XML 35 R11.htm IDEA: XBRL DOCUMENT
v3.22.4

Real Estate and Intangible Assets | 12 Months Ended
--- | ---
Dec. 31, 2022
Real Estate [Abstract] |
Real Estate and Intangible Assets | Real Estate and Intangible Assets Real Estate The following table sets forth the components of our investments in real estate as of December 31, 2022 and 2021, respectively, excluding real estate held for sale as of December 31, 2022 (dollars in thousands):
|  | December 31, 2022 |  | December 31, 2021
Real estate: |  |  |  |
Land (1) |  | $ | 152,916 |  |  | $ | 149,773 |
Building and improvements |  | 1,069,407 |  |  | 1,004,362 |
Tenant improvements |  | 64,974 |  |  | 71,123 |
Accumulated depreciation |  | (286,994) |  |  | (266,672) |
Real estate, net |  | $ | 1,000,303 |  |  | $ | 958,586 |
(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. Real estate depreciation expense on building and tenant improvements was $42.6 million, $39.6 million, and $36.0 million for the years ended December 31, 2022, 2021, and 2020, respectively. Acquisitions During the year ended December 31, 2022 and 2021 we acquired 13 and 11 properties, respectively, which are summarized below (dollars in thousands):
Year Ended |  | Aggregate Square Footage |  | Weighted Average Lease Term |  | Aggregate Purchase Price |  | Aggregate Capitalized Acquisition Costs |  |  |  |  |
December 31, 2022 | (1) | 1,238,680 |  |  | 14.5 years |  | $ | 115,364 |  |  | $ | 1,014 |  |  |  |  |  |
December 31, 2021 | (2) | 949,174 |  |  | 13.4 years |  | $ | 100,453 |  |  | $ | 798 |  |  |  |  |  |
(1)On February 24, 2022, we acquired an 80,000 square foot property in Wilkesboro, North Carolina for $7.5 million. The property is fully leased to one tenant and had 12.7 years of remaining lease term at the time we acquired the property. On March 11, 2022, we acquired a 56,000 square foot property in Oklahoma City, Oklahoma for $6.0 million. The property is fully leased to one tenant and had 7.0 years of remaining lease term at the time we acquired the property. On May 4, 2022, we acquired a 260,719 square foot, two-property portfolio in Cleveland, Ohio and Fort Payne, Alabama for $19.5 million. These properties are fully leased to one tenant and had 11.4 years of remaining lease term at the time we acquired the portfolio. On May 12, 2022, we acquired a 345,584 square foot, three-property portfolio in Wilmington, North Carolina for $18.9 million. These properties are fully leased to one tenant and had 13.1 years of remaining lease term at the time we acquired the portfolio. On August 5, 2022, we acquired a 246,000 square foot, two-property portfolio in Bridgeton, New Jersey and Vineland, New Jersey for $32.7 million. These properties are fully leased to one tenant and had 15.1 years of remaining lease term at the time we acquired the portfolio. On September 16, 2022, we acquired a 67,328 square foot property in Jacksonville, Florida for $8.1 million. This property is fully leased to one tenant and had 20.0 years of remaining lease term at the time we acquired the property. On September 20, 2022, we acquired a 49,375 square foot property in Fort Payne, Alabama for $5.6 million. This property is fully leased to one tenant and had 14.8 years of remaining lease term at the time we acquired the property. On October 26, 2022, we acquired a 68,674 square foot property in Denver, Colorado for $12.1 million. This property is fully leased to one tenant and had 20.0 years of remaining lease term at the time we acquired the property. On December 21, 2022, we acquired a 65,000 square foot property in Greenville, South Carolina for $5.0 million. The property is fully leased to one tenant and had 12.0 years of remaining lease term at the time we acquired the property. (2)On January 22, 2021, we acquired a 180,152 square foot property in Findlay, Ohio for $11.1 million. The property is fully leased to one tenant and had 14.2 years of remaining lease term at the time we acquired the property. On June 17, 2021, we acquired a 25,200 square foot property portfolio in Baytown, Texas for $8.2 million. The property is fully leased to one tenant and had 12.6 years of remaining lease term at the time we acquired the portfolio. On July 21, 2021, we acquired an 80,604 square foot, four-property portfolio in Pacific, Missouri for $22.1 million. These properties are fully leased to one tenant and had 17.4 years of remaining lease term at the time we acquired the portfolio. On August 20, 2021, we acquired an 81,760 square foot, two-property portfolio in Peru, Illinois, for $4.8 million. These properties are fully leased to one tenant and had 15.0 years of remaining lease term at the time we acquired the portfolio. On November 3, 2021, we acquired a 161,458 square foot property in Charlotte, North Carolina, for $12.9 million. The property is fully leased to one tenant and had 7.9 years of remaining lease term at the time we acquired the property. On December 21, 2021, we acquired a 120,000 square foot property in Atlanta, Georgia for $12.1 million. The property is fully leased to one tenant and had 15.0 years of remaining lease term at the time we acquired the property. On December 21, 2021, we acquired a 300,000 square foot property in Crossville, Tennessee, for $29.2 million. The property is fully leased to one tenant and had 11.0 years of remaining lease term at the time we acquired the property. We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the year ended December 31, 2022 and 2021, respectively, as follows (dollars in thousands):
|  | Year ended December 31, 2022 |  | Year ended December 31, 2021 |
Acquired assets and liabilities |  | Purchase price |  | Purchase price |
Land |  | $ | 11,587 |  |  | $ | 7,205 |  |
Building |  | 85,774 |  |  | 76,611 |  |
Tenant Improvements |  | 1,939 |  |  | 1,353 |  |
In-place Leases |  | 5,927 |  |  | 6,431 |  |
Leasing Costs |  | 6,888 |  |  | 5,779 |  |
Customer Relationships |  | 3,352 |  |  | 3,364 |  |
Above Market Leases |  | 500 |  | (1) | 777 |  | (1)
Below Market Leases |  | (603) |  | (2) | (1,067) |  |
Total Purchase Price |  | $ | 115,364 |  |  | $ | 100,453 |  |
(1)This amount includes $181 and $336 of loans receivable included in Other assets on the consolidated balance sheets, respectively. (2)This amount includes $32 of prepaid rent included in Other liabilities on the consolidated balance sheets. Future Lease Payments Future operating lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses, for each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands):
Year | Tenant Lease Payments
2023 | $ | 116,756 |
2024 | 112,119 |
2025 | 109,068 |
2026 | 101,879 |
2027 | 85,085 |
Thereafter | 368,613 |
| $ | 893,520 |
In accordance with the lease terms, substantially all operating expenses are required to be paid by the tenant; however, we would be required to pay operating expenses on the respective properties in the event the tenants fail to pay them. Lease Revenue Reconciliation The table below sets forth the allocation of lease revenue between fixed contractual payments and variable lease payments for the years ended December 31, 2022, 2021, and 2020, respectively (dollars in thousands):
|  | For the twelve months ended December 31,
|  | (Dollars in Thousands)
Lease revenue reconciliation |  | 2022 |  | 2021 |  | 2020
Fixed lease payments |  | $ | 132,032 |  |  | $ | 121,303 |  |  | $ | 117,248 |
Variable lease payments |  | 16,949 |  |  | 16,385 |  |  | 15,904 |
|  | $ | 148,981 |  |  | $ | 137,688 |  |  | $ | 133,152 |
At December 31, 2022 and 2021, accounts receivable from tenants totaled $1.1 million and $1.4 million, respectively, included in other assets on the consolidated balance sheets. Legal Settlements In August 2021, we reached separate legal settlements through which we recognized $2.4 million, net, recorded in other income on the consolidated statement of operations and comprehensive income. Intangible Assets The following table summarizes the carrying value of intangible assets, liabilities and the accumulated amortization for each intangible asset and liability class as of December 31, 2022 and 2021, excluding real estate held for sale as of December 31, 2022 (dollars in thousands):
|  | December 31, 2022 |  | December 31, 2021
|  | Lease Intangibles |  | Accumulated Amortization |  | Lease Intangibles |  | Accumulated Amortization
In-place leases |  | $ | 104,394 |  |  | $ | (63,240) |  |  | $ | 105,891 |  |  | $ | (62,604) |
Leasing costs |  | 85,038 |  |  | (45,501) |  |  | 81,487 |  |  | (43,982) |
Customer relationships |  | 69,586 |  |  | (38,655) |  |  | 71,922 |  |  | (38,220) |
|  | $ | 259,018 |  |  | $ | (147,396) |  |  | $ | 259,300 |  |  | $ | (144,806) |
|  | Deferred Rent Receivable/(Liability) |  | Accumulated (Amortization)/Accretion |  | Deferred Rent Receivable/(Liability) |  | Accumulated (Amortization)/Accretion
Above market leases |  | $ | 15,371 |  |  | $ | (11,909) |  |  | $ | 15,538 |  |  | $ | (11,520) |
Below market leases and deferred revenue |  | (66,138) |  |  | 26,141 |  |  | (48,241) |  |  | 21,471 |
Total amortization expense related to in-place leases, leasing costs and customer relationship lease intangible assets was $19.1 million, $20.7 million, and $19.4 million for the years ended December 31, 2022, 2021, and 2020, respectively, and is included in depreciation and amortization expense in the consolidated statement of operations and comprehensive income. Total amortization related to above-market lease values was $0.8 million, $0.8 million, and $0.8 million for the years ended December 31, 2022, 2021, and 2020, respectively, and is included in lease revenue in the consolidated statement of operations and comprehensive income. Total amortization related to below-market lease values was $5.1 million, $4.1 million, and $2.8 million for the years ended December 31, 2022, 2021, and 2020, respectively, and is included in lease revenue in the consolidated statement of operations and comprehensive income. The weighted average amortization periods in years for the intangible assets acquired and liabilities assumed during the years ended December 31, 2022 and 2021, respectively, were as follows:
Intangible Assets & Liabilities |  | 2022 |  | 2021
In-place leases |  | 14.8 |  | 14.0
Leasing costs |  | 14.8 |  | 14.0
Customer relationships |  | 20.5 |  | 19.5
Above market leases |  | 16.3 |  | 13.8
Below market leases |  | 13.0 |  | 14.4
All intangible assets & liabilities |  | 16.2 |  | 15.3
The estimated aggregate amortization expense to be recorded for in-place leases, leasing costs and customer relationships for each of the five succeeding fiscal years and thereafter is as follows, excluding real estate held for sale as of December 31, 2022 (dollars in thousands):
Year | Estimated Amortization Expense of In-Place Leases, Leasing Costs and Customer Relationships
2023 | $ | 18,191 |
2024 | 15,251 |
2025 | 14,164 |
2026 | 12,356 |
2027 | 10,544 |
Thereafter | 41,116 |
| $ | 111,622 |
The estimated aggregate rental income to be recorded for the amortization of both above and below market leases for each of the five succeeding fiscal years and thereafter is as follows, excluding real estate held for sale as of December 31, 2022 (dollars in thousands):
Year | Net Increase to Rental Income Related to Above and Below Market Leases (1)
2023 | $ | 7,117 |
2024 | 7,243 |
2025 | 6,870 |
2026 | 4,405 |
2027 | 2,772 |
Thereafter | 7,975 |
| $ | 36,382 |
(1)Does not include ground lease amortization of $153.

X
- Definition Real Estate and Intangible Assets Disclosure [Text Block] + References No definition available. + Details
Name: | good_RealEstateAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | good_
Data Type: | dtr-types: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