Gladstone Commercial Corporation
(NASDAQ:GOOD)

Gladstone Commercial Corporation is a real estate investment trust focused on acquiring, owning, and operating net leased industrial and office properties across the United States. Including payments through September 2020, Gladstone Commercial has paid 189 consecutive monthly cash distributions on ...

Website: http://www.gladstonecommercial.com

Founded: 2003

Sector: Real Estate

Industry: REIT-Diversified

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Quarterly

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Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-03	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30

operating revenues
lease revenue	41,909,000	43,461,000	40,841,000	39,533,000	37,501,000	37,375,000	39,235,000	37,057,000	35,721,000	35,909,000	36,464,000	38,658,000	36,554,000	37,217,000	39,834,000	36,399,000	35,531,000	35,307,000	34,334,000	33,371,000	34,677,000	32,865,000	33,142,000	33,525,000	33,619,000	29,386,000	28,667,000	28,197,000	28,137,000
total operating revenues	41,909,000	43,461,000	40,841,000	39,533,000	37,501,000	37,375,000	39,235,000	37,057,000	35,721,000	35,909,000	36,464,000	38,658,000	36,554,000	37,217,000	39,834,000	36,399,000	35,531,000	35,307,000	34,334,000	33,371,000	34,677,000	32,865,000	33,142,000	33,525,000	33,619,000	29,386,000	28,667,000	28,197,000	28,137,000	27,260,000	26,591,000	26,593,000	26,353,000	25,252,000	24,365,000	22,867,000	22,314,000	22,009,000	21,589,000	21,247,000	21,527,000	21,783,000	21,375,000	20,688,000	19,880,000	19,216,000	19,014,000	18,390,000	17,136,000	16,861,000	16,190,000	14,258,000	14,035,000	13,792,000	12,970,000	12,410,000	12,100,000	11,468,000	11,173,000	10,816,000	10,519,000	10,227,293	10,334,413	10,681,387	10,684,976	10,642,171	10,657,094	10,651,489	10,684,054	10,714,919	10,457,143	10,225,458	9,513,481	8,969,692	8,360,508	8,079,568	7,383,771	7,153,896	6,735,976	6,630,062	5,580,021	9,429,381	4,035,953	2,776,443	2,144,633		1,350,735	682,670	331,192
operating expenses
depreciation and amortization	14,796,000	15,482,000	15,271,000	14,249,000	13,243,000	13,103,000	13,343,000	16,015,000	13,326,000	13,731,000	12,485,000	16,936,000	15,474,000	15,992,000	15,764,000	15,219,000	14,689,000	14,650,000	14,760,000	14,191,000	16,710,000	13,348,000	13,798,000	14,182,000	14,096,000	13,428,000	12,979,000	12,622,000	13,010,000	12,454,000	11,807,000	11,773,000	11,586,000	12,122,000	10,829,000	9,926,000	9,921,000	9,721,000	9,459,000	9,205,000	9,133,000	9,128,000	9,006,000	8,947,000	8,207,000	7,757,000	7,516,000	6,871,000	6,720,000	6,453,000	6,253,000	5,220,000	4,901,000	4,659,000	4,276,000	3,992,000	3,904,000	3,676,000	3,629,000	3,475,000	3,370,000	3,271,403	3,280,048	3,390,492	3,321,871	3,286,131	3,284,723	3,282,629	3,314,100	3,268,951	3,262,903	3,185,017	2,987,760	2,806,109	2,668,383	2,636,154	2,417,812	2,271,024	2,162,640	2,064,312	1,834,740	2,510,938	1,140,181	696,976	537,755		313,032	126,772	79,330
property operating expenses	7,035,000	7,057,000	7,409,000	7,258,000	6,900,000	7,045,000	6,681,000	5,807,000	5,884,000	5,572,000	6,821,000	6,738,000	6,727,000	6,714,000	6,536,000	6,959,000	6,623,000	6,820,000	6,807,000	6,910,000	6,561,000	6,906,000	6,590,000	6,295,000	6,213,000	3,262,000	3,202,000	3,060,000	3,068,000	3,211,000	2,638,000	2,816,000	2,792,000	2,626,000	2,178,000	1,505,000	1,380,000	1,434,000	1,410,000	1,434,000	1,610,000	1,544,000	1,612,000	1,178,000	962,000	877,000	1,202,000	1,302,000	1,330,000	1,184,000	864,000	564,000	737,000	557,000	345,000	353,000	333,000	236,000	251,000	202,000	297,000	233,147	262,686	229,733	244,354	227,991	219,537	230,785	237,156	167,610.5	225,020	203,858	241,568	224,517	204,972
base management fee	1,735,000	1,733,000	1,701,000	1,640,000	1,568,000	1,531,000	1,528,000	1,516,000	1,535,000	1,572,000	1,597,000	1,605,000	1,605,000	1,604,000	1,603,000	1,577,000	1,547,000	1,513,000	1,472,000	1,452,000	1,444,000	1,429,000	1,418,000	1,389,000	1,412,000	1,322,000	1,292,000	1,293,000	1,267,000	1,256,000	1,242,000	1,260,000	1,295,000	1,294,000	1,277,000	1,207,000	1,181,000	1,141,000	1,072,000	856,000	861,000	885,000	872,000	866,000	852,000	767,000	741,000	666,000	625,000	651,000	559,000	451,000	353,000	347,000	355,000	372,000	393,000	412,000	430,000	435,000	352,000	291,619	298,393	296,141	312,564	328,361	342,743	357,650	372,648	382,018	404,108	419,857	431,868	445,783	459,202	471,091	482,044
incentive fee	597,000	708,000	709,000	709,000	640,000	926,000	1,146,000	1,245,000	1,171,000					1,077,000	1,513,000	1,339,000	1,340,000	1,319,000	1,266,000	1,039,000	1,236,000	1,000,000	1,128,000	1,119,000	1,055,000	968,000	965,000	904,000	851,000	827,000	785,000	733,000	696,000	662,000	640,000	551,000	569,000	544,000	564,000	655,000	618,000	596,000	621,000	1,760,000	1,673,000		1,538,000	1,527,000	1,240,000	1,200,000	1,138,000	933,000	931,000	955,000	927,000	787,000	899,000	849,000	877,000	840,000	832,000	734,460	1,070,145	829,264	846,192	804,689	835,003	812,653	786,289	531,436	793,787	801,832	704,667	667,688	677,104	633,805	585,768
administration fee	671,000	649,000	720,000	590,000	622,000	617,000	725,000	594,000	630,000	616,000	624,000	546,000	565,000	522,000	481,000	399,000	462,000	432,000	382,000	338,000	297,000	404,000	361,000	395,000	438,000	468,000	411,000	397,000	413,000	418,000	440,000	360,000	387,000	279,000	293,000	340,000	360,000	388,000	311,000	370,000	404,000	365,000	326,000	366,000	362,000	288,000	260,000	485,000	492,000	463,000	274,000	367,000	362,000	272,000	272,000	265,000	310,000	265,000	242,000	260,000	256,000	255,232	356,856	219,119	231,884	241,059	293,075	257,207	224,354	229,657	238,241	274,541	212,196	244,902	175,852	210,126	207,018
general and administrative	1,006,000	836,000	920,000	1,400,000	885,000	815,000	970,000	1,046,000	1,047,000	926,000	1,306,000	1,068,000	1,063,000	917,000	833,000	958,000	997,000	678,000	811,000	1,073,000	656,000	853,000	775,000	752,000	878,000	1,200,000	596,000	782,000	657,000	604,000	510,000	600,000	646,000	590,000	650,000	575,000	551,000	520,000	421,000	609,000	579,000	419,000	446,000	539,000	690,000	1,194,000	538,000	490,000	466,000	412,000	377,000	477,000	389,000	464,000	343,000	404,000	383,000	304,000	381,000	357,000	454,000	110,279	83,656	17,733	17,829	17,239	19,643	15,453	11,487	-75,888	105,999	18,536	14,631	23,880	17,452	133,406	111,902	149,476	115,349	306,698	145,958	359,809	107,059	97,836	132,828		173,806	306,024	388,213		3,910
total operating expense before incentive fee waiver	25,840,000	26,465,000	26,730,000	25,855,000	23,858,000	25,816,000	28,942,000	26,223,000	24,086,000					26,826,000	37,448,000	27,825,000		25,412,000	25,498,000	25,003,000
incentive fee waiver	-597,000	-100,000	-709,000	-709,000		-846,000	-396,000	-250,000	-771,000											-16,000
total operating expenses	25,243,000	26,365,000	26,021,000	25,146,000	23,858,000	24,970,000	28,546,000	25,973,000	23,315,000	28,136,000	29,587,000	33,716,000	25,434,000	26,826,000	37,448,000	27,825,000	25,658,000	25,412,000	25,498,000	24,987,000	26,904,000	24,656,000	25,254,000	25,853,000	24,092,000	22,461,000	19,445,000	19,058,000	19,266,000	18,770,000	17,422,000	17,542,000	17,402,000	20,409,000	15,867,000	14,357,000	17,708,000	13,734,000	15,172,000	13,433,000	13,257,000	12,970,000	13,643,000	12,595,000	11,757,000	10,969,000	11,457,000	11,243,000	23,736,000	9,543,000	8,639,000	7,369,000	7,273,000	6,971,000	6,100,000	6,027,000	5,797,000	5,894,000	5,183,000	5,255,000	4,937,000	5,421,766	7,282,219	5,350,201	5,360,386	5,124,626	5,069,018	5,181,837	5,173,092	4,786,913	5,117,484	5,106,596	4,380,935	4,176,428	3,984,969	3,948,741		3,900,119	3,620,149	3,523,818	3,074,993	4,385,385	2,959,628	1,642,630	1,708,563		820,663	712,918	696,959
other income	-24,000	302,000	31,000	-72,000	631,000	253,000	12,000	26,000	34,000	-58,000	155,000	2,000	105,000	-84,000	316,000	119,000	104,000	-4,000	2,350,000	223,000	311,000	186,000	204,000	9,000	-5,000	421,000	139,000	71,000	81,000	5,000	39,000	5,000	23,000	38,000	3,000	9,000	2,000	6,000	3,000	334,000		3,000		23,000	28,000	63,000	37,000	27,000	47,000	54,000	17,000	12,000	18,000	18,000	37,000	34,000	18,000	3,000		1,000	44,000	14	3,309,887	5,013	3,316	1,658		11,320		7,500	7,500	39,697	9,296	19,720	9,896	9,817	8,414	370,515		10,400		-52,228.5		15,718	99,114
interest expense	-11,453,000	-12,014,000	-10,704,000	-10,058,000	-9,138,000	-9,136,000	-9,299,000	-9,463,000	-9,497,000	-9,485,000	-9,936,000	-9,081,000	-8,828,000	-9,644,000	-9,107,000	-7,121,000	-6,586,000	-6,549,000	-6,688,000	-6,486,000	-7,164,000	-6,392,000	-6,444,000	-6,716,000	-7,252,000	-6,873,000	-7,170,000	-7,005,000	-7,231,000	-6,897,000	-6,531,000	-6,531,000	-6,213,000	-6,347,000	-6,119,000	-5,944,000	-6,158,000	-6,254,000	-6,338,000	-6,579,000	-6,731,000	-7,102,000	-7,142,000	-6,999,000	-6,771,000	-6,734,000	-6,679,000	-6,509,000	-6,275,000	-6,353,000	-6,573,000	-5,764,000	-5,661,000	-5,539,000	-5,229,000	-4,885,000	-4,572,000	-4,469,000	-4,251,000	-4,201,000	-4,156,000	-4,034,865	-4,370,500	-4,372,435	-4,284,939	-4,451,131	-4,521,848	-4,433,998	-4,487,560	-4,850,371	-4,258,461	-3,996,249	-3,753,604	-3,427,198	-2,920,270	-2,702,612	-2,514,461	-2,836,137	-2,494,221	-2,155,968	-1,682,948
gain on sale of real estate	1,783,000		-10,000	377,000		3,675,000	10,319,000	-47,000	283,000	3,492,000	4,696,000			1,150,000	8,902,000			-266,000				6,912,000	1,196,000		-12,000				2,952,000	919,000			1,844,000		1,000	-1,914,000	5,906,000											1,240,000																			160,038												1,422,026
total other income	-9,694,000	-11,712,000	-10,683,000			-4,333,000	1,032,000			-5,834,500	-5,085,000		-8,723,000	-8,578,000	111,000
net income	6,972,000	5,384,000	4,137,000	4,634,000	5,136,000	7,197,000	11,721,000	1,600,000	3,526,000	4,552,000	1,792,000	-4,588,000	2,397,000	1,813,000	2,497,000	1,572,000	3,391,000	3,076,000	4,498,000	2,121,000	38,000	8,915,000	2,844,000	965,000	2,258,000	473,000	2,191,000	2,205,000	4,673,000	2,517,000	2,677,000	2,525,000	4,605,000	-1,466,000	2,383,000	661,000	4,356,000	2,293,000	-73,000	883,000	853,000	2,566,000	-96,000	431,000	694,000	6,164,000	229,000	1,219,000	-13,514,000	333,000	309,000	451,000	433,000	614,000	992,000	854,000	1,301,000	1,116,000	1,748,000	1,370,000	1,480,000	806,870	2,028,252	1,006,451	1,086,333	1,117,542	1,278,990	1,116,936	1,089,569	1,135,240	1,141,559	1,219,445	1,416,702	1,463,114	1,590,460	1,556,312	1,530,342	895,850	1,777,419	852,765	846,800	2,734,534	867,411	1,149,531	535,184		685,038	132,275	-193,305		-114,862
yoy	35.75%	-25.19%	-64.70%	189.63%	45.66%	58.11%	554.07%	-134.87%	47.10%	151.08%	-28.23%	-391.86%	-29.31%	-41.06%	-44.49%	-25.88%	8823.68%	-65.50%	58.16%	119.79%	-98.32%	1784.78%	29.80%	-56.24%	-51.68%	-81.21%	-18.15%	-12.67%	1.48%	-271.69%	12.34%	282.00%	5.72%	-163.93%	-3364.38%	-25.14%	410.67%	-10.64%	-23.96%	104.87%	22.91%	-58.37%	-141.92%	-64.64%	-105.14%	1751.05%	-25.89%	170.29%	-3221.02%	-45.77%	-68.85%	-47.19%	-66.72%	-44.98%	-43.25%	-37.66%	-12.09%	38.31%	-13.82%	36.12%	36.24%	-27.80%	58.58%	-9.89%	-0.30%	-1.56%	12.04%	-8.41%	-23.09%	-22.41%	-28.22%	-21.65%	-7.43%	63.32%	-10.52%	82.50%	80.72%	-67.24%	104.91%	-25.82%	58.23%		26.62%	769.05%	-376.86%		-696.40%
qoq	29.49%	30.14%	-10.73%	-9.77%	-28.64%	-38.60%	632.56%	-54.62%	-22.54%	154.02%	-139.06%	-291.41%	32.21%	-27.39%	58.84%	-53.64%	10.24%	-31.61%	112.07%	5481.58%	-99.57%	213.47%	194.72%	-57.26%	377.38%	-78.41%	-0.63%	-52.81%	85.66%	-5.98%	6.02%	-45.17%	-414.12%	-161.52%	260.51%	-84.83%	89.97%	-3241.10%	-108.27%	3.52%	-66.76%	-2772.92%	-122.27%	-37.90%	-88.74%	2591.70%	-81.21%	-109.02%	-4158.26%	7.77%	-31.49%	4.16%	-29.48%	-38.10%	16.16%	-34.36%	16.58%	-36.16%	27.59%	-7.43%	83.42%	-60.22%	101.53%	-7.35%	-2.79%	-12.62%	14.51%	2.51%	-4.02%	-0.55%	-6.39%	-13.92%	-3.17%	-8.01%	2.19%	1.70%	70.83%	-49.60%	108.43%	0.70%	-69.03%	215.25%	-24.54%	114.79%			417.89%	-168.43%
net income available to op units held by non-controlling op unitholders	-3,000	-1,000	-1,000		-2,000
net income available to the company	6,969,000	5,382,000	4,136,000	4,633,000	5,134,000	7,190,000	11,677,000		3,524,000	4,537,000	1,789,000
distributions attributable to series e, f, and g preferred stock	-3,042,000	-3,048,000	-3,058,000	-3,085,000	-3,108,000	-3,106,000	-3,106,000	-3,116,000	-3,112,000	-2,294,750	-3,099,000	-3,058,000	-3,022,000
distributions attributable to senior common stock	-98,000	-102,000	-102,000	-101,000	-101,000	-103,000	-106,000	-105,000	-105,000	-107,000	-108,000	-106,000	-109,000	-114,000	-114,000	-114,000	-116,000	-164,000	-170,000	-177,000	-187,000	-201,000	-203,000	-204,000	-208,000	-217,000	-226,000	-225,000	-224,000	-231,000	-235,000	-233,000	-232,000	-242,000	-247,000	-249,000	-248,000	-253,000	-254,000	-251,000	-252,000	-259,000	-263,000	-261,000	-224,000	-195,000	-137,000	-110,000	-100,000	-96,000	-83,000	-69,000	-53,000	-42,000	-30,000	-22,000	-19,000	-16,000	-16,000	-15,000	-15,000	-15,393	-4,282	-375
gain on extinguishment of series f preferred stock	4,000	5,000	6,000	9,000		-1,000	2,000
net income available to common stockholders	3,833,000	1,088,500	982,000		1,915,000				304,000																				1,792,000				1,791,000															10		-787,000	-797,000	-641,000	-643,000	-451,000	-61,000	-192,000	259,000	76,000	709,000	331,000	442,000	-231,960	1,000,533	-17,361	62,895	94,104	255,553	93,499	66,132	111,802	118,122	196,008	393,265	439,676	567,022	532,875	506,905	22,154	1,293,044	368,390	502,356
income per weighted-average share of common stock - basic & diluted
income available to common stockholders	80	22.5	20		40				10
weighted-average shares of common stock outstanding
basic and diluted	48,406,993,000	46,538,232,000	46,877,686,000	46,219,663,000	44,607,012,000	41,766,263,000	42,790,685,000	40,311,476,000	40,003,481,000	39,943,167,000	39,917,995,000	39,978,674,000	39,922,359,000	38,950,734,000	39,504,734,000	38,745,751,000	37,902,653,000	36,537,306,000	36,768,779,000	36,394,767,000	35,714,107,000	34,040,085,000	34,075,147,000	33,939,826,000	33,634,946,000	30,695,902,000	31,032,802,000	30,449,739,000	29,516,870,000	28,675,934,000	28,734,380,000	28,437,852,000	28,420,995,000	26,358,237,000	27,234,569,000	25,276,824,000	24,963,926,000								20,210,975,000	17,253,503,000
earnings per weighted-average share of senior common stock	260	1,050	260	260	260	1,050	270	260	260	1,050	270	260	260	1,050	260	260	260	1,050	260	260	260	1,050	260	260	260	1,050	260	260	260	1,050	270	260	260	1,050	260	260	260	1,050	260	260	260	1,050	260	260	260	1,050	260	260	260	1,040	0.26	0.26	260	1,060	260	260	270	1,050	260	260	250	0.81	0.26	0.26
weighted-average shares of senior common stock outstanding - basic	379,223,000	386,691,000	386,723,000	387,496,000	388,686,000	398,828,000	399,520,000	402,817,000	402,856,000	409,903,000	406,425,000	407,099,000	420,521,000	436,667,000	431,064,000	435,364,000	449,442,000	664,898,000	642,742,000	676,941,000	723,841,000	774,658,000	768,550,000	776,718,000	793,429,000	849,348,000	854,435,000	861,237,000	864,303,000	887,081,000	886,346,000	891,428,000	895,222,000	938,779,000	932,636,000	950,841,000	958,194,000	960,667,000	959,552,000	959,552,000	964,036,000		993,069,000	995,852,000		516,937,000		421,312,000	385,875,000	287,178,000	313,239	261,754	204,582,000		112,000		70,000	59,000	59,000
comprehensive income	9,699,000	4,999,000	3,533,000	2,290,000	1,120,000	14,467,000	1,265,000	2,070,000	8,943,000	-7,519,000	6,881,000	3,437,000	-3,498,000	268,000	9,287,000	4,175,000	7,658,000	3,805,000	4,919,000	1,401,000	2,462,000	9,429,000	3,120,000	484,000	-270,000	830,000	1,567,000	1,217,000	3,951,000	1,306,000	2,922,000	2,814,000	5,100,000	-1,603,000	2,376,000
change in unrealized gain related to interest rate hedging instruments	2,727,000			-2,344,000	-4,016,000	7,270,000	-10,456,000	470,000	5,417,000	-12,071,000	5,089,000	8,025,000	-5,895,000	-1,545,000	6,790,000	2,603,000	4,267,000	729,000	421,000	-720,000	2,424,000	-683,250	276,000			357,000	-624,000	-988,000	-722,000	-1,211,000	245,000	289,000	495,000
other comprehensive income	2,727,000			-2,344,000	-4,016,000	7,270,000	-10,456,000	470,000	5,417,000													-683,250	276,000			357,000	-624,000	-988,000	-722,000	-1,211,000	245,000	289,000	495,000	-137,000	-7,000
comprehensive income available to op units held by non-controlling op unitholders	-3,000	-1,000	-1,000		-2,000
total comprehensive income available to the company	9,696,000	4,997,000	3,532,000	2,289,000	1,118,000	14,460,000	1,221,000	2,081,000	8,941,000	-7,534,000	6,878,000	3,510,000	-3,491,000	279,000	9,291,000	4,185,000	7,656,000	3,803,000	4,898,000	1,422,000	2,503,000	9,343,000	3,122,000	512,000
impairment charge				9,000		1,779,000	4,549,000		493,000	5,719,000	6,754,000	6,823,000			10,718,000	1,374,000						716,000	1,184,000	1,721,000										2,836,000		253,000	3,746,000		1,786,000	187,000	43,000		622,000				280,000		13,958,000
gain on debt extinguishment									300,000
change in unrealized loss related to interest rate hedging instruments		-1,741,000	-604,000																					-481,000	-2,528,000
other comprehensive loss		-1,741,000	-604,000																					-481,000	-2,528,000
total other expense				-9,753,000	-8,507,000							-9,530,000				-7,002,000	-6,482,000	-6,819,000	-4,338,000	-6,263,000	-7,735,000	706,000	-5,044,000	-6,707,000	-7,269,000	-6,452,000	-7,031,000	-6,934,000	-4,198,000	-5,973,000	-6,492,000	-6,526,000	-4,346,000	-6,309,000	-6,115,000	-7,849,000	-250,000	-5,982,000	-6,490,000	-6,931,000	-7,417,000	-6,247,000	-7,828,000	-7,662,000	-7,429,000	-2,083,000	-7,328,000	-5,928,000	-6,914,000	-6,985,000	-7,242,000	-6,438,000	-6,329,000	-6,207,000	-5,878,000	-5,529,000	-5,002,000	-4,458,000	-4,242,000	-4,191,000	-4,102,000	-3,998,657	-1,023,942	-4,324,735	-4,238,257	-4,400,242	-4,473,194	-4,373,632	-4,421,393	-4,792,346	-4,196,778	-3,899,011	-3,682,616	-3,326,176	-2,824,541	-2,573,068	-2,216,609	-1,542,359.25	-2,450,869	-2,112,922
net loss (available) attributable to op units held by non-controlling op unitholders				-1,000		-7,000	-44,000		-2,000	19,500	-3,000						-2,000	10,500	-21,000
net income available (attributable) to common stockholders				1,456,000		3,971,000	8,467,000										322,000	-1,136,750	1,439,000																		1,735,000											86,000
income available (attributable) to common stockholders				30		100	200
comprehensive loss (available) attributable to op units held by non-controlling op unitholders				-1,000		-7,000	-44,000		-2,000	19,500	-3,000						-2,000
loss on extinguishment of series f preferred stock					-10,000			-4,000	-3,000	1,000	-1,000	-6,000	-5,000	-5,000			-5,000
gain on repurchase of series g preferred stock													3,000
total other (expense)								-9,484,000	-8,880,000
net loss attributable to op units held by non-controlling op unitholders								11,000				73,000				10,000				21,000	41,000					100,000	16,000	16,000
net income available (attributable) to the company								1,611,000
net loss attributable to common stockholders								-1,614,000		1,325,000	-1,419,000	-7,685,000				-1,499,000				-3,032,000	-2,955,000													-4,268,000	-384,000	-2,025,000		-313,000	-2,329,000	-631,000	-426,000	1,283,000	-1,382,000		-553,000	4,945,000	-931,000		-14,637,000
loss per weighted-average share of common stock - basic & diluted
loss attributable to common stockholders								-40																																						-232.5	-50
comprehensive loss attributable to op units held by non-controlling op unitholders								11,000				73,000				10,000				21,000	41,000					100,000	16,000	16,000
loss attributable to common shareholders										-57.5	-40	-190				-40				-80	-80													-160	-10	-80		-10	-100	-30	-20	60	-60		-30
other comprehensive gain										-12,071,000	5,089,000	8,025,000	-5,895,000	-1,545,000	6,790,000	2,603,000	4,267,000	729,000	421,000	-720,000	2,424,000
loss on sale of real estate												-451,000									-882,000																	-6,000	-24,000
net income (attributable) available to the company												-4,515,000
net loss attributable (available) to op units held by non-controlling op unitholders													7,000	11,000	4,000							9,750	2,000	28,000	9,000
net income attributable to the company													2,404,000	1,824,000	2,501,000	1,582,000	3,389,000	3,074,000	4,477,000	2,142,000	79,000	8,829,000	2,846,000	993,000	2,267,000	573,000	2,207,000	2,221,000	4,628,000
net income (attributable) available to common stockholders													-729,000	-1,261,000	-600,000							-660,750	-128,000	-1,899,000	-619,000	-5,303,000	-631,000	-616,000		326,000	-170,000	-317,000												-853,000
income (attributable) available to common shareholders													-20	-30	-20																													-40
comprehensive loss attributable (available) to op units held by non-controlling op unitholders													7,000	11,000	4,000							9,750	2,000	28,000	9,000
distributions attributable to series d, e, f, and g preferred stock														-3,003,000	-2,987,000	-2,967,000	-2,946,000	-2,917,000	-2,868,000
series d preferred stock offering costs write off																		-535,250		-2,141,000
earnings per weighted-average share of common stock - basic & diluted																																																	-930
income available (attributable) to common shareholders																	10	-32.5	40
comprehensive loss available (attributable) to op units held by non-controlling op unitholders																		10,500	-21,000
distributions attributable to series d, e, and f preferred stock																				-2,856,000	-2,847,000
distributions attributable to series a, b, d, e, and f preferred stock																						-2,836,000	-2,771,000
earnings (attributable) available to common shareholders																						-20	-4	-60	-20	-180	-20	-20		12.5	-10	-10
distributions attributable to series a, b, d, and e preferred stock																								-2,688,000	-2,678,000
total comprehensive income (attributable) available to the company																									-261,000
distributions attributable to series a, b and d preferred stock																										-1,959,250	-2,612,000	-2,612,000	-2,612,000	-2,613,000	-2,612,000	-2,609,000	-2,582,000	-2,560,000	-2,520,000	-2,437,000	-2,373,000	-2,353,000	-2,002,000	-1,263,000
total comprehensive income attributable to the company																										930,000	1,583,000	1,233,000	3,906,000
net income attributable to op units held by non-controlling op unitholders																													-45,000
earnings available to common shareholders																													60				60
comprehensive income attributable to op units held by non-controlling op unitholders																													-45,000
rental revenue																														26,247,000	25,737,000	25,692,000	25,591,000	24,558,000	23,815,000	22,478,000	21,954,000	21,746,000	21,205,000	20,890,000	20,657,000	20,939,000	20,653,000	20,012,000	19,288,000	18,638,000	18,368,000	17,620,000	16,585,000
tenant recovery revenue																														1,013,000	854,000	901,000	762,000	694,000	550,000	389,000	360,000	263,000	384,000	357,000	485,000	558,000	437,000	394,000	324,000	209,000	549,000	770,000	551,000	755,000	383,000	68,000	369,000	91,000	92,000	87,000	86,000	85,000	88,000	87,000	84,000	81,054	81,452	82,285	82,410	86,950	82,425	82,734	82,434	83,142	83,144	84,635	85,719	79,502	80,648	94,468	55,735	43,508	43,352	43,798	5,623	83,600	28,208	39,557	2,043
distributions declared per common share																														375	375	375	375	375	375	375
interest income from mortgage note receivable																																									385,000	286,000	285,000	282,000	268,000	369,000	97,000																43,750	189,583	187,500	191,667	191,667	189,583														138,492		501,645	295,583		284,659	278,980
distributions attributable to series c mandatorily redeemable preferred stock																																							-131,000	-686,000	-686,000	-686,000	-686,000	-686,000	-686,000	-686,000	-686,000	-686,000	-686,000	-686,000	-686,000	-686,000
change in unrealized gain related to interest rate swap																																		43,000	-7,000
earnings attributable to common shareholders																																					70
acquisition related expenses																																						-14,000	149,000	117,000	9,000	33,000	138,000	255,000	196,000	236,000	233,000	859,000	110,000
total operating expenses before credit to incentive fee																																						13,734,000	15,172,000	13,433,000	13,257,000	12,970,000	13,643,000	13,911,000	12,942,000	11,119,000	12,308,000	12,200,000	24,941,000	10,509,000	9,628,000	8,286,000
credit to incentive fee																																												-1,316,000	-1,185,000		-851,000	-957,000	-1,205,000	-966,000	-989,000	-917,000	-585,000	-427,000	-535,000	-674,000	-585,000	-354,000	-828,000	-445,000	-486,000	-101,596		-56,073		-161,480	-200,264	-129,623	-235,081	-1,255,017	-205,876	-173,697	-562,355	-575,033	-526,991	-633,805	-585,768
weighted-average shares of common stock outstanding
basic																																						23,193,962,000	23,509,054,000	22,684,391,000	22,545,285,000	21,159,597,000	21,403,808,000	20,833,787,000			17,739,084,000	16,547,793,000		13,164,244,000	14,196,423	12,380,402	11,230,647,000	10,953,325,000	10,945,000	10,945,000	10,945,000	10,237,000	10,936,000	9,782,000	9,258,000									8,565,149				8,565,264	8,565,264	8,565,264	8,565,264	7,827,781	7,820,376	7,762,503	7,672,000	7,670,219	7,672,000	7,669,802	7,667,000	7,649,855	7,648,250	7,642,000
diluted																																						23,193,962,000	23,509,054,000	22,684,391,000	22,545,285,000	21,159,597,000	21,403,808,000	20,833,787,000			17,739,084,000	16,894,973,000		13,164,244,000	14,196,423	12,380,402	11,230,647,000	10,953,325,000	10,945,000	10,945,000	11,006,000	10,289,000	10,988,000	9,834,000	9,310,000									8,565,149				8,565,264	8,565,264	8,565,264	8,565,264	7,986,690	7,981,071	7,911,871	7,821,658	7,723,220	7,725,667	7,692,639	7,733,335	7,708,534	7,697,079	7,695,134
distributions attributable to series a and b preferred stock																																									-1,027,000	-1,024,000	-1,023,000	-1,023,000	-1,023,000	-1,024,000	-1,023,000	-1,023,000	-1,023,000	-1,024,000	-1,023,000	-1,023,000
other expense
loss per weighted-average share of common stock—basic & diluted
weighted-average shares of senior common stock outstanding—basic																																										960,016,000			866,201,000		518,592,000							107,000		84,000
loss from continuing operations																																														-232.5	-50
income from continuing operations																																																10		-60	-60	-50	-60		-10	-20	20					806,870	2,028,252	1,006,451	1,086,333	1,117,303	1,114,882	1,096,020	1,089,569	1,135,660	1,142,881	1,219,851	1,449,930	1,467,088	1,550,998	1,557,759	1,455,669	901,795	664,958	993,322
weighted-average shares of common stock outstanding - basic & diluted																																																	15,746,714,000
rental income																																																		16,106,000	15,807,000	14,190,000	13,666,000	13,701,000	12,878,000	12,323,000	12,014,000	11,383,000	11,085,000	10,729,000	10,435,000	10,146,239	10,209,211	10,409,519	10,415,066	10,363,554	10,383,002	10,379,172	10,414,120	10,406,752	10,157,553	9,922,018	9,189,465	8,634,634	8,024,305	7,732,322	7,078,036	6,854,832	6,214,295	6,027,830	5,021,485	7,983,954	3,453,777	2,235,241	1,847,007		1,066,076	403,690	197,773
acquisitions related expense																																																		146,000	163,000	274,000
dividends declared per share of common stock																																																		0.281	0.375	0.375
due diligence expense																																																					185,000	144,000	117,000	528,000	160,000	506,000	201,000	131,000	-138,000	390,988			21,876	24,141		6,886	9,547
total operating expenses before credits from adviser																																																					7,858,000	7,398,000	6,635,000	6,701,000	6,382,000	6,248,000	6,011,000	5,700,000	5,423,000
distributions attributable to mandatorily redeemable preferred stock																																																					-686,000	-686,000	-686,000	-686,000	-457,000
distributions attributable to preferred stock																																																					-1,023,000	-1,023,000	-1,023,000	-1,024,000	-1,023,000	-1,024,000	-1,023,000	-1,024,000	-1,023,000	-1,023,437	-1,023,437	-1,023,437	-1,023,438	-1,023,438	-1,023,437	-1,023,437	-1,023,437
interest income—employee loans																																																								8,000																							41,346
earnings per weighted-average share of common stock —basic & diluted
interest income - employee loans																																																									9,000	8,000	9,000						43,101																				4,685		1,250
earnings per weighted-average share of common stock
basic																																																										37.5	70	40	50																				0.07		0.11	0.15	0.07		0.09	0.02
diluted																																																										37.5	70	40	50																				0.06		0.11	0.15	0.07		0.09	0.02
interest income — employee loans																																																												9,000	10,000	28,651	36,557	42,574		46,472	48,130	48,862	48,886	49,477	49,624	50,852	52,144	42,402	52,728	56,458	60,422	50,305		28,589	5,548	15,479	5,562	5,236
weighted-average shares of senior common stock outstanding — basic																																																												59,000	59,000	24,850	16,286	1,435
professional fees																																																														370,428	1,822,683	201,801	175,610	183,037	105,368	125,965	235,198	158,826	117,857	147,065	97,662	182,870	118,371	174,677	149,431	354,295	167,353	232,960	202,936	485,772	99,799	16,759	331,244						10,000
insurance expense																																																														47,047	53,219	56,513	56,325
directors’ fees																																																														43,759	54,533	49,025	49,418
total operating expenses before credit from adviser																																																														4,512,219.75	7,282,219	5,406,274	5,360,386	5,286,106	5,269,282	5,311,460	5,408,173	6,041,930	5,323,360	5,280,293	4,943,290	4,751,461	4,511,960	4,582,546	4,297,261
interest income from temporary investments																																																														7,543	114	113	265	2,759	524	184	17,281	1,048	4,559	6,689	9,548	28,859	33,105	63,269	229,016	63,335	2,006	4,057	7,373	116,733	10,093	13,192	94,521		153,716	162,523
discontinued operations																																																																			0.02										0.01		0.14	-0.02
income from discontinued operations																																																																		239	4,070	20,916		-420	-1,322			-3,783	5,975	-1,503	-4,001	-4,024	6,915	71,215
total discontinued operations																																																																		239	164,108	20,916		-420	-1,322	-406	-33,228	-3,974	39,462	-1,447	74,673	-5,945	1,112,461	-140,557
earnings per weighted-average share of common stock — basic
earnings per weighted-average share of common stock — diluted
weighted-average shares of common stock outstanding — basic																																																														8,576,303	8,562,777	8,545,264
weighted-average shares of common stock outstanding — diluted																																																														8,601,153	8,577,173	8,546,529
stockholder-related expenses																																																																78,596	45,216
asset retirement obligation expense																																																																37,857	37,247	36,648	36,060	35,476	35,367	34,850	35,157	32,764	30,468	29,936	29,440	28,942	28,160	26,879	30,619	24,940	55,143
earnings per weighted-average common share — basic & diluted
weighted-average shares outstanding- basic & diluted																																																																	8,558,664		8,563,264	8,563,264	8,563,264		8,565,264	8,565,264	8,565,264
insurance																																																																		56,121	50,757	48,125	48,678	46,467	43,354	41,797	41,797	42,866	53,943	114,556	146,252	118,613	113,453	102,845	82,999	203,922	70,244	67,021	70,383						50,506
directors fees																																																																		49,335	49,459	50,386	49,702	55,649	54,702	52,251	54,250	54,250	66,250	54,250	54,250														12,333
stockholder related expenses																																																																		31,354	32,914	88,245	83,647	26,954	42,232	102,775	126,423	28,660	40,991	75,361	99,617
interest income from mortgage notes receivable																																																																					187,500	225,025	216,446	218,805	238,297	255,556	255,555	252,778	250,000	255,556	478,329	558,434	552,913		553,968
loss from discontinued operations																																																																								-406	-33,228
net realized income from foreign currency transactions																																																																										-191	33,487	56	7
taxes refunded on sale of real estate
dividends attributable to preferred stock																																																																						-767,578	-1,023,437	-1,023,437	-1,023,437	-1,023,438	-1,023,438	-1,023,437	-1,023,437	-873,696	-484,375	-484,375	-344,444
stock option compensation expense																																																																															314,593	33,602	46,216
taxes (paid) refunded on sale of real estate																																																																										19,666.75
earnings per weighted-average common share — basic
earnings per weighted-average common share — diluted
weighted-average shares outstanding
basic																																						23,193,962,000	23,509,054,000	22,684,391,000	22,545,285,000	21,159,597,000	21,403,808,000	20,833,787,000			17,739,084,000	16,547,793,000		13,164,244,000	14,196,423	12,380,402	11,230,647,000	10,953,325,000	10,945,000	10,945,000	10,945,000	10,237,000	10,936,000	9,782,000	9,258,000									8,565,149				8,565,264	8,565,264	8,565,264	8,565,264	7,827,781	7,820,376	7,762,503	7,672,000	7,670,219	7,672,000	7,669,802	7,667,000	7,649,855	7,648,250	7,642,000
diluted																																						23,193,962,000	23,509,054,000	22,684,391,000	22,545,285,000	21,159,597,000	21,403,808,000	20,833,787,000			17,739,084,000	16,894,973,000		13,164,244,000	14,196,423	12,380,402	11,230,647,000	10,953,325,000	10,945,000	10,945,000	11,006,000	10,289,000	10,988,000	9,834,000	9,310,000									8,565,149				8,565,264	8,565,264	8,565,264	8,565,264	7,986,690	7,981,071	7,911,871	7,821,658	7,723,220	7,725,667	7,692,639	7,733,335	7,708,534	7,697,079	7,695,134
taxes and licenses																																																																												50,178	15,007	78,258	24,812	39,069	54,259	211,850	37,399	25,441	128,273
net unrealized loss from foreign currency transactions
taxes paid on sale of real estate
total expenses net of credit to incentive fee																																																																													3,711,493
net unrealized gain from foreign currency transactions																																																																																-211,939	12,615
taxes on sale of real estate																																																																													78,667		-315,436
management advisory fee																																																																														873,003	656,916	719,392	652,742	1,508,869	609,171	483,794	471,861		333,825	280,122	229,416		124,096
shareholder related expenses																																																																														28,571	34,414
net realized loss from foreign currency transactions																																																																														-1,921	-1,044		-816		-3,007
earnings per weighted-average common share— basic
earnings per weighted-average common share— diluted
net realized gain from foreign currency transactions																																																																																167
income before realized and unrealized losses																																																																																	835,001
realized and unrealized loss from foreign currency
total net realized and unrealized gain from foreign currency																																																																																	11,799
earnings per weighted-average common share
basic																																																										37.5	70	40	50																				0.07		0.11	0.15	0.07		0.09	0.02
diluted																																																										37.5	70	40	50																				0.06		0.11	0.15	0.07		0.09	0.02
interest																																																																																		223,943.75	895,775	254,803	36,219
income from operations																																																																																		269,081.25	1,076,325	1,133,813	436,070
yoy
qoq																																																																																		-75.00%	-5.07%	160.01%
interest income																																																																																											91,532
total interest income																																																																																			15,655
net unrealized appreciation (depreciation) on translation of assets and liabilities in a foreign currency																																																																																			-221,562
total net realized and unrealized loss from foreign currency																																																																																			-224,569
loss on foreign currency translation																																																																																		-56,142.25		-2,710	-92
net income from operations																																																																																							530,072
net loss from operations																																																																																								-30,248	-365,767		-206,394
operating revenues:
interest income — mortgage																																																																																									133,419
operating expenses:
interest income — temporary investments																																																																																									172,462
basic loss per weighted-average common share																																																																																									-0.03
diluted loss per weighted-average common share																																																																																									-0.03
basic — weighted-average shares outstanding																																																																																									7,642,000
diluted — weighted-average shares outstanding																																																																																									7,642,000
organizational costs																																																																																											5,549
total expenses from operations																																																																																											206,394
basic and diluted loss per share																																																																																											-0.08
weighted-average basic and diluted shares outstanding																																																																																											1,448,482

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2013-03-03	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30

assets
real estate, at cost	1,390,445,000	1,400,357,000	1,347,152,000	1,279,538,000	1,211,793,000	1,214,288,000	1,230,206,000	1,209,932,000	1,221,364,000	1,226,461,000	1,232,860,000	1,285,539,000	1,287,297,000	1,279,455,000	1,260,422,000	1,240,928,000	1,225,258,000	1,172,548,000	1,152,302,000	1,143,960,000	1,094,854,000	1,106,274,000	1,123,644,000	1,056,978,000	1,008,438,000	989,036,000	953,978,000	946,649,000	913,477,000	905,349,000	904,684,000	893,853,000	880,614,000	819,029,000	821,921,000	821,749,000	797,115,000	790,232,000	777,001,000	780,377,000	761,458,000	763,831,000	740,842,000	722,565,000	700,574,000	684,001,000	627,993,000	642,353,000	622,481,000	564,952,000	538,509,000	538,509,000	533,753,000	494,578,000	478,410,000	452,161,000	442,521,000	420,241,000	419,720,000	397,873,000	401,016,940	391,502,046	391,329,596	391,095,912	390,753,892	389,699,961	389,668,739	390,616,450	390,562,138
less: accumulated depreciation	359,513,000	350,153,000	339,331,000	329,448,000	319,646,000	313,730,000	311,433,000	304,000,000	299,662,000	291,986,000	286,911,000	294,773,000	286,994,000	284,802,000	279,331,000	276,612,000	266,672,000	257,050,000	249,797,000	240,351,000	221,849,000	219,175,000	216,547,000	207,523,000	202,480,000	194,202,000	186,107,000	178,257,000	170,824,000	163,349,000	155,899,000	149,417,000	146,229,000	139,303,000	138,070,000	131,661,000	125,250,000	122,827,000	117,162,000	112,243,000	104,877,000	102,243,000	96,760,000	92,133,000	93,401,000	88,520,000	84,008,000	81,241,000	76,923,000	72,712,000	69,133,000	69,133,000	65,730,000	62,459,000	59,433,000	56,572,000	53,784,000	51,119,000	48,537,000	46,049,000	43,659,456	41,268,421	38,886,713	36,502,598	34,111,952	31,754,201	29,397,701	27,127,861	24,757,576
total real estate	1,030,932,000	1,050,204,000	1,007,821,000	950,090,000	892,147,000	900,558,000	918,773,000	905,932,000	921,702,000	934,475,000	945,949,000	990,766,000	1,000,303,000	994,653,000	981,091,000	964,316,000	958,586,000	915,498,000	902,505,000	903,609,000	873,005,000	887,099,000	907,097,000	849,455,000	805,958,000	794,834,000	767,871,000	768,392,000	742,653,000	742,000,000	748,785,000	744,436,000	734,385,000	679,726,000	683,851,000	690,088,000	671,865,000	667,405,000	659,839,000	668,134,000	656,581,000	661,588,000	644,082,000	630,432,000	607,173,000	595,481,000	543,985,000	561,112,000	545,558,000	492,240,000	469,376,000	469,376,000	468,023,000	432,119,000	418,977,000	395,589,000	388,737,000	369,122,000	371,183,000	351,824,000	357,357,484	350,233,625	352,442,883	354,593,314	356,641,940	357,945,760	360,271,038	363,488,589	365,804,562
lease intangibles	115,579,000	120,338,000	114,242,000	102,668,000	95,107,000	97,802,000	95,935,000	97,663,000	101,048,000	102,629,000	104,439,000	107,778,000	111,622,000	112,993,000	111,703,000	112,655,000	114,494,000	111,782,000	111,084,000	114,057,000	114,242,000	117,106,000	122,036,000	115,465,000	110,197,000	111,074,000	108,047,000	111,448,000	109,343,000	111,978,000	116,301,000	118,927,000	115,210,000	101,035,000	102,075,000	105,553,000	102,765,000	101,683,000	101,571,000	104,914,000	105,963,000	106,893,000	102,808,000	98,814,000	94,642,000	92,129,000	78,284,000	79,632,000	75,345,000	60,797,000	57,156,000	57,156,000	57,254,000	48,348,000	45,926,000	39,878,000	37,670,000	31,791,000	32,804,000	29,431,000	26,746,992	25,348,564	26,246,904	27,250,453	28,177,461	28,962,361	29,890,585	30,590,024	31,533,843	32,467,191
real estate and related assets held for sale	11,260,000		2,801,000	4,363,000	4,363,000	16,964,000	4,179,000	18,297,000	28,787,000	29,350,000	36,766,000	4,722,000	3,013,000	11,434,000	18,403,000			4,005,000			18,173,000	11,839,000		3,990,000				4,151,000	1,436,000	1,436,000	1,432,000	9,046,000		4,208,000	2,359,000	9,562,000	11,748,000	3,820,000	4,204,000	1,077,000	16,832,000	2,235,000	2,980,000				9,932,000																				956,916												5,458,407
cash and cash equivalents	10,810,000	18,400,000	11,660,000	10,383,000	10,956,000	10,531,000	10,416,000	10,451,000	11,985,000	18,263,000	16,487,000	14,286,000	11,653,000	13,540,000	10,741,000	9,585,000	7,956,000	10,230,000	14,632,000	9,871,000	10,370,000	9,563,000	9,853,000	6,849,000	6,175,000	7,590,000	4,314,000	6,591,000	2,470,000	4,552,000	4,123,000	6,683,000	4,287,000	5,014,000	4,105,000	4,658,000	8,747,000	3,993,000	5,010,000	5,152,000	3,730,000	3,297,000	5,760,000	8,599,000	5,237,000	2,367,000	5,813,000	8,546,000	4,531,000	4,023,000	7,279,000	7,279,000	5,546,000	14,782,000	4,273,000	5,689,000	3,329,000	2,410,000	2,315,000	14,323,000	7,061,504	3,230,471	3,312,409	3,327,368	3,096,598	2,787,398	2,920,611	2,473,850	4,503,578	3,064,675	1,775,274	1,335,884	1,356,408	1,824,794	9,681,885	7,086,594	36,005,686	614,784	931,560	1,280,038	1,740,159	364,282	216,434	18,059,875	29,153,987	41,349,714	65,016,018	84,667,117	99,075,765	104,892,431
restricted cash	5,781,000	6,232,000	4,240,000	4,978,000	4,118,000	3,999,000	4,003,000	4,467,000	4,150,000	3,811,000	4,076,000	4,505,000	4,339,000	4,146,000	4,463,000	5,075,000	5,222,000	4,972,000	4,607,000	4,734,000	4,892,000	4,988,000	4,678,000	4,639,000	2,778,000	2,762,000	2,703,000	2,491,000	2,605,000	2,738,000	2,903,000	2,397,000	3,533,000	2,777,000	3,116,000	3,030,000	4,002,000	3,902,000	4,290,000	4,205,000	4,761,000	4,347,000	3,860,000	3,547,000	3,541,000	3,116,000	3,506,000	5,051,000	6,406,000	4,037,000	3,849,000	3,849,000	2,935,000	3,115,000	2,889,000	3,054,000	2,473,000	2,568,000	2,358,000	2,733,000	2,288,410	2,606,065	2,295,525	2,957,263	2,633,538	3,049,099	3,345,712	3,780,463	2,677,561	2,637,531	2,604,830	2,409,065	1,914,067	1,500,858	1,469,750	1,354,961	1,225,162	1,644,889	2,386,510	1,935,741	1,974,436
funds held in escrow	5,336,000	5,909,000	5,728,000	5,547,000	5,367,000	5,673,000	5,497,000	5,334,000	7,515,000	8,509,000	8,459,000	5,925,000	8,818,000	9,464,000	10,008,000	9,820,000	7,304,000	8,888,000	8,268,000	7,936,000	8,936,000	8,405,000	7,971,000	7,226,000	6,011,000	5,713,000	5,501,000	6,010,000	5,934,000	9,520,000	9,508,000	9,369,000	12,312,000	4,605,000	4,281,000	6,806,000	7,172,000	5,922,000	5,867,000	7,534,000	10,936,000	12,377,000	11,091,000	11,096,000	13,377,000	12,811,000	9,417,000	8,653,000	8,986,000	7,708,000	7,193,000	7,193,000	7,591,000	6,207,000	5,345,000	4,555,000	4,086,000	4,051,000	3,305,000	2,899,000	2,621,091	2,714,936	2,344,342	2,565,860	2,487,680	2,697,354	2,296,773	2,349,456	2,150,919	1,988,558	1,856,708	1,538,551	1,401,695	1,638,520	1,789,814	1,633,184	1,635,819	1,514,701	1,697,031	1,730,346	1,041,292	1,723,782	1,284,350	744,129	1,060,977	983,501	187,234
right-of-use assets from operating leases	3,707,000	3,772,000	3,836,000	3,899,000	3,961,000	4,023,000	4,083,000	4,143,000	4,889,000	4,951,000	5,011,000	5,071,000	5,131,000	5,189,000	5,247,000	5,305,000	5,361,000	5,432,000	5,473,000	5,528,000	5,636,000	5,689,000	5,742,000	5,794,000	5,846,000	5,897,000	5,948,000
right-of-use assets from finance leases	2,877,000	2,897,000	2,918,000	2,938,000
deferred rent receivable	47,922,000	46,980,000	46,352,000	45,579,000	45,324,000	44,855,000	42,864,000	41,912,000	41,006,000	40,462,000	40,035,000	39,663,000	38,884,000	38,935,000	38,427,000	37,991,000	39,066,000	38,203,000	37,713,000	36,823,000	35,661,000	35,850,000	35,599,000	37,177,000	37,344,000	37,047,000	35,151,000	34,771,000	34,613,000	34,280,000	33,851,000	33,333,000	31,030,000	28,401,000	30,151,000	29,725,000	29,288,000	28,909,000	28,155,000	27,443,000	25,098,000	24,992,000	23,447,000	21,728,000	21,387,000	20,590,000	19,520,000	18,905,000	17,998,000	16,695,000	15,890,000	15,890,000	15,124,000	13,484,000	13,121,000	12,666,000	12,403,000	12,151,000	11,905,000	10,655,000	10,373,508	10,020,329	9,697,709	9,358,748	8,975,196	8,574,415	8,156,144	7,728,226	7,228,811	6,667,829	6,121,058	5,575,368	5,094,799	4,664,502	4,277,061	3,914,132	3,607,279	3,342,398	3,111,718	2,751,382	2,590,617	2,460,616	4,293,573	697,210	210,846	100,110	41,535	13,764
sales-type lease receivable				18,504,000	18,618,000
other assets	12,729,000	10,271,000	10,395,000	11,494,000	14,387,000	11,910,000	19,796,000	16,958,000	12,389,000	24,706,000	20,713,000	13,867,000	17,746,000	19,314,000	13,306,000	9,662,000	5,363,000	5,784,000	4,942,000	5,785,000	4,921,000	5,512,000	5,849,000	8,913,000	3,703,000	4,870,000	5,485,000	4,921,000	5,121,000	5,504,000	6,203,000	4,263,000	4,094,000	5,807,000	3,039,000	2,320,000	3,056,000	2,651,000	2,525,000	2,825,000	2,671,000	2,499,000	1,664,000	1,765,000	2,108,000	2,358,000	1,611,000	1,786,000	945,000	2,679,000	2,151,000	2,151,000	1,737,000	1,736,000	1,015,000	1,003,000	976,000	1,880,000	1,050,000	1,178,000	833,873	864,726																				78,338	5,304	216,649	114,819	225,319	25,000	18,266
total assets	1,246,933,000	1,265,003,000	1,209,993,000	1,160,443,000	1,094,348,000	1,096,315,000	1,105,546,000	1,105,157,000	1,133,471,000	1,167,156,000	1,181,935,000	1,186,583,000	1,201,509,000	1,209,668,000	1,193,389,000	1,154,409,000	1,143,352,000	1,104,794,000	1,089,224,000	1,088,343,000	1,075,836,000	1,086,051,000	1,098,825,000	1,039,508,000	978,012,000	969,787,000	935,020,000	938,775,000	904,175,000	912,008,000	923,106,000	928,454,000	904,851,000	831,573,000	832,977,000	851,742,000	838,643,000	818,285,000	811,461,000	833,322,000	838,483,000	830,340,000	807,282,000	787,794,000	759,407,000	735,530,000	678,882,000	690,525,000	666,412,000	594,140,000	569,198,000	569,198,000	564,779,000	525,644,000	497,335,000	467,974,000	453,147,000	427,093,000	428,016,000	416,148,000	410,608,602	397,572,376	411,179,391	414,620,100	416,865,373	418,281,683	422,245,782	424,996,806	429,098,785	430,283,055	414,245,749	411,183,078	378,902,689	361,345,877	339,146,439	327,189,335	315,766,022	281,502,480	281,910,771	259,807,099	207,046,954	168,846,131	128,188,185	106,991,079	105,585,094	105,113,407	104,404,705	105,658,571	105,061,370	105,159,489
liabilities, mezzanine equity and equity
liabilities
mortgage notes payable	250,193,000	255,528,000	257,882,000	267,326,000	269,579,000	271,621,000	273,783,000	275,976,000	295,853,000	310,974,000	348,371,000	354,556,000	359,389,000	367,618,000	462,832,000	446,720,000	449,944,000	448,001,000	451,188,000	454,353,000	458,364,000	465,383,000	486,315,000	453,739,000	434,689,000	451,522,000	445,412,000	441,346,000	437,146,000	435,073,000	437,707,000	447,380,000	450,032,000	422,398,000	407,574,000	445,278,000	444,522,000	441,604,000	450,664,000	460,770,000	482,912,000	487,339,000	469,048,000	459,299,000	460,358,000	456,237,000	426,847,000	422,602,000	409,762,000	359,240,000	361,035,000	361,035,000	359,185,000	337,931,000	314,769,000	282,065,000	285,350,000	266,008,000	267,124,000	260,032,000	260,869,463	250,781,740	251,453,252	252,117,127	252,761,651	253,372,911	253,950,925	254,520,292	255,111,173	255,425,225	201,346,692	201,736,050	202,120,471	186,416,801	182,124,367	168,074,478	154,494,438	118,516,249	118,690,395	108,558,267	61,558,961	42,158,247
borrowings under revolver	37,370,000	145,370,000	94,370,000	51,300,000	1,900,000	53,250,000	81,150,000	75,950,000	75,750,000	70,950,000	38,450,000	26,250,000	23,250,000	7,750,000	46,950,000	34,550,000	33,550,000	2,100,000			43,149,000	42,410,000	20,846,000	51,579,000	34,915,000	50,585,000	32,335,000	50,084,000	30,334,000	32,808,000	32,065,000	20,715,000	43,933,000	37,478,000	63,797,000
borrowings under term loan a, term loan b and term loan c	397,702,000	348,466,000	348,294,000	348,121,000	347,948,000	367,776,000	367,603,000	367,430,000	367,258,000	367,085,000	366,913,000	366,740,000	366,567,000	366,395,000
senior unsecured notes	158,201,000	74,061,000	74,006,000	73,999,000	73,958,000
deferred rent liability	17,191,000	19,129,000	20,619,000	22,257,000	21,996,000	23,599,000	25,484,000	27,551,000	29,324,000	31,814,000	35,761,000	38,799,000	39,997,000	40,701,000	38,491,000	29,297,000	26,770,000	22,459,000	19,371,000	20,126,000	19,773,000	20,966,000	20,679,000	19,322,000	19,754,000	19,312,000	17,771,000	17,305,000	15,350,000	15,278,000	15,778,000	16,250,000	15,554,000	14,581,000	12,316,000	12,647,000	11,275,000	8,964,000	9,163,000	9,657,000	9,014,000	9,278,000	8,374,000	8,594,000	5,861,000	5,703,000	5,862,000	6,015,000	6,117,000	5,104,000	5,221,000	5,221,000	5,379,000	5,659,000	3,440,000	3,593,000	3,851,000	3,144,000	3,042,000	3,025,000	2,276,033	2,507,408	2,738,784	2,970,159	3,213,195	2,558,299	2,754,690	2,951,081	3,147,472	3,343,863	3,540,254	3,736,644	3,933,035	4,129,426	4,325,817	4,522,208	4,718,599	4,914,989	5,111,381	3,698,616
operating lease liabilities	3,816,000	3,879,000	3,941,000	4,003,000	4,063,000	4,123,000	4,182,000	4,241,000	5,093,000	5,148,000	5,202,000	5,255,000	5,308,000	5,360,000	5,411,000	5,460,000	5,509,000	5,571,000	5,604,000	5,646,000	5,728,000	5,768,000	5,808,000	5,847,000	5,886,000	5,924,000	5,948,000
finance lease liabilities	2,964,000	2,955,000	2,947,000	2,938,000
asset retirement obligation	5,363,000	5,328,000	5,222,000	5,095,000	5,061,000	5,027,000	4,994,000	4,961,000	4,928,000	4,843,000	4,811,000	4,824,000	4,793,000	4,501,000	4,255,000	3,790,000	3,769,000	3,151,000	3,142,000	3,113,000	3,060,000	3,037,000	3,163,000	3,137,000	3,120,000	2,938,000	2,907,000	2,875,000	2,844,000	2,814,000	2,784,000	3,051,000	3,136,000	3,105,000	3,440,000	3,406,000	3,268,000	3,645,000	3,659,000	3,674,000	3,542,000	3,749,000	3,675,000	3,616,000	3,950,000	3,747,000	3,704,000
accounts payable and accrued expenses	10,959,000	15,158,000	19,950,000	15,769,000	13,198,000	15,666,000	16,177,000	14,256,000	13,588,000	13,583,000	11,479,000	9,822,000	9,606,000	10,904,000	8,836,000	5,363,000	6,736,000	8,000,000	7,957,000	5,448,000	7,700,000	6,188,000	7,684,000	5,573,000	2,658,000	4,129,000	2,641,000	2,704,000	2,697,000	5,606,000	6,419,000	7,339,000	8,221,000	3,781,000	3,461,000	5,891,000	4,031,000	3,681,000	4,569,000	6,388,000	7,820,000	5,925,000	7,362,000	8,285,000	7,267,000	6,498,000	2,186,000	2,359,000	3,552,000	3,359,000	4,165,000	4,165,000	4,715,000	4,920,000	4,295,000	3,305,000	1,956,000	1,268,000	1,873,000	2,070,000	2,682,915	1,662,045	1,530,275	1,618,406	2,086,741	1,417,884	1,495,284	1,528,245	2,673,787	514,222	944,723	693,112	778,949	993,915	588,581	457,332	673,410	695,330	437,693	743,560	493,002	435,962	280,920	417,464	168,389	11,898
liabilities related to assets held for sale	397,000					169,000	656,000	676,000	676,000	631,000	933,000			16,000	232,000			13,000			1,108,000	149,000		21,000					297,000	297,000	297,000	114,000			332,000	1,041,000	688,000	357,000	1,160,000	868,000	1,304,000	93,000
due to adviser and administrator	3,223,000	2,468,000	3,011,000	3,381,000	2,540,000	3,063,000	3,641,000	2,922,000	2,556,000	2,552,000	2,624,000	2,457,000	3,356,000	3,704,000	3,646,000	3,574,000	3,431,000	3,188,000	3,089,000	3,225,000	2,971,000	3,328,000	3,152,000	2,904,000	2,730,000	2,635,000	2,562,000	2,523,000	2,489,000	2,352,000	2,385,000	2,289,000	2,250,000	2,104,000	2,103,000	2,075,000	1,991,000	1,884,000	1,898,000	1,858,000	1,820,000	1,683,000	1,721,000	916,000	1,688,000	1,737,000	1,160,000	1,360,000	999,000	848,000	1,069,000	1,069,000	1,175,000	1,034,000	779,000
other liabilities	17,621,000	17,802,000	12,550,000	12,861,000	12,763,000	12,934,000	12,014,000	12,902,000	14,138,000	12,949,000	13,627,000	17,211,000	14,617,000	15,072,000	14,386,000	16,711,000	16,788,000	16,554,000	15,000,000	15,193,000	16,275,000	16,959,000	16,488,000	12,920,000	9,190,000	8,396,000	6,902,000	7,292,000	5,692,000	6,386,000	7,716,000	6,554,000	7,803,000	6,805,000	7,488,000	6,667,000	8,076,000	7,523,000	7,250,000	7,436,000	7,644,000	7,699,000	7,558,000	7,612,000	6,987,000	6,908,000	6,495,000	8,259,000	9,874,000	5,688,000	5,374,000	5,374,000	4,705,000	4,382,000	4,102,000	4,465,000	3,499,000	4,363,000	3,686,000	2,646,000	2,377,743	3,726,929
total liabilities	905,000,000	910,004,000	862,631,000	807,050,000	753,006,000	757,228,000	789,684,000	786,865,000	809,164,000	820,529,000	828,171,000	825,914,000	826,883,000	822,021,000	809,233,000	769,578,000	770,529,000	732,988,000	714,222,000	715,894,000	717,274,000	723,278,000	723,168,000	676,318,000	634,161,000	620,104,000	591,131,000	598,758,000	571,453,000	575,194,000	579,707,000	578,224,000	555,841,000	515,157,000	525,408,000	541,122,000	545,515,000	566,198,000	583,903,000	599,451,000	608,056,000	599,466,000	580,125,000	570,122,000	570,211,000	544,980,000	509,032,000	507,379,000	501,555,000	427,758,000	445,550,000	445,550,000	442,414,000	401,637,000	369,697,000	336,303,000	317,833,000	287,801,000	288,156,000	292,726,000	299,234,295	285,512,373	299,270,553	299,516,092	298,414,831	296,960,623	298,006,418	297,640,971	298,603,525	296,703,442	277,572,279	271,633,585	236,534,621	216,364,785	191,649,332	177,516,737	163,541,846	163,647,111	163,390,525	139,373,917	108,098,418	68,646,435	27,015,506	5,143,053	2,892,401	2,500,593	1,556,890	2,025,991	310,715	41,203
commitments and contingencies
mezzanine equity
series e and g redeemable preferred stock, net, par value 0.001 per share...	170,041,000	170,041,000	170,041,000	170,041,000	170,041,000	170,041,000	170,041,000	170,041,000		170,041,000	170,041,000	170,041,000		170,261,000	170,261,000	170,261,000
total mezzanine equity	170,041,000	170,041,000	170,041,000	170,041,000	170,041,000	170,041,000	170,041,000	170,041,000	170,041,000	170,041,000	170,041,000	170,041,000	170,056,000	170,261,000	170,261,000	170,261,000	170,261,000	170,264,000	170,278,000	159,286,000	157,751,000	154,140,000	152,193,000	152,153,000	85,598,000	85,598,000	85,598,000	85,598,000	85,598,000	85,598,000	84,366,000	83,432,000	81,978,000	77,612,000	72,965,000	70,743,000	67,213,000	25,532,000
equity
senior common stock, par value 0.001 per share...	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
common stock, par value 0.001 per share...	48,000	48,000	46,000	45,000	44,000	43,000	41,000	40,000	40,000	39,000	39,000	40,000	39,000	39,000	39,000	38,000	37,000	37,000	36,000	36,000	34,000	34,000	34,000	32,000	31,000	31,000	30,000	29,000	29,000	29,000	28,000	28,000	28,000	26,000	25,000	25,000	24,000	23,000	23,000	22,000	22,000	21,000	20,000	20,000	18,000	18,000	16,000	16,000	14,000	14,000	11,000	11,000	11,000	11,000	11,000	11,000
series f redeemable preferred stock, par value 0.001 per share...	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
additional paid in capital	841,574,000	841,960,000	820,634,000	811,915,000	784,389,000	780,205,000	742,114,000	730,465,000	730,256,000	729,400,000	728,580,000	725,874,000	721,327,000	717,098,000	705,629,000	692,795,000	671,134,000	656,790,000	648,112,000	639,053,000	604,707,000	599,741,000	599,232,000	571,205,000	599,956,000	592,706,000	573,868,000	559,977,000	544,895,000	538,276,000	535,399,000	534,790,000	520,143,000	481,322,000	465,790,000	463,436,000	440,136,000	429,608,000	421,466,000	418,897,000	408,401,000	399,420,000	387,392,000	369,748,000	339,083,000	332,850,000	305,994,000	298,751,000	274,159,000	269,554,000	221,578,000	221,578,000	215,470,000	212,542,000	212,014,000	211,755,000	211,553,000	211,508,000	208,664,000	188,819,000	174,260,531	172,023,461	170,404,393	170,378,699	170,622,581	170,622,581	170,622,581	170,622,581	170,622,581	170,640,979	170,640,979	170,640,979	170,640,979	170,640,979	170,640,979	170,640,979	170,640,979	132,448,681	131,590,977	129,245,756	105,502,544	105,502,544	105,502,544	105,427,549	105,427,549	105,427,549	105,052,573	105,052,574	105,060,304	105,225,506
accumulated other comprehensive income	3,314,000	3,699,000	4,303,000	6,647,000	10,648,000	3,365,000	13,759,000	13,281,000	7,758,000	19,795,000	14,297,000	6,008,000	11,640,000	12,366,000	5,524,000	2,921,000	-1,346,000	-2,075,000	-2,641,000	-1,921,000	-4,859,000	-5,135,000	-4,654,000	-2,126,000	-2,483,000	-1,859,000	-870,000	-148,000	1,063,000	818,000	530,000	35,000	172,000	179,000
distributions in excess of accumulated earnings	-673,168,000	-660,883,000	-647,794,000	-635,393,000	-623,912,000	-614,698,000	-610,209,000	-596,475,000	-584,776,000	-574,113,000	-560,719,000	-542,937,000	-530,228,000	-514,057,000	-498,574,000	-482,493,000	-468,523,000	-454,494,000	-442,122,000	-425,422,000	-401,834,000	-388,900,000	-374,259,000	-360,978,000	-343,736,000	-331,461,000	-319,402,000	-310,117,000	-298,866,000	-287,910,000	-276,927,000	-268,058,000	-253,314,000	-242,726,000	-231,214,000	-223,587,000	-214,248,000	-203,079,000	-193,934,000	-185,051,000	-177,999,000	-168,570,000	-159,883,000	-151,724,000	-149,533,000	-141,945,000	-135,787,000	-115,248,000	-108,943,000	-102,813,000	-97,568,000	-97,568,000	-92,708,000	-88,138,000	-83,973,000	-79,676,000	-75,830,000	-71,803,000	-68,386,000	-64,977,000	-61,933,725	-58,458,249	-56,245,666	-53,023,831	-49,877,753	-46,760,633	-43,804,965	-40,687,244	-37,542,148	-34,442,235	-31,348,378	-28,332,410	-25,513,703	-22,869,878	-20,353,407	-17,802,786	-15,226,196	-12,343,127	-10,820,512	-8,388,964	-6,129,398	-4,877,614	-3,903,748	-3,212,398	-2,367,523	-2,447,402	-2,212,400	-1,427,636	-76,420
total stockholders' equity	171,770,000	184,826,000	177,191,000	183,216,000	171,171,000	168,917,000	145,707,000	147,313,000	153,280,000	175,123,000	182,199,000	188,987,000	202,780,000	215,448,000	212,620,000	213,262,000	201,303,000	200,259,000	203,386,000	211,747,000	198,049,000	205,741,000	220,354,000	208,134,000	253,771,000	259,420,000	253,629,000	249,744,000	247,124,000	251,216,000	259,033,000	266,798,000	267,032,000	238,804,000	234,604,000	239,877,000	225,915,000	226,555,000
op units held by non-controlling op unitholders	122,000	132,000	130,000	136,000	130,000	129,000	114,000	938,000	986,000	1,463,000	1,524,000	1,641,000	1,790,000	1,938,000	1,275,000	1,308,000	1,259,000	1,283,000	1,338,000	1,416,000	2,762,000	2,892,000	3,110,000	2,903,000	4,482,000	4,665,000	4,662,000	4,675,000
borrowings under unsecured term loan d		19,860,000	19,839,000
total equity		184,958,000	177,321,000	183,352,000	171,301,000	169,046,000	145,821,000	148,251,000	154,266,000	176,586,000	183,723,000	190,628,000	204,570,000	217,386,000	213,895,000	214,570,000	202,562,000	201,542,000	204,724,000	213,163,000	200,811,000	208,633,000	223,464,000	211,037,000	258,253,000	264,085,000	258,291,000	254,419,000
total liabilities, mezzanine equity and equity		1,265,003,000	1,209,993,000	1,160,443,000	1,094,348,000	1,096,315,000	1,105,546,000	1,105,157,000	1,133,471,000	1,167,156,000	1,181,935,000	1,186,583,000	1,201,509,000	1,209,668,000	1,193,389,000	1,154,409,000	1,143,352,000	1,104,794,000	1,089,224,000	1,088,343,000	1,075,836,000	1,086,051,000	1,098,825,000	1,039,508,000	978,012,000	969,787,000	935,020,000	938,775,000
series d, e and g redeemable preferred stock, net, par value 0.001 per share...									170,041,000				170,056,000				170,261,000	170,264,000	170,278,000
borrowings under term loan a and term loan b															224,194,000	224,113,000	224,032,000
borrowings under term loan																		223,951,000	208,871,000	208,790,000	159,146,000	159,090,000	159,033,000	121,276,000	121,219,000	74,663,000	74,653,000	74,629,000	74,604,000	74,580,000	74,556,000	74,532,000	24,912,000	24,905,000	24,897,000
series d and e redeemable preferred stock, net, par value 0.001 per share...																				159,286,000	157,751,000	154,140,000	152,193,000	152,153,000
series a and b redeemable preferred stock, par value 0.001 per share...																									2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000		2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000
series d redeemable preferred stock, net, par value 0.001 per share...																									85,598,000	85,598,000	85,598,000	85,598,000	85,598,000	85,598,000	84,366,000	83,432,000	81,978,000	77,612,000	72,965,000	70,743,000	67,213,000	25,532,000
liabilities, mezzanine equity and stockholders’ equity
stockholders’ equity
total liabilities, mezzanine equity and stockholders’ equity																													904,175,000	912,008,000	923,106,000	928,454,000	904,851,000	831,573,000	832,977,000	851,742,000	838,643,000	818,285,000
mortgage note receivable																																								5,900,000	5,900,000	5,900,000	5,600,000	5,600,000	5,600,000																		10,000,000	10,000,000	10,000,000	10,000,000	10,000,000																21,064,861	11,081,931	11,107,717	11,131,050	11,150,787	11,170,000
borrowings under revolving credit facility																																				39,225,000
borrowings under term loan facility																																				24,892,000	24,892,000	24,887,000	24,883,000	25,000,000
series c mandatorily redeemable term preferred stock, net, par value 0.001 per share...
borrowings under line of credit																																					46,772,000	60,229,000	42,465,000	45,300,000	55,500,000	45,200,000	41,300,000	43,300,000	45,600,000	25,650,000	24,100,000	24,400,000	28,900,000	11,200,000	26,400,000	26,400,000	25,000,000	5,500,000			18,700,000	9,100,000	8,200,000	20,900,000	27,000,000	22,700,000	36,300,000											20,000,000				35,660,000	29,660,000	22,260,000	43,560,000	23,810,000	22,010,000
series c mandatorily redeemable preferred stock, net, par value 0.001 per share...																																						13,424,000	38,192,000
liabilities and stockholders’ equity
total stockholders’ equity																																							227,558,000	233,871,000	230,427,000	230,874,000	227,157,000	217,672,000	189,196,000	190,550,000	169,850,000	183,146,000	164,857,000	166,382,000	123,648,000	123,648,000	122,365,000	124,007,000	127,638,000	131,671,000	135,314,000	139,292,000	139,860,000	123,422,000	111,374,307	112,060,003	111,908,838	115,104,008	118,450,542	121,321,060	124,239,364	127,355,835	130,495,260	133,579,613	136,673,470	139,549,493	142,368,068	144,981,092	147,497,107	149,672,598	152,224,176	117,855,369	118,520,246	120,433,182	98,948,536	100,199,696	101,172,679	101,848,026	102,692,693	102,612,814	102,847,815	103,632,580	104,750,655	105,118,286
total liabilities and stockholders’ equity																																							811,461,000	833,322,000	838,483,000	830,340,000	807,282,000	787,794,000	759,407,000	735,530,000	678,882,000	690,525,000	666,412,000	594,140,000	569,198,000	569,198,000	564,779,000	525,644,000	497,335,000	467,974,000	453,147,000	427,093,000	428,016,000	416,148,000	410,608,602	397,572,376	411,179,391	414,620,100	416,865,373	418,281,683	422,245,782	424,996,806	429,098,785	430,283,055	414,245,749	411,183,078	378,902,689	361,345,877	339,146,439	327,189,335	315,766,022	281,502,480	281,910,771	259,807,099	207,046,954	168,846,131	128,188,185	106,991,079	105,585,094	105,113,407	104,404,705	105,658,571	105,061,370	105,159,489
deferred financing costs																																								6,138,000	6,011,000	6,212,000	5,990,000	6,213,000	6,342,000	6,678,000	6,814,000	6,840,000	6,643,000	5,961,000	6,304,000	6,304,000	6,569,000	5,853,000	5,789,000	5,540,000	3,473,000	3,120,000	3,096,000	3,105,000	3,325,740	2,553,660	2,653,246	2,913,702	3,136,055	3,344,509	3,763,181	4,061,813	4,383,446	4,752,282												1,486,841	990,340	663,134
series c mandatorily redeemable preferred stock, par value 0.001 per share...																																								38,500,000	38,500,000	38,500,000	38,500,000	38,500,000	38,500,000	38,500,000	38,500,000	38,500,000	38,500,000	38,500,000	38,500,000	38,500,000	38,500,000	38,500,000	38,500,000	38,500,000
25 per share liquidation preference; 2,300,000 shares authorized and 2,150,000 shares issued and outstanding at december 31, 2015 and december 31, 2014, respectively																																								2,000
notes receivable—employee																																													-375,000
notes receivable - employee																																											-375,000	-375,000		-375,000	-375,000	-375,000	-375,000	-375,000
other liabilities related to assets held for sale																																											2,587,000				178,000																				36,348
asset retirement obligation liability																																																3,884,000	3,851,000	3,819,000	3,786,000	3,786,000	3,755,000	3,711,000	3,812,000	3,329,000	3,289,000	3,179,000	3,140,000	3,101,000	3,062,768	2,414,048	2,380,748	2,342,891	2,305,644	2,268,997	2,232,940	2,225,559	2,190,192	2,155,341	2,120,183	2,101,655	1,811,752	1,781,817	1,752,378	1,723,437	1,631,294	1,604,416	1,419,559	1,428,964
notes receivable - employees																																																			-375,000	-375,000		-410,000		-421,000	-422,000	-426,000						-2,261,555									-2,769,923											-374,792	-375,000	-375,000
notes receivable—employees																																																					-410,000		-416,000
due to adviser																																																								1,046,000	1,188,000	739,000	1,091,000	952,000	965,373	1,720,203	1,292,211	1,394,007	1,213,640	1,271,766	1,299,850	1,149,672		1,231,722	1,321,987	788,428	784,301	788,533	682,481	689,062	183,042	210,277	177,459	196,148	164,155	164,189	124,171	142,598	129,231	109,639	103,210	590,410	234,295
series a and b redeemable preferred stock, 0.001 par value...																																																									2,000
senior common stock, 0.001 par value...																																																													59	52	2
common stock, 0.001 par value...																																																									11,000	11,000		10,000	8,725	8,605	8,545	8,545	8,563	8,563	8,563	8,563	8,563	8,565	8,565	8,565	8,565	8,565	8,565	8,565	8,565	7,851	7,817	7,672	7,672	7,672	7,672	7,667	7,667	7,667	7,642	7,642	7,642	7,642
redeemable preferred stock, 0.001 par value...																																																										2,000		2,000	2,150	2,150	2,150	2,150	2,150	2,150	2,150	2,150	2,150	2,150	2,150	2,150	2,150	2,150	2,150	2,150		1,000	1,000	1,000
2,300,000 shares authorized and 2,150,000 shares issued and outstanding at june 30, 2011 and december 31, 2010, respectively																																																											2,000
59,057 shares issued and outstanding at june 30, 2011 and december 31, 2010, respectively
10,771,379 and 8,724,613 shares issued and outstanding at june 30, 2011 and december 31, 2010, respectively																																																											11,000
notes receivable — employees																																																											-431,000	-432,000	-963,433	-1,516,016	-2,260,586		-2,304,999	-2,551,601	-2,588,965	-2,590,215	-2,595,886	-2,629,846	-2,629,846	-2,769,791		-2,800,724	-2,801,180	-3,176,310	-3,201,322	-2,259,036	-2,259,036	-432,282	-432,282	-432,906	-433,789
prepaid expenses and other assets																																																															2,186,373	1,653,392	1,716,905	920,787	644,822	524,385	707,167	989,645	1,215,463	1,717,397
obligation under capital lease																																																															253,841	250,764	247,686	244,609	241,532	238,455	235,378	232,301	229,223	225,067
rent received in advance, security deposits and funds held in escrow																																																															3,321,442	3,922,738	3,386,274	4,026,157	4,194,849	4,727,667	3,745,523	3,600,768	3,519,217	3,302,629	2,706,113	2,254,293	2,175,708	2,050,220	1,841,063	2,045,850	2,897,781	2,488,362	2,322,300	2,078,037	1,462,886	1,432,991	1,674,741	1,459,016	480,826
short-term loan and borrowings under line of credit																																																																34,900,000	33,200,000	31,800,000	31,800,000	30,300,000	31,500,000	30,200,000	64,550,000	59,050,000	24,400,000
due from adviser																																																																					108,898
mortgage notes receivable																																																																				10,000,000	10,000,000	10,000,000	10,000,000	10,000,000	10,000,000	10,000,000	10,000,000	10,000,000	10,000,000	10,000,000	20,981,073	21,000,455	21,025,815	21,047,274
real estate																																																																						367,715,344												129,028,346	94,245,941	71,226,016	60,466,330	48,784,959	26,863,418	9,020,410	5,436,153
real estate, net of accumulated depreciation of 20,102,084 and 15,738,634, respectively																																																																							356,463,038
lease intangibles, net of accumulated amortization of 9,370,270 and 7,560,928, respectively																																																																							30,253,544
deferred financing costs, net of accumulated amortization of 2,690,249 and 2,184,492, respectively																																																																							3,955,834
real estate, net of accumulated depreciation of 17,842,267 and 15,738,634, respectively																																																																								353,335,334
lease intangibles, net of accumulated amortization of 8,445,057 and 7,560,928, respectively																																																																								31,079,739
deferred financing costs, net of accumulated amortization of 2,433,815 and 2,184,492, respectively																																																																								4,191,740
real estate, net of accumulated depreciation of 15,738,634 and 8,595,419, respectively																																																																									324,761,772
lease intangibles, net of accumulated amortization of 7,560,928 and 4,175,685, respectively																																																																									28,989,556
interest receivable – mortgage note																																																																									86,111			86,111			67,140	70,586	70,749			71,109	64,795	61,840	61,950
interest receivable – employees																																																																									39,280			60,422			28,589	5,548				4,685	4,792
deferred financing costs, net of accumulated amortization of 2,184,492 and 1,467,297, respectively																																																																									4,405,129
prepaid expenses																																																																									522,348	547,500	456,354	337,777	521,290	435,196	196,852	471,160	385,043	234,108	101,677	203,026	170,685	228,725	68,932	150,812
deposits on real estate																																																																									300,000		300,000	450,000	300,000			200,000	600,000	200,000	550,000
accounts receivable																																																																									31,524	31,877	387,747	379,055	179,247	225,073	105,395	266,312	225,581
real estate, net of accumulated depreciation of 13,771,428 and 8,595,419, respectively																																																																										309,420,504
lease intangibles, net of accumulated amortization of 6,722,025 and 4,175,685, respectively																																																																										27,607,486
interest receivable — mortgage note																																																																										83,333	83,333							67,511	67,619					68,261
interest receivable — employees																																																																										52,728	52,735		43,716	41,346				4,681	5,236
deferred financing costs, net of accumulated amortization of 1,977,287 and 1,467,297, respectively																																																																										3,973,775
real estate, net of accumulated depreciation of 11,947,461 and 8,595,419, respectively																																																																											280,541,611
lease intangibles, net of accumulated amortization of 5,877,604 and 4,175,685, respectively																																																																											26,038,291
deferred financing costs, net of accumulated amortization of 1,800,471 and 1,467,297, respectively																																																																											4,067,858
real estate, net of accumulated depreciation of 10,189,209 and 8,595,419, respectively																																																																												272,001,341
lease intangibles, net of accumulated amortization of 4,999,702 and 4,175,685, respectively																																																																												25,958,470
deferred financing costs, net of accumulated amortization of 1,631,759 and 1,467,297, respectively																																																																												3,927,288
real estate, net of accumulated depreciation of 8,595,419 and 3,408,878, respectively																																																																													235,118,123
lease intangibles, net of accumulated amortization of 4,175,685 and 1,221,413, respectively																																																																													23,416,696
deferred financing costs, net of accumulated amortization of 1,467,297 and 260,099, respectively																																																																													3,713,004
2,300,000 shares authorized and 2,150,000 shares issued and outstanding at december 31, 2006																																																																													2,150
real estate, net of accumulated depreciation of 7,106,263 and 3,408,878, respectively																																																																														236,573,888
lease intangibles, net of accumulated amortization of 3,393,819 and 1,221,413, respectively																																																																														24,198,562
deferred financing costs, net of accumulated amortization of 725,040 and 260,099, respectively																																																																														2,911,643
real estate, net of accumulated depreciation of 5,722,987 and 3,408,878 respectively																																																																															219,373,127
lease intangibles, net of accumulated amortization of 2,614,455 and 1,221,413, respectively																																																																															24,535,650
deferred financing costs, net of accumulated amortization of 549,399 and 260,099, respectively																																																																															3,037,719
mortgage notes payable related to assets held for sale																																																																															4,797,876
accounts payable and other liabilities related to assets held for sale																																																																															198,381
real estate, net of accumulated depreciation of 4,562,992 and 3,408,878, respectively																																																																																204,739,533
lease intangibles, net of accumulated amortization of 1,902,039 and 1,221,413, respectively																																																																																22,593,292
deferred financing costs, net of accumulated amortization of 381,970 and 260,099, respectively																																																																																2,762,706
real estate, net of accumulated depreciation of 3,408,878 and 785,125, respectively																																																																																	161,634,761
lease intangibles, net of accumulated amortization of 1,221,413 and 194,047, respectively																																																																																	13,947,484
deferred financing costs, net of accumulated amortization of 260,099, and 0, respectively																																																																																	1,811,017
dividends payable																																																																																					920,040	920,040	917,040	917,040	76,420
lease intangibles, net of accumulated amortization of 826,865 and 194,047, respectively																																																																																		11,062,110
replacement reserve																																																																																		1,088,242
lease intangibles, net of accumulated amortization of 457,151 and 194,047, respectively																																																																																			5,362,850
mortgage note payable																																																																																			3,137,529	3,150,000
lease intangibles, net of accumulated amortization of 308,159 and 194,047, respectively																																																																																				4,023,315
lease intangibles, net of accumulated amortization of 194,047 and 1,208, respectively																																																																																					3,230,146
interest receivable – officers																																																																																						1,250
lease intangibles, net of accumulated amortization of 98,755 and 1,208, respectively																																																																																						2,246,939
lease intangibles, net of accumulated amortization of 38,979 and 1,208, respectively																																																																																							989,831
accounts payable																																																																																							41,594	24,161
accrued expenses																																																																																							14,220	78,105
restricted deposit																																																																																								205,508
lease intangibles, net of accumulated amortization of 14,795 and 1,208, respectively																																																																																								344,433
restricted deposits																																																																																								205,508
rent received in advance and security deposits																																																																																								210,767
prepaid assets																																																																																									191,432	267,058
lease intangibles, net of accumulated amortization of 1,208																																																																																									358,020
liabilities and stockholders’ equity liabilities
retained deficit																																																																																									-240,871	-114,862
deferred offering costs
liabilities due to adviser																																																																																										41,203

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2013-03-03	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-09-30	2006-06-30	2006-03-31	2005-09-30	2005-06-30	2005-03-31	2004-09-30	2004-06-30	2004-03-31

cash flows from operating activities:
net income	5,384,000	4,135,000	4,637,000	5,136,000	7,197,000	11,718,000	1,599,000	3,526,000	4,552,000	1,790,000	-3,817,000	2,397,000	1,813,000	2,494,000	1,574,000	3,391,000	3,076,000	4,497,000	2,122,000	38,000	2,845,000	967,000	2,258,000	473,000	2,190,000	2,205,000	4,673,000	2,517,000	2,677,000	2,525,000	4,605,000	-1,466,000	2,383,000	664,000	4,356,000	2,293,000	-73,000	885,000	853,000	2,566,000	-95,000	431,000	694,000	6,164,000	231,000	1,217,000	-13,514,000	333,000	311,000	450,000	433,000	433,000	614,000	992,000	854,000	1,301,000	1,116,000	1,748,000	1,370,000	1,480,000	806,870	2,028,254	1,006,451	1,086,333	1,117,542	1,279,001	1,116,936	1,089,569	1,135,240	1,141,559	1,219,446	1,416,702	1,463,114	1,590,461	1,556,312	1,530,342	3,476,978	1,699,565	846,800	2,552,128	1,149,531	535,184	624,009
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	15,482,000	15,271,000	14,249,000	13,243,000	13,103,000	13,342,000	16,015,000	13,326,000	13,731,000	12,485,000	16,166,000	15,474,000	15,992,000	15,765,000	15,218,000	14,689,000	14,650,000	14,760,000	14,191,000	16,710,000	13,798,000	14,182,000	14,096,000	13,428,000	12,979,000	12,622,000	13,010,000	12,454,000	11,808,000	11,772,000	11,586,000	12,122,000	10,828,000	9,924,000	9,921,000	9,721,000	9,458,000	9,205,000	9,133,000	9,128,000	9,006,000	8,947,000	8,207,000	7,757,000	7,516,000	6,871,000	6,720,000	6,453,000	6,253,000	5,220,000	4,901,000	4,901,000	4,659,000	4,276,000	3,992,000	3,904,000	3,676,000	3,628,000	3,475,000	3,370,000								3,314,100		3,262,913	3,185,017	2,987,760							1,834,740	2,374,912	696,976	537,755	519,133	206,101	79,330
impairment charge	0	0			1,779,000	4,550,000	0	493,000	5,719,000	6,754,000			0	10,718,000							1,184,000											2,836,000	0	253,000	3,746,000	0	1,786,000	187,000	43,000	0				0	280,000	0	13,958,000
gain on debt extinguishment					0	0	0	-300,000
gain on sale of real estate	0	10,000			-3,675,000			-283,000	-3,492,000															0	0	0	-2,952,000	-919,000	0	0	-1,844,000			1,914,000	-5,906,000									0	0																				0												-1,422,026
amortization of deferred financing costs	1,018,000	516,000	464,000	449,000	396,000	388,000	385,000	462,000	398,000	429,000	409,000	410,000	416,000	2,206,000	491,000	369,000	408,000	504,000	277,000	394,000	363,000	419,000	374,000	373,000	458,000	354,000	456,000	342,000	345,000	364,000	394,000	465,000	394,000	371,000	483,000	395,000	447,000	619,000	471,000	597,000	480,000	447,000	431,000	447,000	414,000	409,000	386,000	370,000	593,000	412,000	405,000	405,000	399,000	400,000	383,000	320,000	234,000	228,000	225,000	231,000	165,544	292,804	271,727	272,353	346,398	421,163	348,634	375,194		300,318	256,434	249,323							121,871	158,457	58,590	16,246
amortization of deferred rent asset and liability	-1,418,000	-1,615,000	-1,515,000	-1,481,000	-1,649,000	-1,589,000	-1,960,000	-1,615,000	-1,685,000	-1,643,000	-2,368,000	-1,761,000	-1,732,000	-1,289,000	-579,000	-615,000	-569,000	-705,000	-602,000	-1,395,000	-497,000	-513,000	-462,000	-375,000	-391,000	-387,000	-293,000	69,000	-275,000	-261,000	-261,000	-218,000	-221,000	-205,000	-207,000	-300,000	-148,000	-113,000	-102,000	-121,000	-124,000	-129,000	-141,000	-123,000	-88,000	-86,000	-92,000	-90,000	-86,000	-59,000	-98,000	-98,000	-239,000	-196,000	-169,000	-168,000	-103,000	-178,000	-159,000	-176,000	-168,001	-168,002	-168,001	-179,662	-133,016	-133,017	-133,018	-133,017	-133,017	-133,015	-133,017	-133,017
decrease in sales-type lease receivable				114,000
receipt of sales-type lease receivable	-153,000	0
amortization of discount and premium on assumed debt	6,000	6,000	8,000	7,000	8,000	8,000	9,000	9,000	10,000	10,000	10,000	11,000	11,000	12,000	12,000	12,000	12,000	13,000	13,000	14,000	14,000	14,000	15,000	15,000	15,000	16,000	16,000	16,000	17,000	16,000	-69,000	-19,000	-20,000	-30,000	-30,000	-30,000	-29,000	-56,000	-60,000	-83,000	-77,000	-77,000	-77,000	-77,000	-76,000	-70,000	-44,000	-43,000	-43,000	-43,000	-42,000	-42,000	-36,000	13,000	16,000	16,000	16,000
asset retirement obligation expense	35,000	35,000	34,000	34,000	34,000	33,000	33,000	33,000	32,000	31,000	32,000	31,000	31,000	23,000	24,000	21,000	18,000	22,000	29,000	27,000	23,000	23,000	26,000	38,000	18,000	31,000	32,000	31,000	30,000	30,000	30,000	29,000	31,000	31,000	34,000	34,000	41,000	36,000	37,000	38,000	38,000	38,000	38,000	200,000	41,000	43,000	-180,000	33,000	32,000	33,000	31,000	31,000	44,000	42,000	42,000	40,000	41,000	39,000	39,000	38,000								35,367		35,162	32,764	30,468							55,143
amortization of right-of-use asset from operating leases and operating lease liabilities	2,000	2,000	1,000	2,000	2,000	1,000	1,000	3,000	7,000	6,000	7,000	7,000	6,000	7,000	9,000	7,000	9,000	8,000	13,000	13,000	13,000
amortization of right-of-use asset finance lease liabilities	9,000	8,000
bad debt expense					0	0
operating changes in assets and liabilities
increase in other assets	82,000	844,000																								9,000	-743,000			987,000	-1,445,000									-239,000	-408,000			57,000	50,000	-670,000	298,000	-641,000	460,000	247,000	-465,000			-221,000				-181,000	-171,000	-44,000																				-13,520			-25,319	-25,000	-18,266
increase in deferred rent receivable	-1,065,000	-753,000										-938,000				1,156,000	-993,000	-706,000	-846,000	-355,000	-370,000	-458,000	-214,000	-29,000	-578,000	-289,000	-581,000	-640,000	-573,000	-631,000	-704,000	-640,000	-888,000	-754,000	-795,000	-643,000	-821,000	-872,000	-1,087,000	-1,430,000	-1,191,000	-987,000	-856,000	-422,000	-1,030,000	-872,000	-906,000	-976,000	-1,035,000	-863,000	-826,000	-826,000	-955,000	-450,000	-385,000	-354,000	-343,000	-336,000	-371,000	-344,000	-416,554	-385,994	-402,335	-446,926		-482,020	-519,489	-562,789	-624,356	-610,145	-609,065	-543,943	-493,671	-450,815	-426,303	-370,227	-941,903	-720,712	-224,386	-369,624	-108,747	-97,499	-100,110	-41,535	-13,764
increase in accounts payable and accrued expenses	-1,738,000	-1,615,000	3,171,000	978,000	-1,413,000	226,000			-2,331,000	1,121,000			-1,788,000	1,571,000	3,325,000	-1,508,000	-1,237,000	888,000	2,120,000	1,063,000																																																										52,302	250,558	267,574	-136,545	249,075	11,898
increase in amount due to adviser and administrator	755,000	-543,000	-370,000	841,000		-578,000	719,000	366,000	4,000	-72,000	167,000	-899,000	-348,000	58,000	72,000	143,000	243,000	99,000	-136,000	265,000
increase in other liabilities	-1,252,000							-550,000	172,000			166,000	-1,540,000			856,000	402,000	1,453,000	9,000	-446,000	-281,000	-183,000	1,124,000	1,677,000	341,000	853,000	-796,000	1,317,000	-560,000	-1,166,000	655,000	-113,000	242,000	-343,000	735,000	-436,000				272,000	368,000									125,000	-264,000	-264,000	503,000	55,000	-203,000	388,000	-770,000	466,000	173,000	-209,000	242,924
leasing commissions paid	-1,579,000	-945,000	-158,000	-92,000	-216,000	-3,842,000	-400,000	-325,000	-976,000	-5,000	-930,000	-401,000	-151,000	-645,000	-117,000	-962,000	-340,000	-910,000	-169,000	-555,000	-225,000	-424,000	-715,000	-302,000	-639,000	-98,000	-138,000	0	-20,000	-4,000	-378,000	-360,000	-24,000	-1,000	-167,000	-239,000	-142,000	-114,000	-372,000	-1,083,000	-241,000	-226,000	-65,000	-261,000	-133,000	-711,000	-54,000	-33,000	-614,000	-10,000	-384,000	-384,000	-200,000	-437,000	0	-1,101,000					0	0	-2,827	-4,217	-143,475	0
net cash from operating activities	15,721,000	18,898,000	35,848,000	17,684,000	22,787,000	5,540,000	13,603,000	15,023,000	11,878,000	17,801,000	15,769,000	14,919,000	12,279,000	22,290,000	17,421,000	17,187,000	16,433,000	19,294,000	17,520,000	16,879,000	16,961,000	15,093,000	20,330,000	17,128,000	14,116,000	16,350,000	12,600,000	14,808,000	14,796,000	13,369,000	12,626,000	12,045,000	13,377,000	10,945,000	10,475,000	11,346,000	11,983,000	9,050,000	8,782,000	6,610,000	8,402,000	7,539,000	8,936,000	9,518,000	7,635,000	4,885,000	6,159,000	4,313,000	8,033,000	4,485,000	3,054,000	3,054,000	4,775,000	7,863,000	5,140,000	5,627,000	5,258,000	4,844,000	4,819,000	4,741,000	4,246,006	6,802,137	3,476,622	3,588,678	4,884,206	3,987,363	4,045,135	4,096,553	5,368,774	3,703,772	4,551,539	3,951,090	4,062,864	4,295,862	3,849,364	3,887,719	7,608,914	5,871,779	2,584,972	3,705,806	1,333,934	1,344,984	1,280,087	357,408	495,502
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
free cash flows	15,721,000	18,898,000	35,848,000	17,684,000	22,787,000	5,540,000	13,603,000	15,023,000	11,878,000	17,801,000	15,769,000	14,919,000	12,279,000	22,290,000	17,421,000	17,187,000	16,433,000	19,294,000	17,520,000	16,879,000	16,961,000	15,093,000	20,330,000	17,128,000	14,116,000	16,350,000	12,600,000	14,808,000	14,796,000	13,369,000	12,626,000	12,045,000	13,377,000	10,945,000	10,475,000	11,346,000	11,983,000	9,050,000	8,782,000	6,610,000	8,402,000	7,539,000	8,936,000	9,518,000	7,635,000	4,885,000	6,159,000	4,313,000	8,033,000	4,485,000	3,054,000	3,054,000	4,775,000	7,863,000	5,140,000	5,627,000	5,258,000	4,844,000	4,819,000	4,741,000	4,246,006	6,802,137	3,476,622	3,588,678	4,884,206	3,987,363	4,045,135	4,096,553	5,368,774	3,703,772	4,551,539	3,951,090	4,062,864	4,295,862	3,849,364	3,887,719	7,608,914	5,871,779	2,584,972	3,705,806	1,333,934	1,344,984	1,280,087	357,408	495,502
cash flows from investing activities:
acquisition of real estate and related intangible assets	0	-54,838,000	-79,342,000	-73,725,000	-5,235,000	-10,168,000			-12,479,000	-12,176,000			-17,088,000	-43,963,000	-38,456,000	-13,463,000	-54,274,000	-26,838,000	-8,195,000	-10,846,000	-10,635,000	0	-71,463,000	-63,041,000	-20,715,000	-40,242,000	-6,315,000	-19,553,000	-8,459,000	0	-14,341,000	-37,736,000	-78,724,000			-25,670,000	-23,900,000			-6,550,000	-13,000,000	-29,900,000	-28,348,000	-40,751,000	-18,800,000	-61,046,000	-3,718,000	-26,382,000	-71,318,000	-27,838,000	-5,650,000	-5,650,000
improvements of existing real estate	-3,573,000	-10,224,000	-5,960,000	-1,222,000	-3,597,000	-5,236,000	-3,142,000	-822,000	-305,000	-396,000	-4,012,000	-1,961,000	-4,332,000	-674,000	-874,000	-942,000	-596,000	-1,544,000	-1,539,000	-1,669,000	-1,240,000	-1,841,000	-2,031,000	-4,309,000	-1,034,000	-1,398,000	-829,000	-1,834,000	-325,000	-1,244,000	-925,000	-983,000	-1,437,000	-1,832,000	-4,964,000	-2,082,000	-1,139,000	-969,000	-1,685,000	-1,720,000	-1,897,000	-1,375,000	-1,697,000	-931,000	-2,482,000	-1,261,000	-1,673,000	179,000	-1,356,000	-3,878,000	-121,000	-121,000
proceeds from sale of real estate	0	2,798,000			2,503,000	14,080,000	2,427,000	18,625,000	14,834,000	17,757,000			12,652,000				3,734,000	0	0	5,106,000	10,416,000	0	3,947,000	0	0	0	6,318,000	2,062,000	0	0	10,773,000	0	4,209,000	12,892,000	12,398,000	3,409,000	2,822,000							0	0																				238
receipts from lenders for funds held in escrow					483,000	0	14,000	2,499,000	1,310,000	292,000	152,000	3,218,000	2,416,000	1,703,000	1,798,000	28,000	2,015,000	59,000	121,000	1,768,000	130,000	20,000	21,000	1,240,000	206,000	227,000	991,000	483,000	189,000	580,000	517,000	3,590,000	392,000	212,000	3,108,000	981,000	28,000	576,000	2,143,000	3,995,000	2,310,000	574,000	68,000	1,241,000	383,000	791,000	496,000	-219,000	4,235,000	301,000	1,228,000	1,228,000	673,000	159,000	811,000	316,000	582,000
payments to lenders for funds held in escrow	-181,000	-181,000	-181,000	-180,000	-177,000	-176,000	-177,000	-318,000	-316,000	-342,000	-2,686,000	-325,000	-1,770,000	-1,159,000	-1,986,000	-2,544,000	-431,000	-679,000	-453,000	-559,000	-661,000	-454,000	-766,000	-2,455,000	-504,000	-439,000	-482,000	-559,000	-569,000	-592,000	-656,000	-647,000	-4,133,000	-536,000	-583,000	-615,000	-1,278,000	-631,000	-476,000	-593,000	-868,000	-1,123,000	-801,000	-2,265,000	-949,000	-4,185,000	-1,260,000	553,000	-5,514,000	-815,000	-830,000	-830,000	-2,057,000	-1,020,000	-1,601,000	-785,000	-617,000
receipts from tenants for reserves	596,000	1,611,000	200,000	734,000	159,000	185,000	206,000	402,000	685,000	146,000	-245,000	451,000	330,000	128,000	510,000	875,000	769,000	663,000	1,157,000	1,215,000	456,000	849,000	435,000	2,616,000	492,000	1,050,000	624,000	563,000	575,000	941,000	603,000	643,000	101,000	752,000	597,000	757,000	838,000	1,077,000	763,000	361,000	1,031,000	1,242,000	795,000	617,000	965,000	729,000	790,000	428,000	3,396,000	805,000	1,456,000	1,456,000	714,000	708,000	722,000	726,000	556,000	567,000	556,000	526,000	539,386	578,692	511,291	525,330	1,912,445	544,934	525,414	1,471,309
payments to tenants from reserves	-658,000	-1,653,000	-247,000	-751,000	-4,501,000	4,146,000	-285,000	-1,668,000	647,000				557,000	-859,000	-1,231,000	-1,016,000	-538,000	-390,000	-1,292,000	-1,541,000	-545,000	-533,000	-429,000	-907,000	-293,000	-1,025,000	-271,000	-785,000	-709,000	-1,105,000	-70,000	-1,883,000	472,000	-822,000	-433,000	-1,679,000	-714,000	-767,000	-738,000	-819,000	-684,000	-797,000	-511,000	-406,000	-469,000	-1,088,000	-2,335,000	-1,782,000	-1,009,000	-617,000	-541,000	-541,000	-896,000	-481,000	-888,000	-278,000	-711,000	-358,000	-932,000	-30,000	-913,745	-268,881	-745,252	-202,354	-2,328,874	-857,567	-961,028	-378,940	-604,525
net cash from investing activities	-3,062,000	-62,487,000	-80,184,000	-75,644,000	-10,365,000	2,831,000	-12,661,000	18,468,000	4,726,000	3,336,000	-7,598,000	674,000	-6,977,000	-17,690,000	-40,275,000	-17,571,000	-48,821,000	-28,829,000	-10,601,000	-6,526,000	-2,304,000	-1,959,000	-68,745,000	-68,398,000	-21,698,000	-41,627,000	-314,000	-19,623,000	-9,258,000	-1,460,000	-4,099,000	-35,880,000	-78,226,000	4,837,000	10,037,000	-23,427,000	-23,943,000	-17,126,000	5,822,000	2,013,000	-13,322,000	-32,465,000	-30,708,000	-42,401,000	-27,177,000	-54,585,000	-6,278,000	-26,068,000	-72,660,000	-33,005,000	-5,323,000	-5,323,000	-36,398,000	-9,290,000	-33,731,000	-12,565,000	-27,644,000	-1,952,000	-14,867,000	-1,544,000	-1,258,877	9,146,413	646,745	-498,142	-822,179	953,848	189,153	-1,155,747	-627,212	-9,625,233	-5,648,378	-34,871,748	-20,722,713	-33,156,489	-11,475,467	-42,272,727	-45,642,429	-40,520,058	-18,145,676	-90,903,293	-38,964,231	-12,659,824	-57,087,908	-33,415,965	-14,820,000
cash flows from financing activities:
proceeds from issuance of equity	-1,000	23,229,000	10,574,000	28,380,000	4,523,000	39,502,000	11,211,000	189,000	450,000	1,007,000	4,138,000	4,630,000	4,444,000	9,972,000	13,094,000	22,166,000	14,685,000	9,186,000	109,341,000	11,465,000	8,839,000	2,489,000	28,296,000	93,296,000	7,485,000	19,454,000	14,292,000	6,061,000	6,725,000	4,176,000	1,603,000	16,369,000	44,713,000	20,521,000	4,657,000	27,363,000	53,330,000	34,869,000	2,800,000	10,670,000	9,132,000	12,228,000	18,135,000	31,295,000	6,594,000	28,335,000	7,707,000	25,982,000	4,920,000	50,735,000	6,484,000	6,484,000	3,088,000	581,000	288,000	234,000	50,000	3,054,000
offering costs paid	-6,000	-319,000	-155,000	-396,000	-84,000	-541,000	-182,000	-14,000	-38,000	-77,000	-343,000	-80,000	-178,000	-214,000	-286,000	-395,000	-275,000	-500,000	-3,651,000	-153,000	-201,000	-35,000	-323,000	-2,811,000	-123,000	-318,000	-179,000	-95,000	-106,000	-68,000	-26,000	-268,000	-1,500,000	-341,000	-81,000	-532,000	-1,120,000	-1,195,000	-52,000	-174,000	-150,000
redemption of series f preferred stock	-460,000	-1,657,000	-1,802,000	-581,000	-390,000	-1,005,000	-259,000	-58,000	-75,000	-184,000	-138,000	-91,000	-129,000	0	0	-55,000
retirement of senior common stock									3,000	0	0	-55,000																0	0	0	-34,000	0				0	0	0	-178,000
repurchase of series g preferred stock									0	0	0	-12,000
repurchase of common stock									0	0
borrowings under mortgage notes payable									0				6,600,000	21,313,000			16,000,000	0	0	5,500,000	0	0	35,855,000	28,510,000	0	30,500,000	10,640,000	0	4,745,000	0	9,380,000	0	44,508,000			22,700,000	18,100,000	19,430,000	18,475,000	7,440,000	9,240,000	37,246,000	14,573,000	18,450,000	6,100,000			23,887,000	52,408,000	0	3,700,000	3,700,000	53,000,000	12,750,000															0				15,999,999	4,506,691	14,240,000	13,775,000	31,900,000
payments for deferred financing costs	-4,995,000	-619,000	-188,000	-11,000	-1,336,000	0			-25,000	-257,000	-48,000	-70,000	-153,000	-4,535,000			-178,000	0	-30,000	-584,000	-25,000	-15,000	-382,000	-405,000	-1,362,000	-434,000	-279,000	-41,000	-92,000	-41,000	-212,000	-998,000	-578,000	-397,000	-17,000	-476,000	-334,000	-310,000	-380,000	-723,000	-274,000	-667,000	-216,000	-318,000	-78,000	-273,000	-360,000	-567,000	-1,275,000	-68,000	-141,000	-141,000	-1,115,000	-465,000	-631,000	-2,387,000	-587,000	-252,000	-215,000	-11,000	-937,624	-193,218	-11,271	-50,000	-137,945	-2,491	-50,002	-53,561	-109,045	-1,096,766	-20,528	-35,934	-638,559	-82,736	-309,280	-378,745	-1,699,798	-1,650,237	-1,073,561	-1,595,299	-385,796	-629,380
principal repayments on mortgage notes payable	-5,529,000	-2,409,000	-9,583,000	-2,405,000	-17,166,000	-2,306,000	-2,291,000	-19,797,000	-12,446,000	-46,332,000	-6,303,000	-5,002,000	-14,855,000	-116,849,000	-18,580,000	-3,460,000	-14,134,000	-3,431,000	-3,408,000	-7,497,000	-7,276,000	-21,229,000	-3,162,000	-9,322,000	-17,158,000	-24,266,000	-6,692,000	-2,962,000	-2,890,000	-2,906,000	-19,092,000	-2,898,000	-16,609,000	-2,510,000	-38,063,000	-21,780,000	-15,142,000	-28,443,000	-23,534,000	-29,498,000	-13,591,000	-21,380,000	-2,245,000	-2,059,000	-1,903,000	-2,010,000	-2,172,000	-11,004,000	-1,843,000	-1,752,000	-1,808,000	-1,808,000	-46,741,000	-1,227,000	-1,015,000	-3,302,000	-726,000	-1,131,000	-3,617,000	-837,000	-707,281	-671,512	-663,875	-644,524	-611,260	-578,014	-569,367	-590,881	-314,052	-398,070	-389,358	-384,421	-296,329	-214,258	-190,109	-194,961	-427,506
borrowings on term loan													0				0	15,000,000	0	50,000,000	0	0	37,700,000
repayments on term loan													0
borrowings on unsecured term loan	0	0
repayments on unsecured term loan
borrowings under senior unsecured notes
borrowings from revolving credit facility	21,800,000	77,600,000	81,100,000	85,100,000	15,300,000	26,600,000	21,600,000	19,900,000	30,500,000	58,900,000	21,200,000	13,000,000	24,500,000	35,750,000	28,400,000	23,100,000	50,800,000	4,100,000	2,000,000	13,000,000	21,700,000	37,000,000	36,900,000	70,900,000	46,600,000	34,200,000	13,700,000	31,200,000	7,000,000	15,200,000	35,200,000	27,100,000	39,800,000	11,500,000	38,500,000
repayments on revolving credit facility	-129,800,000	-26,600,000	-38,030,000	-35,700,000	-66,650,000	-54,500,000	-16,400,000	-19,700,000	-25,700,000	-26,400,000	-9,000,000	-10,000,000	-9,000,000	-74,950,000	-16,000,000	-22,100,000	-19,350,000	-2,000,000	-2,000,000	-66,900,000	-21,000,000	-15,500,000	-67,700,000	-54,300,000	-61,800,000	-16,000,000	-31,500,000	-11,500,000	-9,500,000	-14,500,000	-23,900,000	-49,900,000	-33,400,000	-37,900,000	-14,000,000
increase in security deposits	889,000	243,000	-100,000	347,000	-40,000	45,000	200,000	-47,000	-37,000	-112,000			21,000	391,000			15,000	89,000	0	-6,000		0	12,000									104,000	183,000	-270,000	-78,000	-51,000	-24,000	38,000	59,000	-98,000	30,000	78,000	30,000					-1,000					0	1,000	0	133,000					56,704	729	-427,777	749	867	16,019	863	10,533	0	120,000	54,896	356,910	236,047	0
distributions paid to common, senior common, preferred stock and non-controlling op unitholders	-17,598,000	-17,147,000	-16,941,000	-16,487,000
net cash from financing activities	-20,700,000	52,321,000	44,875,000	58,247,000	-11,878,000	-8,260,000	-1,441,000	-34,708,000	-22,543,000	-19,626,000	-6,399,000	-12,794,000	-6,996,000	-2,118,000	23,398,000	1,866,000	30,364,000	5,498,000	-2,285,000	-11,824,000	-13,946,000	-13,114,000	51,458,000	53,805,000				8,822,000	-7,753,000	-11,645,000	-10,581,000	26,231,000				7,992,000	16,714,000	7,059,000	-14,746,000	-7,201,000	5,353,000	22,463,000	18,933,000	36,245,000	22,412,000	46,254,000	-2,614,000	25,770,000	65,135,000	25,264,000	4,002,000	4,002,000	22,387,000	11,936,000	27,175,000	9,298,000	23,305,000	-2,797,000	-1,960,000	4,064,000	843,904	-16,030,488	-4,138,326	-2,859,766	-3,752,827	-5,074,424	-3,787,527	-4,970,534	-3,302,659	7,210,862	1,536,229	30,900,134	16,191,463	21,003,536	10,221,394	9,465,916	36,908,140	33,839,680	15,100,583	58,407,782	19,786,856	220,728	-1,918,230	-1,001,190	-84,150
net increase in cash, cash equivalents, and restricted cash	-8,041,000	8,732,000	539,000	287,000	544,000	111,000	-499,000	-1,217,000	-5,939,000	1,511,000	1,772,000	2,799,000	-1,694,000	2,482,000	544,000	1,482,000	-2,024,000	-4,037,000	4,634,000	-1,471,000	711,000	20,000	3,043,000					4,007,000	-2,215,000
cash, cash equivalents, and restricted cash at beginning of period	0	0	0	15,074,000	0	0	0	16,135,000	0	0	0	15,992,000	0	0	0	13,178,000	0	0	0	16,076,000	0	0	11,488,000	0	0	0	9,082,000	0	0	0	9,080,000
cash, cash equivalents, and restricted cash at end of period				15,361,000			-499,000	14,918,000			1,772,000	18,791,000	-1,694,000	2,482,000	544,000	14,660,000	-2,024,000	-4,037,000	4,634,000	14,605,000	711,000	20,000	14,531,000		-1,399,000	3,335,000	7,017,000			264,000	7,026,000
supplemental information
cash paid for interest
non-cash information
tenant funded fixed asset improvements included in deferred rent liability												722,000				3,340,000			60,000	1,102,000
derecognized carry value of property to sales-type lease receivable
capital improvements and leasing commissions included in accounts payable and accrued expenses												2,350,000								788,000		-71,000	85,000		-440,000	572,000	239,000
unrealized gain related to interest rate hedging instruments				-4,016,000				5,417,000				-5,895,000				4,267,000				2,424,000					-624,000	-989,000	-722,000				495,000
increase in asset retirement obligation in connection with acquisition
dividends paid on series f preferred stock via additional share issuances												112,000
right-of-use asset from finance leases				2,938,000
finance lease liabilities
deposits on future acquisitions		0	-950,000	-500,000				-250,000		220,000	139,000	-709,000		287,000	-36,000	-509,000		-100,000			-575,000	0	-1,000,000	-4,462,000	-275,000	-650,000	-565,000	-1,000,000	-250,000	-40,000	-300,000	-1,500,000	0			-750,000	-1,250,000			0	-100,000	-1,450,000	-150,000	-1,050,000	-500,000	-1,250,000	-250,000	-250,000	-1,400,000				-50,000			-100,000				-300,000									0	0	-350,000	-1,300,000	-800,000	-500,000	-200,000	-610,000	-600,000	-500,000	-350,000
deposits applied against acquisition of real estate investments		0																			350,000	0	2,541,000	2,920,000	425,000	850,000	215,000	1,000,000	290,000	0	300,000	1,500,000				750,000	750,000			100,000	300,000
decrease in other liabilities			-1,033,000	-751,000	1,890,000	-1,285,000																																-99,000	-303,000				-301,000				-41,000
decrease in other assets				-418,000	6,919,000			1,752,000	-796,000			924,000	857,000	240,000	-1,344,000	-372,000	488,000	-629,000	519,000	224,000	791,000	194,000	1,412,000	-2,082,000				-615,000				-169,000	62,000	-1,075,000	-719,000	240,000	92,000	-94,000	290,000				-2,000									-465,000				73,000					30,854																	120,186	-40,730		11,345	48,170
decrease in deferred rent receivable				-378,000	-929,000	-2,356,000	-1,107,000	-1,149,000	-637,000	-1,072,000				-1,135,000
supplemental and non-cash information
increase in sales-type lease receivable
decrease in amount due to adviser and administrator
distributions paid for common, senior common, preferred stock and non-controlling op unitholders					-16,275,000	-16,055,000	-15,277,000	-15,181,000	-15,175,000	-15,171,000	-15,160,000	-15,114,000	-18,070,000	-17,996,000	-17,661,000	-17,365,000	-17,199,000	-16,946,000	-16,798,000	-16,649,000	-15,970,000	-15,824,000	-15,738,000	-15,377,000	-14,759,000	-14,559,000	-14,192,000
loss on sale of real estate													-1,150,000				266,000	0	0	882,000		0	12,000
decrease in accounts payable and accrued expenses								-725,000				-502,000
tenant inducement payments																	0	0														0	0
redemption of series d perpetual preferred stock																		0
cash paid during year for interest
decrease in security deposits																-25,000									0	35,000	-141,000		0	0	-26,000														-72,000													1,000	0	-51,000
redemption of series a, b, and d perpetual preferred stock
increase in asset retirement obligation assumed in acquisition
increase in accounts payable, accrued expenses, and amount due to adviser and administrator																					499,000	-862,000	2,391,000	1,934,000	-936,000	1,007,000	-84,000
supplemental non-cash information
tenant funded fixed asset improvements																					615,000	1,004,000	353,000		1,020,000	630,000	1,015,000				27,000	817,000	630,000
unrealized loss related to interest rate hedging instruments																					276,000	-481,000	-2,528,000
right-of-use asset from operating leases																									0	0	5,998,000
operating lease liabilities																									0
non-controlling op units issued in connection with acquisition																						0	502,000
decrease in right-of-use asset from operating leases																							52,000	52,000	51,000	51,000	50,000
decrease in operating lease liabilities																							-39,000	-39,000	-38,000	-24,000	-50,000
redemption of series a and b perpetual preferred stock
proceeds from issuance of term loan facility
net decrease in cash, cash equivalents, and restricted cash																											-2,065,000				-2,054,000
non-cash investing and financing information
reserves released by title company to tenant
net from financing activities
net used in financing activities																											-14,351,000
operating lease liability																											-5,998,000
increase in accounts payable, accrued expenses, and amount due adviser and administrator																												236,000			57,000	-285,000				692,000	895,000	-534,000	-121,000	-1,497,000	24,000	13,000	1,008,000					-832,000	325,000	-1,027,000	-637,000	-637,000
collection of mortgage note receivable																																				0	0	0	5,900,000
deposits refunded																																																			50,000	50,000									0	0	0	250,000
redemption of series c mandatorily redeemable preferred stock																																				0	-13,500,000
distributions paid for common, senior common and preferred stock																													-13,635,000	-13,506,000	-13,474,000	-13,278,000	-12,971,000	-12,176,000	-11,983,000	-11,632,000	-11,096,000	-10,030,000	-9,736,000	-9,618,000	-9,334,000	-9,117,000	-8,802,000	-8,286,000	-7,764,000	-7,327,000	-6,986,000	-6,597,000	-6,407,000	-5,666,000	-5,270,000	-5,270,000	-5,170,000	-5,150,000	-5,146,000	-5,147,000
decrease in accounts payable, accrued expenses, and amount due adviser and administrator																																		139,000	-976,000										466,000	-632,000	-372,000
capital improvements included in accounts payable and accrued expenses																															613,000	-558,000	22,000	182,000	1,849,000	1,252,000	-438,000	-368,000	2,829,000	-466,000	2,032,000	-1,480,000	4,402,000	-264,000	253,000
issuance of mortgage note receivable																																								0	0			0																																				-10,000,000
decrease in restricted cash																																1,136,000				972,000	-100,000			556,000	-414,000	-486,000	-314,000	-6,000	-425,000	390,000	1,545,000										94,000	-210,000			317,655	-310,540														-129,799			38,695
principal repayments on employee notes receivable																																								0	0							0	0	0	35,000	35,000	0	6,000			5,000	5,000	1,000	531,000	552,583	744,570	969	43,444	246,602	37,364	1,250	5,671
net increase in cash and cash equivalents																																2,396,000	-727,000			-4,089,000											-2,733,000	4,015,000	508,000	-3,256,000	1,733,000	1,733,000	-9,236,000	10,509,000	-1,416,000	2,360,000	919,000	95,000	-12,008,000	7,261,000	3,831,033	-81,938	-14,959	230,770	309,200	-133,213			1,438,903	1,289,401													-57,726,051	-34,059,747	-14,408,648
cash and cash equivalents, beginning of period																																0	0	0	4,658,000	0	0	0	5,152,000	0	0	0	8,599,000	0	0	0	8,546,000	0	0	0	5,546,000	5,546,000	0	0	0	3,329,000		0	0	7,062,000		0	0	3,096,598		0	0	4,503,578		0	0	1,356,408	0	0	0	36,005,686	1,740,159	1,740,159	1,740,159	29,153,987	0	29,153,987	99,075,765	99,075,765	99,075,765
cash and cash equivalents, end of period																																2,396,000	-727,000	909,000	4,105,000	-4,089,000	4,754,000	-1,017,000	5,010,000	1,422,000	433,000	-2,463,000	5,760,000	3,362,000	2,870,000	-3,446,000	5,813,000	4,015,000	508,000	-3,256,000	7,279,000	7,279,000	-9,236,000	10,509,000	-1,416,000	5,689,000		95,000	-12,008,000	14,323,000		-81,938	-14,959	3,327,368		-133,213	446,761	2,473,850		1,289,401	439,390	1,335,884	-468,386	-7,857,091	2,595,291	7,086,594	614,784	931,560	1,280,038	364,282	-17,843,441	18,059,875	41,349,714	65,016,018	84,667,117
assumed mortgage in connection with acquisition																																0	0
assumed interest rate swap fair market value																																0	0
assumed tenant improvement allowance in connection with acquisition																																0
senior common dividend issued in the dividend reinvestment program																																								-1,000	1,000	1,000	51,000	69,000	55,000	48,000	39,000	41,000	33,000	30,000	22,000	22,000	15,000	7,000	3,000	1,000					2,457	1,378
gain on interest rate swap																																	-7,000
increase in restricted cash																																		339,000	-86,000				-85,000									1,355,000	-2,369,000	-188,000	-915,000	-915,000		-226,000	165,000	-581,000				-445,000				-323,725		296,613	434,751	-1,102,902		-32,701	-195,765	-494,998	-413,209	-31,108			329,547	-412,074
net cash used by financing activities																																		-14,873,000	-21,065,000
net decrease in cash and cash equivalents																																			-553,000			-1,017,000	-142,000		433,000	-2,463,000	-2,839,000		2,870,000																							-2,029,728				-20,524		-7,857,091	2,595,291	-28,919,092	-1,125,375	-808,599	-460,121	-28,789,705	-17,843,441	-11,094,112
fixed asset additions paid for by tenant																																				2,309,000
property conveyed in deed in lieu for full satisfaction of mortgage debt payable
security deposit applied to rental income
borrowings from line of credit																																					61,500,000	55,200,000	15,800,000	3,800,000	16,800,000	34,400,000	22,000,000	31,200,000	23,000,000	31,550,000	12,700,000	16,500,000	35,200,000	15,800,000	7,900,000	7,900,000	22,500,000	5,500,000	0	13,800,000	19,100,000	12,000,000	8,174,000	19,200,000	10,394,746	9,000,000	9,200,000	4,200,000	7,900,000	10,400,000	11,300,000	28,000,000		17,450,000	9,000,000	36,150,000		20,000,000			70,400,400	60,000,400	35,200,000	69,410,000
repayments on line of credit																																					-75,000,000	-37,500,000	-18,000,000	-14,000,000	-6,500,000	-30,500,000	-24,000,000	-33,500,000	-3,050,000	-30,000,000	-13,000,000	-21,000,000	-17,500,000	-31,000,000	-6,500,000	-6,500,000	-3,000,000	0	0	-32,500,000	-9,500,000	-11,100,000	-20,874,000	-25,300,000	-6,094,746	-22,600,000	-7,800,000	-2,500,000	-6,500,000	-10,400,000	-9,800,000	-9,200,000	-13,000,000	-51,800,000	-3,500,000	-1,500,000	-36,900,000	0			-78,300,400	-73,900,400	-56,500,000
fixed rate principal debt assumed in connection with acquisition
property conveyed in deed in lieu for full satisfaction of mortgage note payable
increase in deferred rent liability																																																					0				0	371,000
increase in asset retirement obligation																																									0	35,000	21,000																										1	-4	-14,236	259,435	29,935	29,439	28,941	92,143	1,604,416	1,510,330	1,373,820
deposits applied against real estate investments																																											250,000	1,150,000	700,000	1,173,000	127,000	50,000																					0	50,000	300,000	1,400,000	500,000	800,000	350,000	460,000	1,200,000	1,100,000	750,000
offering costs																																											-542,000	-697,000	-415,000	-1,525,000	-503,000	-1,430,000	-350,000	-2,785,000	-398,000	-398,000	-175,000	-60,000	-32,000	-33,000	-5,000	-209,000	-1,214,000	-984,000	-99,028	-145,301															-1,308,496	-1,302,004	-1,302,006				-7,730	-7,730	-7,730
proceeds from issuance of mandatorily redeemable preferred stock																																																					0	0	0	38,500,000
property conveyed in deed in lieu for full satifscation of mortgage note payable
fixed rate principal debt assumed in connection with acquisitions																																													0
non-cash operating, investing and financing information
fixed rate debt assumed in connection with acquisitions																																															6,330,000						14,168,000				0	0											0				0				30,129,654	30,129,654	30,129,654
capital improvements included in accounts payable																																															671,000
fixed asset additions in accounts payable
principal repayments on mortgage notes receivable																																																													0																44,742	44,742
forfeiture of common stock in satisfaction of employee note receivable																																																													0	0	0	243,900
leasing commissions included in accounts payable
increase in accounts payable, accrued expenses, and amount due adviser																																																						879,000	723,000	1,208,000	1,137,000				267,009	558,973	-190,106	-287,968	610,731	-105,484	117,217	113,028	818,945	-520,766	785,170	-81,710	108,402	102,386	124,668	289,942	248,449
real estate investments																																																						-7,930,000	-33,040,000	-11,863,000	-28,192,000	-555,000	-15,257,000	-521,000	-1,670,379	-172,451	-233,684	-342,020	-1,054,177	-31,215	-11	-54,308	-424,820	-10,267,269	-5,500,760	-33,167,003	-18,857,048	-33,707,470	-11,256,248	-41,778,821	-48,311,928	-40,506,626	-18,302,939
repayment of short-term loan																																																																	0	0	0	-20,000,000
cash and cash equivalents, beginning of year
cash and cash equivalents, end of year
reclassification of principal on employee note
distributions paid for common, senior common and preferred																																																										-5,165,000	-4,779,000	-4,523,000
amortization of discount on assumed debt																																																											29,000	33,000
decrease in accounts payable, accrued expenses, and amount due adviser																																																											-58,000	-626,000
receipts from lenders for reserves held in escrow																																																											956,000	187,000	535,946	65,885	611,640	404,462	611,869	80,077	500,369	272,818	244,194
payments to lenders for reserves held in escrow																																																											-1,362,000	-465,000	-442,099	-436,481	-390,122	-482,642	-402,195	-480,658	-447,686	-471,355	-406,556
increase in deferred liability																																																												988,000
proceeds from issuance of common stock																																																												15,543,000
depreciation and amortization, including discontinued operations																																																													3,271,403	3,280,049	3,390,491	3,321,871	3,286,132	3,284,718							2,806,109	2,668,383	2,636,154	2,417,812	6,078,450	3,915,819
asset retirement obligation expense, including discontinued operations																																																													34,656	33,300	37,857	37,247	36,648	36,057							29,936	29,440	28,942	28,160	112,195	81,573
proceeds from issuance of common and senior common stock																																																													2,333,767
distributions paid for common and preferred																																																													-4,280,858	-4,238,490	-4,227,911	-4,232,411	-4,234,662	-4,234,669	-4,234,657	-4,234,665
cash paid during period for interest																																																																															1,545,821	1,028,341
obligation under capital lease
reclassificaton of principal on employee note
accretion of obligation under capital lease																																																															3,077	3,078	3,077	3,078	3,077	3,077	3,077	3,078
increase in prepaid expenses and other assets																																																															-532,981	-430,387		-275,766	-120,636	-17,218			-210,189	-76,011				-16,295	-49,645
increase in rent received in advance																																																															60,442	212,739	-224,319	119,671	-89,817	-120,758	104,725	48,850	20,823	101,518	38,611	47,477	10,700	79,357
proceeds from issuance of senior common stock
adjustments to reconcile net income to net cash provided by operating activities:
decrease in prepaid expenses and other assets																																																																									25,505	264,724
increase in deferred rent receivable and deferred rent liability
deposits refunded or applied against real estate investments																																																																	0	0	0	200,000
additions to real estate included in accounts payable, accrued expenses, and amount due adviser
non-cash investing activities
increase in funds held in escrow related to acquisition																																																																								-762,123
amortization of deferred financing costs, including discontinued operations																																																																									207,205	176,816	168,712	164,462	464,941	289,300
stock compensation																																																																													394,411	79,818	46,216
increase in mortgage notes payable due to change in value of foreign currency																																																																													202,065
value of building acquired in excess of mortgage note satisfied, applied to interest income																																																																													-335,701
proceeds from sales of real estate																																																																													2,106,112
proceeds from share issuance																																																																													26,034,648	25,485,010	25,000,000
redemption of shares for payment of taxes
borrowings from short-term loan and line of credit
assumption of mortgage notes payable by buyer																																																																													4,846,925
acquisition of building in satisfaction of mortgage note receivable																																																																													11,316,774
notes receivable issued in exchange for common stock associated with the exercise of employee stock options																																																																													1,826,754	1,826,754		75,000			375,000
decrease in prepaid expenses																																																																														177,168			101,349	-32,341		122,500	40,620
principal repayments on employee notes receivable from sale of common stock																																																																						0	139,945	132
receipts from tenants from reserves
dividends paid for common and preferred																																																																						-4,235,416	-4,235,414	-4,235,409	-4,106,939	-4,106,932	-4,106,933	-4,106,932	-9,690,708	-6,390,679	-3,106,364
net payments to lenders for reserves held in escrow																																																																							-663,976	-547,624	-152,456	-317,769	-654,572	-214,107
increase in reserves from tenants																																																																							486,688	548,856	566,443	500,173	472,203	346,542
amortization of deferred rent asset																																																																									63,374	63,374	63,374	63,374	190,123	126,748	63,374	114,700	87,249	6,136
amortization of deferred rent liability																																																																									-196,391	-196,391	-196,391	-196,391	-499,870	-303,478	-80,290
decrease in mortgage interest receivable																																																																									-2,778	0	2,778	-86,111	70,749	3,609	163
decrease in employee interest receivable																																																																													-41,346		-5,548	111		107
refunds of deposits on real estate
non-cash financing activities
increase in employee interest receivable																																																																										7	7,687	-16,706		-28,589					-1,250
principal repayments on employee loans from sale of common stock
additions to real estate included in accounts payable, accrued expenses and amount due adviser
principal repayments on employee loans																																																																											375,130	25,012				17,094	16,003	208
increase in rent received in advance and security deposits																																																																													472,167	725,907	204,757	-259,509	-510,326	75,098	475,515	293,592	210,767
net payments to lenders for operating reserves held in escrow																																																																													-2,001,065
increase in operating reserves from tenants																																																																													1,189,942	892,137	451,969
net receipts from tenants for capital reserves																																																																													125,574
net payments to lenders for capital reserves held in escrow																																																																													-536,476
unrealized loss from foreign currency transactions																																																																														199,323
changes in assets and liabilities:
increase in due to adviser																																																																														13,304	31,993	34,958		13,367	-124,656		356,115
payments to lenders for operating reserves held in escrow																																																																														-1,452,201	-872,926
receipts from tenants for capital reserves																																																																														435,633	301,808
payments to tenants from capital reserves																																																																														-234,518	-230,141
payments to lenders for capital reserves held in escrow																																																																														-755,350	-414,360
receipts from lenders for capital reserves held in escrow																																																																														308,135	35,901
borrowings under mortgage note payable																																																																														31,900,000	17,000,000
principal repayments on mortgage note payable																																																																														-302,410	-117,486	-32,036
unrealized gain from foreign currency transactions																																																																															-12,615
increase in prepaid expenses																																																																															-86,117	-63,423			-37,293
principal repayments on mortgage loans																																																																															25,360
amortization of deferred rent receivable
unrealized depreciation on the translation of assets and liabilities in a foreign currency
increase in mortgage interest receivable																																																																																-2,716	3,490	-6,314	-61,840	-61,950	-68,261
increase in accounts receivable
refund of deposit on real estate
income of mortgage loan
dividends paid																																																																																-5,982,260	-1,840,880	-2,300,100	-1,910,500	-993,460	-76,420
increase in replacement reserve																																																																																-1,088,242
acquisition of real estate																																																																																-80,763,736	-28,631,301	-12,485,610	-45,756,858	-22,265,178
deposit on future acquisition																																																																																-200,000	-350,000	-200,000	-200,000
principal repayments on mortgage note receivable																																																																																60,443	17,070	25,786	38,950	19,213
proceeds from borrowings under mortgage note payable																																																																																42,190,283	0	3,150,000
repayments on the line of credit																																																																																-45,600,000
decrease in due to adviser																																																																																				-131,085
non-cash financing activities:
mortgage note receivable																																																																																			-11,170,000	-11,170,000
net loss																																																																																				-61,029	-193,305
adjustments to reconcile net loss to net cash from operating activities:
increase in accounts payable																																																																																				41,594	24,161
increase in accrued expenses																																																																																				14,220	78,105
payments for deferred offering costs
real estate investment																																																																																					-3,650,000
mortgage loan																																																																																					-11,170,000

Gladstone Commercial Corporation(NASDAQ:GOOD)

Gladstone Commercial Corporation
(NASDAQ:GOOD)