Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 09, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 000-51948 | |
Entity Registrant Name | JLL 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 | 2023 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Addresses [Line Items] | ||
Entity Address, City or Town | Chicago | |
Entity Address, Postal Zip Code | 60606 | |
Entity Address, Address Line One | 333 West Wacker Drive | |
Entity Address, State or Province | IL | |
Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 108,682,225 | |
Class M [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 26,620,082 | |
Common Class A-I [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 4,456,553 | |
Common Class M-I [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 93,639,455 | |
Common Class D [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,794,367 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Investments in real estate: | ||
Land | $ 732,211 | $ 725,078 |
Buildings and equipment | 3,785,124 | 3,728,507 |
Less accumulated depreciation | (399,862) | (335,216) |
Net property and equipment | 4,117,473 | 4,118,369 |
Equity Method Investments | 182,115 | 202,203 |
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | 341,330 | 346,171 |
Disposal Group, Including Discontinued Operation, Segment that Includes Disposal Group | 51,020 | 0 |
Real Estate Investment Property, Net | 4,691,938 | 4,666,743 |
Marketable Securities | 42,013 | 44,182 |
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss, Current | 43,364 | 0 |
Cash and cash equivalents | 65,460 | 70,940 |
Restricted Cash and Cash Equivalents | 27,729 | 32,628 |
Tenant accounts receivable, net | 6,090 | 8,656 |
Deferred expenses, net | 15,756 | 15,867 |
Acquired intangible assets, net | 234,613 | 256,515 |
Deferred rent receivable, net | 37,554 | 33,567 |
Prepaid expenses and other assets | 42,816 | 25,120 |
TOTAL ASSETS | 5,207,333 | 5,154,218 |
LIABILITIES AND EQUITY | ||
Mortgage notes and other debt payable, net | 1,886,563 | 1,924,527 |
Disposal Group, Including Discontinued Operation, Liabilities | 30,479 | 0 |
Accounts payable and other accrued expenses | 46,607 | 49,747 |
Lease Deposit Liability | 816,865 | 726,375 |
Accrued Offering Costs | 186,623 | 187,742 |
Accrued interest | 2,522 | 6,057 |
Accrued real estate taxes | 26,455 | 10,396 |
Incentive Fee Payable | 3,653 | 10,820 |
Acquired intangible liabilities, net | 42,933 | 43,407 |
TOTAL LIABILITIES | 3,042,700 | 2,959,071 |
Commitments and contingencies | 0 | 0 |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 14,571 | $ 12,387 |
Common Stock, Shares, Outstanding | 240,259,783 | 243,592,068 |
Equity: | ||
Additional paid-in capital | $ 2,831,883 | $ 2,799,539 |
Distributions to stockholders | (786,565) | (691,090) |
Accumulated deficit | (125,276) | (14,788) |
Total Jones Lang LaSalle Income Property Trust, Inc. stockholders’ equity | 1,922,445 | 2,096,097 |
Noncontrolling interests | 227,617 | 86,663 |
Total equity | 2,150,062 | 2,182,760 |
TOTAL LIABILITIES AND EQUITY | 5,207,333 | 5,154,218 |
Ownership [Domain] | ||
Investments in real estate: | ||
Land | 76,725 | 70,527 |
Buildings and equipment | 261,528 | 236,265 |
Less accumulated depreciation | (33,906) | (28,622) |
Cash and cash equivalents | 12,378 | 10,720 |
Restricted Cash and Cash Equivalents | 2,445 | 1,082 |
Tenant accounts receivable, net | 1,091 | 1,724 |
Deferred expenses, net | 1,505 | 1,234 |
Acquired intangible assets, net | 4,831 | 8,372 |
Deferred rent receivable, net | 1,615 | 1,539 |
Prepaid expenses and other assets | 5,035 | 6,383 |
LIABILITIES AND EQUITY | ||
Mortgage notes and other debt payable, net | 116,170 | 116,852 |
Accounts payable and other accrued expenses | 4,168 | 3,806 |
Accrued interest | 499 | 526 |
Accrued real estate taxes | 2,493 | 591 |
Acquired intangible liabilities, net | $ 324 | $ 417 |
Class A Shares [Member] | ||
LIABILITIES AND EQUITY | ||
Common Stock, Shares, Outstanding | 110,667,176 | 113,645,166 |
Equity: | ||
Common Stock, Value, Issued | $ 1,107 | $ 1,136 |
Common Stock, Shares, Issued | 110,667,176 | 113,645,166 |
Class M Shares [Member] | ||
LIABILITIES AND EQUITY | ||
Common Stock, Shares, Outstanding | 26,709,746 | 26,170,260 |
Equity: | ||
Common Stock, Value, Issued | $ 267 | $ 262 |
Common Stock, Shares, Issued | 26,709,746 | 26,170,260 |
Class A-I Shares [Member] | ||
LIABILITIES AND EQUITY | ||
Common Stock, Shares, Outstanding | 4,619,452 | 4,950,208 |
Equity: | ||
Common Stock, Value, Issued | $ 46 | $ 50 |
Common Stock, Shares, Issued | 4,619,452 | 4,950,208 |
Class M-I Shares [Member] | ||
LIABILITIES AND EQUITY | ||
Common Stock, Shares, Outstanding | 95,469,042 | 95,803,409 |
Equity: | ||
Common Stock, Value, Issued | $ 955 | $ 958 |
Common Stock, Shares, Issued | 95,469,042 | 95,803,409 |
Class D Shares [Member] | ||
LIABILITIES AND EQUITY | ||
Common Stock, Shares, Outstanding | 2,794,367 | 3,023,025 |
Equity: | ||
Common Stock, Value, Issued | $ 28 | $ 30 |
Common Stock, Shares, Issued | 2,794,367 | 3,023,025 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Land from VIEs | $ 732,211 | $ 725,078 |
Buildings and equipment from VIEs | 3,785,124 | 3,728,507 |
Less accumulated depreciation (including from VIEs) | (399,862) | (335,216) |
Cash and Cash Equivalents | 65,460 | 70,940 |
Restricted cash | 27,729 | 32,628 |
Tenant accounts receivable from VIEs | 6,090 | 8,656 |
Deferred expenses from VIEs | 15,756 | 15,867 |
Acquired intangible assets, net | 234,613 | 256,515 |
Deferred rent receivables from VIEs | 37,554 | 33,567 |
Prepaid expenses and other assets from VIEs | 42,816 | 25,120 |
Mortgage notes and other debt payable, net | 1,886,563 | 1,924,527 |
Disposal Group, Including Discontinued Operation, Liabilities | 30,479 | 0 |
Accounts payable and other accrued expenses from VIEs | 46,607 | 49,747 |
Accrued interest from VIEs | 2,522 | 6,057 |
Accrued real estate taxes from VIEs | $ 26,455 | $ 10,396 |
Common stock, shares outstanding | 240,259,783 | 243,592,068 |
Accumulated stock issuance costs | $ 354,092 | $ 337,559 |
Class A Shares [Member] | ||
Common stock, par value | $ 0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common Stock, Shares, Issued | 110,667,176 | 113,645,166 |
Common stock, shares outstanding | 110,667,176 | 113,645,166 |
Class M Shares [Member] | ||
Common stock, par value | $ 0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common Stock, Shares, Issued | 26,709,746 | 26,170,260 |
Common stock, shares outstanding | 26,709,746 | 26,170,260 |
Class A-I Shares [Member] | ||
Common stock, par value | $ 0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common Stock, Shares, Issued | 4,619,452 | 4,950,208 |
Common stock, shares outstanding | 4,619,452 | 4,950,208 |
Class M-I Shares [Member] | ||
Common stock, par value | $ 0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common Stock, Shares, Issued | 95,469,042 | 95,803,409 |
Common stock, shares outstanding | 95,469,042 | 95,803,409 |
Class D Shares [Member] | ||
Common stock, par value | $ 0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common Stock, Shares, Issued | 2,794,367 | 3,023,025 |
Common stock, shares outstanding | 2,794,367 | 3,023,025 |
Ownership [Domain] | ||
Land from VIEs | $ 76,725 | $ 70,527 |
Buildings and equipment from VIEs | 261,528 | 236,265 |
Less accumulated depreciation (including from VIEs) | (33,906) | (28,622) |
Cash and Cash Equivalents | 12,378 | 10,720 |
Restricted cash | 2,445 | 1,082 |
Tenant accounts receivable from VIEs | 1,091 | 1,724 |
Deferred expenses from VIEs | 1,505 | 1,234 |
Acquired intangible assets, net | 4,831 | 8,372 |
Deferred rent receivables from VIEs | 1,615 | 1,539 |
Prepaid expenses and other assets from VIEs | 5,035 | 6,383 |
Mortgage notes and other debt payable, net | 116,170 | 116,852 |
Accounts payable and other accrued expenses from VIEs | 4,168 | 3,806 |
Accrued interest from VIEs | 499 | 526 |
Accrued real estate taxes from VIEs | $ 2,493 | $ 591 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues: | ||||
Rental revenue | $ 96,295 | $ 84,298 | $ 283,100 | $ 236,555 |
Other Revenue | 3,255 | 2,485 | 10,923 | 7,190 |
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 593 | 809 | ||
Revenues | 100,143 | 86,783 | 294,832 | 243,745 |
Operating expenses: | ||||
Real estate taxes | 14,181 | 11,500 | 41,536 | 34,124 |
Property operating | 19,150 | 16,066 | 53,933 | 44,066 |
Property general and administrative | 737 | 558 | 2,193 | 2,052 |
Advisory Fees | 11,245 | 16,405 | 33,413 | 51,443 |
Company Level Expenses | 1,582 | 2,742 | 4,805 | 6,813 |
Depreciation and amortization | 37,236 | 34,608 | 111,134 | 100,905 |
Total operating expenses | 84,131 | 81,879 | 247,014 | 239,403 |
Other income and (expenses): | ||||
Interest expense | (27,979) | (18,436) | (153,644) | (70,343) |
(Loss) income from unconsolidated real estate affiliates and fund investments | 2,627 | (9,145) | (9,249) | 32,650 |
Investment Income, Dividend | 575 | 513 | 1,617 | 1,110 |
Equity Securities, FV-NI, Realized Gain (Loss) | (250) | 26 | (780) | (78) |
Equity Securities, FV-NI, Unrealized Gain (Loss) | (4,259) | (4,249) | (2,776) | (11,047) |
Gain on disposition of property and extinguishment of debt | 0 | 120 | 0 | (31,372) |
Total other income and (expenses) | (29,286) | (31,411) | (164,832) | (16,336) |
Net (loss) income | (13,274) | (26,507) | (117,014) | (11,994) |
Less: Net (loss) income attributable to the noncontrolling interests | 1,403 | 965 | 6,526 | 315 |
Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc. | $ (11,871) | $ (25,542) | $ (110,488) | $ (11,679) |
Other comprehensive loss: | ||||
Weighted Average Number of Shares Outstanding, Basic | 241,282,587 | 236,605,250 | 242,191,379 | 225,002,017 |
Class A Shares [Member] | ||||
Other income and (expenses): | ||||
Earnings Per Share, Basic | $ (0.05) | $ (0.11) | $ (0.46) | $ (0.05) |
Other comprehensive loss: | ||||
Weighted Average Number of Shares Outstanding, Basic | 111,250,306 | 110,582,768 | 112,295,684 | 106,347,069 |
Class M Shares [Member] | ||||
Other income and (expenses): | ||||
Earnings Per Share, Basic | $ (0.05) | $ (0.11) | $ (0.46) | $ (0.06) |
Other comprehensive loss: | ||||
Weighted Average Number of Shares Outstanding, Basic | 26,587,227 | 24,823,195 | 26,485,862 | 28,640,272 |
Class A-I Shares [Member] | ||||
Other income and (expenses): | ||||
Earnings Per Share, Basic | $ (0.05) | $ (0.11) | $ (0.46) | $ (0.06) |
Other comprehensive loss: | ||||
Weighted Average Number of Shares Outstanding, Basic | 4,695,051 | 5,891,345 | 4,814,579 | 7,112,283 |
Class M-I Shares [Member] | ||||
Other income and (expenses): | ||||
Earnings Per Share, Basic | $ (0.05) | $ (0.11) | $ (0.46) | $ (0.05) |
Other comprehensive loss: | ||||
Weighted Average Number of Shares Outstanding, Basic | 95,741,890 | 91,080,115 | 95,577,254 | 77,348,035 |
Class D Shares [Member] | ||||
Other income and (expenses): | ||||
Earnings Per Share, Basic | $ (0.05) | $ (0.11) | $ (0.46) | $ (0.05) |
Other comprehensive loss: | ||||
Weighted Average Number of Shares Outstanding, Basic | 3,008,113 | 4,227,827 | 3,018,000 | 5,554,359 |
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 | 206,042,836 | |||||
Beginning balance at Dec. 31, 2021 | $ 1,844,116 | $ 2,061 | $ 2,313,815 | $ (573,963) | $ 34,398 | $ 67,805 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Increase in Carrying Amount of Redeemable Preferred Stock | (3,922) | |||||
Ending balance at Jun. 30, 2022 | 2,118,990 | 2,314 | 2,633,749 | (630,207) | 43,590 | 69,544 |
Beginning balance at Dec. 31, 2021 | 1,844,116 | 2,061 | 2,313,815 | (573,963) | 34,398 | 67,805 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock | 683,781 | 468 | 683,313 | |||
Repurchase of shares | (145,813) | $ (99) | (145,714) | |||
Offering costs | (62,955) | (62,955) | ||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture | 26,782 | |||||
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture | 396 | 396 | ||||
Net income | (11,982) | (11,679) | (303) | |||
Stock Issued During Period, Value, Other | 38,200 | 38,200 | ||||
Adjustments to Additional Paid in Capital, Other | 0 | 6,050 | (6,050) | |||
Cash distributed to noncontrolling interests | (3,401) | (3,401) | ||||
Increase in Carrying Amount of Redeemable Preferred Stock | (9,782) | (5,860) | (3,922) | |||
Distribution declared | (86,609) | (86,609) | ||||
Ending balance at Sep. 30, 2022 | $ 2,245,951 | $ 2,430 | 2,794,905 | (660,572) | 16,859 | 92,329 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock (in shares) | 46,832,153 | |||||
Stock Repurchased During Period, Shares | (10,022,459) | (10,022,459) | ||||
Adjustment to limited partners' interest from change in ownership in operating partnership | 0 | |||||
Shares, Issued | 231,471,024 | |||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | $ 0 | 0 | ||||
Beginning balance at Jun. 30, 2022 | 2,118,990 | $ 2,314 | 2,633,749 | (630,207) | 43,590 | 69,544 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock | 249,107 | 167 | 248,940 | |||
Repurchase of shares | (78,078) | $ (51) | (78,027) | |||
Offering costs | (22,960) | (22,960) | ||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture | 4,424 | |||||
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture | 66 | 66 | ||||
Net income | (26,485) | (25,542) | (943) | |||
Stock Issued During Period, Value, Other | 38,200 | 38,200 | ||||
Adjustments to Additional Paid in Capital, Other | 0 | 13,137 | (13,137) | |||
Cash distributed to noncontrolling interests | (1,335) | (1,335) | ||||
Increase in Carrying Amount of Redeemable Preferred Stock | (1,189) | (1,189) | ||||
Distribution declared | (30,365) | (30,365) | ||||
Ending balance at Sep. 30, 2022 | 2,245,951 | $ 2,430 | 2,794,905 | (660,572) | 16,859 | 92,329 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock (in shares) | 16,640,707 | |||||
Stock Repurchased During Period, Shares | (5,236,843) | |||||
Shares, Outstanding | 242,879,312 | |||||
Shares, Issued | 243,592,068 | |||||
Beginning balance at Dec. 31, 2022 | 2,182,760 | $ 2,436 | 2,799,539 | (691,090) | (14,788) | 86,663 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock | 203,360 | 148 | 203,212 | |||
Repurchase of shares | $ (248,839) | $ (181) | (248,658) | |||
Conversion of Stock, Shares Issued | (457) | |||||
Offering costs | $ (16,533) | (16,533) | ||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture | 25,345 | |||||
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture | 350 | 350 | ||||
Net income | (116,968) | (110,488) | (6,480) | |||
Stock Issued During Period, Value, Other | 253,600 | 253,600 | ||||
Stock Repurchased During Period, Value, Other | 2,362 | 2,362 | ||||
Adjustments to Additional Paid in Capital, Other | 0 | 94,921 | (94,921) | |||
Cash distributed to noncontrolling interests | (8,883) | (8,883) | ||||
Increase in Carrying Amount of Redeemable Preferred Stock | (948) | (948) | 0 | 0 | ||
Distribution declared | (95,475) | (95,475) | ||||
Ending balance at Sep. 30, 2023 | $ 2,150,062 | $ 2,403 | 2,831,883 | (786,565) | (125,276) | 227,617 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock (in shares) | 14,841,479 | 14,815,677 | ||||
Stock Repurchased During Period, Shares | (18,173,307) | (18,173,307) | ||||
Shares, Issued | 242,146,765 | |||||
Beginning balance at Jun. 30, 2023 | $ 2,185,122 | $ 2,421 | 2,845,473 | (754,914) | (113,405) | 205,547 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock | 57,599 | 42 | 57,557 | |||
Repurchase of shares | (82,704) | (60) | (82,644) | |||
Offering costs | (4,997) | (4,997) | ||||
Net income | (13,272) | (11,871) | (1,401) | |||
Stock Issued During Period, Value, Other | 46,079 | 46,079 | ||||
Stock Repurchased During Period, Value, Other | 2,362 | 2,362 | ||||
Adjustments to Additional Paid in Capital, Other | 0 | 16,548 | (16,548) | |||
Cash distributed to noncontrolling interests | (3,698) | (3,698) | ||||
Increase in Carrying Amount of Redeemable Preferred Stock | (54) | (54) | 0 | 0 | ||
Distribution declared | (31,651) | (31,651) | ||||
Ending balance at Sep. 30, 2023 | $ 2,150,062 | $ 2,403 | $ 2,831,883 | $ (786,565) | $ (125,276) | $ 227,617 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock (in shares) | 4,343,709 | |||||
Stock Repurchased During Period, Shares | (18,173,307) | (6,230,691) | ||||
Shares, Outstanding | 240,259,783 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Common Stock, Dividends, Per Share, Declared | $ 0.145 | $ 0.140 | $ 0.435 | $ 0.420 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Net income | $ (117,014) | $ (11,994) |
Adjustments to reconcile income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 110,238 | 100,030 |
Gain on Disposition of Property and extinguishment of debt | 0 | (31,372) |
Equity Securities, FV-NI, Realized Gain (Loss) | 780 | 78 |
Equity Securities, FV-NI, Unrealized Gain (Loss) | 2,776 | 11,047 |
Straight line rent | (3,987) | (5,199) |
(Loss) income from unconsolidated real estate affiliates and fund investments | (9,249) | 32,650 |
Proceeds from Equity Method Investment, Distribution | 16,004 | 16,002 |
Non cash interest expense related to DST Program | 73,077 | 35,095 |
Manager and Advisory Fees | (6,969) | (36,711) |
Net changes in assets, liabilities and other | 3,313 | (2,943) |
Net cash provided by operating activities | 87,467 | 41,383 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Payments to Acquire Commercial Real Estate | 110,002 | 761,015 |
Proceeds from Sale of Real Estate Held-for-investment | 0 | 74,602 |
Payments for Capital Improvements | 26,519 | 18,661 |
Payments to Acquire Interest in Subsidiaries and Affiliates | (324) | (138) |
Payments to Acquire Other Investments | 0 | 2,000 |
Payments to Acquire Marketable Securities | 19,892 | 25,637 |
Proceeds from Sale and Maturity of Marketable Securities | 18,505 | 14,403 |
Payments to Acquire Mortgage Notes Receivable | 43,178 | 0 |
Net cash used in (provided by) investing activities | (181,410) | (718,446) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Issuance of common stock | 405,739 | 811,273 |
Repurchase of shares | (248,839) | (145,813) |
Offering Costs | (17,576) | (14,321) |
Distributions to stockholders | (34,557) | (30,767) |
Distributions paid to noncontrolling interests | (10,951) | (3,556) |
Contributions received from noncontrolling interests | 41 | 38,200 |
Proceeds from Lines of Credit | 250,000 | 325,000 |
Repayments of Lines of Credit | (155,000) | (375,000) |
Proceeds from Issuance of Long-term Debt | 23,900 | 95,800 |
Payments of Debt Issuance Costs | (563) | (6,111) |
Payment for Debt Extinguishment or Debt Prepayment Cost | 0 | (91) |
Principal payments on mortgage notes and other debt payable | (128,558) | (14,553) |
Net cash provided by financing activities | 83,636 | 680,061 |
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 | (10,307) | 2,998 |
Cash and cash equivalents at the beginning of the period | 70,940 | |
Cash and cash equivalents at the end of the period | 65,460 | 79,144 |
Restricted Cash and Cash Equivalents | 27,729 | 45,336 |
Disposal Group, Including Discontinued Operation, Cash | 72 | 0 |
Cash, cash equivalents and restricted cash at the end of the period | 93,261 | 124,480 |
Supplemental discolsure of cash flow information: | ||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 94,128 | 40,616 |
Non-cash activities: | ||
Write-Offs of Receivables | 317 | 107 |
Write-offs of retired assets | 17,346 | 21,053 |
Change in Liability for Capital Expenditures | 1,819 | (100) |
Business Combination, Consideration Transferred | 0 | 396 |
Liabilities Assumed | 189 | 2,390 |
Change in issuance of common stock receivable | (546) | 769 |
Change in accrued offering costs | (1,043) | 48,634 |
Noncash or Part Noncash Acquisition, Debt Assumed | 0 | (54,910) |
OP Units | 253,443 | $ 0 |
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 | 21,703 | |
Cash and cash equivalents at the end of the period | $ 26,692 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2023 | |
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 JLL Income Property Trust, Inc. The terms “Advisor” and “LaSalle” refer to LaSalle Investment Management, Inc. JLL 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 industrial, office, residential, retail and other properties located in the United States. Over time, our real estate portfolio may be further diversified on a global basis through the acquisition of properties outside of the United States and may be complemented by investments in real estate-related debt and equity securities. We were incorporated on May 28, 2004 under the laws of the State of Maryland. We believe that we have operated in such a manner to qualify to be taxed as a REIT for federal income tax purposes commencing with the taxable year ended December 31, 2004, when we first elected REIT status. As of September 30, 2023, we owned interests in a total of 137 properties and over 4,400 single-family rental houses located in 27 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 September 30, 2023, we have raised aggregate proceeds from the issuance of OP Units in our operating partnership of $335,892, and owned directly or indirectly 89.3% of the OP Units of our operating partnership. The remaining 10.7% of the OP Units are held by third parties. From our inception to September 30, 2023, we have received approximately $5,683,080 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 September 30, 2023, we have raised aggregate gross proceeds from the sale of shares of our common stock in our Current Public Offering of $1,028,500. 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 exempt from registration under the Securities Act of 1933, as amended (the "Securities Act") of up to $350,000 in shares of our Class D common stock with an indefinite duration (the "Private Offering"). As of September 30, 2023 , we have raised aggregate gross proceeds of $98,188 from our Private Offering. In addition, on October 16, 2019, we, through our operating partnership, initiated a program (the “DST Program”) and on November 8, 2022, our board of directors approved an increase to raise up to a total of $2,000,000 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 ("DSTs") holding real properties ("DST Properties"), which may be sourced from our real properties or from third parties. As of September 30, 2023, we have raised approximately $1,067,000 from our DST Program. As of September 30, 2023, 110,667,176 shares of Class A common stock, 26,709,746 shares of Class M common stock, 4,619,452 shares of Class A-I common stock, 95,469,042 shares of Class M-I common stock, and 2,794,367 shares of Class D common stock were outstanding and held in aggregate by a total of 24,469 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, 2024, subject to an unlimited number of successive one-year renewals. Our Advisor, a registered investment advisor with the SEC, has broad discretion with respect to our investment decisions and is responsible for selecting our investments and for managing our investment portfolio pursuant to |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and include the accounts of our wholly owned subsidiaries, consolidated variable interest entities ("VIE") and the unconsolidated investment in real estate affiliates accounted for under the equity method of accounting. We consider the authoritative guidance of accounting for investments in common stock, investments in real estate ventures, investors accounting for an investee when the investor has the majority of the voting interest but the minority partners have certain approval or veto rights, determining whether a general partner or general partners as a group controls a limited partnership or similar entity when the limited partners have certain rights and the consolidation of VIEs in which we own less than a 100% interest. All significant intercompany balances and transactions have been eliminated in consolidation. Parenthetical disclosures are shown on our Consolidated Balance Sheets regarding the amounts of VIE assets and liabilities that are consolidated. As of September 30, 2023, our VIEs included The District at Howell Mill, Grand Lakes Marketplace, 237 Via Vera Cruz, 4211 Starboard Drive, 13500 Danielson Drive, 2840 Loker Ave, 15890 Bernardo Center Drive and Single-Family Rental Portfolio II 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 in our VIEs and our operating partnership. At acquisition, the assets, liabilities and noncontrolling interests were measured and recorded at the estimated fair value. Noncontrolling interests will increase for the minority members’ share of net income of these entities and contributions and decrease for the minority members’ share of net loss and distributions. As of September 30, 2023, noncontrolling interests represented the minority members’ proportionate share of the equity of The District at Howell Mill, a consolidated joint venture, 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 or additional paid in capital 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 relate to Grand Lakes Marketplace, 237 Via Vera Cruz, 4211 Starboard Drive, 13500 Danielson Drive, 2840 Loker Ave, 15890 Bernardo Center Drive and Single-Family Rental Portfolio II as of September 30, 2023. As of September 30, 2023, $14,571 related to these third party joint ventures was included in Redeemable noncontrolling interests on our Consolidated Balance Sheet of which $3,040 is immediately puttable by the holder of the noncontrolling interest. Certain of our joint venture agreements include provisions whereby, at certain specified times, each party has the right to initiate a purchase or sale of its interest in the joint ventures at an agreed upon fair value. Under these provisions, we are not obligated to purchase the interest of its joint venture partners. The carrying amount of our noncontrolling interests reflected in equity are as follows: September 30, 2023 December 31, 2022 Interests in the partnership equity of the operating partnership $ 223,797 $ 82,635 Noncontrolling interest in consolidated joint ventures 3,820 4,028 Total noncontrolling interests reflected in equity $ 227,617 $ 86,663 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 27, 2023 (our “2022 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, 2022 audited consolidated financial statements included in our 2022 Form 10-K and present interim disclosures as required by the SEC. The interim financial data as of September 30, 2023 and for the three and nine months ended September 30, 2023 and 2022 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. At September 30, 2023, our restricted cash balance on our Consolidated Balance Sheets was primarily related to common stock subscriptions received in advance of the issuance of the common stock and loan escrow amounts. Deferred Expenses Deferred expenses consist of lease commissions. Lease commissions are capitalized and amortized over the term of the related lease as a component of depreciation and amortization expense. Accumulated amortization of deferred expenses at September 30, 2023 and December 31, 2022 was $12,062 and $10,113, 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 $148,025 and $123,725 at September 30, 2023 and December 31, 2022, 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 $19,767 and $15,566 at September 30, 2023 and December 31, 2022, 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 nine months ending September 30, 2023, we recorded a net decrease in fair value classified within the Level 3 category of $4,841 and during the nine months ended September 30, 2022 we recorded a net increase in fair value classified within the Level 3 category of $17,350, which related to our investments in the NYC Retail Portfolio (as defined below) and the Single-Family Rental Portfolio I (as defined below) (see Note 4-Unconsolidated Real Estate Affiliates and Fund Investments ). During the nine months ending September 30, 2023, we recorded impairment charges in our unconsolidated investment in Pioneer Tower within the Level 3 category totaling $14,476 utilizing a capitalization rate of 6.75% and a discount rate of 8.0% to reflect our investment at its estimated fair value. 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 $183,278 and $139,690 lower than the aggregate carrying amounts at September 30, 2023 and December 31, 2022, 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 and collars. As of September 30, 2023, we had the following outstanding interest rate derivatives related to managing our interest rate risk: Interest Rate Derivative Number of Instruments Notional Amount Interest Rate Swaps 5 300,000 Interest Rate Collars 2 300,000 The fair value of our interest rate derivatives represent assets of $16,347 and $5,106 at September 30, 2023 and December 31, 2022, 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 . Mortgage Notes Receivable Mortgage notes receivable, including related accrued interest receivable, consists of mortgage loans originated by us and the related accrued and unpaid interest income as of the balance sheet date. In accordance with ASC Topic 326, Measurement of Credit Losses on Financial Instruments, we may record an allowance for credit loss to reflect that mortgage note receivables have risk of loss. While Topic 326 does not require any particular method for determining any reserves, it does specify that it should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions, as well as reasonable forecasts for the term of each mortgage note receivable. Ground Lease As of September 30, 2023, 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 $2,034 and a lease liability within accounts payable and other liabilities on our Consolidated Balance Sheets in the amount of $2,241. 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. The FASB extended the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. In August, 2023, the FASB issued ASU No. 2023-05, Business Combinations-Joint Venture Formations (Subtopic 805-60), which contains new accounting guidance for a joint venture formation. The guidance addresses current diversity in practice by specifying how to account for net assets contributed to a joint venture. Specifically, in the formation of a joint venture, the partners will be required to measure the contributed identifiable net assets at fair value on the formation date. The effective date will be for joint ventures formed on or after January 1, 2025. We do not anticipate this guidance having a material impact to our operations. |
Property Business Combination (
Property Business Combination (Notes) | 9 Months Ended |
Sep. 30, 2023 | |
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 Through the nine months ending September 30, 2023, we acquired 86 single family homes in the Single-Family Rental Portfolio II for approximately $30,040. The acquisitions were funded with cash on hand. On April 20, 2023, we acquired Louisville Logistics Center, a 1,043,000 square foot industrial property located in Shepherdsville, Kentucky for approximately $81,500. The acquisition was funded with cash on hand and a draw on our Revolving Credit Facility (as defined below). We allocated the purchase price for our 2023 acquisitions in accordance with authoritative guidance as follows: 2023 Acquisitions Land $ 14,093 Building and equipment 84,870 In-place lease intangible (acquired intangible assets) 15,394 Below-market lease intangible (acquired intangible liabilities) (4,053) $ 110,304 Amortization period for intangible assets and liabilities 0 - 113 months Dispositions There have been no dispositions during the nine months ended September 30, 2023. Held for Sale On September 27, 2023, Presley Uptown was classified as held for sale. We expect the sale to occur in the fourth quarter resulting in an approximate gain of $14,000. As of September 30, 2023, our investment in real estate and other assets and liabilities held for sale was comprised of: September 30, 2023 Land $ 7,402 Building and equipment, net 43,480 Other assets, net 138 Total assets $ 51,020 Mortgage notes and other debt payable, net $ 29,859 Other liabilities 620 Total liabilities $ 30,479 |
Unconsolidated Real Estate Affi
Unconsolidated Real Estate Affiliates | 9 Months Ended |
Sep. 30, 2023 | |
Unconsolidated Real Estate [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | UNCONSOLIDATED REAL ESTATE AFFILIATES AND FUND INVESTMENTS In addition to investments in consolidated properties, we may make investments in real estate, which are classified as unconsolidated real estate affiliates under GAAP. The residential sector includes apartment properties and single-family rental homes. Unconsolidated Real Estate Affiliates The following represent our unconsolidated real estate affiliates as of September 30, 2023 and December 31, 2022. Carrying Amount of Investment Property Property Type Location Acquisition Date September 30, 2023 December 31, 2022 Chicago Parking Garage Other Chicago, IL December 23, 2014 $ 13,159 $ 13,449 Pioneer Tower Office Portland, OR June 28, 2016 70,000 88,000 The Tremont Residential Burlington, MA July 19, 2018 21,233 21,211 The Huntington Residential Burlington, MA July 19, 2018 9,531 10,019 Siena Suwanee Town Center Residential Suwanee, GA December 15, 2020 30,585 30,449 Kingston at McLean Crossing Residential McLean, VA December 3, 2021 37,607 39,075 Total $ 182,115 $ 202,203 Summarized Combined Balance Sheets—Unconsolidated Real Estate Affiliates—Equity Method Investments September 30, 2023 December 31, 2022 Net investments in real estate $ 392,707 $ 399,107 Acquired intangible assets, net 8,191 8,334 Other assets 14,002 14,661 Total assets $ 414,900 $ 422,102 Mortgage notes and other debt payable $ 178,697 $ 180,278 Acquired intangible liabilities, net 1,412 1,733 Other liabilities 4,352 3,518 Total liabilities 184,461 185,529 Members’ equity 230,439 236,573 Total liabilities and members' equity $ 414,900 $ 422,102 Summarized Combined Statements of Operations—Unconsolidated Real Estate Affiliates—Equity Method Investments Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Total revenues $ 9,235 $ 9,302 $ 27,895 $ 27,128 Total operating expenses 6,358 6,271 18,916 20,328 Operating income $ 2,877 $ 3,031 $ 8,979 $ 6,800 Total other expenses (income) 1,620 (895) 4,538 (2,223) Net income $ 1,257 $ 3,926 $ 4,441 $ 9,023 Company Equity in Income of Unconsolidated Real Estate Affiliates - Equity Method Investments Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Net income of unconsolidated real estate affiliates $ 1,257 $ 3,926 $ 4,441 $ 9,023 Other members’ share of net income (226) (709) (754) (1,618) Impairment of investments in unconsolidated real estate affiliates (3,062) — (14,476) — Company equity in (loss) income of unconsolidated real estate affiliates $ (2,031) $ 3,217 $ (10,789) $ 7,405 Real Estate Fund Investments NYC Retail Portfolio On December 8, 2015, a wholly owned subsidiary of ours acquired an approximate 28% interest in a newly formed limited partnership, Madison NYC Core Retail Partners, L.P., which acquired an approximate 49% interest in entities that initially owned 15 retail properties located in the greater New York City area (the “NYC Retail Portfolio”), the result of which is that we own an approximate 14% interest in the NYC Retail Portfolio. The purchase price for such portion was approximately $85,600 including closing costs. As of September 30, 2023, 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 September 30, 2023 and December 31, 2022, the carrying amount of our investment in the NYC Retail Portfolio was $74,376 and $75,417, respectively. During the three and nine months ended September 30, 2023, we recorded a decrease in fair value of our investment in the NYC Retail Portfolio of $1,171 and $1,041, respectively, and received no cash distributions. During the three and nine months ended September 30, 2022, we recorded a decrease in fair value of our investment in the NYC Retail Portfolio of $7,944 and decrease of $8,088 respectively, and received no cash distributions. Single-Family Rental Portfolio I 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 I"). 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. At acquisition we made the election to account for our interest in the Single-Family Rental Portfolio I under the fair value option. As of September 30, 2023 and December 31, 2022, the carrying amount of our investment in the Single-Family Rental Portfolio I was $266,954 and $270,754, respectively. During the three and nine months ended September 30, 2023, we recorded an increase in fair value of of $3,500 and a decrease of $3,800. During the three and nine months ended September 30, 2023, we received distributions of income totaling $2,329 and $6,381. During the three and nine months ended September 30, 2022, we recorded a decrease in fair value of $7,117 and an increase of $25,438, respectively. During the three and nine months ended September 30, 2022, we received distributions of income totaling $2,700 and $7,895, 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 I—Fair Value Option Investment September 30, 2023 December 31, 2022 Investment in real estate $ 1,621,460 $ 1,646,374 Cash 26,692 21,703 Other assets 57,576 52,190 Total assets $ 1,705,728 $ 1,720,267 Total liabilities 843,488 834,237 Partners' capital 862,240 886,030 Total liabilities and partners' capital $ 1,705,728 $ 1,720,267 Summarized Statement of Operations—NYC Retail Portfolio Investment and Single-Family Rental Portfolio I—Fair Value Option Investment Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Total revenue $ 23,090 $ 20,583 $ 67,919 $ 61,859 Net investment income 9,254 7,123 27,248 23,443 Net change in unrealized (loss) gain on real estate fund investments (72,987) (51,125) (37,288) 39,676 Net (loss) income $ (63,733) $ (44,002) $ (10,040) $ 63,119 |
Mortgage Notes and Other Debt P
Mortgage Notes and Other Debt Payable | 9 Months Ended |
Sep. 30, 2023 | |
Mortgage Notes Payable [Abstract] | |
Debt Disclosure [Text Block] | NOTE 6—MORTGAGE NOTES AND OTHER DEBT PAYABLE Mortgage notes and other debt payable have various maturities through 2042 and consist of the following: Mortgage notes and other debt payable Maturity Date Interest Amount payable as of September 30, 2023 December 31, 2022 Mortgage notes payable (1) (2) (3) (4) September 1, 2024 - August 1, 2042 1.76% - 6.87% $ 1,183,956 $ 1,318,614 Credit facility Revolving Credit Facility April 28, 2025 6.77% 320,000 225,000 Term loan April 28, 2027 4.88% 400,000 400,000 TOTAL $ 1,903,956 $ 1,943,614 Net debt discount on assumed debt and debt issuance costs (17,393) (19,087) Mortgage notes and other debt payable, net $ 1,886,563 $ 1,924,527 Presley Uptown (5) $ 29,859 $ — Mortgage notes and other debt payable of held for sale property $ 29,859 $ — ________ (1) On June 1, 2023, we repaid the mortgage note payable related to Aurora Distribution Center in the amount of $13,034. (2) On June 28, 2023, we repaid the mortgage note payable related to Friendship Distribution Center in the amount of $40,000. (3) On June 30, 2023, we repaid the mortgage note payable related to 180 North Jefferson in the amount of $45,000. (4) On September 22, 2023, we refinanced the mortgage note payable related to Grand Lakes Marketplace in the amount of $23,900. (5) The property associated with this mortgage note payable was classified as held for sale as of September 30, 2023. Aggregate future principal payments of mortgage notes and other debt payable as of September 30, 2023 are as follows: Year Amount 2023 $ 2,205 2024 17,653 2025 513,473 2026 309,240 2027 447,860 Thereafter 613,525 Total $ 1,903,956 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 September 30, 2023, we believe no material adverse effects had occurred. Borrowings under the Credit Facility are guaranteed by us and certain of our subsidiaries. The Credit Facility requires the maintenance of certain financial covenants, including: (i) unencumbered property pool leverage ratio; (ii) debt service coverage ratio; (iii) maximum total leverage ratio; (iv) fixed charges coverage ratio; (v) minimum NAV; (vi) maximum secured debt ratio; (vii) maximum secured recourse debt ratio; (viii) maximum permitted investments; and (ix) unencumbered property pool criteria. The Credit Facility provides the flexibility to move assets in and out of the unencumbered property pool during the term of the Credit Facility. At September 30, 2023, we had $320,000 outstanding under the Revolving Credit Facility at Adjusted Term SOFR plus 1.35% and $400,000 outstanding under the Term Loan at Adjusted Term SOFR plus 1.30%. We entered into swap and collar agreements for $600,000 of the Credit Facility to fix the floating rate SOFR at 3.82% (all in rate of 5.22% to 5.27% at September 30, 2023). The interest rate swap and collar agreements mature on April 28, 2027. Covenants At September 30, 2023, we were in compliance with all debt covenants. Debt Issuance Costs |
Receivables, Loans, Notes Recei
Receivables, Loans, Notes Receivable, and Others | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate | NOTE 5—MORTGAGE NOTES RECEIVABLE Mortgage notes receivable, including related accrued interest receivable, consists of mortgage loans originated by us and the related accrued and unpaid interest income as of the balance sheet date. Mortgage notes receivable are initially recorded at the amount advanced to the borrower less allowance for credit loss, if applicable. As of September 30, 2023, no allowance for credit loss has been recorded. Interest income is recognized monthly and includes the stated interest less the amortization of any financing costs. Mortgage note receivables that we enter into may include commitments to fund incremental amounts to our borrowers after the initial closing. On May 26, 2023, we originated a $27,000, interest only mortgage note receivable with a three year term at an interest rate of one month term Secured Overnight Financing Rate ("SOFR") plus 2.95%. As of September 30, 2023, $400 of the mortgage note remains unfunded and will be funded once requested by the borrower. The mortgage note receivable is secured by an 60+ active adult multifamily apartment property located near Austin, Texas. |
Common Stock Common Stock
Common Stock Common Stock | 9 Months Ended |
Sep. 30, 2023 | |
Common Stock [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | COMMON STOCK AND OP UNITS We have five classes of common stock: Class A, Class M, Class A-I, Class M-I, and Class D. The fees payable to LaSalle Investment Management Distributors, LLC, an affiliate of our Advisor and the dealer manager for our offerings (the "Dealer Manager"), with respect to each outstanding share of each class, as a percentage of NAV, are as follows: Selling Commission (1) Dealer Manager Fee (2) Class A Shares up to 3.0% 0.85% Class M Shares — 0.30% Class A-I Shares up to 1.5% 0.30% Class M-I Shares — None Class D Shares (3) up to 1.0% None ________ (1) Selling commissions are paid on the date of sale of our common stock. (2) We accrue all future dealer manager fees up to the ten percent regulatory limitation as accrued offering costs on our Consolidated Balance Sheets on the date of sale of our common stock. For NAV calculation purposes, dealer manager fees are accrued daily, on a continuous basis equal to 1/365th of the stated fee. Each Class A, Class M and Class A-I share sold in a public offering will automatically convert into the number of Class M-I shares based on the then-current applicable NAV of each class on the date following the termination of the primary portion of such public offering in which we, with the assistance of the Dealer Manager, determine that total underwriting compensation paid with respect to such public offering equals 10% of the gross proceeds from the primary portion of such public offering. (3) Shares of Class D common stock are only being offered pursuant to a private offering. The selling commissions and dealer manager fees are offering costs and are recorded as a reduction of additional paid in capital. Stock Transactions The stock transactions for each of our classes of common stock for the nine months ended September 30, 2023 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, 2022 113,645,166 26,170,260 4,950,208 95,803,409 3,023,025 243,592,068 Issuance of common stock 5,337,850 1,522,941 102,548 7,878,140 — 14,841,479 Repurchase of common stock (8,089,133) (891,258) (433,334) (8,530,924) (228,658) (18,173,307) Share conversions (226,707) (92,197) 30 318,417 — (457) Balance, September 30, 2023 110,667,176 26,709,746 4,619,452 95,469,042 2,794,367 240,259,783 Stock Issuances The stock issuances for our classes of common stock, including those issued through our distribution reinvestment plan, for the nine months ended September 30, 2023 were as follows: Nine Months Ended September 30, 2023 # of shares Amount Class A Shares 5,337,850 $ 73,514 Class M Shares 1,522,941 20,844 Class A-I Shares 102,548 1,377 Class M-I Shares 7,878,140 107,975 Total $ 203,710 Share Repurchase Plan Our share repurchase plan allows stockholders, subject to a one-year holding period, with certain exceptions, to request that we repurchase all or a portion of their shares of common stock on a daily basis at that day's NAV per share, limited to 5% of aggregate Company NAV per quarter. For the nine months ended September 30, 2023, we satisfied 100% of repurchase requests we received and repurchased 18,173,307 shares of common stock in the amount of $248,839. During the nine months ended September 30, 2022, we satisfied 100% of repurchase requests we received and repurchased 10,022,459 shares of common stock in the amount of $145,813. Distribution Reinvestment Plan Pursuant to our distribution reinvestment plan, holders of shares of any class of our common stock and OP Unit holders of any class of OP Units may elect to have their cash distributions reinvested in additional shares of our common stock at the NAV per share applicable to the class of shares being purchased on the distribution date. For the nine months ended September 30, 2023, we issued 4,545,315 shares of common stock for $60,918 under the distribution reinvestment plan. For the nine months ended September 30, 2022, we issued 3,787,076 shares of common stock for $55,842 under the distribution reinvestment plan. Operating Partnership Units Our operating partnership will issue OP Units to DST investors upon exercising its fair market value purchase option in exchange for their beneficial interests in such DST Properties, which are recorded as financing obligations (see Note 8-DST Program ). Our operating partnership may also issue OP Units in connection with certain acquisitions from third parties. 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 three and nine months ended September 30, 2023, we issued a total of 3,484,286 and 18,748,709 OP Units with a value of $46,079 and $253,600, respectively. During the three and nine months ended September 30, 2022, we issued a total of 2,575,832 OP Units with a value of $38,200. 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 10-Related Party Transactions ), which may impact the net income of each class of common stock differently. In periods where no performance fee is recognized in our Consolidated Statements of Operations and Comprehensive Income, the net income per share will be the same for each class of common stock. Basic and diluted net income per share for each class of common stock is computed using the weighted-average number of common shares outstanding during the period for each class of common stock. We have not issued any dilutive or potentially dilutive securities, and thus the basic and diluted net income per share for a given class of common stock is the same for each period presented. The following table sets forth the computation of basic and diluted net income per share for each of our Class A, Class M, Class A-I, Class M-I and Class D common stock: Three Months Ended September 30, 2023 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 $ (5,474) $ (1,308) $ (231) $ (4,710) $ (148) Allocation of performance fee — — — — — Total $ (5,474) $ (1,308) $ (231) $ (4,710) $ (148) Weighted average number of common shares outstanding 111,250,306 26,587,227 4,695,051 95,741,890 3,008,113 Basic and diluted net loss per share: $ (0.05) $ (0.05) $ (0.05) $ (0.05) $ (0.05) Nine Months Ended September 30, 2023 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 $ (51,230) $ (12,083) $ (2,196) $ (43,602) $ (1,377) Allocation of performance fee — — — — — Total $ (51,230) $ (12,083) $ (2,196) $ (43,602) $ (1,377) Weighted average number of common shares outstanding 112,295,684 26,485,862 4,814,579 95,577,254 3,018,000 Basic and diluted net loss per share: $ (0.46) $ (0.46) $ (0.46) $ (0.46) $ (0.46) Three Months Ended September 30, 2022 Class A Class M Class A-I Class M-I Class D Basic and diluted net loss per share: Allocation of net loss per share before performance fee $ (9,669) $ (2,170) $ (515) $ (7,964) $ (370) Allocation of performance fee 2,017 501 117 1,946 85 Total $ (11,686) $ (2,671) $ (632) $ (9,910) $ (455) Weighted average number of common shares outstanding 110,582,768 24,823,195 5,891,345 91,080,115 4,227,827 Basic and diluted net gain per share: $ (0.11) $ (0.11) $ (0.11) $ (0.11) $ (0.11) Nine Months ended September 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 $ 3,834 $ 1,032 $ 256 $ 2,788 $ 200 Allocation of performance fee 8,620 2,652 645 6,714 493 Total $ (4,786) $ (1,620) $ (389) $ (3,926) $ (293) Weighted average number of common shares outstanding 106,347,069 28,640,272 7,112,283 77,348,035 5,554,359 Basic and diluted net income per share: $ (0.05) $ (0.06) $ (0.06) $ (0.05) $ (0.05) Organization and Offering Costs Organization and offering costs include, but are not limited to, legal, accounting, printing fees and personnel costs of our Advisor attributable to our organization, preparation of the registration statement, registration and qualification of our common stock for sale with the SEC, or in a private placement, and in the various states and filing fees incurred by our Advisor. LaSalle agreed to fund our organization and offering expenses for the Current Public Offering until December 21, 2021, the day the registration statement was declared effective by the SEC, following which time we commenced reimbursing LaSalle over 36 months. Following the Current Public Offering commencement date, we began paying directly or reimbursing LaSalle if it pays on our behalf any organization and offering costs incurred during the Current Public Offering period (other than selling commissions and dealer manager fees) as and when incurred. After the termination of the Current Public Offering, LaSalle has agreed to reimburse us to the extent that the organization and offering costs that we incur exceed 15% of our gross proceeds from the Current Public Offering. Organization costs are expensed, whereas offering costs are recorded as a reduction of capital |
DST Program (Notes)
DST Program (Notes) | 9 Months Ended |
Sep. 30, 2023 | |
Variable Interest Entity [Line Items] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 8—DST PROGRAM On October 16, 2019, we, through our operating partnership, initiated the DST Program, and on November 8, 2022, our board of directors approved an increase to raise up to a total of $2,000,000 in pri vate placements through the sale of beneficial interests in specific DSTs 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 $288 are accounted for as deferred loan costs and are netted against the financing obligation as of September 30, 2023. 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 as interest expense. For the three and nine months ended September 30, 2023, we recorded interest expense related to the master lease in the amounts of $8,962 and $27,761, respectively. For the three and nine months ended September 30, 2022, we recorded interest expense related to the master lease in the amounts of $5,492 and $13,885, respectively. We will record non-cash interest expense over the expected period until exercising of the fair market value purchase option for properties that have increased in fair value. We will recognize non-cash interest income at exercise of the fair market value purchase option for properties that have decreased in fair value. We incurred non-cash interest expense of $6,501 and $100,456 for the three and nine months ended September 30, 2023, respectively, and non-cash interest income of $1,348 and $6,169 for the three and nine months ended September 30, 2023, respectively. We incurred non-cash interest expense of $69 and $15,283 for the three and nine months ended September 30, 2022, respectively. 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 are considered operating cash flows and could fluctuate over time. As of September 30, 2023, we have sold $1,067,000 in interests related to the DST Program. As of September 30, 2023, the following properties are included in our DST Program: The Penfield 9101 Stony Point Drive Suwanee Distribution Center Montecito Marketplace Reserve at Venice West Phoenix Distribution Center Whitestown Distribution Center Duke Medical Center 6300 Dumbarton Circle Louisville Airport Distribution Center Silverstone Marketplace 6500 Kaiser Drive The Preserve at the Meadows South Reno Medical Center Louisville Logistics Center The Rockwell Sugar Land Medical Plaza |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions (Textual) [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 10—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, 2024, subject to an unlimited number of successive one year renewals. Fixed advisory fees for the three and nine months ended September 30, 2023 was $11,245 and $33,413, respectively. The fixed advisory fees for the three and nine months ended September 30, 2022 was $11,551 and $31,654, respectively. There were no performance fees for the three and nine months ended September 30, 2023. Performance fees for the three and nine months ended September 30, 2022 were $4,854 and $19,789, respectively. Included in Advisor fees payable at September 30, 2023 was $3,653 of fixed advisory fee expense. Included in Advisor fees payable for the year ended December 31, 2022 was $3,851 of fixed advisory fee expense and $6,969 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 nine months ended September 30, 2023, we paid JLL Americas $711 and $1,528, respectively, for property management and leasing services. For the three and nine months ended September 30, 2022, we paid JLL Americas $435 and $1,422, respectively, for property management and leasing services. During the three and nine months ended September 30, 2023, there were $108 mortgage brokerage fees paid to JLL Americas. During the three and nine months ended September 30, 2022, there were no mortgage brokerage fees paid to JLL Americas. We pay the Dealer Manager selling commissions and dealer manager fees in connection with our offerings. For the three and nine months ended September 30, 2023, we paid the Dealer Manager selling commissions and dealer manager fees totaling $3,519 and $10,540, respectively. For the three and nine months ended September 30, 2022, we paid Dealer Manager selling commissions and dealer manager fees totaling $4,244 and $12,106, respectively. A majority of the selling commissions and dealer manager fees are reallowed to participating broker-dealers. Included in accrued offering costs, at September 30, 2023 and December 31, 2022, were $184,359 and $185,557 of future dealer manager fees payable, respectively. As of September 30, 2023 and December 31, 2022, we owed $2,264 and $2,185, respectively, for organization and offering costs paid by LaSalle (see Note 7-Common Stock and OP Units ). These costs are included in accrued offering costs. LaSalle Investment Management Distributors, LLC also serves as the dealer manager for the DST Program on a “best efforts” basis. Our taxable REIT subsidiary, which is a wholly owned subsidiary of our operating partnership, will pay the Dealer Manager upfront selling commissions, upfront dealer manager fees and placement fees of up to 5.0%, 1.0% and 1.0%, respectively, of the gross purchase price per unit of beneficial interest sold in the DST Program. All upfront selling commissions and upfront dealer manager fees are reallowed to participating broker-dealers. For the three and nine months ended September 30, 2023, the taxable REIT subsidiary paid $2,154 and $7,200, respectively, to the Dealer Manager. For the three and nine months ended September 30, 2022, the taxable REIT subsidiary paid $2,680 and $5,033, respectively,to the Dealer Manager. In addition, the Dealer Manager may receive an ongoing investor servicing fee that is calculated daily on a continuous basis from year to year equal to 1/365th of (a) 0.25% of the total equity of each outstanding unit of beneficial interest for such day, payable by the DSTs; (b) 0.85% of the NAV of each outstanding Class A OP Unit, 0.30% of the NAV of each outstanding Class M OP Unit or 0.30% of the NAV of each outstanding Class A-I OP Unit for such day issued in connection with our operating partnership's fair market value purchase option, payable by our operating partnership; and (c) 0.85% of the NAV of each outstanding Class A share, 0.30% of the NAV of each outstanding Class M share or 0.30% of the NAV of each outstanding Class A-I share for such day issued in connection with the investors' redemption right, payable by us. The investor servicing fee may continue for so long as the investor in the DST Program holds beneficial interests, Class A, Class M and Class A-I OP Units or Class A, Class M and Class A-I shares that were issued in connection with the DST Program. No investor servicing fee will be paid on Class M-I OP Units or Class M-I shares. For the three and nine months ended September 30, 2023, the DSTs paid $511 and $1,545, respectively, in investor servicing fees to the Dealer Manager in connection with the DST Program. For the three and nine months ended September 30, 2022, the DSTs paid $402 and $1,031, respectively, in investor servicing fees to the Dealer Manager in connection with the DST Program. LaSalle also serves as the manager for the DST Program. Each DST pays the manager a management fee equal to a to-be-agreed upon percentage of the total equity of such DST. For the three and nine months ended September 30, 2023, the DSTs paid $317 and $963, respectively, in management fees to our Advisor in connection with the DST Program. For the three and nine months ended September 30, 2022, the DSTs paid $254 and $656, respectively, in management fees to our Advisor in connection with the DST Program. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES 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 currently 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 | 9 Months Ended |
Sep. 30, 2023 | |
Rentals Under Operating Leases [Abstract] | |
Lessor, Operating Leases | We receive rental income from operating leases. The minimum future rentals from consolidated properties based on operating leases in place at September 30, 2023 are as follows: Year Amount 2023 $ 89,859 2024 246,961 2025 189,104 2026 154,973 2027 128,120 Thereafter 509,273 Total $ 1,318,290 Minimum future rentals do not include amounts payable by certain tenants based upon a percentage of their gross sales or as reimbursement of property operating expenses. During the three and nine months ended September 30, 2023, no tenants accounted for greater than 10% of minimum base rents. |
Segment Reporting
Segment Reporting | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | |
Segment Reporting [Abstract] | ||
Segment Reporting Disclosure [Text Block] | NOTE 12—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 nine months ended September 30, 2023 and 2022. Industrial Office Residential Retail Other Total Assets as of September 30, 2023 $ 1,641,691 $ 623,707 $ 1,576,708 $ 595,613 $ 64,238 $ 4,501,957 Assets as of December 31, 2022 1,586,416 640,066 1,623,069 612,640 20,543 4,482,734 Three Months Ended September 30, 2023 Capital expenditures by segment $ 2,595 $ 1,122 $ 4,589 $ 1,528 $ — $ 9,834 Revenues: Rental revenue $ 32,146 $ 15,722 $ 34,874 $ 13,386 $ 167 $ 96,295 Other revenue 30 477 2,015 201 532 3,255 Interest on mortgage note receivable — — — — 593 593 Total revenues $ 32,176 $ 16,199 $ 36,889 $ 13,587 $ 1,292 $ 100,143 Operating expenses: Real estate taxes $ 5,503 $ 1,438 $ 5,458 $ 1,676 $ 106 $ 14,181 Property operating expenses 2,869 3,525 10,137 2,429 190 19,150 Total segment operating expenses $ 8,372 $ 4,963 $ 15,595 $ 4,105 $ 296 $ 33,331 Reconciliation to net income Property general and administrative 737 Advisor fees 11,245 Company level expenses 1,582 Depreciation and amortization 37,236 Total operating expenses $ 84,131 Other income and (expenses): Interest expense $ (27,979) Income from unconsolidated real estate affiliates and fund investments 2,627 Investment income from marketable securities 575 Net realized loss upon sale of marketable securities (250) Net unrealized change in fair value of investment in marketable securities (4,259) Total other income and (expenses) $ (29,286) Net loss $ (13,274) Reconciliation to total consolidated assets as of September 30, 2023 Assets per reportable segments $ 4,501,957 Investment in unconsolidated real estate affiliates, real estate fund investments and corporate level assets 705,376 Total consolidated assets $ 5,207,333 Reconciliation to total consolidated assets as of December 31, 2022 Assets per reportable segments $ 4,482,734 Investment in unconsolidated real estate affiliates, real estate fund investments and corporate level assets 671,484 Total consolidated assets $ 5,154,218 Industrial Office Residential Retail Other Total Three Months Ended September 30, 2022 Capital expenditures by segment $ 3,568 $ 781 $ 2,341 $ 1,424 $ — $ 8,114 Revenues: Rental revenue $ 26,213 $ 12,998 $ 29,825 $ 15,151 $ 111 $ 84,298 Other revenue 19 315 1,535 111 505 2,485 Total revenues $ 26,232 $ 13,313 $ 31,360 $ 15,262 $ 616 $ 86,783 Operating expenses: Real estate taxes $ 3,859 $ 1,242 $ 4,615 $ 1,677 $ 107 $ 11,500 Property operating expenses 2,133 2,800 8,595 2,340 198 16,066 Total segment operating expenses $ 5,992 $ 4,042 $ 13,210 $ 4,017 $ 305 $ 27,566 Reconciliation to net income Property general and administrative 558 Advisor fees 16,405 Company level expenses 2,742 Depreciation and amortization 34,608 Total operating expenses $ 81,879 Other income and (expenses): Interest expense $ (18,436) Income from unconsolidated real estate affiliates and fund investment (9,145) Investment income from marketable securities 513 Net realized gain upon sale of marketable securities 26 Net unrealized change in fair value of investment in marketable securities (4,249) Loss from disposition of property and extinguishment of debt, net (120) Total other income and (expenses) $ (31,411) Net loss $ (26,507) | Industrial Office Residential Retail Other Total Nine Months Ended September 30, 2023 Capital expenditures by segment $ 5,485 $ 2,446 $ 11,432 $ 5,338 $ — $ 24,701 Revenues: Rental revenue $ 93,321 $ 47,320 $ 102,934 $ 39,210 $ 315 $ 283,100 Other revenue 1,873 1,191 5,375 885 1,599 10,923 Interest on mortgage note receivable — — — — 809 809 Total revenues $ 95,194 $ 48,511 $ 108,309 $ 40,095 $ 2,723 $ 294,832 Operating expenses: Real estate taxes $ 16,324 $ 4,494 $ 15,441 $ 4,981 $ 296 $ 41,536 Property operating expenses 7,334 10,217 28,912 6,875 595 53,933 Total segment operating expenses $ 23,658 $ 14,711 $ 44,353 $ 11,856 $ 891 $ 95,469 Reconciliation to net income Property general and administrative 2,193 Advisor fees 33,413 Company level expenses 4,805 Depreciation and amortization 111,134 Total operating expenses $ 247,014 Other income and (expenses): Interest expense $ (153,644) Income from unconsolidated real estate affiliates and fund investments (9,249) Investment income on marketable securities 1,617 Net realized loss upon sale of marketable securities (780) Net unrealized change in fair value of investment in marketable securities (2,776) Total other income and (expenses) $ (164,832) Net loss $ (117,014) Industrial Office Residential Retail Other Total Nine Months Ended September 30, 2022 Capital expenditures by segment $ 6,719 $ 3,758 $ 5,169 $ 3,105 $ 11 $ 18,762 Revenues: Rental revenue $ 76,561 $ 35,542 $ 82,759 $ 41,456 $ 237 $ 236,555 Other revenue 87 1,077 3,956 374 1,696 7,190 Total revenues $ 76,648 $ 36,619 $ 86,715 $ 41,830 $ 1,933 $ 243,745 Operating expenses: Real estate taxes $ 12,212 $ 3,567 $ 13,018 $ 5,038 $ 289 $ 34,124 Property operating expenses 6,330 7,252 23,549 6,345 590 44,066 Total segment operating expenses $ 18,542 $ 10,819 $ 36,567 $ 11,383 $ 879 $ 78,190 Reconciliation to net income Property general and administrative 2,052 Advisor fees 51,443 Company level expenses 6,813 Depreciation and amortization 100,905 Total operating expenses $ 239,403 Other income and (expenses): Interest expense $ (70,343) Loss from unconsolidated real estate affiliates and fund investments 32,650 Investment income on marketable securities 1,110 Net realized loss upon sale of marketable securities (78) Net unrealized change in fair value of investment in marketable securities (11,047) Gain on disposition of property and extinguishment of debt, net 31,372 Total other income and (expenses) $ (16,336) Net loss $ (11,994) |
Investments, Debt and Equity Se
Investments, Debt and Equity Securities | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure | NOTE 13—INVESTMENT IN MARKETABLE SECURITIES The following is a summary of our investment in marketable securities held as of September 30, 2023 and December 31, 2022, which consisted entirely of stock of publicly traded REITs. September 30, 2023 December 31, 2022 Investment in marketable securities - cost $ 51,422 $ 50,815 Unrealized gains 127 716 Unrealized losses (9,536) (7,349) Net unrealized loss (9,409) (6,633) Investment in marketable securities - fair value $ 42,013 $ 44,182 Upon the sale of a particular security, the realized net gain or loss is computed assuming the shares purchased first are sold first. During the nine months ended September 30, 2023, marketable securities sold generated proceeds of $18,505, resulting in realized gains of $663, and realized losses of $1,443. During the nine months ended September 30, 2022, marketable securities sold generated proceeds of $14,403, resulting in realized gains of and $492, and realized losses of $570. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS On October 6, 2023, our operating partnership exercised its fair market value purchase option to acquire Montecito Marketplace and issued 5,159,663 OP Units to the DST investors for approximately $67,000 in exchange for their beneficial interest in such DST property. On November 7, 2023, our board of directors approved a gross dividend for the third quarter of 2023 of $0.145 per share and OP unit to stockholders and OP Unit holders of record as of December 22, 2023. The dividend will be paid on or around December 28, 2023. Class A, Class M, Class A-I, Class M-I and Class D stockholders and OP Unit holders will receive $0.145 per share, less applicable class-specific fees, if any. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and include the accounts of our wholly owned subsidiaries, consolidated variable interest entities ("VIE") and the unconsolidated investment in real estate affiliates accounted for under the equity method of accounting. We consider the authoritative guidance of accounting for investments in common stock, investments in real estate ventures, investors accounting for an investee when the investor has the majority of the voting interest but the minority partners have certain approval or veto rights, determining whether a general partner or general partners as a group controls a limited partnership or similar entity when the limited partners have certain rights and the consolidation of VIEs in which we own less than a 100% interest. All significant intercompany balances and transactions have been eliminated in consolidation. Parenthetical disclosures are shown on our Consolidated Balance Sheets regarding the amounts of VIE assets and liabilities that are consolidated. As of September 30, 2023, our VIEs included The District at Howell Mill, Grand Lakes Marketplace, 237 Via Vera Cruz, 4211 Starboard Drive, 13500 Danielson Drive, 2840 Loker Ave, 15890 Bernardo Center Drive and Single-Family Rental Portfolio II 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 in our VIEs and our operating partnership. At acquisition, the assets, liabilities and noncontrolling interests were measured and recorded at the estimated fair value. Noncontrolling interests will increase for the minority members’ share of net income of these entities and contributions and decrease for the minority members’ share of net loss and distributions. As of September 30, 2023, noncontrolling interests represented the minority members’ proportionate share of the equity of The District at Howell Mill, a consolidated joint venture, 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 or additional paid in capital 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 relate to Grand Lakes Marketplace, 237 Via Vera Cruz, 4211 Starboard Drive, 13500 Danielson Drive, 2840 Loker Ave, 15890 Bernardo Center Drive and Single-Family Rental Portfolio II as of September 30, 2023. As of September 30, 2023, $14,571 related to these third party joint ventures was included in Redeemable noncontrolling interests on our Consolidated Balance Sheet of which $3,040 is immediately puttable by the holder of the noncontrolling interest. Certain of our joint venture agreements include provisions whereby, at certain specified times, each party has the right to initiate a purchase or sale of its interest in the joint ventures at an agreed upon fair value. Under these provisions, we are not obligated to purchase the interest of its joint venture partners. The carrying amount of our noncontrolling interests reflected in equity are as follows: September 30, 2023 December 31, 2022 Interests in the partnership equity of the operating partnership $ 223,797 $ 82,635 Noncontrolling interest in consolidated joint ventures 3,820 4,028 Total noncontrolling interests reflected in equity $ 227,617 $ 86,663 |
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. At September 30, 2023, our restricted cash balance on our Consolidated Balance Sheets was primarily related to common stock subscriptions received in advance of the issuance of the common stock and loan escrow amounts. |
Deferred Expenses | Deferred Expenses Deferred expenses consist of lease commissions. Lease commissions are capitalized and amortized over the term of the related lease as a component of depreciation and amortization expense. Accumulated amortization of deferred expenses at September 30, 2023 and December 31, 2022 was $12,062 and $10,113, 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 $148,025 and $123,725 at September 30, 2023 and December 31, 2022, 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 $19,767 and $15,566 at September 30, 2023 and December 31, 2022, 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 nine months ending September 30, 2023, we recorded a net decrease in fair value classified within the Level 3 category of $4,841 and during the nine months ended September 30, 2022 we recorded a net increase in fair value classified within the Level 3 category of $17,350, which related to our investments in the NYC Retail Portfolio (as defined below) and the Single-Family Rental Portfolio I (as defined below) (see Note 4-Unconsolidated Real Estate Affiliates and Fund Investments ). During the nine months ending September 30, 2023, we recorded impairment charges in our unconsolidated investment in Pioneer Tower within the Level 3 category totaling $14,476 utilizing a capitalization rate of 6.75% and a discount rate of 8.0% to reflect our investment at its estimated fair value. 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 $183,278 and $139,690 lower than the aggregate carrying amounts at September 30, 2023 and December 31, 2022, 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 and collars. As of September 30, 2023, we had the following outstanding interest rate derivatives related to managing our interest rate risk: Interest Rate Derivative Number of Instruments Notional Amount Interest Rate Swaps 5 300,000 Interest Rate Collars 2 300,000 The fair value of our interest rate derivatives represent assets of $16,347 and $5,106 at September 30, 2023 and December 31, 2022, respectively. |
Lessee, Operating Leases | Ground Lease As of September 30, 2023, 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 $2,034 and a lease liability within accounts payable and other liabilities on our Consolidated Balance Sheets in the amount of $2,241. |
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. The FASB extended the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. In August, 2023, the FASB issued ASU No. 2023-05, Business Combinations-Joint Venture Formations (Subtopic 805-60), which contains new accounting guidance for a joint venture formation. The guidance addresses current diversity in practice by specifying how to account for net assets contributed to a joint venture. Specifically, in the formation of a joint venture, the partners will be required to measure the contributed identifiable net assets at fair value on the formation date. The effective date will be for joint ventures formed on or after January 1, 2025. We do not anticipate this guidance having a material impact to our operations. |
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 . Mortgage Notes Receivable Mortgage notes receivable, including related accrued interest receivable, consists of mortgage loans originated by us and the related accrued and unpaid interest income as of the balance sheet date. In accordance with ASC Topic 326, Measurement |
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. |
Error Correction | Correction of Immaterial Overstatement of Noncontrolling Interest During the year ended December 31, 2022, we identified an immaterial overstatement of the net equity balance related to the noncontrolling interests in partnership equity of our operating partnership. We previously recorded these noncontrolling interests based upon the fair value of the OP Units issued as consideration, increased for the noncontrolling interests’ share of net income of the operating partnership and decreased for the noncontrolling interests’ share of net loss and distributions. We have subsequently determined that transactions that change our ownership interest in the operating partnership are accounted for as equity transactions if we retain our controlling financial interest in the operating partnership and no gain or loss was recognized in net income. Accordingly, the net equity balance related to the noncontrolling interests in partnership equity of the operating partnership was adjusted to reflect these changes in ownership of the operating partnership as an equity transaction to reflect the change in ownership percentage of the operating partnership. These adjustments are reflected as an allocation between Additional Paid in Capital and Noncontrolling Interest within our equity section on our Consolidated Balance Sheets and Consolidated Statements of Equity. Our ownership percentage of the operating partnership will increase as we issue common stock and will decrease as we issue OP Units to noncontrolling interests in the future. This correction has no impact on our net income, cash flows or the value of the OP Units. The following table summarizes the effects of this correction: As of September 30, 2022 Previously Reported Adjustment Corrected Noncontrolling interests $ 127,355 $ (35,026) $ 92,329 Additional paid in capital 2,759,879 35,026 2,794,905 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | As of September 30, 2023, we had the following outstanding interest rate derivatives related to managing our interest rate risk: Interest Rate Derivative Number of Instruments Notional Amount Interest Rate Swaps 5 300,000 Interest Rate Collars 2 300,000 |
Schedule of Error Corrections and Prior Period Adjustments | As of September 30, 2022 Previously Reported Adjustment Corrected Noncontrolling interests $ 127,355 $ (35,026) $ 92,329 Additional paid in capital 2,759,879 35,026 2,794,905 |
Property Purchase Price Allocat
Property Purchase Price Allocation of Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | We allocated the purchase price for our 2023 acquisitions in accordance with authoritative guidance as follows: 2023 Acquisitions Land $ 14,093 Building and equipment 84,870 In-place lease intangible (acquired intangible assets) 15,394 Below-market lease intangible (acquired intangible liabilities) (4,053) $ 110,304 Amortization period for intangible assets and liabilities 0 - 113 months |
Unconsolidated Real Estate Af_2
Unconsolidated Real Estate Affiliates Equity Method Investments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity Method Investments [Abstract] | |
Equity Method Investments [Table Text Block] | Unconsolidated Real Estate Affiliates The following represent our unconsolidated real estate affiliates as of September 30, 2023 and December 31, 2022. Carrying Amount of Investment Property Property Type Location Acquisition Date September 30, 2023 December 31, 2022 Chicago Parking Garage Other Chicago, IL December 23, 2014 $ 13,159 $ 13,449 Pioneer Tower Office Portland, OR June 28, 2016 70,000 88,000 The Tremont Residential Burlington, MA July 19, 2018 21,233 21,211 The Huntington Residential Burlington, MA July 19, 2018 9,531 10,019 Siena Suwanee Town Center Residential Suwanee, GA December 15, 2020 30,585 30,449 Kingston at McLean Crossing Residential McLean, VA December 3, 2021 37,607 39,075 Total $ 182,115 $ 202,203 Summarized Combined Balance Sheets—Unconsolidated Real Estate Affiliates—Equity Method Investments September 30, 2023 December 31, 2022 Net investments in real estate $ 392,707 $ 399,107 Acquired intangible assets, net 8,191 8,334 Other assets 14,002 14,661 Total assets $ 414,900 $ 422,102 Mortgage notes and other debt payable $ 178,697 $ 180,278 Acquired intangible liabilities, net 1,412 1,733 Other liabilities 4,352 3,518 Total liabilities 184,461 185,529 Members’ equity 230,439 236,573 Total liabilities and members' equity $ 414,900 $ 422,102 Summarized Combined Statements of Operations—Unconsolidated Real Estate Affiliates—Equity Method Investments Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Total revenues $ 9,235 $ 9,302 $ 27,895 $ 27,128 Total operating expenses 6,358 6,271 18,916 20,328 Operating income $ 2,877 $ 3,031 $ 8,979 $ 6,800 Total other expenses (income) 1,620 (895) 4,538 (2,223) Net income $ 1,257 $ 3,926 $ 4,441 $ 9,023 Company Equity in Income of Unconsolidated Real Estate Affiliates - Equity Method Investments Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Net income of unconsolidated real estate affiliates $ 1,257 $ 3,926 $ 4,441 $ 9,023 Other members’ share of net income (226) (709) (754) (1,618) Impairment of investments in unconsolidated real estate affiliates (3,062) — (14,476) — Company equity in (loss) income of unconsolidated real estate affiliates $ (2,031) $ 3,217 $ (10,789) $ 7,405 |
Fair Value Option, Disclosures [Table Text Block] | Summarized Combined Balance Sheets—NYC Retail Portfolio Investment and Single-Family Rental Portfolio I—Fair Value Option Investment September 30, 2023 December 31, 2022 Investment in real estate $ 1,621,460 $ 1,646,374 Cash 26,692 21,703 Other assets 57,576 52,190 Total assets $ 1,705,728 $ 1,720,267 Total liabilities 843,488 834,237 Partners' capital 862,240 886,030 Total liabilities and partners' capital $ 1,705,728 $ 1,720,267 Summarized Statement of Operations—NYC Retail Portfolio Investment and Single-Family Rental Portfolio I—Fair Value Option Investment Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Total revenue $ 23,090 $ 20,583 $ 67,919 $ 61,859 Net investment income 9,254 7,123 27,248 23,443 Net change in unrealized (loss) gain on real estate fund investments (72,987) (51,125) (37,288) 39,676 Net (loss) income $ (63,733) $ (44,002) $ (10,040) $ 63,119 |
Mortgage Notes and Other Debt_2
Mortgage Notes and Other Debt Payable Table 1 - Schedule of Mortgages and Other Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 2042 and consist of the following: Mortgage notes and other debt payable Maturity Date Interest Amount payable as of September 30, 2023 December 31, 2022 Mortgage notes payable (1) (2) (3) (4) September 1, 2024 - August 1, 2042 1.76% - 6.87% $ 1,183,956 $ 1,318,614 Credit facility Revolving Credit Facility April 28, 2025 6.77% 320,000 225,000 Term loan April 28, 2027 4.88% 400,000 400,000 TOTAL $ 1,903,956 $ 1,943,614 Net debt discount on assumed debt and debt issuance costs (17,393) (19,087) Mortgage notes and other debt payable, net $ 1,886,563 $ 1,924,527 Presley Uptown (5) $ 29,859 $ — Mortgage notes and other debt payable of held for sale property $ 29,859 $ — ________ (1) On June 1, 2023, we repaid the mortgage note payable related to Aurora Distribution Center in the amount of $13,034. (2) On June 28, 2023, we repaid the mortgage note payable related to Friendship Distribution Center in the amount of $40,000. (3) On June 30, 2023, we repaid the mortgage note payable related to 180 North Jefferson in the amount of $45,000. (4) On September 22, 2023, we refinanced the mortgage note payable related to Grand Lakes Marketplace in the amount of $23,900. (5) The property associated with this mortgage note payable was classified as held for sale as of September 30, 2023. |
Aggregate principal payments of mortgage notes payable | Aggregate future principal payments of mortgage notes and other debt payable as of September 30, 2023 are as follows: Year Amount 2023 $ 2,205 2024 17,653 2025 513,473 2026 309,240 2027 447,860 Thereafter 613,525 Total $ 1,903,956 |
Common Stock Common Stock (Tabl
Common Stock Common Stock (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Common Stock [Abstract] | |
Offering Cost Fees [Table Text Block] | Selling Commission (1) Dealer Manager Fee (2) Class A Shares up to 3.0% 0.85% Class M Shares — 0.30% Class A-I Shares up to 1.5% 0.30% Class M-I Shares — None Class D Shares (3) up to 1.0% None ________ (1) Selling commissions are paid on the date of sale of our common stock. (2) We accrue all future dealer manager fees up to the ten percent regulatory limitation as accrued offering costs on our Consolidated Balance Sheets on the date of sale of our common stock. For NAV calculation purposes, dealer manager fees are accrued daily, on a continuous basis equal to 1/365th of the stated fee. Each Class A, Class M and Class A-I share sold in a public offering will automatically convert into the number of Class M-I shares based on the then-current applicable NAV of each class on the date following the termination of the primary portion of such public offering in which we, with the assistance of the Dealer Manager, determine that total underwriting compensation paid with respect to such public offering equals 10% of the gross proceeds from the primary portion of such public offering. (3) Shares of Class D common stock are only being offered pursuant to a private offering. |
Stock Transactions [Table Text Block] | Stock Transactions The stock transactions for each of our classes of common stock for the nine months ended September 30, 2023 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, 2022 113,645,166 26,170,260 4,950,208 95,803,409 3,023,025 243,592,068 Issuance of common stock 5,337,850 1,522,941 102,548 7,878,140 — 14,841,479 Repurchase of common stock (8,089,133) (891,258) (433,334) (8,530,924) (228,658) (18,173,307) Share conversions (226,707) (92,197) 30 318,417 — (457) Balance, September 30, 2023 110,667,176 26,709,746 4,619,452 95,469,042 2,794,367 240,259,783 |
Class of Stock [Line Items] | |
Schedule of Stock by Class [Table Text Block] | Stock Issuances The stock issuances for our classes of common stock, including those issued through our distribution reinvestment plan, for the nine months ended September 30, 2023 were as follows: Nine Months Ended September 30, 2023 # of shares Amount Class A Shares 5,337,850 $ 73,514 Class M Shares 1,522,941 20,844 Class A-I Shares 102,548 1,377 Class M-I Shares 7,878,140 107,975 Total $ 203,710 |
Schedule of Earnings Per Share [Table Text Block] | Three Months Ended September 30, 2023 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 $ (5,474) $ (1,308) $ (231) $ (4,710) $ (148) Allocation of performance fee — — — — — Total $ (5,474) $ (1,308) $ (231) $ (4,710) $ (148) Weighted average number of common shares outstanding 111,250,306 26,587,227 4,695,051 95,741,890 3,008,113 Basic and diluted net loss per share: $ (0.05) $ (0.05) $ (0.05) $ (0.05) $ (0.05) Nine Months Ended September 30, 2023 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 $ (51,230) $ (12,083) $ (2,196) $ (43,602) $ (1,377) Allocation of performance fee — — — — — Total $ (51,230) $ (12,083) $ (2,196) $ (43,602) $ (1,377) Weighted average number of common shares outstanding 112,295,684 26,485,862 4,814,579 95,577,254 3,018,000 Basic and diluted net loss per share: $ (0.46) $ (0.46) $ (0.46) $ (0.46) $ (0.46) Three Months Ended September 30, 2022 Class A Class M Class A-I Class M-I Class D Basic and diluted net loss per share: Allocation of net loss per share before performance fee $ (9,669) $ (2,170) $ (515) $ (7,964) $ (370) Allocation of performance fee 2,017 501 117 1,946 85 Total $ (11,686) $ (2,671) $ (632) $ (9,910) $ (455) Weighted average number of common shares outstanding 110,582,768 24,823,195 5,891,345 91,080,115 4,227,827 Basic and diluted net gain per share: $ (0.11) $ (0.11) $ (0.11) $ (0.11) $ (0.11) Nine Months ended September 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 $ 3,834 $ 1,032 $ 256 $ 2,788 $ 200 Allocation of performance fee 8,620 2,652 645 6,714 493 Total $ (4,786) $ (1,620) $ (389) $ (3,926) $ (293) Weighted average number of common shares outstanding 106,347,069 28,640,272 7,112,283 77,348,035 5,554,359 Basic and diluted net income per share: $ (0.05) $ (0.06) $ (0.06) $ (0.05) $ (0.05) |
Rentals Under Operating Leases
Rentals Under Operating Leases Rentals Under Operating Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Operating Leased Assets [Line Items] | |
Schedule of Property Subject to or Available for Operating Lease [Table Text Block] | We receive rental income from operating leases. The minimum future rentals from consolidated properties based on operating leases in place at September 30, 2023 are as follows: Year Amount 2023 $ 89,859 2024 246,961 2025 189,104 2026 154,973 2027 128,120 Thereafter 509,273 Total $ 1,318,290 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Industrial Office Residential Retail Other Total Assets as of September 30, 2023 $ 1,641,691 $ 623,707 $ 1,576,708 $ 595,613 $ 64,238 $ 4,501,957 Assets as of December 31, 2022 1,586,416 640,066 1,623,069 612,640 20,543 4,482,734 Three Months Ended September 30, 2023 Capital expenditures by segment $ 2,595 $ 1,122 $ 4,589 $ 1,528 $ — $ 9,834 Revenues: Rental revenue $ 32,146 $ 15,722 $ 34,874 $ 13,386 $ 167 $ 96,295 Other revenue 30 477 2,015 201 532 3,255 Interest on mortgage note receivable — — — — 593 593 Total revenues $ 32,176 $ 16,199 $ 36,889 $ 13,587 $ 1,292 $ 100,143 Operating expenses: Real estate taxes $ 5,503 $ 1,438 $ 5,458 $ 1,676 $ 106 $ 14,181 Property operating expenses 2,869 3,525 10,137 2,429 190 19,150 Total segment operating expenses $ 8,372 $ 4,963 $ 15,595 $ 4,105 $ 296 $ 33,331 Reconciliation to net income Property general and administrative 737 Advisor fees 11,245 Company level expenses 1,582 Depreciation and amortization 37,236 Total operating expenses $ 84,131 Other income and (expenses): Interest expense $ (27,979) Income from unconsolidated real estate affiliates and fund investments 2,627 Investment income from marketable securities 575 Net realized loss upon sale of marketable securities (250) Net unrealized change in fair value of investment in marketable securities (4,259) Total other income and (expenses) $ (29,286) Net loss $ (13,274) Reconciliation to total consolidated assets as of September 30, 2023 Assets per reportable segments $ 4,501,957 Investment in unconsolidated real estate affiliates, real estate fund investments and corporate level assets 705,376 Total consolidated assets $ 5,207,333 Reconciliation to total consolidated assets as of December 31, 2022 Assets per reportable segments $ 4,482,734 Investment in unconsolidated real estate affiliates, real estate fund investments and corporate level assets 671,484 Total consolidated assets $ 5,154,218 Industrial Office Residential Retail Other Total Three Months Ended September 30, 2022 Capital expenditures by segment $ 3,568 $ 781 $ 2,341 $ 1,424 $ — $ 8,114 Revenues: Rental revenue $ 26,213 $ 12,998 $ 29,825 $ 15,151 $ 111 $ 84,298 Other revenue 19 315 1,535 111 505 2,485 Total revenues $ 26,232 $ 13,313 $ 31,360 $ 15,262 $ 616 $ 86,783 Operating expenses: Real estate taxes $ 3,859 $ 1,242 $ 4,615 $ 1,677 $ 107 $ 11,500 Property operating expenses 2,133 2,800 8,595 2,340 198 16,066 Total segment operating expenses $ 5,992 $ 4,042 $ 13,210 $ 4,017 $ 305 $ 27,566 Reconciliation to net income Property general and administrative 558 Advisor fees 16,405 Company level expenses 2,742 Depreciation and amortization 34,608 Total operating expenses $ 81,879 Other income and (expenses): Interest expense $ (18,436) Income from unconsolidated real estate affiliates and fund investment (9,145) Investment income from marketable securities 513 Net realized gain upon sale of marketable securities 26 Net unrealized change in fair value of investment in marketable securities (4,249) Loss from disposition of property and extinguishment of debt, net (120) Total other income and (expenses) $ (31,411) Net loss $ (26,507) |
Investments, Debt and Equity _2
Investments, Debt and Equity Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | The following is a summary of our investment in marketable securities held as of September 30, 2023 and December 31, 2022, which consisted entirely of stock of publicly traded REITs. September 30, 2023 December 31, 2022 Investment in marketable securities - cost $ 51,422 $ 50,815 Unrealized gains 127 716 Unrealized losses (9,536) (7,349) Net unrealized loss (9,409) (6,633) Investment in marketable securities - fair value $ 42,013 $ 44,182 |
Organization (Details)
Organization (Details) $ in Thousands | 9 Months Ended | 21 Months Ended | |||
Nov. 08, 2022 USD ($) | Mar. 03, 2015 USD ($) | Sep. 30, 2023 USD ($) Rate shares | Sep. 30, 2023 USD ($) shares | Dec. 31, 2022 shares | |
Organization (Textual) [Abstract] | |||||
Incorporation date | May 28, 2004 | ||||
common stock, authorized in offering of new shares | $ 3,000,000 | ||||
Common Stock, Shares, Outstanding | shares | 240,259,783 | 240,259,783 | 243,592,068 | ||
Number Of Stockholders | 24,469 | 24,469 | |||
Investment Owned, Balance, Shares | shares | 2,521,801 | 2,521,801 | |||
Investment Owned, at Fair Value | $ 33,036 | $ 33,036 | |||
Proceeds from Issuance or Sale of Equity | $ 335,892 | ||||
Sale of Stock, Percentage of Ownership after Transaction | Rate | 89.30% | ||||
DST Program [Member] | |||||
Organization (Textual) [Abstract] | |||||
common stock, value authorized during DST offering | $ 2,000,000 | ||||
Other Ownership Interest | |||||
Organization (Textual) [Abstract] | |||||
Sale of Stock, Percentage of Ownership after Transaction | Rate | 10.70% | ||||
Consolidated properties [Member] | |||||
Organization (Textual) [Abstract] | |||||
Number of properties owned | 137 | 137 | |||
Number of states | 27 | 27 | |||
Number of Single Family Rental Homes | 4,400 | 4,400 | |||
Class A Shares [Member] | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Shares, Outstanding | shares | 110,667,176 | 110,667,176 | 113,645,166 | ||
Class M Shares [Member] | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Shares, Outstanding | shares | 26,709,746 | 26,709,746 | 26,170,260 | ||
Class A-I Shares [Member] | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Shares, Outstanding | shares | 4,619,452 | 4,619,452 | 4,950,208 | ||
Class M-I Shares [Member] | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Shares, Outstanding | shares | 95,469,042 | 95,469,042 | 95,803,409 | ||
Class D Shares [Member] | |||||
Organization (Textual) [Abstract] | |||||
common stock, value authorized during private offering | $ 350,000 | ||||
Common Stock, Shares, Outstanding | shares | 2,794,367 | 2,794,367 | 3,023,025 | ||
FOO [Member] | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Value, Outstanding | $ 1,028,500 | $ 1,028,500 | |||
Private Placement [Member] | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Value, Outstanding | 98,188 | 98,188 | |||
DST Program [Member] | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Value, Outstanding | 1,067,000 | 1,067,000 | |||
Public and private offerings | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Value, Outstanding | $ 5,683,080 | $ 5,683,080 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 USD ($) Rate | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) Rate | Sep. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Summary of Significant Accounting Policies [Line Items] | ||||||||
Other Revenue | $ 3,255 | $ 2,485 | $ 10,923 | $ 7,190 | ||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ||||||||
Accumulated amortization of Deferred expenses | 12,062 | 12,062 | $ 10,113 | |||||
Finite-Lived Intangible Assets, Accumulated Amortization | 148,025 | 148,025 | 123,725 | |||||
Finite-Lived intangible liability, Accumulated Amortization | 19,767 | 19,767 | 15,566 | |||||
Unrealized Gain (Loss) on Investments | (4,841) | 17,350 | ||||||
Derivative Asset | 16,347 | 16,347 | 5,106 | |||||
Net Cash Provided by (Used in) Investing Activities | (181,410) | (718,446) | ||||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 14,571 | 14,571 | 12,387 | |||||
Redeemable Noncontrolling Interest, Equity, Other, Carrying Amount | 3,040 | 3,040 | ||||||
Increase in Carrying Amount of Redeemable Preferred Stock | (54) | (1,189) | (948) | (9,782) | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,150,062 | 2,245,951 | $ 2,118,990 | 2,150,062 | 2,245,951 | $ 2,185,122 | 2,182,760 | $ 1,844,116 |
Noncontrolling interests | 227,617 | 227,617 | 86,663 | |||||
Noncontrolling Interest [Member] | ||||||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ||||||||
Increase in Carrying Amount of Redeemable Preferred Stock | 0 | (3,922) | 0 | (3,922) | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 227,617 | 92,329 | 69,544 | 227,617 | 92,329 | 205,547 | 86,663 | 67,805 |
Noncontrolling Interest [Member] | Reclassification, Other | ||||||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 127,355 | 127,355 | ||||||
Noncontrolling Interest [Member] | Revision of Prior Period, Adjustment | ||||||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (35,026) | (35,026) | ||||||
OP Units | ||||||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 223,797 | 223,797 | 82,635 | |||||
REIT | ||||||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,820 | 3,820 | 4,028 | |||||
Additional Paid-in Capital [Member] | ||||||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ||||||||
Increase in Carrying Amount of Redeemable Preferred Stock | (54) | (948) | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,831,883 | 2,794,905 | $ 2,633,749 | 2,831,883 | 2,794,905 | $ 2,845,473 | 2,799,539 | $ 2,313,815 |
Additional Paid-in Capital [Member] | Reclassification, Other | ||||||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,759,879 | 2,759,879 | ||||||
Additional Paid-in Capital [Member] | Revision of Prior Period, Adjustment | ||||||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 35,026 | 35,026 | ||||||
NYC Retail Portfolio [Member] | ||||||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ||||||||
Unrealized Gain (Loss) on Investments | (1,171) | (7,944) | (1,041) | (8,088) | ||||
Unconsolidated Real Estate Affiliates [Member] | ||||||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 230,439 | 230,439 | 236,573 | |||||
Impairment of Real Estate | (3,062) | $ 0 | (14,476) | $ 0 | ||||
Level two [Member] | ||||||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ||||||||
Mortgage notes payable, fair value | $ 183,278 | $ 183,278 | $ 139,690 | |||||
Interest Rate Swap [Member] | ||||||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ||||||||
Derivative, Number of Instruments Held | 5 | 5 | ||||||
Derivative, Notional Amount | $ 300,000 | $ 300,000 | ||||||
Interest Rate Floor | ||||||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ||||||||
Derivative, Number of Instruments Held | 2 | 2 | ||||||
Derivative, Notional Amount | $ 300,000 | $ 300,000 | ||||||
us-gaap_NewAccountingPronouncementMember [Domain] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Operating Lease, Right-of-Use Asset | 2,034 | 2,034 | ||||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ||||||||
SBG Ground Lease | $ 2,241 | $ 2,241 | ||||||
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 | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Apr. 20, 2023 USD ($) ft² | Jan. 10, 2023 USD ($) | |
Business Acquisition [Line Items] | ||||||
Depreciation, Depletion and Amortization, Nonproduction | $ 37,236 | $ 34,608 | $ 111,134 | $ 100,905 | ||
US SFR II | Single Family | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition, Transaction Costs | $ 30,040 | |||||
Louisville Logistics Center | Industrial Property | ||||||
Business Acquisition [Line Items] | ||||||
Area of Real Estate Property | ft² | 1,043,000,000 | |||||
Business Acquisition, Transaction Costs | $ 81,500 |
Property Table 2 Schedule of Pu
Property Table 2 Schedule of Purchase Price Allocations (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 732,211 | $ 725,078 |
Buildings and equipment | 3,785,124 | 3,728,507 |
Assets | 5,207,333 | 5,154,218 |
Notes Payable | 1,903,956 | 1,943,614 |
Liabilities | 3,042,700 | $ 2,959,071 |
Presley Uptown | ||
Property, Plant and Equipment [Line Items] | ||
Land | 7,402 | |
Buildings and equipment | 43,480 | |
Other Assets | 138 | |
Assets | 51,020 | |
Notes Payable | 29,859 | |
Other Liabilities | 620 | |
Liabilities | $ 30,479 | |
Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 0 months | |
Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 113 months | |
Property, Plant and Equipment, Other Types [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Land | $ 14,093 | |
Buildings and equipment | 84,870 | |
Finite-Lived Intangible Asset, Acquired-in-Place Leases | 15,394 | |
Off-market Lease, Unfavorable | (4,053) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 110,304 |
Unconsolidated Real Estate Af_3
Unconsolidated Real Estate Affiliates (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2023 USD ($) ft² | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) ft² | Sep. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Aug. 05, 2021 USD ($) Rate | Dec. 08, 2015 USD ($) | |
Real Estate Properties [Line Items] | ||||||||||
Equity Method Investments | $ 182,115 | $ 182,115 | $ 202,203 | |||||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | 341,330 | 341,330 | 346,171 | |||||||
Unrealized Gain (Loss) on Investments | (4,841) | $ 17,350 | ||||||||
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES | ||||||||||
Total revenues | 100,143 | $ 86,783 | 294,832 | 243,745 | ||||||
Interest Expense | (27,979) | (18,436) | (153,644) | (70,343) | ||||||
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) | 11,871 | 25,542 | 110,488 | 11,679 | ||||||
Proceeds from Equity Method Investment, Distribution | 16,004 | 16,002 | ||||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | 324 | 138 | ||||||||
Mortgage notes and other debt payable, net | 1,886,563 | 1,886,563 | 1,924,527 | |||||||
Equity Method Investments | 4,691,938 | 4,691,938 | 4,666,743 | |||||||
Acquired intangible liabilities, net | 42,933 | 42,933 | 43,407 | |||||||
Liabilities | 3,042,700 | 3,042,700 | 2,959,071 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,150,062 | 2,245,951 | 2,150,062 | 2,245,951 | $ 2,185,122 | 2,182,760 | $ 2,118,990 | $ 1,844,116 | ||
Liabilities and Equity | 5,207,333 | 5,207,333 | 5,154,218 | |||||||
Acquired intangible assets, net | 234,613 | 234,613 | 256,515 | |||||||
Assets | 5,207,333 | 5,207,333 | 5,154,218 | |||||||
Net income | 13,274 | 26,507 | 117,014 | 11,994 | ||||||
Chicago Parking Garage [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Equity Method Investments | 13,159 | 13,159 | 13,449 | |||||||
Pioneer Tower [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Equity Method Investments | 70,000 | 70,000 | 88,000 | |||||||
The Tremont [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Equity Method Investments | 21,233 | 21,233 | 21,211 | |||||||
The Huntington [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Equity Method Investments | 9,531 | 9,531 | 10,019 | |||||||
Unconsolidated Real Estate Affiliates [Member] | ||||||||||
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES | ||||||||||
Total revenues | 9,235 | 9,302 | 27,895 | 27,128 | ||||||
Operating Expenses | 6,358 | 6,271 | 18,916 | 20,328 | ||||||
Operating income | 2,877 | 3,031 | 8,979 | 6,800 | ||||||
Interest Expense | (1,620) | 895 | 4,538 | (2,223) | ||||||
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) | 2,031 | (3,217) | 10,789 | (7,405) | ||||||
Equity Method Investments | 392,707 | 392,707 | 399,107 | |||||||
Secured Debt | 178,697 | 178,697 | 180,278 | |||||||
Acquired intangible liabilities, net | 1,412 | 1,412 | 1,733 | |||||||
Other Liabilities | 4,352 | 4,352 | 3,518 | |||||||
Liabilities | 184,461 | 184,461 | 185,529 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 230,439 | 230,439 | 236,573 | |||||||
Liabilities and Equity | 414,900 | 414,900 | 422,102 | |||||||
Acquired intangible assets, net | 8,191 | 8,191 | 8,334 | |||||||
Other Assets | 14,002 | 14,002 | 14,661 | |||||||
Assets | 414,900 | 414,900 | 422,102 | |||||||
Impairment of Real Estate | (3,062) | 0 | (14,476) | 0 | ||||||
Net income | 1,257 | 3,926 | 4,441 | 9,023 | ||||||
Noncontrolling Interest in Net Income (Loss) Other Noncontrolling Interests, Nonredeemable | $ 226 | 709 | $ 754 | 1,618 | ||||||
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 | $ 74,376 | $ 74,376 | 75,417 | $ 85,600 | ||||||
Real Estate Property Ownership Percentage | 14% | |||||||||
Unrealized Gain (Loss) on Investments | (1,171) | (7,944) | (1,041) | (8,088) | ||||||
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES | ||||||||||
Liabilities | 843,488 | 843,488 | 834,237 | |||||||
Liabilities and Equity | 1,705,728 | 1,705,728 | 1,720,267 | |||||||
Other Assets | 57,576 | 57,576 | 52,190 | |||||||
Assets | 1,705,728 | 1,705,728 | 1,720,267 | |||||||
Madison NYC Core Retail Partners, L.P. [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Unrealized Gain (Loss) on Investments | (72,987) | (51,125) | (37,288) | 39,676 | ||||||
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES | ||||||||||
Total revenues | 23,090 | 20,583 | 67,919 | 61,859 | ||||||
Net income | (63,733) | (44,002) | (10,040) | 63,119 | ||||||
Siena Suwanee Town Center | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Equity Method Investments | 30,585 | 30,585 | 30,449 | |||||||
SFR Portfolio [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | 266,954 | 266,954 | 270,754 | $ 205,000 | ||||||
Unrealized Gain (Loss) on Investments | 3,500 | (7,117) | (3,800) | 25,438 | ||||||
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES | ||||||||||
Proceeds from Equity Method Investment, Distribution | 2,329 | $ 2,700 | 6,381 | $ 7,895 | ||||||
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 | $ 37,607 | $ 37,607 | $ 39,075 | |||||||
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 | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Revenues | $ 100,143 | $ 86,783 | $ 294,832 | $ 243,745 | |
Unrealized Gain (Loss) on Investments | 4,841 | (17,350) | |||
Net (loss) income | 13,274 | 26,507 | 117,014 | 11,994 | |
Payments to Acquire Interest in Subsidiaries and Affiliates | 324 | 138 | |||
Cash and Cash Equivalents | 65,460 | 79,144 | 65,460 | 79,144 | $ 70,940 |
Assets | 5,207,333 | 5,207,333 | 5,154,218 | ||
Liabilities | 3,042,700 | 3,042,700 | 2,959,071 | ||
Liabilities and Equity | 5,207,333 | 5,207,333 | 5,154,218 | ||
Madison NYC Core Retail Partners, L.P. [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Revenues | 23,090 | 20,583 | 67,919 | 61,859 | |
Net Investment Income | 9,254 | 7,123 | 27,248 | 23,443 | |
Unrealized Gain (Loss) on Investments | 72,987 | 51,125 | 37,288 | (39,676) | |
Net (loss) income | (63,733) | (44,002) | (10,040) | 63,119 | |
NYC Retail Portfolio [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Unrealized Gain (Loss) on Investments | 1,171 | $ 7,944 | 1,041 | $ 8,088 | |
Investments, Fair Value Disclosure | 1,621,460 | 1,621,460 | 1,646,374 | ||
Cash and Cash Equivalents | 26,692 | 26,692 | 21,703 | ||
Other Assets | 57,576 | 57,576 | 52,190 | ||
Assets | 1,705,728 | 1,705,728 | 1,720,267 | ||
Liabilities | 843,488 | 843,488 | 834,237 | ||
Partners' Capital | 862,240 | 862,240 | 886,030 | ||
Liabilities and Equity | $ 1,705,728 | $ 1,705,728 | $ 1,720,267 |
Table 1 - Mortgage Notes and Ot
Table 1 - Mortgage Notes and Other Debt Payable (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 28, 2023 | Jun. 01, 2023 | Sep. 30, 2023 | Sep. 22, 2023 | Dec. 31, 2022 |
Summary of mortgage notes payable | ||||||
Notes Payable | $ 1,903,956 | $ 1,943,614 | ||||
Debt Issuance Costs, Net | (19,087) | |||||
Mortgage notes and other debt payable, net | 1,886,563 | 1,924,527 | ||||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | ||||||
Summary of mortgage notes payable | ||||||
Notes Payable | 29,859 | 0 | ||||
Revolving Credit Facility [Member] | ||||||
Summary of mortgage notes payable | ||||||
Revolving Line of Credit | $ (17,393) | 225,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.77% | |||||
Term Loan [Member] | ||||||
Summary of mortgage notes payable | ||||||
Revolving Line of Credit | $ 400,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.88% | |||||
Long-term Line of Credit | $ 400,000 | 400,000 | ||||
Notes Payable to Banks [Member] | ||||||
Summary of mortgage notes payable | ||||||
Notes Payable | $ 1,183,956 | $ 1,318,614 | ||||
Minimum [Member] | ||||||
Summary of mortgage notes payable | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.0176% | |||||
Maximum [Member] | ||||||
Summary of mortgage notes payable | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.0687% | |||||
Bridge Loan | ||||||
Summary of mortgage notes payable | ||||||
Bridge Loan | $ 320,000 | |||||
Presley Uptown | ||||||
Summary of mortgage notes payable | ||||||
Notes Payable | 29,859 | |||||
Presley Uptown | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | ||||||
Summary of mortgage notes payable | ||||||
Notes Payable | $ 29,859 | |||||
Aurora Distribution Center | ||||||
Summary of mortgage notes payable | ||||||
Repayments of Debt | $ 13,034 | |||||
Friendship Distribution Center | ||||||
Summary of mortgage notes payable | ||||||
Repayments of Debt | $ 40,000 | |||||
180 North Jefferson | ||||||
Summary of mortgage notes payable | ||||||
Repayments of Debt | $ 45,000 | |||||
Grand Lakes | ||||||
Summary of mortgage notes payable | ||||||
Notes Payable | $ 23,900 |
Table 2 - Summary of Aggregate
Table 2 - Summary of Aggregate Principle (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Long-Term Debt, Fiscal Year Maturity [Abstract] | ||
Thereafter | $ 613,525 | |
Total | 1,903,956 | $ 1,943,614 |
Long-Term Debt, Maturity, Year One | 2,205 | |
Long-Term Debt, Maturity, Year Two | 17,653 | |
Long-Term Debt, Maturity, Year Three | 513,473 | |
Long-Term Debt, Maturity, Year Four | 309,240 | |
Long-Term Debt, Maturity, Year Five | $ 447,860 |
Mortgage Notes and Other Debt_3
Mortgage Notes and Other Debt Payable Text Detail (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Apr. 28, 2022 | |
Debt Instrument [Line Items] | ||||
Notes Payable | $ 1,903,956 | $ 1,943,614 | ||
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 | $ 11,032 | 13,212 | ||
Mortgage notes and other debt payable, net | $ 1,886,563 | 1,924,527 | ||
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 | 6.77% | |||
Revolving Line of Credit | $ (17,393) | 225,000 | ||
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] | ||||
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] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.88% | |||
Revolving Line of Credit | $ 400,000 | |||
Long-term Line of Credit | $ 400,000 | $ 400,000 |
Receivables, Loans, Notes Rec_2
Receivables, Loans, Notes Receivable, and Others (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 22, 2023 | May 26, 2023 | |
Abode at Parkside | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 3.25% | ||
Everleigh | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 2.95% | ||
Unfunded Loan Commitment | Abode at Parkside | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 10,422 | ||
Unfunded Loan Commitment | Everleigh | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 400 | ||
Loan Origination Commitments | Abode at Parkside | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 27,000 | ||
Loan Origination Commitments | Everleigh | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 27,000 |
Common Stock Common Stock (Deta
Common Stock Common Stock (Details Text) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Common Stock, Shares, Outstanding | 240,259,783 | 240,259,783 | 243,592,068 | ||
Stock Issued During Period, Shares, New Issues | 14,841,479 | ||||
Stock Repurchased During Period, Shares | (18,173,307) | (18,173,307) | (10,022,459) | ||
Conversion of Stock, Shares Issued | (457) | ||||
Sale of Stock, Consideration Received on Transaction | $ 203,710 | ||||
stockrepurchaselimit | 5% | ||||
Repurchase of shares | $ (82,704) | $ (78,078) | $ (248,839) | $ (145,813) | |
Common Stock (Textual) [Abstract] | |||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 4,545,315 | 3,787,076 | |||
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 60,918 | $ 55,842 | |||
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 | $ 2,264 | $ 2,185 | |||
Proceeds from Issuance of Common Stock | 405,739 | 811,273 | |||
Stock Issued During Period, Value, Conversion of Units | $ 46,079 | $ 253,600 | $ 38,200 | ||
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units | 3,484,286 | 18,748,709 | 2,575,832 | ||
Non cash interest expense related to DST Program | $ 73,077 | $ 35,095 | |||
Class A Shares [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Common Stock, Shares, Outstanding | 110,667,176 | 110,667,176 | 113,645,166 | ||
Stock Issued During Period, Shares, New Issues | 5,337,850 | ||||
Stock Repurchased During Period, Shares | (8,089,133) | ||||
Conversion of Stock, Shares Issued | 226,707 | ||||
Common Stock (Textual) [Abstract] | |||||
Proceeds from Issuance of Common Stock | $ 73,514 | ||||
Class M Shares [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Common Stock, Shares, Outstanding | 26,709,746 | 26,709,746 | 26,170,260 | ||
Stock Issued During Period, Shares, New Issues | 1,522,941 | ||||
Stock Repurchased During Period, Shares | (891,258) | ||||
Conversion of Stock, Shares Issued | 92,197 | ||||
Common Stock (Textual) [Abstract] | |||||
Proceeds from Issuance of Common Stock | $ 20,844 | ||||
Class A-I Shares [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Common Stock, Shares, Outstanding | 4,619,452 | 4,619,452 | 4,950,208 | ||
Stock Issued During Period, Shares, New Issues | 102,548 | ||||
Stock Repurchased During Period, Shares | (433,334) | ||||
Conversion of Stock, Shares Issued | (30) | ||||
Common Stock (Textual) [Abstract] | |||||
Proceeds from Issuance of Common Stock | $ 1,377 | ||||
Class M-I Shares [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Common Stock, Shares, Outstanding | 95,469,042 | 95,469,042 | 95,803,409 | ||
Stock Issued During Period, Shares, New Issues | 7,878,140 | ||||
Stock Repurchased During Period, Shares | (8,530,924) | ||||
Conversion of Stock, Shares Issued | (318,417) | ||||
Common Stock (Textual) [Abstract] | |||||
Proceeds from Issuance of Common Stock | $ 107,975 | ||||
Class D Shares [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Common Stock, Shares, Outstanding | 2,794,367 | 2,794,367 | 3,023,025 | ||
Stock Issued During Period, Shares, New Issues | 0 | ||||
Stock Repurchased During Period, Shares | (228,658) | ||||
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Noninterest Expense Related to Performance Fees | $ 51,443 | |||
Weighted Average Number of Shares Outstanding, Basic | 241,282,587 | 236,605,250 | 242,191,379 | 225,002,017 |
Class A Shares [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net Income, before performance fee | $ (5,474) | $ (9,669) | $ (51,230) | $ 3,834 |
Noninterest Expense Related to Performance Fees | 0 | 2,017 | 0 | 8,620 |
Net Income (Loss) Available to Common Stockholders, Basic | $ (5,474) | $ (11,686) | $ (51,230) | $ (4,786) |
Earnings Per Share, Basic | $ (0.05) | $ (0.11) | $ (0.46) | $ (0.05) |
Weighted Average Number of Shares Outstanding, Basic | 111,250,306 | 110,582,768 | 112,295,684 | 106,347,069 |
Class M Shares [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net Income, before performance fee | $ (1,308) | $ (2,170) | $ (12,083) | $ 1,032 |
Noninterest Expense Related to Performance Fees | 0 | 501 | 0 | 2,652 |
Net Income (Loss) Available to Common Stockholders, Basic | $ (1,308) | $ (2,671) | $ (12,083) | $ (1,620) |
Earnings Per Share, Basic | $ (0.05) | $ (0.11) | $ (0.46) | $ (0.06) |
Weighted Average Number of Shares Outstanding, Basic | 26,587,227 | 24,823,195 | 26,485,862 | 28,640,272 |
Class A-I Shares [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net Income, before performance fee | $ (231) | $ (515) | $ (2,196) | $ 256 |
Noninterest Expense Related to Performance Fees | 0 | 117 | 0 | 645 |
Net Income (Loss) Available to Common Stockholders, Basic | $ (231) | $ (632) | $ (2,196) | $ (389) |
Earnings Per Share, Basic | $ (0.05) | $ (0.11) | $ (0.46) | $ (0.06) |
Weighted Average Number of Shares Outstanding, Basic | 4,695,051 | 5,891,345 | 4,814,579 | 7,112,283 |
Class M-I Shares [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net Income, before performance fee | $ (4,710) | $ (7,964) | $ (43,602) | $ 2,788 |
Noninterest Expense Related to Performance Fees | 0 | 1,946 | 0 | 6,714 |
Net Income (Loss) Available to Common Stockholders, Basic | $ (4,710) | $ (9,910) | $ (43,602) | $ (3,926) |
Earnings Per Share, Basic | $ (0.05) | $ (0.11) | $ (0.46) | $ (0.05) |
Weighted Average Number of Shares Outstanding, Basic | 95,741,890 | 91,080,115 | 95,577,254 | 77,348,035 |
Class D Shares [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net Income, before performance fee | $ (148) | $ (370) | $ (1,377) | $ 200 |
Noninterest Expense Related to Performance Fees | 0 | 85 | 0 | 493 |
Net Income (Loss) Available to Common Stockholders, Basic | $ (148) | $ (455) | $ (1,377) | $ (293) |
Earnings Per Share, Basic | $ (0.05) | $ (0.11) | $ (0.46) | $ (0.05) |
Weighted Average Number of Shares Outstanding, Basic | 3,008,113 | 4,227,827 | 3,018,000 | 5,554,359 |
DST Program (Details)
DST Program (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Nov. 08, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Variable Interest Entity [Line Items] | |||||
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units | 3,484,286 | 18,748,709 | 2,575,832 | ||
Proceeds from Sale and Maturity of Marketable Securities | $ 18,505 | $ 14,403 | |||
Non cash interest expense related to DST Program | 73,077 | 35,095 | |||
Non cash interest income related to DST Program | $ 1,348 | 6,169 | |||
Stock Issued During Period, Value, Conversion of Units | 46,079 | 253,600 | 38,200 | ||
DST Program [Member] | |||||
Variable Interest Entity [Line Items] | |||||
common stock, value authorized during DST offering | $ 2,000,000 | ||||
Non cash interest expense related to DST Program | 6,501 | $ 69 | 100,456 | 15,283 | |
DST Program [Member] | Master Lease | |||||
Variable Interest Entity [Line Items] | |||||
Interest Expense, Other | 8,962 | $ 5,492 | 27,761 | $ 13,885 | |
DST Program [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Common Stock, Value, Outstanding | 1,067,000 | 1,067,000 | |||
DST Program [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Deferred Costs | $ 288 | $ 288 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Management and Advisory Fee [Line Items] | |||||
Reimbursement of Organization and Offering Expenses | $ 2,264 | $ 2,185 | |||
Manager and advisory fees payable | 6,969 | ||||
Related Party Property Management Services Expense Paid | $ 711 | $ 435 | 1,528 | $ 1,422 | |
Payments for Brokerage Fees | 108 | 0 | |||
Payments of Stock Issuance Costs | 17,576 | 14,321 | |||
Accrued Offering Costs | 186,623 | 186,623 | 187,742 | ||
Selling commission, Dealer Manager Fee, Distribution Fee [Member] | |||||
Management and Advisory Fee [Line Items] | |||||
Payments of Stock Issuance Costs | 3,519 | 4,244 | 10,540 | 12,106 | |
Accrued Offering Costs | 184,359 | $ 184,359 | 185,557 | ||
Common Stock [Member] | |||||
Management and Advisory Fee [Line Items] | |||||
DST Program Selling Commissions | 5% | ||||
DST Program Dealer Manager Fee | 1% | ||||
DST Program Placement Fees | 1% | ||||
DST Program [Member] | |||||
Management and Advisory Fee [Line Items] | |||||
DST Advisor Fees | 317 | 254 | $ 963 | 656 | |
Payments of Stock Issuance Costs | 2,154 | 2,680 | 7,200 | 5,033 | |
DST Investor Servicing Fees | 511 | 402 | $ 1,545 | 1,031 | |
Fixed fee [Member] | |||||
Management and Advisory Fee [Line Items] | |||||
Management and Advisory Fee Percentage on Net Asset Value | 1.25% | ||||
Fixed portions of management and advisory fees | 11,245 | 11,551 | $ 33,413 | 31,654 | |
Manager and advisory fees payable | 3,653 | $ 3,653 | $ 3,851 | ||
Hurdle Rate [Member] | |||||
Management and Advisory Fee [Line Items] | |||||
Management and Advisory Fee Percentage on Net Asset Value | 7% | ||||
performance fee [Member] | |||||
Management and Advisory Fee [Line Items] | |||||
Management and Advisory Fee Percentage on Net Asset Value | 10% | ||||
Fixed portions of management and advisory fees | $ 0 | $ 4,854 | $ 19,789 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 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 | Sep. 30, 2023 USD ($) |
Property Subject to or Available for Operating Lease [Line Items] | |
Operating Leases, Future Minimum Payments Receivable, Current | $ 89,859 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 246,961 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 189,104 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 154,973 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 128,120 |
Lessee, Operating Lease, Liability, to be Paid, after Year Five | 509,273 |
Operating Leases, Future Minimum Payments Receivable | $ 1,318,290 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||||
Assets | $ 5,207,333 | $ 5,207,333 | $ 5,154,218 | ||
Payments for Capital Improvements | 26,519 | $ 18,661 | |||
Operating Lease, Lease Income | 96,295 | $ 84,298 | 283,100 | 236,555 | |
Other Revenue | 3,255 | 2,485 | 10,923 | 7,190 | |
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 593 | 809 | |||
Total revenues | 100,143 | 86,783 | 294,832 | 243,745 | |
Real estate taxes | 14,181 | 11,500 | 41,536 | 34,124 | |
Property operating | 19,150 | 16,066 | 53,933 | 44,066 | |
Total operating expenses | 84,131 | 81,879 | 247,014 | 239,403 | |
Property general and administrative | 737 | 558 | 2,193 | 2,052 | |
Noninterest Expense Related to Performance Fees | 51,443 | ||||
Advisory Fees | 11,245 | 16,405 | 33,413 | 51,443 | |
Company Level Expenses | 1,582 | 2,742 | 4,805 | 6,813 | |
Depreciation, Depletion and Amortization, Nonproduction | 37,236 | 34,608 | 111,134 | 100,905 | |
Interest Expense | (27,979) | (18,436) | (153,644) | (70,343) | |
(Loss) income from unconsolidated real estate affiliates and fund investments | 2,627 | (9,145) | (9,249) | 32,650 | |
Gain (Loss) on Extinguishment of Debt | 0 | (120) | 0 | 31,372 | |
Other Nonoperating Income (Expense) | (29,286) | (31,411) | (164,832) | (16,336) | |
Income (loss) from continuing operations | (13,274) | (26,507) | (117,014) | (11,994) | |
Investment Income, Dividend | 575 | 513 | 1,617 | 1,110 | |
Consolidated Properties [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 4,501,957 | 4,501,957 | 4,482,734 | ||
Payments for Capital Improvements | 9,834 | 8,114 | 24,701 | ||
Total operating expenses | 33,331 | 27,566 | 95,469 | 78,190 | |
Unconsolidated Properties | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 705,376 | 705,376 | 671,484 | ||
Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Payments for Capital Improvements | 18,762 | ||||
Industrial Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 1,641,691 | 1,641,691 | 1,586,416 | ||
Payments for Capital Improvements | 2,595 | 3,568 | 5,485 | 6,719 | |
Operating Lease, Lease Income | 32,146 | 26,213 | 93,321 | 76,561 | |
Other Revenue | 30 | 19 | 1,873 | 87 | |
Total revenues | 32,176 | 26,232 | 95,194 | 76,648 | |
Real estate taxes | 5,503 | 3,859 | 16,324 | 12,212 | |
Property operating | 2,869 | 2,133 | 7,334 | 6,330 | |
Total operating expenses | 8,372 | 5,992 | 23,658 | 18,542 | |
Retail Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 595,613 | 595,613 | 612,640 | ||
Payments for Capital Improvements | 1,528 | 1,424 | 5,338 | 3,105 | |
Operating Lease, Lease Income | 13,386 | 15,151 | 39,210 | 41,456 | |
Other Revenue | 201 | 111 | 885 | 374 | |
Total revenues | 13,587 | 15,262 | 40,095 | 41,830 | |
Real estate taxes | 1,676 | 1,677 | 4,981 | 5,038 | |
Property operating | 2,429 | 2,340 | 6,875 | 6,345 | |
Total operating expenses | 4,105 | 4,017 | 11,856 | 11,383 | |
Other Segment | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 64,238 | 64,238 | 20,543 | ||
Payments for Capital Improvements | 0 | 0 | 0 | 11 | |
Operating Lease, Lease Income | 167 | 111 | 315 | 237 | |
Other Revenue | 532 | 505 | 1,599 | 1,696 | |
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 593 | 809 | |||
Total revenues | 1,292 | 616 | 2,723 | 1,933 | |
Real estate taxes | 106 | 107 | 296 | 289 | |
Property operating | 190 | 198 | 595 | 590 | |
Total operating expenses | 296 | 305 | 891 | 879 | |
Residential Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 1,576,708 | 1,576,708 | 1,623,069 | ||
Payments for Capital Improvements | 4,589 | 2,341 | 11,432 | 5,169 | |
Operating Lease, Lease Income | 34,874 | 29,825 | 102,934 | 82,759 | |
Other Revenue | 2,015 | 1,535 | 5,375 | 3,956 | |
Total revenues | 36,889 | 31,360 | 108,309 | 86,715 | |
Real estate taxes | 5,458 | 4,615 | 15,441 | 13,018 | |
Property operating | 10,137 | 8,595 | 28,912 | 23,549 | |
Total operating expenses | 15,595 | 13,210 | 44,353 | 36,567 | |
Office Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 623,707 | 623,707 | $ 640,066 | ||
Payments for Capital Improvements | 1,122 | 781 | 2,446 | 3,758 | |
Operating Lease, Lease Income | 15,722 | 12,998 | 47,320 | 35,542 | |
Other Revenue | 477 | 315 | 1,191 | 1,077 | |
Total revenues | 16,199 | 13,313 | 48,511 | 36,619 | |
Real estate taxes | 1,438 | 1,242 | 4,494 | 3,567 | |
Property operating | 3,525 | 2,800 | 10,217 | 7,252 | |
Total operating expenses | $ 4,963 | 4,042 | $ 14,711 | $ 10,819 | |
Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Other Nonoperating Income (Expense) | $ (31,411) |
Investments, Debt and Equity _3
Investments, Debt and Equity Securities (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |||
Equity Securities, FV-NI | $ 51,422 | $ 50,815 | |
Equity Securities, FV-NI, Accumulated Unrealized Gain | 127 | 716 | |
Equity Securities, FV-NI, Accumulated Unrealized Loss | (9,536) | (7,349) | |
Equity Securities, FV-NI, Accumulated Net Unrealized Gain (Loss) | (9,409) | (6,633) | |
Equity Securities, FV-NI, Current | 42,013 | $ 44,182 | |
Marketable Securities [Line Items] | |||
Proceeds from Sale and Maturity of Marketable Securities | 18,505 | $ 14,403 | |
Equity Securities, FV-NI, Realized Gain | 663 | 492 | |
Equity Securities, FV-NI, Realized Loss | $ 1,443 | $ 570 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Dec. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jan. 10, 2023 | Apr. 28, 2022 | |
Subsequent Event [Line Items] | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.145 | $ 0.140 | $ 0.435 | $ 0.420 | |||
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 | 3,484,286 | 18,748,709 | 2,575,832 | ||||
Payments of Stock Issuance Costs | $ 17,576 | $ 14,321 | |||||
Stock Issued During Period, Value, Conversion of Units | $ 46,079 | 253,600 | 38,200 | ||||
Non cash interest expense related to DST Program | 73,077 | 35,095 | |||||
DST Program [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Non cash interest expense related to DST Program | 6,501 | $ 69 | 100,456 | 15,283 | |||
DST Program [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Payments of Stock Issuance Costs | $ 2,154 | $ 2,680 | $ 7,200 | $ 5,033 | |||
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% | |||||
US SFR II | Single Family | |||||||
Subsequent Event [Line Items] | |||||||
Business Acquisition, Transaction Costs | $ 30,040 | ||||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.145 |
Uncategorized Items - jllipt-20
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 103,568,000 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 121,482,000 |