Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2021 | May 07, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-51948 | |
Entity Registrant Name | Jones Lang LaSalle Income Property Trust, Inc. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 20-1432284 | |
Entity Address, Address Line One | 333 West Wacker Drive | |
Entity Address, City or Town | Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60606 | |
City Area Code | 312 | |
Local Phone Number | 897-4000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001314152 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 91,401,481 | |
Class M [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 35,006,049 | |
Common Class A-I [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 9,636,929 | |
Common Class M-I [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 37,303,389 | |
Common Class D [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 7,513,281 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Investments in real estate: | ||
Land | $ 450,656 | $ 428,313 |
Buildings and equipment | 2,070,267 | 1,892,023 |
Less accumulated depreciation | (232,736) | (219,833) |
Net property and equipment | 2,288,187 | 2,100,503 |
Equity Method Investments | 185,296 | 187,890 |
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | 80,274 | 79,192 |
Disposal Group, Including Discontinued Operation, Segment that Includes Disposal Group | 0 | 34,148 |
Real Estate Investment Property, Net | 2,553,757 | 2,401,733 |
Cash and cash equivalents | 41,345 | 84,805 |
Restricted Cash and Cash Equivalents | 31,435 | 16,629 |
Tenant accounts receivable, net | 9,897 | 8,680 |
Deferred expenses, net | 13,549 | 10,982 |
Acquired intangible assets, net | 141,834 | 105,206 |
Deferred rent receivable, net | 21,849 | 21,274 |
Prepaid expenses and other assets | 15,049 | 9,290 |
TOTAL ASSETS | 2,828,715 | 2,658,599 |
LIABILITIES AND EQUITY | ||
Mortgage notes and other debt payable, net | 914,116 | 868,102 |
Disposal Group, Including Discontinued Operation, Liabilities | 0 | 18,242 |
Accounts payable and other accrued expenses | 49,402 | 36,137 |
Lease Deposit Liability | 206,838 | 155,882 |
Accrued Offering Costs | 109,315 | 155,882 |
Distributions payable | 106,908 | |
Accrued interest | 2,063 | 2,153 |
Accrued real estate taxes | 7,141 | 6,640 |
Advisor fees payable | 2,227 | 2,122 |
Acquired intangible liabilities, net | 29,559 | 14,990 |
TOTAL LIABILITIES | 1,320,661 | 1,211,176 |
Commitments and contingencies | 0 | 0 |
Equity: | ||
Additional paid-in capital | 1,974,251 | 1,922,136 |
Distributions to stockholders | (503,381) | (481,760) |
Accumulated deficit | 15,382 | (14,723) |
Total Jones Lang LaSalle Income Property Trust, Inc. stockholders’ equity | 1,488,032 | 1,427,384 |
Noncontrolling interests | 20,022 | 20,039 |
Total equity | 1,508,054 | 1,447,423 |
TOTAL LIABILITIES AND EQUITY | 2,828,715 | 2,658,599 |
Ownership [Domain] | ||
Investments in real estate: | ||
Land | 22,605 | 22,605 |
Buildings and equipment | 143,024 | 142,946 |
Less accumulated depreciation | (23,928) | (23,083) |
Cash and cash equivalents | 4,265 | 3,159 |
Restricted Cash and Cash Equivalents | 316 | 800 |
Tenant accounts receivable, net | 2,722 | 2,679 |
Deferred expenses, net | 495 | 516 |
Acquired intangible assets, net | 2,380 | 2,638 |
Deferred rent receivable, net | 1,118 | 1,087 |
Prepaid expenses and other assets | 164 | 164 |
LIABILITIES AND EQUITY | ||
Mortgage notes and other debt payable, net | 81,902 | 82,033 |
Accounts payable and other accrued expenses | 1,302 | 1,335 |
Accrued interest | 295 | 296 |
Accrued real estate taxes | $ 571 | $ 738 |
Class A Shares [Member] | ||
LIABILITIES AND EQUITY | ||
Common Stock, Shares, Outstanding | 89,943,750 | 89,671,096 |
Equity: | ||
Common Stock, Value, Issued | $ 899 | $ 897 |
Common Stock, Shares, Issued | 89,943,750 | 89,671,096 |
Class M Shares [Member] | ||
LIABILITIES AND EQUITY | ||
Common Stock, Shares, Outstanding | 35,094,112 | 35,612,156 |
Equity: | ||
Common Stock, Value, Issued | $ 351 | $ 356 |
Common Stock, Shares, Issued | 35,094,112 | 35,612,156 |
Class A-I Shares [Member] | ||
LIABILITIES AND EQUITY | ||
Common Stock, Shares, Outstanding | 9,704,298 | 9,616,299 |
Equity: | ||
Common Stock, Value, Issued | $ 97 | $ 96 |
Common Stock, Shares, Issued | 9,704,298 | 9,616,299 |
Class M-I Shares [Member] | ||
LIABILITIES AND EQUITY | ||
Common Stock, Shares, Outstanding | 35,793,076 | 33,247,001 |
Equity: | ||
Common Stock, Value, Issued | $ 358 | $ 332 |
Common Stock, Shares, Issued | 35,793,076 | 33,247,001 |
Class D Shares [Member] | ||
LIABILITIES AND EQUITY | ||
Common Stock, Shares, Outstanding | 7,513,281 | 4,957,915 |
Equity: | ||
Common Stock, Value, Issued | $ 75 | $ 50 |
Common Stock, Shares, Issued | 7,513,281 | 4,957,915 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Land from VIEs | $ 450,656 | $ 428,313 |
Buildings and equipment from VIEs | 2,070,267 | 1,892,023 |
Less accumulated depreciation (including from VIEs) | (232,736) | (219,833) |
Cash and Cash Equivalents | 41,345 | 84,805 |
Restricted cash | 31,435 | 16,629 |
Tenant accounts receivable from VIEs | 9,897 | 8,680 |
Deferred expenses from VIEs | 13,549 | 10,982 |
Acquired intangible assets, net | 141,834 | 105,206 |
Deferred rent receivables from VIEs | 21,849 | 21,274 |
Prepaid expenses and other assets from VIEs | 15,049 | 9,290 |
Mortgage notes and other debt payable, net | 914,116 | 868,102 |
Disposal Group, Including Discontinued Operation, Liabilities | 0 | 18,242 |
Accounts payable and other accrued expenses from VIEs | 49,402 | 36,137 |
Accrued interest from VIEs | 2,063 | 2,153 |
Accrued real estate taxes from VIEs | 7,141 | 6,640 |
Accumulated stock issuance costs | $ 222,651 | $ 216,405 |
Class A Shares [Member] | ||
Common stock, par value | $ 0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common Stock, Shares, Issued | 89,943,750 | 89,671,096 |
Common stock, shares outstanding | 89,943,750 | 89,671,096 |
Class M Shares [Member] | ||
Common stock, par value | $ 0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common Stock, Shares, Issued | 35,094,112 | 35,612,156 |
Common stock, shares outstanding | 35,094,112 | 35,612,156 |
Class A-I Shares [Member] | ||
Common stock, par value | $ 0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common Stock, Shares, Issued | 9,704,298 | 9,616,299 |
Common stock, shares outstanding | 9,704,298 | 9,616,299 |
Class M-I Shares [Member] | ||
Common stock, par value | $ 0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common Stock, Shares, Issued | 35,793,076 | 33,247,001 |
Common stock, shares outstanding | 35,793,076 | 33,247,001 |
Class D Shares [Member] | ||
Common stock, par value | $ 0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common Stock, Shares, Issued | 7,513,281 | 4,957,915 |
Common stock, shares outstanding | 7,513,281 | 4,957,915 |
Ownership [Domain] | ||
Land from VIEs | $ 22,605 | $ 22,605 |
Buildings and equipment from VIEs | 143,024 | 142,946 |
Less accumulated depreciation (including from VIEs) | (23,928) | (23,083) |
Cash and Cash Equivalents | 4,265 | 3,159 |
Restricted cash | 316 | 800 |
Tenant accounts receivable from VIEs | 2,722 | 2,679 |
Deferred expenses from VIEs | 495 | 516 |
Acquired intangible assets, net | 2,380 | 2,638 |
Deferred rent receivables from VIEs | 1,118 | 1,087 |
Prepaid expenses and other assets from VIEs | 164 | 164 |
Mortgage notes and other debt payable, net | 81,902 | 82,033 |
Accounts payable and other accrued expenses from VIEs | 1,302 | 1,335 |
Accrued interest from VIEs | 295 | 296 |
Accrued real estate taxes from VIEs | $ 571 | $ 738 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues: | ||
Rental revenue | $ 50,731 | $ 46,917 |
Other Revenue | 1,850 | 1,743 |
Total revenues | 52,581 | 48,660 |
Operating expenses: | ||
Real estate taxes | 8,086 | 7,541 |
Property operating | 9,911 | 8,758 |
Property general and administrative | 660 | |
Advisory Fees | 6,325 | |
Company Level Expenses | 1,193 | |
Depreciation and amortization | 19,945 | |
Total operating expenses | 46,120 | 45,435 |
Other income and (expenses): | ||
Interest expense | (9,262) | |
(Loss) income from unconsolidated real estate affiliates and fund investments | (339) | |
Gain on disposition of property and extinguishment of debt | (33,422) | |
Total other income and (expenses) | 23,821 | (21,754) |
Net (loss) income | 30,282 | (18,529) |
Less: Net (loss) income attributable to the noncontrolling interests | (177) | (20) |
Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc. | $ 30,105 | $ (18,549) |
Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc. per share-basic and diluted | ||
Weighted average common stock outstanding-basic and diluted | 174,765,072 | 172,744,239 |
Class A Shares [Member] | ||
Other income and (expenses): | ||
Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc. per share-basic and diluted | $ 0.17 | $ (0.11) |
Class M Shares [Member] | ||
Other income and (expenses): | ||
Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc. per share-basic and diluted | 0.17 | (0.11) |
Class A-I Shares [Member] | ||
Other income and (expenses): | ||
Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc. per share-basic and diluted | 0.17 | (0.11) |
Class M-I Shares [Member] | ||
Other income and (expenses): | ||
Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc. per share-basic and diluted | 0.17 | (0.11) |
Class D Shares [Member] | ||
Other income and (expenses): | ||
Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc. per share-basic and diluted | $ 0.17 | $ (0.11) |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Distributions to Stockholders [Member] | Accumulated Deficit [Member] | Noncontrolling Interest [Member] |
Shares, Issued | 165,745,572 | |||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | $ 1 | $ 1 | ||||
Beginning balance at Dec. 31, 2019 | 1,498,757 | $ 1,658 | $ 1,860,734 | $ (398,939) | $ 29,283 | 6,021 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock | 186,055 | 151 | 185,904 | |||
Repurchase of shares | (93,164) | $ (76) | (93,088) | |||
Conversion of Stock, Shares Issued | (525) | |||||
Offering costs | (15,574) | (15,574) | ||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture | 16,000 | |||||
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture | 192 | 192 | ||||
Net income | (18,529) | (18,549) | 20 | |||
Cash distributed to noncontrolling interests | (53) | (53) | ||||
Distribution declared | (20,936) | (20,936) | ||||
Stock Issued During Period, Shares, Conversion of Units | $ 0 | |||||
Ending balance at Mar. 31, 2020 | $ 1,536,749 | $ 1,733 | 1,938,168 | (419,875) | 10,734 | 5,989 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock (in shares) | 15,097,750 | |||||
Stock Repurchased During Period, Shares | (7,598,597) | (7,598,597) | ||||
Shares, Outstanding | 173,260,200 | |||||
Shares, Issued | 173,104,467 | |||||
Beginning balance at Dec. 31, 2020 | $ 1,447,423 | $ 1,731 | 1,922,136 | (481,760) | (14,723) | 20,039 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock | 103,015 | 87 | 102,928 | |||
Repurchase of shares | (44,794) | $ (38) | (44,756) | |||
Conversion of Stock, Shares Issued | (342) | |||||
Offering costs | (6,246) | (6,246) | ||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture | 16,000 | |||||
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture | 189 | 189 | ||||
Net income | 30,282 | 30,105 | 177 | |||
Cash distributed to noncontrolling interests | (194) | (194) | ||||
Distribution declared | (21,621) | (21,621) | ||||
Stock Issued During Period, Shares, Conversion of Units | $ 0 | |||||
Ending balance at Mar. 31, 2021 | $ 1,508,054 | $ 1,780 | $ 1,974,251 | $ (503,381) | $ 15,382 | $ 20,022 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock (in shares) | 8,758,984 | |||||
Stock Repurchased During Period, Shares | (3,830,592) | (3,830,592) | ||||
Shares, Outstanding | 178,048,517 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Common Stock, Dividends, Per Share, Declared | $ 0.135 | $ 0.135 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income | $ 30,282 | $ (18,529) |
Adjustments to reconcile income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 19,630 | 18,933 |
Gain on Disposition of Property and extinguishment of debt | (33,422) | (1,724) |
Straight line rent | (129) | 216 |
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | 339 | 8,927 |
Other Operating Activities, Cash Flow Statement | 1,850 | 1,166 |
Net changes in assets, liabilities and other | (1,378) | 8,754 |
Net cash provided by operating activities | 17,172 | 17,743 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Payments to Acquire Commercial Real Estate | 226,925 | 101,217 |
Proceeds from Sale of Real Estate Held-for-investment | 66,992 | 5,372 |
Payments for Capital Improvements | 3,758 | 2,455 |
Payments to Acquire Interest in Subsidiaries and Affiliates | (677) | (1,130) |
Payments to Acquire Other Investments | 2,500 | 0 |
Net cash used in (provided by) investing activities | (166,868) | (99,430) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Issuance of common stock | 152,181 | 167,750 |
Repurchase of shares | (44,794) | (92,082) |
Offering Costs | (3,840) | (5,288) |
Distributions to stockholders | (7,887) | (27,562) |
Distributions paid to noncontrolling interests | (194) | (53) |
Contributions received from noncontrolling interests | 0 | 1 |
Payments for (Proceeds from) Deposit on Loan | (2,093) | 0 |
Proceeds from Lines of Credit | 140,000 | 200,000 |
Repayments of Lines of Credit | (100,000) | 0 |
Proceeds from Issuance of Long-term Debt | 70,030 | 35,900 |
Payments of Debt Issuance Costs | (436) | 0 |
Principal payments on mortgage notes and other debt payable | (81,925) | (29,685) |
Net cash provided by financing activities | 121,042 | 248,981 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect [Abstract] | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (28,654) | 167,294 |
Cash and cash equivalents at the beginning of the period | 84,805 | |
Cash and cash equivalents at the end of the period | 41,345 | 266,321 |
Restricted Cash and Cash Equivalents | 31,435 | 14,995 |
Cash, cash equivalents and restricted cash at the end of the period | 72,780 | 281,316 |
Supplemental discolsure of cash flow information: | ||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 8,696 | 8,357 |
Non-cash activities: | ||
Write-Offs of Receivables | (4) | (9) |
Write-offs of retired assets | 1,382 | 4,344 |
Change in Liability for Capital Expenditures | (888) | (251) |
Business Combination, Consideration Transferred | 230 | 63 |
Liabilities Assumed | 320 | 538 |
Change in issuance of common stock receivable | (355) | 2,672 |
Change in accrued offering costs | $ 2,406 | $ 10,286 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2021 | |
Organization [Abstract] | |
Nature of Operations [Text Block] | NOTE 1—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 may 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 Decemb er 31, 2004, when we first elected REIT status. As of March 31, 2021, we owned interests in a total of 85 properties, located in 22 states. We own, and plan to continue to own, all or substantially all of our assets through 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. The use of our operating partnership to hold all or substantially all of our assets is referred to as an Umbrella Partnership Real Estate Investment Trust ("UPREIT"). This structure is intended to facilitate tax-deferred 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 ("OP Units") and defer taxation of gain until the limited partnership interests are disposed of in a taxable transaction. As of March 31, 2021, we raised aggregate proceeds from the issuance of OP Units in our operating partnership of $14,242, and owned directly or indirectly 99.3% of the OP Units of our operating partnership. The remaining 0.7% of the OP Units are held by third parties. 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 (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 "Second Extended Public Offering") effective (Commission File No. 333-222533) to offer 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. In accordance with SEC rules, we extended our Second Extended Public Offering one additional year through July 6, 2021. We reserve the right to terminate the Second Extended Public Offering at any time and to further extend the Second Extended Public Offering term to the extent permissible under applicable law. As of March 31, 2021, we have raised aggregate gross proceeds from the sale of shares of our common stock in our Second Extended Public Offering of $961,262. On March 3, 2015, we commenced a private offering (the "Private Offering") of up to $350,000 in shares of our Class D common stock with an indefinite duration. As of March 31, 2021 , we have raised aggregate gross proceeds from the sale of shares of our Class D common stock in our Private Offering of $98,188. On October 16, 2019, through our operating partnership, we initiated a program (the “DST Program”) to raise up to $500,000, which our board of directors may increase in its sole discretion, in private placements exempt from registration under the Securities Act of 1933, as amended, through the sale of beneficial interests to accredited investors in specific Delaware statutory trusts holding real properties ("DST Properties"), which may be sourced from our real properties or from third parties. As of March 31, 2021, we have raised $206,471 from our DST Program. As of March 31, 2021, 89,943,750 shares of Class A common stock, 35,094,112 shares of Class M common stock, 9,704,298 shares of Class A-I common stock, 35,793,076 shares of Class M-I common stock, and 7,513,281 shares of Class D common stock were outstanding and held by a total of 17,872 stockholders. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 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”), the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and include the accounts of our wholly owned subsidiaries, consolidated variable interest entities ("VIE") and the unconsolidated investment in real estate affiliates accounted for under the equity method of accounting. 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. Parenthetical disclosures are shown on our Consolidated Balance Sheets regarding the amounts of VIE assets and liabilities that are consolidated. As of March 31, 2021, our VIEs included The District at Howell Mill, Grand Lakes Marketplace, and Presley Uptown due to the joint venture 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 March 31, 2021, 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 our outside joint venture partners. The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the accounting policies described in the consolidated financial statements and related notes included in our Annual Report on Form 10-K filed with the SEC on March 12, 2021 (our “2020 Form 10-K”) and should be read in conjunction with such consolidated financial statements and related notes. The following notes to these interim consolidated financial statements highlight changes to the notes included in the December 31, 2020 audited consolidated financial statements included in our 2020 Form 10-K and present interim disclosures as required by the SEC. The interim financial data as of March 31, 2021 and for the three months ended March 31, 2021 and 2020 is unaudited. In our opinion, the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results for the interim periods. 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 March 31, 2021, our restricted cash balance on our Consolidated Balance Sheets was primarily related to common stock subscriptions received in advance of the issuance of the common stock and loan escrow amounts. 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 March 31, 2021 and December 31, 2020 was $6,875 and $6,495, respectively. Rental Revenue Recognition We recognize rental revenue from tenants under operating leases on a straight-line basis over the non-cancelable term of the lease when collectibility of substantially all rents is reasonably assured. Recognition of rental revenue on a straight-line basis includes the effects of rental abatements, lease incentives and fixed and determinable increases in lease payments over the lease term. For leases where collection of substantially all rents is not deemed to be probable, revenue is recorded equal to cash that has been received from the tenant. We evaluate the collectibility of rents and other receivables at each reporting period based on factors including, among others, tenant's payment history, the financial condition of the tenant, business conditions and trends in the industry in which the tenant operates and economic conditions in the geographic area where the property is located. If evaluation of these factors or others indicates it is not probable we will collect substantially all rent we recognize an adjustment to rental revenue. If our judgment or estimation regarding probability of collection changes we may adjust or record additional rental revenue in the period such conclusion is reached. The COVID-19 pandemic has had a negative impact on many of our tenant’s businesses. The duration and extent of the negative effects caused by the COVID-19 pandemic to the economy is uncertain, and as such collectibility of certain tenants rent receivable balances in the future is also uncertain. We have taken into account current tenant conditions, which include consideration of COVID-19 in our estimation of its uncollectible accounts and deferred rents receivable at March 31, 2021. We are closely monitoring the collectibility of such rents and will adjust future estimations as further information becomes known. During the three months ending March 31, 2021, we recorded a reduction in rental revenue of $424 and a reduction in straight line revenue of $187 due to concern of collectibility. During the three months ending March 31, 2021, we deferred $6 and abated $155 of rental revenue. Acquisitions We have allocated a portion of the purchase price of our acquisitions 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 $85,075 and $82,699 at March 31, 2021 and December 31, 2020, 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 $13,114 and $12,724 at March 31, 2021 and December 31, 2020, respectively, on the accompanying Consolidated Balance Sheets. 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 fall within Level 3 of the hierarchy. The fair value is recorded based upon changes in the NAV of the limited partnership as determined from the financial statements of the real estate fund. During the three months ended March 31, 2021 and 2020, we recorded an increase and a decrease in fair value classified within the Level 3 category of $1,081 and $8,736, 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 on the 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 using Level 2 inputs was $30,953 and $30,923 higher than the aggregate carrying amounts at March 31, 2021 and December 31, 2020, respectively. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition of our mortgage notes 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 as a component of interest expense on our Consolidated Statements of Operations 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 swaps. As of March 31, 2021, 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 Swaps 5 $ 190,000 The fair value of our interest rate swaps represent liabilities of $5,561 and $6,500 at March 31, 2021 and December 31, 2020, respectively. Ground Lease As of March 31, 2021, we have a single ground lease arrangement for which we are the lessee and recorded a right-of-use asset within prepaid expenses and other assets on our Consolidated Balance Sheets in the amount of $2,135 and a lease liability within accounts payable and other liabilities on our Consolidated Balance Sheets in the amount of $2,245. 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. Recent Issued Accounting Pronouncements In April 2020, the FASB issued a question and answer document that focused on the application of lease guidance applicable on concessions related to the effects of the COVID-19 pandemic. Per the guidance, we made an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under Topic 842, Leases, as though enforceable rights and obligations for those concessions existed. In March 2020, the FASB issued Accounting Standard Update ("ASU") No. 2020-04, Reference Rate Reform (Topic 848) ("ASU 2020-04"), which provides guidance containing practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We will evaluate the impact of the guidance. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments Credit Losses (Topic 326), which changes how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the current incurred loss model with an expected loss approach, resulting in more timely recognition of such losses. In November 2018, the FASB released ASU 2018-19, Codification Improvements to Topic 326, Financial Instrument - Credit Losses, which clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. The guidance was effective for us as of January 1, 2020 and did not have a material impact on our consolidated financial statements. |
Property Business Combination (
Property Business Combination (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [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. Acquisitions On January 21, 2021, we acquired Louisville Distribution Center, a 1,040,000 square foot industrial property located in Shepherdsville, Kentucky for approximately $95,000. The acquisition was funded with cash on hand. On February 2, 2021, we acquired 170 Park Ave, a 147,000 square foot life sciences property located in Florham Park, New Jersey for approximately $46,600. The acquisition was funded with cash on hand. On February 23, 2021, we acquired Southeast Phoenix Distribution Center, a four property industrial distribution center totaling 474,000 square feet located in Chandler, Arizona for approximately $91,000. The acquisition was funded with cash on hand. We allocated the purchase price for our 2021 acquisitions in accordance with authoritative guidance as follows: 2021 Acquisitions Land $ 22,343 Building and equipment 177,243 In-place lease intangible (acquired intangible assets) 40,903 Above-market lease intangible (acquired intangible assets) 2,214 Below-market lease intangible (acquired intangible liabilities) (15,458) $ 227,245 Amortization period for intangible assets and liabilities 55 - 180 months Disposition |
Unconsolidated Real Estate Affi
Unconsolidated Real Estate Affiliates | 3 Months Ended |
Mar. 31, 2021 | |
Unconsolidated Real Estate [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | UNCONSOLIDATED REAL ESTATE AFFILIATES AND FUND INVESTMENTS Unconsolidated Real Estate Affiliates In addition to investments in consolidated properties, we may make investments in real estate which are classified as unconsolidated real estate affiliates under GAAP. The following represent our unconsolidated real estate affiliates as of March 31, 2021 and December 31, 2020. Carrying Amount of Investment Property Property Type Location Acquisition Date March 31, 2021 December 31, 2020 Chicago Parking Garage Other Chicago, IL December 23, 2014 $ 14,164 $ 14,000 Pioneer Tower Office Portland, OR June 28, 2016 106,909 108,715 The Tremont Apartment Burlington, MA July 19, 2018 21,466 21,430 The Huntington Apartment Burlington, MA July 19, 2018 11,375 11,549 Siena Suwanee Town Center Apartment Suwanee, GA December 15, 2020 31,382 32,196 Total $ 185,296 $ 187,890 Summarized Combined Statements of Operations—Unconsolidated Real Estate Affiliates—Equity Method Investments Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Total revenues $ 5,707 $ 4,396 Total operating expenses 6,043 4,053 Operating income $ (336) $ 343 Interest expense 1,021 534 Net loss $ (1,357) $ (191) 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 was approximately $85,600 including closing costs. As of March 31, 2021, the NYC Retail Portfolio owned 8 retail properties totaling approximately 1,940,000 square feet across urban infill locations in Manhattan, Brooklyn, Queens 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 within income from unconsolidated real estate affiliates and fund investments. As of March 31, 2021 and December 31, 2020, the carrying amount of our investment in the NYC Retail Portfolio was $80,274 and $79,192, respectively. During the three months ended March 31, 2021, we recorded an increase in fair value of our investment in the NYC Retail Portfolio of $1,081 and received no cash distributions. During the three months ended March 31, 2020, we recorded a decrease in fair value of our investment in the NYC Retail Portfolio of $8,736 and received no cash distributions. On March 4, 2020, a retail property in the NYC Retail Portfolio with a square footage of 74,000 was sold and the mortgage loan was extinguished. Summarized Statement of Operations—NYC Retail Portfolio Investment—Fair Value Option Investment Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Total revenue $ 36 $ 1,506 Net investment income (493) 1,084 Net change in unrealized gain (loss) on investment in real estate venture 3,907 (31,560) Net income (loss) $ 3,414 $ (30,476) |
Mortgage Notes and Other Debt P
Mortgage Notes and Other Debt Payable | 3 Months Ended |
Mar. 31, 2021 | |
Mortgage Notes Payable [Abstract] | |
Debt Disclosure [Text Block] | MORTGAGE NOTES AND OTHER DEBT PAYABLE Mortgage notes and other debt payable have various maturities through 2031 and consist of the following: Mortgage notes and other debt payable Maturity Date Interest Amount payable as of March 31, 2021 December 31, 2020 Mortgage notes payable (1) (2) (3) (4) May 25, 2023 - March 1, 2038 2.41% - 5.30% $ 777,021 $ 771,043 Credit facility Revolving line of credit May 25, 2021 3.51% 40,000 — Term loans May 25, 2023 3.10% 100,000 100,000 TOTAL $ 917,021 $ 871,043 Net debt discount on assumed debt and debt issuance costs (2,905) (2,941) Mortgage notes and other debt payable, net $ 914,116 $ 868,102 South Seattle Distribution Center (5) $ — $ 17,873 Mortgage notes and other debt payable of held for sale property $ — $ 17,873 ________ (1) On February 10, 2021, we entered into a $34,000 mortgage payable on Whitestown Distribution Center. The mortgage note bears an interest of 2.95% and matures on February 10, 2028. (2) On March 8, 2021, we repaid the mortgage note payable related to 140 Park Avenue in the amount of $22,800. (3) On March 11, 2021, we entered into a $36,030 mortgage payable on Townlake of Coppell. The mortgage note bears an interest rate of 2.41% and matures on April 10, 2028. (4) On March 17, 2021, we repaid the mortgage note payable related to Monument IV in the amount of $40,000. (5) The property associated with this loan was designated as held for sale as of December 31, 2020. The property associated with this loan was sold on January 8, 2021 and the loan was repaid. Aggregate future principal payments of mortgage notes and other debt payable as of March 31, 2021 are as follows: Year Amount 2021 $ 44,390 2022 6,856 2023 188,896 2024 23,889 2025 191,221 Thereafter 461,769 Total $ 917,021 Credit Facility 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. 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 maturing on May 26, 2022. We collectively refer to the two term loans as the "Term Loans". 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. We are negotiating an expansion and three year extension to our Revolving Line of Credit. 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 March 31, 2021, 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 NAV; (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 March 31, 2021, we had $40,000 outstanding under the Revolving Line of Credit at LIBOR + 1.35% and $100,000 outstanding under the Term Loans 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 March 31, 2021) and swapped $90,000 of the Revolving Line of Credit to a fixed rate of 2.64% (all in rate of 3.99%) at March 31, 2021. Covenants At March 31, 2021, we were in compliance with all debt covenants. Debt Issuance Costs |
Common Stock Common Stock
Common Stock Common Stock | 3 Months Ended |
Mar. 31, 2021 | |
Common Stock [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 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 NAV, are as follows: Selling Commission (1) Dealer Manager Fee (2) Class A Shares 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 — None Class D Shares (3) 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. Each Class A, Class M and Class A-I share sold in a public offering will automatically convert into the number of Class M-I shares based on the then-current applicable NAV of each class on the date following the termination of the primary portion of such public offering in which we, with the assistance of the Dealer Manager, determine that total underwriting compensation paid with respect to such public offering equals 10% of the gross proceeds from the primary portion of such public offering. (3) 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 three months ended March 31, 2021 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, 2020 89,671,096 35,612,156 9,616,299 33,247,001 4,957,915 Issuance of common stock 2,848,254 515,302 87,999 2,768,063 2,555,366 Repurchase of common stock (2,514,149) (860,649) — (455,794) — Share conversions (61,451) (172,697) — 233,806 — Balance, March 31, 2021 89,943,750 35,094,112 9,704,298 35,793,076 7,513,281 Stock Issuances The stock issuances for our classes of common stock, including those issued through our distribution reinvestment plan, for the three months ended March 31, 2021 were as follows: Three Months Ended March 31, 2021 # of shares Amount Class A Shares 2,848,254 $ 33,624 Class M Shares 515,302 6,068 Class A-I Shares 87,999 1,043 Class M-I Shares 2,768,063 32,469 Class D Shares 2,555,366 30,000 Total $ 103,204 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. For the three months ended March 31, 2021, we repurchased 3,830,592 shares of common stock in the amount of $44,794. During the three months ended March 31, 2020, we repurchased 7,598,597 shares of common stock in the amount of $93,164. 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 three months ended March 31, 2021, we issued 1,161,954 shares of common stock for $13,734 under the distribution reinvestment plan. For the three months ended March 31, 2020, we issued 1,082,296 shares of common stock for $13,262 under the distribution reinvestment plan. Operating Partnership Units In connection with the acquisition of Siena Suwanee Town Center, we issued 1,217,092 OP Units to third parties for a total of $14,252. After a one-year holding period, holders of operating partnership units generally have the right to cause the operating partnership to redeem all or a portion of their operating partnership units for, at our sole discretion, shares of our common stock, cash, or a combination of both. Earnings Per Share 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 9-Related Party Transactions ), which may impact the net income of each class of common stock differently. 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: Three Months Ended March 31, 2021 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 $ 15,464 $ 6,060 $ 1,659 $ 5,916 $ 1,006 Weighted average number of common shares outstanding 89,762,121 35,177,589 9,637,799 34,349,467 5,838,096 Basic and diluted net income per share: $ 0.17 $ 0.17 $ 0.17 $ 0.17 $ 0.17 Three Months Ended March 31, 2020 Class A Class M Class A-I Class M-I Class D Basic and diluted net loss per share: Allocation of net loss per share before performance fee $ (9,849) $ (4,172) $ (1,191) $ (2,805) $ (532) Weighted average number of common shares outstanding 91,730,904 38,847,788 11,082,858 26,124,774 4,927,915 Basic and diluted net loss per share: $ (0.11) $ (0.11) $ (0.11) $ (0.11) $ (0.11) Organization and Offering Costs Organization and offering costs include, but are not limited to, legal, accounting, 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, or in a private placement, 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 |
DST Program (Notes)
DST Program (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Variable Interest Entity [Line Items] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 7—DST PROGRAM On October 16, 2019, we, through our operating partnership, initiated the DST Program to raise up to $500,000 in private placements through the sale of beneficial interests in specific Delaware statutory trusts (“DST”) holding DST Properties, which may be sourced from our existing portfolio or from newly acquired properties sourced from third parties. Each DST Property will be leased back by a wholly owned subsidiary of our operating partnership on a long-term basis of up to ten years pursuant to a master lease agreement. The master lease agreements are expected to be guaranteed by our operating partnership. As compensation for the master lease guarantee, our operating partnership will retain a fair market value purchase option giving it the right, but not the obligation, to acquire the beneficial interests in the DST from the investors at any time after two years from the closing of the applicable DST offering in exchange for operating partnership units or cash, at our discretion. The sale of beneficial interests in the DST Property will be accounted for as a failed sale-leaseback transaction due to the fair market value purchase option retained by the operating partnership and as such, the property will remain on our books and records. The proceeds received from each DST offering will be accounted for as a financing obligation on the Consolidated Balance Sheets. Upfront costs incurred for services provided to the DST totaling $359 are accounted for as deferred loan costs and are netted against the financing obligation. Under the master lease, we are responsible for subleasing the DST Property to tenants, for covering all costs associated with operating the underlying DST Property, and for paying base rent to the DST that owns such property. For financial reporting purposes (and not for income tax purposes), the DST Properties are included in our consolidated financial statements, with the master lease rent payments accounted for using the interest method whereby a portion is accounted for as interest expense and a portion is accounted for as a reduction of the outstanding principal balance of the financing obligation. For financial reporting purposes, the rental revenues and rental expenses associated with the underlying property of each master lease are included in the respective line items on our Consolidated Statements of Operations and Comprehensive Income. The net amount we receive from the underlying DST Properties may be more or less than the amount we pay to the investors in the specific DST and could fluctuate over time. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
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. The term of our Advisory Agreement expires June 5, 2022, subject to an unlimited number of successive one year renewals. Fixed advisory fees for the three months ended March 31, 2021 and 2020 were $6,325 and $6,578, respectively. There were no performance fees for the three months ended March 31, 2021 and 2020. Included in Advisor fees payable at March 31, 2021 was $2,227 of fixed advisory fee expense. Included in Advisor fees payable for the year ended December 31, 2020 was $2,122 of fixed advisory fee expense. We pay Jones Lang LaSalle Americas, Inc. (“JLL Americas”), an affiliate of our Advisor, for property management, construction management, leasing, mortgage brokerage and sales brokerage services performed at various properties we own. For the three months ended March 31, 2021 and 2020, we paid JLL Americas $166 and $187, respectively, for property management and leasing services. During the three months ended March 31, 2021, we paid JLL Americas $162 in mortgage brokerage fees related to the mortgage note payable for Townlake of Coppell. During the three months ended March 31, 2020, we paid JLL Americas $75 in sales brokerage fees. We pay the Dealer Manager selling commissions and dealer manager fees in connection with our offerings. For the three months ended March 31, 2021 and 2020, we paid the Dealer Manager selling commissions and dealer manager fees totaling $2,614 and $3,590, respectively. A majority of the selling commissions and dealer manager fees are reallowed to participating broker-dealers. Included in accrued offering costs, at March 31, 2021 and December 31, 2020, were $108,087 and $105,770 of future dealer manager fees payable, respectively. As of March 31, 2021 and December 31, 2020, we owed $1,228 and $1,138, respectively, for organization and offering costs paid by LaSalle (see Note 6-Common Stock ). These costs are included in accrued offering costs. LaSalle Investment Management Distributors, LLC also serves as the dealer manager for the DST Program on a “best efforts” basis. Our taxable REIT subsidiary, which is a wholly owned subsidiary of our operating partnership, will pay the Dealer Manager upfront selling commissions, upfront dealer manager fees and placement fees of up to 5.0%, 1.0% and 1.0%, respectively, of the gross purchase price per unit of beneficial interest sold in the DST Program. All upfront selling commissions and upfront dealer manager fees are reallowed to participating broker-dealers. For the three months ended March 31, 2021 and 2020, the taxable REIT subsidiary paid $1,027 and $663, respectively, to the Dealer Manager. In addition, the Dealer Manager may receive an ongoing investor servicing fee that is calculated daily on a continuous basis from year to year equal to 1/365th of (a) 0.25% of the total equity of each outstanding unit of beneficial interest for such day, payable by the Delaware statutory trusts; (b) 0.85% of the NAV of each outstanding Class A operating partnership unit, 0.30% of the NAV of each outstanding Class M operating partnership or 0.30% of the NAV of each outstanding Class A-I operating partnership unit for such day issued in connection with our operating partnership's fair market value purchase option, payable by our operating partnership; and (c) 0.85% of the NAV of each outstanding Class A share, 0.30% of the NAV of each outstanding Class M share or 0.30% of the NAV of each outstanding Class A-I share for such day issued in connection with the investors' redemption right, payable by us. The investor servicing fee may continue for so long as the investor in the DST Program holds beneficial interests, Class A, Class M and Class A-I operating partnership units or Class A, Class M and Class A-I shares that were issued in connection with the DST Program. No investor servicing fee will be paid on Class M-I operating partnership units or Class M-I shares. For the three months ended March 31, 2021 and 2020, the Delaware statutory trusts paid $126 and $4 in investor servicing fees to the Dealer Manager in connection with the DST Program. LaSalle also serves as the manager for the DST Program. Each Delaware statutory trust may pay the manager a management fee equal to a to-be-agreed upon percentage of the total equity of such Delaware statutory trust. For the three months ended March 31, 2021 and 2020, the Delaware statutory trusts paid $76 and $2 in management fees to our Advisor in connection with the DST Program. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
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. |
Rentals Under Operating Leases
Rentals Under Operating Leases | 3 Months Ended |
Mar. 31, 2021 | |
Rentals Under Operating Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | We receive rental income from operating leases. The minimum future rentals from consolidated properties based on operating leases in place at March 31, 2021 are as follows: Year Amount 2021 $ 115,706 2022 116,997 2023 102,405 2024 89,863 2025 79,377 Thereafter 283,525 Total $ 787,873 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | SEGMENT REPORTING We have five reportable operating segments: apartment, industrial, office, retail and other properties. Consistent with how our chief operating decision makers evaluate performance and manage our properties, the financial information summarized below is presented by operating segment and reconciled to net income for the three months ended March 31, 2021 and 2020. Apartment Industrial Office Retail Other Total Assets as of March 31, 2021 $ 785,122 $ 805,301 $ 336,423 $ 573,911 $ 22,370 $ 2,523,127 Assets as of December 31, 2020 788,060 659,870 277,556 577,588 22,134 2,325,208 Three Months Ended March 31, 2021 Capital expenditures by segment $ 710 $ 2,975 $ 433 $ 512 $ 16 $ 4,646 Revenues: Rental revenue $ 15,848 $ 15,226 $ 7,572 $ 12,053 $ 32 $ 50,731 Other revenue 759 5 372 83 631 1,850 Total revenues $ 16,607 $ 15,231 $ 7,944 $ 12,136 $ 663 $ 52,581 Operating expenses: Real estate taxes $ 3,112 $ 2,459 $ 767 $ 1,633 $ 115 $ 8,086 Property operating expenses 4,830 1,354 1,487 2,046 194 9,911 Total segment operating expenses $ 7,942 $ 3,813 $ 2,254 $ 3,679 $ 309 $ 17,997 Reconciliation to net income Property general and administrative $ 660 Advisor fees 6,325 Company level expenses 1,193 Depreciation and amortization 19,945 Total operating expenses $ 46,120 Other income and (expenses): Interest expense $ (9,262) Loss from unconsolidated real estate affiliates and fund investment (339) Gain on disposition of property and extinguishment of debt, net 33,422 Total other income and (expenses) $ 23,821 Net income $ 30,282 Reconciliation to total consolidated assets as of March 31, 2021 Assets per reportable segments $ 2,523,127 Investment in unconsolidated real estate affiliates, real estate fund investment and corporate level assets 305,588 Total consolidated assets $ 2,828,715 Reconciliation to total consolidated assets as of December 31, 2020 Assets per reportable segments 2,325,208 Investment in unconsolidated real estate affiliates, real estate fund investment and corporate level assets 333,391 Total consolidated assets $ 2,658,599 Apartment Industrial Office Retail Other Total Three Months Ended March 31, 2020 Capital expenditures by segment $ 1,013 $ 272 $ 798 $ 623 $ — $ 2,706 Revenues: Rental revenue $ 16,240 $ 11,992 $ 6,401 $ 12,215 $ 69 $ 46,917 Other revenue 786 108 276 122 451 1,743 Total revenues $ 17,026 $ 12,100 $ 6,677 $ 12,337 $ 520 $ 48,660 Operating expenses: Real estate taxes $ 2,898 $ 2,101 $ 848 $ 1,591 $ 103 $ 7,541 Property operating expenses 4,495 979 1,203 1,874 207 8,758 Total segment operating expenses $ 7,393 $ 3,080 $ 2,051 $ 3,465 $ 310 $ 16,299 Reconciliation to net income Property general and administrative $ 2,548 Advisor fees 6,578 Company level expenses 954 Depreciation and amortization 19,056 Total operating expenses $ 45,435 Other income and (expenses): Interest expense $ (14,535) Loss from unconsolidated real estate affiliates and fund investment (8,927) Gain on disposition of property and extinguishment of debt, net 1,708 Total other income and (expenses) $ (21,754) Net loss $ (18,529) |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Event [Line Items] | |
Subsequent Events | SUBSEQUENT EVENTS On May 3, 2021, we acquired Princeton North Andover, a newly constructed, 192-unit apartment property located in North Andover, Massachusetts, for approximately $72,500. The acquisition was funded with cash on hand. On May 4, 2021, our board of directors approved a gross dividend for the second quarter of 2021 of $0.135 per share to stockholders of record as of June 24, 2021. The dividend will be paid on or around June 29, 2021. 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. On May 4, 2021, we renewed our Advisory Agreement for a one-year term expiring on June 5, 2022, without any other changes. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | 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”), the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and include the accounts of our wholly owned subsidiaries, consolidated variable interest entities ("VIE") and the unconsolidated investment in real estate affiliates accounted for under the equity method of accounting. 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. Parenthetical disclosures are shown on our Consolidated Balance Sheets regarding the amounts of VIE assets and liabilities that are consolidated. As of March 31, 2021, our VIEs included The District at Howell Mill, Grand Lakes Marketplace, and Presley Uptown due to the joint venture 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 March 31, 2021, 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 our outside joint venture partners. The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the accounting policies described in the consolidated financial statements and related notes included in our Annual Report on Form 10-K filed with the SEC on March 12, 2021 (our “2020 Form 10-K”) and should be read in conjunction with such consolidated financial statements and related notes. The following notes to these interim consolidated financial statements highlight changes to the notes included in the December 31, 2020 audited consolidated financial statements included in our 2020 Form 10-K and present interim disclosures as required by the SEC. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | 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 March 31, 2021, our restricted cash balance on our Consolidated Balance Sheets was primarily related to common stock subscriptions received in advance of the issuance of the common stock and loan escrow amounts. |
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 March 31, 2021 and December 31, 2020 was $6,875 and $6,495, respectively. |
Revenue Recognition Leases, Operating [Policy Text Block] | Rental Revenue Recognition We recognize rental revenue from tenants under operating leases on a straight-line basis over the non-cancelable term of the lease when collectibility of substantially all rents is reasonably assured. Recognition of rental revenue on a straight-line basis includes the effects of rental abatements, lease incentives and fixed and determinable increases in lease payments over the lease term. For leases where collection of substantially all rents is not deemed to be probable, revenue is recorded equal to cash that has been received from the tenant. We evaluate the collectibility of rents and other receivables at each reporting period based on factors including, among others, tenant's payment history, the financial condition of the tenant, business conditions and trends in the industry in which the tenant operates and economic conditions in the geographic area where the property is located. If evaluation of these factors or others indicates it is not probable we will collect substantially all rent we recognize an adjustment to rental revenue. If our judgment or estimation regarding probability of collection changes we may adjust or record additional rental revenue in the period such conclusion is reached. |
Acquisitions | Acquisitions We have allocated a portion of the purchase price of our acquisitions 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 $85,075 and $82,699 at March 31, 2021 and December 31, 2020, 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 $13,114 and $12,724 at March 31, 2021 and December 31, 2020, respectively, on the accompanying Consolidated Balance Sheets. |
Fair Value Disclosure | 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 fall within Level 3 of the hierarchy. The fair value is recorded based upon changes in the NAV of the limited partnership as determined from the financial statements of the real estate fund. During the three months ended March 31, 2021 and 2020, we recorded an increase and a decrease in fair value classified within the Level 3 category of $1,081 and $8,736, 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 on the 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 using Level 2 inputs was $30,953 and $30,923 higher than the aggregate carrying amounts at March 31, 2021 and December 31, 2020, respectively. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition of our mortgage notes payable. |
Derivatives, Reporting of Derivative Activity [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 as a component of interest expense on our Consolidated Statements of Operations 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 swaps. As of March 31, 2021, 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 Swaps 5 $ 190,000 The fair value of our interest rate swaps represent liabilities of $5,561 and $6,500 at March 31, 2021 and December 31, 2020, respectively. |
Lessee, Operating Leases | Ground Lease As of March 31, 2021, we have a single ground lease arrangement for which we are the lessee and recorded a right-of-use asset within prepaid expenses and other assets on our Consolidated Balance Sheets in the amount of $2,135 and a lease liability within accounts payable and other liabilities on our Consolidated Balance Sheets in the amount of $2,245. |
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. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Issued Accounting Pronouncements In April 2020, the FASB issued a question and answer document that focused on the application of lease guidance applicable on concessions related to the effects of the COVID-19 pandemic. Per the guidance, we made an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under Topic 842, Leases, as though enforceable rights and obligations for those concessions existed. In March 2020, the FASB issued Accounting Standard Update ("ASU") No. 2020-04, Reference Rate Reform (Topic 848) ("ASU 2020-04"), which provides guidance containing practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We will evaluate the impact of the guidance. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments Credit Losses (Topic 326), which changes how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the current incurred loss model with an expected loss approach, resulting in more timely recognition of such losses. In November 2018, the FASB released ASU 2018-19, Codification Improvements to Topic 326, Financial Instrument - Credit Losses, which clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. The guidance was effective for us as of January 1, 2020 and did not have a material impact on our consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | As of March 31, 2021, 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 Swaps 5 $ 190,000 |
Property Purchase Price Allocat
Property Purchase Price Allocation of Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | We allocated the purchase price for our 2021 acquisitions in accordance with authoritative guidance as follows: 2021 Acquisitions Land $ 22,343 Building and equipment 177,243 In-place lease intangible (acquired intangible assets) 40,903 Above-market lease intangible (acquired intangible assets) 2,214 Below-market lease intangible (acquired intangible liabilities) (15,458) $ 227,245 Amortization period for intangible assets and liabilities 55 - 180 months |
Unconsolidated Real Estate Af_2
Unconsolidated Real Estate Affiliates Equity Method Investments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity Method Investments [Abstract] | |
Equity Method Investments [Table Text Block] | Unconsolidated Real Estate Affiliates In addition to investments in consolidated properties, we may make investments in real estate which are classified as unconsolidated real estate affiliates under GAAP. The following represent our unconsolidated real estate affiliates as of March 31, 2021 and December 31, 2020. Carrying Amount of Investment Property Property Type Location Acquisition Date March 31, 2021 December 31, 2020 Chicago Parking Garage Other Chicago, IL December 23, 2014 $ 14,164 $ 14,000 Pioneer Tower Office Portland, OR June 28, 2016 106,909 108,715 The Tremont Apartment Burlington, MA July 19, 2018 21,466 21,430 The Huntington Apartment Burlington, MA July 19, 2018 11,375 11,549 Siena Suwanee Town Center Apartment Suwanee, GA December 15, 2020 31,382 32,196 Total $ 185,296 $ 187,890 Summarized Combined Statements of Operations—Unconsolidated Real Estate Affiliates—Equity Method Investments Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Total revenues $ 5,707 $ 4,396 Total operating expenses 6,043 4,053 Operating income $ (336) $ 343 Interest expense 1,021 534 Net loss $ (1,357) $ (191) |
Fair Value Option, Disclosures [Table Text Block] | Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Total revenue $ 36 $ 1,506 Net investment income (493) 1,084 Net change in unrealized gain (loss) on investment in real estate venture 3,907 (31,560) Net income (loss) $ 3,414 $ (30,476) |
Mortgage Notes and Other Debt_2
Mortgage Notes and Other Debt Payable Table 1 - Schedule of Mortgages and Other Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 2031 and consist of the following: Mortgage notes and other debt payable Maturity Date Interest Amount payable as of March 31, 2021 December 31, 2020 Mortgage notes payable (1) (2) (3) (4) May 25, 2023 - March 1, 2038 2.41% - 5.30% $ 777,021 $ 771,043 Credit facility Revolving line of credit May 25, 2021 3.51% 40,000 — Term loans May 25, 2023 3.10% 100,000 100,000 TOTAL $ 917,021 $ 871,043 Net debt discount on assumed debt and debt issuance costs (2,905) (2,941) Mortgage notes and other debt payable, net $ 914,116 $ 868,102 South Seattle Distribution Center (5) $ — $ 17,873 Mortgage notes and other debt payable of held for sale property $ — $ 17,873 ________ (1) On February 10, 2021, we entered into a $34,000 mortgage payable on Whitestown Distribution Center. The mortgage note bears an interest of 2.95% and matures on February 10, 2028. (2) On March 8, 2021, we repaid the mortgage note payable related to 140 Park Avenue in the amount of $22,800. (3) On March 11, 2021, we entered into a $36,030 mortgage payable on Townlake of Coppell. The mortgage note bears an interest rate of 2.41% and matures on April 10, 2028. (4) On March 17, 2021, we repaid the mortgage note payable related to Monument IV in the amount of $40,000. |
Aggregate principal payments of mortgage notes payable | Aggregate future principal payments of mortgage notes and other debt payable as of March 31, 2021 are as follows: Year Amount 2021 $ 44,390 2022 6,856 2023 188,896 2024 23,889 2025 191,221 Thereafter 461,769 Total $ 917,021 |
Common Stock Common Stock (Tabl
Common Stock Common Stock (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Common Stock [Abstract] | |
Offering Cost Fees [Table Text Block] | Selling Commission (1) Dealer Manager Fee (2) Class A Shares 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 — None Class D Shares (3) 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. Each Class A, Class M and Class A-I share sold in a public offering will automatically convert into the number of Class M-I shares based on the then-current applicable NAV of each class on the date following the termination of the primary portion of such public offering in which we, with the assistance of the Dealer Manager, determine that total underwriting compensation paid with respect to such public offering equals 10% of the gross proceeds from the primary portion of such public offering. (3) Shares of Class D common stock are only being offered pursuant to a private offering. |
Stock Transactions [Table Text Block] | Stock Transactions The stock transactions for each of our classes of common stock for the three months ended March 31, 2021 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, 2020 89,671,096 35,612,156 9,616,299 33,247,001 4,957,915 Issuance of common stock 2,848,254 515,302 87,999 2,768,063 2,555,366 Repurchase of common stock (2,514,149) (860,649) — (455,794) — Share conversions (61,451) (172,697) — 233,806 — Balance, March 31, 2021 89,943,750 35,094,112 9,704,298 35,793,076 7,513,281 |
Class of Stock [Line Items] | |
Schedule of Stock by Class [Table Text Block] | Stock Issuances The stock issuances for our classes of common stock, including those issued through our distribution reinvestment plan, for the three months ended March 31, 2021 were as follows: Three Months Ended March 31, 2021 # of shares Amount Class A Shares 2,848,254 $ 33,624 Class M Shares 515,302 6,068 Class A-I Shares 87,999 1,043 Class M-I Shares 2,768,063 32,469 Class D Shares 2,555,366 30,000 Total $ 103,204 |
Schedule of Earnings Per Share [Table Text Block] | Three Months Ended March 31, 2021 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 $ 15,464 $ 6,060 $ 1,659 $ 5,916 $ 1,006 Weighted average number of common shares outstanding 89,762,121 35,177,589 9,637,799 34,349,467 5,838,096 Basic and diluted net income per share: $ 0.17 $ 0.17 $ 0.17 $ 0.17 $ 0.17 Three Months Ended March 31, 2020 Class A Class M Class A-I Class M-I Class D Basic and diluted net loss per share: Allocation of net loss per share before performance fee $ (9,849) $ (4,172) $ (1,191) $ (2,805) $ (532) Weighted average number of common shares outstanding 91,730,904 38,847,788 11,082,858 26,124,774 4,927,915 Basic and diluted net loss per share: $ (0.11) $ (0.11) $ (0.11) $ (0.11) $ (0.11) |
Rentals Under Operating Leases
Rentals Under Operating Leases Rentals Under Operating Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Operating Leased Assets [Line Items] | |
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 based on operating leases in place at March 31, 2021 are as follows: Year Amount 2021 $ 115,706 2022 116,997 2023 102,405 2024 89,863 2025 79,377 Thereafter 283,525 Total $ 787,873 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Consistent with how our chief operating decision makers evaluate performance and manage our properties, the financial information summarized below is presented by operating segment and reconciled to net income for the three months ended March 31, 2021 and 2020. Apartment Industrial Office Retail Other Total Assets as of March 31, 2021 $ 785,122 $ 805,301 $ 336,423 $ 573,911 $ 22,370 $ 2,523,127 Assets as of December 31, 2020 788,060 659,870 277,556 577,588 22,134 2,325,208 Three Months Ended March 31, 2021 Capital expenditures by segment $ 710 $ 2,975 $ 433 $ 512 $ 16 $ 4,646 Revenues: Rental revenue $ 15,848 $ 15,226 $ 7,572 $ 12,053 $ 32 $ 50,731 Other revenue 759 5 372 83 631 1,850 Total revenues $ 16,607 $ 15,231 $ 7,944 $ 12,136 $ 663 $ 52,581 Operating expenses: Real estate taxes $ 3,112 $ 2,459 $ 767 $ 1,633 $ 115 $ 8,086 Property operating expenses 4,830 1,354 1,487 2,046 194 9,911 Total segment operating expenses $ 7,942 $ 3,813 $ 2,254 $ 3,679 $ 309 $ 17,997 Reconciliation to net income Property general and administrative $ 660 Advisor fees 6,325 Company level expenses 1,193 Depreciation and amortization 19,945 Total operating expenses $ 46,120 Other income and (expenses): Interest expense $ (9,262) Loss from unconsolidated real estate affiliates and fund investment (339) Gain on disposition of property and extinguishment of debt, net 33,422 Total other income and (expenses) $ 23,821 Net income $ 30,282 Reconciliation to total consolidated assets as of March 31, 2021 Assets per reportable segments $ 2,523,127 Investment in unconsolidated real estate affiliates, real estate fund investment and corporate level assets 305,588 Total consolidated assets $ 2,828,715 Reconciliation to total consolidated assets as of December 31, 2020 Assets per reportable segments 2,325,208 Investment in unconsolidated real estate affiliates, real estate fund investment and corporate level assets 333,391 Total consolidated assets $ 2,658,599 Apartment Industrial Office Retail Other Total Three Months Ended March 31, 2020 Capital expenditures by segment $ 1,013 $ 272 $ 798 $ 623 $ — $ 2,706 Revenues: Rental revenue $ 16,240 $ 11,992 $ 6,401 $ 12,215 $ 69 $ 46,917 Other revenue 786 108 276 122 451 1,743 Total revenues $ 17,026 $ 12,100 $ 6,677 $ 12,337 $ 520 $ 48,660 Operating expenses: Real estate taxes $ 2,898 $ 2,101 $ 848 $ 1,591 $ 103 $ 7,541 Property operating expenses 4,495 979 1,203 1,874 207 8,758 Total segment operating expenses $ 7,393 $ 3,080 $ 2,051 $ 3,465 $ 310 $ 16,299 Reconciliation to net income Property general and administrative $ 2,548 Advisor fees 6,578 Company level expenses 954 Depreciation and amortization 19,056 Total operating expenses $ 45,435 Other income and (expenses): Interest expense $ (14,535) Loss from unconsolidated real estate affiliates and fund investment (8,927) Gain on disposition of property and extinguishment of debt, net 1,708 Total other income and (expenses) $ (21,754) Net loss $ (18,529) |
Organization (Details)
Organization (Details) $ in Thousands | Oct. 16, 2019USD ($) | Mar. 03, 2015USD ($) | Mar. 31, 2021USD ($)Rateshares | Mar. 31, 2021USD ($)shares | Dec. 31, 2020shares |
Organization (Textual) [Abstract] | |||||
Incorporation date | May 28, 2004 | ||||
common stock, authorized in offering of new shares | $ 3,000,000 | ||||
Common Stock, Value Authorized during Offering | 2,700,000 | ||||
common stock, authorized in offering for DRIP shares | $ 300,000 | ||||
common stock, value authorized during DST offering | $ 500,000 | ||||
Number Of Stockholders | 17,872 | 17,872 | |||
Investment Owned, Balance, Shares | shares | 2,521,801 | 2,521,801 | |||
Investment Owned, at Fair Value | $ 29,833 | $ 29,833 | |||
Proceeds from Issuance or Sale of Equity | $ 14,242 | ||||
Sale of Stock, Percentage of Ownership after Transaction | Rate | 99.30% | ||||
Other Ownership Interest | |||||
Organization (Textual) [Abstract] | |||||
Sale of Stock, Percentage of Ownership after Transaction | Rate | 0.70% | ||||
Consolidated properties [Member] | |||||
Organization (Textual) [Abstract] | |||||
Number of properties owned | 85 | 85 | |||
Number of states | 22 | 22 | |||
Class A Shares [Member] | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Shares, Outstanding | shares | 89,943,750 | 89,943,750 | 89,671,096 | ||
Class M Shares [Member] | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Shares, Outstanding | shares | 35,094,112 | 35,094,112 | 35,612,156 | ||
Class A-I Shares [Member] | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Shares, Outstanding | shares | 9,704,298 | 9,704,298 | 9,616,299 | ||
Class M-I Shares [Member] | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Shares, Outstanding | shares | 35,793,076 | 35,793,076 | 33,247,001 | ||
Class D Shares [Member] | |||||
Organization (Textual) [Abstract] | |||||
common stock, value authorized during private offering | $ 350,000 | ||||
Common Stock, Shares, Outstanding | shares | 7,513,281 | 7,513,281 | 4,957,915 | ||
FOO [Member] | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Value, Outstanding | $ 961,262 | $ 961,262 | |||
IPO [Member] | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Value, Outstanding | 1,138,053 | 1,138,053 | |||
Private Placement [Member] | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Value, Outstanding | 98,188 | 98,188 | |||
DST Program [Member] | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Value, Outstanding | $ 206,471 | $ 206,471 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021USD ($)Rate | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Summary of Significant Accounting Policies [Line Items] | |||
Provision for Lease Losses | $ 424 | ||
Operating Leases, Income Statement, Minimum Lease Revenue | 50,731 | $ 46,917 | |
Other Revenue | 1,850 | 1,743 | |
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | |||
Accumulated amortization of Deferred expenses | 6,875 | $ 6,495 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 85,075 | 82,699 | |
Finite-Lived intangible liability, Accumulated Amortization | 13,114 | 12,724 | |
Derivative Asset | 5,561 | 6,500 | |
Net Cash Provided by (Used in) Investing Activities | (166,868) | (99,430) | |
Provision for Lease Losses - Straight Line Rent | 187 | ||
Rent relief provided to tenants, by deferral | 6 | ||
Rent relief provided to tenants, by abatement | 155 | ||
NYC Retail Portfolio [Member] | |||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | |||
Unrealized Gain (Loss) on Investments | 1,081 | $ 8,736 | |
Level two [Member] | |||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | |||
Mortgage notes payable, fair value | $ 30,953 | $ 30,923 | |
Interest Rate Swap [Member] | |||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | |||
Derivative, Number of Instruments Held | 5 | ||
Derivative, Notional Amount | $ 190,000 | ||
us-gaap_NewAccountingPronouncementMember [Domain] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Operating Lease, Right-of-Use Asset | 2,135 | ||
Ground Leases, Net | $ 2,245 | ||
JLLIPT [Member] | |||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | |||
Consolidation of variable interest entities, ownership percentage | Rate | 100.00% |
Property Table 1 - Property lis
Property Table 1 - Property listing (Details) $ in Thousands | Feb. 23, 2021USD ($)ft² | Feb. 02, 2021USD ($)ft² | Jan. 21, 2021USD ($)ft² |
Louisville Distribution Center | Industrial Segment [Member] | |||
Business Acquisition [Line Items] | |||
Area of Real Estate Property | ft² | 1,040,000 | ||
Business Acquisition, Transaction Costs | $ | $ 95,000 | ||
170 Park Ave | Office Segment [Member] | |||
Business Acquisition [Line Items] | |||
Area of Real Estate Property | ft² | 147,000 | ||
Business Acquisition, Transaction Costs | $ | $ 46,600 | ||
Southeast Phoenix Distribution Center | Industrial Segment [Member] | |||
Business Acquisition [Line Items] | |||
Area of Real Estate Property | ft² | 474,000 | ||
Business Acquisition, Transaction Costs | $ | $ 91,000 |
Property Table 2 Schedule of Pu
Property Table 2 Schedule of Purchase Price Allocations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Land | $ 450,656 | $ 428,313 |
Buildings and equipment | $ 2,070,267 | $ 1,892,023 |
Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 55 months | |
Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 180 months | |
Property, Plant and Equipment, Other Types [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Land | $ 22,343 | |
Buildings and equipment | 177,243 | |
Finite-Lived Intangible Asset, Acquired-in-Place Leases | 40,903 | |
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | 2,214 | |
Off-market Lease, Unfavorable | (15,458) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 227,245 |
Property (Details)
Property (Details) - South Seattle Distribution Center $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($) | Jan. 08, 2021ft² | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Area of Real Estate Property | ft² | 323,000 | |
Proceeds from Sale of Property Held-for-sale | $ 72,600 | |
Extinguishment of Debt, Amount | 17,841 | |
Gain (Loss) on Disposition of Assets | $ 33,580 |
Unconsolidated Real Estate Af_3
Unconsolidated Real Estate Affiliates (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021USD ($)ft² | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 08, 2015USD ($) | |
Real Estate Properties [Line Items] | ||||
Equity Method Investments | $ 185,296 | $ 187,890 | ||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | 80,274 | 79,192 | ||
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES | ||||
Total revenues | 52,581 | $ 48,660 | ||
Operating income | 45,435 | |||
Interest Expense | 9,262 | |||
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) | 30,105 | (18,549) | ||
Chicago Parking Garage [Member] | ||||
Real Estate Properties [Line Items] | ||||
Equity Method Investments | 14,164 | 14,000 | ||
Pioneer Tower [Member] | ||||
Real Estate Properties [Line Items] | ||||
Equity Method Investments | 106,909 | 108,715 | ||
The Tremont [Member] | ||||
Real Estate Properties [Line Items] | ||||
Equity Method Investments | 21,466 | 21,430 | ||
The Huntington [Member] | ||||
Real Estate Properties [Line Items] | ||||
Equity Method Investments | 11,375 | 11,549 | ||
Unconsolidated Real Estate Affiliates [Member] | ||||
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES | ||||
Total revenues | 5,707 | 4,396 | ||
Operating Expenses | 6,043 | 4,053 | ||
Operating income | (336) | 343 | ||
Interest Expense | 1,021 | 534 | ||
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) | $ (1,357) | (191) | ||
NYC Retail Portfolio [Member] | ||||
Real Estate Properties [Line Items] | ||||
Area of Real Estate Property | ft² | 1,940,000 | |||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $ 80,274 | 79,192 | $ 85,600 | |
Real Estate Property Ownership Percentage | 14.00% | |||
Unrealized Gain (Loss) on Investments | $ 1,081 | 8,736 | ||
Area of unconsolidated real estate property sold | ft² | 74,000 | |||
Madison NYC Core Retail Partners, L.P. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Unrealized Gain (Loss) on Investments | $ 3,907 | (31,560) | ||
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES | ||||
Total revenues | 36 | $ 1,506 | ||
Siena Suwanee Town Center | ||||
Real Estate Properties [Line Items] | ||||
Equity Method Investments | $ 31,382 | $ 32,196 | ||
NYC Retail Portfolio [Member] | ||||
Real Estate Properties [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49.00% | |||
Madison NYC Core Retail Partners, L.P. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 28.00% |
Unconsolidated Real Estate Af_4
Unconsolidated Real Estate Affiliates Fair Value Option Investment Table (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Revenues | $ 52,581 | $ 48,660 |
Net (loss) income | (30,282) | 18,529 |
Madison NYC Core Retail Partners, L.P. [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Revenues | 36 | 1,506 |
Net Investment Income | (493) | 1,084 |
Unrealized Gain (Loss) on Investments | (3,907) | 31,560 |
Net (loss) income | $ 3,414 | $ (30,476) |
Table 1 - Mortgage Notes and Ot
Table 1 - Mortgage Notes and Other Debt Payable (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 11, 2021 | Feb. 10, 2021 | Dec. 31, 2020 | |
Summary of mortgage notes payable | ||||
Notes Payable | $ 917,021 | $ 871,043 | ||
Debt Issuance Costs, Net | (2,905) | (2,941) | ||
Mortgage notes and other debt payable, net | 914,116 | 868,102 | ||
South Seattle Distribution Center | ||||
Summary of mortgage notes payable | ||||
Notes Payable | 0 | 17,873 | ||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | ||||
Summary of mortgage notes payable | ||||
Notes Payable | 0 | 17,873 | ||
Revolving Credit Facility [Member] | ||||
Summary of mortgage notes payable | ||||
Revolving Line of Credit | $ 40,000 | 0 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.51% | |||
Term Loan [Member] | ||||
Summary of mortgage notes payable | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.10% | |||
Long-term Line of Credit | $ 100,000 | |||
Derivative, Fixed Interest Rate | 1.30% | |||
Notes Payable to Banks [Member] | ||||
Summary of mortgage notes payable | ||||
Notes Payable | $ 777,021 | $ 771,043 | ||
Minimum [Member] | ||||
Summary of mortgage notes payable | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.41% | |||
Maximum [Member] | ||||
Summary of mortgage notes payable | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.30% | |||
Whitestown Distribution Center | ||||
Summary of mortgage notes payable | ||||
Mortgage notes and other debt payable, net | $ 34,000 | |||
Derivative, Fixed Interest Rate | 2.95% | |||
140 Park Ave | ||||
Summary of mortgage notes payable | ||||
Extinguishment of Debt, Amount | $ 22,800 | |||
Townlake of Coppel | ||||
Summary of mortgage notes payable | ||||
Mortgage notes and other debt payable, net | $ 36,030 | |||
Derivative, Fixed Interest Rate | 2.41% | |||
Monument IV | ||||
Summary of mortgage notes payable | ||||
Extinguishment of Debt, Amount | $ 40,000 |
Table 2 - Summary of Aggregate
Table 2 - Summary of Aggregate Principle (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2021 | $ 44,390 | |
2022 | 6,856 | |
2023 | 188,896 | |
2024 | 23,889 | |
2025 | 191,221 | |
Thereafter | 461,769 | |
Total | $ 917,021 | $ 871,043 |
Mortgage Notes and Other Debt_3
Mortgage Notes and Other Debt Payable Text Detail (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 12, 2018 | Aug. 04, 2017 | May 26, 2017 | |
Debt Instrument [Line Items] | |||||
Notes Payable | $ 917,021 | $ 871,043 | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000 | $ 300,000 | $ 250,000 | ||
Revolving Line of Credit, Maximum Borrowing Capacity | 200,000 | ||||
Term Loan, Maximum Borrowing Capacity | $ 50,000 | ||||
Amortization of Debt Issuance Costs | $ 6,262 | 6,749 | |||
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% | ||||
IPT Long-Term Line of Credit [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Increase (Decrease) | 3.10% | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.51% | ||||
Revolving Line of Credit | $ 40,000 | $ 0 | |||
Revolving Credit Facility [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Increase (Decrease) | 3.99% | ||||
Revolving Credit Facility [Member] | IPT Long-Term Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date Range, End | May 25, 2021 | ||||
Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.10% | ||||
Long-term Line of Credit | $ 100,000 | ||||
Derivative, Fixed Interest Rate | 1.30% | ||||
Swap [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.64% | ||||
Swap [Member] | Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.80% |
Common Stock Common Stock (Deta
Common Stock Common Stock (Details Text) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Equity, Class of Treasury Stock [Line Items] | |||
Stock Repurchased During Period, Shares | (3,830,592) | (7,598,597) | |
Sale of Stock, Consideration Received on Transaction | $ 103,204,000 | ||
stockrepurchaselimit | 5.00% | ||
Repurchase of shares | $ (44,794,000) | $ (93,164,000) | |
Common Stock (Textual) [Abstract] | |||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 1,161,954 | 1,082,296 | |
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 13,734,000 | $ 13,262,000 | |
Weighted Average Number of Outstanding Shares Basic and Diluted | 174,765,072 | 172,744,239 | |
Organization And Offering Expenses Reimbursement period | 36 months | ||
Calculation Of Reimbursed Offering Expenses As Specified Percentage Of Gross Proceeds | 15.00% | ||
Reimbursement of Organization and Offering Expenses | $ 1,228,000 | $ 1,138,000 | |
Proceeds from Issuance of Common Stock | $ 152,181,000 | $ 167,750,000 | |
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units | 1,217,092 | ||
Stock Issued During Period, Value, Conversion of Units | $ 14,252,000 | ||
Class A Shares [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Common Stock, Shares, Outstanding | 89,943,750 | 89,671,096 | |
Stock Issued During Period, Shares, New Issues | 2,848,254 | ||
Stock Repurchased During Period, Shares | (2,514,149) | ||
Conversion of Stock, Shares Issued | (61,451) | ||
Common Stock (Textual) [Abstract] | |||
Proceeds from Issuance of Common Stock | $ 33,624,000 | ||
Class M Shares [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Common Stock, Shares, Outstanding | 35,094,112 | 35,612,156 | |
Stock Issued During Period, Shares, New Issues | 515,302 | ||
Stock Repurchased During Period, Shares | (860,649) | ||
Conversion of Stock, Shares Issued | (172,697) | ||
Common Stock (Textual) [Abstract] | |||
Proceeds from Issuance of Common Stock | $ 6,068,000 | ||
Class A-I Shares [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Common Stock, Shares, Outstanding | 9,704,298 | 9,616,299 | |
Stock Issued During Period, Shares, New Issues | 87,999 | ||
Stock Repurchased During Period, Shares | 0 | ||
Conversion of Stock, Shares Issued | 0 | ||
Common Stock (Textual) [Abstract] | |||
Proceeds from Issuance of Common Stock | $ 1,043,000 | ||
Class M-I Shares [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Common Stock, Shares, Outstanding | 35,793,076 | 33,247,001 | |
Stock Issued During Period, Shares, New Issues | 2,768,063 | ||
Stock Repurchased During Period, Shares | (455,794) | ||
Conversion of Stock, Shares Issued | 233,806 | ||
Common Stock (Textual) [Abstract] | |||
Proceeds from Issuance of Common Stock | $ 32,469,000 | ||
Class D Shares [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Common Stock, Shares, Outstanding | 7,513,281 | 4,957,915 | |
Stock Issued During Period, Shares, New Issues | 2,555,366 | ||
Stock Repurchased During Period, Shares | 0 | ||
Conversion of Stock, Shares Issued | 0 | ||
Common Stock (Textual) [Abstract] | |||
Proceeds from Issuance of Common Stock | $ 30,000,000 |
Common Stock Schedule of Earnin
Common Stock Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Earnings Per Share, Basic and Diluted | ||
Class A Shares [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net Income, before performance fee | $ 15,464 | $ (9,849) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 89,762,121 | 91,730,904 |
Earnings Per Share, Basic and Diluted | $ 0.17 | $ (0.11) |
Class M Shares [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net Income, before performance fee | $ 6,060 | $ (4,172) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 35,177,589 | 38,847,788 |
Earnings Per Share, Basic and Diluted | $ 0.17 | $ (0.11) |
Class A-I Shares [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net Income, before performance fee | $ 1,659 | $ (1,191) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 9,637,799 | 11,082,858 |
Earnings Per Share, Basic and Diluted | $ 0.17 | $ (0.11) |
Class M-I Shares [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net Income, before performance fee | $ 5,916 | $ (2,805) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 34,349,467 | 26,124,774 |
Earnings Per Share, Basic and Diluted | $ 0.17 | $ (0.11) |
Class D Shares [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net Income, before performance fee | $ 1,006 | $ (532) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 5,838,096 | 4,927,915 |
Earnings Per Share, Basic and Diluted | $ 0.17 | $ (0.11) |
DST Program (Details)
DST Program (Details) - USD ($) $ in Thousands | Oct. 16, 2019 | Mar. 31, 2021 |
Variable Interest Entity [Line Items] | ||
common stock, value authorized during DST offering | $ 500,000 | |
DST Program [Member] | ||
Variable Interest Entity [Line Items] | ||
Common Stock, Value, Outstanding | $ 206,471 | |
DST Program [Member] | ||
Variable Interest Entity [Line Items] | ||
Deferred Costs | $ 359 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Related Party Transactions (Textual) [Abstract] | |||
Advisory Fees | $ 6,325 | ||
Related Party Property Management Services Expense Paid | 166 | $ 187 | |
Payments for Brokerage Fees | 162 | 75 | |
Payments of Stock Issuance Costs | 3,840 | 5,288 | |
Accrued Offering Costs | 109,315 | $ 155,882 | |
Reimbursement of Organization and Offering Expenses | 1,228 | 1,138 | |
Selling commission, Dealer Manager Fee, Distribution Fee [Member] | |||
Related Party Transactions (Textual) [Abstract] | |||
Payments of Stock Issuance Costs | 2,614 | 3,590 | |
Accrued Offering Costs | $ 108,087 | 105,770 | |
Common Stock [Member] | |||
Related Party Transactions (Textual) [Abstract] | |||
DST Program Selling Commissions | 5.00% | ||
DST Program Dealer Manager Fee | 1.00% | ||
DST Program Placement Fees | 1.00% | ||
DST Program [Member] | |||
Related Party Transactions (Textual) [Abstract] | |||
Payments of Stock Issuance Costs | $ 1,027 | 663 | |
DST Investor Servicing Fees | 126 | 4 | |
DST Advisor Fees | $ 76 | 2 | |
Fixed fee [Member] | |||
Related Party Transactions (Textual) [Abstract] | |||
Management and Advisory Fee Percentage on Net Asset Value | 1.25% | ||
Fixed portions of management and advisory fees | $ 6,578 | ||
Manager and advisory fees payable | $ 2,227 | $ 2,122 | |
Hurdle Rate [Member] | |||
Related Party Transactions (Textual) [Abstract] | |||
Management and Advisory Fee Percentage on Net Asset Value | 7.00% | ||
performance fee [Member] | |||
Related Party Transactions (Textual) [Abstract] | |||
Management and Advisory Fee Percentage on Net Asset Value | 10.00% | ||
Manager and advisory fees payable | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
South Beach Parking Garage [Member] | |
Other Commitments [Line Items] | |
Payments for Rent | $ 100 |
Rentals Under Operating Lease_2
Rentals Under Operating Leases Rentals Under Operating Leases (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Property Subject to or Available for Operating Lease [Line Items] | |
Operating Leases, Future Minimum Payments Receivable, Current | $ 115,706 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 116,997 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 102,405 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 89,863 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 79,377 |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 283,525 |
Operating Leases, Future Minimum Payments Receivable | $ 787,873 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Assets | $ 2,828,715 | $ 2,658,599 | |
Payments for Capital Improvements | 3,758 | $ 2,455 | |
Rental revenue | 50,731 | 46,917 | |
Other Revenue | 1,850 | 1,743 | |
Total revenues | 52,581 | 48,660 | |
Real estate taxes | 8,086 | 7,541 | |
Property operating | 9,911 | 8,758 | |
Total operating expenses | 46,120 | 45,435 | |
Property general and administrative | 660 | ||
Advisory Fees | 6,325 | ||
Company Level Expenses | 1,193 | ||
Depreciation, Depletion and Amortization, Nonproduction | 19,945 | ||
Operating income | 45,435 | ||
Interest Expense | (9,262) | ||
(Loss) income from unconsolidated real estate affiliates and fund investments | (339) | ||
Gain (Loss) on Extinguishment of Debt | 33,422 | ||
Other Nonoperating Income (Expense) | 23,821 | (21,754) | |
Income (loss) from continuing operations | 30,282 | ||
Apartments Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 785,122 | 788,060 | |
Payments for Capital Improvements | 710 | 1,013 | |
Rental revenue | 15,848 | 16,240 | |
Other Revenue | 759 | 786 | |
Total revenues | 16,607 | 17,026 | |
Real estate taxes | 3,112 | 2,898 | |
Property operating | 4,830 | 4,495 | |
Total operating expenses | 7,942 | 7,393 | |
Industrial Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 805,301 | 659,870 | |
Payments for Capital Improvements | 2,975 | 272 | |
Rental revenue | 15,226 | 11,992 | |
Other Revenue | 5 | 108 | |
Total revenues | 15,231 | 12,100 | |
Real estate taxes | 2,459 | 2,101 | |
Property operating | 1,354 | 979 | |
Total operating expenses | 3,813 | 3,080 | |
Office Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 336,423 | 277,556 | |
Payments for Capital Improvements | 433 | 798 | |
Rental revenue | 7,572 | 6,401 | |
Other Revenue | 372 | 276 | |
Total revenues | 7,944 | 6,677 | |
Real estate taxes | 767 | 848 | |
Property operating | 1,487 | 1,203 | |
Total operating expenses | 2,254 | 2,051 | |
Retail Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 573,911 | 577,588 | |
Payments for Capital Improvements | 512 | 623 | |
Rental revenue | 12,053 | 12,215 | |
Other Revenue | 83 | 122 | |
Total revenues | 12,136 | 12,337 | |
Real estate taxes | 1,633 | 1,591 | |
Property operating | 2,046 | 1,874 | |
Total operating expenses | 3,679 | 3,465 | |
Other Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 22,370 | 22,134 | |
Payments for Capital Improvements | 16 | 0 | |
Rental revenue | 32 | 69 | |
Other Revenue | 631 | 451 | |
Total revenues | 663 | 520 | |
Real estate taxes | 115 | 103 | |
Property operating | 194 | 207 | |
Total operating expenses | 309 | 310 | |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 305,588 | 333,391 | |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Assets | 2,523,127 | 2,325,208 | $ 2,325,208 |
Payments for Capital Improvements | 4,646 | 2,706 | |
Rental revenue | 50,731 | 46,917 | |
Other Revenue | 1,850 | 1,743 | |
Total revenues | 52,581 | ||
Real estate taxes | 8,086 | 7,541 | |
Property operating | 9,911 | 8,758 | |
Total operating expenses | $ 17,997 | 16,299 | |
Property general and administrative | 2,548 | ||
Advisory Fees | 6,578 | ||
Company Level Expenses | 954 | ||
Depreciation, Depletion and Amortization, Nonproduction | 19,056 | ||
Interest Expense | (14,535) | ||
(Loss) income from unconsolidated real estate affiliates and fund investments | (8,927) | ||
Gain (Loss) on Extinguishment of Debt | 1,708 | ||
Other Nonoperating Income (Expense) | (21,754) | ||
Income (loss) from continuing operations | $ (18,529) |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 33 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | May 03, 2021 | |
Subsequent Event [Line Items] | |||||
common stock, authorized in offering of new shares | $ 3,000,000 | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.135 | $ 0.135 | |||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.135 | ||||
Princeton North Andover | Subsequent Event [Member] | Apartment Building | |||||
Subsequent Event [Line Items] | |||||
Business Acquisition, Transaction Costs | $ 72,500 |
Uncategorized Items - jllipt-20
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 114,022,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 101,434,000 |