Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 11, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
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 | 2022 | |
Document Fiscal Period Focus | Q2 | |
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 | 109,967,706 | |
Class M [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 24,822,880 | |
Common Class A-I [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 5,736,362 | |
Common Class M-I [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 89,989,962 | |
Common Class D [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 4,025,029 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Investments in real estate: | ||
Land | $ 641,784 | $ 598,564 |
Buildings and equipment | 3,339,899 | 3,010,359 |
Less accumulated depreciation | (297,114) | (259,362) |
Net property and equipment | 3,684,569 | 3,349,561 |
Equity Method Investments | 216,266 | 217,044 |
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | 385,317 | 352,905 |
Disposal Group, Including Discontinued Operation, Segment that Includes Disposal Group | 0 | 39,326 |
Real Estate Investment Property, Net | 4,286,152 | 3,958,836 |
Marketable Securities | 36,979 | 43,206 |
Cash and cash equivalents | 88,394 | 70,273 |
Restricted Cash and Cash Equivalents | 57,822 | 51,203 |
Tenant accounts receivable, net | 14,427 | 9,066 |
Deferred expenses, net | 15,503 | 14,511 |
Acquired intangible assets, net | 221,356 | 216,227 |
Deferred rent receivable, net | 29,068 | 25,634 |
Prepaid expenses and other assets | 16,991 | 13,290 |
TOTAL ASSETS | 4,766,692 | 4,402,246 |
LIABILITIES AND EQUITY | ||
Mortgage notes and other debt payable, net | 1,740,259 | 1,817,664 |
Disposal Group, Including Discontinued Operation, Liabilities | 0 | 271 |
Accounts payable and other accrued expenses | 63,895 | 70,551 |
Lease Deposit Liability | 594,201 | 448,319 |
Accrued Offering Costs | 166,783 | 137,776 |
Accrued interest | 3,916 | 3,321 |
Accrued real estate taxes | 15,412 | 9,497 |
Advisor fees payable | 18,504 | 39,709 |
Acquired intangible liabilities, net | 36,196 | 31,022 |
TOTAL LIABILITIES | 2,639,166 | 2,558,130 |
Commitments and contingencies | 0 | 0 |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 8,536 | 0 |
Equity: | ||
Additional paid-in capital | 2,611,860 | 2,284,839 |
Distributions to stockholders | (630,207) | (573,963) |
Accumulated deficit | 43,590 | 34,398 |
Total Jones Lang LaSalle Income Property Trust, Inc. stockholders’ equity | 2,027,557 | 1,747,335 |
Noncontrolling interests | 91,433 | 96,781 |
Total equity | 2,118,990 | 1,844,116 |
TOTAL LIABILITIES AND EQUITY | 4,766,692 | 4,402,246 |
Ownership [Domain] | ||
Investments in real estate: | ||
Land | 59,018 | 59,006 |
Buildings and equipment | 207,287 | 206,016 |
Less accumulated depreciation | (29,396) | (26,955) |
Cash and cash equivalents | 7,696 | 6,740 |
Restricted Cash and Cash Equivalents | 607 | 859 |
Tenant accounts receivable, net | 2,549 | 1,850 |
Deferred expenses, net | 994 | 533 |
Acquired intangible assets, net | 10,035 | 12,500 |
Deferred rent receivable, net | 1,501 | 1,135 |
Prepaid expenses and other assets | 374 | 284 |
LIABILITIES AND EQUITY | ||
Mortgage notes and other debt payable, net | 146,890 | 147,076 |
Accounts payable and other accrued expenses | 3,091 | 2,477 |
Accrued interest | 436 | 368 |
Accrued real estate taxes | 1,255 | 679 |
Acquired intangible liabilities, net | $ 479 | $ 541 |
Class A Shares [Member] | ||
LIABILITIES AND EQUITY | ||
Common Stock, Shares, Outstanding | 108,205,677 | 100,038,362 |
Equity: | ||
Common Stock, Value, Issued | $ 1,082 | $ 1,000 |
Common Stock, Shares, Issued | 108,205,677 | 100,038,362 |
Class M Shares [Member] | ||
LIABILITIES AND EQUITY | ||
Common Stock, Shares, Outstanding | 24,298,368 | 36,458,191 |
Equity: | ||
Common Stock, Value, Issued | $ 243 | $ 365 |
Common Stock, Shares, Issued | 24,298,368 | 36,458,191 |
Class A-I Shares [Member] | ||
LIABILITIES AND EQUITY | ||
Common Stock, Shares, Outstanding | 6,106,688 | 9,356,309 |
Equity: | ||
Common Stock, Value, Issued | $ 61 | $ 94 |
Common Stock, Shares, Issued | 6,106,688 | 9,356,309 |
Class M-I Shares [Member] | ||
LIABILITIES AND EQUITY | ||
Common Stock, Shares, Outstanding | 86,818,680 | 52,676,693 |
Equity: | ||
Common Stock, Value, Issued | $ 868 | $ 527 |
Common Stock, Shares, Issued | 86,818,680 | 52,676,693 |
Class D Shares [Member] | ||
LIABILITIES AND EQUITY | ||
Common Stock, Shares, Outstanding | 6,041,611 | 7,513,281 |
Equity: | ||
Common Stock, Value, Issued | $ 60 | $ 75 |
Common Stock, Shares, Issued | 6,041,611 | 7,513,281 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Land from VIEs | $ 641,784 | $ 598,564 |
Buildings and equipment from VIEs | 3,339,899 | 3,010,359 |
Less accumulated depreciation (including from VIEs) | (297,114) | (259,362) |
Cash and Cash Equivalents | 88,394 | 70,273 |
Restricted cash | 57,822 | 51,203 |
Tenant accounts receivable from VIEs | 14,427 | 9,066 |
Deferred expenses from VIEs | 15,503 | 14,511 |
Acquired intangible assets, net | 221,356 | 216,227 |
Deferred rent receivables from VIEs | 29,068 | 25,634 |
Prepaid expenses and other assets from VIEs | 16,991 | 13,290 |
Mortgage notes and other debt payable, net | 1,740,259 | 1,817,664 |
Disposal Group, Including Discontinued Operation, Liabilities | 0 | 271 |
Accounts payable and other accrued expenses from VIEs | 63,895 | 70,551 |
Accrued interest from VIEs | 3,916 | 3,321 |
Accrued real estate taxes from VIEs | 15,412 | 9,497 |
Accumulated stock issuance costs | $ 304,061 | $ 264,066 |
Class A Shares [Member] | ||
Common stock, par value | $ 0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common Stock, Shares, Issued | 108,205,677 | 100,038,362 |
Common stock, shares outstanding | 108,205,677 | 100,038,362 |
Class M Shares [Member] | ||
Common stock, par value | $ 0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common Stock, Shares, Issued | 24,298,368 | 36,458,191 |
Common stock, shares outstanding | 24,298,368 | 36,458,191 |
Class A-I Shares [Member] | ||
Common stock, par value | $ 0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common Stock, Shares, Issued | 6,106,688 | 9,356,309 |
Common stock, shares outstanding | 6,106,688 | 9,356,309 |
Class M-I Shares [Member] | ||
Common stock, par value | $ 0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common Stock, Shares, Issued | 86,818,680 | 52,676,693 |
Common stock, shares outstanding | 86,818,680 | 52,676,693 |
Class D Shares [Member] | ||
Common stock, par value | $ 0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common Stock, Shares, Issued | 6,041,611 | 7,513,281 |
Common stock, shares outstanding | 6,041,611 | 7,513,281 |
Ownership [Domain] | ||
Land from VIEs | $ 59,018 | $ 59,006 |
Buildings and equipment from VIEs | 207,287 | 206,016 |
Less accumulated depreciation (including from VIEs) | (29,396) | (26,955) |
Cash and Cash Equivalents | 7,696 | 6,740 |
Restricted cash | 607 | 859 |
Tenant accounts receivable from VIEs | 2,549 | 1,850 |
Deferred expenses from VIEs | 994 | 533 |
Acquired intangible assets, net | 10,035 | 12,500 |
Deferred rent receivables from VIEs | 1,501 | 1,135 |
Prepaid expenses and other assets from VIEs | 374 | 284 |
Mortgage notes and other debt payable, net | 146,890 | 147,076 |
Accounts payable and other accrued expenses from VIEs | 3,091 | 2,477 |
Accrued interest from VIEs | 436 | 368 |
Accrued real estate taxes from VIEs | $ 1,255 | $ 679 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues: | ||||
Rental revenue | $ 77,302 | $ 52,538 | $ 152,257 | $ 103,269 |
Other Revenue | 2,489 | 3,508 | 4,705 | 5,358 |
Total revenues | 79,791 | 56,046 | 156,962 | 108,627 |
Operating expenses: | ||||
Real estate taxes | 11,313 | 8,205 | 22,624 | 16,291 |
Property operating | 13,999 | 10,194 | 28,002 | 20,105 |
Property general and administrative | (797) | (184) | (1,494) | (476) |
Advisory Fees | 17,180 | 6,749 | 35,038 | 13,074 |
Company Level Expenses | 2,997 | 990 | 4,071 | 2,183 |
Depreciation and amortization | 33,323 | 21,218 | 66,297 | 41,163 |
Total operating expenses | 79,609 | 47,172 | 157,526 | 93,292 |
Other income and (expenses): | ||||
Interest expense | (34,055) | (10,288) | (51,907) | (19,550) |
(Loss) income from unconsolidated real estate affiliates and fund investments | 12,770 | (2,412) | 41,795 | (2,751) |
Investment Income, Dividend | 293 | 0 | 597 | 0 |
Equity Securities, FV-NI, Realized Gain (Loss) | (183) | 0 | (104) | 0 |
Equity Securities, FV-NI, Unrealized Gain (Loss) | (3,814) | 0 | (6,798) | 0 |
Gain on disposition of property and extinguishment of debt | 0 | 0 | (31,492) | (33,422) |
Total other income and (expenses) | (24,989) | (12,700) | 15,075 | 11,121 |
Net (loss) income | (24,807) | (3,826) | 14,511 | 26,456 |
Less: Net (loss) income attributable to the noncontrolling interests | 735 | 49 | (650) | (128) |
Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc. | $ (24,072) | $ (3,777) | $ 13,861 | $ 26,328 |
Weighted average common stock outstanding-basic and diluted | 226,026,683 | 181,126,712 | 219,104,242 | 177,963,466 |
Class A Shares [Member] | ||||
Other income and (expenses): | ||||
Earnings Per Share, Basic | $ (0.10) | $ (0.02) | $ 0.07 | $ 0.15 |
Class M Shares [Member] | ||||
Other income and (expenses): | ||||
Earnings Per Share, Basic | (0.11) | (0.02) | 0.06 | 0.15 |
Class A-I Shares [Member] | ||||
Other income and (expenses): | ||||
Earnings Per Share, Basic | (0.11) | (0.02) | 0.06 | 0.15 |
Class M-I Shares [Member] | ||||
Other income and (expenses): | ||||
Earnings Per Share, Basic | (0.11) | (0.02) | 0.06 | 0.15 |
Class D Shares [Member] | ||||
Other income and (expenses): | ||||
Earnings Per Share, Basic | $ (0.11) | $ (0.02) | $ 0.07 | $ 0.15 |
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 | 173,104,467 | |||||
Beginning balance at Dec. 31, 2020 | $ 1,447,423 | $ 1,731 | $ 1,922,136 | $ (481,760) | $ (14,723) | $ 20,039 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock | 217,261 | 183 | 217,078 | |||
Repurchase of shares | (82,135) | $ (69) | (82,066) | |||
Conversion of Stock, Shares Issued | (657) | |||||
Offering costs | (17,223) | (17,223) | ||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture | 16,000 | |||||
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture | 189 | 189 | ||||
Net income | 26,456 | 26,328 | 128 | |||
Cash distributed to noncontrolling interests | (399) | (399) | ||||
Distribution declared | (43,972) | (43,972) | ||||
Stock Issued During Period, Shares, Conversion of Units | $ 0 | |||||
Ending 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 (in shares) | 18,299,587 | |||||
Stock Repurchased During Period, Shares | (6,964,644) | (6,964,644) | ||||
Shares, Issued | 178,048,517 | |||||
Beginning balance at Mar. 31, 2021 | $ 1,508,054 | $ 1,780 | 1,974,251 | (503,381) | 15,382 | 20,022 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock | 114,246 | 96 | 114,150 | |||
Repurchase of shares | (37,341) | $ (31) | (37,310) | |||
Conversion of Stock, Shares Issued | (315) | |||||
Offering costs | (10,977) | (10,977) | ||||
Net income | (3,826) | (3,777) | (49) | |||
Cash distributed to noncontrolling interests | (205) | (205) | ||||
Distribution declared | (22,351) | (22,351) | ||||
Stock Issued During Period, Shares, Conversion of Units | $ 0 | |||||
Ending 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 (in shares) | 9,540,603 | |||||
Stock Repurchased During Period, Shares | (3,134,052) | |||||
Shares, Outstanding | 184,454,753 | |||||
Shares, Issued | 206,042,836 | |||||
Beginning balance at Dec. 31, 2021 | 1,844,116 | $ 2,061 | 2,284,839 | (573,963) | 34,398 | 96,781 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock | 434,674 | 301 | 434,373 | |||
Repurchase of shares | (67,736) | $ (49) | (67,687) | |||
Conversion of Stock, Shares Issued | (1,114) | |||||
Offering costs | (39,995) | (39,995) | ||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture | 22,358 | |||||
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture | 330 | 330 | ||||
Net income | 14,501 | 13,861 | 640 | |||
Cash distributed to noncontrolling interests | (2,066) | (2,066) | ||||
Increase in Carrying Amount of Redeemable Preferred Stock | (8,591) | (4,669) | (3,922) | |||
Distribution declared | (56,244) | (56,244) | ||||
Stock Issued During Period, Shares, Conversion of Units | $ 1 | |||||
Ending balance at Jun. 30, 2022 | 2,118,990 | $ 2,314 | 2,611,860 | (630,207) | 43,590 | 91,433 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock (in shares) | 30,192,560 | |||||
Stock Repurchased During Period, Shares | (4,785,616) | |||||
Shares, Issued | 219,316,697 | |||||
Beginning balance at Mar. 31, 2022 | 2,012,286 | $ 2,193 | 2,448,952 | (601,310) | 69,285 | 93,166 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock | 207,557 | 139 | 207,418 | |||
Repurchase of shares | (26,604) | $ (19) | (26,585) | |||
Conversion of Stock, Shares Issued | (1,018) | |||||
Offering costs | (17,925) | (17,925) | ||||
Net income | (24,817) | (24,072) | (745) | |||
Cash distributed to noncontrolling interests | (988) | (988) | ||||
Increase in Carrying Amount of Redeemable Preferred Stock | (1,623) | (1,623) | 0 | |||
Distribution declared | (28,897) | (28,897) | ||||
Stock Issued During Period, Shares, Conversion of Units | $ 1 | |||||
Ending balance at Jun. 30, 2022 | $ 2,118,990 | $ 2,314 | $ 2,611,860 | $ (630,207) | $ 43,590 | $ 91,433 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock (in shares) | 13,928,843 | |||||
Stock Repurchased During Period, Shares | (4,785,616) | (1,773,498) | ||||
Shares, Outstanding | 231,471,024 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Common Stock, Dividends, Per Share, Declared | $ 0.140 | $ 0.135 | $ 0.280 | $ 0.270 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Net income | $ 14,511 | $ 26,456 |
Adjustments to reconcile income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 65,838 | 40,539 |
Gain on Disposition of Property and extinguishment of debt | (31,492) | (33,422) |
Equity Securities, FV-NI, Realized Gain (Loss) | 104 | 0 |
Equity Securities, FV-NI, Unrealized Gain (Loss) | 6,798 | 0 |
Straight line rent | (3,425) | (1,136) |
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | (41,795) | 2,751 |
Other Operating Activities, Cash Flow Statement | 10,299 | 4,748 |
Non cash interest expense related to DST Program | 27,673 | 3,341 |
Net changes in assets, liabilities and other | (39,860) | (5,085) |
Net cash provided by operating activities | 8,651 | 38,192 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Payments to Acquire Commercial Real Estate | 392,465 | 331,497 |
Proceeds from Sale of Real Estate Held-for-investment | 74,602 | 66,992 |
Payments for Capital Improvements | 10,302 | 8,753 |
Payments to Acquire Interest in Subsidiaries and Affiliates | (138) | (797) |
Payments to Acquire Other Investments | 4,700 | 7,500 |
Payments to Acquire Marketable Securities | 10,324 | 0 |
Proceeds from Sale and Maturity of Marketable Securities | 9,649 | 0 |
Net cash used in (provided by) investing activities | (333,678) | (281,555) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Issuance of common stock | 526,240 | 341,487 |
Repurchase of shares | (67,736) | (82,135) |
Offering Costs | (8,189) | (8,098) |
Distributions to stockholders | (20,101) | (15,974) |
Distributions paid to noncontrolling interests | (2,131) | (399) |
Proceeds from Lines of Credit | 180,000 | 100,000 |
Repayments of Lines of Credit | (345,000) | (100,000) |
Proceeds from Issuance of Long-term Debt | 95,800 | 211,180 |
Payments of Debt Issuance Costs | (5,248) | (6,335) |
Principal payments on mortgage notes and other debt payable | (3,874) | (83,171) |
Net cash provided by financing activities | 349,761 | 356,555 |
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 | 24,734 | 113,192 |
Cash and cash equivalents at the beginning of the period | 70,273 | |
Cash and cash equivalents at the end of the period | 88,394 | 175,691 |
Restricted Cash and Cash Equivalents | 57,822 | 38,935 |
Cash, cash equivalents and restricted cash at the end of the period | 146,216 | 214,626 |
Supplemental discolsure of cash flow information: | ||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 25,826 | 17,297 |
Non-cash activities: | ||
Write-Offs of Receivables | (7) | 12 |
Write-offs of retired assets | 13,810 | 2,952 |
Change in Liability for Capital Expenditures | (346) | (5,572) |
Business Combination, Consideration Transferred | 396 | 230 |
Liabilities Assumed | 951 | 432 |
Change in issuance of common stock receivable | 679 | 609 |
Change in accrued offering costs | 31,806 | $ 9,125 |
NYC Retail Portfolio [Member] | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect [Abstract] | ||
Cash and cash equivalents at the beginning of the period | 19,650 | |
Cash and cash equivalents at the end of the period | $ 18,030 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022, we owned interests in a total of 128 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 a 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 our operating partnership ("OP Units") and defer taxation of gain until the limited partnership interests are disposed of in a taxable transaction. As of June 30, 2022, we raised aggregate proceeds from the issuance of OP Units in our operating partnership of $88,925, and owned directly or indirectly 97.0% of the OP Units of our operating partnership. The remaining 3.0% of the OP Units are held by third parties. From our inception to June 30, 2022, we have received approximately $4,640,080 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 December 21, 2021, 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 June 30, 2022, we have raised aggregate gross proceeds from the sale of shares of our common stock in our Current Public Offering of $457,226. We intend to continue to offer shares of our common stock on a continuous basis for an indefinite period of time by filing a new registration statement before the end of each offering. 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 June 30, 2022 , 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 June 30, 2022, we have raised $586,420 from our DST Program. As of June 30, 2022, 108,205,677 shares of Class A common stock, 24,298,368 shares of Class M common stock, 6,106,688 shares of Class A-I common stock, 86,818,680 shares of Class M-I common stock, and 6,041,611 shares of Class D common stock were outstanding and held in aggregate by a total of 22,571 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, 2023, 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 the terms of the Advisory Agreement. Our executive officers are employees of and compensated by our Advisor. We have no employees, as all operations are managed by our Advisor. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022, our VIEs included The District at Howell Mill, Grand Lakes Marketplace, Presley Uptown, 237 Via Vera Cruz, 4211 Starboard Drive, 13500 Danielson Drive, 2840 Loker Ave, and 15890 Bernardo Center 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 equity. 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 June 30, 2022, noncontrolling interests represented the minority members’ proportionate share of the equity of The District at Howell Mill and our operating partnership. Redeemable noncontrolling interests represent noncontrolling interests that are redeemable at the option of the holder or in circumstances out of our control and therefore are accounted for as temporary equity. The carrying amount of the redeemable noncontrolling interests is adjusted over time on an accretive basis to reflect the fair value at the time the noncontrolling interest becomes redeemable by the holder. Changes in the redemption value of redeemable noncontrolling interest are recorded as an allocation of retained earnings on our Consolidated Statements of Equity. During the six months ended June 30, 2022, we recorded an allocation from noncontrolling interests to redeemable noncontrolling interests in the amount of $3,922. We have redeemable noncontrolling interest that related to Grand Lakes Marketplace, Presley Uptown, 237 Via Vera Cruz, 4211 Starboard Drive, 13500 Danielson Drive, 2840 Loker Ave, and 15890 Bernardo Center Drive as of June 30, 2022. As of June 30, 2022, $8,536 related to these third party joint ventures was included in Redeemable noncontrolling interests on our Consolidated Balance Sheet of which $2,890 is immediately puttable by the holder of the noncontrolling interest. 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 11, 2022 (our “2021 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, 2021 audited consolidated financial statements included in our 2021 Form 10-K and present interim disclosures as required by the SEC. The interim financial data as of June 30, 2022 and for the three and six months ended June 30, 2022 and 2021 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 June 30, 2022, 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 June 30, 2022 and December 31, 2021 was $9,175 and $8,436, 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. 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 $108,740 and $102,842 at June 30, 2022 and December 31, 2021, 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 $16,455 and $15,481 at June 30, 2022 and December 31, 2021, 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. Our investments in marketable securities are valued using Level 1 inputs as the securities are publicly traded on major stock exchanges. 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 six months ended June 30, 2022 and 2021, we recorded a net increase in fair value classified within the Level 3 category of $32,412 and $36, respectively, which related to our investments in the NYC Retail Portfolio (as defined below) and the Single-Family Rental Portfolio (as defined below) (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 our 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 $127,254 lower and $3,794 higher than the aggregate carrying amounts at June 30, 2022 and December 31, 2021, 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 our 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 June 30, 2022, 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 2 90,000 The fair value of our interest rate swaps represent assets of $523 and liabilities of $2,580 at June 30, 2022 and December 31, 2021, 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 June 30, 2022, 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 $2,084 and a lease liability within accounts payable and other liabilities on our Consolidated Balance Sheets in the amount of $2,246. 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 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. |
Property Business Combination (
Property Business Combination (Notes) | 6 Months Ended |
Jun. 30, 2022 | |
Business Combinations [Abstract] | |
Real Estate Disclosure [Text Block] | NOTE 3—PROPERTY The primary reason we make acquisitions of real estate investments in the industrial, office, residential, retail and other property sectors is to invest capital contributed by stockholders in a diversified portfolio of real estate assets. All references to square footage and units are unaudited. Acquisitions On March 30, 2022, we acquired Jefferson Lake Howell, a 384-unit residential property located in Casselberry, Florida for approximately $154,100. The acquisition was funded with cash on hand and a draw on our Credit Facility (defined below). On April 8, 2022, we acquired Northeast Atlanta Distribution Center, a 459,000 square foot industrial property located in Jefferson, Georgia for approximately $54,100. The acquisition was funded with cash on hand and a draw on our Credit Facility. On April 29, 2022, we acquired Cedar Medical Center at Flagstaff, a 26,000 square foot medical office property located in Flagstaff, Arizona for approximately $17,200. The acquisition was funded with cash on hand. On May 31, 2022, we acquired Patterson Place, a 25,000 square foot retail property located in Durham, North Carolina for approximately $14,500. The acquisition was funded with cash on hand. On June 1, 2022, we acquired Silverado Square, a 48,000 square foot retail property located in Las Vegas, Nevada for approximately $24,400. The acquisition was funded with cash on hand. On June 8, 2022, we acquired two buildings within the Southeast Phoenix Distribution Center, a 245,000 square foot industrial property located in Chandler, Arizona for approximately $62,400. The acquisition was funded with cash on hand and a draw on our Credit Facility. On June 28, 2022, we acquired North Boston Medical Center, a 30,000 square foot medical office property located in Haverhill, Massachusetts for approximately $22,500. The acquisition was funded with cash on hand and a draw on our Credit Facility. On June 28, 2022, we acquired North Charlotte Medical Center, a 25,000 square foot medical office property located in Stanley, North Carolina for approximately $12,500. The acquisition was funded with cash on hand and a draw on our Credit Facility. On June 30, 2022, we acquired Woodlawn Point Shopping Center, a 98,000 square foot retail property located in Marietta, Georgia for approximately $35,000. The acquisition was funded with cash on hand and a draw on our Credit Facility. We allocated the purchase price for our 2022 acquisitions in accordance with authoritative guidance as follows: 2022 Acquisitions Land $ 43,755 Building and equipment 326,811 In-place lease intangible (acquired intangible assets) 29,875 Above-market lease intangible (acquired intangible assets) 1,415 Below-market lease intangible (acquired intangible liabilities) (7,468) $ 394,388 Amortization period for intangible assets and liabilities 6 - 180 months Dispositions On January 6, 2022, we sold Norfleet Distribution Center, a 702,000 square foot industrial property located in Kansas City, Missouri for approximately $60,375 less closing costs. We recorded a gain on the sale of the property in the amount of approximately $34,186. On January 24, 2022, we sold The Edge at Lafayette, a 207,000 square foot student housing apartment property located in Lafayette, Louisiana for approximately $16,500 less closing costs. We recorded a gain on the sale of the property in the amount of approximately $13. |
Unconsolidated Real Estate Affi
Unconsolidated Real Estate Affiliates | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 and December 31, 2021. Carrying Amount of Investment Property Property Type Location Acquisition Date June 30, 2022 December 31, 2021 Chicago Parking Garage Other Chicago, IL December 23, 2014 $ 13,608 $ 13,992 Pioneer Tower Office Portland, OR June 28, 2016 102,318 103,529 The Tremont Residential Burlington, MA July 19, 2018 21,332 21,345 The Huntington Residential Burlington, MA July 19, 2018 10,420 10,773 Siena Suwanee Town Center Residential Suwanee, GA December 15, 2020 30,483 30,685 Kingston at McLean Crossing Residential McLean, VA December 3, 2021 38,105 36,720 Total $ 216,266 $ 217,044 Summarized Combined Statements of Operations—Unconsolidated Real Estate Affiliates—Equity Method Investments Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Total revenues $ 7,884 $ 5,276 $ 15,581 $ 10,402 Total operating expenses 6,049 5,736 12,401 11,437 Operating income (loss) $ 1,835 $ (460) $ 3,180 $ (1,035) Interest expense 409 834 (1,009) 1,680 Net income (loss) $ 1,426 $ (1,294) $ 4,189 $ (2,715) 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 June 30, 2022, 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. We have no unfunded commitments. Our investment in the NYC Retail Portfolio is presented on our Consolidated Balance Sheets within real estate fund investments. 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 June 30, 2022 and December 31, 2021, the carrying amount of our investment in the NYC Retail Portfolio was $84,731 and $84,874, respectively. During the three and six months ended June 30, 2022, we recorded an increase in fair value of our investment in the NYC Retail Portfolio of $1,304 and a decrease of $143, respectively, and received no cash distributions. During the three and six months ended June 30, 2021, we recorded a decrease in fair value of our investment in the NYC Retail Portfolio of $1,118 and $36 and received no cash distributions. 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 of our 47% interest was approximately $205,000. We funded the transaction using cash on hand and a draw on our Revolving Credit Facility (as defined below). At acquisition we made the election to account for our interest in the Single-Family Rental Portfolio under the fair value option. As of June 30, 2022 and December 31, 2021, the carrying amount of our investment in the Single-Family Rental Portfolio was $300,586 and $268,031, respectively. During the three and six months ended June 30, 2022, we recorded an increase in fair value of our investment in the Single-Family Rental Portfolio of $7,200 and $32,555, respectively. During the three and six months ended June 30, 2022, we received distributions of income totaling $2,840 and $5,194, respectively. These cash distributions of income increased income from unconsolidated real estate affiliates and fund investments. Summarized Combined Balance Sheets—NYC Retail Portfolio Investment and Single-Family Rental Portfolio—Fair Value Option Investment June 30, 2022 December 31, 2021 Investment in real estate venture $ 1,768,443 $ 1,666,923 Cash 18,030 19,650 Other assets 52,148 55,562 Total assets $ 1,838,621 $ 1,742,135 Total liabilities 827,186 823,503 Partners' capital 1,011,435 918,632 Total liabilities and partners' capital $ 1,838,621 $ 1,742,135 Summarized Statement of Operations—NYC Retail Portfolio Investment and Single-Family Rental Portfolio—Fair Value Option Investment Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Total revenue $ 21,481 $ 1,040 $ 41,276 $ 1,076 Net investment income 8,636 525 16,320 32 Net change in unrealized gain (loss) on investment in real estate venture 23,957 (4,039) 90,801 (132) Net income (loss) $ 32,593 $ (3,514) $ 107,121 $ (100) |
Mortgage Notes and Other Debt P
Mortgage Notes and Other Debt Payable | 6 Months Ended |
Jun. 30, 2022 | |
Mortgage Notes Payable [Abstract] | |
Debt Disclosure [Text Block] | NOTE 5—MORTGAGE NOTES AND OTHER DEBT PAYABLE Mortgage notes and other debt payable have various maturities through 2032 and consist of the following: Mortgage notes and other debt payable Maturity Date Interest Amount payable as of June 30, 2022 December 31, 2021 Mortgage notes payable (1) June 1, 2023 - March 1, 2032 1.76% - 5.30% $ 1,276,546 $ 1,184,620 Credit facility Revolving line of credit April 28, 2025 3.14% 220,000 300,000 Bridge loan December 1, 2022 3.39% — 100,000 Term loans April 28, 2027 2.99% - 3.48% 250,000 235,000 TOTAL $ 1,746,546 $ 1,819,620 Net debt discount on assumed debt and debt issuance costs (6,287) (1,956) Mortgage notes and other debt payable, net $ 1,740,259 $ 1,817,664 ________ (1) During the six months ending June 30, 2022, we entered into the following new mortgage notes payable: • On February 15, 2022, we entered into a $55,800 mortgage payable on Reserve at Venice. The mortgage note bears an interest of 2.98% and matures on March 1, 2032. • On March 18, 2022, we entered into a $40,000 mortgage payable on Friendship Distribution Center. The mortgage note bears an interest rate equal to the Secured Overnight Financing Rate ("SOFR") plus 1.75% (3.25% at June 30, 2022) and matures on March 1, 2029. Aggregate future principal payments of mortgage notes and other debt payable as of June 30, 2022 are as follows: Year Amount 2022 $ 3,937 2023 89,890 2024 24,917 2025 412,296 2026 308,023 Thereafter 907,483 Total $ 1,746,546 Credit Facility On April 28, 2022, we entered into a credit agreement providing for a $1,000,000 revolving line of credit and unsecured term loan (collectively, the “Credit Facility”) with a syndicate of nine lenders led by JPMorgan Chase Bank, N.A., Bank of America, N.A., PNC Capital Markets LLC, Wells Fargo Securities, LLC and Capital One, National Association. 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 $1,300,000, subject to receipt of lender commitments and other conditions. The $1,000,000 Credit Facility consists of a $600,000 revolving credit facility (the “Revolving Credit Facility”) and a $400,000 term loan (the “Term Loan”). The primary interest rate for the Revolving Credit Facility is based on one-month term SOFR plus 0.10% (“Adjusted Term SOFR”), plus a margin ranging from 1.30% to 2.00%, depending on our total leverage ratio. The primary interest rate for the Term Loan is based on Adjusted Term SOFR, plus a margin ranging from 1.25% to 1.95%, depending on our total leverage ratio. The maturity date of the Revolving Credit Facility is April 28, 2025 and the Term Loan is April 28, 2027. The Credit Facility contains two, twelve-month extension options at our election. Based on our current total leverage ratio, we can elect to borrow at Adjusted Term SOFR plus 1.35% and Adjusted Term SOFR plus 1.30% 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) Adjusted Term SOFR plus 1.0%, plus (ii) a margin ranging from 0.30% to 1.00% for base rate loans under the Revolving Credit Facility or a margin ranging from 0.25% to 0.95% 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 June 30, 2022, we believe no material adverse effects had occurred. On December 10, 2021, we entered into an additional $100,000 short-term bridge loan (the "Bridge Loan") with JPMorgan Chase Bank, N.A. under the same terms as our Credit Facility. The Bridge Loan bears interest at the SOFR plus 1.45% to 2.15% depending on our total leverage ratio. The maturity date of the Bridge Loan is December 1, 2022 and has two, three month extension options. Based on our current total leverage ratio, this borrowing is priced at SOFR plus 1.70%. The Bridge Loan was extinguished on April 28, 2022 upon execution of the Credit Facility. Borrowings under the Credit Facility are guaranteed by us and certain of our subsidiaries. The Credit Facility requires the maintenance of certain financial covenants, including: (i) unencumbered property pool leverage ratio; (ii) debt service coverage ratio; (iii) maximum total leverage ratio; (iv) fixed charges coverage ratio; (v) minimum NAV; (vi) maximum secured debt ratio; (vii) maximum secured recourse debt ratio; (viii) maximum permitted investments; and (ix) unencumbered property pool criteria. The Credit Facility provides the flexibility to move assets in and out of the unencumbered property pool during the term of the Credit Facility. At June 30, 2022, we had $220,000 outstanding under the Revolving Credit Facility at Adjusted Term SOFR + 1.35% and $250,000 outstanding under the Term Loan at Adjusted Term SOFR + 1.30%. We swapped $90,000 of the Revolving Credit Facility to a fixed rate of 2.08% (all in rate of 3.48% at June 30, 2022). The interest rate swap agreements have maturity dates ranging from February 17, 2023 through May 26, 2023. Covenants At June 30, 2022, we were in compliance with all debt covenants. Debt Issuance Costs |
Common Stock Common Stock
Common Stock Common Stock | 6 Months Ended |
Jun. 30, 2022 | |
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 six months ended June 30, 2022 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 Total Balance, December 31, 2021 100,038,362 36,458,191 9,356,309 52,676,693 7,513,281 206,042,836 Issuance of common stock 11,212,818 3,416,648 341,760 15,243,692 — 30,214,918 Repurchase of common stock (1,321,930) (434,161) (100,839) (1,457,016) (1,471,670) (4,785,616) Share conversions (1,723,573) (15,142,310) (3,490,542) 20,355,311 — (1,114) Balance, June 30, 2022 108,205,677 24,298,368 6,106,688 86,818,680 6,041,611 231,471,024 Stock Issuances The stock issuances for our classes of common stock, including those issued through our distribution reinvestment plan, for the six months ended June 30, 2022 were as follows: Six Months Ended June 30, 2022 # of shares Amount Class A Shares 11,212,818 $ 162,739 Class M Shares 3,416,648 49,330 Class A-I Shares 341,760 5,069 Class M-I Shares 15,243,692 217,866 Total $ 435,004 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 six months ended June 30, 2022, we repurchased 4,785,616 shares of common stock in the amount of $67,736. During the six months ended June 30, 2021, we repurchased 6,964,644 shares of common stock in the amount of $82,135. 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 six months ended June 30, 2022, we issued 2,463,259 shares of common stock for $36,143 under the distribution reinvestment plan. For the six months ended June 30, 2021, we issued 2,348,551 shares of common stock for $27,998 under the distribution reinvestment plan. Operating Partnership Units In connection with the acquisitions of Siena Suwanee Town Center and South San Diego Distribution Center, our operating partnership issued 7,037,257 OP Units to third parties for a total of $88,925. After a one-year holding period, holders of OP Units generally have the right to cause our 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. During the six months ended June 30, 2022 we did not issue any additional OP Units. 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 June 30, 2022 Class A Class M Class A-I Class M-I Class D Basic and diluted net income per share: Allocation of net loss per share before performance fee $ (8,254) $ (1,909) $ (479) $ (6,509) $ (471) Allocation of performance fee 2,809 688 174 2,398 172 Total $ (11,063) $ (2,597) $ (653) $ (8,907) $ (643) Weighted average number of common shares outstanding 105,872,896 24,483,836 6,145,006 83,483,334 6,041,611 Basic and diluted net loss per share: $ (0.10) $ (0.11) $ (0.11) $ (0.11) $ (0.11) Six Months Ended June 30, 2022 Class A Class M Class A-I Class M-I Class D Basic and diluted net income per share: Allocation of net income per share before performance fee $ 13,695 $ 4,019 $ 1,016 $ 9,248 $ 819 Allocation of performance fee 6,603 2,151 528 4,768 408 Total $ 7,092 $ 1,868 $ 488 $ 4,480 $ 411 Weighted average number of common shares outstanding 104,194,117 30,580,443 7,732,870 70,368,193 6,228,619 Basic and diluted net income per share: $ 0.07 $ 0.06 $ 0.06 $ 0.06 $ 0.07 Three Months Ended June 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 $ (1,904) $ (729) $ (201) $ (786) $ (157) Weighted average number of common shares outstanding 91,360,963 34,932,190 9,625,797 37,694,481 7,513,281 Basic and diluted net loss per share: $ (0.02) $ (0.02) $ (0.02) $ (0.02) $ (0.02) Six Months ended June 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 $ 13,398 $ 5,187 $ 1,424 $ 5,332 $ 987 Weighted average number of common shares outstanding 90,565,959 35,054,212 9,631,765 36,031,214 6,680,316 Basic and diluted net income per share: $ 0.15 $ 0.15 $ 0.15 $ 0.15 $ 0.15 |
DST Program (Notes)
DST Program (Notes) | 6 Months Ended |
Jun. 30, 2022 | |
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 pri vate 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 our 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 our Consolidated Balance Sheets. Upfront costs for legal work and debt placement costs for the DST totaling $1,309 are accounted for as deferred loan costs and are netted against the financing obligation. Under the master lease, we are responsible for subleasing the DST Property to tenants, for covering all costs associated with operating the underlying DST Property, and for paying base rent to the DST that owns such property. For financial reporting purposes (and not for income tax purposes), the DST Properties are included in our consolidated financial statements, with the master lease rent payments accounted for using the interest method whereby a portion is accounted for as interest expense and a portion is accounted for as a reduction of the outstanding principal balance of the financing obligation. For the six months ended June 30, 2022 and 2021, we recorded non-cash interest expense related to the master lease in the amounts of $8,394 and $3,341, respectively. Upon the determination that it is probable that our operating partnership 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. We determined that certain properties were probable for exercising the fair market value purchase option and recorded additional non-cash interest expense of $19,279 and $0 du ring the six months ended June 30, 2022 and 2021, respectively . We will remeasure the fair value of these properties at each balance sheet date and adjust the non-cash interest expense recognized over the remaining term of the master lease for any changes in fair value. If we elect to repurchase the property prior to the maturity date of the master lease, we will record the difference between the repurchase amount and the financial obligation as additional non-cash interest expense in the period of repurchase. 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. As of June 30, 2022, we have sold $586,420 in interests related to the DST Program. As of June 30, 2022, the following properties are included in our DST Program: • The Reserve at Johns Creek, • Summit at San Marcos, • Mason Mill Distribution Center, • San Juan Medical Center, • The Penfield, • Milford Crossing, • Villas at Legacy, • Montecito Marketplace, • Whitestown Distribution Center, • Louisville Airport Distribution Center, • The Preserve at the Meadows, • The Rockwell, • 9101 Stony Point Drive, • Reserve at Venice, • Friendship Distribution Center, • Duke Medical Center, • Silverstone Marketplace, • South Reno Medical Center, • Sugar Land Medical Plaza, and • Suwanee Distribution Center. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 9—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, 2023, subject to an unlimited number of successive one year renewals. Fixed advisory fees for the three and six months ended June 30, 2022 were $10,730 and $20,104, respectively. The fixed advisory fees for the three and six months ended June 30, 2021 were $6,749 and $13,074, respectively. Performance fees for the three and six months ended June 30, 2022 were $6,450 and $14,935, respectively. There were no performance fees for the three and six months ended June 30, 2021. Included in Advisor fees payable at June 30, 2022 was $3,569 of fixed advisory fee expense and $14,935 of performance fee expense. Included in Advisor fees payable for the year ended December 31, 2021 was $2,998 of fixed advisory fee expense and $36,711 of performance fee expenses. 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 six months ended June 30, 2022, we paid JLL Americas $468 and $987, respectively, for property management and leasing services. For the three and six months ended June 30, 2021, we paid JLL Americas $240 and $479, respectively, for property management and leasing services. During the three and six months ended June 30, 2022, there were no mortgage brokerage fees paid to JLL Americas. During the three and six months ended June 30, 2021, we paid JLL Americas $209 and $371, respectively in mortgage brokerage fees related to the mortgage notes payable for Louisville Airport Distribution Center and Townlake of Coppell. We pay the Dealer Manager selling commissions and dealer manager fees in connection with our offerings. For the three and six months ended June 30, 2022, we paid the Dealer Manager selling commissions and dealer manager fees totaling $4,100 and $7,861, respectively. For the three and six months ended June 30, 2021, we paid Dealer Manager selling commissions and dealer manager fees totaling $2,938 and $5,552, respectively. A majority of the selling commissions and dealer manager fees are reallowed to participating broker-dealers. Included in accrued offering costs, at June 30, 2022 and December 31, 2021, were $164,494 and $135,663 of future dealer manager fees payable, respectively. As of June 30, 2022 and December 31, 2021, we owed $2,289 and $2,113, 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 six months ended June 30, 2022, the taxable REIT subsidiary paid $2,228 and $2,353, respectively, to the Dealer Manager. For the three and six months ended June 30, 2021, the taxable REIT subsidiary paid $1,715 and $2,742, 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 six months ended June 30, 2022, the DSTs paid $342 and $629, respectively, in investor servicing fees to the Dealer Manager in connection with the DST Program. For the three and six months ended June 30, 2021, the DSTs paid $178 and $305, 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 six months ended June 30, 2022, the DSTs paid $218 and $402, respectively, in management fees to our Advisor in connection with the DST Program. For the three and six months ended June 30, 2021, the Delaware statutory trusts paid $107 and $183, respectively, in management fees to our Advisor in connection with the DST Program. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
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 $112 per year until September 30, 2024, which will increase every five years thereafter by the lesser of 12% or the cumulative Consumer Price Index ("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 Grand Lakes Marketplace allows the unrelated third party joint venture partner, owning a 10% interest, to put its interest to us at a market determined value. The operating agreement for 237 Via Vera Cruz, 13500 Danielson Street, 4211 Starboard, 2840 Loaker Avenue and 15890 Bernardo Center Drive 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 | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 are as follows: Year Amount 2022 $ 134,572 2023 194,368 2024 158,719 2025 136,678 2026 120,009 Thereafter 431,095 Total $ 1,175,441 |
Segment Reporting
Segment Reporting | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Segment Reporting [Abstract] | ||
Segment Reporting Disclosure [Text Block] | NOTE 11—SEGMENT REPORTING We have five reportable operating segments: industrial, office, residential, 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 six months ended June 30, 2022 and 2021. Industrial Office Residential Retail Other Total Assets as of June 30, 2022 $ 1,434,578 $ 528,668 $ 1,425,083 $ 635,511 $ 23,719 $ 4,047,559 Assets as of December 31, 2021 1,352,580 479,306 1,301,454 564,565 23,412 3,721,317 Three Months Ended June 30, 2022 Capital expenditures by segment $ 3,151 $ 1,972 $ 1,706 $ 1,365 $ 11 $ 8,205 Revenues: Rental revenue $ 25,461 $ 11,213 $ 27,872 $ 12,690 $ 66 $ 77,302 Other revenue 27 468 1,213 191 590 2,489 Total revenues $ 25,488 $ 11,681 $ 29,085 $ 12,881 $ 656 $ 79,791 Operating expenses: Real estate taxes $ 4,247 $ 1,161 $ 4,147 $ 1,690 $ 68 $ 11,313 Property operating expenses 1,913 2,278 7,737 1,888 183 13,999 Total segment operating expenses $ 6,160 $ 3,439 $ 11,884 $ 3,578 $ 251 $ 25,312 Reconciliation to net income Property general and administrative 797 Advisor fees 17,180 Company level expenses 2,997 Depreciation and amortization 33,323 Total operating expenses $ 79,609 Other income and (expenses): Interest expense $ (34,055) Gain from unconsolidated real estate affiliates and fund investment 12,770 Investment income on marketable securities 293 Net realized loss upon sale of marketable securities (183) Net unrealized change in fair value of investment in marketable securities (3,814) Total other income and (expenses) $ (24,989) Net loss $ (24,807) Reconciliation to total consolidated assets as of June 30, 2022 Assets per reportable segments $ 4,047,559 Investment in unconsolidated real estate affiliates, real estate fund investments and corporate level assets 719,133 Total consolidated assets $ 4,766,692 Reconciliation to total consolidated assets as of December 31, 2021 Assets per reportable segments $ 3,721,317 Investment in unconsolidated real estate affiliates, real estate fund investments and corporate level assets 680,929 Total consolidated assets $ 4,402,246 Industrial Office Residential Retail Other Total Three Months Ended June 30, 2021 Capital expenditures by segment $ 5,906 $ 903 $ 1,907 $ 964 $ — $ 9,680 Revenues: Rental revenue $ 15,979 $ 7,425 $ 16,934 $ 12,138 $ 62 $ 52,538 Other revenue 57 443 2,119 93 796 3,508 Total revenues $ 16,036 $ 7,868 $ 19,053 $ 12,231 $ 858 $ 56,046 Operating expenses: Real estate taxes $ 2,518 $ 861 $ 3,065 $ 1,639 $ 122 $ 8,205 Property operating expenses 1,142 1,569 5,103 2,197 183 10,194 Total segment operating expenses $ 3,660 $ 2,430 $ 8,168 $ 3,836 $ 305 $ 18,399 Reconciliation to net income Property general and administrative (184) Advisor fees 6,749 Company level expenses 990 Depreciation and amortization 21,218 Total operating expenses $ 47,172 Other income and (expenses): Interest expense $ (10,288) Loss from unconsolidated real estate affiliates and fund investment (2,412) Total other income and (expenses) $ (12,700) Net loss $ (3,826) | Industrial Office Residential Retail Other Total Six Months Ended June 30, 2022 Capital expenditures by segment $ 3,151 $ 2,978 $ 2,828 $ 1,682 $ 11 $ 10,650 Revenues: Rental revenue $ 50,348 $ 22,544 $ 52,933 $ 26,305 $ 127 $ 152,257 Other revenue 69 762 2,420 263 1,191 4,705 Total revenues $ 50,417 $ 23,306 $ 55,353 $ 26,568 $ 1,318 $ 156,962 Operating expenses: Real estate taxes $ 8,354 $ 2,325 $ 8,402 $ 3,361 $ 182 $ 22,624 Property operating expenses 4,197 4,452 14,950 4,012 391 28,002 Total segment operating expenses $ 12,551 $ 6,777 $ 23,352 $ 7,373 $ 573 $ 50,626 Reconciliation to net income Property general and administrative 1,494 Advisor fees 35,038 Company level expenses 4,071 Depreciation and amortization 66,297 Total operating expenses $ 106,900 Other income and (expenses): Interest expense $ (51,907) Income from unconsolidated real estate affiliates and fund investments 41,795 Investment income on marketable securities 597 Net realized loss upon sale of marketable securities (104) Net unrealized change in fair value of investment in marketable securities (6,798) Gain on disposition of property and extinguishment of debt, net 31,492 Total other income and (expenses) $ 15,075 Net income $ 14,511 Industrial Office Residential Retail Other Total Six Months Ended June 30, 2021 Capital expenditures by segment $ 8,881 $ 1,337 $ 2,616 $ 1,476 $ 16 $ 14,326 Revenues: Rental revenue $ 31,205 $ 14,997 $ 32,783 $ 24,191 $ 93 $ 103,269 Other revenue 62 815 2,878 176 1,427 5,358 Total revenues $ 31,267 $ 15,812 $ 35,661 $ 24,367 $ 1,520 $ 108,627 Operating expenses: Real estate taxes $ 4,978 $ 1,628 $ 6,176 $ 3,272 $ 237 $ 16,291 Property operating expenses 2,496 3,056 9,933 4,243 377 20,105 Total segment operating expenses $ 7,474 $ 4,684 $ 16,109 $ 7,515 $ 614 $ 36,396 Reconciliation to net income Property general and administrative 476 Advisor fees 13,074 Company level expenses 2,183 Depreciation and amortization 41,163 Total operating expenses $ 93,292 Other income and (expenses): Interest expense $ (19,550) Loss from unconsolidated real estate affiliates and fund investments (2,751) Gain on disposition of property and extinguishment of debt, net 33,422 Total other income and (expenses) $ 11,121 Net income $ 26,456 |
Investments, Debt and Equity Se
Investments, Debt and Equity Securities | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 and December 31, 2021, which consisted entirely of stock of publicly traded REITs. June 30, 2022 December 31, 2021 Investment in marketable securities - cost $ 40,841 $ 40,273 Unrealized gains 154 3,161 Unrealized losses (4,016) (228) Net unrealized (loss) gain (3,862) 2,933 Investment in marketable securities - fair value $ 36,979 $ 43,206 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS On July 8, 2022, our operating partnership exercised its fair market value purchase option to acquire The Reserve at Johns Creek and issued 2,575,832 OP Units to DST investors. On July 15th, 2022, we acquired Oak Street Lofts, a 187 unit residential property located in the Portland suburb of Tigard, Oregon for $81,500 using cash on hand and a draw on our Credit Facility. On July 21, 2022, we acquired Grand Rapids Medical Center, a 25,000 square foot medical office building located in Wyoming, Michigan for $9,300 using cash on hand. On July 29, 2022, we acquired Glendale Medical Center, a 20,000 square foot medical office building located in Los Angeles, California for $18,200. On August 9, 2022, our board of directors approved a gross dividend for the third quarter of 2022 of $0.14 per share and OP unit to stockholders and OP Unit holders of record as of September 22, 2022. The dividend will be paid on or around September 29, 2022. Class A, Class M, Class A-I, Class M-I and Class D stockholders and OP Unit holders will receive $0.14 per share, less applicable class-specific fees, if any. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022, our VIEs included The District at Howell Mill, Grand Lakes Marketplace, Presley Uptown, 237 Via Vera Cruz, 4211 Starboard Drive, 13500 Danielson Drive, 2840 Loker Ave, and 15890 Bernardo Center 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 equity. 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 June 30, 2022, noncontrolling interests represented the minority members’ proportionate share of the equity of The District at Howell Mill and our operating partnership. Redeemable noncontrolling interests represent noncontrolling interests that are redeemable at the option of the holder or in circumstances out of our control and therefore are accounted for as temporary equity. The carrying amount of the redeemable noncontrolling interests is adjusted over time on an accretive basis to reflect the fair value at the time the noncontrolling interest becomes redeemable by the holder. Changes in the redemption value of redeemable noncontrolling interest are recorded as an allocation of retained earnings on our Consolidated Statements of Equity. During the six months ended June 30, 2022, we recorded an allocation from noncontrolling interests to redeemable noncontrolling interests in the amount of $3,922. We have redeemable noncontrolling interest that related to Grand Lakes Marketplace, Presley Uptown, 237 Via Vera Cruz, 4211 Starboard Drive, 13500 Danielson Drive, 2840 Loker Ave, and 15890 Bernardo Center Drive as of June 30, 2022. As of June 30, 2022, $8,536 related to these third party joint ventures was included in Redeemable noncontrolling interests on our Consolidated Balance Sheet of which $2,890 is immediately puttable by the holder of the noncontrolling interest. 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 11, 2022 (our “2021 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, 2021 audited consolidated financial statements included in our 2021 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 June 30, 2022, 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 June 30, 2022 and December 31, 2021 was $9,175 and $8,436, 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 $108,740 and $102,842 at June 30, 2022 and December 31, 2021, 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 $16,455 and $15,481 at June 30, 2022 and December 31, 2021, 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. Our investments in marketable securities are valued using Level 1 inputs as the securities are publicly traded on major stock exchanges. 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 six months ended June 30, 2022 and 2021, we recorded a net increase in fair value classified within the Level 3 category of $32,412 and $36, respectively, which related to our investments in the NYC Retail Portfolio (as defined below) and the Single-Family Rental Portfolio (as defined below) (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 our 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 $127,254 lower and $3,794 higher than the aggregate carrying amounts at June 30, 2022 and December 31, 2021, 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 our 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 June 30, 2022, 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 2 90,000 The fair value of our interest rate swaps represent assets of $523 and liabilities of $2,580 at June 30, 2022 and December 31, 2021, respectively. |
Lessee, Operating Leases | Ground Lease As of June 30, 2022, 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 $2,084 and a lease liability within accounts payable and other liabilities on our Consolidated Balance Sheets in the amount of $2,246. |
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 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. |
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 RecognitionWe 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) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | As of June 30, 2022, 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 2 90,000 |
Property Purchase Price Allocat
Property Purchase Price Allocation of Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | We allocated the purchase price for our 2022 acquisitions in accordance with authoritative guidance as follows: 2022 Acquisitions Land $ 43,755 Building and equipment 326,811 In-place lease intangible (acquired intangible assets) 29,875 Above-market lease intangible (acquired intangible assets) 1,415 Below-market lease intangible (acquired intangible liabilities) (7,468) $ 394,388 Amortization period for intangible assets and liabilities 6 - 180 months |
Unconsolidated Real Estate Af_2
Unconsolidated Real Estate Affiliates Equity Method Investments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity Method Investments [Abstract] | |
Equity Method Investments [Table Text Block] | Unconsolidated Real Estate Affiliates The following represent our unconsolidated real estate affiliates as of June 30, 2022 and December 31, 2021. Carrying Amount of Investment Property Property Type Location Acquisition Date June 30, 2022 December 31, 2021 Chicago Parking Garage Other Chicago, IL December 23, 2014 $ 13,608 $ 13,992 Pioneer Tower Office Portland, OR June 28, 2016 102,318 103,529 The Tremont Residential Burlington, MA July 19, 2018 21,332 21,345 The Huntington Residential Burlington, MA July 19, 2018 10,420 10,773 Siena Suwanee Town Center Residential Suwanee, GA December 15, 2020 30,483 30,685 Kingston at McLean Crossing Residential McLean, VA December 3, 2021 38,105 36,720 Total $ 216,266 $ 217,044 Summarized Combined Statements of Operations—Unconsolidated Real Estate Affiliates—Equity Method Investments Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Total revenues $ 7,884 $ 5,276 $ 15,581 $ 10,402 Total operating expenses 6,049 5,736 12,401 11,437 Operating income (loss) $ 1,835 $ (460) $ 3,180 $ (1,035) Interest expense 409 834 (1,009) 1,680 Net income (loss) $ 1,426 $ (1,294) $ 4,189 $ (2,715) |
Fair Value Option, Disclosures [Table Text Block] | Summarized Combined Balance Sheets—NYC Retail Portfolio Investment and Single-Family Rental Portfolio—Fair Value Option Investment June 30, 2022 December 31, 2021 Investment in real estate venture $ 1,768,443 $ 1,666,923 Cash 18,030 19,650 Other assets 52,148 55,562 Total assets $ 1,838,621 $ 1,742,135 Total liabilities 827,186 823,503 Partners' capital 1,011,435 918,632 Total liabilities and partners' capital $ 1,838,621 $ 1,742,135 Summarized Statement of Operations—NYC Retail Portfolio Investment and Single-Family Rental Portfolio—Fair Value Option Investment Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Total revenue $ 21,481 $ 1,040 $ 41,276 $ 1,076 Net investment income 8,636 525 16,320 32 Net change in unrealized gain (loss) on investment in real estate venture 23,957 (4,039) 90,801 (132) Net income (loss) $ 32,593 $ (3,514) $ 107,121 $ (100) |
Mortgage Notes and Other Debt_2
Mortgage Notes and Other Debt Payable Table 1 - Schedule of Mortgages and Other Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 2032 and consist of the following: Mortgage notes and other debt payable Maturity Date Interest Amount payable as of June 30, 2022 December 31, 2021 Mortgage notes payable (1) June 1, 2023 - March 1, 2032 1.76% - 5.30% $ 1,276,546 $ 1,184,620 Credit facility Revolving line of credit April 28, 2025 3.14% 220,000 300,000 Bridge loan December 1, 2022 3.39% — 100,000 Term loans April 28, 2027 2.99% - 3.48% 250,000 235,000 TOTAL $ 1,746,546 $ 1,819,620 Net debt discount on assumed debt and debt issuance costs (6,287) (1,956) Mortgage notes and other debt payable, net $ 1,740,259 $ 1,817,664 ________ (1) During the six months ending June 30, 2022, we entered into the following new mortgage notes payable: • On February 15, 2022, we entered into a $55,800 mortgage payable on Reserve at Venice. The mortgage note bears an interest of 2.98% and matures on March 1, 2032. • On March 18, 2022, we entered into a $40,000 mortgage payable on Friendship Distribution Center. The mortgage note bears an interest rate equal to the Secured Overnight Financing Rate ("SOFR") plus 1.75% (3.25% at June 30, 2022) and matures on March 1, 2029. |
Aggregate principal payments of mortgage notes payable | Aggregate future principal payments of mortgage notes and other debt payable as of June 30, 2022 are as follows: Year Amount 2022 $ 3,937 2023 89,890 2024 24,917 2025 412,296 2026 308,023 Thereafter 907,483 Total $ 1,746,546 |
Common Stock Common Stock (Tabl
Common Stock Common Stock (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 six months ended June 30, 2022 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 Total Balance, December 31, 2021 100,038,362 36,458,191 9,356,309 52,676,693 7,513,281 206,042,836 Issuance of common stock 11,212,818 3,416,648 341,760 15,243,692 — 30,214,918 Repurchase of common stock (1,321,930) (434,161) (100,839) (1,457,016) (1,471,670) (4,785,616) Share conversions (1,723,573) (15,142,310) (3,490,542) 20,355,311 — (1,114) Balance, June 30, 2022 108,205,677 24,298,368 6,106,688 86,818,680 6,041,611 231,471,024 |
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 six months ended June 30, 2022 were as follows: Six Months Ended June 30, 2022 # of shares Amount Class A Shares 11,212,818 $ 162,739 Class M Shares 3,416,648 49,330 Class A-I Shares 341,760 5,069 Class M-I Shares 15,243,692 217,866 Total $ 435,004 |
Schedule of Earnings Per Share [Table Text Block] | Three Months Ended June 30, 2022 Class A Class M Class A-I Class M-I Class D Basic and diluted net income per share: Allocation of net loss per share before performance fee $ (8,254) $ (1,909) $ (479) $ (6,509) $ (471) Allocation of performance fee 2,809 688 174 2,398 172 Total $ (11,063) $ (2,597) $ (653) $ (8,907) $ (643) Weighted average number of common shares outstanding 105,872,896 24,483,836 6,145,006 83,483,334 6,041,611 Basic and diluted net loss per share: $ (0.10) $ (0.11) $ (0.11) $ (0.11) $ (0.11) Six Months Ended June 30, 2022 Class A Class M Class A-I Class M-I Class D Basic and diluted net income per share: Allocation of net income per share before performance fee $ 13,695 $ 4,019 $ 1,016 $ 9,248 $ 819 Allocation of performance fee 6,603 2,151 528 4,768 408 Total $ 7,092 $ 1,868 $ 488 $ 4,480 $ 411 Weighted average number of common shares outstanding 104,194,117 30,580,443 7,732,870 70,368,193 6,228,619 Basic and diluted net income per share: $ 0.07 $ 0.06 $ 0.06 $ 0.06 $ 0.07 Three Months Ended June 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 $ (1,904) $ (729) $ (201) $ (786) $ (157) Weighted average number of common shares outstanding 91,360,963 34,932,190 9,625,797 37,694,481 7,513,281 Basic and diluted net loss per share: $ (0.02) $ (0.02) $ (0.02) $ (0.02) $ (0.02) Six Months ended June 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 $ 13,398 $ 5,187 $ 1,424 $ 5,332 $ 987 Weighted average number of common shares outstanding 90,565,959 35,054,212 9,631,765 36,031,214 6,680,316 Basic and diluted net income per share: $ 0.15 $ 0.15 $ 0.15 $ 0.15 $ 0.15 |
Rentals Under Operating Leases
Rentals Under Operating Leases Rentals Under Operating Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 are as follows: Year Amount 2022 $ 134,572 2023 194,368 2024 158,719 2025 136,678 2026 120,009 Thereafter 431,095 Total $ 1,175,441 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Industrial Office Residential Retail Other Total Assets as of June 30, 2022 $ 1,434,578 $ 528,668 $ 1,425,083 $ 635,511 $ 23,719 $ 4,047,559 Assets as of December 31, 2021 1,352,580 479,306 1,301,454 564,565 23,412 3,721,317 Three Months Ended June 30, 2022 Capital expenditures by segment $ 3,151 $ 1,972 $ 1,706 $ 1,365 $ 11 $ 8,205 Revenues: Rental revenue $ 25,461 $ 11,213 $ 27,872 $ 12,690 $ 66 $ 77,302 Other revenue 27 468 1,213 191 590 2,489 Total revenues $ 25,488 $ 11,681 $ 29,085 $ 12,881 $ 656 $ 79,791 Operating expenses: Real estate taxes $ 4,247 $ 1,161 $ 4,147 $ 1,690 $ 68 $ 11,313 Property operating expenses 1,913 2,278 7,737 1,888 183 13,999 Total segment operating expenses $ 6,160 $ 3,439 $ 11,884 $ 3,578 $ 251 $ 25,312 Reconciliation to net income Property general and administrative 797 Advisor fees 17,180 Company level expenses 2,997 Depreciation and amortization 33,323 Total operating expenses $ 79,609 Other income and (expenses): Interest expense $ (34,055) Gain from unconsolidated real estate affiliates and fund investment 12,770 Investment income on marketable securities 293 Net realized loss upon sale of marketable securities (183) Net unrealized change in fair value of investment in marketable securities (3,814) Total other income and (expenses) $ (24,989) Net loss $ (24,807) Reconciliation to total consolidated assets as of June 30, 2022 Assets per reportable segments $ 4,047,559 Investment in unconsolidated real estate affiliates, real estate fund investments and corporate level assets 719,133 Total consolidated assets $ 4,766,692 Reconciliation to total consolidated assets as of December 31, 2021 Assets per reportable segments $ 3,721,317 Investment in unconsolidated real estate affiliates, real estate fund investments and corporate level assets 680,929 Total consolidated assets $ 4,402,246 Industrial Office Residential Retail Other Total Three Months Ended June 30, 2021 Capital expenditures by segment $ 5,906 $ 903 $ 1,907 $ 964 $ — $ 9,680 Revenues: Rental revenue $ 15,979 $ 7,425 $ 16,934 $ 12,138 $ 62 $ 52,538 Other revenue 57 443 2,119 93 796 3,508 Total revenues $ 16,036 $ 7,868 $ 19,053 $ 12,231 $ 858 $ 56,046 Operating expenses: Real estate taxes $ 2,518 $ 861 $ 3,065 $ 1,639 $ 122 $ 8,205 Property operating expenses 1,142 1,569 5,103 2,197 183 10,194 Total segment operating expenses $ 3,660 $ 2,430 $ 8,168 $ 3,836 $ 305 $ 18,399 Reconciliation to net income Property general and administrative (184) Advisor fees 6,749 Company level expenses 990 Depreciation and amortization 21,218 Total operating expenses $ 47,172 Other income and (expenses): Interest expense $ (10,288) Loss from unconsolidated real estate affiliates and fund investment (2,412) Total other income and (expenses) $ (12,700) Net loss $ (3,826) |
Investments, Debt and Equity _2
Investments, Debt and Equity Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | The following is a summary of our investment in marketable securities held as of June 30, 2022 and December 31, 2021, which consisted entirely of stock of publicly traded REITs. June 30, 2022 December 31, 2021 Investment in marketable securities - cost $ 40,841 $ 40,273 Unrealized gains 154 3,161 Unrealized losses (4,016) (228) Net unrealized (loss) gain (3,862) 2,933 Investment in marketable securities - fair value $ 36,979 $ 43,206 |
Organization (Details)
Organization (Details) $ in Thousands | 6 Months Ended | ||||
Oct. 16, 2019 USD ($) | Mar. 03, 2015 USD ($) | Jun. 30, 2022 USD ($) shares | Jun. 30, 2022 USD ($) Rate shares | Dec. 31, 2021 shares | |
Organization (Textual) [Abstract] | |||||
Incorporation date | May 28, 2004 | ||||
common stock, authorized in offering of new shares | $ 3,000,000 | ||||
common stock, value authorized during DST offering | $ 500,000 | ||||
Number Of Stockholders | 22,571 | 22,571 | |||
Investment Owned, Balance, Shares | shares | 2,521,801 | 2,521,801 | |||
Investment Owned, at Fair Value | $ 37,524 | $ 37,524 | |||
Proceeds from Issuance or Sale of Equity | $ 88,925 | ||||
Sale of Stock, Percentage of Ownership after Transaction | Rate | 97% | ||||
Other Ownership Interest | |||||
Organization (Textual) [Abstract] | |||||
Sale of Stock, Percentage of Ownership after Transaction | Rate | 3% | ||||
Consolidated properties [Member] | |||||
Organization (Textual) [Abstract] | |||||
Number of properties owned | 128 | 128 | |||
Number of states | 26 | 26 | |||
Class A Shares [Member] | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Shares, Outstanding | shares | 108,205,677 | 108,205,677 | 100,038,362 | ||
Class M Shares [Member] | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Shares, Outstanding | shares | 24,298,368 | 24,298,368 | 36,458,191 | ||
Class A-I Shares [Member] | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Shares, Outstanding | shares | 6,106,688 | 6,106,688 | 9,356,309 | ||
Class M-I Shares [Member] | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Shares, Outstanding | shares | 86,818,680 | 86,818,680 | 52,676,693 | ||
Class D Shares [Member] | |||||
Organization (Textual) [Abstract] | |||||
common stock, value authorized during private offering | $ 350,000 | ||||
Common Stock, Shares, Outstanding | shares | 6,041,611 | 6,041,611 | 7,513,281 | ||
FOO [Member] | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Value, Outstanding | $ 457,226 | $ 457,226 | |||
Private Placement [Member] | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Value, Outstanding | 98,188 | 98,188 | |||
DST Program [Member] | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Value, Outstanding | 586,420 | 586,420 | |||
Public and private offerings | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Value, Outstanding | $ 4,640,080 | $ 4,640,080 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) Rate | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) Rate | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Summary of Significant Accounting Policies [Line Items] | |||||
Other Revenue | $ 2,489 | $ 3,508 | $ 4,705 | $ 5,358 | |
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | |||||
Accumulated amortization of Deferred expenses | 9,175 | 9,175 | $ 8,436 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 108,740 | 108,740 | 102,842 | ||
Finite-Lived intangible liability, Accumulated Amortization | 16,455 | 16,455 | 15,481 | ||
Unrealized Gain (Loss) on Investments | 32,412 | ||||
Derivative Asset | 523 | 523 | 2,580 | ||
Net Cash Provided by (Used in) Investing Activities | (333,678) | (281,555) | |||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 8,536 | 8,536 | 0 | ||
Redeemable Noncontrolling Interest, Equity, Other, Carrying Amount | 2,890 | 2,890 | |||
NYC Retail Portfolio [Member] | |||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | |||||
Unrealized Gain (Loss) on Investments | 1,304 | $ (1,118) | (143) | $ (36) | |
Level two [Member] | |||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | |||||
Mortgage notes payable, fair value | $ 127,254 | $ 127,254 | $ 3,794 | ||
Interest Rate Swap [Member] | |||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | |||||
Derivative, Number of Instruments Held | 2 | 2 | |||
Derivative, Notional Amount | $ 90,000 | $ 90,000 | |||
us-gaap_NewAccountingPronouncementMember [Domain] | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Operating Lease, Right-of-Use Asset | 2,084 | 2,084 | |||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | |||||
SBG Ground Lease | $ 2,246 | $ 2,246 | |||
JLLIPT [Member] | |||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | |||||
Consolidation of variable interest entities, ownership percentage | Rate | 100% | 100% |
Property Table 1 - Property lis
Property Table 1 - Property listing (Details) $ in Thousands | Jun. 30, 2022 USD ($) ft² | Jun. 28, 2022 USD ($) ft² | Jun. 08, 2022 USD ($) ft² | Jun. 01, 2022 USD ($) ft² | May 31, 2022 USD ($) ft² | Apr. 29, 2022 USD ($) ft² | Apr. 08, 2022 USD ($) ft² | Mar. 30, 2022 USD ($) |
Jefferson Lake Howell | Apartments Segment [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Acquisition, Transaction Costs | $ 154,100 | |||||||
Northeast Atlanta Distribution Center | Industrial Segment [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Area of Real Estate Property | ft² | 459,000 | |||||||
Business Acquisition, Transaction Costs | $ 54,100 | |||||||
Cedar Medical Center at Flagstaff | Office Segment [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Area of Real Estate Property | ft² | 26,000 | |||||||
Business Acquisition, Transaction Costs | $ 17,200 | |||||||
Patterson Place | Retail Segment [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Area of Real Estate Property | ft² | 25,000,000 | |||||||
Business Acquisition, Transaction Costs | $ 14,500 | |||||||
Silverado Square | Retail Segment [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Area of Real Estate Property | ft² | 48,000,000 | |||||||
Business Acquisition, Transaction Costs | $ 24,400 | |||||||
Southeast Phoenix Distribution Center Phase II | Industrial Segment [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Area of Real Estate Property | ft² | 245,000,000 | |||||||
Business Acquisition, Transaction Costs | $ 62,400 | |||||||
North Boston Medical Center | Office Segment [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Area of Real Estate Property | ft² | 30,000 | |||||||
Business Acquisition, Transaction Costs | $ 22,500 | |||||||
North Charlotte Medical Center | Office Segment [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Area of Real Estate Property | ft² | 25,000 | |||||||
Business Acquisition, Transaction Costs | $ 12,500 | |||||||
Woodlawn Point Shopping Center | Retail Segment [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Area of Real Estate Property | ft² | 98,000 | |||||||
Business Acquisition, Transaction Costs | $ 35,000 |
Property Table 2 Schedule of Pu
Property Table 2 Schedule of Purchase Price Allocations (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Land | $ 641,784 | $ 598,564 |
Buildings and equipment | $ 3,339,899 | $ 3,010,359 |
Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 6 months | |
Property, Plant and Equipment, Other Types [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Land | $ 43,755 | |
Buildings and equipment | 326,811 | |
Finite-Lived Intangible Asset, Acquired-in-Place Leases | 29,875 | |
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | 1,415 | |
Off-market Lease, Unfavorable | (7,468) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 394,388 |
Property (Details)
Property (Details) $ in Thousands | Jan. 24, 2022 USD ($) ft² | Jan. 06, 2022 USD ($) ft² |
4001 North Norfleet Road | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Area of Real Estate Property | ft² | 702,000 | |
Proceeds from Sale of Property Held-for-sale | $ 60,375 | |
Gain (Loss) on Sale of Investments | $ 34,186 | |
The Edge at Lafayette | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Area of Real Estate Property | ft² | 207,000 | |
Proceeds from Sale of Property Held-for-sale | $ 16,500 | |
Gain (Loss) on Sale of Investments | $ 13 |
Unconsolidated Real Estate Af_3
Unconsolidated Real Estate Affiliates (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 USD ($) ft² | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) ft² | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Aug. 05, 2021 USD ($) Rate | Dec. 08, 2015 USD ($) | |
Real Estate Properties [Line Items] | |||||||
Equity Method Investments | $ 216,266 | $ 216,266 | $ 217,044 | ||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | 385,317 | 385,317 | 352,905 | ||||
Unrealized Gain (Loss) on Investments | 32,412 | ||||||
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES | |||||||
Total revenues | 79,791 | $ 56,046 | 156,962 | $ 108,627 | |||
Operating income | 106,900 | 93,292 | |||||
Interest Expense | 34,055 | 10,288 | 51,907 | 19,550 | |||
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) | (24,072) | (3,777) | 13,861 | 26,328 | |||
Payments to Acquire Interest in Subsidiaries and Affiliates | 138 | 797 | |||||
Mortgage notes and other debt payable, net | 1,740,259 | 1,740,259 | 1,817,664 | ||||
Chicago Parking Garage [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Equity Method Investments | 13,608 | 13,608 | 13,992 | ||||
Pioneer Tower [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Equity Method Investments | 102,318 | 102,318 | 103,529 | ||||
The Tremont [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Equity Method Investments | 21,332 | 21,332 | 21,345 | ||||
The Huntington [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Equity Method Investments | 10,420 | 10,420 | 10,773 | ||||
Unconsolidated Real Estate Affiliates [Member] | |||||||
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES | |||||||
Total revenues | 7,884 | 5,276 | 15,581 | 10,402 | |||
Operating Expenses | 6,049 | 5,736 | 12,401 | 11,437 | |||
Operating income | 1,835 | (460) | 3,180 | (1,035) | |||
Interest Expense | 409 | 834 | (1,009) | 1,680 | |||
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) | $ 1,426 | (1,294) | $ 4,189 | (2,715) | |||
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 | $ 84,731 | $ 84,731 | 84,874 | $ 85,600 | |||
Real Estate Property Ownership Percentage | 14% | ||||||
Unrealized Gain (Loss) on Investments | 1,304 | (1,118) | (143) | (36) | |||
Madison NYC Core Retail Partners, L.P. [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Unrealized Gain (Loss) on Investments | 23,957 | (4,039) | 90,801 | (132) | |||
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES | |||||||
Total revenues | 21,481 | $ 1,040 | 41,276 | $ 1,076 | |||
Siena Suwanee Town Center | |||||||
Real Estate Properties [Line Items] | |||||||
Equity Method Investments | 30,483 | 30,483 | 30,685 | ||||
SFR Portfolio [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | 300,586 | 300,586 | 268,031 | $ 205,000 | |||
Unrealized Gain (Loss) on Investments | 7,200 | 32,555 | |||||
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES | |||||||
Proceeds from Equity Method Investment, Distribution | 2,840 | 5,194 | |||||
Mortgage notes and other debt payable, net | $ 760,000 | ||||||
Debt, Weighted Average Interest Rate | Rate | 2.10% | ||||||
Kingston at McLean | |||||||
Real Estate Properties [Line Items] | |||||||
Equity Method Investments | $ 38,105 | $ 38,105 | $ 36,720 | ||||
NYC Retail Portfolio [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49% | ||||||
Madison NYC Core Retail Partners, L.P. [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 28% | ||||||
GVI RH JV Investor LLC | |||||||
Real Estate Properties [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 47% |
Unconsolidated Real Estate Af_4
Unconsolidated Real Estate Affiliates Fair Value Option Investment Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Revenues | $ 79,791 | $ 56,046 | $ 156,962 | $ 108,627 | |
Unrealized Gain (Loss) on Investments | (32,412) | ||||
Net (loss) income | 24,807 | 3,826 | (14,511) | (26,456) | |
Payments to Acquire Interest in Subsidiaries and Affiliates | 138 | 797 | |||
Cash and Cash Equivalents | 88,394 | 175,691 | 88,394 | 175,691 | $ 70,273 |
Assets | 4,766,692 | 4,766,692 | 4,402,246 | ||
Liabilities | 2,639,166 | 2,639,166 | 2,558,130 | ||
Liabilities and Equity | 4,766,692 | 4,766,692 | 4,402,246 | ||
Madison NYC Core Retail Partners, L.P. [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Revenues | 21,481 | 1,040 | 41,276 | 1,076 | |
Net Investment Income | 8,636 | 525 | 16,320 | 32 | |
Unrealized Gain (Loss) on Investments | (23,957) | 4,039 | (90,801) | 132 | |
Net (loss) income | 32,593 | (3,514) | 107,121 | (100) | |
NYC Retail Portfolio [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Unrealized Gain (Loss) on Investments | (1,304) | $ 1,118 | 143 | $ 36 | |
Investments, Fair Value Disclosure | 1,768,443 | 1,768,443 | 1,666,923 | ||
Cash and Cash Equivalents | 18,030 | 18,030 | 19,650 | ||
Other Assets | 52,148 | 52,148 | 55,562 | ||
Assets | 1,838,621 | 1,838,621 | 1,742,135 | ||
Liabilities | 827,186 | 827,186 | 823,503 | ||
Partners' Capital | 1,011,435 | 1,011,435 | 918,632 | ||
Liabilities and Equity | $ 1,838,621 | $ 1,838,621 | $ 1,742,135 |
Table 1 - Mortgage Notes and Ot
Table 1 - Mortgage Notes and Other Debt Payable (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Summary of mortgage notes payable | ||
Notes Payable | $ 1,746,546 | $ 1,819,620 |
Debt Issuance Costs, Net | (6,287) | (1,956) |
Mortgage notes and other debt payable, net | 1,740,259 | 1,817,664 |
Revolving Credit Facility [Member] | ||
Summary of mortgage notes payable | ||
Revolving Line of Credit | $ 220,000 | 300,000 |
Debt Instrument, Interest Rate, Stated Percentage | 3.14% | |
Term Loan [Member] | ||
Summary of mortgage notes payable | ||
Revolving Line of Credit | $ 250,000 | |
Long-term Line of Credit | $ 250,000 | 235,000 |
Derivative, Fixed Interest Rate | 1.30% | |
Bridge Loan | ||
Summary of mortgage notes payable | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.39% | |
Bridge Loan | $ 100 | |
Notes Payable to Banks [Member] | ||
Summary of mortgage notes payable | ||
Notes Payable | $ 1,276,546 | 1,184,620 |
Minimum [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.76% | |
Minimum [Member] | Term Loan [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.99% | |
Maximum [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.30% | |
Maximum [Member] | Term Loan [Member] | ||
Summary of mortgage notes payable | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.48% | |
Bridge Loan | ||
Summary of mortgage notes payable | ||
Bridge Loan | $ 0 | $ 100,000 |
Table 2 - Summary of Aggregate
Table 2 - Summary of Aggregate Principle (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Thereafter | $ 907,483 | |
Total | 1,746,546 | $ 1,819,620 |
Long-Term Debt, Maturity, Year One | 3,937 | |
Long-Term Debt, Maturity, Year Two | 89,890 | |
Long-Term Debt, Maturity, Year Three | 24,917 | |
Long-Term Debt, Maturity, Year Four | 412,296 | |
Long-Term Debt, Maturity, Year Five | $ 308,023 |
Mortgage Notes and Other Debt_3
Mortgage Notes and Other Debt Payable Text Detail (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2021 | Mar. 01, 2022 | May 24, 2021 | |
Debt Instrument [Line Items] | ||||
Notes Payable | $ 1,746,546 | $ 1,819,620 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | |||
Revolving Line of Credit, Maximum Borrowing Capacity | 600,000 | |||
Term Loan, Maximum Borrowing Capacity | $ 400,000 | |||
Amortization of Debt Issuance Costs | 9,658 | 8,024 | ||
Mortgage notes and other debt payable, net | $ 1,740,259 | 1,817,664 | ||
Reserve at Venice | ||||
Debt Instrument [Line Items] | ||||
Derivative, Fixed Interest Rate | 2.98% | |||
Mortgage notes and other debt payable, net | $ 55,800 | |||
Friendship Distribution Center | ||||
Debt Instrument [Line Items] | ||||
Derivative, Fixed Interest Rate | 3.25% | |||
Mortgage notes and other debt payable, net | $ 40,000 | |||
Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.30% | |||
Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2% | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.14% | |||
Revolving Line of Credit | $ 220,000 | 300,000 | ||
Revolving Credit Facility [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Derivative, Fixed Interest Rate | 1.25% | |||
Revolving Credit Facility [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Increase (Decrease) | 3.48% | |||
Derivative, Fixed Interest Rate | 1.95% | |||
Revolving Credit Facility [Member] | IPT Long-Term Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Maturity Date Range, End | Apr. 28, 2025 | |||
Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Revolving Line of Credit | $ 250,000 | |||
Long-term Line of Credit | $ 250,000 | $ 235,000 | ||
Derivative, Fixed Interest Rate | 1.30% | |||
Bridge Loan | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.39% | |||
Bridge Loan | $ 100 | |||
Bridge Loan | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Derivative, Fixed Interest Rate | 145% | |||
Bridge Loan | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Derivative, Fixed Interest Rate | 215% | |||
Swap [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.08% |
Common Stock Common Stock (Deta
Common Stock Common Stock (Details Text) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Stock Repurchased During Period, Shares | (4,785,616) | (6,964,644) | |||
Sale of Stock, Consideration Received on Transaction | $ 435,004 | ||||
stockrepurchaselimit | 5% | ||||
Repurchase of shares | $ (26,604) | $ (37,341) | $ (67,736) | $ (82,135) | |
Common Stock (Textual) [Abstract] | |||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 2,463,259 | 2,348,551 | |||
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 36,143 | $ 27,998 | |||
Weighted Average Number of Outstanding Shares Basic and Diluted | 226,026,683 | 181,126,712 | 219,104,242 | 177,963,466 | |
Organization And Offering Expenses Reimbursement period | 36 months | ||||
Calculation Of Reimbursed Offering Expenses As Specified Percentage Of Gross Proceeds | 15% | ||||
Reimbursement of Organization and Offering Expenses | $ 2,289 | $ 2,113 | |||
Proceeds from Issuance of Common Stock | $ 526,240 | $ 341,487 | |||
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units | 7,037,257 | ||||
Stock Issued During Period, Value, Conversion of Units | $ 88,925 | ||||
Class A Shares [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Common Stock, Shares, Outstanding | 108,205,677 | 108,205,677 | 100,038,362 | ||
Stock Issued During Period, Shares, New Issues | 11,212,818 | ||||
Stock Repurchased During Period, Shares | (1,321,930) | ||||
Conversion of Stock, Shares Issued | (1,723,573) | ||||
Common Stock (Textual) [Abstract] | |||||
Proceeds from Issuance of Common Stock | $ 162,739 | ||||
Class M Shares [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Common Stock, Shares, Outstanding | 24,298,368 | 24,298,368 | 36,458,191 | ||
Stock Issued During Period, Shares, New Issues | 3,416,648 | ||||
Stock Repurchased During Period, Shares | (434,161) | ||||
Conversion of Stock, Shares Issued | (15,142,310) | ||||
Common Stock (Textual) [Abstract] | |||||
Proceeds from Issuance of Common Stock | $ 49,330 | ||||
Class A-I Shares [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Common Stock, Shares, Outstanding | 6,106,688 | 6,106,688 | 9,356,309 | ||
Stock Issued During Period, Shares, New Issues | 341,760 | ||||
Stock Repurchased During Period, Shares | (100,839) | ||||
Conversion of Stock, Shares Issued | (3,490,542) | ||||
Common Stock (Textual) [Abstract] | |||||
Proceeds from Issuance of Common Stock | $ 5,069 | ||||
Class M-I Shares [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Common Stock, Shares, Outstanding | 86,818,680 | 86,818,680 | 52,676,693 | ||
Stock Issued During Period, Shares, New Issues | 15,243,692 | ||||
Stock Repurchased During Period, Shares | (1,457,016) | ||||
Conversion of Stock, Shares Issued | 20,355,311 | ||||
Common Stock (Textual) [Abstract] | |||||
Proceeds from Issuance of Common Stock | $ 217,866 | ||||
Class D Shares [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Common Stock, Shares, Outstanding | 6,041,611 | 6,041,611 | 7,513,281 | ||
Stock Issued During Period, Shares, New Issues | 0 | ||||
Stock Repurchased During Period, Shares | (1,471,670) | ||||
Conversion of Stock, Shares Issued | 0 |
Common Stock Schedule of Earnin
Common Stock Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Noninterest Expense Related to Performance Fees | $ 13,074 | |||
Class A Shares [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net Income, before performance fee | $ (8,254) | $ (1,904) | $ 13,695 | $ 13,398 |
Noninterest Expense Related to Performance Fees | 2,809 | 6,603 | ||
Net Income (Loss) Available to Common Stockholders, Basic | $ (11,063) | $ 7,092 | ||
Earnings Per Share, Basic | $ (0.10) | $ (0.02) | $ 0.07 | $ 0.15 |
Weighted Average Number of Shares Outstanding, Basic | 105,872,896 | 91,360,963 | 104,194,117 | 90,565,959 |
Class M Shares [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net Income, before performance fee | $ (1,909) | $ (729) | $ 4,019 | $ 5,187 |
Noninterest Expense Related to Performance Fees | 688 | 2,151 | ||
Net Income (Loss) Available to Common Stockholders, Basic | $ (2,597) | $ 1,868 | ||
Earnings Per Share, Basic | $ (0.11) | $ (0.02) | $ 0.06 | $ 0.15 |
Weighted Average Number of Shares Outstanding, Basic | 24,483,836 | 34,932,190 | 30,580,443 | 35,054,212 |
Class A-I Shares [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net Income, before performance fee | $ (479) | $ (201) | $ 1,016 | $ 1,424 |
Noninterest Expense Related to Performance Fees | 174 | 528 | ||
Net Income (Loss) Available to Common Stockholders, Basic | $ (653) | $ 488 | ||
Earnings Per Share, Basic | $ (0.11) | $ (0.02) | $ 0.06 | $ 0.15 |
Weighted Average Number of Shares Outstanding, Basic | 6,145,006 | 9,625,797 | 7,732,870 | 9,631,765 |
Class M-I Shares [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net Income, before performance fee | $ (6,509) | $ (786) | $ 9,248 | $ 5,332 |
Noninterest Expense Related to Performance Fees | 2,398 | 4,768 | ||
Net Income (Loss) Available to Common Stockholders, Basic | $ (8,907) | $ 4,480 | ||
Earnings Per Share, Basic | $ (0.11) | $ (0.02) | $ 0.06 | $ 0.15 |
Weighted Average Number of Shares Outstanding, Basic | 83,483,334 | 37,694,481 | 70,368,193 | 36,031,214 |
Class D Shares [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net Income, before performance fee | $ (471) | $ (157) | $ 819 | $ 987 |
Noninterest Expense Related to Performance Fees | 172 | 408 | ||
Net Income (Loss) Available to Common Stockholders, Basic | $ (643) | $ 411 | ||
Earnings Per Share, Basic | $ (0.11) | $ (0.02) | $ 0.07 | $ 0.15 |
Weighted Average Number of Shares Outstanding, Basic | 6,041,611 | 7,513,281 | 6,228,619 | 6,680,316 |
DST Program (Details)
DST Program (Details) - USD ($) $ in Thousands | Oct. 16, 2019 | Jun. 30, 2022 | Jun. 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 authorized during DST offering | $ 1,000,000 | ||
DST Program [Member] | Master Lease | |||
Variable Interest Entity [Line Items] | |||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | $ 8,394 | $ 3,341 | |
DST Program [Member] | Certain Properties | |||
Variable Interest Entity [Line Items] | |||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 19,279 | ||
DST Program [Member] | |||
Variable Interest Entity [Line Items] | |||
Common Stock, Value, Outstanding | 586,420 | ||
DST Program [Member] | |||
Variable Interest Entity [Line Items] | |||
Deferred Costs | $ 1,309 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Related Party Transactions (Textual) [Abstract] | |||||
Advisory Fees | $ 17,180 | $ 6,749 | $ 35,038 | $ 13,074 | |
Manager and advisory fees payable | $ 36,711 | ||||
Related Party Property Management Services Expense Paid | 468 | 240 | 987 | 479 | |
Payments for Brokerage Fees | 0 | 209 | 371 | ||
Payments of Stock Issuance Costs | 8,189 | 8,098 | |||
DST Investor Servicing Fees | 629 | 305 | |||
Accrued Offering Costs | 166,783 | 166,783 | 137,776 | ||
Reimbursement of Organization and Offering Expenses | 2,289 | 2,113 | |||
DST Advisor Fees | 402 | 183 | |||
Selling commission, Dealer Manager Fee, Distribution Fee [Member] | |||||
Related Party Transactions (Textual) [Abstract] | |||||
Payments of Stock Issuance Costs | 4,100 | 2,938 | 7,861 | 5,552 | |
Accrued Offering Costs | 164,494 | $ 164,494 | 135,663 | ||
Common Stock [Member] | |||||
Related Party Transactions (Textual) [Abstract] | |||||
DST Program Selling Commissions | 5% | ||||
DST Program Dealer Manager Fee | 1% | ||||
DST Program Placement Fees | 1% | ||||
DST Program [Member] | |||||
Related Party Transactions (Textual) [Abstract] | |||||
Payments of Stock Issuance Costs | 2,228 | 1,715 | $ 2,353 | 2,742 | |
DST Investor Servicing Fees | 342 | 178 | |||
DST Advisor Fees | 218 | 107 | |||
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 | 10,730 | 6,749 | $ 20,104 | 13,074 | |
Manager and advisory fees payable | 3,569 | $ 3,569 | $ 2,998 | ||
Hurdle Rate [Member] | |||||
Related Party Transactions (Textual) [Abstract] | |||||
Management and Advisory Fee Percentage on Net Asset Value | 7% | ||||
performance fee [Member] | |||||
Related Party Transactions (Textual) [Abstract] | |||||
Management and Advisory Fee Percentage on Net Asset Value | 10% | ||||
Fixed portions of management and advisory fees | 6,450 | $ 14,935 | |||
Manager and advisory fees payable | $ 14,935 | $ 0 | $ 14,935 | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
South Beach Parking Garage [Member] | |
Other Commitments [Line Items] | |
Payments for Rent | $ 112 |
Rentals Under Operating Lease_2
Rentals Under Operating Leases Rentals Under Operating Leases (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Property Subject to or Available for Operating Lease [Line Items] | |
Operating Leases, Future Minimum Payments Receivable, Current | $ 134,572 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 194,368 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 158,719 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 136,678 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 120,009 |
Lessee, Operating Lease, Liability, to be Paid, after Year Five | 431,095 |
Operating Leases, Future Minimum Payments Receivable | $ 1,175,441 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||
Assets | $ 4,766,692 | $ 4,766,692 | $ 4,402,246 | ||
Payments for Capital Improvements | 10,302 | $ 8,753 | |||
Operating Lease, Lease Income | 77,302 | $ 52,538 | 152,257 | 103,269 | |
Other Revenue | 2,489 | 3,508 | 4,705 | 5,358 | |
Total revenues | 79,791 | 56,046 | 156,962 | 108,627 | |
Real estate taxes | 11,313 | 8,205 | 22,624 | 16,291 | |
Property operating | 13,999 | 10,194 | 28,002 | 20,105 | |
Total operating expenses | 79,609 | 47,172 | 157,526 | 93,292 | |
Property general and administrative | (797) | (184) | (1,494) | (476) | |
Noninterest Expense Related to Performance Fees | 13,074 | ||||
Advisory Fees | 17,180 | 6,749 | 35,038 | 13,074 | |
Company Level Expenses | 2,997 | 990 | 4,071 | 2,183 | |
Depreciation, Depletion and Amortization, Nonproduction | 33,323 | 21,218 | 66,297 | 41,163 | |
Operating income | 106,900 | 93,292 | |||
Interest Expense | (34,055) | (10,288) | (51,907) | (19,550) | |
(Loss) income from unconsolidated real estate affiliates and fund investments | 12,770 | (2,412) | 41,795 | (2,751) | |
Gain (Loss) on Extinguishment of Debt | 0 | 0 | 31,492 | 33,422 | |
Other Nonoperating Income (Expense) | (24,989) | (12,700) | 15,075 | 11,121 | |
Income (loss) from continuing operations | (24,807) | (3,826) | 14,511 | 26,456 | |
Apartments Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 1,425,083 | 1,425,083 | 1,301,454 | ||
Payments for Capital Improvements | 1,706 | 1,907 | 2,828 | 2,616 | |
Operating Lease, Lease Income | 27,872 | 16,934 | 52,933 | 32,783 | |
Other Revenue | 1,213 | 2,119 | 2,420 | 2,878 | |
Total revenues | 29,085 | 19,053 | 55,353 | 35,661 | |
Real estate taxes | 4,147 | 3,065 | 8,402 | 6,176 | |
Property operating | 7,737 | 5,103 | 14,950 | 9,933 | |
Total operating expenses | 11,884 | 8,168 | 23,352 | 16,109 | |
Industrial Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 1,434,578 | 1,434,578 | 1,352,580 | ||
Payments for Capital Improvements | 3,151 | 5,906 | 3,151 | 8,881 | |
Operating Lease, Lease Income | 25,461 | 15,979 | 50,348 | 31,205 | |
Other Revenue | 27 | 57 | 69 | 62 | |
Total revenues | 25,488 | 16,036 | 50,417 | 31,267 | |
Real estate taxes | 4,247 | 2,518 | 8,354 | 4,978 | |
Property operating | 1,913 | 1,142 | 4,197 | 2,496 | |
Total operating expenses | 6,160 | 3,660 | 12,551 | 7,474 | |
Office Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 528,668 | 528,668 | 479,306 | ||
Payments for Capital Improvements | 1,972 | 903 | 2,978 | 1,337 | |
Operating Lease, Lease Income | 11,213 | 7,425 | 22,544 | 14,997 | |
Other Revenue | 468 | 443 | 762 | 815 | |
Total revenues | 11,681 | 7,868 | 23,306 | 15,812 | |
Real estate taxes | 1,161 | 861 | 2,325 | 1,628 | |
Property operating | 2,278 | 1,569 | 4,452 | 3,056 | |
Total operating expenses | 3,439 | 2,430 | 6,777 | 4,684 | |
Retail Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 635,511 | 635,511 | 564,565 | ||
Payments for Capital Improvements | 1,365 | 964 | 1,682 | 1,476 | |
Operating Lease, Lease Income | 12,690 | 12,138 | 26,305 | 24,191 | |
Other Revenue | 191 | 93 | 263 | 176 | |
Total revenues | 12,881 | 12,231 | 26,568 | 24,367 | |
Real estate taxes | 1,690 | 1,639 | 3,361 | 3,272 | |
Property operating | 1,888 | 2,197 | 4,012 | 4,243 | |
Total operating expenses | 3,578 | 3,836 | 7,373 | 7,515 | |
Other Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 23,719 | 23,719 | 23,412 | ||
Payments for Capital Improvements | 11 | 0 | 11 | 16 | |
Operating Lease, Lease Income | 66 | 62 | 127 | 93 | |
Other Revenue | 590 | 796 | 1,191 | 1,427 | |
Total revenues | 656 | 858 | 1,318 | 1,520 | |
Real estate taxes | 68 | 122 | 182 | 237 | |
Property operating | 183 | 183 | 391 | 377 | |
Total operating expenses | 251 | 305 | 573 | 614 | |
Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 719,133 | 719,133 | 680,929 | ||
Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 4,047,559 | 3,721,317 | 4,047,559 | 3,721,317 | $ 3,721,317 |
Payments for Capital Improvements | 8,205 | 9,680 | 10,650 | 14,326 | |
Operating Lease, Lease Income | 77,302 | 52,538 | 152,257 | 103,269 | |
Other Revenue | 2,489 | 3,508 | 4,705 | 5,358 | |
Total revenues | 79,791 | 156,962 | 108,627 | ||
Real estate taxes | 11,313 | 8,205 | 22,624 | 16,291 | |
Property operating | 13,999 | 10,194 | 28,002 | 20,105 | |
Total operating expenses | $ 25,312 | 18,399 | $ 50,626 | $ 36,396 | |
Other Nonoperating Income (Expense) | $ (12,700) |
Investments, Debt and Equity _3
Investments, Debt and Equity Securities (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Equity Securities, FV-NI | $ 40,841 | $ 40,273 | |
Equity Securities, FV-NI, Accumulated Unrealized Gain | 154 | 3,161 | |
Equity Securities, FV-NI, Accumulated Unrealized Loss | (4,016) | (228) | |
Equity Securities, FV-NI, Accumulated Net Unrealized Gain (Loss) | (3,862) | 2,933 | |
Equity Securities, FV-NI, Current | 36,979 | $ 43,206 | |
Marketable Securities [Line Items] | |||
Proceeds from Sale and Maturity of Marketable Securities | 9,649 | $ 0 | |
Equity Securities, FV-NI, Realized Gain | 294 | ||
Equity Securities, FV-NI, Realized Loss | $ 398 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||||
Jul. 08, 2022 shares | Sep. 30, 2022 $ / shares | Jun. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2021 USD ($) $ / shares | Jun. 30, 2022 USD ($) $ / shares | Jun. 30, 2021 USD ($) $ / shares | Jul. 29, 2022 USD ($) ft² | Jul. 21, 2022 USD ($) ft² | Jul. 15, 2022 USD ($) | Apr. 08, 2022 USD ($) ft² | May 24, 2021 USD ($) | |
Subsequent Event [Line Items] | |||||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.140 | $ 0.135 | $ 0.280 | $ 0.270 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | ||||||||||
Revolving Line of Credit, Maximum Borrowing Capacity | 600,000 | ||||||||||
Term Loan, Maximum Borrowing Capacity | $ 400,000 | ||||||||||
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units | shares | 7,037,257 | ||||||||||
Payments of Stock Issuance Costs | $ 8,189 | $ 8,098 | |||||||||
DST Program [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Payments of Stock Issuance Costs | $ 2,228 | $ 1,715 | $ 2,353 | $ 2,742 | |||||||
Term Loan [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Derivative, Fixed Interest Rate | 1.30% | 1.30% | |||||||||
Revolving Credit Facility [Member] | IPT Long-Term Line of Credit [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Debt Instrument, Maturity Date Range, End | Apr. 28, 2025 | ||||||||||
Maximum [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2% | ||||||||||
Maximum [Member] | Revolving Credit Facility [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Derivative, Fixed Interest Rate | 1.95% | 1.95% | |||||||||
Minimum [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.30% | ||||||||||
Minimum [Member] | Revolving Credit Facility [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Derivative, Fixed Interest Rate | 1.25% | 1.25% | |||||||||
Northeast Atlanta Distribution Center | Industrial Segment [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Area of Real Estate Property | ft² | 459,000 | ||||||||||
Business Acquisition, Transaction Costs | $ 54,100 | ||||||||||
Subsequent Event [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.14 | ||||||||||
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units | shares | 2,575,832 | ||||||||||
Subsequent Event [Member] | Grand Rapids Medical Center | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Area of Real Estate Property | ft² | 25,000 | ||||||||||
Business Acquisition, Transaction Costs | $ 9,300 | ||||||||||
Subsequent Event [Member] | Oak Street Lofts | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Business Acquisition, Transaction Costs | $ 81,500 | ||||||||||
Subsequent Event [Member] | Glendale Medical Center | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Area of Real Estate Property | ft² | 20,000 | ||||||||||
Business Acquisition, Transaction Costs | $ 18,200 |
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 | $ 121,482,000 |