005 | 5/8/2014 | ||||||||||||||||||||||||
Columbus, Ohio (3) |
Initial Cost | Total Cost | ||||||||||||||||||||||||||||||||||
Location of Property | Encumbrances | Land |
Buildings &
Improvements |
Improvement
Costs Capitalized Subsequent to Acquisition |
Land |
Buildings &
Improvements |
Total
(1) |
Accumulated
Depreciation (2) |
Net Real
Estate |
Year
Construction/ Improvements |
Date
Acquired |
||||||||||||||||||||||||
Office Building | — | 990 | 8,017 | 2,797 | 990 | 10,814 | 11,804 | 3,553 | 8,251 | 1986 | 5/13/2014 | ||||||||||||||||||||||||
Taylor, Pennsylvania | |||||||||||||||||||||||||||||||||||
Industrial Building | 21,600 | 3,101 | 25,405 | 1,248 | 3,101 | 26,653 | 29,754 | 6,444 | 23,310 |
2000/2006
|
6/9/2014 | ||||||||||||||||||||||||
Aurora, Colorado (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 2,882 | 3,917 | 96 | 2,882 | 4,013 | 6,895 | 1,124 | 5,771 | 1983 | 7/1/2014 | ||||||||||||||||||||||||
Indianapolis, Indiana | |||||||||||||||||||||||||||||||||||
Office Building | 5,314 | 502 | 6,422 | 1,892 | 498 | 8,318 | 8,816 | 2,574 | 6,242 |
1981/2014
|
9/3/2014 | ||||||||||||||||||||||||
Denver, Colorado (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 1,621 | 7,071 | 7,353 | 1,621 | 14,424 | 16,045 | 2,033 | 14,012 | 1985 | 10/31/2014 | ||||||||||||||||||||||||
Monroe, Michigan | |||||||||||||||||||||||||||||||||||
Industrial Building | 9,409 | 658 | 14,607 | 195 | 658 | 14,802 | 15,460 | 3,229 | 12,231 | 2004 | 12/23/2014 | ||||||||||||||||||||||||
Monroe, Michigan | |||||||||||||||||||||||||||||||||||
Industrial Building | 6,566 | 460 | 10,225 | (20) | 459 | 10,206 | 10,665 | 2,252 | 8,413 | 2004 | 12/23/2014 | ||||||||||||||||||||||||
Richardson, Texas | |||||||||||||||||||||||||||||||||||
Office Building | 12,673 | 2,728 | 15,372 | 1,135 | 2,728 | 16,507 | 19,235 | 4,850 | 14,385 |
1985/2008
|
3/6/2015 | ||||||||||||||||||||||||
Birmingham, Alabama (3) | |||||||||||||||||||||||||||||||||||
Office Building | — | 650 | 2,034 | 91 | 650 | 2,125 | 2,775 | 656 | 2,119 |
1982/2010
|
3/20/2015 | ||||||||||||||||||||||||
Dublin, Ohio | |||||||||||||||||||||||||||||||||||
Office Building | 3,654 | 1,338 | 5,058 | 1,086 | 1,338 | 6,144 | 7,482 | 1,650 | 5,832 |
1980/Various
|
5/28/2015 | ||||||||||||||||||||||||
Draper, Utah | |||||||||||||||||||||||||||||||||||
Office Building | 11,664 | 3,248 | 13,129 | 74 | 3,248 | 13,203 | 16,451 | 3,524 | 12,927 | 2008 | 5/29/2015 | ||||||||||||||||||||||||
Hapeville, Georgia | |||||||||||||||||||||||||||||||||||
Office Building | 6,696 | 2,272 | 8,778 | 263 | 2,272 | 9,041 | 11,313 | 2,123 | 9,190 |
1999/2007
|
7/15/2015 | ||||||||||||||||||||||||
Villa Rica, Georgia | |||||||||||||||||||||||||||||||||||
Industrial Building | 3,403 | 293 | 5,277 | 18 | 293 | 5,295 | 5,588 | 1,226 | 4,362 |
2000/2014
|
10/20/2015 | ||||||||||||||||||||||||
Taylorsville, Utah | |||||||||||||||||||||||||||||||||||
Office Building | 8,610 | 3,008 | 10,659 | 501 | 3,008 | 11,160 | 14,168 | 3,299 | 10,869 | 1997 | 5/26/2016 | ||||||||||||||||||||||||
Fort Lauderdale, Florida | |||||||||||||||||||||||||||||||||||
Office Building | 12,270 | 4,117 | 15,516 | 3,689 | 4,117 | 19,205 | 23,322 | 4,637 | 18,685 | 1984 | 9/12/2016 | ||||||||||||||||||||||||
King of Prussia, Pennsylvania | |||||||||||||||||||||||||||||||||||
Office Building | 14,176 | 3,681 | 15,739 | 473 | 3,681 | 16,212 | 19,893 | 3,675 | 16,218 | 2001 | 12/14/2016 | ||||||||||||||||||||||||
Conshohocken, Pennsylvania | |||||||||||||||||||||||||||||||||||
Office Building | 9,795 | 1,996 | 10,880 | — | 1,996 | 10,880 | 12,876 | 1,966 | 10,910 | 1996 | 6/22/2017 | ||||||||||||||||||||||||
Philadelphia, Pennsylvania | |||||||||||||||||||||||||||||||||||
Industrial Building | 14,924 | 5,896 | 16,282 | 27 | 5,906 | 16,299 | 22,205 | 3,436 | 18,769 |
1994/2011
|
7/7/2017 | ||||||||||||||||||||||||
Maitland, Florida | |||||||||||||||||||||||||||||||||||
Office Building | 14,904 | 3,073 | 19,661 | 830 | 3,091 | 20,473 | 23,564 | 4,809 | 18,755 | 1998 | 7/31/2017 | ||||||||||||||||||||||||
Maitland, Florida | |||||||||||||||||||||||||||||||||||
Office Building | 7,472 | 2,095 | 9,339 | 9 | 2,095 | 9,348 | 11,443 | 1,717 | 9,726 | 1999 | 7/31/2017 | ||||||||||||||||||||||||
Columbus, Ohio | |||||||||||||||||||||||||||||||||||
Office Building | 8,784 | 1,926 | 11,410 | (1) | 1,925 | 11,410 | 13,335 | 2,211 | 11,124 | 2007 | 12/1/2017 | ||||||||||||||||||||||||
Salt Lake City, Utah (3) | |||||||||||||||||||||||||||||||||||
Office Building | — | 4,446 | 9,938 | 771 | 4,446 | 10,709 | 15,155 | 2,190 | 12,965 | 2007 | 12/1/2017 | ||||||||||||||||||||||||
Vance, Alabama (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 459 | 12,224 | 44 | 469 | 12,258 | 12,727 | 1,709 | 11,018 | 2018 | 3/9/2018 | ||||||||||||||||||||||||
Columbus, Ohio | |||||||||||||||||||||||||||||||||||
Industrial Building | 4,427 | 681 | 6,401 | — | 681 | 6,401 | 7,082 | 1,087 | 5,995 | 1990 | 9/20/2018 | ||||||||||||||||||||||||
Detroit, Michigan | |||||||||||||||||||||||||||||||||||
Industrial Building | 6,149 | 1,458 | 10,092 | 10 | 1,468 | 10,092 | 11,560 | 1,159 | 10,401 | 1997 | 10/30/2018 | ||||||||||||||||||||||||
Detroit, Michigan (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 662 | 6,681 | 10 | 672 | 6,681 | 7,353 | 780 | 6,573 |
2002/2016
|
10/30/2018 | ||||||||||||||||||||||||
Lake Mary, Florida | |||||||||||||||||||||||||||||||||||
Office Building | 10,150 | 3,018 | 11,756 | 87 | 3,020 | 11,841 | 14,861 | 1,539 | 13,322 |
1997/2018
|
12/27/2018 | ||||||||||||||||||||||||
Moorestown, New Jersey (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 471 | 1,825 | — | 471 | 1,825 | 2,296 | 325 | 1,971 | 1991 | 2/8/2019 | ||||||||||||||||||||||||
Indianapolis, Indiana (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 255 | 2,809 | — | 255 | 2,809 | 3,064 | 313 | 2,751 |
1989/2019
|
2/28/2019 | ||||||||||||||||||||||||
Ocala, Florida (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 1,286 | 8,535 | — | 1,286 | 8,535 | 9,821 | 795 | 9,026 | 2001 | 4/5/2019 | ||||||||||||||||||||||||
Ocala, Florida (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 725 | 4,814 | 849 | 724 | 5,664 | 6,388 | 473 | 5,915 |
1965/2007
|
4/5/2019 | ||||||||||||||||||||||||
Delaware, Ohio (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 316 | 2,355 | — | 316 | 2,355 | 2,671 | 264 | 2,407 | 2005 | 4/30/2019 | ||||||||||||||||||||||||
Tifton, Georgia | |||||||||||||||||||||||||||||||||||
Industrial Building | 8,168 | — | 15,190 | 1,725 | 1,725 | 15,190 | 16,915 | 1,296 | 15,619 |
1995/2003
|
6/18/2019 | ||||||||||||||||||||||||
Denton, Texas (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 1,497 | 4,151 | — | 1,496 | 4,152 | 5,648 | 446 | 5,202 | 2012 | 7/30/2019 | ||||||||||||||||||||||||
Temple, Texas (3) |
Initial Cost | Total Cost | ||||||||||||||||||||||||||||||||||
Location of Property | Encumbrances | Land |
Buildings &
Improvements |
Improvement
Costs Capitalized Subsequent to Acquisition |
Land |
Buildings &
Improvements |
Total
(1) |
Accumulated
Depreciation (2) |
Net Real
Estate |
Year
Construction/ Improvements |
Date
Acquired |
||||||||||||||||||||||||
Industrial Building | — | 200 | 4,335 | 65 | 200 | 4,400 | 4,600 | 403 | 4,197 |
1973/2006
|
9/26/2019 | ||||||||||||||||||||||||
Temple, Texas (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 296 | 6,425 | 99 | 296 | 6,524 | 6,820 | 597 | 6,223 |
1978/2006
|
9/26/2019 | ||||||||||||||||||||||||
Indianapolis, Indiana (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 1,158 | 5,162 | 4 | 1,162 | 5,162 | 6,324 | 667 | 5,657 |
1967/1998
|
11/14/2019 | ||||||||||||||||||||||||
Jackson, Tennessee | |||||||||||||||||||||||||||||||||||
Industrial Building | 4,540 | 311 | 7,199 | — | 311 | 7,199 | 7,510 | 490 | 7,020 | 2019 | 12/16/2019 | ||||||||||||||||||||||||
Carrollton, Georgia | |||||||||||||||||||||||||||||||||||
Industrial Building | 4,035 | 291 | 6,720 | — | 292 | 6,719 | 7,011 | 442 | 6,569 |
2015/2019
|
12/17/2019 | ||||||||||||||||||||||||
New Orleans, Louisiana | |||||||||||||||||||||||||||||||||||
Industrial Building | 3,618 | 2,168 | 4,667 | (2) | 2,166 | 4,667 | 6,833 | 502 | 6,331 | 1975 | 12/17/2019 | ||||||||||||||||||||||||
San Antonio, Texas | |||||||||||||||||||||||||||||||||||
Industrial Building | 3,713 | 775 | 6,877 | (2) | 773 | 6,877 | 7,650 | 526 | 7,124 | 1985 | 12/17/2019 | ||||||||||||||||||||||||
Port Allen, Louisiana | |||||||||||||||||||||||||||||||||||
Industrial Building | 2,751 | 292 | 3,411 | (2) | 291 | 3,410 | 3,701 | 329 | 3,372 |
1983/2005
|
12/17/2019 | ||||||||||||||||||||||||
Albuquerque, New Mexico | |||||||||||||||||||||||||||||||||||
Industrial Building | 1,780 | 673 | 2,291 | (3) | 671 | 2,290 | 2,961 | 182 | 2,779 |
1998/2017
|
12/17/2019 | ||||||||||||||||||||||||
Tucson, Arizona | |||||||||||||||||||||||||||||||||||
Industrial Building | 3,332 | 819 | 4,636 | (2) | 817 | 4,636 | 5,453 | 346 | 5,107 |
1987/1995/2005
|
12/17/2019 | ||||||||||||||||||||||||
Albuquerque, New Mexico | |||||||||||||||||||||||||||||||||||
Industrial Building | 3,370 | 818 | 5,219 | (4) | 815 | 5,218 | 6,033 | 383 | 5,650 |
2000/2018
|
12/17/2019 | ||||||||||||||||||||||||
Indianapolis, Indiana (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 489 | 3,956 | 223 | 493 | 4,175 | 4,668 | 295 | 4,373 | 1987 | 1/8/2020 | ||||||||||||||||||||||||
Houston, Texas | |||||||||||||||||||||||||||||||||||
Industrial Building | 9,574 | 1,714 | 14,170 | 3 | 1,717 | 14,170 | 15,887 | 799 | 15,088 |
2000/2018
|
1/27/2020 | ||||||||||||||||||||||||
Charlotte, North Carolina | |||||||||||||||||||||||||||||||||||
Industrial Building | 5,172 | 1,458 | 6,778 | 4 | 1,461 | 6,779 | 8,240 | 486 | 7,754 |
1995/1999/2006
|
1/27/2020 | ||||||||||||||||||||||||
St. Charles, Missouri | |||||||||||||||||||||||||||||||||||
Industrial Building | 2,861 | 924 | 3,749 | 4 | 928 | 3,749 | 4,677 | 219 | 4,458 | 2012 | 1/27/2020 | ||||||||||||||||||||||||
Crandall, Georgia | |||||||||||||||||||||||||||||||||||
Industrial Building | 16,871 | 2,711 | 26,632 | 172 | 2,711 | 26,804 | 29,515 | 1,442 | 28,073 | 2020 | 3/9/2020 | ||||||||||||||||||||||||
Terre Haute, Indiana (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 502 | 8,076 | — | 502 | 8,076 | 8,578 | 322 | 8,256 | 2010 | 9/1/2020 | ||||||||||||||||||||||||
Montgomery, Alabama (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 599 | 11,290 | 3 | 602 | 11,290 | 11,892 | 545 | 11,347 |
1990/1997
|
10/14/2020 | ||||||||||||||||||||||||
Huntsville, Alabama | |||||||||||||||||||||||||||||||||||
Industrial Building | 10,090 | 1,445 | 15,040 | — | 1,445 | 15,040 | 16,485 | 574 | 15,911 | 2001 | 12/18/2020 | ||||||||||||||||||||||||
Pittsburgh, Pennsylvania | |||||||||||||||||||||||||||||||||||
Industrial Building | 6,375 | 1,422 | 10,094 | 150 | 1,422 | 10,244 | 11,666 | 474 | 11,192 | 1994 | 12/21/2020 | ||||||||||||||||||||||||
Findlay, Ohio | |||||||||||||||||||||||||||||||||||
Industrial Building | 5,368 | 258 | 8,847 | — | 258 | 8,847 | 9,105 | 298 | 8,807 |
1992/2008
|
1/22/2021 | ||||||||||||||||||||||||
Baytown, Texas (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 1,604 | 5,533 | 3 | 1,607 | 5,533 | 7,140 | 145 | 6,995 | 2018 | 6/17/2021 | ||||||||||||||||||||||||
Pacific, Missouri (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 926 | 7,294 | — | 926 | 7,294 | 8,220 | 106 | 8,114 |
2019/2021
|
7/21/2021 | ||||||||||||||||||||||||
Pacific, Missouri (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 235 | 1,852 | — | 235 | 1,852 | 2,087 | 27 | 2,060 |
2019/2021
|
7/21/2021 | ||||||||||||||||||||||||
Pacific, Missouri (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 607 | 4,782 | — | 607 | 4,782 | 5,389 | 70 | 5,319 |
2019/2021
|
7/21/2021 | ||||||||||||||||||||||||
Pacific, Missouri (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 257 | 2,027 | — | 257 | 2,027 | 2,284 | 29 | 2,255 |
2019/2021
|
7/21/2021 | ||||||||||||||||||||||||
Peru, Illinois (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 89 | 1,413 | — | 89 | 1,413 | 1,502 | 23 | 1,479 |
1987/1998
|
8/20/2021 | ||||||||||||||||||||||||
Peru, Illinois (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 140 | 2,225 | — | 140 | 2,225 | 2,365 | 37 | 2,328 |
1987/1998
|
8/20/2021 | ||||||||||||||||||||||||
Charlotte, North Carolina (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 1,400 | 10,615 | — | 1,400 | 10,615 | 12,015 | 71 | 11,944 |
1972/2018
|
11/3/2021 | ||||||||||||||||||||||||
Atlanta, Georgia (3) | |||||||||||||||||||||||||||||||||||
Industrial Building | — | 1,255 | 8,787 | 599 | 1,255 | 9,386 | 10,641 | 9 | 10,632 | 1974 | 12/21/2021 | ||||||||||||||||||||||||
Crossville, Tennessee | |||||||||||||||||||||||||||||||||||
Industrial Building | 16,000 | 434 | 24,589 | — | 434 | 24,589 | 25,023 | 19 | 25,004 | 2020 | 12/21/2021 | ||||||||||||||||||||||||
$ | 452,868 | $ | 148,023 | $ | 989,917 | $ | 87,318 | $ | 149,773 | $ | 1,075,485 | $ | 1,225,258 | $ | 266,672 | $ | 958,586 |
2021 | 2020 | 2019 | |||||||||||||||||||||
Balance at beginning of period | $ | 1,140,205 | $ | 1,064,389 | $ | 949,822 | |||||||||||||||||
Additions: | |||||||||||||||||||||||
Acquisitions during period | 85,169 | 111,049 | 108,972 | ||||||||||||||||||||
Improvements | 14,495 | 11,696 | 10,580 | ||||||||||||||||||||
Deductions: | |||||||||||||||||||||||
Dispositions during period | (14,611) | (43,383) | (3,172) | ||||||||||||||||||||
Impairments during period | — | (3,546) | (1,813) | ||||||||||||||||||||
Balance at end of period | $ | 1,225,258 | $ | 1,140,205 | (1) | $ | 1,064,389 | (2) |
2021 | 2020 | 2019 | |||||||||||||||||||||
Balance at beginning of period | $ | 231,876 | $ | 210,944 | $ | 178,475 | |||||||||||||||||
Additions during period | 39,612 | 36,034 | 32,838 | ||||||||||||||||||||
Dispositions during period | (4,816) | (15,102) | (369) | ||||||||||||||||||||
Balance at end of period | $ | 266,672 | $ | 231,876 | (1) | $ | 210,944 | (2) |
a. | DOCUMENTS FILED AS PART OF THIS REPORT |
1 | The following financial statements are filed herewith: |
2 | Financial statement schedules |
3 | Exhibits |
Exhibit Number | Exhibit Description | ||||
3.1 | |||||
3.2 | |||||
3.3 | |||||
3.4 | |||||
3.5 |
3.6 | |||||
3.7 | |||||
3.8 | |||||
3.9 | |||||
3.10 | |||||
3.11 | |||||
4.1 | |||||
4.2 | |||||
4.3 | |||||
4.4 | |||||
4.5 | |||||
4.6 | |||||
4.7 | |||||
10.1 | |||||
10.2 | |||||
10.3 | |||||
10.4 | |||||
10.5 | |||||
10.6 | |||||
10.7 |
32.1 | |||||
32.2 | |||||
99.1 | |||||
101.INS* | XBRL Instance Document | ||||
101.SCH* | XBRL Taxonomy Extension Schema Document | ||||
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.LAB* | XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document | ||||
101.DEF* | XBRL Definition Linkbase | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Gladstone Commercial Corporation | ||||||||||||||||||||||||||
Date: | February 15, 2022 | By: | /s/ Gary Gerson | |||||||||||||||||||||||
Gary Gerson | ||||||||||||||||||||||||||
Chief Financial Officer | ||||||||||||||||||||||||||
Date: | February 15, 2022 | By: | /s/ David Gladstone | |||||||||||||||||||||||
David Gladstone | ||||||||||||||||||||||||||
Chief Executive Officer and | ||||||||||||||||||||||||||
Chairman of the Board of Directors |
Date: | February 15, 2022 | By: | /s/ David Gladstone | ||||||||||||||
David Gladstone
Chief Executive Officer and Chairman of the Board of Directors (principal executive officer) |
|||||||||||||||||
Date: | February 15, 2022 | By: | /s/ Terry Lee Brubaker | ||||||||||||||
Terry Lee Brubaker
Vice Chairman, Chief Operating Officer and Director |
|||||||||||||||||
Date: | February 15, 2022 | By: | /s/ Gary Gerson | ||||||||||||||
Gary Gerson
Chief Financial Officer (principal financial and accounting officer) |
|||||||||||||||||
Date: | February 15, 2022 | By: | /s/ Anthony W. Parker | ||||||||||||||
Anthony W. Parker
Director |
|||||||||||||||||
Date: | February 15, 2022 | By: | /s/ Michela A. English | ||||||||||||||
Michela A. English
Director |
|||||||||||||||||
Date: | February 15, 2022 | By: | /s/ Paul Adelgren | ||||||||||||||
Paul Adelgren
Director |
|||||||||||||||||
Date: | February 15, 2022 | By: | /s/ John Outland | ||||||||||||||
John Outland
Director |
|||||||||||||||||
Date: | February 15, 2022 | By: | /s/ Walter H. Wilkinson, Jr. | ||||||||||||||
Walter H. Wilkinson, Jr.
Director |
1 Year Gladstone Commercial Chart |
1 Month Gladstone Commercial Chart |
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