XML 29 R17.htm IDEA: XBRL DOCUMENT
v3.20.2

Real Estate and Intangible Assets (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2020
Real Estate [Abstract] |
Components of Investments in Real Estate | The following table sets forth the components of our investments in real estate as of September 30, 2020 and December 31, 2019, excluding real estate held for sale as of September 30, 2020 and December 31, 2019, respectively (dollars in thousands):
|  | September 30, 2020 |  | December 31, 2019
Real estate: |  |  |  |
Land (1) |  | $ | 140,465 |  |  | $ | 137,532 |
Building and improvements |  | 886,138 |  |  | 851,245 |
Tenant improvements |  | 68,251 |  |  | 68,201 |
Accumulated depreciation |  | (221,849) |  |  | (207,523) |
Real estate, net |  | $ | 873,005 |  |  | $ | 849,455 |
(1)This amount includes $4,436 of land value subject to land lease agreements which we may purchase at our option for a nominal fee.
Acquisitions | We acquired six properties during the nine months ended September 30, 2020, and nine properties during the nine months ended September 30, 2019. The acquisitions are summarized below (dollars in thousands):
Nine Months Ended |  | Aggregate Square Footage |  | Weighted Average Lease Term |  | Aggregate Purchase Price |  | Capitalized Acquisition Expenses |  | Aggregate Annualized GAAP Fixed Lease Payments |  | Aggregate Debt Issued or Assumed |
September 30, 2020 | (1) | 1,043,638 |  |  | 14.2 years |  | $ | 82,599 |  |  | $ | 339 |  | (3) | $ | 6,146 |  |  | $ | 35,855 |  |
September 30, 2019 | (2) | 1,463,763 |  |  | 14.8 years |  | 67,272 |  |  | 621 |  | (3) | 5,437 |  |  | 8,900 |  |
(1)On January 8, 2020, we acquired a 64,800 square foot property in Indianapolis, Indiana for $5.3 million. The property is leased to three tenants with a weighted average lease term of 7.2 years with annualized GAAP rent of $0.5 million. On January 27, 2020, we acquired a 320,838 square foot, three-property portfolio in Houston, Texas, Charlotte, North Carolina, and St. Charles, Missouri for $34.7 million. The portfolio has a weighted average lease term of 20.0 years, and an annualized GAAP rent of $2.6 million. We issued $18.3 million of mortgage debt with a fixed interest rate of 3.625% in connection with the acquisition. On March 9, 2020, we acquired a 504,400 square foot property in Chatsworth, Georgia for $32.0 million. We entered into an interest rate swap in connection with our $17.5 million of issued debt, resulting in a fixed interest rate of 2.8%. The annualized GAAP rent on the 10.5 year lease is $2.2 million. On September 1, 2020, we acquired a 153,600 square foot property in Indianapolis, Indiana for $10.6 million. The annualized GAAP rent on the 9.7 year lease is $0.8 million. (2)On February 8, 2019, we acquired a 26,050 square foot property in a suburb of Philadelphia, Pennsylvania, for $2.7 million. The annualized GAAP rent on the 15.1 year lease is $0.2 million. On February 28, 2019, we acquired a 34,800 square foot property in Indianapolis, Indiana for $3.6 million. The annualized GAAP rent on the 10.0 year lease is $0.3 million. On April 5, 2019, we acquired a 207,000 square foot property in Ocala, Florida, for $11.9 million. The annualized GAAP rent on the 20.1 year lease is $0.8 million. On April 5, 2019, we acquired a 176,000 square foot property in Ocala, Florida, for $7.3 million. The annualized GAAP rent on the 20.1 year lease is $0.7 million. On April 30, 2019, we acquired a 54,430 square foot property in Columbus, Ohio, for $3.2 million. The annualized GAAP rent on the 7.0 year lease is $0.2 million. On June 18, 2019, we acquired a 676,031 square foot property in Tifton, Georgia, for $17.9 million. The annualized GAAP rent on the 8.5 year lease is $1.6 million. We issued $8.9 million of mortgage debt with a fixed interest rate of 4.35% in connection with this acquisition. On July 30, 2019, we acquired a 78,452 square foot property in Denton, Texas, for $6.6 million. The annualized GAAP rent on the 11.9 year lease is $0.5 million. On September 26, 2019, we acquired a 211,000 square foot two property portfolio in Temple, Texas, for $14.1 million. The annualized GAAP rent on the 20.0 year lease is $1.2 million. (3)We treated our acquisitions during the nine months ended September 30, 2020 and 2019 as asset acquisitions rather than business combinations. As a result of this treatment, we capitalized $0.3 million and $0.6 million, respectively, of acquisition costs that would otherwise have been expensed under business combination treatment.
Fair Value of Assets Acquired and Liabilities Assumed | We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the nine months ended September 30, 2020 and 2019 as follows (dollars in thousands):
|  | Nine Months Ended September 30, 2020 |  | Nine Months Ended September 30, 2019
Acquired assets and liabilities |  | Purchase price |  | Purchase price
Land (1) |  | $ | 7,798 |  |  | $ | 5,046 |
Building and improvements |  | 61,930 |  |  | 48,898 |
Tenant Improvements |  | 1,431 |  |  | 1,541 |
In-place Leases |  | 5,411 |  |  | 4,868 |
Leasing Costs |  | 4,664 |  |  | 4,481 |
Customer Relationships |  | 2,808 |  |  | 2,200 |
Above Market Leases (2) |  | 309 |  |  | 1,865 |
Below Market Leases (3) |  | (1,752) |  |  | (1,627) |
Total Purchase Price |  | $ | 82,599 |  |  | $ | 67,272 |
(1)This amount includes $2,711 of land value subject to a land lease agreement, which we may purchase for a nominal fee. (2)This amount includes $53 of loans receivable included in Other assets on the condensed consolidated balance sheets. (3)This amount includes $62 of prepaid rent included in Other liabilities on the condensed consolidated balance sheets.
Schedule of Real Estate Activity | During the nine months ended September 30, 2020 and 2019, we executed 13 and five leases, respectively, which are summarized below (dollars in thousands):
Nine Months Ended |  | Aggregate Square Footage |  | Weighted Average Remaining Lease Term |  | Aggregate Annualized GAAP Fixed Lease Payments |  | Aggregate Tenant Improvement |  | Aggregate Leasing Commissions
September 30, 2020 |  | 987,902 |  |  | 7.9 years |  | $ | 8,340 |  |  | $ | 2,903 |  |  | $ | 1,285 |
September 30, 2019 |  | 230,264 |  |  | 8.8 years |  | 3,366 |  |  | 785 |  |  | 910 |
During the nine months ended September 30, 2020 and 2019, we had one lease termination each, which are summarized below (dollars in thousands):
Nine Months Ended |  | Aggregate Square Footage Reduced |  |  |  | Aggregate Termination Fee |  | Aggregate Deferred Rent Write Off
September 30, 2020 |  | 61,358 |  |  |  |  | $ | 1,119 |  |  | $ | 225 |
September 30, 2019 |  | 16,566 |  |  |  |  | 61 |  |  | — |
Future Lease Payments From Tenants | Future operating lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses, for the three months ending December 31, 2020 and each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands):
Year | Tenant Lease Payments
Three Months Ending 2020 | $ | 27,401 |
2021 | 109,326 |
2022 | 103,896 |
2023 | 96,136 |
2024 | 87,999 |
2025 | 79,061 |
Thereafter | 305,402 |
| $ | 809,221 |
Lease Revenue | The table below sets forth the allocation of lease revenue between fixed contractual payments and variable lease payments for the nine months ended September 30, 2020 and 2019, respectively (dollars in thousands):
|  | For the three months ended September 30, |  | For the nine months ended September 30,
Lease revenue reconciliation |  | 2020 |  | 2019 |  | 2020 |  | 2019
Fixed lease payments |  | $ | 29,116 |  |  | $ | 27,660 |  |  | $ | 88,286 |  |  | $ | 82,076 |
Variable lease payments |  | 4,026 |  |  | 1,007 |  |  | 12,001 |  |  | 2,925 |
|  | $ | 33,142 |  |  | $ | 28,667 |  |  | $ | 100,287 |  |  | $ | 85,001 |
Carrying Value of Intangible Assets and Accumulated Amortization | The following table summarizes the carrying value of intangible assets, liabilities and the accumulated amortization for each intangible asset and liability class as of September 30, 2020 and December 31, 2019, excluding real estate held for sale as of September 30, 2020 and December 31, 2019, respectively (dollars in thousands):
|  | September 30, 2020 |  | December 31, 2019
|  | Lease Intangibles |  | Accumulated Amortization |  | Lease Intangibles |  | Accumulated Amortization
In-place leases |  | $ | 96,058 |  |  | $ | (52,589) |  |  | $ | 92,906 |  |  | $ | (48,468) |
Leasing costs |  | 72,604 |  |  | (36,920) |  |  | 68,256 |  |  | (33,705) |
Customer relationships |  | 66,276 |  |  | (31,187) |  |  | 65,363 |  |  | (28,887) |
|  | $ | 234,938 |  |  | $ | (120,696) |  |  | $ | 226,525 |  |  | $ | (111,060) |
|  | Deferred Rent Receivable/(Liability) |  | Accumulated (Amortization)/Accretion |  | Deferred Rent Receivable/(Liability) |  | Accumulated (Amortization)/Accretion
Above market leases |  | $ | 14,857 |  |  | $ | (10,462) |  |  | $ | 16,502 |  |  | $ | (10,005) |
Below market leases and deferred revenue |  | (36,793) |  |  | 17,020 |  |  | (34,322) |  |  | 15,000 |
|  | $ | (21,936) |  |  | $ | 6,558 |  |  | $ | (17,820) |  |  | $ | 4,995 |
Weighted Average Amortization Periods | The weighted average amortization periods in years for the intangible assets acquired during the nine months ended September 30, 2020 and 2019 were as follows:
Intangible Assets & Liabilities |  | 2020 |  | 2019
In-place leases |  | 15.7 |  | 15.9
Leasing costs |  | 15.7 |  | 15.9
Customer relationships |  | 18.9 |  | 20.6
Above market leases |  | 16.6 |  | 9.3
Below market leases |  | 14.2 |  | 9.6
All intangible assets & liabilities |  | 16.3 |  | 17.3

X
- Definition Lessor, Operating Lease, Real Estate Disclosure [Table Text Block] + References No definition available. + Details
Name: | good_LessorOperatingLeaseRealEstateDisclosureTableTextBlock
Namespace Prefix: | good_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of intangible assets, liabilities and accumulated amortization. + References No definition available. + Details
Name: | good_ScheduleOfIntangibleAssetsLiabilitiesAndAccumulatedAmortizationTableTableTextBlock
Namespace Prefix: | good_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of properties acquired. + References No definition available. + Details
Name: | good_SummaryOfPropertiesAcquiredTableTextBlock
Namespace Prefix: | good_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Weighted average amortization period for intangible assets acquired. + References No definition available. + Details
Name: | good_WeightedAverageAmortizationPeriodForIntangibleAssetsAcquiredTableTextBlock
Namespace Prefix: | good_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
Name: | us-gaap_LeaseCostTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121576215&loc=SL77919396-209981 + Details
Name: | us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RealEstateAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121647850&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration