Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 08, 2019 | Jun. 29, 2018 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,018 | ||
Entity Registrant Name | Jones Lang LaSalle Income Property Trust, Inc. | ||
Entity Central Index Key | 1,314,152 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 1,589,426,572 | ||
Class A [Member] | |||
Entity Common Stock, Shares Outstanding | 73,149,042 | ||
Entity Public Float | 820,350,042 | ||
Common Class M [Member] | |||
Entity Common Stock, Shares Outstanding | 40,358,825 | ||
Entity Public Float | 458,811,097 | ||
Common Class A-I [Member] | |||
Entity Common Stock, Shares Outstanding | 11,231,324 | ||
Entity Public Float | 128,906,651 | ||
Common Class M-I [Member] | |||
Entity Common Stock, Shares Outstanding | 10,927,480 | ||
Entity Public Float | 92,454,342 | ||
Common Class D [Member] | |||
Entity Common Stock, Shares Outstanding | 5,448,111 | ||
Entity Public Float | $ 88,904,440 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Investments in real estate: | ||
Land | $ 355,820 | $ 388,849 |
Buildings and equipment | 1,441,765 | 1,465,448 |
Less accumulated depreciation | (135,480) | (112,132) |
Net property and equipment | 1,662,105 | 1,742,165 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 163,314 | 132,639 |
Investments in unconsolidated real estate affiliates | 92,414 | 93,670 |
Investments in real estate and other assets held for sale | 112,586 | 45,116 |
Net investments in real estate | 2,030,419 | 2,013,590 |
Cash and cash equivalents | 37,109 | 39,700 |
Restricted cash | 7,831 | 2,536 |
Tenant accounts receivable, net | 4,159 | 4,955 |
Deferred expenses, net | 7,584 | 9,723 |
Acquired intangible assets, net | 84,468 | 103,226 |
Deferred rent receivable, net | 16,972 | 16,874 |
Prepaid expenses and other assets | 8,052 | 6,503 |
TOTAL ASSETS | 2,196,594 | 2,197,107 |
LIABILITIES AND EQUITY | ||
Mortgage notes and other debt payable, net | 818,095 | 879,022 |
Disposal Group, Including Discontinued Operation, Liabilities | 56,263 | 407 |
Accounts payable and other accrued expenses | 19,495 | 18,473 |
Accrued Offering Costs | 72,468 | 76,583 |
Distributions payable | 15,840 | 14,232 |
Accrued interest | 2,191 | 2,360 |
Accrued real estate taxes | 6,065 | 5,195 |
Advisor fees payable | 2,861 | 2,929 |
Acquired intangible liabilities, net | 16,024 | 19,649 |
TOTAL LIABILITIES | 1,009,302 | 1,018,850 |
Commitments and contingencies | 0 | 0 |
Equity: | ||
Additional Paid in Capital, Common Stock | 1,568,474 | 1,522,123 |
Distributions to stockholders | (318,780) | (256,811) |
Accumulated deficit | (70,650) | (96,217) |
Total Jones Lang LaSalle Income Property Trust, Inc. stockholders’ equity | 1,180,426 | 1,170,428 |
Noncontrolling interests | 6,866 | 7,829 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,187,292 | 1,178,257 |
Liabilities and Equity | 2,196,594 | 2,197,107 |
Class A Shares [Member] | ||
Equity: | ||
Common Stock, Value, Issued | 712 | 695 |
Class M Shares [Member] | ||
Equity: | ||
Common Stock, Value, Issued | 399 | 379 |
Class A-I Shares [Member] | ||
Equity: | ||
Common Stock, Value, Issued | 111 | 110 |
Class M-I Shares [Member] | ||
Equity: | ||
Common Stock, Value, Issued | 97 | 74 |
Class D Shares [Member] | ||
Equity: | ||
Common Stock, Value, Issued | $ 63 | $ 75 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Land | $ 355,820 | $ 388,849 |
Buildings and equipment | 1,441,765 | 1,465,448 |
Less accumulated depreciation | (135,480) | (112,132) |
Investments in real estate and other assets held for sale | 112,586 | 45,116 |
Cash and cash equivalents | 37,109 | 39,700 |
Restricted Cash and Cash Equivalents | 7,831 | 2,536 |
Tenant accounts receivable, net | 4,159 | 4,955 |
Deferred expenses, net | 7,584 | 9,723 |
Acquired intangible assets, net | 84,468 | 103,226 |
Deferred Rent Receivables, Net | 16,972 | 16,874 |
Prepaid Expense and Other Assets | 8,052 | 6,503 |
Mortgage notes and other debt payable, net | 818,095 | 879,022 |
Disposal Group, Including Discontinued Operation, Liabilities | 56,263 | 407 |
Accounts payable and other accrued expenses | 19,495 | 18,473 |
Accrued interest | 2,191 | 2,360 |
Accrued real estate taxes | 6,065 | 5,195 |
Acquired intangible liabilities, net | 16,024 | 19,649 |
Accumulated stock issuance costs | 144,320 | 126,995 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Land | 23,659 | 28,847 |
Buildings and equipment | 133,639 | 178,452 |
Less accumulated depreciation | (21,886) | (23,379) |
Investments in real estate and other assets held for sale | 0 | 0 |
Cash and cash equivalents | 4,185 | 5,835 |
Restricted Cash and Cash Equivalents | 88 | 465 |
Tenant accounts receivable, net | 1,621 | 1,416 |
Deferred expenses, net | 460 | 316 |
Acquired intangible assets, net | 5,652 | 11,249 |
Deferred Rent Receivables, Net | 1,079 | 1,065 |
Prepaid Expense and Other Assets | 66 | 125 |
Mortgage notes and other debt payable, net | 81,954 | 99,988 |
Disposal Group, Including Discontinued Operation, Liabilities | 0 | 0 |
Accounts payable and other accrued expenses | 1,379 | 1,839 |
Accrued interest | 299 | 361 |
Accrued real estate taxes | 1,793 | 1,666 |
Acquired intangible liabilities, net | $ 0 | $ 0 |
Class A Shares [Member] | ||
Common stock, par value | $ 0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common stock, shares issued | 71,187,722 | 69,482,276 |
Common stock, shares outstanding | 71,187,722 | 69,482,276 |
Class M Shares [Member] | ||
Common stock, par value | $ 0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common stock, shares issued | 39,869,130 | 37,913,989 |
Common stock, shares outstanding | 39,869,130 | 37,913,989 |
Class A-I Shares [Member] | ||
Common stock, par value | $ 0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common stock, shares issued | 11,083,034 | 10,957,660 |
Common stock, shares outstanding | 11,083,034 | 10,957,660 |
Class M-I Shares [Member] | ||
Common stock, par value | $ 0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common stock, shares issued | 9,738,086 | 7,421,466 |
Common stock, shares outstanding | 9,738,086 | 7,421,466 |
Class D Shares [Member] | ||
Common stock, par value | $ 0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common stock, shares issued | 6,270,479 | 7,531,714 |
Common stock, shares outstanding | 6,270,479 | 7,531,714 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | |||
Minimum rents | $ 137,899 | $ 132,642 | $ 106,270 |
Recovery of Direct Costs | 32,784 | 32,310 | 25,589 |
Total revenues | 170,683 | 164,952 | 131,859 |
Operating expenses: | |||
Real estate taxes | 25,391 | 24,144 | 17,615 |
Property operating | 31,251 | 28,928 | 23,870 |
Provision for doubtful accounts | 171 | 218 | 198 |
General and administrative | 918 | 1,161 | 1,059 |
Noninterest Expense Investment Advisory Fees | 21,127 | 20,538 | 15,014 |
Company level expenses | 2,718 | 2,385 | 2,220 |
Acquisition Related Costs | 0 | 0 | 3,918 |
Impairment of Real Estate | 0 | 0 | 6,876 |
Depreciation and amortization | (62,037) | (61,705) | (44,950) |
Total operating expenses | 143,613 | 139,079 | 115,720 |
Operating income (loss) | 115,720 | ||
Other (expenses) and income: | |||
Interest expense | (33,135) | (28,094) | (22,612) |
Equity in income of unconsolidated affiliates | 2,004 | 9,633 | 10,309 |
Other Nonoperating Income | 0 | 500 | 0 |
Gains (Losses) on Extinguishment of Debt | 29,665 | 14,982 | 1,704 |
Total other (expenses) and income | (1,466) | (2,979) | (10,599) |
Net income (loss) | 25,604 | 22,894 | 5,540 |
Plus: Net (income) loss attributable to the noncontrolling interests | (37) | (346) | (605) |
Net income (loss) attributable to Jones Lang LaSalle Income Property Trust, Inc. | $ 25,567 | $ 22,548 | $ 4,935 |
Weighted average common stock outstanding-basic and diluted | 135,051,377 | 134,507,458 | 106,916,148 |
Other comprehensive (loss) income: | |||
Foreign currency translation adjustment | $ 0 | $ 20 | $ (452) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 1,895 | 0 |
Total other comprehensive (loss) income | 0 | 1,875 | 452 |
Net comprehensive income (loss) | $ 25,567 | $ 24,423 | $ 5,387 |
Class A Shares [Member] | |||
Other (expenses) and income: | |||
Earnings Per Share, Basic and Diluted | $ 0.19 | $ 0.17 | $ 0.05 |
Class M Shares [Member] | |||
Other (expenses) and income: | |||
Earnings Per Share, Basic and Diluted | 0.19 | 0.16 | 0.05 |
Class A-I Shares [Member] | |||
Other (expenses) and income: | |||
Earnings Per Share, Basic and Diluted | 0.19 | 0.17 | 0.05 |
Class M-I Shares [Member] | |||
Other (expenses) and income: | |||
Earnings Per Share, Basic and Diluted | 0.18 | 0.16 | 0.05 |
Class D Shares [Member] | |||
Other (expenses) and income: | |||
Earnings Per Share, Basic and Diluted | $ 0.18 | $ 0.16 | $ 0.05 |
Consolidated Statements Equity
Consolidated Statements Equity Statement - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Distributions to Stockholders [Member] | Accumulated Deficit [Member] | Noncontrolling Interest [Member] | The Edge at Lafayette [Member] |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Shares, Issued | 82,263,433 | |||||||
Beginning balance at Dec. 31, 2015 | $ 745,490 | $ 823 | $ 1,011,797 | $ (2,327) | $ (151,277) | $ (123,700) | $ 10,174 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock (in shares) | 57,672,203 | |||||||
Issuance of common stock | $ 653,084 | 577 | 652,507 | 0 | 0 | 0 | 0 | |
Stock Repurchased During Period, Shares | 5,216,381 | |||||||
Repurchase of shares | $ (58,841) | $ (53) | (58,788) | |||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | (60,651) | (60,651) | ||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 8,000 | |||||||
Stock based compensation | 90 | 90 | ||||||
Net income (loss) | 5,540 | 4,935 | 605 | |||||
Other comprehensive income (loss) | 452 | 452 | ||||||
Proceeds from Noncontrolling Interests | 67 | |||||||
Cash distributed to noncontrolling interests | (2,650) | (2,650) | ||||||
Dividends, Common Stock | (48,040) | (48,040) | ||||||
Ending balance at Dec. 31, 2016 | $ 1,234,541 | $ 1,347 | 1,544,955 | (1,875) | (199,317) | (118,765) | 8,196 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Shares, Issued | 134,727,255 | |||||||
Issuance of common stock (in shares) | 8,180,559 | |||||||
Issuance of common stock | $ 94,109 | $ 82 | 94,027 | 0 | 0 | 0 | 0 | |
Stock Repurchased During Period, Shares | 9,608,709 | |||||||
Repurchase of shares | $ (110,288) | $ (96) | (110,192) | |||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | (6,758) | (6,758) | ||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 8,000 | |||||||
Stock based compensation | 91 | 91 | ||||||
Net income (loss) | 22,894 | 22,548 | 346 | |||||
Other comprehensive income (loss) | 1,875 | 1,875 | ||||||
Proceeds from Noncontrolling Interests | 1,171 | 1,171 | ||||||
Cash distributed to noncontrolling interests | (1,884) | (1,884) | ||||||
Dividends, Common Stock | (57,494) | (57,494) | ||||||
Ending balance at Dec. 31, 2017 | $ 1,178,257 | $ 1,333 | 1,522,123 | 0 | (256,811) | (96,217) | 7,829 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Shares, Issued | 133,307,105 | |||||||
Issuance of common stock (in shares) | 11,501,617 | |||||||
Issuance of common stock | $ 137,421 | $ 115 | 137,306 | 0 | 0 | 0 | 0 | |
Stock Repurchased During Period, Shares | 6,671,690 | |||||||
Repurchase of shares | $ (79,177) | $ (66) | (79,111) | |||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | (11,322) | (11,322) | ||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 11,419 | |||||||
Stock based compensation | 135 | 135 | ||||||
Net income (loss) | 25,604 | 25,567 | 37 | |||||
Proceeds from Noncontrolling Interests | 0 | |||||||
Cash distributed to noncontrolling interests | (1,657) | (1,000) | $ (657) | |||||
Dividends, Common Stock | (61,969) | (61,969) | ||||||
Ending balance at Dec. 31, 2018 | $ 1,187,292 | $ 1,382 | $ 1,568,474 | $ 0 | $ (318,780) | $ (70,650) | $ 6,866 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Shares, Issued | 138,148,451 |
Consolidated Statements Equit_2
Consolidated Statements Equity Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Consolidated Statements of Stockholders' Equity [Abstract] | |||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.13000 | $ 0.13000 | $ 0.13000 | $ 0.13000 | $ 0.12500 | $ 0.12500 | $ 0.12500 | $ 0.12500 | $ 0.12500 | $ 0.12500 | $ 0.12000 | $ 0.12000 | $ 0.52000 | $ 0.50000 | $ 0.49000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 45,269 | $ 42,433 | $ 47,749 |
Restricted Cash and Cash Equivalents | 7,831 | 2,536 | 1,967 |
Restricted cash in assets held for sale | 329 | 197 | 0 |
Net Income (Loss) | 25,604 | 22,894 | 5,540 |
Adjustments to reconcile income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization (including discontinued operations) | 60,999 | 60,596 | 43,066 |
Gain on disposition of property and extinguishment of debt | (29,665) | (14,982) | (1,704) |
Provision for doubtful accounts (including discontinued operations) | 171 | 218 | 198 |
Straight line rent | (2,506) | (3,104) | (5,560) |
Impairment of Real Estate | 0 | 0 | 6,876 |
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | (2,004) | (9,633) | (10,309) |
Proceeds from Distributions Received from Real Estate Partnerships | 6,377 | 9,640 | 1,512 |
Increase (Decrease) in Operating Capital [Abstract] | |||
Net changes in assets and liabilities and other | 417 | (732) | (111) |
Net cash provided by operating activities | 59,393 | 64,897 | 39,508 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of real estate investments | (57,456) | (149,152) | (614,266) |
Proceeds from sales of real estate investments | 74,478 | 48,320 | 43,947 |
Capital improvements and lease commissions | (17,665) | (15,059) | (24,628) |
Investments in unconsolidated real estate affiliate | (37,275) | (4) | (120,944) |
Deposits for investments under contracts | 0 | 0 | (200) |
Proceeds from Other Deposits | 0 | 50 | 3,600 |
Proceeds from Equity Method Investment, Distribution | 3,482 | 1,937 | 4,495 |
Net cash (used in) provided by investing activities | (34,436) | (113,908) | (707,996) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Issuance of common stock | (102,994) | (55,788) | (623,568) |
Offering Costs | (15,436) | (16,693) | (16,811) |
Repurchase of shares | (79,211) | (110,255) | (58,841) |
Distributions to stockholders | (20,630) | (19,002) | (12,450) |
Distributions paid to noncontrolling interests | (1,657) | (1,884) | (2,650) |
Contributions received from noncontrolling interests | 0 | 1,171 | 67 |
Proceeds from Lines of Credit | 62,000 | 255,000 | 185,000 |
Repayments of Lines of Credit | (92,000) | (45,000) | (205,000) |
Proceeds from mortgage notes | 45,000 | 0 | 241,400 |
Debt issuance costs | (1,372) | (2,699) | (3,709) |
Principal payments on mortgage notes and other debt payable | (21,809) | (72,723) | (70,417) |
Net cash provided by (used in) financing activities | (22,121) | 43,703 | 680,157 |
Cash and Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 2,836 | (5,308) | 11,669 |
Effect of exchange rates | 0 | (8) | 114 |
Cash and cash equivalents at the beginning of the year | 39,700 | 45,782 | |
Cash and cash equivalents at the end of the year | 37,109 | 39,700 | 45,782 |
Supplemental discolsure of cash flow information: | |||
Interest paid | 32,573 | 28,097 | 23,408 |
Non-cash activities: | |||
Write-offs of receivables | 244 | 93 | 339 |
Write-Offs of Retired Assets | 11,508 | 12,977 | 2,097 |
Change in liability for capital expenditures | (4,277) | (5,242) | (2,418) |
Liabilities Transferred at Sale | 659 | 1,100 | 902 |
Liabilities Assumed | (511) | (437) | (1,048) |
Stock issued but not yet received | (554) | (367) | (62) |
Accrued offering costs | (4,114) | (9,935) | 43,840 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 0 | (67,870) | (61,939) |
Transfers of property in extinguishment of debt settlement | $ 0 | $ 20,689 | $ 0 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2018 | |
Organization [Abstract] | |
Nature of Operations [Text Block] | ORGANIZATION General Except where the context suggests otherwise, the terms “we,” “us,” “our” and the “Company” refer to Jones Lang LaSalle Income Property Trust, Inc. The terms “Advisor” and “LaSalle” refer to LaSalle Investment Management, Inc. Jones Lang LaSalle Income Property Trust, Inc. is an externally advised, daily valued perpetual-life real estate investment trust ("REIT") that owns and manages a diversified portfolio of apartment, industrial, office, retail and other properties located in the United States. Over time our real estate portfolio may be further diversified on a global basis through the acquisition of properties outside of the United States and will be complemented by investments in real estate-related debt and equity securities. We were incorporated on May 28, 2004 under the laws of the State of Maryland. We believe that we have operated in such a manner to qualify to be taxed as a REIT for federal income tax purposes commencing with the taxable year ended December 31, 2004, when we first elected REIT status. As of December 31, 2018 , we owned interests in a total of 70 properties, located in 20 states. On April 1, 2018, we converted to an “UPREIT” structure by contributing substantially all of our assets to JLLIPT Holdings LP, a Delaware limited partnership (our “operating partnership”), of which we are the initial limited partner and JLLIPT Holdings GP, LLC (our wholly owned subsidiary) is the sole general partner. We refer to this re-structuring as the “contribution.” An “Umbrella Partnership Real Estate Investment Trust,” which we refer to as an “UPREIT,” is a REIT that holds all or substantially all of its assets through a partnership in which a REIT holds an interest. We converted to this structure to facilitate tax-free contributions of properties to our operating partnership in exchange for limited partnership interests in our operating partnership. A transfer of property directly to a REIT in exchange for shares of common stock of a REIT is generally a taxable transaction to the transferring property owner. In an UPREIT structure, a property owner who desires to defer taxable gain on the disposition of his property may transfer the property to our operating partnership in exchange for limited partnership interests in the operating partnership and defer taxation of gain until the limited partnership interests are disposed of in a taxable transaction. From our inception to January 15, 2015, we raised equity proceeds through various public and private offerings of shares of our common stock. On January 16, 2015, our follow-on Registration Statement on Form S-11 was declared effective by the Securities and Exchange Commission (the "SEC") with respect to our continuous public offering of up to $2,700,000 in any combination of shares of our Class A, Class M, Class A-I and Class M-I common stock, consisting of up to $2,400,000 of shares offered in our primary offering and up to $300,000 in shares offered pursuant to our distribution reinvestment plan (the “First Extended Public Offering”). As of July 6, 2018 , the date our First Extended Public Offering terminated, we had raised aggregate gross proceeds from the sale of shares of our common stock in our First Extended Public Offering of $1,138,053 . On July 6, 2018 , the SEC declared our second follow-on Registration Statement on Form S-11 the (the "Second Extended Public Offering") effective (Commission File No. 333-222533) to offer of up to $3,000,000 in any combination of shares of our Class A, Class M, Class A-I and Class M-I common stock, consisting of up to $2,700,000 of shares offered in our primary offering and up to $300,000 in shares offered pursuant to our distribution reinvestment plan. We reserve the right to terminate the Second Extended Public Offering at any time and to extend the Second Extended Public Offering term to the extent permissible under applicable law. As of December 31, 2018 , we have raised aggregate gross proceeds from the sale of shares of our common stock in our Second Extended Public Offering of $81,691 . On March 3, 2015, we commenced a private offering (the "Follow-on Private Offering") of up to $350,000 in shares of our Class D common stock with an indefinite duration. As of December 31, 2018 , we have raised aggregate gross proceeds from the sale of shares of our Class D shares in our Follow-on Private Offering of $68,591 . As of December 31, 2018 , 71,187,722 shares of Class A common stock, 39,869,130 shares of Class M common stock, 11,083,034 shares of Class A-I common stock, 9,738,086 shares of Class M-I common stock, and 6,270,479 shares of Class D common stock were outstanding and held by a total of 13,445 stockholders. LaSalle acts as our advisor pursuant to the advisory agreement among us, our operating partnership and LaSalle (the "Advisory Agreement"). On May 8, 2018 , we renewed our Advisory Agreement with our Advisor for a one-year term expiring on June 5, 2019 . Our Advisor, a registered investment advisor with the SEC, has broad discretion with respect to our investment decisions and is responsible for selecting our investments and for managing our investment portfolio pursuant to the terms of the Advisory Agreement. Our executive officers are employees of and compensated by our Advisor. We have no employees, as all operations are managed by our Advisor. LaSalle is a wholly-owned, but operationally independent subsidiary of Jones Lang LaSalle Incorporated ("JLL" or our "Sponsor"), a New York Stock Exchange-listed leading professional services firm that specializes in real estate and investment management. Affiliates of our Sponsor invested an aggregate of $50,200 (with a current value of $62,427 ) through purchases of shares of our common stock. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the instructions to Form 10-K and include the accounts of our wholly-owned subsidiaries, consolidated variable interest entities ("VIE") and the unconsolidated investments in real estate affiliates. We consider the authoritative guidance of accounting for investments in common stock, investments in real estate ventures, investors accounting for an investee when the investor has the majority of the voting interest but the minority partners have certain approval or veto rights, determining whether a general partner or general partners as a group controls a limited partnership or similar entity when the limited partners have certain rights, and the consolidation of VIEs in which we own less than a 100% interest. All significant intercompany balances and transactions have been eliminated in consolidation. On December 20, 2017, we entered into a purchase agreement structured as a reverse 1031 exchange in order to acquire Mason Mill Distribution Center in Buford, Georgia. We loaned the qualified intermediary $30,980 to acquire the property as replacement property pursuant to the applicable Internal Revenue Service guidance. The intermediary acquiring Mason Mill Distribution Center was deemed to be a VIE for which we are deemed to be the primary beneficiary as we have the ability to direct the activities of the entity that most significantly impact its economic performance and we have all of the risks and rewards of ownership. Accordingly, we have consolidated Mason Mill Distribution Center. On February 5, 2018, we sold Station Nine Apartments using the sale to complete the reverse 1031 exchange for Mason Mill Distribution Center. Mason Mill Distribution Center was no longer considered a VIE on this date. On December 27, 2018, we acquired the 22% noncontrolling interest in The Edge at Lafayette resulting in us owning 100% of the property and thus the property was no longer considered a VIE on this date. Parenthetical disclosures are shown on our Consolidated Balance Sheets regarding the amounts of VIE assets and liabilities that are consolidated. As of December 31, 2018 , our VIEs include The District at Howell Mill, Grand Lakes Marketplace and Townlake of Coppell due to the limited partnership structures and our partners having limited participation rights and no kick-out rights. The creditors of our VIEs do not have general recourse to us. Noncontrolling interests represent the minority members’ proportionate share of the equity in our VIEs. At acquisition, the assets, liabilities and noncontrolling interests were measured and recorded at the estimated fair value. Noncontrolling interests will increase for the minority members’ share of net income of these entities and contributions and decrease for the minority members’ share of net loss and distributions. As of December 31, 2018 , noncontrolling interests represented the minority members’ proportionate share of the equity of the entities listed above as VIEs. Certain of our joint venture agreements include provisions whereby, at certain specified times, each party has the right to initiate a purchase or sale of its interest in the joint ventures at an agreed upon fair value. Under these provisions, we are not obligated to purchase the interest of its outside joint venture partners. Investments in Real Estate Real estate assets are stated at cost. Our real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. A real estate asset is considered to be impaired when the estimated future undiscounted operating cash flow over the expected hold period is less than its carrying value in accordance with the authoritative guidance on accounting for the impairment or disposal of long-lived assets. To the extent impairment has occurred, the excess of the carrying value of the asset over its estimated fair value will be charged to operations. The valuation adjustments were calculated based on market conditions and assumptions made by management at the time the valuation adjustments were recorded, which may differ materially from actual results if market conditions or the underlying assumptions change in the future. When we have committed to a plan to sell a property that is available for immediate sale, have the necessary approvals and marketing in place, and believe that the sale of the property is probable the assets selected for disposal will be classified as held-for-sale and carried at the lower of their carrying values ( i.e ., cost less accumulated depreciation and any impairment loss recognized, where applicable) or estimated fair values less costs to sell. As of December 31, 2018, 111 Sutter Street was classified as held for sale. Carrying values are reassessed at each balance sheet date. Due to market fluctuation, actual proceeds realized on the ultimate sale of these properties may differ from estimates and such differences could be material. Depreciation and amortization cease once a property is classified as held-for-sale. We recorded no impairment charges for the years ended December 31, 2018 and 2017 . We recorded $6,876 of impairment charges for the year ended December 31, 2016 . Depreciation expense is computed using the straight-line method based upon the following estimated useful lives: Asset Category Estimated Useful Life Buildings and improvements 40-50 Years Tenant improvements Lesser of life of improvement or life of related lease Equipment and fixtures 2-10 Years Maintenance and repairs are charged to expense when incurred. Expenditures for significant betterments and improvements are capitalized. Investments in Unconsolidated Real Estate Affiliates and Real Estate Fund Investment We account for our investments in unconsolidated real estate affiliates using either the equity method or the fair value option. Under the equity method the cost of the investment is adjusted for our share of equity in net income or loss and reduced by distributions received and increased by contributions provided. Under the fair value option, the cost basis of the investment is increased for contributions made to the investment and adjusted for our share of changes in the fair value of the investment. Distributions received from investments in unconsolidated real estate affiliates under the fair value option are recorded as income from the unconsolidated affiliates. Distributions that are identified as returns of capital are recorded as a reduction to the cost basis of the investment, whereas distributions identified as capital gains or losses are recorded as realized gains or losses. We evaluate the carrying values of our investments in unconsolidated real estate affiliates accounted for under the equity method, excluding our investment under the fair value option, in accordance with the authoritative guidance on the equity method of accounting for investments in common stock. We analyze our investments in unconsolidated real estate affiliates when circumstances change and at every reporting period and determine if an “other-than-temporary” impairment exists and, if so, we assess our ability to recover our carrying cost of the investment. We concluded that we did not have any “other than temporary” impairment in our investments in unconsolidated real estate affiliates in 2018 , 2017 or 2016 which we account for under the equity method. Revenue Recognition Minimum rent revenues are recognized on a straight-line basis over the terms of the related leases. Straight-line rent revenue (representing rents recognized prior to being billed and collectible as provided by the terms of the leases) caused net increases to rent revenue of $2,274 , $3,023 and $5,598 for the years ended December 31, 2018 , 2017 and 2016 , respectively. Also included, as an increase to rent revenue, for the years ended December 31, 2018 , 2017 and 2016 , are $2,244 , $2,451 and $2,524 , respectively, of net amortization related to above-and below-market in-place leases at properties acquired as provided by authoritative guidance on goodwill and intangible assets. Tenant recoveries are recognized as revenues in the period the applicable costs are incurred. Allowance for Doubtful Accounts An allowance for doubtful accounts is provided against the portion of accounts receivable and deferred rent receivable that is estimated to be uncollectible. Such allowance is reviewed periodically based upon our recovery experience. At December 31, 2018 and 2017 , our allowance for doubtful accounts was $489 and $296 , respectively. Cash and Cash Equivalents We consider all highly-liquid investments purchased with original maturities of three months or less to be cash equivalents. We maintain a portion of our cash in bank deposit accounts, which, at times, may exceed the federally insured limits. No losses have been experienced related to such accounts. We believe our bank deposit accounts are held with quality financial institutions. Restricted Cash Restricted cash includes amounts established pursuant to various agreements for loan escrow accounts, loan commitments and property sale proceeds. When we sell a property, we can elect to enter into a like-kind exchange pursuant to the applicable Internal Revenue Service guidance whereby the proceeds from the sale are placed in escrow with a qualified intermediary until a replacement property can be purchased. At December 31, 2018 , our restricted cash balance on our Consolidated Balance Sheet was primarily related to loan escrow amounts and subscriptions received in advance. Deferred Expenses Deferred expenses consist of lease commissions. Lease commissions are capitalized and amortized over the term of the related lease as a component of depreciation and amortization expense. Accumulated amortization of deferred expenses at December 31, 2018 and 2017 was $5,305 and $3,816 , respectively. Foreign Exchange We utilize the U.S. dollar as our functional currency, except for our former Canadian operations, which used the Canadian dollar as the functional currency. When preparing consolidated financial statements, assets and liabilities of foreign entities are translated at the exchange rates at the balance sheet date, while income and expense items are translated at average rates for the period. Income statement amounts of significant transactions are translated at the rate in effect as of the date of the transactions. Foreign currency translation adjustments are recorded in accumulated other comprehensive loss. The Canadian property was disposed of on July 26, 2017. Acquisitions We use estimates of future cash flows and other valuation techniques to allocate the fair value of acquired property among land, building and other identifiable asset and liability intangibles. We record land and building values using an as-if-vacant methodology. We record above- and below-market in-place lease values for acquired properties based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) our estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease plus any below-market lease extension option periods. We amortize the capitalized above-market lease values as a reduction of minimum rents over the remaining non-cancelable terms of the respective leases. We amortize the capitalized below-market lease values as an increase to minimum rents over the term of the respective leases plus any below-market lease extension option terms. Should a tenant terminate its lease prior to the contractual expiration, the unamortized portion of the above-market and below-market in-place lease value is immediately charged to minimum rents. We measure the aggregate value of other intangible assets acquired based on the difference between (i) the property valued with existing in-place leases and (ii) the property valued as-if-vacant. Our estimates of value are made using methods similar to those used by independent appraisers, primarily discounted cash flow analyses. Factors considered by us in our analysis include an estimate of carrying costs during the hypothetical expected lease-up periods considering current market conditions at the date of acquisition, and costs to execute similar leases. We also consider information obtained about each property as a result of the pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. In estimating carrying costs, we will include estimates of lost rentals during the expected lease-up periods, which is expected to primarily range from one to two years, depending on specific local market conditions, and costs to execute similar leases, including leasing commissions, legal and other related expenses to the extent that such costs are not already incurred in connection with a new lease origination as part of the transaction. The total amount of other intangible assets acquired is further allocated to in-place lease values and customer relationship intangible values based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant. Characteristics considered by us in allocating these values include, among other factors, the nature and extent of our existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement). As of December 31, 2018 and 2017 , we have allocated no value to customer relationship value. We amortize the value of in-place leases to expense over the weighted average lease term of the respective leases, which generally range from one to ten years. Purchase price has been allocated to acquired intangible assets, which include acquired in-place lease intangibles, acquired above-market in-place lease intangibles and acquired ground lease intangibles, which are reported net of accumulated amortization of $58,433 and $47,130 at December 31, 2018 and 2017 , respectively, on the accompanying Consolidated Balance Sheets. The acquired intangible liabilities represent acquired below-market in-place leases, which are reported net of accumulated amortization of $10,280 and $8,300 at December 31, 2018 and 2017 , respectively, on the accompanying Consolidated Balance Sheets. Our amortizing intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. According to authoritative guidance, an amortizing intangible asset is considered to be impaired when the estimated future undiscounted operating cash flow is less than its carrying value. To the extent impairment has occurred, the excess of the carrying value of the amortizing intangible asset over its estimated fair value will be charged to operations. Future amortization related to amortizing acquired intangible assets and liabilities, including those classified as held for sale, as of December 31, 2018 is as follows: Acquired in-place leases Acquired above-market leases Below-market ground lease Acquired below-market leases 2019 $ 14,278 $ 688 $ 15 $ (2,792 ) 2020 12,455 593 15 (2,381 ) 2021 11,897 513 15 (2,165 ) 2022 9,410 426 15 (1,921 ) 2023 8,194 248 15 (1,547 ) Thereafter 24,549 864 278 (5,757 ) $ 80,783 $ 3,332 $ 353 $ (16,563 ) Income Taxes We first elected to be taxed as a REIT under sections 856-860 of the Internal Revenue Code of 1986, as amended (the “Code”) for our taxable year ended December 31, 2004. To qualify as a REIT, we must meet a number of organizational and operational requirements, including requirements to distribute at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gains, and to meet certain quarterly asset and annual income tests. It is our current intention to adhere to these requirements. As a REIT, we will generally not be subject to corporate-level federal income tax to the extent we distribute 100% of our taxable income to our stockholders. Accordingly, the Consolidated Statements of Operations and Comprehensive Income do not reflect a provision for federal income taxes. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income, property or net worth, and to certain federal income and excise taxes. On December 22, 2017, tax legislation commonly referred to as the Tax Cuts and Jobs Act was signed into law which resulted in significant U.S. federal income tax reform. We did not identify any items for which the accounting for the income tax effects of the Tax Cut and Jobs Act have not been completed. The Alternative Minimum Tax has been repealed for tax years beginning after December 31, 2017 as a result of the Tax Cut and Jobs Act. Earnings and profits, which determine the tax treatment of dividends to stockholders, differ from net income reported for financial reporting purposes due to differences for federal income tax reporting purposes in computing, among other things, estimated useful lives, depreciable basis of properties and permanent and timing differences on the inclusion or deductibility of elements of income and expense for such purposes. We evaluate uncertain tax positions in accordance with FASB ASC 740, Income Taxes . Based upon our current evaluation, we have concluded that there are no significant uncertain tax positions relevant to the jurisdictions where we are required to file income tax returns requiring recognition in the consolidated financial statements at December 31, 2018 , 2017 , and 2016 . We are not subject to federal income tax examinations for tax years prior to 2015 . Business Segments Consistent with how we review and manage our properties, we align our internal operations along the five primary property types we are targeting for investments resulting in five operating segments: apartment properties, industrial properties, office properties, retail properties and other properties. We held one investment outside the United States up until we relinquished our ownership on July 26, 2017. For the years ended December 31, 2017 and 2016 , total revenues of this foreign investment were $1,488 and $2,793 , respectively. For the years ended December 31, 2017 and 2016 , total revenues of U.S. domiciled investments were $164,952 and $129,066 , respectively. Assets and Liabilities Measured at Fair Value The Financial Accounting Standards Board’s (“FASB”) guidance for fair value measurement and disclosure states that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering assumptions, authoritative guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: • Level 1 —Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have access to at the measurement date. • Level 2 —Observable inputs, other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers. • Level 3 —Unobservable inputs for the asset or liability. Unobservable inputs are those inputs that reflect our own assumptions that market participants would use to price the asset or liability based on the best available information. The authoritative guidance requires the disclosure of the fair value of our financial instruments for which it is practicable to estimate that value. The guidance does not apply to all balance sheet items. Market information as available or present value techniques have been utilized to estimate the amounts required to be disclosed. Since such amounts are estimates, there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument. Real estate fund investments accounted for under the fair value option are stated at the fair value of our ownership in the fund. The fair value is recorded based upon changes in the net asset values of the limited partnership as determined from the financial statements of the real estate fund. During the year ended December 31, 2018 and 2017 , we recorded unrealized changes in fair value classified within the Level 3 category of $ 2,226 and $6,456 , respectively, in our investment in the NYC Retail Portfolio ( see Note 4-Unconsolidated Real Estate Affiliates and Fund Investments ). We have estimated the fair value of our mortgage notes and other debt payable reflected in the accompanying Consolidated Balance Sheets at amounts that are based upon an interpretation of available market information and valuation methodologies (including discounted cash flow analysis with regard to fixed rate debt) for similar loans made to borrowers with similar credit ratings and for the same maturities. The fair value of our mortgage notes and other debt payable, including amounts included as held for sale, using level two inputs was approximately $14,422 lower and $4,051 higher than the aggregate carrying amounts at December 31, 2018 and 2017 , respectively. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon extinguishment of our mortgage notes and other debt payable. Derivative Financial Instruments We record all derivatives on the Consolidated Balance Sheets at fair value in prepaid expenses and other assets or accounts payable and other accrued expenses. Changes in the fair value of our derivatives are recorded on our Consolidated Statements of Operations and Comprehensive Income, as a component of interest expense, as we have not designated our derivative instruments as hedges. Our objective in using interest rate derivatives is to manage our exposure to interest rate movements. To accomplish this objective, we use interest rate caps and swaps. As of December 31, 2018 , we had the following outstanding interest rate derivatives related to managing our interest rate risk: Interest Rate Derivative Number of Instruments Notional Amount Interest Rate Caps 1 $ 17,680 Interest Rate Swaps 7 221,400 The fair value of our interest rate caps and swaps represent assets of $3,921 and $3,366 at December 31, 2018 and 2017 , respectively. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions. These estimates and assumptions impact the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. For example, significant estimates and assumptions have been made with respect to useful lives of assets, recoverable amounts of receivables, fair value of derivatives and real estate assets, initial valuations and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions. Actual results could differ from those estimates. Recently Adopted Accounting Pronouncements Effective January 1, 2018, we adopted Accounting Standard Update 2014-09, Revenue from Contracts with Customers (Topic 606), which uses a five step model to recognize revenue from customer contracts in an effort to increase consistency and comparability throughout global capital markets and across industries. The model requires identification of the contract, identification of any separate performance obligations in the contract, determination and allocation of the total transaction price, and recognition of revenue as the performance obligation is satisfied. The new standard replaced most existing revenue guidance within GAAP. Our arrangements with customers are principally determined to be leases (which are outside the scope of this new revenue guidance). We do account for certain point-of-sale transactions including daily parking (recorded in tenant recoveries and other rental income in our Consolidated Statement of Operations and Comprehensive Income) in accordance with the new revenue standard. The pattern and timing of revenue recognition for these point of sale transactions is consistent with our prior accounting model. We adopted the standard using the cumulative effect transition method however the adoption did not result in a cumulative-effect adjustment. Effective January 1, 2018, we adopted Accounting Standard Update 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets , on a modified retrospective basis. This new pronouncement, which added guidance for partial sales of nonfinancial assets and clarified the scope of Subtopic 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets, applies to the derecognition of all nonfinancial assets (including sale of real estate transactions) for which the counterparty is not a customer. The sale of real estate is reported in gain on disposition of property on our Consolidated Statements of Operations and Comprehensive Income. The adoption of this pronouncement did not have a material effect on our financial statements and did not result in a cumulative-effect adjustment. Effective January 1, 2018, we adopted Accounting Standard Update 2016-15, Statement of Cash Flows (Topic 230). The new guidance was intended to reduce the existing diversity in practice of how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The core principle of the standard required the classification of eight specific issues identified under ASC 230 to be presented as either financing, investing or operating, or some combination thereof, depending upon the nature of the issue. The adoption of this pronouncement did not have a material effect on our financial statements and related disclosures. Effective January 1, 2018, we adopted Accounting Standard Update 2016-18, Statement of Cash Flows (Topic 230) – Restricted Cash. The new guidance required that restricted cash be included as a component of total cash and cash equivalents as presented on the statement of cash flows. The standard resulted in an increase in net cash used in investing activities from $ (114,674) to $ (113,908) and $(708,736) to $(707,996) for the year ended December 31, 2017 and 2016, respectively. |
Property (Notes)
Property (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Real Estate Disclosure [Text Block] | PROPERTY The primary reason we make acquisitions of real estate investments in the apartment, industrial, office, retail and other property sectors is to invest capital contributed by stockholders in a diversified portfolio of real estate assets. All references to square footage and units are unaudited. 2018 Acquisitions On June 6, 2018, we acquired the Villas at Legacy, a garden-style 328-unit apartment community located in Plano, Texas, for approximately $ 57,800 plus closing costs. The acquisition was funded with cash on hand. We allocated the purchase price for our 2018 acquisition in accordance with authoritative guidance as follows: 2018 Acquisition Land $ 6,888 Building and equipment 48,504 In-place lease intangible (acquired intangible assets) 2,577 $ 57,969 Amortization period for intangible assets and liabilities 6 months On December 27, 2018, we acquired our joint venture partners 22% interest in The Edge at Lafayette for $ 880 plus the assumption of the joint venture partners pro rata share of the mortgage loan in the amount of $ 3,890 . The owner of the 22% interest in the joint venture that owned the property was an investment fund advised by LaSalle and in which JLL owned a minority interest. During the year ended December 31, 2016, we incurred $ 3,918 of acquisition expenses recorded on the Consolidated Statements of Operations and Comprehensive Income. On January 1, 2017, we adopted Accounting Standard Update 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business. All properties acquired during 2017 and 2018 are classified as asset acquisitions and we expect that most future acquisitions will also be accounted for as asset acquisitions. Expenses associated with these asset acquisitions will be capitalized. For properties acquired during 2018, we recorded total revenue of $ 2,961 and net loss of $ 1,924 during the year ended December 31, 2018 . For properties acquired during 2017, we recorded total revenue of $ 6,164 and net loss of $ 2,895 during the year ended December 31, 2017. For properties acquired during 2016, we recorded total revenue of $18,244 and net loss of $1,276 during the year ended December 31, 2016. 2017 Acquisitions On July 14, 2017, we acquired Jory Trail at the Grove, a 324-unit apartment community located in Wilsonville, Oregon, for approximately $74,750 . The acquisition was funded by the assumption of an eight-year mortgage loan that bears interest at a fixed-rate of 3.81% in the amount of $44,250 , a draw on our credit facility and cash on hand. On July 28, 2017, we acquired The Reserve at Johns Creek Walk, a 210-unit apartment community located in Johns Creek, Georgia, for approximately $47,300 . The acquisition was funded by the assumption of a three-year mortgage loan that bears interest at a fixed rate of 3.30% in the amount of $23,620 , a draw on our credit facility and cash on hand. On August 8, 2017, we acquired, Montecito Marketplace, a 190,000 square foot grocery-anchored retail center located in Las Vegas, Nevada for approximately $63,550 . The acquisition was funded with a draw on our credit facility and cash on hand. On December 20, 2017, we acquired, through a reverse 1031 exchange, Mason Mill Distribution Center, a newly-constructed 340,000 square-foot industrial property located in Buford, Georgia, for approximately $31,000 . The acquisition was funded with cash on hand. We allocated the purchase price for our 2017 acquisitions in accordance with authoritative guidance as follows: 2017 Acquisitions Land $ 30,245 Building and equipment 171,022 In-place lease intangible (acquired intangible assets) 15,863 Above-market lease intangible (acquired intangible assets) 805 Below-market lease intangible (acquired intangible liabilities) (1,235 ) $ 216,700 Amortization period for intangible assets and liabilities 1 month - 15 years 2016 Acquisitions On April 1, 2016, we acquired San Juan Medical Center, a newly constructed 40,000 square foot medical office building located in San Juan Capistrano, California, for approximately $26,390 . The acquisition was funded with cash on hand. On April 11, 2016, we acquired Tampa Distribution Center, a 386,000 square foot industrial building located in Tampa, Florida, for approximately $28,300 . The acquisition was funded with cash on hand. On May 19, 2016, we acquired Aurora Distribution Center, a newly constructed 305,000 square foot industrial building located in Aurora, Illinois, for approximately $27,700 . The acquisition was financed with a seven-year mortgage loan that bears interest at a fixed rate of 3.39% in the amount of $13,850 and cash on hand. On May 26, 2016, we acquired Lane Parke Apartments, a 276 -unit apartment building located in Mountain Brook, Alabama, for approximately $73,300 . The property was funded with cash on hand. On October 13, 2016, we entered into ten-year mortgage loan that bears interest at a fixed-rate of 3.18% , in the amount of approximately $37,000 . On June 29, 2016, we acquired Valencia Industrial Portfolio, a five property, 491,000 square foot industrial portfolio for approximately $64,500 . Valencia Industrial Portfolio is located in Valencia, California and was funded with cash on hand and a draw on our line of credit. On July 27, 2016, we acquired Silverstone Marketplace, a newly constructed 78,000 square foot grocery-anchored retail center located in Scottsdale, Arizona for approximately $47,000 . The acquisition was funded with cash on hand. On August 9, 2016, we acquired Dylan Point Loma, a newly constructed 180 -unit luxury apartment community located in the coastal town of Point Loma just north of San Diego, California for approximately $90,000 . The acquisition was financed with a ten-year mortgage loan that bears interest at a fixed-rate of 3.83% , in the amount of $40,500 , a draw on our line of credit and cash on hand. On September 8, 2016, we acquired Pinole Point Distribution Center, a newly constructed, two building 477,000 square foot industrial portfolio located in Richmond, California for approximately $76,200 . The acquisition was funded by a draw on our line of credit and cash on hand. On December 29, 2016, we acquired a third fully leased Class A, state-of-the-art warehouse at Pinole Point Distribution Center for approximately $8,000 using cash on hand. This 41,000 square foot warehouse brings the combined distribution center square footage to 518,000 and total acquisition price to $84,200 . On September 22, 2016, we acquired The Penfield, a 254 -unit apartment complex located in downtown Saint Paul, Minnesota for approximately $65,500 . The acquisition was financed by the assumption of a mortgage loan that bears interest at a fixed-rate of 3.57% in the amount of $39,305 , a draw on our line of credit and cash on hand. The mortgage loan matures in March 2054. On September 30, 2016, we acquired Kierland Village Center, a 118,000 square foot grocery-anchored retail center, located in Scottsdale, Arizona, for approximately $34,500 . The acquisition was funded by a draw on our line of credit and cash on hand. On September 30, 2016, we acquired Timberland Town Center, a newly constructed 92,000 square foot grocery-anchored shopping center located in the affluent Portland suburb of Beaverton, Oregon for approximately $42,600 . The acquisition was financed by the assumption of a nine-year mortgage loan that bears interest at a fixed-rate of 4.07% in the amount of $22,634 , a draw on our line of credit and cash on hand. On December 1, 2016, we acquired 180 North Jefferson, a 28-story, 274 -unit apartment tower in Chicago, Illinois. The purchase price was approximately $ 96,500 . The acquisition was financed with a one-year mortgage loan that bears a floating interest rate equal to London Interbank Offered Rate ("LIBOR") plus 1.40% in the amount of $48,250 , a draw on our line of credit and cash on hand. We allocated the purchase price of our 2016 acquisitions in accordance with authoritative guidance as follows: 2016 Acquisitions Land $ 134,978 Building and equipment 509,512 In-place lease intangible (acquired intangible assets) 40,925 Above-market lease intangible (acquired intangible assets) 881 Below-market lease intangible (acquired intangible liabilities) (8,229 ) $ 678,067 Amortization period for intangible assets and liabilities 4 months - 44 years Pro Forma Information (Unaudited) The following pro forma financial information is presented as if our 2016 acquisitions had been consummated on the earlier of January 1, 2015 or the date the property began operations. The pro forma financial information is for comparative purposes only and not necessarily indicative of what our actual results of operations would have been had our 2016 acquisitions been consummated on the earlier of January 1, 2015 or the date the property began operations, nor does it purport to represent the results of operations for future periods. If these acquisitions had occurred on January 1, 2015, our consolidated total revenue and net income for the year ended December 31, 2016 would have been $154,742 and $10,253 , respectively. Net income per share for the year ended December 31, 2016 would have been $0.10 per share. Basic per share amounts are based on the weighted average of shares outstanding of 106,916,148 for the year ended December 31, 2016. Impairment of Investment in Real Estate In accordance with authoritative guidance for impairment of long-lived assets, we recorded no impairment during 2018 and 2017 and the following impairment of investment for the year ended December 31, 2016: Year Ended December 31, 2016 Railway Street Corporate Centre $ 6,876 As of September 30, 2016 , we determined that Railway Street Corporate Centre no longer fits our current investment objectives and strategy and reduced our expected hold period. We further determined that this as set was impaired as the carrying value of the investment was not deemed recoverable. Therefore, we recognized an impairment charge totaling $6,876 , which represents the difference between the fair value and the carrying value of the property. The valuation of these assets is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each asset as well as the income capitalization approach considering prevailing market capitalization and discount rates. We review each investment based on the highest and best use of the investment and market participation assumptions. The significant assumptions include the capitalization rate used in the income capitalization valuation and projected property net operating income and net cash flows. Additionally, the valuation considered bid and ask prices for similar properties. We have determined that the significant inputs used to value the impaired assets fall within Level 3. These significant inputs are based on market conditions and our expected growth rates. Capitalization rates ranging from 7.00% to 8.00% and discount rates ranging from 8.50% to 9.25% were utilized in the models and are based upon observable rates that we believe to be within a reasonable range of current market rates. 2018 Disposition On February 5, 2018, we sold Station Nine Apartments for approximately $75,000 less closing costs. We recorded a gain on the sale of the property in the amount of $29,665 . 2017 Dispositions On July 26, 2017, we relinquished our ownership of Railway Street Corporate Centre, a 135,000 square foot office building located in Calgary, Canada, through a deed in lieu of foreclosure with the lender. Upon our relinquishment of the property, we were relieved of approximately $27,600 of mortgage obligations plus accrued interest associated with the mortgage loan. Upon extinguishment of the mortgage debt obligation, a $252 non-cash accounting gain was recognized representing the difference between the book value of the debt, interest payable and other obligations extinguished over the fair value of the property and other assets transferred as of the transfer date. Upon relinquishment of the property and extinguishment of the mortgage debt obligation we also recognized $1,895 of Accumulated Other Comprehensive Loss from historical foreign currency translation adjustments as part of the gain on disposition of property and extinguishment of debt on our Consolidated Statement of Operations and Comprehensive Income. On September 19, 2017, we sold 14600 Sherman Way and 14624 Sherman Way for approximately $22,350 less closing costs. We recorded a gain on the sale of the properties in the amount of $7,144 . On December 15, 2017, we sold Joliet Distribution Center for approximately $28,200 less closing costs. We recorded a gain on the sale of the property in the amount of $9,481 . 2016 Dispositions On March 1, 2016, we sold 36 Research Park Drive for approximately $7,900 less closing costs. We recorded a gain on the sale of the property in the amount of $ 40 . On September 6, 2016, we sold Campus Lodge Tampa for approximately $37,750 less closing costs. In connection with the disposition, the mortgage loan associated with the property totaling $31,367 was repaid. We recorded a gain on the sale of the property in the amount of $1,624 and recorded a gain on the extinguishment of the debt of $40 . 2018 Held for Sale On December 17, 2018, 111 Sutter Street was classified as held for sale. On February 7, 2019, this property was sold. 2017 Held for Sale On December 29, 2017, Station Nine Apartments was classified as held for sale. On February 5, 2018, this property was sold. As of December 31, 2018 and December 31, 2017 , our investment in real estate and other assets and liabilities held for sale was comprised of: December 31, 2018 December 31, 2017 Land $ 39,920 $ 9,690 Building and equipment, net 67,819 35,123 Other assets, net 4,847 303 Total assets $ 112,586 $ 45,116 Mortgage notes and other debt payable, net $ 53,953 $ — Other liabilities 2,310 407 Total liabilities $ 56,263 $ 407 |
Unconsolidated Real Estate Affi
Unconsolidated Real Estate Affiliates | 12 Months Ended |
Dec. 31, 2018 | |
Unconsolidated Real Estate Affiliates [Abstract] | |
UNCONSOLIDATED REAL ESTATE AFFILIATES | NOTE 4—UNCONSOLIDATED REAL ESTATE AFFILIATES AND FUND INVESTMENTS Unconsolidated Real Estate Affiliates Chicago Parking Garage Chicago Parking Garage is a 366 stall, multi-level parking facility located in a large mixed-use property in Chicago, Illinois owned as a condominium interest. In accordance with authoritative guidance, Chicago Parking Garage is accounted for as an investment in an unconsolidated real estate affiliate. At December 31, 2018 and December 31, 2017 , the carrying amount of our investment in Chicago Parking Garage was $ 17,260 and $ 17,046 , respectively. Pioneer Tower On June 28, 2016, we acquired Pioneer Tower, a 17 story, 296,000 square foot multi-tenant office property in Portland, Oregon for approximately $121,750 . Pioneer Tower is a component of a mixed-use property that includes Portland's largest urban regional mall owned by an independent third party. The land component of this mixed-use property is owned as a condominium interest with the owner of the regional mall. The acquisition was funded with cash on hand. In accordance with authoritative guidance, Pioneer Tower is accounted for as an investment in an unconsolidated real estate affiliate. At December 31, 2018 and December 31, 2017 , the carrying amount of our investment in Pioneer Tower was $ 111,091 and $ 115,593 , respectively. The Tremont On July 19, 2018, we acquired a 75% interest in The Tremont, a 180 unit apartment property in Burlington, Massachusetts. The joint venture acquired the property for approximately $ 73,500 . The acquisition was funded by the assumption of a 19 year mortgage loan that bears interest at a fixed-rate of 3.62% in the amount of $ 42,520 and cash on hand. In accordance with authoritative guidance, The Tremont is accounted for as an investment in an unconsolidated real estate affiliate. At December 31, 2018 , the carrying amount of our investment in The Tremont was $ 21,881 . The Huntington On July 19, 2018, we acquired a 75% interest in The Huntington, a 117 unit apartment property in Burlington, Massachusetts. The joint venture acquired the property for approximately $ 48,500 . The acquisition was financed with a ten year mortgage loan that bears interest at a fixed rate of 4.07% in the amount of $ 31,000 and cash on hand. In accordance with authoritative guidance, The Huntington is accounted for as an investment in an unconsolidated real estate affiliate. At December 31, 2018 , the carrying amount of our investment in The Huntington was $ 13,082 . Summarized Combined Balance Sheets—Unconsolidated Real Estate Affiliates—Equity Method Investments (Unaudited) December 31, 2018 December 31, 2017 Net investments in real estate $ 227,451 $ 113,095 Acquired intangible assets, net 19,016 22,822 Other assets 6,315 4,061 Total assets $ 252,782 $ 139,978 Mortgage notes and other debt payable $ 71,003 $ — Acquired intangible liabilities, net 4,174 5,310 Other liabilities 2,771 2,029 Total liabilities 77,948 7,339 Members’ equity 174,834 132,639 Total liabilities and members' equity $ 252,782 $ 139,978 Company Investments in Unconsolidated Real Estate Affiliates—Equity Method Investments (Unaudited) December 31, 2018 December 31, 2017 Members’ equity $ 174,834 $ 132,639 Less: other members' equity (11,630 ) — Basis differential 110 — Investments in unconsolidated real estate affiliates $ 163,314 $ 132,639 Summarized Combined Statements of Operations—Unconsolidated Real Estate Affiliates—Equity Method Investments (Unaudited) Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Total revenues $ 16,188 $ 11,952 $ 6,589 Total operating expenses 16,522 10,795 5,983 Operating income $ (334 ) $ 1,157 $ 606 Total other expenses 1,310 — — Net (loss) income $ (1,644 ) $ 1,157 $ 606 Company Equity in Income of Unconsolidated Real Estate Affiliates—Equity Method Investments (Unaudited) Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Net (loss) income of unconsolidated real estate affiliates $ (1,644 ) $ 1,157 $ 606 Other members’ share of net loss 593 — — Company equity in (loss) income of unconsolidated real estate affiliates $ (1,051 ) $ 1,157 $ 606 Real Estate Fund Investment NYC Retail Portfolio On December 8, 2015, a wholly-owned subsidiary of the Company acquired an approximate 28% interest in a newly formed limited partnership, Madison NYC Core Retail Partners, L.P, which acquired an approximate 49% interest in entities that initially owned 15 retail properties located in the greater New York City area (the “NYC Retail Portfolio”), the result of which is that we own an approximate 14% interest in the NYC Retail Portfolio. The purchase price for such portion is approximately $ 85,600 including closing costs. In December 2017, the 51% owner of the NYC Retail Portfolio entered into an agreement to sell its interest to a group of investors including some existing investors in the NYC Retail Portfolio along with some new investors. The transaction will take place over a period not to exceed two years and will be structured in the form of a series of like-kind exchanges funded by the new investor group. We chose not to increase our investment in the NYC Retail Portfolio. The venture distributed seven properties during the third and fourth quarters of 2018 that were acquired during the second and third quarters of 2018 in exchange for the 51% owner's partnership interests in 11 of the NYC Retail Portfolio properties. As of December 31, 2018 , the NYC Retail Portfolio owned 12 retail properties totaling approximately 2,378,000 square feet across urban infill locations in Manhattan, Brooklyn, Queens, the Bronx, Staten Island and New Jersey. At acquisition we made the election to account for our interest in the NYC Retail Portfolio under the fair value option. This fair value election was made as the investment is in the form of a commingled fund with institutional partners where fair value accounting provides the most relevant information about the financial condition of the investment. We record increases and decreases in our investment each reporting period based on the change in the fair value of the investment as estimated by the general partner. Critical inputs to NAV estimates include valuations of the underlying real estate assets which incorporate investment-specific assumptions such as discount rates, capitalization rates and rental growth rates. We did not consider adjustments to NAV estimates provided by the general partner, including adjustments for any restrictions to the transferability of ownership interests embedded within the investment agreement to which we are a party, to be necessary based upon (1) our understanding of the methodology utilized and inputs incorporated to estimate NAV at the investment level, (2) consideration of market demand for the retail assets held by the venture, and (3) contemplation of real estate and capital markets conditions in the localities in which the venture operates. We have no unfunded commitments. Our investment in the NYC Retail Portfolio is presented on our Consolidated Balance Sheets within real estate fund investment. Changes in the fair value of our investment as well as cash distributions received are recorded on our Consolidated Statements of Operations and Comprehensive Income within income from unconsolidated real estate affiliates and fund investment. As of December 31, 2018 and December 31, 2017 , the carrying amount of our investment in the NYC Retail Portfolio was $ 92,414 and $ 93,670 , respectively. During the year ended December 31, 2018 , we recorded increases in fair value of our investment in the NYC Retail Portfolio of $ 2,226 , we received return of capital distributions totaling $ 3,482 and we received distributions of income totaling $ 829 . This cash distribution of income increased equity in income of unconsolidated real estate affiliates and fund investment. During the year ended December 31, 2018 , a 73,000 square foot retail property in the NYC Retail Portfolio was sold and its mortgage loan extinguished. During the year ended December 31, 2017 , we recorded increases in fair value of our investment in the NYC Retail Portfolio of $ 6,456 . During the year ended December 31, 2017 , we received distributions of income totaling $ 2,020 . This cash distribution increased equity in income of unconsolidated real estate affiliates and fund investments. During the year ended December 31, 2017 , we received a return of capital distribution totaling $ 1,937 , related to the sale of an 116,000 square foot retail property in the NYC Retail Portfolio and extinguishment of its mortgage loan. Summarized Combined Balance Sheets—NYC Retail Portfolio Investment—Fair Value Option Investment (Unaudited) December 31, 2018 December 31, 2017 Investment in real estate venture $ 335,704 $ 337,060 Cash 2,560 8,423 Other assets 3 149 Total assets $ 338,267 $ 345,632 Total liabilities $ 567 $ 355 Partners' capital 337,700 345,277 Total liabilities and partners' capital $ 338,267 $ 345,632 Summarized Statement of Operations—NYC Retail Portfolio Investment—Fair Value Option Investment (Unaudited) Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Total revenue $ 3,333 $ 14,386 $ 6,864 Net investment income $ 1,330 $ 11,740 $ 5,289 Net change in unrealized gain on investment in real estate venture 6,675 24,686 30,994 Net income $ 8,005 $ 36,426 $ 36,283 |
Mortgage Notes Payable (Notes)
Mortgage Notes Payable (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Mortgage Notes Payable [Abstract] | |
Debt Disclosure [Text Block] | MORTGAGE NOTES AND OTHER DEBT PAYABLE Mortgage notes and other debt payable have various maturities through 2054 and consist of the following: Property Maturity/Extinguishment Date Fixed / Interest Amount payable as of December 31, 2018 December 31, 2017 The Edge at Lafayette December 27, 2018 Floating 4.05 % $ — $ 17,680 Grand Prairie Distribution Center (1) April 1, 2019 Fixed 3.58 8,600 8,600 The Reserve at Johns Creek Walk April 1, 2020 Fixed 3.30 23,318 23,620 Townlake of Coppell June 1, 2020 Fixed 3.25 28,800 28,800 Suwanee Distribution Center October 1, 2020 Fixed 3.66 19,100 19,100 140 Park Avenue March 1, 2021 Fixed 3.00 22,800 22,800 Monument IV at Worldgate February 1, 2023 Fixed 3.13 40,000 40,000 111 Sutter Street (2) April 1, 2023 Fixed 4.50 — 53,346 Aurora Distribution Center June 1, 2023 Fixed 3.39 13,850 13,850 180 N Jefferson July 1, 2023 Fixed 3.89 45,000 — Grand Lakes Marketplace October 1, 2023 Fixed 4.20 23,900 23,900 Oak Grove Plaza February 1, 2024 Fixed 4.17 9,604 9,816 South Seattle Distribution Center March 1, 2024 Fixed 4.38 18,611 18,957 Charlotte Distribution Center September 1, 2024 Fixed 3.66 9,964 10,157 Jory Trail at the Grove February 1, 2025 Fixed 3.81 44,250 44,250 Skokie Commons June 1, 2025 Fixed 3.31 24,400 24,400 DFW Distribution Center June 1, 2025 Fixed 3.23 17,720 17,720 AQ Rittenhouse September 1, 2025 Fixed 3.65 26,370 26,370 Timberland Town Center October 1, 2025 Fixed 4.07 21,675 22,112 Whitestone Market December 1, 2025 Fixed 3.58 25,750 25,750 Maui Mall June 1, 2026 Fixed 3.64 38,638 39,000 Rancho Temecula Town Center July 1, 2026 Fixed 4.02 28,000 28,000 Dylan Point Loma September 1, 2026 Fixed 3.83 40,500 40,500 Lane Parke Apartments November 1, 2026 Fixed 3.18 37,000 37,000 The District at Howell Mill March 1, 2027 Fixed 5.30 31,080 31,746 The Penfield March 1, 2054 Fixed 3.57 37,719 38,438 Revolving line of credit May 25, 2021 Floating 3.85 90,000 120,000 Term loans May 25, 2023 Fixed 3.10 100,000 100,000 TOTAL $ 826,649 $ 885,912 Net debt discount on assumed debt and debt issuance costs (8,554 ) (6,890 ) MORTGAGE NOTES AND OTHER DEBT PAYABLE, NET $ 818,095 $ 879,022 111 Sutter Street (2) April 1, 2023 Fixed 4.50 % $ 52,450 — MORTGAGE NOTES AND OTHER DEBT PAYABLE OF HELD FOR SALE PROPERTY $ 52,450 $ — ________ (1) The loan was repaid on February 8, 2019. (2) The loan associated with this property was designated as held for sale on December 17, 2018. The property associated with this loan was sold on February 7, 2019 and the loan was repaid. We have recognized a premium or discount on debt we assumed with the following property acquisitions, the remaining premium or discount is as follows as of December 31, 2018 : Property Debt Premium (Discount) Effective Interest Rate The District at Howell Mill $ (1,608 ) 6.34 % The Penfield (2,115 ) 4.02 Timberland Town Center 687 3.34 Jory Trail at the Grove (157 ) 3.94 The Reserve at Johns Creek Walk (69 ) 3.58 Net debt discount on assumed debt $ (3,262 ) Property Classified as Held For Sale 111 Sutter Street $ 1,503 2.66 Aggregate future principal payments of mortgage notes payable, excluding the property classified as held for sale as of December 31, 2018 , are as follows: Year Amount 2019 $ 12,779 2020 75,094 2021 118,270 2022 6,241 2023 228,251 Thereafter 386,014 Total $ 826,649 Land, buildings, equipment and acquired intangible assets related to the mortgage notes payable, with an aggregate cost of approximately $1,525,000 and $1,543,000 at December 31, 2018 and 2017 , respectively, have been pledged as collateral, and are not available to satisfy our debts and obligations unless first satisfying the mortgage note payable on the property. As our mortgage notes mature, we will explore refinancing and paying off the loans as well as full or partial sales of the properties. To accomplish these refinancings and pay downs, we would use cash on hand, cash from future property operations and capital from the proceeds of the Second Extended Public Offering. Line of Credit On May 26, 2017, we entered into a credit agreement providing for a $250,000 revolving line of credit and unsecured term loan with a syndicate of six lenders led by JPMorgan Chase Bank, N.A., Bank of America, N.A., and PNC Bank, National Association. The $250,000 credit facility (the "Credit Facility") consists of a $200,000 revolving line of credit (the “Revolving Line of Credit”) and a $50,000 term loan (the “Term Loan”). On August 4, 2017, we expanded our Credit Facility to $300,000 . The additional $50,000 borrowing was in the form of a five-year Term Loan. On December 12, 2018, we expanded and extended our Credit Facility to provide for a borrowing capacity of $400,000 , by increasing our Revolving Line of Credit to $300,000 with a new maturity date of May 25, 2021. We also extended our Term Loans by one year with new maturity dates of May 25, 2023. The primary interest rate is based on LIBOR, plus a margin ranging from 1.25% to 2.00% depending on our leverage ratio or alternatively, we can choose to borrow at a “base rate” equal to (i) the highest of (a) the Federal Funds Rate plus 0.5%, (b) the prime rate announced by JPMorgan Chase Bank, N.A., and (c) LIBOR plus 1.0%, plus (ii) a margin ranging from 0.25% to 1.00% for base rate loans. The maturity date of the Revolving Line of Credit is May 25, 2021 and contains two 12-month extension options that we may exercise upon (i) payment of an extension fee equal to 0.15% of the gross capacity under the Revolving Line of Credit at the time of the extension, and (ii) compliance with the other conditions set forth in the credit agreement. We intend to use the Revolving Line of Credit to cover short-term capital needs, for new property acquisitions and working capital. We may not draw funds on our Credit Facility if we (i) experience a material adverse effect, which is defined to include, among other things, (a) a material adverse effect on the business, assets, operations or financial condition of the Company taken as a whole; (b) the inability of any loan party to perform any of its obligations under any loan document; or (c) a material adverse effect upon the validity or enforceability of any loan document or (ii) are in default, as that term is defined in the agreement, including a default under certain other loan agreements and/or guarantees entered into by us or our subsidiaries. As of December 31, 2018 , we believe no material adverse effects had occurred. Borrowings under the Credit Facility are guaranteed by us and certain of our subsidiaries. The Credit Facility requires the maintenance of certain financial covenants, including: (i) unencumbered property pool leverage ratio; (ii) debt service coverage ratio; (iii) maximum total leverage ratio; (iv) fixed charges coverage ratio; (v) minimum net asset value; (vi) maximum secured debt ratio; (vii) maximum secured recourse debt ratio; (viii) maximum permitted investments; and (ix) unencumbered property pool criteria. The Credit Facility provides the flexibility to move assets in and out of the unencumbered property pool during the term of the Credit Facility. At December 31, 2018 , we had $90,000 outstanding under the Revolving Line of Credit at a blended rate of 3.85% (LIBOR + 1.35% ) and $100,000 outstanding under the Term Loan at LIBOR + 1.30% . We swapped the LIBOR portion of our $100,000 in Term Loans to a blended fixed rate of 1.80% (all in rate of 3.10% at December 31, 2018 ). At December 31, 2017 , we had $120,000 outstanding under the Revolving Line of Credit and $100,000 outstanding under the Term Loan. Covenants At December 31, 2018 , we were in compliance with all debt covenants. Debt Issuance Costs Debt issuance costs are capitalized and amortized over the terms of the respective agreements as a component of interest expense. Accumulated amortization of debt issuance costs at December 31, 2018 and December 31, 2017 were $4,537 and $3,377 , respectively. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2018 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
COMMON STOCK | COMMON STOCK We have five classes of common stock: Class A, Class M, Class A-I, Class M-I, and Class D. The fees payable to LaSalle Investment Management Distributors, LLC, an affiliate of our Advisor and the dealer manager for our offerings (the "Dealer Manager"), with respect to each outstanding share of each class, as a percentage of net asset value ("NAV"), are as follow: Selling Commission (1) Dealer Manager Fee (2) Class A Shares (3) up to 3.0% 0.85% Class M Shares — 0.30% Class A-I Shares up to 1.5% 0.30% Class M-I Shares (3) — None Class D Shares (4) up to 1.0% None ________ (1) Selling commissions are paid on the date of sale of our common stock. (2) We accrue all future dealer manager fees up to the ten percent regulatory limitation as accrued offering costs on our Consolidated Balance Sheets on the date of sale of our common stock. For NAV calculation purposes, dealer manager fees are accrued daily, on a continuous basis equal to 1/365th of the stated fee. (3) Effective April 1, 2018, we decreased the dealer manager fee on Class A shares from 1.05% to 0.85% and eliminated the dealer manager fee on Class M-I shares which was previously 0.05%. (4) Shares of Class D common stock are only being offered pursuant to a private offering. The selling commissions and dealer manager fees are offering costs and are recorded as a reduction of additional paid in capital. Stock Transactions The stock transactions for each of our classes of common stock for the years ending December 31, 2018 , 2017 and 2016 were as follows: Shares of Class A Common Stock Shares of Class M Common Stock Shares of Class A-I Common Stock Shares of Class M-I Common Stock Shares of Class D Common Stock Balance, December 31, 2015 37,092,768 27,909,411 6,116,812 3,356,619 7,787,823 Issuance of common stock 33,964,726 10,960,513 6,793,256 4,226,620 1,727,088 Repurchase of shares (1,219,913 ) (2,347,619 ) (97,431 ) — (1,551,418 ) Stock based compensation — — — 8,000 — Balance, December 31, 2016 69,837,581 36,522,305 12,812,637 7,591,239 7,963,493 Issuance of common stock 3,429,729 3,707,768 536,110 506,952 — Repurchase of shares (3,785,034 ) (2,316,084 ) (2,391,087 ) (684,725 ) (431,779 ) Stock based compensation — — — 8,000 — Balance, December 31, 2017 69,482,276 37,913,989 10,957,660 7,421,466 7,531,714 Issuance of common stock 4,284,748 4,088,453 310,104 2,818,312 — Repurchase of shares (2,579,302 ) (2,133,312 ) (184,730 ) (513,111 ) (1,261,235 ) Stock based compensation — — — 11,419 — Balance, December 31, 2018 71,187,722 39,869,130 11,083,034 9,738,086 6,270,479 Stock Issuances The stock issuances for our classes of shares, including those issued through our distribution reinvestment plan, for the years ending December 31, 2018 , 2017 and 2016 were as follows: December 31, 2018 December 31, 2017 December 31, 2016 # of shares $ Amount # of shares $ Amount # of shares $ Amount Class A Shares 4,284,748 $ 51,405 3,429,729 $ 39,623 33,964,726 $ 385,295 Class M Shares 4,088,453 48,649 3,707,768 42,556 10,960,513 123,609 Class A-I Shares 310,104 3,677 536,110 6,108 6,793,256 77,104 Class M-I Shares 2,829,731 33,825 514,952 5,913 4,234,620 47,716 Class D Shares — — — — 1,727,088 19,450 Total $ 137,556 $ 94,200 $ 653,174 Share Repurchase Plan Our share repurchase plan allows stockholders, subject to a one-year holding period, with certain exceptions, to request that we repurchase all or a portion of their shares of common stock on a daily basis at that day's NAV per share, limited to 5% of aggregate Company NAV per quarter. We have made repurchases according to our share repurchase plan as following: Year ending December 31, Shares of Class A Common Stock Shares of Class M Common Stock Shares of Class A-I Common Stock Shares of Class M-I Common Stock Shares of Class D Common Stock Total Dollar of Repurchases 2016 1,219,913 2,347,619 97,431 — 1,551,418 $ 58,841 2017 3,785,034 2,316,084 2,391,087 684,725 431,779 110,288 2018 2,579,302 2,133,312 184,730 513,111 1,261,235 79,177 Distribution Reinvestment Plan Pursuant to our distribution reinvestment plan, holders of shares of any class of our common stock may elect to have their cash distributions reinvested in additional shares of our common stock at the NAV per share applicable to the class of shares being purchased on the distribution date. For the year ended December 31, 2018 , we issued 3,363,570 shares of common stock for $ 39,733 under the distribution reinvestment plan. For the year ended December 31, 2017 , we issued 3,401,011 shares of common stock for $ 38,814 under the distribution reinvestment plan. For the year ended December 31, 2016 , we issued 2,639,549 shares of common stock for $ 29,668 under the distribution reinvestment plan. Earnings Per Share (“EPS”) Basic per share amounts are based on the weighted average of shares outstanding of 135,051,377 , 134,507,458 , and 106,916,148 for the years ended December 31, 2018 , 2017 and 2016 , respectively. We have no dilutive or potentially dilutive securities. We compute net income per share for Class A, Class M, Class A-I, Class M-I and Class D common stock using the two-class method. Our Advisor may earn a performance fee ( see Note 8-Related Party Transactions ) which may impact the net income of each class of common stock differently. The calculated performance component for the years ended December 31, 2018 , 2017 and 2016 , and the impact on each class of common stock, are shown below. In periods where no performance fee is recognized in our consolidated statements of operations and comprehensive income, the net income per share will be the same for each class of common stock. Basic and diluted net income per share for each class of common stock is computed using the weighted-average number of common shares outstanding during the period for each class of common stock. We have not issued any dilutive or potentially dilutive securities, and thus the basic and diluted net income per share for a given class of common stock is the same for each period presented. The following table sets forth the computation of basic and diluted net income per share for each of our Class A, Class M, Class A-I, Class M-I and Class D common stock: Year Ended December 31, 2018 Class A Class M Class A-I Class M-I Class D Basic and diluted net income per share: Allocation of net income per share before performance fee $ 13,806 $ 7,680 $ 2,161 $ 1,583 $ 1,412 Allocation of performance fee 279 444 123 137 92 Total $ 13,527 $ 7,236 $ 2,038 $ 1,446 $ 1,320 Weighted average number of common shares outstanding 69,988,405 38,929,773 10,955,834 8,021,665 7,155,700 Basic and diluted net income per share: $ 0.19 $ 0.19 $ 0.19 $ 0.18 $ 0.18 Year Ended December 31, 2017 Class A Class M Class A-I Class M-I Class D Basic and diluted net income per share: Allocation of net income per share before performance fee $ 12,353 $ 6,600 $ 2,146 $ 1,331 $ 1,386 Allocation of performance fee 384 500 145 120 119 Total $ 11,969 $ 6,100 $ 2,001 $ 1,211 $ 1,267 Weighted average number of common shares outstanding 69,759,939 37,276,939 12,114,150 7,525,429 7,831,002 Basic and diluted net income per share: $ 0.17 $ 0.16 $ 0.17 $ 0.16 $ 0.16 Year Ended December 31, 2016 Class A Class M Class A-I Class M-I Class D Basic and diluted net income per share: Allocation of net income per share before performance fee $ 2,458 $ 1,474 $ 415 $ 249 $ 339 Allocation of performance fee — — — — — Total $ 2,458 $ 1,474 $ 415 $ 249 $ 339 Weighted average number of common shares outstanding 53,263,996 31,926,563 8,999,330 5,391,138 7,335,120 Basic and diluted net income per share: $ 0.05 $ 0.05 $ 0.05 $ 0.05 $ 0.05 Distributions Declared The distributions declared per share for each of our classes of common stock for the years ended December 31, 2018 , 2017 and 2016 were as follows: Distributions Distributions Paid (1) Record Date Declared Class A Class M Class A-I Class M-I Class D 3/28/2018 $ 0.13000 $ 0.10170 $ 0.12175 $ 0.12168 $ 0.12867 $ 0.13000 6/28/2018 0.13000 0.10687 0.12159 0.12163 0.13000 0.13000 9/27/2018 0.13000 0.10673 0.12149 0.12155 0.13000 0.13000 12/28/2018 0.13000 0.10652 0.12141 0.12145 0.13000 0.13000 Total $ 0.52000 $ 0.42182 $ 0.48624 $ 0.48631 $ 0.51867 $ 0.52000 Distributions Distributions Paid (1) Record Date Declared Class A Class M Class A-I Class M-I Class D 3/30/2017 $ 0.12500 $ 0.09699 $ 0.11684 $ 0.11686 $ 0.12366 $ 0.12500 6/29/2017 0.12500 0.09660 0.11677 0.11607 0.12365 0.12500 9/28/2017 0.12500 0.09623 0.11663 0.11649 0.12361 0.12500 12/28/2017 0.12500 0.09615 0.11655 0.11643 0.12364 0.12500 Total $ 0.50000 $ 0.38597 $ 0.46679 $ 0.46585 $ 0.49456 $ 0.50000 Distributions Distributions Paid (1) Record Date Declared Class A Class M Class A-I Class M-I Class D 3/30/2016 $ 0.12000 $ 0.09424 $ 0.11181 $ 0.11206 $ 0.11874 $ 0.12000 6/29/2016 0.12000 0.09381 0.11206 0.11329 0.11876 0.12000 9/29/2016 0.12500 0.09842 0.11692 0.11685 0.12368 0.12500 12/29/2016 0.12500 0.09799 0.11694 0.11753 0.12372 0.12500 Total $ 0.49000 $ 0.38446 $ 0.45773 $ 0.45973 $ 0.48490 $ 0.49000 ________ (1) Distributions paid are net of dealer manager fees applicable to each share class. Organization and Offering Costs Organization and offering costs include, but are not limited to, legal, accounting and printing fees and personnel costs of our Advisor attributable to our organization, preparation of the registration statement, registration and qualification of our common stock for sale with the SEC and in the various states and filing fees incurred by our Advisor. LaSalle agreed to fund our organization and offering expenses for the Second Extended Public Offering until July 6, 2018, the day the registration statement was declared effective by the SEC, following which time we commenced reimbursing LaSalle over 36 months. Following the Second Extended Public Offering commencement date, we began paying directly or reimbursing LaSalle if it pays on our behalf any organization and offering costs incurred during the Second Extended Public Offering period (other than selling commissions and dealer manager fees) as and when incurred. After the termination of the Second Extended Public Offering, LaSalle has agreed to reimburse us to the extent that the organization and offering costs that we incur exceed 15% of our gross proceeds from the Second Extended Public Offering. Organization costs are expensed, whereas offering costs are recorded as a reduction of capital in excess of par value. As of December 31, 2018 and December 31, 2017 , LaSalle had paid $2,017 and $1,049 , respectively, of organization and offering costs on our behalf which we had not yet reimbursed. These costs are included in accrued offering costs on the Consolidated Balance Sheets. |
Rentals Under Operating Leases
Rentals Under Operating Leases | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | RENTALS UNDER OPERATING LEASES We receive rental income from operating leases. The minimum future rentals from consolidated properties, excluding those classified as held for sale, based on operating leases in place at December 31, 2018 are as follows: Year Amount 2019 $ 100,391 2020 71,333 2021 65,520 2022 58,799 2023 51,528 Thereafter 213,472 Total $ 561,043 Minimum future rentals do not include amounts payable by certain tenants based upon a percentage of their gross sales or as reimbursement of property operating expenses. During the years ended December 31, 2018 , 2017 and 2016 , no individual tenant accounted for greater than 10% of minimum base rents. The majority of the decrease in rents from 2019 future rents to 2020 is related to our apartment properties which generally have a one year lease life. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Pursuant to our Advisory Agreement with LaSalle, we pay a fixed advisory fee of 1.25% of our NAV calculated daily. The Advisory Agreement allows for a performance fee to be earned for each share class based on the total return of that share class during the calendar year. The performance fee is calculated as 10% of the return in excess of 7% per annum. On May 8, 2018, we renewed our Advisory Agreement with our Advisor for a one-year term expiring on June 5, 2019. The fixed advisory fees for the years ended December 31, 2018 , 2017 and 2016 were $20,052 , $19,269 and $15,014 respectively. The performance fees for the years ended December 31, 2018 , 2017 and 2016 were $1,075 , $1,269 and $0 respectively. Included in Advisor fees payable for the year ended December 31, 2018 was $1,786 of fixed fee and $1,075 of performance fee expense. Included in Advisor fees payable for the year ended December 31, 2017 was $1,660 of fixed fee expense and $1,269 of performance fee expense. We pay Jones Lang LaSalle Americas, Inc. (“JLL Americas”), an affiliate of the Advisor, for property management, leasing, mortgage brokerage and sales brokerage services performed at various properties we own. For the years ended December 31, 2018 , 2017 and 2016 , JLL Americas was paid $956 , $1,381 and $482 , respectively, for property management and leasing services. During the year ended December 31, 2016, we paid JLL Americas $114 in loan placement fees related to the mortgage note payable for 140 Park Avenue and $647 in brokerage fees for the 36 Research Park Drive property sale and the Dylan Point Loma acquisition. We pay the Dealer Manager selling commissions and dealer manager fees in connection with our offerings. For the years ended December 31, 2018 , 2017 and 2016 , we paid the Dealer Manager selling commissions and dealer manager fees totaling $9,113 , $10,061 and $11,317 , respectively. A majority of the selling commissions and dealer manager fees are reallowed to participating broker-dealers. Included in accrued offering costs at December 31, 2018 and 2017 were $70,451 and $75,301 of future dealer manager fees payable, respectively. As of December 31, 2018 and 2017 , we owed $2,017 and $1,049 , respectively, for organization and offering costs paid by LaSalle ( see Note 6-Common Stock ). These costs are included in Accrued offering costs. On December 27, 2018, we acquired our joint venture partners 22% interest in the Edge at Lafayette for $880 plus the assumption of the joint venture partners pro rata share of the mortgage loan of $3,890 . The owner of the 22% interest in the joint venture was an investment fund advised by LaSalle and in which JLL owned a minority interest. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES We are involved in various claims and litigation matters arising in the ordinary course of business, some of which involve claims for damages. Many of these matters are covered by insurance, although they may nevertheless be subject to deductibles or retentions. Although the ultimate liability for these matters cannot be determined, based upon information currently available, we believe the ultimate resolution of such claims and litigation will not have a material adverse effect on our financial position, results of operations or liquidity. From time to time, we have entered into contingent agreements for the acquisition and financing of properties. Such acquisitions and financings are subject to satisfactory completion of due diligence or meeting certain leasing or occupancy thresholds. We are subject to fixed ground lease payments on South Beach Parking Garage of $100 per year until September 30, 2021, which will increase every five years thereafter by the lesser of 12% or the cumulative CPI over the previous five year period. We are also subject to a variable ground lease payment calculated as 2.5% of revenue. The lease expires September 30, 2041 and has a ten-year renewal option. The operating agreement for Townlake of Coppell allows the unrelated third party joint venture partner, owning a 10% interest, to put their interest to us at a market determined value for a period of 90 days beginning in 2019. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | SEGMENT REPORTING We have five operating segments: apartment, industrial, office, retail and other properties. Consistent with how we review and manage our properties, the financial information summarized below is presented by operating segment and reconciled to income from operations for the years ended December 31, 2018 , 2017 and 2016 : Year Ended December 31, 2018 Apartments Industrial Office Retail Other Total Assets $ 604,553 $ 474,622 $ 255,101 $ 560,802 $ 21,549 $ 1,916,627 Capital expenditures by segment $ 7,186 $ 1,906 $ 250 $ 3,956 $ 90 $ 13,388 Revenues: Minimum rents $ 46,149 $ 30,040 $ 26,581 $ 34,866 $ 263 $ 137,899 Tenant recoveries and other rental income 4,923 10,254 3,411 11,937 2,259 32,784 Total revenues $ 51,072 $ 40,294 $ 29,992 $ 46,803 $ 2,522 $ 170,683 Operating expenses: Real estate taxes $ 8,576 $ 7,714 $ 2,884 $ 5,705 $ 512 $ 25,391 Property operating 14,087 3,163 6,021 7,250 730 31,251 Provision for doubtful accounts 86 — — 85 — 171 Total segment operating expenses $ 22,749 $ 10,877 $ 8,905 $ 13,040 $ 1,242 $ 56,813 Reconciliation to net income Property general and administrative 918 Advisor fees 21,127 Company level expenses 2,718 Depreciation and amortization 62,037 Total operating expenses $ 143,613 Other income and (expenses): Interest expense $ (33,135 ) Income from unconsolidated real estate affiliates and fund investment 2,004 Gain on disposition of property and extinguishment of debt 29,665 Total other income and (expenses) $ (1,466 ) Net income $ 25,604 Reconciliation to total consolidated assets as of December 31, 2018 Assets per reportable segments (1) $ 1,916,627 Investment in unconsolidated real estate affiliates, real estate fund investment and corporate level assets 279,967 Total consolidated assets $ 2,196,594 ________ (1) Includes $114,274 of Office segment asset classified as held for sale as of December 31, 2018. Year Ended December 31, 2017 Apartments Industrial Office Retail Other Total Assets $ 599,794 $ 489,112 $ 263,883 $ 575,093 $ 20,845 $ 1,948,727 Capital expenditures by segment $ 4,798 $ 2,187 $ 7,130 $ 5,922 $ 204 $ 20,241 Revenues: Minimum rents $ 42,110 $ 30,975 $ 27,113 $ 32,156 $ 288 $ 132,642 Tenant recoveries and other rental income 4,116 10,271 4,557 11,167 2,199 32,310 Total revenues $ 46,226 $ 41,246 $ 31,670 $ 43,323 $ 2,487 $ 164,952 Operating expenses: Real estate taxes $ 6,855 $ 7,805 $ 3,309 $ 5,868 $ 307 $ 24,144 Property operating 12,311 2,827 6,734 6,190 866 28,928 Provision for doubtful accounts 38 — (1 ) 181 — 218 Total segment operating expenses $ 19,204 $ 10,632 $ 10,042 $ 12,239 $ 1,173 $ 53,290 Reconciliation to net income Property general and administrative 1,161 Advisor fees 20,538 Company level expenses 2,385 Depreciation and amortization 61,705 Total operating expenses $ 139,079 Other income and (expenses): Interest expense $ (28,094 ) Income from unconsolidated real estate affiliates and fund investments 9,633 Other Income 500 Gain on disposition of property and extinguishment of debt 14,982 Total other income and (expenses) $ (2,979 ) Net income $ 22,894 Reconciliation to total consolidation assets as of December 31, 2017 Assets per reportable segments $ 1,948,727 Investment in unconsolidated real estate affiliates, real estate fund investment and corporate level assets 248,380 Total consolidated assets $ 2,197,107 Year Ended December 31, 2016 Apartments Industrial Office Retail Other Total Revenues: Minimum rents $ 26,835 $ 24,792 $ 28,288 $ 26,078 $ 277 $ 106,270 Tenant recoveries and other rental income 1,675 7,481 4,961 9,228 2,244 25,589 Total revenues $ 28,510 $ 32,273 $ 33,249 $ 35,306 $ 2,521 $ 131,859 Operating expenses: Real estate taxes $ 3,633 $ 5,472 $ 3,485 $ 4,662 $ 363 $ 17,615 Property operating 8,727 2,138 7,129 4,973 903 23,870 Provision for doubtful accounts 17 — 17 164 — 198 Total segment operating expenses $ 12,377 $ 7,610 $ 10,631 $ 9,799 $ 1,266 $ 41,683 Capital expenditures by segment $ 2,702 $ 1,456 $ 13,959 $ 4,186 $ 41 $ 22,344 Reconciliation to net income Property general and administrative 1,059 Advisor fees 15,014 Company level expenses 2,220 Acquisition expenses 3,918 Provision for impairment of real estate 6,876 Depreciation and amortization 44,950 Total operating expenses $ 115,720 Other income and (expenses): Interest expense $ (22,612 ) Income from unconsolidated real estate affiliates and fund investments 10,309 Gain on disposition of property and extinguishment of debt 1,704 Total other income and (expenses) $ (10,599 ) Net income $ 5,540 |
Distributions Payable
Distributions Payable | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
DISTRIBUTIONS PAYABLE | DISTRIBUTIONS PAYABLE On November 8, 2018 , our board of directors approved a gross distribution for the fourth quarter of 2018 of $0.13 per share to stockholders of record as of December 28, 2018 . The distribution was paid on February 1, 2019 . Class A, Class M, Class A-I, Class M-I and Class D stockholders received $0.13 per share, less applicable class-specific fees, if any. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In February 2016, the FASB issued Accounting Standard Update 2016-02 Leases (ASC 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The FASB also issued an Exposure Draft on January 5, 2018 proposing to amend ASU 2016-02, which would provide lessors with a practical expedient, by class of underlying assets, to not separate non-lease components from the related lease components and, instead, to account for those components as a single lease component, if certain criteria are met. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The update is expected to impact our consolidated financial statements as we have a ground lease arrangement for which we are the lessee. ASC 842 supersedes the previous leases standard, ASC 840 Leases . The standard is effective on January 1, 2019, with early adoption permitted. We are the lessee on one ground lease which will require us to record a right-of-use asset and a lease liability, which we estimate within the range of $1,500 to $3,000. |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Three Months Ended March 31, 2018 Three Months Ended June 30, 2018 Three Months Ended September 30, 2018 Three Months Ended December 31, 2018 Total revenues $ 42,082 $ 42,227 $ 43,319 $ 43,055 Net income (loss) 32,691 3,158 (3,356 ) (6,889 ) Net income (loss) attributable to Jones Lang LaSalle Income Property Trust, Inc. 32,644 3,106 (3,301 ) (6,882 ) Net income (loss) attributable to Jones Lang LaSalle Income Property Trust, Inc. per share-basic and diluted: Class A $ 0.25 $ 0.02 $ (0.02 ) $ (0.06 ) Class M 0.25 0.02 (0.02 ) (0.06 ) Class A-I 0.25 0.02 (0.02 ) (0.06 ) Class M-I 0.25 0.02 (0.02 ) (0.07 ) Class D 0.25 0.02 (0.02 ) (0.07 ) Weighted average common stock outstanding-basic and diluted 133,231,349 134,233,903 135,528,172 137,163,633 Three Months Three Months Three Months Three Months Total revenues $ 39,696 $ 40,427 $ 42,293 $ 42,536 Net (loss) income (622 ) 3,902 10,738 8,876 Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc. (742 ) 3,798 10,670 8,822 Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc. per share-basic and diluted: Class A $ (0.01 ) $ 0.03 $ 0.08 $ 0.07 Class M (0.01 ) 0.03 0.08 0.06 Class A-I (0.01 ) 0.03 0.08 0.06 Class M-I (0.01 ) 0.03 0.08 0.06 Class D (0.01 ) 0.03 0.08 0.06 Weighted average common stock outstanding-basic and diluted 135,359,651 135,789,443 133,554,999 133,358,197 All significant fluctuations between the quarters are attributable to acquisitions and dispositions made in 2018 and 2017. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On February 7, 2019, we sold 111 Sutter for approximately $227,000 less closing costs. We estimate to record a gain on the sale of the property in the amount of approximately $107,000 . On March 6, 2019 , our board of directors approved a gross dividend for the first quarter of 2019 of $0.135 per share to stockholders of record as of March 28, 2019 . The dividend will be paid on or around May 1, 2019 . Class A, Class M, Class A-I, Class M-I and Class D stockholders will receive $0.135 per share, less applicable class-specific fees, if any. * * * * * * |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Real Estate and Accumulated Depreciation Disclosure [Text Block] | Schedule III—Real Estate and Accumulated Depreciation as of December 31, 2018 Col. A Col. B Col. C Col. D Col. E Description Encumbrances Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Amounts at which Carried at the Close of Period Total Land Building and Equipment Land Building and Equipment Carrying Costs Land Building and Equipment Apartment Properties: The Edge at Lafayette—Lafayette, LA $ — $ 1,782 $ 23,266 $ — $ (941 ) $ — $ 1,782 $ 22,325 $ 24,107 Townlake of Coppell—Coppell, TX 28,800 8,444 36,805 — 3,290 — 8,444 40,095 48,539 AQ Rittenhouse—Philadelphia, PA 26,370 11,000 39,963 — 6 — 11,000 39,969 50,969 Lane Park Apartments—Mountain Brook, AL 37,000 5,100 66,428 — 1,291 — 5,100 67,719 72,819 Dylan Point Loma—San Diego, CA 40,500 19,000 70,860 — 137 — 19,000 70,997 89,997 The Penfield—St. Paul, MN 37,719 8,021 52,713 — 554 — 8,021 53,267 61,288 180 North Jefferson—Chicago, IL 45,000 18,588 75,435 — 3,938 — 18,588 79,373 97,961 Jory Trail at the Grove—Wilsonville, OR 44,250 7,877 64,369 — 2,933 — 7,877 67,302 75,179 The Reserve at Johns Creek Walk—Johns Creek, GA 23,318 7,552 38,025 — 304 — 7,552 38,329 45,881 Villas at Legacy—Plano, TX — 6,888 48,504 — 449 — 6,888 48,953 55,841 Total Apartment Properties 282,957 94,252 516,368 — 11,961 — 94,252 528,329 622,581 Industrial Properties: Kendall Distribution Center—Atlanta, GA — 2,656 12,836 (293 ) (268 ) — 2,363 12,568 14,931 Norfleet Distribution Center—Kansas City, MO — 2,134 31,397 (205 ) (1,937 ) — 1,929 29,460 31,389 Suwanee Distribution Center—Suwanee, GA 19,100 6,155 27,598 — 101 — 6,155 27,699 33,854 3800 1st Avenue South —Seattle, WA 9,440 7,238 9,673 546 221 — 7,784 9,894 17,678 3844 1st Avenue South—Seattle, WA 5,886 5,563 6,031 340 138 — 5,903 6,169 12,072 3601 2nd Avenue South—Seattle, WA 3,285 2,774 3,365 190 77 — 2,964 3,442 6,406 Grand Prairie Distribution Center—Grand Prairie, TX 8,600 2,100 12,478 — 11 — 2,100 12,489 14,589 Charlotte Distribution Center—Charlotte, NC 9,964 5,381 15,002 — 219 — 5,381 15,221 20,602 4050 Corporate Drive—Grapevine, TX 12,147 5,200 18,327 — 103 — 5,200 18,430 23,630 4055 Corporate Drive—Grapevine, TX 5,573 2,400 12,377 — 1,287 — 2,400 13,664 16,064 2501-2575 Allan Drive—Elk Grove, IL — 4,300 10,926 — 539 — 4,300 11,465 15,765 2601-2651 Allan Drive—Elk Grove, IL — 2,600 7,726 — 104 — 2,600 7,830 10,430 1300 Michael Drive—Wood Dale, IL — 1,900 6,770 — 139 — 1,900 6,909 8,809 1350 Michael Drive—Wood Dale, IL — 1,500 5,059 — 81 — 1,500 5,140 6,640 1225 Michael Drive—Wood Dale, IL — 2,600 7,149 — 75 — 2,600 7,224 9,824 200 Lewis Drive—Wood Dale, IL — 1,100 4,165 — 90 — 1,100 4,255 5,355 1301-1365 Mittel Boulevard—Chicago, IL — 2,700 5,473 — 73 — 2,700 5,546 8,246 Tampa Distribution Center- Tampa, FL — 3,507 22,485 — 84 — 3,507 22,569 26,076 Aurora Distribution Center- Aurora, IL 13,850 9,861 14,646 — — — 9,861 14,646 24,507 28150 West Harrison Parkway- Valencia, CA — 2,760 8,899 — — — 2,760 8,899 11,659 Col. A Col. B Col. C Col. D Col. E Description Encumbrances Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Amounts at which Carried at the Close of Period Total Land Building and Equipment Land Building and Equipment Carrying Costs Land Building and Equipment 28145 West Harrison Parkway- Valencia, CA — 3,468 10,111 — 19 — 3,468 10,130 13,598 28904 Avenue Paine- Valencia, CA — 3,812 10,535 — 68 — 3,812 10,603 14,415 24823 Anza Drive- Santa Clarita, CA — 1,095 2,849 — 23 — 1,095 2,872 3,967 25045 Avenue Tibbitts- Santa Clarita, CA — 4,087 13,224 — 61 — 4,087 13,285 17,372 6000 Giant Road- Richmond, CA — 11,572 26,556 — — — 11,572 26,556 38,128 6015 Giant Road- Richmond, CA — 10,468 24,127 — (1,121 ) — 10,468 23,006 33,474 6025 Giant Road- Richmond, CA — 2,700 4,167 — — — 2,700 4,167 6,867 Mason Mill Distribution Center—Buford, GA — 3,406 23,312 — — — 3,406 23,312 26,718 Total Industrial Properties 87,845 115,037 357,263 578 187 — 115,615 357,450 473,065 Office Properties: Monument IV at Worldgate—Herndon, VA 40,000 5,186 57,013 — 19,532 — 5,186 76,545 81,731 140 Park Avenue—Florham Park, NJ 22,800 3,162 34,784 — (4 ) — 3,162 34,780 37,942 San Juan Medical Center- San Juan Capistrano, CA — 9,807 13,303 — 682 — 9,807 13,985 23,792 Total Office Properties 62,800 18,155 105,100 — 20,210 — 18,155 125,310 143,465 Retail Properties: The District at Howell Mill—Atlanta, GA 31,080 10,000 56,040 — 2,632 — 10,000 58,672 68,672 Grand Lakes Marketplace—Katy, TX 23,900 5,215 34,770 — — — 5,215 34,770 39,985 Oak Grove Plaza—Sachse, TX 9,604 4,434 18,869 — 474 — 4,434 19,343 23,777 Rancho Temecula Town Center—Temecula, CA 28,000 14,600 41,180 — 126 — 14,600 41,306 55,906 Skokie Commons—Skokie, IL 24,400 8,859 25,705 891 37 — 9,750 25,742 35,492 Whitestone Market—Austin, TX 25,750 7,000 39,868 — 307 — 7,000 40,175 47,175 Maui Mall—Maui, HI 38,638 44,257 39,454 — 9,057 — 44,257 48,511 92,768 Silverstone Marketplace—Scottsdale, AZ — 8,012 33,771 — — — 8,012 33,771 41,783 Kierland Village Center—Scottsdale, AZ — 7,037 26,693 — 137 — 7,037 26,830 33,867 Timberland Town Center—Beaverton, OR 21,675 6,083 33,826 — 231 — 6,083 34,057 40,140 Montecito Marketplace—Las Vegas, NV — 11,410 45,212 — 109 — 11,410 45,321 56,731 Total Retail Properties 203,047 126,907 395,388 891 13,110 — 127,798 408,498 536,296 Other Properties: South Beach Parking Garage—Miami, FL — — 21,467 — 711 — — 22,178 22,178 Total Other Properties — — 21,467 — 711 — — 22,178 22,178 Total Consolidated Properties: $ 636,649 $ 354,351 $ 1,395,586 $ 1,469 $ 46,179 $ — $ 355,820 $ 1,441,765 $ 1,797,585 Col. A Col. B Col. C Col. D Col. E Description Encumbrances Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Amounts at which Carried at the Close of Period Total Land Building and Equipment Land Building and Equipment Carrying Costs Land Building and Equipment Properties Held for Sale: 111 Sutter Street—San Francisco, CA 52,450 39,921 72,712 — 9,378 — 39,921 82,090 122,011 Total Properties Held For Sale $ 52,450 $ 39,921 $ 72,712 $ — $ 9,378 $ — $ 39,921 $ 82,090 $ 122,011 The unaudited aggregate cost and accumulated depreciation for tax purposes was approximately $2,078,134 and $241,281 , respectively. (1) Includes net provisions for impairment of real estate taken since acquisition of property. Col. A Col. F Col. G Col. H Col. I Description Accumulated Depreciation Date of Construction Date of Acquisition Life on which depreciation in latest income statement is computed Apartment Properties: The Edge at Lafayette—Lafayette, LA $ (5,338 ) 2007 1/15/2008 50 years Townlake of Coppell—Coppell, TX (4,465 ) 1986 5/22/2015 40 years AQ Rittenhouse—Philadelphia, PA (3,092 ) 2015 7/30/2015 50 years Lane Park Apartments—Mountain Brook, AL (3,926 ) 2014 5/26/2016 50 years Dylan Point Loma—San Diego, CA (3,856 ) 2016 8/9/2016 50 years The Penfield—St. Paul, MN (2,511 ) 2013 9/22/2016 50 years 180 North Jefferson—Chicago, IL (4,331 ) 2004 12/1/2016 40 years Jory Trail at the Grove—Wilsonville, OR (2,119 ) 2012 7/14/2017 50 years The Reserve at Johns Creek Walk—Johns Creek, GA (1,399 ) 2007 7/28/2017 40 years Villas at Legacy—Plano, TX (728 ) 1999 6/6/2018 40 years Total Apartment Properties (31,765 ) Industrial Properties: Kendall Distribution Center—Atlanta, GA (3,308 ) 2002 6/30/2005 50 years Norfleet Distribution Center—Kansas City, MO (7,137 ) 2007 2/27/2007 50 years Suwanee Distribution Center—Suwanee, GA (3,058 ) 2012 6/28/2013 50 years 3800 1st Avenue South —Seattle, WA (1,300 ) 2005 6/26/2013 40 years 3844 1st Avenue South—Seattle, WA (811 ) 1968 12/18/2013 40 years 3601 2nd Avenue South—Seattle, WA (452 ) 1949 12/18/2013 40 years Grand Prairie Distribution Center—Grand Prairie, TX (1,248 ) 1980 12/18/2013 40 years Charlotte Distribution Center—Charlotte, NC (1,721 ) 2013 1/22/2014 50 years 4050 Corporate Drive—Grapevine, TX (1,650 ) 1991 6/27/2014 40 years 4055 Corporate Drive—Grapevine, TX (1,212 ) 1996 4/15/2015 40 years 2501-2575 Allan Drive—Elk Grove, IL (995 ) 1996 4/15/2015 40 years 2601-2651 Allan Drive—Elk Grove, IL (644 ) 1985 9/30/2015 40 years 1300 Michael Drive—Wood Dale, IL (559 ) 1985 9/30/2015 40 years 1350 Michael Drive—Wood Dale, IL (414 ) 1985 9/30/2015 40 years 1225 Michael Drive—Wood Dale, IL (586 ) 1985 9/30/2015 40 years 200 Lewis Drive—Wood Dale, IL (514 ) 1985 9/30/2015 40 years 1301-1365 Mittel Boulevard—Chicago, IL (449 ) 1985 9/30/2015 40 years Tampa Distribution Center- Tampa, FL (1,552 ) 1985 9/30/2015 40 years Aurora Distribution Center- Aurora, IL (757 ) 2009 4/11/2016 40 years 28150 West Harrison Parkway- Valencia, CA (556 ) 2016 5/19/2016 50 years 28145 West Harrison Parkway- Valencia, CA (637 ) 1997 6/29/2016 40 years 28904 Avenue Paine- Valencia, CA (666 ) 1997 6/29/2016 40 years 24823 Anza Drive- Santa Clarita, CA (180 ) 1999 6/29/2016 40 years Col. A Col. F Col. G Col. H Col. I Description Accumulated Depreciation Date of Construction Date of Acquisition Life on which depreciation in latest income statement is computed 25045 Avenue Tibbitts- Santa Clarita, CA (829 ) 1988 6/29/2016 40 years 6000 Giant Road- Richmond, CA (1,239 ) 1988 6/29/2016 40 years 6015 Giant Road- Richmond, CA (1,074 ) 2016 9/8/2016 50 years 6025 Giant Road- Richmond, CA (167 ) 2016 9/8/2016 50 years Mason Mill Distribution Center—Buford, GA (466 ) 2016 12/29/2016 50 years Total Industrial Properties (34,181 ) Office Properties: Monument IV at Worldgate—Herndon, VA (23,767 ) 2001 8/27/2004 50 years 140 Park Avenue—Florham Park, NJ (2,087 ) 2015 12/21/2015 50 years San Juan Medical Center- San Juan Capistrano, CA (804 ) 2015 4/1/2016 50 years Total Office Properties (26,658 ) Retail Properties: The District at Howell Mill—Atlanta, GA (13,610 ) 2006 6/15/2007 50 years Grand Lakes Marketplace—Katy, TX (3,709 ) 2012 9/17/2013 50 years Oak Grove Plaza—Sachse, TX (2,502 ) 2003 1/17/2014 40 years Rancho Temecula Town Center—Temecula, CA (4,741 ) 2007 6/16/2014 40 years Skokie Commons—Skokie, IL (1,889 ) 2015 5/15/2015 50 years Whitestone Market—Austin, TX (3,265 ) 2003 9/30/2015 40 years Maui Mall—Maui, HI (3,974 ) 1971 12/22/2015 40 years Silverstone Marketplace—Scottsdale, AZ (1,632 ) 2015 7/27/2016 50 years Kierland Village Center—Scottsdale, AZ (1,515 ) 2001 9/30/2016 40 years Timberland Town Center—Beaverton, OR (1,559 ) 2015 9/30/2016 50 years Montecito Marketplace—Las Vegas, NV (1,610 ) 2007 8/8/2017 50 years Total Retail Properties (40,006 ) Other Properties: South Beach Parking Garage—Miami, FL (2,870 ) 2001 1/28/2014 40 years Total Other Properties (2,870 ) Total Consolidated Properties: $ (135,480 ) Properties Held for Sale: 111 Sutter Street—San Francisco, CA (14,271 ) 1926 12/4/2012 40 years Total Properties Held for Sale $ (14,271 ) Reconciliation of Real Estate Consolidated Properties 2018 2017 2016 Balance at beginning of year $ 1,854,297 $ 1,744,317 $ 1,140,638 Additions 67,513 219,812 670,535 Assets sold/ written off (2,214 ) (54,880 ) (50,818 ) Write-downs for impairment charges — — (16,038 ) Reclassed as held for sale (122,011 ) (54,952 ) — Balance at close of year $ 1,797,585 $ 1,854,297 $ 1,744,317 Reconciliation of Accumulated Depreciation Consolidated Properties 2018 2017 2016 Balance at beginning of year $ 112,132 $ 88,870 $ 75,245 Additions 39,833 37,333 28,990 Assets sold/ written off (2,214 ) (3,932 ) (8,261 ) Write-downs for impairment charges — — (7,104 ) Reclassed as held for sale (14,271 ) (10,139 ) — Balance at close of year $ 135,480 $ 112,132 $ 88,870 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Exchange We utilize the U.S. dollar as our functional currency, except for our former Canadian operations, which used the Canadian dollar as the functional currency. When preparing consolidated financial statements, assets and liabilities of foreign entities are translated at the exchange rates at the balance sheet date, while income and expense items are translated at average rates for the period. Income statement amounts of significant transactions are translated at the rate in effect as of the date of the transactions. Foreign currency translation adjustments are recorded in accumulated other comprehensive loss. The Canadian property was disposed of on July 26, 2017. |
Income Tax, Policy [Policy Text Block] | Income Taxes We first elected to be taxed as a REIT under sections 856-860 of the Internal Revenue Code of 1986, as amended (the “Code”) for our taxable year ended December 31, 2004. To qualify as a REIT, we must meet a number of organizational and operational requirements, including requirements to distribute at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gains, and to meet certain quarterly asset and annual income tests. It is our current intention to adhere to these requirements. As a REIT, we will generally not be subject to corporate-level federal income tax to the extent we distribute 100% of our taxable income to our stockholders. Accordingly, the Consolidated Statements of Operations and Comprehensive Income do not reflect a provision for federal income taxes. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income, property or net worth, and to certain federal income and excise taxes. On December 22, 2017, tax legislation commonly referred to as the Tax Cuts and Jobs Act was signed into law which resulted in significant U.S. federal income tax reform. We did not identify any items for which the accounting for the income tax effects of the Tax Cut and Jobs Act have not been completed. The Alternative Minimum Tax has been repealed for tax years beginning after December 31, 2017 as a result of the Tax Cut and Jobs Act. Earnings and profits, which determine the tax treatment of dividends to stockholders, differ from net income reported for financial reporting purposes due to differences for federal income tax reporting purposes in computing, among other things, estimated useful lives, depreciable basis of properties and permanent and timing differences on the inclusion or deductibility of elements of income and expense for such purposes. |
Segment Reporting, Policy [Policy Text Block] | Business Segments Consistent with how we review and manage our properties, we align our internal operations along the five primary property types we are targeting for investments resulting in five operating segments: apartment properties, industrial properties, office properties, retail properties and other properties. We held one investment outside the United States up until we relinquished our ownership on July 26, 2017. For the years ended December 31, 2017 and 2016 , total revenues of this foreign investment were $1,488 and $2,793 , respectively. For the years ended December 31, 2017 and 2016 , total revenues of U.S. domiciled investments were $164,952 and $129,066 , respectively. |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments We record all derivatives on the Consolidated Balance Sheets at fair value in prepaid expenses and other assets or accounts payable and other accrued expenses. Changes in the fair value of our derivatives are recorded on our Consolidated Statements of Operations and Comprehensive Income, as a component of interest expense, as we have not designated our derivative instruments as hedges. Our objective in using interest rate derivatives is to manage our exposure to interest rate movements. To accomplish this objective, we use interest rate caps and swaps. As of December 31, 2018 , we had the following outstanding interest rate derivatives related to managing our interest rate risk: Interest Rate Derivative Number of Instruments Notional Amount Interest Rate Caps 1 $ 17,680 Interest Rate Swaps 7 221,400 The fair value of our interest rate caps and swaps represent assets of $3,921 and $3,366 at December 31, 2018 and 2017 , respectively. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents We consider all highly-liquid investments purchased with original maturities of three months or less to be cash equivalents. We maintain a portion of our cash in bank deposit accounts, which, at times, may exceed the federally insured limits. No losses have been experienced related to such accounts. We believe our bank deposit accounts are held with quality financial institutions. |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the instructions to Form 10-K and include the accounts of our wholly-owned subsidiaries, consolidated variable interest entities ("VIE") and the unconsolidated investments in real estate affiliates. We consider the authoritative guidance of accounting for investments in common stock, investments in real estate ventures, investors accounting for an investee when the investor has the majority of the voting interest but the minority partners have certain approval or veto rights, determining whether a general partner or general partners as a group controls a limited partnership or similar entity when the limited partners have certain rights, and the consolidation of VIEs in which we own less than a 100% interest. All significant intercompany balances and transactions have been eliminated in consolidation. On December 20, 2017, we entered into a purchase agreement structured as a reverse 1031 exchange in order to acquire Mason Mill Distribution Center in Buford, Georgia. We loaned the qualified intermediary $30,980 to acquire the property as replacement property pursuant to the applicable Internal Revenue Service guidance. The intermediary acquiring Mason Mill Distribution Center was deemed to be a VIE for which we are deemed to be the primary beneficiary as we have the ability to direct the activities of the entity that most significantly impact its economic performance and we have all of the risks and rewards of ownership. Accordingly, we have consolidated Mason Mill Distribution Center. On February 5, 2018, we sold Station Nine Apartments using the sale to complete the reverse 1031 exchange for Mason Mill Distribution Center. Mason Mill Distribution Center was no longer considered a VIE on this date. On December 27, 2018, we acquired the 22% noncontrolling interest in The Edge at Lafayette resulting in us owning 100% of the property and thus the property was no longer considered a VIE on this date. Parenthetical disclosures are shown on our Consolidated Balance Sheets regarding the amounts of VIE assets and liabilities that are consolidated. As of December 31, 2018 , our VIEs include The District at Howell Mill, Grand Lakes Marketplace and Townlake of Coppell due to the limited partnership structures and our partners having limited participation rights and no kick-out rights. The creditors of our VIEs do not have general recourse to us. Noncontrolling interests represent the minority members’ proportionate share of the equity in our VIEs. At acquisition, the assets, liabilities and noncontrolling interests were measured and recorded at the estimated fair value. Noncontrolling interests will increase for the minority members’ share of net income of these entities and contributions and decrease for the minority members’ share of net loss and distributions. As of December 31, 2018 , noncontrolling interests represented the minority members’ proportionate share of the equity of the entities listed above as VIEs. Certain of our joint venture agreements include provisions whereby, at certain specified times, each party has the right to initiate a purchase or sale of its interest in the joint ventures at an agreed upon fair value. Under these provisions, we are not obligated to purchase the interest of its outside joint venture partners. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts An allowance for doubtful accounts is provided against the portion of accounts receivable and deferred rent receivable that is estimated to be uncollectible. Such allowance is reviewed periodically based upon our recovery experience. At December 31, 2018 and 2017 , our allowance for doubtful accounts was $489 and $296 , respectively. |
Deferred Expenses | Deferred Expenses Deferred expenses consist of lease commissions. Lease commissions are capitalized and amortized over the term of the related lease as a component of depreciation and amortization expense. Accumulated amortization of deferred expenses at December 31, 2018 and 2017 was $5,305 and $3,816 , respectively. |
Acquisitions | Acquisitions We use estimates of future cash flows and other valuation techniques to allocate the fair value of acquired property among land, building and other identifiable asset and liability intangibles. We record land and building values using an as-if-vacant methodology. We record above- and below-market in-place lease values for acquired properties based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) our estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease plus any below-market lease extension option periods. We amortize the capitalized above-market lease values as a reduction of minimum rents over the remaining non-cancelable terms of the respective leases. We amortize the capitalized below-market lease values as an increase to minimum rents over the term of the respective leases plus any below-market lease extension option terms. Should a tenant terminate its lease prior to the contractual expiration, the unamortized portion of the above-market and below-market in-place lease value is immediately charged to minimum rents. We measure the aggregate value of other intangible assets acquired based on the difference between (i) the property valued with existing in-place leases and (ii) the property valued as-if-vacant. Our estimates of value are made using methods similar to those used by independent appraisers, primarily discounted cash flow analyses. Factors considered by us in our analysis include an estimate of carrying costs during the hypothetical expected lease-up periods considering current market conditions at the date of acquisition, and costs to execute similar leases. We also consider information obtained about each property as a result of the pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. In estimating carrying costs, we will include estimates of lost rentals during the expected lease-up periods, which is expected to primarily range from one to two years, depending on specific local market conditions, and costs to execute similar leases, including leasing commissions, legal and other related expenses to the extent that such costs are not already incurred in connection with a new lease origination as part of the transaction. The total amount of other intangible assets acquired is further allocated to in-place lease values and customer relationship intangible values based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant. Characteristics considered by us in allocating these values include, among other factors, the nature and extent of our existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement). As of December 31, 2018 and 2017 , we have allocated no value to customer relationship value. We amortize the value of in-place leases to expense over the weighted average lease term of the respective leases, which generally range from one to ten years. Purchase price has been allocated to acquired intangible assets, which include acquired in-place lease intangibles, acquired above-market in-place lease intangibles and acquired ground lease intangibles, which are reported net of accumulated amortization of $58,433 and $47,130 at December 31, 2018 and 2017 , respectively, on the accompanying Consolidated Balance Sheets. The acquired intangible liabilities represent acquired below-market in-place leases, which are reported net of accumulated amortization of $10,280 and $8,300 at December 31, 2018 and 2017 , respectively, on the accompanying Consolidated Balance Sheets. Our amortizing intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. According to authoritative guidance, an amortizing intangible asset is considered to be impaired when the estimated future undiscounted operating cash flow is less than its carrying value. To the extent impairment has occurred, the excess of the carrying value of the amortizing intangible asset over its estimated fair value will be charged to operations. Future amortization related to amortizing acquired intangible assets and liabilities, including those classified as held for sale, as of December 31, 2018 is as follows: Acquired in-place leases Acquired above-market leases Below-market ground lease Acquired below-market leases 2019 $ 14,278 $ 688 $ 15 $ (2,792 ) 2020 12,455 593 15 (2,381 ) 2021 11,897 513 15 (2,165 ) 2022 9,410 426 15 (1,921 ) 2023 8,194 248 15 (1,547 ) Thereafter 24,549 864 278 (5,757 ) $ 80,783 $ 3,332 $ 353 $ (16,563 ) |
Assets and Liabilities Measured at Fair Value | Assets and Liabilities Measured at Fair Value The Financial Accounting Standards Board’s (“FASB”) guidance for fair value measurement and disclosure states that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering assumptions, authoritative guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: • Level 1 —Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have access to at the measurement date. • Level 2 —Observable inputs, other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers. • Level 3 —Unobservable inputs for the asset or liability. Unobservable inputs are those inputs that reflect our own assumptions that market participants would use to price the asset or liability based on the best available information. The authoritative guidance requires the disclosure of the fair value of our financial instruments for which it is practicable to estimate that value. The guidance does not apply to all balance sheet items. Market information as available or present value techniques have been utilized to estimate the amounts required to be disclosed. Since such amounts are estimates, there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument. Real estate fund investments accounted for under the fair value option are stated at the fair value of our ownership in the fund. The fair value is recorded based upon changes in the net asset values of the limited partnership as determined from the financial statements of the real estate fund. During the year ended December 31, 2018 and 2017 , we recorded unrealized changes in fair value classified within the Level 3 category of $ 2,226 and $6,456 , respectively, in our investment in the NYC Retail Portfolio ( see Note 4-Unconsolidated Real Estate Affiliates and Fund Investments ). We have estimated the fair value of our mortgage notes and other debt payable reflected in the accompanying Consolidated Balance Sheets at amounts that are based upon an interpretation of available market information and valuation methodologies (including discounted cash flow analysis with regard to fixed rate debt) for similar loans made to borrowers with similar credit ratings and for the same maturities. The fair value of our mortgage notes and other debt payable, including amounts included as held for sale, using level two inputs was approximately $14,422 lower and $4,051 higher than the aggregate carrying amounts at December 31, 2018 and 2017 , respectively. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon extinguishment of our mortgage notes and other debt payable. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions. These estimates and assumptions impact the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. For example, significant estimates and assumptions have been made with respect to useful lives of assets, recoverable amounts of receivables, fair value of derivatives and real estate assets, initial valuations and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions. Actual results could differ from those estimates. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Investments in Real Estate (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Real Estate Held for Development and Sale, Policy [Policy Text Block] | Investments in Real Estate Real estate assets are stated at cost. Our real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. A real estate asset is considered to be impaired when the estimated future undiscounted operating cash flow over the expected hold period is less than its carrying value in accordance with the authoritative guidance on accounting for the impairment or disposal of long-lived assets. To the extent impairment has occurred, the excess of the carrying value of the asset over its estimated fair value will be charged to operations. The valuation adjustments were calculated based on market conditions and assumptions made by management at the time the valuation adjustments were recorded, which may differ materially from actual results if market conditions or the underlying assumptions change in the future. When we have committed to a plan to sell a property that is available for immediate sale, have the necessary approvals and marketing in place, and believe that the sale of the property is probable the assets selected for disposal will be classified as held-for-sale and carried at the lower of their carrying values ( i.e ., cost less accumulated depreciation and any impairment loss recognized, where applicable) or estimated fair values less costs to sell. As of December 31, 2018, 111 Sutter Street was classified as held for sale. Carrying values are reassessed at each balance sheet date. Due to market fluctuation, actual proceeds realized on the ultimate sale of these properties may differ from estimates and such differences could be material. Depreciation and amortization cease once a property is classified as held-for-sale. We recorded no impairment charges for the years ended December 31, 2018 and 2017 . We recorded $6,876 of impairment charges for the year ended December 31, 2016 . Depreciation expense is computed using the straight-line method based upon the following estimated useful lives: Asset Category Estimated Useful Life Buildings and improvements 40-50 Years Tenant improvements Lesser of life of improvement or life of related lease Equipment and fixtures 2-10 Years Maintenance and repairs are charged to expense when incurred. Expenditures for significant betterments and improvements are capitalized. Investments in Unconsolidated Real Estate Affiliates and Real Estate Fund Investment We account for our investments in unconsolidated real estate affiliates using either the equity method or the fair value option. Under the equity method the cost of the investment is adjusted for our share of equity in net income or loss and reduced by distributions received and increased by contributions provided. Under the fair value option, the cost basis of the investment is increased for contributions made to the investment and adjusted for our share of changes in the fair value of the investment. Distributions received from investments in unconsolidated real estate affiliates under the fair value option are recorded as income from the unconsolidated affiliates. Distributions that are identified as returns of capital are recorded as a reduction to the cost basis of the investment, whereas distributions identified as capital gains or losses are recorded as realized gains or losses. We evaluate the carrying values of our investments in unconsolidated real estate affiliates accounted for under the equity method, excluding our investment under the fair value option, in accordance with the authoritative guidance on the equity method of accounting for investments in common stock. We analyze our investments in unconsolidated real estate affiliates when circumstances change and at every reporting period and determine if an “other-than-temporary” impairment exists and, if so, we assess our ability to recover our carrying cost of the investment. We concluded that we did not have any “other than temporary” impairment in our investments in unconsolidated real estate affiliates in 2018 , 2017 or 2016 which we account for under the equity method. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Revenue Recognition (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Revenue Recognition, Deferred Revenue [Policy Text Block] | Revenue Recognition Minimum rent revenues are recognized on a straight-line basis over the terms of the related leases. Straight-line rent revenue (representing rents recognized prior to being billed and collectible as provided by the terms of the leases) caused net increases to rent revenue of $2,274 , $3,023 and $5,598 for the years ended December 31, 2018 , 2017 and 2016 , respectively. Also included, as an increase to rent revenue, for the years ended December 31, 2018 , 2017 and 2016 , are $2,244 , $2,451 and $2,524 , respectively, of net amortization related to above-and below-market in-place leases at properties acquired as provided by authoritative guidance on goodwill and intangible assets. Tenant recoveries are recognized as revenues in the period the applicable costs are incurred. |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of fixed asset useful lives [Table Text Block] | Depreciation expense is computed using the straight-line method based upon the following estimated useful lives: Asset Category Estimated Useful Life Buildings and improvements 40-50 Years Tenant improvements Lesser of life of improvement or life of related lease Equipment and fixtures 2-10 Years Maintenance and repairs are charged to expense when incurred. Expenditures for significant betterments and improvements are capitalized. |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Future amortization related to amortizing acquired intangible assets and liabilities, including those classified as held for sale, as of December 31, 2018 is as follows: Acquired in-place leases Acquired above-market leases Below-market ground lease Acquired below-market leases 2019 $ 14,278 $ 688 $ 15 $ (2,792 ) 2020 12,455 593 15 (2,381 ) 2021 11,897 513 15 (2,165 ) 2022 9,410 426 15 (1,921 ) 2023 8,194 248 15 (1,547 ) Thereafter 24,549 864 278 (5,757 ) $ 80,783 $ 3,332 $ 353 $ (16,563 ) |
Schedule of Derivative Instruments [Table Text Block] | Interest Rate Derivative Number of Instruments Notional Amount Interest Rate Caps 1 $ 17,680 Interest Rate Swaps 7 221,400 |
Property (Tables)
Property (Tables) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | We allocated the purchase price for our 2018 acquisition in accordance with authoritative guidance as follows: 2018 Acquisition Land $ 6,888 Building and equipment 48,504 In-place lease intangible (acquired intangible assets) 2,577 $ 57,969 Amortization period for intangible assets and liabilities 6 months | We allocated the purchase price for our 2017 acquisitions in accordance with authoritative guidance as follows: 2017 Acquisitions Land $ 30,245 Building and equipment 171,022 In-place lease intangible (acquired intangible assets) 15,863 Above-market lease intangible (acquired intangible assets) 805 Below-market lease intangible (acquired intangible liabilities) (1,235 ) $ 216,700 Amortization period for intangible assets and liabilities 1 month - 15 years | We allocated the purchase price of our 2016 acquisitions in accordance with authoritative guidance as follows: 2016 Acquisitions Land $ 134,978 Building and equipment 509,512 In-place lease intangible (acquired intangible assets) 40,925 Above-market lease intangible (acquired intangible assets) 881 Below-market lease intangible (acquired intangible liabilities) (8,229 ) $ 678,067 Amortization period for intangible assets and liabilities 4 months - 44 years |
Details of Impairment of Long-Lived Assets Held and Used by Asset [Table Text Block] | state In accordance with authoritative guidance for impairment of long-lived assets, we recorded no impairment during 2018 and 2017 and the following impairment of investment for the year ended December 31, 2016: Year Ended December 31, 2016 Railway Street Corporate Centre $ 6,876 | ||
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | 2018 Held for Sale On December 17, 2018, 111 Sutter Street was classified as held for sale. On February 7, 2019, this property was sold. 2017 Held for Sale On December 29, 2017, Station Nine Apartments was classified as held for sale. On February 5, 2018, this property was sold. As of December 31, 2018 and December 31, 2017 , our investment in real estate and other assets and liabilities held for sale was comprised of: December 31, 2018 December 31, 2017 Land $ 39,920 $ 9,690 Building and equipment, net 67,819 35,123 Other assets, net 4,847 303 Total assets $ 112,586 $ 45,116 Mortgage notes and other debt payable, net $ 53,953 $ — Other liabilities 2,310 407 Total liabilities $ 56,263 $ 407 |
Unconsolidated Real Estate Af_2
Unconsolidated Real Estate Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Unconsolidated Real Estate Affiliates [Abstract] | |
Equity Method Investments [Table Text Block] | Unconsolidated Real Estate Affiliates Chicago Parking Garage Chicago Parking Garage is a 366 stall, multi-level parking facility located in a large mixed-use property in Chicago, Illinois owned as a condominium interest. In accordance with authoritative guidance, Chicago Parking Garage is accounted for as an investment in an unconsolidated real estate affiliate. At December 31, 2018 and December 31, 2017 , the carrying amount of our investment in Chicago Parking Garage was $ 17,260 and $ 17,046 , respectively. Pioneer Tower On June 28, 2016, we acquired Pioneer Tower, a 17 story, 296,000 square foot multi-tenant office property in Portland, Oregon for approximately $121,750 . Pioneer Tower is a component of a mixed-use property that includes Portland's largest urban regional mall owned by an independent third party. The land component of this mixed-use property is owned as a condominium interest with the owner of the regional mall. The acquisition was funded with cash on hand. In accordance with authoritative guidance, Pioneer Tower is accounted for as an investment in an unconsolidated real estate affiliate. At December 31, 2018 and December 31, 2017 , the carrying amount of our investment in Pioneer Tower was $ 111,091 and $ 115,593 , respectively. The Tremont On July 19, 2018, we acquired a 75% interest in The Tremont, a 180 unit apartment property in Burlington, Massachusetts. The joint venture acquired the property for approximately $ 73,500 . The acquisition was funded by the assumption of a 19 year mortgage loan that bears interest at a fixed-rate of 3.62% in the amount of $ 42,520 and cash on hand. In accordance with authoritative guidance, The Tremont is accounted for as an investment in an unconsolidated real estate affiliate. At December 31, 2018 , the carrying amount of our investment in The Tremont was $ 21,881 . The Huntington On July 19, 2018, we acquired a 75% interest in The Huntington, a 117 unit apartment property in Burlington, Massachusetts. The joint venture acquired the property for approximately $ 48,500 . The acquisition was financed with a ten year mortgage loan that bears interest at a fixed rate of 4.07% in the amount of $ 31,000 and cash on hand. In accordance with authoritative guidance, The Huntington is accounted for as an investment in an unconsolidated real estate affiliate. At December 31, 2018 , the carrying amount of our investment in The Huntington was $ 13,082 . Summarized Combined Balance Sheets—Unconsolidated Real Estate Affiliates—Equity Method Investments (Unaudited) December 31, 2018 December 31, 2017 Net investments in real estate $ 227,451 $ 113,095 Acquired intangible assets, net 19,016 22,822 Other assets 6,315 4,061 Total assets $ 252,782 $ 139,978 Mortgage notes and other debt payable $ 71,003 $ — Acquired intangible liabilities, net 4,174 5,310 Other liabilities 2,771 2,029 Total liabilities 77,948 7,339 Members’ equity 174,834 132,639 Total liabilities and members' equity $ 252,782 $ 139,978 Company Investments in Unconsolidated Real Estate Affiliates—Equity Method Investments (Unaudited) December 31, 2018 December 31, 2017 Members’ equity $ 174,834 $ 132,639 Less: other members' equity (11,630 ) — Basis differential 110 — Investments in unconsolidated real estate affiliates $ 163,314 $ 132,639 Summarized Combined Statements of Operations—Unconsolidated Real Estate Affiliates—Equity Method Investments (Unaudited) Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Total revenues $ 16,188 $ 11,952 $ 6,589 Total operating expenses 16,522 10,795 5,983 Operating income $ (334 ) $ 1,157 $ 606 Total other expenses 1,310 — — Net (loss) income $ (1,644 ) $ 1,157 $ 606 Company Equity in Income of Unconsolidated Real Estate Affiliates—Equity Method Investments (Unaudited) Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Net (loss) income of unconsolidated real estate affiliates $ (1,644 ) $ 1,157 $ 606 Other members’ share of net loss 593 — — Company equity in (loss) income of unconsolidated real estate affiliates $ (1,051 ) $ 1,157 $ 606 |
Real Estate Properties [Line Items] | |
Fair Value Option, Disclosures [Table Text Block] | Summarized Combined Balance Sheets—NYC Retail Portfolio Investment—Fair Value Option Investment (Unaudited) December 31, 2018 December 31, 2017 Investment in real estate venture $ 335,704 $ 337,060 Cash 2,560 8,423 Other assets 3 149 Total assets $ 338,267 $ 345,632 Total liabilities $ 567 $ 355 Partners' capital 337,700 345,277 Total liabilities and partners' capital $ 338,267 $ 345,632 Summarized Statement of Operations—NYC Retail Portfolio Investment—Fair Value Option Investment (Unaudited) Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Total revenue $ 3,333 $ 14,386 $ 6,864 Net investment income $ 1,330 $ 11,740 $ 5,289 Net change in unrealized gain on investment in real estate venture 6,675 24,686 30,994 Net income $ 8,005 $ 36,426 $ 36,283 |
Mortgage Notes Payable Table 1
Mortgage Notes Payable Table 1 - Schedule of Mortgages and Other Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Table 1 - Mortgages and Other Debt Payable [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Mortgage notes and other debt payable have various maturities through 2054 and consist of the following: Property Maturity/Extinguishment Date Fixed / Interest Amount payable as of December 31, 2018 December 31, 2017 The Edge at Lafayette December 27, 2018 Floating 4.05 % $ — $ 17,680 Grand Prairie Distribution Center (1) April 1, 2019 Fixed 3.58 8,600 8,600 The Reserve at Johns Creek Walk April 1, 2020 Fixed 3.30 23,318 23,620 Townlake of Coppell June 1, 2020 Fixed 3.25 28,800 28,800 Suwanee Distribution Center October 1, 2020 Fixed 3.66 19,100 19,100 140 Park Avenue March 1, 2021 Fixed 3.00 22,800 22,800 Monument IV at Worldgate February 1, 2023 Fixed 3.13 40,000 40,000 111 Sutter Street (2) April 1, 2023 Fixed 4.50 — 53,346 Aurora Distribution Center June 1, 2023 Fixed 3.39 13,850 13,850 180 N Jefferson July 1, 2023 Fixed 3.89 45,000 — Grand Lakes Marketplace October 1, 2023 Fixed 4.20 23,900 23,900 Oak Grove Plaza February 1, 2024 Fixed 4.17 9,604 9,816 South Seattle Distribution Center March 1, 2024 Fixed 4.38 18,611 18,957 Charlotte Distribution Center September 1, 2024 Fixed 3.66 9,964 10,157 Jory Trail at the Grove February 1, 2025 Fixed 3.81 44,250 44,250 Skokie Commons June 1, 2025 Fixed 3.31 24,400 24,400 DFW Distribution Center June 1, 2025 Fixed 3.23 17,720 17,720 AQ Rittenhouse September 1, 2025 Fixed 3.65 26,370 26,370 Timberland Town Center October 1, 2025 Fixed 4.07 21,675 22,112 Whitestone Market December 1, 2025 Fixed 3.58 25,750 25,750 Maui Mall June 1, 2026 Fixed 3.64 38,638 39,000 Rancho Temecula Town Center July 1, 2026 Fixed 4.02 28,000 28,000 Dylan Point Loma September 1, 2026 Fixed 3.83 40,500 40,500 Lane Parke Apartments November 1, 2026 Fixed 3.18 37,000 37,000 The District at Howell Mill March 1, 2027 Fixed 5.30 31,080 31,746 The Penfield March 1, 2054 Fixed 3.57 37,719 38,438 Revolving line of credit May 25, 2021 Floating 3.85 90,000 120,000 Term loans May 25, 2023 Fixed 3.10 100,000 100,000 TOTAL $ 826,649 $ 885,912 Net debt discount on assumed debt and debt issuance costs (8,554 ) (6,890 ) MORTGAGE NOTES AND OTHER DEBT PAYABLE, NET $ 818,095 $ 879,022 111 Sutter Street (2) April 1, 2023 Fixed 4.50 % $ 52,450 — MORTGAGE NOTES AND OTHER DEBT PAYABLE OF HELD FOR SALE PROPERTY $ 52,450 $ — ________ (1) The loan was repaid on February 8, 2019. (2) The loan associated with this property was designated as held for sale on December 17, 2018. The property associated with this loan was sold on February 7, 2019 and the loan was repaid. |
Mortgage Notes Payable Table 2
Mortgage Notes Payable Table 2 - Schedule of Debt Premium / Discount (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Instrument, Unamortized Discount (Premium), Net [Abstract] | |
Summary of Assumed Debt Premium / Discount [Table Text Block] | We have recognized a premium or discount on debt we assumed with the following property acquisitions, the remaining premium or discount is as follows as of December 31, 2018 : Property Debt Premium (Discount) Effective Interest Rate The District at Howell Mill $ (1,608 ) 6.34 % The Penfield (2,115 ) 4.02 Timberland Town Center 687 3.34 Jory Trail at the Grove (157 ) 3.94 The Reserve at Johns Creek Walk (69 ) 3.58 Net debt discount on assumed debt $ (3,262 ) Property Classified as Held For Sale 111 Sutter Street $ 1,503 2.66 |
Table 3 - Summary of Aggregate
Table 3 - Summary of Aggregate Principa Pmts (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Other Disclosure [Abstract] | |
Aggregate principal payments of mortgage notes payable | Aggregate future principal payments of mortgage notes payable, excluding the property classified as held for sale as of December 31, 2018 , are as follows: Year Amount 2019 $ 12,779 2020 75,094 2021 118,270 2022 6,241 2023 228,251 Thereafter 386,014 Total $ 826,649 |
Common Stock Offering Cost Fees
Common Stock Offering Cost Fees (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Common Stock [Abstract] | |
Offering Cost Fees [Table Text Block] | Selling Commission (1) Dealer Manager Fee (2) Class A Shares (3) up to 3.0% 0.85% Class M Shares — 0.30% Class A-I Shares up to 1.5% 0.30% Class M-I Shares (3) — None Class D Shares (4) up to 1.0% None ________ (1) Selling commissions are paid on the date of sale of our common stock. (2) We accrue all future dealer manager fees up to the ten percent regulatory limitation as accrued offering costs on our Consolidated Balance Sheets on the date of sale of our common stock. For NAV calculation purposes, dealer manager fees are accrued daily, on a continuous basis equal to 1/365th of the stated fee. (3) Effective April 1, 2018, we decreased the dealer manager fee on Class A shares from 1.05% to 0.85% and eliminated the dealer manager fee on Class M-I shares which was previously 0.05%. (4) Shares of Class D common stock are only being offered pursuant to a private offering. The selling commissions and dealer manager fees are offering costs and are recorded as a reduction of additional paid in capital. |
Common Stock Stock Transactions
Common Stock Stock Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Stock Transactions [Abstract] | |
Stock Transactions [Table Text Block] | The stock transactions for each of our classes of common stock for the years ending December 31, 2018 , 2017 and 2016 were as follows: Shares of Class A Common Stock Shares of Class M Common Stock Shares of Class A-I Common Stock Shares of Class M-I Common Stock Shares of Class D Common Stock Balance, December 31, 2015 37,092,768 27,909,411 6,116,812 3,356,619 7,787,823 Issuance of common stock 33,964,726 10,960,513 6,793,256 4,226,620 1,727,088 Repurchase of shares (1,219,913 ) (2,347,619 ) (97,431 ) — (1,551,418 ) Stock based compensation — — — 8,000 — Balance, December 31, 2016 69,837,581 36,522,305 12,812,637 7,591,239 7,963,493 Issuance of common stock 3,429,729 3,707,768 536,110 506,952 — Repurchase of shares (3,785,034 ) (2,316,084 ) (2,391,087 ) (684,725 ) (431,779 ) Stock based compensation — — — 8,000 — Balance, December 31, 2017 69,482,276 37,913,989 10,957,660 7,421,466 7,531,714 Issuance of common stock 4,284,748 4,088,453 310,104 2,818,312 — Repurchase of shares (2,579,302 ) (2,133,312 ) (184,730 ) (513,111 ) (1,261,235 ) Stock based compensation — — — 11,419 — Balance, December 31, 2018 71,187,722 39,869,130 11,083,034 9,738,086 6,270,479 |
Schedule of Stock by Class [Table Text Block] | The stock issuances for our classes of shares, including those issued through our distribution reinvestment plan, for the years ending December 31, 2018 , 2017 and 2016 were as follows: December 31, 2018 December 31, 2017 December 31, 2016 # of shares $ Amount # of shares $ Amount # of shares $ Amount Class A Shares 4,284,748 $ 51,405 3,429,729 $ 39,623 33,964,726 $ 385,295 Class M Shares 4,088,453 48,649 3,707,768 42,556 10,960,513 123,609 Class A-I Shares 310,104 3,677 536,110 6,108 6,793,256 77,104 Class M-I Shares 2,829,731 33,825 514,952 5,913 4,234,620 47,716 Class D Shares — — — — 1,727,088 19,450 Total $ 137,556 $ 94,200 $ 653,174 |
Tender Offer Results [Table Text Block] | Share Repurchase Plan Our share repurchase plan allows stockholders, subject to a one-year holding period, with certain exceptions, to request that we repurchase all or a portion of their shares of common stock on a daily basis at that day's NAV per share, limited to 5% of aggregate Company NAV per quarter. We have made repurchases according to our share repurchase plan as following: Year ending December 31, Shares of Class A Common Stock Shares of Class M Common Stock Shares of Class A-I Common Stock Shares of Class M-I Common Stock Shares of Class D Common Stock Total Dollar of Repurchases 2016 1,219,913 2,347,619 97,431 — 1,551,418 $ 58,841 2017 3,785,034 2,316,084 2,391,087 684,725 431,779 110,288 2018 2,579,302 2,133,312 184,730 513,111 1,261,235 79,177 |
Common Stock Common Stock (Tabl
Common Stock Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Earnings Per Share [Line Items] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Earnings Per Share (“EPS”) Basic per share amounts are based on the weighted average of shares outstanding of 135,051,377 , 134,507,458 , and 106,916,148 for the years ended December 31, 2018 , 2017 and 2016 , respectively. We have no dilutive or potentially dilutive securities. We compute net income per share for Class A, Class M, Class A-I, Class M-I and Class D common stock using the two-class method. Our Advisor may earn a performance fee ( see Note 8-Related Party Transactions ) which may impact the net income of each class of common stock differently. The calculated performance component for the years ended December 31, 2018 , 2017 and 2016 , and the impact on each class of common stock, are shown below. In periods where no performance fee is recognized in our consolidated statements of operations and comprehensive income, the net income per share will be the same for each class of common stock. Basic and diluted net income per share for each class of common stock is computed using the weighted-average number of common shares outstanding during the period for each class of common stock. We have not issued any dilutive or potentially dilutive securities, and thus the basic and diluted net income per share for a given class of common stock is the same for each period presented. The following table sets forth the computation of basic and diluted net income per share for each of our Class A, Class M, Class A-I, Class M-I and Class D common stock: Year Ended December 31, 2018 Class A Class M Class A-I Class M-I Class D Basic and diluted net income per share: Allocation of net income per share before performance fee $ 13,806 $ 7,680 $ 2,161 $ 1,583 $ 1,412 Allocation of performance fee 279 444 123 137 92 Total $ 13,527 $ 7,236 $ 2,038 $ 1,446 $ 1,320 Weighted average number of common shares outstanding 69,988,405 38,929,773 10,955,834 8,021,665 7,155,700 Basic and diluted net income per share: $ 0.19 $ 0.19 $ 0.19 $ 0.18 $ 0.18 Year Ended December 31, 2017 Class A Class M Class A-I Class M-I Class D Basic and diluted net income per share: Allocation of net income per share before performance fee $ 12,353 $ 6,600 $ 2,146 $ 1,331 $ 1,386 Allocation of performance fee 384 500 145 120 119 Total $ 11,969 $ 6,100 $ 2,001 $ 1,211 $ 1,267 Weighted average number of common shares outstanding 69,759,939 37,276,939 12,114,150 7,525,429 7,831,002 Basic and diluted net income per share: $ 0.17 $ 0.16 $ 0.17 $ 0.16 $ 0.16 Year Ended December 31, 2016 Class A Class M Class A-I Class M-I Class D Basic and diluted net income per share: Allocation of net income per share before performance fee $ 2,458 $ 1,474 $ 415 $ 249 $ 339 Allocation of performance fee — — — — — Total $ 2,458 $ 1,474 $ 415 $ 249 $ 339 Weighted average number of common shares outstanding 53,263,996 31,926,563 8,999,330 5,391,138 7,335,120 Basic and diluted net income per share: $ 0.05 $ 0.05 $ 0.05 $ 0.05 $ 0.05 |
Common Stock Dividends Declared
Common Stock Dividends Declared (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Dividends Declared [Abstract] | |
Dividends Declared [Table Text Block] | Distributions Declared The distributions declared per share for each of our classes of common stock for the years ended December 31, 2018 , 2017 and 2016 were as follows: Distributions Distributions Paid (1) Record Date Declared Class A Class M Class A-I Class M-I Class D 3/28/2018 $ 0.13000 $ 0.10170 $ 0.12175 $ 0.12168 $ 0.12867 $ 0.13000 6/28/2018 0.13000 0.10687 0.12159 0.12163 0.13000 0.13000 9/27/2018 0.13000 0.10673 0.12149 0.12155 0.13000 0.13000 12/28/2018 0.13000 0.10652 0.12141 0.12145 0.13000 0.13000 Total $ 0.52000 $ 0.42182 $ 0.48624 $ 0.48631 $ 0.51867 $ 0.52000 Distributions Distributions Paid (1) Record Date Declared Class A Class M Class A-I Class M-I Class D 3/30/2017 $ 0.12500 $ 0.09699 $ 0.11684 $ 0.11686 $ 0.12366 $ 0.12500 6/29/2017 0.12500 0.09660 0.11677 0.11607 0.12365 0.12500 9/28/2017 0.12500 0.09623 0.11663 0.11649 0.12361 0.12500 12/28/2017 0.12500 0.09615 0.11655 0.11643 0.12364 0.12500 Total $ 0.50000 $ 0.38597 $ 0.46679 $ 0.46585 $ 0.49456 $ 0.50000 Distributions Distributions Paid (1) Record Date Declared Class A Class M Class A-I Class M-I Class D 3/30/2016 $ 0.12000 $ 0.09424 $ 0.11181 $ 0.11206 $ 0.11874 $ 0.12000 6/29/2016 0.12000 0.09381 0.11206 0.11329 0.11876 0.12000 9/29/2016 0.12500 0.09842 0.11692 0.11685 0.12368 0.12500 12/29/2016 0.12500 0.09799 0.11694 0.11753 0.12372 0.12500 Total $ 0.49000 $ 0.38446 $ 0.45773 $ 0.45973 $ 0.48490 $ 0.49000 ________ (1) Distributions paid are net of dealer manager fees applicable to each share class. |
Rentals Under Operating Leases
Rentals Under Operating Leases Rentals Under Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Schedule of Property Subject to or Available for Operating Lease [Table Text Block] | We receive rental income from operating leases. The minimum future rentals from consolidated properties, excluding those classified as held for sale, based on operating leases in place at December 31, 2018 are as follows: Year Amount 2019 $ 100,391 2020 71,333 2021 65,520 2022 58,799 2023 51,528 Thereafter 213,472 Total $ 561,043 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Consistent with how we review and manage our properties, the financial information summarized below is presented by operating segment and reconciled to income from operations for the years ended December 31, 2018 , 2017 and 2016 : Year Ended December 31, 2018 Apartments Industrial Office Retail Other Total Assets $ 604,553 $ 474,622 $ 255,101 $ 560,802 $ 21,549 $ 1,916,627 Capital expenditures by segment $ 7,186 $ 1,906 $ 250 $ 3,956 $ 90 $ 13,388 Revenues: Minimum rents $ 46,149 $ 30,040 $ 26,581 $ 34,866 $ 263 $ 137,899 Tenant recoveries and other rental income 4,923 10,254 3,411 11,937 2,259 32,784 Total revenues $ 51,072 $ 40,294 $ 29,992 $ 46,803 $ 2,522 $ 170,683 Operating expenses: Real estate taxes $ 8,576 $ 7,714 $ 2,884 $ 5,705 $ 512 $ 25,391 Property operating 14,087 3,163 6,021 7,250 730 31,251 Provision for doubtful accounts 86 — — 85 — 171 Total segment operating expenses $ 22,749 $ 10,877 $ 8,905 $ 13,040 $ 1,242 $ 56,813 Reconciliation to net income Property general and administrative 918 Advisor fees 21,127 Company level expenses 2,718 Depreciation and amortization 62,037 Total operating expenses $ 143,613 Other income and (expenses): Interest expense $ (33,135 ) Income from unconsolidated real estate affiliates and fund investment 2,004 Gain on disposition of property and extinguishment of debt 29,665 Total other income and (expenses) $ (1,466 ) Net income $ 25,604 Reconciliation to total consolidated assets as of December 31, 2018 Assets per reportable segments (1) $ 1,916,627 Investment in unconsolidated real estate affiliates, real estate fund investment and corporate level assets 279,967 Total consolidated assets $ 2,196,594 ________ (1) Includes $114,274 of Office segment asset classified as held for sale as of December 31, 2018. Year Ended December 31, 2017 Apartments Industrial Office Retail Other Total Assets $ 599,794 $ 489,112 $ 263,883 $ 575,093 $ 20,845 $ 1,948,727 Capital expenditures by segment $ 4,798 $ 2,187 $ 7,130 $ 5,922 $ 204 $ 20,241 Revenues: Minimum rents $ 42,110 $ 30,975 $ 27,113 $ 32,156 $ 288 $ 132,642 Tenant recoveries and other rental income 4,116 10,271 4,557 11,167 2,199 32,310 Total revenues $ 46,226 $ 41,246 $ 31,670 $ 43,323 $ 2,487 $ 164,952 Operating expenses: Real estate taxes $ 6,855 $ 7,805 $ 3,309 $ 5,868 $ 307 $ 24,144 Property operating 12,311 2,827 6,734 6,190 866 28,928 Provision for doubtful accounts 38 — (1 ) 181 — 218 Total segment operating expenses $ 19,204 $ 10,632 $ 10,042 $ 12,239 $ 1,173 $ 53,290 Reconciliation to net income Property general and administrative 1,161 Advisor fees 20,538 Company level expenses 2,385 Depreciation and amortization 61,705 Total operating expenses $ 139,079 Other income and (expenses): Interest expense $ (28,094 ) Income from unconsolidated real estate affiliates and fund investments 9,633 Other Income 500 Gain on disposition of property and extinguishment of debt 14,982 Total other income and (expenses) $ (2,979 ) Net income $ 22,894 Reconciliation to total consolidation assets as of December 31, 2017 Assets per reportable segments $ 1,948,727 Investment in unconsolidated real estate affiliates, real estate fund investment and corporate level assets 248,380 Total consolidated assets $ 2,197,107 Year Ended December 31, 2016 Apartments Industrial Office Retail Other Total Revenues: Minimum rents $ 26,835 $ 24,792 $ 28,288 $ 26,078 $ 277 $ 106,270 Tenant recoveries and other rental income 1,675 7,481 4,961 9,228 2,244 25,589 Total revenues $ 28,510 $ 32,273 $ 33,249 $ 35,306 $ 2,521 $ 131,859 Operating expenses: Real estate taxes $ 3,633 $ 5,472 $ 3,485 $ 4,662 $ 363 $ 17,615 Property operating 8,727 2,138 7,129 4,973 903 23,870 Provision for doubtful accounts 17 — 17 164 — 198 Total segment operating expenses $ 12,377 $ 7,610 $ 10,631 $ 9,799 $ 1,266 $ 41,683 Capital expenditures by segment $ 2,702 $ 1,456 $ 13,959 $ 4,186 $ 41 $ 22,344 Reconciliation to net income Property general and administrative 1,059 Advisor fees 15,014 Company level expenses 2,220 Acquisition expenses 3,918 Provision for impairment of real estate 6,876 Depreciation and amortization 44,950 Total operating expenses $ 115,720 Other income and (expenses): Interest expense $ (22,612 ) Income from unconsolidated real estate affiliates and fund investments 10,309 Gain on disposition of property and extinguishment of debt 1,704 Total other income and (expenses) $ (10,599 ) Net income $ 5,540 |
Quarterly Financial Informati_2
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | Three Months Ended March 31, 2018 Three Months Ended June 30, 2018 Three Months Ended September 30, 2018 Three Months Ended December 31, 2018 Total revenues $ 42,082 $ 42,227 $ 43,319 $ 43,055 Net income (loss) 32,691 3,158 (3,356 ) (6,889 ) Net income (loss) attributable to Jones Lang LaSalle Income Property Trust, Inc. 32,644 3,106 (3,301 ) (6,882 ) Net income (loss) attributable to Jones Lang LaSalle Income Property Trust, Inc. per share-basic and diluted: Class A $ 0.25 $ 0.02 $ (0.02 ) $ (0.06 ) Class M 0.25 0.02 (0.02 ) (0.06 ) Class A-I 0.25 0.02 (0.02 ) (0.06 ) Class M-I 0.25 0.02 (0.02 ) (0.07 ) Class D 0.25 0.02 (0.02 ) (0.07 ) Weighted average common stock outstanding-basic and diluted 133,231,349 134,233,903 135,528,172 137,163,633 Three Months Three Months Three Months Three Months Total revenues $ 39,696 $ 40,427 $ 42,293 $ 42,536 Net (loss) income (622 ) 3,902 10,738 8,876 Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc. (742 ) 3,798 10,670 8,822 Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc. per share-basic and diluted: Class A $ (0.01 ) $ 0.03 $ 0.08 $ 0.07 Class M (0.01 ) 0.03 0.08 0.06 Class A-I (0.01 ) 0.03 0.08 0.06 Class M-I (0.01 ) 0.03 0.08 0.06 Class D (0.01 ) 0.03 0.08 0.06 Weighted average common stock outstanding-basic and diluted 135,359,651 135,789,443 133,554,999 133,358,197 |
Organization (Details)
Organization (Details) $ in Thousands | Mar. 03, 2015USD ($) | Dec. 31, 2018USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares |
Organization (Textual) [Abstract] | ||||
common stock, authorized in offering for DRIP shares | $ 300,000 | $ 300,000 | ||
common stock, authorized in offering of new shares | 3,000,000 | 2,700,000 | ||
Common Stock, Value Authorized during Offering | 2,700,000 | $ 2,400,000 | ||
Common Stock, Value, Outstanding | 50,200 | $ 50,200 | ||
Investment Owned, at Fair Value | $ 62,427 | $ 62,427 | ||
Organization (Additional Textual) [Abstract] | ||||
Incorporation date | May 28, 2004 | |||
Total number of stockholders | 13,445 | 13,445 | ||
Consolidated Properties [Member] | ||||
Organization (Textual) [Abstract] | ||||
Number of properties owned | 70 | 70 | ||
Number of states | 20 | 20 | ||
Class A Shares [Member] | ||||
Organization (Textual) [Abstract] | ||||
Common stock, shares outstanding | shares | 71,187,722 | 71,187,722 | 69,482,276 | |
Class M Shares [Member] | ||||
Organization (Textual) [Abstract] | ||||
Common stock, shares outstanding | shares | 39,869,130 | 39,869,130 | 37,913,989 | |
Class A-I Shares [Member] | ||||
Organization (Textual) [Abstract] | ||||
Common stock, shares outstanding | shares | 11,083,034 | 11,083,034 | 10,957,660 | |
Class M-I Shares [Member] | ||||
Organization (Textual) [Abstract] | ||||
Common stock, shares outstanding | shares | 9,738,086 | 9,738,086 | 7,421,466 | |
Class D Shares [Member] | ||||
Organization (Textual) [Abstract] | ||||
common stock, value authorized during private offering | $ 350,000 | |||
Common stock, shares outstanding | shares | 6,270,479 | 6,270,479 | 7,531,714 | |
IPO [Member] | ||||
Organization (Textual) [Abstract] | ||||
Common Stock, Value, Outstanding | $ 1,138,053 | $ 1,138,053 | ||
Second Public Offering [Member] | ||||
Organization (Textual) [Abstract] | ||||
Common Stock, Value, Outstanding | 81,691 | 81,691 | ||
Private Placement [Member] | ||||
Organization (Textual) [Abstract] | ||||
Common Stock, Value, Outstanding | $ 68,591 | $ 68,591 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018USD ($)$ / shares | Sep. 30, 2018$ / shares | Jun. 30, 2018$ / shares | Mar. 31, 2018$ / shares | Dec. 31, 2017USD ($)$ / shares | Sep. 30, 2017$ / shares | Jun. 30, 2017$ / shares | Mar. 31, 2017$ / shares | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | Dec. 20, 2017USD ($) | |
Summary of Significant Accounting Policies [Line Items] | ||||||||||||
Net Cash Provided by (Used in) Investing Activities | $ (34,436) | $ (113,908) | $ (707,996) | |||||||||
Derivative Liability | $ 3,921 | $ 3,366 | 3,921 | 3,366 | ||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||||
Asset Impairment Charges | 0 | 0 | 6,876 | |||||||||
Straight Line Rent | 2,274 | 3,023 | 5,598 | |||||||||
Amortization of above and below Market Leases | 2,244 | 2,451 | 2,524 | |||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | 58,433 | 47,130 | 58,433 | 47,130 | ||||||||
Finite-Lived intangible liability, Accumulated Amortization | 10,280 | 8,300 | 10,280 | 8,300 | ||||||||
Total Revenue From Foreign Investments | 1,488 | 2,793 | ||||||||||
Total Revenue from US Investments | 164,952 | $ 129,066 | ||||||||||
Accrued Offering Costs | 72,468 | 76,583 | 72,468 | 76,583 | ||||||||
Accounts Payable and Accrued Liabilities | 19,495 | 18,473 | 19,495 | 18,473 | ||||||||
TOTAL LIABILITIES | 1,009,302 | 1,018,850 | 1,009,302 | 1,018,850 | ||||||||
Additional Paid in Capital, Common Stock | 1,568,474 | 1,522,123 | 1,568,474 | 1,522,123 | ||||||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ||||||||||||
Allowance for doubtful accounts | 489 | 296 | 489 | 296 | ||||||||
Accumulated amortization of Deferred expenses | 5,305 | 3,816 | 5,305 | 3,816 | ||||||||
Level two [Member] | ||||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||||
Mortgage notes payable, fair value | 14,422 | 4,051 | $ 14,422 | $ 4,051 | ||||||||
Minimum [Member] | ||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 1 month | 4 months | 1 month | |||||||||
Minimum [Member] | Building [Member] | ||||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||||
Property, Plant and Equipment, Useful Life | 40 years | |||||||||||
Minimum [Member] | Equipment [Member] | ||||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||||
Property, Plant and Equipment, Useful Life | 2 years | |||||||||||
Maximum [Member] | ||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | 44 years | 18 years | |||||||||
Maximum [Member] | Building [Member] | ||||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||||
Property, Plant and Equipment, Useful Life | 50 years | |||||||||||
Maximum [Member] | Equipment [Member] | ||||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||||
Property, Plant and Equipment, Useful Life | 10 years | |||||||||||
In-Place Leases [Member] | ||||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||||
Acquired In-Place Leases Next Twelve Months | $ 14,278 | |||||||||||
Acquired Above Market Leases Next Twelve Months | 688 | |||||||||||
Below Market Ground Lease Next Twelve Months | 15 | |||||||||||
Acquired Below Market Leases Next Twelve Months | (2,792) | |||||||||||
Acquired In-Place Leases Year Two | 12,455 | |||||||||||
Acquired Above Market Leases Year Two | 593 | |||||||||||
Below Market Ground Leases Year Two | 15 | |||||||||||
Acquired Below Market Leases Year Two | (2,381) | |||||||||||
Acquired In-Place Leases Year Three | 11,897 | |||||||||||
Acquired Above Market Leases Year Three | 513 | |||||||||||
Below Market Ground Leases Year Three | 15 | |||||||||||
Acquired Below Market Leases Year Three | (2,165) | |||||||||||
Acquired In-Place Leases Year Four | 9,410 | |||||||||||
Acquired Above Market Leases Year Four | 426 | |||||||||||
Below Market Ground Leases Year Four | 15 | |||||||||||
Acquired Below Market Leases Year Four | (1,921) | |||||||||||
Acquired In-Place Leases Year Five | 8,194 | |||||||||||
Acquired Above Market Leases Year Five | 248 | |||||||||||
Below Market Ground Leases Year Five | 15 | |||||||||||
Acquired Below Market Leases Year Five | (1,547) | |||||||||||
Acquired In-Place Leases After Year Five | 24,549 | |||||||||||
Acquired Above Market Leases After Year Five | 864 | |||||||||||
Below Market Ground Leases After Year Five | 278 | |||||||||||
Acquired Below Market Leases After Year Five | (5,757) | |||||||||||
Acquired In Place Leases | 80,783 | |||||||||||
Acquired Above Market Leases | 3,332 | |||||||||||
Below Market Ground Leases | 353 | |||||||||||
Acquired Below Market Leases | $ (16,563) | |||||||||||
In-Place Leases [Member] | Minimum [Member] | ||||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||||
Finite-Lived Intangible Asset, Useful Life | 1 year | |||||||||||
In-Place Leases [Member] | Maximum [Member] | ||||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||||||||||
NYC Retail Portfolio [Member] | ||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $ 2,226 | $ 6,456 | ||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||||
TOTAL LIABILITIES | $ 567 | $ 355 | $ 567 | $ 355 | ||||||||
Interest Rate Cap [Member] | ||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||
Derivative, Number of Instruments Held | 1 | 1 | ||||||||||
Derivative, Notional Amount | $ 17,680 | $ 17,680 | ||||||||||
Interest Rate Swap [Member] | ||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||
Derivative, Number of Instruments Held | 7 | 7 | ||||||||||
Derivative, Notional Amount | $ 221,400 | $ 221,400 | ||||||||||
Class A Shares [Member] | ||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||
Earnings Per Share, Basic and Diluted | $ / shares | $ (0.06) | $ (0.02) | $ 0.02 | $ 0.25 | $ 0.07 | $ 0.08 | $ 0.03 | $ (0.01) | $ 0.19 | $ 0.17 | $ 0.05 | |
Class M Shares [Member] | ||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||
Earnings Per Share, Basic and Diluted | $ / shares | (0.06) | (0.02) | 0.02 | 0.25 | 0.06 | 0.08 | 0.03 | (0.01) | 0.19 | 0.16 | 0.05 | |
Class A-I Shares [Member] | ||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||
Earnings Per Share, Basic and Diluted | $ / shares | (0.06) | (0.02) | 0.02 | 0.25 | 0.06 | 0.08 | 0.03 | (0.01) | 0.19 | 0.17 | 0.05 | |
Class M-I Shares [Member] | ||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||
Earnings Per Share, Basic and Diluted | $ / shares | (0.07) | (0.02) | 0.02 | 0.25 | 0.06 | 0.08 | 0.03 | (0.01) | 0.18 | 0.16 | 0.05 | |
Class D Shares [Member] | ||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||
Earnings Per Share, Basic and Diluted | $ / shares | $ (0.07) | $ (0.02) | $ 0.02 | $ 0.25 | $ 0.06 | $ 0.08 | $ 0.03 | $ (0.01) | $ 0.18 | $ 0.16 | $ 0.05 | |
Mason Mill Distribution Center [Member] | ||||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||||
Notes, Loans and Financing Receivable, Gross, Current | $ 30,980 | |||||||||||
Adjustments for New Accounting Pronouncement [Member] | ||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||
Net Cash Provided by (Used in) Investing Activities | $ (114,674) | $ (708,736) |
Property Table 1 - Property Acq
Property Table 1 - Property Acquisitions (Details) $ in Thousands | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 27, 2018USD ($) | Jun. 06, 2018USD ($) | Dec. 08, 2017USD ($)ft² | Sep. 30, 2017USD ($)ft² | Aug. 08, 2017USD ($)ft² | Jul. 28, 2017USD ($) | Jul. 14, 2017USD ($) | Dec. 29, 2016USD ($)ft² | Dec. 01, 2016USD ($) | Sep. 30, 2016USD ($)ft² | Sep. 22, 2016USD ($) | Sep. 08, 2016USD ($)ft² | Aug. 09, 2016USD ($) | Jul. 27, 2016USD ($)ft² | Jun. 29, 2016USD ($)ft² | May 26, 2016USD ($) | May 19, 2016USD ($)ft² | Apr. 11, 2016USD ($)ft² | Apr. 01, 2016USD ($)ft² | |
Business Acquisition [Line Items] | ||||||||||||||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 2,961 | $ 6,164 | $ 18,244 | |||||||||||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 1,924 | $ 2,895 | $ 1,276 | |||||||||||||||||||
The Villas at Legacy [Member] | Apartment Properties [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Business Acquisition, Transaction Costs | $ 57,800 | |||||||||||||||||||||
The Edge at Lafayette [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Business Acquisition, Transaction Costs | $ 880 | |||||||||||||||||||||
Loans Payable | $ 3,890 | |||||||||||||||||||||
Jory Trail at the Grove [Member] | Apartment Properties [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Business Acquisition, Transaction Costs | $ 74,750 | |||||||||||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.81% | |||||||||||||||||||||
Loans Payable | $ 44,250 | |||||||||||||||||||||
The Reserve at Johns Creek Walk [Member] | Apartment Properties [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Business Acquisition, Transaction Costs | $ 47,300 | |||||||||||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.30% | |||||||||||||||||||||
Loans Payable | $ 23,620 | |||||||||||||||||||||
Montecito Marketplace [Member] | Retail Properties [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Business Acquisition, Transaction Costs | $ 63,550 | |||||||||||||||||||||
Area of Real Estate Property | ft² | 190,000 | |||||||||||||||||||||
Mason Mill Distribution Center [Member] | Industrial Properties [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Business Acquisition, Transaction Costs | $ 31,000 | |||||||||||||||||||||
Area of Real Estate Property | ft² | 340,000 | |||||||||||||||||||||
San Juan Medical Center [Member] | Office Properties [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Business Acquisition, Transaction Costs | $ 26,390 | |||||||||||||||||||||
Area of Real Estate Property | ft² | 40,000 | |||||||||||||||||||||
Tampa Distribution Center [Member] | Industrial Properties [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Business Acquisition, Transaction Costs | $ 28,300 | |||||||||||||||||||||
Area of Real Estate Property | ft² | 386,000 | |||||||||||||||||||||
Aurora Distribution Center [Member] | Industrial Properties [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Business Acquisition, Transaction Costs | $ 27,700 | |||||||||||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.39% | |||||||||||||||||||||
Loans Payable | $ 13,850 | |||||||||||||||||||||
Area of Real Estate Property | ft² | 305,000 | |||||||||||||||||||||
Lane Parke Apartments [Member] | Apartment Properties [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Business Acquisition, Transaction Costs | $ 73,300 | |||||||||||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.18% | |||||||||||||||||||||
Loans Payable | $ 37,000 | |||||||||||||||||||||
Valencia Industrial Portfolio [Member] | Industrial Properties [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Business Acquisition, Transaction Costs | $ 64,500 | |||||||||||||||||||||
Area of Real Estate Property | ft² | 491,000 | |||||||||||||||||||||
Silverstone Marketplace [Member] | Retail Properties [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Business Acquisition, Transaction Costs | $ 47,000 | |||||||||||||||||||||
Area of Real Estate Property | ft² | 78,000 | |||||||||||||||||||||
Dylan Point Loma [Member] | Apartment Properties [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Business Acquisition, Transaction Costs | $ 90,000 | |||||||||||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.83% | |||||||||||||||||||||
Loans Payable | $ 40,500 | |||||||||||||||||||||
6000 Giant Road- Pinole Point Industrial Portfolio [Member] | Industrial Properties [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Business Acquisition, Transaction Costs | $ 76,200 | |||||||||||||||||||||
Area of Real Estate Property | ft² | 477,000 | |||||||||||||||||||||
6025 Giant Road- Pinole Point Industrial Portfolio [Member] | Industrial Properties [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Business Acquisition, Transaction Costs | $ 8,000 | |||||||||||||||||||||
Area of Real Estate Property | ft² | 41,000 | |||||||||||||||||||||
Pinole Point Distribution Center [Member] | Industrial Properties [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Business Acquisition, Transaction Costs | $ 84,200 | |||||||||||||||||||||
Area of Real Estate Property | ft² | 518,000 | |||||||||||||||||||||
The Penfield [Member] | Apartment Properties [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Business Acquisition, Transaction Costs | $ 65,500 | |||||||||||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.57% | |||||||||||||||||||||
Loans Payable | $ 39,305 | |||||||||||||||||||||
Kierland Village [Member] | Retail Properties [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Business Acquisition, Transaction Costs | $ 34,500 | |||||||||||||||||||||
Area of Real Estate Property | ft² | 118,000 | |||||||||||||||||||||
Timberland [Member] | Retail Properties [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Business Acquisition, Transaction Costs | $ 42,600 | |||||||||||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.07% | |||||||||||||||||||||
Loans Payable | $ 22,634 | |||||||||||||||||||||
Area of Real Estate Property | ft² | 92,000 | |||||||||||||||||||||
180 North Jefferson [Member] | Apartment Properties [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Business Acquisition, Transaction Costs | $ 96,500 | |||||||||||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.40% | |||||||||||||||||||||
Loans Payable | $ 48,250 |
Property Table 2 - Purchase Pri
Property Table 2 - Purchase Price Allocation, proforma (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land | $ 355,820 | $ 388,849 | $ 355,820 | $ 388,849 | |||||||
Investment Building and Building Improvements | $ 1,441,765 | $ 1,465,448 | 1,441,765 | 1,465,448 | |||||||
Acquisition Related Costs | 0 | 0 | $ 3,918 | ||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 2,961 | 6,164 | 18,244 | ||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 1,924 | $ 2,895 | $ 1,276 | ||||||||
Weighted Average Number of Outstanding Shares Basic and Diluted | 137,163,633 | 135,528,172 | 134,233,903 | 133,231,349 | 133,358,197 | 133,554,999 | 135,789,443 | 135,359,651 | 135,051,377 | 134,507,458 | 106,916,148 |
2016 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business Acquisition, Pro Forma Revenue | $ 154,742 | ||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 10,253 | ||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 0.10 | ||||||||||
Property, Plant and Equipment, Other Types [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land | $ 6,888 | $ 30,245 | $ 6,888 | $ 30,245 | $ 134,978 | ||||||
Investment Building and Building Improvements | 48,504 | 171,022 | 48,504 | 171,022 | 509,512 | ||||||
Finite-Lived Intangible Asset, Acquired-in-Place Leases | 2,577 | 15,863 | 2,577 | 15,863 | 40,925 | ||||||
Off-market Lease, Unfavorable | (805) | (805) | (881) | ||||||||
Off-market Lease, Unfavorable | (1,235) | (1,235) | (8,229) | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 57,969 | $ 216,700 | $ 57,969 | $ 216,700 | $ 678,067 |
Property Table 3 - Schedule of
Property Table 3 - Schedule of Impairment on Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Asset Impairment Charges | $ 0 | $ 0 | $ 6,876 |
Provision for impairment of real estate | $ 0 | ||
Railway Street Corporate Centre [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Provision for impairment of real estate | $ (6,876) | ||
Minimum [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Derivative, Cap Interest Rate | 7.00% | ||
Maximum [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Derivative, Cap Interest Rate | 8.00% | ||
Measurement Input, Discount Rate [Member] | Minimum [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Derivative, Cap Interest Rate | 8.50% | ||
Measurement Input, Discount Rate [Member] | Maximum [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Derivative, Cap Interest Rate | 9.25% |
Property Table 4 - Dispositions
Property Table 4 - Dispositions (Details) $ in Thousands | Dec. 15, 2017USD ($) | Sep. 19, 2017USD ($) | Sep. 06, 2016USD ($) | Mar. 01, 2016USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jul. 26, 2017USD ($)ft² |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Long-term Debt | $ 826,649 | ||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 29,665 | $ 14,982 | $ 1,704 | ||||||
Gains (Losses) on Extinguishment of Debt | 29,665 | 14,982 | 1,704 | ||||||
Land | 355,820 | 388,849 | |||||||
Investment Building and Building Improvements | 1,441,765 | 1,465,448 | |||||||
TOTAL ASSETS | 2,196,594 | 2,197,107 | |||||||
TOTAL LIABILITIES | 1,009,302 | 1,018,850 | |||||||
111 Sutter Street [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Land | 39,920 | ||||||||
Investment Building and Building Improvements | 67,819 | ||||||||
Other Assets | 4,847 | ||||||||
TOTAL ASSETS | 112,586 | ||||||||
Other Notes Payable | 53,953 | ||||||||
Other Liabilities | 2,310 | ||||||||
TOTAL LIABILITIES | 56,263 | ||||||||
Railway Street Corporate Centre [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Area of Real Estate Property | ft² | 135,000 | ||||||||
Long-term Debt | $ 27,600 | ||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 252 | ||||||||
Foreign Currency Transaction Gain (Loss), before Tax | 1,895 | ||||||||
sherman way [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Proceeds from Sale of Real Estate | $ 22,350 | ||||||||
Gains (Losses) on Sales of Investment Real Estate | 7,144 | ||||||||
Joliet Distribution Center [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Proceeds from Sale of Real Estate | $ 28,200 | ||||||||
Gains (Losses) on Sales of Investment Real Estate | 9,481 | ||||||||
36 Research Park Drive [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Proceeds from Sale of Real Estate | $ 7,900 | ||||||||
Gains (Losses) on Sales of Investment Real Estate | 40 | ||||||||
Campus Lodge Tampa [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Proceeds from Sale of Real Estate | $ 37,750 | ||||||||
Gains (Losses) on Sales of Investment Real Estate | 1,624 | ||||||||
Extinguishment of Debt, Amount | $ 31,367 | ||||||||
Gains (Losses) on Extinguishment of Debt | $ 40 | ||||||||
Station Nine Apartments [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Proceeds from Sale of Real Estate | $ 75,000 | ||||||||
Gains (Losses) on Sales of Investment Real Estate | $ 29,665 | ||||||||
Land | 9,690 | ||||||||
Investment Building and Building Improvements | 35,123 | ||||||||
Other Assets | 303 | ||||||||
TOTAL ASSETS | 45,116 | ||||||||
Other Notes Payable | 0 | ||||||||
Other Liabilities | 407 | ||||||||
TOTAL LIABILITIES | $ 407 |
Unconsolidated Real Estate Af_3
Unconsolidated Real Estate Affiliates (Details Textual) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018USD ($)ft² | Dec. 31, 2017USD ($)ft² | Dec. 31, 2016USD ($) | Jul. 19, 2018USD ($)Rate | Jun. 28, 2016USD ($)ft² | Dec. 08, 2015USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||||
Notes Payable | $ 826,649 | $ 885,912 | ||||
Investments in unconsolidated real estate affiliates | 92,414 | 93,670 | ||||
Proceeds from Equity Method Investment, Distribution | 3,482 | 1,937 | $ 4,495 | |||
Unconsolidated Real Estate Affiliates (Textual) [Abstract] | ||||||
Investment Owned, at Fair Value | 62,427 | |||||
Chicago Parking Garage [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments in unconsolidated real estate affiliates | 17,260 | 17,046 | ||||
Pioneer Tower [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments in unconsolidated real estate affiliates | 111,091 | 115,593 | ||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $ 121,750 | |||||
Unconsolidated Real Estate Affiliates (Textual) [Abstract] | ||||||
Area of Real Estate Property | ft² | 296,000 | |||||
The Tremont [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Notes Payable | $ 42,520 | |||||
Investments in unconsolidated real estate affiliates | 21,881 | |||||
Real Estate Property Ownership Percentage | 75.00% | |||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $ 73,500 | |||||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 3.62% | |||||
The Huntington [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Notes Payable | $ 31,000 | |||||
Investments in unconsolidated real estate affiliates | 13,082 | |||||
Real Estate Property Ownership Percentage | 75.00% | |||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $ 48,500 | |||||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 4.07% | |||||
NYC Retail Portfolio [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Proceeds from Equity Method Investment, Distribution | 829 | 2,020 | ||||
Proceeds from Equity Method Investment, Distribution, Return of Capital | 3,482 | 1,937 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 2,226 | 6,456 | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49.00% | |||||
Real Estate Property Ownership Percentage | 14.00% | |||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $ 92,414 | $ 93,670 | $ 85,600 | |||
Unconsolidated Real Estate Affiliates (Textual) [Abstract] | ||||||
Area of unconsolidated real estate property sold | ft² | 73,000 | 116,000 | ||||
Area of Real Estate Property | ft² | 2,378,000 | |||||
Madison NYC Core Retail Partners, L.P. [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 28.00% |
Unconsolidated Real Estate Af_4
Unconsolidated Real Estate Affiliates (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate Properties [Line Items] | ||||||||||||
Cash and Cash Equivalents, at Carrying Value | $ 37,109 | $ 39,700 | $ 37,109 | $ 39,700 | $ 45,782 | |||||||
Investments in unconsolidated real estate affiliates | 92,414 | 93,670 | 92,414 | 93,670 | ||||||||
SUMMARIZED COMBINED BALANCE SHEETS-UNCONSOLIDATED REAL ESTATE AFFILIATES | ||||||||||||
Real Estate Investment Property, Net | 2,030,419 | 2,013,590 | 2,030,419 | 2,013,590 | ||||||||
Acquired intangible assets, net | 84,468 | 103,226 | 84,468 | 103,226 | ||||||||
TOTAL ASSETS | 2,196,594 | 2,197,107 | 2,196,594 | 2,197,107 | ||||||||
Notes Payable | 818,095 | 879,022 | 818,095 | 879,022 | ||||||||
Acquired intangible liabilities, net | 16,024 | 19,649 | 16,024 | 19,649 | ||||||||
TOTAL LIABILITIES | 1,009,302 | 1,018,850 | 1,009,302 | 1,018,850 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,187,292 | 1,178,257 | 1,187,292 | 1,178,257 | 1,234,541 | $ 745,490 | ||||||
Liabilities and Equity | 2,196,594 | 2,197,107 | 2,196,594 | 2,197,107 | ||||||||
Investment Building and Building Improvements | 1,441,765 | 1,465,448 | 1,441,765 | 1,465,448 | ||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 163,314 | 132,639 | 163,314 | 132,639 | ||||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||||
Revenues | 43,055 | $ 43,319 | $ 42,227 | $ 42,082 | 42,536 | $ 42,293 | $ 40,427 | $ 39,696 | 170,683 | 164,952 | 131,859 | |
Operating Costs and Expenses | 143,613 | 139,079 | 115,720 | |||||||||
Operating Income (Loss) | 115,720 | |||||||||||
Interest Expense | 33,135 | 28,094 | 22,612 | |||||||||
Net income (loss) | 25,604 | 22,894 | 5,540 | |||||||||
Net income (loss) attributable to Jones Lang LaSalle Income Property Trust, Inc. | (6,882) | $ (3,301) | $ 3,106 | $ 32,644 | 8,822 | $ 10,670 | $ 3,798 | $ (742) | 25,567 | 22,548 | 4,935 | |
Unconsolidated Real Estate Affiliates [Member] | ||||||||||||
SUMMARIZED COMBINED BALANCE SHEETS-UNCONSOLIDATED REAL ESTATE AFFILIATES | ||||||||||||
Real Estate Investment Property, Net | 227,451 | 113,095 | 227,451 | 113,095 | ||||||||
Acquired intangible assets, net | 19,016 | 22,822 | 19,016 | 22,822 | ||||||||
Other Assets | 6,315 | 4,061 | 6,315 | 4,061 | ||||||||
TOTAL ASSETS | 252,782 | 139,978 | 252,782 | 139,978 | ||||||||
Notes Payable | 71,003 | 0 | 71,003 | 0 | ||||||||
Acquired intangible liabilities, net | 4,174 | 5,310 | 4,174 | 5,310 | ||||||||
Other Liabilities | 2,771 | 2,029 | 2,771 | 2,029 | ||||||||
TOTAL LIABILITIES | 77,948 | 7,339 | 77,948 | 7,339 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 174,834 | 132,639 | 174,834 | 132,639 | ||||||||
Liabilities and Equity | 252,782 | 139,978 | 252,782 | 139,978 | ||||||||
Proceeds from Other Equity | (11,630) | 0 | ||||||||||
Investment Building and Building Improvements | 110 | 0 | 110 | 0 | ||||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||||
Revenues | 16,188 | 11,952 | 6,589 | |||||||||
Operating Costs and Expenses | 16,522 | 10,795 | 5,983 | |||||||||
Net income (loss) | 1,644 | (1,157) | (606) | |||||||||
Noncontrolling Interest in Net Income (Loss) Other Noncontrolling Interests, Nonredeemable | 593 | 0 | 0 | |||||||||
Net income (loss) attributable to Jones Lang LaSalle Income Property Trust, Inc. | 1,051 | (1,157) | (606) | |||||||||
NYC Retail Portfolio [Member] | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Investments, Fair Value Disclosure | 335,704 | 337,060 | 335,704 | 337,060 | ||||||||
Cash and Cash Equivalents, at Carrying Value | 2,560 | 8,423 | 2,560 | 8,423 | ||||||||
SUMMARIZED COMBINED BALANCE SHEETS-UNCONSOLIDATED REAL ESTATE AFFILIATES | ||||||||||||
Other Assets | 3 | 149 | 3 | 149 | ||||||||
TOTAL ASSETS | 338,267 | 345,632 | 338,267 | 345,632 | ||||||||
TOTAL LIABILITIES | 567 | 355 | 567 | 355 | ||||||||
Partners' Capital | 337,700 | 345,277 | 337,700 | 345,277 | ||||||||
Liabilities and Equity | $ 338,267 | $ 345,632 | 338,267 | 345,632 | ||||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||||
Revenues | 3,333 | 14,386 | 6,864 | |||||||||
Net Investment Income | 1,330 | 11,740 | 5,289 | |||||||||
Unrealized Gain (Loss) on Investments | 6,675 | 24,686 | 30,994 | |||||||||
Net income (loss) | 8,005 | 36,426 | 36,283 | |||||||||
Unconsolidated Real Estate Affiliates [Member] | ||||||||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||||
Operating Income (Loss) | (334) | 1,157 | 606 | |||||||||
Interest Expense | $ (1,310) | $ 0 | $ 0 |
Table 1 - Schedule of Mortgages
Table 1 - Schedule of Mortgages ... (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Summary of mortgage notes payable | ||
Total mortgage notes | $ 826,649 | $ 885,912 |
Debt Issuance Costs, Net | 8,554 | 6,890 |
Mortgage notes payable, net | $ 818,095 | 879,022 |
The Edge at Lafayette [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Maturity Date | Dec. 27, 2018 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.05% | |
Total mortgage notes | $ 0 | 17,680 |
Grand Prairie Distribution Center [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Maturity Date | Apr. 1, 2019 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.58% | |
Total mortgage notes | $ 8,600 | 8,600 |
The Reserve at Johns Creek Walk [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Maturity Date | Apr. 1, 2020 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.30% | |
Total mortgage notes | $ 23,318 | 23,620 |
Townlake of Coppell [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Maturity Date | Jun. 1, 2020 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | |
Total mortgage notes | $ 28,800 | 28,800 |
Suwanne Distribution Center [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Maturity Date | Oct. 1, 2020 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.66% | |
Total mortgage notes | $ 19,100 | 19,100 |
140 Park Avenue [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Maturity Date | Mar. 1, 2021 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | |
Total mortgage notes | $ 22,800 | 22,800 |
Monument IV at Worldgate [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Maturity Date | Feb. 1, 2023 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.13% | |
Total mortgage notes | $ 40,000 | 40,000 |
111 Sutter Street [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Maturity Date | Apr. 1, 2023 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | |
Total mortgage notes | $ 0 | 53,346 |
4001 North Norfleet Road [Member] | ||
Summary of mortgage notes payable | ||
Total mortgage notes | $ 0 | |
Aurora Distribution Center [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Maturity Date | Jun. 1, 2023 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.39% | |
Total mortgage notes | $ 13,850 | 13,850 |
180 N Jefferson [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Maturity Date | Jul. 1, 2023 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.89% | |
Total mortgage notes | $ 45,000 | 0 |
Grand Lakes Marketplace [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Maturity Date | Oct. 1, 2023 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | |
Total mortgage notes | $ 23,900 | 23,900 |
Oak Grove Plaza [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Maturity Date | Feb. 1, 2024 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.17% | |
Total mortgage notes | $ 9,604 | 9,816 |
South Seattle Distribution Center [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Maturity Date | Mar. 1, 2024 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.38% | |
Total mortgage notes | $ 18,611 | 18,957 |
Charlotte Distribution Center [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Maturity Date | Sep. 1, 2024 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.66% | |
Total mortgage notes | $ 9,964 | 10,157 |
Jory Trail at the Grove [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Maturity Date | Feb. 1, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.81% | |
Total mortgage notes | $ 44,250 | 44,250 |
Skokie Commons [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Maturity Date | Jun. 1, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.31% | |
Total mortgage notes | $ 24,400 | 24,400 |
DFW Distribution Center [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Maturity Date | Jun. 1, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.23% | |
Total mortgage notes | $ 17,720 | 17,720 |
AQ Rittenhouse [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Maturity Date | Sep. 1, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.65% | |
Total mortgage notes | $ 26,370 | 26,370 |
Timberland Town Center [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Maturity Date | Oct. 1, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.07% | |
Total mortgage notes | $ 21,675 | 22,112 |
Whitestone Market [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Maturity Date | Dec. 1, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.58% | |
Total mortgage notes | $ 25,750 | 25,750 |
Maui Mall [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Maturity Date | Jun. 1, 2026 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.64% | |
Total mortgage notes | $ 38,638 | 39,000 |
Rancho Temecula Town Center [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Maturity Date | Jul. 1, 2026 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.02% | |
Total mortgage notes | $ 28,000 | 28,000 |
Dylan Point Loma [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Maturity Date | Sep. 1, 2026 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.83% | |
Total mortgage notes | $ 40,500 | 40,500 |
Lane Parke Apartments [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Maturity Date | Nov. 1, 2026 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.18% | |
Total mortgage notes | $ 37,000 | 37,000 |
The District at Howell Mill 2 [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Maturity Date | Mar. 1, 2027 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.30% | |
Total mortgage notes | $ 31,080 | 31,746 |
The Penfield [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Maturity Date | Mar. 1, 2054 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.57% | |
Total mortgage notes | $ 37,719 | 38,438 |
Revolving Credit Facility [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Maturity Date | May 25, 2021 | |
Long-term Line of Credit | $ 90,000 | 120,000 |
Term Loan [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Maturity Date | May 25, 2023 | |
Long-term Line of Credit | $ 100,000 | 100,000 |
Term Loan [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Basis Spread on Variable Rate | 1.30% | |
Debt Instrument, Interest Rate, Stated Percentage | 3.10% | |
Revolving Credit Facility [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Basis Spread on Variable Rate | 1.35% | |
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | |
111 Sutter Street [Member] | ||
Summary of mortgage notes payable | ||
Total mortgage notes | $ 52,450 | $ 0 |
Mortgage Notes Payable Table _2
Mortgage Notes Payable Table 2 - Schedule of Debt Premium / Discount (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Summary of Assumed Debt Premium / Discount [Line Items] | |
Debt Instrument, Unamortized Discount (Premium), Net | $ (3,262) |
The District at Howell Mill [Member] | |
Summary of Assumed Debt Premium / Discount [Line Items] | |
Debt Instrument, Unamortized Discount (Premium), Net | $ (1,608) |
Debt Instrument, Interest Rate, Effective Percentage | 6.34% |
111 Sutter Street [Member] | |
Summary of Assumed Debt Premium / Discount [Line Items] | |
Debt Instrument, Unamortized Discount (Premium), Net | $ 1,503 |
Debt Instrument, Interest Rate, Effective Percentage | 2.66% |
The Penfield [Member] | |
Summary of Assumed Debt Premium / Discount [Line Items] | |
Debt Instrument, Unamortized Discount (Premium), Net | $ (2,115) |
Debt Instrument, Interest Rate, Effective Percentage | 4.02% |
Timberland [Member] | |
Summary of Assumed Debt Premium / Discount [Line Items] | |
Debt Instrument, Unamortized Discount (Premium), Net | $ 687 |
Debt Instrument, Interest Rate, Effective Percentage | 3.34% |
Jory Trail at the Grove [Member] | |
Summary of Assumed Debt Premium / Discount [Line Items] | |
Debt Instrument, Unamortized Discount (Premium), Net | $ (157) |
Debt Instrument, Interest Rate, Effective Percentage | 3.94% |
The Reserve at Johns Creek Walk [Member] | |
Summary of Assumed Debt Premium / Discount [Line Items] | |
Debt Instrument, Unamortized Discount (Premium), Net | $ (69) |
Debt Instrument, Interest Rate, Effective Percentage | 3.58% |
Table 3 - Summary of Aggregat_2
Table 3 - Summary of Aggregate Princip... (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Aggregate principal payments of mortgage notes payable | |
2,019 | $ 12,779 |
2,020 | 75,094 |
2,021 | 118,270 |
2,022 | 6,241 |
2,023 | 228,251 |
Thereafter | 386,014 |
Long-term Debt | $ 826,649 |
Mortgage Notes Payable Text Det
Mortgage Notes Payable Text Detail (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 12, 2018 | Aug. 04, 2017 | May 26, 2017 | |
Debt Instrument [Line Items] | |||||
Debt Instrument, Collateral Amount | $ 1,525,000 | $ 1,543,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000 | ||||
Revolving Line of Credit, Maximum Borrowing Capacity | $ 200,000 | ||||
Term Loan, Maximum Borrowing Capacity | 50,000 | ||||
Term Loan | 100,000 | 100,000 | |||
Revolving Line of Credit | 120,000 | ||||
Amortization of Debt Issuance Costs | $ 4,537 | 3,377 | |||
Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||
Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||
Credit Facility [Domain] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000 | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.35% | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | ||||
Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.30% | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.10% | ||||
Debt Instrument, Interest Rate During Period | 3.10% | ||||
Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Line of Credit | $ 100,000 | 100,000 | |||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Line of Credit | $ 90,000 | $ 120,000 | |||
Interest Rate Swap [Member] | Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate During Period | 1.80% |
Common Stock Fees (Details)
Common Stock Fees (Details) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Class of Stock [Line Items] | |||
Stock Repurchased During Period, Shares | 6,671,690 | 9,608,709 | 5,216,381 |
Class A-I Shares [Member] | |||
Class of Stock [Line Items] | |||
Dealer Manager Fee | 0.30% | ||
Class M-I Shares [Member] | |||
Class of Stock [Line Items] | |||
Dealer Manager Fee | 0.00% | ||
Class D Shares [Member] | |||
Class of Stock [Line Items] | |||
Dealer Manager Fee | 0.00% | ||
Common Stock [Member] | Class A Shares [Member] | |||
Class of Stock [Line Items] | |||
Stock Repurchased During Period, Shares | 2,579,302 | 3,785,034 | 1,219,913 |
Dealer Manager Fee | 0.85% | ||
Common Stock [Member] | Class M Shares [Member] | |||
Class of Stock [Line Items] | |||
Stock Repurchased During Period, Shares | 2,133,312 | 2,316,084 | 2,347,619 |
Dealer Manager Fee | 0.30% | ||
Common Stock [Member] | Class A-I Shares [Member] | |||
Class of Stock [Line Items] | |||
Stock Repurchased During Period, Shares | 184,730 | 2,391,087 | 97,431 |
Common Stock [Member] | Class M-I Shares [Member] | |||
Class of Stock [Line Items] | |||
Stock Repurchased During Period, Shares | 513,111 | 684,725 | 0 |
Common Stock [Member] | Class D Shares [Member] | |||
Class of Stock [Line Items] | |||
Stock Repurchased During Period, Shares | 1,261,235 | 431,779 | 1,551,418 |
Common Stock (Details Textual)
Common Stock (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Common Stock (Textual) [Abstract] | |||||||||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 3,363,570 | 3,401,011 | 2,639,549 | ||||||||
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 39,733 | $ 38,814 | $ 29,668 | ||||||||
Weighted Average Number of Outstanding Shares Basic and Diluted | 137,163,633 | 135,528,172 | 134,233,903 | 133,231,349 | 133,358,197 | 133,554,999 | 135,789,443 | 135,359,651 | 135,051,377 | 134,507,458 | 106,916,148 |
Reimbursement period for Organization and offering expenses made prior Offer Commencement date | 36 months | ||||||||||
Percentage of reimbursement of organization and offering expenses | 15.00% | ||||||||||
Reimbursement of organization and offering expenses | $ 2,017 | $ 1,049 |
Common Stock Common Stock Sold
Common Stock Common Stock Sold (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 11,501,617 | 8,180,559 | 57,672,203 | |
Stock Repurchased During Period, Shares | 6,671,690 | 9,608,709 | 5,216,381 | |
Sale of Stock, Consideration Received on Transaction | $ 137,556 | $ 94,200 | $ 653,174 | |
Stock Issued During Period, Value, New Issues | $ 137,421 | $ 94,109 | $ 653,084 | |
Class A Shares [Member] | ||||
Class of Stock [Line Items] | ||||
Common Stock, Shares, Outstanding | 71,187,722 | 69,482,276 | ||
Stock Issued During Period, Shares, New Issues | 4,284,748 | 3,429,729 | 33,964,726 | |
Stock Issued During Period, Value, New Issues | $ 51,405 | $ 39,623 | $ 385,295 | |
Class M Shares [Member] | ||||
Class of Stock [Line Items] | ||||
Common Stock, Shares, Outstanding | 39,869,130 | 37,913,989 | ||
Stock Issued During Period, Shares, New Issues | 4,088,453 | 3,707,768 | 10,960,513 | |
Stock Issued During Period, Value, New Issues | $ 48,649 | $ 42,556 | $ 123,609 | |
Class A-I Shares [Member] | ||||
Class of Stock [Line Items] | ||||
Common Stock, Shares, Outstanding | 11,083,034 | 10,957,660 | ||
Stock Issued During Period, Shares, New Issues | 310,104 | 536,110 | 6,793,256 | |
Stock Issued During Period, Value, New Issues | $ 3,677 | $ 6,108 | $ 77,104 | |
Class M-I Shares [Member] | ||||
Class of Stock [Line Items] | ||||
Common Stock, Shares, Outstanding | 9,738,086 | 7,421,466 | ||
Stock Issued During Period, Shares, Issued for Services | 2,829,731 | 514,952 | 4,234,620 | |
Stock Issued During Period, Value, New Issues | $ 33,825 | $ 5,913 | $ 47,716 | |
Class D Shares [Member] | ||||
Class of Stock [Line Items] | ||||
Common Stock, Shares, Outstanding | 6,270,479 | 7,531,714 | ||
Stock Issued During Period, Shares, New Issues | 0 | 0 | 1,727,088 | |
Stock Issued During Period, Value, New Issues | $ 0 | $ 0 | $ 19,450 | |
Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 11,419 | 8,000 | 8,000 | |
Stock Issued During Period, Value, New Issues | $ 115 | $ 82 | $ 577 | |
Common Stock [Member] | Class A Shares [Member] | ||||
Class of Stock [Line Items] | ||||
Common Stock, Shares, Outstanding | 71,187,722 | 69,482,276 | 69,837,581 | 37,092,768 |
Stock Issued During Period, Shares, New Issues | 3,429,729 | 33,964,726 | ||
Stock Repurchased During Period, Shares | 2,579,302 | 3,785,034 | 1,219,913 | |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 0 | 0 | 0 | |
Common Stock [Member] | Class M Shares [Member] | ||||
Class of Stock [Line Items] | ||||
Common Stock, Shares, Outstanding | 39,869,130 | 37,913,989 | 36,522,305 | 27,909,411 |
Stock Issued During Period, Shares, New Issues | 3,707,768 | 10,960,513 | ||
Stock Repurchased During Period, Shares | 2,133,312 | 2,316,084 | 2,347,619 | |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 0 | 0 | 0 | |
Common Stock [Member] | Class A-I Shares [Member] | ||||
Class of Stock [Line Items] | ||||
Common Stock, Shares, Outstanding | 11,083,034 | 10,957,660 | 12,812,637 | 6,116,812 |
Stock Issued During Period, Shares, New Issues | 536,110 | 6,793,256 | ||
Stock Repurchased During Period, Shares | 184,730 | 2,391,087 | 97,431 | |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 0 | 0 | 0 | |
Common Stock [Member] | Class M-I Shares [Member] | ||||
Class of Stock [Line Items] | ||||
Common Stock, Shares, Outstanding | 9,738,086 | 7,421,466 | 7,591,239 | 3,356,619 |
Stock Issued During Period, Shares, New Issues | 2,818,312 | 506,952 | 4,226,620 | |
Stock Repurchased During Period, Shares | 513,111 | 684,725 | 0 | |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 11,419 | 8,000 | 8,000 | |
Common Stock [Member] | Class D Shares [Member] | ||||
Class of Stock [Line Items] | ||||
Common Stock, Shares, Outstanding | 6,270,479 | 7,531,714 | 7,963,493 | 7,787,823 |
Stock Issued During Period, Shares, New Issues | 0 | 1,727,088 | ||
Stock Repurchased During Period, Shares | 1,261,235 | 431,779 | 1,551,418 | |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 0 | 0 | 0 |
Common Stock Repurchases (Detai
Common Stock Repurchases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Class of Stock [Line Items] | |||
Stock Repurchased During Period, Shares | (6,671,690) | (9,608,709) | (5,216,381) |
Stock Repurchased During Period, Value | $ 79,177 | $ 110,288 | $ 58,841 |
Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Stock Repurchased During Period, Value | $ 66 | $ 96 | $ 53 |
Common Stock [Member] | Class A Shares [Member] | |||
Class of Stock [Line Items] | |||
Stock Repurchased During Period, Shares | (2,579,302) | (3,785,034) | (1,219,913) |
Common Stock [Member] | Class M Shares [Member] | |||
Class of Stock [Line Items] | |||
Stock Repurchased During Period, Shares | (2,133,312) | (2,316,084) | (2,347,619) |
Common Stock [Member] | Class A-I Shares [Member] | |||
Class of Stock [Line Items] | |||
Stock Repurchased During Period, Shares | (184,730) | (2,391,087) | (97,431) |
Common Stock [Member] | Class M-I Shares [Member] | |||
Class of Stock [Line Items] | |||
Stock Repurchased During Period, Shares | (513,111) | (684,725) | 0 |
Common Stock [Member] | Class D Shares [Member] | |||
Class of Stock [Line Items] | |||
Stock Repurchased During Period, Shares | (1,261,235) | (431,779) | (1,551,418) |
Common Stock Earnings Per Share
Common Stock Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Class A Shares [Member] | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net Income, before performance fee | $ 13,806 | $ 12,353 | $ 2,458 | ||||||||
Noninterest Expense Related to Performance Fees | 279 | 384 | 0 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 13,527 | $ 11,969 | $ 2,458 | ||||||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 69,988,405 | 69,759,939 | 53,263,996 | ||||||||
Earnings Per Share, Basic and Diluted | $ (0.06) | $ (0.02) | $ 0.02 | $ 0.25 | $ 0.07 | $ 0.08 | $ 0.03 | $ (0.01) | $ 0.19 | $ 0.17 | $ 0.05 |
Class M Shares [Member] | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net Income, before performance fee | $ 7,680 | $ 6,600 | $ 1,474 | ||||||||
Noninterest Expense Related to Performance Fees | 444 | 500 | 0 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 7,236 | $ 6,100 | $ 1,474 | ||||||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 38,929,773 | 37,276,939 | 31,926,563 | ||||||||
Earnings Per Share, Basic and Diluted | (0.06) | (0.02) | 0.02 | 0.25 | 0.06 | 0.08 | 0.03 | (0.01) | $ 0.19 | $ 0.16 | $ 0.05 |
Class A-I Shares [Member] | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net Income, before performance fee | $ 2,161 | $ 2,146 | $ 415 | ||||||||
Noninterest Expense Related to Performance Fees | 123 | 145 | 0 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 2,038 | $ 2,001 | $ 415 | ||||||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 10,955,834 | 12,114,150 | 8,999,330 | ||||||||
Earnings Per Share, Basic and Diluted | (0.06) | (0.02) | 0.02 | 0.25 | 0.06 | 0.08 | 0.03 | (0.01) | $ 0.19 | $ 0.17 | $ 0.05 |
Class M-I Shares [Member] | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net Income, before performance fee | $ 1,583 | $ 1,331 | $ 249 | ||||||||
Noninterest Expense Related to Performance Fees | 137 | 120 | 0 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 1,446 | $ 1,211 | $ 249 | ||||||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 8,021,665 | 7,525,429 | 5,391,138 | ||||||||
Earnings Per Share, Basic and Diluted | (0.07) | (0.02) | 0.02 | 0.25 | 0.06 | 0.08 | 0.03 | (0.01) | $ 0.18 | $ 0.16 | $ 0.05 |
Class D Shares [Member] | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net Income, before performance fee | $ 1,412 | $ 1,386 | $ 339 | ||||||||
Noninterest Expense Related to Performance Fees | 92 | 119 | 0 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 1,320 | $ 1,267 | $ 339 | ||||||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 7,155,700 | 7,831,002 | 7,335,120 | ||||||||
Earnings Per Share, Basic and Diluted | $ (0.07) | $ (0.02) | $ 0.02 | $ 0.25 | $ 0.06 | $ 0.08 | $ 0.03 | $ (0.01) | $ 0.18 | $ 0.16 | $ 0.05 |
Common Stock Dividends Declar_2
Common Stock Dividends Declared (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Distributions Declared [Line Items] | |||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.13000 | $ 0.13000 | $ 0.13000 | $ 0.13000 | $ 0.12500 | $ 0.12500 | $ 0.12500 | $ 0.12500 | $ 0.12500 | $ 0.12500 | $ 0.12000 | $ 0.12000 | $ 0.52000 | $ 0.50000 | $ 0.49000 |
Class A Shares [Member] | |||||||||||||||
Distributions Declared [Line Items] | |||||||||||||||
Dividends | $ 0.10652 | $ 0.10673 | $ 0.10687 | $ 0.10170 | $ 0.09615 | $ 0.09623 | $ 0.09660 | $ 0.09699 | $ 0.09799 | $ 0.09842 | $ 0.09381 | $ 0.09424 | $ 0.42182 | $ 0.38597 | $ 0.38446 |
Class M Shares [Member] | |||||||||||||||
Distributions Declared [Line Items] | |||||||||||||||
Dividends | 0.12141 | 0.12149 | 0.12159 | 0.12175 | 0.11655 | 0.11663 | 0.11677 | 0.11684 | 0.11694 | 0.11692 | 0.11206 | 0.11181 | 0.48624 | 0.46679 | 0.45773 |
Class M-I Shares [Member] | |||||||||||||||
Distributions Declared [Line Items] | |||||||||||||||
Dividends | 0.13000 | 0.13000 | 0.13000 | 0.12867 | 0.12364 | 0.12361 | 0.12365 | 0.12366 | 0.12372 | 0.12368 | 0.11876 | 0.11874 | 0.51867 | 0.49456 | 0.48490 |
Class A-I Shares [Member] | |||||||||||||||
Distributions Declared [Line Items] | |||||||||||||||
Dividends | 0.12145 | 0.12155 | 0.12163 | 0.12168 | 0.11643 | 0.11649 | 0.11607 | 0.11686 | 0.11753 | 0.11685 | 0.11329 | 0.11206 | 0.48631 | 0.46585 | 0.45973 |
Class D Shares [Member] | |||||||||||||||
Distributions Declared [Line Items] | |||||||||||||||
Dividends | $ 0.13000 | $ 0.13000 | $ 0.13000 | $ 0.13000 | $ 0.12500 | $ 0.12500 | $ 0.12500 | $ 0.12500 | $ 0.12500 | $ 0.12500 | $ 0.12000 | $ 0.12000 | $ 0.52000 | $ 0.50000 | $ 0.49000 |
Rentals Under Operating Lease_2
Rentals Under Operating Leases Rentals Under Operating Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Property Subject to or Available for Operating Lease [Line Items] | |
Operating Leases, Future Minimum Payments Receivable, Current | $ 100,391 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 71,333 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 65,520 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 58,799 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 51,528 |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 213,472 |
Operating Leases, Future Minimum Payments Receivable | $ 561,043 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 27, 2018 | |
Related Party Transactions (Textual) [Abstract] | ||||
Payments of Stock Issuance Costs | $ 15,436 | $ 16,693 | $ 16,811 | |
Accrued Offering Costs | 72,468 | 76,583 | ||
Related Party Transactions (Additional Textual) [Abstract] | ||||
Property management services expense paid | $ 956 | 1,381 | 482 | |
Loan Processing Fee | 114 | |||
Payments for Brokerage Fees | 647 | |||
Fixed fee [Member] | ||||
Related Party Transactions (Textual) [Abstract] | ||||
Management and Advisory fee percentage on NAV | 1.25% | |||
Management and Advisory fees | $ 20,052 | 19,269 | 15,014 | |
Manager and advisory fees payable | $ 1,786 | 1,660 | ||
performance fee [Member] | ||||
Related Party Transactions (Textual) [Abstract] | ||||
Management and Advisory fee percentage on NAV | 10.00% | |||
Noninterest Expense Related to Performance Fees | $ 1,075 | 1,269 | 0 | |
Manager and advisory fees payable | $ 1,075 | 1,269 | ||
Hurdle Rate [Member] | ||||
Related Party Transactions (Textual) [Abstract] | ||||
Management and Advisory fee percentage on NAV | 7.00% | |||
Selling commission, Dealer Manager Fee, Distribution Fee [Member] | ||||
Related Party Transactions (Textual) [Abstract] | ||||
Payments of Stock Issuance Costs | $ 9,113 | 10,061 | $ 11,317 | |
Accrued Offering Costs | 70,451 | 75,301 | ||
Organization and Offering Costs [Member] | ||||
Related Party Transactions (Textual) [Abstract] | ||||
Payments of Stock Issuance Costs | $ 2,017 | $ 1,049 | ||
The Edge at Lafayette [Member] | ||||
Related Party Transactions (Textual) [Abstract] | ||||
Business Acquisition, Transaction Costs | $ 880 | |||
Loans Payable | $ 3,890 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | Dec. 31, 2018USD ($) |
South Beach Parking Garage [Member] | |
Other Commitments [Line Items] | |
Other Commitment | $ 100 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Real Estate Held-for-sale | $ 114,274 | $ 114,274 | |||||||||
TOTAL ASSETS | 2,196,594 | $ 2,197,107 | 2,196,594 | $ 2,197,107 | |||||||
Minimum rents | 137,899 | 132,642 | $ 106,270 | ||||||||
Recovery of Direct Costs | 32,784 | 32,310 | 25,589 | ||||||||
Total revenues | 43,055 | $ 43,319 | $ 42,227 | $ 42,082 | 42,536 | $ 42,293 | $ 40,427 | $ 39,696 | 170,683 | 164,952 | 131,859 |
Real estate taxes | 25,391 | 24,144 | 17,615 | ||||||||
Property operating | 31,251 | 28,928 | 23,870 | ||||||||
Provision for Doubtful Accounts | 171 | 218 | 198 | ||||||||
Total operating expenses | 143,613 | 139,079 | 115,720 | ||||||||
General and Administrative Expense | 918 | 1,161 | 1,059 | ||||||||
Noninterest Expense Investment Advisory Fees | 21,127 | 20,538 | 15,014 | ||||||||
Company level expenses | 2,718 | 2,385 | 2,220 | ||||||||
Acquisition Related Costs | 0 | 0 | 3,918 | ||||||||
Impairment of Real Estate | 0 | 0 | 6,876 | ||||||||
Depreciation and amortization | 62,037 | 61,705 | 44,950 | ||||||||
Interest expense | (33,135) | (28,094) | (22,612) | ||||||||
Equity in income of unconsolidated affiliates | 2,004 | 9,633 | 10,309 | ||||||||
Other Nonoperating Income | 0 | 500 | 0 | ||||||||
Gains (Losses) on Extinguishment of Debt | 29,665 | 14,982 | 1,704 | ||||||||
Total other income and (expenses) | (1,466) | (2,979) | (10,599) | ||||||||
Income (loss) from continuing operations | (6,889) | $ (3,356) | $ 3,158 | $ 32,691 | 8,876 | $ 10,738 | $ 3,902 | $ (622) | 25,604 | 22,894 | 5,540 |
Apartments Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
TOTAL ASSETS | 604,553 | 599,794 | 604,553 | 599,794 | |||||||
Payments for Capital Improvements | 7,186 | 4,798 | 2,702 | ||||||||
Minimum rents | 46,149 | 42,110 | 26,835 | ||||||||
Recovery of Direct Costs | 4,923 | 4,116 | 1,675 | ||||||||
Total revenues | 51,072 | 46,226 | 28,510 | ||||||||
Real estate taxes | 8,576 | 6,855 | 3,633 | ||||||||
Property operating | 14,087 | 12,311 | 8,727 | ||||||||
Provision for Doubtful Accounts | 86 | 38 | 17 | ||||||||
Total operating expenses | 22,749 | 19,204 | 12,377 | ||||||||
Industrial Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
TOTAL ASSETS | 474,622 | 489,112 | 474,622 | 489,112 | |||||||
Payments for Capital Improvements | 1,906 | 2,187 | 1,456 | ||||||||
Minimum rents | 30,040 | 30,975 | 24,792 | ||||||||
Recovery of Direct Costs | 10,254 | 10,271 | 7,481 | ||||||||
Total revenues | 40,294 | 41,246 | 32,273 | ||||||||
Real estate taxes | 7,714 | 7,805 | 5,472 | ||||||||
Property operating | 3,163 | 2,827 | 2,138 | ||||||||
Provision for Doubtful Accounts | 0 | 0 | 0 | ||||||||
Total operating expenses | 10,877 | 10,632 | 7,610 | ||||||||
Office Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
TOTAL ASSETS | 255,101 | 263,883 | 255,101 | 263,883 | |||||||
Payments for Capital Improvements | 250 | 7,130 | 13,959 | ||||||||
Minimum rents | 26,581 | 27,113 | 28,288 | ||||||||
Recovery of Direct Costs | 3,411 | 4,557 | 4,961 | ||||||||
Total revenues | 29,992 | 31,670 | 33,249 | ||||||||
Real estate taxes | 2,884 | 3,309 | 3,485 | ||||||||
Property operating | 6,021 | 6,734 | 7,129 | ||||||||
Provision for Doubtful Accounts | 0 | (1) | 17 | ||||||||
Total operating expenses | 8,905 | 10,042 | 10,631 | ||||||||
Retail Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
TOTAL ASSETS | 560,802 | 575,093 | 560,802 | 575,093 | |||||||
Payments for Capital Improvements | 3,956 | 5,922 | 4,186 | ||||||||
Minimum rents | 34,866 | 32,156 | 26,078 | ||||||||
Recovery of Direct Costs | 11,937 | 11,167 | 9,228 | ||||||||
Total revenues | 46,803 | 43,323 | 35,306 | ||||||||
Real estate taxes | 5,705 | 5,868 | 4,662 | ||||||||
Property operating | 7,250 | 6,190 | 4,973 | ||||||||
Provision for Doubtful Accounts | 85 | 181 | 164 | ||||||||
Total operating expenses | 13,040 | 12,239 | 9,799 | ||||||||
Other Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
TOTAL ASSETS | 21,549 | 20,845 | 21,549 | 20,845 | |||||||
Payments for Capital Improvements | 90 | 204 | 41 | ||||||||
Minimum rents | 263 | 288 | 277 | ||||||||
Recovery of Direct Costs | 2,259 | 2,199 | 2,244 | ||||||||
Total revenues | 2,522 | 2,487 | 2,521 | ||||||||
Real estate taxes | 512 | 307 | 363 | ||||||||
Property operating | 730 | 866 | 903 | ||||||||
Provision for Doubtful Accounts | 0 | 0 | 0 | ||||||||
Total operating expenses | 1,242 | 1,173 | 1,266 | ||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
TOTAL ASSETS | 1,916,627 | 1,948,727 | 1,916,627 | 1,948,727 | |||||||
Payments for Capital Improvements | 13,388 | 20,241 | 22,344 | ||||||||
Minimum rents | 137,899 | 132,642 | 106,270 | ||||||||
Recovery of Direct Costs | 32,784 | 32,310 | 25,589 | ||||||||
Total revenues | 170,683 | 164,952 | 131,859 | ||||||||
Real estate taxes | 25,391 | 24,144 | 17,615 | ||||||||
Property operating | 31,251 | 28,928 | 23,870 | ||||||||
Provision for Doubtful Accounts | 171 | 218 | 198 | ||||||||
Total operating expenses | 56,813 | 53,290 | $ 41,683 | ||||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
TOTAL ASSETS | $ 279,967 | $ 248,380 | $ 279,967 | $ 248,380 |
Distributions Payable (Details)
Distributions Payable (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Distributions Payable (Textual) [Abstract] | |||||||||||||||||
Distribution declared date | Nov. 8, 2018 | ||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.13000 | $ 0.13000 | $ 0.13000 | $ 0.13000 | $ 0.12500 | $ 0.12500 | $ 0.12500 | $ 0.12500 | $ 0.12500 | $ 0.12500 | $ 0.12000 | $ 0.12000 | $ 0.52000 | $ 0.50000 | $ 0.49000 | ||
Distribution recorded date | Dec. 28, 2018 | ||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||
Distributions Payable (Textual) [Abstract] | |||||||||||||||||
Distribution declared date | Mar. 6, 2019 | ||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.135 | ||||||||||||||||
Distribution recorded date | Mar. 28, 2019 | ||||||||||||||||
Distribution payable date | May 1, 2019 | Feb. 1, 2019 |
Quarterly Financial Informati_3
Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Class of Stock [Line Items] | |||||||||||
Revenues | $ 43,055 | $ 43,319 | $ 42,227 | $ 42,082 | $ 42,536 | $ 42,293 | $ 40,427 | $ 39,696 | $ 170,683 | $ 164,952 | $ 131,859 |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (6,889) | (3,356) | 3,158 | 32,691 | 8,876 | 10,738 | 3,902 | (622) | 25,604 | 22,894 | 5,540 |
Net Income (Loss) Attributable to Parent | $ (6,882) | $ (3,301) | $ 3,106 | $ 32,644 | $ 8,822 | $ 10,670 | $ 3,798 | $ (742) | $ 25,567 | $ 22,548 | $ 4,935 |
Weighted Average Number of Outstanding Shares Basic and Diluted | 137,163,633 | 135,528,172 | 134,233,903 | 133,231,349 | 133,358,197 | 133,554,999 | 135,789,443 | 135,359,651 | 135,051,377 | 134,507,458 | 106,916,148 |
Class A Shares [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Earnings Per Share, Basic and Diluted | $ (0.06) | $ (0.02) | $ 0.02 | $ 0.25 | $ 0.07 | $ 0.08 | $ 0.03 | $ (0.01) | $ 0.19 | $ 0.17 | $ 0.05 |
Class M Shares [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Earnings Per Share, Basic and Diluted | (0.06) | (0.02) | 0.02 | 0.25 | 0.06 | 0.08 | 0.03 | (0.01) | 0.19 | 0.16 | 0.05 |
Class A-I Shares [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Earnings Per Share, Basic and Diluted | (0.06) | (0.02) | 0.02 | 0.25 | 0.06 | 0.08 | 0.03 | (0.01) | 0.19 | 0.17 | 0.05 |
Class M-I Shares [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Earnings Per Share, Basic and Diluted | (0.07) | (0.02) | 0.02 | 0.25 | 0.06 | 0.08 | 0.03 | (0.01) | 0.18 | 0.16 | 0.05 |
Class D Shares [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Earnings Per Share, Basic and Diluted | $ (0.07) | $ (0.02) | $ 0.02 | $ 0.25 | $ 0.06 | $ 0.08 | $ 0.03 | $ (0.01) | $ 0.18 | $ 0.16 | $ 0.05 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Feb. 07, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Subsequent Event [Line Items] | ||||||||||||||||||
Dividends Payable, Date Declared | Nov. 8, 2018 | |||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.13000 | $ 0.13000 | $ 0.13000 | $ 0.13000 | $ 0.12500 | $ 0.12500 | $ 0.12500 | $ 0.12500 | $ 0.12500 | $ 0.12500 | $ 0.12000 | $ 0.12000 | $ 0.52000 | $ 0.50000 | $ 0.49000 | |||
Dividends Payable, Date of Record | Dec. 28, 2018 | |||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Dividends Payable, Date Declared | Mar. 6, 2019 | |||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.135 | |||||||||||||||||
Dividends Payable, Date of Record | Mar. 28, 2019 | |||||||||||||||||
Dividends Payable, Date to be Paid | May 1, 2019 | Feb. 1, 2019 | ||||||||||||||||
Subsequent Event [Member] | 111 Sutter Street [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Proceeds from Sale of Real Estate | $ 227,000 | |||||||||||||||||
Gains (Losses) on Sales of Investment Real Estate | $ 107,000 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | $ 826,649 | $ 885,912 | ||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 636,649 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 354,351 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 1,395,586 | |||
Real estate aggregate cost for tax purposes | 2,078,134 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 1,469 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 46,179 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 355,820 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 1,441,765 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 1,797,585 | 1,854,297 | $ 1,744,317 | $ 1,140,638 |
real estate accumulated depreciation tax basis | 241,281 | |||
Monument IV at Worldgate [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 40,000 | 40,000 | ||
111 Sutter Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 0 | 53,346 | ||
105 Kendall Park Lane [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 0 | |||
4001 North Norfleet Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 0 | |||
Suwanne Distribution Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 19,100 | 19,100 | ||
3800 1st Avenue South [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 9,440 | |||
3844 1st Avenue South [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 5,886 | |||
3601 2nd Avenue South [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 3,285 | |||
Grand Prairie Distribution Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 8,600 | 8,600 | ||
Charlotte Distribution Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 9,964 | 10,157 | ||
DFW Distribution Center 4050 [Member] [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 12,147 | |||
DFW Distribution Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 17,720 | 17,720 | ||
DFW Distribution Center 4055 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 5,573 | |||
O'Hare Industrial Portfolio - 2501 Allan Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 0 | |||
O'Hare Industrial Portfolio - 2601 Allan Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 0 | |||
O'Hare Industrial Portfolio - 1300 Michael Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 0 | |||
O'Hare Industrial Portfolio - 1350 Michael Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 0 | |||
O'Hare Industrial Portfolio - 1225 Michael Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 0 | |||
O'Hare Industrial Portfolio - 200 Lewis [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 0 | |||
O'Hare Industrial Portfolio - 1301 Mittel Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 0 | |||
Tampa Distribution Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 0 | |||
Aurora Distribution Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 13,850 | 13,850 | ||
28150 West Harrison Parkway-Valencia Industrial Portfolio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 0 | |||
28145 West Harrison Parkway- Valencia Industrial Portfolio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 0 | |||
28904 Avenue Paine- Valencia Industrial Portfolio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 0 | |||
24823 Anza Drive- Valencia Industrial Portfolio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 0 | |||
25045 Avenue Tibbitts- Valencia Industrial Portfolio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 0 | |||
6000 Giant Road- Pinole Point Industrial Portfolio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 0 | |||
6015 Giant Road- Pinole Point Industrial Portfolio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 0 | |||
Mason Mill Distribution Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,406 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 23,312 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,406 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 23,312 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 26,718 | |||
6025 Giant Road- Pinole Point Industrial Portfolio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 0 | |||
Station Nine Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 39,921 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 72,712 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 9,378 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 39,921 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 82,090 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 122,011 | |||
The Edge at Lafayette [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 0 | 17,680 | ||
Townlake of Coppell [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 28,800 | 28,800 | ||
Lane Parke Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 37,000 | 37,000 | ||
AQ Rittenhouse [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 26,370 | 26,370 | ||
Dylan Point Loma [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 40,500 | 40,500 | ||
The Penfield [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 37,719 | 38,438 | ||
The Reserve at Johns Creek Walk [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 23,318 | 23,620 | ||
The Villas at Legacy [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 0 | |||
Jory Trail at the Grove [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 44,250 | 44,250 | ||
Silverstone Marketplace [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 0 | |||
South Beach Parking Garage [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 0 | |||
Grand Lakes Marketplace [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 23,900 | 23,900 | ||
Oak Grove Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 9,604 | 9,816 | ||
Rancho Temecula Town Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 28,000 | 28,000 | ||
Skokie Commons [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 24,400 | 24,400 | ||
The District at Howell Mill 2 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 31,080 | 31,746 | ||
140 Park Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 22,800 | 22,800 | ||
San Juan Medical Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 0 | |||
Whitestone Market [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 25,750 | 25,750 | ||
Maui Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 38,638 | 39,000 | ||
Kierland Village [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 0 | |||
Timberland Town Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 21,675 | $ 22,112 | ||
Montecito Marketplace [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 0 | |||
Office Properties [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 62,800 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 18,155 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 105,100 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 20,210 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 18,155 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 125,310 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 143,465 | |||
Office Properties [Member] | Monument IV at Worldgate [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,186 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 57,013 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 19,532 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,186 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 76,545 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 81,731 | |||
Office Properties [Member] | 140 Park Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,162 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 34,784 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | (4) | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,162 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 34,780 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 37,942 | |||
Office Properties [Member] | San Juan Medical Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 9,807 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 13,303 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 682 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 9,807 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 13,985 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 23,792 | |||
Retail Properties [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 203,047 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 126,907 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 395,388 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 891 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 13,110 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 127,798 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 408,498 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 536,296 | |||
Retail Properties [Member] | Silverstone Marketplace [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 8,012 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,771 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 8,012 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 33,771 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 41,783 | |||
Retail Properties [Member] | Grand Lakes Marketplace [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,215 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 34,770 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,215 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 34,770 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 39,985 | |||
Retail Properties [Member] | Oak Grove Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,434 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,869 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 474 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,434 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 19,343 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 23,777 | |||
Retail Properties [Member] | Rancho Temecula Town Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 14,600 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 41,180 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 126 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 14,600 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 41,306 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 55,906 | |||
Retail Properties [Member] | Skokie Commons [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 8,859 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 25,705 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 891 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 37 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 9,750 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 25,742 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 35,492 | |||
Retail Properties [Member] | The District at Howell Mill [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 10,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 56,040 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 2,632 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 10,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 58,672 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 68,672 | |||
Retail Properties [Member] | Whitestone Market [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 39,868 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 307 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 7,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 40,175 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 47,175 | |||
Retail Properties [Member] | Maui Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 44,257 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 39,454 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 9,057 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 44,257 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 48,511 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 92,768 | |||
Retail Properties [Member] | Kierland Village [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,037 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 26,693 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 137 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 7,037 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 26,830 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 33,867 | |||
Retail Properties [Member] | Timberland Town Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 6,083 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,826 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 231 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 6,083 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 34,057 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 40,140 | |||
Retail Properties [Member] | Montecito Marketplace [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 11,410 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 45,212 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 109 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 11,410 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 45,321 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 56,731 | |||
Industrial Properties [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 87,845 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 115,037 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 357,263 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 578 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 187 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 115,615 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 357,450 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 473,065 | |||
Industrial Properties [Member] | 105 Kendall Park Lane [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,656 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 12,836 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | (293) | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | (268) | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,363 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 12,568 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 14,931 | |||
Industrial Properties [Member] | 4001 North Norfleet Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,134 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 31,397 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | (205) | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | (1,937) | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,929 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 29,460 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 31,389 | |||
Industrial Properties [Member] | Suwanne Distribution Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 6,155 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 27,598 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 101 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 6,155 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 27,699 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 33,854 | |||
Industrial Properties [Member] | 3800 1st Avenue South [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,238 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 9,673 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 546 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 221 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 7,784 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 9,894 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 17,678 | |||
Industrial Properties [Member] | 3844 1st Avenue South [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,563 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 6,031 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 340 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 138 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,903 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 6,169 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 12,072 | |||
Industrial Properties [Member] | 3601 2nd Avenue South [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,774 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 3,365 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 190 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 77 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,964 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 3,442 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 6,406 | |||
Industrial Properties [Member] | Grand Prairie Distribution Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,100 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 12,478 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 11 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,100 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 12,489 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 14,589 | |||
Industrial Properties [Member] | Charlotte Distribution Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,381 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 15,002 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 219 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,381 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 15,221 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 20,602 | |||
Industrial Properties [Member] | DFW Distribution Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,200 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,327 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 103 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,200 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 18,430 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 23,630 | |||
Industrial Properties [Member] | DFW Distribution Center 4055 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 12,377 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 1,287 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,400 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 13,664 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 16,064 | |||
Industrial Properties [Member] | O'Hare Industrial Portfolio - 2501 Allan Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,300 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 10,926 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 539 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,300 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 11,465 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 15,765 | |||
Industrial Properties [Member] | O'Hare Industrial Portfolio - 2601 Allan Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,600 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 7,726 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 104 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,600 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 7,830 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 10,430 | |||
Industrial Properties [Member] | O'Hare Industrial Portfolio - 1300 Michael Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,900 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 6,770 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 139 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,900 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 6,909 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 8,809 | |||
Industrial Properties [Member] | O'Hare Industrial Portfolio - 1350 Michael Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,500 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 5,059 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 81 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,500 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 5,140 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 6,640 | |||
Industrial Properties [Member] | O'Hare Industrial Portfolio - 1225 Michael Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,600 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 7,149 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 75 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,600 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 7,224 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 9,824 | |||
Industrial Properties [Member] | O'Hare Industrial Portfolio - 200 Lewis [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,100 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 4,165 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 90 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,100 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 4,255 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 5,355 | |||
Industrial Properties [Member] | O'Hare Industrial Portfolio - 1301 Mittel Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,700 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 5,473 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 73 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,700 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 5,546 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 8,246 | |||
Industrial Properties [Member] | Tampa Distribution Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,507 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 22,485 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 84 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,507 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 22,569 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 26,076 | |||
Industrial Properties [Member] | Aurora Distribution Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 9,861 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 14,646 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 9,861 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 14,646 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 24,507 | |||
Industrial Properties [Member] | 28150 West Harrison Parkway-Valencia Industrial Portfolio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,760 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 8,899 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,760 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 8,899 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 11,659 | |||
Industrial Properties [Member] | 28145 West Harrison Parkway- Valencia Industrial Portfolio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,468 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 10,111 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 19 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,468 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 10,130 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 13,598 | |||
Industrial Properties [Member] | 28904 Avenue Paine- Valencia Industrial Portfolio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,812 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 10,535 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 68 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,812 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 10,603 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 14,415 | |||
Industrial Properties [Member] | 24823 Anza Drive- Valencia Industrial Portfolio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,095 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 2,849 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 23 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,095 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 2,872 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 3,967 | |||
Industrial Properties [Member] | 25045 Avenue Tibbitts- Valencia Industrial Portfolio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,087 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 13,224 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 61 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,087 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 13,285 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 17,372 | |||
Industrial Properties [Member] | 6000 Giant Road- Pinole Point Industrial Portfolio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 11,572 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 26,556 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 11,572 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 26,556 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 38,128 | |||
Industrial Properties [Member] | 6015 Giant Road- Pinole Point Industrial Portfolio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 10,468 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 24,127 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | (1,121) | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 10,468 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 23,006 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 33,474 | |||
Industrial Properties [Member] | 6025 Giant Road- Pinole Point Industrial Portfolio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,700 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 4,167 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,700 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 4,167 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 6,867 | |||
Apartment Properties [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Notes Payable | 282,957 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 94,252 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 516,368 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 11,961 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 94,252 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 528,329 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 622,581 | |||
Apartment Properties [Member] | The Edge at Lafayette [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,782 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 23,266 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | (941) | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,782 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 22,325 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 24,107 | |||
Apartment Properties [Member] | Townlake of Coppell [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 8,444 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 36,805 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 3,290 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 8,444 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 40,095 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 48,539 | |||
Apartment Properties [Member] | Lane Parke Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,100 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 66,428 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 1,291 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,100 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 67,719 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 72,819 | |||
Apartment Properties [Member] | AQ Rittenhouse [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 11,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 39,963 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 6 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 11,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 39,969 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 50,969 | |||
Apartment Properties [Member] | Dylan Point Loma [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 19,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 70,860 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 137 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 19,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 70,997 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 89,997 | |||
Apartment Properties [Member] | The Penfield [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 8,021 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 52,713 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 554 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 8,021 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 53,267 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 61,288 | |||
Apartment Properties [Member] | The Reserve at Johns Creek Walk [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,552 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 38,025 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 304 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 7,552 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 38,329 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 45,881 | |||
Apartment Properties [Member] | The Villas at Legacy [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 6,888 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 48,504 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 449 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 6,888 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 48,953 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 55,841 | |||
Apartment Properties [Member] | 180 North Jefferson [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 18,588 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 75,435 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 3,938 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 18,588 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 79,373 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 97,961 | |||
Apartment Properties [Member] | Jory Trail at the Grove [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,877 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 64,369 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 2,933 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 7,877 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 67,302 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 75,179 | |||
Other Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 21,467 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 711 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 22,178 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 22,178 | |||
Other Property [Member] | South Beach Parking Garage [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 21,467 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 711 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 22,178 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 22,178 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 52,450 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 39,921 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 72,712 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements | 9,378 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 39,921 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 82,090 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | $ 122,011 |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation Table 2 (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (135,480) | $ (112,132) | $ (88,870) | $ (75,245) |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Other Deduction | 0 | 0 | (7,104) | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Other Deduction | (14,271) | $ (10,139) | $ 0 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | 111 Sutter Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (14,271) | |||
Real Estate and Accumulated Depreciation, Construction | 1,926 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 4, 2012 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Industrial Properties [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (34,181) | |||
Industrial Properties [Member] | 105 Kendall Park Lane [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (3,308) | |||
Real Estate and Accumulated Depreciation, Construction | 2,002 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Jun. 30, 2005 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Industrial Properties [Member] | 4001 North Norfleet Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (7,137) | |||
Real Estate and Accumulated Depreciation, Construction | 2,007 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Feb. 27, 2007 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Industrial Properties [Member] | Suwanne Distribution Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (3,058) | |||
Real Estate and Accumulated Depreciation, Construction | 2,012 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Jun. 28, 2013 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Industrial Properties [Member] | 3800 1st Avenue South [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (1,300) | |||
Real Estate and Accumulated Depreciation, Construction | 2,005 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Jun. 26, 2013 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Industrial Properties [Member] | 3844 1st Avenue South [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (811) | |||
Real Estate and Accumulated Depreciation, Construction | 1,968 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 18, 2013 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Industrial Properties [Member] | 3601 2nd Avenue South [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (452) | |||
Real Estate and Accumulated Depreciation, Construction | 1,949 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 18, 2013 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Industrial Properties [Member] | Grand Prairie Distribution Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (1,248) | |||
Real Estate and Accumulated Depreciation, Construction | 1,980 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 18, 2013 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Industrial Properties [Member] | Charlotte Distribution Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (1,721) | |||
Real Estate and Accumulated Depreciation, Construction | 2,013 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Jan. 22, 2014 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Industrial Properties [Member] | DFW Distribution Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (1,650) | |||
Real Estate and Accumulated Depreciation, Construction | 1,991 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Jun. 27, 2014 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Industrial Properties [Member] | DFW Distribution Center 4055 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (1,212) | |||
Real Estate and Accumulated Depreciation, Construction | 1,996 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Apr. 15, 2015 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Industrial Properties [Member] | O'Hare Industrial Portfolio - 2501 Allan Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (995) | |||
Real Estate and Accumulated Depreciation, Construction | 1,996 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Apr. 15, 2015 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Industrial Properties [Member] | O'Hare Industrial Portfolio - 2601 Allan Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (644) | |||
Real Estate and Accumulated Depreciation, Construction | 1,985 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Sep. 30, 2015 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Industrial Properties [Member] | O'Hare Industrial Portfolio - 1300 Michael Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (559) | |||
Real Estate and Accumulated Depreciation, Construction | 1,985 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Sep. 30, 2015 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Industrial Properties [Member] | O'Hare Industrial Portfolio - 1350 Michael Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (414) | |||
Real Estate and Accumulated Depreciation, Construction | 1,985 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Sep. 30, 2015 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Industrial Properties [Member] | O'Hare Industrial Portfolio - 1225 Michael Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (586) | |||
Real Estate and Accumulated Depreciation, Construction | 1,985 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Sep. 30, 2015 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Industrial Properties [Member] | O'Hare Industrial Portfolio - 200 Lewis [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (514) | |||
Real Estate and Accumulated Depreciation, Construction | 1,985 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Sep. 30, 2015 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Industrial Properties [Member] | O'Hare Industrial Portfolio - 1301 Mittel Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (449) | |||
Real Estate and Accumulated Depreciation, Construction | 1,985 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Sep. 30, 2015 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Industrial Properties [Member] | Tampa Distribution Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (1,552) | |||
Real Estate and Accumulated Depreciation, Construction | 1,985 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Sep. 30, 2015 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Industrial Properties [Member] | Aurora Distribution Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (757) | |||
Real Estate and Accumulated Depreciation, Construction | 2,009 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Apr. 11, 2016 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Industrial Properties [Member] | 28150 West Harrison Parkway-Valencia Industrial Portfolio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (556) | |||
Real Estate and Accumulated Depreciation, Construction | 2,016 | |||
Real Estate and Accumulated Depreciation, Date Acquired | May 19, 2016 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Industrial Properties [Member] | 28145 West Harrison Parkway- Valencia Industrial Portfolio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (637) | |||
Real Estate and Accumulated Depreciation, Construction | 1,997 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Jun. 29, 2016 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Industrial Properties [Member] | 28904 Avenue Paine- Valencia Industrial Portfolio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (666) | |||
Real Estate and Accumulated Depreciation, Construction | 1,997 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Jun. 29, 2016 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Industrial Properties [Member] | 24823 Anza Drive- Valencia Industrial Portfolio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (180) | |||
Real Estate and Accumulated Depreciation, Construction | 1,999 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Jun. 29, 2016 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Industrial Properties [Member] | 25045 Avenue Tibbitts- Valencia Industrial Portfolio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (829) | |||
Real Estate and Accumulated Depreciation, Construction | 1,988 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Jun. 29, 2016 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Industrial Properties [Member] | 6000 Giant Road- Pinole Point Industrial Portfolio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (1,239) | |||
Real Estate and Accumulated Depreciation, Construction | 1,988 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Jun. 29, 2016 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Industrial Properties [Member] | 6015 Giant Road- Pinole Point Industrial Portfolio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (1,074) | |||
Real Estate and Accumulated Depreciation, Construction | 2,016 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Sep. 8, 2016 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Industrial Properties [Member] | 6025 Giant Road- Pinole Point Industrial Portfolio [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (167) | |||
Real Estate and Accumulated Depreciation, Construction | 2,016 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Sep. 8, 2016 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Industrial Properties [Member] | Mason Mill Distribution Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (466) | |||
Real Estate and Accumulated Depreciation, Construction | 2,016 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 29, 2016 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Apartment Properties [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (31,765) | |||
Apartment Properties [Member] | The Edge at Lafayette [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (5,338) | |||
Real Estate and Accumulated Depreciation, Construction | 2,007 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Jan. 15, 2008 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Apartment Properties [Member] | Townlake of Coppell [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (4,465) | |||
Real Estate and Accumulated Depreciation, Construction | 1,986 | |||
Real Estate and Accumulated Depreciation, Date Acquired | May 22, 2015 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Apartment Properties [Member] | AQ Rittenhouse [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (3,092) | |||
Real Estate and Accumulated Depreciation, Construction | 2,015 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Jul. 30, 2015 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Apartment Properties [Member] | Lane Parke Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (3,926) | |||
Real Estate and Accumulated Depreciation, Construction | 2,014 | |||
Real Estate and Accumulated Depreciation, Date Acquired | May 26, 2016 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Apartment Properties [Member] | Dylan Point Loma [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (3,856) | |||
Real Estate and Accumulated Depreciation, Construction | 2,016 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Aug. 9, 2016 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Apartment Properties [Member] | The Penfield [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (2,511) | |||
Real Estate and Accumulated Depreciation, Construction | 2,013 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Sep. 22, 2016 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Apartment Properties [Member] | 180 North Jefferson [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (4,331) | |||
Real Estate and Accumulated Depreciation, Construction | 2,004 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 1, 2016 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Apartment Properties [Member] | Jory Trail at the Grove [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (2,119) | |||
Real Estate and Accumulated Depreciation, Construction | 2,012 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Jul. 14, 2017 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Apartment Properties [Member] | The Reserve at Johns Creek Walk [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (1,399) | |||
Real Estate and Accumulated Depreciation, Construction | 2,007 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Jul. 28, 2017 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Apartment Properties [Member] | The Villas at Legacy [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (728) | |||
Real Estate and Accumulated Depreciation, Construction | 1,999 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Jun. 6, 2018 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Office Properties [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (26,658) | |||
Office Properties [Member] | San Juan Medical Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (804) | |||
Real Estate and Accumulated Depreciation, Construction | 2,015 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Apr. 1, 2016 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Office Properties [Member] | Monument IV at Worldgate [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (23,767) | |||
Real Estate and Accumulated Depreciation, Construction | 2,001 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Aug. 27, 2004 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Office Properties [Member] | 140 Park Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (2,087) | |||
Real Estate and Accumulated Depreciation, Construction | 2,015 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 21, 2015 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Retail Properties [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (40,006) | |||
Retail Properties [Member] | The District at Howell Mill [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (13,610) | |||
Real Estate and Accumulated Depreciation, Construction | 2,006 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Jun. 15, 2007 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Retail Properties [Member] | Grand Lakes Marketplace [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (3,709) | |||
Real Estate and Accumulated Depreciation, Construction | 2,012 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Sep. 17, 2013 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Retail Properties [Member] | Oak Grove Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (2,502) | |||
Real Estate and Accumulated Depreciation, Construction | 2,003 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Jan. 17, 2014 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Retail Properties [Member] | Rancho Temecula Town Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (4,741) | |||
Real Estate and Accumulated Depreciation, Construction | 2,007 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Jun. 16, 2014 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Retail Properties [Member] | Skokie Commons [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (1,889) | |||
Real Estate and Accumulated Depreciation, Construction | 2,015 | |||
Real Estate and Accumulated Depreciation, Date Acquired | May 15, 2015 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Retail Properties [Member] | Whitestone Market [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (3,265) | |||
Real Estate and Accumulated Depreciation, Construction | 2,003 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Sep. 30, 2015 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Retail Properties [Member] | Maui Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (3,974) | |||
Real Estate and Accumulated Depreciation, Construction | 1,971 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 22, 2015 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Retail Properties [Member] | Silverstone Marketplace [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (1,632) | |||
Real Estate and Accumulated Depreciation, Construction | 2,015 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Jul. 27, 2016 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Retail Properties [Member] | Kierland Village [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (1,515) | |||
Real Estate and Accumulated Depreciation, Construction | 2,001 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Sep. 30, 2016 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Retail Properties [Member] | Timberland Town Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (1,559) | |||
Real Estate and Accumulated Depreciation, Construction | 2,015 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Sep. 30, 2016 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Retail Properties [Member] | Montecito Marketplace [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (1,610) | |||
Real Estate and Accumulated Depreciation, Construction | 2,007 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Aug. 8, 2017 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Other Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (2,870) | |||
Other Property [Member] | South Beach Parking Garage [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (2,870) | |||
Real Estate and Accumulated Depreciation, Construction | 2,001 | |||
Real Estate and Accumulated Depreciation, Date Acquired | Jan. 28, 2014 | |||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years |
Schedule III - Real Estate an_4
Schedule III - Real Estate and Accumulated Depreciation Table 3 (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | $ 1,797,585 | $ 1,854,297 | $ 1,744,317 | $ 1,140,638 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Improvements | 67,513 | 219,812 | 670,535 | |
Real Estate, Period Increase (Decrease) | (2,214) | (54,880) | (50,818) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve, Amount | 0 | 0 | (16,038) | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 122,011 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Other Deduction | $ (122,011) | $ (54,952) | $ 0 |
Schedule III - Real Estate an_5
Schedule III - Real Estate and Accumulated Depreciation Table 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 135,480 | $ 112,132 | $ 88,870 | $ 75,245 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Depreciation Expense | 39,833 | 37,333 | 28,990 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Investment in Real Estate Sold | (2,214) | (3,932) | (8,261) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Other Deduction | 0 | 0 | (7,104) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve, Amount | 0 | 0 | 16,038 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Other Deduction | $ (14,271) | $ (10,139) | $ 0 |
Uncategorized Items - jllipt-20
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 35,966,000 |