Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 09, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 | 2024 | |
Document Fiscal Period Focus | Q1 | |
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 | 101,709,394 | |
Class M [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 26,213,057 | |
Common Class A-I [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 3,302,973 | |
Common Class M-I [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 91,341,243 | |
Common Class D [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,407,370 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Investments in real estate: | ||
Land | $ 739,134 | $ 734,350 |
Buildings and equipment | 3,855,159 | 3,804,636 |
Less accumulated depreciation | (437,870) | (421,204) |
Property, Plant and Equipment, Net | 4,156,424 | 4,117,782 |
Equity Method Investments | 173,036 | 176,135 |
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | 354,480 | 343,021 |
Equity Method Investments | 4,683,940 | 4,636,938 |
Marketable Securities | 99,747 | 50,200 |
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss, Current | 48,934 | 94,145 |
Cash and cash equivalents | 71,801 | 87,887 |
Restricted Cash and Cash Equivalents | 25,493 | 26,918 |
Tenant accounts receivable, net | 5,098 | 8,964 |
Deferred expenses, net | 22,985 | 21,533 |
Acquired intangible assets, net | 214,281 | 223,612 |
Deferred rent receivable, net | 40,424 | 38,636 |
Prepaid expenses and other assets | 50,858 | 35,254 |
Assets | 5,263,561 | 5,224,087 |
LIABILITIES AND EQUITY | ||
Mortgage notes and other debt payable, net | 2,072,082 | 2,025,054 |
Accounts payable and other accrued expenses | 68,193 | 57,207 |
Lease Deposit Liability | 676,020 | 756,853 |
Accrued Offering Costs | 180,826 | 184,017 |
Accrued interest | 7,810 | 2,374 |
Accrued real estate taxes | 15,068 | 12,413 |
Incentive Fee Payable | 3,531 | 3,672 |
Acquired intangible liabilities, net | 39,477 | 41,415 |
TOTAL LIABILITIES | 3,063,007 | 3,083,005 |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 15,924 | $ 15,447 |
Common Stock, Shares, Outstanding | 227,274,044 | 234,168,910 |
Equity: | ||
Additional paid-in capital | $ 2,781,774 | $ 2,791,951 |
Distributions to stockholders | (847,574) | (817,439) |
Accumulated deficit | (112,391) | (126,527) |
Total Jones Lang LaSalle Income Property Trust, Inc. stockholders’ equity | 1,824,081 | 1,850,327 |
Noncontrolling interests | 360,549 | 275,307 |
Total equity | 2,184,630 | 2,125,634 |
TOTAL LIABILITIES AND EQUITY | 5,263,561 | 5,224,087 |
Ownership [Domain] | ||
Investments in real estate: | ||
Land | 79,242 | 78,865 |
Buildings and equipment | 274,927 | 271,596 |
Less accumulated depreciation | (37,860) | (35,833) |
Cash and cash equivalents | 10,639 | 10,027 |
Restricted Cash and Cash Equivalents | 2,548 | 2,522 |
Tenant accounts receivable, net | 741 | 791 |
Deferred expenses, net | 4,872 | 3,835 |
Acquired intangible assets, net | 2,949 | 3,904 |
Deferred rent receivable, net | 1,624 | 1,579 |
Prepaid expenses and other assets | 8,929 | 11,060 |
LIABILITIES AND EQUITY | ||
Mortgage notes and other debt payable, net | 115,956 | 116,066 |
Accounts payable and other accrued expenses | 8,169 | 6,472 |
Accrued interest | 632 | 634 |
Accrued real estate taxes | 1,285 | 1,016 |
Acquired intangible liabilities, net | $ 261 | $ 292 |
Class A Shares [Member] | ||
LIABILITIES AND EQUITY | ||
Common Stock, Shares, Outstanding | 103,778,793 | 107,680,719 |
Equity: | ||
Common Stock, Value, Issued | $ 1,038 | $ 1,077 |
Common Stock, Shares, Issued | 103,778,793 | 107,680,719 |
Class M Shares [Member] | ||
LIABILITIES AND EQUITY | ||
Common Stock, Shares, Outstanding | 26,349,587 | 26,599,396 |
Equity: | ||
Common Stock, Value, Issued | $ 263 | $ 266 |
Common Stock, Shares, Issued | 26,349,587 | 26,599,396 |
Class A-I Shares [Member] | ||
LIABILITIES AND EQUITY | ||
Common Stock, Shares, Outstanding | 3,429,612 | 4,529,817 |
Equity: | ||
Common Stock, Value, Issued | $ 34 | $ 45 |
Common Stock, Shares, Issued | 3,429,612 | 4,529,817 |
Class M-I Shares [Member] | ||
LIABILITIES AND EQUITY | ||
Common Stock, Shares, Outstanding | 91,308,682 | 92,951,608 |
Equity: | ||
Common Stock, Value, Issued | $ 913 | $ 930 |
Common Stock, Shares, Issued | 91,308,682 | 92,951,608 |
Class D Shares [Member] | ||
LIABILITIES AND EQUITY | ||
Common Stock, Shares, Outstanding | 2,407,370 | 2,407,370 |
Equity: | ||
Common Stock, Value, Issued | $ 24 | $ 24 |
Common Stock, Shares, Issued | 2,407,370 | 2,407,370 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Land from VIEs | $ 739,134 | $ 734,350 |
Buildings and equipment from VIEs | 3,855,159 | 3,804,636 |
Less accumulated depreciation (including from VIEs) | (437,870) | (421,204) |
Cash and Cash Equivalents | 71,801 | 87,887 |
Restricted cash | 25,493 | 26,918 |
Tenant accounts receivable from VIEs | 5,098 | 8,964 |
Deferred expenses from VIEs | 22,985 | 21,533 |
Acquired intangible assets, net | 214,281 | 223,612 |
Deferred rent receivables from VIEs | 40,424 | 38,636 |
Prepaid expenses and other assets from VIEs | 50,858 | 35,254 |
Mortgage notes and other debt payable, net | 2,072,082 | 2,025,054 |
Accounts payable and other accrued expenses from VIEs | 68,193 | 57,207 |
Accrued interest from VIEs | 7,810 | 2,374 |
Accrued real estate taxes from VIEs | $ 15,068 | $ 12,413 |
Common stock, shares outstanding | 227,274,044 | 234,168,910 |
Accumulated stock issuance costs | $ 360,607 | $ 357,958 |
Class A Shares [Member] | ||
Common stock, par value | $ 0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common Stock, Shares, Issued | 103,778,793 | 107,680,719 |
Common stock, shares outstanding | 103,778,793 | 107,680,719 |
Class M Shares [Member] | ||
Common stock, par value | $ 0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common Stock, Shares, Issued | 26,349,587 | 26,599,396 |
Common stock, shares outstanding | 26,349,587 | 26,599,396 |
Class A-I Shares [Member] | ||
Common stock, par value | $ 0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common Stock, Shares, Issued | 3,429,612 | 4,529,817 |
Common stock, shares outstanding | 3,429,612 | 4,529,817 |
Class M-I Shares [Member] | ||
Common stock, par value | $ 0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common Stock, Shares, Issued | 91,308,682 | 92,951,608 |
Common stock, shares outstanding | 91,308,682 | 92,951,608 |
Class D Shares [Member] | ||
Common stock, par value | $ 0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common Stock, Shares, Issued | 2,407,370 | 2,407,370 |
Common stock, shares outstanding | 2,407,370 | 2,407,370 |
Ownership [Domain] | ||
Land from VIEs | $ 79,242 | $ 78,865 |
Buildings and equipment from VIEs | 274,927 | 271,596 |
Less accumulated depreciation (including from VIEs) | (37,860) | (35,833) |
Cash and Cash Equivalents | 10,639 | 10,027 |
Restricted cash | 2,548 | 2,522 |
Tenant accounts receivable from VIEs | 741 | 791 |
Deferred expenses from VIEs | 4,872 | 3,835 |
Acquired intangible assets, net | 2,949 | 3,904 |
Deferred rent receivables from VIEs | 1,624 | 1,579 |
Prepaid expenses and other assets from VIEs | 8,929 | 11,060 |
Mortgage notes and other debt payable, net | 115,956 | 116,066 |
Accounts payable and other accrued expenses from VIEs | 8,169 | 6,472 |
Accrued interest from VIEs | 632 | 634 |
Accrued real estate taxes from VIEs | $ 1,285 | $ 1,016 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues: | ||
Rental revenue | $ 97,143 | $ 92,602 |
Other Revenue | 3,169 | 2,178 |
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 2,162 | |
Revenues | 102,474 | 94,780 |
Operating expenses: | ||
Real estate taxes | 14,026 | 13,587 |
Property operating | 17,659 | 17,213 |
Property general and administrative | 1,174 | 964 |
Advisory Fees | 10,389 | 11,069 |
Company Level Expenses | 1,683 | 1,918 |
Depreciation and amortization | 36,307 | 36,898 |
Total operating expenses | 81,238 | 81,649 |
Other income and (expenses): | ||
Interest expense | (15,230) | (94,060) |
(Loss) income from unconsolidated real estate affiliates and fund investments | 12,158 | (14,674) |
Investment Income, Dividend | 645 | 523 |
Equity Securities, FV-NI, Realized Gain (Loss) | 118 | (332) |
Equity Securities, FV-NI, Unrealized Gain (Loss) | (1,821) | 1,224 |
Total other income and (expenses) | (4,130) | (107,319) |
Net (loss) income | 17,106 | (94,188) |
Less: Net (loss) income attributable to the noncontrolling interests | (2,970) | 4,491 |
Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc. | $ 14,136 | $ (89,697) |
Other comprehensive loss: | ||
Weighted Average Number of Shares Outstanding, Basic | 230,710,490 | 242,864,524 |
Class A Shares [Member] | ||
Other income and (expenses): | ||
Earnings Per Share, Basic | $ 0.06 | $ (0.33) |
Other comprehensive loss: | ||
Weighted Average Number of Shares Outstanding, Basic | 105,515,994 | 113,264,683 |
Class M Shares [Member] | ||
Other income and (expenses): | ||
Earnings Per Share, Basic | $ 0.06 | $ (0.33) |
Other comprehensive loss: | ||
Weighted Average Number of Shares Outstanding, Basic | 26,401,030 | 26,311,066 |
Class A-I Shares [Member] | ||
Other income and (expenses): | ||
Earnings Per Share, Basic | $ 0.06 | $ (0.33) |
Other comprehensive loss: | ||
Weighted Average Number of Shares Outstanding, Basic | 4,195,129 | 4,907,983 |
Class M-I Shares [Member] | ||
Other income and (expenses): | ||
Earnings Per Share, Basic | $ 0.06 | $ (0.33) |
Other comprehensive loss: | ||
Weighted Average Number of Shares Outstanding, Basic | 92,190,967 | 95,357,767 |
Class D Shares [Member] | ||
Other income and (expenses): | ||
Earnings Per Share, Basic | $ 0.06 | $ (0.33) |
Other comprehensive loss: | ||
Weighted Average Number of Shares Outstanding, Basic | 2,407,370 | 3,023,025 |
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 | 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 | 91,705 | 65 | 91,640 | |||
Repurchase of shares | (84,968) | $ (60) | (84,908) | |||
Offering costs | (6,974) | (6,974) | ||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture | 25,345 | |||||
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture | 350 | 350 | ||||
Net income | (94,164) | (89,697) | (4,467) | |||
Stock Issued During Period, Value, Other | 108,712 | 108,712 | ||||
Adjustments to Additional Paid in Capital, Other | 0 | 41,389 | (41,389) | |||
Cash distributed to noncontrolling interests | (2,737) | (2,737) | ||||
Increase in Carrying Amount of Redeemable Preferred Stock | (560) | (560) | 0 | 0 | ||
Distribution declared | (31,986) | (31,986) | ||||
Ending balance at Mar. 31, 2023 | $ 2,162,138 | $ 2,441 | 2,840,476 | (723,076) | (104,485) | 146,782 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock (in shares) | 6,468,864 | |||||
Stock Repurchased During Period, Shares | (5,987,355) | (5,987,355) | ||||
Adjustment to limited partners' interest from change in ownership in operating partnership | 0 | |||||
Shares, Outstanding | 244,098,922 | |||||
Shares, Issued | 234,168,910 | |||||
Beginning balance at Dec. 31, 2023 | $ 2,125,634 | $ 2,342 | 2,791,951 | (817,439) | (126,527) | 275,307 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock | 36,794 | 30 | 36,764 | |||
Repurchase of shares | $ (122,696) | $ (100) | (122,596) | |||
Conversion of Stock, Shares Issued | (56) | |||||
Offering costs | $ (2,649) | (2,649) | ||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture | 29,118 | |||||
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture | 350 | 350 | ||||
Net income | 17,126 | 14,136 | 2,990 | |||
Stock Issued During Period, Value, Other | 167,998 | 167,998 | ||||
Stock Repurchased During Period, Value, Other | 600 | 600 | ||||
Adjustments to Additional Paid in Capital, Other | 0 | 78,533 | (78,533) | |||
Cash distributed to noncontrolling interests | (6,613) | (6,613) | ||||
Increase in Carrying Amount of Redeemable Preferred Stock | (579) | (579) | 0 | 0 | ||
Distribution declared | (30,135) | (30,135) | ||||
Ending balance at Mar. 31, 2024 | $ 2,184,630 | $ 2,272 | $ 2,781,774 | $ (847,574) | $ (112,391) | $ 360,549 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock (in shares) | 3,024,196 | 2,995,022 | ||||
Stock Repurchased During Period, Shares | (9,919,006) | (9,919,006) | ||||
Shares, Outstanding | 227,274,044 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Common Stock, Dividends, Per Share, Declared | $ 0.145 | $ 0.145 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income | $ 17,106 | $ (94,188) |
Adjustments to reconcile income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 35,571 | 36,614 |
Equity Securities, FV-NI, Realized Gain (Loss) | (118) | 332 |
Equity Securities, FV-NI, Unrealized Gain (Loss) | 1,821 | (1,224) |
Straight line rent | (1,789) | (1,847) |
(Loss) income from unconsolidated real estate affiliates and fund investments | 12,158 | (14,674) |
Proceeds from Equity Method Investment, Distribution | 3,971 | 4,569 |
Non cash interest expense related to DST Program | (10,503) | 71,644 |
Manager and Advisory Fees | 0 | (6,969) |
Net changes in assets, liabilities and other | (2,358) | (9,379) |
Net cash provided by operating activities | 31,543 | 14,226 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Payments to Acquire Commercial Real Estate | 17,824 | 11,528 |
Payments for Capital Improvements | 12,445 | 6,492 |
Payments to Acquire Interest in Subsidiaries and Affiliates | (173) | 0 |
Payments to Acquire Other Investments | 0 | 1,000 |
Payments to Acquire Marketable Securities | 4,530 | 5,130 |
Proceeds from Sale and Maturity of Marketable Securities | 4,093 | 4,665 |
Payments to Acquire Mortgage Notes Receivable | 5,203 | 0 |
Net cash used in (provided by) investing activities | (36,082) | (19,485) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Issuance of common stock | 21,687 | 71,929 |
Proceeds from Sale of Interest in Partnership Unit | 81,285 | 100,502 |
Repurchase of shares | (119,948) | (84,246) |
Offering Costs | (5,556) | (5,999) |
Distributions to stockholders | (10,868) | (11,519) |
Distributions paid to noncontrolling interests | (7,329) | (2,737) |
Contributions received from noncontrolling interests | 24 | 0 |
Proceeds from Lines of Credit | 68,000 | 25,000 |
Repayments of Lines of Credit | (35,000) | (100,000) |
Proceeds from Issuance of Long-term Debt | 72,900 | 0 |
Payments of Debt Issuance Costs | (99) | (17) |
Principal payments on mortgage notes and other debt payable | (78,068) | (2,257) |
Net cash provided by financing activities | (12,972) | (9,344) |
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 | (17,511) | (14,603) |
Cash and cash equivalents at the beginning of the period | 87,887 | |
Cash and cash equivalents at the end of the period | 71,801 | 60,217 |
Restricted Cash and Cash Equivalents | 25,493 | 28,748 |
Cash, cash equivalents and restricted cash at the end of the period | 97,294 | 88,965 |
Supplemental discolsure of cash flow information: | ||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 27,905 | 22,920 |
Non-cash activities: | ||
Write-Offs of Receivables | 2 | 347 |
Write-offs of retired assets | 19,072 | 2,802 |
Change in Liability for Capital Expenditures | 582 | 1,378 |
Liabilities Assumed | (534) | 0 |
Change in issuance of common stock receivable | 2,745 | 634 |
Change in accrued offering costs | (2,907) | 975 |
Noncash or Part Noncash Acquisition, Debt Assumed | (26,191) | 0 |
OP Units | 167,998 | $ (108,682) |
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 | 31,463 | |
Cash and cash equivalents at the end of the period | $ 36,087 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2024 | |
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 healthcare, industrial, 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 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 March 31, 2024, we owned interests in a total of 133 properties and nearly 4,500 single-family rental houses located in 28 states. We own 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 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 or her property may transfer the property to our operating partnership in exchange for limited partnership interests in the operating partnership ("OP Units") and defer taxation of gain until the limited partnership interests are disposed of in a taxable transaction. As of March 31, 2024, we raised aggregate proceeds from the issuance of OP Units in our operating partnership of $653,170, and owned directly or indirectly 81.9% of the OP Units of our operating partnership. The remaining 18.1% of the OP Units are held by third parties. From our inception to March 31, 2024, we have received approximately $5,946,150 in gross offering proceeds from various public and private offerings of shares of our common stock as well as issuance of OP Units. 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 March 31, 2024, we have raised aggregate gross proceeds from the sale of shares of our common stock in our Current Public Offering of $1,104,600. 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 Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act") and Regulation D promulgated thereunder of up to $350,000 in shares of our Class D common stock with an indefinite duration (the "Private Offering"). As of March 31, 2024 , we have raised aggregate gross proceeds of $98,188 in the Private Offering. In addition, on October 16, 2019, we, through our operating partnership, initiated a program (the “DST Program”) to raise up to $2,000,000 in private placements exempt from registration under Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder, 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 March 31, 2024, we have raised approximately $1,200,100 of aggregate gross proceeds from our DST Program. As of March 31, 2024, 103,778,793 shares of Class A common stock, 26,349,587 shares of Class M common stock, 3,429,612 shares of Class A-I common stock, 91,308,682 shares of Class M-I common stock, and 2,407,370 shares of Class D common stock were outstanding and held by a total of 23,518 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, 2025, subject to an unlimited number of successive one-year renewals. Our Advisor, a registered investment advisor with the SEC, has broad discretion with respect to our investment decisions and is responsible for selecting our investments and for managing our investment portfolio pursuant to the terms of the Advisory Agreement. Our executive officers are employees of and compensated by our Advisor. We have no employees, as all operations are managed by our Advisor. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
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”) and 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 investments in real estate affiliates. We consider the authoritative guidance of accounting for investments in common stock, investments in real estate ventures, investors accounting for an investee when the investor has the majority of the voting interest but the minority partners have certain approval or veto rights, determining whether a general partner or general partners as a group controls a limited partnership or similar entity when the limited partners have certain rights and the consolidation of VIEs in which we own less than a 100% interest. All significant intercompany balances and transactions have been eliminated in consolidation. Parenthetical disclosures are shown on our Consolidated Balance Sheets regarding the amounts of VIE assets and liabilities that are consolidated. As of March 31, 2024, our VIEs include 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 the 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 March 31, 2024, noncontrolling interests represented the minority members’ proportionate share of the 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 interests are recorded as an allocation of retained earnings on our Consolidated Statements of Equity. We have redeemable noncontrolling interests 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 March 31, 2024. As of March 31, 2024, $15,924 related to these third party joint ventures were included in Redeemable noncontrolling interests on our Consolidated Balance Sheet of which $2,930 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 outside joint venture partners. The carrying amount of our noncontrolling interests reflected in equity are as follows: March 31, 2024 December 31, 2023 Interests in the partnership equity of the operating partnership $ 356,875 $ 271,650 Noncontrolling interest in consolidated joint ventures 3,674 3,657 Total noncontrolling interests reflected in equity $ 360,549 $ 275,307 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 14, 2024 (our “2023 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, 2023 audited consolidated financial statements included in our 2023 Form 10-K and present interim disclosures as required by the SEC. The interim financial data as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 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 March 31, 2024, our restricted cash balance on our Consolidated Balance Sheet was primarily related to loan escrow amounts and subscriptions received in advance. Deferred Expenses Deferred expenses consist of lease commissions. Lease commissions are capitalized and amortized over the term of the related lease as a component of depreciation and amortization expense. Accumulated amortization of deferred expenses at March 31, 2024 and December 31, 2023 was $9,850 and $9,648, 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 $142,821 and $145,228 at March 31, 2024 and December 31, 2023, 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 $19,302 and $20,811 at March 31, 2024 and December 31, 2023, 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 are stated at the fair value of our ownership in the fund. The fair value is recorded based upon changes in the NAV of the limited partnership as determined from the financial statements of the real estate fund. During the three months ending March 31, 2024, we recorded an unrealized gain classified within the Level 3 category of $11,452 and during the three months ended March 31, 2023 we recorded a net decrease in fair value classified within the Level 3 category of $435, 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 three months ending March 31, 2024, we recorded an impairment charge in our unconsolidated investment in Pioneer Tower within the Level 3 category of $1,335 utilizing a capitalization rate of 7.00% and a discount rate of 8.75% to reflect our investment at its estimated fair value. We have estimated the fair value of our mortgage notes and other debt payable reflected in the accompanying Consolidated Balance Sheets at amounts that are based upon an interpretation of available market information and valuation methodologies (including discounted cash flow analysis with regard to fixed rate debt) for similar loans made to borrowers with similar credit ratings and for the same maturities. The fair value of our mortgage notes and other debt payable using Level 2 inputs was approximately $139,560 and $153,000 lower than the aggregate carrying amounts at March 31, 2024 and December 31, 2023, respectively. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon extinguishment of our mortgage notes and other debt payable. Derivative Financial Instruments We record all derivatives on the Consolidated Balance Sheets at fair value in prepaid expenses and other assets or accounts payable and other accrued expenses. Changes in the fair value of our derivatives are recorded on our Consolidated Statements of Operations and Comprehensive Income, as a component of interest expense, as we have not designated our derivative instruments as hedges. Our objective in using interest rate derivatives is to manage our exposure to interest rate movements. To accomplish this objective, we may use interest rate caps, swaps and collars. As of March 31, 2024, 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 3 350,000 The fair value of our interest rate derivatives represent assets of $10,040 and $2,435 at March 31, 2024 and December 31, 2023, 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 will measure for any expected credit loss at each reporting period and record an allowance on those mortgage note receivables when deemed necessary. 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 March 31, 2024, 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 $2,014 and a lease liability within accounts payable and other liabilities on our Consolidated Balance Sheets in the amount of $2,239. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions. These estimates and assumptions impact the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. For example, significant estimates and assumptions have been made with respect to useful lives of assets, recoverable amounts of receivables, fair value of derivatives and real estate assets, initial valuations and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions. Actual results could differ from those estimates. Recent Issued Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting, which provides improvements to reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. The standard will be effective for us for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements and footnotes. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes, which provides improvements to income tax disclosures by enhancing transparency. The standard will be effective for us for the fiscal years beginning after December 15, 2024. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements and footnotes. |
Property Business Combination (
Property Business Combination (Notes) | 3 Months Ended |
Mar. 31, 2024 | |
Business Combinations [Abstract] | |
Real Estate Disclosure [Text Block] | NOTE 3—PROPERTY The primary reason we make acquisitions of real estate investments in the healthcare, industrial, residential, retail and other property sectors is to invest capital contributed by stockholders in a diversified portfolio of real estate assets. All references to square footage and units are unaudited. Acquisitions On February 29, 2024, we acquired Creekview Crossing, a 183-unit residential property located in Sherwood, Oregon for approximately $61,250. The acquisition was funded by the issuance of OP Units, cash on hand and the assumption of a $26,191 mortgage note payable that bears an interest rate of 3.09% and matures June 1, 2055. We allocated the purchase price for our 2024 acquisitions in accordance with authoritative guidance as follows: 2024 Acquisitions Land $ 4,623 Building and equipment 47,083 In-place lease intangible (acquired intangible assets) 1,671 Assumed debt discount 7,620 $ 60,997 Amortization period for intangible assets and liabilities 5 Months - 31 Years Dispositions There have been no dispositions during the three months ended March 31, 2024. |
Unconsolidated Real Estate Affi
Unconsolidated Real Estate Affiliates | 3 Months Ended |
Mar. 31, 2024 | |
Unconsolidated Real Estate [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NOTE 4—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 March 31, 2024 and December 31, 2023: Carrying Amount of Investment Property Property Type Location Acquisition Date March 31, 2024 December 31, 2023 Chicago Parking Garage Other Chicago, IL December 23, 2014 $ 13,039 $ 13,272 Pioneer Tower Office Portland, OR June 28, 2016 63,500 65,637 The Tremont Residential Burlington, MA July 19, 2018 21,198 21,192 The Huntington Residential Burlington, MA July 19, 2018 9,132 9,357 Siena Suwanee Town Center Residential Suwanee, GA December 15, 2020 30,540 30,685 Kingston at McLean Crossing Residential McLean, VA December 3, 2021 35,627 35,992 Total $ 173,036 $ 176,135 Summarized Combined Balance Sheets—Unconsolidated Real Estate Affiliates—Equity Method Investments March 31, 2024 December 31, 2023 Net investments in real estate $ 388,667 $ 390,702 Acquired intangible assets, net 8,095 8,143 Other assets 11,975 12,634 Total assets $ 408,737 $ 411,479 Mortgage notes and other debt payable $ 177,618 $ 178,160 Acquired intangible liabilities, net 1,198 1,305 Other liabilities 3,434 3,603 Total liabilities 182,250 183,068 Members’ equity 226,487 228,411 Total liabilities and members' equity $ 408,737 $ 411,479 Company Investments in Unconsolidated Real Estate Affiliates—Equity Method Investments March 31, 2024 December 31, 2023 Members’ equity $ 226,487 $ 228,411 Less: other members' equity (18,989) (19,149) Basis differential (34,462) (33,127) Investments in unconsolidated real estate affiliates $ 173,036 $ 176,135 Summarized Combined Statements of Operations—Unconsolidated Real Estate Affiliates—Equity Method Investments Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Total revenues $ 9,297 $ 9,334 Total operating expenses 6,281 6,209 Operating income $ 3,016 $ 3,125 Total other expenses 1,374 2,271 Net income $ 1,642 $ 854 Company Equity in Income of Unconsolidated Real Estate Affiliates - Equity Method Investments Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Net income of unconsolidated real estate affiliates $ 1,642 $ 854 Other members’ share of net income (287) (108) Impairment of investments in unconsolidated real estate affiliates (1,335) (11,414) Company equity in income (loss) of unconsolidated real estate affiliates $ 20 $ (10,668) 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 March 31, 2024, the NYC Retail Portfolio owned six retail properties totaling approximately 1,940,000 square feet across urban infill locations in Manhattan, Brooklyn, Queens and New Jersey. We have no unfunded commitments. At acquisition we made the election to account for our interest in the NYC Retail Portfolio under the fair value option. As of March 31, 2024 and December 31, 2023, the carrying amount of our investment in the NYC Retail Portfolio was $73,503 and $71,866, respectively. During the three months ended March 31, 2024, we recorded an increase in fair value of our investment in the NYC Retail Portfolio of $1,637. During the three months ended March 31, 2024, we made no capital contributions and received no distributions from Madison NYC Core Retail Partners, L.P. During the three months ended March 31, 2023, we recorded an increase in fair value of our investment in the NYC Retail Portfolio of $35. During the three months ended March 31, 2023, we made no capital contributions and received no distributions from Madison NYC Core Retail Partners, L.P. Single-Family Rental Portfolio I On August 5, 2021, we acquired an approximate 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 for our approximate 47% interest was approximately $205,000. 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 March 31, 2024 and December 31, 2023, the carrying amount of our investment in the Single-Family Rental Portfolio I was $280,977 and $271,155, respectively. During the three months ended March 31, 2024, we recorded an increase in the fair value of our investment in the Single-Family Rental Portfolio I of $9,815. During the three months ended March 31, 2024, we received distributions of income totaling $686. During the three months ended March 31, 2023, we recorded a decrease in the fair value of our investment in the Single-Family Rental Portfolio I of $6,000. During the three months ended March 31, 2023, we received distributions of income totaling $1,959. The cash distributions of income increased income from unconsolidated real estate affiliates. Summarized Combined Balance Sheets—NYC Retail Portfolio and Single-Family Rental Portfolio I—Fair Value Option Investments March 31, 2024 December 31, 2023 Investment in real estate ventures $ 1,646,066 $ 1,622,244 Cash 36,087 31,463 Other assets 57,963 55,537 Total assets $ 1,740,116 $ 1,709,244 Total liabilities 849,535 848,278 Partners' capital 890,581 860,966 Total liabilities and partners' capital $ 1,740,116 $ 1,709,244 Summarized Statement of Operations—NYC Retail Portfolio and Single-Family Rental Portfolio I—Fair Value Option Investments Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Total revenue $ 23,073 $ 22,667 Net investment income 11,266 9,440 Net change in unrealized gain (loss) on investment in real estate ventures 19,850 (25,074) Net income (loss) $ 31,116 $ (15,634) |
Receivables, Loans, Notes Recei
Receivables, Loans, Notes Receivable, and Others | 3 Months Ended |
Mar. 31, 2024 | |
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 first 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 March 31, 2024, 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 notes receivables that we enter into may include commitments to fund incremental amounts to our borrowers after the initial closing. Our mortgage notes receivable consist of the following as of March 31, 2024: Loan Secured By Location Origination Date Maturity Date Loan Type Interest Rate (SOFR +) (1) Loan Amount Unfunded Amount Residential Austin, TX May 26, 2023 May 26, 2026 Interest Only 2.95 % $ 27,000 $ — Residential Charlotte, NC September 22, 2023 September 15, 2026 Interest Only 3.25 27,000 1,149 Residential North Charleston, SC December 14, 2023 December 1, 2026 Interest Only 3.85 48,000 1,850 ________ (1) One month term Secured Overnight Financing Rate ("SOFR"). |
Mortgage Notes and Other Debt P
Mortgage Notes and Other Debt Payable | 3 Months Ended |
Mar. 31, 2024 | |
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 2055 and consist of the following: Maturity/Extinguishment Date Fixed / Floating Interest Amount payable as of March 31, 2024 December 31, 2023 Mortgage notes payable (1) (2) September 1, 2024 - June 1, 2055 Fixed / Floating 1.76% - 6.82% $ 1,202,773 $ 1,181,750 Revolving line of credit April 28, 2025 Fixed / Floating 5.61 493,000 460,000 Term loan April 28, 2027 Fixed 4.88 400,000 400,000 Total $ 2,095,773 $ 2,041,750 Net debt discount on assumed debt and debt issuance costs (23,691) (16,696) Mortgage notes and other debt payable, net $ 2,072,082 $ 2,025,054 ________ (1) On February 29, 2024, we assumed a $26,191 mortgage note payable related to Creekview Crossing. The mortgage note bears an interest rate of 3.09% and matures on June 1, 2055. (2) On March 21, 2024, we repaid a mortgage note payable in the amount of $39,900 and entered into a $37,000 mortgage note payable. The mortgage note bears an interest of 5.71% and matures on April 1, 2034. Aggregate future principal payments of mortgage notes payable and other debt payable as of March 31, 2024 are as follows: Year Amount 2024 $ 15,804 2025 686,990 2026 309,773 2027 448,410 2028 151,015 Thereafter 483,781 Total $ 2,095,773 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 line of credit (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 0.50%, (b) the prime rate announced by JPMorgan Chase Bank, N.A., and (c) Adjusted Term SOFR plus 1.00%, 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 1.00%, it will be deemed to be 1.00% 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 March 31, 2024, we believe no material adverse effects had occurred. We expect to utilize our cash on hand and Credit Facility capacity to extinguish mortgage notes maturing in 2024, fund redemptions and other general corporate needs. Borrowings under the Credit Facility are guaranteed by us and certain of our subsidiaries. The Credit Facility requires the maintenance of certain financial covenants, including: (i) unencumbered property pool leverage ratio; (ii) debt service coverage ratio; (iii) maximum total leverage ratio; (iv) fixed charges coverage ratio; (v) minimum NAV; (vi) maximum secured debt ratio; (vii) maximum secured recourse debt ratio; (viii) maximum permitted investments; and (ix) unencumbered property pool criteria. The Credit Facility provides the flexibility to move assets in and out of the unencumbered property pool during the term of the Credit Facility. At March 31, 2024, we had $493,000 outstanding under the Revolving Credit Facility at Adjusted Term SOFR plus 1.55% and $400,000 outstanding under the Term Loan at Adjusted Term SOFR plus 1.50%. We entered into swap and collar agreements for $650,000 of the Credit Facility to fix the floating rate SOFR at an average of 3.87% (all in rate of 5.37% to 5.42% at March 31, 2024). The interest rate swap and collar agreements mature on April 28, 2027. Covenants At March 31, 2024, we were in compliance with all debt covenants. Debt Issuance Costs |
Common Stock Common Stock
Common Stock Common Stock | 3 Months Ended |
Mar. 31, 2024 | |
Common Stock [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 7—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 follow: Selling Commission (1) Dealer Manager Fee (2) Class A Shares up to 3.0% 0.85% Class M Shares — 0.30% Class A-I Shares up to 1.5% 0.30% Class M-I Shares — None Class D Shares (3) up to 1.0% None ________ (1) Selling commissions are paid on the date of sale of our common stock. (2) We accrue all future dealer manager fees up to the ten percent regulatory limitation as Accrued offering costs on our Consolidated Balance Sheets on the date of sale of our common stock. For NAV calculation purposes, dealer manager fees are accrued daily, on a continuous basis equal to 1/365th of the stated fee. Each Class A, Class M and Class A-I share sold in a public offering will automatically convert into the number of Class M-I shares based on the then-current applicable NAV of each class on the date following the termination of the primary portion of such public offering in which we, with the assistance of the Dealer Manager, determine that total underwriting compensation paid with respect to such public offering equals 10% of the gross proceeds from the primary portion of such public offering. (3) Shares of Class D common stock are only being offered pursuant to a private offering. The selling commissions and dealer manager fees are offering costs and are recorded as a reduction of additional paid in capital. Stock Transactions The stock transactions for each of our classes of common stock for the three months ended March 31, 2024 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, 2023 107,680,719 26,599,396 4,529,817 92,951,608 2,407,370 234,168,910 Issuance of common stock 1,297,760 327,350 26,161 1,372,925 — 3,024,196 Repurchase of common stock (5,157,600) (566,088) (1,126,366) (3,068,952) — (9,919,006) Share conversions (42,086) (11,071) — 53,101 — (56) Balance, March 31, 2024 103,778,793 26,349,587 3,429,612 91,308,682 2,407,370 227,274,044 Stock Issuances The stock issuances for our classes of shares, including those issued through our distribution reinvestment plan and as stock compensation, for the three months ended March 31, 2024 were as follows: Three Months Ended March 31, 2024 # of shares Amount Class A Shares 1,297,760 $ 15,962 Class M Shares 327,350 4,011 Class A-I Shares 26,161 317 Class M-I Shares 1,372,925 16,854 Total $ 37,144 Share Repurchase Plan Our share repurchase plan allows stockholders, subject to a one-year holding period, with certain exceptions, to request that we repurchase all or a portion of their shares of common stock on a daily basis at that day's NAV per share, limited to 5% of aggregate Company NAV per quarter. For the three months ended March 31, 2024, we honored 100% of repurchase requests we received and repurchased 9,919,006 shares of common stock in the amount of $122,696. During the three months ended March 31, 2023, we honored 100% of repurchase requests we received and repurchased 5,987,355 shares of common stock in the amount of $84,968. Distribution Reinvestment Plan Pursuant to our distribution reinvestment plan, holders of shares of any class of our common stock and 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 or unit being purchased on the distribution date. For the three months ended March 31, 2024, we issued 1,591,446 shares of common stock for $19,267 under the distribution reinvestment plan. For the three months ended March 31, 2023, we issued 1,466,805 shares of common stock for $20,433 under the distribution reinvestment plan. Operating Partnership Units Our operating partnership may 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 months ended March 31, 2024, we issued a total of 13,653,684 OP Units with a value of $167,998. During the three months ended March 31, 2023, we issued a total of 7,817,665 OP Units with a value of $108,712. Earnings Per Share Basic per share amounts are based on the weighted average of shares outstanding of 230,710,490, and 242,864,524 for the three months ended March 31, 2024 and 2023, respectively. We have no dilutive or potentially dilutive securities. We compute net income per share for Class A, Class M, Class A-I, Class M-I and Class D common stock using the two-class method. Our Advisor may earn a performance fee (see Note 10-Related Party Transactions ), which may impact the net income of each class of common stock differently. The calculated performance component for the three months ended March 31, 2024 and 2023, and the impact on each class of common stock, are shown below. In periods where no performance fee is recognized in our Consolidated Statements of Operations and Comprehensive Income, the net income per share will be the same for each class of common stock. Basic and diluted net income per share for each class of common stock is computed using the weighted-average number of common shares outstanding during the period for each class of common stock. We have not issued any dilutive or potentially dilutive securities, and thus the basic and diluted net income per share for a given class of common stock is the same for each period presented. The following table sets forth the computation of basic and diluted net income per share for each of our Class A, Class M, Class A-I, Class M-I and Class D common stock: Three Months Ended March 31, 2024 Class A Class M Class A-I Class M-I Class D Basic and diluted net income per share: Allocation of net income before performance fee $ 6,464 $ 1,618 $ 257 $ 5,649 $ 148 Allocation of performance fee — — — — — Total $ 6,464 $ 1,618 $ 257 $ 5,649 $ 148 Weighted average number of common shares outstanding 105,515,994 26,401,030 4,195,129 92,190,967 2,407,370 Basic and diluted net income per share: $ 0.06 $ 0.06 $ 0.06 $ 0.06 $ 0.06 Three Months Ended March 31, 2023 Class A Class M Class A-I Class M-I Class D Basic and diluted net loss per share: Allocation of net loss before performance fee $ (37,785) $ (8,777) $ (1,637) $ (31,810) $ (1,008) Allocation of performance fee — — — — — Total $ (37,785) $ (8,777) $ (1,637) $ (31,810) $ (1,008) Weighted average number of common shares outstanding 113,264,683 26,311,066 4,907,983 95,357,767 3,023,025 Basic and diluted net income per share: $ (0.33) $ (0.33) $ (0.33) $ (0.33) $ (0.33) Organization and Offering Costs |
DST Program (Notes)
DST Program (Notes) | 3 Months Ended |
Mar. 31, 2024 | |
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 for up to ten years pursuant to a master lease agreement. The master lease agreements are expected to be guaranteed by our operating partnership. As compensation for the master lease guarantee, our operating partnership will retain a fair market value purchase option giving it the right, but not the obligation, to acquire the beneficial interests in the DST from the investors at any time after two years from the closing of the applicable DST offering in exchange for OP Units or cash, at our discretion. The sale of beneficial interests in the DST Property will be accounted for as a failed sale-leaseback transaction due to the fair market value purchase option retained by the operating partnership and as such, the property will remain on our books and records. The proceeds received from each DST offering will be accounted for as a financing obligation on the Consolidated Balance Sheets. Upfront costs for legal work and debt placement costs for the DST totaling $2,311 are accounted for as deferred loan costs and are netted against the financing obligation as of March 31, 2024. 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. During the three months ended March 31, 2024, we recorded interest expense related to the master lease in the amounts of $9,607. During the three months ended March 31, 2023, we recorded interest expense related to the master lease in the amounts of $9,302. 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 (recorded as a reduction to interest expense) at exercise of the fair market value purchase option for properties that have decreased in fair value. We incurred non-cash interest expense of $968 for the three months ended March 31, 2024, and non-cash interest income of $11,471 for the three months ended March 31, 2024. We incurred non-cash interest expense of $62,111 for the three months ended March 31, 2023. Commencing on October 1, 2023, we have elected the fair value option for DSTs launching after that date. 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 March 31, 2024, we have sold approximately $1,200,100 of interests related to the DST Program. As of March 31, 2024, the following properties are included in our DST Program: The Penfield Sugar Land Medical Plaza Louisville Logistics Center Reserve at Venice Suwanee Distribution Center 140 Park Duke Medical Center West Phoenix Distribution Center 47 National Way Silverstone Marketplace 6300 Dumbarton Circle Townlake of Coppell South Reno Medical Center 6500 Kaiser Drive Taunton Distribution Center |
Rentals Under Operating Leases
Rentals Under Operating Leases | 3 Months Ended |
Mar. 31, 2024 | |
Rentals Under Operating Leases [Abstract] | |
Lessor, Operating Leases | NOTE 9—RENTALS UNDER OPERATING LEASES We receive rental income from operating leases. The minimum future rentals from consolidated properties based on operating leases in place at March 31, 2024 are as follows: Year Amount 2024 $ 214,955 2025 204,112 2026 172,897 2027 144,048 2028 121,468 Thereafter 442,656 Total $ 1,300,136 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 months ended March 31, 2024, no individual tenant accounted for greater than 10% of minimum base rents. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions (Textual) [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 10—RELATED PARTY TRANSACTIONS Pursuant to the 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, 2025, subject to an unlimited number of successive one-year renewals. The fixed advisory fees for the three months ended March 31, 2024 and 2023 were $10,389 and $11,069, respectively. There were no performance fees for the three months ended March 31, 2024 and 2023. Included in Advisor fees payable at March 31, 2024 and December 31, 2023 were $3,531 and $3,672 of fixed fee expense, respectively, and no performance fee expenses. We pay Jones Lang LaSalle Americas, Inc. (“JLL Americas”), an affiliate of the Advisor, for property management, construction management, leasing, mortgage brokerage and sales brokerage services performed at various properties we own. For the three months ended March 31, 2024 and 2023, JLL Americas was paid $996 and $374, respectively. We pay the Dealer Manager selling commissions and dealer manager fees in connection with our offerings. For the three months ended March 31, 2024 and 2023, we paid the Dealer Manager selling commissions and dealer manager fees totaling $3,149 and $3,610, respectively. A majority of the selling commissions and dealer manager fees are reallowed to participating broker-dealers. Included in Accrued offering costs at March 31, 2024 and December 31, 2023 were $177,793 and $181,832 of future dealer manager fees payable, respectively. As of March 31, 2024 and December 31, 2023, we owed $3,033 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 months ended March 31, 2024 and 2023, our taxable REIT subsidiary paid $1,788 and 2,203, 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 NAV 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 and 0.30% of the NAV of each outstanding Class A-I OP Unit for such day issued in connection with the operating partnership's fair market value option (the "FMV 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 and 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 months ended March 31, 2024 and 2023, the DSTs paid $499 and $508, 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 may pay the manager a management fee equal to a to-be-agreed upon percentage of the total equity of such DST. For the three months ended March 31, 2024 and 2023, the DSTs paid $310 and $317, respectively, in management fees to our Advisor in connection with the DST Program. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 11—COMMITMENTS AND CONTINGENCIES We are involved in various claims and litigation matters arising in the ordinary course of business, some of which involve claims for damages. Many of these matters are covered by insurance, although they may nevertheless be subject to deductibles or retentions. Although the ultimate liability for these matters cannot be determined, based upon information currently available, we believe the ultimate resolution of such claims and litigation will not have a material adverse effect on our financial position, results of operations or liquidity. From time to time, we have entered into contingent agreements for the acquisition and financing of properties. Such acquisitions and financings are subject to satisfactory completion of due diligence or meeting certain leasing or occupancy thresholds. We are subject to fixed ground lease payments on South Beach Parking Garage of $112 per year until September 30, 2024, which will increase every five years thereafter by the lesser of 12% or the cumulative Consumer Price Index ("CPI") over the previous five year period. We are also subject to a variable ground lease payment calculated as 2.5% of revenue. The lease expires September 30, 2041 and has a ten-year renewal option. The operating agreement for Grand Lakes Marketplace allows the unrelated third party joint venture partner, owning a 10% interest, to put its interest to us at a market determined value. The operating agreement for 237 Via Vera Cruz, 4211 Starboard, 13500 Danielson Street, 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. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 12—SEGMENT REPORTING We have five operating segments: healthcare (previously referred to as office), industrial, residential, retail and other properties. Consistent with how we review and manage our properties, the financial information summarized below is presented by operating segment and reconciled to income from operations for the three months ended March 31, 2024 and 2023. Healthcare Industrial Residential Retail Other Total Assets as of March 31, 2024 $ 616,454 $ 1,633,987 $ 1,583,338 $ 586,885 $ 120,099 $ 4,540,763 Assets as of December 31, 2023 620,381 1,635,434 1,536,027 591,782 114,226 4,497,850 Three Months Ended March 31, 2024 Capital expenditures by segment $ 1,761 $ 4,076 $ 3,734 $ 2,293 $ — $ 11,864 Revenues: Rental revenue $ 16,048 $ 32,641 $ 34,529 $ 13,854 $ 71 $ 97,143 Other revenue 353 15 2,046 234 521 3,169 Interest on mortgage notes receivable — — — — 2,162 2,162 Total revenues $ 16,401 $ 32,656 $ 36,575 $ 14,088 $ 2,754 $ 102,474 Operating expenses: Real estate taxes $ 1,679 $ 5,710 $ 4,761 $ 1,763 $ 113 $ 14,026 Property operating 3,326 2,468 9,373 2,278 214 17,659 Total segment operating expenses $ 5,005 $ 8,178 $ 14,134 $ 4,041 $ 327 $ 31,685 Reconciliation to net income Property general and administrative 1,174 Advisor fees 10,389 Company level expenses 1,683 Depreciation and amortization 36,307 Total operating expenses $ 81,238 Other income and (expenses): Interest expense $ (15,230) Income from unconsolidated real estate affiliates and fund investments 12,158 Investment income on marketable securities 645 Net realized gain upon sale of marketable securities 118 Net unrealized change in fair value of investment in marketable securities (1,821) Total other income and (expenses) $ (4,130) Net Income $ 17,106 Reconciliation to total consolidated assets as of March 31, 2024 Assets per reportable segments $ 4,540,763 Investment in unconsolidated real estate affiliates, real estate fund investments and corporate level assets 722,798 Total consolidated assets $ 5,263,561 Reconciliation to total consolidated assets as of December 31, 2023 Assets per reportable segments $ 4,497,850 Investment in unconsolidated real estate affiliates, real estate fund investment and corporate level assets 726,237 Total consolidated assets $ 5,224,087 Healthcare Industrial Residential Retail Other Total Three Months Ended March 31, 2023 Capital expenditures by segment $ 695 $ 981 $ 2,151 $ 1,288 $ — $ 5,115 Revenues: Rental revenue $ 15,813 $ 29,741 $ 33,688 $ 13,287 $ 73 $ 92,602 Other revenue 332 37 1,127 127 555 2,178 Total revenues $ 16,145 $ 29,778 $ 34,815 $ 13,414 $ 628 $ 94,780 Operating expenses: Real estate taxes $ 1,562 $ 5,567 $ 4,703 $ 1,676 $ 79 $ 13,587 Property operating 3,430 2,168 9,186 2,219 210 17,213 Total segment operating expenses $ 4,992 $ 7,735 $ 13,889 $ 3,895 $ 289 $ 30,800 Reconciliation to net income Property general and administrative 964 Advisor fees 11,069 Company level expenses 1,918 Depreciation and amortization 36,898 Total operating expenses $ 81,649 Other income and (expenses): Interest expense $ (94,060) Loss from unconsolidated real estate affiliates and fund investment (14,674) Investment income on marketable securities 523 Net realized loss upon sale of marketable securities (332) Net unrealized change in fair value of investment in marketable securities 1,224 Total other income and (expenses) $ (107,319) Net loss $ (94,188) |
Investments, Debt and Equity Se
Investments, Debt and Equity Securities | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and December 31, 2023, which consisted entirely of stock of publicly traded REITs. March 31, 2024 December 31, 2023 Investment in marketable securities - cost $ 51,684 $ 51,129 Unrealized gains 1,841 2,463 Unrealized losses (4,591) (3,392) Net unrealized loss (2,750) (929) Investment in marketable securities - fair value $ 48,934 $ 50,200 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 three months ended March 31, 2024, marketable securities sold generated proceeds of $4,093, resulting in realized gains of $344, and realized losses of $226. During the three months ended March 31, 2023, marketable securities sold generated proceeds of $4,665, resulting in realized gains of and $163, and realized losses of $495. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 14—SUBSEQUENT EVENTS On May 7, 2024, our board of directors approved a gross dividend for the second quarter of 2024 of $0.1575 per share to stockholders and OP Unit holders of record as of June 24, 2024. The dividend will be paid on or around June 27, 2024. Stockholders and OP Unit holders will receive $0.1575 per share or OP Unit, less applicable class-specific fees, if any. On May 7, 2024, our board of directors approved the renewal of our Advisory Agreement for a one-year term expiring on June 5, 2025, without any other changes. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the instructions to Form 10-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 investments in real estate affiliates. We consider the authoritative guidance of accounting for investments in common stock, investments in real estate ventures, investors accounting for an investee when the investor has the majority of the voting interest but the minority partners have certain approval or veto rights, determining whether a general partner or general partners as a group controls a limited partnership or similar entity when the limited partners have certain rights and the consolidation of VIEs in which we own less than a 100% interest. All significant intercompany balances and transactions have been eliminated in consolidation. Parenthetical disclosures are shown on our Consolidated Balance Sheets regarding the amounts of VIE assets and liabilities that are consolidated. As of March 31, 2024, our VIEs include 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 the 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 March 31, 2024, noncontrolling interests represented the minority members’ proportionate share of the 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 interests are recorded as an allocation of retained earnings on our Consolidated Statements of Equity. We have redeemable noncontrolling interests 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 March 31, 2024. As of March 31, 2024, $15,924 related to these third party joint ventures were included in Redeemable noncontrolling interests on our Consolidated Balance Sheet of which $2,930 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 outside joint venture partners. The carrying amount of our noncontrolling interests reflected in equity are as follows: March 31, 2024 December 31, 2023 Interests in the partnership equity of the operating partnership $ 356,875 $ 271,650 Noncontrolling interest in consolidated joint ventures 3,674 3,657 Total noncontrolling interests reflected in equity $ 360,549 $ 275,307 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 14, 2024 (our “2023 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, 2023 audited consolidated financial statements included in our 2023 Form 10-K and present interim disclosures as required by the SEC. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash Restricted cash includes amounts established pursuant to various agreements for loan escrow accounts, loan commitments and property sale proceeds. At March 31, 2024, our restricted cash balance on our Consolidated Balance Sheet was primarily related to loan escrow amounts and subscriptions received in advance. |
Deferred Expenses | Deferred Expenses Deferred expenses consist of lease commissions. Lease commissions are capitalized and amortized over the term of the related lease as a component of depreciation and amortization expense. Accumulated amortization of deferred expenses at March 31, 2024 and December 31, 2023 was $9,850 and $9,648, 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 $142,821 and $145,228 at March 31, 2024 and December 31, 2023, 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 $19,302 and $20,811 at March 31, 2024 and December 31, 2023, 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 are stated at the fair value of our ownership in the fund. The fair value is recorded based upon changes in the NAV of the limited partnership as determined from the financial statements of the real estate fund. During the three months ending March 31, 2024, we recorded an unrealized gain classified within the Level 3 category of $11,452 and during the three months ended March 31, 2023 we recorded a net decrease in fair value classified within the Level 3 category of $435, 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 three months ending March 31, 2024, we recorded an impairment charge in our unconsolidated investment in Pioneer Tower within the Level 3 category of $1,335 utilizing a capitalization rate of 7.00% and a discount rate of 8.75% to reflect our investment at its estimated fair value. We have estimated the fair value of our mortgage notes and other debt payable reflected in the accompanying Consolidated Balance Sheets at amounts that are based upon an interpretation of available market information and valuation methodologies (including discounted cash flow analysis with regard to fixed rate debt) for similar loans made to borrowers with similar credit ratings and for the same maturities. The fair value of our mortgage notes and other debt payable using Level 2 inputs was approximately $139,560 and $153,000 lower than the aggregate carrying amounts at March 31, 2024 and December 31, 2023, respectively. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon extinguishment of our mortgage notes and other debt payable. |
Derivatives, Reporting of Derivative Activity [Policy Text Block] | Derivative Financial Instruments We record all derivatives on the Consolidated Balance Sheets at fair value in prepaid expenses and other assets or accounts payable and other accrued expenses. Changes in the fair value of our derivatives are recorded on our Consolidated Statements of Operations and Comprehensive Income, as a component of interest expense, as we have not designated our derivative instruments as hedges. Our objective in using interest rate derivatives is to manage our exposure to interest rate movements. To accomplish this objective, we may use interest rate caps, swaps and collars. As of March 31, 2024, 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 3 350,000 The fair value of our interest rate derivatives represent assets of $10,040 and $2,435 at March 31, 2024 and December 31, 2023, respectively. |
Lessee, Operating Leases | Ground Lease As of March 31, 2024, 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 $2,014 and a lease liability within accounts payable and other liabilities on our Consolidated Balance Sheets in the amount of $2,239. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions. These estimates and assumptions impact the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. For example, significant estimates and assumptions have been made with respect to useful lives of assets, recoverable amounts of receivables, fair value of derivatives and real estate assets, initial valuations and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions. Actual results could differ from those estimates. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Issued Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting, which provides improvements to reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. The standard will be effective for us for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements and footnotes. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes, which provides improvements to income tax disclosures by enhancing transparency. The standard will be effective for us for the fiscal years beginning after December 15, 2024. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements and footnotes. |
Marketable Securities, Policy | Investment in Marketable Securities In accordance with our investment guidelines, investments in marketable securities consist of stock of publicly traded REITs. The net unrealized change in the fair value of our investments in marketable securities is recorded in earnings as part of net income in accordance with Accounting Standard Update ("ASU") 2016-1, Financial Statements - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities . |
Revenue Recognition, Leases | Rental Revenue Recognition |
Mortgage Banking Activity | Mortgage Notes Receivable |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | As of March 31, 2024, 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 3 350,000 |
Redeemable Noncontrolling Interest | The carrying amount of our noncontrolling interests reflected in equity are as follows: March 31, 2024 December 31, 2023 Interests in the partnership equity of the operating partnership $ 356,875 $ 271,650 Noncontrolling interest in consolidated joint ventures 3,674 3,657 Total noncontrolling interests reflected in equity $ 360,549 $ 275,307 |
Property Purchase Price Allocat
Property Purchase Price Allocation of Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | We allocated the purchase price for our 2024 acquisitions in accordance with authoritative guidance as follows: 2024 Acquisitions Land $ 4,623 Building and equipment 47,083 In-place lease intangible (acquired intangible assets) 1,671 Assumed debt discount 7,620 $ 60,997 Amortization period for intangible assets and liabilities 5 Months - 31 Years |
Unconsolidated Real Estate Af_2
Unconsolidated Real Estate Affiliates Equity Method Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity Method Investments [Abstract] | |
Equity Method Investments [Table Text Block] | Unconsolidated Real Estate Affiliates The following represent our unconsolidated real estate affiliates as of March 31, 2024 and December 31, 2023: Carrying Amount of Investment Property Property Type Location Acquisition Date March 31, 2024 December 31, 2023 Chicago Parking Garage Other Chicago, IL December 23, 2014 $ 13,039 $ 13,272 Pioneer Tower Office Portland, OR June 28, 2016 63,500 65,637 The Tremont Residential Burlington, MA July 19, 2018 21,198 21,192 The Huntington Residential Burlington, MA July 19, 2018 9,132 9,357 Siena Suwanee Town Center Residential Suwanee, GA December 15, 2020 30,540 30,685 Kingston at McLean Crossing Residential McLean, VA December 3, 2021 35,627 35,992 Total $ 173,036 $ 176,135 Summarized Combined Balance Sheets—Unconsolidated Real Estate Affiliates—Equity Method Investments March 31, 2024 December 31, 2023 Net investments in real estate $ 388,667 $ 390,702 Acquired intangible assets, net 8,095 8,143 Other assets 11,975 12,634 Total assets $ 408,737 $ 411,479 Mortgage notes and other debt payable $ 177,618 $ 178,160 Acquired intangible liabilities, net 1,198 1,305 Other liabilities 3,434 3,603 Total liabilities 182,250 183,068 Members’ equity 226,487 228,411 Total liabilities and members' equity $ 408,737 $ 411,479 Company Investments in Unconsolidated Real Estate Affiliates—Equity Method Investments March 31, 2024 December 31, 2023 Members’ equity $ 226,487 $ 228,411 Less: other members' equity (18,989) (19,149) Basis differential (34,462) (33,127) Investments in unconsolidated real estate affiliates $ 173,036 $ 176,135 Summarized Combined Statements of Operations—Unconsolidated Real Estate Affiliates—Equity Method Investments Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Total revenues $ 9,297 $ 9,334 Total operating expenses 6,281 6,209 Operating income $ 3,016 $ 3,125 Total other expenses 1,374 2,271 Net income $ 1,642 $ 854 Company Equity in Income of Unconsolidated Real Estate Affiliates - Equity Method Investments Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Net income of unconsolidated real estate affiliates $ 1,642 $ 854 Other members’ share of net income (287) (108) Impairment of investments in unconsolidated real estate affiliates (1,335) (11,414) Company equity in income (loss) of unconsolidated real estate affiliates $ 20 $ (10,668) |
Fair Value Option, Disclosures [Table Text Block] | Summarized Combined Balance Sheets—NYC Retail Portfolio and Single-Family Rental Portfolio I—Fair Value Option Investments March 31, 2024 December 31, 2023 Investment in real estate ventures $ 1,646,066 $ 1,622,244 Cash 36,087 31,463 Other assets 57,963 55,537 Total assets $ 1,740,116 $ 1,709,244 Total liabilities 849,535 848,278 Partners' capital 890,581 860,966 Total liabilities and partners' capital $ 1,740,116 $ 1,709,244 Summarized Statement of Operations—NYC Retail Portfolio and Single-Family Rental Portfolio I—Fair Value Option Investments Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Total revenue $ 23,073 $ 22,667 Net investment income 11,266 9,440 Net change in unrealized gain (loss) on investment in real estate ventures 19,850 (25,074) Net income (loss) $ 31,116 $ (15,634) |
Receivables, Loans, Notes Rec_2
Receivables, Loans, Notes Receivable, and Others (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Schedule of Participating Mortgage Loans | Our mortgage notes receivable consist of the following as of March 31, 2024: Loan Secured By Location Origination Date Maturity Date Loan Type Interest Rate (SOFR +) (1) Loan Amount Unfunded Amount Residential Austin, TX May 26, 2023 May 26, 2026 Interest Only 2.95 % $ 27,000 $ — Residential Charlotte, NC September 22, 2023 September 15, 2026 Interest Only 3.25 27,000 1,149 Residential North Charleston, SC December 14, 2023 December 1, 2026 Interest Only 3.85 48,000 1,850 ________ (1) One month term Secured Overnight Financing Rate ("SOFR"). |
Mortgage Notes and Other Debt_2
Mortgage Notes and Other Debt Payable Table 1 - Schedule of Mortgages and Other Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 2055 and consist of the following: Maturity/Extinguishment Date Fixed / Floating Interest Amount payable as of March 31, 2024 December 31, 2023 Mortgage notes payable (1) (2) September 1, 2024 - June 1, 2055 Fixed / Floating 1.76% - 6.82% $ 1,202,773 $ 1,181,750 Revolving line of credit April 28, 2025 Fixed / Floating 5.61 493,000 460,000 Term loan April 28, 2027 Fixed 4.88 400,000 400,000 Total $ 2,095,773 $ 2,041,750 Net debt discount on assumed debt and debt issuance costs (23,691) (16,696) Mortgage notes and other debt payable, net $ 2,072,082 $ 2,025,054 ________ (1) On February 29, 2024, we assumed a $26,191 mortgage note payable related to Creekview Crossing. The mortgage note bears an interest rate of 3.09% and matures on June 1, 2055. |
Aggregate principal payments of mortgage notes payable | Aggregate future principal payments of mortgage notes payable and other debt payable as of March 31, 2024 are as follows: Year Amount 2024 $ 15,804 2025 686,990 2026 309,773 2027 448,410 2028 151,015 Thereafter 483,781 Total $ 2,095,773 |
Common Stock Common Stock (Tabl
Common Stock Common Stock (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Common Stock [Abstract] | |
Offering Cost Fees [Table Text Block] | Selling Commission (1) Dealer Manager Fee (2) Class A Shares up to 3.0% 0.85% Class M Shares — 0.30% Class A-I Shares up to 1.5% 0.30% Class M-I Shares — None Class D Shares (3) up to 1.0% None ________ (1) Selling commissions are paid on the date of sale of our common stock. (2) We accrue all future dealer manager fees up to the ten percent regulatory limitation as Accrued offering costs on our Consolidated Balance Sheets on the date of sale of our common stock. For NAV calculation purposes, dealer manager fees are accrued daily, on a continuous basis equal to 1/365th of the stated fee. Each Class A, Class M and Class A-I share sold in a public offering will automatically convert into the number of Class M-I shares based on the then-current applicable NAV of each class on the date following the termination of the primary portion of such public offering in which we, with the assistance of the Dealer Manager, determine that total underwriting compensation paid with respect to such public offering equals 10% of the gross proceeds from the primary portion of such public offering. (3) Shares of Class D common stock are only being offered pursuant to a private offering. |
Stock Transactions [Table Text Block] | Stock Transactions The stock transactions for each of our classes of common stock for the three months ended March 31, 2024 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, 2023 107,680,719 26,599,396 4,529,817 92,951,608 2,407,370 234,168,910 Issuance of common stock 1,297,760 327,350 26,161 1,372,925 — 3,024,196 Repurchase of common stock (5,157,600) (566,088) (1,126,366) (3,068,952) — (9,919,006) Share conversions (42,086) (11,071) — 53,101 — (56) Balance, March 31, 2024 103,778,793 26,349,587 3,429,612 91,308,682 2,407,370 227,274,044 |
Class of Stock [Line Items] | |
Schedule of Stock by Class [Table Text Block] | Stock Issuances The stock issuances for our classes of shares, including those issued through our distribution reinvestment plan and as stock compensation, for the three months ended March 31, 2024 were as follows: Three Months Ended March 31, 2024 # of shares Amount Class A Shares 1,297,760 $ 15,962 Class M Shares 327,350 4,011 Class A-I Shares 26,161 317 Class M-I Shares 1,372,925 16,854 Total $ 37,144 |
Schedule of Earnings Per Share [Table Text Block] | Three Months Ended March 31, 2024 Class A Class M Class A-I Class M-I Class D Basic and diluted net income per share: Allocation of net income before performance fee $ 6,464 $ 1,618 $ 257 $ 5,649 $ 148 Allocation of performance fee — — — — — Total $ 6,464 $ 1,618 $ 257 $ 5,649 $ 148 Weighted average number of common shares outstanding 105,515,994 26,401,030 4,195,129 92,190,967 2,407,370 Basic and diluted net income per share: $ 0.06 $ 0.06 $ 0.06 $ 0.06 $ 0.06 Three Months Ended March 31, 2023 Class A Class M Class A-I Class M-I Class D Basic and diluted net loss per share: Allocation of net loss before performance fee $ (37,785) $ (8,777) $ (1,637) $ (31,810) $ (1,008) Allocation of performance fee — — — — — Total $ (37,785) $ (8,777) $ (1,637) $ (31,810) $ (1,008) Weighted average number of common shares outstanding 113,264,683 26,311,066 4,907,983 95,357,767 3,023,025 Basic and diluted net income per share: $ (0.33) $ (0.33) $ (0.33) $ (0.33) $ (0.33) |
Rentals Under Operating Leases
Rentals Under Operating Leases Rentals Under Operating Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Operating Leased Assets [Line Items] | |
Schedule of Property Subject to or Available for Operating Lease [Table Text Block] | We receive rental income from operating leases. The minimum future rentals from consolidated properties based on operating leases in place at March 31, 2024 are as follows: Year Amount 2024 $ 214,955 2025 204,112 2026 172,897 2027 144,048 2028 121,468 Thereafter 442,656 Total $ 1,300,136 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Healthcare Industrial Residential Retail Other Total Assets as of March 31, 2024 $ 616,454 $ 1,633,987 $ 1,583,338 $ 586,885 $ 120,099 $ 4,540,763 Assets as of December 31, 2023 620,381 1,635,434 1,536,027 591,782 114,226 4,497,850 Three Months Ended March 31, 2024 Capital expenditures by segment $ 1,761 $ 4,076 $ 3,734 $ 2,293 $ — $ 11,864 Revenues: Rental revenue $ 16,048 $ 32,641 $ 34,529 $ 13,854 $ 71 $ 97,143 Other revenue 353 15 2,046 234 521 3,169 Interest on mortgage notes receivable — — — — 2,162 2,162 Total revenues $ 16,401 $ 32,656 $ 36,575 $ 14,088 $ 2,754 $ 102,474 Operating expenses: Real estate taxes $ 1,679 $ 5,710 $ 4,761 $ 1,763 $ 113 $ 14,026 Property operating 3,326 2,468 9,373 2,278 214 17,659 Total segment operating expenses $ 5,005 $ 8,178 $ 14,134 $ 4,041 $ 327 $ 31,685 Reconciliation to net income Property general and administrative 1,174 Advisor fees 10,389 Company level expenses 1,683 Depreciation and amortization 36,307 Total operating expenses $ 81,238 Other income and (expenses): Interest expense $ (15,230) Income from unconsolidated real estate affiliates and fund investments 12,158 Investment income on marketable securities 645 Net realized gain upon sale of marketable securities 118 Net unrealized change in fair value of investment in marketable securities (1,821) Total other income and (expenses) $ (4,130) Net Income $ 17,106 Reconciliation to total consolidated assets as of March 31, 2024 Assets per reportable segments $ 4,540,763 Investment in unconsolidated real estate affiliates, real estate fund investments and corporate level assets 722,798 Total consolidated assets $ 5,263,561 Reconciliation to total consolidated assets as of December 31, 2023 Assets per reportable segments $ 4,497,850 Investment in unconsolidated real estate affiliates, real estate fund investment and corporate level assets 726,237 Total consolidated assets $ 5,224,087 Healthcare Industrial Residential Retail Other Total Three Months Ended March 31, 2023 Capital expenditures by segment $ 695 $ 981 $ 2,151 $ 1,288 $ — $ 5,115 Revenues: Rental revenue $ 15,813 $ 29,741 $ 33,688 $ 13,287 $ 73 $ 92,602 Other revenue 332 37 1,127 127 555 2,178 Total revenues $ 16,145 $ 29,778 $ 34,815 $ 13,414 $ 628 $ 94,780 Operating expenses: Real estate taxes $ 1,562 $ 5,567 $ 4,703 $ 1,676 $ 79 $ 13,587 Property operating 3,430 2,168 9,186 2,219 210 17,213 Total segment operating expenses $ 4,992 $ 7,735 $ 13,889 $ 3,895 $ 289 $ 30,800 Reconciliation to net income Property general and administrative 964 Advisor fees 11,069 Company level expenses 1,918 Depreciation and amortization 36,898 Total operating expenses $ 81,649 Other income and (expenses): Interest expense $ (94,060) Loss from unconsolidated real estate affiliates and fund investment (14,674) Investment income on marketable securities 523 Net realized loss upon sale of marketable securities (332) Net unrealized change in fair value of investment in marketable securities 1,224 Total other income and (expenses) $ (107,319) Net loss $ (94,188) |
Investments, Debt and Equity _2
Investments, Debt and Equity Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | The following is a summary of our investment in marketable securities held as of March 31, 2024 and December 31, 2023, which consisted entirely of stock of publicly traded REITs. March 31, 2024 December 31, 2023 Investment in marketable securities - cost $ 51,684 $ 51,129 Unrealized gains 1,841 2,463 Unrealized losses (4,591) (3,392) Net unrealized loss (2,750) (929) Investment in marketable securities - fair value $ 48,934 $ 50,200 |
Organization (Details)
Organization (Details) $ in Thousands | 3 Months Ended | 21 Months Ended | |||
Nov. 08, 2022 USD ($) | Mar. 03, 2015 USD ($) | Mar. 31, 2024 USD ($) Rate shares | Sep. 30, 2023 USD ($) | Dec. 31, 2023 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 | 227,274,044 | 234,168,910 | |||
Number Of Stockholders | 23,518 | ||||
Investment Owned, Balance, Shares | shares | 2,521,801 | ||||
Investment Owned, at Fair Value | $ 30,312 | ||||
Proceeds from Issuance or Sale of Equity | $ 653,170 | ||||
Sale of Stock, Percentage of Ownership after Transaction | Rate | 81.90% | ||||
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 | 18.10% | ||||
Consolidated properties [Member] | |||||
Organization (Textual) [Abstract] | |||||
Number of properties owned | 133 | ||||
Number of states | 28 | ||||
Number of Single Family Rental Homes | 4,500 | ||||
Class A Shares [Member] | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Shares, Outstanding | shares | 103,778,793 | 107,680,719 | |||
Class M Shares [Member] | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Shares, Outstanding | shares | 26,349,587 | 26,599,396 | |||
Class A-I Shares [Member] | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Shares, Outstanding | shares | 3,429,612 | 4,529,817 | |||
Class M-I Shares [Member] | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Shares, Outstanding | shares | 91,308,682 | 92,951,608 | |||
Class D Shares [Member] | |||||
Organization (Textual) [Abstract] | |||||
common stock, value authorized during private offering | $ 350,000 | ||||
Common Stock, Shares, Outstanding | shares | 2,407,370 | 2,407,370 | |||
FOO [Member] | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Value, Outstanding | $ 1,104,600 | ||||
Private Placement [Member] | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Value, Outstanding | 98,188 | ||||
DST Program [Member] | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Value, Outstanding | 1,200,100 | ||||
Public and private offerings | |||||
Organization (Textual) [Abstract] | |||||
Common Stock, Value, Outstanding | $ 5,946,150 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 USD ($) Rate | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Summary of Significant Accounting Policies [Line Items] | ||||
Other Revenue | $ 3,169 | $ 2,178 | ||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ||||
Accumulated amortization of Deferred expenses | 9,850 | $ 9,648 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 142,821 | 145,228 | ||
Finite-Lived intangible liability, Accumulated Amortization | 19,302 | 20,811 | ||
Unrealized Gain (Loss) on Investments | 11,452 | 435 | ||
Derivative Asset | 10,040 | 2,435 | ||
Net Cash Provided by (Used in) Investing Activities | (36,082) | (19,485) | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 15,924 | 15,447 | ||
Redeemable Noncontrolling Interest, Equity, Other, Carrying Amount | 2,930 | |||
Increase in Carrying Amount of Redeemable Preferred Stock | (579) | (560) | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,184,630 | 2,162,138 | 2,125,634 | $ 2,182,760 |
Noncontrolling interests | 360,549 | 275,307 | ||
Noncontrolling Interest [Member] | ||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ||||
Increase in Carrying Amount of Redeemable Preferred Stock | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 360,549 | 146,782 | 275,307 | 86,663 |
OP Units | ||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 356,875 | 271,650 | ||
REIT | ||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,674 | 3,657 | ||
Additional Paid-in Capital [Member] | ||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ||||
Increase in Carrying Amount of Redeemable Preferred Stock | (579) | (560) | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,781,774 | 2,840,476 | 2,791,951 | $ 2,799,539 |
NYC Retail Portfolio [Member] | ||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ||||
Unrealized Gain (Loss) on Investments | 1,637 | 35 | ||
Unconsolidated Real Estate Affiliates [Member] | ||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 226,487 | 228,411 | ||
Impairment of Real Estate | (1,335) | $ (11,414) | ||
Level two [Member] | ||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ||||
Mortgage notes payable, fair value | $ 139,560 | $ 153,000 | ||
Interest Rate Swap [Member] | ||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ||||
Derivative, Number of Instruments Held | 5 | |||
Derivative, Notional Amount | $ 300,000 | |||
Interest Rate Floor | ||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ||||
Derivative, Number of Instruments Held | 3 | |||
Derivative, Notional Amount | $ 350,000 | |||
us-gaap_NewAccountingPronouncementMember [Domain] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Operating Lease, Right-of-Use Asset | 2,014 | |||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ||||
SBG Ground Lease | $ 2,239 | |||
JLLIPT [Member] | ||||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ||||
Consolidation of variable interest entities, ownership percentage | Rate | 100% |
Property Table 1 - Property lis
Property Table 1 - Property listing (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Feb. 29, 2024 | |
Business Acquisition [Line Items] | |||
Depreciation, Depletion and Amortization, Nonproduction | $ 36,307 | $ 36,898 | |
Creekview Crossing | |||
Business Acquisition [Line Items] | |||
Notes Assumed | $ 26,191 | ||
Creekview Crossing | Residential Segment [Member] | |||
Business Acquisition [Line Items] | |||
Business Acquisition, Transaction Costs | $ 61,250 |
Property Table 2 Schedule of Pu
Property Table 2 Schedule of Purchase Price Allocations (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 739,134 | $ 734,350 |
Buildings and equipment | 3,855,159 | 3,804,636 |
Assets | 5,263,561 | 5,224,087 |
Notes Payable | 2,095,773 | 2,041,750 |
Liabilities | $ 3,063,007 | $ 3,083,005 |
Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 months | |
Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 31 years | |
Property, Plant and Equipment, Other Types [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Land | $ 4,623 | |
Buildings and equipment | 47,083 | |
Finite-Lived Intangible Asset, Acquired-in-Place Leases | 1,671 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 60,997 | |
Business Acquisition [Line Items] | ||
Debt Instrument, Unamortized Discount | $ 7,620 |
Unconsolidated Real Estate Af_3
Unconsolidated Real Estate Affiliates (Details) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2024 USD ($) ft² | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Aug. 05, 2021 USD ($) Rate | Dec. 08, 2015 USD ($) | |
Real Estate Properties [Line Items] | ||||||
Equity Method Investments | $ 173,036 | $ 176,135 | ||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | 354,480 | 343,021 | ||||
Unrealized Gain (Loss) on Investments | 11,452 | $ 435 | ||||
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES | ||||||
Total revenues | 102,474 | 94,780 | ||||
Interest Expense | (15,230) | (94,060) | ||||
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) | (14,136) | 89,697 | ||||
Proceeds from Equity Method Investment, Distribution | 3,971 | 4,569 | ||||
Payments to Acquire Interest in Subsidiaries and Affiliates | 173 | 0 | ||||
Mortgage notes and other debt payable, net | 2,072,082 | 2,025,054 | ||||
Equity Method Investments | 4,683,940 | 4,636,938 | ||||
Acquired intangible liabilities, net | 39,477 | 41,415 | ||||
Liabilities | 3,063,007 | 3,083,005 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,184,630 | 2,162,138 | 2,125,634 | $ 2,182,760 | ||
Liabilities and Equity | 5,263,561 | 5,224,087 | ||||
Acquired intangible assets, net | 214,281 | 223,612 | ||||
Assets | 5,263,561 | 5,224,087 | ||||
Net income | (17,106) | 94,188 | ||||
Chicago Parking Garage [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Equity Method Investments | 13,039 | 13,272 | ||||
Pioneer Tower [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Equity Method Investments | 63,500 | 65,637 | ||||
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES | ||||||
Impairment of Real Estate | 1,335 | |||||
The Tremont [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Equity Method Investments | 21,198 | 21,192 | ||||
The Huntington [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Equity Method Investments | 9,132 | 9,357 | ||||
Unconsolidated Real Estate Affiliates [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Equity Method Investments | 173,036 | 176,135 | ||||
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES | ||||||
Total revenues | 9,297 | 9,334 | ||||
Operating Expenses | 6,281 | 6,209 | ||||
Operating income | 3,016 | 3,125 | ||||
Interest Expense | 1,374 | 2,271 | ||||
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) | (20) | 10,668 | ||||
Equity Method Investments | 388,667 | 390,702 | ||||
Secured Debt | 177,618 | 178,160 | ||||
Acquired intangible liabilities, net | 1,198 | 1,305 | ||||
Other Liabilities | 3,434 | 3,603 | ||||
Liabilities | 182,250 | 183,068 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 226,487 | 228,411 | ||||
Liabilities and Equity | 408,737 | 411,479 | ||||
Acquired intangible assets, net | 8,095 | 8,143 | ||||
Other Assets | 11,975 | 12,634 | ||||
Assets | 408,737 | 411,479 | ||||
Impairment of Real Estate | (1,335) | (11,414) | ||||
Net income | 1,642 | 854 | ||||
Noncontrolling Interest in Net Income (Loss) Other Noncontrolling Interests, Nonredeemable | $ 287 | 108 | ||||
NYC Retail Portfolio [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Area of Real Estate Property | ft² | 1,940,000 | |||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $ 73,503 | 71,866 | $ 85,600 | |||
Real Estate Property Ownership Percentage | 14% | |||||
Unrealized Gain (Loss) on Investments | 1,637 | 35 | ||||
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES | ||||||
Liabilities | 849,535 | 848,278 | ||||
Liabilities and Equity | 1,740,116 | 1,709,244 | ||||
Other Assets | 57,963 | 55,537 | ||||
Assets | 1,740,116 | 1,709,244 | ||||
Madison NYC Core Retail Partners, L.P. [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Unrealized Gain (Loss) on Investments | 19,850 | (25,074) | ||||
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES | ||||||
Total revenues | 23,073 | 22,667 | ||||
Net income | 31,116 | (15,634) | ||||
Siena Suwanee Town Center | ||||||
Real Estate Properties [Line Items] | ||||||
Equity Method Investments | 30,540 | 30,685 | ||||
SFR Portfolio [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | 280,977 | 271,155 | $ 205,000 | |||
Unrealized Gain (Loss) on Investments | 9,815 | (6,000) | ||||
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES | ||||||
Proceeds from Equity Method Investment, Distribution | 686 | $ 1,959 | ||||
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 | $ 35,627 | $ 35,992 | ||||
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 | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Revenues | $ 102,474 | $ 94,780 | ||
Unrealized Gain (Loss) on Investments | (11,452) | (435) | ||
Net (loss) income | (17,106) | 94,188 | ||
Payments to Acquire Interest in Subsidiaries and Affiliates | 173 | 0 | ||
Cash and Cash Equivalents | 71,801 | 60,217 | $ 87,887 | |
Assets | 5,263,561 | 5,224,087 | ||
Liabilities | 3,063,007 | 3,083,005 | ||
Liabilities and Equity | 5,263,561 | 5,224,087 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,184,630 | 2,162,138 | 2,125,634 | $ 2,182,760 |
Total Jones Lang LaSalle Income Property Trust, Inc. stockholders’ equity | 1,824,081 | 1,850,327 | ||
Equity Method Investments | 173,036 | 176,135 | ||
Madison NYC Core Retail Partners, L.P. [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Revenues | 23,073 | 22,667 | ||
Net Investment Income | 11,266 | 9,440 | ||
Unrealized Gain (Loss) on Investments | (19,850) | 25,074 | ||
Net (loss) income | 31,116 | (15,634) | ||
NYC Retail Portfolio [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Unrealized Gain (Loss) on Investments | (1,637) | (35) | ||
Investments, Fair Value Disclosure | 1,646,066 | 1,622,244 | ||
Cash and Cash Equivalents | 36,087 | 31,463 | ||
Other Assets | 57,963 | 55,537 | ||
Assets | 1,740,116 | 1,709,244 | ||
Liabilities | 849,535 | 848,278 | ||
Partners' Capital | 890,581 | 860,966 | ||
Liabilities and Equity | 1,740,116 | 1,709,244 | ||
Unconsolidated Real Estate Affiliates [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Revenues | 9,297 | 9,334 | ||
Net (loss) income | 1,642 | $ 854 | ||
Other Assets | 11,975 | 12,634 | ||
Assets | 408,737 | 411,479 | ||
Liabilities | 182,250 | 183,068 | ||
Liabilities and Equity | 408,737 | 411,479 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 226,487 | 228,411 | ||
Stockholders' Equity, Other | (18,989) | (19,149) | ||
Total Jones Lang LaSalle Income Property Trust, Inc. stockholders’ equity | (34,462) | (33,127) | ||
Equity Method Investments | $ 173,036 | $ 176,135 |
Receivables, Loans, Notes Rec_3
Receivables, Loans, Notes Receivable, and Others (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Dec. 14, 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% | |||
Link Mixson | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 3.85% | |||
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 | $ 1,149 | |||
Unfunded Loan Commitment | Link Mixson | ||||
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 | $ 1,850 | |||
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 | |||
Loan Origination Commitments | Link Mixson | ||||
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 | $ 48,000 |
Table 1 - Mortgage Notes and Ot
Table 1 - Mortgage Notes and Other Debt Payable (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 21, 2024 | Feb. 29, 2024 | Dec. 31, 2023 | |
Summary of mortgage notes payable | |||||
Notes Payable | $ 2,095,773 | $ 2,041,750 | |||
Debt Issuance Costs, Net | (23,691) | (16,696) | |||
Mortgage notes and other debt payable, net | 2,072,082 | 2,025,054 | |||
Noncash or Part Noncash Acquisition, Debt Assumed | 26,191 | $ 0 | |||
Revolving Credit Facility [Member] | |||||
Summary of mortgage notes payable | |||||
Revolving Line of Credit | $ 493,000 | 460,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.61% | ||||
Derivative, Fixed Interest Rate | 1.55% | ||||
Term Loan [Member] | |||||
Summary of mortgage notes payable | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.88% | ||||
Long-term Line of Credit | $ 400,000 | 400,000 | |||
Derivative, Fixed Interest Rate | 1.50% | ||||
Notes Payable to Banks [Member] | |||||
Summary of mortgage notes payable | |||||
Notes Payable | $ 1,202,773 | $ 1,181,750 | |||
Minimum [Member] | |||||
Summary of mortgage notes payable | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.76% | ||||
Maximum [Member] | |||||
Summary of mortgage notes payable | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.82% | ||||
Summit at San Marcos | |||||
Summary of mortgage notes payable | |||||
Notes Payable | $ 37,000 | ||||
Repayments of Debt | $ 39,900 | ||||
Derivative, Fixed Interest Rate | 5.71% | ||||
Creekview Crossing | |||||
Summary of mortgage notes payable | |||||
Derivative, Fixed Interest Rate | 3.09% |
Table 2 - Summary of Aggregate
Table 2 - Summary of Aggregate Principle (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Long-Term Debt, Fiscal Year Maturity [Abstract] | ||
Thereafter | $ 483,781 | |
Total | 2,095,773 | $ 2,041,750 |
Long-Term Debt, Maturity, Year One | 15,804 | |
Long-Term Debt, Maturity, Year Two | 686,990 | |
Long-Term Debt, Maturity, Year Three | 309,773 | |
Long-Term Debt, Maturity, Year Four | 448,410 | |
Long-Term Debt, Maturity, Year Five | $ 151,015 |
Mortgage Notes and Other Debt_3
Mortgage Notes and Other Debt Payable Text Detail (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | Apr. 28, 2022 | |
Debt Instrument [Line Items] | |||
Notes Payable | $ 2,095,773 | $ 2,041,750 | |
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 | 14,661 | 13,993 | |
Mortgage notes and other debt payable, net | $ 2,072,082 | 2,025,054 | |
Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Increase (Decrease) | 5.37% | ||
Debt Instrument, Basis Spread on Variable Rate | 1.30% | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Increase (Decrease) | 5.42% | ||
Debt Instrument, Basis Spread on Variable Rate | 2% | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.61% | ||
Revolving Line of Credit | $ 493,000 | 460,000 | |
Derivative, Fixed Interest Rate | 1.55% | ||
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% | ||
Long-term Line of Credit | $ 400,000 | $ 400,000 | |
Derivative, Fixed Interest Rate | 1.50% | ||
Swap [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 3.87% | ||
Long-term Line of Credit | $ 650,000 |
Common Stock Common Stock (Deta
Common Stock Common Stock (Details Text) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Equity, Class of Treasury Stock [Line Items] | |||
Common Stock, Shares, Outstanding | 227,274,044 | 234,168,910 | |
Stock Issued During Period, Shares, New Issues | 3,024,196 | ||
Stock Repurchased During Period, Shares | (9,919,006) | (5,987,355) | |
Conversion of Stock, Shares Issued | (56) | ||
Sale of Stock, Consideration Received on Transaction | $ 37,144 | ||
stockrepurchaselimit | 5% | ||
Repurchase of shares | $ (122,696) | $ (84,968) | |
Common Stock (Textual) [Abstract] | |||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 1,591,446 | 1,466,805 | |
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 19,267 | $ 20,433 | |
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 | $ 3,033 | $ 2,185 | |
Proceeds from Issuance of Common Stock | 21,687 | 71,929 | |
Stock Issued During Period, Value, Conversion of Units | $ 167,998 | $ 108,712 | |
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units | 13,653,684 | 7,817,665 | |
Non cash interest expense related to DST Program | $ (10,503) | $ 71,644 | |
Class A Shares [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Common Stock, Shares, Outstanding | 103,778,793 | 107,680,719 | |
Stock Issued During Period, Shares, New Issues | 1,297,760 | ||
Stock Repurchased During Period, Shares | (5,157,600) | ||
Conversion of Stock, Shares Issued | 42,086 | ||
Common Stock (Textual) [Abstract] | |||
Proceeds from Issuance of Common Stock | $ 15,962 | ||
Class M Shares [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Common Stock, Shares, Outstanding | 26,349,587 | 26,599,396 | |
Stock Issued During Period, Shares, New Issues | 327,350 | ||
Stock Repurchased During Period, Shares | (566,088) | ||
Conversion of Stock, Shares Issued | 11,071 | ||
Common Stock (Textual) [Abstract] | |||
Proceeds from Issuance of Common Stock | $ 4,011 | ||
Class A-I Shares [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Common Stock, Shares, Outstanding | 3,429,612 | 4,529,817 | |
Stock Issued During Period, Shares, New Issues | 26,161 | ||
Stock Repurchased During Period, Shares | (1,126,366) | ||
Conversion of Stock, Shares Issued | 0 | ||
Common Stock (Textual) [Abstract] | |||
Proceeds from Issuance of Common Stock | $ 317 | ||
Class M-I Shares [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Common Stock, Shares, Outstanding | 91,308,682 | 92,951,608 | |
Stock Issued During Period, Shares, New Issues | 1,372,925 | ||
Stock Repurchased During Period, Shares | (3,068,952) | ||
Conversion of Stock, Shares Issued | (53,101) | ||
Common Stock (Textual) [Abstract] | |||
Proceeds from Issuance of Common Stock | $ 16,854 | ||
Class D Shares [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Common Stock, Shares, Outstanding | 2,407,370 | 2,407,370 | |
Stock Issued During Period, Shares, New Issues | 0 | ||
Stock Repurchased During Period, Shares | 0 | ||
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Weighted Average Number of Shares Outstanding, Basic | 230,710,490 | 242,864,524 |
Class A Shares [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net Income, before performance fee | $ 6,464 | $ (37,785) |
Noninterest Expense Related to Performance Fees | 0 | 0 |
Net Income (Loss) Available to Common Stockholders, Basic | $ 6,464 | $ (37,785) |
Earnings Per Share, Basic | $ 0.06 | $ (0.33) |
Weighted Average Number of Shares Outstanding, Basic | 105,515,994 | 113,264,683 |
Class M Shares [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net Income, before performance fee | $ 1,618 | $ (8,777) |
Noninterest Expense Related to Performance Fees | 0 | 0 |
Net Income (Loss) Available to Common Stockholders, Basic | $ 1,618 | $ (8,777) |
Earnings Per Share, Basic | $ 0.06 | $ (0.33) |
Weighted Average Number of Shares Outstanding, Basic | 26,401,030 | 26,311,066 |
Class A-I Shares [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net Income, before performance fee | $ 257 | $ (1,637) |
Noninterest Expense Related to Performance Fees | 0 | 0 |
Net Income (Loss) Available to Common Stockholders, Basic | $ 257 | $ (1,637) |
Earnings Per Share, Basic | $ 0.06 | $ (0.33) |
Weighted Average Number of Shares Outstanding, Basic | 4,195,129 | 4,907,983 |
Class M-I Shares [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net Income, before performance fee | $ 5,649 | $ (31,810) |
Noninterest Expense Related to Performance Fees | 0 | 0 |
Net Income (Loss) Available to Common Stockholders, Basic | $ 5,649 | $ (31,810) |
Earnings Per Share, Basic | $ 0.06 | $ (0.33) |
Weighted Average Number of Shares Outstanding, Basic | 92,190,967 | 95,357,767 |
Class D Shares [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net Income, before performance fee | $ 148 | $ (1,008) |
Noninterest Expense Related to Performance Fees | 0 | 0 |
Net Income (Loss) Available to Common Stockholders, Basic | $ 148 | $ (1,008) |
Earnings Per Share, Basic | $ 0.06 | $ (0.33) |
Weighted Average Number of Shares Outstanding, Basic | 2,407,370 | 3,023,025 |
DST Program (Details)
DST Program (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Nov. 08, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | |
Variable Interest Entity [Line Items] | |||
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units | 13,653,684 | 7,817,665 | |
Proceeds from Sale and Maturity of Marketable Securities | $ 4,093 | $ 4,665 | |
Non cash interest expense related to DST Program | (10,503) | 71,644 | |
Non cash interest income related to DST Program | 11,471 | ||
Stock Issued During Period, Value, Conversion of Units | 167,998 | 108,712 | |
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 | 968 | 62,111 | |
DST Program [Member] | Master Lease | |||
Variable Interest Entity [Line Items] | |||
Interest Expense, Other | 9,607 | $ 9,302 | |
DST Program [Member] | |||
Variable Interest Entity [Line Items] | |||
Common Stock, Value, Outstanding | 1,200,100 | ||
DST Program [Member] | |||
Variable Interest Entity [Line Items] | |||
Deferred Costs | $ 2,311 |
Rentals Under Operating Lease_2
Rentals Under Operating Leases Rentals Under Operating Leases (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Property Subject to or Available for Operating Lease [Line Items] | |
Operating Leases, Future Minimum Payments Receivable, Current | $ 214,955 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 204,112 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 172,897 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 144,048 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 121,468 |
Lessee, Operating Lease, Liability, to be Paid, after Year Five | 442,656 |
Operating Leases, Future Minimum Payments Receivable | $ 1,300,136 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Management and Advisory Fee [Line Items] | |||
Reimbursement of Organization and Offering Expenses | $ 3,033 | $ 2,185 | |
Payments of Stock Issuance Costs | 5,556 | $ 5,999 | |
Accrued Offering Costs | 180,826 | 184,017 | |
Selling commission, Dealer Manager Fee, Distribution Fee [Member] | |||
Management and Advisory Fee [Line Items] | |||
Payments of Stock Issuance Costs | 3,149 | 3,610 | |
Accrued Offering Costs | $ 177,793 | 181,832 | |
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 | $ 310 | 317 | |
Payments of Stock Issuance Costs | 1,788 | 2,203 | |
DST Investor Servicing Fees | $ 499 | 508 | |
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 | $ 10,389 | $ 11,069 | |
Manager and advisory fees payable | $ 3,531 | $ 3,672 | |
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 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
South Beach Parking Garage [Member] | |
Other Commitments [Line Items] | |
Payments for Rent | $ 112 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Segment Reporting Information [Line Items] | |||
Assets | $ 5,263,561 | $ 5,224,087 | |
Payments for Capital Improvements | 12,445 | $ 6,492 | |
Operating Lease, Lease Income | 97,143 | 92,602 | |
Other Revenue | 3,169 | 2,178 | |
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 2,162 | ||
Total revenues | 102,474 | 94,780 | |
Real estate taxes | 14,026 | 13,587 | |
Property operating | 17,659 | 17,213 | |
Total operating expenses | 81,238 | 81,649 | |
Property general and administrative | 1,174 | 964 | |
Advisory Fees | 10,389 | 11,069 | |
Company Level Expenses | 1,683 | 1,918 | |
Depreciation, Depletion and Amortization, Nonproduction | 36,307 | 36,898 | |
Interest Expense | (15,230) | (94,060) | |
(Loss) income from unconsolidated real estate affiliates and fund investments | 12,158 | (14,674) | |
Other Nonoperating Income (Expense) | (4,130) | (107,319) | |
Income (loss) from continuing operations | 17,106 | (94,188) | |
Investment Income, Dividend | 645 | 523 | |
Consolidated Properties [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 4,540,763 | 4,497,850 | |
Payments for Capital Improvements | 11,864 | 5,115 | |
Total operating expenses | 31,685 | 30,800 | |
Unconsolidated Properties | |||
Segment Reporting Information [Line Items] | |||
Assets | 722,798 | 726,237 | |
Industrial Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 1,633,987 | 1,635,434 | |
Payments for Capital Improvements | 4,076 | 981 | |
Operating Lease, Lease Income | 32,641 | 29,741 | |
Other Revenue | 15 | 37 | |
Total revenues | 32,656 | 29,778 | |
Real estate taxes | 5,710 | 5,567 | |
Property operating | 2,468 | 2,168 | |
Total operating expenses | 8,178 | 7,735 | |
Retail Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 586,885 | 591,782 | |
Payments for Capital Improvements | 2,293 | 1,288 | |
Operating Lease, Lease Income | 13,854 | 13,287 | |
Other Revenue | 234 | 127 | |
Total revenues | 14,088 | 13,414 | |
Real estate taxes | 1,763 | 1,676 | |
Property operating | 2,278 | 2,219 | |
Total operating expenses | 4,041 | 3,895 | |
Other Segment | |||
Segment Reporting Information [Line Items] | |||
Assets | 120,099 | 114,226 | |
Payments for Capital Improvements | 0 | 0 | |
Operating Lease, Lease Income | 71 | 73 | |
Other Revenue | 521 | 555 | |
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 2,162 | ||
Total revenues | 2,754 | 628 | |
Real estate taxes | 113 | 79 | |
Property operating | 214 | 210 | |
Total operating expenses | 327 | 289 | |
Residential Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 1,583,338 | 1,536,027 | |
Payments for Capital Improvements | 3,734 | 2,151 | |
Operating Lease, Lease Income | 34,529 | 33,688 | |
Other Revenue | 2,046 | 1,127 | |
Total revenues | 36,575 | 34,815 | |
Real estate taxes | 4,761 | 4,703 | |
Property operating | 9,373 | 9,186 | |
Total operating expenses | 14,134 | 13,889 | |
Office Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 616,454 | $ 620,381 | |
Payments for Capital Improvements | 1,761 | 695 | |
Operating Lease, Lease Income | 16,048 | 15,813 | |
Other Revenue | 353 | 332 | |
Total revenues | 16,401 | 16,145 | |
Real estate taxes | 1,679 | 1,562 | |
Property operating | 3,326 | 3,430 | |
Total operating expenses | $ 5,005 | 4,992 | |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Other Nonoperating Income (Expense) | $ (107,319) |
Investments, Debt and Equity _3
Investments, Debt and Equity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |||
Equity Securities, FV-NI | $ 51,684 | $ 51,129 | |
Equity Securities, FV-NI, Accumulated Unrealized Gain | 1,841 | 2,463 | |
Equity Securities, FV-NI, Accumulated Unrealized Loss | (4,591) | (3,392) | |
Equity Securities, FV-NI, Accumulated Net Unrealized Gain (Loss) | (2,750) | (929) | |
Equity Securities, FV-NI, Current | 48,934 | $ 50,200 | |
Marketable Securities [Line Items] | |||
Proceeds from Sale and Maturity of Marketable Securities | 4,093 | $ 4,665 | |
Equity Securities, FV-NI, Realized Gain | 344 | 163 | |
Equity Securities, FV-NI, Realized Loss | $ (226) | $ (495) |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Apr. 28, 2022 | |
Subsequent Event [Line Items] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.145 | $ 0.145 | ||
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 | 13,653,684 | 7,817,665 | ||
Payments of Stock Issuance Costs | $ 5,556 | $ 5,999 | ||
Stock Issued During Period, Value, Conversion of Units | 167,998 | 108,712 | ||
Non cash interest expense related to DST Program | (10,503) | 71,644 | ||
DST Program [Member] | ||||
Subsequent Event [Line Items] | ||||
Non cash interest expense related to DST Program | 968 | 62,111 | ||
DST Program [Member] | ||||
Subsequent Event [Line Items] | ||||
Payments of Stock Issuance Costs | $ 1,788 | $ 2,203 | ||
Term Loan [Member] | ||||
Subsequent Event [Line Items] | ||||
Derivative, Fixed Interest Rate | 1.50% | |||
Revolving Credit Facility [Member] | ||||
Subsequent Event [Line Items] | ||||
Derivative, Fixed Interest Rate | 1.55% | |||
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% | |||
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% | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.1575 |
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 | $ 114,805,000 |