Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 10, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 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 | |
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 | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Addresses [Line Items] | ||
Entity Address, City or Town | Chicago | |
Entity Address, Postal Zip Code | 60606 | |
Entity Address, Address Line One | 333 West Wacker Drive | |
Entity Address, State or Province | IL | |
Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 97,924,180 | |
Class M [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 35,846,503 | |
Common Class A-I [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 9,307,567 | |
Common Class M-I [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 49,183,334 | |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Investments in real estate: | ||
Land | $ 540,691 | $ 428,313 |
Buildings and equipment | 2,507,486 | 1,892,023 |
Less accumulated depreciation | (258,011) | (219,833) |
Net property and equipment | 2,790,166 | 2,100,503 |
Equity Method Investments | 179,631 | 187,890 |
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | 283,176 | 79,192 |
Disposal Group, Including Discontinued Operation, Segment that Includes Disposal Group | 0 | 34,148 |
Real Estate Investment Property, Net | 3,252,973 | 2,401,733 |
Marketable Securities | 28,177 | 0 |
Cash and cash equivalents | 188,380 | 84,805 |
Restricted Cash and Cash Equivalents | 40,687 | 16,629 |
Tenant accounts receivable, net | 8,338 | 8,680 |
Deferred expenses, net | 14,275 | 10,982 |
Acquired intangible assets, net | 161,396 | 105,206 |
Deferred rent receivable, net | 24,427 | 21,274 |
Prepaid expenses and other assets | 21,078 | 9,290 |
TOTAL ASSETS | 3,739,731 | 2,658,599 |
LIABILITIES AND EQUITY | ||
Mortgage notes and other debt payable, net | 1,584,926 | 868,102 |
Disposal Group, Including Discontinued Operation, Liabilities | 0 | 18,242 |
Accounts payable and other accrued expenses | 52,273 | 36,137 |
Lease Deposit Liability | 298,584 | 155,882 |
Accrued Offering Costs | 126,674 | 106,908 |
Accrued interest | 2,714 | 2,153 |
Accrued real estate taxes | 14,779 | 6,640 |
Advisor fees payable | 16,654 | 2,122 |
Acquired intangible liabilities, net | 28,468 | 14,990 |
TOTAL LIABILITIES | 2,125,072 | 1,211,176 |
Commitments and contingencies | 0 | 0 |
Equity: | ||
Additional paid-in capital | 2,148,205 | 1,922,136 |
Distributions to stockholders | (549,120) | (481,760) |
Accumulated deficit | (7,647) | (14,723) |
Total Jones Lang LaSalle Income Property Trust, Inc. stockholders’ equity | 1,593,381 | 1,427,384 |
Noncontrolling interests | 21,278 | 20,039 |
Total equity | 1,614,659 | 1,447,423 |
TOTAL LIABILITIES AND EQUITY | 3,739,731 | 2,658,599 |
Ownership [Domain] | ||
Investments in real estate: | ||
Land | 49,059 | 22,605 |
Buildings and equipment | 177,431 | 142,946 |
Less accumulated depreciation | (25,835) | (23,083) |
Cash and cash equivalents | 6,668 | 3,159 |
Restricted Cash and Cash Equivalents | 671 | 800 |
Tenant accounts receivable, net | 2,019 | 2,679 |
Deferred expenses, net | 509 | 516 |
Acquired intangible assets, net | 9,737 | 2,638 |
Deferred rent receivable, net | 1,122 | 1,087 |
Prepaid expenses and other assets | 543 | 164 |
LIABILITIES AND EQUITY | ||
Mortgage notes and other debt payable, net | 113,554 | 82,033 |
Accounts payable and other accrued expenses | 1,626 | 1,335 |
Accrued interest | 322 | 296 |
Accrued real estate taxes | 1,497 | 738 |
Acquired intangible liabilities, net | $ 218 | $ 0 |
Class A Shares [Member] | ||
LIABILITIES AND EQUITY | ||
Common Stock, Shares, Outstanding | 96,013,268 | 89,671,096 |
Equity: | ||
Common Stock, Value, Issued | $ 960 | $ 897 |
Common Stock, Shares, Issued | 96,013,268 | 89,671,096 |
Class M Shares [Member] | ||
LIABILITIES AND EQUITY | ||
Common Stock, Shares, Outstanding | 35,541,455 | 35,612,156 |
Equity: | ||
Common Stock, Value, Issued | $ 355 | $ 356 |
Common Stock, Shares, Issued | 35,541,455 | 35,612,156 |
Class A-I Shares [Member] | ||
LIABILITIES AND EQUITY | ||
Common Stock, Shares, Outstanding | 9,074,648 | 9,616,299 |
Equity: | ||
Common Stock, Value, Issued | $ 91 | $ 96 |
Common Stock, Shares, Issued | 9,074,648 | 9,616,299 |
Class M-I Shares [Member] | ||
LIABILITIES AND EQUITY | ||
Common Stock, Shares, Outstanding | 46,244,259 | 33,247,001 |
Equity: | ||
Common Stock, Value, Issued | $ 462 | $ 332 |
Common Stock, Shares, Issued | 46,244,259 | 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 | Sep. 30, 2021 | Dec. 31, 2020 |
Land from VIEs | $ 540,691 | $ 428,313 |
Buildings and equipment from VIEs | 2,507,486 | 1,892,023 |
Less accumulated depreciation (including from VIEs) | (258,011) | (219,833) |
Cash and Cash Equivalents | 188,380 | 84,805 |
Restricted cash | 40,687 | 16,629 |
Tenant accounts receivable from VIEs | 8,338 | 8,680 |
Deferred expenses from VIEs | 14,275 | 10,982 |
Acquired intangible assets, net | 161,396 | 105,206 |
Deferred rent receivables from VIEs | 24,427 | 21,274 |
Prepaid expenses and other assets from VIEs | 21,078 | 9,290 |
Mortgage notes and other debt payable, net | 1,584,926 | 868,102 |
Disposal Group, Including Discontinued Operation, Liabilities | 0 | 18,242 |
Accounts payable and other accrued expenses from VIEs | 52,273 | 36,137 |
Accrued interest from VIEs | 2,714 | 2,153 |
Accrued real estate taxes from VIEs | 14,779 | 6,640 |
Accumulated stock issuance costs | $ 248,424 | $ 216,405 |
Class A Shares [Member] | ||
Common stock, par value | $ 0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common Stock, Shares, Issued | 96,013,268 | 89,671,096 |
Common stock, shares outstanding | 96,013,268 | 89,671,096 |
Class M Shares [Member] | ||
Common stock, par value | $ 0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common Stock, Shares, Issued | 35,541,455 | 35,612,156 |
Common stock, shares outstanding | 35,541,455 | 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 | 9,074,648 | 9,616,299 |
Common stock, shares outstanding | 9,074,648 | 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 | 46,244,259 | 33,247,001 |
Common stock, shares outstanding | 46,244,259 | 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 | $ 49,059 | $ 22,605 |
Buildings and equipment from VIEs | 177,431 | 142,946 |
Less accumulated depreciation (including from VIEs) | (25,835) | (23,083) |
Cash and Cash Equivalents | 6,668 | 3,159 |
Restricted cash | 671 | 800 |
Tenant accounts receivable from VIEs | 2,019 | 2,679 |
Deferred expenses from VIEs | 509 | 516 |
Acquired intangible assets, net | 9,737 | 2,638 |
Deferred rent receivables from VIEs | 1,122 | 1,087 |
Prepaid expenses and other assets from VIEs | 543 | 164 |
Mortgage notes and other debt payable, net | 113,554 | 82,033 |
Accounts payable and other accrued expenses from VIEs | 1,626 | 1,335 |
Accrued interest from VIEs | 322 | 296 |
Accrued real estate taxes from VIEs | $ 1,497 | $ 738 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues: | ||||
Rental revenue | $ 58,100 | $ 46,970 | $ 161,369 | $ 139,370 |
Other Revenue | 2,827 | 2,067 | 8,185 | 5,243 |
Total revenues | 60,927 | 49,037 | 169,554 | 144,613 |
Operating expenses: | ||||
Real estate taxes | 8,282 | 7,572 | 24,573 | 22,419 |
Property operating | 10,947 | 9,975 | 31,052 | 27,554 |
Property general and administrative | 470 | 728 | 946 | 3,609 |
Advisory Fees | 21,546 | 6,192 | 34,620 | 19,049 |
Company Level Expenses | 940 | 693 | 3,123 | 2,241 |
Depreciation and amortization | 23,519 | 18,830 | 64,682 | 56,450 |
Total operating expenses | 65,704 | 43,990 | 158,996 | 131,322 |
Other income and (expenses): | ||||
Interest expense | (11,714) | (8,391) | (31,264) | (32,191) |
(Loss) income from unconsolidated real estate affiliates and fund investments | (1,270) | (3,289) | (4,021) | (16,186) |
Investment Income, Dividend | 88 | 0 | 88 | 0 |
Equity Securities, FV-NI, Realized Gain (Loss) | 38 | 0 | 38 | 0 |
Equity Securities, FV-NI, Unrealized Gain (Loss) | (1,711) | 0 | (1,711) | 0 |
Gain on disposition of property and extinguishment of debt | 0 | 3,480 | (33,422) | 1,772 |
Total other income and (expenses) | (14,569) | (15,160) | (3,448) | (50,149) |
Net (loss) income | (19,346) | (10,113) | 7,110 | (36,858) |
Less: Net (loss) income attributable to the noncontrolling interests | 94 | (9) | (34) | (17) |
Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc. | $ (19,252) | $ (10,122) | $ 7,076 | $ (36,875) |
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 | 189,887,181 | 169,289,415 | 181,981,691 | 170,707,171 |
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 | $ (0.25) | $ (0.06) | $ 0.04 | $ (0.22) |
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 | (0.25) | (0.06) | 0.04 | (0.22) |
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 | (0.25) | (0.06) | 0.04 | (0.22) |
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 | (0.26) | (0.06) | 0.03 | (0.22) |
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 | $ (0.25) | $ (0.06) | $ 0.03 | $ (0.22) |
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 | $ 3 | $ 3 | ||||
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 | 270,090 | 222 | 269,868 | |||
Repurchase of shares | (223,101) | $ (186) | (222,915) | |||
Conversion of Stock, Shares Issued | (867) | |||||
Offering costs | (22,481) | (22,481) | ||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture | 16,000 | |||||
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture | 192 | 192 | ||||
Net income | (36,858) | (36,875) | 17 | |||
Cash distributed to noncontrolling interests | (100) | (100) | ||||
Distribution declared | (61,769) | (61,769) | ||||
Stock Issued During Period, Shares, Conversion of Units | $ 0 | |||||
Ending balance at Sep. 30, 2020 | $ 1,424,733 | $ 1,694 | 1,885,398 | (460,708) | (7,592) | 5,941 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock (in shares) | 22,227,749 | |||||
Stock Repurchased During Period, Shares | (18,597,052) | (18,597,052) | ||||
Shares, Issued | 169,930,376 | |||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | $ 2 | 2 | ||||
Beginning balance at Jun. 30, 2020 | 1,464,768 | $ 1,700 | 1,894,870 | (440,306) | 2,530 | 5,974 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock | 39,029 | 33 | 38,996 | |||
Repurchase of shares | (45,192) | $ (39) | (45,153) | |||
Conversion of Stock, Shares Issued | (149) | |||||
Offering costs | (3,315) | (3,315) | ||||
Net income | (10,113) | (10,122) | 9 | |||
Distribution declared | (20,402) | (20,402) | ||||
Stock Issued During Period, Shares, Conversion of Units | $ 0 | |||||
Ending balance at Sep. 30, 2020 | 1,424,733 | $ 1,694 | 1,885,398 | (460,708) | (7,592) | 5,941 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock (in shares) | 3,343,225 | |||||
Stock Repurchased During Period, Shares | (3,882,050) | |||||
Shares, Outstanding | 169,391,402 | |||||
Shares, Issued | 173,104,467 | |||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 3,423 | 3,423 | ||||
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 | 369,561 | 305 | 369,256 | |||
Repurchase of shares | (111,499) | $ (93) | (111,406) | |||
Conversion of Stock, Shares Issued | (3,158) | |||||
Offering costs | (32,019) | (32,019) | ||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture | 20,000 | |||||
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture | 238 | 238 | ||||
Net income | 7,110 | 7,076 | 34 | |||
Cash distributed to noncontrolling interests | (2,218) | (2,218) | ||||
Distribution declared | (67,360) | (67,360) | ||||
Stock Issued During Period, Shares, Conversion of Units | $ 0 | |||||
Ending balance at Sep. 30, 2021 | 1,614,659 | $ 1,943 | 2,148,205 | (549,120) | (7,647) | 21,278 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock (in shares) | 30,588,256 | |||||
Stock Repurchased During Period, Shares | (9,322,654) | |||||
Shares, Issued | 184,454,753 | |||||
Beginning balance at Jun. 30, 2021 | 1,547,600 | $ 1,845 | 2,040,114 | (525,732) | 11,605 | 19,768 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock | 152,300 | 122 | 152,178 | |||
Repurchase of shares | (29,364) | $ (24) | (29,340) | |||
Conversion of Stock, Shares Issued | (2,501) | |||||
Offering costs | (14,796) | (14,796) | ||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture | 4,000 | |||||
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture | 49 | 49 | ||||
Net income | (19,346) | (19,252) | (94) | |||
Cash distributed to noncontrolling interests | (1,819) | (1,819) | ||||
Distribution declared | (23,388) | (23,388) | ||||
Stock Issued During Period, Shares, Conversion of Units | $ 0 | |||||
Ending balance at Sep. 30, 2021 | $ 1,614,659 | $ 1,943 | $ 2,148,205 | $ (549,120) | $ (7,647) | $ 21,278 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock (in shares) | 12,288,669 | |||||
Stock Repurchased During Period, Shares | (9,322,654) | (2,358,010) | ||||
Shares, Outstanding | 194,386,911 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Common Stock, Dividends, Per Share, Declared | $ 0.135 | $ 0.135 | $ 0.405 | $ 0.405 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Net income | $ 7,110 | $ (36,858) |
Adjustments to reconcile income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 63,948 | 55,852 |
Gain on Disposition of Property and extinguishment of debt | (33,422) | 1,772 |
Equity Securities, FV-NI, Realized Gain (Loss) | (38) | 0 |
Equity Securities, FV-NI, Unrealized Gain (Loss) | 1,711 | 0 |
Straight line rent | (2,707) | (740) |
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | 4,021 | 16,186 |
Other Operating Activities, Cash Flow Statement | 8,121 | 3,443 |
Net changes in assets, liabilities and other | 15,748 | 11,903 |
Net cash provided by operating activities | 64,492 | 51,558 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Payments to Acquire Commercial Real Estate | 718,890 | 101,220 |
Proceeds from Sale of Real Estate Held-for-investment | 66,992 | 5,372 |
Payments for Capital Improvements | 21,254 | 8,056 |
Payments to Acquire Interest in Subsidiaries and Affiliates | (207,866) | (3,788) |
Payments to Acquire Other Investments | 4,159 | 0 |
Payments to Acquire Marketable Securities | 31,170 | 0 |
Proceeds from Sale and Maturity of Marketable Securities | 1,320 | 0 |
Net cash used in (provided by) investing activities | (915,027) | (107,692) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Issuance of common stock | 484,169 | 247,601 |
Repurchase of shares | (111,499) | (221,662) |
Offering Costs | (12,252) | (13,660) |
Distributions to stockholders | (24,296) | (27,988) |
Distributions paid to noncontrolling interests | (2,218) | (100) |
Contributions received from noncontrolling interests | 3,423 | 3 |
Payments for (Proceeds from) Deposit on Loan | 0 | (405) |
Proceeds from Lines of Credit | 550,000 | 200,000 |
Repayments of Lines of Credit | (140,000) | (100,000) |
Proceeds from Issuance of Long-term Debt | 322,382 | 35,900 |
Payments of Debt Issuance Costs | (6,959) | (52) |
Payment for Debt Extinguishment or Debt Prepayment Cost | 0 | (1,457) |
Principal payments on mortgage notes and other debt payable | (84,582) | (88,023) |
Net cash provided by financing activities | 978,168 | 30,157 |
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 | 127,633 | (25,977) |
Cash and cash equivalents at the beginning of the period | 84,805 | |
Cash and cash equivalents at the end of the period | 188,380 | 74,132 |
Restricted Cash and Cash Equivalents | 40,687 | 13,913 |
Cash, cash equivalents and restricted cash at the end of the period | 229,067 | 88,045 |
Supplemental discolsure of cash flow information: | ||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 26,541 | 26,994 |
Non-cash activities: | ||
Write-Offs of Receivables | 38 | 53 |
Write-offs of retired assets | 4,312 | 9,341 |
Change in Liability for Capital Expenditures | (29) | 525 |
Business Combination, Consideration Transferred | 230 | 63 |
Liabilities Assumed | 1,369 | 538 |
Change in issuance of common stock receivable | (6,371) | 2,938 |
Change in accrued offering costs | 19,767 | 8,821 |
Noncash or Part Noncash Acquisition, Debt Assumed | (53,219) | $ 0 |
NYC Retail Portfolio [Member] | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ (1,661) |
Organization
Organization | 9 Months Ended |
Sep. 30, 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 residential, 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 December 31, 2004, when we first elected REIT status. As of September 30, 2021, we owned interests in a total of 98 properties and over 4,000 single-family rental houses located in 26 states. We own all or substantially all of our assets through JLLIPT Holdings, LP, a Delaware limited partnership (our “operating partnership”), of which we are 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"). By using 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 September 30, 2021, we raised aggregate proceeds from the issuance of OP Units in our operating partnership of $14,242, and owned directly or indirectly 99.4% of the OP Units of our operating partnership. The remaining 0.6% of the OP Units are held by third parties. From our inception to September 30, 2021, we have received approximately $3,661,870 in gross offering proceeds from various public and private offerings of shares of our common stock. On October 1, 2012, we commenced our initial public offering of common stock and since that time we have offered shares of our common stock in various public offerings registered with the Securities and Exchange Commission (the "SEC"). On July 6, 2018, our most recent public offering (the "Current Public Offering") of up to $3,000,000 in any combination of shares of our Class A, Class M, Class A-I and Class M-I common stock was declared effective by the SEC. As of September 30, 2021, we have raised aggregate gross proceeds from the sale of shares of our common stock in our Current Public Offering of $1,227,818. We intend to continue to offer shares on a continuous basis for an indefinite period of tie by filing anew registration statement before the end of each offering, and on June 4, 2021, we filed a new registration statement to register a follow-on public offering (the Follow-on Public Offering" of up to $3,000,000 in any combination of shares or our Class A, Class M, Class A-I and Class M-I common stock. As of November 10, 2021, our Follow-on Public Offering has not been declared effective. In addition to our public offerings, 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 September 30, 2021 , we have raised aggregate gross proceeds of $98,188. In addition, on October 16, 2019, we, through our operating partnership, initiated a program (the “DST Program”) to raise up to $500,000, which our board of directors increased to $1,000,000 on August 10, 2021, 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 September 30, 2021, we have raised $300,427 from our DST Program. As of September 30, 2021, 96,013,268 shares of Class A common stock, 35,541,455 shares of Class M common stock, 9,074,648 shares of Class A-I common stock, 46,244,259 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 19,118 stockholders. LaSalle acts as our advisor pursuant to the advisory agreement among us, our operating partnership and LaSalle (the "Advisory Agreement"). The term of our Advisory Agreement expires June 5, 2022, subject to an unlimited number of successive one-year renewals. Our Advisor, a registered investment advisor with the SEC, has broad discretion with respect to our investment decisions and is responsible for selecting our investments and for managing our investment portfolio pursuant to |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 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 September 30, 2021, our VIEs included The District at Howell Mill, Grand Lakes Marketplace, Presley Uptown, 237 Via Vera Cruz, 4211 Starboard Drive and 13500 Danielson Drive 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 September 30, 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 September 30, 2021 and for the three and nine months ended September 30, 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 September 30, 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 September 30, 2021 and December 31, 2020 was $7,892 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 some of our tenants' 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 the tenants' uncollectible accounts and deferred rents receivable at September 30, 2021. We are closely monitoring the collectibility of such rents and will adjust future estimations as further information becomes known. During the three months ended September 30, 2021 we recorded an increase in rental revenue due to collections of balances previously thought to be uncollectable of $583, and we recorded a reduction in rental revenue of $480 for nine months ended September 30, 2021 due to concern of collectibility. During the three and nine months ended September 30, 2021, we recorded a decrease in straight line revenue of $14 and an increase of $135, respectively, as a result of collections from certain tenants. During the three and nine months ended September 30, 2020, we recorded a reduction in rental revenue of $710 and $2,701, respectively, and a reduction in straight line revenue of $30 and $2,141 due to concern of collectibility, respectively. During the three and nine months ended September 30, 2021, we deferred $699 and $937, respectively, and abated $299 and $553, respectively, of rental revenue. During the three and nine months ended September 30, 2020, we deferred $679 and $1,851, respectively, and abated $113 and $970 of rental revenue, respectively. 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 $100,585 and $82,699 at September 30, 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 $14,471 and $12,724 at September 30, 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 nine months ended September 30, 2021 and 2020, we recorded a decrease in fair value classified within the Level 3 category of $2,849 and $14,737, 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 $27,738 and $30,923 higher than the aggregate carrying amounts at September 30, 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 September 30, 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 $3,897 and $6,500 at September 30, 2021 and December 31, 2020, respectively. Investment in Marketable Securities In accordance with our investment guidelines, investments in marketable securities consist of stock of publicly traded REITs. The net unrealized change in the fair value of our investments in marketable securities is recorded in earnings as part of net income in accordance with Accounting Standard Update ("ASU") 2016-1, Financial Statements - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities . Ground Lease As of September 30, 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 $2,114 and a lease liability within accounts payable and other liabilities on our Consolidated Balance Sheets in the amount of $2,249. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions. These estimates and assumptions impact the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. For example, significant estimates and assumptions have been made with respect to useful lives of assets, recoverable amounts of receivables, fair value of derivatives and real estate assets, initial valuations and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions. Actual results could differ from those estimates. Recently 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 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 are evaluating the impact of this 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. Effective January 1, 2019, we adopted ASU 2016-02 Leases and 2018-11 Leases: Targeted Improvements (Topic 842) ("ASU 842"). The new guidance sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). We elected a practical expedient, by class of underlying assets, to not separate non-lease components from the related lease components and, instead, to account for those components as a single lease component, when certain criteria are met. Upon adoption, we reclassified these components for prior periods to conform with the current period presentation. We also elected permitted practical expedients to not reassess lease classification and use of the standard’s effective date as the date of initial application and therefore financial information under ASU 842 is not provided for periods prior to January 1, 2019. The accounting for lessors remained largely unchanged from previous GAAP; however, the standard required that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under previous standards, certain of these costs were capitalizable and therefore this new standard will result in certain of these costs being expensed as incurred after adoption. Additionally, the standard requires lessors to evaluate whether the collectability of all rents is probable before recognizing rental revenues on a straight-line basis over the applicable lease term. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. As of September 30, 2021, we have a 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 $2,114 and a lease liability within accounts payable and other liabilities on our Consolidated Balance Sheets in the amount of 2,249. |
Unconsolidated Real Estate Affi
Unconsolidated Real Estate Affiliates | 9 Months Ended |
Sep. 30, 2021 | |
Unconsolidated Real Estate [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | UNCONSOLIDATED REAL ESTATE AFFILIATES AND FUND INVESTMENTS 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 residential sector includes apartment properties and single family rental homes. Unconsolidated Real Estate Affiliates The following represent our unconsolidated real estate affiliates as of September 30, 2021 and December 31, 2020. Carrying Amount of Investment Property Property Type Location Acquisition Date September 30, 2021 December 31, 2020 Chicago Parking Garage Other Chicago, IL December 23, 2014 $ 13,853 $ 14,000 Pioneer Tower Office Portland, OR June 28, 2016 102,748 108,715 The Tremont Residential Burlington, MA July 19, 2018 21,417 21,430 The Huntington Residential Burlington, MA July 19, 2018 10,938 11,549 Siena Suwanee Town Center Residential Suwanee, GA December 15, 2020 30,675 32,196 Total $ 179,631 $ 187,890 Summarized Combined Statements of Operations—Unconsolidated Real Estate Affiliates—Equity Method Investments Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Total revenues $ 5,564 $ 3,920 $ 15,964 $ 12,188 Total operating expenses 4,958 4,030 16,394 12,038 Operating income $ 606 $ (110) $ (430) $ 150 Interest expense 834 531 2,513 1,599 Net loss $ (228) $ (641) $ (2,943) $ (1,449) Real Estate Fund Investments NYC Retail Portfolio On December 8, 2015, a wholly owned subsidiary of ours 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 September 30, 2021, the NYC Retail Portfolio owned eight 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 September 30, 2021 and December 31, 2020, the carrying amount of our investment in the NYC Retail Portfolio was $78,004 and $79,192, respectively. During the three and nine months ended September 30, 2021, we recorded a decrease in fair value of our investment in the NYC Retail Portfolio of $2,813 and $2,849, respectively and received no cash distributions. During the three and nine months ended September 30, 2021, we made a $1,661 capital contribution to Madison NYC Core Retail Partners, L.P. During the three and nine months ended September 30, 2020, we recorded a decrease in fair value of our investment in the NYC Retail Portfolio of $2,648 and $14,737, respectively 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. Single-Family Rental Portfolio On August 5, 2021, we acquired a 47% interest in a portfolio of approximately 4,000 stabilized single family rental homes located in various markets across the United States, including Atlanta, Dallas, Phoenix, Nashville and Charlotte, among others (the "Single-Family Rental Portfolio"). The portfolio is encumbered by securitized mortgages in a net amount of approximately $760,000 maturing in the fourth quarter of 2025 at a weighted average interest rate of 2.1%. The equity purchase price our 47% interest was approximately $205,000. We funded the transaction using cash on hand and a draw on our revolving line of credit. As of September 30, 2021, the carrying amount of our investment in the Single-Family Rental Portfolio was $205,172. During the three months ended September 30, 2021, we recorded no change in the fair value of our investment in the Single-Family Rental Portfolio. During the three months ended September 30, 2021, we received distributions of income totaling $1,771. This cash distribution of income increased income from unconsolidated real estate affiliates and fund investments. Summarized Statement of Operations—NYC Retail Portfolio Investment and Single-Family Rental Portfolio—Fair Value Option Investment Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Total revenue $ 12,747 $ 313 $ 11,671 $ 2,247 Net investment income (loss) 4,372 (174) 4,390 736 Net change in unrealized loss on investment in real estate venture (10,295) (9,570) (10,163) (53,243) Net loss $ (5,923) $ (9,744) $ (5,773) $ (52,507) |
Mortgage Notes and Other Debt P
Mortgage Notes and Other Debt Payable | 9 Months Ended |
Sep. 30, 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 September 30, 2021 December 31, 2020 Mortgage notes payable (1)(2)(3) June 1, 2023 - March 1, 2038 1.48% - 5.30% $ 1,079,935 $ 771,043 Credit facility Revolving line of credit May 25, 2024 1.73% 275,000 — Term loans May 24, 2024 3.10% 235,000 100,000 TOTAL $ 1,589,935 $ 871,043 Net debt discount on assumed debt and debt issuance costs (5,009) (2,941) Mortgage notes and other debt payable, net $ 1,584,926 $ 868,102 South Seattle Distribution Center (4) $ — $ 17,873 ________ (1) During the nine months ending September 30, 2021, we entered into the following new mortgage notes payable: • 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. • 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. • On April 26, 2021, we entered into a $52,250 mortgage payable on Louisville Distribution Center. The mortgage bears an interest rate of 1.76% and matures on May 1, 2026. • On May 18, 2021, we entered into a $49,000 mortgage payable on Southeast Phoenix Distribution Center. The mortgage bears an interest rate of 2.70% and matures on June 1, 2028. • On June 30, 2021, we entered into a $39,900 mortgage payable on Princeton North Andover. The mortgage bears an interest rate of LIBOR + 1.55% (1.63% at September 30, 2021) and matures on June 1, 2028. • On September 10, 2021, we entered into a $32,492 mortgage payable on two industrial buildings. $11,880 is allocated towards the San Marcos property and $20,612 is allocated towards the Fremont property. The mortgage bears an interest rate of LIBOR + 1.40% (1.48% at September 30, 2021) and matures on September 8, 2026. • On September 23, 2021, we entered into a $32,400 mortgage payable on The Preserve at the Meadows. The mortgage bears an interest rate of 2.57% and matures on October 1, 2031. • On September 30, 2021, we entered into a $46,310 mortgage payable on The Rockwell. The mortgage bears an interest rate of 2.62% and matures on October 1, 2031. (2) During the nine months ending September 30, 2021, we repaid the following mortgage notes payable: • On March 8, 2021, we repaid the mortgage note payable related to 140 Park Avenue in the amount of $22,800. • On March 17, 2021, we repaid the mortgage note payable related to Monument IV in the amount of $40,000. (3) During the nine months ending September 30, 2021, we assumed the following mortgage notes payable: • On September 29, 2021, we assumed a mortgage payable that was originated on May 1, 2016 on Miramont Apartments. The mortgage bears an interest rate of 3.87% for the remaining five- year term. As of September 30, 2021, the balance of the loan was $27,752. • On September 29, 2021, we assumed a mortgage payable that was originated on May 1, 2016 on Pinecone Apartments. The mortgage bears an interest rate of 3.87% for the remaining five-year term. As of September 30, 2021, the balance of the loan was $25,467. (4) 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 September 30, 2021 are as follows: Year Amount 2021 $ 1,908 2022 7,812 2023 89,890 2024 534,917 2025 192,296 Thereafter 763,112 Total $ 1,589,935 Credit Facility On May 24, 2021, we entered into a credit agreement providing for a $650,000 revolving line of credit and unsecured term loan (collectively, the “Credit Facility”) with a syndicate of eight lenders led by JPMorgan Chase Bank, N.A., Bank of America, N.A., PNC Capital Markets LLC and Wells Fargo Bank, N.A. The Credit Facility provides us with the ability, from time to time, to increase the size of the Credit Facility up to a total of $800 million, subject to receipt of lender commitments and other conditions. The $650,000 Credit Facility consists of a $415,000 revolving credit facility (the “Revolving Credit Facility”) and a $235,000 term loan (the “Term Loan”). The Revolving Credit Facility contains a sublimit of $25,000 for letters of credit. The primary interest rate for the Revolving Credit Facility is based on LIBOR, plus a margin ranging from 1.40% to 2.10%, depending on our total leverage ratio. The primary interest rate for the Term Loan is based on LIBOR, plus a margin ranging from 1.35% to 2.05%, depending on our total leverage ratio. The maturity date of the Revolving Credit Facility and the Term Loan is May 24, 2025. Based on our current total leverage ratio, we can elect to borrow at LIBOR plus 1.45% and LIBOR plus 1.40% for the Revolving Credit Facility and Term Loan, respectively, 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 0.40% to 1.10% for base rate loans under the Revolving Credit Facility or a margin ranging from 0.35% to 1.05% for base rate loans under the Term Loan. If the “base rate” is less than 1.0%, it will be deemed to be 1.0% for purposes of the Credit Facility. We intend to use the Revolving Credit Facility 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 September 30, 2021, we believe no material adverse effects had occurred. The Credit Facility provides for alternative rate benchmarks in the event that LIBOR is no longer appropriate or available. At September 30, 2021, we had $275,000 outstanding under the Revolving Credit Facility at LIBOR + 1.65% and $235,000 outstanding under the Term Loan at LIBOR + 1.60%. We swapped the LIBOR portion on $190,000 of our Term Loan to a blended fixed rate of 1.93% (all in rate of 3.53% at September 30, 2021) and swapped $90,000 of the Revolving Credit Facility to a fixed rate of 2.64% (all in rate of 4.04%) at September 30, 2021. The interest rate swap agreements have maturity dates ranging from May 26, 2022 through February 17, 2023. Covenants At September 30, 2021, we were in compliance with all debt covenants. Debt Issuance Costs |
Common Stock Common Stock
Common Stock Common Stock | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 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 11,621,561 2,231,314 196,799 14,003,216 2,555,366 Repurchase of common stock (5,124,503) (1,566,243) (738,450) (1,893,458) — Share conversions (154,886) (735,772) — 887,500 — Balance, September 30, 2021 96,013,268 35,541,455 9,074,648 46,244,259 7,513,281 Stock Issuances The stock issuances for our classes of common stock, including those issued through our distribution reinvestment plan, for the nine months ended September 30, 2021 were as follows: Nine Months Ended September 30, 2021 # of shares Amount Class A Shares 11,621,561 $ 141,017 Class M Shares 2,231,314 27,058 Class A-I Shares 196,799 2,385 Class M-I Shares 14,003,216 169,339 Class D Shares 2,555,366 30,000 Total $ 369,799 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 nine months ended September 30, 2021, we repurchased 9,322,654 shares of common stock in the amount of $111,499. During the nine months ended September 30, 2020, we repurchased 18,597,052 shares of common stock in the amount of $223,101. 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 nine months ended September 30, 2021, we issued 3,540,535 shares of common stock for $43,064 under the distribution reinvestment plan. For the nine months ended September 30, 2020, we issued 4,505,845 shares of common stock for $53,669 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 OP Units generally have the right to cause the operating partnership to redeem all or a portion of their OP 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 September 30, 2021 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 $ (16,540) $ (6,140) $ (1,651) $ (7,537) $ (1,313) Allocation of performance fee 6,662 2,635 710 3,463 582 Total $ (23,202) $ (8,775) $ (2,361) $ (11,000) $ (1,895) Weighted average number of common shares outstanding 94,656,530 35,138,533 9,447,086 43,131,751 7,513,281 Basic and diluted net loss per share: $ (0.25) $ (0.25) $ (0.25) $ (0.26) $ (0.25) Nine Months Ended September 30, 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 $ 10,649 $ 4,063 $ 1,108 $ 4,450 $ 806 Allocation of performance fee 6,662 2,635 710 3,463 582 Total $ 3,987 $ 1,428 $ 398 $ 987 $ 224 Weighted average number of common shares outstanding 91,944,466 35,082,628 9,569,529 38,424,069 6,961,022 Basic and diluted net income per share: $ 0.04 $ 0.04 $ 0.04 $ 0.03 $ 0.03 Three Months Ended September 30, 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 $ (5,346) $ (2,147) $ (579) $ (1,753) $ (297) Weighted average number of common shares outstanding 89,432,854 35,897,894 9,686,983 29,313,769 4,927,915 Basic and diluted net loss per share: $ (0.06) $ (0.06) $ (0.06) $ (0.06) $ (0.06) Nine Months ended September 30, 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 $ (19,529) $ (8,009) $ (2,213) $ (6,055) $ (1,069) Weighted average number of common shares outstanding 90,409,712 37,074,115 10,240,781 28,024,648 4,927,915 Basic and diluted net loss per share: $ (0.22) $ (0.22) $ (0.22) $ (0.22) $ (0.22) Organization and Offering Costs |
DST Program (Notes)
DST Program (Notes) | 9 Months Ended |
Sep. 30, 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 and on August 10, 2021, our board of directors approved an increase to raise up to a total of $1,000,000 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 OP 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 for legal work and debt placement costs for the DST totaling $1,857 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. Upon the determination that it is probable that we will exercise the fair market value purchase option, we will recognize additional interest expense or interest income to the financing obligation to account for the difference between the fair value of the property and the outstanding liabilities. 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 | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | |
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 or OP Unit 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 and nine months ended September 30, 2021 were $7,404 and $20,477, respectively. The fixed advisory fees for the three and nine months ended September 30, 2020 were $6,192 and $19,049, respectively. Performance fees for the three and nine months ended September 30, 2021 were $14,142. There were no performance fees for the three and nine months ended September 30, 2020. Included in Advisor fees payable at September 30, 2021 was $2,512 of fixed advisory fee expense and $14,142 of performance 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 and nine months ended September 30, 2021, we paid JLL Americas $305 and $784, respectively, for property management and leasing services. For the three and nine months ended September 30, 2020, we paid JLL Americas $163 and $565, respectively, for property management and leasing services During the three and nine months ended September 30, 2021, we paid JLL Americas $0 and $371, respectively, in mortgage brokerage fees related to the mortgage notes payable for Louisville Airport Distribution Center and Townlake of Coppell. During the three and nine months ended September 30, 2020, we paid JLL Americas $0 and $75, respectively, in sales brokerage fees. We pay the Dealer Manager selling commissions and dealer manager fees in connection with our offerings. For the three and nine months ended September 30, 2021, we paid the Dealer Manager selling commissions and dealer manager fees totaling $3,167 and $8,718, respectively. For the three and nine months ended September 30, 2020, we paid the Dealer Manager selling commissions and dealer manager fees totaling $2,530 and $8,708, respectively. A majority of the selling commissions and dealer manager fees are reallowed to participating broker-dealers. Included in accrued offering costs, at September 30, 2021 and December 31, 2020, were $125,123 and $105,770 of future dealer manager fees payable, respectively. As of September 30, 2021 and December 31, 2020, we owed $1,551 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 and nine months ended September 30, 2021, the taxable REIT subsidiary paid $535 and $3,278, respectively, to the Dealer Manager. For the three and nine months ended September 30, 2020, the taxable REIT subsidiary paid $662 and $1,574, 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 DSTs; (b) 0.85% of the NAV of each outstanding Class A OP Unit, 0.30% of the NAV of each outstanding Class M OP Unit or 0.30% of the NAV of each outstanding Class A-I OP 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 OP 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 OP Units or Class M-I shares. For the three and nine months ended September 30, 2021, the DSTs paid $206 and $510 in investor servicing fees to the Dealer Manager in connection with the DST Program. For the three and nine months ended September 30, 2020, the DSTs paid $28 and $46, respectively, 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 DST pays the manager a management fee equal to a to-be-agreed upon percentage of the total equity of such DST. For the three and nine months ended September 30, 2021, the DSTs paid $123 and $306, respectively, in management fees to our Advisor in connection with the DST Program. For the three and nine months ended September 30, 2020, the DSTs paid $20 and $30, respectively, in management fees to our Advisor in connection with the DST Program. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 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. The operating agreement for Presley Uptown allows the unrelated third party joint venture partner, owning a 2.5% interest, to put its interest to us at a market determined value starting September 30, 2022 until September 30, 2024. The operating agreement for 237 Via Vera Cruz, 13500 Danielson Street and 4211 Starboard allows the unrelated third party joint venture partner, owning a 5% interest, to put its interest to us at a market determined value starting July 31, 2024. |
Rentals Under Operating Leases
Rentals Under Operating Leases | 9 Months Ended |
Sep. 30, 2021 | |
Rentals Under Operating Leases [Abstract] | |
Lessor, Operating Leases | We receive rental income from operating leases. The minimum future rentals from consolidated properties based on operating leases in place at September 30, 2021 are as follows: Year Amount 2021 $ 50,750 2022 156,142 2023 123,646 2024 103,705 2025 91,797 Thereafter 337,651 Total $ 863,691 |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | SEGMENT REPORTING We have five reportable operating segments: residential, 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 and nine months ended September 30, 2021 and 2020. Industrial Office Residential Retail Other Total Assets as of September 30, 2021 $ 972,035 $ 381,716 $ 1,119,197 $ 569,193 $ 23,177 $ 3,065,318 Assets as of December 31, 2020 659,870 277,556 788,060 577,588 22,134 2,325,208 Three Months Ended September 30, 2021 Capital expenditures by segment $ 4,118 $ 718 $ 1,487 $ 634 $ — $ 6,957 Revenues: Rental revenue $ 18,126 $ 8,791 $ 18,668 $ 12,332 $ 183 $ 58,100 Other revenue 66 397 1,546 207 611 2,827 Total revenues $ 18,192 $ 9,188 $ 20,214 $ 12,539 $ 794 $ 60,927 Operating expenses: Real estate taxes $ 2,629 $ 823 $ 3,266 $ 1,451 $ 113 $ 8,282 Property operating expenses 1,398 1,823 5,834 1,709 183 10,947 Total segment operating expenses $ 4,027 $ 2,646 $ 9,100 $ 3,160 $ 296 $ 19,229 Reconciliation to net income Property general and administrative $ (470) Advisor fees (21,546) Company level expenses (940) Depreciation and amortization (23,519) Other income and (expenses): Interest expense (11,714) Loss from unconsolidated real estate affiliates and fund investment (1,270) Investment income on marketable securities 88 Net realized gain upon sale of marketable securities 38 Net unrealized change in fair value of investment in marketable securities (1,711) Total other income and (expenses) $ (14,569) Net loss $ (19,258) Reconciliation to total consolidated assets as of September 30, 2021 Assets per reportable segments $ 3,065,318 Investment in unconsolidated real estate affiliates, real estate fund investment and corporate level assets 674,413 Total consolidated assets $ 3,739,731 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 Industrial Office Residential Retail Other Total Three Months Ended September 30, 2020 Capital expenditures by segment $ 837 $ 651 $ 1,067 $ 123 $ — $ 2,678 Revenues: Rental revenue $ 12,934 $ 6,931 $ 15,594 $ 11,436 $ 75 $ 46,970 Other revenue 134 326 1,030 278 299 2,067 Total revenues $ 13,068 $ 7,257 $ 16,624 $ 11,714 $ 374 $ 49,037 Operating expenses: Real estate taxes $ 2,067 $ 875 $ 3,012 $ 1,525 $ 93 $ 7,572 Property operating expenses 1,062 1,635 5,225 1,879 174 9,975 Total segment operating expenses $ 3,129 $ 2,510 $ 8,237 $ 3,404 $ 267 $ 17,547 Reconciliation to net income Property general and administrative $ (728) Advisor fees (6,192) Company level expenses (693) Depreciation and amortization (18,830) Other income and (expenses): Interest expense (8,391) Loss from unconsolidated real estate affiliates and fund investment (3,289) Total other income and (expenses) $ (15,160) Net loss $ (10,113) |
Investments, Debt and Equity Se
Investments, Debt and Equity Securities | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure | INVESTMENT IN MARKETABLE SECURITIES The following is a summary of our investment in marketable securities held as of September 30, 2021, which consisted entirely of stock of publicly traded REITs. September 30, 2021 Investment in marketable securities - cost $ 29,888 Unrealized gains 83 Unrealized losses (1,794) Net unrealized loss (1,711) Investment in marketable securities - fair value $ 28,177 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Event [Line Items] | |
Subsequent Events | SUBSEQUENT EVENTS On October 7, 2021, we acquired North Tampa Surgery Center, a 13,000 square foot life sciences property located in Odessa, Florida for approximately $8,500. The acquisition was funded with cash on hand. On October 20, 2021, we acquired Friendship Distribution Center, a 650,000 square foot industrial property located in Buford, Georgia for approximately $95,000. The acquisition was funded with cash on hand. On October 28, 2021, we acquired South San Diego Distribution Center, a 655,000 square foot industrial property located in San Diego, California for approximately $158,500. We assumed a $72,500 mortgage note payable that bears an interest rate of 3.18% and matures on January 31, 2031. The acquisition was funded as an UPREIT transaction in which we issued OP Units and funded with cash on hand. On November 9, 2021, our board of directors approved a gross dividend for the third quarter of 2021 of $0.135 per share to stockholders of record as of December 23, 2021. The dividend will be paid on or around December 30, 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. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 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 September 30, 2021, our VIEs included The District at Howell Mill, Grand Lakes Marketplace, Presley Uptown, 237 Via Vera Cruz, 4211 Starboard Drive and 13500 Danielson Drive 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 September 30, 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 September 30, 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 September 30, 2021 and December 31, 2020 was $7,892 and $6,495, respectively. |
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 $100,585 and $82,699 at September 30, 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 $14,471 and $12,724 at September 30, 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 nine months ended September 30, 2021 and 2020, we recorded a decrease in fair value classified within the Level 3 category of $2,849 and $14,737, 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 $27,738 and $30,923 higher than the aggregate carrying amounts at September 30, 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 September 30, 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 $3,897 and $6,500 at September 30, 2021 and December 31, 2020, respectively. |
Lessee, Operating Leases | Ground Lease As of September 30, 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 $2,114 and a lease liability within accounts payable and other liabilities on our Consolidated Balance Sheets in the amount of $2,249. |
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] | Recently 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 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 are evaluating the impact of this 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. Effective January 1, 2019, we adopted ASU 2016-02 Leases and 2018-11 Leases: Targeted Improvements (Topic 842) ("ASU 842"). The new guidance sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). We elected a practical expedient, by class of underlying assets, to not separate non-lease components from the related lease components and, instead, to account for those components as a single lease component, when certain criteria are met. Upon adoption, we reclassified these components for prior periods to conform with the current period presentation. We also elected permitted practical expedients to not reassess lease classification and use of the standard’s effective date as the date of initial application and therefore financial information under ASU 842 is not provided for periods prior to January 1, 2019. The accounting for lessors remained largely unchanged from previous GAAP; however, the standard required that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under previous standards, certain of these costs were capitalizable and therefore this new standard will result in certain of these costs being expensed as incurred after adoption. Additionally, the standard requires lessors to evaluate whether the collectability of all rents is probable before recognizing rental revenues on a straight-line basis over the applicable lease term. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. As of September 30, 2021, we have a 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 $2,114 and a lease liability within accounts payable and other liabilities on our Consolidated Balance Sheets in the amount of 2,249. |
Marketable Securities, Policy | Investment in Marketable Securities In accordance with our investment guidelines, investments in marketable securities consist of stock of publicly traded REITs. The net unrealized change in the fair value of our investments in marketable securities is recorded in earnings as part of net income in accordance with Accounting Standard Update ("ASU") 2016-1, Financial Statements - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities . |
Revenue Recognition, Leases | 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. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | As of September 30, 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) | 9 Months Ended |
Sep. 30, 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 $ 112,378 Building and equipment 599,830 In-place lease intangible (acquired intangible assets) 74,979 Above-market lease intangible (acquired intangible assets) 3,250 Below-market lease intangible (acquired intangible liabilities) (16,328) $ 774,109 Amortization period for intangible assets and liabilities 6 - 180 months |
Unconsolidated Real Estate Af_2
Unconsolidated Real Estate Affiliates Equity Method Investments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments [Abstract] | |
Equity Method Investments [Table Text Block] | Unconsolidated Real Estate Affiliates The following represent our unconsolidated real estate affiliates as of September 30, 2021 and December 31, 2020. Carrying Amount of Investment Property Property Type Location Acquisition Date September 30, 2021 December 31, 2020 Chicago Parking Garage Other Chicago, IL December 23, 2014 $ 13,853 $ 14,000 Pioneer Tower Office Portland, OR June 28, 2016 102,748 108,715 The Tremont Residential Burlington, MA July 19, 2018 21,417 21,430 The Huntington Residential Burlington, MA July 19, 2018 10,938 11,549 Siena Suwanee Town Center Residential Suwanee, GA December 15, 2020 30,675 32,196 Total $ 179,631 $ 187,890 Summarized Combined Statements of Operations—Unconsolidated Real Estate Affiliates—Equity Method Investments Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Total revenues $ 5,564 $ 3,920 $ 15,964 $ 12,188 Total operating expenses 4,958 4,030 16,394 12,038 Operating income $ 606 $ (110) $ (430) $ 150 Interest expense 834 531 2,513 1,599 Net loss $ (228) $ (641) $ (2,943) $ (1,449) |
Fair Value Option, Disclosures [Table Text Block] | Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Total revenue $ 12,747 $ 313 $ 11,671 $ 2,247 Net investment income (loss) 4,372 (174) 4,390 736 Net change in unrealized loss on investment in real estate venture (10,295) (9,570) (10,163) (53,243) Net loss $ (5,923) $ (9,744) $ (5,773) $ (52,507) |
Mortgage Notes and Other Debt_2
Mortgage Notes and Other Debt Payable Table 1 - Schedule of Mortgages and Other Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2021 December 31, 2020 Mortgage notes payable (1)(2)(3) June 1, 2023 - March 1, 2038 1.48% - 5.30% $ 1,079,935 $ 771,043 Credit facility Revolving line of credit May 25, 2024 1.73% 275,000 — Term loans May 24, 2024 3.10% 235,000 100,000 TOTAL $ 1,589,935 $ 871,043 Net debt discount on assumed debt and debt issuance costs (5,009) (2,941) Mortgage notes and other debt payable, net $ 1,584,926 $ 868,102 South Seattle Distribution Center (4) $ — $ 17,873 ________ (1) During the nine months ending September 30, 2021, we entered into the following new mortgage notes payable: • 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. • 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. • On April 26, 2021, we entered into a $52,250 mortgage payable on Louisville Distribution Center. The mortgage bears an interest rate of 1.76% and matures on May 1, 2026. • On May 18, 2021, we entered into a $49,000 mortgage payable on Southeast Phoenix Distribution Center. The mortgage bears an interest rate of 2.70% and matures on June 1, 2028. • On June 30, 2021, we entered into a $39,900 mortgage payable on Princeton North Andover. The mortgage bears an interest rate of LIBOR + 1.55% (1.63% at September 30, 2021) and matures on June 1, 2028. • On September 10, 2021, we entered into a $32,492 mortgage payable on two industrial buildings. $11,880 is allocated towards the San Marcos property and $20,612 is allocated towards the Fremont property. The mortgage bears an interest rate of LIBOR + 1.40% (1.48% at September 30, 2021) and matures on September 8, 2026. • On September 23, 2021, we entered into a $32,400 mortgage payable on The Preserve at the Meadows. The mortgage bears an interest rate of 2.57% and matures on October 1, 2031. • On September 30, 2021, we entered into a $46,310 mortgage payable on The Rockwell. The mortgage bears an interest rate of 2.62% and matures on October 1, 2031. (2) During the nine months ending September 30, 2021, we repaid the following mortgage notes payable: • On March 8, 2021, we repaid the mortgage note payable related to 140 Park Avenue in the amount of $22,800. • On March 17, 2021, we repaid the mortgage note payable related to Monument IV in the amount of $40,000. (3) During the nine months ending September 30, 2021, we assumed the following mortgage notes payable: • On September 29, 2021, we assumed a mortgage payable that was originated on May 1, 2016 on Miramont Apartments. The mortgage bears an interest rate of 3.87% for the remaining five- year term. As of September 30, 2021, the balance of the loan was $27,752. • On September 29, 2021, we assumed a mortgage payable that was originated on May 1, 2016 on Pinecone Apartments. The mortgage bears an interest rate of 3.87% for the remaining five-year term. As of September 30, 2021, the balance of the loan was $25,467. |
Aggregate principal payments of mortgage notes payable | Aggregate future principal payments of mortgage notes and other debt payable as of September 30, 2021 are as follows: Year Amount 2021 $ 1,908 2022 7,812 2023 89,890 2024 534,917 2025 192,296 Thereafter 763,112 Total $ 1,589,935 |
Common Stock Common Stock (Tabl
Common Stock Common Stock (Tables) | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 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 11,621,561 2,231,314 196,799 14,003,216 2,555,366 Repurchase of common stock (5,124,503) (1,566,243) (738,450) (1,893,458) — Share conversions (154,886) (735,772) — 887,500 — Balance, September 30, 2021 96,013,268 35,541,455 9,074,648 46,244,259 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 nine months ended September 30, 2021 were as follows: Nine Months Ended September 30, 2021 # of shares Amount Class A Shares 11,621,561 $ 141,017 Class M Shares 2,231,314 27,058 Class A-I Shares 196,799 2,385 Class M-I Shares 14,003,216 169,339 Class D Shares 2,555,366 30,000 Total $ 369,799 |
Schedule of Earnings Per Share [Table Text Block] | Three Months Ended September 30, 2021 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 $ (16,540) $ (6,140) $ (1,651) $ (7,537) $ (1,313) Allocation of performance fee 6,662 2,635 710 3,463 582 Total $ (23,202) $ (8,775) $ (2,361) $ (11,000) $ (1,895) Weighted average number of common shares outstanding 94,656,530 35,138,533 9,447,086 43,131,751 7,513,281 Basic and diluted net loss per share: $ (0.25) $ (0.25) $ (0.25) $ (0.26) $ (0.25) Nine Months Ended September 30, 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 $ 10,649 $ 4,063 $ 1,108 $ 4,450 $ 806 Allocation of performance fee 6,662 2,635 710 3,463 582 Total $ 3,987 $ 1,428 $ 398 $ 987 $ 224 Weighted average number of common shares outstanding 91,944,466 35,082,628 9,569,529 38,424,069 6,961,022 Basic and diluted net income per share: $ 0.04 $ 0.04 $ 0.04 $ 0.03 $ 0.03 Three Months Ended September 30, 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 $ (5,346) $ (2,147) $ (579) $ (1,753) $ (297) Weighted average number of common shares outstanding 89,432,854 35,897,894 9,686,983 29,313,769 4,927,915 Basic and diluted net loss per share: $ (0.06) $ (0.06) $ (0.06) $ (0.06) $ (0.06) Nine Months ended September 30, 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 $ (19,529) $ (8,009) $ (2,213) $ (6,055) $ (1,069) Weighted average number of common shares outstanding 90,409,712 37,074,115 10,240,781 28,024,648 4,927,915 Basic and diluted net loss per share: $ (0.22) $ (0.22) $ (0.22) $ (0.22) $ (0.22) |
Rentals Under Operating Leases
Rentals Under Operating Leases Rentals Under Operating Leases (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2021 are as follows: Year Amount 2021 $ 50,750 2022 156,142 2023 123,646 2024 103,705 2025 91,797 Thereafter 337,651 Total $ 863,691 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Segment Reporting [Abstract] | ||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | NOTE 11—SEGMENT REPORTING We have five reportable operating segments: residential, 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 and nine months ended September 30, 2021 and 2020. Industrial Office Residential Retail Other Total Assets as of September 30, 2021 $ 972,035 $ 381,716 $ 1,119,197 $ 569,193 $ 23,177 $ 3,065,318 Assets as of December 31, 2020 659,870 277,556 788,060 577,588 22,134 2,325,208 Three Months Ended September 30, 2021 Capital expenditures by segment $ 4,118 $ 718 $ 1,487 $ 634 $ — $ 6,957 Revenues: Rental revenue $ 18,126 $ 8,791 $ 18,668 $ 12,332 $ 183 $ 58,100 Other revenue 66 397 1,546 207 611 2,827 Total revenues $ 18,192 $ 9,188 $ 20,214 $ 12,539 $ 794 $ 60,927 Operating expenses: Real estate taxes $ 2,629 $ 823 $ 3,266 $ 1,451 $ 113 $ 8,282 Property operating expenses 1,398 1,823 5,834 1,709 183 10,947 Total segment operating expenses $ 4,027 $ 2,646 $ 9,100 $ 3,160 $ 296 $ 19,229 Reconciliation to net income Property general and administrative $ (470) Advisor fees (21,546) Company level expenses (940) Depreciation and amortization (23,519) Other income and (expenses): Interest expense (11,714) Loss from unconsolidated real estate affiliates and fund investment (1,270) Investment income on marketable securities 88 Net realized gain upon sale of marketable securities 38 Net unrealized change in fair value of investment in marketable securities (1,711) Total other income and (expenses) $ (14,569) Net loss $ (19,258) Reconciliation to total consolidated assets as of September 30, 2021 Assets per reportable segments $ 3,065,318 Investment in unconsolidated real estate affiliates, real estate fund investment and corporate level assets 674,413 Total consolidated assets $ 3,739,731 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 Industrial Office Residential Retail Other Total Three Months Ended September 30, 2020 Capital expenditures by segment $ 837 $ 651 $ 1,067 $ 123 $ — $ 2,678 Revenues: Rental revenue $ 12,934 $ 6,931 $ 15,594 $ 11,436 $ 75 $ 46,970 Other revenue 134 326 1,030 278 299 2,067 Total revenues $ 13,068 $ 7,257 $ 16,624 $ 11,714 $ 374 $ 49,037 Operating expenses: Real estate taxes $ 2,067 $ 875 $ 3,012 $ 1,525 $ 93 $ 7,572 Property operating expenses 1,062 1,635 5,225 1,879 174 9,975 Total segment operating expenses $ 3,129 $ 2,510 $ 8,237 $ 3,404 $ 267 $ 17,547 Reconciliation to net income Property general and administrative $ (728) Advisor fees (6,192) Company level expenses (693) Depreciation and amortization (18,830) Other income and (expenses): Interest expense (8,391) Loss from unconsolidated real estate affiliates and fund investment (3,289) Total other income and (expenses) $ (15,160) Net loss $ (10,113) | Industrial Office Residential Retail Other Total Nine Months Ended September 30, 2021 Capital expenditures by segment $ 12,999 $ 2,055 $ 4,103 $ 2,110 $ 16 $ 21,283 Revenues: Rental revenue $ 49,331 $ 23,788 $ 51,451 $ 36,523 $ 276 $ 161,369 Other revenue 128 1,212 4,424 383 2,038 8,185 Total revenues $ 49,459 $ 25,000 $ 55,875 $ 36,906 $ 2,314 $ 169,554 Operating expenses: Real estate taxes $ 7,606 $ 2,451 $ 9,443 $ 4,723 $ 350 $ 24,573 Property operating expenses 3,894 4,878 15,768 5,952 560 31,052 Total segment operating expenses $ 11,500 $ 7,329 $ 25,211 $ 10,675 $ 910 $ 55,625 Reconciliation to net income Property general and administrative $ (946) Advisor fees (34,620) Company level expenses (3,123) Depreciation and amortization (64,682) Other income and (expenses): Interest expense (31,264) Loss from unconsolidated real estate affiliates and fund investments (4,021) Investment income on marketable securities 88 Net realized gain upon sale of marketable securities 38 Net unrealized change in fair value of investment in marketable securities (1,711) Gain on disposition of property and extinguishment of debt, net 33,422 Total other income and (expenses) $ (3,448) Net income $ 7,198 Industrial Office Residential Retail Other Total Nine Months Ended September 30, 2020 Capital expenditures by segment $ 1,652 $ 2,112 $ 2,796 $ 972 $ — $ 7,532 Revenues: Rental revenue $ 36,816 $ 20,244 $ 47,874 $ 34,218 $ 218 $ 139,370 Other revenue 323 983 2,543 490 904 5,243 Total revenues $ 37,139 $ 21,227 $ 50,417 $ 34,708 $ 1,122 $ 144,613 Operating expenses: Real estate taxes $ 6,193 $ 2,581 $ 8,845 $ 4,535 $ 265 $ 22,419 Property operating expenses 3,045 4,289 14,278 5,408 534 27,554 Total segment operating expenses $ 9,238 $ 6,870 $ 23,123 $ 9,943 $ 799 $ 49,973 Reconciliation to net income Property general and administrative $ (3,609) Advisor fees (19,049) Company level expenses (2,241) Depreciation and amortization (56,450) Other income and (expenses): Interest expense (32,191) Loss from unconsolidated real estate affiliates and fund investments (16,186) Gain on disposition of property and extinguishment of debt, net (1,772) Total other income and (expenses) $ (50,149) Net loss $ (36,858) |
Investments, Debt and Equity _2
Investments, Debt and Equity Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | The following is a summary of our investment in marketable securities held as of September 30, 2021, which consisted entirely of stock of publicly traded REITs. September 30, 2021 Investment in marketable securities - cost $ 29,888 Unrealized gains 83 Unrealized losses (1,794) Net unrealized loss (1,711) Investment in marketable securities - fair value $ 28,177 |
Organization (Details)
Organization (Details) $ in Thousands | Oct. 16, 2019USD ($) | Mar. 03, 2015USD ($) | Sep. 30, 2021USD ($)Rateshares | Mar. 31, 2023USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020shares |
Organization (Textual) [Abstract] | ||||||
Incorporation date | May 28, 2004 | |||||
common stock, authorized in offering of new shares | $ 3,000,000 | $ 3,000,000 | ||||
common stock, value authorized during DST offering | $ 500,000 | |||||
Number Of Stockholders | 19,118 | |||||
Investment Owned, Balance, Shares | shares | 2,521,801 | |||||
Investment Owned, at Fair Value | $ 32,103 | |||||
Proceeds from Issuance or Sale of Equity | $ 14,242 | |||||
Sale of Stock, Percentage of Ownership after Transaction | Rate | 99.40% | |||||
Other Ownership Interest | ||||||
Organization (Textual) [Abstract] | ||||||
Sale of Stock, Percentage of Ownership after Transaction | Rate | 0.60% | |||||
Consolidated properties [Member] | ||||||
Organization (Textual) [Abstract] | ||||||
Number of properties owned | 98 | |||||
Number of states | 26 | |||||
Class A Shares [Member] | ||||||
Organization (Textual) [Abstract] | ||||||
Common Stock, Shares, Outstanding | shares | 96,013,268 | 89,671,096 | ||||
Class M Shares [Member] | ||||||
Organization (Textual) [Abstract] | ||||||
Common Stock, Shares, Outstanding | shares | 35,541,455 | 35,612,156 | ||||
Class A-I Shares [Member] | ||||||
Organization (Textual) [Abstract] | ||||||
Common Stock, Shares, Outstanding | shares | 9,074,648 | 9,616,299 | ||||
Class M-I Shares [Member] | ||||||
Organization (Textual) [Abstract] | ||||||
Common Stock, Shares, Outstanding | shares | 46,244,259 | 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 | 4,957,915 | ||||
FOO [Member] | ||||||
Organization (Textual) [Abstract] | ||||||
Common Stock, Value, Outstanding | $ 1,227,818 | |||||
Private Placement [Member] | ||||||
Organization (Textual) [Abstract] | ||||||
Common Stock, Value, Outstanding | 98,188 | |||||
DST Program [Member] | ||||||
Organization (Textual) [Abstract] | ||||||
Common Stock, Value, Outstanding | 300,427 | |||||
Public and private offerings | ||||||
Organization (Textual) [Abstract] | ||||||
Common Stock, Value, Outstanding | $ 3,661,870 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($)Rate | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)Rate | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Summary of Significant Accounting Policies [Line Items] | |||||
Provision for Lease Losses | $ (583) | $ (710) | $ (480) | $ (2,701) | |
Other Revenue | 2,827 | 2,067 | 8,185 | 5,243 | |
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | |||||
Accumulated amortization of Deferred expenses | 7,892 | 7,892 | $ 6,495 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 100,585 | 100,585 | 82,699 | ||
Finite-Lived intangible liability, Accumulated Amortization | 14,471 | 14,471 | 12,724 | ||
Derivative Asset | 3,897 | 3,897 | 6,500 | ||
Net Cash Provided by (Used in) Investing Activities | (915,027) | (107,692) | |||
Provision for Lease Losses - Straight Line Rent | 14 | 30 | (135) | 2,141 | |
Rent relief provided to tenants, by deferral | (699) | 679 | (937) | 1,851 | |
Rent relief provided to tenants, by abatement | 299 | 113 | 553 | 970 | |
NYC Retail Portfolio [Member] | |||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | |||||
Unrealized Gain (Loss) on Investments | $ (2,813) | $ (2,648) | $ (2,849) | $ (14,737) | |
Level two [Member] | |||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | |||||
Mortgage notes payable, fair value | $ 30,923 | ||||
Interest Rate Swap [Member] | |||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | |||||
Derivative, Number of Instruments Held | 5 | 5 | |||
Derivative, Notional Amount | $ 190,000 | $ 190,000 | |||
us-gaap_NewAccountingPronouncementMember [Domain] | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Operating Lease, Right-of-Use Asset | 2,114 | 2,114 | |||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | |||||
SBG Ground Lease | $ 2,249 | $ 2,249 | |||
JLLIPT [Member] | |||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | |||||
Consolidation of variable interest entities, ownership percentage | Rate | 100.00% | 100.00% |
Property Table 1 - Property lis
Property Table 1 - Property listing (Details) $ in Thousands | Sep. 29, 2021USD ($) | Sep. 28, 2021USD ($)ft² | Sep. 15, 2021USD ($)ft² | Aug. 31, 2021USD ($) | Aug. 23, 2021USD ($) | Jul. 09, 2021USD ($)ft² | Jul. 02, 2021USD ($)ft² | Jun. 24, 2021USD ($)ft² | May 03, 2021USD ($) | Feb. 23, 2021USD ($)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 | |||||||||||
Louisville Airport Distribution Center | Industrial Segment [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area of Real Estate Property | ft² | 284,000 | |||||||||||
Business Acquisition, Transaction Costs | $ 32,100 | |||||||||||
Princeton North Andover | Apartments Segment [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Acquisition, Transaction Costs | $ 72,500 | |||||||||||
Preserve at the Meadows | Apartments Segment [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Acquisition, Transaction Costs | $ 61,000 | |||||||||||
The Rockwell | Apartments Segment [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Acquisition, Transaction Costs | $ 84,000 | |||||||||||
9101 Stony Point Drive | Office Segment [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area of Real Estate Property | ft² | 87,000 | |||||||||||
Business Acquisition, Transaction Costs | $ 52,000 | |||||||||||
Miramont Apartments | Apartments Segment [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Acquisition, Transaction Costs | $ 57,400 | |||||||||||
Pinecone Apartments | Apartments Segment [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Acquisition, Transaction Costs | $ 51,600 | |||||||||||
Patriot Park | Industrial Segment [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Acquisition, Transaction Costs | $ 66,750 | |||||||||||
Patriot Park | Industrial Property | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area of Real Estate Property | ft² | 375,000 | |||||||||||
Bixby Industrial Portfolio | Industrial Segment [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area of Real Estate Property | ft² | 130,000 | 153,000 | ||||||||||
Business Acquisition, Transaction Costs | $ 32,000 | $ 36,640 |
Property Table 2 Schedule of Pu
Property Table 2 Schedule of Purchase Price Allocations (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Land | $ 540,691 | $ 428,313 |
Buildings and equipment | $ 2,507,486 | $ 1,892,023 |
Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 6 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 | $ 112,378 | |
Buildings and equipment | 599,830 | |
Finite-Lived Intangible Asset, Acquired-in-Place Leases | 74,979 | |
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | 3,250 | |
Off-market Lease, Unfavorable | (16,328) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 774,109 |
Property (Details)
Property (Details) - South Seattle Distribution Center $ in Thousands | 3 Months Ended | |
Sep. 30, 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 | 9 Months Ended | |||||
Sep. 30, 2021USD ($)ft² | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)ft² | Sep. 30, 2020USD ($) | Aug. 05, 2021USD ($)Rate | Dec. 31, 2020USD ($) | Dec. 08, 2015USD ($) | |
Real Estate Properties [Line Items] | |||||||
Equity Method Investments | $ 179,631 | $ 179,631 | $ 187,890 | ||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | 283,176 | 283,176 | 79,192 | ||||
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES | |||||||
Total revenues | 60,927 | $ 49,037 | 169,554 | $ 144,613 | |||
Interest Expense | 11,714 | 8,391 | 31,264 | 32,191 | |||
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) | (19,252) | (10,122) | 7,076 | (36,875) | |||
Payments to Acquire Interest in Subsidiaries and Affiliates | 207,866 | 3,788 | |||||
Mortgage notes and other debt payable, net | 1,584,926 | 1,584,926 | 868,102 | ||||
Chicago Parking Garage [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Equity Method Investments | 13,853 | 13,853 | 14,000 | ||||
Pioneer Tower [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Equity Method Investments | 102,748 | 102,748 | 108,715 | ||||
The Tremont [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Equity Method Investments | 21,417 | 21,417 | 21,430 | ||||
The Huntington [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Equity Method Investments | 10,938 | 10,938 | 11,549 | ||||
Unconsolidated Real Estate Affiliates [Member] | |||||||
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES | |||||||
Total revenues | 5,564 | 3,920 | 15,964 | 12,188 | |||
Operating Expenses | 4,958 | 4,030 | 16,394 | 12,038 | |||
Operating income | 606 | (110) | (430) | 150 | |||
Interest Expense | 834 | 531 | 2,513 | 1,599 | |||
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) | $ (228) | (641) | $ (2,943) | (1,449) | |||
NYC Retail Portfolio [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Area of Real Estate Property | ft² | 1,940,000 | 1,940,000 | |||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $ 78,004 | $ 78,004 | 79,192 | $ 85,600 | |||
Real Estate Property Ownership Percentage | 14.00% | ||||||
Unrealized Gain (Loss) on Investments | $ (2,813) | (2,648) | $ (2,849) | (14,737) | |||
Area of unconsolidated real estate property sold | ft² | 74,000 | 74,000 | |||||
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES | |||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 1,661 | ||||||
Madison NYC Core Retail Partners, L.P. [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Unrealized Gain (Loss) on Investments | $ (10,295) | (9,570) | (10,163) | (53,243) | |||
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES | |||||||
Total revenues | 12,747 | $ 313 | 11,671 | $ 2,247 | |||
Siena Suwanee Town Center | |||||||
Real Estate Properties [Line Items] | |||||||
Equity Method Investments | 30,675 | 30,675 | $ 32,196 | ||||
SFR Portfolio [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $ 205,172 | 205,172 | $ 205,000 | ||||
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES | |||||||
Proceeds from Equity Method Investment, Distribution | $ 1,771 | ||||||
Mortgage notes and other debt payable, net | $ 760,000 | ||||||
Debt, Weighted Average Interest Rate | Rate | 2.10% | ||||||
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% | ||||||
GVI RH JV Investor LLC | |||||||
Real Estate Properties [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 47.00% |
Unconsolidated Real Estate Af_4
Unconsolidated Real Estate Affiliates Fair Value Option Investment Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Revenues | $ 60,927 | $ 49,037 | $ 169,554 | $ 144,613 |
Net (loss) income | 19,346 | 10,113 | (7,110) | 36,858 |
Payments to Acquire Interest in Subsidiaries and Affiliates | 207,866 | 3,788 | ||
Madison NYC Core Retail Partners, L.P. [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Revenues | 12,747 | 313 | 11,671 | 2,247 |
Net Investment Income | (4,372) | (174) | (4,390) | (736) |
Unrealized Gain (Loss) on Investments | 10,295 | 9,570 | 10,163 | 53,243 |
Net (loss) income | (5,923) | (9,744) | (5,773) | (52,507) |
NYC Retail Portfolio [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Unrealized Gain (Loss) on Investments | $ 2,813 | $ 2,648 | 2,849 | $ 14,737 |
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 1,661 |
Table 1 - Mortgage Notes and Ot
Table 1 - Mortgage Notes and Other Debt Payable (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||||||
Sep. 30, 2021 | Sep. 29, 2021 | Sep. 23, 2021 | Sep. 10, 2021 | May 18, 2021 | Apr. 26, 2021 | Mar. 11, 2021 | Feb. 10, 2021 | Dec. 31, 2020 | |
Summary of mortgage notes payable | |||||||||
Notes Payable | $ 1,589,935 | $ 871,043 | |||||||
Debt Issuance Costs, Net | (5,009) | (2,941) | |||||||
Mortgage notes and other debt payable, net | 1,584,926 | 868,102 | |||||||
South Seattle Distribution Center | |||||||||
Summary of mortgage notes payable | |||||||||
Notes Payable | 0 | 17,873 | |||||||
Revolving Credit Facility [Member] | |||||||||
Summary of mortgage notes payable | |||||||||
Revolving Line of Credit | $ 275,000 | 0 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.73% | ||||||||
Derivative, Fixed Interest Rate | 1.35% | ||||||||
Term Loan [Member] | |||||||||
Summary of mortgage notes payable | |||||||||
Revolving Line of Credit | $ 235,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.10% | ||||||||
Long-term Line of Credit | $ 235,000 | 100,000 | |||||||
Derivative, Fixed Interest Rate | 1.60% | ||||||||
Notes Payable to Banks [Member] | |||||||||
Summary of mortgage notes payable | |||||||||
Notes Payable | $ 1,079,935 | $ 771,043 | |||||||
Minimum [Member] | |||||||||
Summary of mortgage notes payable | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.48% | ||||||||
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 | ||||||||
Louisville Distribution Center | |||||||||
Summary of mortgage notes payable | |||||||||
Mortgage notes and other debt payable, net | $ 52,250 | ||||||||
Derivative, Fixed Interest Rate | 1.76% | ||||||||
Southeast Phoenix Distribution Center | |||||||||
Summary of mortgage notes payable | |||||||||
Mortgage notes and other debt payable, net | $ 49,000 | ||||||||
Derivative, Fixed Interest Rate | 2.70% | ||||||||
Princeton North Andover | |||||||||
Summary of mortgage notes payable | |||||||||
Mortgage notes and other debt payable, net | $ 39,900 | ||||||||
Derivative, Fixed Interest Rate | 1.63% | ||||||||
Bixby Industrial Portfolio | |||||||||
Summary of mortgage notes payable | |||||||||
Mortgage notes and other debt payable, net | $ 32,492 | ||||||||
Derivative, Fixed Interest Rate | 1.48% | ||||||||
San Marcos | |||||||||
Summary of mortgage notes payable | |||||||||
Mortgage notes and other debt payable, net | $ 11,880 | ||||||||
Preserve at the Meadows | |||||||||
Summary of mortgage notes payable | |||||||||
Mortgage notes and other debt payable, net | $ 32,400 | ||||||||
Derivative, Fixed Interest Rate | 2.57% | ||||||||
The Rockwell | |||||||||
Summary of mortgage notes payable | |||||||||
Mortgage notes and other debt payable, net | $ 46,310 | ||||||||
Derivative, Fixed Interest Rate | 2.62% | ||||||||
Miramont Apartments | |||||||||
Summary of mortgage notes payable | |||||||||
Notes Payable | $ 27,752 | ||||||||
Derivative, Fixed Interest Rate | 3.87% | ||||||||
Pinecone Apartments | |||||||||
Summary of mortgage notes payable | |||||||||
Notes Payable | $ 25,467 | ||||||||
Derivative, Fixed Interest Rate | 3.87% | ||||||||
Fremont | |||||||||
Summary of mortgage notes payable | |||||||||
Mortgage notes and other debt payable, net | $ 20,612 |
Table 2 - Summary of Aggregate
Table 2 - Summary of Aggregate Principle (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Total | $ 1,589,935 | $ 871,043 |
Mortgage Notes and Other Debt_3
Mortgage Notes and Other Debt Payable Text Detail (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | May 26, 2017 | |
Debt Instrument [Line Items] | |||
Notes Payable | $ 1,589,935 | $ 871,043 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 650,000 | ||
Revolving Line of Credit, Maximum Borrowing Capacity | 415,000 | ||
Term Loan, Maximum Borrowing Capacity | $ 235,000 | ||
Amortization of Debt Issuance Costs | $ 7,308 | 6,749 | |
Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.40% | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.10% | ||
IPT Long-Term Line of Credit [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Increase (Decrease) | 3.53% | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.73% | ||
Revolving Line of Credit | $ 275,000 | 0 | |
Derivative, Fixed Interest Rate | 1.35% | ||
Revolving Credit Facility [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Increase (Decrease) | 4.04% | ||
Revolving Credit Facility [Member] | IPT Long-Term Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date Range, End | May 24, 2025 | ||
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.10% | ||
Revolving Line of Credit | $ 235,000 | ||
Long-term Line of Credit | $ 235,000 | $ 100,000 | |
Derivative, Fixed Interest Rate | 1.60% | ||
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 | 1.93% |
Common Stock Common Stock (Deta
Common Stock Common Stock (Details Text) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Stock Repurchased During Period, Shares | (9,322,654) | (18,597,052) | |||
Sale of Stock, Consideration Received on Transaction | $ 369,799 | ||||
stockrepurchaselimit | 5.00% | ||||
Repurchase of shares | $ (29,364) | $ (45,192) | $ (111,499) | $ (223,101) | |
Common Stock (Textual) [Abstract] | |||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 3,540,535 | 4,505,845 | |||
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 43,064 | $ 53,669 | |||
Weighted Average Number of Outstanding Shares Basic and Diluted | 189,887,181 | 169,289,415 | 181,981,691 | 170,707,171 | |
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 | $ 1,551 | $ 1,138 | |||
Proceeds from Issuance of Common Stock | $ 484,169 | $ 247,601 | |||
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units | 1,217,092 | ||||
Stock Issued During Period, Value, Conversion of Units | $ 14,252 | ||||
Class A Shares [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Common Stock, Shares, Outstanding | 96,013,268 | 96,013,268 | 89,671,096 | ||
Stock Issued During Period, Shares, New Issues | 11,621,561 | ||||
Stock Repurchased During Period, Shares | (5,124,503) | ||||
Conversion of Stock, Shares Issued | (154,886) | ||||
Common Stock (Textual) [Abstract] | |||||
Proceeds from Issuance of Common Stock | $ 141,017 | ||||
Class M Shares [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Common Stock, Shares, Outstanding | 35,541,455 | 35,541,455 | 35,612,156 | ||
Stock Issued During Period, Shares, New Issues | 2,231,314 | ||||
Stock Repurchased During Period, Shares | (1,566,243) | ||||
Conversion of Stock, Shares Issued | (735,772) | ||||
Common Stock (Textual) [Abstract] | |||||
Proceeds from Issuance of Common Stock | $ 27,058 | ||||
Class A-I Shares [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Common Stock, Shares, Outstanding | 9,074,648 | 9,074,648 | 9,616,299 | ||
Stock Issued During Period, Shares, New Issues | 196,799 | ||||
Stock Repurchased During Period, Shares | (738,450) | ||||
Conversion of Stock, Shares Issued | 0 | ||||
Common Stock (Textual) [Abstract] | |||||
Proceeds from Issuance of Common Stock | $ 2,385 | ||||
Class M-I Shares [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Common Stock, Shares, Outstanding | 46,244,259 | 46,244,259 | 33,247,001 | ||
Stock Issued During Period, Shares, New Issues | 14,003,216 | ||||
Stock Repurchased During Period, Shares | (1,893,458) | ||||
Conversion of Stock, Shares Issued | 887,500 | ||||
Common Stock (Textual) [Abstract] | |||||
Proceeds from Issuance of Common Stock | $ 169,339 | ||||
Class D Shares [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Common Stock, Shares, Outstanding | 7,513,281 | 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 |
Common Stock Schedule of Earnin
Common Stock Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 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 | $ (16,540) | $ (5,346) | $ 10,649 | $ (19,529) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 94,656,530 | 89,432,854 | 91,944,466 | 90,409,712 |
Earnings Per Share, Basic and Diluted | $ (0.25) | $ (0.06) | $ 0.04 | $ (0.22) |
Class M Shares [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net Income, before performance fee | $ (6,140) | $ (2,147) | $ 4,063 | $ (8,009) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 35,138,533 | 35,897,894 | 35,082,628 | 37,074,115 |
Earnings Per Share, Basic and Diluted | $ (0.25) | $ (0.06) | $ 0.04 | $ (0.22) |
Class A-I Shares [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net Income, before performance fee | $ (1,651) | $ (579) | $ 1,108 | $ (2,213) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 9,447,086 | 9,686,983 | 9,569,529 | 10,240,781 |
Earnings Per Share, Basic and Diluted | $ (0.25) | $ (0.06) | $ 0.04 | $ (0.22) |
Class M-I Shares [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net Income, before performance fee | $ (7,537) | $ (1,753) | $ 4,450 | $ (6,055) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 43,131,751 | 29,313,769 | 38,424,069 | 28,024,648 |
Earnings Per Share, Basic and Diluted | $ (0.26) | $ (0.06) | $ 0.03 | $ (0.22) |
Class D Shares [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net Income, before performance fee | $ (1,313) | $ (297) | $ 806 | $ (1,069) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 7,513,281 | 4,927,915 | 6,961,022 | 4,927,915 |
Earnings Per Share, Basic and Diluted | $ (0.25) | $ (0.06) | $ 0.03 | $ (0.22) |
DST Program (Details)
DST Program (Details) - USD ($) $ in Thousands | Oct. 16, 2019 | Sep. 30, 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 | $ 300,427 | |
DST Program [Member] | ||
Variable Interest Entity [Line Items] | ||
Deferred Costs | $ 1,857 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Related Party Transactions (Textual) [Abstract] | |||||
Advisory Fees | $ 21,546 | $ 6,192 | $ 34,620 | $ 19,049 | |
Related Party Property Management Services Expense Paid | 305 | 163 | 784 | 565 | |
Payments for Brokerage Fees | 0 | 0 | 371 | 75 | |
Payments of Stock Issuance Costs | 12,252 | 13,660 | |||
Accrued Offering Costs | 126,674 | 126,674 | $ 106,908 | ||
Reimbursement of Organization and Offering Expenses | 1,551 | 1,138 | |||
Selling commission, Dealer Manager Fee, Distribution Fee [Member] | |||||
Related Party Transactions (Textual) [Abstract] | |||||
Payments of Stock Issuance Costs | 3,167 | 2,530 | 8,718 | 8,708 | |
Accrued Offering Costs | 125,123 | $ 125,123 | 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 | 535 | 662 | $ 3,278 | 1,574 | |
DST Investor Servicing Fees | 206 | 28 | 510 | 46 | |
DST Advisor Fees | 123 | 20 | $ 306 | 30 | |
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 | 7,404 | 6,192 | $ 20,477 | 19,049 | |
Manager and advisory fees payable | 2,512 | $ 2,512 | $ 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 | $ 14,142 | $ 0 | $ 14,142 | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 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 | Sep. 30, 2021USD ($) |
Property Subject to or Available for Operating Lease [Line Items] | |
Operating Leases, Future Minimum Payments Receivable, Current | $ 50,750 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 156,142 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 123,646 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 103,705 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 91,797 |
Lessee, Operating Lease, Liability, to be Paid, after Year Five | 337,651 |
Operating Leases, Future Minimum Payments Receivable | $ 863,691 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Assets | $ 3,739,731 | $ 3,739,731 | $ 2,658,599 | ||
Payments for Capital Improvements | 21,254 | $ 8,056 | |||
Operating Lease, Lease Income | 58,100 | $ 46,970 | 161,369 | 139,370 | |
Other Revenue | 2,827 | 2,067 | 8,185 | 5,243 | |
Total revenues | 60,927 | 49,037 | 169,554 | 144,613 | |
Real estate taxes | 8,282 | 7,572 | 24,573 | 22,419 | |
Property operating | 10,947 | 9,975 | 31,052 | 27,554 | |
Total operating expenses | 65,704 | 43,990 | 158,996 | 131,322 | |
Property general and administrative | (470) | (728) | (946) | (3,609) | |
Advisory Fees | (21,546) | (6,192) | (34,620) | (19,049) | |
Company Level Expenses | (940) | (693) | (3,123) | (2,241) | |
Depreciation, Depletion and Amortization, Nonproduction | (23,519) | (18,830) | (64,682) | (56,450) | |
Interest Expense | (11,714) | (8,391) | (31,264) | (32,191) | |
(Loss) income from unconsolidated real estate affiliates and fund investments | (1,270) | (3,289) | (4,021) | (16,186) | |
Gain (Loss) on Extinguishment of Debt | 0 | (3,480) | 33,422 | (1,772) | |
Other Nonoperating Income (Expense) | (14,569) | (15,160) | (3,448) | (50,149) | |
Income (loss) from continuing operations | (19,258) | (10,113) | 7,198 | (36,858) | |
Apartments Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 1,119,197 | 1,119,197 | 788,060 | ||
Payments for Capital Improvements | 1,487 | 1,067 | 4,103 | 2,796 | |
Operating Lease, Lease Income | 18,668 | 15,594 | 51,451 | 47,874 | |
Other Revenue | 1,546 | 1,030 | 4,424 | 2,543 | |
Total revenues | 20,214 | 16,624 | 55,875 | 50,417 | |
Real estate taxes | 3,266 | 3,012 | 9,443 | 8,845 | |
Property operating | 5,834 | 5,225 | 15,768 | 14,278 | |
Total operating expenses | 9,100 | 8,237 | 25,211 | 23,123 | |
Industrial Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 972,035 | 972,035 | 659,870 | ||
Payments for Capital Improvements | 4,118 | 837 | 12,999 | 1,652 | |
Operating Lease, Lease Income | 18,126 | 12,934 | 49,331 | 36,816 | |
Other Revenue | 66 | 134 | 128 | 323 | |
Total revenues | 18,192 | 13,068 | 49,459 | 37,139 | |
Real estate taxes | 2,629 | 2,067 | 7,606 | 6,193 | |
Property operating | 1,398 | 1,062 | 3,894 | 3,045 | |
Total operating expenses | 4,027 | 3,129 | 11,500 | 9,238 | |
Office Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 381,716 | 381,716 | 277,556 | ||
Payments for Capital Improvements | 718 | 651 | 2,055 | 2,112 | |
Operating Lease, Lease Income | 8,791 | 6,931 | 23,788 | 20,244 | |
Other Revenue | 397 | 326 | 1,212 | 983 | |
Total revenues | 9,188 | 7,257 | 25,000 | 21,227 | |
Real estate taxes | 823 | 875 | 2,451 | 2,581 | |
Property operating | 1,823 | 1,635 | 4,878 | 4,289 | |
Total operating expenses | 2,646 | 2,510 | 7,329 | 6,870 | |
Retail Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 569,193 | 569,193 | 577,588 | ||
Payments for Capital Improvements | 634 | 123 | 2,110 | 972 | |
Operating Lease, Lease Income | 12,332 | 11,436 | 36,523 | 34,218 | |
Other Revenue | 207 | 278 | 383 | 490 | |
Total revenues | 12,539 | 11,714 | 36,906 | 34,708 | |
Real estate taxes | 1,451 | 1,525 | 4,723 | 4,535 | |
Property operating | 1,709 | 1,879 | 5,952 | 5,408 | |
Total operating expenses | 3,160 | 3,404 | 10,675 | 9,943 | |
Other Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 23,177 | 23,177 | 22,134 | ||
Payments for Capital Improvements | 0 | 0 | 16 | 0 | |
Operating Lease, Lease Income | 183 | 75 | 276 | 218 | |
Other Revenue | 611 | 299 | 2,038 | 904 | |
Total revenues | 794 | 374 | 2,314 | 1,122 | |
Real estate taxes | 113 | 93 | 350 | 265 | |
Property operating | 183 | 174 | 560 | 534 | |
Total operating expenses | 296 | 267 | 910 | 799 | |
Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 674,413 | 674,413 | 333,391 | ||
Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 3,065,318 | 2,325,208 | 3,065,318 | 2,325,208 | $ 2,325,208 |
Payments for Capital Improvements | 6,957 | 2,678 | 21,283 | 7,532 | |
Operating Lease, Lease Income | 58,100 | 46,970 | 161,369 | 139,370 | |
Other Revenue | 2,827 | 2,067 | 8,185 | 5,243 | |
Total revenues | 60,927 | 169,554 | 144,613 | ||
Real estate taxes | 8,282 | 7,572 | 24,573 | 22,419 | |
Property operating | 10,947 | 9,975 | 31,052 | 27,554 | |
Total operating expenses | $ 19,229 | 17,547 | $ 55,625 | $ 49,973 | |
Other Nonoperating Income (Expense) | $ (15,160) |
Investments, Debt and Equity _3
Investments, Debt and Equity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Equity Securities, FV-NI | $ 29,888 | $ 29,888 | ||
Equity Securities, FV-NI, Unrealized Gain | 83 | |||
Equity Securities, FV-NI, Unrealized Loss | (1,794) | |||
Equity Securities, FV-NI, Unrealized Gain (Loss) | (1,711) | $ 0 | (1,711) | $ 0 |
Equity Securities, FV-NI, Current | $ 28,177 | 28,177 | ||
Marketable Securities [Line Items] | ||||
Proceeds from Sale and Maturity of Marketable Securities | 1,320 | $ 0 | ||
Equity Securities, FV-NI, Realized Gain | 38 | |||
Equity Securities, FV-NI, Realized Loss | $ 0 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 22 Months Ended | 33 Months Ended | |||||||
Dec. 31, 2021$ / shares | Sep. 30, 2021USD ($)$ / shares | Sep. 30, 2020$ / shares | Sep. 30, 2021USD ($)$ / shares | Sep. 30, 2020$ / shares | Mar. 31, 2023USD ($) | Mar. 31, 2021USD ($) | Oct. 28, 2021USD ($)ft²Rate | Oct. 20, 2021USD ($)ft² | Oct. 07, 2021USD ($)ft² | Dec. 31, 2020USD ($) | |
Subsequent Event [Line Items] | |||||||||||
common stock, authorized in offering of new shares | $ 3,000,000 | $ 3,000,000 | |||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.135 | $ 0.135 | $ 0.405 | $ 0.405 | |||||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $ 283,176 | $ 283,176 | $ 79,192 | ||||||||
Mortgage notes and other debt payable, net | $ 1,584,926 | $ 1,584,926 | $ 868,102 | ||||||||
Subsequent Event [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.135 | ||||||||||
North Tampa Surgery Center | Subsequent Event [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Area of Real Estate Property | ft² | 13,000 | ||||||||||
Business Acquisition, Transaction Costs | $ 8,500 | ||||||||||
Friendship Distribution Center | Subsequent Event [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Area of Real Estate Property | ft² | 650,000 | ||||||||||
Business Acquisition, Transaction Costs | $ 95,000 | ||||||||||
South San Diego | Subsequent Event [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Area of Real Estate Property | ft² | 655,000 | ||||||||||
Business Acquisition, Transaction Costs | $ 158,500 | ||||||||||
Derivative, Fixed Interest Rate | Rate | 3.18% | ||||||||||
Mortgage notes and other debt payable, net | $ 72,500 |
Uncategorized Items - jllipt-20
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 101,434,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 114,022,000 |