XML 44 R20.htm IDEA: XBRL DOCUMENT
v3.22.4

Real Estate and Intangible Assets (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Real Estate [Abstract] |
Components of Investments in 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.
Summary of Properties Acquired | 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.
Fair Value of Acquired Assets and Liabilities Assumed | 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 Operating Lease Payments from Tenants under Non-Cancelable Leases | 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 |
Lease Revenue | 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 |
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 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 |
Weighted Average Amortization Period for Intangible Assets Acquired and Liabilities Assumed | 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
Estimated Aggregate Amortization Expense | 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 |
Summary of Estimated Aggregate Rental Income | 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 Schedule Of Future Minimum Rental Income For Operating Leases Table [Text Block] + References No definition available. + Details
Name: | good_ScheduleOfFutureMinimumRentalIncomeForOperatingLeasesTableTableTextBlock
Namespace Prefix: | good_
Data Type: | dtr-types: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: | dtr-types: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: | dtr-types: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: | dtr-types: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 https://asc.fasb.org/extlink&oid=128292326&loc=SL77918686-209980 + Details
Name: | us-gaap_LeaseCostTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 https://asc.fasb.org/extlink&oid=124258985&loc=SL77919396-209981 + Details
Name: | us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock
Namespace Prefix: | us-gaap_
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

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: | dtr-types: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 https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275 + Details
Name: | us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration